FINANCIAL STATEMENTS AS OF 30st SEPTEMBER 2015

NOT AUDITED

PREPARED IN ACORDANCE WITH ACCOUNTING LAW NO.82/1991 - REPUBLISHED ROMANIAN NATIONAL SECURITIES COMMISSION/FINANCIAL SUPERVISORY AUTHORITY ORDER NO. 13/03.02.2011 FOR THE APPROVAL OF THE REGULATION NO. 4/2011 OF THE ROMANIAN NATIONAL SECURITIES COMMISSION REGARDING THE APPROVAL OF ACCOUNTING REGULATIONS COMPLYNG WITH DIRECTIVE IV OF EUROPEAN ECONOMIC COMMUNITIES APPLICABLE TO AUTHORIZED ENTITIES, REGULATED AND SUPERVISED BY THE ROMANIAN NATIONAL SECURITIES COMMISSION

CONTENT	PAGE


STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY	1-3
PROFIT AND LOSS ACCOUNT	4-5
INFORMATIVE DATA	6-12
SITUATION OF CHANGES IN OWNERS' CAPITAL	13
SITUATION OF CASH FLOWS	14
NOTES TO FINANCIAL STATEMENTS	15-41

COUNTY: DOLJ

UNIT: SOCIETATEA DE INVESTITII FINANCIARE OLTENIA S.A. ADDRESS: CRAIOVA, TUFANELE STREET, NO. 1 PHONE: 0251-419335 FAX: 0251-419340 NUMBER IN THE TRADE REGISTER: J16/1210/1993

TYPE OF THE FINANCIAL SITUATION SI FORM OF PROPERTY: 34 MAIN ACTIVITY (name of the CAEN class): OTHER TYPES OF FINANCIAL INTERMEDIATIONS CODE OF THE CAEN CLASS: 6499 SOLE REGISTRATION CODE: 4175676

STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY

on 30/09/2015

			RON
		Balance account
	No. row	The beginning of the	The end of the
		financial exercise	reporting period
A	B	1	2
A. FIXED ASSETS
I. INTANGIBLE ASSETS
1.Set-up costs (ct. 201 - 2801)	01	0	0
2.Development expenses (ct. 203 - 2803 - 2903)	02	0	0
3. Concessions, patents, licences, brands, rights and similar values and other intangible assets (ct. 205+208-2805-2808-2905-2908)	03	292	4,865
4. Goodwill (ct. 2071-2807-2907)	04	0	0
5.Advances and intangible assets in progress (ct. 233+234-2933)	05	0	0
TOTAL (row 01 to 05)	06	292	4,865
II. TANGIBLE ASSETS
1. Lands and buildings (ct. 211 + 212 - 2811 - 2812 - 2911 - 2912)	07	12,843,320	11,977,967
2.Technical installations and machines (ct. 213 - 2813 - 2913)	08	66,689	52,509
3. Other installations, equipments and furniture (ct. 214 - 2814 - 2914)	09	72,292	69,675
4. Advances and tangible assets in progress (ct. 231 + 232 - 2931)	10	0	0
TOTAL (row 07 to 10)	11	12,982,301	12,100,151
III. FINANCIAL ASSETS
1. Shares held in affiliated entities (ct. 261-2961)	12	113,158,846	121,876,774
2. Loans given to affiliated entities (ct. 2671 + 2672 - 2965)	13	0	0
3. Equity interests (ct. 263-2963)	14	0	0
4. Loans granted to entities to which the company is connected through equity interests (ct. 2675+2676-2967)	15	0	0
5. Titles and other financial instruments held as long term investments (ct. 262+264+265+266-2962-2964-2696)	16	805,638,934	793,344,542
6. Other receivables (ct. 2673 + 2674 + 2678 + 2679 - 2966 - 2969)	17	358,327	253,508
TOTAL (row 12 to 17)	18	919,156,107	915,474,824
FIXED ASSETS - TOTAL (row 06+11+18)	19	932,138,700	927,579,840
B. CURRENT ASSETS
I. INVENTORIES
1. Consumable materials (ct.302 + 303 ± 308 + 351 - 392 - 395)	20	33,572	34,882
2. Services in progress (ct. 332-394)	21	0	0
3. Advances for stocks purchases (ct. 4091)	22	0	0
TOTAL (rows 20 to 22)	23	33,572	34,882
II. RECEIVABLES (Amounts that follow to be cashed after a period
longer than one year must be presented separately for each element )
1. Commercial receivables * (ct. 2675 + 2676 + 2678 + 2679 -	24	19,840	1,785,316
2966 - 2969 + 4092 + 411 + 413 + 418 - 491)
2. Amounts to be cashed from affiliated entities (ct. 4511 + 4518 - 4951) 25		0	0
3. Amounts to be cashed from equity interests (ct. 4521 + 4528 - 4952)	26	0	0
4. Other receivables (ct.425 + 4282 + 431 + 437 + 4382 + 441 + 4424 + 4428 + 444 + 445 + 446 + 447 + 4482 + 4484 + 4582 + 461 + 473 - 496 + 5187)	27	17,428,439	5,860,116
5. Receivables regarding the subscribed and not paid in share capital (ct. 456 - 4953)	28	0	0

STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY on 30/09/2015

TOTAL (row 24 to 28)	29	17,448,279	7,645,432
III. SHORT TERM FINANCIAL INVESTMENTS
1. Shares held in affiliated entities (ct. 501 - 591)	30	0	0
2. Other financial investments on short term (ct. 5031 + 5032 + 505 +
5061 + 5062 + 5071 + 5072 + 5081 + 5082 + 5088 + 5089 - 593 - 595	31	39,336,729	54,412,804
- 596 - 597 - 598 + 5113 + 5114)
TOTAL (row 30 to 31)	32	39,336,729	54,412,804
IV. CASH REGISTER AND CASH AT BANK (ct.5112 + 5121 +
5122 + 5123 + 5124 + 5125 + 5311 + 5314 + 5321 + 5322 + 5323 +	33	194,154	193,561
5328 + 5411 + 5412 + 542)
CURRENT ASSETS - TOTAL (rows 23 + 29 + 32 + 33)	34	57,012,734	62,286,679
C. EXPENSES IN ADVANCE (ct.471)	35	91,275	112,328
D. DEBTS THAT HAVE TO BE PAID IN A PERIOD OF ONE YEAR
1. Loans from bond issues (ct. 1614 + 1615 + 1617 + 1618 + 1681 - 169)	36	0	0
2. Amounts due to the credit institutions (ct. 1621 + 1622 + 1624 + 1625 + 1627 + 1682 + 5191 + 5192 + 5198)	37	0	0
3. Advances cashed in the account of clients (ct. 419)	38	0	0
4. Trade receivable (ct. 401 + 404 + 408)	39	2,243,528	106,975
5. Commerciale papers payable (ct. 403 + 405)	40	0	0
6. Amounts due to the affiliated entities (ct. 1661 + 1685 + 2691 + 4511 + 4518)	41	0	0
7. Amounts due regarding equity interests (ct. 1662 + 1686 + 2692 + 2693 + 4521 + 4528)	42	0	0
8. Other debts, including fiscal debts and other debts for social insurances (ct. 1623 + 1626 + 167 + 1687 + 2698 + 421 + 423 + 424 + 426 + 427 + 4281 + 431 + 437 + 4381 + 441 + 4423 + 4428 + 444 + 446 + 447 + 4481 + 4551 + 4558 + 456 + 457 + 4581 + 462 + 473 + 509 + 5186 + 5193 + 5194 + 5195 + 5196 + 5197)	43	74,490,178	97,164,379
TOTAL (row 36 to 43)	44	76,733,706	97,271,354
E. NET CURRENT ASSETS, RESPECTIVELY NET CURRENT DEBTS (rows 34 + 35 - 44 - 60.2)	45	-19,629,697	-34,872,347
F. TOTAL ASSETS MINUS CURRENT DEBTS (rows 19+45)	46	912,509,003	892,707,493
G. DEBTS THAT MUST BE PAID IN A PERIOD GREATER THAN
ONE YEAR
1. Loans from bond issues (ct. 1614 + 1615 + 1617 + 1618 + 1681 - 169)	47	0	0
2. Amounts due to the credit institutions (ct. 1621 + 1622 + 1624 + 1625 + 1627 + 1682 + 5191 + 5192 + 5198)	48	0	0
3. Advances cashed in the account of customers (ct. 419)	49	0	0
4. Trade receivable (ct. 401 + 404 + 408)	50	0	0
5. Commerciale papers payable (ct. 403 + 405)	51	0	0
6. Amounts due to the affiliated entities (ct. 1661 + 1685 + 2691 + 4511 + 4518)	52	0	0
7. Amounts due regarding the equity interests (ct. 1662 + 1686 + 2692 + 2693 + 4521 + 4528)	53	0	0
8. Other debts, including fiscal debts and other debts for social security (ct. 1623 + 1626 + 167 + 1687 + 2698 + 421 + 423 + 424 + 426 + 427 + 4281 + 431 + 437 + 4381 + 441 + 4423 + 4428 + 444 + 446 + 447 + 4481 + 4551 + 4558 + 456 + 457 + 4581 + 462 + 473 + 509 + 5186 + 5193 + 5194 + 5195 + 5196 + 5197)	54	0	0
TOTAL (row 47 to 54)	55	0	0
H. PROVISIONS
1. Provisions for pensions and other similar liabilities (ct. 1515)	56	0	0
2. Provisions for taxes (ct. 1516)	57	40,210,662	38,135,741

STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY on 30/09/2015

3. Other provisions (ct.1511 + 1512 + 1513 + 1514 + 1518)	58	8,211,531	8,211,531
TOTAL PROVISIONS (rows 56 +57 + 58)	59	48,422,193	46,347,272
I. INCOMES IN ADVANCE (row 60.1 + 60.2 +60.3) of which:	60	0	0
1. subsidies for investments (ct.475)	60.1	0	0
2. incomes registered in advance (ct.472)	60.2	0	0
3. negative goodwill (ct. 2075)	60.3	0	0
J. CAPITAL AND RESERVES
I.CAPITAL (rows 62 to 63) of which:	61	58,016,571	58,016,571
1. not paid in subscribed share capital (ct. 1011)	62	0	0
2. paid in subscribed share capital (ct. 1012)	63	58,016,571	58,016,571
II. PREMIUM RELATED TO CAPITAL (ct. 104)	64	0	0
III. RESERVES FROM REVALUATION (ct.105)
Balance C	65	10,268,878	9,619,381
Balance D	66	0	0
IV. RESERVES (rows 68 - 69 + 70 + 71 + 72 +73 + 74)	67	700,924,932	638,416,640
1. Legal reserves (ct. 1061)	68	11,603,314	11,603,314
2. Reserves formed from adjustments for losses of value of the financial assets (ct. 1062 debtor balance)	69	22,320,502	16,973,027
3. statutory or contractual reserves (ct. 1063)	70	6,178,721	6,178,721
4. reserves formed from the value of financial assets acquired free of charge (ct. 1065)	71	106,685,985	95,623,471
5.reserves from the revaluation at the fair value (ct. 1066) **	72	0	0
6. reserves representing a surplus accomplished from revaluation reserves (ct. 1067)	73	5,686,577	6,303,848
7. other reserves (ct. 1068)	74	593,090,837	535,680,313
Own shares (ct. 109)	75	0	0
Gains related to instruments of owners' equity (ct. 141)	76	0	0
Losses related to instruments of owners' equity (ct. 149)	77	0	0
V. RETAINED EARNINGS (ct.117)
Balance C	78	299	299
Balance D	79	0	0
VI. RESULT OF THE FINANCIAL EXERCISE (ct.121)
Balance C	80	94,876,130	140,307,330
Balance D	81	0	0
Profit allocation (ct.129)	82	0	0
TOTAL OWNERS' EQUITY (row 61 + 64 + 65 - 66 + 67 – 75 + 76 - 77 + 78 - 79 + 80 - 81 - 82)	83	864,086,810	846,360,221

*The amounts written on this row and taken from the accounts 2675 to 2679 represent receivables related to the contracts of financial leasing and to other assimilated contracts as well as other fixed receivables due in a period shorter than 12 months ** This account only appears in consolidated annual financial statements

ADMINISTRATOR, PREPARED,

Last name and first name: Associated Prof. DEc. Tudor Ciurezu Last name and first name:: ec. Elena Sichigea

