Columbus Energy S.A.

Earnings Release • Oct 31, 2018

Unaudited consolidated annual financial report for FY2018

Current report no. 19/2018 Dated October 31, 2018

The Board of Directors of Coal Energy S.A. (the "Company") hereby releases the unaudited consolidated annual financial report of the Coal Energy's Group.

The unaudited consolidated annual financial report is also available on the Company's website in Investor Relations section.

Due to the reasons indicated in current reports no.16/2018 dated September 6, 2018 postpones the annual audit procedure until the armed unrests in the region of operations are resolved and access to assets as well as to documentation is safe.

As soon as possible, the Company will duly inform the capital market participants via current report about the publication date of the audited annual financial statement for 2018 financial year.

The FY2018 of Coal Energy S.A. commenced on July 01, 2017, and ended on June 30, 2018.

Selected financial data / Wybrane dane finansowe

in US\$ thousand	w tys. US\$	FY2018 (niezaudytowane)	FY2017 (niezaudytowane)
Revenue	Przychody ze sprzedaży netto	13,220	26,456
Operating profit/(loss)	Wynik /strata operacyjny	(2,089)	1,994
Loss before tax	Wynik/strata brutto	(10,610)	(9,953)
Loss for the period	Wynik /strata netto	(10,152)	(9,553)
Loss/Profit for the period attributable to equity holders of the parent	Wynik/strata netto przypadający na akcjonariuszy jednostki dominującej	(10,089)	(9,518)
Non-current assets	Aktywa trwałe	36,707	37,886
Inventories	Zapasy	25,843	23,646
Trade and other receivable	Należności handlowe i inne	21,933	26,819
Cash and cash equivalents	Środki pieniężne i ich ekwiwalenty	8	34
Current assets	Aktywa obrotowe	48,944	51,633
Share capital	Kapitał zakładowy	450	450
Equity attributable to equity holders of the parent	Kapitał własny przypadający na akcjonariuszy jednostki dominującej	(60,910)	(50,772)

in US\$ thousand	w tys. US\$	FY2018 (niezaudytowane)	FY2017 (niezaudytowane)
Total equity	Kapitał własny	(62,067)	(51,866)
Non-current loans and borrowings	Kredyty i pożyczki długoterminowe	3,502	10,500
Current loans and borrowings	Kredyty i pożyczki krótkoterminowe	66,665	59,673
Trade and other payable	Zobowiązania handlowe i inne	53,778	49,249
Total liabilities	Zobowiązania ogółem	147,718	141,385
Total assets	Aktywa ogółem	85,651	89,519
Net cash flow from operating activity	Przepływy pieniężne netto z działalności operacyjnej	109	13
Net cash flow from investing activity	Przepływy pieniężne netto z działalności inwestycyjnej	(13)	19
Net cash from financial activity	Przepływy pieniężne netto z działalności finansowej	(122)	(74)

Signatures of individuals authorized to represent the Company: Elena Belousova

Legal grounds: Art. 56 of the Polish Act of July, 29, 2005, on the public offering, conditions governing the introduction of financial instruments to organised trading system and on public companies, and Art 3. of the Luxembourg Act of 11 January 2008 on transparency obligations of securities issuers, as amended.