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Financial results of the Agora Group in the 1Q2021

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Financial results of the Agora Group in the 1Q2021

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

AGO -0,9%
mWIG40 0,15%
WIG-MEDIA 0,54%

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

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January 28, 2021 / 14:43

2/2021 Impairment of assets and recognition of provisions in the Agora Group

Regulatory filing

The Management Board of Agora S.A. with its registered seat in Warsaw (“Company”, “Agora”) hereby informs that in the course of works on the annual report of the Agora Group, including the process of verifying the valuation of its assets and the completeness of the recognition of provisions, it made a decision on the necessary write-offs or increase of provisions in the Movie and Books segment, the Outdoor segment and Agora company. The total amount of the above mentioned impairments affects both the net results and the operating result of the Agora Group.

 

In the fourth quarter of 2020, additional factors that had a negative impact on Helios' financial results were the increase in the provision for the fee for Związek Autorów i Producentów Audiowizualnych ("ZAPA", Union of Audiovisual Authors and Producers) and the write-off of assets in two cinemas.

 

The increase in the provision for ZAPA fees is related to the change in the method of calculating contributions to the organization for collective management of the rights of authors associated in this organization in connection with the settlement between ZAPA and Helios S.A. Therefore, in the fourth quarter of 2020 alone, the value of the provision related to previous years’ fees for ZAPA and interest on them amounted to an additional nearly PLN 12.5 million. Moreover, Helios made a write-off of assets in two cinemas. Their total impact on the operating result of the Agora Group amounted to PLN 4.2 million.

 

The company also decided to increase the impairment loss in the Outdoor segment, with the largest part of the write-off related to the liquidation of disassembled materials. The total amount of additional write-offs and costs related to the disposal of materials in the fourth quarter of 2020 in this segment amounted to approximately PLN 1.6 million.

 

The company also decided to write off the value of the property in Pila in the amount of PLN 4.4 million and to reverse the write-off of some receivables from RUCH S.A. in connection with their repayment in the amount of PLN 3.2 million.

 

Total negative impact of the above mentioned events on the operating result of Agora amounts to approximately PLN 1.2 million, and on the net result of the Company PLN 0.9 million.

On the other hand, the total negative impact of the above mentioned events on the operating result of the Agora Group amounts to approximately PLN 19.5 million, and on the net result of the Agora Group approximately PLN 15.7 million.

 

All of the above data are preliminary, non-audited estimates and may change during the finalization of work on financial statements for 2020. The additional information will be provided in the financial statements for 2020.

 

Legal basis: Article 17, paragraph 1 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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