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07/12/2016 19:02

Current report 32/2016

Polenergia S.A. (‘Company’) hereby announces that on 7th December 2016 the Management Board of the Company decided to make write-downs due to impairment of assets in the form of tangible fixed assets of the wind farms in operation.

The estimated total value of the above-mentioned write-downs is approx. PLN 80 million. The write-downs are non-cash. They will be disclosed in the Company’s consolidated financial statement in other operating expenses. It will charge the Group’s operating results without affecting EBITDA, according to the accepted definition.

The presented items are estimates and are subject to change. They will be included in the consolidated annual report for 2016.

The necessity to make the above-mentioned write-downs is dictated by the persistently low prices of the so-called green certificates and uncertainty about prospects for their potential rise.

This is, inter alia, due to the provisions of the Regulation of the Minister of Energy dated 17th October 2016 on the change in the share of total volume of electricity resulting from redeemed certificates of origin confirming electricity generation from RES in 2017, pursuant to which the redemption obligation in 2017 will be 15.4%. It is not a sufficient level, taking into account the current oversupply of green certificates on the market. Furthermore, there has been no information yet as to auctions for the existing wind farms.

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