Four months after the third five-year term of office of GEN-I, d.o.o.’s Management Board expired, the Company is again headed by a functioning, court-appointed Management Board with full powers. During the Management Board’s term of office, the Company will be headed by the President of the Management Board Igor Koprivnikar, and members Dejan Paravan, Andrej Šajn and Primož Stropnik.
After the decision of the District Court of Krško on the court appointment of GEN-I’s Management Board became final on March 18, 2022, the Company is again headed by senior management with full powers following four months without a Management Board. The appointment under the aforementioned court decision is valid for a maximum of one year or until the appointment of a Management Board with full powers by the general meeting.
“In the context of the excellent results we continue to achieve even during the greatest energy crisis ever, GEN-I is strengthening its role as the largest wholesaler on the regional energy market and as the most trustworthy energy supplier in Slovenia. The necessary continuity of GEN-I’s senior management, as acknowledged by the court in its decision on the temporary appointment of the Management Board, is no doubt an important step, as well as a commitment to the continued achievement of established business objectives and our vision of decarbonization, for which we have in place a clear strategic development plan”, stated Igor Koprivnikar in response to the entry into force of the court’s decision, which saw him assume the function of President of the Management Board of GEN-I where he has been employed since the Company’s establishment. Mr. Koprivnikar has already served three terms of office as a member of the Management Board.
Following a record 2021, when the GEN-I Group generated a net profit of more than €70 million according to unaudited data, we achieved a return on equity (ROE) of over 50%, which is three times higher than planned, while the GEN-I Group is generating excellent results again in 2022. By the end of February 2022, we had already achieved planned results for the entire first half of 2022. Here it should be noted that the net profit of €10.52 million during that period is also well above the results achieved during same period during the record year of 2021.
In the context of uncertain geopolitical and market conditions, which will apparently continue, the GEN-I Group has not recorded any significant direct impact of the war in Ukraine on its operations. We have noted a major indirect impact on actual market conditions and energy exchanges, where prices, and particularly the volatility thereof, are extremely high. This requires us to adapt operations quickly and to pay exceptionally close attention to trading on the wholesale markets, and to take into account increased credit and liquidity risks. Despite persistently high energy prices on the international markets, we will not raise electricity and natural gas prices for household customers until the summer, as previously announced. We will also do everything in our power to ensure uninterrupted supply, even in these uncertain times.
You can meet the members of our new Management Board here.