The Management Board of KRUK S.A. (the “Company”) announces that on October 29th 2020 it passed a resolution (the “Resolution”) to update the plans for distribution of income from the Company’s subsidiaries, which resulted in recognition of a deferred tax liability (the “Liability”), and to publish preliminary estimates of the KRUK Group's results for the three months ended September 30th 2020.
The Liability, amounting to PLN 58m, is attributable to a change in the expected distribution of income from the Group's companies to KRUK S.A. over the next 36 months. The income distributions have been assumed based on expected cash flows from the companies to the parent. The Liability is the main component of the deferred tax in the KRUK Group, which estimated value for the the third quarter of 2020 is PLN 60m.
On October 29th 2020, the Company received preliminary estimates of the Group's financial results for the third quarter of 2020 and decided to publish them.
The Group's preliminary estimated consolidated net profit for the three months ended September 30th 2020 is PLN 54m, and for the period from January 1st to September 30th 2020 is PLN 34m. The Group's preliminary estimated cash EBITDA for the three months ended September 30th 2020 is PLN 324m, and for the period from January 1st to September 30th 2020 is PLN 915m.
The above figures are subject to change.
The finally determined financial results will be disclosed in the consolidated report of the KRUK Group for the third quarter of 2020, scheduled for issue on November 5th 2020.
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