ZE PAK S.A. WEBSITE

Current reports

Current reports

Current reports

Current report no. 12/2016

The information about the final amounts of impairment write-downs against the value of tangible assets in the financial statements of 2015

 

In reference to the current report No. 6/2016 dated 9 March 2016 on information about the intention of recognition of impairment write-downs against the value of the tangible fixed assets in the financial statements for 2015, and the impact of other non-monetary, non-recurring events on the financial results of 2015, Zespół Elektrowni “Pątnów-Adamów-Konin” S.A. (“the Company”, “ZE PAK S.A.”), in connection with the completion of works on a separate financial statement of ZE PAK S.A. (“separate financial statement”) and a consolidated financial statement of the Capital Group (“consolidated financial statement”) as well as their verification by the Company’s statutory auditor on 21 March 2016, announces that the final amounts of impairment write-downs against the value of the tangible fixed assets in the financial statements related to value impairment tests of assets in accordance with the requirements of respectively CRS 4 and IAS 36 were included in the separate and consolidated financial statements.

 

The total amount of impairment write-downs resulting from the value impairment tests in the consolidated statements prepared in accordance with International Financial Reporting Standards amounted to PLN 1,880 million, which is consistent with the previously estimated amount, which was indicated in the current report no. 6/2016 of 9 March 2016

 

However, write-downs’ allocation was changed to respective Capital Group assets, which was reflected in the amount of write-downs recognised in the ZE PAK SA separate financial statement. The original write-down from PLN 1,350 million was changed to PLN 1,562 million.

 

The completed works have demonstrated the need to recognise an impairment write down in the separate financial statement of PAK KWB Konin SA, drawn up in accordance with the provisions of act on accounting and in the amount of PLN 18 million. At the same time, the need for an impairment write-down of the held PAK KWB Konin SA shares, whose previous balance value in the amount of PLN 124 million has not changed, was not stated in the separate financial statements of ZE PAK SA, which was also drawn up in accordance with the act on accounting.

 

The description of the final results of the value impairment test will be included in note 19.1 of the consolidated financial statement and in note 6.a) of the separate statement, which will be published today.

 

The operations mentioned in this report have a non-monetary and accounting nature, and they do not affect the Company’s and Group’s liquidity situation.

 

Signatures of persons representing the company:

Aleksander Grad - President of the Management Board

Adrian Kaźmierczak – Vice President of the Management Board

back