Body of the Report:
The Management Board of JSW SA with its registered seat in Jastrzębie -Zdrój ("JSW", "Issuer") reports that in the period of last 12 months the estimated value of contracts and the amount of trade turnover between the companies of JSW Capital Group and the companies of Węglokoks Capital Group exceeded 10% of the equity of the Issuer, reaching the value of PLN 608.0 million.
The highest value is a framework agreement for the supply of coal in the years 2016-2020 dated December 23, 2015 ("Agreement") entered into between JSW seated in Jastrzębie-Zdrój (appearing in the Agreement as "Seller"), in name of which and on behalf of which acts its subsidiary Polski Koks SA and the company Węglokoks SA with its registered office in Katowice (occurring in the Agreement as "Buyer").
The agreement provides for the possibility to extend for further periods subject to the conclusion by the parties of the relevant annex. On December 23,2015 the annex to the above Agreement for the supplies of coal in 2016 was concluded (the "Annex"). The estimated value of the supplies of coal during the term of the Agreement was not given due to the possibility of correcting the amount in each year of its duration, while the estimated value of the supplies for 2016 included in the above Annex is approximately PLN 185.0 million.
The price terms of the delivery shall be agreed by the parties on mutually agreed periods.
In terms of contractual penalties Agreement contains provisions on the possibility to claim a remedy for the documented injury caused by non-implementation of the agreement on general principles, in accordance with the provisions of the Civil Code. Other conditions of the agreement do not differ from those commonly used for this type of agreement.
Legal Basis:
§ 5 section 1 item 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 (Journal of Laws of 2009, No. 33, Item 259 as amended).
