Investor relations

Sales revenue (PLN)

1 050 mln*

EBITDA (PLN)

314 mln*

Net profit (PLN)

25 mln*

*Data from the consolidated annual report of the FAMUR Group for 2021.

Consolidated financial data
Profit and loss account

[mln PLN] 2015 2016 2017 2018 2019 2020 2021
Revenues
801 1 030 1 460 2 217 2 165 1 139 1 050
Operating profit (loss) 43 114 133 300 289 239 134
EBITDA 184 239 308 491 471 416 314
Net profit (loss) 51 94 57 220 249 190 25

Balance sheet

[mln PLN] 2015 2016 2017 2018 2019 2020 2021
Balance sheet total 1 259 1 775 3 138 2 958 2 975 2 492 3 220
Fixed assets 701 670 1 099 1 158 936 774 599
Current assets 558 1 105 2 039 1 800 2 039 1 718 2 621
Total equity 890 993 1 550 1 587 1 511 1 682 1 881
Liabilities and provisions for liabilities 369 782 1 576 1 353 1 464 810 1 339
Net debt 73 -133 80 357 220 420 423

Cash flow statement

[mln PLN] 2015 2016 2017 2018 2019 2020 2021
Net cash flows from operating activities 115 314 192 215 504 640 209
Net cash flows from investing activities -160 -84 -231 -138 -15 -105 -138
Net cash flows from financing activities -2 185 287 -460 -180 -236 362
Total net cash flows -47 415 248 -383 309 299 433
Shareholder Number of shares Number of votes at the General Meeting % share
TDJ Equity I Sp. z o.o. 290 728 459 290 728 459 50,59%
Nationale-Nederlanden OFE and DFE* 57 738 124 57 738 124 10,05%
Allianz OFE and DFE** 55 513 000 55 513 000 9,66%
FAMUR SA*** 4116 4116 0,00%
Others**** 170 696 974 170 696 974 29,70%
Total 574 680 673 574 680 673 100%

The table presents data in accordance with registrated decrease of share capital by Register Court in Katowice held on March 17th 2022 (CR no. 13/2022). The Company’s share capital has been reduced from PLN 5,747,632.12 to PLN 5,746,806.73, i.e. by PLN 825.39, which corresponds to the total par value of the cancelled treasury shares.

The FAMUR’s shares held by shareholders is compliant with last EGM of FAMUR S.A. (December 14th 2021) and also include notification from TDJ Equity I sp. z o.o. and Nationale-Nederlanden Group firm’s (CR no. 4/2022; 5/2022; 6/2022; 7/2022; 8/2022; 14/2022; 15/2022; 19/2022 and 22/2022)

* Funds managed by Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.: Nationale-Nederlanden Otwarty Fundusz Emerytalny (“OFE”) and Nationale-Nederlanden Dobrowolny Fundusz Emerytalny (“DFE”).
**Funds managed by Powszechne Towarzystwo Emerytalne Allianz Polska S.A.: Allianz Polska Otwarty Fundusz Emerytalny (“Allianz OFE”), Allianz Polska Dobrowolny Fundusz Emerytalny (“Allianz DFE”) and Drugi Allianz Polska Otwarty Fundusz Emerytalny (“Drugi Allianz OFE”)
*** FAMUR and, indirectly, the subsidiary FAMUR Finanse Sp. z o.o. (4,116 shares)

**** Total other shareholders holding less than 5% of total voting rights

Grenevia Group Sustainable Development Strategy

for 2023-2030

FAMUR Group Integrated Report

We present the second Integrated Report of the FAMUR Group for 2021.

Current
03/2023
11/01/2023

Notice of Extraordinary General Meeting

02/2023
09/01/2023

Notification made under Art. 69 of the Public Offering Act

01/2023
03/01/2023

Publication dates for periodic reports in 2023

40/2022
22/12/2022

Termination by subsidiary of preliminary agreement to sell portfolio of solar farms

64/2021
20/12/2021

Notification of transaction received under Article 19 of MAR

Quarterly
Semi-annual
Annual
03/2023
11/01/2023

Notice of Extraordinary General Meeting

02/2023
09/01/2023

Notification made under Art. 69 of the Public Offering Act

01/2023
03/01/2023

Publication dates for periodic reports in 2023

40/2022
22/12/2022

Termination by subsidiary of preliminary agreement to sell portfolio of solar farms

64/2021
20/12/2021

Notification of transaction received under Article 19 of MAR

16/02/2023
Extraordinary General Meeting February 16th 2023 / Notice as of: 11.01.2023
Notice of the Extraordinary General Meeting of FAMUR S.A. convened for February 16th 2023 at 12:00 am
Draft resolutions of the Extraordinary General Meeting of FAMUR S.A. convened for February 16th 2023
Detailed rules of participation in the general meeting of Famur S.A. of Katowice by electronic means of communication
Proxy voting form
Request to place an item on the agenda of the extraordinary general meeting of Famur S.A. for shareholders who are natural persons
Request to place an item on the agenda of the extraordinary general meeting of Famur S.A. for shareholders other than natural persons
Notification of granting powers of proxy in electronic form for natural persons
Notification of granting powers of proxy in electronic form for legal persons
Proposed draft resolution concerning an item placed on the agenda of extraordinary general meeting for shareholders who are natural persons
Proposed draft resolution concerning an item placed on the agenda of extraordinary general meeting for shareholders other than natural persons
22/06/2022
The General Meeting of FAMUR S.A June 22nd 2022 / Notice as of: 25.05.2022
Notice of Annual General Meeting
List of resolutions passed by the Annual General Meeting on June 22nd 2022
Draft resolutions of the Annual General Meeting of FAMUR S.A. convened for June 22nd 2022
Resolution of the Supervisory Board of FAMUR S.A. I
Resolution of the Supervisory Board of FAMUR S.A. II
Report on remuneration of the Members of the Management Board and Supervisory Board 2021
Auditors report - remuneration of the Members of the Management Board and Supervisory Board
DETAILED RULES OF PARTICIPATION IN THE GENERAL MEETING OF FAMUR S.A. OF KATOWICE BY ELECTRONIC MEANS OF COMMUNICATION
REPORT OF THE SUPERVISORY BOARD OF FAMUR S.A.
PROXY VOTING FORM
REQUEST TO PLACE AN ITEM _ FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
REQUEST TO PLACE AN ITEM _ FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF THE GENERAL MEETING _ FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF THE GENERAL MEETING _ FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM _ FOR NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM _ FOR LEGAL PERSONS
14/12/2021
Extraordinary General Meeting December 14th 2021/ Notice as of: 16.11.2021
Notice of the Extraordinary General Meeting of FAMUR S.A. convened for December 14th 2021 at 11:00 am
Draft resolutions of the Extraordinary General Meeting of FAMUR S.A. convened for December 14th 2021
DETAILED RULES OF PARTICIPATION IN THE GENERAL MEETING OF FAMUR S.A. OF KATOWICE BY ELECTRONIC MEANS OF COMMUNICATION
Resolution of the Supervisory Board of FAMUR S.A. to provide the Supervisory Board’s opinion on matters to be considered by the Extraordinary General Meeting
PROXY VOTING FORM
REQUEST TO PLACE AN ITEM ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING OF FAMUR S.A. FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
REQUEST TO PLACE AN ITEM ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING OF FAMUR S.A. FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM FOR NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM FOR LEGAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF EXTRAORDINARY GENERAL MEETING FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF EXTRAORDINARY GENERAL MEETING FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
17/08/2021
Extraordinary General Meeting August 17th 2021 / Notice as of: 20.07.2021
Notice of the Extraordinary General Meeting of FAMUR S.A. to be held at 12 noon on August 17th 2021
Draft resolutions of the Extraordinary General Meeting of FAMUR S.A. convened for August 17th 2021
DETAILED RULES OF PARTICIPATION IN THE GENERAL MEETING OF FAMUR S.A. OF KATOWICE BY ELECTRONIC MEANS OF COMMUNICATION
PROXY VOTING FORM
REQUEST TO PLACE AN ITEM ON THE AGENDA OF THE GENERAL MEETING OF FAMUR S.A. FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
REQUEST TO PLACE AN ITEM ON THE AGENDA OF THE GENERAL MEETING OF FAMUR S.A. FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM FOR NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM FOR LEGAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF EXTRAORDINARY GENERAL MEETING FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF EXTRAORDINARY GENERAL MEETING FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
REPORT ON REMUNERATION OF THE MANAGEMENT AND SUPERVISORY BOARDS
INDEPENDENT AUDITOR’S REPORT ON THE PERFORMANCE OF A REASONABLE ASSURANCE ENGAGEMENT TO ASSESS A REMUNERATION REPORT
RESOLUTIONS PASSED BY FAMUR EXTRAORDINARY GENERAL MEETING HELD ON AUGUST 17TH 2021
22/06/2021
The General Meeting of FAMUR S.A June 22nd 2021 / Notice as of: 25.05.2021
Notice of Annual General Meeting
Draft resolutions of the Annual General Meeting of FAMUR S.A.convened for June 22nd 2021
REPORT OF THE SUPERVISORY BOARD OF FAMUR S.A.
Notice of the Annual General Meeting of FAMUR S.A. to be held at 12.00 noon on June 22nd 2021
Resolution of the Management Board of FAMUR S.A.
Resolution of the Supervisory Board of FAMUR S.A.
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF THE GENERAL MEETING _ FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
PROPOSED DRAFT RESOLUTION CONCERNING AN ITEM PLACED ON THE AGENDA OF THE GENERAL MEETING _ FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
PROXY VOTING FORM
REQUEST TO PLACE AN ITEM _ FOR SHAREHOLDERS WHO ARE NATURAL PERSONS
REQUEST TO PLACE AN ITEM _ FOR SHAREHOLDERS OTHER THAN NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM _ FOR NATURAL PERSONS
NOTIFICATION OF GRANTING POWERS OF PROXY IN ELECTRONIC FORM _ FOR LEGAL PERSONS
Nomination of candidates for Supervisory Board members for another term of office
Resolutions passed by FAMUR Annual General Meeting on June 22nd 2021 together with voting results
DETAILED RULES OF PARTICIPATION IN THE GENERAL MEETING OF FAMUR S.A. OF KATOWICE BY ELECTRONIC MEANS OF COMMUNICATION
Selected press releases
07/09/2016
A preliminary agreement has been reached to enable the restructuring of the Kopex Group financial debt

