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AGORA GROUP IN 2020

Truth, tolerance, respect for human rights and help for those in need — the values that we have been guided by since the beginning of the Agora Group's existence are an important element of our development and the place where we are after over 30 years of operation.

GENDER EQUALITY
GENDER EQUALITY

GENDER EQUALITY

  • striving for equal treatment in all aspects of employment
DECENT WORK AND ECONOMIC GROWTH
DECENT WORK AND ECONOMIC GROWTH

DECENT WORK AND ECONOMIC GROWTH

  • developing and running the current activity based on responsible business standards
PEACE, JUSTICE AND STRONG INSTITUTIONS
PEACE, JUSTICE AND STRONG INSTITUTIONS

PEACE, JUSTICE AND STRONG INSTITUTIONS

  • strengthening institutions and organizations that contribute to social development and civil society
  • ABOUT AGORA
  • OUR VALUES AND PRINCIPLES
  • CORPORATE GOVERNANCE
  • STRATEGY OF THE AGORA GROUP
  • RISK MANAGEMENT IN THE AGORA GROUP

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Agora S.A has been operating in the media market for more than thirty years. The company started its operations in 1989 with the publishing of the first edition of the nationwide daily newspaper Gazeta Wyborcza, which remains one of the most popular dailies in the country. 

Since 1999, the company has been listed on the Warsaw Stock Exchange. The current shareholding structure is published on Agora's corporate website and available at: www.agora.pl/en/akcje-i-akcjonariat.

Currently, Agora and its subsidiaries form the Agora Group, which conducts business activities in the following segments: Movies and Books, Press, Outdoor Advertising, Internet and Radio.

AGORA

AGORA

Agora actively supports Polish authors: writers, publicists, reporters, musicians and movie-makers. The company has developed its publishing activity in a natural way – with the Agora's Publishing House, which has been operating for more than 15 years. It is currently an acclaimed Polish publisher and one of the fastest growing entities in the publishing industry in Poland. In 2020, Agora's Publishing activities were included in the 2020 Top Brand ranking list, comprising as many as 500 brands which are the strongest in terms of media presence in Poland from 50 industries, and Agora was ranked 3rd among the most recognisable brands in the book publishing category, and 267th in the overall ranking.

The Publishing House also produces and distributes music as part of Agora Music and Agora Digital activities, as well as films on DVD and BluRay, which makes its profile unique on the Polish market.

 

Since 2010, Agora has been developing its cinema and film activities. The Company owns the Helios cinema network – the largest network in terms of the number of multiplex facilities in Poland, which enjoys recognition of thousands of film fans. Helios includes 50 modern cinemas, 281 screens, 15 Helios Dream screens and nearly 53,000 chairs in total. Through NEXT FILM, Agora is engaged in film distribution and production – until now, it has introduced many Polish and foreign films to cinemas, as well as supported the creation of a dozen or so national productions. The company also presents films from its own portfolio through other distribution channels – on VOD platforms, including also Netflix. 

The company also operates in the catering market – through Step Inside, a company belonging to the Helios network, which creates restaurants under the Pasibus brand. There are currently 10 restaurants in the Pasibus network open in cooperation with Helios.

AGORA

Gazeta Wyborcza

Gazeta Wyborcza has been the largest opinion-forming daily in Poland for many years. It is a reliable source of information and an important platform for public debate, it provides interesting entertainment and it encourages active spending of free time. It is valued and rewarded for the quality of journalism, innovation and involvement in social issues. The journalists of Wyborcza support major nationwide and local social, educational and cultural campaigns. In recent years, the daily has been ranked twice at the top of the Top Brand ranking list of the Polish brands which are the strongest in terms of media presence, and has won many prestigious awards in the country and worldwide, including European Newspaper Awards. Gazeta Wyborcza is also a leader in the digital press transformation in Poland. At the end of September 2020, the Wyborcza.pl subscriber community exceeded 240,000, giving the Wyborcza team the 10th place among all European press titles and 21st place worldwide in the Global Digital Subscription Snapshot 2020 ranking.

Agora currently has one printing house located in Warsaw.

