ESTAR (EST): Announcement - raport 68

Raport bieżący nr 68/2016

Podstawa Prawna:
1. ENEFI Energy Efficiency Plc (“Company” hereby informs its honourable Investors, that

significant (EUR 2-3 million) non-planned depreciation is expected in its annual report of

2015 in relation with its project in Gheorgheni in its consolidated report through the IFRIC 12

calculation. Since under the IAS rules the intangible assets model must be followed in case of

the project in Gheorgheni, the write-off will affect the intangible assets at the consolidated

level (IFRS does not require the presentation of the investment under a concession

agreement in the project in Gheorgheni and in similar projects as tangible assets but as

intangible assets in the consolidated report, which in certain cases may be misleading for

less expert persons, therefore the Company hereby calls particular attention of its

Honourable Investors to this).

The description implemented through IFRIC 12 is expected to have a negative effect on the

individual report of ENEFI Energy Efficiency Plc through the depreciation of the loans

provided to its affiliated company in Gheorgeni, therefore the Company is not expected to

pay dividend for business year 2015.

The Company hereby calls the attention of its Honourable Investors that the Company does

not have an audited consolidated report at the moment, therefore the above may

exclusively be assessed as the forecast of the management, which may change with respect

to the final report.

2. The Company hereby also informs its Honourable Investors that on the basis of the

information of the operations in Gheorgheni, the tribunal mad a favourable decision for EStar

CDR in the lawsuit filed by the Town of Gheorgheni (the subject of which was the

request to determine that the Town Council had voted for the modification of the price of

district heating, therefore the termination by the affiliated company of the Company in

Gheorgheni (E-Star CDR) was unlawful, which shall be made void).

The tribunal accepted the objection raised by E-Star CDR and rejected the action filed by the

Town to determine the approval of the draft decision of the Town Council on the price of

district heating together with the other subsequently submitted actions. The decision is not

final.

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