Today, after several months of negotiations, the document called Key conditions for restructuring of the financial debt of Kopex SA and its selected subsidiaries was signed (i.e. term sheet), which defines the direction of Kopex Group debt restructuring. The main objective of the document signed is to steer away the risk of bankruptcy of Kopex Group companies, adjust the financial debt payment terms to a difficult financial situation of the Group and to create opportunities to satisfy claims of financial creditors to the largest possible extent.

The term sheet outlines key directions and objectives of restructuring activities, including the repayment of debts from the funds earned from operations and through the disposal of assets the value of which is insufficient to meet all obligations accrued within Kopex Group. The above factors call for the restructuring of debt and urgent implementation of the restructuring plan for the Kopex Group companies, prepared by the Management Board of Kopex in collaboration with external advisors,. It is a difficult and very ambitious plan, its implementation however is absolutely necessary and should be completed by the end of 2021 the latest. - The restructuring program for the whole Kopex Group and its implementation are required by the banks to provide further funding of Kopex.Moreover, as an Investor, we are expected by the banks to fully engage in the implementation of this program immediately after taking control of Kopex, as it is believed that only with the resources, experience and know-how of TDJ it is possible to successfully the objectives of the plan. An additional requirement expressed by banks was the rescue funding provided to Kopex Group by an Investor. As TDJ Group, we have declared such funding in the amount of PLN 100 million. It should be also further noted that the major part of the price amount due for the purchase of another share package from Mr Krzysztof Jędrzejewski, i.e. PLN 60 million, will go directly to Kopex for the repayment of loans. Financial institutions agreed to sell some part of receivables at a discount to our benefit provided that we fulfill the restructuring program as required by banks. The compromise was very difficult to achieve. We are treating the conditions set before us by the banks as a huge challenge and for us they are the boundary conditions. - says Czeslaw Kisiel, the President of the Management Board of TDJ. Signing the agreement does not end the talks and work on the final form of debt restructuring of Kopex Group, the detailed conditions and course of which will be agreed only in the restructuring agreement. However, it represents an essentail step forward and the expression of will and determination of the parties in a bid to rescue Kopex Group. This document in its current form is the basis for further negotiations regarding the contents of the restructuring agreement to be concluded between the banks, the companies of Kopex Group and the Investor, establishing detailed conditions of restructuring and its course. The aim of the parties involved is to agree and sign the restructuring agreement by the end of November. The negotiations conducted with financial creditors of Kopex Group are the result of the conditional agreement for the acquisition of controlling stake in Kopex SA, signed on 17 March this year by TDJ, a special purpose vehicle, and Mr Krzysztof Jędrzejewski. Under this agreement, the agreement on the Kopex debt restructuring is one of the necessary conditions for the consolidation process in the mining-related industry. So far, TDJ has already obtained consent from the President of the Office for Competition and Consumer Protection for taking control of Kopex SA Apart from accepting the results is the ongoing, complex due diligence, the second necessary step will be to determine the final shape and conditions of restructuring, confirmed by the conclusion of the restructuring agreement. Due dilligence process of Kopex Group companies confirms their dramatic state, as the real value of the assets is radically different from the one presented in the past. This is confirmed by the write-downs in the amount of PLN 1.4 billion, created in the current year, and those planned for the future in the amount of more than PLN 0.5 billion. - Following the conditional agreement signed in March, we have engaged with full determination in trying to save the brand and the potential of Kopex Group. As a result of the combined work of advisors, full commitment of the banks and of us as an investor, despite the long and difficult negotiations, we have developed a proposal for Kopex debt restructuring, which to the largest extent takes into account the expectations of all financial creditors and therefore it has been approved by them. In recent months, we have done everything possible to work out the proposal that will be accepted by all financial institutions, reconciling their often conflicting interests - says Czeslaw Kisiel. - However, this is still the beginning of work. Only after signing the restructuring agreement and positive completion of due diligence, we will be fully able to carry out the consolidation of the industry through the integration of the key mining background companies in FAMUR Group. This way we will get a chance to create a strong Polish entity, which through a combination of its market position, developed know-how and experiences of Famur and Kopex, will have a chance to implement complex projects for the mining sector worldwide through the effective competition with global giants of mining-related industry- he adds. In the face of steadily deteriorating situation of Kopex Group, the full involvement of TDJ in rescuing the company and reaching an agreement with banks creates a real opportunity to retain part of the Group’s capabilities and potential, and as a consequence, to maintain many of the existing jobs in Kopex. - We believe that in light of the crisis, which in the last few years has affected the mining industry in Poland, the consolidation is currently the best way for the development of the mining-related industry, which in the long term will allow for a significant increase in the scale, quality and efficiency of activities conducted on the Polish market and abroad. It should be emphasized that for the successful process of potential integration of Kopex Group and FAMUR Group, the key factor is the early start of the restructuring process of Kopex and its subsidiaries. Lack of decisive and speedy corrective action means that the scale of the problems that affect Kopex Gropu and their consequences are deteriorating every month. In the current market situation, the deep restructuring of Kopex is inevitable and it is the only chance to save the company. We are aware that the process is difficult and long, but we are determined to complete it successfully. We trust that the industry consolidation will be the joint work of the employees and shareholders of TDJ and Kopex - adds Czesław Kisiel.

