Budimex.pl

Current report no 47 / 2017

Date: June 26, 2017 5:21 PM

Turów contract - annex to the civil partnership agreement

With reference to current reports No 30/2014 of 18 March 2014, No 56/2014 of 10 July 2014, No 81/2015 of 25 November 2015 and No 83/2015 of 14 December 2015, the Management Board of Budimex SA hereby informs that on 26 June 2017 Budimex SA signed an annex to the agreement on civil partnership operated under the name of Budimex S.A., Tecnicas Reunidas S.A. - Turów spółka cywilna, as a special purpose vehicle for the construction project of a new power unit of Turów power plant.  Share of Budimex SA and Tecnicas Reunidas S.A. in the civil partnership is 50% for each partner. The existing contributions of the partners in the civil partnership have been PLN 2,500 from each partner. 

 

Basic provisions of the annex:

Each partner has undertaken to make further cash contributions to the civil partnership up to the total amount of PLN 171,950,000 for each partner.

 

The contributions shall be made on a monthly basis if the recent cash-flow forecast for the project predicts a cash deficit in the civil partnership in the first month of the forecast. The contributions shall be made in a total amount which will fully cover the expected cash deficit of the civil partnership in the first month of the forecast and at the same time, as a result of the contributions made, will guarantee the expected level of cash of the civil partnership in the amount of PLN 10,000,000 at the end of the first month of the forecast.

 

The parties assume that the contributions may be withdrawn on condition that the recent cash-flow forecast for the project predicts positive net cash-flows in the civil partnership in each month of the forecast. The withdrawn amount will be equal to the amount of cash surplus in the civil partnership above PLN 10,000,000.

 

Liability of Budimex exceeds 2% of the sales revenues from the recent annual statement of the Budimex Group.

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Shareholdership structure as on 17.05.2019

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