Current reports
Current report no. 14/2023
Information on the intention to include a one-off event in the financial statements for the first quarter of 2023 and its estimated impact on the financial results
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
ZE PAK Spółka Akcyjna (the "Company") announces to the public information about its intention to increase the recultivation provision. The provision relates to the mining segment and is related to the exploitation of lignite open pits and the estimated cost of recultivation of areas covered by mining activities after their completion ("Provision"). The basis for increasing the provision is a report on the costs of reclamation and development of excavations and post-mining areas, prepared by an independent advisor. The Company commissioned the preparation of the documentation due to the approaching date of the complete termination of mining operations and the need to update the assumptions taken into account when estimating the costs of recultivation of the land in use. The costs to which the Provision relates are incurred by PAK Kopalnia Węgla Brunatnego Konin SA (a subsidiary of the Company) after the completion of the exploitation of opencast areas (both those whose exploitation has already been completed and reclamation is in progress, and those currently exploited).
The created provision will reduce the consolidated EBITDA of ZE PAK SA Group by approximately PLN 553 million and the consolidated net result by approximately PLN 508 million.
The establishment of the provision will not affect the standalone financial results of ZE PAK SA.
The estimated consolidated loss of ZE PAK SA Group at the EBITDA level for the first quarter of 2023 will amount to approximately PLN 389 million. The expected estimated consolidated net loss of ZE PAK SA Group for the first quarter of 2023 will amount to approximately PLN 383 million.
The expected estimated profit of ZE PAK SA at the EBITDA level for the first quarter of 2023 will amount to approximately PLN 88 million. The expected estimated net profit of ZE PAK SA for the first quarter of 2023 will amount to approximately PLN 88 million.
The Company stipulates that the presented impact of increasing the provision on the financial results of ZE PAK SA Group is an estimate, therefore the above amounts are not final and may change.
Signatures by persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board
Andrzej Janiszowski – Vice President of the Management Board