8th Dec 2020 13:06
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: 8 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 concluded by Electrica Furnizare SA (EFSA), subsidiary of Societatea Energetica Electrica SA (Electrica), with S.P.E.E.H. Hidroelectrica S.A. (Hidroelectrica)
Electrica informs its shareholders and investors about the conclusion, on 7 December 2020, of several transactions between EFSA, Electrica's subsidiary, and Hidroelectrica, 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 7 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, representing re-invoices, were performed based on contracts that, due to an error, were not identified for reporting them previously. Therefore, details regarding the transactions concluded in the last 12 months between the parties, between 1 December 2019 and 30 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 by EFSA with Hidroelectrica on 7 December 2020 of the kind listed in Art. 923 of Law No. 24/2017
Seller: EFSA
Buyer: Hidroelectrica
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 Hidroelectrica | Contract No. 247/ 21 Jul 2004 - MN Contract No. 506/ 1 Aug 2011 - MN AA No. 8 / 1 Mar 2019 - MN Contract No. 13 /2 Jun 2004 - TN AA No. 17 / 1 Aug 2019 - TN Contract No. 119 / 10 Jun 2004 - TS AA No. 29 / 1 May 2018 - TS Contracts without fix price | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | 11.02 | 202011000045/30.11.2020 202011000046/30.11.2020 202011000047/30.11.2020 | 1 July 2004
1 August 2011
2 June 2004
10 June 2004
| N/A | In case of non-payment by the beneficiary of the payment obligations within 30 days from the due date, the supplier fully recovers the consideration of the invoiced and unpaid electricity, from pensioners. | The invoice is issued within 5 working days from the expiration of each month in which the energy was invoiced to the pensioners. The invoice date is the date of the last day of the reference month. Payment is made within 15 days from the receipt of the invoice | |
Transactions total amount (RON th.): | 11.02 |
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Due and not due mutual receivables of EFSA to Hidroelectrica at 4.12.2020: RON 11.02 th.
Due and not due mutual debts of EFSA to Hidroelectrica at 4.12.2020: RON 31,552.43 th.
Annex 2: Details regarding the transactions concluded in the last 12 months by EFSA with Hidroelectrica of the kind listed in Art. 923 of Law No. 24/2017
Parties of the transaction | Agreement Type and No., execution date | Scope of the agreement | Amount (RON th.) | Date of entry into force | Expiry date | Guarantees (RON th.) | Penalties (RON th.) | Payment due dates and payment methods |
Seller: Hidroelectrica Buyer: EFSA | ||||||||
Hidroelectrica and EFSA | Contract No. 2107/23 Dec 2019 Regulated contract | Sale and purchase of electricity | Total amount: 105,085.89 Amount in the last 12 months, at 30.11.2020: 105,085.89 Amount to be executed: 0 | 1 January 2020 | 30 June 2020 | 0 | No cancellation penalties. The buyer pays for each day of delay an amount equal to the level of interest due for non-payment of budget obligations, starting from the first day after the due date, until the day of payment (exclusive). The total amount of penalty interest may not exceed the value of the invoice. | Invoices are issued no later than 5 working days after the end of each contractual month, and payment is made within 10 working days from the date of issuance of the invoice + 15 days without penalty in the seller's account |
Hidroelectrica and EFSA | Transaction No. 32479 / 21 Jan 2020, annex to EFET contract No. 872/29 Dec 2015, concluded on PC-OTC | Sale and purchase of electricity | Total amount: 835.88 Amount in the last 12 months, at 30.11.2020: 835.88 Amount to be executed: 0 | 1 March 2020 | 31 March 2020 | 2,000 (the guarantee is constituted in order to cover transactions to be concluded on the basis of the EFET contract No. 872, valid until 25.01.2021) | Total cancellation penalties can be calculated at the time of cancellation only, these being calculated according to the quantity not delivered. | The seller sends the invoice during the next month after the month of delivery. The payment is made until the 20th calendar day or the next day if it is not a financial day or until the 5th day from receiving the original invoice in the seller's account |
Hidroelectrica and EFSA | Transaction No. 32830 / 24 Feb 2020, annex to EFET contract No. 872/29 Dec 2015, concluded on PC-OTC | Sale and purchase of electricity | Total amount: 4,630.08 Amount in the last 12 months, at 30.11.2020: 4,630.08 Amount to be executed: 0 | 1 April 2020 | 30 June 2020 | 2,000 (the guarantee is constituted in order to cover transactions to be concluded on the basis of the EFET contract No. 872, valid until 25.01.2021) | Total cancellation penalties can be calculated at the time of cancellation only, these being calculated according to the quantity not delivered. | The seller sends the invoice during the next month after the month of delivery. The payment is made until the 20th calendar day or the next day if it is not a financial day or until the 5th day from receiving the original invoice in the seller's account |
