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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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Polish coal unions warn of the industry's collapse without state help

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04/24/2020 | 12:38pm EDT
FILE PHOTO: General view of Wujek Coal Mine is seen at sunset in Katowice

Trade unions at Poland's biggest coal group, state-owned PGG, warned on Friday that the industry would collapse because of falling demand if the government did not help.

Poland, which is heavily reliant on coal-fuelled power stations for its energy, is the only European Union member state not to have pledged to achieve zero carbon emissions by 2050.

But in the face of growing EU pressure to reduce emissions, the ruling Law and Justice (PiS) party has encouraged investment in solar energy and offshore windfarms.

The increasing share of clean energy in power generation, falling demand for electricity since the start of the coronavirus lockdown and coal imports have heightened problems for the coal industry.

PGG asked unions this month 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 unions initially rejected the proposal but later said they would accept it if management presented a restructuring plan for PGG that would guarantee jobs. PGG said it would need to have reliable demand forecasts for such a plan, which is all but impossible in the current circumstances.

"Today our industry needs help, otherwise it will collapse," the Solidarity trade union, the biggest in PGG, said in a letter sent to Prime Minister Mateusz Morawiecki.

"The unions feel confident. I don't think that the management will be able to lower the salaries without the unions' consent," said Robert Maj, an analyst at Ipopema Securities.

In 2019, the average salary at PGG, which employs around 40,000 workers, stood at 7,850 zlotys, PGG said. This is nearly $1,870 at the current exchange rate.

A spokesman at the State Assets Ministry, which supervises coal mining, was not immediately available for comment.

(Reporting by Agnieszka Barteczko, Editing by Timothy Heritage)


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Financials
Sales 2020 39 795 M 10 069 M 10 069 M
Net income 2020 603 M 153 M 153 M
Net Debt 2020 11 366 M 2 876 M 2 876 M
P/E ratio 2020 19,0x
Yield 2020 -
Capitalization 8 433 M 2 131 M 2 134 M
EV / Sales 2020 0,50x
EV / Sales 2021 0,50x
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.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 8
Average target price 7,17 PLN
Last Close Price 4,51 PLN
Spread / Highest target 142%
Spread / Average Target 59,0%
Spread / Lowest Target -34,6%
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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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