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Current report: 18/2014 - The signing of a significant agreement by the Issuer – complement of the current report No. 14/2014

Date: 2014-04-04 / Legal ground: Art. 56 sec. 1 p. 5 Act on Public Offering – current and periodic information

Current Report: 18/2014

Subject: The signing of a significant agreement by the Issuer – complement of the current report No. 14/2014
Date: 2014-04-04
Legal ground: Art. 56 sec. 1 p. 5 Act on Public Offering – current and periodic information
 
The Board of CHEMOSERIS-DWORY S.A. complements the information submitted in the current report No. 14/2014 on the March 25th 2014, announces that the purpose of the acquisition of shares, which constitute 50,16 % of the share capital of the company PETRO EnergoRem Sp. z o.o., is the successive development of the Capital Group CHEMOSERVIS-DWORY by achieving the synergy effect in key areas of the business, for example the possibility of joint procurement of resources, renting of machinery and the use of the knowledge of experts for coincide with each other ventures of the Group.
 
The transaction is treated by the Issuer as a long-term investment, which increases assets of the Issuer by an amount of 5.668.000,00 PLN, constituting the total remuneration for the acquired shares. The source of financing the purchase will be current assets and available credit funds. The date of the final settlement was determined to the December 31st 2014. The shares of an associated company PETRO EnergoRem Sp. z o.o. were purchased from the Dominant Units in relation to the Issuer: from PETRO Mechanika S.A. and from Revico S.A. After the acquisition of the shares, which took place on the April 1st 2014, the Company PETRO EnergoRem Sp. z o.o. will be from the associated unit – interdependent to the subsidiary of the Issuer. The Issuer will be the Dominant Unit in relation to PETRO EnergoRem Sp. z o.o. As a consequence, the financial data of the acquired company will be consolidated as of the April 1st 2014 and presented for the first time in the consolidated financial statements for first half of 2014. Between the Issuer and persons, which are in the Board: Mr. Paweł Bzymek and Mr. Jacek Lichocki, as well as the Member of the Supervisory Board, Mr. Andrzej Masternak, there are no connections. Members of the Supervisory Board, Mr. Edward Sosnowski and Mr. Marek Wróblewski are also Members of the Supervisory Board of CHEMOSERVIS-DWORY S.A.
 
The object of the company’s activity is providing services in the field of construction, installation, modernization and repair of industrial devices, machinery and power equipment in the mechanical and assembly, automatic and electric sector, including: production, repair and assembly of non-pressure tanks,  low-pressure tanks for liquids, combustible and poisonous or caustic materials, transmission pipelines, repair of steam, water and liquid boilers.

The value of assets of the Company PETRO EnergoRem Sp. z o.o. amounts 18.471.000,00 PLN as the December 31st 2013. The value of equity capital is 9.715.000,00 PLN. The value of liabilities and provisions for liabilities is 8.756.000,00 PLN,  including long-term and short-term liabilities – 8.328.000,00 PLN. The value of contingent liabilities is 11.963.000,00 PLN. In 2013 the Company achieved the following financial results: the sales revenues: 47.001.000,00 PLN, the operating profit: 315.000.00 PLN, the gross profit: 149.000,00 PLN, the net profit: 106.000,00 PLN.

The current results of the acquired Company as the February 28th 2014 are as follows: the sales revenues: 3.966.000,00 PLN, the operating profit (the loss): -634.000,00 PLN, the gross profit (the loss): 636.000,00 PLN, the net profit (the loss): -643.000,00 PLN. The value of assets amount 18.369.000,00 PLN as the February 28th 2014. The value of equity capital is 9.072.000,00 PLN. The value of liabilities and provisions for liabilities 9.296.000,00 PLN, including long-term and short-term liabilities – 8.905.000,00 PLN.

Legal ground: Art. 56 paragraph 1 subparagraph 1 Act on Public Offering – confidential information.

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CHEMOSERVIS-DWORY S.A. zarejestrowana w Sądzie Rejonowym w Krakowie, KRS 0000287238, NIP 549-19-11-468, REGON 070889223. Kapitał zakładowy opłacony w całości: 20.006.000 PLN.
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