Enea power to make impairment charges reducing group's 2024 net take by about PLN 2.96 bln

Enea said that as a result of asset impairment testing, the company has identified the need for impairment charges in the group's consolidated financial statements: for Enea Wytwarzanie unit in the amount of approximately PLN 954 million (EUR 228.67 mln), Enea Elektrownia Polaniec in the amount of approximately PLN 212 million (EUR 50.8 mln), other generation units in the amount of approximately PLN 38 million (EUR 9.1 mln).

The group said it had estimated the fair value of property, plant and equipment in the mining segment. It has identified the need to recognise an additional impairment loss on property, plant and equipment of approximately PLN 999 million (EUR 239.46 mln) in Enea CG's consolidated financial statements for 2024.

It was also indicated that a need was identified to increase the provision for onerous contracts in the trading segment by approximately PLN 248 million (EUR 59.45 mln) in the separate financial statements for 2024 and by approximately PLN 255 million (EUR 61.12 mln) in the consolidated financial statements of Enea CG for 2024.

The increase in the provision is to reflect the impact of expected future losses incurred in connection with the implementation of comprehensive agreements concluded with prosumers whose micro-installations were connected to the grid by March 31, 2022.

Enea has also identified the need for a valuation allowance for a deferred tax asset of approximately PLN 738 million (EUR 176.9 mln) in Enea Capital Group's consolidated financial statements for 2024.

All the above events are non-cash in nature. In total, they will affect Enea S.A.'s standalone financial statements for 2024 by reducing EBITDA by approximately PLN 248 million (EUR 59.45 mln), profit before tax by approximately PLN 460 million (EUR 110.26 mln) and net profit for the company's reporting period by approximately PLN 413 million (EUR 99 mln).

Enea CG's consolidated financial statements for 2024 will be affected by EBITDA reduced by approximately PLN 255 million (EUR 61.1 mln), profit before tax by approximately PLN 2.459 billion (EUR 589.42 mln) and net take for the reporting period by approximately PLN 2.959 billion (EUR 709.27 mln).

The group informs that the above figures are estimates and may be subject to change. Their final figure will be presented in the Enea's and Enea CG's annual reports for 2024.

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