02/08/2022
An increase in the FAMUR Group’s revenues in Q1 2022

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

"In the second quarter of 2022, the FAMUR Group increased its revenues and improved its EBITDA profitability, despite an exceptionally high degree of uncertainty still present in the global economy. On the one hand, the continuing high prices of fossil fuels affected the level of requests for quotation, but on the other hand, we had to deal with high prices of raw materials and disruptions in the supply chain. However, the flexible model of our organization developed over the years helped us to quickly adapt to dynamic market changes – says Mirosław Bendzera, President of the Management Board at FAMUR S.A.

Growth of the PV segment in the FAMUR Group

FAMUR develops new projects in the photovoltaic segment, and continues the construction of solar farms. At the end of June 2022, the estimated total capacity of the projects, at various stages of development, was over 2.1 GW, including approx. 309 MW with the successful 2019, 2020 and 2021 auctions.

In June this year, Project Solartechnik (PST), owned by the FAMUR Group, concluded a pre-contract with Spoleto, a member of the international independent power producer Alternus Energy Group (Alternus) – for the sale of a portfolio of solar farm projects with a total capacity of 184 MW, at various stages of implementation. The document also envisages the construction of solar power plants based on these projects. After the sale, PST will also provide maintenance services for solar farms being the subject of the transaction. The total value of the contract will be approx. PLN 750 million.

“The contract with Alternus Energy Group is the first transaction for the sale of solar power plants to be carried out by PST since the entry into the FAMUR Group’s structures and, at the same time, one of the largest transactions in the history of the PV sector in the CEE region. The signing of the contract confirms that a year after our entry into the solar farm sector, together with PST, we have achieved the position of a trusted partner on this market,” comments Mirosław Bendzera. “In the coming months, we will continue our efforts to simplify the legal and organizational structure of the PV segment to improve its operational efficiency. We will focus on finalizing the contract for the sale of the farm portfolio, in accordance with the concluded pre-contract, on the construction of farms and the development of new projects, both in Poland and in Germany,” – he adds.

Results in the mining machinery segment

In the second quarter of 2022, the mining machinery segment generated PLN 524 million in revenue, an increase of PLN 24 million or 5 percent y/y. In the second quarter of this year, FAMUR secured new contracts from Poland and abroad for approx. PLN 192 million, which means an improvement of approx. PLN 40 million (26%) from the last quarter, and an increase of approx. PLN 57 million (42%) y/y. The total order portfolio, comprising deliveries of machinery and equipment and lease contracts, in accordance with the terms of the contracts, increased to approx. PLN 736 million as at 30 June 2022 from approx. PLN 592 million at the end of the first quarter of this year.

In the mining machinery segment, there is a noticeable increase in demand for new equipment as fossil fuel prices remain at record levels. The foreign activity of the FAMUR Group focuses on expanding the Group’s presence in such regions as Indonesia, North America and China.

A recovery in the mining machinery segment is also observed on the Polish market. In June this year, the Famur’s offer for the rental of mining equipment with an estimated contract value of PLN 96 million was selected in a tender procedure organized by a major Polish contractor. In addition, the company has concluded a number of smaller-value contracts for the lease and delivery of machinery and after-sales services.

“In the coming quarters, we will continue to implement new strategic directions to transform the FAMUR Group into a holding which invests in green transformation and promising industrial sectors. We are working hard on further acquisition projects that will enable us to achieve this objective. The long-term development of the FAMUR Group requires not only the diversification of our sources of income in line with the energy transformation and close monitoring of our expenditure, but also the continuous initiation of operational solutions that are cost-effective, safe for our employees and environmentally friendly. This is why we have started, together with an independent external consultant, drawing up a Sustainable Development Strategy for the FAMUR Group,” – sums up Mirosław Bendzera.

02/08/2021
Another step of the FAMUR Group towards green transition

The FAMUR Group is consistently implementing new strategic directions presented in May this year. On 2 August 2021, the Group, in cooperation with Projekt Solartechnik, concluded an agreement with Energa - Obrót SA for the sale of electricity. This is an important step of the recently established by FAMUR holding which is developing towards green transition.

The total estimated value of the contract during its term, i.e. until 31 December 2024, will amount to approx. PLN 143 million. At the same time, the Group is consistently strengthening its presence in the solar farm's industry, e.g. by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June.

-Entering into cooperation with Energa - Obrót SA in the field of electricity sales is our first commercial effect of successfully implemented changes and activities in new for FAMUR Group business areas. Dynamically developing solar power plants industry, especially commercial offer for businesses, allows us to meet the set strategic objectives, but also to perform effective diversification of our activities concerning green energy. The rich experience and know-how of FAMUR, combined with the competence of Projekt Solartechnik makes us feel optimistic about the future of the currently taking place transition - says Mirosław Bendzera, President of the Management Board of FAMUR SA.

The new development directions of the FAMUR Group assume that by 2024 a minimum of 70% of the company's revenues will come from the non-coal sector - including renewable energy, transport and logistics, as well as the opportunities and benefits arising from the global transition to low-carbon economies. The first step in implementing these provisions was the consolidation of the potential of three companies: FAMUR Group, TDJ and Projekt Solartechnik.

- Thanks to the cooperation of Projekt Solartechnik, FAMUR Group and TDJ, we are able to pursue our business objectives on a larger scale than before, which is reflected in the agreement concluded with Energa-Obrót. The effectiveness of our joint efforts is also confirmed by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June. This is of particular importance for us concerning our strive to become a leader in providing solar farms to companies not only in Poland, but also in Europe - adds Maciej Marcjanik, CEO of Projekt Solartechnik.

As a result of the consolidation, the FAMUR Group has gained to its portfolio solar farm projects of over 1GW. It includes approximately 130 MW of 2019 and 2020 auction-winning projects that are currently under construction with anticipated completion by the end of 2021 and over 100 MW auction-winning projects in 2021, as well as over 750 MW projects under development.

07/09/2016
A preliminary agreement has been reached to enable the restructuring of the Kopex Group financial debt

Today, after several months of negotiations, the document called Key conditions for restructuring of the financial debt of Kopex SA and its selected subsidiaries was signed (i.e. term sheet), which defines the direction of Kopex Group debt restructuring. The main objective of the document signed is to steer away the risk of bankruptcy of Kopex Group companies, adjust the financial debt payment terms to a difficult financial situation of the Group and to create opportunities to satisfy claims of financial creditors to the largest possible extent.

