No. 35/2017 | 14-03-2017
Change in financial assets impairments in PKN ORLEN unconsolidated financial statement for 2016
PKN ORLEN S.A. („Company”) informs that as a result of audit of PKN ORLEN unconsolidated financial statements for 2016 conducting by KMPG Sp. z o.o. the estimated recoverable value of ORLEN Lietuva shares entered in that financial statement will be changed in relation to the PKN ORLEN data included in quarterly report for the fourth quarter 2016 published on 26 January 2017.
In the PKN ORLEN unconsolidated financial statements for 2016 the reversal of impairment of ORLEN Lietuva shares will be increased in relation to the data presented in the report for the fourth quarter 2016 by PLN 549 m and it will amount in total in 2016 to PLN 1 150 m.
Correction refers to elimination of the dividend payment planned for the first half of 2017 from the profit of ORLEN Lietuva from the calculation of ORLEN Lietuva shares recoverable value.
At the same time the Company informs that the pay-out of the abovementioned dividend may be a reason to conduct impairment tests of ORLEN Lietuva shares and may cause a necessity to create impairment in next periods.
As a result the net profit in PKN ORLEN unconsolidated financial statements for 2016 will amount to PLN 5 364 m. The abovementioned correction does not influence consolidated financial statements of ORLEN Capital Group for 2016, i.e. consolidated data presented in the report for the fourth quarter 2016 will not be changed.
PKN ORLEN will publish the consolidated and unconsolidated annual reports for 2016 on 15 March 2017.