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News Personnel Changes

The new President of Elektrobudowa

Elektrownia przemysłowa

The Supervisory Board of Elektrobudowa appointed Jacek Podgorski as President of the Management Board of the company with effect from 21 October 2019. In July this year, he was delegated from the supervisory board, which he chaired, to perform the function of President for a period of up to three months.

25 years of experience

Jacek Podgorski gained his experience at high management levels in financial institutions and manufacturing companies as President of the Management Board and CEO of Anwil SA (2014-2018). He also worked as a financial director and board member in Basell Orlen Polyolefins (2007-2014) and Orlen Asfalt (2006-2007). In previous years, he worked in Bank Pekao SA Group (Pekao Development and Pekao Leasing) and Petrobank SA.

Jacek Podgorski is a graduate of the University of Lodz at the Faculty of Economics and Sociology. He also completed postgraduate studies in management at the University of Warsaw.

Electrobudowa’s problems

In H1 2019, the company recorded a consolidated net loss of PLN 110.3m, compared to a loss of PLN 59.9m a year earlier. Consolidated sales revenues in the first half of this year were at the level of PLN 256.4m, compared to PLN 301.3m in the first half of 2018. (-15% y-o-y).

Construction and assembly services accounted for 70% of Elektorbudowa’s revenues in January-June 2019, and 25% of electrical engineering products. Other services and materials generated 5% of total revenues.

Conversations with creditors

Elektrobudowa is in the process of negotiating with its creditors with a view to concluding agreements with all subcontractors and suppliers. The key element of this process is to determine the methods and deadlines for the payment of liabilities in the shortest possible period of time.

At the same time, the company is conducting financial restructuring activities aimed at increasing financial liquidity, ensuring proper performance of contracts and gradual normalization of settlements with suppliers and subcontractors. This is to lead to the fastest possible payment of receivables and ensure the appropriate portfolio of orders and sources of financing.

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