Hidroelectrica and EFSA | Contract No. 271/25 Feb 2020, awarded through PCCB-NC auction | Sale and purchase of electricity | Total amount: 4,586.40 Amount in the last 12 months, at 30.11.2020: 4,586.40 Amount to be executed: 0 | 1 April 2020 | 30 June 2020 | 2,772.00 | Cancellation penalties can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Late payment penalties are calculated for each day of delay, starting with the day immediately following the due date and until the date of payment of the amount due, inclusive; the level of delay penalties corresponds as a percentage of the interest due for non-payment on time of the obligations to the state budget, for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. The payment is made until the 7th working day from the submission of the invoice, in seller's account |
Hidroelectrica and EFSA | Contract No. 308/6 Mar 2020, awarded through PCCB-NC auction | Sale and purchase of electricity | Total amount: 23,178.96 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 23,178.96 | 1 January 2021 | 31 December 2021 | 4,127.76 | Cancellation penalties can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Late payment penalties are calculated for each day of delay, starting with the day immediately following the due date and until the date of payment of the amount due, inclusive; the level of delay penalties corresponds as a percentage of the interest due for non-payment on time of the obligations to the state budget, for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. The payment is made until the 7th working day from the submission of the invoice, in seller's account |
Hidroelectrica and EFSA | Transaction No. 33086 / 9 Mar 2020, annex to EFET contract No. 872/29 Dec 2015, concluded on PC-OTC | Sale and purchase of electricity | Total amount: 1,240.27 Amount in the last 12 months, at 30.11.2020: 1,240.27 Amount to be executed: 0 | 1 April 2020 | 30 April 2020 | 2,000 (the guarantee is constituted in order to cover transactions to be concluded on the basis of the EFET contract No. 872, valid until 25.01.2021) | Total cancellation penalties can be calculated at the time of cancellation only, these being calculated according to the quantity not delivered. | The seller sends the invoice during the next month after the month of delivery. The payment is made until the 20th calendar day or the next day if it is not a financial day or until the 5th day from receiving the original invoice in the seller's account |
Hidroelectrica and EFSA | Contract No. 429/23 Apr 2020, awarded through PCCB-NC auction | Sale and purchase of electricity | Total amount: 11,015.70 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,015.70 | 1 January 2021 | 31 December 2021 | 1,961.70 | Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Late payment penalties are calculated for each day of delay, starting with the day immediately following the due date and until the date of payment of the amount due, inclusive; the level of delay penalties corresponds as a percentage of the interest due for non-payment on time of the obligations to the state budget, for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. The payment is made until the 7th working day from the submission of the invoice, in seller's account |
Hidroelectrica and EFSA | Contract No. 430/24 Apr 2020, awarded through PCCB-LE auction | Sale and purchase of electricity | Total amount: 11,000.37 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,000.37
| 1 January 2021 | 31 December 2021 | 1,567.18 | Compensations additional to those specified in the contract, in amount of RON 934.28 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 431/24 Apr 2020, awarded through PCCB-LE auction | Sale and purchase of electricity | Total amount: 11,008.69 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,008.69 | 1 January 2021 | 31 December 2021 | 1,568.36 | Compensations additional to those specified in the contract, in amount of RON 934.28 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 432/24 Apr 2020, awarded through PCCB-LE auction | Sale and purchase of electricity | Total amount: 11,031.03 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,031.03 | 1 January 2021 | 31 December 2021 | 1,571.54 | Compensations additional to those specified in the contract, in amount of RON 936.88 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 493/12 May 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 10,976.28 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 10,976.28 | 1 January 2021 | 31 December 2021 | 1,563.74 | Compensations additional to those specified in the contract, in amount of RON 932.23 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 495/12 May 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 10,960.95 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 10,960.95 | 1 January 2021 | 31 December 2021 | 1,561.56 | Compensations additional to those specified in the contract, in amount of RON 930.93 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 534/29 May 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 11,082.28 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,082.28 | 1 January 2021 | 31 December 2021 | 1,578.84 | Compensations