PGNiG: Information on the result of asset impairment tests at PGNiG Group

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA (“PGNiG”) announces that impairment losses recognised following tests for asset impairments in the Exploration and Production segment will reduce PGNiG Group’s consolidated operating profit for Q1 2020 by approximately PLN 0.77bn.
The above amount includes the impairment losses recognized both on tangible assets and tangible assets under construction related to hydrocarbon extraction in Poland and abroad.
Impairment losses are recognised after an assessment of the recoverable amounts of assets, based on a future cash flow analysis – in particular based on current and forecasted hydrocarbon price paths on international markets.
The value presented above is an estimate and therefore may differ from the actual one, due to be disclosed with the publication of the consolidated periodic report for Q1 2020 on June 4th 2020.