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ELSA - Societatea Energetica Electrica SA News Story

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Last Trade - 30/11/21

Sector
Utilities
Size
Mid Cap
Market Cap £590.7m
Enterprise Value £703.7m
Revenue £1.17bn
Position in Universe 555th / 1785

Soc EnergElectricaSA - Transactions related parties - EFSA and DEER

RNS Number : 9795L
Societatea Energetica Electrica SA
16 September 2021
 

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: 15 September 2021

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 Distributie Energie Electrica Romania SA (DEER) and Electrica Furnizare SA (EFSA), subsidiaries of Societatea Energetica Electrica SA (Electrica)

Electrica informs its shareholders and investors about the conclusion, on 13 September 2021, of one transaction between DEER and EFSA, Electrica's subsidiaries, that have a value that, cumulated with the rest of the transactions concluded/executed in the period 15 July - 13 September 2021 (respectively after the previous current report issued on 16 July 2021 on BSE - IRIS Code 90A61 and on LSE - RNS code 4915F), exceeds the threshold of 5% of Electrica's net assets, according to Electrica's individual financial statements for 2020, respectively exceeds the value of RON 202,466,778.

Details regarding the transaction concluded on 13 September 2021, which led to exceeding the threshold, containing information about the date of execution, type of transaction, description of its scope, total value of the transaction, expiry date, mutual debts and receivables, guarantees, penalties, payment due dates and methods are presented in Annex 1.

Details regarding the rest of the transactions already concluded in the period 15 July - 13 September 2021, which, individually or cumulatively, did not meet the requirement provided in art. 923 para. (3) of Law no. 24/2017, but which cumulated with the transaction presented in Annex 1 lead to exceeding the threshold of 5% of Electrica's net assets, according to Electrica's individual financial statements for 2020, are presented in Annex 2.

 

Chief Executive Officer                                                                                                         

Georgeta Corina Popescu               

                       

  Annex 1: Details regarding the transaction concluded by DEER and EFSA on 13 September 2021 of the kind listed in Art. 923 of Law No. 24/2017

Services provider: DEER-MN

Beneficiary: EFSA

 

Agreement Type and No., execution date

Scope of transactions

Amount of transaction (RON th.)

Invoice Number / Date

Date of entry into force

Expiry date

Guarantees (RON th.)

Penalties  

Payment due dates and payment methods

R102263/30 Mar 2016

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator

26,081.21

7190002097/

13.09.2021

1 April 2016

indefinite

N/A

In case of not fulfilling the payment obligations within 30 days from invoice's due date, the supplier will pay, in addition to the amount due, a penalty interest corresponding as a percentage of interest due for not paying the obligations to the state budget in due time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The total value of the penalty interest may not exceed the value of the amount due.

Issuance of the invoice with the payment amount for the concluded contractual month is made in the first 10 working days of the month following each contractual month. Payment is made within 10 working days from the date of issuing the invoice, in case of its communication by e-mail, or within 10 days from the date of sending the invoice, otherwise.

Transactions total amount (RON th.):

26,081.21

 

 

 

 

 

 

 

Due and not due mutual debts of EFSA to DEER at 10.09.2021: RON 261,358.70 th.

Due and not due mutual debts of DEER to EFSA at 10.09.2021: RON 1,523.47 th.

 

 

 

Annex 2:

Details regarding the transactions concluded by DEER and EFSA in the period 15 July - 13 September 2021 of the kind listed in Art. 923 of Law No. 24/2017

 

Agreement Type and No., execution date

Scope of transactions

Amount

(RON th.)

Date of entry into force

Expiry date

Guarantees (RON th.)

Penalties  

Payment due dates and payment methods

Services provider: DEER-TN

Beneficiary: EFSA

30275/30 Sept 2015

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator

151.49

1 October 2015

indefinite

N/A

In case of not fulfilling the payment obligations within 30 days from invoice's due date, the supplier will pay, in addition to the amount due, a penalty interest corresponding as a percentage of interest due for not paying the obligations to the state budget in due time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The total value of the penalty interest may not exceed the value of the amount due.

