Current reports
Current report no. 3/2024
Information on the intention to include a one-off event in the financial statements for 2023
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
ZE PAK Spółka Akcyjna ("Company") publicly announces its intention to partially release the reclamation reserve. The amount of the part of the provision to be released will amount to PLN 99,966 thousand.
The reserve 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 ("Reserve").
On May 25, 2023, the Company informed about the increase of Reserve by the current report no. 14/2023. 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. One of the very important assumptions taken into account when estimating the value of the Reserve are the costs of electricity used when pumping water from post-mining excavations. The independent advisor's report was prepared at a time when market prices of electricity were reaching record levels. The energy price levels used when estimating the Reserve were more than twice as high as current market prices.
The Company decided to verify the price paths used in estimating the Reserve, adapting them to the current levels recorded on the futures market. The verification of electricity price paths was the main reason for reducing the value of the Reserve.
The release of the Reserve will have a positive impact on the consolidated EBITDA and net result of the ZE PAK SA Group in the fourth quarter of 2023, increasing it by PLN 99,966 thousand.
The release of the Reserve will not affect the standalone financial results of ZE PAK SA.
The company stipulates that the report of ZE PAK SA Group is being verified by a certified auditor, therefore the above amount is not final and may change.
Signatures of persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board
Zygmunt Artwik – Vice President of the Management Board