AGORA

AMS

AMS, which belongs to the Agora Group, is the leader of out-of-home advertising (OOH) in Poland. To the end of 2020 it operated in the area of classical and digital OOH, with 22,000 advertising spaces*. The company's mission is to carry out effective advertising campaigns for customers using the widest media portfolio on the market, based on modern ideas and tools. AMS is also a leader in the urban furniture segment in Poland, installing several thousands of bus shelters in over 30 cities. The Company made pioneering investments in the Polish market in the revitalised areas of Szczecin, Warsaw and Wrocław. In addition, AMS engages in and initiates socio-environmental campaigns – it is a pioneer in combining advertising with environmental campaigns and cultural projects promoting artists or voicing social problems.

* not taking into account the advertising space on buses and trams, and ATM, Cityinfo and MoveTV screens.

AGORA

Internet

Agora's web portfolio includes several dozens of websites, mobile apps and video formats offered by Gazeta.pl and related websites. In the Agora Group, there are also companies operating on-line, including Yieldbird which specialises in programmatic advertising, and HRlink which provides modern online recruitment tools.

AGORA

Radio

Agora radio brands offer students and Internet users with the latest news, entertainment and music. All this is ensured by Radio TOK FM (a supra-regional radio station, covering 23 urban areas), Radio Złote Przeboje (24 local stations), Radio Pogoda (8 local stations) and Rock Radio (4 local stations), and the Tokfm.pl information portal. As a result, the offer of the Agora Radio Group reaches a wide variety of customers. Agora also holds 40% of shares in Eurozet, the broadcaster of, among others, Radio ZET.

AGORA

1989
8th May - The first issue of Gazeta Wyborcza is published (initial circulation - 150 thousand)
1995
March - Launch of Wyborcza.pl, online format of Gazeta Wyborcza
1997
The first NIKE Literary Award is presented
1998
Radio TOK FM - first news and talk radio is launched
1999
Our shares debut on Warsaw Stock Exchange
1999
First edition of Gazeta Wyborcza “Man of the Year”, the award is presented to Václav Havel
2001
January - Gazeta.pl is launched
2002
March - We move to the new office at Czerska 8/10 in Warsaw
2002
April - Agora acquires 12 press titles, launching operations on in the magazines segment
2002
September - Agora invests in out-of-home advertising, purchases shares in AMS
2004
June - Agora Publishing is established (Library of Gazeta Wyborcza)
2009
The group acquires Yieldbird (AdTaily on the date of purchase)
2010
First Ryszard Kapuściński award presented
2010
August – Helios nationwide cinema chain joins Agora Group
2012
May – Launch of Publio.pl online store with ebooks and audiobooks
2012
September – Agora starts operations in film production industry - NEXT FILM is created
2014
February – Agora is Poland’s first publisher to introduce paid paywall and start selling digital Gazeta Wyborcza subscriptions
2014
March – Launch of Stopklatka TV, terrestrial movie channel. In 2018 Agora sales of its shares to Kino Polska TV SA
2015
The first film produced by Agora is released
2016
The number of active digital subscriptions of Gazeta Wyborcza reaches 100 thousand
2016
December – METRO TV, Agora’s television channel launches in MUX-8. Within under a year Discovery, one of world’s largest global media groups, purchases 100 per cent of the shares of METRO TV from Agora
2017
Agora debuts in the prestigious RESPECT Index of responsible companies listed on Warsaw Stock Exchange
2018
June - Helios cinema network owned by Agora launches Helios Dream. This is a new concept of premium screening rooms with a higher standard and modern design
2018
September - Agora invests in ROI Hunter – one of the fastest growing MarTech solutions for e-commerce
2019
February - Agora becomes a minority shareholder of the Eurozet group, acquiring 40% of its share capital
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The values that we have been following since the launch of the Agora Group are an essential element of our development and of the position we have been holding for more than 30 years of operation. These values include truth, tolerance, respect for human rights and help to those in need. They guide us in our daily work and in relations with our stakeholders. We remain loyal to them despite the changing market conditions and in the context of the Group's development. 

We care about professionalism, responsible management and transparency at all levels of our operations. We value tolerance, independence and integrity at work on a daily basis. 

When interacting with stakeholders, we always make every effort to comply with the law, ethical standards and responsible business rules. We want our relations with the market environment to be based on integrity and ethical principles of cooperation. We fulfil our obligations with integrity. This is reflected in Agora's “Code of Ethics”, which constitutes a guide and a set of principles and rules guiding Agora and all its employees, associates and management. In particular, it addresses the issues of equality and diversity, integrity towards market environment, transparency in internal and external relations, lawfulness and counteracting corruption, security of information and personal data. The adoption of the “Agora Code of Ethics” was recommended to all companies within the Agora Group. 

