REG-International Endesa Inside information -Personnel cost extraordinary impacts- (EN)

Endesa SAAnnouncement

04/05/2020 17:15

Inside information -Personnel cost extraordinary impacts- (EN)

 

Borja Acha Besga

Secretary of the Board of Directors

Madrid, May 4, 2020

In accordance with the provisions of Article 226 of the Spanish Securities Market Act, Endesa, S.A. hereby issues notice of the following Insider Information:

With regard to the Quarterly Financial Information of Endesa, S.A. and subsidiary companies for the first quarter, ended March 31, 2020, the approval and signing on January 23, 2020 of the "5th ENDESA Master Collective Bargaining Agreement", (to date, pending publication in the Spanish Official State Gazette) which provides the amendment of certain social benefits, basically the employee electricity tariff benefit, including passive stage personnel, has resulted in a positive impact of 515 million euros on the Consolidated Income Statement for the period January-March 2020 (386 million euros, after tax).

Additionally, following the information issued by the Company within the framework of the "Agreement on Voluntary Measures for Employment Contract Suspension or Termination", a 159 million euro provision (119 million euros, after tax) has been allocated.

Notwithstanding the above, as regards the cumulative amount resulting from these two items i.e. 356 million euros (267 million euros, after tax), the Company may consider the adoption of additional efficiency measures throughout 2020.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200504005538/en/

International Endesa