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Lubelski Węgiel
Lubelski Węgiel Bogdanka S.A.

LW Bogdanka S.A. signs agreement with trade unions on coal allowances for retirees and pensioners

Thursday, 2017-10-19

Bogdanka, 17 October 2017 

 

 

LW BOGDANKA S.A. SIGNS AGREEMENT WITH TRADE UNIONS ON COAL ALLOWANCES FOR RETIREES AND PENSIONERS

 

Lubelski Węgiel Bogdanka S.A. signed today with the trade unions active at the Company an agreement to amend the Company Collective Bargaining Agreement to the extent it is related to payments of coal allowances to the Company’s retirees and pensioners.

The agreement is connected with the Act on the benefit to compensate for the loss of the right to free coal, passed by the Sejm (the lower house of the Parliament) on 12 October 2017. The agreement gives the right to receive a compensation of PLN 10,000 net also to Bogdanka's retirees and pensioners.

As a result of the agreement, the balance of provisions at the Company will change, leading to a one-off positive impact on its operating profit in the fourth quarter of 2017 in the amount of approx. PLN 110 million. An ultimate change in the balance of provisions, as referred to above, will be estimated by the actuary and presented in the Company’s periodic report for 2017.  

 

“The agreement we have signed today with the trade unions means that Bogdanka has resolved the issue of coal allowances for both present and future retirees and pensioners. In the near future, after the Act finally becomes law, we will be informing the interested persons how to apply for the compensation resulting from the implemented Act. For the Company’s financials, this means a possible change in its provisions, leading to a one-off positive impact on its operating profit in the fourth quarter of this year,” said Krzysztof Szlaga, President of the Management Board of LW Bogdanka S.A.


Magda Kołodziejczyk, M+G
phone. (+48) 22 416 01 02, 501 16 88 07
e-mail: magda.kolodziejczyk@mplusg.com.pl  
 


LW BOGDANKA – HIGHLIGHTS

Lubelski Węgiel BOGDANKA S.A. is the most modern and one of the largest hard coal mines in Poland. In 2016, Bogdanka’s production of commercial coal amounted to more than 9 million tonnes.

LW BOGDANKA conducts mining activity with respect to extraction, agglomeration and sale of hard coal. The BOGDANKA mine supplies mainly industrial customers based in the eastern and north-eastern Poland. The market of customers is stable, and the sale is carried out mainly under long-term agreements. LW BOGDANKA’s major commercial coal sales channels are commercial power and industrial power industries.

The Company’s financial results and hard coal extraction efficiency distinguish the Company from other organisations in the industry. LW Bogdanka S.A. has been listed on the Warsaw Stock Exchange since July 2009. Since October 2015, LW Bogdanka S.A. has been part of the Enea Group, one of the leaders of the Polish power market.


For further information visit www.bogdanka.eu

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