REG - Soc EnergElectricaSA - Estimated impact of DEER case no. 375/1285/2021

Societatea Energetica Electrica SAAnnouncement

02/05/2024 07:00

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RNS Number : 9775M  Societatea Energetica Electrica SA  02 May 2024

To:                              Bucharest Stock
Exchange (BSE)

                                    London
Stock Exchange (LSE)

Romanian Financial Supervisory Authority (FSA)

 

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

Report date: 2 May 2024

Company name: Societatea Energetica Electrica S.A. (Electrica)

Headquarters: 9 Grigore Alexandrescu Street, 1(st) 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) and London Stock Exchange (LSE)

Significant events to be reported: Estimated impact of the final settlement of
DEER case no. 375/1285/2021

Electrica informs investors about the preliminary calculations of the impact
of the final settlement of the DEER file no. 375/1285/2021, about which
Electrica informed the capital market through the current report with BSE:IRIS
code 55029, LSE:RNS code 6611M from 30 April 2024.

The estimated impact of removing the disputed assets from the accounting
records is approximately RON 35 million in the individual statutory financial
statements of the DEER subsidiary according to OMFP 1802/2014. Both in the set
of consolidated financial statements of Electrica Group prepared according to
IFRS - EU and in the set of consolidated financial statements according to
OMFP 2844/2016, the impact of removing from the RAB (Regulatory Asset Base)
the disputed assets is estimated at approximately RON 2.7 million representing
the remaining amount to be recovered through remuneration in tariffs
(depreciation of fixed assets and the RRR (Regulated Rate of Return)). This
impact is likely to be reflected in the IFRS-EU financial statements for H1
2024, following validation with the Group's auditor.

Also, part of the disputed assets were included in the original DEER RAB, and
the value remaining in the RAB on 31 December 2023 is approximately RON 2.15
million. The impact of removing the disputed fixed assets from the RAB
represents a negative income difference, estimated at a value of approximately
RON 2.7 million, value calculated as the sum between the remaining
undepreciated value and the profitability of fixed assets removed from the RAB
that DEER will no longer recover through tariffs.

The details of the exact amounts and final impact will be known after the
communication of the court's decision to DEER and the completion of all the
necessary legal steps and will be reflected in DEER's annual statutory
statements for 2024 and in the consolidated consolidated group interim
financial statements prepared under IFRS-EU as of H1 2024.

CEO

Alexandru Chirita

 

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