Lotos not spoiled yet the Treasury. Since the boss is Paweł Olechnowicz, shared profits with shareholders only once. He appreciated for employees – the average salary in the company is over 11 thousand. zł. Now the workers stood up behind the president and threatening paralysis of business if PiS decide to exchange the board. But not only the president has a problem. – The trend in the automotive industry is that of diesel goes up: hybrid engines use gasoline, also made his affair with VW – say about the future of the petroleum industry analysts.
on Wednesday will be a meeting of the supervisory board of the Lotos Group, which may appeal to the board, led by chairman Paul Olechnowicz. Similar scenarios have already taken place in many state-owned companies, since the authority took over the Law and Justice. First, replacement of the supervisory board, the board shortly afterwards.
In the case of Lotus is, however, a difference. The current president holds the post for 14 years, and has survived all the possible configurations of policy. President of the Gdansk Refinery was in 2002, that the governments of Leszek Miller. Since that time, none of the parties that came to power, not decided to remove Olechnowicz from the position.
compounds up behind the president
The leaders of the five most important compounds acting Lotos including ???? Solidarity, and the head of the works council Lotos sent in early April letter to Treasury Minister David Jackiewicz, President PiS Prime Minister Jaroslaw Kaczynski and Beaty Awl. The letter reached also into the hands of Robert Pietryszyn, appointed in January by PiS head of the supervisory board of the Lotos Group and also a member of the Management Board of PZU.
The crew says that for 14 years of management Lotos president Olechnowicz ‘unions, which in the Group associate more than half of the employees, always, even in the most difficult and painful issues were an agreement with the employer. (…) We will not allow to interfere with what is most important for the crew. “
comment on what you intend to in case of cancellation Olechnowicz not want Solidarity union chairman Andrew Cenacewicz. Statements given for money.pl Szade Gregory, Vice-President of the Management Board of the Company Trade Union of Engineers and Technicians of the Lotos Group.
– Do not admit thoughts about changes at the highest level. We have the legal possibility to enter into a labor dispute and although the release of the president is not in the range of possible reasons, it will not be anything easier. They can find other reasons (to protest – ed.) – Said vice-president Szade. – The company is developing and our concern is stunting. If we do not develop, for sure we would be doomed to close, like dozens of other refineries in Europe.
The involvement of employees after the president explain not only concerns about uncompetitive refineries, but also concern about the relatively good wages, though .. . unionists claim that their salaries are rising more slowly than the economy, and are lower than in Orlen.
– not catching up the national average and salaries are rising more slowly. Calculations that were in the previous labor dispute in PKN Orlen, showed that there wages are much higher – says Vice-President Gregory Szade.
With the annual reports of Grupa Lotos and PKN Orlen, however, it shows that salaries Lotus grow much faster than the rest of the Poles, also greatly exceeding what to employees of PKN Orlen.
in 2005, the average salary in the Lotus was less than 6 thousand. zł gross, or 2.2 times what he earned an average citizen of our country, and about 15 per cent. more than the employee Orlen. After ten years, the proportions are even more in favor of Lotus.
In 2015, salaries, social security and other employee benefits Capital Group Lotus has released 685 million zł. At each of the 4850 employees group accounted for so an average of 11,774 zł (in the same company 12868 zł) per month. This is 2.9 times what the average Pole and earned exactly one-third more than what they get employees PKN Orlen.
| employment and wages in Lotos and Orlen | ||||
|---|---|---|---|---|
| employment | the average monthly salary (zł gross) | the average wage in the economy (zł gross) | crude (thous. tonnes) | |
| lotus | ||||
| 2005 | 5 140 | 5 775.3 | 2 528.6 | 6 000 |
| 2015 | 4 850 | 11 774.1 | 4 067.0 | 10 212 |
| PKN Orlen | ||||
| 2005 | 21 175 | 4 986.7 | 2 528.6 | 15 383 |
| 2015 | 19 932 | 8 821.7 | 4 067.0 | 30 908 |
| Sources: annual reports Lotos and PKN Orlen, GUS | ||||
One and a half billion of losses in two years
the balance of 14 years of management by the president Olechnowicz a total of 4.3 billion zł net profit. However, the last two years the group can not boast of good results. Loss for the period 2014-2015 a total of 1.7 billion zł. Reason? Declines in world oil prices and the related valuation of oil reserves.
