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ISS - Current report no 3_2025 Restatement of financial statements_FY23_1QFY24

Company: Coal Energy S.A. Date: 2025-05-30 Language: English Register to download

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## **Restatement of the financial reports for FY2023 and for the 1Q FY2024 due to reassessment**

**Current report no. 3/2025 Dated May 30, 2025**

In order to meet the principles of transparent communication the Board of Directors of Coal Energy S.A. (the "Company") informs about restatement of the financial reports for FY2023 and for the 1Q FY2024 due to reassessment. The decision to restate the financial data is also the result of suggestions expressed by auditors, which audited the company's financial statements for the 2024 financial year.

Management of the Group reassessed carrying amounts of its physical assets located in Toretsk city (property, plant and equipment, right-of-use assets and inventories) as of 30 June 2023 as zero due to ongoing war actions nearby and resulted suspended operation with respective impairment of abovementioned assets amounting to USD 8,535 thousand. As CwAL LE "Mine St.Matrona" has been classified at as held for sale, the assets and liabilities has also been measured at their fair value less cost of sales for the year ended 30 June 2023.

Management of the Group reassessed the currency translation reserve related to the Group subsidiaries that were disposed of the Group before 1 July 2022 and reclassified accordingly overstatement of the reserve to the retained earnings as of 1 July 2022.

Given the considerable value of this transactions and its influence on the entire financial statements for the period of FY2024 and 1Q FY2024 the Management of the Company took the decision to restate corresponding financial reports and publish them according to the disclosure requirements in order to give fair and true view of the financial position for the abovementioned periods.

**Legal grounds:** Art. 56 of the Polish Act of 29 July 2005 on the public offering, conditions governing the introduction of financial instruments to organized trading system and on public companies, and the Luxembourg Act of 11 January 2008 on transparency obligations of securities issuers, as amended.

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