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15. January 2015 market – a focus Research Center on deals activity

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

Air France-KLM Air France-KLM announces the successful completion of the sale of sells Amadeus 9,857,202 shares of the Spanish company Amadeus IT Holding S.A., shares representing representing approximately 2.2% of the share capital of the company. 2.2% of share The net proceeds of the transaction amounts to EUR 327m. The group capital continues to hold an exposure to 9,900,000 Amadeus shares in the framework of the hedging transaction that was announced on November 25, 2014. Amadeus IT Holding S.A. is the parent company of the Amadeus group, a leading provider of IT solutions to tourism and travel industries. The shares of Amadeus IT Holding S.A. are traded on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia.

16.01.2015 Stock Exchange Announcement(s)

Nawinia could sell Nawinia, the Russian privately held logistics services provider could up to 49% to consider the sale of up to a 49% stake to finance buys, Chairman and co- bankroll M&A – owner Rustam Yuldashev said. The company, which has zero debt, will Chairman finance acquisitions using a mix of its own and borrowed funds, but could sell up to a 49% to a fund or a strategic player to bankroll bigger deals, he said. The Singapore-headquartered logistics facilities provider Global Logistic Properties (GLP) could be among the potential buyers, he said. Nawinia’s three owners would dilute their stakes in favour of a new investor, Yuldashev said, without elaborating. Nawinia, the result of merger of two local logistics companies, BM-Logistics and STS Asia, late November, expects USD 100m in revenues in 2015 rising to USD 500m in five to seven years, Yuldashev said. To reach this goal, it plans to acquire smaller local targets operating in the same sector starting in 2015, he said. The company is scouting the Russian and CIS markets in search of transportation and warehouses operating companies with revenues of between USD 10m and USD 100m, he said. The price tag in the sector averages two times EBITDA, he added, noting that EBITDA margins average at 5% to 7%. Nawinia operates an extensive supply- chain network, and provides transportation, shipment, customs registration, and warehouse logistics services and has offices in Moscow and Shanghai.

15.01.2015 Proprietary Intelligence

Kvikkas.no Kvikkas.no, a Norwegian logistics and express delivery firm, would interested in actively consider takeover or merger approaches from larger peers or PE merger and sale firms, Chairman Eric Johansson said. The company reported NOK 36m opportunities - (EUR 3.9m) in turnover last year but recently signed a large contract, chairman which will contribute to a 25%-28% growth in 2015. It is expecting turnover to reach NOK 50m during the next financial year. Both a full and partial sale would be considered by the owners, Johansson said.

14.01.2015 Proprietary Intelligence

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

Portugal's Portugal's government has delayed the privatization of the Cascais government delays commuter line serving Lisbon to allow the process to be handled by new privatization of state infrastructure group Infraestruturas de Portugal (IP), Cascais railway and reported Publico. The Lusophone publication cited officials as saying the other suburban government also wants IP to manage privatizations of other suburban lines - report railways serving both Lisbon and Porto currently operated by state rail (translated) group CP. CP will be obliged to bid in the Lisbon and Porto suburban rail privatizations, the report said. In 2013 Portugal's government indicated it would privatize the Cascais line and other commuter services in Lisbon and Porto but this process has faced successive delays. IP is being created via the merger of state railway infrastructure operator Refer and EP, the national highways agency.

14.01.2015 Publico

Ambro could Ambro Logistics, a private , -based logistics company, is consider selling considering inviting a financial or sector investor to take a majority stake majority stake – in the company, CEO Jordan Zakolski said. The PLN 60m (EUR 13.8m) CEO turnover company has not yet entered talks or engaged external advisors, Zakolski added. "But it is certainly something we are considering as we grow the company." He said the company has not until now been active in looking for possible investors. Using Polish bank loans, the company recently concluded a PLN 6m (EUR 1.4m) construction project that increased its warehousing capacity in Gdynia. It now wants to increase its fleet of trucks and is aiming to increase its turnover. The engagement of a sector or financial investor could also open up international growth avenues, Zakolski added. Co-founders Zakolski and managing director Marcin Ambroziak each own 30%, with the remainder of shares split among smaller investors.

