Polenergia SA (‘Company’) hereby announces that the Company obtained a notification that the total value of transactions in terms of wholesale electricity trading between the Company’s subsidiary – Polenergia Obrót SA (‘Polenergia Obrót’) – and Vattenfall Energy Trading GmbH (‘Vattenfall’), concluded from 21st August 2014, i.e. the date of acquisition of Polenergia Obrót by the Company, till the date of publication of this Current Report, amounted to net PLN 193 246 658.05. This amount includes both the contracted income of Polenergia Obrót, pursuant to the agreements on the sale of electricity to Vattenfall (net PLN 65 104 633.67), and the contracted costs of Polenergia Obrót arising from the agreements on the purchase of electricity from Vattenfall (net PLN 128 142 024.38 million).
Therefore, the total net value of turnover between Polenergia Obrót and Vattenfall exceeded 10% of the Company’s equity.
Moreover, the Company announces that the transactions between Polenergia Obrót and Vattenfall were generated on the basis of a framework agreement of 10th June 2013 concluded between Polenergia Obrót and Vattenfall (‘Framework Agreement’). The Framework Agreement governs all transactions that are carried out between the parties, based on individual sales agreements or options, concerning the purchase, sale, delivery and acceptance of electricity. The Framework Agreement was signed with the use of a standard agreement applied in this type of agreements. The Framework Agreement was concluded for an indefinite period and may be terminated by either party upon 30 days’ notice. In the case of non-delivery of electricity in the amount resulting from the provisions of individual sales agreements, the Framework Agreement provides for the stipulated penalty in the amount depending on the amount of undelivered electricity. In certain cases, the Framework Agreement provides for the right to seek compensation exceeding the value of the above-mentioned amount. The Framework Agreement does not contain any conditions precedent or subsequent.