The Management Board of KGHM Polska Miedź S.A. (“the Company”), in reference to regulatory filing no. 7/2025 dated 5 February 2025, announces that as a result of the identification of indications of a possible change in the recoverable amount of key Polish and international assets, the Company conducted impairment testing of:
- Pol-Miedź Trans Sp. z o.o.,
- PeBeKa S.A.,
- Zagłębie Lubin S.A.,
- INVEST PV 59 sp. z o.o.,
- INVEST PV 7 sp. z o.o.,
- INVEST PV 58 sp. z o.o.,
- INVEST PV 40 sp. z o.o.,
- Future 1 Sp. z o.o.,
- the Victoria Project.
With respect to the separate financial statements of KGHM Polska Miedź S.A. for the financial year ended on 31 December 2024, the performed impairment tests indicated justification for:
- the recognition of an impairment loss on shares of the following subsidiaries:
- INVEST PV 7 sp. z o.o. in the amount of PLN 7.8 million,
- INVEST PV 40 sp. z o.o. in the amount of PLN 16.4 million,
- INVEST PV 58 sp. z o.o. in the amount of PLN 6.7 million,
- INVEST PV 59 sp. z o.o. in the amount of PLN 8.1 million,
- Pol-Miedź Trans Sp. z o.o. in the amount of PLN 90.0 million,
- Zagłębie Lubin S.A. in the amount of PLN 25.2 million.
- the reversal of a part of the impairment losses on shares recognised in prior years in the holding company Future 1 Sp. z o.o., which directly holds 100% of the shares in KGHM International Ltd. in the amount of PLN 1 323 million,
- no impairment losses were recognised on shares of the company PeBeKa S.A., since the recoverable amounts of these assets were higher than their carrying amounts.
With respect to the consolidated financial statements of KGHM Polska Miedź S.A. for the financial year ended on 31 December 2024, the performed impairment tests indicated justification for:
- the recognition of an impairment loss on shares of the following subsidiaries:
- INVEST PV 7 sp. z o.o. in the amount of PLN 11.9 million,
- INVEST PV 40 sp. z o.o. in the amount of PLN 17.3 million,
- INVEST PV 58 sp. z o.o. in the amount of PLN 22.5 million,
- INVEST PV 59 sp. z o.o. in the amount of PLN 26.2 million,
- Pol-Miedź Trans Sp. z o.o. in the amount of PLN 180.0 million.
- no impairment losses were recognised on assets of:
- subsidiaries Zagłębie Lubin S.A. and PeBeKa S.A., since the recoverable amounts of their assets were higher than their carrying amounts,
- the Victoria Project since there were no differences between the carrying amount and the recoverable amount.
The amounts presented above are estimates and may change. The final results of the testing will be presented in the separate and consolidated financial statements for the financial year ended on 31 December 2024, the publication of which is planned for 26 March 2025.
Legal basis: Art. 17 (1) of MAR (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.