Combining financial and non-financial aspects of our results into one document allows us to show you our performance in a wider context, and discuss how we create value for our various stakeholders, while at the same time building a more sustainable business for the long term.
I have a pleasure to say that our last year’s edition received the main prize in the Integrated Report category of the Sustainable Development Reports competition organised by the Forum for Responsible Business and Deloitte.
Last year our business faced an accumulation of exceptional challenges related to the war in Ukraine, the energy crisis and rapidly growing inflation. These constituted a major test of our ability to execute our strategy and deliver growth. Despite those headwinds, we grew our revenues, profits and return on capital employed, while keeping our cash generation solid and our balance sheet healthy. In mid-point of our .Grow strategy implementation we are well on track to reach its objectives.
2022 was a particular year for the pillar of our strategy related to responsibility. We made exemplary progress in our #OrangeGoesGreen programme. Owing to newly signed power purchasing agreements, we already secured, three years ahead of the plan, our 2025 strategic goal of CO2 emissions reduction: 65% versus the base year of 2015. I am very proud of that achievement: it will stabilise our energy costs and make our business operations cleaner and more friendly to the environment. I am also pleased that our OrangeGoesGreen strategy was appreciated by the World Communication Awards in a competition awarding achievements and innovations in the telco industry globally. We got into the final short list as the only company from the European Union. Our climate strategy was seen as holistic with tangible actions and results.
On the other hand the war in Ukraine was clearly a major challenge in our environment. As soon as it started we used our resources to provide help and support actions on different fronts. Now, we are more focused on structural initiatives, aimed at integrating refugees into the Polish education system and labour market.
The macroeconomic environment continues to be very demanding and uncertain: Poland’s economic growth in 2023 is expected to slow down to less than 1%, inflation to stay at a double-digit level, and the war beyond our eastern border unfortunately continues. While we believe the demand for our services will remain solid, high inflation will significantly impact our operating costs. I am confident, however, that we are well prepared to face the challenge and will be able to adapt and extract the maximum value from our assets.
Julien Ducarroz
President and CEO of Orange Polska