In the period from January 15th 2012 to January 15th 2013, Grupa LOTOS entered into contracts with ADM Group companies for an aggregate value of approximately PLN 745m, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
On January 15th 2013, Grupa LOTOS and ADM Malbork S.A. of Malbork executed an annex to the agreement of February 24th 2012 concerning purchase of biocomponents – fatty acid methyl esters. Under the annex, the term of the agreement has been extended until December 31st 2013, and the estimated value of the agreement in the period from January 1st to December 31st 2013 is PLN 285m.
The estimated amount of contractual penalties is PLN 43m. Under the agreement, the parties are entitled to seek additional compensation in excess of the contractual penalties.
The other terms and conditions of the contract do not differ from the terms and conditions commonly applied in agreements of such type.
The legal basis for the publication of this Current Report is Par. 5.1.3 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009.