additional to those specified in the contract, in amount of RON 941.23 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 535/29 May 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 11,082.28 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,082.28 | 1 January 2021 | 31 December 2021 | 1,578.84 | Compensations additional to those specified in the contract, in amount of RON 941.23 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 536/29 May 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 6,431.46 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 6,431.46 | 1 January 2021 | 31 December 2021 | 887.10 | Compensations additional to those specified in the contract, in amount of RON 528.85 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 560/11 Jun 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 11,090.60 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,090.60 | 1 January 2021 | 31 December 2021 | 1,580.03 | Compensations additional to those specified in the contract, in amount of RON 941.94 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 561/11 Jun 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 11,087.09 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,087.09 | 1 January 2021 | 31 December 2021 | 1,579.53 | Compensations additional to those specified in the contract, in amount of RON 941.64 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 637/29 Jun 2020 Regulated contract | Sale and purchase of electricity | Total amount: 67,173.16 Amount in the last 12 months, at 30.11.2020: 55,786.91 Amount to be executed: 11,386.25 | 1 July 2021 | 31 December 2021 | 6,642.86 | No cancellation penalties. The buyer pays for each day of delay an amount equal to the level of interest due for non-payment of budget obligations, starting from the first day after the due date, until the day of payment (exclusive). The total amount of penalty interest may not exceed the value of the invoice. | Invoices are issued no later than 5 working days after the end of each contractual month, and payment is made within 10 working days from the date of issuance of the invoice + 15 days without penalty in the seller's account |
Hidroelectrica and EFSA | Contract No. 660/8 Jul 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 11,245.21 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,245.21 | 1 January 2021 | 31 December 2021 | 1,601.75 | Compensations additional to those specified in the contract, in amount of RON 954.89 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Hidroelectrica and EFSA | Contract No. 661/8 Jul 2020, awarded through PCCB-LE-Flex auction | Sale and purchase of electricity | Total amount: 11,243.02 Amount in the last 12 months, at 30.11.2020: 0 Amount to be executed: 11,243.02 | 1 January 2021 | 31 December 2021 | 1,602.06 | Compensations additional to those specified in the contract, in amount of RON 955.07 th., in case of cancellation. Total termination compensatory amounts can be calculated at the time of cancellation only, because they are determined depending on the quantity not delivered and the price calculated according to the contractual provisions. Penalty interest is calculated for each day of delay, starting with the day immediately following the due date and until the date of settlement of the amount due, inclusive; the level of penalty interest is 0.1% for each day of delay. | The seller sends the invoice on the first financial day of the next month of delivery. Payment is made no later than the 10th day of the month after the contractual delivery month, or the next day, if it is not a financial day, in the seller's account |
Seller: EFSA Buyer: Hidroelectrica | ||||||||
EFSA and Hidroelectrica | Contract No. 247/ 21 Jul 2004 - MN Contract No. 506/ 1 Aug 2011 - MN AA No. 8 / 1 Mar 2019 - MN Contract No. 13 /2 Jun 2004 - TN AA No. 17 / 1 Aug 2019 - TN Contract No. 119 / 10 Jun 2004 - TS AA No. 29 / 1 May 2018 - TS Contracts without fix price | Re-invoicing - pensioners energy quota Electricity consideration granted to individuals benefiting from the provisions of GD.1041 / 2003 and GD.1461 / 2003 | Amount in the last 12 months, at 30.11.2020: 226.00 | July 2004
1 August 2011
2 June 2004
10 June 2004
| N/A | In case of non-payment by the beneficiary of the payment obligations within 30 days from the due date, the supplier fully recovers the consideration of the invoiced and unpaid electricity, from pensioners. | The invoice is issued within 5 working days from the expiration of each month in which the energy was invoiced to the pensioners. The invoice date is the date of the last day of the reference month. Payment is made within 15 days from the receipt of the invoice | |
Total amount executed in the last 12 months, at 30.11.2020 (RON th.): | 172,391.43 |
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Total remaining amount to be executed, at 1.12.2020 (RON th.): | 173,820.16 |
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Due and not due mutual receivables of EFSA to Hidroelectrica at 4.12.2020: RON 11.02 th.
Due and not due mutual debts of EFSA to Hidroelectrica at 4.12.2020: RON 31,552.43 th.
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Electrica Regs