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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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Company data

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

AGO -1,69%
mWIG40 0,13%
WIG-MEDIA 1,02%

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

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March 23, 2020 / 07:10

10/2020 Information on the impact of the effects of the COVID-19 coronavirus on the activities of the Agora Group

Regulatory filing

The Management Board of Agora S.A. with its registered office in Warsaw ("Agora", "Company"), informs that according to the current assessment of the situation as at March 22, 2020, the Company expects that the effects of the COVID-19 coronavirus pandemic announced by the World Health Organization WHO and actions undertaken by the government administration to limit the further spread of the virus will have a significant negative impact on the financial results of Agora and its subsidiaries in the second quarter of 2020.

At the same time, the Company would like to emphasize that, taking into account the factors of high uncertainty, including the unpredictable duration of the continued epidemic threat and the scale of all restrictions related to it, as well as their economic effects, also after the epidemic threat ceases, it is impossible to estimate the full impact of pandemic on the current and future financial results of Company and its group at the time of publication of this report.

The company notes that the negative impact on its activities will have, among others: administrative closure of cinemas and limiting the activities of food eateries of the Group; slowdown in economic growth, which will have an impact on the suspension of investment processes and advertisers’ activity; suspension of film productions or postponement of dates of film premieres; recommendations for staying at home and closing book sales outlets and possible difficulties with distributing newspapers.

At the same time, the Company is observing an increase in the popularity of its content, also in the form of paid digital subscriptions. At this stage, the Company does not notice any alarming changes in the volume of sales of paper publications of its press titles.

The Company also draws attention to the increased risk of payment gridlocks on the side of its contractors and possible problems with recovering amounts due from them. The Group's business partners include entities that have been particularly affected by the restrictions imposed on business operations due to COVID-19. The weakening of the Polish currency against other currencies may also have a negative impact on the level of costs of the Agora Group.

The company is already implementing measures to limit the negative financial consequences for the Agora Group related to the spread of coronavirus. All expenses, including investment expenditure, which do not condition the continuation of the basic activity of particular businesses have been postponed, and scenarios of subsequent austerity measures are being developed, depending on the duration of the pandemic and its impact on running business operations, as well as legislative and administrative solutions to reduce these consequences.

Despite the cost savings measures already undertaken by the Company, the circumstances described above will have a significant negative impact on the financial results of the Group at least in the second quarter of 2020. However, depending on the duration of the epidemic threat, the scale of all restrictions related to COVID-19 as well as their economic effects, also after the cessation of the epidemic threat, the negative impact on the Group's financial results may also persist in the following quarters of 2020.

The Management Board of Agora emphasizes that the above assessment was made in accordance with the actual legal status of situation and the best knowledge of the Company as at the date of this regulatory filing, however the extent of the impact is unknown and impossible to estimate, and depends on factors that are beyond the Company's impact or control. Possible new conditions significantly affecting the generated financial results and the situation of the Agora Group or more precise estimates of the impact of a pandemic on Agora's results will be disclosed by the Company in subsequent regulatory filings.

Legal basis: Article 17 §1 and 4 of 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.

 

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