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S.N. Nuclearelectrica S.A. Annual Report 2018 Company Managed in a One ‐ Tier Management System

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S.N. Nuclearelectrica S.A. Annual Report 2018 Company Managed in a One ‐ Tier Management System S.N. NUCLEARELECTRICA S.A. ANNUAL REPORT 2018 COMPANY MANAGED IN A ONE ‐ TIER MANAGEMENT SYSTEM 0 THIS A FREE TRANSLATION FROM THE ROMANIAN VERSION. IN CASE OF ANY DIFFERENCES BETWEEN THE ROMANIAN AND ENGLISH VERSION, THE ROMANIAN VERSION PREVAILS. 1 CONTENTS 1. BASIS OF REPORT ................................................................................................................... 4 2. IDENTIFICATION DATA ......................................................................................................... 4 3. MESSAGE OF THE BOARD OF DIRECTORS ....................................................................... 5 4. STATEMENT OF THE CHIEF EXECUTIVE OFFICER ......................................................... 8 5. ACTIVITY ANALYSIS ............................................................................................................ 11 5.1. COMPANY PRESENTATION ................................................................................................. 11 5.1.1. MAIN ACTIVITY ................................................................................................................... 11 5.1.2. MISSION, VISION, OBJECTIVES, VALUES ...................................................................... 12 5.1.3. INCORPORATION DATE ..................................................................................................... 14 5.1.4. SHAREHOLDING STRUCTURE .......................................................................................... 14 5.1.5. SIGNIFICANT MERGERS OR REORGANIZATIONS ....................................................... 14 5.1.6. ASSET PURCHASES AND SALES ...................................................................................... 14 5.2. ELEMENTS OF GENERAL ASSESMENT ............................................................................. 15 5.3. PRODUCTION AND SALE ACTIVITY .................................................................................. 21 5.3.1. PRODUCTION OF ELECTRIC AND THERMAL ENERGY .............................................. 21 5.3.2. MAIN SALE MARKETS FOR EACH PRODUCT AND DISTRIBUTION METHODS .... 27 5.3.3. EVOLUTION OF SALES ON THE INTERNAL AND/OR EXTERNAL MARKET AND MEDIUM AND LONG-TERM PROSPECTS ................................................................................. 31 5.3.4. COMPETITION SITUATION, MARKET WEIGHT OF PRODUCTS AND MAIN COMPETITORS ............................................................................................................................... 31 5.3.5. DEPENDENCIES ON A SINGLE CLIENT OR GROUP OF CLIENTS .............................. 33 5.4. THE TECHNICAL – MATERIAL SUPPLY ACTIVITY ........................................................ 34 5.5. HUMAN RESOURCES ACTIVITY ......................................................................................... 39 5.5.1. NUMBER, TRAINING LEVEL AND WORKFORCE UNIONIZATION DEGREE .......... 40 5.5.2. RELATIONS BETWEEN MANAGEMENT AND EMPLOYEES ....................................... 40 5.6. THE ACTIVITY RELATED TO ENVIRONMENTAL PROTECTION ................................. 42 5.7. RADIOPROTECTION PROGRAM .......................................................................................... 44 5.8. RESEARCH AND DEVELOPMENT ACTIVITY ................................................................... 46 5.9. OPERATING AUTHORIZATIONS AND LICENSES ............................................................ 46 5.10. NUCLEAR SECURITY ........................................................................................................... 50 1 THIS A FREE TRANSLATION FROM THE ROMANIAN VERSION. IN CASE OF ANY DIFFERENCES BETWEEN THE ROMANIAN AND ENGLISH VERSION, THE ROMANIAN VERSION PREVAILS. 5.11. INTEGRATED MANAGEMENT SYSTEM .......................................................................... 52 5.12. CORPORATE SOCIAL RESPONSIBILITY .......................................................................... 54 5.13. INTERNATIONAL RELATIONS ........................................................................................... 58 5.14. LEGAL ACTIVITY/LITIGATIONS ....................................................................................... 61 5.15. PERSPECTIVE ELEMENTS .................................................................................................. 62 5.15.1. FACTORS THAT MAY INFLUENCE LIQUIDITY ........................................................... 62 5.15.2. CURRENT AND ESTIMATED CAPITAL EXPENSES ..................................................... 63 5.15.3. EVENTS, TRANSACTIONS AND ECONOMIC CHANGES THAT AFFECT REVENUES ...................................................................................................................................... 