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Remak Energomontaz SA

Remak (‘company’) is part of the Zarmen Group listed in Poland and specializes in assembling, installing, and maintaining industrial boilers and other related equipment for power plants.

They generate 67% of revenues within Poland and the balance from the rest of Europe – currently Germany, Finland, Malta, and Lithuania.

Construction/assembly accounted for 75% of revenues while repairs/maintenance accounted for most of the balance.

The company is relatively small in size and generates lumpy revenues as it relies on a handful of long-term contracts with established power plants. However, customer concentration is fairly low and the largest customer doesn’t account for more than 20% of revenues.

Recent revenues have slumped primarily as a result of the coronavirus pandemic that has reduced available jobs, exacerbated supply and labour shortages, and delayed cash collections.

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