13.04.2018

Receiving information on judgment of the Court of Appeal in dispute with Deutsche Bank Polska S.A.

The Management Board of STALPROFIL S.A., in reference to the current report 26/2016, informs that on 12 April 2018 the Court of Appeal in Katowice, in case V AGa 121/18, after examining the appeal of STALPROFIL S.A. from the judgment of the District Court in Gliwice, upheld the appealed adjudication regarding the award of PLN 4,182,056.63 from STALPROFIL S.A. to Deutsche Bank Polska S.A. with interest and costs of the first-instance proceedings, and also ordered STALPROFIL S.A. to Deutsche Bank Polska SA to pay the second-instance proceedings in the amount of PLN 11 250.0. The verdict is final. The total value of the awarded payment, with interest until 13.04.2018 and the costs of proceedings in the first and second instance, corresponds to the amount of PLN 5,699,217.98. The amount due to Deutsche Bank Polska S.A. will be paid by STALPROFIL S.A. subject to a refund.
STALPROFIL S.A. will apply for preparation and delivery of a written justification of the judgment of 12.04.2018, after which it will decide whether to lodge a cassation appeal.
The verdict of the second instance court has no adverse effect on the financial result of the Company, because the current amount of the provision on this account is 5 750 thousand PLN and covers the full costs, i.e. the principal amount of the liability, interest, litigation costs, legal costs. This reserve was created in 2016 by ZRUG Zabrze S.A., before incorporation into STALPROFIL S.A., and then increased in 2017 for interest and legal costs.