The Management Board of Polenergia S.A. (‘Company’) hereby announces that, as a result of tests for assets and goodwill impairment, on 20th December 2018 the Company decided to reverse the write-downs on assets in the wind energy segment in the amount of PLN 68.5 million and to make a write-down on assets in the development and implementation segment in the total amount of PLN 22.8 million. At the same time, the Company decided to make a write-down on goodwill attributed to the conventional energy segment in the amount of PLN 40 million.
The decision regarding the wind energy segment is a consequence of changes in the regulatory and market environment and the related update of the electricity and green certificate price forecast. The impairment of assets in the development and implementation segment concerns the projects of Piekło wind farm and Wińsko biomass plant. The Management Board of the Company, taking the write-down decision, considered the market and economic conditions of both projects. Having regard to its intention to sell rights to these projects, the Company will maintain the appropriate status of their development, each time taking into account the economic legitimacy of the activities undertaken.
The impairment of goodwill assigned to the conventional energy segment is a result of the approaching end of operation of Polenergia Elektrociepłownia Nowa Sarzyna Sp. z o.o. (‘ENS’) under the stranded costs compensation scheme. ENS will remain a participant of the scheme until May 2020. After this date, ENS will be a participant in the capacity market and will continue its operations in the field of heat and electricity generation, taking into account the current market conditions.
The above operations are non-cash, and their total estimated impact on the consolidated gross result of the Company for 2018 is PLN 5.7 million. In total, they will improve the Company’s consolidated gross result, without affecting EBITDA, according to the accepted definition. The write-downs are indicative only and are subject to change.
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