08/02/2016
Current Report No. 9/2016: Total value of agreements within the KRUK Group
The Management Board of KRUK S.A. (the “Company”) announces that on February 8th 2016 it executed a loan agreement with the Company’s subsidiary, KRUK Česka a Slovenska republika s.r.o. (the “Subsidiary”), as a result of which the total value of agreements executed between the Subsidiary and other companies of the KRUK Group (the “Group”) over the past 12 months reached PLN 57,2m, and thus exceeded 10% of the Group’s revenue.
The highest-value agreement executed in the period was the write off agreement of December 31st 2015 (the “Agreement”).
Under the Agreement, the Company wrote Subsidiary’s liabilities of CZK 120.91m off (PLN 19.07m, as translated at the mid rate quoted by the National Bank of Poland for December 31st 2015). The Agreement stipulated no conditions precedent or subsequent. Other terms and conditions of the Agreement did not differ from those commonly used in agreements of such type. The Agreement did not provide for contractual penalties that would exceed the equivalent of 10% or more of the value of the Agreement or the PLN equivalent of at least EUR 200,000.
The materiality criterion is met because the total value of the agreements exceeds 10% of the Group’s revenue for the previous four financial quarters.
Detailed legal basis: Par. 5.1.3 of the Regulation of the Minister of Finance of February 19th 2009 on current and periodic information […]