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Szablon Prospektu Stalexport Autostrady Spółka Akcyjna (joint-stock company with its registered office in Mysłowice (41-404) and registered address at ul. Piaskowa 20, entered in the Register of Entrepreneurs of the National Court Register under the number 0000016854) (“Issuer”, “Company”) This Prospectus (“Prospectus”) has been prepared in connection with applying for admission and introduction to trading on the regulated (main) market operated by Warsaw Stock Exchange of 89,500,000 (in words: eighty nine million five hundred thousand) series G ordinary bearer shares with a nominal value of PLN 0.75 (in words: seventy five grosz) each. The Prospectus has been prepared in the form of a single document within the meaning of Article 5(3) of Directive 2003/71/EC of the European Parliament and of the Council (“Prospectus Directive”) and the Act of 29 July 2005 on Public Offering and Conditions for the Introduction of Financial Instruments to the Organised Trading System, and on Public Companies (“Offering Act”). The Prospectus has been prepared based on Annex I and Annex III to Commission Regulation (EC) No. 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (“809/2004 Regulation”) and based on Annex XXII to the Commission Delegated Regulation (EU) No 486/2012 of 30 March 2012 amending Regulation (EC) No 809/2004 as regards the format and the content of the prospectus, the base prospectus, the summary and the final terms and as regards the disclosure requirements and pursuant to other provisions governing the capital market in the territory of the Republic of Poland, in particular with the Offering Act. Investing in securities covered by this Prospectus is associated with a high degree of risk inherent to equity capital market instruments and risks related to the Issuer's business and to the industry in which the Issuer operates. A detailed description of risk factors can be found in the chapter titled “Risk factors.” The Prospectus and the shares covered thereby have not been subject to registration, approval or notification in any country except the Republic of Poland, in particular pursuant to the provisions of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC or state or federal laws regarding securities offerings applicable in the United States. The Prospectus has been prepared to the best knowledge and with due diligence and care, and any information contained therein is current as of the date of its approval. There might be changes in the Issuer's position since the date of publication of the Prospectus. In such case, information about any events or circumstances that could significantly affect the assessment of shares shall be made public in an annex or annexes to this Prospectus, as stipulated in Art. 51(5) of the Offering Act. Pursuant to Art. 49(1) of the Offering Act, the validity period of the Prospectus shall be 12 months from the date of its approval, unless it has not been supplemented with the annex referred to in Art. 51(1) of the Offering Act, if the obligation to supplement the same arises. The validity of a prospectus expires on the date of admission to trading on the regulated market of all securities covered thereby. The Prospectus has been approved by the PFSA on 19 July 2019. When approving a prospectus, pursuant to Art. 33(6) of the Public Offering Act and Conditions for the Introduction of Financial Instruments to the Organised Trading System, and on Public Companies, the Authority verifies whether the content and form of information included therein about an issuer and securities being the subject of a public offering or of an application for admission to trading on a regulated market meet the requirements set out in the law. When approving a prospectus, the Authority does not verify or endorse any business model or business and financing methods used by an issuer. In the proceedings for the approval of a prospectus, no assessment is made in relation to truthfulness of information contained therein or to the degree of risk related to business of an issuer and the investment risk associated with the purchase of its securities. Investment Firm: Legal Adviser: Financial Adviser: Brokerage House Bank Ochrony Wierzbowski and Partners Legal Art Capital Sp. z o.o. Środowiska Joint Stock Company Advisors and Advocates ul. Kobierzyńska 211 lok. 4 ul. Marszałkowska 78/80 ul. Mokotowska 15A lok. 17 00-640 30-382 Kraków 00-517 Warsaw Warsaw Chapter III – Registration Document Table of contents Table of contents .............................................................................................................................................................. 2 Chapter I – Summary ........................................................................................................................................................ 6 Chapter II – Risk factors related to the issuer and securities covered by the admission ........................................ 21 1. Risk factors related to the Issuer and its environment .............................................................................................. 21 2. Risk factors associated with activities of the Issuer’s Group ..................................................................................... 22 3. Risk factors of material importance for the Admitted Shares .................................................................................... 25 Chapter III – Registration Document ............................................................................................................................. 33 1. Responsible persons ................................................................................................................................................ 33 1.1. the Issuer ........................................................................................................................................................... 33 1.2. Legal Adviser ...................................................................................................................................................... 34 1.3. Investment Firm ................................................................................................................................................. 35 1.4. Financial Adviser ................................................................................................................................................ 36 2. Statutory auditors auditing historical financial information ......................................................................................... 37 2.1. Names and surnames (names), addresses and membership in professional organisations .............................. 37 2.2. Information on the resignation, dismissal or changes of the statutory auditor, if significant for the assessment of the Issuer ................................................................................................................................... 37 3. Selected financial data .............................................................................................................................................. 37 4. Risk factors of significant importance for securities offered or admitted to trading.................................................... 42 5. Information about the Issuer ..................................................................................................................................... 42 5.1. History and development of the Issuer ............................................................................................................... 42 5.2. Investments ........................................................................................................................................................ 45 6. General information about the Issuer’s business ...................................................................................................... 48 6.1. Core business .................................................................................................................................................... 48 6.1.1 Strategy of the Issuer’s Group .......................................................................................................................... 48 6.1.2 Revenues of the Issuer’s Group ....................................................................................................................... 49 6.2. Main markets on which the Issuer operates in the period covered by the historical financial information .......... 53 6.3. Extraordinary factors that had an impact on the Issuer’s core business or its main markets ............................. 56 6.4. Summary of basic information on the Issuer’s dependence on patents or licenses, industrial, commercial or financial contracts or new production processes ................................................................................................ 56 6.5. Assumptions underlying statements, declarations or communications of the Issuer regarding its competitive position ..............................................................................................................................................................
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