Polimex Mostostal

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Polimex Mostostal SA

logo
legal form Corporation
ISIN PLMSTSD00019
founding 1945 ( Polimex )
1973 ( Mostostal Siedlce )
2004 (association)
Seat Warsaw , PolandPolandPoland 
management Figat Krzysztof (Chairman of the Board of Management)
Kowalczyk Wojciech (Chairman of the Supervisory Board)
Number of employees 210 in the company
4340 in the group (2018)
sales 1.637 billion zloty /
373 million euros (2018)
Branch Industrial construction
Website www.polimex-mostostal.pl

Polimex Mostostal is a Polish construction company based in Warsaw . The group of companies specializes in the construction of industrial plants. Above all, plants for the oil, gas, chemical and petrochemical industries as well as energy technology companies are built and maintained. The company has been listed on the Warsaw Stock Exchange since 1997 .

history

Today's Polimex Mostostal SA is a merger of two originally independent Polish companies: Polimex-Cekop and Mostostal Siedlce .

Polimex-Cekop

Polimex was founded in 1945 after the Second World War as Polskie Towarzystwo Exportowo-Importowe Maszyn i Urządzeń (Polish Society for the Export and Import of Machinery and Equipment). The primary task of the company was to build up Polish industry. The company's name was changed to Polimex in 1959. The letters are the abbreviation for Pol ska firma in portowo- eks portowa , the company now operates as Polskie Towarzystwo Exportu i Importu Maszyn sp. z oo In 1971 the Centrala Eksportu Kompletnych Obiektów Przemysłowych (Cekop - Central Export of Complete Industrial Plants ) and Polimex merged as Polimex-Cekop . In 1995 the company was converted into a stock corporation and privatized two years later.

Mostostal Siedlce

The company was founded in 1973 and production of steel structures began five years later. Two years later, the production of steel grids was started. In 1978 a hot-dip galvanizing plant was inaugurated. In 1993 the company was converted into a stock corporation as Mostostal Siedlce SA, thus taking a step towards privatization. In 1997 the company was listed on the Warsaw Stock Exchange for the first time . Two years later, Polimex-Cekop acquired the majority of the shares. In 2002 Mostostal Siedlce SA took over Mostostal Stalowa Wola SA

Polimex-Mostostal

In 2004, the companies Polimex-Cekop and Mostostal Siedlce merged to form Polimex-Mostostal Siedlce SA. One year later, a new branch of the company for the construction of roads and track systems was founded. In 2006 the Siedlce was removed from the company ; the name has been Polimex-Mostostal SA since 2007, the company Elektromontaz Północ SA was taken over and merged with ZREW SA . In 2008 the company became the largest construction company in Poland.

In the course of the investments for the European Football Championship 2012 , Polimex-Mostostal also got involved in the construction of motorway and expressway sections. The construction boom, however, led to cost increases, especially for asphalt and fuel prices, which also brought general contractors such as Polimex-Mostostal close to bankruptcy, as many road construction contracts were realized at the limit of profitability or with losses. In 2014, the last contracts for the construction of sections of the A1, A4 and S1 (then S69) were terminated due to delays on the part of the GDDKiA. Several years of legal proceedings followed for additional compensation for the rise in asphalt and fuel prices as well as against the contractual penalties imposed by the GDDKiA. In September 2015, the administrative court of the Masovian Voivodeship dismissed a lawsuit regarding the remuneration for the construction of the A2 motorway section. An agreement with the GDDKiA was only reached in court in August 2018.

In addition to road construction, the company concentrated on contracts in the energy sector and, as a partner in a consortium led by Rafako, with Mostostal Warszawa as a partner, received the order to build two power plant blocks at the Opole power plant with a total value of PLN 11.6 billion . In October 2013, Rafako was replaced by Alstom and the shares in the consortium were reorganized. Polimex-Mostostal should now take over 42% of the work.

Despite this contract, the company ran into financial difficulties due to the losses in road construction. Debt repayment terms were negotiated with creditors. The shares lost a total of 70% in value in 2012, and by 2014 more than half of the employees had been laid off. The company withdrew from road construction. From 2013 to 2015, several subcontractors and creditors involved in the road construction contracts filed for insolvency petitions, which were either rejected or withdrawn after negotiations. Construction of the units in the Opole power plant began in January 2014, and withdrawal was out of the question. After the settlement with the creditors and the dismissal of 10,000 employees as part of a restructuring process, the final salvation was made possible by a financial injection from the companies PGE , Enea , Energa and PGNiG , which acquired shares with a total value of 300 million złoty , and thus 66% of the shares hold on to the company. In 2019, the two blocks at the Opole power plant were completed. Block 5 went into operation on May 31, 2019, and Block 6 followed on October 11, 2019. At the end of 2019, the return to road construction took place within the framework of a contract to build a connecting road in Konin .

