Head of Kompania Węglowa steps down

The decision, taken on Friday, was announced by the spokesperson of Kompania Węglowa (KW), Tomasz Głogowski, on Monday.

The outgoing leadership’s latest plan to shore up the struggling coal sector, sealed in January, envisions the injection of capital to a new entity, Nowa Kompania Węglowa, by energy companies operating within the structures of Kompania Węglowa.

The scheme, stemming from agreements reached by the now outgoing government with trade unions on 17 January, was to help Poland steer clear of allegations of providing illegal public aid.

Sędzikowski, who took over the helm of the state-owned Kompania Węglowa in December 2014, carried out the company’s restructuring in an effort to set off low coal prices and rising costs.

Selling off coal reserves allowed the company to generate an additional cash profit of PLN 170 million (around EUR 40 million). These efforts, however, failed to salvage the EU’s largest coal producer from its financial woes.

In an official communique, Krzysztof Sędzikowski listed a number of accomplishments made under his watch, including securing liquidity and improving the company’s financial results.

“Unfortunately, despite numerous efforts, Kompania Węglowa was unable to implement another crucial stage in the scheme, namely drawing investors to Nowa Kompania Węglowa,” Sędzikowski stated.

In 2012, Kompania Węglowa recorded a profit of PLN 170 million, only to register losses of PLN 700 million (EUR 160 million) a year later.

The company saw losses of nearly PLN 2.4 billion (EUR 0.56 billion) in 2014. The company ended the first quarter of 2015, nearly PLN 750 million (EUR 176 million) in the red. (aba/rg/rk)

Source: PAP