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FINANCIAL RESULTS OF THE AGORA GROUP IN THE 1Q2020

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FINANCIAL RESULTS OF THE AGORA GROUP IN THE 1Q2020

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Company data

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

AGO 0,49%
mWIG40 0,61%
WIG-MEDIA 0,38%

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

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April 30, 2020 / 15:25

19/2020 Submission of a bankruptcy petition by a subsidiary and commencement of negotiations regarding the sale of its shares

Regulatory filing 

Management Board of Agora S.A. with its registered office in Warsaw ("Company", "Agora"), with reference to the report No. 10/2020 of  March 23, 2020 on the negative impact of a pandemic on the results of the Agora Group, announces that today the Management Board of an indirect subsidiary of Agora S.A. - Foodio Concepts Sp. z o.o. with its registered office in Łódź, which is a part of the Helios group ("Foodio Concepts"), adopted a resolution to file a petition for bankruptcy of Foodio Concepts. The financial situation of the company has deteriorated significantly due to the outbreak of a pandemic, which prevented the company from conducting business activities and taking any corrective actions, therefore, after analyzing the company's economic prospects, the Management Board of Foodio Concepts adopted a resolution on filing for bankruptcy. At the same time, negotiations regarding the sale of the company's shares have started today.

As a result of the resolution adopted today, the company's Management Board filed for bankruptcy of Foodio Concepts involving liquidation of the company's assets to the District Court for Łódź-Śródmieście in Łódź, XIV Commercial Division for Bankruptcy and Restructuring.

When deciding on filing for bankruptcy of Foodio Concepts, the company's management acted with the well-being of Foodio Concepts and its creditors in mind, as well as the need to secure their interests due to the insolvency of Foodio Concepts.

At the same time, the Management Board of Agora informs about becoming aware that its subsidiary Helios S.A. has started today the negotiations with a potential buyer regarding the sale of all shares of Foodio Concepts belonging to Helios S.A.  The potential buyer is an investor from outside of the food-service industry. The possible purchase price remains insignificant.

The Management Board of Agora informed about the establishment of Foodio Concepts Sp. z o.o. in the current report No. 10/2018 of March 6, 2018.

In connection with the filed petition for bankruptcy, the Agora Group made write-offs of assets related to Foodio Concepts in the amount of approximately PLN 9.0 million, which will be charged to the consolidated result of the Agora Group in the first quarter of 2020.

The Management Board will inform about next significant steps in this matter in further current reports.

Legal basis: art. 17 clause 1 of Regulation (EC) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Regulation on market abuse) 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 (Official Journal EC L 173 of 12/06/2014). 

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