15th Dec 2020 07:00
To: Romanian Financial Supervisory Authority (ASF)
Bucharest Stock Exchange (BVB)
London Stock Exchange (LSE)
Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, ASF Regulation no. 5/2018, and the Bucharest Stock Exchange Code
Report date: 14 December 2020
Company name: Societatea Energetica Electrica S.A. (Electrica)
Headquarters: 9 Grigore Alexandrescu Street, 1st District, Bucharest, Romania
Phone/fax no.: 004-021-2085999/ 004-021-2085998
Fiscal Code: RO 13267221
Trade Register registration number: J40/7425/2000
Subscribed and paid in share capital: RON 3,464,435,970
Regulated market where the issued securities are traded: Bucharest Stock Exchange (BVB) and London Stock Exchange (LSE)
Significant events to be reported: Transactions with related parties according to Art. 923 para (12) of Law No. 24/2017
Electrica informs its shareholders and investors about the conclusion, on 10 December 2020, of several transactions between:
- Electrica Furnizare S.A. (EFSA) and SN "Nuclearelectrica" S.A. (SNN);
- EFSA and Complexul Energetic Oltenia S.A. (CEO),
- EFSA and CNTEE Transelectrica S.A. (TEL),
that have a value that, cumulated with the rest of the transactions concluded/executed in the last 12 months, exceeds the threshold of 5% of Electrica's net assets, according to Electrica's individual financial statements for 2019, respectively exceeds the value of RON 199,406,795.
Details regarding the transactions concluded on 10 December 2020, containing information about the date of execution, type of transactions, description of their scope, total value of the transactions, expiry date, mutual debts and receivables, guarantees, penalties, payment due dates and methods are presented in Annex 1.
The transactions represent re-invoices and were performed based on contracts that, due to an error, were not identified for reporting them previously. Therefore, details regarding these transactions, concluded in the last 12 months between the parties, between 1 December 2019 and 29 November 2020, which lead to exceeding, at a cumulative level, the threshold of 5% of Electrica's net assets, according to Electrica's individual financial statements for 2019, are presented in Annex 2.
Chief Executive Officer
Georgeta Corina Popescu
Annex 1:
Details regarding the transactions concluded on 10 December 2020, between EFSA and SNN, of the kind listed in Art. 923 of Law No. 24/2017
Seller: EFSA
Buyer: SNN
Parties of the transaction | Agreement Type and No., execution date | Scope of transactions | Amount of transactions (RON th.) | Invoice date / number | Date of entry into force | Expiry date | Guarantees (RON th.) | Penalties | Payment due dates and payment methods |
EFSA and SNN | Contract no. 294 / 23 Aug 2004 Contract no. R507 / 01 Aug 2019 AA no. 8 / 1 Mar 2019 | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 4.39 | EFSA202011000065 / 30.11.2020 | 23 August 2004 | during the period GD 1041/2003 and GD 1461/2003 |
| In case of non-payment by the beneficiary of the payment obligations within 30 days from the due date, the supplier fully recovers from pensioners the equivalent value of the invoiced and uncollected electricity. If the supplier does not fulfill its obligations by contract, the beneficiary has the right to calculate penalties equal to an amount equivalent to the quota provided for non-payment of obligations to the State Budget. | The invoice is issued until the 15th of the month following each month in which electricity was invoiced to retirees. Payment of invoices issued by the provider will be made by clearing in IMI system with electricity bills delivered by SNN |
Transactions total amount (RON th.): | 4.39 |
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Due and not due mutual receivables of EFSA to SNN at 9.12.2020: RON 4.39 th.
Due and not due mutual debts of EFSA to SNN at 9.12.2020: RON 50,503.78 th.
Details regarding the transactions concluded on 10 December 2020, between EFSA and CEO, of the kind listed in Art. 923 of Law No. 24/2017
Seller: EFSA
Buyer: CEO
Parties of the transaction | Agreement Type and No., execution date | Scope of transactions | Amount of transactions (RON th.) | Invoice date / number | Date of entry into force | Expiry date | Guarantees (RON th.) | Penalties | Payment due dates and payment methods |
EFSA and CEO | C 1317 / 23 Nov 2011 - Isalnita AA nr 6 / 19 Mar 2019 - Isalnita C R40 / 24 Jan 2011 - Chiscani AA nr 8 / 29 Mar 2019 - Chiscani | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 1.50 | EFSA202011000062 / 30.11.2020 | 23 November 2011 | during the period GD 1041/2003 and GD 1461/2003 |
| 0.1% of the amount of the settlement invoice for each day of reinforcement, including the day of payment. The amount of the penalties cannot exceed the value of the settlement invoice | The invoice is issued until the 15th of each month, with the date of issue the last calendar day of the previous month. Payment is made within 30 days of issuing the invoice |
Transactions total amount (RON th.): | 1.50 |
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Due and not due mutual receivables of EFSA to CEO at 9.12.2020: RON 1.50 th.