The term sheet outlines key directions and objectives of restructuring activities, including the repayment of debts from the funds earned from operations and through the disposal of assets the value of which is insufficient to meet all obligations accrued within Kopex Group. The above factors call for the restructuring of debt and urgent implementation of the restructuring plan for the Kopex Group companies, prepared by the Management Board of Kopex in collaboration with external advisors,. It is a difficult and very ambitious plan, its implementation however is absolutely necessary and should be completed by the end of 2021 the latest. - The restructuring program for the whole Kopex Group and its implementation are required by the banks to provide further funding of Kopex.Moreover, as an Investor, we are expected by the banks to fully engage in the implementation of this program immediately after taking control of Kopex, as it is believed that only with the resources, experience and know-how of TDJ it is possible to successfully the objectives of the plan. An additional requirement expressed by banks was the rescue funding provided to Kopex Group by an Investor. As TDJ Group, we have declared such funding in the amount of PLN 100 million. It should be also further noted that the major part of the price amount due for the purchase of another share package from Mr Krzysztof Jędrzejewski, i.e. PLN 60 million, will go directly to Kopex for the repayment of loans. Financial institutions agreed to sell some part of receivables at a discount to our benefit provided that we fulfill the restructuring program as required by banks. The compromise was very difficult to achieve. We are treating the conditions set before us by the banks as a huge challenge and for us they are the boundary conditions. - says Czeslaw Kisiel, the President of the Management Board of TDJ. Signing the agreement does not end the talks and work on the final form of debt restructuring of Kopex Group, the detailed conditions and course of which will be agreed only in the restructuring agreement. However, it represents an essentail step forward and the expression of will and determination of the parties in a bid to rescue Kopex Group. This document in its current form is the basis for further negotiations regarding the contents of the restructuring agreement to be concluded between the banks, the companies of Kopex Group and the Investor, establishing detailed conditions of restructuring and its course. The aim of the parties involved is to agree and sign the restructuring agreement by the end of November. The negotiations conducted with financial creditors of Kopex Group are the result of the conditional agreement for the acquisition of controlling stake in Kopex SA, signed on 17 March this year by TDJ, a special purpose vehicle, and Mr Krzysztof Jędrzejewski. Under this agreement, the agreement on the Kopex debt restructuring is one of the necessary conditions for the consolidation process in the mining-related industry. So far, TDJ has already obtained consent from the President of the Office for Competition and Consumer Protection for taking control of Kopex SA Apart from accepting the results is the ongoing, complex due diligence, the second necessary step will be to determine the final shape and conditions of restructuring, confirmed by the conclusion of the restructuring agreement. Due dilligence process of Kopex Group companies confirms their dramatic state, as the real value of the assets is radically different from the one presented in the past. This is confirmed by the write-downs in the amount of PLN 1.4 billion, created in the current year, and those planned for the future in the amount of more than PLN 0.5 billion. - Following the conditional agreement signed in March, we have engaged with full determination in trying to save the brand and the potential of Kopex Group. As a result of the combined work of advisors, full commitment of the banks and of us as an investor, despite the long and difficult negotiations, we have developed a proposal for Kopex debt restructuring, which to the largest extent takes into account the expectations of all financial creditors and therefore it has been approved by them. In recent months, we have done everything possible to work out the proposal that will be accepted by all financial institutions, reconciling their often conflicting interests - says Czeslaw Kisiel. - However, this is still the beginning of work. Only after signing the restructuring agreement and positive completion of due diligence, we will be fully able to carry out the consolidation of the industry through the integration of the key mining background companies in FAMUR Group. This way we will get a chance to create a strong Polish entity, which through a combination of its market position, developed know-how and experiences of Famur and Kopex, will have a chance to implement complex projects for the mining sector worldwide through the effective competition with global giants of mining-related industry- he adds. In the face of steadily deteriorating situation of Kopex Group, the full involvement of TDJ in rescuing the company and reaching an agreement with banks creates a real opportunity to retain part of the Group’s capabilities and potential, and as a consequence, to maintain many of the existing jobs in Kopex. - We believe that in light of the crisis, which in the last few years has affected the mining industry in Poland, the consolidation is currently the best way for the development of the mining-related industry, which in the long term will allow for a significant increase in the scale, quality and efficiency of activities conducted on the Polish market and abroad. It should be emphasized that for the successful process of potential integration of Kopex Group and FAMUR Group, the key factor is the early start of the restructuring process of Kopex and its subsidiaries. Lack of decisive and speedy corrective action means that the scale of the problems that affect Kopex Gropu and their consequences are deteriorating every month. In the current market situation, the deep restructuring of Kopex is inevitable and it is the only chance to save the company. We are aware that the process is difficult and long, but we are determined to complete it successfully. We trust that the industry consolidation will be the joint work of the employees and shareholders of TDJ and Kopex - adds Czesław Kisiel.

02/08/2022
An increase in the FAMUR Group’s revenues in Q1 2022

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

"In the second quarter of 2022, the FAMUR Group increased its revenues and improved its EBITDA profitability, despite an exceptionally high degree of uncertainty still present in the global economy. On the one hand, the continuing high prices of fossil fuels affected the level of requests for quotation, but on the other hand, we had to deal with high prices of raw materials and disruptions in the supply chain. However, the flexible model of our organization developed over the years helped us to quickly adapt to dynamic market changes – says Mirosław Bendzera, President of the Management Board at FAMUR S.A.

Growth of the PV segment in the FAMUR Group

FAMUR develops new projects in the photovoltaic segment, and continues the construction of solar farms. At the end of June 2022, the estimated total capacity of the projects, at various stages of development, was over 2.1 GW, including approx. 309 MW with the successful 2019, 2020 and 2021 auctions.

In June this year, Project Solartechnik (PST), owned by the FAMUR Group, concluded a pre-contract with Spoleto, a member of the international independent power producer Alternus Energy Group (Alternus) – for the sale of a portfolio of solar farm projects with a total capacity of 184 MW, at various stages of implementation. The document also envisages the construction of solar power plants based on these projects. After the sale, PST will also provide maintenance services for solar farms being the subject of the transaction. The total value of the contract will be approx. PLN 750 million.

“The contract with Alternus Energy Group is the first transaction for the sale of solar power plants to be carried out by PST since the entry into the FAMUR Group’s structures and, at the same time, one of the largest transactions in the history of the PV sector in the CEE region. The signing of the contract confirms that a year after our entry into the solar farm sector, together with PST, we have achieved the position of a trusted partner on this market,” comments Mirosław Bendzera. “In the coming months, we will continue our efforts to simplify the legal and organizational structure of the PV segment to improve its operational efficiency. We will focus on finalizing the contract for the sale of the farm portfolio, in accordance with the concluded pre-contract, on the construction of farms and the development of new projects, both in Poland and in Germany,” – he adds.

Results in the mining machinery segment

In the second quarter of 2022, the mining machinery segment generated PLN 524 million in revenue, an increase of PLN 24 million or 5 percent y/y. In the second quarter of this year, FAMUR secured new contracts from Poland and abroad for approx. PLN 192 million, which means an improvement of approx. PLN 40 million (26%) from the last quarter, and an increase of approx. PLN 57 million (42%) y/y. The total order portfolio, comprising deliveries of machinery and equipment and lease contracts, in accordance with the terms of the contracts, increased to approx. PLN 736 million as at 30 June 2022 from approx. PLN 592 million at the end of the first quarter of this year.

In the mining machinery segment, there is a noticeable increase in demand for new equipment as fossil fuel prices remain at record levels. The foreign activity of the FAMUR Group focuses on expanding the Group’s presence in such regions as Indonesia, North America and China.

A recovery in the mining machinery segment is also observed on the Polish market. In June this year, the Famur’s offer for the rental of mining equipment with an estimated contract value of PLN 96 million was selected in a tender procedure organized by a major Polish contractor. In addition, the company has concluded a number of smaller-value contracts for the lease and delivery of machinery and after-sales services.

“In the coming quarters, we will continue to implement new strategic directions to transform the FAMUR Group into a holding which invests in green transformation and promising industrial sectors. We are working hard on further acquisition projects that will enable us to achieve this objective. The long-term development of the FAMUR Group requires not only the diversification of our sources of income in line with the energy transformation and close monitoring of our expenditure, but also the continuous initiation of operational solutions that are cost-effective, safe for our employees and environmentally friendly. This is why we have started, together with an independent external consultant, drawing up a Sustainable Development Strategy for the FAMUR Group,” – sums up Mirosław Bendzera.

