Predicted accounting one-offs which impact significantly on financial data for 2021 presented in PKN ORLEN and ORLEN Capital Group financial statements for 2021

PKN ORLEN S.A. („Company”) informs that it predicts that following accounting one-offs, which significantly positively affected the financial data for 2021 will be included in consolidated financial statement for 2021:

- recognition of reversal of impairments of fixed assets in ORLEN Upstream Canada with the total net value of ca. PLN 0,8 bn. The estimated net value of reversal of impairments results from updated valuation of upstream assets in ORLEN Upstream Canada. The level of reversals results mainly from significant increase of forecasting prices of upstream assets in Canada. 

Moreover, the Company predicts that following accounting one-offs, which significantly positively affected the financial data for 2021 will be included in unconsolidated financial statement for 2021:  

- recognition of reversal of impairments of shares in ORLEN Upstream Sp. z o.o. with the total value of ca. PLN 1,4 bn. 

Additionally the Company informs, that analysis of values of the other ORLEN Capital Group assets are in progress. In case any impairments or updating reversals, which impact significantly the financial data for 2021, become probable, PKN ORLEN will publish regulatory announcement with that information. 

PKN ORLEN will publish its unconsolidated and consolidated financial statements for year 2021 on 18 March 2022.

PKN ORLEN holds 100% of ORLEN Upstream Sp.z o.o. share capital.