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Letter of the Chairman of the Supervisory Board

Przewodniczący Rady Nadzorczej Enea SA

There is no competitiveness without development

New performance standards have improved the Enea Group efficiency

2014 was of a particular significance to the Enea Capital Group. Enea had begun last year as a group of independent companies and ended it as a uniform and very effectively managed entity. This is the result of enormous amount of work that has been done at all management levels. Furthermore,  it was important to define the concept of the Group’s interest, which enabled the introduction of a transparent and efficient management model in the entire organization. It was accompanied by all necessary changes in corporate documents, including the statutes of the Group companies and the by-laws of management and supervisory bodies.

As a result, decision-making process has been improved and accelerated, which was  possible by delegating part of the competences to the Committees as well as units that manage particular divisions.

I’m very pleased that the Group’s employees were effectively engaged in the process of introducing changes who, among others, took an active part in creating corporate values, Code of Ethics and promoted it in the team.

The Enea Capital Group consistently pursues objectives determined in the strategy

2014 was also the first year, in which the Group implemented its strategy for 2014-2020. Ambitious investment plan which assumes spending around PLN 20 billion was crucial for  its implementation. It has a fundamental importance for the Capital Group, the Polish energy market but also the entire economy. That is why it is so significant that all investments were carried out on time and according to plan during last year.

The group is solidly positioned to finance strategic investment projects

The investment program is financed with own cash, available credit lines and bond issue programs. Such
a financing structure ensures efficient use of resources, as well as the security of the Capital Group. A new integrated risk management system ensures that all possible risks are monitored and detected, so that the Group is able to react as quickly as possible.

Good financial performance is the result of introduced changes

Financial results generated in 2014, i.e. net revenues increase by c. 7.7 percent, EBITDA increase by 14.8 percent and net profit increase by 25.8 percent y/y confirm that effectively managed and optimally using  its resources  Capital Group  is able to improve its financial results even in a challenging market environment.

It is also necessary to highlight the success of the conducted in the Capital Group cost reduction program.
The value of savings amounted to PLN 252 million in the last year - much more than outlined in the strategy.

The Enea Capital Group strengthens its market position

The Supervisory Board, which I had the honour to chair in 2014, evaluates positively the performance of organizational changes introduced in the Group. Thanks to those changes, the Capital Group was able to build  competitive advantages in a hostile market environment and respond quickly to new challenges and threats. Implemented solutions improved management and shortened key processes in the Group thereby increasing its value for the shareholders.

On behalf of the entire Supervisory Board, I wish to thank the Management Board and all employees of the Enea Capital Group, whose efforts have enabled its transformation into an efficient and flexible organization in such a short time.


Wojciech Chmielewski,

Chairman of the Enea SA Supervisory Board