Profil:
PGE SAPGE to write off deferred tax assets, reducing group's net result in 2024 by PLN 2.4 bln
Listed power utility PGE, in the course of preparing its 2024 financial report, has identified the need to write off the value of deferred tax assets in the amount of approximately PLN 2.4 billion (EUR 572.5 mln), which will reduce the PGE group's net results for 2024 by the same amount, the company said in a market filing.
As it was stated, the write-down of deferred tax assets has a non-cash character and does not affect the liquidity of the PGE capital group, i.e. the financing of current activities and investment projects.
It was pointed out that the write-down is a consequence of lower projected financial results related to mining and coal-based production activities, which translates into a lower projected tax base and, consequently, a lower utilisation of the deferred tax asset.
The value of the deferred tax write-off is an estimate and its realisation will depend on the future financial results of PGE.
The final value of the write-off will be presented in the group's 2024 consolidated financial statements.
mcb/ han/