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    ENA   PLENEA000013

ENEA S.A.

(ENA)
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Poland's biggest coal producer approves 6% pay rise to appease miners

02/20/2020 | 10:50am EDT

KATOWICE, Poland (Reuters) - Management at Poland's biggest coal producer, the state-run PGG, agreed to increase its miners' salaries by 6% after the company's trade unions threatened to stage a protest in Warsaw next week.

On Monday the PGG miners held a two-hour warning strike to demand a 12% increase in salaries and a clear national energy plan guaranteeing a future role for coal. The trade unions threatened that if there is no agreement with PGG management and the government, PGG miners will protest in Warsaw on Feb. 28.

"We signed an agreement with PGG trade unions. It assumes that salaries for PGG employees will rise by 6% as of Jan.1," State Assets Minister Jacek Sasin, who supervises the coal industry, said. "The protest in Warsaw will not take place."

Poland's ruling Law and Justice (PiS) party has taken steps to improve air quality and encourage investment in offshore wind and solar energy, but its plan regarding the nation's future energy mix is unclear.

The party, which is keen to secure coal miners' votes in a presidential election in May, has said Poland will continue to use coal as its main fuel for years to come.

PiS rose to power in 2015 partly on promises to sustain the then troubled coal mining. Since then the industry has recovered, as coal prices rebounded and the government closed some of the most loss-making mines.

Last year, however, the Polish coal industry started to face new problems because of increased coal imports and falling demand, leaving coal-mining companies with unsold stocks.

PGG does not disclose its financial results, but last week state-run utilities PGE, Enea and Energa, which all have minority stakes in PGG, said their 2019 results had been hit by impairments at PGG.

(Reporting by Wojciech ?urawski; writing by Agnieszka Barteczko; editing by Barbara Lewis)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENEA S.A. -1.01% 9.35 End-of-day quote.43.08%
ENERGA SA -1.11% 8.05 End-of-day quote.2.16%
GOLD 0.11% 1860.418 Delayed Quote.-1.64%
PGE POLSKA GRUPA ENERGETYCZNA S.A. -2.53% 9.986 End-of-day quote.53.63%
POLSKIE GÓRNICTWO NAFTOWE I GAZOWNICTWO S.A. -0.28% 6.462 End-of-day quote.16.60%
SILVER 0.08% 27.69 Delayed Quote.5.76%
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Sales 2021 17 659 M 4 738 M 4 738 M
Net income 2021 1 127 M 302 M 302 M
Net Debt 2021 6 279 M 1 685 M 1 685 M
P/E ratio 2021 3,87x
Yield 2021 -
Capitalization 4 127 M 1 105 M 1 107 M
EV / Sales 2021 0,59x
EV / Sales 2022 0,43x
Nbr of Employees 17 464
Free-Float 48,5%
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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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