Current reports

Current reports

Current reports

Current report no. 23/2014

Conclusion of contracts with PAK-Volt S.A. which jointly meets the criteria of material contract


Legal basis:

Art. 56 section 1 point 2 of the Public Offering Act - Current and periodic information


Contents of the report:

Zespół Elektrowni "Pątnów-Adamów-Konin" S.A. ("the Company") informs that on 12 June 2014, the Company obtained information that the joint estimated value of the contracts concluded between entities of the ZE PAK S.A. Group and PAK-Volt S.A. (subsidiary of the Company, which company’s name was changed in May 2014 from Elektrim-Volt S.A to PAK-Volt S.A.) from 11 September 2013 (i.e. from the date when the last current report no 25/2013 concerning contracts with this company was published) to 12 June 2014 amounted to PLN 301,6 million net.


A contract with the greatest value is the Agreement no 74/2013/PAK/E-Volt(8)/2014 signed on 15 October 2013 between Company and PAK-Volt S.A. ("the Agreement"), concluded under the Framework Contract for electric energy sale No. SPOT/46/PAK/E-Volt/2011 of 3 August 2011 ("the Contract"). The subject matter of the Agreement is the electric energy sale by the Company in the period from 1 January 2014 to 31 December 2014. The estimated value of the concluded Agreement is PLN 62,8 million. The Agreement was concluded for a definite period of time until 31 December 2014.


In the cases as specified in the Contract, both sides of the Contract are entitled to charge each other with the compensations and offsets with an amount that may exceed the equivalent of 10% of the estimated Agreement value, and the final amount will be calculated based on the undelivered/unreceived electric energy volume and it’s price. Agreement includes in the certain cases the right to seek compensation exceeding the above-mentioned amount.


Other terms of the Agreement do not differ from market standards used in this type of contracts.


The criterion for recognition of the concluded contracts as material is the fact that their joint value exceeded 10% of the value of the Company's equity.


Legal basis: § 5 section 1 item 3 and § 9 of the Finance Minister’s Regulation of 19 February 2009 on the Current and Periodic Information Transmitted by Securities Issuers and the Conditions for Recognizing the Information Required by the Regulations of a Non-Member State as Equivalent.


Signatures of persons representing the company:

Anna Striżyk – Vice President of the Management Board

Karol Sobczak – Proxy