02/08/2021
Another step of the FAMUR Group towards green transition

The FAMUR Group is consistently implementing new strategic directions presented in May this year. On 2 August 2021, the Group, in cooperation with Projekt Solartechnik, concluded an agreement with Energa - Obrót SA for the sale of electricity. This is an important step of the recently established by FAMUR holding which is developing towards green transition.

The total estimated value of the contract during its term, i.e. until 31 December 2024, will amount to approx. PLN 143 million. At the same time, the Group is consistently strengthening its presence in the solar farm's industry, e.g. by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June.

-Entering into cooperation with Energa - Obrót SA in the field of electricity sales is our first commercial effect of successfully implemented changes and activities in new for FAMUR Group business areas. Dynamically developing solar power plants industry, especially commercial offer for businesses, allows us to meet the set strategic objectives, but also to perform effective diversification of our activities concerning green energy. The rich experience and know-how of FAMUR, combined with the competence of Projekt Solartechnik makes us feel optimistic about the future of the currently taking place transition - says Mirosław Bendzera, President of the Management Board of FAMUR SA.

The new development directions of the FAMUR Group assume that by 2024 a minimum of 70% of the company's revenues will come from the non-coal sector - including renewable energy, transport and logistics, as well as the opportunities and benefits arising from the global transition to low-carbon economies. The first step in implementing these provisions was the consolidation of the potential of three companies: FAMUR Group, TDJ and Projekt Solartechnik.

- Thanks to the cooperation of Projekt Solartechnik, FAMUR Group and TDJ, we are able to pursue our business objectives on a larger scale than before, which is reflected in the agreement concluded with Energa-Obrót. The effectiveness of our joint efforts is also confirmed by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June. This is of particular importance for us concerning our strive to become a leader in providing solar farms to companies not only in Poland, but also in Europe - adds Maciej Marcjanik, CEO of Projekt Solartechnik.

As a result of the consolidation, the FAMUR Group has gained to its portfolio solar farm projects of over 1GW. It includes approximately 130 MW of 2019 and 2020 auction-winning projects that are currently under construction with anticipated completion by the end of 2021 and over 100 MW auction-winning projects in 2021, as well as over 750 MW projects under development.

Summary of Q4 2021 - FAMUR Group
Summary of Q1 2022 - FAMUR Group
Presentation of the FAMUR Group - Annual General Meeting - June 2022
Presentation of the FAMUR Group Summary od Q2 and H1 2022
Summary of Q3 2022 and new strategy implementation
Selected press releases
07/09/2016
A preliminary agreement has been reached to enable the restructuring of the Kopex Group financial debt

Today, after several months of negotiations, the document called Key conditions for restructuring of the financial debt of Kopex SA and its selected subsidiaries was signed (i.e. term sheet), which defines the direction of Kopex Group debt restructuring. The main objective of the document signed is to steer away the risk of bankruptcy of Kopex Group companies, adjust the financial debt payment terms to a difficult financial situation of the Group and to create opportunities to satisfy claims of financial creditors to the largest possible extent.

The term sheet outlines key directions and objectives of restructuring activities, including the repayment of debts from the funds earned from operations and through the disposal of assets the value of which is insufficient to meet all obligations accrued within Kopex Group. The above factors call for the restructuring of debt and urgent implementation of the restructuring plan for the Kopex Group companies, prepared by the Management Board of Kopex in collaboration with external advisors,. It is a difficult and very ambitious plan, its implementation however is absolutely necessary and should be completed by the end of 2021 the latest. - The restructuring program for the whole Kopex Group and its implementation are required by the banks to provide further funding of Kopex.Moreover, as an Investor, we are expected by the banks to fully engage in the implementation of this program immediately after taking control of Kopex, as it is believed that only with the resources, experience and know-how of TDJ it is possible to successfully the objectives of the plan. An additional requirement expressed by banks was the rescue funding provided to Kopex Group by an Investor. As TDJ Group, we have declared such funding in the amount of PLN 100 million. It should be also further noted that the major part of the price amount due for the purchase of another share package from Mr Krzysztof Jędrzejewski, i.e. PLN 60 million, will go directly to Kopex for the repayment of loans. Financial institutions agreed to sell some part of receivables at a discount to our benefit provided that we fulfill the restructuring program as required by banks. The compromise was very difficult to achieve. We are treating the conditions set before us by the banks as a huge challenge and for us they are the boundary conditions. - says Czeslaw Kisiel, the President of the Management Board of TDJ. Signing the agreement does not end the talks and work on the final form of debt restructuring of Kopex Group, the detailed conditions and course of which will be agreed only in the restructuring agreement. However, it represents an essentail step forward and the expression of will and determination of the parties in a bid to rescue Kopex Group. This document in its current form is the basis for further negotiations regarding the contents of the restructuring agreement to be concluded between the banks, the companies of Kopex Group and the Investor, establishing detailed conditions of restructuring and its course. The aim of the parties involved is to agree and sign the restructuring agreement by the end of November. The negotiations conducted with financial creditors of Kopex Group are the result of the conditional agreement for the acquisition of controlling stake in Kopex SA, signed on 17 March this year by TDJ, a special purpose vehicle, and Mr Krzysztof Jędrzejewski. Under this agreement, the agreement on the Kopex debt restructuring is one of the necessary conditions for the consolidation process in the mining-related industry. So far, TDJ has already obtained consent from the President of the Office for Competition and Consumer Protection for taking control of Kopex SA Apart from accepting the results is the ongoing, complex due diligence, the second necessary step will be to determine the final shape and conditions of restructuring, confirmed by the conclusion of the restructuring agreement. Due dilligence process of Kopex Group companies confirms their dramatic state, as the real value of the assets is radically different from the one presented in the past. This is confirmed by the write-downs in the amount of PLN 1.4 billion, created in the current year, and those planned for the future in the amount of more than PLN 0.5 billion. - Following the conditional agreement signed in March, we have engaged with full determination in trying to save the brand and the potential of Kopex Group. As a result of the combined work of advisors, full commitment of the banks and of us as an investor, despite the long and difficult negotiations, we have developed a proposal for Kopex debt restructuring, which to the largest extent takes into account the expectations of all financial creditors and therefore it has been approved by them. In recent months, we have done everything possible to work out the proposal that will be accepted by all financial institutions, reconciling their often conflicting interests - says Czeslaw Kisiel. - However, this is still the beginning of work. Only after signing the restructuring agreement and positive completion of due diligence, we will be fully able to carry out the consolidation of the industry through the integration of the key mining background companies in FAMUR Group. This way we will get a chance to create a strong Polish entity, which through a combination of its market position, developed know-how and experiences of Famur and Kopex, will have a chance to implement complex projects for the mining sector worldwide through the effective competition with global giants of mining-related industry- he adds. In the face of steadily deteriorating situation of Kopex Group, the full involvement of TDJ in rescuing the company and reaching an agreement with banks creates a real opportunity to retain part of the Group’s capabilities and potential, and as a consequence, to maintain many of the existing jobs in Kopex. - We believe that in light of the crisis, which in the last few years has affected the mining industry in Poland, the consolidation is currently the best way for the development of the mining-related industry, which in the long term will allow for a significant increase in the scale, quality and efficiency of activities conducted on the Polish market and abroad. It should be emphasized that for the successful process of potential integration of Kopex Group and FAMUR Group, the key factor is the early start of the restructuring process of Kopex and its subsidiaries. Lack of decisive and speedy corrective action means that the scale of the problems that affect Kopex Gropu and their consequences are deteriorating every month. In the current market situation, the deep restructuring of Kopex is inevitable and it is the only chance to save the company. We are aware that the process is difficult and long, but we are determined to complete it successfully. We trust that the industry consolidation will be the joint work of the employees and shareholders of TDJ and Kopex - adds Czesław Kisiel.