The “Agora Code of Ethics” is complemented by:

  • Agora's internal policies and regulations, in particular: “Agora Anti-Discrimination and Anti-Mobbing Policy”, “Policy on receiving and giving gifts and other benefits by employees of Agora S.A.”, “Policy of social and sponsorship activities in the Agora Group”, “Agora Group Code of Good Practices in Customer Service”, “Agora S.A. Environmental Policy”;
  • external industry codes adopted as applicable in Agora, in particular: “The Media Ethics Charter”, “Advertising Code of Ethics”, “Code of Good Practice for Press Publishers”.

Based on the “Agora Code of Ethics”, a “Set of rules of conduct for suppliers and subcontractors of Agora S.A.” has also been developed, which is communicated to the counterparties for review and to which the Company obliges all its suppliers and subcontractors to adhere. 

In addition, we undertake all our actions in accordance with the legal order in force in Poland. In particular, we act in accordance with the Press Law and the Broadcasting Act. As a company listed on the Stock Exchange, we also comply with the principles contained in the “Best Practice of Companies Listed on the WSE”, which shape our relationship with the market environment.

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AGORA

AGORA

As at the date of this Report, the Management Board is composed of:

management board

 

MANAGEMENT BOARD:

  • it operates on the basis of the Commercial Companies Code and the Statutes of Agora S.A.;
  • it is composed of three to six members with the exact number determined by the shareholders holding the majority of preferred series A shares, and following the expiration of such preferred status of all series A shares – by the Supervisory Board;
  • candidates for members of the Management Board are nominated by shareholders holding series A shares, while the Management Board members are appointed by the General Meeting (with the reservation that Management Board members may be co-opted in accordance with the Statutes);
  • the term of office of the Management Board lasts 5 years;
  • it is evaluated every year, it is authorised to convene the General Meeting of Shareholders;
  • it presents a detailed quarterly report on the condition of the company and of the Agora Group to the Supervisory Board;
  • it manages the activities of the Company and it represents it outside the company;
  • the resolutions of the Management Board are passed by a simple majority of votes.

The term of office of the current Management Board will expire on the date of the Company's General Meeting of Shareholders, approving the 2022 financial statements.

Bios of particular Members of the Management Board and the division of responsibilities for specific areas of Company's operation between Members of the Management Board are published on the corporate website and available at: www.agora.pl/en/corporate-management.

AGORA

The governance structure of the Agora Group consists of: The General Meeting of Shareholders, the Supervisory Board together with subordinate committees, and the Management Board. The scope of competences of each supervisory body and the issues related to their activities are specified by the provisions of law, in particular the Commercial Companies Code, supervisory recommendations of the supervisory bodies and the Statutes of Agora S.A., which are available on the www.agora.pl/en corporate website.

GENERAL MEETING OF SHAREHOLDERS:

  • it operates on the basis of the Commercial Companies Code and the Statutes of Agora S.A.;
  • it appoints the member of the Supervisory Board and acknowledges the fulfilment of duties by the members of the Supervisory Board;
  • it appoints the members of the Management Board and acknowledges the fulfilment of duties by the Management Board.

SUPERVISORY BOARD:

  • the rules of its operation are regulated in detail in the provisions of the Commercial Companies Code and the Statutes of Agora S.A.;
  • it is composed of not less than six, and not more than ten members;
  • the candidates for members of the Supervisory Board may be nominated by shareholders holding preferred series A shares or shareholders who documented their entitlement to not less than 5% of the votes at the last general meeting before the candidates were nominated and who, at the time of making the nomination, hold not less than 5% of the Company’s share capital;
  • the members of the Supervisory Board are appointed for a joint term of office of three years;
  • it has no control over the selection of candidates to the Management Board;
  • it supervises the operations of the Management Board;
  • it is evaluated every year by the General Meeting of Shareholders, it is authorised to convene the General Meeting of Shareholders;
  • the resolutions of the Supervisory Board are adopted by an absolute majority of votes cast in the presence of at least half of the members of the Supervisory Board, except where other provisions of the Statutes provide for a different majority and quorum.

As at the day of presentation of this Report, the Supervisory Board is composed of:

  • Andrzej Szlęzak – Chairman of the Supervisory Board;
  • Tomasz Karusewicz – Member of the Supervisory Board;
  • Dariusz Formela – Member of the Supervisory Board;
  • Wanda Rapaczyński – Member of the Supervisory Board;
  • Tomasz Sielicki – Member of the Supervisory Board;
  • Maciej Wiśniewski – Member of the Supervisory Board.

