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3-2017 Management decision on recognising asset impairment loss in financial statements for 2016

Current report 3/2017

Orange Polska S.A. – Warsaw, Poland

13 February 2017

 

Pursuant to Art. 17 clause 1 of the Regulations (eu) no 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (hereinafter “MAR Regulations”), Management Board of Orange Polska informs about a decision on recognising asset impairment loss.

On 13 February 2017, Orange Polska Management Board has decided to recognise asset impairment loss in the amount of PLN 1,793 million in the consolidated financial statements.

The asset impairment loss affected 2016 net earnings with no impact on EBITDA and cash.

The impairment loss was driven by lower projected cash flows within the business plan resulting from the reassessment of expected further business performance in light of current market conditions and technological advancements coupled with an increase in the post-tax discount rate.

Moreover, the Company informs that on 7 February 2017, the Supervisory Board’s Audit Committee of Orange Polska after discussion with the Management Board issued a positive opinion to make the above described impairment. In the view of the Management Board the opinion of the Audit Committee constituted inside information within the meaning of Article 7 of the MAR Regulations. Having in mind that immediate - so before making a decision by the Management Board - disclosure to the public of this information could prejudice the legitimate interests of Orange Polska, the Company, pursuant to article 17 clause 4 of the MAR Regulations, decided to delay disclosure to the public of the inside information. 

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