In relation to the ongoing work that included preparation of the consolidated quarterly report for the first quarter of 2017, the Management Board of Comarch S.A. announced that one-off events, such as exchange differences and valuations of financial instruments based on exchange rates, would influence financial results of the first quarter. The exchange differences appeared as a result of the significant strengthening of the PLN to main foreign currencies (especially EUR and USD) between balance sheet dates (31st of December, 2016 and 31st of March, 2017).
Realized exchange differences and balance sheet valuation of exchange differences on receivables and trade liabilities as of the 31st of March, 2017, decreased by approx. PLN 7.8 million operating result of the Comarch Group. Valuation of financial instruments (mostly forward contracts) and other exchange differences (among others: valuation of credits and loans) were positive and amounted to PLN 19.5 million. At the same time, a provision for deferred income tax in reference to the valuation of the financial instruments decreased the Group’s result by approx. PLN 2 million. Total effect of these operations on the Comarch Group’s net result in the first quarter of 2017 was positive and amounted to approx. PLN 9.7 million. The above-mentioned numbers are estimates only and may be changed. The final effect of the exchange differences and valuation of the financial instruments on the financial result will be presented in the quarterly report for the first quarter of 2017 which had been planned to be published on the 22nd of May, 2017. The recognized exchange differences and valuations shall not influence liquidity of the Comarch Capital Group.