ZEPSULI Orlen? Wyniki mówią jasno!

Summary

The transcript presents a critical view of the current leadership of Orlen, a major Polish oil company, highlighting a significant decline in profits and an alleged mishandling of investments. The speaker contrasts past achievements under previous management, which oversaw substantial profits and national contributions, with the current leadership's lack of decisive actions and declining financial performance. The speaker also critiques the media's failure to hold the management accountable and warns of potential privatization of state-owned assets, expressing disillusionment with the state of the country and its economic future.

Takeaways

• 😀 The speaker criticizes the timing of the Orlen results announcement, suggesting it was done inappropriately late at night and in a way that downplayed the company's struggles.
• 😀 A significant decrease in profits for Orlen is noted, with a drop from 4.6 billion PLN in Q3 2023 to just 180 million PLN in the current quarter.
• 😀 The speaker highlights that Orlen’s overall profit for the first nine months of 2023 is 3 billion PLN, compared to 20 billion PLN in previous years, emphasizing a 17 billion PLN shortfall.
• 😀 There is criticism of the company’s management decisions, including the approach to investments such as the Baltic Sea farm project, which the speaker claims was initiated by previous leadership.
• 😀 The speaker questions the current management’s strategic choices, including the purchase of stations in Hungary, Slovakia, and Austria, and the lack of significant international expansion, such as the potential acquisition of American gas stations.
• 😀 The speaker points out that the current management is focusing more on audits and destroying the achievements of past leaders rather than making new, profitable decisions.
• 😀 There is a strong sentiment against the current leadership's inability to make meaningful decisions or address critical business opportunities, resulting in harm to the company’s financial stability.
• 😀 The speaker refers to the ongoing media manipulation, where the previous government’s handling of Orlen was heavily criticized, but now the media is being less critical despite a significant downturn in profits.
• 😀 The role of the media is also questioned, with the speaker accusing them of avoiding tough questions and not holding the government or leadership accountable for the company's decline.
• 😀 Finally, the speaker expresses frustration with the lack of reaction from unions, employees, and the public to the downfall of Orlen and other state-owned enterprises, predicting that these companies may soon be sold off to foreign firms, particularly German ones.

Q & A

What financial results were presented by Orlen for Q3 2023?

For Q3 2023, Orlen reported a profit of 180 million PLN, a significant decrease from the 4.6 billion PLN profit in the same quarter the previous year.

How does the current management's financial performance compare to previous years?

The current management has overseen a dramatic drop in profits. For the first nine months of 2023, Orlen reported only 3 billion PLN in profits, which is 17 billion PLN less than in the previous year.

What criticisms are being made about Orlen's current leadership?

The current leadership is criticized for poor decision-making, particularly in terms of missed investment opportunities. They are also accused of focusing on audits and downsizing instead of driving the company’s growth.

What strategic opportunities were missed by Orlen's leadership?

Orlen missed the opportunity to purchase American Jet stations, which could have significantly boosted profits. Instead, the management is criticized for failing to act on this potential business move.

How does the media's coverage of Orlen's performance differ now compared to the past?

In the past, the media heavily criticized Orlen for allegedly overcharging consumers and working with large profit margins. However, now, media coverage has been more lenient, downplaying the company's current struggles.

What is the broader concern about the state of Poland's national assets?

There is growing concern that Poland's state-owned companies, like Orlen, are being mismanaged and could be sold off to foreign companies, particularly German firms, diminishing the country’s economic independence.

How has the Polish government responded to Orlen's financial troubles?

The Polish government has largely remained silent on the company’s financial decline, with some politicians and media outlets failing to question or hold the management accountable.

What impact has Orlen's decline had on Polish workers and the economy?

Orlen’s financial decline has led to layoffs and a reduced contribution to the national budget, which affects public investments, infrastructure, and social programs that were previously funded by Orlen's significant profits.

What role did the war play in Orlen’s financial performance?

The current leadership attributes the drop in profits to the end of the 'war period', referring to the global economic disruptions caused by the war in Ukraine. However, this explanation is questioned by critics who point out Orlen's strong performance in previous years, even without such external factors.

What is the general sentiment towards Orlen’s management and the media's portrayal of the company?

The general sentiment is one of frustration. Critics argue that Orlen’s management is ineffective and that the media, once vocal in its criticism of the company’s profits, is now silent or complicit in downplaying the issues.