Body of the report:
The Management Board of Jastrzębska Spółka Węglowa S.A. with its registered office in Jastrzębie-Zdrój („JSW”, „Issuer”) hereby reports that over the most recent 12 months member companies of the JSW Capital Group executed contracts with member companies of the PGE Górnictwo i Energetyka Konwencjonalna S.A. Capital Group with a total estimated value of approximately PLN 1,035.2 million (say: one billion thirty-five million two hundred thousand Polish zloty), which exceeds 10% of the Issuer’s equity.
The contract with the highest value is the long-term contract („Contract”) executed on 24 June 2013 by and between JSW (acting in the Contract as the „Seller”) and PGE Górnictwo i Energetyka Konwencjonalna S.A. with its registered office in Bełchatów (acting in the Contract as the „Buyer”).
The object of the Contract is to supply steam coal.
Material terms and conditions of the Contract:
Term of validity: from 01 July 2013 to 31 December 2017
Contract’s estimated net value: PLN 1,035 million (say: one billion thirty-five million Polish zloty).
Contract’s settlement currency: PLN.
The price-related terms and conditions will be agreed upon on an annual basis.
The parties have the right to assess contractual penalties for the failure to supply or to take the contracted quantities of coal within the course of a given year in the amount of 10% of the value of the coal not supplied or taken computed using the prices most recently in force in the Contract. Each party may pursue additional damages according to the general principles if the contractual penalties do not cover the incurred loss.
The remaining terms and conditions of the Contract do not deviate from the terms and conditions generally applied in these types of contracts.
Legal basis: § 5 section 1 sub-section 3 of the Finance Minister’s Regulation of 19 February 2009 on the current and periodic information conveyed by securities issuers and the conditions for recognizing the information required by the regulations of a non-member state as being equivalent