12.01.2015 Proprietary Intelligence

MilkWays in EUR Dutch agricultural logistics company, MilkWays, is pursuing a EUR 5m 5m financing round financing round to support expansion, according to CEO and shareholder Diederik Brasser. MilkWays foresees selling a negotiable shareholding to a financial or strategic investor by mid-2015, Brasser said. MilkWays is a spinoff of Trilobes, a Dutch engineering company. Trilobes develops “aseptic” maritime supply chains, encompassing terminals and tanker ships, for transporting pasteurised orange juice from producing countries such as Brazil to consuming markets. In the same vein, Brasser said, MilkWays will apply Trilobes’ technology and business model to create networks for moving dairy products to expanding consuming markets such as China. MilkWays will focus on underused trade routes, such as those linking Western Australia to Shanghai. Along with financial firepower, a backer should have shipping or agricultural expertise to develop shipping routes using the company’s technology, Brasser said

12.01.2015 Proprietary Intelligence

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

PKP Cargo wants to PKP Cargo, the listed Polish railway cargo group wants to develop in the develop in Poland domestic market including via acquisitions, reported Parkiet, citing the including through company Chief Executive Adam Purwin. PKP Cargo also wants to acquisitions, could develop its business in , the Polish daily reported. PKP Cargo is buy a small carrier considering the establishment of its own company in Germany this year, in Germany with the relevant assets in the form of , railway stock and (translated) employees. An alternative option is acquiring a small carrier, Purwin confirmed. PKP Cargo is getting closer to acquiring Czech rail cargo company Advanced World Transport (AWT), the paper also reported. According to Purwin, the company needs only the consent from the antitrust regulators of Poland, the , and Germany, to finalize the transaction. He believes PKP Cargo will obtain the permissions within the next few months. PKP Cargo has a market capitalization of PLN 3.79bn (EUR 887.2m). As previously announced, the value of the AWT deal is EUR 103.2m.

12.01.2015 Parkiet

Koch Spedition files Koch Spedition, the Austrian freight company, has filed for insolvency at for insolvency a regional court in Krems, ORF reported. The Austrian TV broadcaster (translated) pointed out that the company has entered a restructuring process without self-administration. A corporate information portal estimates the annual turnover of Koch Spedition at slightly more than EUR 5m.

09.01.2015 ORF

Trainline intends to Trainline Investments Holdings Limited today announces its intention float in London, to proceed with an initial public offering (the "IPO" or the "Offer") of the admission expected Shares of Trainline plc (the "Company" or "Trainline") which is intended next month to be the holding company of Trainline Investments Holdings Limited ("TIHL", together with its subsidiaries and Trainline, the "Group"). Trainline intends to apply for admission of all of its ordinary shares (the "Shares") to the premium listing segment of the Official List of the Financial Conduct Authority (the "Official List") and to trading on the main market for listed securities of the London Stock Exchange plc (the "LSE", together, "Admission"). Trainline is the leading UK online provider of rail tickets by value of tickets sold and provides journey planning and booking solutions for rail travel. With customers booking advance fares with thetrainline.com or via the mobile app able to save an average of 43% versus booking on the day of travel, Trainline's mission is to help rail passengers save money, time and hassle by being the best place to plan and purchase rail travel online. It is expected that Admission will take place in February 2015 and that the Company will become eligible for inclusion in the FTSE UK indices.

08.01.2015 Stock Exchange Announcement(s) (Edited)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

BLS Cargo BLS Cargo, the Swiss rail cargo carrier, has repurchased a 45% stake in repurchases 45% the company owned by the German rail operator Deutsche Bahn, stake held by Tagesanzeiger reported. The Swiss daily said the deal was agreed at the Deutsche Bahn end of 2014. Financial terms were not disclosed. The share package has a (translated) nominal value of CHF 27m. A BLS Cargo spokesperson said the company is now independent, and open to new partnerships.

07.01.2015 Tagesanzeiger

Porto's public The joint National Express and Alsa bid in the privatization of Porto bus transport operator STCP and underground system Metro do Porto has been privatizations excluded after being delivered after the deadline, according to Diario continue without Economico. Sources close to the process told the business paper that the National National Express/Alsa bid to operate Porto's public transport networks Express/Alsa after has been rejected by an evaluation panel and the rival offer from Spanish bid misses deadline groups TMB and Noventis is now likely to win. State Secretary for – report Transport Sergio Monteiro said the government wanted to conclude the (translated) STCP and Metro de Porto privatization tenders by the end of January. Meanwhile, Jornal de Negocios cited sources close to the situation as saying the National Express/Alsa and TMB/Noventis consortia are also eyeing the parallel privatization of Lisbon's Metro de Lisboa underground system and bus network Carris.

07.01.2015 Diario Economico

Bomex put into French transportation services provider Bomex has been put in receivership receivership by the commercial court of Nantes, Atlantique Presse (translated) Information reported, citing President Christian Moreau. The company was granted six months to improve its financial position or find a buyer, the online daily said. Bomex is controlled by the Moreau family while FSI region, a fund of BPI France, and Ocean Participations hold 25%, the French-language newspaper mentioned. The company has 573 employees; it posted EUR 84m consolidated turnover in 2013.

