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    ENA   PLENEA000013

ENEA S.A.

(ENA)
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Poland's PGG asks workers to take pay cut as coronavirus hits

04/14/2020 | 11:30am EDT
FILE PHOTO: General view of Wujek Coal Mine is seen during sunset in Katowice

Poland's biggest coal producer, PGG, said on Tuesday it asked unions to accept a cut in hours and pay of up to 20% for three months, which would make the state-run company eligible for government help during the new coronavirus crisis.

Poland relies on coal for almost 80% of its electricity production, but lockdown measures, which have shut schools, restaurants, cinemas, some factories and reduced railway transportation, have led to a decrease in electricity usage that the company puts at 10-12%.

"We need to protect the company and prepare solutions for the future when we overcome the pandemic and the economy accelerates again," Chief Executive Tomasz Rogala said in a statement.

A PGG spokesman said the company did not yet know how much output would fall as a result of the changes.

The reduction in working time, which would apply to all employees, would allow PGG to apply for funding under the government's economic support programme of about 70 million zlotys ($16.91 million) a month, the company said.

(Reporting by Wojciech Zurawski, Alan Charlish and Anna Koper; editing by Barbara Lewis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENEA S.A. 0.00% 9.47 End-of-day quote.44.91%
ENERGA SA 0.00% 8.03 End-of-day quote.1.90%
PGE POLSKA GRUPA ENERGETYCZNA S.A. 0.00% 10.375 End-of-day quote.59.62%
POLSKIE GÓRNICTWO NAFTOWE I GAZOWNICTWO S.A. 0.00% 6.584 End-of-day quote.18.80%
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2020Poland plans cuts in coal mining as coronavirus crisis hits demand
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Financials
Sales 2021 17 659 M 4 660 M 4 660 M
Net income 2021 1 127 M 297 M 297 M
Net Debt 2021 6 279 M 1 657 M 1 657 M
P/E ratio 2021 3,88x
Yield 2021 -
Capitalization 4 180 M 1 103 M 1 103 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,43x
Nbr of Employees 17 464
Free-Float 48,5%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 9,47 PLN
Average target price 11,14 PLN
Spread / Average Target 17,6%
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Managers and Directors
NameTitle
Jaroslaw Olowski Vice President-Financial Affairs
Roman Stryjski Member-Supervisory Board
Piotr Mirkowski Member-Supervisory Board
Ireneusz Kulka Member-Supervisory Board
Pawel Andrzej Koroblowski Member-Supervisory Board
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