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WYNIKI FINANSOWE GRUPY AGORA  W 3. KWARTALE 2023 R.

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WYNIKI FINANSOWE GRUPY AGORA W 3. KWARTALE 2023 R.

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AGORA S.A.
Czerska 8/10 Street
00-732 Warszawa

AGO -0,7%
mWIG40 -1,94%
WIG-MEDIA 0,43%

Regon: 11559486
Numer KRS: 59944
NIP: 526-030-56-44

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February 8, 2021 / 18:40

04/2021 The appeal of Agora S.A. against the decision of the President of the Office of Competition and Consumer Protection prohibiting the concentration consisting of taking control by Agora S.A. over Eurozet Sp. z o.o.

Regulatory filing

Management Board of Agora S.A. with its seat in Warsaw ("Agora", "Company"), with reference to the current reports: no. 1/2019 of 25 January 2019, 3/2019 of 20 February 2019, 27/2019 of 18 September 2019, 39/2020 of 10 November 2020 and 01/2021 of 7 January 2021, informs that on 8 February 2021, the Company filed to  the District Court in Warsaw – the Competition and Consumers Protection Court - an appeal against the decision of the President of the Office of Competition and Consumer Protection (“President of UOKiK“), issued on 7 January 2021, prohibiting Agora taking control over Eurozet Sp. z o.o.

In the opinion of the Company, supported by the opinions of experts in the field of economy, competition law and the radio market attached to the appeal, the decision issued by the President of the Office of Competition and Consumer Protection raises serious concerns as to its factual correctness, therefore the Company requests its amendment by issuing a decision consenting to the concentration of Agora and Eurozet.

First of all, the President of the Office of Competition and Consumer Protection violated substantive law by issuing a decision without proving that the concentration will significantly restrict competition, which is a prerequisite for blocking the transaction. Instead, for the purpose of the decision prohibiting the concentration, a theory of harm was created based on the theory of the ‘quasi-duopoly’ unknown in the law of competition and economics, suggesting  the tacit coordination of the merged entity (Agora and Eurozet) with the market leader, RMF FM group. In the opinion of the Company, the decision was based on assumptions and hypotheses regarding what may happen on the market after the concentration, while according to the law, in order to prohibit the concentration the antitrust authority must prove, on the basis of the conducted economic analysis that, in certain market circumstances, the concentration will significantly restrict competition. Series of detailed economic analyzes prepared by renowned specialists and presented to the President of UOKiK have shown that the concentration will not lead to a significant infringement of competition, therefore, in the opinion of the Company, the President of UOKiK should, in accordance with the law, authorize it.

In connection with the above circumstances, the Company appealed to the District Court in Warsaw, requesting the court to issue a reformative ruling which will allow the concentration to be carried out without any further conditions. The evidence gathered in the case clearly indicates that all the conditions for issuing such a decision are met.

Legal basis: Art. 17 sec. 1 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directive 2003/124/EC, 2003/125/EC and 2004/72/EC - confidential information.

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