Quality: Economic Manager Signature Signature

Last name and first name: jr. Anina Radu

Signature

Unit seal

PROFIT AND LOSS ACCOUNT 30/09/2015

20				RON
	NAME OF INDICATORS	No.	Results related to the reporting period
		row	Previous	Current
	A	B	1	2
	A. INCOMES FROM THE CURRENT ACTIVITY - TOTAL (rows 02 to 11)	01	197,609,157	243,540,300
	Incomes from financial assets (ct. 761)	02	38,187,791	25,563,430
	Incomes from financial investments on short term (ct. 762)	03	0	0
	Incomes from long term receivables (ct. 763)	04	0	0
	Incomes from disposal of financial investments (ct. 7585+764)	05	152,451,701	121,245,606
	Incomes from services performed (ct.704)	06	0	0
	Incomes from provisions, bad debts written off and subsequently collected and various debtors (ct. 754+781+786)	07	3,710,326	12,280,150
	Foreign exchange gains (ct.765)	08	447,047	739,536
	Incomes from interests (ct. 766)	09	373,778	280,173
	Incomes from fixed production 721+722)	10	0	0
	Other incomes from the current activity (ct.705 + 706 + 708 + 741 + 7581 + 7582 + 7583 + 7584 + 7588 + 767 + 768 + 7815)	11	2,438,514	83,431,405
	B. EXPENSES FROM THE CURRENT ACTIVITY- TOTAL(row 13 to 20)	12	112,807,244	78,995,221
	Losses related to receivables related to investments (ct. 663)	13	0	0
	Expenses related to financial investments disposed (ct. 6585+664)	14	105,004,108	70,065,705
	Expenses from foreign exchange rate (ct.665)	15	155,607	446,887
	Expenses regarding interests (ct.666)	16	0	0
	Expenses regarding commissions and fees (ct.622)	17	795,073	1,136,971
	Expenses with banking services and assimilated ones (ct.627)	18	19,143	10,620
	Provision amortizations, losses from bad debts written off and various debtors (ct. 654+681+686)	19	409,480	349,706
	Other expenses from the current activity(row 21+ 22 + 23 + 26 + 27)	20	6,423,833	6,985,332
	a.Expenses with materials (ct. 602+603+604)	21	184,912	163,478
	b. Expenses regarding energy and water (ct.605)	22	101,183	103,174
	c.Expenses with personnel out of which (row 24+25)	23	4,344,232	4,641,332
	c1. Wages (ct. 621+641+642+643 +644)	24	3,369,362	3,776,696
	c2. Expenses regarding social security (ct 635)	25	974,870	864,636
	d. Expenses regarding external services (ct.611 + 612 + 613 + 614 + 623 + 624 + 625 + 626 + 628 + 6581 + 6582 +6583 +6588 + 667 + 668)	26	418,910	886,764
	e. Expenses with other taxes, duties and similar expences (ct. 635)	27	1,374,596	1,190,584
	C. THE CURRENT RESULT:
	- Profit (row 01-12)	28	84,801,913	164,545,079
	- Loss (row 12-01)	29	0	0
	D. EXTRAORDINARY INCOMES (ct. 771)	30	0	0
	E. EXTRAORDINARY EXPENSES (ct. 671)	31	0	0
F.	EXTRAORDINARY RESULT:

PROFIT AND LOSS ACCOUNT 30/09/2015

- Profit (row 30-31)	32	0	0
- Loss (row 31-30)	33	0	0
TOTAL INCOMES (row 01+30)	34	197,609,157	243,540,300
TOTAL EXPENSES (row 12+31)	35	112,807,244	78,995,221
G. GROSS RESULT:
- Profit (row 34-35)	36	84,801,913	164,545,079
- Loss (row 35-34)	37	0	0
Profit tax
- Expenses with profit tax (ct. 691)	38	13,100,824	24,237,749
- Other expenses with taxes that do not appear in the elements above (ct. 698 )	39	0	0
H. RESULT OF THE FINANCIAL EXERCISE:
- Profit (row 36-38-39)	40	71,701,089	140,307,330
- Loss (rows 37+38+39) or (rows 38+39-36)	41	0	0

ADMINISTRATOR, PREPARED,

Last name and first name: Associated Prof. DEc. Tudor Ciurezu Last name and first name:: ec. Elena Sichigea

Last name and first name: jr. Anina Radu

Signature

Unit seal

Quality: Economic Manager Signature Signature

INFORMATIVE DATA 30/09/2015

30				RON
I. Data regarding registered result	No.
	row	Number of units		Amounts
A	B	1		2
Units that registered profit	01	1		140,307,330
Units that registered loss	02
Units that registered neither profit, nor loss	03
				RON
		Total (col. 2+3)		Of which:
II. Data regarding overdue payments	No. row		For current activity	For investments activity
A	B	1	2	3
Overdue payments - total (row 05+09+15 to 19+23), of which:	04
Overdue suppliers - Total (rows 06 to 08), of which	05
- over 30 days	06
- over 90 days	07
- over 1 year	08
Overdue obligations toward the budget of the social insurances - Total (rows 10 to 14), of which: ta	09
- contributions for state social insurances due by employers, employees and other assimilated persons	10
- contributions for the fund of health social insurances	11
- contribution for the supplementary pension	12
- contributions for the budget of unemployment insurances	13
-other social debts	14
Overdue obligations toward the budgets of the special funds and	15
other funds
Overdue obligations toward other creditors	16
Taxes and fees not paid at the established term at the state budget	17
Taxes and fees not paid at the established term at the local budgets Banking credits non reimbursed on due term - Total (rows 20 to	18 19
22), of which:
- overdue after 30 days	20
- overdue after 90 days	21
- overdue after 1 year	22
Overdue interests	23
				RON
III. Average number of employees	No. row	The end of the previous reporting period		The end of the current reporting period
A	B	1		2
Average number of employees	24	49		52
Effective number of employees existing at the end of the
period, respectively on 30th September 2015	25	49		53
		RON
IV.Interests, dividends and royalties paid during the reporting	No.	Amounts
period. Subsidies cashed and arrear receivables.	row
A	B	1
Gross incomes from interests paid to non resident individuals, of which:	26
- tax due at the state budget	27
Gross incomes from interests paid to non resident individuals of	28
the member states of European Union, of which:
- tax due at the state budget	29
Gross incomes from interests paid to non resident legal persons, of which:	30
- tax due at the state budget	31
Gross incomes from interests paid to non resident associated legal persons*) of the member states of European Union, of which:	32

INFORMATIVE DATA 30/09/2015

- tax due at the state budget	33
Gross incomes from dividends paid to non resident individuals,
of which:	34	407,495
- tax due at the state budget	35	65,199
Gross incomes from dividends paid to non resident legal
persons, of which:	36	11,922,399
- tax due at the state budget	37	1,665,361
Gross incomes from dividends paid to non resident individuals	38	173,840
of the member states of European Union, of which:
- tax due at the state budget	39	27,813
Gross incomes from dividends paid to non resident legal
persons, according to the provisions of art. 117 lett. h) of the	40
Law no. 571/2003 regarding the Fiscal Code, further amended
and completed, of which:
- tax due at the state budget	41
Gross incomes from royalties paid to non resident associated*) legal	42
persons of the members states of the European Union, of which:
- tax due at the state budget	43
Gross incomes from royalties paid to non resident legal persons,	44
of which:
- tax due at the state budget	45
Gross incomes from royalties paid to non resident individuals,	46
of which:
- tax due at the state budget	47
Gross incomes from royalties paid to non resident individuals	48
from the member states of the European Union, of which:
- tax due at the state budget	49
Royalties paid during the reporting period for goods in the public	50
domain, received in concession, of which:
- royalties for the goods in the public domain paid at the state	51
budget
Rents paid during the financial exercise for lands	52
Gross incomes from services paid to non resident persons, of	53
which:
- tax due at the state budget	54
Gross incomes from services paid to non resident persons of the	55
member states of the European Union, of which:
- tax due at the state budget	56
Subsidies cashed during the reporting period, of which:	57
- Subsidies cashed during the reporting period related to assets	58
- subsidies related to incomes, of which:	59
- subsidies for the stimulation of labour force **)	60
Overdue receivables, which were not cashed at the terms
provided in the commercial contracts and/or in the normative	61
acts in force, of which:
-overdue receivables from entities in the majority or
integrally state sector	62
-overdue receivables from entities in the private sector	63

V. Meal tickets A		Amounts
		1
The counter value of meal tickets granted to employees	64

			RON
VI. Expenses made for the research-development activity ***)	No.	The end of the previous	The end of the current
	row	reporting period	reporting period
A	B	1	2
Expenses of research-development, of which	65

Notes from page 15 to page 41 are integral part of the financial statements 7

INFORMATIVE DATA 30/09/2015

from public funds	66
from private funds	67
VII. Innovation expenses ****)	No.	The end of the previous	The end of the current
	row	reporting period	reporting period
A	B	1	2
Innovation expenses - total (row 69 to 71), of which:	68
- innovation expenses finalized during the period	69
- innovation expenses in course of finalization during the period	70
- innovation expenses abandoned during the period	71
VIII. Other information	No.	The end of the previous	The end of the current
	row	reporting period	reporting period
A	B	1	2
Advances given for intangible assets (ct. 234)	72
Advances given for tangible assets (ct. 232)	73
Financial assets, in gross amounts (row 75 + 84), of which:	74	966,302,746	933,852,146
Shares held in affiliated entities, participation interests, other fixed	75	965,939,085	933,598,638
securities and bonds in gross amounts (row 76 to 83), of which:
- shares listed issued by residents	76	759,785,368	718,866,569
- shares not listed issued by residents	77	203,456,144	212,232,052
- social parts issued by residents	78
- bonds issued by residents - shares issued by bodies of collective investments issued by	79
residents	80
- fund units issued by the bodies of collective investments	81	2,697,573	2,500,017
- shares and social parts issued by non residents	82
- bonds issued by non residents	83
Fixed receivables in gross amounts (row 85 + 86),
of which:	84	363,661	253,508
- fixed receivables in RON and expressed in RON, whose
discount is made according to the exchange rate of a currency	85	363,661	253,508
(from ct. 267)
- fixed receivables in foreign currency (from ct. 267)	86
Commercial receivables, advances granted to suppliers and other
assimilated accounts, in gross amounts (ct. 4092 + 411 + 413 +	87	11,880	1,785,316
418) of which
external commercial receivables, advances granted to suppliers
and other assimilated accounts, in gross amounts (from ct. 4092 +	88
from ct 411 + from ct 413 + from ct 418)
Commercial receivables not cashed at the established term (from	89
ct.4092+ from ct. 411+ from ct.413) Receivables related to personnel and assimilated accounts (ct. 425 +
4282)	90	1,926	1,607
Receivables related to the budget of social insurances and the state
budget (ct. 431 + 437 + 4382 + 441 + 4424 + 4428 + 444 + 445 + 446	91	17,002,002	3,697,238
+ 447 + 4482), (row 95 to 99), of which:
- receivables related to the budget of social insurances
(ct. 431 + 437 + 4382)	92	2,400,000	2,400,000
- fiscal receivables related to state budget
(ct. 441 + 4424 + 4428 + 444 + 446)	93
- subsidies to be cashed (ct. 445)	94
- special funds - taxes and assimilated transfers (ct. 447)	95
- other receivables related to state budget (ct. 4482)	96	14,602,002	1,297,238
Entity receivables in the relations with affiliated entities (ct.	97
451)
Receivables related to budget of social insurances and state
budget not cashed at the established term (from ct.431 +
from ct.437 +from ct.4382 +from ct.441 +from ct.4424	98
+from ct.4428 + from ct.444 + from ct.445 + from ct.446 +
from ct.447 + from ct.4482)

INFORMATIVE DATA 30/09/2015

Other receivables (ct. 452 + 456 + 4582 + 461 + 471 +
473), of which:	99	7,860,435	3,361,637
- discounts regarding participation interests, discounts with
shareholders / associates regarding capital, discounts of	100
operations in participation (ct. 452 + 456 + 4582)
- other receivables related to natural and legal persons, other
than receivables related to public institutions (state	101	7,200,948	2,724,070
institutions) , (from ct 461 + from ct. 471 + from ct. 473)
- amounts taken from the account 542 "Treasury advances"
representing treasury advances, given according to law and	102
not reimbursed until the reporting date (from ct.461)
Interests to be cashed (ct. 5187), of which:	103	2,649	291
- from non residents	104
The value of loans given to other entities	105
Short term investments, in gross amounts (ct. 501 + 503 + 505
+ 506 + 507 from ct.508) (rows 107 to 115), of which:	106	66,879,908	54,412,804
-shares listed issued by residents	107
- shares not listed issued by residents	108
- social parts issued by residents	109
- bonds issued by residents	110
-shares issued by resident bodies of collective investments	111
-funds units issued by bodies of collective investments	112
- shares issued by non residents	113
- bonds issued by non residents	114
-bank deposits on short term	115	66,879,908	54,412,804
Other values to cash (ct. 5113 + 5114)	116
Cash register in RON and foreign currency (rows 118 + 119),
of which:	117	5,215	7,207
- in RON (ct. 5311)	118	5,215	7,207
- in foreign currency (ct. 5314)	119
Current accounts in banks in RON and in foreign currency (row
121 + 123), of which:	120	298,550	168,539
- in RON (ct. 5121), of which:	121	154,728	40,030
-current accounts in RON opened at non resident banks	122
in foreign currency (ct. 5124), of which:	123	143,822	128,509
- current accounts in foreign currency opened at non
resident banks	124
Other current accounts in banks and letters of credit (rows 126
+ 127), of which:	125
- amounts in course of reimbursement, letters of credit and
other values to be cashed, in RON (ct. 5112 + 5125 + 5411)	126
- amounts in course of reimbursement and letters of credit
in foreign currency (from ct. 5125 + 5412)	127
Debts (row 129 + 132 + 135 + 138 + 141 + 144 + 147+ 150 +
153 + 156 + 159 + 160 + 164 + 166 + 167 + 172 + 173 +174 +	128	138,927,736	97,271,354
180), of which:
-Loans from emissions of bonds, in gross amounts (ct. 161)	129
(row 130+131), of which:
- in RON	130
- in foreign currency	131
Interests related to loans from emissions of bonds, in gross	132
amounts (ct. 1681), (row 133 + 134), of which:
- in RON	133
- in foreign currency	134
Internal bank credits on short term (ct. 5191 + 5192 + 5197),	135
(row 136 + 137), of which:
- in RON	136

