Aktuální report č. 63 / 2012

PNI – declaration regarding the withdrawal from the agreement with Trakcja-Tiltra S.A.

In relation to current report no. 60/2012 of 17 September 2012, the Management Board of Budimex SA announces that today it has been informed by Przedsiębiorstwo Napraw Infrastruktury Sp. z o.o. w upadłości układowej (in reorganisation) ["PNI"] (a company wholly owned by Budimex S.A.) about the submission on 27 September 2012 of a declaration by PNI regarding the rescission of an Agreement entered into with Trakcja-Tiltra S.A. of 22 September 2011 with regard to performing construction modernisation works for line no. 9, section from 236.920 km to 287.700 km included in the area of Local Steering Centre with its seat in Malbork [the "Agreement"] of a net value of PLN 149 749 000, and about revoking a power of attorney granted to Trakcja-Tiltra S.A. as the Leader of the Consortium. PNI submitted the said declaration due to the default in performing by Trakcja-Tiltra S.A. its contractual obligations and ineffective expiration of an additional time limit granted to Trakcja-Tiltra S.A., indicated in the default notice of 18 September 2012. An estimate of the value of works performed by PNI from submission of the declaration regarding the rescission of the Agreement amounts to PLN 28 000 000. Submission of the above declaration prevents PNI, as a Partner to the Consortium of the Contractor, from performing works arising from the Contract entered into with the Contracting Authority – PKP Polskie Linie Kolejowe S.A., and it does not have any financial consequences for Budimex SA.
The value of the terminated contract exceeds 10% of the equity of Budimex SA.