06.01.2015 Atlantique Presse Information

PKP Cargo, Pekaes, PKP Cargo, Pekaes and OT Logistics, the listed Polish transportation OT Logistics looking groups are looking to acquire railway companies, reported Polish daily to acquire railway Parkiet. The information came in a longer report, according to which in companies 2015, listed firms from the widely understood rail industry could be (translated) among the most active firms engaged in mergers and acquisitions. The report cited Jacek Neska, Member of the PKP Cargo Management Board for Sales, as saying that the company believes that the gradual consolidation in the rail freight industry will be inevitable, and PKP Cargo will remain active in the acquisitions market. PKP Cargo plans to acquire up to 50% stake in Pol-Miedz Trans (PMT), a railway unit of listed Polish copper miner KGHM, he confirmed. According to KGHM spokesperson Justyna Swedura, as cited in the report, PKP Cargo would acquire up to 49% stake in PMT. The talks with PKP Cargo are ongoing Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

and their results should be known by the end of the first half of this year, she added. PKP Cargo in a consortium with exporter Weglokoks is still interested in acquiring of Port Gdanski Eksploatacja (PGE), the major cargo operator at the Polish Port of Gdansk, Neska also confirmed. Pekaes, the listed logistics operator, is interested in participating in the consolidation process of the railway market, the paper reported, citing company Chief Executive Maciej Bachman. Pekaes is currently analysing various acquisition targets that would enable the group to expand its intermodal segment, both in Poland and abroad. The report also cited OT Logistics Chief Executive Piotr Pawlowski, who estimates that the rail freight market will be subject to consolidation within a maximum of two-three years. OT Logistics intends to participate in this process, and is continuously monitoring the market and examining offers, Pawlowski added. The paper reported that KGHM and listed Polish fuel groups PKN Orlen and will eventually sell their transport companies. PKN Orlen wants to sell its Orlen KolTrans and Orlen Transport, as confirmed the group’s press office. Grupa Lotos seeks to sell its railway unit , but it does not disclose the details of negotiations, Parkiet reported.

05.01.2015 Parkiet

Flytoget attracts MTR Corporation, the Hong Kong-based railway operator, has interest of MTR confirmed its interest in the Norwegian state-owned airport railway (translated) company Flytoget, according to Dagens Naeringsliv. The Norwegian government announced in June that it may sell Flytoget. The Norwegian business daily cited MTR Nordic's managing director Peter Viinapuu who confirmed that MTR is interested in Flytoget and that MTR is in a position to help finance Flytoget's future investments in trains. Meanwhile, Viinapuu also indicated the company's interest in Flytoget's Swedish counterpart, Arlanda Express, which is currently controlled by Australian pension funds and a fund owned by the Chinese central bank.

02.01.2015 Dagens Naeringsliv

NATCO acquired by Trans Global Projects has expanded its presence in Europe with the Trans Global acquisition of NATCO AG, a leading Swiss logistics firm. Project Projects specialist NATCO AG has been operating in Switzerland for more than 35 years, successfully positioning itself as an exclusive, high quality service provider in the industrial projects and heavy lift sector. Air freight is a further specialisation of the company, while road and sea cargo services are also provided. Offering a similar range of services as Trans Global Projects does on an international platform, the two companies have a common multi-national customer base, enabling the merged firm to offer an enhanced service to clients. NATCO AG will continue to operate as usual, with re-branding proposed later in the year.

31.12.2014 Company Press Release(s) (Edited)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

PKP Cargo to PKP Cargo, the listed Polish railway logistic operator, has signed an acquire 80% stake agreement to acquire an 80% stake in Advanced World Transport in Advanced World (AWT), the second largest Czech cargo company, for EUR 103.2m (PLN Transport for EUR 445m), PKP Cargo said in a press statement today. The agreement was 103.2m signed on 30 December 2014. PKP Cargo will finance the acquisition using its own funds. The acquisition will be finalized after obtaining regulatory consent from antitrust regulators in Poland, the Czech Republic, Germany and Slovakia, the statement said. The sellers of the 80% stake are entrepreneur Zdenek Bakala and his fund The Bakala Trust. The remaining 20% stake will continue to be held by Czech firm Minezit SE, with which PKP Cargo signed a shareholders' agreement. The document also contains a schedule of possible acquisition by PKP Cargo of the remaining shares in AWT. AWT provides services in the Czech Republic, Slovakia, Slovenia, , Germany, Romania, Bulgaria, Poland and Croatia, according to the statement. The company has about 2,100 employees. AWT specializes in transport of heavy and mass cargo, including coal, steel and auto parts.

