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CORPORATE BRIEFS

Engineering firm SES Tlmače expects to exceed last year's profit

For the first seven months of this year, the Slovak Energetics Engineering Works (SES) a.s. Tlmače reached, as a group, a gross profit of 76.1 million Sk ($2.17 million), according to information provided by the chairman of the board of directors and financial manager of the company, Pavol Bobok.

According to Bobok, profit for the whole year is forecast to be 111 million Sk ($3.17 mn), which would be 14 million Sk ($0.4 million) more than planned. Last year SES' consolidated gross profit amounted to 79.7 million Sk ($2.3 million).

In the first half of September, SES emitted bonds of 200 million Sk ($5.7 million) with a 2-year maturity and a fixed interest rate of 20%. The money obtained will be used for credit restructuring at the General Credit Bank (Všeobecná úverová banka, VÚB) a.s. Bratislava, and the rest will be invested in the company's technological capacities.

The company's planned increase in its registered capital of 340 million Sk ($9.7 million) depends, according to Bobok, on the attitude of the National Bank of Slovakia (NBS). Bobok confirmed the company's effort to cooperate with a foreign partner operating in the same branch. "It does not matter whether it will be a Slovak one, an East-European one or one from Western Europe. What's more important is that it should be a partner who will help us in one of the company's activities that are less developped or who will give us a part of their market, new projects, technology or access to international funds," he said. Chosing a concrete partner is, according to Bobok, "a question of the next months and several meetings."

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