The Polish Press Agency (PAP) has published an interview with the President of Enrgomontaż-Południe SA, Mr. Andrzej Hołda.

"The President of Enrgomontaż-Południe SA assumes that this year the company will retain the last year's dynamics of revenues on the level of 30 percent. The company is planning further acquisitions, and if it manages to achieve those plans in 2010, it may even attain a sudden annual increase of receipts up to PLN 0.4 billion".

In the interview, President Hołda reminded that by 3rd February 2010 the company was expected to have received the funds in virtue of the issue of new shares from PBG. After this transaction is concluded, PBG's share in the assets of Energomontażu-Południe SA will rise to 25 percent plus one share. In total, for the block of 17.1 million shares offered to PBG and 4.8 million securities to be taken over by Mr. Hołda, Energomontaż-Południe SA will receive ca. PLN 78 million. Out of this amount, PLN 17 million is to be spent on fixed assets, PLN 11 million on working capital and PLN 50 million on acquisitions.

The company is currently conducting negotiations with smaller and larger entities, and the enterprises of interest represent the power and engineering sectors. Energomontaż-Południe will also focus on strengthening its design potential.

"If we manage to accomplish the plans related to the acquisitions, then even half a billion of receipts in this year will sound workable. This amount is really within our reach," claims the President, and adds: "Such an increase in receipts would certainly be impossible if we were left on our own".

In the interview, President Andrzej Hołda also spoke about the domestic power engineering. Soon, this sector will become the driving force of the construction industry, however, not by the end of 2010.

"We assume that the end of the next year will be the crucial period when large domestic investments kick-off. The starting point will be the conclusion of the tender for the works to be performed at the Opole Power Plant". The parties competing for the contract in the tendering procedure are consortia whose leaders are Polimex-Mostostal and PBG. The contract will cover construction of two power units, and its value is estimated on the level of PLN 10 billion. Energomontaż-Południe SA is supporting PBG in the tender.

The overall portfolio of current orders of Energomontaż-Południe SA is PLN 363.7 million with PLN 350.9 million assumed to be performed in this year, however, if the housing investment in Katowice-Ligota is capitalised, according to the President, this year's receipts may even come to PLN 400 million.

President Hołda is optimistic about the collaboration with PBG, and has confirmed his previous announcements of reaching the receipts of 1 billion PLN in the next year.

Łukasz Pawłowski - PAP - 02.02.2010

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