In 2014 the new subsidiaries Polimex Energetyka Sp. Z oo and Naftoremont-Naftobudowa Sp. Z oo were founded, followed in 2017 by Polimex Budownictwo Sp. Z oo Sp. K. , Polimex Operator Sp. Z oo Sp. K. and Polimex Infrastruktura Sp. z oo At the beginning of July 2019 the group of companies was renamed Polimex Mostostal SA .

Corporate structure

Polimex Mostostal SA is the parent company of a group of companies. The group of companies includes the subsidiaries and companies:

  • Czerwonogradzki Zakład Konstrukcji Stalowych Spółka z do
  • Energomontaż Północ-Bełchatów Sp.z oo
  • Mostostal Siedlce Sp. Z oo Sp. K.
  • Naftoremont-Naftobudowa Sp. Z oo
  • Polimex Budownictwo Sp. Z oo Sp.k.
  • Polimex Energetyka Sp. Z oo
  • Polimex Infrastruktura Sp. Z oo
  • Polimex Opole Sp. Z oo Sp.k.
  • Polimex-Mostostal ZUT Sp. Z oo
  • Polimex-Mostostal Ukraina Sp. Z oo
  • Polimex-Mostostal Wschód Sp. Z oo
  • Pracownia Wodno-Chemiczna Ekonomia Sp. Z oo
  • Stalfa Sp. Z oo

Shareholders

The shareholders in Polimex Mostostal SA (as of 2019) are:

Surname Percentage ownership %
PGE , Enea , Energa and PGNiG 65.9
Bank Pekao 5.8
Free float 28.3

Web links

Individual evidence

  1. ↑ a b c d Information on the stock corporation (accessed on March 26, 2013)
  2. ↑ History of Polimex-Mostostal (English; accessed March 27, 2020)
  3. ↑ a b c d Historia Polimex-Mostostal (Polish; accessed on March 27, 2020)
  4. ↑ Największe firmy budowlane w Europie. December 23, 2008, accessed March 27, 2020 (Polish).
  5. ↑ Firmy budowlane w rankingu największych przedsiębiorstw. October 29, 2012, accessed March 28, 2020 (Polish).
  6. ↑ Autostrady się posypały. Polimex-Mostostal nie dokończy autostrad A1 and A4. January 15, 2014, accessed March 28, 2020 (Polish).
  7. ↑ Sąd oddalił powództwo Polimeksu-Mostostalu w sprawie A2. September 8, 2015, accessed March 28, 2020 (Polish).
  8. ↑ Polimex-Mostostal porozumiał się z GDDKiA w sprawie roszczeń dotyczących budowy dróg. August 28, 2018, accessed March 28, 2020 (Polish).
  9. ^ A b Artur Janowski: Polimex-Mostostal nie rezygnuje z Elektrowni Opole. January 24, 2014, accessed March 30, 2020 (Polish).
  10. ↑ Polimex-Mostostal skazany na upadłość? July 19, 2012, accessed March 28, 2020 (Polish).
  11. ↑ Kto przejmie Polimex-Mostostal i jego kontrakty? August 23, 2012, accessed March 28, 2020 (Polish).
  12. ↑ Wniosek o ogłoszenie UPADLOSCI Polimex-Mostostal. Retrieved March 30, 2020 (Polish).
  13. ↑ Polimex-Mostostal: wniosek o upadłość wycofany - budownictwo. Retrieved March 30, 2020 (Polish).
  14. ↑ Polimex-Mostostal uratowany przed bankructwem. Retrieved March 29, 2020 (Polish).
  15. ↑ Polimex-Mostostal na prostej such pełnymi rękami roboty i wielkimi ambicjami. Retrieved March 29, 2020 (Polish).
  16. ↑ PGE: nowy blok nr 5 w Elektrowni Opole przekazany do eksploatacji. Retrieved March 30, 2020 (Polish).
  17. ↑ PGE zakończyła największą w Polsce megainwestycję energetyczną po 1989 roku. Retrieved March 30, 2020 (Polish).
  18. ↑ Polimex Mostostal wraca do budowy dróg. Umowa podpisana. Retrieved March 30, 2020 (Polish).
  19. ↑ O grupie (Polish; accessed March 29, 2020)
  20. ↑ Akcjonariant (Polish; accessed March 29, 2020)