INFORMATIVE DATA 30/09/2015

- in foreign currency	137
Interests related to internal bank credits on short term (from ct.
5198), (row 139 + 140), of which:	138
- in RON	139
- in foreign currency	140
External bank credits on short term (ct. 5193 + 5194 + 5195), (row 142 + 143), of which:	141
- in RON	142
- in foreign currency	143
Interests related to external bank credits on short term (from ct.
5198), (row 145 + 146), of which:	144
- in RON	145
- in foreign currency	146
Bank credits on long term (ct. 1621 + 1622 + 1627), (row 148 +
149), of which:	147
- in RON	148
- in foreign currency	149
Interests related to bank credits on long term (from ct. 1682),
(row 151 + 152), of which:	150
- in RON	151
- in foreign currency	152
External bank credits on long term (ct. 1623 + 1624 + 1625 ), (row 154 + 155), of which:	153
- in RON	154
- in foreign currency	155
Interests related to external bank credits on long term (from ct.	156
1682), (row 157 + 158), of which:
- in RON	157
- in foreign currency	158
- Credits from the state treasury and related interests (ct. 1626 +	159
from ct. 1682)
Other loans and related interests (ct. 166 + 167 + 1685 + 1686 +	160	14,651	3,435
1687), (row 161+162), of which:
- in RON and expressed in RON, whose reimbursement is	161	14,651	3,435
made according to the exchange rate of a foreign currency
- in foreign currency	162
The value of concessions received (from ct. 167)	163
Commercial debts, advances received from clients and
other assimilated accounts, in gross amounts (ct. 401 +	164	189,347	106,975
403 + 404 + 405 + 408 + 419), of which:
external commercial debts, advances received from external
customers and other assimilated accounts, in gross amounts	165
(from ct. 401 + from ct. 403 + from ct. 404 + from ct. 405
+ from ct. 408 + from ct. 419)
Debts related to personnel and assimilated accounts (ct. 421 +
423 + 424 + 426 + 427 + 4281)	166	1,324,489	1,223,733
Debts related to the budget of social insurances and state
budget (ct. 431 + 437 + 4381 + 441 + 4423 + 4428 + 444 + 446	167	777,830	10,891,127
+ 447 + 4481), (row 168 to 171), of which:
- debts related to the budget of social insurances (ct. 431 +
437 + 4381)	168	187,725	177,050
- fiscal debts related to state budget
(ct. 441 + 4423 + 4428 +444 + 446)	169	590,105	10,713,006
- special funds –fees and assimilated transfers
(ct. 447)	170		1,071
- other debts related to the state budget (ct.4481)	171
Entity debts in the relations with affiliated entities (ct. 451)	172
Amounts due to shareholders/associates (ct. 455)	173

F30 –

INFORMATIVE DATA 30/09/2015

A	B	Amounts		Amounts
*)	row	reporting period		reporting period
XII. Receivables taken over by cession from legal persons	No.	The end of the previous		The end of the current
Value of assets from state public domain which are rented	202
concession	201
Value of assets from state public domain which are in
administration	200
Value of assets from state public domain under	row	reporting period		reporting period
X. Information regarding assets of state public domain	No.	The end of the previous		The end of the current
Expenses with collaborators (ct. 621)	199		615,360		732,228
A	B	1		2
	row	reporting period		reporting period
X. Information regarding expenses with collaborators	No.	The end of the previous		The end of the current
- held by other entities	198
- held by natural persons	197	28,186,007	48.58	24,764,825	42.69
- held by commercial companies with private capital	196	29,830,460	51.42	33,251,639	57.31
- with minority state capital	195
- with majority state capital	194
- with fully state capital	193
- held by commercial companies with state capital of which:	192
- held by public institutions of local subordination	191	99		99
- held by public institutions of central subordination	190	5		8
-held by public institutions, of which:	189	104		107
198)
Social capital transferred (ct. 1012)2) (row 189 +192 +196 to	188	58,016,571 100.00		58,016,571	100.00
		(1)	(2)	(1)	(2)
		Suma	%	Suma	%
A	B	1		2
	row	reporting period		reporting period
IX. Social capital transferred	No.	The end of the previous		The end of the current
Patents and licenses (from ct. 205)	187
1012)	186
-social parts `-subscribed capital transferred by non residents (from ct.	185
-shares not listed	184
- shares listed	183		58,016,571		58,016,571
which:
Subscribed transferred capital (ct. 1012) , (row 183 to 186) of	182		58,016,571		58,016,571
Value of loans received from other entities	181
Interests to be paid (ct. 5186)	180
from customers (ct. 478)
- incomes in advance related to assets received by transfer	179
on short term (ct. 269 + 509)	178
- transfers to be made for financial assets and investments
472)	177
- subventions which were not retaken to incomes (from ct.
institutions) ¹) (from ct. 462 + from ct. 472 + from ct. 473)
other than debts related to public institutions (state	176		92		9
- other debts related to natural persons and legal persons,
452 + 456 + 457 + 4581)
reimbursements with shareholders / associates regarding capital, reimbursements from operations in participation (ct.	175		136,621,327		85,046,075
- reimbursements regarding participation interests,
269 + 509), of which:
Other debts (ct. 452 + 456 + 457 + 4581 + 462 + 472 + 473 +	174		136,621,419	85,046,084

INFORMATIVE DATA 30/09/2015

Receivables taken over by cession from legal persons (at nominal value), of which:	203
- Receivables taken over by cession from affiliated legal persons **)	204
Receivables taken over by cession from legal persons (at acquisition cost), of which:	205
- receivables taken over by cession from affiliated legal persons	206

*) For the status of "associated legal persons" the provisions of art.124^20, lit.b) of the Law no. 571/2003 regarding the Fiscal Code will be considered, as subsequently amended and supplemented

**) Subsidies for the stimulation of labour force (transfers from the state budget to employer) – represent the amounts given to employees for the payment of graduates of education institutions, stimulation of the unemployed who get a job before the due time of the unemployment period, stimulation of employees who get a job for undetermined period, unemployed with the age over 45 years old, unemployed who are the only ones to support their family or unemployed who within 3 years from employment date fulfil the conditions necessary to demand a partial anticipated pension or to receive pension for age limit, or for other situations provided by the law in force concerning the insurance system for unemployment and stimulation of labour force.

***) It will be filled in with the expenses made for the research-development activity, respectively the fundamental research, the applicative research, the technological development and innovation, established according to the provisions of the Government Ordinance no. 57/2002 regarding the scientific research and technological development, with further amendments and completions by the Law no 324/2003, with further amendments and completions.

****) The innovation expenses are determined according to the Regulations (CE) no 1450/2004 of the Commission from 13 August 2014 for the application of Decision no. 1608/2003/CE of the European Parliament and Council regarding the production and development of community statistics regarding innovation, published in the Offical Journal of the European Union series L no 267 of 14 th August 2004.

*****)For receivables taken over by cession from legal persons both their nominal value will be completed and their acquisition cost.

¹) in the category ˝Other debts related to natural persons and legal persons, other than debts related to public institutions (state institutions) ˝will not include subventions related to incomes existing in the balance of account 472.

2 ) In rows 189-198, col.(2), will be entered the percentage corresponding to the social capital held in the total of subscribed capital transferred, entered in row 188.

******) For the statute of "affiliated legal persons" the provisions of art. 7,paragraph (1) pct. 21 lett.c) of the Law no. 571/2003 regarding the Fiscal Code, with subsequent amendments and completions, will be taken into consideration.

ADMINISTRATOR, PREPARED,

Last name and first name: Associated Prof. DEc. Tudor Ciurezu Last name and first name: ec. Elena Sichigea

Signature Signature

Last name and first name: jr. Anina Radu

Signature Unit seal

Quality: Economic Manager

SITUATION OF OWN EQUITY MODIFICATIONS ON 30/09/2015

								RON
			Balance		INCREASES		REDUCTIONS	Balance
	Name of the element		account at the beginning of the financial exercise	Total, of which:	By transfer	Total, of which:	By transfer	account at the end of the reporting period
	1 Subscribed capital		58,016,571					58,016,571
	2 Capital premiums							0
	3 Reserves from revaluation		10,268,878			649,497	649,497	9,619,381
	4 Legal reserves		11,603,314					11,603,314
5	Reserves formed from the adjustments for value losses of financial assets e (balance account D)		(22,320,502)			(5,347,475)		(16,973,027)
	6 Statutory or contractual reserves		6,178,721					6,178,721
7	Reserves formed from the value of financial assets acquired with free title		106,685,985	7,298,990		18,361,504		95,623,471
8	Reserves representing the surplus accomplished from revaluation reserves		5,686,577	649,497	649,497	32,226		6,303,848
	9 Other reserves		593,090,837	25,256,244	25,256,244	82,666,768		535,680,313
	10 Own shares							0
	11 Gains connected with the instruments of own capitals							0
	12 Losses connected with the instruments of own capitals							0
	The result carried forward	Balance C		94,876,130	94,876,130	94,876,130	25,256,244	0
13	representing not allocated profit or not covered loss	Balance D						0
	The result carried forward	Balance C	299					299
14	derived from the adoption for the first time of IAS less IAS 29	Balance D						0
	The result carried forward	Balance C						0
15	derived from the correction of accountant errors	Balance D						0
	The result carried forward	Balance C						0
16	derived from passing to the application of the accountant Regulations according to the Fourth Directive of the European Economic Communities	Balance D						0
	17 The result of the financial	Balance C	94,876,130	140,307,330		94,876,130	94,876,130	140.307.330
	exercise	Balance D						0
	18 Profit allocation							0
	19 Total own capitals		864,086,810	268,388,191	120,781,871	286,114,780	120,781,871	846,360,221

ADMINISTRATOR, PREPARED,

Quality: Economic Manager

Last name and first name: Associated Prof. DEc. Tudor Ciurezu Last name and first name: ec. Elena Sichigea

Signature Signature

Last name and first name: jr. Anina Radu Signature Unit seal

THE STATEMENT OF CASH FLOWS on 30/09/2015

		RON
Name of the element	The financial exercise
	Previous	Current
A	31.12.2014	30.09.2015
Treasury flows from exploitation activities
Cashes from customers	214,737,084	122,578,181
Payments to suppliers, employees and other payments	(29,580,664)	(10,387,784)
Interests paid	0
Profit tax paid	(20,687,139)	(9,810,209)
Cashes from insurance against earthquakes	0
Net cash from exploitation activities	164,469,281	102,380,188
Cash flows from investment activities:
Payments for the acquisition of shares	(131,521,511)	(63,982,901)
Payments for the acquisition of tangible assets	(165,435)	(31,100)
Cashes from the sale of tangible assets	0	619,659
Interests cashed	508,846	292,890
Dividends cashed	38,206,968	23,489,079
Net cash from investment activities	(92,971,132)	(39,612,373)
Cash flows from financing activities:
Cashes from the issue of shares	0
Cashes from loans on long term	0
Payment of debts related to the financial leasing	0
Dividends paid	(71,087,515)	(47,679,226)
Net cash from financing activities	(71,087,515)	(47,679,226)
Net treasury increase and cash equivalents	410,634	15,088,589
Cash and cash equivalents at the beginning of the financial exercise	39,087,221	39,497,855
Cash and cash equivalents at the end of the financial exercise	39,497,855	54,586,444

ADMINISTRATOR, PREPARED,

Last name and first name: Associated Prof. DEc. Tudor Ciurezu Last name and first name: ec. Elena Sichigea

