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Poczta Polska is to be recapitalized. MAP decision

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The Ministry of State Assets has decided to recapitalize Poczta Polska with the amount of PLN 190 million, Poczta announced on Tuesday. According to the announcement, the state aid is to be allocated to the implementation of the Logistics Network Architecture (ASL) project.

The State Treasury, as the owner, invests in the development of the logistics infrastructure of the postal operator – emphasized Poczta Polska in the press release. As reported, this is the first recapitalization since the transformation of the enterprise into a joint-stock company in 2009.

Poczta Polska emphasized that the capital injection will be allocated solely to the implementation of the Logistics Network Architecture (ASL) project and will enable the financing of this investment, which has been planned for many years. According to Poczta, the aim of the ASL project is to improve the efficiency of the current logistics network. The planned amount of investment expenditure for this purpose is approx. PLN 0.8 billion in the years 2021–2025.

MAP: recapitalization of Poczta Polska supports the company’s development strategy

As Deputy Minister of Assets Andrzej Śliwka stated, for MAP, which exercises ownership supervision over Poczta Polska, its development as a courier company is one of the highest priorities.

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– The recapitalization will allow for the modernization and construction of logistics centers that will provide modern service to the developing e-commerce market. The decision made is historic and crucial. It confirms support for the company’s development strategy chosen by the current management board – said Śliwka, quoted in the press release.

PP President: important news for postal workers

Tomasz Zdzikot, the president of Poczta Polska, stated that the reconstruction of the logistics network architecture for many years was just a project that did not come out of the stage of subsequent analyzes. Only the current management board of the company started to implement it, obtaining financial support from the government – added Zdzikot.

– I would like to thank the Ministry of State Assets for involvement in the project to recapitalize Poczta. It is an expression of the owner’s care for the future of the company and its long-term development. For many years, investments in the Post Office were insufficient in relation to the needs and changes taking place in the postal market in Poland and in the world. (…) Investments planned for 2021-2023 will reach 5.8 percent. in relation to revenues, it is almost four times more than the company spent on development two years ago. The decision to recapitalize is important news for postal workers that the government understands the complex financial situation of our company and the challenges we face, said Zdzikot.

According to Poczta Polska, the planned expenditure on investments, primarily on logistics and digitization, is PLN 1.2 billion over 3 years. The company plans to finance some of the expenses from its own resources, but it will also be important to obtain financing from external sources.

Construction of the sorting plant of Poczta Polska

The purpose of the ASL implementation is to equip three existing sorting plants and build modern sorting plants on the land of Poczta Polska in Szczecin, Olsztyn and Białystok, as well as to rent and equip parcel processing facilities in Warsaw, Łódź, Kraków and Rzeszów with parcel sorters, the Post Office said.

It was reported that in order to receive funds, the Post Office had to meet the requirements set out in the relevant regulation of the Minister of Finance, including present a business plan with a positive result of the Private Investor Test, confirming the market nature of the investment. The resolution of the General Meeting of Shareholders on the recapitalization was preceded by the conclusion of an investment agreement, which specifies the conditions for using the aid.

The next step is to conclude a share subscription agreement by Poczta Polska and the Chancellery of the Prime Minister, which specifies the technical and organizational aspects of implementing the resolution on increasing the share capital.

Postmen’s protest in front of the MAP headquarters

In mid-October, representatives of the Polish Post Employees Trade Union during a picket in front of the Ministry of State Assets demanded urgent changes in the company’s financing system and wage increases for all employees.

– We want to know what the authorities expect from Poczta Polska, how the company will be positioned on the market and how it is to continue providing services to the designated operator – said Sławomir Redmer, chairman of the Trade Union of Postal Workers (ZZPP), handing over the petition to MAP representatives. He said that currently 60 percent. with approx. 80 thousand Post office employees receive a minimum wage, and some of them have a bonus of about PLN 200 included in their salaries.

The petition handed over by trade unionists was received by Deputy Minister Andrzej Śliwka. – We are aware that the situation of Poczta Polska is a big challenge. Together with the company’s management board, we are already doing a lot to improve it – he said.

Earlier, the management board of Poczta Polska announced that it had concluded an agreement on wage increases with the Inter-Enterprise Organization of NSZZ Solidarity of Poczta Polska Employees. It assumed, inter alia, two-stage salary increase for employees.

2020 presidential election and invoices for 70 million

In May 2020, the tvn24.pl portal revealed that the preparation of the so-called envelope elections cost nearly PLN 70 million – for this amount, companies issued invoices to the Polish Post. In May 2021 the president of the Supreme Chamber of Control presented the results of the audit concerning the preparations for the envelope elections. He said that the organization and preparation of the elections on May 10, 2020 “on the basis of an administrative decision should not take place and was devoid of any legal basis”.

>>> The prosecutor’s office refused to initiate an investigation into the envelope elections. Political comments

The Supreme Audit Office sent notifications to the prosecutor’s office about suspected crime in connection with the organization of elections by the management board of Poczta Polska and the management board of Polska Wytwórnia Papierów Wartościowych, as well as by Prime Minister Mateusz Morawiecki, head of the office of Prime Minister Michał Dworczyk, Minister of State Assets Jacek Sasin, and the head of the Ministry of Interior and Administration Mariusz Kamiński.

The prosecution has refused to initiate an investigation into the envelope elections on several occasions. However, at the end of September, we reported that the Warsaw district court decided that the prosecutor’s office was to resume the investigation in this case. The court made such a decision after examining a complaint about the refusal to initiate an investigation into the case after a notification filed last October by the Center for Monitoring Racist and Xenophobic Behavior.

Last year, on September 15, the Provincial Administrative Court in Warsaw revoked the prime minister’s order on the commission to prepare an envelope presidential election. In the opinion of the court, the decision of the head of government “grossly violates the law and was issued without justification”. He found that the only body competent to hold the elections on May 10 was the National Electoral Commission.

Main photo source: Shutterstock

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