The Management Board of Polenergia SA (‘Company’) hereby announces that on 16th February 2015 the Company obtained a notification that the total net turnover in terms of wholesale trading of electricity and property rights arising from certificates of origin of electricity (‘Property Rights’) between the Company’s subsidiary – Polenergia Obrót SA (‘Polenergia Obrót’) – and the Company’s subsidiary – Polenergia Dystrybucja sp. z o.o. (‘Polenergia Dystrybucja’), generated from 21st August 2014, i.e. the date of acquisition of Polenergia Obrót and Polenergia Dystrybucja by the Company, till the date of publication of this Current Report, amounted to PLN 128.524 million. This amount includes both the income of Polenergia Obrót from the sale of electricity and Property Rights to Polenergia Dystrybucja (net PLN 11.853 million) and the costs of Polenergia Obrót arising from the purchase of electricity and Property Rights from Polenergia Dystrybucja (net PLN 116.620 million).
Therefore, the total net value of turnover between Polenergia Obrót and Polenergia Dystrybucja in the specified period exceeded 10% of the Company’s equity.
The turnover between Polenergia Obrót and Polenergia Dystrybucja in terms of electricity was generated on the basis of a framework agreement of 25th November 2013 concluded between Polenergia Obrót and Polenergia Dystrybucja (‘Framework Agreement’). The Framework Agreement governs all transactions that are carried out between the parties in terms of electricity purchase, based on individual agreements concerning the purchase, sale, delivery and acceptance of electricity. The Framework Agreement was concluded for an indefinite period and may be terminated by either party with effect at the end of the calendar month following the day of the termination submitting. Pursuant to the Framework Agreement, in the case of failure to submit/wrong submission of individual sales agreements to the transmission system operator, the responsible party shall be obliged to reimburse to the other party the costs incurred in connection with the disposal/acquirement of electricity in the balancing market, which are set forth in the Framework Agreement. The Framework Agreement does not contain any conditions precedent or subsequent. The Framework Agreement does not contain provisions departing from the commonly used standard applicable to this type of agreements.