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MarketScreener Homepage  >  Equities  >  Warsaw Stock Exchange  >  PGE Polska Grupa Energetyczna S.A.    PGE   PLPGER000010

PGE POLSKA GRUPA ENERGETYCZNA S.A.

(PGE)
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Poland's coal group PGG warns coronavirus threatens losses, mine closures

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04/16/2020 | 10:37am EDT

Poland's biggest coal producer, the state-owned PGG, warned on Thursday of significant financial losses and a need to close some mines unless it cuts miners' working hours and salaries as part of its measures to adjust to the coronavirus crisis.

PGG asked the unions earlier this week to accept a cut in hours and pay of up to 20% for three months, which would make the company eligible for government help.

The trade unions rejected the offer and instead proposed that PGG stopped production for four days a month when workers would be entitled to 60% of their regular salary.

"The trade unions' proposal is unacceptable as it will not rescue the company...We are in a deep crisis," PGG Chief Executive Tomasz Rogala said in a statement.

He added that unless the company took the emergency action it had planned and the demand for coal continued to fall, PGG would start making a loss of 240 million zlotys ($57.56 million) a month.

"We must also take into account that there will be nowhere to store the coal. And the worst will begin, which is uncoordinated stopping of individual mines," Rogala also said.

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

(Reporting by Agnieszka Barteczko and Wojciech Zurawski; editing by Barbara Lewis)


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Financials
Sales 2020 39 795 M 10 270 M 10 270 M
Net income 2020 603 M 156 M 156 M
Net Debt 2020 11 366 M 2 933 M 2 933 M
P/E ratio 2020 22,9x
Yield 2020 -
Capitalization 10 130 M 2 616 M 2 614 M
EV / Sales 2020 0,54x
EV / Sales 2021 0,54x
Nbr of Employees 42 000
Free-Float 42,6%
Chart PGE POLSKA GRUPA ENERGETYCZNA S.A.
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PGE Polska Grupa Energetyczna S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends PGE POLSKA GRUPA ENERGETYCZNA S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 7,17 PLN
Last Close Price 5,42 PLN
Spread / Highest target 101%
Spread / Average Target 32,3%
Spread / Lowest Target -45,6%
EPS Revisions
Managers
NameTitle
Wojciech Dabrowski Chief Executive Officer
Anna Kowalik Chairman-Supervisory Board
Ryszard Wasilek Deputy Chief Executive Officer-Operations
Pawel Straczynski Vice President-Finance
Janina Goss Independent Member-Supervisory Board
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