CZK, -3,11%) has just released audited financial results that show the company posted larger than previously announced net loss as there was higher impairment loss on Paramo refinery assets. After completing the impairment analysis, took a total impairment of 4.8 bln. CZK
, instead of previously announced 1.2 bln. CZK
. Therefore the net loss for 2011 amounted to 5.9 bln CZK
(previously 2.8 bln. CZK).
Note that the only impact is on the net income (no cash impact), therefore, we do not expect any impact on the value of shares. Nevertheless, we expect some negative reaction to the audited figs.
organizes conference call to discuss full year 2011 final audited financial results today at 11:00 (CET).