On 16 January 2018 the Management Board of the parent company informed that a further amendment has been signed to the contract concluded with Amec Foster Wheeler Environment & Infrastructure Inc., based in the USA for electrical and communication systems including deliveries, related to the construction of Aegis Missile Defense System Complex, European Phased Adaptive Approach, Phase III in Redzikowo.The subject matter of the amendment is the supply of additional works and the establishment of the date of completion as 31 May 2018. The other significant terms of the contract have not been changed. After the amendment have been signed, the aggregate value of works under the contract is US$ 13 295 thousand, net of taxes.
On 1 February 2018 the Management Board of the parent company informed about signing a contract was with Polski Koncern Naftowy ORLEN S.A., having its registered office in Płock, for the EPC performance of the project concerning the extension of storage capacity of tanks in the fuel terminal No. 91 in Szczecin. The scope of the Contract included in particular engineering of the design documentation and construction of the fuel warehouse. The contractual completion date is 30 June 2019. The contract price is 39 490 thousand PLN, net of taxes. The Contractor’s total liability towards the Purchaser for all claims arising from or directly related to the performance or breach of the Contract provisions (including liquidated damages) by the Contractor shall not exceed the equivalent of a 100 per cent of the net contract price. The limitation of liability shall not apply to:
The other terms of the contract do not differ from standard market conditions applied to contracts of this type.
On 21 February 2018 the Management Board of the parent company disclosed signing an amendment to the mandate agreement concluded in 2013 with Powszechny Zakład Ubezpieczeń S.A. ("PZU") for periodical issuance of contract bonds ("Amendment"), under which the validity period of maximum limit of exposure up to the amount of 60 000 thousand PLN was extended until 20 February 2019. By the Amendment the parties have revoked the revolving nature of the exposure limit and agreed that the limit in further periods will be determined each time individually, and if no limit for the next period is determined the Agreement will terminate upon the expiry of the contractual liabilities of the parties. Payment of any claims of PZU towards the Company, arising out of the Agreement, shall be secured by five blank promissory notes issued by the Company with promissory note agreements.
On 26 February 2018 the Management Board of the parent company informed that the Amendment to the loan agreement, which has the form of a multi-purpose credit limit and was concluded with Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna based in Warsaw (“the Bank”) on 24 February 2006 (“the Amendment”), was signed. Under the Amendment the multi-purpose limit amount was reduced from 146 9 863 thousand PLN to 100 000 thousand PLN. The parties also extended the validity period of the limit until 28 February 2019. The other essential terms of the agreement remain unchanged.
On 21 March 2018 the Management of the parent company informed that the Company made an Amendment with Bank Handlowy w Warszawie S.A. to the framework agreement on the revolving line for contract guaranties concluded on 23 September 2005. Under the Amendment the amount of limit of exposure within which the Bank may provide the Company with guaranties specified in the Agreement has been reduced to 130 million PLN.
The other provisions of the Agreement were not changed.
On 21 March 2018, with reference to the current report 5/2013 submitted by ELEKTROBUDOWA SA on 4 March 2013, in which the Company disclosed signing a contract with Polskie Sieci Elektroenergetyczne SA for performance, by 31 December 2017, of “Extension and modernization of the Skawina 220/110kV electrical substation including connection of the 2x2x400kV line”, and referring to the disclosure in the Q3 2017 quarterly report, the Management of the Issuer informed that the parties had concluded the requested amendment. Under the amendment the parties agreed the date of completion of the contractual works as 31 October 2019. The net value of works remaining to be performed and invoiced is 55 745 thousand PLN.
The other provisions of the Contract remain unchanged.
No other significant events have occurred after the reporting date, which should be, but have not been disclosed in these consolidated financial statements.
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