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Summary of Agora Group's ESG activities in 2023

RESPONSIBLE BUSINESS, AGORA, NAJNOWSZA AKTUALNOść (TOOLBAR)

Summary of Agora Group's ESG activities in 2023

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    Company data

    AGORA S.A.
    Czerska 8/10 Street
    00-732 Warszawa

    AGO 0%
    mWIG40 0%
    WIG-MEDIA 0%

    Regon: 11559486
    Numer KRS: 59944
    NIP: 526-030-56-44

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    November 14, 2022 / 14:08

    38/2022 Commencement of consultation procedure on downsizing at Helios S.A.

    Regulatory filing

    The Management Board of Agora S.A. hereby informs that on November 14th, 2022, the Management Board of Helios S.A.("Company"), subsidiary of Agora S.A., in accordance with the Act of March 13th, 2003 on Special Rules for Termination of Employment for Reasons Not Attributable to Employees, resolved to commence the consultation on group layoffs with the representatives of the Company’s employees.

    The reason for the planned group layoffs is the current economic and financial situation of the Company which has recently been gravely affected by i.a.: lower than the pre-pandemic frequency in Polish cinemas, energy price increase, minimum wage and minimum rate increase, EUR rate increase, other doing business costs increase, and commencement of repayment of loans taken out in connection with tackling Covid-19 effects and doubling of this debt service cost.

    The intention of the Management Board of Helios S.A. is to lay off up to 80 employees of the Company (which is ca. 20% of employees of the Company as of November 14th, 2022) between November 22nd and 21st December, 2022.

    The Company shall go through these difficult changes in a thought out manner and with care for its employees, offering the dismissed employees a range of protective and supportive initiatives.

    On November 14th, 2022 the Management Board of the Company shall request the representatives of the Company’s employees to join in the consultation on collective redundancy process and shall provide the relevant Labor Office with information on the intention to execute group layoffs in the Company.

    Agora S.A. shall publish a consecutive regulatory filing on collective redundancies after the process of consultation with representatives of the Company’s employees is finalized. The final data regarding the amount of the provision and the effect of employment restructuring on the financial results of Agora Group shall be published in the annual financial statements of Agora Group for 2022.

    Legal basis: article 17, paragraph 1 of the Regulation of the European Parliament and Council Regulation (EC) No. 596/2014 of April 16th, 2014 on market abuse (Regulation on Market Abuse) and repealing Directive 2003/6/EC of the European Parliament and of the Council and the Commission Directive 2003/124/EC, 2003/125/EC and 2004/72/EC (Acts. Office. EC L 173, 06.12.2014).

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