The Management Board of Orzeł Biały S.A. (hereinafter: „ the Company”, „ the Issuer”) in reference to the statement dated on 12.03.2020 issued by UKNF (The Polish Financial Supervision Authority) in accordance with ESMA’s recommendations due to the impact of the COVID-19 outbreak, hereby inform about possible future impact of spreading coronavirus SARS-CoV-2 and COVID-19 on activities and financial results of the Company.
The Company analysed available market data and information about business environment of the Issuer. With regard to relations between Company’s activities, automotive industry and observed decisions of main global car manufacturers which concerning the restriction of business activities, Orzeł Biały S.A. cannot exclude that implemented by business entities decisions to counteract the development of the pandemic, may results in a future change in the structure of demand for products of the Company.
Domestic and foreign cooperation in the supply of raw materials, due to the movement restrictions and reintroduction of border controls, may also be affected and have an impact on the Company’s activities
Furthermore, subsequent administrative decisions in Poland and other european countries, including decisions of central banks and other instittutions, might affect the Company.
The Management Board of Orzeł Biały S.A., as at the date of publication of this report, cannot reliably and responsibly determine the impact of virus outbreak on activities, financial results and perspectives of the Company.
Concurrently, The Management Board of Orzeł Biały S.A. constantly monitors development of the situation related to persistent effects of COVID-19 outbreak. The Company implemented procedures to reduce the risk of virus transition in accordance with Chief Health Inspectorate recommendations. The Issuer will take all necessary steps to ensure security and stable operation of the Company in the current epidemic situation.
Legal basis: Article 17 Para. 1 MAR – Insider Information