The term of office of the current Supervisory Board will expire on the date of the Company's General Meeting of Shareholders, approving the 2021 financial statements. 

Bios of particular Members of the Supervisory Board are published on the corporate website and available at: www.agora.pl/en/corporate-management.

There is one Committee and one Commission operating within the Supervisory Board: the Audit Committee, and Human Resources and Remuneration Commission established in compliance with the Company’s Statutes, performing advisory role to the Supervisory Board. Competences and procedures of the Audit Committee, and Human Resources and Remuneration Commission were set forth in the by-laws of these bodies adopted by virtue of resolutions of the Supervisory Board. As at the date of submission of this Report, the Committee and Commission are composed of the following members:

AUDIT COMMITTEE: 

  • Dariusz Formela – Chairperson of the Audit Committee;
  • Tomasz Sielicki;
  • Maciej Wiśniewski.

The Audit Committee is responsible for monitoring financial reporting of the Company and the Agora Group as well as financial audit activities, performing supervisory functions with respect to monitoring of internal control systems, internal audit and risk management, and performing supervisory activities with respect to monitoring the independence of external auditors.

HUMAN RESOURCES AND REMUNERATION COMMISSION: 

  • Maciej Wiśniewski – Chairperson of the Human Resources and Remuneration Commission;
  • Dariusz Formela;
  • Tomasz Karusewicz;
  • Andrzej Szlęzak.

In accordance with the Bylaws of the Human Resources and Remuneration Commission, responsibilities of the Commission include periodical assessment of the principles of remuneration of the Management Board members and providing the Supervisory Board with appropriate recommendations in this respect, making recommendations regarding the amount of remuneration and granting additional benefits to individual members of the Management Board for consideration by the Supervisory Board.

AGORA

With respect to the recommendation concerning balanced participation of women and men in the company's governing bodies, the Management Board of the Company points out that it has no influence on the composition of the Company's main governing bodies. However, in the case of changes in the composition of key bodies of the Company, the Company's Management Board tries to present to the bodies authorised to appoint candidates to these bodies the requirements which they should meet in accordance with the Good Practices and other legal regulations.

Moreover, the Management Board of the Company wishes to stress that according to the Agora Group’s diversity policy adopted in December 2015, the main criteria for selection of candidates for all managerial positions, remaining in the competencies of the Management Board, include expertise, experience and skills necessary to perform the function in question.

Table: Gender structure in the supervisory bodies 

Struktura płci w organach nadzorujących i zarządzających w Agora S.A - 2020

Supervisory Board Management Board
As at the end of
Men 2 (50%) 5 (83.3%)
Women 2 (50%) 1 (16.7%)

Struktura płci w organach nadzorujących i zarządzających w Agora S.A - 2019

Supervisory Board Management Board
As at the end of
Men 3 (60%) 5 (83.3%)
Women 2 (40%) 1 (16.7%)

 

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The Agora Group consequently implemented the strategy for 2018-2022, the pillars of which were the following:


Due to the outbreak of the COVID-19 pandemic in 2020 and its consequences for the Group's business activity, it was necessary to verify previous plans and adapt the activities to a completely new reality. 

We are aware that the COVID-19 pandemic and activities of the government administration, taken in order to limit further spread of the virus, will affect the activity of the Agora Group also in 2021. This will be a time full of challenges for projects implemented by the Group's companies, which conduct their activities to a limited degree and in a specific sanitary regime, dependent on the rate of vaccination, the number of new infections and the process of acquiring population immunity. This is a beginning of a transition period, where most businesses in Poland will be forced to adjust their operations to the functioning under pandemics, as it is impossible to say when will the pandemics end. The development of the pandemic and further measures to be implemented by the Polish government in order to fight the pandemic are unknown to the Company, and their duration and scale can significantly affect the Agora Group's operations. This is a new situation for the whole economy, and it is difficult to conduct appropriate analyses and estimations, and to draw up multi-annual strategic plans. 

In the nearest future, the Agora Group will concentrate on restarting businesses frozen as a result of the pandemic and on rebuilding the financial result. More information on the 2021 perspective was presented in the Agora Group's 2020 financial statements. After the transition period, the Management Board will develop and present the new strategy which will be implemented in the long term.