65 6.TANGIBLE ASSETS ..................................................................................................................... 65 6.1.LOCATION AND CHARACTERISTICS OF MAIN PRODUCTION CAPACITIES ............. 65 6.2. THE DEPRECIATION DEGREE OF THE ASSETS ............................................................... 66 6.3. OPERATIONAL PERFORMANCE INDICATORS ................................................................ 67 7.MARKET OF SECURITIES ISSUED BY THE COMPANY ...................................................... 72 7.1. THE ROMANIAN MARKETS AND THE MARKETS OF OTHER COUNTRIES WHERE THE SECURITIES ISSUED BY THE COMPANY ARE TRADED .............................................. 72 7.2. DIVIDEND POLICY ................................................................................................................. 73 7.3. ACTIVITY OF SNN AT BSE .................................................................................................... 77 7.4. PRESENCE IN THE INDEXES ................................................................................................ 78 7.5. COMMUNICATION WITH THE SHAREHOLDERS AND INVESTORS ............................ 79 7.6. FURTHER INFORMATION ..................................................................................................... 81 8.INDIVIDUAL FINANCIAL STATEMENTS AS AT 31.12.2018 ............................................... 86 9.CONSOLIDATED FINANCIAL STATEMENTS AS AT 31.12.2018 ........................................ 87 10.CORPORATE GOVERNANCE DECLARATION .................................................................... 88 10.1. IMPLEMENTATION OF THE CORPORATE GOVERNANCE PRINCIPLES ................... 88 10.2. THE GENERAL MEETING OF SHAREHOLDERS ............................................................. 91 10.3. THE MANAGEMENT OF THE COMPANY ......................................................................... 99 10.3.1. BOARD OF DIRECTORS .................................................................................................... 99 10.3.2. EXECUTIVE MANAGEMENT ......................................................................................... 111 10.4. CONSULTATIVE COMMITTEES ....................................................................................... 118 10.5. SHAREHOLDERS RIGHTS ................................................................................................. 124 2 THIS A FREE TRANSLATION FROM THE ROMANIAN VERSION. IN CASE OF ANY DIFFERENCES BETWEEN THE ROMANIAN AND ENGLISH VERSION, THE ROMANIAN VERSION PREVAILS. 10.6. TRANSPARENCY, FINANCIAL REPORTING, INTERNAL CONTROL AND RISK MANAGEMENT ............................................................................................................................ 126 10.7. CONFLICT OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES .......... 145 10.8. AUDIT AND RISK MANAGEMENT DIVISION ............................................................... 146 11. PRESENTATION OF THE GROUP ...................................................................................... 150 12. SUBSEQUENT EVENTS ....................................................................................................... 155 13. STATEMENTS AND SIGNATURES .................................................................................... 157 14. ANNEX 1 - ARTICLES OF INCORPORATION AMENDED IN 2018 ............................... 158 15. ANNEX 2 – APPOINTMENT/REVOCATION ACTS IN 2018 ........................................... 166 16. ANNEX 3 – LIST OF OFFICES ............................................................................................. 167 17. ANNEX 4 – LIST OF SUBSIDIARIES .................................................................................. 168 18. ANNEX 5 – LIST OF BRANCHES ....................................................................................... 169 19. ANNEX 6 - LIST OF MAJOR LITIGATIONS IN PROGRESS ON 31.12.2018 (OVER 500 THOUSAND LEI), INCLUDING THOSE THAT WERE NOT MONETARILY ASSESSED ... 170 20. ANNEX 7 - STAGE OF THE IMPLEMENTATION OF THE CORPORATE GOVERNANCE CODE OF THE BUCHAREST STOCK EXCHANGE ..................................... 185 21. ANNEX 8 - REPORT OF THE ADVISORY COMMITTEE FOR NOMINATION AND REMUNERATION FOR 2018 ....................................................................................................... 208 22. ANNEX 9 - AUDITED FINANCIAL STATEMENTS ON THE DATE AND FOR THE PERIOD THAT ENDED ON 31.12.2018 ....................................................................................... 221 23. ANNEX 10 - AUDITED CONSOLIDATED FINANCIAL STATEMENTS ON THE DATE AND FOR THE PERIOD THAT ENDED ON 31.12.2018 ............................................................ 222 24. ANNEX 11 - NON-FINANCIAL REPORTING
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