Reports

The Management Board of HELIO S.A. (“the Debtor”) hereby informs about concluding on 17 September 2013 an agreement of credit on the current account with Bank Handlowy w Warszawie S.A. with its registered office in Warsaw (“the Bank”).

Pursuant to the agreement the Bank granted HELIO S.A. the credit on the current account intended for financing the current activities of the Debtor in the amount not larger than:
– PLN 23 500 000 in a period from 19.09.2013 to 09.01.2014,
– PLN 22 000 000 in a period from 10.01.2014 to 07.02.2014,
– PLN 15 000 000 in a period from 08.02.2014 to 29.04.2014,
– PLN 13 000 000 in a period from 30.04.2014 to 19.05.2014,
– PLN 11 000 000 in a period from 20.05.2014 to 09.06.2014,
– PLN 10 000 000 in a period from 10.06.2014 to 27.06.2014,
– PLN 9 000 000 in a period from 28.06.2014 to the end of crediting period, i.e. to 30.09.2014.

From the amount of the used credit the Bank shall collect interest according to the WIBOR 1M fixed interest rate plus the bank’s commission. The interest shall be charged in the interest period (1 month).

The following collaterals have been established for the liabilities:
1. deposit mortgage for the amount up to PLN 9 375 000 for the real estate being a property of the Debtor, located in Wyględy and designated in the land and mortgage register (KW) no. WA1G/00058436/4 along with an assignment of the insurance policy,
2. an agreement on the transfer of ownership for security purposes of the inventory stocks contained in the raw material warehouse in Brochów 119, 05-088 Brochów, being the Debtor’s property in the amount not less than PLN 9 000 000 along with an assignment of the insurance policy in the scope of inventory stock insurance.

The remaining terms do not diverge from the terms commonly applied in agreements of this type, provided that a breach of the agreement shall be also to take control of the Debtor by any natural or legal person or an organizational unit without legal personality. The provisions of the agreements do not assume contractual penalties whose maximum amount may exceed the equivalent of at least 10% of the value of this agreement or expressed in the equivalent of at least EUR 200 000.

The fundamental criterion for recognizing the agreements valid is the total value of the subject of these agreements amounting to at least 10% of the amount of revenues from the Company’s sales recorded within the last four quarters of the year.