For the discount rate of fuel lost value of investments in oil and gas. Charges to the Norwegian assets at the end of 2015. Amounted to a total of 1.54 billion zł. Already in 2012. The company announced that they will bring huge losses. Then the reason was, however, “non-price”.
Buying share in the oil reservoir in 2008. Zł cost 0.9 billion write-down in 2012. (YME project). Lotus sued the operator of the deposit, a Canadian company Talisman, which wrongly performed drilling platform. Awarded in 2013. Compensation in the amount of 0.5 billion dollars, not zastopowało impairment of investments. Now work is underway to sell the deposit.Lotus continue to invest in deposits in Norway. In 2015. He has given nearly 200 million zł. As a result, mining deposits own Lotus has already reached the level of 28.4 thousand. barrels per day, an increase of 22.5 thousand. barrels more than it was in 2012. Unfortunately, this happens at a time when oil prices last at low levels.
Chasing Orlen
10+ investment program, implemented in the years 2007-11 and worth nearly 1.43 billion, was one of the largest investments made in the last quarter of a century in Poland. Has led to an increase in production capacity of the Lotus from 6 million to 10.5 million tons of oil per year.
Lotus is therefore currently on the production of Orlen from around the beginning of the twenty-first century . However, since then Orlen doubled production capacity, mainly through acquisitions in Lithuania and the Czech Republic.
In 2012. Refinery Lotos was considered the most efficient in Central and Southern Europe in the ranking of Solomon Associates.
Modernization and expansion is able to provide more high-margin products from each barrel of processed crude oil compared to competing refineries in the region. Thanks also increased the number of fuels derived from the same amount of crude oil – from 4 million to 7.8 million tons per year.
But this is not the end. In 2015, Lotus, together with its subsidiary LOTOS Asfalt started the implementation of the Project EFRA. The total investment will amount to 517.8 million EUR (2.3 billion zł). As a result of processing a barrel of oil is to give two US dollars more than the current margin. Transfer of recent installations into operation is planned for the beginning of the second quarter of 2018 years.
– EFRA is to increase profitability by $ 2 per barrel, but the question is whether this actually happens? – Doubts Krzysztof Pado, an investment adviser at Dom Maklerski BDM SA – Lotus pricked to invest in the diesel fuel, and this is an oversupply in the world. The trend in the automotive industry is that of diesel goes up: hybrid engines use gasoline, also made his affair with VW. Lotus may therefore not achieve the expected results – he added.
the hunt for the leader – financed mainly with debt – caused an increase in commitments Lotus to 11.5 billion zł. This is 10 times more than 2005 years. Twice increased for the possibility of production, but profits in this respect have not yet seen.
The owner gets nothing and must put
41 million zł – enough dividends received shareholders Lotus in 2007. And it was the only time when the company split the profits with the owners of the 14-year-old management by Paul Olechnowicz. Stretching years investments do not allow you to reap the profits of its owners. And still 53 percent. action is the State Treasury.
In 2005, Lotus went public and in the meantime even pulled from shareholders billion investment. It was already in 2014, ie after the unlucky involvement in oil fields in Norway. One billion of shareholders it was a kind of complement to the Norwegian losses.
The money helped complete the modernization and bring profitability to the level of Lotos, Orlen.
– There were various levels start refinery PKN Orlen and Gdansk Refinery. PKN Orlen and refinery, petrochemical and so had an easier start. Not everything was dependent on the board. Gdansk Refinery is at a disadvantage. The Board tried to make up for investments – says Krzysztof Pado DM BDM S.A.
Listing of the company’s shares from the stock exchange debut has hardly changed. In July 2005, the first quotation price is set 26,66 zł and a public issue sold shares at 29 zł. They are currently traded at 27.15 zł. As for the 14-year effect of operations, it is a very modest result, and it is difficult to say whether in the case of non-state president would maintain the job.
– It is difficult to clearly assess the level of corporate governance segment of refining and mining, because they depend to a large degree from the environment, which is variable – says Krzysztof Pado. – Lotus situation is that the company is heavily indebted. It did not pay dividends, so shareholders may be disappointed. Investments in Norway (YME field) encountered problems now trying to fix them tax shield. Problems were also bed B8 in the Baltic Sea, the launch is delayed. Not everything depends on management, but also on what are the price of oil.
President Olechnowicz not give us a comment. He met with the president of Duda in Warsaw on the anniversary of the Warsaw Stock Exchange.
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