Torpol with PLN 11.4 mln impairments

WSE-listed railway infrastructure builder Torpol will add PLN 11.4 million in impairments related to its Norwegian operations, which will be booked in the company’s last year’s financial report, the company said in a market filing. Write off for the Torpol Norge AS shares will amount to PLN 4.74 million, receivables from the subsidiary will be valued at PLN 3.18 million, while the write off of deferred tax due to tax loss at the Torpol Norge NUF branch will amount to PLN 3.44 million. Only the deduction of deferred tax will be included in the consolidated financial statements of the group, the remaining ones will also be charged to their separate financial statement. The company explained that the decision was primarily focused on the negative financial results and equity of the subsidiary Torpol Norge AS, as well as the lack of “significant contracting” decisions in that company. It was added that the assumptions made in the impairment test of shares were based on “existing documents created by Norwegian investors, in particular on the National Transport Plan 2018-2030.”