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ANNUAL
REPORT
2018

4.5. Revenues / (costs) connected with handing over units to srk

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Transfer of KWK Krupiński to SRK in 2017

On 31 March 2017, an agreement was signed by and between JSW and SRK pertaining to the free-of-charge transfer of an organized part of a business in the form of the Krupiński mine to SRK (an entity controlled by the State Treasury). As a consequence of the agreement signed, 1.1 thousand JSW employees have moved to SRK under the procedure contemplated by Article 231 of the Labor Code. The transfer of KWK Krupiński to SRK is one of the conditions in the Agreement between JSW and the Bondholders signed on 29 August 2016. The allocation of the Krupiński mine’s personnel was effected based on an agreement reached by the parties whereby all employees of KWK Krupiński who have been transferred to other JSW mines are covered by the employment guarantees arising from the agreement signed with the trade unions before JSW’s IPO in 2011. In total, new jobs in JSW’s mines were found by 1.8 thousand staff of KWK Krupiński.

The table below presents the recorded revenues and expenses related to the free-of-charge transfer of the KWK Krupiński Mine:

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2018 2017
KWK KRUPIŃSKI
REVENUES 15.5 225.8
Reversal of a provision for losses on account of unrealized agreements pertaining to KWK Krupiński – 14.2
Reversal of the mine decommissioning provision – 97.1
Reversal of the provision for employee benefits for employees transferred to SRK: – 50.1
– adjustment disability benefits – 21.8
– jubilee awards – 9.7
– retirement and disability severance pays – 12.7
– holiday leaves – 4.9
– death benefits – 1.0
Reversal of the impairment losses on property, plant and equipment of the Krupiński Mine transferred from the Suszec Section to other units 15.5 51.2
Settlement of property, plant and equipment received free of charge – 5.9
Reversal of the provision for mining damage – 4.9
Settlement of subsidies related to the transfer of the mine to SRK – 2.4
COSTS (8.2) (125.7)
Net value of liquidated assets and expensable mining pits transferred to SRK (2.1) (57.7)
Other costs associated with the maintenance of the Suszec Section (6.1) (68.0)
TOTAL – TRANSFER OF KWK KRUPIŃSKI 7.3 100.1

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