Information about an intention to submit provisions and write-downs in the annual financial statement

The Management Board of Orzeł Biały S.A. (‘The Company’) hereby announces an intention to submit provisions and write-downs in the unconsolidated annual financial statement the Company. The reserves will have a significant influence on the financial result for 2013. Moreover, they will be reflected in the consolidated financial statement of Orzeł Biały Capital Group.

Constitution of provisions is mainly connected with an overview and internal audit conducted by The Company, managed by Director General Michael Rohde Pedersen. Moreover, this is related to a planned transfer of all the Company’s operations from Bytom to Piekary Śląskie in the current year. For this reason, The Company has analyzed obligatory events and estimated their value.     

To the result on other operating activity for 2013, according to the current data, The Company is planning a constitution of provisions connected with provisions adjustment for reclamation of landfills and The Company’s areas in Bytom. Moreover, the write-downs for overdue and doubtful receivables, which pertained mainly to receivables in a subsidiary of The Company.

In the unconsolidated annual financial statement of The Company, the provision for trademark fees will be updated also. This provision increases The Company’s costs of sales. 

To the result on financial activities for 2013, the impairment of shareholdings in subsidiaries will be booked.

In addition, to the result on operating activities, the impairment allowance of stock value will be made and provision for employee benefits will be provided.

To sum up, predicted influence of all submitted one-offs will probably reduce the result by a 23 438 thou. PLN in unconsolidated annual financial report of The Company

Above-mentioned, mainly non-cash operations are the results of organizing activities of Orzeł Biały S.A. connected not only with the current period but also with previous years.

The Company reserves that the financial statement of Orzeł Biały S.A. for 2013 is during verification by the auditor, so above presented amounts are not the final and could be changed. The annual report of Orzeł Biały S.A. for 2013 will be published on 20th March 2014.

Legal basis:
Art. 56 Para. 1 Cl. 1 Public Offering Act – Insider information


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