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Letter of the President of the Management Board

The previous year was a year of crucial changes in ENEA Group

2014, in my assessment, was very successful for the Capital Group. Thanks to the huge commitment of our Employees, we implemented all the planned changes, and investment projects are being realised according to the schedule. Within a year of the new corporate strategy announcement we built a modernly managed organisation which is flexibly responding to the market needs. We implemented a modern corporate governance, enhanced the structure, introduced modern risk management procedures and improved these elements of our operations which build Customer trust. With the aid of modern systems we integrated the key information in one place. Additionally, we have been optimising the costs of operations and ensuring a continuous growth of the goodwill.

We have been regularly reporting good results

A stable financial position is an indispensable condition for the Group's further development. Our work is noticed which is reflected in e.g. high ratings and awards given by specialists. This is a proof of an effective strategy and proper satisfaction of the market needs.

Corporate Governance is of key importance 

Due to the change of the "genetic code" and adopting a new "constitution", namely ENEA Code, the Group became an efficient, modern and homogeneous economic body. Decisions are taken efficiently, and the goal of all the companies, their management boards and Employees, is the interest of the whole Group.

We have implemented a new, integrated risk management system

Due to its operations ENEA Group is exposed to various types of risks. What I mean here is manly operating, financial and market risks. The awareness of these risks resulted in the establishment of a formalised, integrated risk management system. The system comprises in particular the areas of corporate, loss of liquidity, currency and interest rate risk and credit and commodity risk.

Integrated information systems, i.e. comprehensively, more quickly and more efficiently

After a period of intense works over the software implementation, ENEA Group's business processes are now supported with new extended versions of information systems. They will enhance ENEA Group's performance due to business process optimisation and maximum efficiency in the use of already held resources.

The Company's structure has changed, the importance of a company responsible for support services increased 

The Group focuses on its core operations, which is generation, distribution and trade in energy, and each of the companies has its own specific functions in the value chain. Therefore, we centralised the support services and optimised the financial structure. We can already see specific organisational benefits, and due to well thought changes we are able to improve what is the most important - our Customer service quality.

We offered new products to Customers, and we plan new ones

Besides the competitive energy price we have been extending our portfolio with supplementary services. From 2014 Customers may choose from new products joining energy sales and insurance and banking services. Soon, our offer will be enriched with new proposals of this type. A new product for our business partners is blue fuel in the dual-fuel formula, i.e. together with electricity. The essence of our way of thinking is adjusting the offer to the precise and specific needs of our Customers.

An important goal of ENEA's strategy is development within wholesale trade

We have been developing very intensely. We offer numerous and professional solutions to our Customers, including origination type products. We were listed on ICE Futures Europe exchange which is one of the largest energy exchanges in Europe.

We have been consistently realising the investment plan

The investment which is the most important and - which is significant - realised strictly on the schedule - is the construction of a new power unit. 2014 was a key moment for this investment. The greatest changes could be observed on the construction site. We have been investing a lot in the area of distribution, since we wish to enhance the reliability of energy supplies to our Customers and prepare for the introduction of the quality tariff.

We have planned a growth in the segment of renewable and cogeneration sources and heating networks in the corporate strategy

We have been working intensely on that and are interested mainly in existing wind farms as regards RES. We are observing the market and engage where it is the most efficient regarding our business. We think in similar way on acquisitions in cogeneration and heating sectors. A good example of our approach is the takeover of 85% of shares in MPEC Białystok which allowed to optimise the heat production in this city and use our modern, biomass-fired, cogeneration Combined Heat and Power Plant more efficiently. We are facing new challenges. Depending on the business decisions made we will also launch individual bond issue programmes.

As regards end Customers energy distribution is an extremely important area

The distribution is the area which requires and will require capital expenditures. Introduction of the quality tariff, which requires improved reliability, reduction in the failure rate and building intelligent grids, is a challenge for the whole sector, also for us. Therefore in the following years we will construct and modernise ca. 11 thou. km overhead lines and cable routes and over 4,100 electrical substations. We will buy over 8,000 transformers. All that means ca. PLN one billion investment annually. However, we are already reducing the key ratios today.

ENEA Group will face the most important challenges in 2015

We have been consistently continuing activities which we set to accomplish. Many difficult challenges are ahead of us and they need to be faced in a more and more demanding market environment. A key to success is however the fact that we are a one efficient team in which each player works for the common result. This constitutes a solid foundation on which our success will be built.

Krzysztof Zamasz
President of the Board of ENEA S.A.