COLUMBUS ENERGY SA (37/2017) Discontinuation of the publication of forecasts and cancellation of the forecast of financial results for 2017

Legal attitude: Art. 17 para. 1 MAR - confidential information. The Columbus Energy SA Management Board with its registered office in Kraków (Issuer, Company) informs that on 25 October 2017 it decided not to present financial forecasts and to cancel this financial results forecast for 2017, published together with the Issuer's strategy in current report No. 32/2016 of 31 December 2016 r. Revocation of the forecast is dictated: - The Issuer failed to sell the receivables (packages of receivables under the "Subscription to the Sun") on terms acceptable to it, and The Management Board has decided to discuss this topic in the next calendar year, - the transfer of G series share issue, which is planned along with the change in the quotation market, after approval by the Polish Financial Supervision Authority of the prospectus, which the company will to the regulator in November 2017, - despite the fact that from the bond issue the Company managed to obtain a total of 11,075,000 from ot these, the public issue of bonds ended in the fourth, and not as originally planned by the Company in the second quarter of this year, - a shift in subsidy programs for sacral sector units and institutional units of local self-government, which will result in inflow of funds to Issuer, at the earliest in 2018, - quick preparation of the prospectus, related audit of statutory auditors and legal audit slow down the operational activities of the managerial department, - postponed implementation of 2018 and implementation of thermo-modernization of buildings. The above factors affected the slowdown of the solar installation process, but they did not slow down the sales process (conclusion of contracts with customers), the number of which is similar to the forecasted. The company intends to intensify the assembly process in the near future in order to align the number of concluded contracts and completed installations as soon as possible. Considering the plans for a significant increase in assembly operations and uncertainty of weather conditions in the coming months, the Management Board decided to discontinue presenting financial forecasts for 2017 and canceling the published forecast. At the same time, the Company's Management Board informs thatthe current result from the implementation of 2017 has decreased by more than 25% of the forecast level. In the scope of forecasts for subsequent years, the Management Board will decide whether the Company will publish forecasts for the following years immediately after completion of works on the preparation of the Company transferring the shares to the main trading floor of the WSE and after examining the demand for the planned issue of series G shares. The Columbus Energy Joint Stock Company confirms the accuracy of the development directions adopted in the Company's strategy, however, taking into account the experience of 2016 and 2017, the assumed financial results will be achieved by the Company later.

Source: company website, investor relations, current and periodic reports.

Company information
Company name:Columbus Energy SA
Adress: ul. Kuźnicy Kołłątajowskiej 13 31-211 Kraków
Phone:+48 12 3073090

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