In its stock exchange release published on 20 May 2022
(https://view.news.eu.nasdaq.com/view?id=be96cd5b149ef76b9dd1356c40b489341&lang=
en), AS Harju Elekter announced the termination of the framework agreements for
hermetic distribution transformers concluded by its subsidiary Energo Veritas OÜ
with Enefit Connect OÜ and that Enefit Connect OÜ does not consider the
cancellation of the framework contracts to be lawful.
On 20 September 2022, Enefit Connect OÜ filed a claim against Energo Veritas OÜ
for a breach of the framework agreements for a total amount of 1,374,645.38
euros. The amount includes fines for delays, non-fulfilment of orders, and
failure to ensure emergency reserves. In addition, Enefit Connect OÜ notified
its intention to file a claim for an amount of 2,094,249 euros arising from the
difference between the prices agreed in the framework agreements and the prices
of the agreements awarded by Enefit Connect OÜ as a result of the dynamic
procurement system. This is a loss for the future, as Enefit Connect OÜ has not
yet made any payments in excess of the price stated in the framework agreement
as of 20 September 2022.
Energo Veritas OÜ is of the opinion that the framework agreements have been
cancelled and the framework agreements have been lawfully withdrawn from, and
does not admit or concede the merits of the claim or the existence of an
infringement.
Above mentioned financial claims may have a negative impact on the financial
position of the group.
Harju Elekter is an international industrial group with more than 50 years of
experience, whose main activity is the development and production of electrical
and automation equipment. Part of the technical solutions of Harju Elekter are
aimed at the renewable energy sector, offering complete plans for solar power
plants, electric vehicle charging stations, and other related solutions. Its
factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900
employees, and the Group's revenue for the first six months 2022 was 79.2
million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn
Stock Exchange.
Tiit Atso
Chairman of the Board
+372 6747400
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