A step away from Bogdanka’s integration with Enea Group

Lubelski Węgiel Bogdanka is integrating with Enea Group. Soon, Bogdanka is to be included in the corporate governance in force in the whole Group. One of the steps in this process are proposals of amendments to LWB’s statute. Such activities help achieve benefits for Enea and Bogdanka and make the two enterprises closer.

Enea and Bogdanka successfully completed the first stage of integration in mid-April which included an amendment to LWB’s statute within the duty of LWB to act in the interest of Enea Group. Enea Group and Bogdanka are facing another stage of integration which will consist in adaptation of LWB’s statute, to the greatest possible extent, to Enea Group’s standards, adoption of Enea Group’s Code and Bogdanka joining Enea Group. Thanks to that, Bogdanka will be covered with the common corporate governance in force in Enea Group.

- A tool that integrates our Group effectively is Enea’s corporate governance which operates based on Committees and Departments common for the whole Group. We are in the process of including Bogdanka in the corporate governance and count that soon the process will bring the first results. One of them is shorter decision-making time, and thus a better and more efficient management - explained Wiesław Piosik, vice-president of Enea for corporate affairs, member of LW Bogdanka’s Supervisory Board.

The Extraordinary General Meeting of Shareholders of LW Bogdanka, at which decisions will be made regarding amendments to the statute, was convened for 17 August 2016.

An element of integration which will allow to generate benefits from numerous synergies is also a shift of the location in which corporate approvals are issued from the Supervisory Board (consisting mainly from Enea’s representatives) to Enea Group’s Committees, like in the other companies comprising the Group.

Bogdanka’s integration with Enea Group is evolutionary from the moment Enea became a strategic investor in LWB. Actions connected with the incorporation of Bogdanka into Enea Group is the realisation of earlier announcements.

Joint actions in Enea Group allow for building the best position of an innovative raw materials and energy consortium. The integration has a positive impact on the financial result of the whole Enea Group and gives a chance for increasing the revenue.

Enea Capital Group develops in all the links of the chain of values. The coal mined in Bogdanka is transformed into electricity in Kozienice which in turn flows to sockets in households of ca. 2.5 mln Customers. The whole Group presently comprises 27 companies, in which 1.5 thou. specialists work, and Bogdanka is a competence centre for coal mining there.