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Letter of Chairman of the Supervisory Board

Ladies and Gentlemen,
Dear Shareholders,

I address You with satisfaction, as the past financial year brought many positive events to the life of ELEKTROBUDOWA. It was just another year when the team constituting ELEKTROBUDOWA Group showed high competence and professionalism. Projects completed by our Group, as well as new products which we launched confirmed our strong market position. Once again we have shared the profit earned in the past year with our shareholders.

The decision to design the SF6 gas insulated switchgear OPTIMA-24 led to considerable success. This modern system is dedicated for operation in the AC power distribution network, for rated frequency 50Hz and rated voltage up to 24kV. During the year 2017 ELEKTROBUDOWA SA received orders for 270 panels of the switchgear. It is important to highlight that the switchgear has been developed by the designers from the factory in Konin, where it is also manufactured.

The pages of the Company’s history have frequently shown that ELEKTROBUDOWA was an active participant in the erection of the most powerful generating units in our country; it is also true these days, as in 2018 the Company is continuing its task at the project called the current largest investment of the power industry in Europe: construction of new units in Opole power plant. Presence of ELEKTROBUDOWA SA at the site means not only erection of electrical systems, including supplies and installation of the earthing system, installation of main and auxiliary cable support systems, supply and installation of power cables for various applications, but also delivery and installation of switchgear panels and busducts, including precommissioning tests. The value of orders awarded to ELEKTROBUDOWA amounts to 125 million PLN at the moment, with the scheduled completion within 2019.

It must be noted that the Company is continuing the performance of the task covering turnkey engineering, procurement and construction of the Metathesis Unit for PKN ORLEN S.A. in Płock, for the contract price of approximately 250 million PLN, and also has received new orders to be performed at the site of the Owner. One of them is a contract for building works and installation of electrical, sanitary, fire protection, data and communication systems, pipelines for pneumatic and product transport, modernisation of the DCS system for the Polypropylene 3 plant, for the contract price 30 million PLN, awarded by Basell Orlen Polyolefins Sp. z o.o.

2017 was also the year of intensive activity on export markets. East was the primary direction, but activities were developed also in Western Europe. Last year ELEKTROBUDOWA SA successfully entered the South American market, supplying its switchgear to Peru. It is worth mentioning that medium voltage busduct still is the product demanded in the markets all over the world.
As far as products are concerned, the Company received orders worth several dozens of millions Polish zloty, while orders received in the area of installation projects execution total much more than a hundred million Polish zloty. Exports generated approximately 144 million PLN, which constitutes 16% of the Company’s sales revenue. In the past year ELEKTROBUDOWA SA strengthened its position in foreign markets.

At present the Company is engaged in certification of our products: medium voltage and high voltage gas insulated switchgear, for the Russian market and other markets where compliance with GOST standards is required. Simultaneously, exhaustive enquiries are made to recognize the requirements of the market. We expect that, once we have obtained the certification, it may become a very attractive market, particularly for our OPTIMA 145 switchgear.

ELEKTROBUDOWA Group ended the year 2017 with net sales revenue on the level of 902.9 million PLN, and the net profit of 58.6 million PLN.

As I have already mentioned, ELEKTROBUDOWA Group is an experienced and professional team of highly qualified engineering staff and solid workers who constantly improve their competence. Therefore they can respond to challenges which they are probably going to face. In this way they contribute to the Company’s growth in value and, further, interest and satisfaction of the Stakeholders.

Taking the opportunity of presenting this Annual Report to You, I would like to extend my sincere thanks to the Management of the Company and to the whole team of ELEKTROBUDOWA SA for their commitment and creativity in everyday work, which determine the corporate growth and help us accomplish our common business goals.

Wishing you every success in 2018

Karol Żbikowski
Chairman of the Supervisory Board

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