espi ebi PGE POLSKA GRUPA ENERGETYCZNA S.A. 2024-01-26 19:01

Result of impairment tests on property, plant and equipment in Conventional Generation segment

With reference to the current report no. 39/2023 dated December 6, 2023, the Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”, the “Company”) discloses that the works regarding tests for impairment of property, plant and equipment in accordance with the IAS 36 have been completed with regard to the Conventional Generation segment’s assets.

Results of conducted tests indicate the impairment loss of balance sheet value of property, plant and equipment in Conventional Generation segment amounting to approx. PLN 8.5 billion.

Accordingly, appropriate adjustments updating value of property, plant and equipment will be recognised in the consolidated financial statements of PGE Capital Group for 2023. The above adjustment is of non-cash nature. It will lower the PGE Capital Group’s gross result for 2023 by approx. PLN 8.5 billion and PGE’s stand-alone gross result by approx. 11.7 billion.

Presented values are estimated and may change. Final value of the impairment will be presented in the annual consolidated financial statements of the PGE Capital Group and stand-alone financial statements of PGE for year 2023 which will be audited by the professional auditor.

At the same time, the Management Board of PGE informs that the tests are still being conducted with regard to assets of other business segments. In case it will be necessary to make a significant revaluation of assets in other business segments, the Company will inform about that in separate current report.