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Key events in 2015

I quarter

Great interest of investors in Enea's corporate bonds

Enea obtained PLN 1 billion due to placing of the first issue of bonds within the programme totalling to up to PLN 5 billion. The securities were issued as bearer bonds, with five years of maturity. They are denominated in Polish zloty and were offered in a non-public issue. The issue was taken up by 21 entities: banks, investment fund companies, open-end pension funds and insurance companies. On 24 March the bonds were registered with the National Depository for Securities and on 15 May they were first traded on the Catalyst market of the Warsaw Stock Exchange.

Entry into WIG20 confirms Enea's importance to the Warsaw stock exchange

Enea SA's shares were listed on the key indices of the Warsaw Stock Exchange: WIG20 and WIG20TR. It is a result of the annual review of indices performed by the stock exchange on 12 February this year Formerly, Enea SA's shares were listed on mWIG40 index which they have left now. WIG20 index is the key ratio of the economic situation, and also the key index and base instrument for futures contracts and options. The composition of portfolios of WIG30 and WIG30TR on which Enea's shares are listed, has not changed.

Enea Group Company a contractor of four solar power plants

Enea Oświetlenie and Miejski Ośrodek Sportu, Rekreacji i Rehabiltacji (Local Sports, Recreation and Rehabilitation Centre) in Szczecin concluded an agreement as a result of which four photovoltaic power plants of a total capacity of ca. 212 kW were developed on public utility buildings' roofs. The installed solar power plants supply power for own needs of the facilities in Szczecin. The project co-financed from the Community funds was completed at the beginning of August 2015.

More ecological energy in Enea Wytwarzanie

In Q1 2015 the construction of installations of flue gases denitrification on unit No. 7 in Kozienice Power Plant was completed. It constitutes another stage of the SCR installation construction on 200 MW units - No. 4 to 8 which is to guarantee ca. 80% reduction in nitric oxides in flue gas.

A heat recovery installation from biomass boiler flue gases has been operating in Elektrociepłownia Białystok since 23 February. This is the first installation of this type operating on an industrial scale in Poland. The applied technology allows to increase the heat production from the biomass boiler without consuming additional fuel. Due to the investment in the modern heat recovery system, Enea Wytwarzanie reduced pollutant emissions to the atmosphere, concurrently increasing the total capacity of the combined heat and power plant.

The cogeneration heat and power plant constructed in MEC PIła is one of the most modern facilities of this type in Poland. It may produce around 10 MWt of heat energy and around 10 MWe of electricity at the same time and is fired with natural gas. Its launching resulted in the reduction in demand for energy from conventional sources, contributing therefore to the reduction of combusted coal and emission of harmful substances, in particular dusts, sulphur oxides and CO2 to the atmosphere.

Enea Wytwarzanie and LW Bogdanka signed an annex to the coal supply agreement

On 25 March Enea Wytwarzanie and LW Bogdanka signed an annex to the annual agreement for fuel coal supplies in 2015. It specifies the detailed prices of the basic coal supplies to Kozienice Power Plant in 2015.

The Group simplifies and optimises its structure

In Q1 a new brand architecture was implemented. Core Group companies changed their names to: Enea Oświetlenie (formerly Eneos), Enea Pomiary (formerly Energomiar), Enea Logistyka (formerly BHU) and Enea Serwis (formerly Energobud Leszno). All the companies, except the distribution company, use the same logo.

II quarter

Another stage of the Group’s optimisation

On 1 April subsequent changes were made to the Group's structure: Energo-Tour was put to liquidation. Its operations are being gradually phased out, which is complaint with Enea Group's corporate strategy foreseeing the concentration on core operations.

Enea acquired a block of shares in the operator of the future atomic power plant

On 15 April Enea, KGHM Polska Miedź and Tauron Polska Energia purchased from PGE 10% shares each (a total of 30% shares) in PGE EJ 1 - the special purpose vehicle, which will be the operator of the first Polish atomic power plant. PGE EJ 1 is responsible for the preparation and implementation of the investment being the construction and exploitation of the power plant with the capacity of around 3,000 MWe.

Fitch Ratings affirms a high rating for Enea

On 27 April Fitch Ratings agency upheld long-term ratings for our Company in national and foreign currency on the level of "BBB" and a long-term national rating on the level of "A(pol)” with a stable outlook. On 29 October Fitch Ratings affirmed Enea's ratings in relation to the takeover of LW Bogdanka The outlook of the ratings is stable.

