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RESBUD SE published its financial results for the first half of 2023.

03.10.2023

RESBUD SE published its financial results for the first half of 2023.

October 2 this year, after 16:00, RESBUD SE published the Group's financial statements for the first half of 2023. Consolidated net revenues from the sale of products, goods and materials amounted to PLN 5,3 million in the reporting period, and the net loss was PLN 37,3 million. The negative financial result is the result of a write-off resulting from contracts concluded by the Company, as a result of which RESBUD SE transferred its shares in ENERGOKOMPLEKT OOO to UESK AO and took over a controlling stake in JSC "ELEKTRQISHLOQQURILISH", considered one of the leading contractors of power grid facilities in Central Asia. This transaction enables RESBUD SE to expand into the dynamic market in this region of the world and marks the finalization of the transformation of the Group's portfolio after the outbreak of the war in Ukraine.

- The first half of this year was a period of intensive activities for our Group to sell the Russian asset in the RESBUD SE portfolio - company ENERGOKOMPLEKT OOO. From the first day of Russian aggression against Ukraine, which we unequivocally condemned, we have been looking for a solution that would allow us to responsibly withdraw from the Russian market in a way that would protect the interests of our shareholders. The result of our many months of negotiations is the acquisition by RESBUD SE of shares in JSC "ELEKTRQISHLOQQURILISH", with the simultaneous transfer of 100% of our shares in ENERGOKOMPLEKT OOO to the seller. We exchanged Russian assets for shares in a company that is a leader in the dynamically developing electricity market in Central Asia – says Krzysztof Długosz, President of the Management Board of RESBUD SE.

In the opinion of the Management Board of RESBUD SE, the conclusion of the transaction of purchasing a majority stake in JSC "ELEKTRQISHLOQQURILISH", considered one of the leading contractors of power grid facilities in Central Asia and showing great development potential, with the simultaneous disposal of Russian assets from the Group's portfolio, should be considered a great success. in the current political and economic situation in the world, when most companies withdrawing from Russia gave their assets there significantly below their market value.

However, the agreements concluded in September required making one-off write-offs related to impairment in ENERGOKOMPLEKT OOO in the separate and consolidated statements of RESBUD SE for the first half of 2023 - in the amount of PLN 21 million and PLN 40,15 million, respectively. The created write-offs are related only to the war waged by Russia and Ukraine, and in the opinion of the Company's Management Board, they do not reflect the actual business and economic value of ENERGOKOMPLEKT OOO.

In the first half of 2023, RESBUD SE's subsidiaries – Uniwersim Sp. z o. o. and ENERGOKOMPLEKT OOO – increased their revenues and profits compared to the same period a year earlier. In turn, Conpol Sp. z o. o. conducted (and still conducts) preparatory work for the implementation of a significant foreign contract, which it is currently negotiating.

The period of the first half of 2023 will also mean intensification of organizational activities for RESBUD SE, resulting primarily from the fact of moving the Company's headquarters to the territory of Poland. This involved the need to prepare and implement numerous procedures and policies regarding the principles of operation of the Company, required by law. In connection with the change of the registered office of RESBUD SE, in the reporting period, activities were also carried out related to the change of the parent deposit for the Company's shares. Due to numerous formal requirements of the National Depository for Securities, the Warsaw Stock Exchange and the Estonian NASDAQ CSD, the finalization of the transfer of shares to the Polish depository is planned for October 2023.

- The next step in the process of transformation and development of RESBUD SE, conditional on prior finalization of the change in the parent deposit, is the introduction to stock exchange trading of an additional pool of RESBUD SE shares issued under the so-called bonus issue in 2022. This action is planned for the fourth quarter of this year. It will increase the availability of the Company's securities on the traditional market and contribute to strengthening its position, creating more favorable conditions for RESBUD SE's activities. – says Joanna Dyja, Member of the Management Board of RESBUD SE.

