PKN ORLEN S.A. ('Company') informs that it predicts that following accounting one-offs, which affected significantly the financial data for 2020 will be included in consolidated financial statement for 2020:

- recognition of impairments and reversal of impairments of assets in ORLEN Upstream Sp. z o.o. with the total net value of ca. PLN (803) m. The estimated net value of impairments results from revaluation of upstream assets in ORLEN Upstream Polska and ORLEN Upstream Canada. The level of impairments results mainly from significant decline of upstream assets market prices in Canada recorded in 2020, decrease of 2P reserves indicated in Reserves Report for Canadian assets and increase of discount rates, reflecting increased market risk connected with conducted upstream operations.

- recognition of impairments of assets in ORLEN Lietuva with the total value of ca. PLN (81) m. The estimated value of impairments results from revaluation of assets based on conducted impairment tests.

- recognition of impairments of assets in Unipetrol a.s. with the total value of ca. PLN (66) m. The estimated value of impairments results from revaluation of assets in PARAMO a.s. connected with approval of new operating strategy and decision to close the production plant in Kolin.

Total impact of above-mentioned impairments and reversal of impairments on ORLEN Group consolidated result for 2020 will amount to ca. PLN (950) m.

Moreover, PKN ORLEN informs that it predicts that following accounting one-offs, which affected significantly the financial data for 2020 will be included in unconsolidated financial statement for 2020:

- recognition of impairments on shares value in ORLEN Upstream Sp. z o.o. with the total value of ca. PLN (1 218) m.

- recognition of impairments on shares value in ORLEN Lietuva with the total value of ca. PLN (87) m.

- reversal of impairments on shares value in ORLEN Oil Sp. z o.o. with the total value of ca. PLN 58 m.

Total impact of above-mentioned impairments and reversal of impairments on PKN ORLEN unconsolidated result for 2020 will amount to ca. PLN (1 247) m.

In accordance with information provided in regulatory announcement no 9/2021 dated 25 March 2021 PKN ORLEN will publish ORLEN Group consolidated financial statements for 2020 containing consolidated financial statements, unconsolidated financial statements and management board report on the ORLEN Group operation on 15 April 2021.



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PKN Orlen SA published this content on 02 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 April 2021 15:31:06 UTC.