Last updated on: 2019-01-24



Submission of the final report regarding the fulfilment of Elektrim SA's obligations arising from ZE PAK SA Privatization Agreement

Zespół Elektrowni Pątnów-Adamów-Konin SA ("Company", "ZE PAK SA") announces that on April 30, 2018, the Management Board of the Company together with the Management Board of Elektrim SA forwarded to the Ministry of Enterprise and Technology a final report on compliance of Elektrim SA with implementation investment liabilities resulting from the "Share Purchase Agreement for Zespół Elektrowni Pątnów-Adamów-Konin Spółka Akcyjna with its registered office in Konin", concluded in Warsaw on March 30, 1999 between the State Treasury and Elektrim SA (hereinafter referred to as the "Privatization Agreement").


The above-mentioned document contains reports on the implementation of investment tasks carried out at the power plants of ZE PAK SA, including Elektrownia Pątnów II Sp. z o.o. (a subsidiary of ZE PAK SA), from 30 March 1999 to 31 December 2017. On the basis of the information provided, the Company acknowledges that the obligations imposed on Elektrim SA under the Privatization Agreement have been fully implemented. Particularly, in accordance with the provisions of the Privatization Agreement, the total volume of installed and available capacity of equipment operated in power plants of ZE PAK SA Capital Group as at December 31, 2017 and in the entire period from March 30, 1999 exceeded the level of 2212 MW gross established in the Privatization Agreement. The submitted final report shows that the amount of financial expenditures aimed at reconstruction, modernization and maintenance of the efficiency of production equipment of ZE PAK SA and Elektrownia Pątnów II Sp. z o.o. in the total capacity of at least 2212 MW gross in the period from March 30, 1999, amounted to nearly PLN 7.3 billion. Achieving such a level of expenditure was possible, among others because until 2013, the Company did not make a dividend payment to shareholders, and the profit earned was allocated in principle to financing investment tasks. The above-mentioned report in the part describing the amount of expenditure incurred, as well as in the technical part related to the determination of the capacity in ZE PAK SA and Elektrownia Pątnów II Sp. z o.o., has been based on expert opinions prepared by independent entities with a recognized reputation in their field.