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February 3, 2015 / 17:21

01/2015 Impairment losses in the Agora Group

Regulatory filling

The Management Board of Agora S.A. ("the Company" or "Agora") with its registered seat in Warsaw, hereby informs that the Agora Group ("the Group") conducted asset impairment tests in accordance with the International Financial Reporting Standards.

As a result of the verification process of the financial projections of the business segments of the Agora Group, the Group recognized an impairment loss in the total amount of ca. 15 million which will affect the consolidated results of the Group for 4Q2014.

The above one-off cost of impairment loss shall affect the consolidated results of the Group and non-consolidated results of the Company for 4Q2014 (it will also impact the deferred tax).

The above one-off cost includes impairment loss of two monthlies published by Agora. It should be emphasized that, in accordance with the International Financial Reporting Standards, the Group conducts impairment tests for individual cash generating units - in this case: magazines published within the Magazines and Free Press Division (in the Press Segment), acquired by Agora to which a specific book value had been attributed at the acquisition date.

According to the above requirements, it is not possible to compensate the surplus of the recoverable amount on one cash generating unit with the shortage on other cash generating unit within one business segment. As a result, impairment loss on individual cash generating units is recognized even if the total value of the Group's business segment is not impaired.

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01/2015 Impairment losses in the Agora Group

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