Enea entered the German market

In May, Enea commenced operations on the German electricity wholesale market. Through a specialist company, Enea Trading, it is present both on the SPOT market - EPEX SPOT (European Power Exchange), and forward market - EEX (European Energy Exchange).

EIB supports modernisation of power grids of Enea

On 29 May the European Investment Bank granted Enea a loan in the amount of PLN 946 mln for the modernisation and extension of power grids in north-western Poland. Enea's investment programme realised during 2015-2017 will contribute to the enhancement of the competitiveness and distribution security in this part of Poland.

PEC Zachód – a new company in Białystok

Przedsiębiorstwo Energetyki Cieplnej Zachód as a new subsidiary of Enea Wytwarzanie commenced operations as a part of Enea Group in June 2015. PEC Zachód will provide services for the Segment of Heat, e.g. within exploitation and construction of a heating network and servicing Ciepłownia Zachód belonging to MPEC. The new company will be also able to extend the range of its operations, going out to the external market with services within the construction and repair of water installations and heating networks.

III quarter

Changes in the composition of the Supervisory Board of Enea

In relation to the expiry as of 1 July the 8th term of Enea’s the Supervisory Board, the Ordinary General Meeting of Shareholders of the Company, as of 2 July, nominated the following people into the composition of the Supervisory Board of the 9th term: Sławomir Brzeziński, Wojciech Chmielewski, Marian Gorynia, Wojciech Klimowicz, Sandra Malinowska, Tadeusz Mikłosz, Małgorzata Niezgoda and Rafał Szymański. On 23 July, in relation to a resignation filed by Wojciech Chmielewski, Monika Macewicz was appointed into the composition of the Company's Supervisory Board. On 27 August Radosław Winiarski joined the Supervisory Board.

The Group implements projects in order to increase the generating capacities from RES

Enea Wytwarzanie concluded a contingent agreement for the purchase of 100% of shares in the company which implements the investment of the construction of a 36 MW wind farm. The company, located in the central Poland, will be composed of 12 wind turbines, 3 MW power each. The farm’s start-up is planned until the end of this year. Pursuant to the provisions of the agreement Enea Wytwarzanie will become a 100% shareholder in the company, after a formal commissioning of the investment. Until the end of 2016 the completion of the construction of 14.1 MW Baczyna Wind Farm is planned. The Company analyses also the possibilities of realising a pilot project within photovoltaics. In April 2015 a permit was obtained for the construction of 1 MW installation in Jastrowie.

Enea and Taruon want to develop renewable capacities together

On 2 July 2015 the companies signed a letter of intent relating to the joint implementation of the strategy guaranteeing an optimum method of increasing capacities from renewable sources and financing transactions of acquiring wind assets.  Both, Enea’s and Tauron’s strategy provides for the development of renewable energy sources, in particular wind farms.

PLN 207.5 mln went to shareholders

On 11 August Enea distributed dividend from profit for 2014 in the amount of PLN 0.47 per share. The dividend rate totalled to 3.2%.

Enea terminated the coal supply contract with LW Bogdanka

On 21 August Enea Wytwarzanie terminated a multiannual coal supply agreement concluded with LW Bogdanka in 2010. The Company determined that the coal from Lublin was too excessive for it and the concluded contract and lack of negotiating flexibility of the partner gave no chances for required reductions which account for the market reality. The existing agreement did not allow Enea to obtain fuel at prices which are in force on the global and domestic markets.

Additional funds for investments as a result of the final settlement of Long-term Agreements

On 27 August Enea Wytwarzanie received the decision of the President of Energy Regulatory Office regarding the amount of the final adjustment of stranded costs. The amount of the final adjustment was PLN 316 mln and will be paid until the end of the year. The total nominal value of compensation by title of Long-term Agreements’ termination for the Company for the whole period of adjustment will amount to PLN 522 mln. Due to the achieved compromise Enea may terminate the litigation being in progress for many years, and allocate the additional funds in the financing of the Group’ core investments.

Enea updated its strategy

Guaranteeing fuel supplies for own generating assets, innovations and extended HR policy - these are the three core new elements of the Group’s strategy. Enea modified also its investment plans, taking into account the dynamic changes in the market conditions and regulatory framework. No changes were made to the mission and the map of strategic goals of the Group, where the key objectives still include: growth in value for shareholders, building long-term relations with Customers, growth in profitable areas, better efficiency and optimum use of the organisational potential. During 2015-2020 the Group will spend ca. PLN 17 billion on investments.

