Strategic changes with the CS Cargo group

CS Cargo group increased the capital of key daughter companies; Management of the company returns back to the Czech Republic
 
During June CS Cargo group finalised a complex project of property and financial restructuring, whose part was increase in the registered capital of daughter companies in the Czech Republic and in Slovakia, decrease in the share of external sources of the Group’s financing and transfer of the holding’s central management from the Netherlands to the Czech Republic.
 
By the end of last year, CS Cargo group started an overall restructuring process after entry of the new majority owner, the company Tuffieh Funds SICAV plc (TFS), which included audit and effectiveness assessment of the firm’s individual activities and changes in the company’s organisational structure.
 
Shareholder’s capital of the companies CS Cargo a.s., and C.S.Cargo Slovakia, a.s., was increased within the project’s realisation by CZK 600 million and CZK 180 million respectively. The group’s property holding was transferred from the Netherlands to the Czech Republic where the new CS Cargo Holding, a.s. was established. The actual management returned to the Jičín company CS Cargo a.s., which is a 100 % daughter firm of the newly founded holding.
 
“CS Cargo has been and is a Czech-Slovak transport and logistics company. We are returning the management to Jičín, where there is the firm’s history, huge human resources capital and knowledge“, mentioned Jan Blaško, founding partner of TFS and Chairman of the Board of Directors in the company CS Cargo a.s. “Thanks to the capital increase, significant decrease in external financing, involvement of the whole new managerial team and restructuring of the property structure, we will be (not only financially) more stable and also able to react to market challenges and especially to the needs of our clients in a better and more flexible way”, adds Jan Blaško.
 
CS Cargo group is one of the leading companies in the transport and logistics industry in Central and Eastern Europe. Transport and logistics services are provided by our subsidiaries in eight European countries. In the Czech Republic and Slovakia, CS Cargo is the leading force in its industry. Since its founding in 1995 the group has increased revenue to about EUR 216.6 million in 2011. The group’s EBITDA in 2011 represented EUR 11.9 million.

Quelle: LogEastics

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