REG - Soc EnergElectricaSA - Transactions affiliated parties - EFSA and SNN

Societatea Energetica Electrica SAAnnouncement

16/09/2020 16:20

RNS Number : 2191Z
  
Societatea Energetica Electrica SA
  
16 September 2020
  
 

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:  16 September 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 Societatea Nationala Nuclearelectrica S.A. (SNN)
Electrica informs its shareholders and investors about the conclusion, on 16 September 2020, of three transactions between EFSA, Electrica's subsidiary, and SNN, Electrica's related party, 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 16 September 2020 by EFSA, as buyer, with SNN, as seller, 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.
Details regarding the transactions concluded in the last 12 months between the parties, 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, have been presented in the Current Report issued on 9 September 2020 (IRIS Code (BSE) 9B833, respectively RNS Code (LSE) 4477Y).
 
Chief Executive Officer                                              
Georgeta Corina Popescu                              
 
                                                                        
 




Annex 1: Details regarding the transactions concluded by Electrica Furnizare SA with Societatea Nationala Nuclearelectrica S.A. on 16 September 2020 of the kind listed in Art. 923 of Law No. 24/2017
 
Seller: Societatea Nationala Nuclearelectrica S.A.               
Buyer: Electrica Furnizare SA
 



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 


Payment due dates and payment methods




EFSA and SNN


Contract No. 1299/ 16 Sept 2020, following the transaction concluded on 11 September 2020 on OPCOM platform, awarded through PCCB-LE-Flex auction


Sale and purchase of electricity 


21,508.43


1 January 2021


31 December 2021


3,653.49


In case the invoice is not paid until maturity, the Buyer will have the obligation to pay late payment penalties, the interest level corresponding to the percentage of interest due for not paying the obligations to the state budget, calculated for each day of delay starting with the first day after the due date until the day of payment (included).  
Compensation in amount of RON 1,826.74 th. in case of non-submission by EFSA of the guarantees specified in the agreements, in favor of SNN
Additional compensation in amount of RON 7,071.26 th. in case of cancellation. Total cancellation compensations 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


The payment is made on the 11th working day from the submission date of the invoice, or on the 12th working day of the month immediately following the month of delivery.
The invoice is issued starting with the first working day of the month immediately following the delivery month, but not later than 5 calendar days after the end of the month.




EFSA and SNN


Contract No. 1300/ 16 Sept 2020, following the transaction concluded on 11 September 2020 on OPCOM platform, awarded through PCCB-LE-Flex auction


Sale and purchase of electricity


21,484.78


1 January 2021


31 December 2021


3,649.47


In case the invoice is not paid until maturity, the Buyer will have the obligation to pay late payment penalties, the interest level corresponding to the percentage of interest due for not paying the obligations to the state budget, calculated for each day of delay starting with the first day after the due date until the day of payment (included).  
Compensation in amount of RON 1,824.73 th. in case of non-submission by EFSA of the guarantees specified in the agreements, in favor of SNN
Additional compensation in amount of RON 7,063.49 th. in case of cancellation. Total cancellation compensations 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


The payment is made on the 11th working day from the submission date of the invoice or on the 12th working day of the month immediately following the month of delivery.
The invoice is issued starting with the first working day of the month immediately following the delivery month, but not later than 5 calendar days after the end of the month.




EFSA and SNN


Contract No. 1301/ 16 Sept 2020, following the transactions concluded on 11 September 2020 on OPCOM platform, awarded through PCCB-LE-Flex auction


Sale and purchase of electricity


21,567.12


1 January 2021


31 December 2021


3,663.46


In case the invoice is not paid until maturity, the Buyer will have the obligation to pay late payment penalties, the interest level corresponding to the percentage of interest due for not paying the obligations to the state budget, calculated for each day of delay starting with the first day after the due date until the day of payment (included).  
Compensation in amount of RON 1,831.73 th. in case of non-submission by EFSA of the guarantees specified in the agreements, in favor of SNN
Additional compensation in amount of RON 7,090.56 th. in case of cancellation. Total cancellation compensations 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


The payment is made on the 11th working day from the submission date of the invoice or on the 12th working day of the month immediately following the month of delivery.
The invoice is issued starting with the first working day of the month immediately following the delivery month, but not later than 5 calendar days after the end of the month.




Transactions total amount (RON th.):


64,560.32


 



 
 
Due and not due mutual receivables of EFSA from SNN at 15.09.2020: RON 14,752.35 
Due and not due mutual debts of EFSA towards SNN at 15.09.2020: RON 28,778,324.29

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