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JSW – Current Stock Market Report No. 8/2018. Information on the results of tests for asset impairment
Contents of the report:
The Management Board of Jastrzębska Spółka Węglowa SA informs that the analysis of the main premises demonstrating the possibility of impairment of the carrying amount of JSW’s assets has been completed, in accordance with the provisions of IAS 36 Impairment of Assets .
The results of tests carried out by JSW indicate impairment of the carrying value of non-current assets in the coal segment, ie the assets of the “Knurów-Szczygłowice” and “Budryk” hard coal mines in the total amount of PLN 759.1 million.
The write-off will decrease the operating result of JSW and the Capital Group, however, it will not affect the liquidity situation. The final value of the write-down will be presented in the separate and consolidated financial statements of JSW and the JSW Capital Group for 2017, respectively.
At the same time, the Company informs about the carried out test for impairment of the carrying amount of financial assets, i.e. shares in JSW KOKS SA
The results of tests carried out by JSW indicate the loss of value of JSW KOKS shares in the amount of PLN 113.4 million.
The write-down will decrease the operating result of JSW, however, it will not affect the liquidity situation of the Company. The final value of the write-down will be presented in the separate JSW report for 2017, without impact on the consolidated financial results of the JSW Capital Group for 2017.
At the same time, the Company informs that the values presented above are estimates and are subject to change.
Legal basis: art. 17 sec. 1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 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