SOCIETATEA ENERGETICA ELECTRICA S.A. - EL

Transactions affiliated parties - Electrica Furnizare and CEO

Published: 9/16/2020 6:11:01 PM

IRIS Code: A5F40


Body

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 Complexul Energetic Oltenia (CEO)

Electrica informs its shareholders and investors about the conclusion, on 16 September 2020, of two transactions between EFSA, Electrica’s subsidiary, and CEO, 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 CEO, as seller, 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 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, are presented in Annex 2.

 

Chief Executive Officer                                                        

Georgeta Corina Popescu                                           


Annex 1: Details regarding the transactions concluded by Electrica Furnizare SA with CEO on 16 September 2020 of the kind listed in Art. 923 of Law No. 24/2017

 

Seller: CEO                 

Buyer: Electrica Furnizare SA

 

Parties of the transaction

Agreement Type and No., execution date

Scope of transaction

Amount of transaction (RON th.)

Date of entry into force

Expiry date

Guarantees (RON th.)

Penalties

Payment due dates and payment methods

EFSA and CEO

Contract No. 1652/CEO/16 Sept 2020, following the transactions dated 11 September on OPCOM platform, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

21,537.34

1 January 2021

31 December 2021

3,540.38

Interest for late payment shall be calculated for each day of delay, starting on the day immediately following the due date and until the date of payment of the amount due, excluding the day of payment. The interest rate for late payment is 0.05% for each day of delay, calculated on the outstanding amount.

Compensation of RON 1,770.19 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 1,770.19 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

Deadlines for issuing and sending invoices: on the last working day of the contractual delivery month

Payment is made on the 15th calendar day from the date of issuance of the invoice or before, if it is not a financial day.

EFSA and CEO

Contract Nr. 1653/CEO/16 Sept 2020, following the transactions dated 11 September made on OPCOM platform, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

21,549.60

1 January 2021

31 December 2021

3,542.40

Interest for late payment shall be calculated for each day of delay, starting on the day immediately following the due date and until the date of payment of the amount due, excluding the day of payment. The interest rate for late payment is 0.05% for each day of delay, calculated on the outstanding amount.

Compensation of RON 1,771.20 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 1,771.20 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

Deadlines for issuing and sending invoices: on the last working day of the contractual delivery month

Payment is made on the 15th calendar day from the date of issuance of the invoice or before, if it is not a financial day.

Total amount (RON th.):

43,086.94

 

 

Due and not due mutual receivables of EFSA from CEO at 15.09.2020: RON 3,095.21

Due and not due mutual debts of EFSA towards CEO at 15.09.2020: RON 34,890,813.22

 

Annex 2: Details regarding the transactions concluded in the last 12 months by Electrica Furnizare SA with CEO of the kind listed in Art. 923 of Law No. 24/2017

Seller: CEO                                                                                                                                                    

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 (RON th.)

Payment due dates and payment methods

EFSA and CEO

Contract No. 2882/27 Dec 2019

Regulated Contract

Sale and purchase of electricity

Total amount:  6,023.74

Amount in the period 1.09.2019 - 15.09.2020:

6,023.74

Amount to be executed: 0

1 January 2020

30 June 2020

0

In case the invoice is not paid within 15 days from the due date, the Buyer pays for each day of delay an amount equal to the interest level due for not paying the budget obligations, starting with the first day after the due date, until the day of payment (exclusive)

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

EFSA and CEO

Contract No. 395/18 Feb 2020, awarded through PCCB-NC auction

Sale and purchase of electricity

Total amount:  23,697.21

Amount in the period 1.09.2019 - 15.09.2020:

7,983.12

Amount to be executed: 15,714.09  

1 July 2020

31 December 2020

7,725.60

In case of not paying the invoice at maturity, the Buyer will have the obligation to pay late payment penalties whose interest level corresponds as a percentage of the interest due for non-payment of obligations to the state budget, for each day of delay, starting with the first day after maturity, until the due date of the amount due, inclusive

The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

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

EFSA and CEO

Contract No. 518/5 Mar 2020, awarded through PCCB-NC auction

Sale and purchase of electricity

Total amount:  11,705.05

Amount in the period 1.09.2019 - 15.09.2020:

3,943.20

Amount to be executed: 7,761.85

1 July 2020

31 December 2020

3,816.00

In case of not paying the invoice at maturity, the Buyer will have the obligation to pay late payment penalties that have an interest level corresponding as a percentage to the interest due for non-payment of obligations to the state budget, for each day of delay, starting with the first day after maturity, until the due date of the amount due, inclusive

