UNIPETROL, a.s. (“Unipetrol”) advises that on 6th June 2016, UNIPETROL RPA, s.r.o. (“Unipetrol RPA”), 100% owned subsidiary of Unipetrol received a confirmation letter (“Confirmation Letter”) from reinsurers that Unipetrol RPA is entitled to an indemnity for the loss on its petrochemical steam cracker unit at Chempark Záluží in Litvínov from 13 August 2015.
With respect to the Confirmation Letter and the International Financial Reporting Standards (IAS 37 and IAS 39), Unipetrol RPA is virtually certain that the indemnity will not be lower than USD 164 million, consisting of already received advanced payment in the amount of USD 90 million as well as USD 74 million based on a third payment on account agreement between Unipetrol RPA, the insurer, and reinsurers which was signed on 6 June 2016. As a result, the above mentioned advanced payment and the signed payment on account agreement will be recognized in the financial statements in the second quarter of the year 2016.
See also: Regulatory announcement No. 22/2015 dated 13 August 2015.
In Prague, 7 June 2016
UNIPETROL, a.s.
Regulatory announcement No. 14/2016