31.12.2014 Company Press Release (Translated)

Transportes Transportes Quevedo, a Spanish road haulage company specialising in Quevedo begins the transportation of fruit and vegetables, has begun insolvency insolvency proceedings, Alimarket reported yesterday, 30 December. The company proceedings – has found itself in financial difficulties as a result of the non-payment of report (translated) client invoices and also on account of the price war that has affected the industry, the Spanish-language report said, citing company sources. The company posted revenues of EUR 16.38m in 2013, the report noted.

31.12.2014 Alimarket

Portuguese The Portuguese government will prioritize parties bidding in the government to privatization of Lisbon's bus and underground networks that have also favour bidders in made firm offers for public transport systems in Porto, reported Jornal Lisbon public de Negocios. The Lusophone business paper cited sources close to the transport situation as saying the government is concerned at a potential lack of privatization who interest in Metro do Porto and STCP, the underground and bus networks also table offers for in Portugal's second city. The reduced interest from transport groups in Porto systems - the Porto privatizations is connected to proposed payments to future report (translated) private operators of STCP and Metro do Porto, the sources said. Consequently, the government is attempting to devise a scheme to give favourable treatment to bidders in privatization tenders for Metro de Lisboa and Carris, the capital's underground network and bus systems. Portugal's rightist coalition government has already pushed back the privatization of Metro de Lisboa and Carris until 2015 to permit the prior offloading of the Porto transport networks.

30.12.2014 Jornal de Negocios

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

Ceske Drahy The Czech state-owned railway operator Ceske Drahy (CD) has acquired acquires 50 wagons 50 wagons for EUR 14.4m from Austrian railway operator OBB, E15 from OBB for EUR reported. The Czech language item cited a CD spokesperson who noted 14.4m (translated) that around 30 wagons will be used immediately. The item specified that the Czech Republic has become the main buyer of OBB used trains. With the latest acquisitions, CD has acquired 130 wagons from OBB to date, the report added.

23.12.2014 E15

Rhenus acquires Rhenus, the German logistics group, has acquired 50.1% in Crossrail, the 50.1% Crossrail Swiss private rail operator, SRF reported. In an online report, the Swiss stake for TV channel said Rhenus did not disclose financial details. Crossrail has undisclosed price 370 employees and an annual turnover of CHF 140m, the report stated.

22.12.2014 SRF1

Raben Group to Raben Group is planning to take over the logistics operator HRL acquire HRL Eurocargo located in Bremen, Germany. HRL Eurocargo was founded as Eurocargo Hinderer-Rapid Logistik GmbH Co. KG in 1996. Already in 2010 HRL was a network partner of Wincanton, whose road activities were sold a year later to Raben Group. HRL is also a partner of the CTL cargo network and became an ILN transshipment point four years ago as well. At the location there are 95 persons employed, all of whom will remain in their positions. The annual turnover of the company is around EUR 15m and it owns approximately 12,500 sq. m. of warehouse capacity. Its core business includes mainly distribution and procurement logistics, warehousing and logistics services that include value added services such as picking, packing and labeling. Other priority areas represent the area of Container Packing. Raben Trans European Germany has over 22 branches throughout whole Germany. 1,400 motivated employees as well as modern technology enable a smooth transport of goods. The portfolio includes comprehensive logistics services, transport activities (Domestic and International, FTL and LTL) as well as Sea & Air.

19.12.2014 Company Press Release(s)

Eurostar sale could French state-owned railway group SNCF is understood to be considering see SNCF make bid exercising its pre-emption rights in the UK government’s sale of a 40% if not happy with stake in Anglo-French rail company Eurostar, French daily Les Echos offers – report reported. The report cited a person familiar with the matter as saying (translated) that if SNCF is not happy with the potential buyers for the stake, then it could decide to bid itself. According to the report, the UK government is understood to be very close to drawing a shortlist of five preferred bidders for the stake that could include GIC of Singapore, a Chinese group, a consortium comprising the French insurer Predica, part of the Credit Agricole banking group, and private equity house 3i. The Dutch national railway operator could also be on the shortlist, the report added. It claimed that SNCF, which already owns 55% of Eurostar, Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

would not be too happy with a Chinese investor in the capital of Eurostar. The report went on to say that bids of up to GBP 300m (EUR 380m) are expected. SNCF did not comment the information.

