Current Report No.: 23/2021
Current Report No.: 23/2021
Date of Preparation: 9 July 2021
Issuer's Abbreviated Name: ENEA S.A.
Legal Basis: Article 17(1) of the Market Abuse Regulation - confidential information
Subject: Information on the intention to include a non-recurring operation of an accounting nature in the financial statements for H1 2021
Body of the report:
The Management Board of ENEA S.A. ("Company", "Issuer") hereby reports that in connection with the preparation of financial statements (standalone and consolidated) for the first half of 2021, the permissibility was identified on 9 July 2021 of a partial reversal of the provision established in the amount of PLN 222.2 million (initially: PLN 219.4 million), as disclosed by the Issuer in Current Report No. 36/2020 and in subsequent interim reports.
The partial reversal of the provision in the amount of approx. PLN 114 million will be effected in connection with the scheduled settlement of the investment project executed by Elektrownia Ostrołęka sp. z o.o. in accordance with the terms disclosed in Current Report Nos. 20/2021 and 21/2021. Following the said partial reversal, the value of the provision will be approx. PLN 108 million.
This event will affect the standalone financial statements of ENEA S.A. by increasing the Company's pre-tax profit and net profit for the reporting period by approx. PLN 114 million.
This event will affect the consolidated financial statements of the ENEA Group by increasing its pre-tax profit and net profit for the reporting period by approx. PLN 114 million.
The event described above is a non-cash event that increases net profit for the reporting period without affecting the consolidated or standalone EBITDA for the reporting period.
Please be advised that the foregoing figures are estimates and as such are subject to change, and that the final amount of the partial reversal will be presented in the periodic reports of the Company and the ENEA Group for H1 2021.
Please note that the term EBITDA is defined as the value of operating profit (loss) + depreciation and amortization + impairment losses on non-financial non-current assets (values for the reporting period). EBITDA is a standard measure of efficiency of a business activity, in particular for the industry in which the Issuer's Group operates. The above definition and methodology for its calculation are the same as those used to calculate this indicator in the Issuer's periodic reports. The definition above is also included in the glossary of terms and abbreviations available on the Company's website (https://ir.enea.pl/slownik).
