Note

Contingent assets

 Contingent liabilities, sureties and guarantees

As at 31 December 2016, contingent assets relate mainly to a claim to Ciech S.A. to pay PLN 18 864 thousand for violating by Ciech S.A. the provision of GZNF “Fosfory” S.A. (subsidiary of Grupa Azoty PUŁAWY) shares purchase agreement. On 30 October 2012, Grupa Azoty PUŁAWY submitted a claim to the District Court in Warsaw. The court case is in progress.

Other contingent liabilities as at 31 December 2016 concern mainly a claim submitted by Ciech S.A. on 12 February 2013 to the District Court in Gdańsk to adjudge from GZNF “Fosfory” Sp. z o.o. PLN 18 864 thousand, penalty interest calculated since the claim submission date to the payment date and legal costs, including legal representation, to compensate Ciech S.A. for the loss resulting from the false statements concerning the legal and financial position of the defendant and its subsidiaries. The estimated amount of liability as at the reporting date amounts to PLN 26 323 thousand.