espi CIECH 2023-12-18 15:37

The Management Board of CIECH S.A. (the "Issuer" or "CIECH"),  herewith informs that on 18 December 2023, CIECH Soda Deutschland GmbH & Co. KG and CIECH Energy Deutschland GmbH (the “Subsidiaries”) sold  1.655.480 units of CO₂ emission allowances (EUA), originating from free allocation and units previously purchased from the market (“Sale of Allowances” and “EUA Units” respectively). The market value of EUA Units sold amounts to 113,1 EUR million (equivalent of PLN 489,2 million) as per current value of a CO₂ emission allowance unit, i.e. 68,30 EUR/EUA.

At the same time, the Subsidiaries concluded agreements securing the purchase of 1.655.480 units of CO₂ emission allowances on the forward market, with a settlement date in 12 April 2024 (“Hedging”).

The Entitlement Sale and the Collateral (collectively, the: "Transaction") have a corresponding increase in the level of cash at the Subsidiaries and have the effect of reducing the CIECH Group's consolidated net debt by approximately PLN 489,2 million calculated as of  31 December, 2023. The Transaction has an immaterial effect on the level of consolidated EBITDA.

Legal basis: Article 17.1 of Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union L No. 173, p. 1).