April 24, 2020 / 10:56 AM / a month ago

BRIEF-Famur Says PGG Temporarily Suspends Selected Contracts Due To Force Majeure

April 24 (Reuters) - Famur SA:

* SAID ON THURSDAY THAT IT HAS RECEIVED A NOTICE FROM POLSKA GRUPA GORNICZA (PGG) ON PGG’S TEMPORARY SUSPENSION OF PERFORMANCE OF SELECTED CONTRACTS DUE TO A FORCE MAJEURE EVENT CAUSED BY THE OUTBREAK OF THE COVID-19 EPIDEMIC

* THE CONTRACTS TO BE SUSPENDED ACCORDING TO PGG’S NOTICE FOR THE PERIOD FROM MAY 1ST TO MAY 31ST 2020 INCLUDE ROADHEADER LEASE CONTRACTS AS WELL AS CONTRACTS FOR THE DELIVERY OF SCRAPER AND BELT CONVEYORS, SUSPENDED MONORAIL SYSTEMS, AND POWERED ROOF SUPPORTS

* THE AVERAGE MONTHLY VALUE OF PAYMENTS (INCLUDING FOR RELATED AFTERMARKET SERVICES) DUE UNDER THE ROADHEADER LEASE CONTRACTS TO BE SUSPENDED TOTALS ABOUT 7 MILLION ZLOTYS NET

* THE AGGREGATE VALUE OF CONTRACTS TO BE SUSPENDED AND CONCERNING THE DELIVERY OF SCRAPER AND BELT CONVEYORS, SUSPENDED MONORAIL SYSTEMS AND POWERED ROOF SUPPORTS IS ABOUT 103 MILLION ZLOTYS

* THE COMPANY ALSO SAYS THAT AS AT REPORT PUBLICATION DATE FAMUR GROUP’S TOTAL RECEIVABLES FROM PGG STOOD AT ABOUT 230 MILLION ZLOTYS, INCLUDING PAST DUE RECEIVABLES OF ABOUT 59 MILLION ZLOTYS

* THE TOTAL EXPOSURE, INCLUDING INVOICED REVENUE, RECOURSE RIGHTS RELATING TO RECEIVABLES SOLD, AND OTHER PAYMENTS UNDER THE CONTRACTS IN PROGRESS (INCLUDING, BUT NOT LIMITED TO, THE OUTSTANDING PAYMENTS FOR THE LEASE OF SHEARER LOADERS AND ROADHEADERS), IS ABOUT 600 MILLION ZLOTYS

* THE AGGREGATE POTENTIAL IMPACT OF THE TEMPORARY SUSPENSION OF THE CONTRACTS ON THE COMPANY’S REVENUE MAY SIGNIFICANTLY EXCEED THE COMPANY’S MANAGEMENT’S EARLIER ESTIMATES OF THE IMPACT OF THE COVID-19 PANDEMIC ON THE GROUP’S PERFORMANCE

Source text: bit.ly/2x9KoEU

Further company coverage: (Gdansk Newsroom)

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