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NEW MANAGEMENT BOARD AND RAISING THE FORECASTS FOR UNIMOT

Date of publication: 02.11.15

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The Supervisory Board of  UNIMOT S.A. at the meeting on 27 October 2015 recalled Mr Przemysław Podgórski from the position of the President of the Management Board. He was replaced by Mr Robert Brzozowski, previous Member of the Board and the Commercial Director of the Company. Mr Andrew Smith, the Director of Natural Gas Trading,  was appointed as a member of the Board.

– Changes to the Management Board of UNIMOT S.A. are the next important step in the development of the Company and the whole Capital Group – says Mr Adam Sikorski, President of the Supervisory Board of UNIMOT S.A. – The company has been intensively developing its activity in the scope of wholesale of diesel oil, the result of which is, among others, more than doubled growth of revenue in this period. New opportunities and challenges have been created for the Company in the natural gas market, on which where we are becoming an active participant. Therefore, personal changes on key positions are a natural need, which results from the dynamic development of both projects. The goal of the new President will not only be to continue the expansion of the Company, but also to ensure that strategic goals of the whole Group are being achieved. With reference to the plans of UNIMOT S.A. for the oncoming year, connected with transferring to the WSE Main Market, this is a responsible mission. I am convinced that Mr Robert Brzozowski is the right person to meet this challenge.

The new President – Mr Robert Brzozowski has been connected with the UNIMOT Group since 2008 as a coordinator of international fuel trade. In 2014 Mr Brzozowski was appointed a Member of the Management Board of UNIMOT S.A. and took the position of the Commercial Director of the Company. In previous years he was, among others, a Commercial Director in LOTOS Marine and in the years 2000-03 he held the position of the Commercial and Marketing Director of ORLEN Morena Ltd.

The Supervisory Board of UNIMOT S.A. appointed a new member of the Management Board – Mr Andrew Smith, who has been responsible in the Company for international natural gas trading. Mr Smith possesses a very rich professional experience, which he gained, among others, in the Swiss company Gunvor International B.V. – the biggest independent supplier of oil and energy resources in Europe. As the Member of the Management Board Mr Smith will be responsible for the development of the Company in the scope of natural gas trading on the national and European markets. He will also support the Management Board in achieving strategic goals.

The third member of the Management Board of the Company is still Mrs Małgorzata Garncarek, who is responsible for the finances of the Group. After the changes the Management Board of UNIMOT S.A. consists of: Mr Robert Brzozowski – President of the Board, Mrs Małgorzata Garncarek – Member of the Board and Mr Andrew Smith – Member of the Board.

The previous President of UNIMOT S.A. Mr Przemysław Podgórski will coordinate activities of the Company in its key areas as a proxy and will take additional actions in the Group as an authorized representative of the Management Board.

I would like to thank the previous President Mr Przemysław Podgórski for the commitment and participation in the development of the UNIMOT Group, who presided the Board since August 2014, and in previous years was the Member of the Management Board of the Company. His precious experience and skills will be used in other aspects of the Group’s functioning. I am convinced that the changes we have conducted will strengthen the position of the Company in the sector and will be well received by the market – adds Mr Adam Sikorski.

On the same day the Management Board of UNIMOT S.A. decided to raise financial forecasts for the year 2015. The decision was made on the basis of initial results that the Company achieved in the nine months of the current year,  which show that the formerly projected net result and EBIDATA have been exceeded by 20% and plans of the financial department for the remaining months in the scope of expanding the wholesale of diesel oil, dynamic development of biofuel sales and stable level of LPG sales constitute a basis for raising the forecasts.

The current forecasts assume that the Company will make the net profit of PLN 11 million, that is by 61% higher than in the former forecast, and the value of EBITDA is forecast at the level of PLN 16 million, that is by 39% more than it was assumed. The expected value of net revenues from sales in the amount of PLN 1 100 million remains unchanged.

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