Czerska 8/10 Street
Numer KRS: 59944
May 28, 2020 / 19:13
The Management Board of Agora S.A. with its registered office in Warsaw ("Agora", "the Company"), with reference to current report 19/2018 of 15 June 2018 and 10/2020 of 23 March 2020, informs, on the basis of analyzes made by the Company, that the outbreak of the COVID-19 pandemic and its long-term effects on the Polish economy and on the Agora Group will prevent Agora from meeting the financial goals set out in the Agora Group Strategy for 2018-2022 ("Strategy") by the end of 2022.
At the same time, the Management Board of Agora recognizes the development directions of the Agora Group outlined in the Strategy as attractive and does not resign from their implementation at this stage. However, the pace and scale of the Group's activities will be significantly different from those assumed in the Strategy and depend on the process of lifting sanitary restrictions in Poland, the further course of the pandemic, the social effects of the coronavirus, the development of the economic situation and the impact of these aspects on the activities of the Agora Group. The factor that will affect the ability of the Group to implement its strategic plans will also be the date of return to negotiations with the consortium of banks on financing the development activities of the Agora Group.
The Management Board of Agora has undertaken both savings and liquidity measures to ensure the financial security of the Group by the end of 2020, as well as time for further negotiations with banks on financing the Agora Group.
When the crisis caused by the pandemic ends and after the stabilization of the economic situation, the Company's Management Board will re-examine the development plans of the Agora Group, its business portfolio and new market environment and shall review strategic plans on that basis.
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.