The Management Board of Grupa LOTOS S.A. announces that in the period from December 24th 2014 to December 23rd 2015 Grupa LOTOS S.A. entered into contracts with the Shell Group for an aggregate value of approximately PLN 1,716 bn, i.e. the value of a significant contract (more than 10% of the equity of Grupa LOTOS S.A.).
Among those contracts, the contract of the largest value is one of December 23rd 2015, 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 the period from January 1st to December 31st 2016 and its estimated value (exclusive of VAT) is approximately PLN 1.09bn.
The estimated maximum amount of liquidated damages is ca. PLN 25.2m. The contract does not state that the parties may seek additional compensation in excess of the liquidated damages.
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, as amended.