In 2022, for the first time since the company was taken over by the Polish Armaments Group, PGZ Stocznia Wojenna recorded a positive financial result. The organisational changes and technical upgrade of the Shipyard, which have been implemented for several years, are beginning to yield tangible financial results.
Today, the PGZ SW General Meeting of Shareholders approved the company’s Financial Statements for 2022, in which the shipyard recorded its best financial results since 2017, when the Polish Armaments Group took over the assets of the Stocznia Marynarki Wojennej in liquidation bankruptcy from the receiver. The company’s pre-tax profit amounted to PLN 2.47 million (up 3.7 million on 2021 and 30.7 million on 2020). This was possible thanks to a higher number of contracts completed and an increase in sales revenue to PLN 177.1 million. More than doubling, since the acquisition of the company, the efficiency of the company’s fixed asset management (fixed asset productivity ratio of 0.91 in 2022 and 0.38 in 2018) contributed to a profit on sales of PLN 8.8 million in 2022 and an operating profit margin of 8%. The company achieved EBIDTA of 13.6 million (an increase of 54% year-on-year) EBIDTA margin stood at 8%.
– The results of the organisational changes introduced with great determination and the largest investment process in the shipyard’s more than 100-year history are beginning to be visible at the level of the Company’s finances,” said Paweł Lulewicz, President of the Management Board of PGZ SW. – The PGZ SW Strategy for 2022-2026, the implementation of which we began last year, envisages a number of specific actions that are expected to translate, among other things, into an increase in operational efficiency, raising employee competence, improving communication within the company and offering new products and services. It is PGZ Stocznia Wojenna that has the main burden of building three ultra-modern Miecznik frigates for our Navy. These changes, which, as you can see, also translate into a profit on sales generated for the first time, are to enable us to do so- added President Lulewicz.
In 2022. PGZ Stocznia Wojenna financed its operations mainly from its own assets, i.e. from the net profit generated, which amounted to PLN 21 million at the end of 2022. The share of external capital (from borrowings/loans) accounted for only 7% of the company’s assets. The net profit generated will be fully allocated to investments and development of the Shipyard. The level of expected capital expenditure in 2023-2024 is approximately PLN 300 million, of which approximately PLN 100 million will come from own funds.
– If I had to name three main success factors, they would be: firstly, the government’s decisions on the procurement of repairs and new constructions; secondly, the strategy of the PGZ group, which has set its sights on the development of the shipbuilding industry; and thirdly, the attitude of the entire Shipyard team, which has worked hard to improve existing processes and implement new ones. The new incentive system for the crew was also very important,” said Paweł Lulewicz.
