Management Board Report on the activity of the JSW S.A. for 2012
3.7. Information on granted loans and sureties and received sureties and guarantees
In 2012, JSW S.A. granted its subsidiary ADVICOM Sp. z o.o. a loan in the amount of PLN 3.5 million (as at 31 December 2012, the value of the loan was PLN 3.2 million). The loan funds were used to partially finance an investment project executed for the Group. The loan is repayable in 24 installments, the final repayment date is 31 October 2014. The interest rate on the loan is set at the market level based on a variable WIBOR 3M rate plus a fixed margin.
Furthermore, in 2012 JSW S.A. assigned its receivables under a commercial agreement to secure Koksownia Przyjaźń’s liabilities arising from a loan granted by the Voivodship Fund for Environmental Protection and Water Management in Katowice. The assignment of receivables was effected in connection with the entry into force of the JSW Capital Group’s new Trading Procedure. The value of the loan liability as at the end of 2012 was PLN 10.0 million. The final loan repayment date is 31 July 2014.
In November 2012, the Company’s Management Board and Supervisory Board approved the granting of a guarantee by JSW S.A. for the repayment of the loan obtained by Polski Koks S.A. from the Voivodship Fund for Environmental Protection and Water Management in Katowice. The amount of JSW S.A.’s guarantee commitment was set at PLN 9.8 million. Because, as at the date of the report, the loan was not granted yet, the guarantee agreement was not signed either.
Still in force remain two guarantees for the liabilities contracted by Spółka Energetyczna Jastrzębie S.A. by virtue of loans obtained from the Voivodship Fund for Environmental Protection and Water Management in Katowice for the total amount of PLN 10.0 million and a guarantee granted by the Krupiński mine to secure a loan granted by PKO BP S.A. up to the amount of PLN 0.3 million to cover the liabilities of Górnicza Spółdzielnia Mieszkaniowa [Miners’ Housing Cooperative] maturing in 2030.
