<h1>Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A.</h1>

Shares and shareholders structure

Quotations

Quotation of KOGENERACJA shares:

Stock market information

Full nameZespół Elektrociepłowni Wrocławskich
KOGENERACJA S.A.
Short nameKOGENERACJA S.A.
Name on WSE/ tickerKOGENERA / KGN
ISIN codePLKGNRC00015
Share capital74 500 000 PLN
Number of shares14 900 000
Nominal value of shares5 PLN
IPO26th May 2000
Market / SegmentPrimary / 250 plus
SectorEnergy
Component of indexesWIG, sWIG80, WIG-ENERG, RESPECT, WIG-Poland, InvestorMS

Shareholders stucture

ShareholderNumber of shares
% of shares Number of votes % of votes
PGE Energia Ciepła S.A. 8 652 173 58.07 8 652 173 58.07
Aviva OFE BZ WBK1 489 0009.991 489 0009.99
OFE PZU Złota Jesień1 160 000 7.791 160 0007.79
Aegon OFE960 6906.45960 6906.45
Others 2 638 13717.70 2 638 13717.70
Total14 900 000100.0014 900 000100.00

On November 13, 2017, the PGE Group acquired EDF assets in Poland (Current Report 26/2017) and in connection with an indirect acquisition of shares of KOGENERACJA S.A. owns 50% plus 1 share and holds 50% plus 1 vote at the General Meeting.

On March 14, 2018, as a result of the announced tender offer for subscription for the sale of shares of KOGENERACJA S.A., PGE Group has achieved 58.07% of the total number of votes at the General Meeting of the Company.

As a result of the cross-border merger through the acquisition of all the assets of Investment III B.V., by PGE Energia Ciepła S.A., registered in the Companies Register of the National Court Register on 4 September 2018, PGE Energia Ciepła S.A. on the same day acquired 4,807,132 shares in the Company.

Dividend policy

2017201620152014201320122011201020092008
Net profit (in PLN thousand)101 339149 156141 735168 49072 86869 28498 31492 962103 46647 547
Dividend (in PLN/share)2.706.586.25---4.413.53.52.05
Number of shares (in thousand shares)14 90014 90014 90014 90014 90014 90014 90014 90014 90014 900
Profit allocated to dividend (in PLN thousand)40 23098 04293 125---65 70952 15052 15030 545
% profit allocated to dividend39.76666---67565064
2018201720162015201420132012201120102009
Record date19 September20 June10 August---14 August22 July22 September22 September
Date of payment3 October
9 August30 August---28 August10 August13 October13 October
pdf Dividend Policy (2018-2022) Download
pdf Dividend Policy (2014) Download
xlsx Dividend 2005-2017 Download

Public offering

December 1990 – Zespół Elektrociepłowni Wrocław (ZEC Wrocław), at its own initiative, requested Poland’s Privatization Ministry to transform it from a state-owned enterprise into a commercial law company.
1 November 1991 – the Company was the first in its industry to officially commence operations as a joint-stock company (S.A.) wholly owned by the State Treasury, under the name of Zespół Elektrociepłowni Wrocław S.A. (ZEC Wrocław S.A.).

Towards the end of 1991 – having reviewed the organizational structure of the Company, its Management Board decided to spin off financially independent companies to carry out support and non-production activities.

Towards the end of 1992 – a new company strategy for the period until 2000, including a strategic action plan, the Company’s mission and an investment and upgrade programme, was developed. Letters of Intent were signed by ZEC Wrocław S.A. with Electricité de France (EDF) and Belgium’s Tractebel. As a result, a Company privatization plan involving foreign investors was jointly developed.

Unfortunately, the process was discontinued due to changes introduced to the Polish Privatization Act. Repeated changes of government hindered privatization.

January 1997 – the Minister of the Treasury assumed ownership of our Company as part of a reform.

July 1997 – the new Labour Code took effect and the Company’s organs requested the Minister of Industry and Trade to resume the privatization procedure.

July 1997 – a great flood, which lasted from 10 July until the end of the month in Wrocław, got in the way of the Company’s privatization plans. Water flooded the plant. Once the damage had been repaired and production resumed, work on the Company’s privatization continued and it was taking shape ever more clearly.

6 July 1999 – the Minister of the Treasury approved the plans to privatize ZEC Wrocław S.A. on the Warsaw Stock Exchange.

3 September 1999 – an agreement was signed with the brokerage house Dom Maklerski Banku Zachodniego to manage an issue of ZEC Wrocław S.A. shares.

26 September 1999 – the Company adopted a new name:

ZESPÓŁ ELEKTROCIEPŁOWNI WROCŁAWSKICH KOGENERACJA SPÓŁKA AKCYJNA

and its abbreviated versions:

ZESPÓŁ ELEKTROCIEPŁOWNI WROCŁAWSKICH KOGENERACJA S.A. or KOGENERACJA S.A.

30 September 1999 – an application was filed with the Polish Securities and Exchange Commission in Warsaw to approve ‘A’ series shares of KOGENERACJA S.A. for public trading.

31 March 2000 – the Polish SEC approved the shares for public trading.

26 May 2000 – the Company debuted on the Warsaw Stock Exchange. The issue debuted at PLN 52 per share, whereas the subscription price had been PLN 49.

28 June 2000 – the first Annual General Meeting of KOGENERACJA S.A. was held.

August 2000 – the process of signing agreements began for the transfer of shares held in KOGENERACJA S.A. by the Treasury to eligible Company employees free of charge.

November 2000 – ‘B’ series shares were issued, to investors only.

 

IPO Prospectus

pdf Listing of ‘A’ series shares (PL version) Download
pdf Listing of ‘B’ series shares (PL version) Download