Last name and first name: jr. Anina Radu

Signature

Unit Seal

Quality: Economic Manager Signature Signature

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

1. FIXED ASSETS

		Gr lu os s v a e				j ( iza ion j for Va lu d tm ts t t d a d tm ts e a us en am or s a n us en de ia ion lu los ) t p re c or va e s
	Na f t he f ixe d e lem t me o en	Ba lan he t t ce a be in in f g n g o he f in ia l t an c ise ex er c	In cr ea ses	Ce ion ss s, fer d tra ns s a n he t o r ion du t re c s	Ba lan he t t ce a d o f he t en in t re p or g io d p er	Ba lan he t t ce a be in in f g n g o he f in ia l t an c ise ex er c	A d j tm ts us en is d ter re g e in du he t r g in t re p or g io d p er	Re du ion t c s o r k in ta re g	Ba lan he t t ce a d o f he t en in t re p or g io d p er
	0	1	2	3	4 = 1 + 2 3 –	5	6	7	8 = 5 + 6 7 –
1	he int i b le O ( 2 0 1 + 2 0 3 + 2 0 t ts 5 + ct. r an g as se 2 0 7 + 2 0 8 )	3 8, 7 7 9	5, 1 8 6	0	4 3, 9 6 5	3 8, 4 8 7	6 1 3		3 9, 1 0 0
2	dv d int i b le in f A ts an ce s a n an g as se co ur se o ion ( ) 2 3 3 + 2 3 4 - 2 9 3 3 t ct. ex ec u	0	0	0	0				0
3	T O T A L I N T A N G I B L E A S S E T S	3 8, 7 7 9	5, 1 8 6	0	4 3, 9 6 5	3 8, 4 8 7	6 1 3	0	3 9, 1 0 0
4	La ds ( 2 1 1 ) t. n c	2, 1 2 0, 4 2 3	0	1 1 5, 2 6 0	2, 0 0 5, 1 6 3				0
5	ion ( ) Co 2 1 2 tru t t. ns c s c	1 1, 5 9 3, 9 7 9	1, 2 5 0	4 8 1, 0 1 3	1 1, 1 1 4, 2 1 6	8 7 1, 0 8 2	3 0 7, 2 4 4	3 6, 9 1 4	1, 1 4 1, 4 1 2
6	Te hn log ica l e ip ( 2 1 3 1 ) nts t. c o q u me c	6 2 9, 2 3 5	0	3 1, 1 3 5	9 8, 3 0 5 7	8 4, 6 5 5 7	1 9 9 5, 7	3 1, 1 3 5	6 9, 2 2 2 5
7	ing l a d a d j de ice d M ntr tm t ea sur co o n us en v s a n , ins l la ion ( 2 1 3 2 ) ta t t. s c	3 0 6, 3 9 9	1 1, 0 5 2	0	3 1 7, 4 5 1	2 8 4, 6 5 7	9, 4 3 3		2 9 4, 0 9 0
8	f tr ion ( 2 1 3 3 ) M ta t t. ea ns o an sp or c	1, 5 5 7, 8 3 4	0	0	1, 5 5 7, 8 3 4	1, 5 5 7, 8 3 4			1, 5 5 7, 8 3 4
9	itu ice ion de ice Fu f f tom t rn re, o au a s, v ion ip he i b le tec t nts t r t ts p ro eq u me o an g as se , ( 2 1 4 ) t. c	2 0 3, 3 4 9	1 4, 0 0 0	0	2 1 7, 3 4 9	1 3 1, 0 5 7	1 6, 6 1 7		1 4 7, 6 7 4
1 0	in ( 2 3 1 ) No nt ts t. n- cu rre as se p ro g res s c	0	0	0	0				0
1 1	O A A G A S S S T T L T N I B L E E T	1 6, 4 1 1, 5 0 7	2 6, 3 0 2	6 2 7, 4 2 6	1 5, 8 1 0, 3 8 3	3, 4 2 9, 2 0 6	3 4 9, 0 9 3	6 8, 0 6 7	3, 7 1 0, 2 3 2
1 2	ina ia l a ( 2 6 1 + 2 6 2 + 2 6 3 2 6 4 + F ts t. + nc sse c 2 6 5 2 6 6 2 6 7 - 2 6 9 *) + +	9 1 4 3, 9 8 1 5 5,	6 6, 3, 3 3 5 5 7	8 8 4 1 2 7, 5, 7	9 3 3, 8 2, 1 4 6 5	3 9 8 8 4 5, 7, 7		1 6 1 0, 2 7, 5 5	1 8, 3 3 2 2 7 7,
1 3	T O T A L F I N A N C I A L A S S E T S	9 5 5, 1 4 3, 9 8 1	6 6, 5 5 3, 3 3 7	8 7, 8 4 5, 1 7 2	9 3 3, 8 5 2, 1 4 6	3 5, 9 8 7, 8 7 4	0	1 7, 6 1 0, 5 5 2	1 8, 3 7 7, 3 2 2
1 4	G E N E R A L T O T A L	9 7 1, 5 9 4, 2 6 7	6 6, 5 8 4, 8 2 5	8 8, 4 7 2, 5 9 8	9 4 9, 7 0 6, 4 9 4	3 9, 4 5 5, 5 6 7	3 4 9, 7 0 6	1 7, 6 7 8, 6 1 9	2 2, 1 2 6, 6 5 4

RON

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015
---------------------------------------------------------------	--	--	--

2. PROVISIONS

					RON
		Balance	Transfers	Balance
	Name of the provision	account at the beginning of the financial	In the account	From the account	account at the end of the reporting
		exercise			period
	0	1	2	3	4=1+2-3
1.	Provisions for taxes	40,210,662	748,342	2,823,263	38,135,741
2.	Other provisions	8,211,531			8,211,531
	TOTAL	48,422,193	748,342	2,823,263	46,347,272

1. Provisions for taxes

Provisions for taxes in balance account on 30.09.2015 are resulted from the application of the profit tax quote of 16% on the reserves from the value of securities, on the reserves formed from excess of tangible assets revaluation, on the reserves formed from the value of shares acquired free of charge and on the reserves formed from favourable differences related to the contributions in kind with which the company contributed to the increase of certain issuers` social capital (difference between contribution value and accounting value) . These provisions for taxes are totally formed on own capitals, having a temporary fiscal effect.

During the reporting period provisions for taxes in the amount of 748,342 RON were formed, of which :

the amount of 32,226 RON represents provisions for taxes related to the excess of tangible assets revaluation registered on costs and transferred from the revaluation reserve in the reserve representing surplus accomplished from revaluation reserves.
the amount of 716,116 RON represents provisions for taxes related to the shares acquired free of charge.

During the reporting period provisions in the amount of 2,823,263 RON were retaken, representing the payment tax related to the shares received free of charge which were sold.

On 30.09.2015 the provisions for taxes are in the amount of 38,135,741 RON and are detailed as follows:

Provisions for taxes related to:	31.12.2014	30.09.2015
- reserves from value of securities - reserves from revaluation of tangible assets - other reserves	39,252,264 801,492 156,906	37,145,117 833,718 156,906
Total	40,210,662	38,135,741

2. Other provisions

On 01.01.2015 there existed in the balance account provisions in the amount of 8,211,531 RON, of which:

the amount of 1,042,380 RON represents provision formed for the participation of employees to profit; of the effective leadership and administrators to profit for the year 2010, not allocated (litigation in progress);
the amount of 1,316,912 RON represents provisions formed for social contributions related to the participation fund of the employees to profit constituted in the year 2009 and distributed in the year 2010, uncertain obligation from the point of view of indebtedness;
the amount of 839,537 RON represents provision formed for the participation to profit of employees, of the effective leadership and administrators to the profit of the year 2011 not allocated (litigation in progress);
the amount of 12,702 RON represents provision formed for the participation to profit of employees, of the effective leadership and administrators to the profit of the year 2012 not allocated;
the amount of 5,000,000 RON representing the participation of employees, of the effective leadership and administrators to the profit of the year 2014, which also includes social contributions. The constitution of the provision was accomplished in accordance with the provisions of the collective work agreement, of the articles of incorporation and the approval of the Administration Board of SIF OLTENIA SA of 28.01.2015. The distribution of incentives to employees, effective leadership (leaders based on mandate) and administrators will be made according to the provisons of the company contract, of the collective work contract and of mandate contract on the basis of the approval of the Ordinary General Assembly of Shareholders .

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

3. PROFIT ALLOCATION

			RON
		The financial exercise
	The destination of the profit	2014	30.09.2015
A.	NET PROFIT TO BE ALLOCATED	94,876,130	140,307,330
1.	-own financing sources	25,256,244
2.	- dividends	69,619,886	140,307,330
B.	NOT ALLOCATED PROFIT	0	0

The Ordinary General Assembly of Shareholders from 29th April 2015, decided the allocation of the net profit in the amount of 94,876,130 RON for the following destinations:

- dividends to be allocated for the year 2014 (gross dividend per share – 0.12 RON)	69,619,886 RON
- own financing sources	25,256,244 RON

The company declared dividends of 0.12 RON / share for the year 2014. The dividends declared for the year 2014 are presented as a reduction of own equity in the financial statements of the year 2015.

4. THE ANALYSIS OF THE RESULT OF THE CURRENT ACTIVITY (EXPLOITATION)

			RON
Indicators	No row		Accomplishments related to the reporting period
		Previous	Current
1 Incomes from financial assets (ct. 761)	01	38,187,791	25,563,430
2 Incomes from financial investments on short term (ct. 762)	02	0	0
3 Incomes from fixed receivables (ct. 763)	03	0	0
4 Incomes from financial investments ceded (ct. 758*+764)	04	152,451,701	121,245,606
5 Incomes from works accomplished and services performed (ct. 704)	05	0	0
6 Incomes from reactivated receivables and various debtors (ct. 754)	06	0	0
7 Incomes from provisions (ct. 781+786)	07	3,710,326	12,280,150
8 Incomes from differences of exchange rate (ct. 765)	08	447,047	739,536
9 Incomes from interests (ct. 766)	09	373,778	280,173
10 Incomes from the fixed production, tangible and intangible (ct. 721+722)	10	0	0
11 Other incomes from the current activity (row 12 to18):	11	2,438,514	83,431,405
- from studies and researches (ct. 705)	12	0	0
- from royalties, locations and rents (ct. 706)	13	99,759	108,581
- from other various activities (ct. 708)	14	0	0
- from subventions (ct. 741)	15	0	0
- from other incomes (ct. 758**)	16	4,400	83,299,855
- from discounts obtained (ct. 767)	17	19,934	19,692
- from other financial incomes (ct. 768)	18	2,314,421	3,277
12 INCOMES FROM THE CURRENT ACTIVITY (row 01 to 11)	19	197,609,157	243,540,300
13 Losses related to receivables connected to stakes (ct. 663)	20	0	0
14 Expenses regarding financial investments ceded (ct. 658*+664)	21	105,004,108	70,065,705
15 Expenses from differences of the exchange rate (ct. 665)	22	155,607	446,887
16 Expenses regarding interests (ct. 666)	23	0	0
17 Expenses regarding commissions and fees (ct. 622)	24	795,073	1,136,971
18 Expenses with bank services and assimilated (ct. 627)	25	19,143	10,620
19 Losses from receivables and various debtors (ct. 654)	26	5,586	0
20 Expenses with provisions and amortizations (ct. 681+686)	27	403,894	349,706
21 Other expenses from the current activity (row 29+30+31+34+47)	28	6,423,833	6,985,332
- with materials (ct. 602+603+604)	29	184,912	163,478
- with energy and water (ct. 605)	30	101,183	103,174
- with the personnel (row 32+33)	31	4,344,232	4,641,332
- wages(ct. 621+641+642)	32	3,369,362	3,776,696
- insurances and social protection (ct. 645)	33	974,870	864,636
- with external services (row 35 to 46)	34	418,910	886,764
- maintenance and repairs (ct. 611)	35	95,992	95,422
- royalties, locations and rents (ct. 612)	36	0	0
- insurance premiums (ct. 613)	37	48,958	43,732

4. THE ANALYSIS OF THE RESULT OF THE CURRENT ACTIVITY (EXPLOITATION) (continuation)

- studies and researches (ct. 614)	38	0	0
- protocol, advertisement, publicity(ct. 623)	39	42,012	18,789
- transport of goods and persons (ct. 624)	40	0	0
- travels, detachments, transfers (ct. 625)	41	37,377	19,870
- mail and telecommunications (ct. 626)	42	39,694	31,726
- other services performed by third parties (ct. 628)	43	140,873	107,708
- other expenses (ct. 658**)	44	12,637	567,859
- expenses regarding discounts given (ct. 667)	45	0	0
- other financial expenses (ct. 668)	46	1,367	1,658
- expenses with other taxes, fees and assimilated payments (ct. 635)	47	1,374,596	1,190,584
22 EXPENSES FROM THE CURRENT ACTIVITY (row 20 to 28)	48	112,807,244	78,995,221
23 RESULT FROM THE CURRENT ACTIVITY (row 19-48)	49	84,801,913	164,545,079

5. THE STATEMENT OF RECEIVABLES AND DEBTS

					RON
			Balance account	LIQUIDITY TERM
	Receivables	No.Row 0	at the end of the reporting period	Under 1 year	Over 1 year
			2=3+4	3	4
	TOTAL, of which:	01	8,987,269	8,987,269
I. Receivables from fixed assets, of which:			253,508	253,508
	- Receivables connected to participation interests	03	0
	- Other fixed receivables	04	253,508	253,508
	II. Receivables from operating assets, of which:	05	8.733.761	8,733,761
	-Commercial receivables, advances assigned to suppliers and other assimilated accounts	06	1,785,316	1,785,316
	- Receivables-personnel and assimilated accounts	07	1,607	1,607
	- Receivables-the budget of social insurances and the state budget	08	3,697,238	3,697,238
	- Interests to be cashed	09	291	291
	- Debtors	10	3,249,309	3,249,309

In absolute values the receivables of the company appear as follows:

On 30.09.2015 the company has registered adjustments for depreciation of receivables in the amount of 1,088,329 RON. RON

		Balance		EXIGIBILITY TERM
Debts	No. Row	account at the end of the reporting period	Under 1 year	Between 1-5 years	Over 5 years
	0	2=3+4+5	3	4	5
TOTAL, of which:	01	97,271,354	97,271,354
I. Debts that must be paid within a period of 1 year, of which:	02	97,271,354	97,271,354
- Other loans and related interests	03	3,435	3,435
- Commercial debts, advances received from customers and other assimilated accounts	04	106,975	106,975
-Debts with the personnel and assimilated accounts	05	1,223,733	1,223,733
- Debts connected to the budget of social insurances and state budget	06	10,891,127	10,891,127
- Payment dividends	07	85,046,075	85,046,075
- Other debts	08	9	9

The payment dividends to shareholders in the amount of 85,046,075 RON include dividends not paid related to the years 2010 – 2014.

According to the decision n. 7a) of A.G.O.A. from 29.04.2015 the accounting records were performed according to the prescription of the right to require the payment of unclaimed dividends for more than 3 years from their chargeability. Thus, in the financial year 2015 was recorded in "other exploitation incomes" the amount of 82,666,768 RON, representing dividends for which the right to request their payment was prescribed, which would have been due to shareholders for the financial years prior to the financial year 2010.

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS

Chapter I – General Background

1. Legal background. The accounting regulations according to the IVth Directive of CEE applicable to the authorized entities, settled and supervised by the National Commission of Securities, (RNSC) / Financial Supervision Authority (ASF), approved by the Order no. 13/2011, respectively Regulations no. 4/2011, define in art. 234(1) of the 5 th Section, the accounting policies as being represented by "the specific principles, bases, conventions, rules and practices applied by an entity when elaborating and presenting the financial statements".

2. The structuring of the accounting policies. The present accounting policies were correlated with the main policies of enterprise that S.I.F. OLTENIA S.A. applies, regarding the organization, analysis and processing of documents, the policies of internal control, etc. At the same time, where the case required it, the accounting policies were correlated with the specific regulations issued by R.N.S.C. /A.S.F.

