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Factors related to the Group’s business and market environment

Market risk is managed to mitigate the impact of undesirable effect of changes in market risk factors on cash flows and on financial results. The key market risks and risks related to the business operations include:

Global economic situation

Excess supply of coal and coke on the European Union market

Decline or volatility of coal and coke prices

Sales to a relatively small number of major customers from the European Union and a considerable downturn in market conditions in the European economy, decline of coal consumption among the Group’s customers in this region or the inability to obtain paym

Operational risks that may contribute to lower output or higher costs of coal production

The quantity and quality of coal mined by the Group may be lower than customers expect

The quantity and quality of coke produced by the Group may be lower than customers expect

Ability to operate existing resources, acquire them and utilize economically attractive coal resources at a competitive cost

Group’s inability to execute development projects or delays in their execution

Successful integration of newly-acquired companies in the Group

Employee relations may adversely affect Group’s operations

Collective disputes with employees may disrupt the Group’s operations

Volatility of PLN and other foreign currencies with respect to the EUR and USD

Cash flow volatility risk caused by changes in interest rates

Issues related to local communities

Financial statements

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