Issuance of the invoice with the payment amount for the concluded contractual month is made in the first 10 working days of the month following each contractual month. Payment is made within 10 working days from the date of issuing the invoice, in case of its communication by e-mail, or within 10 days from the date of sending the invoice, otherwise.

33802/1 Jul 2015

1 July 2015

43670/17 Nov 2015

1 December 2015

426/SM/30 Dec 2015

1 January 2016

10019 BN/1 Oct 2015

1 October 2015

71107/11 Aug 2015

1 September 2015

32476/9 Dec 2015

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator

850.81

1 January 2016

indefinite

N/A

In case of not fulfilling the payment obligations within 30 days from invoice's due date, the supplier will pay, in addition to the amount due, a penalty interest corresponding as a percentage of interest due for not paying the obligations to the state budget in due time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The total value of the penalty interest may not exceed the value of the amount due.

Issuance of the invoice with the payment amount for the concluded contractual month is made in the first 10 working days of the month following each contractual month. Payment is made within 10 working days from the date of issuing the invoice, in case of its communication by e-mail, or within 10 days from the date of sending the invoice, otherwise.

33799/1 Jul 2015

1 July 2015

43264/20 Oct 2015

1 November 2015

425/SM/23 Dec 2015

1 January 2016

10018 BN/1 Jul 2015

1 July 2015

70866 /1 Jul 2015

1 July 2015

103 / 10 Mar 2016

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator

67,726.41

1 April 2016

indefinite

N/A

In case of not fulfilling the payment obligations within 30 days from invoice's due date, the supplier will pay, in addition to the amount due, a penalty interest corresponding as a percentage of interest due for not paying the obligations to the state budget in due time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The total value of the penalty interest may not exceed the value of the amount due.

Issuance of the invoice with the payment amount for the concluded contractual month is made in the first 10 working days of the month following each contractual month. Payment is made within 10 working days from the date of issuing the invoice, in case of its communication by e-mail, or within 10 days from the date of sending the invoice, otherwise.

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator - other services as DO

5.17

If the supplier does not pay the invoices related to the EDN intervention services within 30 days from the due date, the distribution operator will claim delay penalties of 0.01% for each day of delay, calculated at the unpaid amount, starting with the first day after the due date, until the day of payment (exclusively). The value of the penalties may not exceed the amount due.

Payment is made within 30 calendar days from the date of issuing the invoice

Convention 50277/22 Feb 2016; AD 53229 A/20 Oct 2020 - Bistrita

Re-invoicing utilities expenses

8.50

1 January 2016

31 December 2023

N/A

For delays in the payment of the invoice of more than 30 days from the due date, the lessor has the right to charge, and the lessee has the obligation to pay late payment penalties of 0.03% applied to the amount due for each calendar day of delay, starting with the first day after due date. The value of the penalties will not exceed the value of the outstanding debt

Payment is made within 10 calendar days from the date of registration of the invoice to the tenant

Convention 30728/22 Feb 2016, AD. 4/56021/7 Oct 2020 - Oradea

9.94

1 January 2016

Convention E12.2.59/8 Mar 2011 - Oradea - utilities breakdown FEE Oradea building -headquarters                                               

4.61

1 February 2011

Non-payment of the invoice within 30 days from the due date authorizes the lessor to request late-payment penalties equal to the late-payment penalties due for not paying the tax obligations to the state budget in due time, applied to the amount due for each day of delay, starting with day following the due date and until the date of settlement of the amount due, exclusively. The value of the penalties may not exceed the value of the outstanding debt.

