2010-06-17
Current report no 24/ 2010 - Conclusion of significant contracts for construction of the A1 motorway
The Board of HYDROBUDOWA POLSKA S.A. informs that on the 17th of June 2010 it entered into two significant contracts with the General Directorate of Domestic Roads and Motorways acting in favor and on behalf of the National Treasury as the Ordering Party;
1) As a Partner of the Consortium established by PBG S.A. – Leader and Partners in the Consortium: the APRIVA S.A Company, the HYDROBUDOWA POLSKA S.A. Company, SRB Civil Engineering Limited with a seat in Dublin as well as John Sisk & Son Limited with a seat in Dublin.
The subject of the contract is “Construction of the A-1 Toruń-Stryków Motorway, Section III from Brzezie to Kowal from km 186+3448 to km 215+850”
The accepted net Contract Sum is 702 768 700,00 PLN, which is a gross value of 857 377 814,00 PLN.
The Consortium is obliged to complete the works which are the contract’s subject, within 20 months following the date of commencing work. The work completion time does not include the winter period.
Security of the contract is made in the form of an insurance guarantee which constitutes 5% of the gross contract sum.
The following significant contract penalties were established in the contract:
On part of the Consortium:
- for exceeding the work completion deadline: 0,01% of the contract sum for every day of delay;
- for withdrawal from the contract for reasons on part of the Consortium: 10% of the contract sum;
- for failure to carry out the required minimum amount of work in the established time: 0,01% of the contract sum for every day of delay;
For withdrawal from the Contract for reasons on part of the Ordering Party, the Ordering Party will pay the Executor a contract penalty equal to 10% of the Contract Sum.
The parties established the following percentage distribution of work:
1) PBG S.A, APRIVIA SA and HYDROBUDOWA POLSKA SA will carry out and be responsible for 50% of the works related to the execution of the task,
2) SRB Civil Engineering Limited and John Sisk & Son Limited will carry out and be responsible for 50% of the works related to the execution of the task,
2) As a Partner of the Consortium which includes: the Leader of the Consortium - SRB Civil Engineering Limited with a seat in Dublin, and Partners of the Consortium: PBG S.A., APRIVIA S.A., HYDROBUDOWA POLSKA S.A. and John Sisk & Son Limited with a seat in Dublin.
The contract’s subject is „Construction of the A-1 Toruń-Stryków Motorway, Section I Czerniewice-Odolion from km 151+900 to km 163+300, Section II Odolion-Brzezie from km 163+300 to 186+366”.
The accepted net Contract Sum is 765.632.889,69 PLN, which is a gross value of 934.061.145,42 PLN.
The Consortium is obliged to complete the works which are the contract’s subject, within 20 months following the date of commencing work. The work completion time does not include the winter period. Security of the contract is made in the form of an insurance guarantee which constitutes 5% of the gross contract sum..
On part of the Consortium:
- for exceeding the work completion deadline: 0,01% of the contract sum for every day of delay;
- for withdrawal from the contract for reasons on part of the Consortium: 10% of the contract sum;
- for failure to carry out the required minimum amount of work in the established time: 0,01% of the contract sum for every day of delay;
Furthermore, in relation to “reconstruction of the 220kV electric power line from Pątnów to Włocławek Azoty” the Consortium agrees to the following:
- in the event of the Consortium not carrying out the works related to the reconstruction of the Line which requires disconnecting the Line, within the line disconnection timeframe according to the Line reconstruction schedule: a contract penalty of 200.000 PLN. Also, for every additional day of disconnecting the Line the Consortium is obliged to pay 200.000 PLN;
- for not turning in a faultless reconstructed line within the timeframe specified in the Line reconstruction Schedule for reasons on part of the Consortium: a contract penalty of 100.000 PLN for every day of delay after the established deadline;
- in the event of failure to remove faults within the timeframe established by the Line’s owner: a contract penalty of 100.000 PLN for every day of delay after the established deadline;
- in the event where an unplanned disconnection of the Line occurs on part of the Consortium and obliges the Line’s owner to return to his contractors the costs caused by a disruption in electric energy transmission – the full value of the Line disconnection costs mentioned above.
For withdrawal from the Contract for reasons on part of the Ordering Party, the Ordering Party will pay the Executor a contract penalty equal to 10% of the Contract Sum.
The parties established the following percentage distribution of work:
1) PBG S.A, APRIVIA SA and HYDROBUDOWA POLSKA SA will carry out and be responsible for 50% of the works related to the execution of the task,
2) SRB Civil Engineering Limited and John Sisk & Son Limited will carry out and be responsible for 50% of the works related to the execution of the task,
HYDROBUDOWA POLSKA S.A. is part of the PBG Capital Group.
The criterion of considering the signed contracts significant is the equity capital value of HYDROBUDOWA POLSKA S.A.
Legal foundation:
§ 5 item 1 point 3a) of the 19th of February 2009 Act regarding current and periodic information published by issuers of securities and the conditions of considering information required by legal regulations a non-member country as equivalent.