The accounting policies applicable to S.I.F. OLTENIA S.A. were structured in:

ß General accounting policies, regarding background problems of the organization of the financial reporting, respectively recognition, classification, evaluation, significance threshold, etc.
ß Specific accounting policies regarding the specific categories of assets, debts, own capitals, incomes, expenses and results.

3. General accounting policies. The individual financial statements fall in the responsibility of S.I.F. OLTENIA S.A. leadership and are elaborated according to the provisions of the Accountancy Law no. 82/1991 R and of the Order R.N.S.C. no. 13/2011 for the approval of the Regulations no. 4/2011, regarding Accounting Regulations complying to the IVth Directive of CEE, applicable to the authorized entities, settled and supervised by the National Commission of Securities. At the same time, provisions of the legislation in force specific to the companies of financial investments and capital markets were used.

According to RNSC Order no. 13/2011 regarding Accounting Regulations compliant with IVth Directive of CEE, applicable to authorized entities, settled and supervised by RNSC, these financial statements are prepared under the historical cost, adjusted with depreciations and losses of value recorded in the last inventory (having as reference date 31st December 2014), except for tangible assets which are stated at their revalued amount resulting from their revaluation on 31st December 2012.

The financial statements of S.I.F. OLTENIA S.A. reflect the transactions for the current financial exercise and are elaborated in RON. Receivables, debts and reserves in foreign currency existing on 30.09.2015 are converted in RON at the reference exchange rate of the present day.

In accordance with R.N.S.C. Order no. 116/21.12.2011 for the approval of Instruction no. 6/2011, RNSC Order no. 1/2013 and ASF Instruction no. 2/2014 regarding the application of International Financial Reporting Standards by authorized entities, regulated and supervised by ASF, the companies of financial investments are required to prepare annual financial statements in accordance with International Financial Reporting Standards, for information purposes, for the financial exercises of the years 2011, 2012, 2013 and 2014, within 180 days from the closing of the financial year. Financial statements prepared under IFRS will be obtained by restating the information presented in the annual financial statements prepared under accounting evidence organized in accordance with Accounting Regulations in compliance with Directive IV of CEE applicabile to authorized entities, regulated and supervised by RNSC. The financial statements prepared in accordance with IFRS are published on the own website and are subject to financial audit.

In accordance with RNSC Decision no. 1176/15.09.2010, companies of financial investments are required to prepare and submit to ASF annual consolidated financial statements, in accordance with International Financial Reporting Standards adopted by the European Union, within 8 months from the closing of the financial year. The Group S.I.F. OLTENIA S.A., including S.I.F. Oltenia S.A. and its subsidiaries, will prepare a set of consolidated financial statements in accordance with IFRS for the financial exercise concluded on 31.12.2014, for information purposes, which will be published in accordance with Romanian legislation requirements in force .

As general rules for the recognition of the elements from the financial situations, we state that S.I.F. OLTENIA S.A. availed of the following conventions, principles and rules:

The convention of commitments accountancy, based on which the effects of the transactions and of other events are recognized recunoscute (and implicitly registered in accountancy and reported in the financial statements) when they appear and not at the moment when the cash flows intervene.

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

The accounting principles used are:
ß the principle of the activity continuity supposes that S.I.F. OLTENIA S.A. will continue to operate normally in the foreseeable future without entering in the impossibility to continue its business or its significant reduction;
ß the principle of the methods permanence consists in the application of the same rules and standards for the evaluation, registration in accountancy and submission of assets and liabilities, as well as of results, while ensuring the comparability in time of accounting information;
ß the principle of prudence requires that the value of any item is determined by taking into account:
o only profits recognized until the date of preparation of financial statements;
o foreseeable obligations and potential losses incurred during the reporting period completed or during an earlier exercise, even if such obligations or losses occur between the balance sheet date and the date of its preparation;
o all depreciation, regardless if the result of the financial exercise is profit or loss;

▪ the principle of exercise independence requires that all incomes and expenses corresponding to the financial year for which the reporting is made to be taken into consideration, regardless of the date of receipt of amounts or payments made;

ß the principle of the separate evaluation of the elements of assets and liabilities requires the separate determination of the value related to each individual item of asset or liability;
ß the principle of intangibility requires that the opening balance sheet of an exercise must correspond to the closing balance of the previous year;
ß the principle of non compensation requires that the values of the elements representing assets cannot be compensated with the values of elements representing liabilities, respectively incomes with expenses;
ß the principle of the economic prevalence on the legal requires that the information presented in the annual financial statements should reflect the economic reality of events and transactions, not only their legal form;
ß the principle of the significance threshold requires that any element that has a significant value should be presented separately in the annual financial statements. Elements of insignificant value with the same nature or similar functions must be added, not being necessary to disclose them separately.

-The qualities of the accountant information which were taken into consideration in the elaboration of the financial statements are: clarity, relevance, fiability and comparability.

S.I.F. OLTENIA S.A. aims at maintaining financial capital by determining the current value of own equity at the end of each financial year .

Business continuity. These financial statements have been prepared on the basis of business continuity principle, which assumes the fact that S.I.F. OLTENIA S.A. will continue its activity also in the foreseeable future. In order to evaluate the applicability of this statement, the company management analyzes future predictions at future cash inflows.

Use of estimates. The preparation of financial statements in accordance with RNSC Order no 13/2011, as further amended, requires the management of S.I.F. OLTENIA S.A. to make estimates and assumptions that affect the reported amounts of assets and liabilities, the presentation of assets and contingent debts at the date of preparation of individual financial statements and incomes and expenses reported for the respective period. Although these estimates are made by the management of S.I.F. OLTENIA S.A. based on the best information available at the date of the financial statements, the results obtained may differ from these estimates.

Functional and presentation currency. Functional and presentation currency of the financial statements is leu (RON). The financial statements are prepared in RON, rounded at the nearest leu, which is also the presentation currency.

Transactions and balances in foreign currency. Transactions of S.I.F. OLTENIA S.A. in foreign currencies are registered at the exchange rate communicated by the National Bank of Romania ("BNR") of the transactions date. Gains and losses resulting from the settlement of transactions in a foreign currency and from conversion of monetary assets and liabilities denominated in foreign currencies, are recognized in the profit and loss account of the current year. Foreign currency balances are converted in RON at the exchange rates communicated by BNR for the balance sheet date.

On 30th September 2015, the main official exchange rates used were: 4.4167 RON for 1 EURO (31st December 2014: 4.4821) and 3.9342 RON for 1 USD (31st December 2014: 3.6868).

4. Specific accountant policies. S.I.F. OLTENIA S.A. avails of the following rules for the recognition and evaluation of the elements from the financial statements:

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

4.1.Assets recognition and evaluation. The recognition of an asset is accomplished according to:

utility, expressed through the obtainment of future economic benefits as a consequence of use or sale; utility is appreciated by the Administration Board for special situations like donations, subventions, exchanges of assets, etc or by the effective Leadership of the company for usual situations, operations or transactions. In this respect, any entry of asset in the administration of S.I.F. OLTENIA S.A. will have to be correlated with the investment budget or the budget of the exploitation activity.
its credible evaluation. The evaluation of assets is made, according to case, at one of the following values: acquisition cost, production cost, fair value, utility value, the smallest value between cost and recoverable value, the smallest value between cost and net accomplishable value.

S.I.F. OLTENIA S.A. does not include in the acquisition cost of assets: expenses associated to the unfavourable differences of the exchange rate, the reorganization provisions, dismounting and displacement of the assets.

The fair value is defined as being the value for which an asset can be traded or a debt can be discounted, between parties interested and aware of it, within a transaction with the price determined in objective conditions.

The fair value of the assets credibly evaluated is considered to be the market value (if an active market exists) or the replacement cost. In determining the fair value (when a market value does not exist) or the utility value, the company will use experts, independent evaluators.

4.1.1. The testing upon depreciation of assets. S.I.F. OLTENIA S.A. accomplishes at the end of each year the testing upon depreciation of assets. The testing upon depreciation of fixed assets also takes place when there is information that a series of internal or external conditions associated to the asset functioning changed significantly and there are the premises of a significant deterioration of value. Thus, an asset is considered depreciated if the net accountant value is significantly superior to its recoverable value (for the fixed assets) or to its net accomplishable value (for the current assets).

4.1.2. The revaluation of the fixed assets. S.I.F. OLTENIA S.A. proceeds to the revaluation of the tangible assets periodically, and the difference from revaluation will determine the adequate accountant registration, if the fair value determined by revaluation is significantly different toward the accountant value. The differences from revaluation are registered like this:

a) when the fair value is significantly greater than the accountant value, the difference will be registered:

in an account of own capitals, or
in an account of incomes, if a previous revaluation determined a value depreciation which was registered on expenses, and only within the limit of that depreciation, the difference being registered still in an account of own capitals. b) when the fair value is significantly smaller than the accountant value, the difference will be registered like this:
in an account of expenses, or
in an account of own capitals if, a previous revaluation determined the registration of a difference from revaluation in that account of own capitals and only within the limit of that amount, the difference being registered still in an account of expenses with the depreciation of assets.

4.2. Debts recognition and evaluation. The recognition of a debt is fulfilled by the company according to the following criteria:

the possibility of an output of resources bearing economic benefits;
the evaluation must be fulfilled in a credible way.

The evaluation of debts is accomplished:

at input, at the historical value or updated value of the future outputs of cash or of resources necessary to discount the debt;
at inventory, at the updated value of the outputs of future resources;
at the balance sheet, at the accounting value or at the updated accountant value, in case of debts expressed in RON reported to a foreign currency.

Debts over one year will be brought to the updated value according to the legal dispositions or to the conventions and contracts concluded . The update of bank credits and leasing rates will be made according to the contractual provisions

4.3. Own capitals. Own capitals represent the residual interest of shareholders in the assets of the institution, after the deduction of all debts and are composed of :

social capital;

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

premiums connected to the capital, which represent the difference between the issue value of newly issued shares and their nominal value and can be issue premiums, contribution premiums, fusion/division premiums, conversion of bonds in shares, etc.
reserves from revaluation, constituted by the registration of surplus from the non-current assets revaluation;
reserves associated to the allocations from the annual profit before or after taxation, according to law;
reserves formed from adjustments for value loss of financial intangible assets;
the result of the exercise;
the result retained in which are registered:
ß the result retained representing not allocated profit or not covered loss from the previous years;
ß the result retained resulted from the adoption for the first time of IAS, less IAS 29
ß the result retained resulted from the correction of accounting errors;

ß the result retained resulted from the passing to the application of the Accounting Regulations corresponding to the IVth Directive of the European Economic Community.

4.4.Expenses and incomes in advance. These are posts of regularization of incomes and expenses which are related to other financial exercises than the current one.

4.5. Incomes recognition and evaluation. The recognition of incomes is fulfilled according to the following criteria:

the increase of future economic benefits (through increases of assets or reductions of debts) when there are fulfilled cumulatively the conditions: the transfer of all risks and advantages related to the property over the good; the effective control on the sold good is no longer held; the respective good can no longer be administered;

- the credible evaluation.

4.6. The recognition of expenses is fulfilled when:

a diminution of the future economic benefits is estimated by the diminution of assets or the increase of debts, and
they are credibly evaluated

Chapter II – Policies related to tangible and intangible assets

Intangible assets. The classification and presentation is the one provided by the Regulations.

The computational programs are evaluated at the acquisition cost, they are classified according to destination and amortized monthly for a period of 3 years. The expenses with the current maintenance of the computational systems are recognized as expenses of the period.

Tangible assets

They are structured in the balance sheet in the following subcategories:
lands and constructions;
technical installations and machines;
other istallations, equipments and furniture;
advances and tangible assets in process

S.I.F. OLTENIA S.A. revaluates the buildings and lands and the other tangible assets periodically. The last revaluation made and registered was on 31.12.2012.

The lands held by S.I.F. OLTENIA S.A. cannot be amortized because their useful life duration cannot be determined, but they are periodically tested upon depreciation.

The expenses for the arrangement, rearrangement and modernization of the buildings and lands and of other non-current assets are included in the accountant value of the respective non-current assets. The expenses with the current repairs and for maintenance related to the tangible assets are recognized as expenses of the period.

The testing upon depreciation of the tangible assets will be fulfilled at the end of each financial exercise . At the end of the fiscal year the inventory of tangible assets is performed and also their compliance with the accounting. Based on the approval of the Administration Board the cassation proposals performed by the inventory commissions are deducted from the accounting evidence and passed in an account outside the balance sheet until their cassation.

The tangible assets are amortized in a linear system, the useful life durations being those established by the CA resolution no. 2/10.02.2005 having as a determination basis HG 2139/2004. The useful life duration of tangible assets are established as follows:

- constructions	12-50 years
- technical installations and machines	3-20 years

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

other installations, equipments and furniture 3-15 years

Chapter III – Policies related to investments and financial instruments

S.I.F. OLTENIA S.A. invests in securities issued by other companies or public or private organisms, their presentation in the balance sheet being made:

in short term financial assets (current assets) for financial instruments destined to trading which are, usually, kept for a limited period of time in the portfolio.
in financial non current-assets (fixed assets) for the securities kept until the due time, investments and receivables on average and long term of the company toward third parties, financial assets available for sale.

Financial assets available for sale are defined as being those assets that are not loans and receivables produced by SIF Oltenia SA, financial assets held for trading or investments held to maturity.

On 30.09.2015, the company classified in this category all equity securities and receivables to third parties who were not classified in the above categories.

Investments held to maturity represent those financial assets with fixed or determinable payments and fixed maturity that the company has the firm intention and the possibility to held until maturity.

