Current Report No.: 12/2015
Current Report No.: 12/2015
Date of preparation: 30.04.2015
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 30 April 2015 of another transaction between the Issuer and ENEA Trading Sp. z o.o. (Seller) the total value of intergroup transactions in the period from 10 December 2014, i.e. the day on which the Issuer published the current report No. 34/2014, amounted to PLN 1,165.6 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 50.6 mln which was settled on 2 February 2015 (the Transaction). The price of electricity being the subject of the Transaction was calculated in accordance with the purchase prices of the energy by the Seller on the wholesale electricity market. Within electricity trading transactions 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 under general terms. The volumes of electricity sold in a given settlement period are determined based on detailed designs 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 in force for performing and settlement of transactions will be biding upon the parties until 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 aforementioned value of the intergroup transactions exceeds the threshold of 10% of the Issuer's equity which is the criterion for recognising 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 exclusions from the consolidation they have no impact on the consolidated results of ENEA Capital Group.
