The Management Board of Grupa LOTOS S.A. reports that in the period from September 26th to December 20th 2013, Grupa LOTOS S.A. entered into contracts with the Shell Group with an aggregate value of approximately PLN 4.12bn, i.e. the value of a significant agreement (more than 10% of the equity of Grupa LOTOS).
In terms of value, the largest of the contracts is that of December 20th 2012, providing for the sale of liquid fuels by Grupa LOTOS S.A. to Shell Polska Sp. z o.o. of Warsaw. The contract was concluded for a definite period, from January 1st to December 31st 2014, and its value (VAT exclusive) is estimated at about PLN 3.36bn.
The maximum value of the contractual penalties is estimated at approximately PLN 46m. The contract does not contain any provisions under which the parties would be entitled to seek any additional compensation beyond the contractual penalties.
The other terms and conditions of the contract do not differ from the terms and conditions commonly applied in other contracts of this kind.
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.