Due and not due mutual debts of EFSA to CEO at 9.12.2020: RON 34,896.58 th.
Details regarding the transactions concluded on 10 December 2020, between EFSA and TEL of the kind listed in Art. 923 of Law No. 24/2017
Seller: EFSA
Buyer: TEL
Parties of the transaction | Agreement Type and No., execution date | Scope of transactions | Amount of transactions (RON th.) | Invoice date / number | Date of entry into force | Expiry date | Guarantees (RON th.) | Penalties | Payment due dates and payment methods |
EFSA and TEL | Contract no. 321 / 20 Jul 2004 AA 15 / 30 Jul 2020 Contract no. 575 / 6 Nov 2017 - MN | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 3.21 | EFSA202011000056 / 30.11.2020 | 20 July 2004 | during the period GD 1041/2003 and GD 1461/2003 |
| 0.05% of the value of the contract related to the month in which the non-fulfillment was found, for each day of delay, until the effective fulfillment of the obligation, but not more than this value | The invoice is issued until the 15th of the month following each month in which electricity was invoiced to retirees. Payment is made within 30 days of maturity |
EFSA and TEL | Convention 129 / 4 Mar 2019 Convention 1604 / 26 Feb 2020 | Re-invoicing utilities according to the renting space | 6.69 | EFSA202011000088 / 30.11.2020 | 1 March 2020 | 28 February 2021 |
| 0.02% for each day of delay calculated at the value of the unpaid amount. The value of the calculated penalties may not exceed the amount of the unpaid amount | Payment is made within 15 days from the date of registration of the re-invoiced documents |
Transactions total amount (RON th.): | 9.90 |
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Due and not due mutual receivables of EFSA to TEL at 9.12.2020: RON 11.19 th.
Due and not due mutual debts of EFSA to TEL at 9.12.2020: RON 0 th.
Annex 2: Details regarding the transactions concluded in the last 12 months, of the kind listed in Art. 923 of Law No. 24/2017
Seller: EFSA
Buyer: SNN, CEO, TEL
Parties of the transaction | Agreement Type and No., execution date | Scope of the transactions | Amount in the last 12 months, at 29.11.2020 (RON th.) | Date of entry into force | Expiry date | Guarantees (RON th.) | Penalties (RON th.) | Payment due dates and payment methods |
EFSA and SNN | Contract no. 294 / 23 Aug 2004 Contract no. R507 / 01 Aug 2019 AA no. 8 / 1 Mar 2019 | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 98. 64 | 23 August 2004 | during the period GD 1041/2003 and GD 1461/2003 |
| In case of non-payment by the beneficiary of the payment obligations within 30 days from the due date, the supplier fully recovers from pensioners the equivalent value of the invoiced and uncollected electricity. If the supplier does not fulfill its obligations by contract, the beneficiary has the right to calculate penalties equal to an amount equivalent to the quota provided for non-payment of obligations to the State Budget. | The invoice is issued until the 15th of the month following each month in which electricity was invoiced to retirees. Payment of invoices issued by the provider will be made by clearing in IMI system with electricity bills delivered by SNN |
EFSA and CEO | C 1317 / 23 Nov 2011 - Isalnita AA nr 6 / 19 Mar 2019 - Isalnita C R40 / 24 Jan 2011 - Chiscani AA nr 8 / 29 Mar 2019 - Chiscani | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 35.09 | 23 November 2011 | during the period GD 1041/2003 and GD 1461/2003 |
| 0.1% of the amount of the settlement invoice for each day of reinforcement, including the day of payment. The amount of the penalties cannot exceed the value of the settlement invoice | The invoice is issued until the 15th of each month, with the date of issue the last calendar day of the previous month. Payment is made within 30 days of issuing the invoice |
EFSA and TEL | Contract no. 321 / 20 Jul 2004 AA 15 / 30 Jul 2020 Contract no. 575 / 6 Nov 2017 - MN | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 63.25 | 20 July 2004 | during the period GD 1041/2003 and GD 1461/2003 |
| 0.05% of the value of the contract related to the month in which the non-fulfillment was found, for each day of delay, until the effective fulfillment of the obligation, but not more than this value | The invoice is issued until the 15th of the month following each month in which electricity was invoiced to retirees. Payment is made within 30 days of maturity |
EFSA and TEL | Convention 129 / 4 Mar 2019 Convention 1604 / 26 Feb 2020 | Re-invoicing utilities according to the renting space | 90.36 | 1 March 2020 | 28 February 2021 |
| 0.02% for each day of delay calculated at the value of the unpaid amount. The value of the calculated penalties may not exceed the amount of the unpaid amount | Payment is made within 15 days from the date of registration of the re-invoiced documents |
Total amount executed in the last 12 months, at 29.11.2020 (RON th.): | 287.34 |
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Related Shares:
Electrica Regs