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Currently, there are internal control and risk management systems in place in the Agora Group:

internal controls

The basic internal document regulating the area of risk management in Agora Group is “Risk Management Policy”. Its objective is to specify the principles and framework of the risk management process, to establish the responsibility of the participants of the process, and to define the basic concepts of risk. The Policy sets out: the division of responsibilities, the schedule of the risk management process, the risk categories and the principles of risk reporting by creating a register and a map of risks, and determining the acceptable level of risk.

The Group also implemented the internal audit regulations as well as a register of risks and a map of risks. The map of risks is created on the basis of the register of risks identified in a given year. The Management Board determines which of the risks are crucial and reports them in the form of a map, which indicates the value of the effects of their potential materialisation and the probability of their occurrence for each of them. In addition, the factors that limit both these effects and that probability are determined. For each of the key risks, it is determined whether the data is sufficiently limited, i.e. whether a given part of the risk is acceptable to the Agora Group. 

AGORA

AGORA

THE MAIN ELEMENTS OF THE INTERNAL CONTROL SYSTEM ARE COMPONENTS OF THE AGORA GROUP’S BUSINESS PROCESSES AND INCLUDE, AMONG OTHERS:  

  • procedures and regulations concerning, inter alia: delegation of powers and authorisation of decisions, evaluation of business projects, rules for incurring expenses (budgets and approval thresholds), recording and processing of business transactions, processes of reporting and control of transactions and results of individual areas of activity, 
  •  reviews of IT systems supporting the implementation of business processes and monitoring the operation of the systems themselves.

The management implements specific tasks resulting from the internal control system and the constant surveillance over its effectiveness as part of the management of the Group’s individual segments. The Agora Group has the Internal Audit Department, which primarily performs internal audit activities, understood as independent activities, objectively assessing the effectiveness aimed at adding value and improving the operations of the audited entity or the Agora Group as a whole. The rules governing the functioning of the unit are set out in the Internal Audit Regulations adopted by the Management Board and the Audit Committee of the Supervisory Board. Pursuant to the best practices, the Internal Audit Department reports back to the Management Board and the Audit Committee operating within the Supervisory Board. During the year, the Head of the Department coordinates the risk management process set out in the Risk Management Policy. In accordance with the Internal Audit Regulations, on the basis of, inter alia, the results of the risk management process, an audit plan is being prepared, subject to the approval of the Audit Committee. Upon completion of the audit, an audit report is generated with recommendations and proposed process improvements.

The Audit Committee operating within the Supervisory Board holds regular meetings with the Company's internal auditor during which it discusses audit reports and actions taken to mitigate the identified risks. On that basis, the implementation of the annual internal audit plan is also monitored. In 2020, six such meetings were held, and nine meetings were held in 2019.

The above-mentioned risk management system refers to the risks identified as crucial; in particular these are risks related to the operating activity of the Group. Additionally, the Agora Group identifies and takes into account the ESG (Environmental, Social, Governance) risks, i.e. those relating to social, employee-related, environmental, human rights and anti-corruption issues. Risks from this group are managed by substantive units, responsible for a given area.

All identified risks are regularly analysed, monitored and managed, while following industry standards and guidelines, and implementing relevant internal policies and procedures. Thanks to this, it is possible to minimise or eliminate the identified risks, and effectively manage the organisation. The various parts of the report, dealing with the approach to governance, set out the procedures and policies aimed at eliminating non-financial risks.

AGORA

The main risks identified in 2020 were presented in the table below.

Główne ryzyka zidentyfikowane w 2020 r.

AREA MAIN RISKS IN THE AREA
ECONOMIC AND LEGAL

The main risks in this area are:

  • the macroeconomic risk related to the economic situation and the demand for products and services (Agora and the Group)
  • decreased revenues from advertising and cinema activity due to seasonality or administrative decisions (Agora and the Group)
  • changes in the structure of the advertising market (Agora and the Group)
  • global trends in the media consumption model (Agora and the Group)
  • changing preferences of consumers and advertisers (Agora and the Group)
  • the risk related to conducting licensed activity (radio) (only the Group)
  • the risk of acting in violation of the law and internal regulations (Agora and the Group)
  • the risk of violent legislative changes (Agora and the Group)
EMPLOYEE

Employee-related issues are one of the most important areas of responsibility, that is why Agora Group conducts activities aimed at minimising the following risks:

