Current reports
Current report no. 31/2014
Conclusion of contracts with entities comprising Energa Capital Group which joinly 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 20 August 2014, the Company obtained information that the estimated value of the contracts concluded between entities of the ZE PAK S.A. Group and entities comprising the Energa S.A. Group from 25 October 2013 (i.e. from the date when the Company previously informed about conclusion of contracts with entities comprising Energa Capital Group which joinly meets the criteria of material contract by current report nr 30/2013) to 20 August 2014 amounted to PLN 387,3 million net.
Contract with the greatest value is the Agreement signed on 23 May 2014 ("the Agreement"), concluded under the Framework Contract No. 05/0410/99 of 31 August 1999 ("the Contract") between PAK Kopalnia Węgla Brunatnego Konin S.A. and Energa - Obrót S.A. The subject matter of the Contract is the provision of electric energy sales service, whereas the Agreement determines the energy volume and price in the period from 1 January 2015 to 31 December 2015. The estimated value of the concluded Agreement is PLN 84.8 million.
The Agreement was concluded for a definite period of time until 31 December 2015.
In the cases as specified in the Agreement, Energa-Obrót S.A. is entitled to charge PAK Kopalnia Węgla Brunatnego Konin S.A. 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 estimated consumption of electric energy, volume of actually purchased energy and energy price. In the Agreement the parties did not include determinations governing 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 significant 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:
Katarzyna Muszkat – President of the Management Board
Anna Striżyk – Vice President of the Management Board