19 December 2018

OT Logistics is implementing a recovery plan so that in 2020 the Group's EBITDA margin is about 10%. Waldemar Maj appointed as acting President of the Company.

The Supervisory Board of OT Logistics has approved the Company's recovery plan, which aims to improve financial liquidity and achieve consolidated EBITDA at the level of about 10% in 2020. At the same time, the Supervisory Board accepted the resignation of the current President of the Company, Mr Zbigniew Nowik. In his place, as the acting president, the Supervisory Board delegated Waldemar Maj, member of the Supervisory Board of OT Logistics. Daniel Ryczek, the current commercial director of OT Logistics, also joined the Management Board.

The plan provides for a review of the Group’s business objectives in order to achieve operating synergies, improve liquidity and increase EBITDA. The recovery plan prepared by the Management Board of OT Logistics is related to the talks on the change of conditions and repayment dates of the Group’s financial debt. A renowned advisor worked together with the Company’s Management Board to develop the plan. Approval of the plan by the Supervisory Board opens the way for its implementation by the Management Board.

The plan assumes actions in the perspective of 1-2 years. One of the main objectives is to improve the functioning of the Group’s operations through changes in the Group’s management structure. “Our goal is also to simplify the Group’s structure by consolidating the subsidiaries. It is important to eliminate duplication of competences and, where possible, centralise processes, which will help to reduce costs. The Management Boards of individual Group companies are to focus on improving trading conditions, i.e. optimising rates for services rendered while controlling costs. The plan also includes the sale of properties that are not used in current operations,” said Radosław Krawczyk, OT Logistics Vice President for Finance, who supervised the development of the plan. “The ongoing economic recovery is conducive to such companies as OT Logistics; the review and revision of our assumptions are to help achieve the Group’s strategic objectives,” he adds.

Positive effects are also to be brought about by a reduction in capital expenditures and the sale of non-operational properties and ineffective operating properties. The total financial effects of all projects under the plan are expected to lead to the Group’s consolidated EBITDA at the level of about 10% in 2020.

At the same time, the Supervisory Board accepted the resignation from the position of the current President of the Company, submitted by Zbigniew Nowik. “During three very intensive years, the Management Board headed by Zbigniew Nowik outlined a new 5-year strategy for OT Logistics, assuming geographical diversification of operations, growth of the Group through acquisitions and increasing the importance of port operations both in the Baltic Sea and in Southern Europe. Many of these objectives have been achieved. Thanks to the acquisitions, OT Logistics is currently one of the largest logistics operators in our region of Europe, which has its own railway and port assets, as well as a very strong forwarding activity. The Group is currently facing new challenges. On behalf of the Supervisory Board I would like to thank Zbigniew Nowik for his involvement and contribution to the development of OT Logistics,” said Artur Szczepaniak, Chairman of the Supervisory Board of the Company. “In the opinion of the Supervisory Board, the recovery plan has a chance to significantly improve the Group’s financial position and accelerate the achievement of strategic assumptions,” Artur Szczepaniak added.

The Supervisory Board delegated Waldemar Maj, its member, to perform the function of President of the Management Board for at least three months. Daniel Ryczek, the former commercial director of OT Logistics, was also appointed to the Management Board; he will continue to be responsible for the sales area at group level.

Mr Waldemar Maj is a partner and founder of the strategic consulting company Metropolitan Capital Solutions and a member of the supervisory board of the chemical company Ergis. He was chairman of the supervisory board of PZU and a member of supervisory boards of Giełda, Ciech, Bank BGŻ and Stock Spirits, among others. He has over 20 years of experience in banking, industry, consulting and public administration. For over 10 years he worked in investment and corporate banking in Switzerland (UBS), USA (IFC/World Bank) and in Poland. He was Vice-President for Financial Affairs of PKN ORLEN, Vice-President of BGŻ Bank/Rabobank Group and President of DZ Bank Polska. He also worked for McKinsey & Company and was an advisor to the Minister of Finance from 1991-1994. He holds an MBA from Harvard Business School and a doctorate in physics.

Mr Daniel Ryczek is a graduate of the Faculty of Law at the Maria Curie Skłodowska University in Lublin. He also completed postgraduate studies in management at the Warsaw School of Economics and the Warsaw University of Technology. He was Board Member of PKP Cargo SA for international affairs and strategy, and then President of the Management Board of Cargosped – intermodal operator from the PKP Cargo Group. He opened and then managed for several years the Polish branch of Raillogix BV headquartered in Rotterdam. Since December 2017 in OT Logistics S.A. he has been Director of the Railway Division and President of the Management Board in Rentrans International Spedition sp. z o.o.

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