In the first half of this year there was also a significant strengthening of the Supervisory Board of RESBUD SE - on June 28, 2023, the Ordinary General Meeting of the Company appointed to this body Mr. Dariusz Krawczyk, a very experienced manager who managed numerous international and Polish capital groups, including those listed on the Warsaw Stock Exchange. Dariusz Krawczyk held management positions, among others: in such companies as: Boryszew Automotive Plastics sp. z o. o., POLNORD SA, CIECH SA, Synthos SA, Energetyka Dwory SA, PSE-Centrum Sp. z o. o. During his career so far, he has successfully developed and implemented development strategies of large companies, implemented restructuring programs of capital groups and programs for optimizing the efficiency of companies.

Details of the transaction of purchasing shares in JSC "ELEKTRQISHLOQQURILISH"

On September 6, 2023, RESBUD SE and its subsidiary - Conpol sp. z o. o. concluded an agreement under which they purchased 100% of shares in GRID SOLUTIONS Sp. z o. o. and UNITED GRID SOLUTIONS Sp. z o. o., owning a controlling stake in JSC "ELEKTRQISHLOQQURILISH" based in Tashkent (Republic of Uzbekistan), i.e. 95 shares, representing 144% in the share capital of JSC "ELEKTRQISHLOQQURILISH". The shares were acquired on the day the agreement was signed by both parties.

As payment for the purchased shares of RESBUD SE and Conpol Sp. z o. o. transferred to the seller, i.e. URAL POWER ENGINEERING CONSTRUCTION COMPANY, 100% of the shares held in the subsidiary ENERGOKOMPLEKT OOO, previously part of the RESBUD Group, and are also obliged to make a cash payment in the maximum amount of USD 9,99 million, within until January 5, 2025. This transaction also resulted in the repayment of long-term loans by RESBUD SE and Conpol.

The conclusion of the transaction resulted in the exclusion of ENERGOKOMPLEKT OOO from the RESBUD Group as of September 6, with the simultaneous inclusion of JSC "ELEKTRQISHLOQQURILISH", considered one of the leading contractors of power grid facilities in Central Asia, in the RESBUD Group in the third quarter of 2023.

 

 

About JSC "ELEKTRQISHLOQQURILISH"

JSC "ELEKTRQISHLOQQURILISH" is a company operating in the electricity sector, engaged in the production, construction, installation and modernization of power lines and the construction of power substations in the Republic of Uzbekistan, as well as the production of steel and reinforced concrete products. The company employs approximately 900 people and has 430 machines, including: trucks, bulldozers, truck cranes, hydraulic machines, excavators and mobile power stations.

JSC "ELEKTRQISHLOQQURILISH" is considered one of the leading contractors of power grid facilities in Central Asia - it has performed power electrical works for such manufacturing companies as: Hyundai Engineering, Eriell, Hengyuan Group Co. Ltd. or Lukoil. The company's assets include the Namangan Iron Structures Factory, the Kuvasoy Concrete Products Factory, the Technological Equipment Production Plant in Tashkent and other assets.

JSC "ELEKTRQISHLOQQURILISH" is currently implementing the following projects: a 220 kV overhead power line from TPP Syrdarya to the 220 kV Zafarabod substation, a double-circuit 110 kV overhead power line, a 110 kV overhead power line and the structural part of the 110/35/10 kV substation "Suffa" in the zone recreational center "Zomin", and is also developing a project called “Construction and expansion of an open overhead switchgear of the 220 kV line from “Talimarjan TPP” to “Nishan FES” in the Nishan region; Expansion of the open Talimarjan TPP switchgear with installation of 220 kV cell sets.

 

RESBUD SE

RESBUD SE is a modern, dynamically developing European holding, operating in the construction, power and civil engineering markets as well as supplies of materials for the construction and energy sectors, listed on the Warsaw Stock Exchange since 2007. It combines a modern approach to business with 70 years of experience in the construction industry. The companies included in his investment portfolio (Conpol Sp. z o. o. Uniwersim Sp. z o. o. and JSC "Elektrqrqishloqqurilish" Aksiyadorlik jamiyati based in Tashkent - through the companies: Grid Solutions Sp. z o. primarily: construction of civil engineering facilities on road and railway routes, erection of reinforced concrete structures, construction works, civil engineering, production of bituminous masses and concrete, production, construction, installation and modernization of power lines and construction of energy substations, as well as the supply of materials and equipment for large infrastructure investments.

 

Contact for media: media@resbud.pl

IR contact: ir@resbud.pl

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