Brief: Fabryki Mebli Forte Creates Reserves For Possible Grant Return

Grupa Forte SA

10/02/2022 07:16

Feb 10 (Reuters) - Fabryki Mebli Forte SA  FTEP.WA :
    * SAID ON WEDNESDAY THAT HAS CREATED RESERVES FOR A POSSIBLE
GRANT
RETURN
    * THE GRANT WAS RECEIVED BY COMPANY'S UNIT, TANNE
    * THE VALUE OF GRANT RECEIVED BY TANNE BETWEEN THE YEARS OF
2017-2020 AMOUNTED TO 46.1 MILLION ZLOTYS
    * THE VALUE OF INTEREST ON SAID GRANT AMOUNTS TO ABOUT 15.7
MILLION ZLOTYS
    * THE NEGATIVE IMPACT ON THE GROUP'S RESULTS AMOUNTS TO 8.5
MILLION ZLOTYS
    * THE GRANT RECEIVED FROM THE MINISTRY OF DEVELOPMENT AND
TECHNOLOGY BETWEEN THE YEARS OF 2017-2020 WAS CONDITIONAL UPON,
AMONG OTHERS, THE CREATION OF 910 NEW WORKPLACES, OF WHICH 61
WERE TO BE FILLED BY PEOPLE WITH HIGHER EDUCATION, AND
CONSTRUCTION OF NEW FURNITURE MANUFACTURING SITE
    * TANNE HAS NOT YET MET THE ABOVE CONDITIONS AND REASONS IT
IS DUE
TO THE EFFECTS OF THE COVID-19 PANDEMIC ON THE MARKET
    * THE MINISTRY'S DECISION REGARDING COMPANY'S APPEAL MEANS
THE
COMPANY MIGHT HAVE TO RETURN THE ABOVEMENTIONED GRANT

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM2jYJdsa
 Further company coverage:  FTEP.WA  

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