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    GNG   PLELKPE00014

G-ENERGY S.A.

(GNG)
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G-Energy SA Conclusion of Subcontracting Agreement with PGNiG Technologie S.A

04/06/2021 | 04:50am EST

G-Energy S.A. announced that on April 2, 2021 received a signed Subcontracting agreement between the Issuer and PGNiG Technologie S.A. based in Krosno regarding the task entitled "Construction of gas infrastructure at EC Zeran for the purposes of the operation of a new peak load boiler house in Warsaw". The subject of the Agreement is the comprehensive performance of design works for all industries and comprehensive performance of construction works in the construction, electrical and I&C industries, along with the development of the necessary documentation, including as-built documentation, tests, examinations and checks as part of the investment task entitled " Construction of a flyover with the DN500 gas pipeline to supply the gas peak-load boiler house No. 2 at the Zeran Heat and Power Plant in Warsaw", implemented in the " turnkey" formula by the Ordering Party for PGNiG Termika S.A. in Warsaw. The "turnkey" formula means comprehensive performance by the contractor of the Works in order to implement the Agreement and ensure the functioning of the Agreement in accordance with the terms resulting from the Agreement. The purpose of the Agreement is to ensure gas supplies to the KG2 boiler room. The parties undertook to cooperate in the implementation of the Agreement to the extent enabling the effective performance of the obligations of each of the Parties. PGNiG Technologie and G-Energy have announced that they will cooperate on an exclusive basis. The Issuer will commence the performance of the Agreement immediately after its entry into force and will perform its obligations so as to meet the Agreement performance deadline set for January 23, 2023. The remuneration due to G-Energy from PGNiG Technologie for the implementation of the Scope of Works by G-Energy will amount to PLN 4,800,000 net. This amount will be increased by the due tax on goods and services in the amount of PLN 1,104,000 gross. In the event of a change in the VAT rate in the tax regulations, made after the conclusion of the Agreement and applicable to it, the remuneration will be increased or decreased by the amount resulting from the change in the VAT rate. The change in the VAT rate will apply to the non-invoiced part of the salary. This amount may be increased in the event of the performance of further tasks outside the scope of this Agreement. Payment for the Works accepted in part will be made by PGNiG Technologie on the basis of the contractor's invoices, in accordance with the billing schedule. PGNiG Technologie will grant G-Energy an advance payment for construction and assembly works in the amount of PLN 1,440,000.00 net increased by VAT in the amount of PLN 331,200.00 i.e. PLN 1,771,200.00 gross. The advance payment will be paid after signing the Agreement, but not earlier than after receiving a written request from the contractor for the advance payment together with the security for its return. PGNiG Technologie allows for the possibility of earlier payment of the G-Energy VAT invoice at the contractor's written request. In the event of an earlier payment, the amount due under the VAT invoice issued by the contractor will be reduced by the amount of discount interest in the amount of 5% per annum. PGNiG Technologie has the right to charge the issuer with contractual penalties, in particular:for the delay in meeting by the Subcontractor the individual deadlines for the performance of the Subject of the Agreement specified in the Agreement Performance Schedule - in 0.5% of the gross remuneration for each commenced day of delay, unless the delay was caused by reasons not attributable to the Issuer.for delay in removing defects revealed during Partial Acceptance, Final Acceptance or during the quality guarantee and warranty period for defects - in the amount of 0.1% of the gross remuneration for each commenced day of delay, counting from the expiry of the deadline for removing defects. The total amount of contractual penalties resulting from all the titles provided for in this Agreement shall not exceed 50% of the net Remuneration (excluding VAT), with penalties for delays in performance of the agreement 15% of the net Remuneration. The remaining conditions for the performance of the Agreement do not differ from those commonly used in this type of agreement.


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Financials
Sales 2019 12,7 M 3,21 M 3,21 M
Net income 2019 1,80 M 0,45 M 0,45 M
Net Debt 2019 0,05 M 0,01 M 0,01 M
P/E ratio 2019 28,8x
Yield 2019 -
Capitalization 40,6 M 10,2 M 10,2 M
EV / Sales 2018 0,67x
EV / Sales 2019 4,09x
Nbr of Employees 47
Free-Float -
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Managers and Directors
Grzegorz Pawel Cetera Chairman-Management Board
Jacek Janiszewski Vice Chairman-Supervisory Board
Jacek Jan Piechota Member-Supervisory Board
Marek Piotr Zajczyk Member-Supervisory Board
Grzegorz Kuligowski Member-Supervisory Board
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