Current Report No.: 34/2014
Current Report No.: 34/2014
Date of preparation: 10.12.2014
Short name of issuer: ENEA S.A.
Subject: Information on the value of intergroup transactions between ENEA S.A. and ENEA Trading Sp. z o.o.
Legal basis: Article 56 item 1(2) of the Act on Offerings - current and periodic information
Content of report:
The Management Board of ENEA S.A. (Issuer) informs that in relation to the settlement on 10 December 2014 of another transaction between the Issuer and ENEA Trading Sp. z o.o. (Seller) the total value of intergroup transactions in the period from 15 July 2014, i.e. the date on which the Issuer published the current report No. 28/2014, amounted to PLN 1,183 mln.
The aforementioned amount comprises mainly transactions within trade in energy and in the remaining part e.g. transactions in proprietary interests.
The transaction with the highest value was the sales transaction for ENEA S.A. of electricity amounting to PLN 53.5 mln which was settled on 31 July 2014 (the Transaction). The price of electricity being the subject of the Transaction was calculated in accordance with the purchase prices of this energy by the Seller on the wholesale electricity market. As regards the transactions within trading in electricity the parties have no option to claim contractual penalties. On failure to perform or improper performance of the Transaction its parties have the right to claim damages based on general terms. The volumes of electricity sold in a given settlement period are determined based on execution plans and their updates and are based on the volume of electricity reported and accepted for realisation by the operator of the transmission system in a given settlement period.
The rules being in force for performing and settlement of transactions will be biding upon the parties till 31 October 2019 and will be automatically prolonged for an indefinite period of time, unless any party within three months the latest before the expiry of the aforementioned term files a written statement to the other party concerning the termination of the said rules.
The above mentioned value of intergroup transactions exceeds the threshold of 10% of the Issuer's equity adopted as a criterion for considering agreements as significant.
At the same time, the Issuer informs that the above transactions were concluded within regular operations of ENEA Capital Group companies and due to the transactions excluded from the consolidation have no impact on the consolidated results of ENEA Capital Group.