Establishment of other units supporting the Group’s operations

On 18 September Centralny System Wymiany Informacji company was established whose goal is the implementation of a uniform standard of information exchange among the participants of the retail electricity market. And on 29 September Enea Innovation was established whose objective is performing activities directed at the implementation of Enea Capital Group's Corporate Strategy determining the Group's interest within innovation implementation.

IV quarter

Changes in Enea’s authorities

On 21 October, in relation to the resignation from holding the position and membership in the Supervisory Board of Marian Gorynia, its composition was supplemented with Tomasz Gołębiowski. On 2 December Monika Macewicz was recalled from the composition of the Supervisory Board and Wiesław Piosik was nominated into it. On 7 December 2015 the Company's Supervisory Board recalled, as of the same day, Krzysztof Zamasz holding the position of the President of the Management Board and Paweł Orlof holding the position of the Member of the Management Board for Corporate Affairs from the composition of the Management Board. At the same time, the Supervisory Board delegated Wiesław Piosik to temporarily act as the President of the Management Board.

After the end of the reporting period other changes took place in the Company’s authorities. On 7 January 2016 Mirosław Kowalik became the President of the Management Board of Enea, and Wiesław Piosik the Vice-President of the Management Board for Corporate Affairs, who in relation to the nomination into the Management Board resigned from the membership in the Supervisory Board. On the same day, the following people ceased to hold their functions: Dalida Gepfert, Vice-President of the Management Board for Financial Affairs and Grzegorz Kinelski, Vice-President of the Management Board for Commercial Affairs. The duties of the Vice-President for Commercial Affairs were temporarily held by the Member of the Supervisory Board, Sławomir Brzeziński. On 15 January the following people were recalled from the composition of the Supervisory Board: Sandra Malinowska, Tomasz Gołębiowski and Radosław Winiarski, and the following people were nominated into it: Piotr Kossak, Rafał Bargiel, Roman Stryjski and Piotr Mirkowski. On 21 January the Supervisory Board nominated, as of 15 February, Mikołaj Franzkowiak to the position of the Vice-President of the Management Board for Financial Affairs and Piotr Adamczak to the position of the Vice-President of the Management Board for Commercial Affairs. On the same day Sławomir Brzeziński ceased to perform the duties of the Vice-President of the Management Board for Commercial Affairs.

Enea CG took over the most efficient mine in Poland

On 29 October Enea CG became the owner of a total of 66% of LW Bogdanka's shares, holding thus the operating control over the most efficient Polish mine. An effectively conducted tender offer, in which WIG20 listed companies were both the acquirerer and the acquired, was an important event for the whole Polish capital market. The guarantee of receipt by Enea's power plants of the coal from Lublin, strengthening of the position of one of the most important employers in the Lubelskie region, joint investments and engagement in the life of local communities - these are the key benefits that LW Bogdanka's incorporation under Enea CG brings. Joint establishment of a modern fuel and energy concern guaranteed Bogdanka a stable future, and Enea CG guaranteed itself reliable supplies of fuel at competitive prices.

Fitch Ratings affirmed Enea's ratings in relation to the takeover of LW Bogdanka

Fitch Ratings agency, taking into account the acquisition of LW Bogdanka and a drop in the weighted average cost of capital (WACC) in the segment of electricity distribution until 2016, on 30 October affirmed the long-term ratings for Enea in national and foreign currency on the level of “BBB” and the long-term national rating on the level of “A(pol)” with a stable outlook.

Additional funds for Enea Group’s development

Enea and Bank Gospodarstwa Krajowego concluded a programme agreement relating to the bond issue up to the amount of PLN 700 million. The funds obtained from future issues of these bonds will be allocated to the implementation of the Group's corporate strategy. The concluded agreement is another stage of cooperation between Enea and Bank Gospodarstwa Krajowego within "Polish Investments" programme realised by the Bank. The first agreement relating to the bond issue programme up to the total amount of PLN 1 billion was concluded on 15 May 2014. The funds have been already fully utilised.

New tariffs for individual Customers

On 17 December the President of the Energy Regulatory Office approved the tariffs of Enea and Enea Operator for 2016. The distribution tariff was reduced by 1.03% yoy, and Enea’s tariff, as of the so called nominated vendor, includes a reduction in energy prices for households by 0.7% yoy on average.

A new owner of Hotel Edison

We have been consistently reducing the engagement in undertakings not connected with the Group’s core operations. The decision on the exclusion of Hotel Edison from the Group was a natural consequence of this approach. The object located at the Kierskie Lake offering hotel and catering services was sold on 18 December.