7/14/2020 | Institutional and financial information

Derivatives on CO2 licences

Unauthorized transactions of derivatives by the Company on CO₂ licences have been identified, which resulted in a loss of c.€60 m. The Company has since closed all positions and has taken the appropriate internal measures, including disciplinary actions and audits, as well as reinforced operational controls with the purpose of preventing similar events.

This event does not change the cash position disclosed to the market on the Trading Update release on July 13, and there will be no further negative financial impacts related thereto.