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Commissions submitted by Alstom Power Systems GmbH with regard to a project of construction of supercritical power units in the Netherlands

Current Report No.: 5/2010
Date: 01.26.2010

Commissions submitted by Alstom Power Systems GmbH with regard to a project of construction of supercritical power units in the Netherlands

On 15th December 2009, Energomontaż-Południe S.A. (Issuer, Company, Contractor) published current report no. 66/2009 in which the Company announced the fact of the Issuer's having been commissioned by Alstom Power Systems GmbH to:
  1. manufacture and deliver flue gas and air ducts under the project of construction of two supercritical power units in Emshafen, Germany, and
  2. assembly of the pressure part of a 910 MW supercritical boiler at the Rheinhafen-Dampfkraftwerk power plant in Karlsruhe
In reference to current report no. 66/2009, the Issuer's Management Board hereby announces that on 25th January 2010, as a result of commissioning the Issuer to perform the foregoing tasks, the Company received a commission submitted by Alstom Power Systems GmbH (Employer) comprising execution of the works specified in point 1 in the scope of prefabrication of the flue gas and air ducts under the project of construction of two supercritical power units in Eemshaven, the Netherlands. The overall value of the aforementioned works to be performed is ca. EUR 7 million which corresponds to ca. PLN 28.7 million in accordance with the average exchange rate of the National Bank of Poland as of the report date. The commission is to be performed within the period from May 2010 until April 2011.

The stipulated penalties due to the delay in the commission performance shall not exceed 10% of their corresponding value, however, the Employer shall be entitled to claim compensation in an amount not exceeding 150% of the commission value in accordance with the general principles of the Swiss law.

As a criterion for the commission to be considered as a major one, the Issuer assumed 10% of the equity capital.

The Issuer also reports that the commission referred to in point 2 above concerning assembly of the pressure part of a 910 MW supercritical boiler at the Rheinhafen-Dampfkraftwerk power plant in Karlsruhe is expected to be submitted within the incoming weeks.

The overall estimated value of the works related to all the tasks referred to in points 1 and 2 above is ca. EUR 17.5 million which corresponds to ca. PLN 71.7 million in accordance with the average exchange rate of the National Bank of Poland as of the report date.

Having taken the foregoing commissions into consideration, the estimated value of the Company's portfolio of orders is ca. PLN 363.7 million (the portfolio also comprises export orders in the amount of ca. EUR 58.4 million) including the portfolio of orders for the year 2010 in the amount of ca. PLN 350.9 million (the portfolio covers export orders to be performed in 2010 for the amount of ca. EUR 55.3 million). The portfolio value has been determined based on the euro exchange rates assumed by the Issuer for calculation of the orders.


SIGNATURES OF THE PERSONS REPRESENTING THE COMPANY

Alina Sowa
 -Vice President of the Management Board
Tadeusz Torbus
 -Proxy

 

Legal grounds: Article 56, section 1, point 2 of the Act on the Offer – current and periodical information

 

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Current Report No. 5/2010
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