KRUK counts on the public bond market and accordingly modifies main strategic goal for 2019-2024
KRUK is currently in the process of approval of the prospectus for the 6th Bond Issue Programme by the KNF (Polish Financial Supervision Authority). During the course of the process KNF presented its interpretation treating the strategic goal of the Group, PLN 700m of net profit in 2024, as financial forecast. KRUK Group reconfirms that it has not published and does not intend to publish any financial forecasts.
In this situation, in order to obtain the approval of the prospectus, the Board decided to meet the expectations of the regulator. As a result, KRUK modified the main strategic goal for 2019-2024. From now on, the main strategic goal of the KRUK Group is: “business development through an increase in the scale of the operations and increased efficiency of the processes of the KRUK Group”.
- Public bond issues are an important source of our funding. For the past 5 years we have been granted consecutive approvals of our prospectuses by the KNF. On their basis, we obtained PLN 450m to invest in new portfolios of receivables. In view of ongoing approval procedure and regulator’s standpoint, we believe that the best solution is to adapt to the requirements and to modify the strategic goal. By formulating the previous version of the goal, the intention was to have it as a strategic goal, not a financial forecast in 6 years. As a public company we do not intend to publish financial forecasts. I would like to highlight that the strategy has not changed besides this small modification. Change of wording was made only to reflect regulator’s note. This change does not influence our approach to the business – internal goals do not change, practically – says Piotr Krupa, CEO of KRUK S.A.