Management board appointed for a new five-year term

GEN-I’s management board has completed a very successful five-year term. From 2006 to 2011 the company recorded a ten-fold increase in its sales revenues, up 950%; its net operating profit was up 931 percentage points; its operations expanded from Slovenia to 17 other markets, and it created more than 100 new jobs in Krško, Ljubljana, Nova Gorica and abroad. The company’s market share in Slovenia is now over 20%, largely due to the electricity supplied to large business customers, while its own Affordable Electricity brand has been growing in popularity, attracting over 30,000 households. Among its other projects, GEN-I has been co-managing the Baldur 4 brand of solar power plants on a turn-key basis, and plans to establish a new brand using 100% renewable energy sources next year. It supplies electricity to large business customers in Italy, Croatia and Austria, including the City of Zagreb. The transactional volume of GEN-I’s trading operations has been increasing steadily each year. The company has been strengthening its position among leading market players in Central and Southeast Europeand entering new markets, resulting in over 6,800 contracts with 150 business partners this year.

The president of the management board, Robert Golob, explains how the company has turned its unique business model, which leverages its core business of energy procurement withan incredibly wide international trading network, into a real success story, adding that “this is undoubtedly also thanks to the management board in its current make-up, as it has shown great expertise and dedication, and has worked for the long-term benefit of GEN-I”.

Today a meeting of shareholders was held at GEN-I's premises in Ljubljana. The decisions that were passed included the appointment of the new management board with a five-year term and a provisional clause for the possibility of appointing Tomaž Berločnik to the board. Mr Berlocnik would represent Petrol, the new majority owner of IG energetski sistemi, d.o.o., as a non-executive member of the management board (once the conflict of interest according to the covenant not to compete from Article 41 of the Companies Act has been removed).
At the shareholder meeting, four members that were proposed by the shareholders were appointed to the new board. Shareholder GEN energija suggested Martin Novšak and Igor Koprivnikar, while IG energetski sistemi suggested Robert Golob and Andrej Šajn, who is an executive director in the area of IT and development at IG energetski sistemi. Mr. Šajn will replace Dejan Paravan, who has taken on the role of executive sales director and continues to manage subsidiaries in Vienna, Milan and Zagreb.

The five-year term of the new management board will officially start on 18 November 2011. “The current management board has proven that it possesses the knowledge and skills to withstand economic crises and changes in political leadership. At the same time, a closer cooperation with the new owner opens up new opportunities for GEN-I’s growth and development, which is why we can expect another successful term”, said Robert Golob.

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