Orzeł Biały S.A. (‘The Company’) hereby announces that as a result of the work on the report for the third quarter of 2018, the Management Board of the Company decided on November 5, 2018 to include one-off events that will have a positive effect on the consolidated operating result in the Company’s report for the third quarter of 2018, in the estimated amount of PLN 0.5 million.
The above includes:
• the recognition in the consolidated financial statements of the impact of the recovered control settlement in the amount of PLN -1.2 million
• the derecognition of the write-down of receivables from Orzeł Surowce sp. z o.o. in the amount of PLN 1.7 million, in the consolidated financial statements for the third quarter of 2018, resulting from the assignment of receivables from its Contractors. The derecognition of such write-down will affect the consolidated operating result of the Group for the third quarter of 2018.
The recognition of the above one-off events is the consequence of the Issuer’s regained control over the subsidiary of Orzeł Surowce and its subsidiary companies and the inclusion of these companies to the Group’s consolidation in the consolidated report for the third quarter of 2018. The said actions occurred in connection with the received decision of the District Court in Katowice, 19th Commercial Companies and Appeals Department, on the dismissed application for bankruptcy of the subsidiary of Orzeł Surowce sp. z o.o., about which the Issuer informed in its Current Report No 19/2018 of August 13, 2018.
The Issuer reserves that the interim consolidated report of the Company for the third quarter of 2018 is being prepared, and, therefore, the amounts presented above are not final and may be subject to change.
The publication of the consolidated report for the third quarter of 2018 will follow on November 8, 2018.
Legal basis: Art. 17, Act 1 MAR
16:10