Polenergia S.A. (‘Company’) hereby announces that in relation to the fact that on 15th July 2016 the Act on Wind Energy Investments (‘Act’) enters into force, the Company was forced to make write-downs due to a permanent impairment of assets in the form of wind farms under development, i.e. wind farm projects having no building permit or the ones as to which the procedure of issuing such a permit was not initiated. Pursuant to the Act’s provisions concerning the minimum distance of wind farms from buildings, the mentioned projects can no longer be continued.
Moreover, in connection with the entry into force of the Act, the Company wrote-down the value of receivables from the sale of a wind farm project (the final installment payable upon the receipt of the wind farm use permit).
The total value of the above-mentioned write-downs is approx. PLN 55 million. The write-downs are non-cash. They will be disclosed in the Company’s consolidated financial statement in other operating expenses. It will charge the Group’s operating results without affecting the result of “adjusted EBITDA”, according to the accepted definition.
The presented items are estimates and are subject to change. They will be included in the consolidated report for the first half of 2016 which will be published on 10th August 2016.
Due to the obligatory write-downs, as well as the constant state of regulatory uncertainty, the Company hereby cancels the forecast of its results for 2016 revealed in Current Report No. 4/2016. In addition, the Company does not plan to publish forecasts for the next years.
The Company regularly analyzes the rapidly changing regulatory environment, including changes introduced by the amendment to the Act on Renewable Energy Sources and changes resulting from the implementing regulations to this Act which have not yet been issued, as well as the impact of these regulations on the Company’s operation and its financial results. At the moment, due to lack of implementing regulations, it is impossible to make a comprehensive assessment of the impact of the new laws on the Company and the potential necessity of further write-downs.
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