02/08/2022
An increase in the FAMUR Group’s revenues in Q1 2022

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

"In the second quarter of 2022, the FAMUR Group increased its revenues and improved its EBITDA profitability, despite an exceptionally high degree of uncertainty still present in the global economy. On the one hand, the continuing high prices of fossil fuels affected the level of requests for quotation, but on the other hand, we had to deal with high prices of raw materials and disruptions in the supply chain. However, the flexible model of our organization developed over the years helped us to quickly adapt to dynamic market changes – says Mirosław Bendzera, President of the Management Board at FAMUR S.A.

Growth of the PV segment in the FAMUR Group

FAMUR develops new projects in the photovoltaic segment, and continues the construction of solar farms. At the end of June 2022, the estimated total capacity of the projects, at various stages of development, was over 2.1 GW, including approx. 309 MW with the successful 2019, 2020 and 2021 auctions.

In June this year, Project Solartechnik (PST), owned by the FAMUR Group, concluded a pre-contract with Spoleto, a member of the international independent power producer Alternus Energy Group (Alternus) – for the sale of a portfolio of solar farm projects with a total capacity of 184 MW, at various stages of implementation. The document also envisages the construction of solar power plants based on these projects. After the sale, PST will also provide maintenance services for solar farms being the subject of the transaction. The total value of the contract will be approx. PLN 750 million.

“The contract with Alternus Energy Group is the first transaction for the sale of solar power plants to be carried out by PST since the entry into the FAMUR Group’s structures and, at the same time, one of the largest transactions in the history of the PV sector in the CEE region. The signing of the contract confirms that a year after our entry into the solar farm sector, together with PST, we have achieved the position of a trusted partner on this market,” comments Mirosław Bendzera. “In the coming months, we will continue our efforts to simplify the legal and organizational structure of the PV segment to improve its operational efficiency. We will focus on finalizing the contract for the sale of the farm portfolio, in accordance with the concluded pre-contract, on the construction of farms and the development of new projects, both in Poland and in Germany,” – he adds.

Results in the mining machinery segment

In the second quarter of 2022, the mining machinery segment generated PLN 524 million in revenue, an increase of PLN 24 million or 5 percent y/y. In the second quarter of this year, FAMUR secured new contracts from Poland and abroad for approx. PLN 192 million, which means an improvement of approx. PLN 40 million (26%) from the last quarter, and an increase of approx. PLN 57 million (42%) y/y. The total order portfolio, comprising deliveries of machinery and equipment and lease contracts, in accordance with the terms of the contracts, increased to approx. PLN 736 million as at 30 June 2022 from approx. PLN 592 million at the end of the first quarter of this year.

In the mining machinery segment, there is a noticeable increase in demand for new equipment as fossil fuel prices remain at record levels. The foreign activity of the FAMUR Group focuses on expanding the Group’s presence in such regions as Indonesia, North America and China.

A recovery in the mining machinery segment is also observed on the Polish market. In June this year, the Famur’s offer for the rental of mining equipment with an estimated contract value of PLN 96 million was selected in a tender procedure organized by a major Polish contractor. In addition, the company has concluded a number of smaller-value contracts for the lease and delivery of machinery and after-sales services.

“In the coming quarters, we will continue to implement new strategic directions to transform the FAMUR Group into a holding which invests in green transformation and promising industrial sectors. We are working hard on further acquisition projects that will enable us to achieve this objective. The long-term development of the FAMUR Group requires not only the diversification of our sources of income in line with the energy transformation and close monitoring of our expenditure, but also the continuous initiation of operational solutions that are cost-effective, safe for our employees and environmentally friendly. This is why we have started, together with an independent external consultant, drawing up a Sustainable Development Strategy for the FAMUR Group,” – sums up Mirosław Bendzera.

02/08/2021
Another step of the FAMUR Group towards green transition

The FAMUR Group is consistently implementing new strategic directions presented in May this year. On 2 August 2021, the Group, in cooperation with Projekt Solartechnik, concluded an agreement with Energa - Obrót SA for the sale of electricity. This is an important step of the recently established by FAMUR holding which is developing towards green transition.

The total estimated value of the contract during its term, i.e. until 31 December 2024, will amount to approx. PLN 143 million. At the same time, the Group is consistently strengthening its presence in the solar farm's industry, e.g. by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June.

-Entering into cooperation with Energa - Obrót SA in the field of electricity sales is our first commercial effect of successfully implemented changes and activities in new for FAMUR Group business areas. Dynamically developing solar power plants industry, especially commercial offer for businesses, allows us to meet the set strategic objectives, but also to perform effective diversification of our activities concerning green energy. The rich experience and know-how of FAMUR, combined with the competence of Projekt Solartechnik makes us feel optimistic about the future of the currently taking place transition - says Mirosław Bendzera, President of the Management Board of FAMUR SA.

The new development directions of the FAMUR Group assume that by 2024 a minimum of 70% of the company's revenues will come from the non-coal sector - including renewable energy, transport and logistics, as well as the opportunities and benefits arising from the global transition to low-carbon economies. The first step in implementing these provisions was the consolidation of the potential of three companies: FAMUR Group, TDJ and Projekt Solartechnik.

- Thanks to the cooperation of Projekt Solartechnik, FAMUR Group and TDJ, we are able to pursue our business objectives on a larger scale than before, which is reflected in the agreement concluded with Energa-Obrót. The effectiveness of our joint efforts is also confirmed by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June. This is of particular importance for us concerning our strive to become a leader in providing solar farms to companies not only in Poland, but also in Europe - adds Maciej Marcjanik, CEO of Projekt Solartechnik.

As a result of the consolidation, the FAMUR Group has gained to its portfolio solar farm projects of over 1GW. It includes approximately 130 MW of 2019 and 2020 auction-winning projects that are currently under construction with anticipated completion by the end of 2021 and over 100 MW auction-winning projects in 2021, as well as over 750 MW projects under development.

07/09/2016
A preliminary agreement has been reached to enable the restructuring of the Kopex Group financial debt

Today, after several months of negotiations, the document called Key conditions for restructuring of the financial debt of Kopex SA and its selected subsidiaries was signed (i.e. term sheet), which defines the direction of Kopex Group debt restructuring. The main objective of the document signed is to steer away the risk of bankruptcy of Kopex Group companies, adjust the financial debt payment terms to a difficult financial situation of the Group and to create opportunities to satisfy claims of financial creditors to the largest possible extent.