  • the risk of losing key employees and important competences (Agora and the Group)
  • the risk of high staff turnover (costs of recruiting new employees) (Agora and the Group)
  • the risk of unequal treatment of employees (in terms of remuneration, access to training, promotion, etc.) (Agora and the Group)
  • the risk of collective disputes with employees and of a conflict between the employer and an employee (Agora and the Group)
HUMAN RIGHTS

Identified risks related to human rights in the Agora Group:

  • undesirable behaviour in the workplace (discrimination, mobbing) (Agora and the Group)
  • violation of the freedom of association and collective bargaining (Agora and the Group)
  • gross violation of human rights among the suppliers of the Agora Group (Agora and the Group)
ENVIRONMENTAL, INCLUDING CLIMATIC RISKS

In the environmental aspect, the Agora Group takes into account the risks associated with its activities, primarily as part of its activities in the fields of printing, cinema, catering, outdoor and administration. The main risks include:

  • the operational risk related to the current activities and negative environmental impact (Agora and the Group)
  • higher operating costs caused by increased prices of raw materials (Agora and the Group)
  • the regulatory risk related to the adaptation of activities to global climate change regulations (Agora and the Group)
SOCIAL ACTIVITIES

The impact on local communities in all Agora Group locations and involvement in social, cultural, sports and charity projects are key issues in the area of corporate social responsibility. Due to the intensity of social involvement, the following risks are possible:

  • the risk of lack of transparency in the allocation of funds (Agora and the Group)
  • the violation of law and human rights due to the lack of due diligence in the selection of a social partner (Agora and the Group)
  • the risk of conflict of interests (Agora and the Group)
  • the risk of obtaining results that are disproportionate to the funds spent (Agora and the Group)
  • the risk of loss of image as a result of cooperation with a business partner acting to the detriment of society/the environment (Agora and the Group)
SUPPLY CHAIN AND CUSTOMER RELATIONS

The main areas of product liability in the Agora Group concern marketing communications, complaint procedures, as well as the protection of customers' privacy and their personal data. The most significant risks are the following:

  • the risk of violation of the law or regulations, e.g. data leak or unauthorised use of data and content. This may result in reputational and financial risks (penalties, fines) (Agora and the Group)
  • the risk of credibility of suppliers (Agora and the Group)
  • the risk of liability in the entire supply chain (Agora and the Group)
  • the risk related to improper protection of the recipients' personal data (Agora and the Group)
  • dependence on a small group of suppliers (Agora and the Group)
PREVENTING CORRUPTION AND FRAUD

The main risks in this area are:

  • the risk of conflict of interests (Agora and the Group)
  • the risk of abuse in relations with business partners and suppliers (Agora and the Group)
  • the risk of corrupt behaviour (also among suppliers and business partners) (Agora and the Group)
MEDIA ACTIVITY

In the modern world, the media play the key informative and opinion-making role. All social and economic changes are accompanied by the transformation of the mass media and the dynamic development of the social media. Media industry challenges:

  • reliability of sources;
  • independence;
  • transparency;
  • reliability.

Media activity risks:

  • the risk of improper information management, public disclosure of contrary information (Agora and the Group)
  • lack of transparency (Agora and the Group)
  • loss of public trust (Agora and the Group)

Risks related to licensed activities:

  • loss of licence (only the Group)
  • imposition of a penalty (Agora and the Group)
  • decisions of the Office of Competition and Consumer Protection (UOKiK) recognising the company's practices as restricting competition or violating the Polish provisions on competition and consumer protection (Agora and the Group)unfavourable rulings in administrative or court proceedings (Agora and the Group)
  • unfavourable rulings in administrative or court proceedings (Agora and the Group)
IT RISKS

Among the main risks associated with IT infrastructure are the following:

  • system efficiency (Agora and the Group)
  • system security (cyber-security) (Agora and the Group)
RISKS RELATED TO THE EFFECTS OF THE COVID-19 PANDEMIC

The main risks in this area are:

  • economic consequences of the pandemic (Agora and the Group)
  • reducing the budget of customers and business partners resulting from the COVID-19 pandemic (Agora and the Group)
  • new purchasing behaviours (Agora and the Group)
  • restrictions on the supply of products sold (only the Group)
  • regulatory restrictions on business operations (only the Group)

More information on the risks affecting the results of operations and financial activities of the Agora Group can be found at www.agora.pl/en/reports in the Agora Group's 2020 financial statements.

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