Enea S.A. — Earnings Release 2019

Feb 14, 2020

Current Report No.: 6/2020

Date of preparation: 14 February 2020

Short name of Issuer: ENEA S.A.

Legal basis: Article 17(1) MAR - confidential information

Subject: Information on a revaluation write-down on the shares held inPolska Grupa Górnicza S.A.

Content of report:

The Management Board of ENEA S.A. ("Company", "Issuer") hereby informsthat, in connection with obtaining on 14 February 2020 the auditedfinancial statements of Polska Grupa Górnicza S.A. ("PGG") for 2019, inwhich PGG recognised a revaluation write-down on PGG's non-currentassets as at 31 December 2019, it became aware of a potential need torecognise a revaluation write-down on the PGG shares held by the Company.

The estimated value of the revaluation write-down will amount toapproximately PLN 53 million in the consolidated financial statements ofENEA Capital Group ("ENEA Capital Group") for 2019 and approximately PLN48 million in the non-consolidated financial statements of ENEA S.A. for2019.

The estimated impact of the revaluation write-down on the consolidatednet result of ENEA Capital Group for 2019 will amount to about PLN 53million and to about PLN 48 million on the Company's non-consolidatednet result for 2019.

The above event is of a non-cash character and has no impact on theconsolidated and non-consolidated EBITDA for 2019.

Having taken into account the revaluation write-down, the investmentvalue measured using the equity method in relation to the PGG shares,both in the consolidated and non-consolidated statement of financialposition, will amount to approximately PLN 254 million.

At the same time, the Company informs that the amount of the revaluationwrite-down may change, and the final value and the final impact thereofon the items and the indicator included in this current report will bepresented in relevant periodic reports of the Company and ENEA CapitalGroup for 2019.

The Company explains that the term EBITDA is defined as the value of,respectively, operating profit (loss) + depreciation and amortisation +impairment losses on non-financial fixed assets (consolidated values forthe reporting period). The above definition and the methodology of itscalculation is the same as the definition and methodology of calculatingthis measure in the Issuer's periodic reports. The above definition isalso included in the glossary of terms and abbreviations available onthe Company's website (https://ir.enea.pl/slownik [in English:https://ir.enea.pl/en/glossary]).