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In the first quarter of 2013 Polimex-Mostostal continued remedial actions by implementing the financial and operational restructuring programme and carrying out work under its contracts   Financial performance in Q1 2013 - In the 1st quarter of 2013 the Polimex-Mostostal Group reported much better performance than in the same period last year. It improved by PLN 129 million. From operational activities we generated a profit to the amount of PLN 32.6 million, i.e. PLN 198.7 million more than in the first quarter of…
Polimex-Mostostal consistently continues the restructuring program under which the sale of assets not related to the main activities of the company is conducted. Divestments are one of the provisions of the restructuring agreement signed with the creditors in December last year. So far, the completed sales include: - Sefako boilers factory, - Energomontaż-Północ Gdynia along with the port real estate in Gdynia, -ZREW transformer manufacturing plant located in Lodz, - the Department of Transport in Siedlce. On…
On April 23, 2013 the Supervisory Board of Polimex-Mostostal appointed Mr. Gregor Sobisch as the President of the Management Board.  In addition, on April 24, 2013 the Supervisory Board of Polimex-Mostostal appointed Mrs. Joanna Makowiecka to the Management Board and entrusted her the function of the Vice President. The new President and the new Vice President will take obligations on 3 June 2013.  The Supervisory Board made the choice as the result of the conducted interviews.  - Those are expected decisions for…
We consistently continue the implementation of corrective actions that are intended to restore financial stability to the Company remaining in difficult economic situation. An important issue is to lower the operating costs of the company. - The Management Board took steps to simplify the structure and reduce the costs of the Group. This takes into account, among others, reduction of the scale of operation by closing the special purpose entities which have already completed projects or those that are not…
As a result of the acceptance by the Contracting Authority of the Polimex-Mostostal’s claims an annex to the contract was signed, which extends the time limit for completion of work to 1 in June 2013  In the near future on the section of the S-69 express road Polimex-Mostostal will complete earthworks including excavation and embankments and perform ground strengthening in the excavation for the construction of road surface and the very surface structure composed of six layers (filter, technology, sub-base and…
On 27 February Polimex-Mostostal turned to its financial creditors - party to the restructuring Agreement – with a proposed extension of the deadline for additional PLN 50 million to be acquired from the issue of shares until May 31, 2013.  On April 9 this year creditors took a binding decision on the matter and agreed to extend the deadline as proposed by the Company. Thus, the provisions of the restructuring agreement are not violated. The prospectus prepared by the Company for among others public offering of…
As a result of the news appearing in media that the investment committee of the Polish Energy Group recommended that the Board of the company withdrew from the Opole power plant expansion plans, Polimex-Mostostal announces that the contract is only an option included in the restructuring agreement that Polimex-Mostostal signed with creditors. This means that in the case of the contract not coming into force, the terms of this agreement shall not be violated.   - This does not change the fact that this investment,…
Polimex-Mostostal is continuing its restructuring program. The reduction of the number of posts is one of its components having significant impact on the reduction of fixed costs. Since August 2012, employment in the Company has been reduced by 2.3 thousand persons. This resulted in PLN 120 million annual savings.   - Through the restructuring program Polimex-Mostostal is planning to reduce costs by at least PLN 300 million in 2013-2015. The Company has been continuing to implement a recovery program involving,…
Under the terms of the restructuring Agreement concluded in December last year between Polimex-Mostostal and its financial creditors, the Company agreed to acquire PLN 250 ​​million from the issue of shares up to 31 March this year.   Till this day Polimex-Mostostal received PLN 200 million income in this respect. The Company’s prospectus on public offering of shares was submitted to the Financial Supervision Authority. After having it approved, the Company will proceed to implement the issue of shares.   On 27…
On the 28th of March 2013 the Supervisory Board of Polimex-Mostostal delegated Mr. Dariusz Krawczyk, holding the position of the vice-president of the Supervisory Board, to temporarily (until 30th of April 2013) hold the position of the member of the Management Board and act as the president of the Management Board of the Company.