ELEKTROTIM SA (6/2018) Information on the opening of the financial report for 2017 of the company MAWILUX S.A. from the Capital Group

The Management Board of ELEKTROTIM S.A. informs that acting pursuant to art. 54 par. 1 of the Act of 29 September 1994. about accounting, he took on 13/04/2018. decision on opening the financial statements of MAWILUX S.A. drawn up for 2017. MAWILUX S.A. is an entity that as at December 31, 2017 was a company from the ELEKTROTIM Capital Group. MAWILUX S.A. on 28/02/2018 has been combined with ELEKTROTIM S.A. based on Article. 492 § 1 point 1) in connection with art. 516 § 6 of the Code of Commercial Companies by transferring all assets of MAWILUX S.A. (company being acquired) on ELEKTROTIM S.A. (acquiring company), about which the company ELEKTROTIM S.A. reported in current report No. 5/2018 of 28/02/2018. From 01/03/2018 MAWILUX S.A. activity is continued in ELEKTROTIM S.A. through the newly created profit center: an airport systems plant. After the organizational changes, the internal audit is in progress. Until 13/04/2018 audit of all key projects was carried out. As a result of the audit, the states requiring explanation were diagnosed. According to art. 54 par. 1 of the Accounting Act The Management Board of ELEKTROTIM S.A., due to information about events that significantly affect the financial result of MAWILUX S.A. for 2017, decided to open and adjust the financial statements of MAWILUX S.A. for 2017. ELEKTROTIM S.A. takes into account the risk that in accordance with IAS 36, the impairment test will show the need to write off the value of shares in MAWILUX S.A. and the goodwill of MAWILUX S.A. as at 31/12/2017. The above may affect the unit financial results of ELEKTROTIM S.A. and consolidated results of the ELEKTROTIM Capital Group for 2017.

Source: company website, investor relations, current and periodic reports.

Company information
Company name:Elektrotim SA
Adress: ul. Stargardzka 8 54-156 Wrocław
Phone:+48 71 3882480

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