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Information on the result of impairment tests

  • No. of the report: 27/2021
  • Report date: 15.09.2021 17:42
  • Report legal ground: Art. 17 sect. 1 of MAR – inside information.

Contents of the report

With regard to the current report no. 23/2021 dated July 21, 2021, the Management Board of PGE discloses that major works regarding tests for impairment of assets in accordance with the IAS 36 have been completed.

Results of conducted tests indicate the necessity to reverse the impairment loss in Renewables segment in amount of approx. PLN 40 million.

At the same time, as a result of conducted tests, no impairment loss of balance sheet value of property, plant and equipment was identified in Conventional Generation segment.

Accordingly, appropriate adjustment updating value of assets will be recognized in the consolidated financial statements of PGE for the first half of 2021. The above adjustment is of non-cash nature.

Impact of reversal of impairments in the first half of 2021 on the PGE Group’s net result is approx. PLN +32 million. As a consequence of the above, estimated consolidated net profit amounts to approximately PLN 2 694 million.