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S.N. Nuclearelectrica S.A. Annual Report 2017 Company Managed in One – Tier Management System

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S.N. Nuclearelectrica S.A. Annual Report 2017 Company Managed in One – Tier Management System S.N. NUCLEARELECTRICA S.A. ANNUAL REPORT 2017 COMPANY MANAGED IN ONE – TIER MANAGEMENT SYSTEM ANNUAL REPORT 2017 CONTENTS 1. BASIS OF THE REPORT ....................................................................................................... 5 2. IDENTIFICATION DATA ..................................................................................................... 5 3. MESSAGE OF THE BOARD OF DIRECTORS ................................................................... 6 4. STATEMENT OF THE CEO.................................................................................................. 8 5. ACTIVITY ANALYSIS ......................................................................................................... 9 5.1. PRESENTATION OF THE COMPANY............................................................................10 5.1.1. MAIN ACTIVITY OF THE COMPANY ............................................................. 10 5.1.2. MISSION, VISION, VALUES, OBJECTIVES .................................................... 11 5.1.3. DATE OF ESTABLISHEMENT .......................................................................... 13 5.1.4. SHAREHOLDING STRUCTURE ........................................................................ 14 5.1.5. SIGNIFICANT MERGERS OR REORGANIZATIONS ..................................... 14 5.1.6. ACQUISITION AND TRADE OF ASSETS ........................................................ 14 5.2.ELEMENTS OF GENERAL ASSESMENT .......................................................................15 5.3. PRODUCTION AND SALE ACTIVITY ...........................................................................16 5.3.1. PRODUCTION OF ELECTRIC AND THERMAL POWER .................................... 16 5.3.2. THE MAIN MARKETS FOR EACH PRODUCT AND THE DISTRIBUTION METHOD .............................................................................................................................. 17 5.3.3. THE EVOLUTION OF SALES ON THE INTERNAL AND/OR EXTERNAL MARKET AND LONG AND MEDIUM – TERM PERSPECTIVES ................................. 22 5.3.4. THE SITUATION ON THE COMPETITIVE MARKET, THE WEIGHT OF PRODUCTS ON THE MARKET AND MAIN COMPETITORS ....................................... 23 5.3.5. DEPENDENCY ON A SINGLE CLIENT OR GROUP OF CLIENTS ..................... 25 5.4.THE TECHNICAL – MATERIAL SUPPLY ACTIVITY ..................................................26 5.5.HUMAN RESOURCES ACTIVITY ...................................................................................30 5.5.1. NUMBER, LEVEL OF TRAINING AND THE DEGREE OF UNIONIZATION OF THE LABOR FORCE ........................................................................................................... 31 5.5.2. RELATIONS BETWEEN MANAGERS AND EMPLOYEES ................................. 32 5.6. THE ACTIVITY RELATED TO ENVIRONMENTAL PROTECTION ...........................33 5.7. RADIOPROTECTION PROGRAM ...................................................................................36 5.8. RESEARCH AND DEVELOPMENT ACTIVITY ............................................................38 5.9. OPERATING AUTHORIZATIONS AND LICENSES .....................................................38 2/302 ANNUAL REPORT 2017 5.10.NUCLEAR SECURITY .....................................................................................................43 5.11. INTEGRATED MANAGEMENT SYSTEM ...................................................................45 5.12.CORPORATE SOCIAL RESPONSIBILITY ....................................................................46 5.13. INTERNATIONAL RELATIONS....................................................................................48 5.14. LEGAL ACTIVITY/LITIGATION ..................................................................................51 5.15. ACTIVITY RELATED TO RISK MANAGEMENT .......................................................52 5.16. PERSPECTIVE ELEMENTS ...........................................................................................60 5.16.1. FACTORS THAT MAY INFLUENCE LIQUIDITY ........................................... 60 5.16.2. CURRENT AND ANTICIPATED CAPITAL COSTS ........................................ 61 5.16.3. EVENTS, TRANSACTIONS AND ECONOMIC CHANGES AFFECTING THE INCOMES ............................................................................................................................. 67 6. TANGIBLE ASSETS ............................................................................................................ 