English
PolishCPD Board S.A. (hereinafter referred to as “the Company”) publishes the consolidated quarterly report for the first quarter of 2017, published by the Company on May 29, 2017. Correction is a consequence changes in the accounting approach for transactions occurring in the first quarter of 2017:
1. Revenues form services auxiliary to investment property sales
the management performed the evaluation of risk and benefits transferred within the services auxiliary to sales of investment properties. As a result the management changed their assessment of related revenue recognition criteria for the amounts recorded in the first quarter of 2017. Consequently PLN 12 000 thousand together with subsequent amounts related to such services have been presented as received prepayments within trade payables in these condensed consolidated financial statements.
2. Bonds valuation at conversion
the management revised the transaction of conversion of bonds into shares. It has been decided to value the bonds together with the embedded derivative at fair value upon converting and reflect the result in the statement of comprehensive income. As a result related revaluation of PLN 5 600 thousand has been recognised as a financial cost of the first quarter of 2017.
The revised quarterly report of the CPD Group for the first quarter of 2017 covered by this report concerns:
– No 3. Selected Financial Data
– page 4 “Other income” together with note 18 on page 23
– page 4 “Financial Revenue” together with note 19 on pages 23-24
– page 4 “Financial Costs”
These changes have had a profound effect on the changes in positions:
– page 4 “Operating Result”
– page 4 “Pre-Tax Result”
– page 4 “Net result”
– page 4 “Total Revenue Period”
– page 4 “Loss attributable to equity holders of the parent”
– page 4 “Total net loss for the financial year attributable to the Company’s shareholders, including:
from continued activity
from discontinued activity “
– page 4 “BASIC PROFIT (LOSS) FOR 1 ACCOUNT IN PLN – together with note 24 on pages 25-26
– page 4 “DEVELOPED PROFIT (LOSS) FOR 1 ACCOUNT IN PLN”
– page 6 “Conversion of bonds during registration”
– page 6 “Trade liabilities and other liabilities” – together with note 10 on page 19
– page 6 “Built-in Derivative Instrument”
These changes have had a profound effect on the changes in positions:
– page 6 “Equity”
– page 6 “Total short-term liabilities”
– page 6 “Commitments together”
This report additionally introduces adjustments to the consolidated quarterly report of the CPD Group for the first quarter of 2017, relating to items – “Notes to the Condensed Consolidated Financial Statements:
– page 21 – Note 12 “Bonds issued”
– page 24 – Note 21 “Basic Operating Cash Flows”
Introduced accounting approach adjustments for transactions in the first quarter of 2017 had an impact on the CPD Group’s results presented after the first quarter of 2017. An important item in the adjustments made is the benefits of providing indirect services related to the sale of investment properties. As the sale of investment properties is based on conditional sales agreements, the Management Board at the date of publication of the current report is not in a position to determine whether the criteria for recognizing these revenues will be fulfilled in 2017.
A detailed summary of the adjustments to the consolidated quarterly report of the CPD Group for the first quarter of 2017 is presented in the appendix to this report.
Attachement to the Current Report 36_2017
Legal basis:
§ 6 sec. 4 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information provided by issuers of securities and conditions for recognizing as equivalent information required by the laws of a non-member state of 19 February 2009 (Journal of Laws No. 33, item 259 with amendments)
Signatures of persons authorized to represent the Company:
Elżbieta Wiczkowska, President of the Management Board, 28 September 2017