Estimates of SSN's restructuring costs differ significantly days before report

The European Commission has estimated the total cost of the program at over zł.5 billion. "The sum includes most of all the restructuring of debt and improving liquidity. According to the calculations of Polish officials, the total value of state aid amounts to zł.1.061 billion," the Commission's report reads. "The European Commission is counting all costs borne by the shipyard, including the costs of constructing ships, as restructuring costs. It is commonly understood that restructuring costs are related to the transformation of a company in accordance with a restructuring program. If we think this way, the total costs do not exceed zł.250 million," said the president of SSN, Andrzej Stachura. He also said that over this three-year period the company generated revenues of about $1 billion. He estimated state aid at not more than zł.340 million, which is the amount that the shipyard received from the Industrial Development Agency (ARP). (Puls Biznesu, pp. 1, 6) M.M.