Konečná & Zacha

Recent changes to Bulgarian law concern energy generation facilities

We would like to inform you that with amendments and supplementations to the Public Offering of Securities Act (“POSA”), certain reporting and disclosing requirements were imposed on companies regulated under the Energy Act. This would include also companies – operators of solar parks (“Energy Companies”).

Below are outlined the most significant issues:

  1. Exceptions

The requirements under the POSA shall not apply to Energy Companies which meet at least two of the following criteria:

- the average number of employees for the year does not exceed 10 people;

- the value of the assets under the Balance Sheet as per 31 December does not exceed BGN 700,000;

- the net sales income for the year does not exceed BGN 300,000.

2. Annual Financial Statements on the Activities

- Energy Companies are required to disclose publicly Annual Financial Statements on the Activities within 90 days (forstand-alone Statements), respectively 120 days (for consolidated Statements) as of the end of the financial year.

- the Annual Financial Statements on the Activities differ from the Annual Financial Statements under the AccountancyAct (the latter is included in the former). The minimum content of the Annual Financial Statements on the Activitiesis specified in the POSA;

- the Annual Financial Statements on the Activities should be accessible to the general public for at least 10 years.

- additional requirements towards the content of the Annual Report on the Activities are provided.

3. 6-month Financial Statements on the Activities

- Energy Companies are required to disclose publicly 6-month Financial Statements on the Activities for the first 6months ofthe financial year within 30 days (for stand-alone Statements), respectively 60 days (for consolidatedStatements) as of theend of the 6-month period;

- specific requirements towards the content of the 6-month Financial Statements on the Activities are provided;

- the 6-month Financial Statements on the Activities should be accessible to the general public for at least 10 years.

4. Notification on the Financial Condition

- Energy Companies are required to disclose publicly a notification on their financial condition within 30 days (for stand-alone notifications), respectively 60 days (for consolidated notifications) as of the end of the first, third and fourthquarter;

- the content of the notifications is provided in the POSA;

- the notifications should be available to the general public for at least 5 years;

- the requirement for disclosing notifications shall not apply if the Energy Company discloses publicly 3-monthFinancialStatement on the Activities with the content of the 6-month Financial Statements.

5. Competent authority and procedural requirements

According to a draft Ordinance for amendment and supplementations to Ordinance No. 2 as of 17.09.2003:

- the information (including all of the above reports) shall be submitted to the Financial Supervision Commission(“FSC”) inelectronic format and the documents shall be signed with universal electronic signature by the statutoryrepresentative/s;

- the disclosing of information to the general public shall be done through a news agency or other media;

- currently a new internet portal is being developed, through which the Energy Companies shall disclose information tothe FSC. Until then, the information shall be sent to the following email address of the FSC: delovodstvo@fsc.bg


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