RESBUD SE published the report for the first half year of 2020
RESBUD SE published the report for the first half year of 2020
On 30 September 2020 RESBUD SE published the periodic report for the first semester of 2020. The report shows the initial effects of the ongoing modification of the Company’s operations profile, i.e. compared to the respective period of the previous year, RESBUD SE assets increased by more than 38 percent – from 1.99 million EUR to 2.75 million EUR.
The Company’s Management Board and Supervisory Board continue to implement the strategy of transforming RESBUD SE into a modern holding of companies operating in construction, power industry and civil engineering, as well as manufacturing, logistics and delivery of materials and equipment for the construction and power sectors. The natural consequence of the process is that within the first six months of the current year the Company recorded a net loss of 96 thousand euro, with zero revenue from contracts with clients.
In the first six months of the current year RESBUD SE Management Board and Supervisory Board persisted in the effort to transform the Company into a modern holding company operating on the overall construction, power, and civil engineering markets, and also dealing with manufacturing, logistics and delivery of materials and equipment for the construction and power sectors manufacturing, logistics and delivery of materials and equipment for the construction and power sectors.
To achieve that, RESBUD SE EGM called on 7 January 2020, adopted new resolutions on changes in the Company’s by-laws and issuing new shares. The new shares have been offered to the shareholders of Energokomplekt OOO, Conpol sp. z o.o. and Uniwersim sp. z o.o. The subscription period ended on 6 July 2020, with no subscriptions at all. The feedback we have received from investors indicates that they are still interested in buying the shares in the quantities indicated in the resolution of 7 January 2020 The reason why they haven’t subscribed the new Company issuance was a pending trading approval due to the coronavirus pandemic, which limited international travel and hindered the work on the Universal Registration Document.
The work continues and if the subscription succeeds, the company will acquire new and valuable assets in the form of majority shares in Energokomplekt OOO, Conpol sp. z o.o., and Uniwersim sp. z o.o. At the same time, the non-cash contributions in the form of shares in the companies mentioned above may elevate RESBUD SE share capital to as much as 31.66 million EUR (compared to the current 1.99 million EUR).
Energokomplekt OOO, a trading company registered in Yekaterinburg, is a comprehensive operator of hardware, materials, construction chemicals and specialized equipment deliveries to large infrastructure projects, including construction and retrofitting of power facilities. Their clients include the biggest construction companies in the Ural region.
Conpol sp. z o.o. is a dynamically growing engineering-construction company that operates as a contractor in civil road and railway engineering and, as part of civil engineering, erects reinforced concrete structures, does construction and other work related to civil engineering. The company also manufactures concrete and asphalt mixtures.
Uniwersim sp. z o.o. is a proven manufacturer of high-quality asphalt mixtures or concrete for foundations, ready-mixed concrete, structural concrete and bridge concrete.
The COVID-19 pandemic, which disrupted the world economy in the first semester of 2020 and affected the operations and condition of many companies all over the world, didn’t have a significant effect on RESBUD SE operations, except for the above-mentioned effort to acquire a trading approval for the newly issued shares. Despite the pandemic, Our business partners also survived the first six months of 2020 without major disruptions.