RB 12/2021: Accounting one-offs impacting financial results for fourth quarter 2020


RB: 12/2021
Data: 18 March 2021
Accounting one-offs impacting financial results for fourth quarter 2020
Legal basis: Art. 17 item 1 of MAR – inside information.

Text of the report:

The Management Board of Benefit Systems S.A. with its registered seat in Warsaw (hereinafter, the "Company") hereby announces following accounting one-offs, which affect significantly the profit before tax for the 4 quarter 2020:

- Impairment on balance sheet value of the loans advanced to Calypso Fitness S.A. company (the "Calypso Fitness") and the companies from the Calypso Fitness group in the amount of PLN 33.3mn (to be included in finance costs) and impairment on balance sheet value of the receivables from the leases provided to the Calypso Fitness and the companies from the Calypso Fitness group in the amount of PLN 12.1mn (to be included in other operating income). The above-mentioned impairments are in connection with expected negative impact on Calypso Fitness group financial situation arising from COVID-19 pandemic and restrictions in sport facilities operations stemming from pandemic as well as the duration of period required to return to its operating activity level noted before the pandemic began;

- Provision in the amount of PLN 10.8mn related to the decision of the President of the Office of Competition and Consumer Protection, to which the Company referred in its report No. 2/2021 of 4 January 2021 (to be included in other operating income);

- Correction of lease liabilities balance sheet value (rents in leased facilities) in the amount of PLN 15.9mn (to be included as a reduction
of the operating costs predominantly in cost of sales). The correction is related to a portion of negotiated and realized savings on rent costs in 2020 and was recognized in line with the introduced amendment to IFRS 16 in connection with COVID-19;

- Change in the amount of the provision for settlements of invoiced revenues, resulting in a positive impact on results of 4 quarter 2020 in the amount of PLN 5.4mn (revenue increase) as well as a negative impact on 2020 results in the amount of PLN 11.0mn (revenue decrease).

Presented values are estimated and may change. The final impact of the above-mentioned one-offs on 2020 and 4 quarter 2020 results will be presented in the annual Consolidated Financial Statements of the Company Group for 2020 reported on 24th March 2021.

DateFull NamePosition/Function
2021-03-18Bartosz JózefiakManagement Board Member
2021-03-18Adam RadzkiManagement Board Member
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