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Current Report No. 21/2020

22.05.2020 00:00

Signing of the Additional Protocols amending the company collective bargaining agreements at the subsidiaries

TAURON Polska Energia S.A. (”Issuer”) announces that on May 22, 2020, the Management Boards of Issuer’s subsidiaries TAURON Dystrybucja S.A. (”TAURON Dystrybucja”) and TAURON Dystrybucja
Pomiary Sp. z o.o. (”TAURON Dystrybucja Pomiary”) reached agreements with the representative trade union organizations and signed the Additional Protocols amending the company collective
bargaining agreements ("Additional Protocols").

Pursuant to the Additional Protocols, amendments shall be introduced with respect to the payment of the cash equivalent due to the discount for the use of electricity by retirees, pensioners and other eligible persons who are no longer employees of TAURON Dystrybucja and TAURON Dystrybucja Pomiary subsidiaries.

The signing of the Additional Protocols will enable TAURON Dystrybucja and TAURON Dystrybucja Pomiary subsidiaries to dissolve the provisions in the total amount of approx. PLN 350 million, that were set up for this purpose. The positive impact of the dissolving of the provisions on the EBITDA of the Issuer's Capital Group ("TAURON Group") will be recognized in the consolidated financial statements for the first half of 2020.

The Issuer notes that the Additional Protocols will come into force upon entry into the register of the company collective bargaining agreements maintained by the National Labor Inspectorate - the
Regional Labor Inspectorate Office in Cracow (Państwowa Inspekcja Pracy - Okręgowy Inspektorat Pracy w Krakowie).

In addition, the Issuer informs that negotiations are currently under way with the trade union organizations operating at the Issuer’s other subsidiaries with respect to the payment of the cash equivalent due to the discount for the use of electricity that persons who are no longer employees of TAURON Group are eligible for. The Issuer estimates that reaching of the agreements at the other subsidiaries would result in the dissolving of the further provisions in the amount of approx. PLN 90 million.

The Issuer makes a caveat that the above amounts are estimates and may be subject to change, and their inclusion in the financial results of TAURON Group is dependent on the fulfillment of the
conditions indicated.

Art. 17 sec. 1 of MAR – inside information.
 

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