Other fixed receivables held by the company are loans and receivables produced by providing money to a debtor, other than those initiated with the intent of being immediately sold or in short term.

The financial investments held by S.I.F. OLTENIA S.A. in the form of the stakes to the social capital of other companies are part of the category of financial assets available for sale, being registered in financial assets. Occasionally, when the effective leadership of the company considers that the interests of shareholders are better protected, certain financial investments can be included and treated likewise, in the category of financial investments on short term.

At input, the investments are registered at acquisition cost, which also includes trading costs directly assignable to their acquisition.

In the annual financial statements, the financial investments are evaluated according to the R.N.S.C. Orders no 13/2011 and no. 11/11.03.2009, respectively:

-securities on short term (shares) admitted to trading on a settled market, are evaluated at the quotation value from the last trading day and those not traded– at the historical cost less the eventual adjustments for value losses.

securities on long term are evaluated at historical cost less the eventual adjustments for value loss.

In the annual financial statements in determining the adjustments for depreciation of participation units, the market value is the value established based on the provisions of the Disposition of measures no. 23/20.12.2012 issued by RNSC, with applicability from the month of March 2013 and of the Decision of the Administration Board no. 1/31.01.2013 for the approval to use the alternative methods provided in this Disposition of measures, until 30.06.2015. According to A.S.F. Regulations no. 10 / 2015, which abrogates the disposition of measures no. 23/20.12.2012, as of 01.07.2015 the assessment is made in accordance with the A.S.F. Regulations no. 9 / 2014, art. 113 – 122, as follows:

· In case of securities (shares) traded on settled markets in the last 30 trading days, the market value is calculated based on the closing price of the market section considered the main market
· In case of securities (shares) traded on an alternative system in the last 30 trading days, the market value is calculated based on the reference price related to the day for which the assessment is made, supplied by the operator of the respective trading system.
· For securities admitted to trading, but not traded in the last 30 trading days and for securities not admitted to trading, the market value is given by the accounting value per share, the way it results from the last annual financial statement (prepared in accordance with National Accounting Regulations applicable to the issuer) of the respective entity. In case of credit institutions, the accounting value per share has as a calculation bases the value of the own equity contained in the monthly reports submitted to BNR.
· Securities not traded or admitted to trading and not traded in the last 30 working days, whose financial statements are not available within 90 days from the legal dates of filing, are evaluated at the value set by using information from quarterly/half yearly financial reports published on the websites of the regulated market, or, if they are not available, at the zero value.
· The market value of securities held in commercial companies not admitted to trading, with negative values of

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

own equity and of commercial companies in insolvency procedure, reorganization, judicial liquidation or other forms of liquidation and of those in temporary or permanent cessation of activity is set to zero.

· For securities issued by O.P.C traded in the last 30 trading days on a regulated markets, the market value is calculated at the closing price of the market section considered the main market from the last trading day
· For securities issued by O.P.C traded in the last 30 trading days on an alternative system, the market value is calculated based on the reference price related to the day for which the assessment is made, provided by the operator of the respective trading system.
· In case of securities issued by O.P.C and not admitted to trading, the market value is established by the evaluation method based on the last unitary value of the net asset calculated and published.

S.I.F. OLTENIA S.A. has chosen to establish the market value based on the Disposition of measures no. 23/20.12.2012 respectively on the Regulations no. 9/2014 because it is a generally accepted method, used in the reports submitted to A.S.F. and investors, to calculate the monthly and annual net asset (Annex no. 16 and Annex no. 17). S.I.F. OLTENIA S.A. believes that the value of the securities presented to investors in the financial statements cannot be determined by different methods. S.I.F. OLTENIA S.A. consistently applied this method of evaluation.

The negative adjustments are registered on accounts of capitals, using the account 1062 "Reserves formed from adjustments for losses of value of financial assets" according to RNSC Order no. 11/11.03.2009.

The evaluation of the financial investments is performed and registered at the end of every year.

Shares received with free title are registered in the account 1065 ,,Reserves formed from the value of financial intangible assets acquired free of charge".

When exiting the patrimony the participation units (shares) are subtracted from administration based on the FIFO method (first entered, first exited).

Chapter IV – Policies related to stocks

S.I.F. OLTENIA S.A. evaluates stocks at the acquisition cost which contains the totality of expenses related to the acquisition and bringing of goods in state of use or utilization. The administration of stocks is organized based on the quantitative – value method, according to the nature of goods.
When exiting the administration, stocks of material values are registered in accountancy by applying the FIFO method (first entered, first exited).

The materials of the type of inventory objects are registered fully on costs when given to be used.

In the balance sheet stocks are evaluated at cost, and the testing upon depreciation is made at the end of each year.

The stocks will be inventoried at the end of each financial exercise.

Chapter V – Policies related to receivables

Receivables on short term (with due dates up to 12 months) are evaluated at the nominal value, at the date of their apparition; those on long term are distinguished in the balance sheet at the updated value according to the currency exchange rate or according to the phasing diagram of cashes and contractual conditions.

The dividends to be cashed are registered in the accountant evidence on ex-dividend date, and the non cashing on the dates established by AGOA Resolution, are adjusted with full amount, in the asset, being registered with zero value (Disposition of measures no. 23/2012 of R.N.S.C and A.S.F. Regulations no. 9/2014).

A reclassification of receivables in uncertain receivables is made when the non-cash risk becomes significant. Receivables will be classified according to the oldness of non-cash and each category will have a non- cash risk associated to it.

From the fiscal point of view, the deducibility of the adjustments for the depreciation of receivables will be circumscribed to the legal provisions in force.

The differences of the exchange rate related to the receivables in the estimates at the end of each month, are recognized as incomes or financial expenses of the respective period.

Chapter VI – Policies related to the money reserves and equivalents in cash

The reserves are distinguished distinctly and registered in accountancy on each particular type of currency. The evidence of the movement is kept in RON, at the exchange rate from the transaction date. At the end of each month, the

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

balance in foreign currency is converted according to the exchange rate communicated by BNR from the last banking day of the month concerned and the differences of the exchange rate are distinguished as incomes or financial expenses of the period.

Chapter VII – Policies related to debts

The classification of debts in the balance sheet is made according to the discount duration, in debts on short term (under one year) and debts on average and long term (over one year).

The evaluation of debts is made at the nominal value of the amounts of money which will be paid to extinguish the obligation. The updating of the debts value in foreign currency, in balance account at the end of each month, is made at the exchange rate from that date, the differences being recognized as incomes or expenses of the period to which they refer.

It is believed that short-term debts (commercial, fiscal, wages, payment dividends etc.) should not be updated because the settlement period is short and the eventual variations of value are considered insignificant.

The bank credits, loans, etc are indexed according to certain rates according to the contracts that settle them.

Chapter VIII – Policies related to own capitals

The composition of the own capitals of S.I.F. OLTENIA S.A. is the following:

social capital
reserves from revaluation
reserves
result retained
result of the exercise

The shares of S.I.F. OLTENIA S.A. are listed at category I on the native capital market (Bucharest Stock Exchange). Until the present day the company did not buy back its own shares

The accounts of own capitals reflect the result of the difference between assets and debts from the balance sheet.

The company is permanently preoccupied to maintain the financial capital it possesses. The company does not apply the adjustment to inflation of the own capitals; revaluations of the assets and debts are made periodically in order to offer a faithful image on the activity.

The distribution of dividends as well as all the other destinations of allocation of the net profit will be operated from the accounting point of view in the financial exercise in which the General Assembly of Shareholders decides upon this allocation, the respective operations being considered further events to the date of the balance sheet which do not impose accounting adjustments for the year concluded.

Chapter IX – Policies related to incomes, expenses and results

The recognition of incomes is fulfilled according to the following criteria

the increase of future economic benefits through increases of assets or reductions of debts;
the credible evaluation.

In the situation when the transaction took place but the recognition of the income is conditioned by certain subsequent events, S.I.F. OLTENIA S.A. will register an income in advance, which will be converted in effective income during the apparition / validation period of the subsequent event.

The incomes from dividends will be recognized when the right of S.I.F. OLTENIA S.A. to dividends is established, respectively when the company issueing the shares will state the allocation of dividends from the annual profits (ex-dividend date).

The extraordinary incomes refer only to incomes from clearly distinguished events from the usual activities, which do not have a frequent character and cannot be controlled by the management of the company. This kind of events will be commented in the explanatory notes and in the profit and loss account the extraordinary incomes and expenses will be presented distinctly.

The recognition of expenses is fulfilled according to the following criteria:

the diminution of future economic benefits through diminutions of assets or increases of debts;
the evaluation must be credible.
The moment of recognizing the expenses is established based on professional reasoning which will have at its basis the commitments accountancy and the principle of connecting expenses with incomes which were generated in a certain period of time.

The extraordinary expenses refer exclusively to expenses from clearly distinguished events from the usual activities,

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

which do not have a frequent character and cannot be controlled by the management of the company.

S.I.F. OLTENIA S.A. classified all stakes held in companies in the category of financial assets available for sale. The eventual provisions regarding the obligation to pay taxes will be recognized in the annual financial statements, in the credit of the account 1516 "Provisions for taxes".

For the participations held by S.I.F. OLTENIA S.A. and reflected in the accounts of own capitals, other than the social capital, provisions will be constituted, for the profit tax due at the moment of their valorization with reflection in the accounts 1065 "Reserves constituted from the value of titles / shares acquired free of charge from the companies in which stakes are held" and 1068 "Other reserves".

Provisions for taxes are established for the payment of future amounts due to state budget, given that the respective amounts do not appear reflected as a current liability in relation to the state.

Provisions for taxes are calculated by applying the share provided by the fiscal legislation (the share of 16%) on the reserves (included in own equity) accumulated related to the initial portfolio, to the reserves from shares received for free, to the reserves from the contribution value of fixed assets brought to the social capital of other companies and reserves from revaluation surplus accomplished from revaluation differences, not taxed. Establishing and regulating the provision for profit tax is made in correspondence with the appropriate reserve account.

At the same time, the eventual counter value of the participations held in the commercial companies dissolved following the closing of the bankruptcy procedure for them, will be reflected in accountancy through the account 1068.01 "Other reserves", until the limit of exhaustion of these reserves.

The company performance is reflected in the result of the exercise, which comes from the profit and loss account of the period. The distribution of the profit is considered "further event to the date of the balance sheet, which does not need adjustment in the current exercise", subsequently this event will produce effects in the following financial exercise. The retained result which comes from the previous periods will influence the result of the current exercise like this: if the retained result is a loss, it will be covered from the result of the future exercises; if it is a profit the distribution modalities are those practiced for the result of the exercise, respectively those established by the General Assembly of Shareholders.

Chapter X The benefits of the employees

Short term benefits of the employees include salaries, bonuses and social security contributions. The obligations with short-term benefits granted to employees are not updated and are recognized in the profit and loss account as the related service is rendered.

In the normal course of business, the company makes payments on behalf of its employees to the Romanian State pension system, health insurance and unemployment fund. Also, all employees of the company are members and have the legal obligation to contribute (through individual social contributions) to the Romanian State pension system. All related contributions are recognized in profit and loss account of the period when they are made. The company has no further obligations.

S.I.F. OLTENIA S.A. is not engaged in any independent pension system and, therefore, has no other obligations in this respect, and has no obligation to provide further services to former or current employees.

Besides salaries and other salary rights, according to the Collective Labour Agreement and Company statute, the employees, directors with mandate contract and administrators, are entitled to receive also incentives granted from the fund made at the level of the company approved by AGOA of the company for approval of the financial statements for the expired year (participation fund to profit). This obligation is first recognized in the profit and loss account of the financial exercise in which the profit was made in the form of a provision (account1518 "Other provisions).

The distribution of incentives on employees, directors with a mandate contract and administrators, is made in accordance with the provisions of the Collective Labour Agreement, Company Statute and Mandate Contracts, after approval by the Ordinary General Assembly of Shareholders.

Chapter XI – Accounting policies related to special cases

The modification of an accounting policy must be done only if it is required through legal dispositions or by an organism of accounting regulation or if it has as a result a more adequate presentation of the events or of the transactions within the financial statements.

The change of the accounting policy applies prospectively – on the events and transactions that take place after the changing date.

No adjustment connected to the previous periods is applied to the opening balance of the result carried forward or to its profit and loss account.

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

7. STAKES AND FINANCING SOURCES

S.I.F. OLTENIA S.A. holds securities of the type of shares and securities in open and closed investments funds, according to Note 11.

The social capital amounts to 58,016,571.4 RON, consisting of 580,165,714 shares, with a nominal value of 0.1 RON.

The shares are ordinary, nominative, of equal value, issued in dematerialized form and give equal rights to their holders. The shares are indivisible, the company recognized a single representative to exercise the rights arising from ownership of a share.

The company contract, in art. 6, al. 3, provided that:

"Any person may acquire with any title or may hold, alone or together with persons acting in concert, shares issued by S.I.F. Oltenia S.A., but not more than 5% of its social capital.

The exercise of the voting right is suspended for the shares held by shareholders, which exceed the limit provided in paragraph 3 of the present article. The persons mentioned in paragraph 3 of the present article have the obligation that, when the threshold of 5% is reached, to inform in maximum 3 working days S.I.F. Oltenia S.A., R.N.S.C. and B.V.B. Within 3 months from the date of exceeding the limit of 5% of the social capital of S.I.F. Oltenia S.A., shareholders in this situation are forced to sell shares that exceed the holding limit."

The shares give their holders the following rights:

the right to vote in the General Assembly of Shareholders (1 share represents 1 vote).
the right to receive dividend, approved by AGOA of allocation of the net profit obtained by the company.

