PGNiG Q4 results to take PLN 776 mln hit from impairments

WSE-listed gas giant PGNiG will have PLN 776 million negative impact on its Q4 operating results on impairments and expenses write-offs, the company said in a market filing. The impairments include PLN 176 million for assets in the upstream segments due to the assessment of future cash flows, changes in the extraction volume forecasts and in cost forecasts. Wierzchowice power block will take a PLN 364 million hit due to the change in the business model of its trading and storage segment. Expenses write-offs from the upstream segment will amount to PLN 246 million. The estimates are subject to an auditor assessment and may be revised.