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Current Report No. 12/2018

06.04.2018 10:00

Dissolving of the provisions related to the employee benefits (entitlements) by TAURON Wytwarzanie S.A.

Management Board of TAURON Polska Energia S.A. (”Issuer”) informs that on April 6, 2018, the Management Board of TAURON Wytwarzanie S.A. (”TAURON Wytwarzanie”, the Issuer’s subsidiary) passed a resolution based on which it dissolved a provision in the amount of PLN 168 mln, related to the cash equivalent for the subsidized consumption of electricity by retirees, pensioners and other eligible persons that are not employees (a positive impact on the Generation segment’s EBIT in Q1 2018).

The Management Board’s resolution was passed based on the agreement reached between the Management Board of TAURON Wytwarzanie with the workforce (social party) and an additional protocol to the Corporate Collective Bargaining Agreement (Zakładowy Układ Zbiorowy Pracy) of TAURON Wytwarzanie registered by the Chief Labor Inspectorate (Państwowa Inspekcja Pracy).

In addition, the Issuer informs that TAURON Wytwarzanie concluded agreements with the workforce to amend labor contracts, under which service anniversary awards will not be paid out. In connection with the above TAURON Wytwarzanie paid out applicable damages to the personnel and dissolved the provision, which, as a result, will increase the Generation segment’s EBIT by PLN 43 mln in Q1 2018.

Furthermore, TAURON Wytwarzanie dissolved a provision related to the Company’s Social Benefits (Entitlements) Fund (Zakładowy Fundusz Świadczeń Socjalnych) for former employees in the amount of PLN 18 mln (a positive impact on the Generation segment’s EBIT in Q1 2018).

The above presented impact of one-off events on TAURON Group’s earnings is an estimate and may change.

Legal basis: Art. 17 MAR – inside information
 

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