During the reporting period concluded shares were not issued.

During the reporting period concluded bonds were not issued.

8. INFORMATION REGARDING THE EMPLOYEES AND THE MEMBERS OF THE ADMINISTRATION, MANAGEMENT AND SUPERVISION BODIES

* The wages of managers, administrators and attorneys

the administrators of the company received during the reporting period indemnities according to the decision of AGOA and to the provisions of the Law 31/1990 republished.
the effective leadership, received wages during the period 01.01.2015 – 30.09.2015 in accordance with the provisions of A.G.O.A. decision of 20.04.2013, which underlied the conclusion of the mandate contracts approved by the Administration Board for the General Manager and the Deputy General Manager.

The attributions of the effective leadership of the company, delegated by the Administration Board according to the privisions of art. 143 (1) of the Law 31 / 1990 R and R.N.S.C. regulations (current A.S.F.) in force, were performed by:

Ciurezu Tudor General Manager
Radu Anina Deputy General Manager

there are no contractual obligations regarding the payment of pensions to the former managers and administrators.

advances or credits were not granted to the managers and administrators during the reporting period, except for the advances for travels in work interest, justified in legal term, so that at the end of the period no amount of this kind is due.

-there are no obligations of the type of warranties assumed by the company in the name of managers and administrators

* The employees:	30.09.2015
- average number of employees of which:	52
- employees with high studies	34
- employees with average studies	18
- collaborators, of which:	5
- administrators	5
- wages paid or to be paid (RON)	3,776,696
- expenses with social insurances (RON)	864,636

The company makes payments to the institutions of the Romanian state in the account of pensions of its employees. All the employees are members of the pensions plan of the Romanian state. The company does not operate any other pensions plan or benefits after retirement, and, thus, does not have any other obligations regarding pensions. Moreover, the company is not obliged to offer further benefits to the employees after retirement.

The leadership of the company is realized according to the unitary system settled by the Law 31/1990 with subsequent amendments.

9. CALCULATION AND ANALYSIS OF MAIN ECONOMIC-FINANCIAL INDICATORS

Financial indicators are divided into five categories:

Liquidity indicators Risk indicators Activity indicators Profitability indicators Indicators regarding result per share

1. LIQUIDITY INDICATORS

	Current assets		62,286,679
- Current liquidity indicator =	Current liabilities	=	97,271,354	= 0.6403

(or the indicator of working capital)

provides guarantee for covering current liabilities from current debts.

- Immediate liquidity indicator =	Current assets-stocks		62,251,797
	Current liabilities	=	97,271,354	= 0.6400

(or acid test indicator)

2. RISK INDICATORS

	- Gearing ratio =
--	-------------------	--	--

	Borrowed capital Own capital	x 100 - Not applicable
=	Borrowed capital Capital employed	x 100 - Not applicable

Where: Borrowed capital = credits over 1 year

Capital employed = borrowed capital + own capital

The indicator regarding interests coverage

this indicator determines how many times an institution may pay interest expenses.
the lower the value of the indicator is more risky the position of the institution is considered.

Profit before interest payment and profit tax = No times - Not applicable Interest expenses

3. ACTIVITY INDICATORS

Management indicators provide information on:

input or output speed of cash flows;
the ability of the institution to control the working capital and core activities.

Main activity indicators are:

rotation speed of customers debits;
rotation speed of fixed assets;
rotation speed of total assets.

9. CALCULATION AND ANALYSIS OF MAIN ECONOMIC-FINANCIAL INDICATORS (continuation)

				a. The rotation speed of debits - clients
--	--	--	--	-------------------------------------------	--	--

this indicator calculates the efficacy of the institution in collecting its receivables;
expresses the number of days until the debtors pay their debts to the institution.

- Rotation speed of customer debits =	Average balance customers		6,808
	Turnover *	x 270 =	243,540,300	X 270 = 0.0075

A rising value of this indicator may indicate problems connected to the control of credit given to customers and, consequently, receivables which are more difficult to cash (bad payer customers) .

b. Rotation speed of fixed assets

this indicator assesses the efficacy of the management of fixed assets by examining the turnover value (for financial investments companies the value of current activity incomes) generated by a certain amount of fixed assets.

	Turnover *	=	243,540,300
- The rotation speed of fixed assets =	Fixed assets		927,579,840	= 0.2626
c. The rotation speed of total assets
	Turnover *		243,540,300
- The rotation speed of total assets =	Total assets	=	989,978,847	= 0.2460

* - for the financial investments companies it is understood total incomes from current activity

4. PROFITABILITY INDICATORS

these indicators express the efficiency of the institution in making profit from the available resources.

The indicator of employed capital profitability - this indicator represents the profit that the institution obtains from money invested in business;

The indicator of employed capital profitability

	Profit before interest payment and profit tax		164,545,079
=	Employed capital	=	846,360,221	= 0.1944

employed capital refers to money invested in the institution both by shareholders and creditors in the long term and equals the total own capitals.

5. INDICATORS REGARDING RESULT PER SHARE

They are determined and take into consideration :

- Result per share	= 0.2418 RON/share
- net profit attributable to common shares	= 140,307,330 RON
- number of common shares taken into consideration	= 580,165,714
- The ratio between the market price of the share and result per share	1.7460 = = 7.2208 0.2418

The market price of SIF Oltenia S.A. shares result as a simple arithmetic average, as determined by dividing the value of transactions made between 01.01.2015 - 30.09.2015 and the total number of shares traded on the stock market during this period.

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

10. OTHER INFORMATION

A. Information regarding the presentation of the institution:

Legal form and headquarters:

S.I.F. OLTENIA S.A. is a company on shares with an integrally private capital. The headquarters of the company is in Craiova, Tufanele Street, no.1, zip 200767, Dolj County

The country where it was founded :

S.I.F. OLTENIA S.A. was founded on 01.11.1996 in Craiova - Romania, based on the Law no. 133/1996, law for the transformation of the Funds of the Private Property in companies of financial investments. The company was founded by the transformation of the Fund of Private Property V Oltenia.

S.I.F. Oltenia S.A. is registered at:

· The Chamber of Commerce and Industry Oltenia with no. J16/1210/30.04.1993; sole registration code 4175676, fiscal attribute RO;
· The National Commission of Securities (current Authority of Financial Supervision) with the Decision no. 1958/02.09.1999, registered in the RNSC / ASF Register with no. PJR09SIIR/160003/14.02.2006;
· The Evidence Office of Securities according to the certificate no. 419/07.09.1999;

The shares of the company are registered at the quote of Bucharest Stock Exchange, category Premium, with the indicative SIF5, starting with 01.11.1999

The evidence of shareholders and shares of the company is kept by SC DEPOZITARUL CENTRAL S.A. Bucharest.

The depositing activity provided by the legislation and the regulations R.N.S.C. / ASF was assured by RAIFFEISEN BANK S.A., Bucharest Branch.

According to the article of association, the company has the following object of activity:

The management and administration of the shares in commercial companies for which own shares were issued, corresponding to the Property Certificates and the Nominative Privatization Coupons subscribed by citizens according to the provisions of art. 4 paragraph 6 of the Law no. 55/1995;
The administration of the own portfolio of securities and the fulfillment of investments in securities according to the regulations in force;

Other similar and adjacent activities, according to the regulations in force, as well as administration activities of the own assets.

B. Information regarding the relations of the institution with branches, associated companies or other companies in which stakes are held.

S.I.F. OLTENIA S.A. based on the stakes held in the social capital, had the statute of majority shareholder in 12 commercial companies, of shareholder with control position in 3 commercial companies. In 4 commercial companies from the 23 in which stakes of at least 20% of the social capital are held, S.I.F. OLTENIA S.A. does not have any kind of representation in the administrative leadership.

Between S.I.F. OLTENIA S.A. and entities in which it owns more than 20% of the voting rights of shareholders, there are no relationships on line of purchasing, production or distribution. The basic activity carried out by the respective entities is totally different from that of S.I.F. OLTENIA S.A. and substantially different from one entity to another.

The activities developed by the companies in which participations of over 20% of the vote rights are held, belong to certain different branches: food, trade, tourism, hotel, constructions, car manufacturing industry, electronic and electrical engineering industry, wood processing industry, spaces rental etc.

The leadership of the company classified all the securities of the portfolio activity in the category of financial assets available for sale. In order to observe the provisions of Chapter II article 3 of the Regulations no. 3/2011 regarding Accounting Regulations compliant to the VII-th Directive of CCE, applicable to the authorized entities settled and supervised by RNSC / ASF, approved by Order no. 12/03.02.2011, S.I.F. OLTENIA S.A uses for the evidence of the participations held the account 261 «Shares held in the affiliated entities» (for investments of over 50% of the social capital of issuers in which they are accomplished) and for the other investments it uses the account 265 «Other fixed securities». The company does not use the account 263 «Participation interests» because being an active player on the capital market, it would mean that modifications in this account took place permanently, fact that could

10. OTHER INFORMATION (continuation)

not allow the creation of comparability conditions.

C. The modality used to express in national currency the elements of assets or liabilities, of incomes and expenses initially distinguished in a foreign currency.

The transactions of the company in foreign currency are registered at the exchange rates from the date of the transactions. The gains and losses resulted from the discount of the transactions in foreign currency are recognized in the profit and loss account. The balances are converted in RON at the exchange rates from 30.09.2015 communicated by the National Bank of Romania, respectively :

1 USD = 3.9342 RON 1 EUR = 4.4167 RON

D. Information regarding the profit tax:

The taxable profit for the reporting period concluded on 30.09.2015, appears as follows

Profit before taxation:	164,545,079	RON
Non taxable incomes:	63,593,787	RON
Non deducible expenses:	50,550,260	RON
Taxable profit :	151,501,552	RON
Profit tax calculated:	24,240,249	RON
Amounts representing sponsorships (patronage):	2,500	RON
Profit tax due	24,237,749	RON

The taxation rate used is of 16%:

E. Turnover

Turnover includes total incomes from current activity. The important share of the total incomes is held by incomes from financial investments ceded representing 33.94% of total incomes.

F. Expenses with rent and rates paid within an operational leasing contract;

Expenses of this kind were not made.

G. Fees paid to auditors;

In the reporting period, the company did not register expenses with fees for auditors

H. Commitments given;

It is not the case.

I. Commitments received.

It is not the case.

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

11.1 THE SITUATION OF THE PORTFOLIO

A. Financial Assets

1. Securities in:

		RON
	Nominal value	Value evaluated * on 30th September 2015
Companies traded at BVB	238,805,215	821,265,368
Companies traded at BVB - AERO	78,175,362	241,119,543
Companies traded at SIBEX	147,605	73,803
Total companies listed and traded	317,128,182	1,062,458,714
Closed companies	205,669,266	533,067,784
Companies listed and not traded	6,281,021	20,705,177
Commercial companies in liquidation, judicial reorganization	1,793,365	0
Total companies not listed or not traded	213,743,652	553,772,961
Total portfolio securities (shares)	530,871,834	1,616,231,675

The companies in the portfolio of S.I.F. OLTENIA S.A. can be classified, according to the percentage held in the social capital of issuers, as follows:

					RON
Holding percentage	Number of companies	Acquisition accounting value (RON)	Weight in total portfolio	Value evaluated * On 30th September 2015	Weight in total portfolio
Below 5%	11	396,548,854	48.52	604,918,174	37.43
Between 5% - 33%	30	290,706,198	35.57	738,525,059	45.69
Between 33% - 50%	3	8,968,285	1.10	7,569,732	0.47
Over 50%	12	121,037,822	14.81	265,218,710	16.41
Total	56	817,261,159	100.00	1,616,231,675	100.00

2. Securities (funds):

				RON
	No.	Accounting value	Value evaluated * on 30th September 2015
OPCVM and/or AOPC	4	2,500,017	2,226,126

11.1 THE SITUATION OF THE PORTFOLIO (continuation)

					RON
	Financial assets	Acquisition accounting value	Positive adjustments	Negative adjustments	Market value * On 30th September 2015
	Securities admitted or traded on a settled market	538,587,351	289,664,732	6,986,715	821,265,368
	of Romania - BVB
	Securities admitted or traded on a settled market	120,010,768	146,966,516	5,152,563	261,824,720
A	of Romania – BVB-AERO
	Securities admitted or traded on a settled market	189,204	0	115,401	73,803
	of Romania - SIBEX
	Securities not admitted to trading	158,473,836	378,309,197	3,715,249	533,067,784
	B Other assets or financial instruments	2,500,017	94,428	368,319	2,226,126
	TOTAL	819,761,176	815,034,873	16,338,247	1,618,457,801

On 30th September 2015 the structure of S.I.F. OLTENIA S.A. portfolio is the following:

* The evaluation of the securities in the portfolio was made according to the provisions of A.S.F. Regulations no. 9 / 2014, art. 113 – 122, like this:

For the securities traded on settled markets (BVB, SIBEX) in the last 30 trading days, the market value was determined by taking into account the closing price of the last trading day on the main capital market.

For securities traded on an alternative system (BVB - AERO) in the last 30 trading days, the market value was determined by taking into account the reference price related to the day for which the evaluation is made, provided by the operator of the respective trading system.

For securities listed that did not have transactions in the last 30 trading days, as well as for unlisted securities, the market value was determined based on own capitals of issuers.

