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  • No. of the report:24/2016
  • Report date:25.04.2016
  • Report legal ground:Art. 56 section 1 p. 1 of Act on Public Offering - confidential information

The Management Board of PGE Polska Grupa Energetyczna S.A. ('PGE') discloses initial consolidated financial results for the first quarter of 2016.

According to preliminary estimates, consolidated EBITDA in the first quarter of 2016 will amount to approx. PLN 1.8 billion while net profit attributable to equity holders of the parent company will amount to approx. PLN 0.9 billion.

The above estimates include significant non-cash one-off items that were recognized in the first quarter of 2016:

- Revenues due to termination of long term contracts for sale of capacity and electricity (so-called 'LTC compensations') in amount of approx. PLN 278 million (including PLN 148 million resulting from court verdicts in cases relating to stranded costs and costs arising in gas-fired units), accordingly increasing reported EBITDA.

Disclaimer: The data presented above are estimated and may change.

The quarterly consolidated report for the first quarter of 2016 shall be published on May 11, 2016.

Legal ground: Art. 56 section 1 point 1 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw 2013, item 1382, as amended).

Date Name Position and function
25.04.2016 Emil Wojtowicz Vice-President of the Management Board
25.04.2016 Marek Pastuszko Vice-President of the Management Board

PGE - Polska Grupa Energetyczna SA issued this content on 25 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 April 2016 16:39:52 UTC

Original Document: http://www.gkpge.pl/en/current-reports/report/24-2016