Convention 60380/22 Feb 2016, AD SM 63761A/ 16 Dec 2020 - Satu Mare 

13.76

1 January 2016

For delays in the payment of the invoice of more than 30 days from the due date, the lessor has the right to charge, and the lessee has the obligation to pay late payment penalties of 0.03% applied to the amount due for each calendar day of delay, starting with the first day after due date. The value of the penalties will not exceed the value of the outstanding debt

Convention 1193/9 Jan 2017, AD3/21 Sept 2019 - Baia Mare

6.65

1 January 2017

Convention 17/ 28 Feb 2019 - Cluj

8.03

1 March 2019

Convention 70022/5 Jan 2017, AD 71117A/1267/18 Jul 2018 - Zalau

1.64

1 January 2017

487/29 Aug 2007;
AD 45/29 Dec 2020

Re-invoicing communications services

1.54

1 August 2007

30 June 2021

N/A

In case of not fulfilling the payment obligations, the beneficiary will pay in addition to the amount due a penalty to this amount, corresponding as percentage to the interest due for not paying the obligations to the state budget in due time, for each day of delay until the payment date (exclusive). The total value of the penalties may not exceed the value of the amount due.

Payment is made within 30 working days from the date of registration of the invoice by the beneficiary. Payment of invoices can also be made by compensation in compliance with the legislation in force.

Services provider: DEER-TS

Beneficiary: EFSA

C-3831/D/700/ 15 Mar 2016 and AD8/18 Jun 2020

 

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator

                          67,349.27

 

1 April 2016

indefinite

N/A

In case of not fulfilling the payment obligations within 30 days from invoice's due date, the supplier will pay, in addition to the amount due, a penalty interest corresponding as a percentage of interest due for not paying the obligations to the state budget in due time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The total value of the penalty interest may not exceed the value of the amount due.

Issuance of the invoice with the payment amount for the concluded contractual month is made in the first 10 working days of the month following each contractual month. Payment is made within 10 working days from the date of issuing the invoice, in case of its communication by e-mail, or within 10 days from the date of sending the invoice, otherwise.

C-3831/D/700/ 15 Mar 2016 and AD 2/1 Aug 2016

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator - other services as distribution operator

10.84

If the supplier does not pay the invoices related to the EDN intervention services within 30 days from the due date, the distribution operator will claim delay penalties of 0.01% for each day of delay, calculated at the unpaid amount, starting with the first day after the due date, until the day of payment (exclusively). The value of the penalties may not exceed the amount due.

Payment is made within 30 calendar days from the date of issuing the invoice.

C 22/15 Feb 2018; AA4 /15 Feb 2018

C 61/4 Apr 2018

C 1466/27 Mar 2018

Providing the representation service as Balancing Responsible Party 

7.18

15 February 2018

indefinite

N/A

If due to his sole fault the Provider fails to fulfill its obligations under the contract, the Purchaser has the right to deduct from the tariff established by the contract an amount equal to a percentage of 1.5% of the tariff established according to Annex 2.

If the Purchaser does not fulfill any payment obligation arising under the Contract, he has the obligation to pay as penalties an amount equivalent to a percentage of the unpaid payment. The percentage for each day of delay is that of the interest due for not paying on time the obligations for the state budget.

The same penalties will be charged for any amounts due by the Purchaser based on the contract.

The invoice will be paid by the provider / purchaser within 3 financial days from the date of its receipt

C-1345/I/7000/23 Jan 2019; AD2/18 Dec 2020

Re-invoicing buildings rental services

61.98

1 January 2019

31 December 2023

N/A

In case of not fulfilling the payment obligations on the due date, the tenant has the obligation to pay, as penalties, an amount equivalent to 0.02% of the unpaid amount on time, for each day of delay, starting with the next day after the due date until actual payments.

Payment is made within 10 working days from the date of registration of the invoice by the tenant.

C-320/14 Sept 2007; AD54/30 Dec 2020

Re-invoicing telecommunications services

14.08

14 September 2007

 

30 June 2021

N/A

If the beneficiary does not pay the invoices until the due date, he has the obligation to pay, as penalties, an amount equivalent to the percentage of interest due for not paying the obligations to the state budget in due time, to the amount not paid on time for each day of delay starting with the next day of the due date until the date of the actual payment, inclusive. The amount of the penalties may not exceed the amount on which it is calculated.