The term sheet outlines key directions and objectives of restructuring activities, including the repayment of debts from the funds earned from operations and through the disposal of assets the value of which is insufficient to meet all obligations accrued within Kopex Group. The above factors call for the restructuring of debt and urgent implementation of the restructuring plan for the Kopex Group companies, prepared by the Management Board of Kopex in collaboration with external advisors,. It is a difficult and very ambitious plan, its implementation however is absolutely necessary and should be completed by the end of 2021 the latest. - The restructuring program for the whole Kopex Group and its implementation are required by the banks to provide further funding of Kopex.Moreover, as an Investor, we are expected by the banks to fully engage in the implementation of this program immediately after taking control of Kopex, as it is believed that only with the resources, experience and know-how of TDJ it is possible to successfully the objectives of the plan. An additional requirement expressed by banks was the rescue funding provided to Kopex Group by an Investor. As TDJ Group, we have declared such funding in the amount of PLN 100 million. It should be also further noted that the major part of the price amount due for the purchase of another share package from Mr Krzysztof Jędrzejewski, i.e. PLN 60 million, will go directly to Kopex for the repayment of loans. Financial institutions agreed to sell some part of receivables at a discount to our benefit provided that we fulfill the restructuring program as required by banks. The compromise was very difficult to achieve. We are treating the conditions set before us by the banks as a huge challenge and for us they are the boundary conditions. - says Czeslaw Kisiel, the President of the Management Board of TDJ. Signing the agreement does not end the talks and work on the final form of debt restructuring of Kopex Group, the detailed conditions and course of which will be agreed only in the restructuring agreement. However, it represents an essentail step forward and the expression of will and determination of the parties in a bid to rescue Kopex Group. This document in its current form is the basis for further negotiations regarding the contents of the restructuring agreement to be concluded between the banks, the companies of Kopex Group and the Investor, establishing detailed conditions of restructuring and its course. The aim of the parties involved is to agree and sign the restructuring agreement by the end of November. The negotiations conducted with financial creditors of Kopex Group are the result of the conditional agreement for the acquisition of controlling stake in Kopex SA, signed on 17 March this year by TDJ, a special purpose vehicle, and Mr Krzysztof Jędrzejewski. Under this agreement, the agreement on the Kopex debt restructuring is one of the necessary conditions for the consolidation process in the mining-related industry. So far, TDJ has already obtained consent from the President of the Office for Competition and Consumer Protection for taking control of Kopex SA Apart from accepting the results is the ongoing, complex due diligence, the second necessary step will be to determine the final shape and conditions of restructuring, confirmed by the conclusion of the restructuring agreement. Due dilligence process of Kopex Group companies confirms their dramatic state, as the real value of the assets is radically different from the one presented in the past. This is confirmed by the write-downs in the amount of PLN 1.4 billion, created in the current year, and those planned for the future in the amount of more than PLN 0.5 billion. - Following the conditional agreement signed in March, we have engaged with full determination in trying to save the brand and the potential of Kopex Group. As a result of the combined work of advisors, full commitment of the banks and of us as an investor, despite the long and difficult negotiations, we have developed a proposal for Kopex debt restructuring, which to the largest extent takes into account the expectations of all financial creditors and therefore it has been approved by them. In recent months, we have done everything possible to work out the proposal that will be accepted by all financial institutions, reconciling their often conflicting interests - says Czeslaw Kisiel. - However, this is still the beginning of work. Only after signing the restructuring agreement and positive completion of due diligence, we will be fully able to carry out the consolidation of the industry through the integration of the key mining background companies in FAMUR Group. This way we will get a chance to create a strong Polish entity, which through a combination of its market position, developed know-how and experiences of Famur and Kopex, will have a chance to implement complex projects for the mining sector worldwide through the effective competition with global giants of mining-related industry- he adds. In the face of steadily deteriorating situation of Kopex Group, the full involvement of TDJ in rescuing the company and reaching an agreement with banks creates a real opportunity to retain part of the Group’s capabilities and potential, and as a consequence, to maintain many of the existing jobs in Kopex. - We believe that in light of the crisis, which in the last few years has affected the mining industry in Poland, the consolidation is currently the best way for the development of the mining-related industry, which in the long term will allow for a significant increase in the scale, quality and efficiency of activities conducted on the Polish market and abroad. It should be emphasized that for the successful process of potential integration of Kopex Group and FAMUR Group, the key factor is the early start of the restructuring process of Kopex and its subsidiaries. Lack of decisive and speedy corrective action means that the scale of the problems that affect Kopex Gropu and their consequences are deteriorating every month. In the current market situation, the deep restructuring of Kopex is inevitable and it is the only chance to save the company. We are aware that the process is difficult and long, but we are determined to complete it successfully. We trust that the industry consolidation will be the joint work of the employees and shareholders of TDJ and Kopex - adds Czesław Kisiel.

02/08/2022
An increase in the FAMUR Group’s revenues in Q1 2022

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

In the first half of 2022, the FAMUR Group’s revenues reached PLN 550 million, with the net profit at PLN 14 million. In the second quarter of this year alone, the revenues stood at PLN 290 million, an increase of 24% y/y. This led to an improved EBITDA margin which was PLN 99 million in the second quarter of 2022 (an increase of PLN 34 million y/y), and totalled PLN 191 million in the first half of 2022. Cash surplus over gross debt amounted to PLN 349 million. The share in sales to foreign markets was 44%.

In addition, the first half of 2022 was the first full reporting period at the FAMUR Group for the photovoltaic segment which generated PLN 26 million in revenue. The operations in the renewable energy sector resulted from the decision announced in May last year for the company to change strategic directions and enter into renewable energy projects. The objective of the Group’s green transformation is to achieve approx. 70% of revenues from sources not related to steam coal by 2024.

"In the second quarter of 2022, the FAMUR Group increased its revenues and improved its EBITDA profitability, despite an exceptionally high degree of uncertainty still present in the global economy. On the one hand, the continuing high prices of fossil fuels affected the level of requests for quotation, but on the other hand, we had to deal with high prices of raw materials and disruptions in the supply chain. However, the flexible model of our organization developed over the years helped us to quickly adapt to dynamic market changes – says Mirosław Bendzera, President of the Management Board at FAMUR S.A.

Growth of the PV segment in the FAMUR Group

FAMUR develops new projects in the photovoltaic segment, and continues the construction of solar farms. At the end of June 2022, the estimated total capacity of the projects, at various stages of development, was over 2.1 GW, including approx. 309 MW with the successful 2019, 2020 and 2021 auctions.

In June this year, Project Solartechnik (PST), owned by the FAMUR Group, concluded a pre-contract with Spoleto, a member of the international independent power producer Alternus Energy Group (Alternus) – for the sale of a portfolio of solar farm projects with a total capacity of 184 MW, at various stages of implementation. The document also envisages the construction of solar power plants based on these projects. After the sale, PST will also provide maintenance services for solar farms being the subject of the transaction. The total value of the contract will be approx. PLN 750 million.

“The contract with Alternus Energy Group is the first transaction for the sale of solar power plants to be carried out by PST since the entry into the FAMUR Group’s structures and, at the same time, one of the largest transactions in the history of the PV sector in the CEE region. The signing of the contract confirms that a year after our entry into the solar farm sector, together with PST, we have achieved the position of a trusted partner on this market,” comments Mirosław Bendzera. “In the coming months, we will continue our efforts to simplify the legal and organizational structure of the PV segment to improve its operational efficiency. We will focus on finalizing the contract for the sale of the farm portfolio, in accordance with the concluded pre-contract, on the construction of farms and the development of new projects, both in Poland and in Germany,” – he adds.

Results in the mining machinery segment

In the second quarter of 2022, the mining machinery segment generated PLN 524 million in revenue, an increase of PLN 24 million or 5 percent y/y. In the second quarter of this year, FAMUR secured new contracts from Poland and abroad for approx. PLN 192 million, which means an improvement of approx. PLN 40 million (26%) from the last quarter, and an increase of approx. PLN 57 million (42%) y/y. The total order portfolio, comprising deliveries of machinery and equipment and lease contracts, in accordance with the terms of the contracts, increased to approx. PLN 736 million as at 30 June 2022 from approx. PLN 592 million at the end of the first quarter of this year.

