Enea S.A. — Earnings Release 2015

Mar 4, 2016

Current Report No.: 10/2016

Date of preparation: 04.03.2016

Short name of issuer: Enea S.A.

Subject: The notification about the intention to disclose the results ofasset impairment tests in 2015 financial statements

Legal basis: Article 56 item 1(1) of the Act on Offerings - confidentialinformation

Content of report:

The Management Board of Enea S.A. (Issuer) informs that in relation tothe conclusion of works related to asset impairment tests under IAS 36in the areas involved in electricity and heat production (Segment ofGeneration) and coal production (Segment of Mining) on 4 March 2016 adecision was taken concerning asset carrying value write-downs in theaforementioned segments.

Within the Segment of Generation the following areas were tested: SystemPower Plants, Heat, Renewable Energy Sources (Wind, Water).

Impact on the consolidated financial statements of Enea Capital Group

The test results in the Segment of Generation indicate the assetscarrying value impairment that will be disclosed in the consolidatedfinancial statements of Enea Capital Group in the total amount of PLN1,702.8 mln (Area of System Power Plants: PLN 1,222.3 mln, Area of Heat:PLN 253.6 mln, Area of RES: PLN 226.9 mln), including:- tangible assets- PLN 1,501.6 mln,- the company's goodwill recognised at thetime of settlement of share acquisition transaction - PLN 201.2 mln.

In the Segment of Mining the values of assets recognised as a result ofallocation of the acquisition price of LW Bogdanka S.A. are consistentwith the assets' value in use estimated during impairment tests,therefore the tangible asset impairment write-downs in the Segment ofMining will be applied exclusively to the non-consolidated result of LWBogdanka S.A.

The value of asset impairment write-downs will be charged to the grossfinancial result, both consolidated and non-consolidated, but will notimpact neither the consolidated, nor non-consolidated EBITDA result.

Impact on the non-consolidated financial statements of LW Bogdanka S.A.

In the Segment of Mining the total value of estimated tangible assetsimpairment write-downs will amount to PLN 624.8 mln.

Impact on the non-consolidated financial statements of Enea S.A.

In the non-consolidated financial statements of Enea S.A. for 2015financial year the performed tests demonstrate the necessity ofrecognising asset carrying value impairment write-down in EneaWytwarzanie Sp. z o.o. totalling to PLN 2,089.8 mln.

At the same time, the Issuer points out that the above mentionedoperations are only of an accounting nature and have no impact on theliquidity situation of the Company and its Capital Group. The Companyreserves that the values presented above are only estimates and maychange. The final results of the tests and the value of write-downs willbe presented in the financial statements of Enea S.A. and Enea CapitalGroup for 2015, which are planned for publication on 21 March 2016.