Current Report No. 25/2020: Correction of interim report for Q1 2020

The Management Board of KRUK S.A. (the “Company”) publishes a correction of the complete consolidated quarterly report for Q1 2020, issued by the Company on May 28th 2020. The correction resulted from a change to KRUK S.A.’s accounting policies for the measurement of subsidiaries, by replacing the previously applied measurement at cost less impairment losses with the equity accounting method, effective January 1st 2020. The change was prompted by the Management Board’s determination that such changed accounting treatment would provide more relevant information and better reflect the Company’s financial position. In making that determination, the Management Board relied on its own judgement to select the accounting policy that would better reflect the value of investments in subsidiaries and the value of the Company’s equity. A detailed description of the change is attached as an appendix to this report. 
Detailed legal basis: Par. 15.4 of the Regulation of the Minister of Finance of March 29th 2018 on current and periodic information […]