DGAP-Ad-hoc: EVN AG / Key word(s): Change in Forecast/Legal Matter
EVN AG: Ad-hoc announcement: Settlement by EVN Bulgaria in connection with
compensation for additional costs for electricity from renewable energy in
Bulgaria - positive effect on the Group net result 2016/17
13-Feb-2017 / 13:47 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by
DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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With agreement dated 13 February 2017, the dispute between EVN Bulgaria EC
EAD ("EVN Bulgaria") and the state-owned Bulgarian electricity company NEK
("NEK") regarding disputed compensation payments was settled out of court.
This settlement particularly encompasses the compensation for the still-
outstanding part of the additional costs for electricity from renewable
energy and default interest charges that arose from 1 July 2012 to 31 July
2013 that were financed in advance by EVN Bulgaria and which NEK is obliged
to repay. This shall now be accomplished by mutually offsetting such claims
of EVN Bulgaria with claims of NEK against EVN Bulgaria from power
deliveries.
The international arbitration proceedings brought by EVN AG before the
"International Centre for the Settlement of Investment Disputes" (ICSID)
against the Republic of Bulgaria will remain active without regard to the
execution of such agreement with NEK and subject to potential implications
of such settlement.
The Group net result for the financial year 2016/17, which is derived from
operating business, is - as already reported - expected to be largely
stable, assuming average conditions in the energy business environment. The
above-described settlement in Bulgaria will have an additional positive
effect on the Group net result in the 2nd Quarter of the current financial
year from the reversal of claims previously adjusted in connection herewith
and default interest charges in the amount of approximately EUR 38 million.
Maria Enzersdorf, 13 February 2017
LEGAL NOTICE
THIS AD-HOC ANNOUNCEMENT CONSTITUTES NEITHER AN OFFER TO SELL NOR A
SOLICITATION TO BUY ANY SECURITIES OF EVN AG.
THIS AD-HOC ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR
DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA AND MUST NOT BE
DISTRIBUTED TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED ("SECURITIES ACT")) OR TO PUBLICATIONS
WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS AD-HOC ANNOUNCEMENT
DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO
PURCHASE ANY SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND MAY NOT BE OFFERED,
SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT
REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.
Contact:
Gerald Reidinger
Head of Controlling and Investor Relations
Phone: +43 2236 200-12698
E-mail: investor.relations@evn.at
Stefan Zach
Head of Information and Communication
Phone: +43 2236 200-12294
E-mail: stefan.zach@evn.at
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13-Feb-2017 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: EVN AG
EVN Platz
2344 Maria Enzersdorf
Austria
Phone: +43-2236-200-12294
E-mail: info@evn.at
Internet: www.evn.at
ISIN: AT0000741053
WKN: 074105
Indices: ATX
Listed: Foreign Exchange(s) Wien (Amtlicher Handel / Official
Market)
End of Announcement DGAP News Service
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544009 13-Feb-2017 CET/CEST