REG - Soc EnergElectricaSA - Approval of the Company's reorganization plan

Societatea Energetica Electrica SAAnnouncement

02/02/2022 17:35

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RNS Number : 5260A  Societatea Energetica Electrica SA  02 February 2022

To:      Bucharest Stock Exchange (BSE)

            London Stock Exchange (LSE)

Romanian Financial Supervisory Authority (FSA)

Current report in compliance with the Law 24/2017, republished, on issuers of
financial instruments and market operations, Regulation FSA no. 5/2018 on
issuers of financial instruments and market operations, and the Bucharest
Stock Exchange Code

Report date: 2 February 2022

Company name: Societatea Energetica Electrica S.A.

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 (BSE), London Stock Exchange (LSE)

Significant events to be reported: Approval of the reorganization plan of the
Company

Societatea Energetica Electrica SA ("Company" or "Electrica") informs the
shareholders and investors that, during the meeting held on 2 February 2022,
the Board of Directors of the Company approved:

·    the implementation of a reorganization process of the Company's
personnel structure and the initiation of the collective dismissal procedure;

·    the amendment of the Company's organizational structure effective as
of 1 March 2022;

·    the amendment of the Organisation and Functioning Regulation of the
Company effective as of 1 March 2022;

·    the notification of relevant authorities and of the Trade Union
regarding the final decision of the Company to implement the reorganization
process and to carry out the collective dismissal of the employees who
currently occupy the positions to be cancelled, as well as the sending of all
data and information provided by art. 72 of the Labour Code, including the
result of the process of information and consultation with the Trade Union.

Regarding the necessity and opportunity to carry out the reorganization
process of the Company's personnel structure, it is mentioned that this is one
of a broader and complex package of measures considered by the executive
management and the Board of Directors of the Company regarding the global
transformation process of Electrica Group, designed to support both Electrica
and each of its subsidiaries to act in an agile manner in a field marked by
volatility, uncertainty and complexity, to face the challenges of the internal
and external environment and to strengthen its financial performance, so that
the Company have the resources to transpose the development projects, on which
shareholders and investors have been informed in accordance with the
principles of transparency adopted by the Company.

The organizational measures provided in the Reorganization Plan have as
objectives the resizing and the redefining of the Company's personnel
structure, as well as of its organization and functioning mode, for the
optimal correlation between the number of employees and the functions
performed, in accordance with the current activity conditions on the energy
market. Specifically, by implementing the organizational transformation
project there will be obtained: a reduction from an existing structure of 120
positions to a future structure of 85 positions and a flattened structure by
reducing the number of hierarchical levels. As a result of this approach, the
number of organizational entities within the Company will be significantly
reduced - a decrease of 19%, while the number of management / coordination
positions will be reduced even more - a decrease of 25%.

 

 

CEO
 
 
 

Georgeta Corina Popescu
 

 

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