Supplement to the report for the fourth quarter of 2008
31-03-2009
Regulatory filing
In reference to the report for the fourth quarter of 2008, published on February 19, 2009, the Management Board of Agora SA (the Company) informs that on March 31, 2009, having consulted the Company's auditor in the process of auditing the Company's non-consolidated financial statements as of December 31, 2008 and for the twelve-month period ended thereon (the Non-consolidated Financial Statements) and consolidated financial statements of the Agora Group as of December 31, 2008 and for the twelve-month period ended thereon (the Consolidated Financial Statements), they decided to change in the future the way of presenting the loss resulting from impairment of the value of investment in Trader.com (Polska) Sp. z o.o. amounting to PLN 27.2 million (Impairment Loss) as compared to the way it has been presented in the condensed interim consolidated financial statements of the Agora Group as of December 31, 2008 and for the three and twelve month period ended thereon (Fourth Quarter Consolidated Financial Statements). In accordance with their best knowledge and belief on the date of preparing the Fourth Quarter Consolidated Financial Statements, the Management Board has presented the Impairment Loss as part of the financial cost of the Agora Group in the Fourth Quarter Consolidated Financial Statements and also as part of the financial cost of Agora SA in the non-consolidated income statement for the three and twelve month period ended on December 31, 2008 presented in the note No. 19 to the Fourth Quarter Consolidated Financial Statements (the Non-consolidated Fourth Quarter Income Statement). After consultations, the Management Board agreed with the auditor that the most appropriate way of presenting the Impairment Loss would have been to present it in the line "Other operating expenses" in the Fourth Quarter Consolidated Financial Statements, and in the line "Financial cost" in the Non-consolidated Fourth Quarter Income Statement (i.e. without change to the original presentation in the latter case). If the aforementioned reclassification had been made in the Fourth Quarter Consolidated Financial Statements, it would not have had an impact on the consolidated gross and net result of the Agora Group for the fourth quarter and the whole year 2008. However, in order to make a more appropriate presentation of the annual financial statements, the Impairment Loss will be accounted for as "Other operating expenses" in the Consolidated Financial Statements and as "Financial cost" in the Non-consolidated Financial Statements. The above described reclassification will neither have an impact on the gross and net result of the Agora Group for the year 2008 on the consolidated level nor on the gross and net result of Agora SA for 2008 on the non-consolidated level.