Payment is made within 10 working days from the date of registration of the invoice by the Beneficiary

Services provider: DEER-MN

Beneficiary: EFSA

R102263/30 Mar 2016

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator

52,831.73

1 April 2016

indefinite

N/A

In case of not fulfilling the payment obligations within 30 days from invoice's due date, the supplier will pay, in addition to the amount due, a penalty interest corresponding as a percentage of interest due for not paying the obligations to the state budget in due time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The total value of the penalty interest may not exceed the value of the amount due.

Issuance of the invoice with the payment amount for the concluded contractual month is made in the first 10 working days of the month following each contractual month. Payment is made within 10 working days from the date of issuing the invoice, in case of its communication by e-mail, or within 10 days from the date of sending the invoice, otherwise.

Providing electricity distribution service by the distribution operator for users, end customers of the supplier, whose installations are connected to the electricity network of the distribution operator - interventions in the distribution network (EDN)

10.12

If the supplier does not pay the invoices issued by the distribution operator within 30 days from the due date, the distribution operator will claim delay penalties of 0.01% for each day of delay, calculated at the unpaid amount, starting with the first day after the due date, until the day of payment (exclusively). The value of the penalties may not exceed the amount due.

Payment is made within 30 days from the date of issuing the invoice.

2630/01 Mar 2018

Re-invoicing common expenses

4.84

1 March 2018

indefinite

N/A

0.001% of the amount not paid on time, calculated for each day of delay starting with the first day after the due date until the day of payment (exclusive). The value of the penalties may not exceed the amount due

Payment is made within 60 calendar days from the date of registration of the invoice by the beneficiary

17831/17 Feb 2020

Re-invoicing common expenses

2.97

1 February 2020

indefinite

N/A

N/A

N/A

26497/10 Mar 2020

10335/01 Aug 2007

Re-invoicing common expenses

27.27

1 August 2007

31 July 2022

N/A

For delays in paying the invoices, the beneficiary will pay penalities of 0.1%/day of delay, starting with the first day after the due date until the day of payment (exclusive)

Payment is made within 30 days from the date of registration of the invoice by the beneficiary

580/108/27 Sept 2007

AD 49 / 30 Dec 2020

Re-invoicing

telecommunications

services

0.25

1 August 2007

30 June 2021

N/A

If the beneficiary does not pay the invoices within 30 days from the due date, the Provider is entitled to claim delay penalties of 0.001% per day of delay, calculated at the unpaid value, starting with the first day after the due date, until payment day (exclusive). The amount of the penalties may not exceed the amount due

Payment is made within 10 days from the date of registration of the invoice by the beneficiary

R4990/31 Oct 2012, AD 18/30 Dec 2020

Re-invoicing IT services

6.59

1 November 2012

30 June 2021

N/A

If the beneficiary does not pay the invoices issued by the provider within 30 days from the due date, the Provider is entitled to claim penalties of 0.04% per day of delay, calculated at the unpaid amount. The value of the calculated penalties may not exceed the amount due.

Payment is made within 60 days from the date of registration of the invoice by the beneficiary

Services provider: EFSA

Beneficiary: DEER-TN

22/15 Feb 2018; AD 4/16 Dec 2019; AD 5/31 Dec 2020

Providing the representation service as Balancing Responsible Party 

25,532.60

1 January 2018

31 December 2021 with automatic extension for periods of 12 months according to AD 4/16 Dec 2019

N/A

If, through his sole fault, the Provider fails to fulfill its obligations under the contract, the Buyer has the right to deduct from the tariff established by the contract, as penalties, an amount equivalent to a percentage of 1.5% of the monthly tariff established.

