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Energa power to take PLN 51.7 million hit
   
Power group Energa will suffer some PLN 51.7 million hit on its 2013 consolidated net profit due to non-cash one-offs, Energa said in a market filing late Tuesday.

"Creating a reserve for CO2 allowances in the Generation Segment will impact (a) the EBITDA result by some negative PLN 35.7 million and (b) the net profit of the Energa Group by some negative PLN 28.9 million," the filing reads. "Creating an asset impairment at Energa Elektrownia Ostroleka unit will impact (a) the EBITDA by some negative PLN 28.2 million and (b) the net result of the Energa Group by some negative PLN 22.8 million."

The reserve was created as Energa has not yet received free CO2 emission allowances for 2013 to which it is entitled. The asset impairment is a result of an impairment test conducted November 30, the firm said.

"The test demonstrated the need to conduct an asset impairment of PLN 151.6 million, of which PLN 123.4 million was booked in Q1 2013 and PLN 28.2 million was booked in Q4," the filing reads.
Power group Energa will suffer some PLN 51.7 million hit on its 2013 consolidated net profit due, to non-cash one-offs, Energa said in a market filing late Tuesday.

"Creating a reserve for CO2 allowances in the Generation Segment will impact (a) the EBITDA result by some negative PLN 35.7 million and (b) the net profit of the Energa Group by some negative PLN 28.9 million," the filing reads. "Creating an asset impairment at Energa Elektrownia Ostroleka unit will impact (a) the EBITDA by some negative PLN 28.2 million and (b) the net result of the Energa Group by some negative PLN 22.8 million."

The reserve was created as Energa has not yet received free CO2 emission allowances for 2013 to which it is entitled. The asset impairment is a result of an impairment test conducted November 30, the firm said.

"The test demonstrated the need to conduct an asset impairment of PLN 151.6 million, of which PLN 123.4 million was booked in Q1 2013 and PLN 28.2 million was booked in Q4," the filing reads.

All the above figures are subject to change as the group's 2013 financial statement is currently being audited, Energa said. The group will publish its FY2013 on March 10.

Similar reserves pertinent to missing CO2 emission allowances have already been made by Energa's peers: PGE, Tauron, & ZE PAK.