Agora S.A.: Rozpoczęcie procedury konsultacji ze związkiem zawodowym ws. przejściowej obniżki kosztów wynagrodzeń (2020-04-06)

13/2020 commencement of the consultation procedure with the trade unions regarding a temporary reduction in the remuneration of staff cost in the Agora Group and the process of group layoffs in Goldenline Sp. z o.o.

Regulatory filing

Management Board of Agora S.A. with its registered office in Warsaw ("Company", "Agora"), with reference to the report no. 10/2020 of 23 March 2020 on the negative impact of a pandemic on the results of the Agora Group, announces that today Agora initiated consultation with the inter-enterprise commission of NSZZ " Solidarność "Agora SA and Inforadio Sp. z o.o. regarding actions planned by the Company to reduce the staff cost in the Group, including, inter alia, a temporary reduction by 20% cost of basic salary and fixed monthly salary for period of six months. In addition, in connection with the Act on April 7, 2006 about informing and consulting employees, talks will also be held with the Company's employees' council and employee representatives in companies belonging to the capital group in which there is no trade union organization.

As part of the above consultations, the Company, on behalf of the Management Board of Goldenline Sp. z o.o. with its registered office in Warsaw ("Goldenline"), plans to agree on the conditions of group layoffs in Goldenline. Restructuring activities, group layoffs, are associated with a decrease in Goldenline's revenues from the company's basic operating activities. The negative impact of the spreading coronavirus pandemic on Goldenline's activities and the lack of an objective opportunity to improve the company's financial standing in the foreseeable time have caused the Company to undertake decisive restructuring measures, including a significant reduction in employment in Goldenline.

According to the information provided by the Company in the current report no. 10/2020 of 23 March 2020, the COVID-19 coronary pandemic and government administration measures taken to limit the further spread of the virus will have a significant negative impact on the financial results of Agora and its subsidiaries in the second quarter of 2020. The observation of the development of the pandemic in Poland and in the world, as well as its effects on the economy and operations of the Group, substantiates the continuation of its negative impact on the results of Agora and its subsidiaries in the third quarter of 2020. Decision to temporarily lower remuneration costs and reduce employment in Goldenline is another of a series of necessary savings measures carried out within the Agora Group, which are aimed at mitigating the negative consequences of a pandemic, including the inability to conduct business operations in selected sectors.
Legal basis: art. 17 clause 1 of Regulation (EC) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Regulation on market abuse) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directive 2003 /124/EC, 2003/125 /EC and 2004/72/EC (Official Journal EC L 173 of 12/06/2014).