Information on a one-off event – reduction of a tax asset
The Management Board of Apator SA advises that on 25 August 2023, the decision was made to reduce the capitalised tax loss in the Gas segment in the consolidated balance sheet of the Apator Group, relating to the indirect subsidiary George Wilson Industries Ltd ("GWi"), based in the UK, as provided for in IAS 36 "Impairment of Assets".
The write-down is related to changes in the macroeconomic environment, including mainly the impact of the war in Ukraine on the development of the gas metering sector, lower margins, current and planned volumes of products sold and the uncertainty of the use of the tax loss asset in question in the foreseeable future. The write-down fully relates to the Gas segment of the Apator Group.
The Management Board of Apator SA advises that this write-down will be charged to income tax and, at the same time, to the consolidated net result of Grupa Apator by the amount of GBP 1.34 million, i.e. PLN 6.9 million according to the average exchange rate as of the balance sheet date, i.e. 30 June 2023. This amount will be included in the Group's consolidated report for H1 2023.
The Management Board of Apator SA indicates that the above-mentioned impairment loss on the carrying amount of assets is non-cash. Moreover, the Management Board of Apator SA advises that the financial report for H1 2023 will be published on 30 August 2023.
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