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Impairment losses in the Agora Group
20-01-2012
Regulatory filing
The Management Board of Agora SA (the "Company" or "Agora") with its seat in Warsaw, informs that in accordance with the International Financial Reporting Standards, Agora Group ("the Group") conducted asset impairment tests.
As a result of verification process of the financial projections of the business segments of the Agora Group, the Group recognized an impairment loss in the total amount of PLN 14.3 million.
The above one - off cost of impairment loss shall affect the consolidated results of the Group and non-consolidated results of the appropriate companies from the Group for the fourth quarter of 2011 (it will also impact the deferred tax).
The above amount includes the impairment loss on five press titles in the Magazine segment and the tangible fixed assets in one of the cinemas composing Helios network. It should be stressed that according to the International Financial Reporting Standards, the Group conducts impairment tests for individual cash generating units. As a result, the tests are conducted, inter alia, in relation to each magazine title and each cinema in the Helios network. According to the requirements, it is not possible to compensate the surplus of the recoverable amount on one magazine title (or one cinema) with the shortage on other title (or cinema) within one business segment. As a result, impairment loss on individual cash generating units is recognized even if the total value of the Group's business segment is not impaired (in this case: Magazine and Cinema segments).
Agora acquired 12 magazine in April 2002 (the regulatory filing dated April 19, 2002). During its course of activity the segment launched few authorial projects which gained popularity among readers. Currently, within the segment, the Company publishes 14 magazines. The Magazine segment is a profitable business and an important element of the Agora Group's portfolio of media. The content created in the segment is used in press publications and on the Group's websites.
The Company bought a majority stake in Helios S.A. in August 2010 (the regulatory filing dated August 31, 2010). According to the Management Board's opinion this acquisition contributes to the diversification of the Group's revenue sources and widens the scope of the Group's operations in the growing, broadly-defined media sectors.
The Group, through Helios S.A., intends to develop its operations in the cinema segment by investing in successive multiplexes and finalizing the process of digitalization of existing cinemas in its network.
The Management Board of Agora SA (the "Company" or "Agora") with its seat in Warsaw, informs that in accordance with the International Financial Reporting Standards, Agora Group ("the Group") conducted asset impairment tests.
As a result of verification process of the financial projections of the business segments of the Agora Group, the Group recognized an impairment loss in the total amount of PLN 14.3 million.
The above one - off cost of impairment loss shall affect the consolidated results of the Group and non-consolidated results of the appropriate companies from the Group for the fourth quarter of 2011 (it will also impact the deferred tax).
The above amount includes the impairment loss on five press titles in the Magazine segment and the tangible fixed assets in one of the cinemas composing Helios network. It should be stressed that according to the International Financial Reporting Standards, the Group conducts impairment tests for individual cash generating units. As a result, the tests are conducted, inter alia, in relation to each magazine title and each cinema in the Helios network. According to the requirements, it is not possible to compensate the surplus of the recoverable amount on one magazine title (or one cinema) with the shortage on other title (or cinema) within one business segment. As a result, impairment loss on individual cash generating units is recognized even if the total value of the Group's business segment is not impaired (in this case: Magazine and Cinema segments).
Agora acquired 12 magazine in April 2002 (the regulatory filing dated April 19, 2002). During its course of activity the segment launched few authorial projects which gained popularity among readers. Currently, within the segment, the Company publishes 14 magazines. The Magazine segment is a profitable business and an important element of the Agora Group's portfolio of media. The content created in the segment is used in press publications and on the Group's websites.
The Company bought a majority stake in Helios S.A. in August 2010 (the regulatory filing dated August 31, 2010). According to the Management Board's opinion this acquisition contributes to the diversification of the Group's revenue sources and widens the scope of the Group's operations in the growing, broadly-defined media sectors.
The Group, through Helios S.A., intends to develop its operations in the cinema segment by investing in successive multiplexes and finalizing the process of digitalization of existing cinemas in its network.
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