18.12.2014 Les Echos

Carris and Metro de The Portuguese government has pushed back the privatization of the Lisboa Lisbon bus operator Carris and Metro de Lisboa (ML) until next year to privatizations conclude the parallel transport privatizations in Porto, reported Diario pushed back to Economico. The government has decided to extend the bid deadline for 2015; Porto STCP and Metro do Porto, the bus and underground networks in Porto, transport operators until the end of this month and does not want a simultaneous sale of the be sold first - report capital's transport network, sources close to the situation told the (transport) Lusophone paper. Potential bidders for Carris and ML and their Porto equivalents do not want parallel bidding processes and there is also a transparency issue over this scenario with the possibility of bidders colliding, the same sources said. In the interests of transparency and to make the bidding processes less hectic for suitors of the four transport systems the government has opted to privatize STCP and Metro do Porto before their Lisbon versions, the same sources said. Consequently, ML and Carris will now not be sold by the state until well into 2015.

18.12.2014 Diario Economico

CTL Logistics no TL Logistics, the private Polish rail logistics company is no longer in longer in talks to talks on the company sale with listed rail operator PKP Cargo, a Polish sell to PKP Cargo - newswire reported. ISBnews learned the information from a source close Newswire round-up (translated) to CTL Logistics and company owners. The owners and the management of CTL Logistics are uninterested in PKP Cargo‘s offer to acquire the company, thus PKP Cargo is no longer participating in the sale process, according to the report. The item reported, citing the source, that PKP Cargo has very little chances to obtain consent from the Polish antitrust regulator UOKiK for the transaction. The owners of CTL Logistics are in talks with other potential investors. The owners are also examining alternative options, including the consolidation of the sector, with CTL being a leading player in this process, according to the report citing the source. In early September, PKP Cargo signed a Letter of Intent with European Rail Freight II, the major shareholder of CTL, for the potential purchase of 100% shares of CTL Logistics, the item reported. The LoI did not grant PKP Cargo the exclusive negotiation rights.

16.12.2014 news wire round up

Gargzdu Gargzdu gelezinkelis, the Lithuanian railway transportation and gelezinkelis will industrial services company, will consider a stake sale or a joint venture consider stake sale with a strategic partner to fuel growth, board member Gintautas to strategic partner, Lukauskas said. Gargzdu gelezinkelis would consider selling an board member says unspecified stake to a partner who would assist it with the know-how to enter the mainline-railway transportation segment in the Baltics, Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

Lukauskas said. At the moment, Gargzdu gelezinkelis provides only railway cargo shunting services, he said. A full sale would also be considered, should such an offer arise, however the company is not seeking it, according to Lukauskas. The EUR 3m-turnover Gargzdu gelezinkelis could be an interesting target for a company looking to enter the Baltic market, and it would like to hear from railway cargo operators from countries such as Poland, Germany or the Czech Republic, Lukauskas said. The company is licensed to operate in , has a fleet of 12 shunting locomotives and 60 employees, and a main base near the port of Klaipeda in Lithuania, Lukauskas said. Alternatively, Gargzdu gelezinkelis would consider forming an assembly joint venture with a European producer of locomotives, Lukauskas said. The company already provides overhaul and maintenance services of shunting locomotives, but it would like to add production and maintenance of new locomotives, he added.

16.12.2014 Proprietary Intelligence

Lotos Kolej sale The sale process of Lotos Kolej, a operator owned by listed process unlikely to petrochemical group Grupa Lotos, is unlikely to be resolved before the be resolved this end of 2014, wnp.pl reported on 16 December. For the information, the year (translated) Polish-language report cited Grupa Lotos' CEO Pawel Olechnowicz. The item reported that there are no decisions yet on the sale of Lotos Kolej. Lotos has previously shortlisted bidders for the Lotos Kolej acquisition. The sale process is at the stage of the short list and all indications are that it will not be resolved this year, Olechnowicz noted. The names of the potential bidders have not been disclosed. It is yet unknown what stake in Lotos Kolej would be sold, the article reported. It was earlier announced by Lotos that the transaction was to be finalised this year. As reported previously, in 2011 Lotos Kolej generated revenues of PLN 564m (USD 164.4m) and operating profit of PLN 42m.

16.12.2014 wnp.pl

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, January 2015

Contact Bernhard Möller Andreas Mackenstedt Friedrich-Ebert-Anlage 35-37 Friedrich-Ebert-Anlage 35-37 60327 Frankfurt am Main 60327 Frankfurt am Main [email protected] [email protected] Tel.: (069) 95 85-10 33 Tel.: (069) 95 85-5704

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