Legal Basis: Article 56 Section 1 Item 2 of the Act on Offerings – current and periodic information
Body of the Report:
The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) hereby informs that the total value of the agreement entered into on 27 December 2012 by and between JSW and EDF Paliwa Sp. z o.o. with its registered office in Kraków and sales revenues during the most recent 12 months reached the total net value of approximately PLN 944 million (nine hundred forty-four million Polish zloty).
Of the largest value is the agreement for the sale of thermal coal (“Agreement”) signed on 27 December 2012 by and between Jastrzębska Spółka Węglowa S.A. (referred to in the Agreement as the “Seller”) and EDF Paliwa Sp. z o.o. with its registered office in Kraków (referred to in the Agreement as the “Buyer”).
The prices are to be agreed upon separately for each year.
The term of the Agreement will commence on 1 January 2013 and will expire on 31 December 2015, but may be extended thereafter.
The settlement currency of the Agreement is the Polish zloty.
The estimated net value of the Agreement until the end of its term is approximately PLN 700 million (seven hundred million Polish zloty).
The Agreement comprises mutual provisions on sanctions in the event of failure to perform the contractual obligations by any of the parties in the amount of 20% of the gross value of goods that have not been delivered/collected, calculated according to the most recent contractual prices.
In the event either party suffers a loss in excess of the amount of liquidated damages, it may pursue additional compensation. The other terms of the Agreement do not differ from those commonly used in this type of agreement.
The estimated value of the agreement and revenues between the JSW Capital Group and EDF Paliwa Sp. z o.o. during the last twelve months until the date of publication of this report has exceeded 10% of the Company’s equity.
Legal Basis: § 5 Section 1 Item 3 of the Regulation issued by the Finance Minister on 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 (Journal of Laws of 2009 No. 33 Item 259, as amended)