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ALTEO BSE Bond Prospectus 20191028 En

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ALTEO BSE Bond Prospectus 20191028 En CONSOLIDATED PROSPECTUS published by ALTEO Energiaszolgáltató Nyilvánosan Működ ő Részvénytársaság as the issuer (“Issuer”), for the private offering of 169,363 registered, zero-coupon, dematerialized bonds designated as ALTEO 2022/II, with a face value of HUF 10,000 (collectively: the “Bonds”), issued by the Issuer for admission to the “Corporate Bond” category of the Budapest Stock Exchange (“Stock Exchange Listing”). The Central Bank of Hungary as the competent authority pursuant to Regulation (EU) 2017/1129 approved the Prospectus in its resolution No H-KE-III-664/2019, dated 12.11.2019. The Central Bank of Hungary only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by Regulation (EU) 2017/1129. Such approval should not be considered as an endorsement of the Issuer or the quality of the Bonds that are the subject of this Prospectus. This Prospectus has been prepared as part of a simplified prospectus, in accordance with Article 14 of Regulation (EU) 2017/1129. Investors should make their own assessment as to the suitability of investing in the Bonds. This Prospectus will be valid until 12.11.2020. After that, the obligation of adding a supplement to the Prospectus in the event of any significant new factor, material mistake or material inaccuracy will no longer apply. Legal responsibility (including the responsibility pursuant to Sections 29 and 38 of the Capital Markets Act) for all information, and the lack of any information, in this Prospectus will be borne solely by the Issuer, i.e. no other person will be responsible for any information, or the lack of any information, in this Prospectus. The Issuer prepared this Prospectus on its own, without the involvement of a placer, and the number of Bonds and the balance sheet total in excess of the equity capital as indicated in the last audited report of the Issuer are more than twice the equity of the Issuer. Therefore, the Stock Exchange Listing is considered extremely risky for Investors pursuant to the Capital Markets Act. The ratio of (i) the equity capital of the Issuer indicated in its last audited consolidated annual report for 2018 to (ii) the sum of the number of Bonds to be issued and the amount of balance sheet total in excess of the equity capital as indicated in the last audited consolidated annual report of the Issuer for 2018, rounded to one decimal, is 0.3. 18.11.2019 i Disclaimer: All information contained within this document is for information purposes only and shall not be considered an official translation of the official communication referred to herein. This document does not include the integral wording of the official communication referred to herein, the original Hungarian language version of it remains to be the solely legally binding material in the subject matter. For further information, please do not hesitate to contact us. TABLE OF CONTENTS 1. SUMMARY .................................................................................................................................... 6 2. RISK FACTORS ........................................................................................................................... 12 2.1 Macroeconomic and legal system related risk factors ........................................................... 12 2.2 Risks Specific to the Market and the Industry ....................................................................... 13 2.3 Risks specific to the ALTEO Group ...................................................................................... 16 2.4 Risks related to Bonds or investments in Bonds ................................................................... 25 3. LIABLE PERSONS—LIABILITY STATEMENT ...................................................................... 27 4. REGISTERED AUDITORS ......................................................................................................... 28 4.1 The Company’s auditor ......................................................................................................... 28 4.2 Auditor responsible for the historical financial information ................................................. 28 5. INFORMATION ON THE BONDS ............................................................................................. 29 5.1 Laws underlying the issuance of Bonds ................................................................................ 29 5.2 Information on the fact that the Bonds are registered and on whether they have been prepared in a dematerialized form, and also on the name and address of the organization that keeps the register ....................................................................................... 29 5.3 The currency of the issue ....................................................................................................... 30 5.4 Sequence of the Bonds .......................................................................................................... 30 5.5 Description of rights related to Bonds, including any limitations of rights and procedures for their exercise.................................................................................................. 30 5.6 Interest ................................................................................................................................... 31 5.7 Maturity date and principal repayment .................................................................................. 31 5.8 The expected yield and the method of its calculation............................................................ 31 5.9 Representation of Bond holders during the term of Bonds ................................................... 31 5.10 In the event of new issues, a statement on resolutions, licenses and approvals based on which the securities have been and/or will be created and/or issued ................................ 31 5.11 The date of the issue of the Bonds ......................................................................................... 32 5.12 Description of limitations to the free transferability of Bonds .............................................. 32 5.1 Information for the investors: ................................................................................................ 32 6. RULES FOR STOCK EXCHANGE LISTING AND TRADING ............................................... 33 6.1 The reason for Stock Exchange Listing ................................................................................. 33 6.2 The application for Stock Exchange Listing ......................................................................... 33 6.3 The promotion of secondary trading ..................................................................................... 33 7. KEY FINANCIAL INFORMATION ........................................................................................... 34 7.1 Statement of profit or loss ..................................................................................................... 34 7.2 Balance Sheet ........................................................................................................................ 35 8. THE COMPANY .......................................................................................................................... 37 8.1 General information ............................................................................................................... 37 3 8.2 A summary of all information published according to Regulation (EU) No 596/2014 over the past 12 months and relevant as at the date of releasing this information. ............... 38 9. OVERVIEW OF THE COMPANY’S BUSINESS ACTIVITY ................................................... 41 9.1 The Company’s Key Areas of Operation .............................................................................. 41 9.2 Project under implementation and preparation ...................................................................... 56 10. RECENT TRENDS IN THE MARKETS OF THE ALTEO GROUP ......................................... 57 10.1 Renewables-based electricity generation sold under the KÁT regime .................................. 57 10.2 Market-based energy generation (sold outside the KÁT regime) ......................................... 60 10.3 Electricity trading .................................................................................................................. 62 10.4 Natural gas retail activities .................................................................................................... 64 10.5 Trading in emission units ...................................................................................................... 64 10.6 Operation and maintenance of power plants and power engineering installations ................ 64 10.7 Energy and power engineering services ................................................................................ 65 11. PROFIT FORECASTS OR ESTIMATES .................................................................................... 66 12. GOVERNING, CONTROLLING AND SUPERVISORY BODIES ........................................... 67 12.1 Corporate Governance ........................................................................................................... 67 12.2 Conflict of interest between administrative, management and supervisory bodies and executive employees .............................................................................................................. 68 13. OWNERSHIP STRUCTURE
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