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    Obajtek about the situation in “Polska Press”

    – It is worth knowing that in this company there hasn’t been a wage increase since 2008, the location base is neglected and more than 60 per cent of the content to regional titles was generated in Warsaw, journalists were fired – said CEO of PKN Orlen Daniel Obajtek in an interview with the “Puls Biznesu”, asked about the situation in taking over “Poland Press” by PKN Orlen.

    Obajtek, talking about the management of a company such as Orlen, stressed that a vision, investment plan, optimization, acquisition is necessary.

     

    “We have to actively manage the company, make bold decisions, not just administer it,” said.

     

    He added that the results of such work were visible in the data. He stressed that the results in the first quarter had been well above the expectations of the analysts.

     

    “The EBITDA of PLN 2.4 billion, PLN 1.9 billion in net profit – and what is most important for the stock exchange and investors, i.e., the generated cash. We have generated the largest cash from our operations for five years, although the macroeconomic environment is weaker,” he said.

     

    Asked about the cash in the context of taking over Energa, which supplies a large part of income, Obajtek emphasized: “Energa did not take over itself and I did not get it as a gift, someone had to take this decision and carry out the process”.

     

    He stressed that success had been achieved by the entire Board and the co-workers. “Last year, we took a very bold decision on a large purchase of CO2 emission allowances, which secured these rights by mid-2023. We bought them for EUR 24 per ton and today they are priced at EUR 48. Only on the valuation of this contract, we have now generated nearly PLN 600 million EBITDA LIFO,” he pointed out.

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