In the mining machinery segment, there is a noticeable increase in demand for new equipment as fossil fuel prices remain at record levels. The foreign activity of the FAMUR Group focuses on expanding the Group’s presence in such regions as Indonesia, North America and China.

A recovery in the mining machinery segment is also observed on the Polish market. In June this year, the Famur’s offer for the rental of mining equipment with an estimated contract value of PLN 96 million was selected in a tender procedure organized by a major Polish contractor. In addition, the company has concluded a number of smaller-value contracts for the lease and delivery of machinery and after-sales services.

“In the coming quarters, we will continue to implement new strategic directions to transform the FAMUR Group into a holding which invests in green transformation and promising industrial sectors. We are working hard on further acquisition projects that will enable us to achieve this objective. The long-term development of the FAMUR Group requires not only the diversification of our sources of income in line with the energy transformation and close monitoring of our expenditure, but also the continuous initiation of operational solutions that are cost-effective, safe for our employees and environmentally friendly. This is why we have started, together with an independent external consultant, drawing up a Sustainable Development Strategy for the FAMUR Group,” – sums up Mirosław Bendzera.

02/08/2021
Another step of the FAMUR Group towards green transition

The FAMUR Group is consistently implementing new strategic directions presented in May this year. On 2 August 2021, the Group, in cooperation with Projekt Solartechnik, concluded an agreement with Energa - Obrót SA for the sale of electricity. This is an important step of the recently established by FAMUR holding which is developing towards green transition.

The total estimated value of the contract during its term, i.e. until 31 December 2024, will amount to approx. PLN 143 million. At the same time, the Group is consistently strengthening its presence in the solar farm's industry, e.g. by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June.

-Entering into cooperation with Energa - Obrót SA in the field of electricity sales is our first commercial effect of successfully implemented changes and activities in new for FAMUR Group business areas. Dynamically developing solar power plants industry, especially commercial offer for businesses, allows us to meet the set strategic objectives, but also to perform effective diversification of our activities concerning green energy. The rich experience and know-how of FAMUR, combined with the competence of Projekt Solartechnik makes us feel optimistic about the future of the currently taking place transition - says Mirosław Bendzera, President of the Management Board of FAMUR SA.

The new development directions of the FAMUR Group assume that by 2024 a minimum of 70% of the company's revenues will come from the non-coal sector - including renewable energy, transport and logistics, as well as the opportunities and benefits arising from the global transition to low-carbon economies. The first step in implementing these provisions was the consolidation of the potential of three companies: FAMUR Group, TDJ and Projekt Solartechnik.

- Thanks to the cooperation of Projekt Solartechnik, FAMUR Group and TDJ, we are able to pursue our business objectives on a larger scale than before, which is reflected in the agreement concluded with Energa-Obrót. The effectiveness of our joint efforts is also confirmed by winning another solar farm projects of over 100 MW in the Energy Regulatory Office auction held in June. This is of particular importance for us concerning our strive to become a leader in providing solar farms to companies not only in Poland, but also in Europe - adds Maciej Marcjanik, CEO of Projekt Solartechnik.

As a result of the consolidation, the FAMUR Group has gained to its portfolio solar farm projects of over 1GW. It includes approximately 130 MW of 2019 and 2020 auction-winning projects that are currently under construction with anticipated completion by the end of 2021 and over 100 MW auction-winning projects in 2021, as well as over 750 MW projects under development.

Stock market

FAMUR SA (FMF)

02/02/2023

3.638 zł

Red arrow icon -0.024 zł | -0.66%

Stock data

Eminent Famur S.A
ISIN PLFAMUR00012
Ticker GPW FMF
Liczba akcji 574 680 673 szt.
Free float 29,70%

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Volume

22/06/2021

2021-06-22 According to the decision of the Annual General Meeting of Shareholders of FAMUR SA, held on June 22 2021, dividend from the profit for the year 2020 was not paid. It was decided that the Company’s net profit achieved in the financial year ended on 31st December 2020 will be entirely allocated to the Company’s statutory reserve funds.

29/06/2020

According to the decision of the Annual General Meeting of Shareholders of FAMUR SA, held on June 29 2020, dividend from the profit for the year 2019 was not paid. It was decided that the Company’s net profit achieved in the financial year ended on 31st December 2019 will be entirely allocated to the Company’s statutory reserve funds.

17/06/2019

The Annual General Meeting of FAMUR SA held on June 17 2019 decided to pay dividends of PLN 304,622,055.88 (PLN 0,53 per share). The dividends will be paid on July 22nd 2019

29/06/2018

The Annual General Meeting of FAMUR SA held on June 17 2019 decided to pay dividends of PLN 304,622,055.88 (PLN 0,53 per share). The dividends will be paid on July 22nd 2019

27/06/2017

According to the decision of the Annual General Meeting of Shareholders of FAMUR SA, held on June 27 2017, dividend from the profit for the year 2016 was not paid. It was decided that the Company’s net profit achieved in the financial year ended on 31st December 2016 will be entirely allocated into equity.

24/06/2016

In 2015, the Parent of the FAMUR Group posted a net loss. On June 24 2016, the Annual General Meeting of FAMUR SA resolved to cover the Company’s net loss for the financial year from the Company’s statutory reserve funds.

18/02/2015

According to the decision of the Annual General Meeting of Shareholders of FAMUR SA, held on June 18 2015, dividend from the profit for the year 2014 was not paid. It was decided thatthe Company’s net profit achieved in the financial year ended on 31 December 2014 will be entirely allocated into equity.

30/06/2014

The Annual General Meeting of FAMUR SA held on June 30 2014 decided to pay dividends of PLN 404.460.000,00 (PLN 0,84 per share). The dividends will be paid on 25.07.2014

26/06/2013

According to the decisionof the Annual General Meeting of Shareholders of FAMUR SA, held on 26 June 2013, dividend from the profit for the year 2012 was not paid. It was decided that the Company’s net profit achieved in the financial year ended on 31 December 2012 will be entirely allocated into equity.

24/01/2012

According to the decisionof the Annual General Meeting of Shareholders of FAMUR SA, held on 28 June 2012, dividend from the profit for the year 2011 was not paid. It was decided thatthe Company’s net profit achieved in the financial year ended on 31 December 2011 will be entirely allocated into equity.

21/07/2011

On July 21, 2011 the Annual General Meeting of Shareholders of FAMUR SA decided to distribute a dividend of PLN 0.62 value per share. The dividend was paid to shareholders by issuing shares of the companies Zamet Industry SA and Polish Foundry Group SA and through the payment of cash dividends. The amount of dividend – PLN 298,530,000.00 (cash and non-monetary part); The value of the dividend per share – PLN 0.62; The number of shares subject to the dividend – PLN 481,500,000; Dividend date – August 16, 2011; The dividend payment date – September 6, 2011.

30/06/2010

According to the decisionof the Annual General Meeting of Shareholders of FAMUR SA, held on 30 June 2010, the dividend from the profit for the year 2009 was not paid. It was decided thatthe Company’s net profit achieved in the financial year ended on 31 December 2009 will be entirely allocated.

19/06/2009

According to the decisionof the Annual General Meeting of Shareholders of FAMUR SA, held on 19 June 2009, dividend from the profit for the year 2008 was not paid. It was decided that the Company’s net profit achieved in the financial year ended on 31.12.2008 will be entirely allocated.

22/01/2008

According to the decisionof the Annual General Meeting of Shareholders of FAMUR SA, held on 23 June 2008, dividend from the profit for the year 2007 was not paid. It was decided that the Company’s net profit achieved in the financial year ended on 31 December 2007 will be entirely allocated.

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May

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