41/2012
41/2012
Conclusion of a significant agreement with Elektrownia Połaniec S.A. – the GDF SUEZ ENERGIA POLSKA Group (GDF SUEZ Energia Polska S.A.)
Current Report No. 41/2012
Date of preparation: 12 July 2012
Subject: Conclusion of a significant agreement with Elektrownia Połaniec S.A. – the GDF SUEZ ENERGIA POLSKA Group (GDF SUEZ Energia Polska S.A.)
General legal basis: Article 56.1.2 of the Polish Act on Public Offering – current and periodic information
Content:
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (the Company, the Seller) hereby informs you that on 12 July 2012 it concluded Agreement No. 3/W/2012 on the sale of power coal (the Agreement) with Elektrownia Połaniec S.A. — Grupa GDF SUEZ ENERGIA POLSKA (Elektrownia Połaniec, the Buyer) with registered office in Połaniec, Zawada 26.
The Agreement is in effect from the date of conclusion thereof until 31 December 2018, and provides for actual supplies of power coal for the purposes of Elektrownia Połaniec in the years from 2013 to 2018.
The Agreement between the Parties stipulates that the pricing formula is in effect until31 December 2015.
The value of the Agreement amounts to approx. PLN 2.857 billion net, excluding possible increases or deviations provided for under the Agreement.
The Agreement provides for the following liquidated damages:
(a) In case of failure to supply or collect coal for reasons attributable to one of the Parties in the amount specified for a particular year, taking into account permissible deviations in settlement for a given year, the other Party is entitled to liquidated damages accounting for 10% of the value of coal which has not been supplied or collected.
(b) If the coal delivered to the Buyer under the Agreement is subject to excise tax, and the Seller is obliged to pay it due to reasons attributable to the Buyer or its authorised carrier, including due to failure to fulfil the obligations specified
in the Agreement, the Seller will, on the basis of a decision issued by a relevant institution, charge the Buyer with damages on the basis of a note in the amount equivalent to the excise tax paid, as a result of imposing excise tax on the coal in question, together with statutory interest and other costs incurred.
(c) Each Party has the right to claim additional damages on general terms, if the liquidated damages fail to cover the value of damage incurred by the Party, except for lost profit.
Date of preparation: 12 July 2012
Subject: Conclusion of a significant agreement with Elektrownia Połaniec S.A. – the GDF SUEZ ENERGIA POLSKA Group (GDF SUEZ Energia Polska S.A.)
General legal basis: Article 56.1.2 of the Polish Act on Public Offering – current and periodic information
Content:
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (the Company, the Seller) hereby informs you that on 12 July 2012 it concluded Agreement No. 3/W/2012 on the sale of power coal (the Agreement) with Elektrownia Połaniec S.A. — Grupa GDF SUEZ ENERGIA POLSKA (Elektrownia Połaniec, the Buyer) with registered office in Połaniec, Zawada 26.
The Agreement is in effect from the date of conclusion thereof until 31 December 2018, and provides for actual supplies of power coal for the purposes of Elektrownia Połaniec in the years from 2013 to 2018.
The Agreement between the Parties stipulates that the pricing formula is in effect until31 December 2015.
The value of the Agreement amounts to approx. PLN 2.857 billion net, excluding possible increases or deviations provided for under the Agreement.
The Agreement provides for the following liquidated damages:
(a) In case of failure to supply or collect coal for reasons attributable to one of the Parties in the amount specified for a particular year, taking into account permissible deviations in settlement for a given year, the other Party is entitled to liquidated damages accounting for 10% of the value of coal which has not been supplied or collected.
(b) If the coal delivered to the Buyer under the Agreement is subject to excise tax, and the Seller is obliged to pay it due to reasons attributable to the Buyer or its authorised carrier, including due to failure to fulfil the obligations specified
in the Agreement, the Seller will, on the basis of a decision issued by a relevant institution, charge the Buyer with damages on the basis of a note in the amount equivalent to the excise tax paid, as a result of imposing excise tax on the coal in question, together with statutory interest and other costs incurred.
(c) Each Party has the right to claim additional damages on general terms, if the liquidated damages fail to cover the value of damage incurred by the Party, except for lost profit.