68 6.1. LOCATION AND CHARACTERISTICS OF MAIN PRODUCTION CAPACITIES .....68 6.2. THE DEPRECIATION DEGREE OF THE ASSETS ........................................................69 6.3. OPERATIONAL PERFORMANCE INDICATORS..........................................................69 7. MARKET OF SECURITIES ISSUED BY THE COMPANY ............................................. 69 7.1. THE ROMANIAN MARKETS AND THE MARKETS OF OTHER COUNTRIES WHERE THE SECURITIES ISSUED BY THE COMPANY ARE TRADED ........................69 7.2. DIVIDEND POLICY ..........................................................................................................71 7.3. ACTIVITY OF SNN AT BSE ............................................................................................74 7.4. PRESENCE IN THE INDEXES .........................................................................................75 7.5. COMMUNICATION WITH THE SHAREHOLDERS AND INVESTORS .....................76 7.6. FURTHER INFORMATION ..............................................................................................78 8. INDIVIDUAL FINANCIAL STATEMENTS AS OF 31.12.2017 ....................................... 78 9. CONSOLIDATED FINANCIAL STATEMENTS AS OF 31.12.2017 ................................ 80 10. CORPORATE GOVERNANCE DECLARATION.............................................................. 81 10.1. IMPLEMENTATION OF THE CORPORATE GOVERNANCE PRINCIPLES ............81 10.2. THE GENERAL MEETING OF SHAREHOLDERS ......................................................84 10.3. THE MANAGEMENT OF THE COMPANY ..................................................................93 10.3.1. THE BOARD OF DIRECTORS ........................................................................... 93 10.3.2. THE EXECUTIVE MANAGEMENT ................................................................ 106 10.4. CONSULTATIVE COMMITTEES ................................................................................110 3/302 ANNUAL REPORT 2017 10.5. SHAREHOLDERS RIGHTS ..........................................................................................117 10.6. TRANSPARENCY, FINANCIAL REPORTING, INTERNAL CONTROL AND RISK MANAGEMENT .....................................................................................................................119 10.7. CONFLICT OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES ...124 10.8. INTERNAL AUDIT ........................................................................................................126 11. PRESENTATION OF THE GROUP .................................................................................. 127 12. SUBSEQUENT EVENTS ................................................................................................... 132 13. STATEMENTS AND SIGNATURES ................................................................................ 133 14. APPENDIXES ..................................................................................................................... 134 APPENDIX I: ARTICLES OF INCORPORATION AMENDED IN 2017 ............................... 134 APPENDIX II: IMPORTANT CONTRACTS CONCLUDED BY THE COMPANY IN 2017 136 APPENDIX III: APPOINTMENT/REVOCATION DOCUMENTS IN 2017 ........................... 152 APPENDIX IV: LIST OF HEADQUARTERS .......................................................................... 153 APPENDIX V: LIST OF BRANCHES ...................................................................................... 154 APPENDIX VI: LIST OF SUBSIDIARIES ............................................................................... 155 APPENDIX VII: LIST OF AFFILIATED PERSONS ................................................................ 156 APPENDIX VIII: LIST OF MAJOR LITIGATIONS IN PROGRESS ON 31.12.2017 (OVER 500 THOUSAND LEI), INCLUDING THOSE THAT HAVE NOT BEEN MONETARY ASSESSED ................................................................................................................................. 157 APPENDIX IX: STAGE OF THE CORPORATE GOVERNANCE CODE IMPLEMENTATION OF BUCHAREST STOCK EXCHANGE .................................................................................. 178 APPENDIX X: NOMINATION AND REMUNERATION COMMITTEE REPORT FOR 2017 208 APPENDIX XI: AUDITED INDIVIDUAL FINANCIAL STATEMENTS AT AND FOR THE PERIOD ENDED ON 31.12.2017 PREPARED IN ACCORDANCE WITH IFRS - EU .......... 224 APPENDIX XII: AUDITED CONSOLIDATED FINANCIAL STATEMENTS AT AND FOR THE PERIOD ENDED ON 31.12.2017 PREPARED IN ACCORDANCE WITH IFRS - EU . 224 APPENDIX XIII: NON-FINANCIAL STATEMENT ............................................................... 226 4/302 ANNUAL REPORT 2017 1. BASIS OF THE REPORT The Annual Report of the Administrators of S.N. Nuclearelectrica S.A. for the financial year ended at December 31, 2017 comprises the required information in compliance with: Chapter III of the Public Finance Minister’s Order no. 2844/2016 regarding the approval of the accounting regulations compliant with the International Financial Reporting
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