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Letter from the President of the Management Board


Dear Readers,

It is a pleasure to present to you JSW Group’s first integrated report, which covers our activities in 2018. The report contains key information on our 2018-2030 strategy, the effects of our management efforts, initiatives undertaken in order to improve occupational safety as well as achievements in the social, environmental, labour and management areas. By reading the report, you will also learn about our Group’s development perspectives.

2018 was a good year for the Company. Thanks to high coal prices and rising coke prices, the Company generated PLN 1.76 billion in net profit. The Company’s stable financial standing and good situation allowed us to repay debt liabilities, maintain a strong cash position and inject PLN 1.8 billion into a closed-end fund that we have formed in order to support the Company’s on-going liquidity and maintain the continuity of operational and investment processes during market downturns.

Our results in 2018 constitute the basis for us to implement our plans for the coming years. The most important strategic objectives include development of our resource base, including through the formation of a new mine, Bzie-Dębina, increase in profitability, implementation of projects intended to improve occupational safety and products, reduction in mining costs and rational use of carbon-related resources. In 2019, we plan to continue activities related to delivering our strategy by deploying modern technical and technological solutions, developing human capital and optimising the cost structure and levels.

The 25-year history of Jastrzębska Spółka Węglowa has taught us much. Today, we are one of the most modern enterprises. We are counting on people because they are the foundation for our successes and they are building a strong organisation. We are also counting on development and innovations – implementing ambitious plans, wanting to strengthen our position as leading producer of coking coal and coke on the European market. We are striving to become a leader of innovativeness in the mining industry. We are also emphasising social dialogue – with a responsible approach to our activities, we respond to the needs of local communities and take action to protect the natural environment. Thanks to initiatives and activities undertaken by our employees, including in the areas of health, occupational safety improvements, raising ecological awareness and creating equal opportunities, the Company once again was selected as constituent of the RESPECT Index for companies that are managed in a sustainable and responsible manner.

I would like to thank here, most of all, our employees for their unwavering spirit, every-day work and dedication as well as the trade unions, local governments, our customers, partners and shareholders for their commitment.

With a view towards meeting the expectations of our stakeholders and the growing interest in non-financial information, we are drawing on the best practices and standards, emphasising openness and transparency in communication, which constitute one of the more important elements having an impact on the effective and efficient operation of our Group. This is why, with a concern for full transparency, we decided to publish financial and non-financial information in an integrated format. I hope that you will find this report to be of interest and that it will help you in better understanding the specific nature and the potential of our Group’s operations and that it will present a true depiction of our business.

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