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RNS - EVN AG: Macedonia: Court procedure ELEM - EVN settled

Company: EVN AG Date: 2011-03-30 Language: English Register to download

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 News Details

Corporate | 30 March 2011 12:26

#   

EVN AG: Macedonia: Court procedure ELEM – EVN settled

EVN AG / Key word(s): Legal Matter/Legal Matter

30.03.2011 / 12:26

Today ongoing judicial proceedings since 2008 between state-owned ELEM and
EVN have been terminated by in court settlement. This settlement is a
further step towards the solution of all open issues between the Macedonian
government and EVN in the context of the agreed road map.
 
State-owned ELEM claimed the payment of EUR 96m plus interest for unpaid
electricity bills from the time before privatisation. The judgement of the
court of first instance was reversed by the court of appeal. On the basis
of an opinion of the court the involved parties agreed from now on to share
the income of the future collection of receiveables of the past by 50:50.
Furthermore, EVN will pay EUR 3m out the collected receivables to ELEM.
Additionally, EVN will transfer receiveables amounting to EUR 19.5m to
ELEM.
 
The settlement which has been agreed upon today is following a phase of
continuous improvement of the relations between the government and EVN in
Macedonia. This process had started in July 2010 with the agreement on a
'road map' to solve all open issues. Since then, important projects could
be realised together, such as, for instance, the bringing into service of
the substations of Tearce, Dracevo and Bunarzik, the electrification of the
monastery Kruzevo and other important infrastructure projects. Also success
stories in the area of operations contributed to a positive climate. Thanks
to huge investments into the electricity grid interruptions could be
reduced by 60% and theft could be curtailed. Already at the beginning of
January 2011 a new energy law came into power and starting with March
electricity tariffs were increased by 5.5%.
 
Due to the progress in terms of the realisation of the 'Road Map', EVN will
not further pursue the current dispute settlement procedure at the
Secretariat of the 'Energy Community'. This was announced at today's press
conference in Skopje with Deputy Prime Minister Vladimir Pesevski, Minister
of Economics Fatmir Besimi, Member of the Board of EVN Macedonia Holding
Günter Ofner and ELEM-Boss Vlatko Cingovski on the panel.

EVN AG
Corporate Communications
EVN Konzern

Stefan Zach
EVN Platz
A-2344 Maria Enzersdorf
Tel.: +43 2236 200-122 94
Fax: +43 2236 200-822 94
Mobil: +43 676 810 32 294
stefan.zach@evn.at
www.evn.at 


End of Corporate News

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30.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Language:    English                                                
Company:     EVN AG                                                 
             EVN Platz                                              
             2344 Maria Enzersdorf                                  
             Österreich                                             
Phone:       +43-2236-200-12294                                     
Fax:         +43-2236-200-82294                                     
E-mail:      info@evn.at                                            
Internet:    www.evn.at                                             
ISIN:        AT0000741053                                           
WKN:         074105                                                 
Listed:      Foreign Exchange(s) Wien (Amtlicher Handel / Official  
             Market)                                                
 
 
End of News    DGAP News-Service  
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117588 30.03.2011