Important events having material influence on the Capital Group’s activity and financial results in the financial year or whose impact is possible in the next years

The Capital Group’s operations and financial results are influenced by factors directly related to its core business:

- black coal mining and sale,
- production and sale of coke and coal derivatives,
- generation, transmission and distribution of electricity.

The events having material influence on the Group’s activity and financial results which occurred in the financial year are described in detail in Item 3.4 of Management Board Report on the activity of the JSW S.A. Capital Group for 2012.
In addition, the following should be mentioned amongst the events influencing the Group's activity in the next years:

- further decline in demand for coke and coal derivatives,
- large expenditures on modernization of coking batteries and other equipment and machinery of coke plants,
- tightening requirements related to environmental protection, energy law and excise tax,
- reduction of CO₂ emission limits for Poland,
- increase in costs of electricity generation.