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Current Report No. 9/2020

17.03.2020 15:15

Update of the impairment tests results

In reference to current report no. 5/2020 of March 4, 2020, TAURON Polska Energia S.A. ("Issuer") announces that in connection with the extension of the 910 MW unit in Jaworzno commissioning date (current report no. 7/2020 of March 6, 2020), additional analyses were carried out as part of impairment tests of assets.
The analyses completed on March17, 2020 showed a significant decrease in the recoverable amount of the Generation segment assets, and therefore the justification for creating an additional write-down for this segment in the amount of PLN 121 million due to impairment of tangible and intangible fixed assets and rights to use assets in the amount up to the total net level of PLN 610 million.
Taking into account the additional write-down of the Generation segment, the total value of created net write-downs in the consolidated financial statement is PLN 1,035 million, and the total estimated impact on the reduction of the consolidated net financial result is PLN 838 million.
The value of these write-downs will not affect the EBITDA result in the consolidated financial statements (the EBITDA result is understood by the Issuer as EBIT increased by depreciation and write-downs for non-financial assets).
The Issuer makes a caveat that the values provided above are estimates and may be subject to change. The final results of the impairment tests and the amounts of write-downs related to the loss of the assets carrying amount will be presented in the 2019 financial statements of TAURON Polska Energia S.A. and the Issuer’s Capital Group.

Art. 17 sec. 1 of MAR – inside information
 

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