Payment is made within 3 working days from the date of receipt of the invoice

Convention 72/26 Jan 2017, AD 2/1 Mar 2019, referring to rental services contract 885/31 Dec 2015

 

Re-invoicing common expenses

1.94

1 January 2017

31 December 2023

N/A

For delays in the payment of the invoice for more than 30 days from the due date, the lessor has the right to charge, and the lessee has the obligation to pay, delay penalties of 0.03% applied on the amount due, for each calendar day of delay, starting with the first day after the due date. The value of the penalties may not exceed the value of the outstanding debt.

Payment is made within 10 days from the date of registration of the invoice with the tenant

Convention 13/2 Feb 2017 referring to rental services contract 885/31 Dec 2015

Re-invoicing common expenses

0.10

1 January 2017

31 December 2023

N/A

N/A

Payment is made within 10 days from the date of registration of the invoice with the tenant

Convention 21/18 Feb 2010

Re-invoicing common expenses - water/sewage

0.06

19 January 2010

indefinite

N/A

Failure to pay the invoice within 10 days from the due date, authorizes FEE Electrica Furnizare Transilvania Nord Oradea to receive late-payment penalties equal to the level of late-payment penalties charged by Compania de Apa Oradea, applied to the amount due for each day of delay, starting with the day after the due date and until the date of settlement of the amount due, exclusively.

The due date of the invoice is 10 days from the date of registration of the invoice at SDEE Oradea.

Services provider: EFSA

Beneficiary: DEER-TS

876/31 Dec 2015, AD 3/18 Jan 2019

 

Re-invoicing utilities expenses

8.57

1 January 2016

31 December 2023

N/A

In case of failure to pay the obligations on the due date, the tenant has the obligation to pay, as penalties, an amount equivalent to 0.02% of the amount not paid on time, for each day of delay, starting with the day after the due date, until on the date of actual payment.

Payment of the invoice will be made by transfer within 10 working days from the date of registration of the invoice by the tenant

Services provider: EFSA

Beneficiary: DEER

268/29 Aug 2007; AD 16/18 Feb 2020 - TN

Re-invoicing - pensioners energy quota

Equivalent value of electricity granted to individuals benefiting from the provisions of GD.1041/2003 and GD.1461/2003

264,74

1 August 2017

During the period GD 1041/2003 is in force, as it was completed and modified by GD 1461/2003

N/A

If the beneficiary does not pay the value of the invoices within 30 calendar days from the due date, the beneficiary owes the supplier penalties of 0.04% for each day of delay, starting with the 31st day from the due date and until full payment of the invoice. The value of the penalties may not exceed the value of the amount paid.

The payment of the issued invoices is made, by legal instruments, within 30 days from their registration to the beneficiary.

C49/7 Sept 2007; AD 139/1 Sept 2020 - TS

If the beneficiary does not pay the value of the invoices within the stipulated terms, he owes the supplier penalties in the amount equal to the one provided for failing to pay the obligations to the State Budget for each day of delay, starting with the due date and until full receipt of the invoice. The amount of the penalties may not exceed the value of the amount on which they were calculated.

The payment of the equivalent value of the invoice will be made through the legal modalities, within the deadline of 30 calendar days from the receipt at the payer's headquarters. In case of payment of the invoice by bank instruments, the date of payment will be considered the date of registration of the amount at the bank where the payment was made. In case of payment by clearing, the payment date will be considered the date of completion of the clearing documents.

R84/31 Aug 2007; AD 8/15 Jan 2020 - MN

If the payer does not pay the invoice within 30 days from the due date, he owes the provider penalties of 0.1% for each day of delay, starting with the first day after the due date and until full payment, including the day of payment. The amount of the penalties will not exceed the value of the invoice.

Payment of the invoice will be made by legal means within the deadline of 30 calendar days from the date of registration of the invoice at the payer's premises.

 

Total executed amount during 15 July - 13 September 2021, based on contract without fix value: RON 214,923.68 th.

Due and not due mutual debts of EFSA to DEER at 10.09.2021: RON 261,358.70 th.

Due and not due mutual debts of DEER to EFSA at 10.09.2021: RON 1,523.47 th.

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