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26/09/2017 18:50

Current report 9/2017

The Management Board of Polenergia S.A. (‘Company’) hereby notifies that on 26th September 2017 the Company decided to resign from the implementation of Grabowo wind farm project (‘Grabowo Project’) developed by the Company’s subsidiary, i.e. Polenergia Farma Wiatrowa Grabowo sp. z o.o. (‘FW Grabowo’).

It results in a need to make a write-down of an estimated amount of PLN 8.2 million. The write-down is non-cash. It will be included in the Company’s consolidated financial statement for the 3rd quarter of 2017 in other operating expenses. It will charge the Group’s operating results without affecting EBITDA, according to the accepted definition. The presented item is estimated and is subject to change.

The decision to abandon Grabowo Project is related to FW Grabowo’s reaching consensus on termination of the connection agreement, which allowed the Company to recover a significant part of the connection fee paid as well as to refrain from incurring its further part. At the same time, the efforts of FW Grabowo to reduce the project maintenance costs, including rent costs, failed. Consequently, taking into consideration the relatively high costs of Grabowo Project development and the possible cost savings resulting from its abandonment, the Company concluded that the implementation of Grabowo Project is not economically justified.

As a result, the Company considered it necessary and justified to take a decision to resign from Grabowo Project, and consequently to make the write-down.

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