The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

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

EFSA and CEO

Contract No. 523/5 Mar 2020, awarded through PCCB-NC auction

Sale and purchase of electricity

Total amount:  2,892.48

Amount in the period 1.09.2019 - 15.09.2020:

1,949.28

Amount to be executed: 943.20

1 July 2020

31 September 2020

1,729.20

In case of not paying the invoice at maturity, the Buyer will have the obligation to pay late payment penalties that have an interest level corresponding as a percentage to the interest due for non-payment of obligations to the state budget, for each day of delay, starting with the first day after maturity, until the due date of the amount due, inclusive

The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

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

EFSA and CEO

Contract No.1144/CEO/ 29 Jun 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,107.68

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,107.68

1 January 2021

31 December 2021

1,825.92

Interest for late payment is 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, excluding the day of payment. The interest level for late payment is 0.05%, for each day of delay, calculated at the outstanding amount.

Compensation of RON 912.96 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations in amount of RON 912.96 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 seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1158/CEO/30 Jun 2020

Regulated contract

Sale and purchase of electricity

Total amount:  203,788.11

Amount in the period 1.09.2019 - 15.09.2020:

80,439.60  

Amount to be executed: 123,348.51

1 July 2020

31 December 2020

0

In case of not paying the invoice within 15 days from the due date, the Buyer pays for each day of delay an amount equal to the interest level due for non-payment of budget obligations, starting with the first day after the due date, until the day of payment (exclusive)

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

EFSA and CEO

Contract No. 1244/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,137.90

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,137.90

1 January 2021

31 December 2021

1,830.89

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 915.44 th. in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 915.44 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, 15 days, or before if it is not a financial day, in the seller's account.

EFSA and CEO

Contract No. 1245/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,142.28

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,142.28

1 January 2021

31 December 2021

1,831.61

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 915.80 th. in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 915.80 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1246/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,144.47

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,144.47

1 January 2021

31 December 2021

1,831.97

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 915.98 th. in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 915.98 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1247/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,197.03

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,197.03

 

1 January 2021

31 December 2021

1,840.61

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 920.30 th. in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 920.30 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1248/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  22,412.46

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 22,412.46

1 January 2021

31 December 2021

3,684.24

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 1,842.12 th. in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 1,842.12 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1249/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  22,368.66

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 22,368.66

1 January 2021

31 December 2021

3,677.04

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 1,838.52 th. in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 1,838.52 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1250/CEO/10 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  22,394.94

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 22,394.94

1 January 2021

31 December 2021

3,681.36

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 1,840.68 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 1,840.68 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1254/CEO/13 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,157.61

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,157.61

1 January 2021

31 December 2021

1,834.13

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 917.06 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 917.06 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1255/CEO/13 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,176.45

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,176.45

1 January 2021

31 December 2021

1,837.22

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 918.61 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 918.61 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1256/CEO/13 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,180.39

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,180.39

1 January 2021

31 December 2021

1,837.87

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 918.94 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 918.94 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

EFSA and CEO

Contract No. 1257/CEO/13 Jul 2020, awarded through PCCB-LE-Flex auction

Sale and purchase of electricity

Total amount:  11,185.64

Amount in the period 1.09.2019 - 15.09.2020:

0

Amount to be executed: 11,185.64

1 January 2021

31 December 2021

1,838.74

Interest for late payment is 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, excluding the day of payment. The interest rate for late payment is 0.05%, for each day of delay, calculated at the outstanding amount

Compensation of RON 919.37 th in case of non-submission by EFSA of the guarantees provided in the contract in favor of the CEO.

Additional compensations of RON 919.37 th, in case of cancellation. The total compensatory amount in case of cancellation can be calculated only at the time of cancellation, because it is calculated according to the quantity not delivered and the price calculated according to the contractual provisions.

The seller sends the invoice on the last working day of the contractual delivery month.

Payment is made after the delivery of electricity, in 15 days, or before if it is not a financial day, in the seller's account

Total amount executed in the period 1.09.2019-15.09.2020 (RON th.):

100,338.94

 

Total remaining amount to be executed (RON th.):

315,373.16

 

 

Due and not due mutual receivables of EFSA from CEO at 15.09.2020: RON 3,095.21

Due and not due mutual debts of EFSA towards CEO at 15.09.2020: RON 34,890,813.22