Since June 11th 2018, the Management Board of Grupa LOTOS S.A. has been operating without any vacancies left, following the appointment by the Supervisory Board of Robert Sobków to the Management Board as of that date. Earlier, on May 22nd 2018, Mateusz A. Bonca, Jarosław Kawula and Patryk Demski were appointed to the Management Board of the tenth term of office.
The Supervisory Board of Grupa LOTOS S.A. closed the procedure to select members of the Company’s Management Board. Mateusz A. Bonca was appointed President of the Management Board. Jarosław Kawula and Patryk Demski will also join the Management Board of the tenth term as of May 22nd.
In Q1 2018, Grupa LOTOS posted operating profit (EBIT) of PLN 448m, and the Company’s normalised LIFO-based EBITDA (operating profit plus depreciation and amortisation) came in at PLN 540m. The Company’s debt decreased by almost PLN 250m relative to the previous quarter.
In line with its strategy for 2017–2022, for nearly the last two years Grupa LOTOS S.A. has been consistently carrying out innovative research projects in partnership with experts from the Silicon Valley’s prestigious Electric Power Research Institute (EPRI), one of the world's most respected research institutions in the energy sector.
February 1st saw LOTOS Upstream commence its business operations. Its group already includes LOTOS Norge and LOTOS Geonafta, which will soon be joined by Baltic Gas. The plan is to expand operations into new areas, with priority given to the UK Continental Shelf, with the ultimate goal of doubling the LOTOS Group’s production volumes.
The LOTOS Group has gained the support of Prime Minister Saulius Skvernelis to expand its business activities in Lithuania. One of the subjects discussed by the Polish delegation led by Prime Minister Mateusz Morawiecki and Minister of Energy Krzysztof Tchórzewski during their recent visit in Vilnius was the Polish-Lithuanian cooperation in the energy sector, including potential partnership in oil exploration and production in the Lithuanian territorial waters.
Last year was the first one covered by the LOTOS Group’s new 2017–2022 strategy. The Group’s consolidated net profit for that year of PLN 1.7bn, up 65% yoy, was the highest on record. Normalised consolidated LIFO-based EBITDA was close to PLN 3.1bn, up 18% yoy. Consolidated revenue topped PLN 24bn.
Grupa LOTOS has begun the process of selecting the management team to launch a corporate venture capital (CVC) fund with an estimated value between EUR 40m and EUR 50m.
On Friday, February 9th 2018, all units of the Grupa LOTOS Gdańsk refinery resumed operation. They were gradually brought on stream from Tuesday after a short interruption in electricity supply from an external source occurred. The incident had no bearing on sales of products.
A thirty-minute disruption in the power supply from an external station halted production at the Gdańsk refinery. The incident has had no impact on sales of petroleum products manufactured at the refinery.
On January 16th 2018, LOTOS Exploration and Production Norge AS (“LOTOS Norge”) was offered two new exploration and production licences by the Norwegian authorities in the APA 2017 round.
The Management Board of Grupa LOTOS announces that the risk of failure to meet the deadline for obtaining full operational readiness of the Delayed Coking Unit has materialised.