11.2 THE SITUATION OF THE PORTFOLIO according to holdings to social capital of issuers

No.	Company name	Market value *	SIF
		RON	Holding Percentage
	Holdings below 10% - 21 companies	1,130,455,903
1	ALTUR SLATINA	2,115,543	6.00
2	B.R.D.-GROUPE SOCIETE GENERALE BUCURESTI	195,424,642	2.70
3	BANCA COMERCIALA ROMANA BUCURESTI	375,618,993	6.30
4	BANCA TRANSILVANIA CLUJ	82,074,940	1.18
5	BURSA DE VALORI BUCURESTI	11,894,979	5.00
6	C.N.T.E.E. TRANSELECTRICA BUCURESTI	102,676,730	5.39
7	CEREALCOM ALEXANDRIA	1,040,183	6.69
8	CORINT TARGOVISTE	0	5.80
9	COS TARGOVISTE	0	8.92
10	D.F.E.E. ELECTRICA	5,229,719	0.13
11	DEPOZITARUL CENTRAL BUCURESTI	1,219,598	3.91
12	DEPOZITARUL SIBEX	1,224,715	5.44
13	ELBA TIMISOARA	4,286,285	2.37
14	EXIMBANK BANCA DE EXPORT IMPORT A ROMANIEI BUC	36,519,627	3.27
15	OMV PETROM BUCURESTI	230,651,960	1.22
16	OTELINOX TARGOVISTE	10,467,173	5.47
17	SAGRICOM ULMI	0	4.21
18	SIBEX-SIBIU STOCK EXCHANGE	73,803	0.44
19	SIF MOLDOVA	2,344,840	0.28
20	SNTGN TRANSGAZ MEDIAS	47,092,760	1.54
21	T.M.K. ARTROM SLATINA	20,499,413	5.30
Holdings between 10% and 20% - 12 companies 103,305,844
1	ANTIBIOTICE IASI	51,402,694	13.39
2	BIROUL DE INVESTITII REGIONAL OLTENIA IFN	3,008,673	19.45
3	BT ASSET MANAGEMENT S.A.I. CLUJ	2,070,108	10.00
4	CONTACTOARE BUZAU	1,615,782	18.20

	Holdings between 20% and 50% - 11 companies	117,251,218

12	TUSNAD BAILE TUSNAD	1,130,731	11.79
11	TURISM FELIX BAILE FELIX	15,572,238	16.97
10	SANEX CLUJ	18,110,088	13.62
9	SANEVIT ARAD	0	13.28
8	RELEE MEDIAS	275,559	11.49
7	IAMU BLAJ	6,595,012	19.83
6	GASTRONOM BUZAU	938,900	10.01
5	COREALIS CRAIOVA	2,586,059	19.18
4	CONTACTOARE BUZAU	1,615,782	18.20

CITEX TG.JIU 0 40.13

11.2 THE SITUATION OF THE PORTFOLIO according to holdings to social capital of issuers

2	ELECTRO TOTAL BOTOSANI	0	29.86
3	ELECTROMAGNETICA BUCURESTI	35,730,726	25.17
4	LACTATE NATURA TARGOVISTE	3,363,166	39.72
5	LEMCOR CRAIOVA	4,206,566	34.69
6	MAT CRAIOVA	4,798,724	25.71
7	MIRFO TRADING TG. JIU	462,212	22.01
8	PRODPLAST BUCURESTI	11,044,962	27.53
9	SANTIERUL NAVAL ORSOVA	7,509,222	20.80
10	SINTEROM CLUJ	17,342,011	31.63
11	TURISM LOTUS FELIX	32,793,629	25.95

	Holdings over 50% - 12 companies	265,218,710
1	ALIMENTARA SLATINA	2,575,784	52.00
2	ARGUS CONSTANTA	89,672,846	86.12
3	COMPLEX HOTELIER DAMBOVITA	6,212,128	96.29
4	CONSTRUCTII FEROVIARE CRAIOVA	1,090,130	77.50
5	CONSTRUCTII MONTAJ 1 CRAIOVA	2,050,889	96.56
6	FLAROS BUCURESTI	31,262,872	78.46
7	GEMINA TOUR RM.VILCEA	1,883,686	88.29
8	MERCUR CRAIOVA	88,372,640	93.36
9	PROVITAS BUCURESTI	4,982,360	70.28
10	TURISM PUCIOASA	3,874,127	69.22
11	UNIVERS RM.VALCEA	11,750,380	73.75
12	VOLTALIM CRAIOVA	21,490,868	100.00

TOTAL - 56 companies 1,616,231,675

	Other assets or financial instruments	2,226,126
1	BT INDEX	1,365,100
2	FDI NAPOCA	163,773
3	FDI TRANSILVANIA	302,825
4	EUROGLOBINVEST	394,428
	GENERAL TOTAL	1,618,457,801

* The evaluation of the securities in the portfolio was made according to the provisions of A.S.F. Regulations no. 9 / 2014, art. 113 – 122, like this:

For securities listed that did not have transactions in the last 30 trading days, as well as for unlisted securities, the market value was determined based on own capitals of issuers

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

12. THE STATEMENT OF BANK DEPOSITS

N A M E		D E P O S I T V	A L U E	I N T E	R E S T V A L U E		D A T E
B A N K	A C C O U N T S Y M B O L	M A T U R I T Y < 6 0 d ay s	M A T U R I T Y > 6 0 d ay s	%	V A L U E	T O T A L G W E I H T	F O O G P P E N I N	O F A M T U R I T Y
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 G D	1 5 1, 6 6 0		0. 6 0	3	0. 0 1	/ / 3 0 0 9 2 0 1 5	/ / 0 1 1 0 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 G 8	1, 0 0 0, 0 0 0		0. 7 5	1 4 6	0. 3 8	/ / 3 0 0 9 2 0 1 5	/ / 0 7 1 0 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 G 9	5 0 0, 0 0 0		0. 7 5	7 3	0. 1 9	3 0 / 0 9 / 2 0 1 5	0 7 / 1 0 / 2 0 1 5
A S A A A T R N I L V N I B N K	0 1 O G 0 4 0 2 G A 7 R N D N E 7 7 7	0 0, 0 0 0 5		0. 7 5	3 7	0. 1 9	3 0 / 0 9 / 2 0 1 5	0 / 1 0 / 2 0 1 7 5
A S A A A T R N I L V N I B N K	0 1 O G 0 4 0 2 G 7 R N D N E 7 7 7 B	0 0, 0 0 0 5		0. 7 5	3 7	0. 1 9	3 0 / 0 9 / 2 0 1 5	0 / 1 0 / 2 0 1 7 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 G C	4 0 0, 0 0 0		0. 7 5	5 8	0. 1 5	/ / 3 0 0 9 2 0 1 5	/ / 0 7 1 0 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 F S	1 0, 0 0 0, 0 0 0		0. 8 5	7, 0 8 3	1 8. 5 0	1 4 / 0 9 / 2 0 1 5	1 4 / 1 0 / 2 0 1 5
A S A A A T R N I L V N I B N K	0 1 O G 0 4 0 2 Q 7 R N D N E 7 7 7 F	1 0, 0 0 0, 0 0 0		0. 8 5	0 8 3 7,	1 8. 0 5	1 4 / 0 9 / 2 0 1 5	1 4 / 1 0 / 2 0 1 5
A S A A A T R N I L V N I B N K	0 1 O G 0 4 0 2 7 R N D N E 7 7 7 F R	1 0, 0 0 0, 0 0 0		0. 8 5	0 8 3 7,	1 8. 0 5	1 4 / 0 9 / 2 0 1 5	1 4 / 1 0 / 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 F U	5, 0 0 0, 0 0 0		0. 8 5	3, 5 4 2	9. 2 5	/ / 1 4 0 9 2 0 1 5	/ / 1 4 1 0 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 F T	5, 0 0 0, 0 0 0		0. 8 5	3, 5 4 2	9. 2 5	1 4 / 0 9 / 2 0 1 5	1 4 / 1 0 / 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 R O N D N E G 0 4 7 0 7 2 7 F V	3, 0 0 0, 0 0 0		0. 8 5	2, 1 2 5	5. 5 5	1 4 / 0 9 / 2 0 1 5	1 4 / 1 0 / 2 0 1 5
A S A A A T R N I L V N I B N K	0 1 O G 0 4 0 2 7 R N D N E 7 7 7 F W	3, 0 0 0, 0 0 0		0. 8 5	2, 1 2 5	5. 5 5	1 4 / 0 9 / 2 0 1 5	1 4 / 1 0 / 2 0 1 5
B C R	2 5 3 1. A 0 3. 0. 1 0 4 0 6 9 9. 0 1 3 4. R O L. 1 1 3 7	8 6, 7 5 6		0. 0 6	0	0. 0 0	/ / 3 0 0 9 2 0 1 5	/ / 0 1 1 0 2 0 1 5
R A I F F E I S E N B A N K	T O 0 0 1 5 2 0 1 6 9 0	1 0 3, 5 2 1		0. 0 5	0	0. 0 0	/ / 3 0 0 9 2 0 1 5	/ / 0 1 1 0 2 0 1 5
R A I F F E I S E N B A N K	T O 0 0 1 7 3 8 8 6 1 9	5 0 8, 0 3 9		0. 0 5	1	0. 0 0	3 0 / 0 9 / 2 0 1 5	0 1 / 1 0 / 2 0 1 5
T O T A L D E P O S I T S R O N		4 9, 7 4 9, 9 7 6			3 3, 0 1 0	8 6, 2 1
T R A N S I L V A N I A B A N K	0 1 7 U S D D N E G 0 4 7 0 7 2 7 0 6		2, 6 7 5, 8 0 7	0. 4 5	3, 0 4 4	7. 9 5	/ / 0 7 0 9 2 0 1 5	/ / 0 7 1 2 2 0 1 5
T R A N S I L V A N I A B A N K	0 1 7 U S D D N E G 0 4 7 0 7 2 7 0 5		1, 9 6 7, 1 0 0	0. 4 5	2, 2 3 8	5. 8 4	0 7 / 0 9 / 2 0 1 5	0 7 / 1 2 / 2 0 1 5
T O T A L D E P O S I T S F O R E I G N	C U R R E N C Y		4, 6 4 2, 9 0 7		5, 2 8 2	1 3. 7 9
G E N E R A L T O T A L		4 9, 7 4 9, 9 7 6	4, 6 4 2, 9 0 7		3 8, 2 9 2	1 0 0. 0 0

RON

13. THE STRUCTURE OF GROSS INCOME

				RON
	Indicators	Account		Accomplishments related to the reporting period
			Previous	Current
1	Incomes from financial non current assets (internal - external dividends)	761	38,187,791	25,563,430
2	Incomes from financial investments on short term (interests in bonds – investment securities)	762	0	0
3	Incomes from fixed receivables	763	0	0
4	Incomes from financial investments ceded	758*, 764	152,451,701	121,245,606
5	Incomes from commissions related to works and services	704	0	0
6	Incomes from differences of the exchange rate	765	447,047	739,536
7	Incomes from interests	766	373,778	280,173
8	Incomes from reactivated receivables and various debtors	754	0	0
9	Incomes from fixed production	721, 722	0	0
	10 Incomes from provisions	781, 786	3,710,326	12,280,150
	11 Other incomes:		2,438,514	83,431,405
	- from studies and researches	705	0	0
	- from royalties, locations and rents	706	99,759	108,581
	- from other various activities	708	0	0
	- from subventions	741	0	0
	- from other incomes	758**	4,400	83,299,855
	- from discounts obtained	767	19,934	19,692
	- from other financial incomes	768	2,314,421	3,277
	12 Incomes from subventions for extraordinary events and other assimilated ones	771	0	0
	13 TOTAL INCOMES		197,609,157	243,540,300

14. THE STRUCTURE OF EXPENSES

			RON
Indicators	Account	Accomplishments related to the reporting period
		Previous	Current
1 Losses related to receivables connected to participations	663	0	0
2 Expenses regarding financial investments ceded	664, 658*	105,004,108	70,065,705
3 Expenses regarding commissions and fees	622	795,073	1,136,971
4 Expenses from differences of exchange rate	665	155,607	446,887
5 Expenses regarding interests	666	0	0
6 Expenses with bank services and assimilated ones	627	19,143	10,620
7 Losses from receivables and various debtors	654	5,586	0
8 Expenses with provisions and amortizations	681,_686	403,894	349,706
9 Expenses regarding external performances		418,910	886,764
- maintenance and repairs	611	95,992	95,422
- royalties, locations and rents	612	0	0
- insurance premiums	613	48,958	43,732
- studies and researches	614	0	0
- protocol, advertisement and publicity	623	42,012	18,789
- transport of goods and persons	624	0	0
- travels, detachments, transfers	625	37,377	19,870
- mail and telecommunications	626	39,694	31,726
- other services executed by third parties	628	140,873	107,708
- other expenses	658**	12,637	567,859
- expenses regarding discounts given	667	0	0
- other financial expenses	668	1,367	1,658
11 Expenses with other taxes, duties and assimilated transfers	635	1,374,596	1,190,584
12 Other expenses		4,630,327	4,907,984
- expenses with consumable materials	602	162,930	154,421
- material expenses of the kind of the inventory objects	603	21,802	8,900
- expenses regarding non stocked materials	604	180	157
- expenses regarding energy and water	605	101,183	103,174
-expenses with collaborators	621	615,360	732,228
-expenses with the wages of the personnel	641	2,754,002	3,044,468
- expenses with meal tickets	642	0	0
- expenses regarding insurances and social protection	645	974,870	864,636
13 expenses regarding calamities and extraordinary events	671	0	0
14 profit tax	691	13,100,824	24,237,749
15 other expenses with taxes not appearing in the elements above	698	0	0
16 TOTAL EXPENSES		125,908,068	103,232,970

ADMINISTRATOR, PREPARED,

Last name and first name: Associated Prof. DEc. Tudor Ciurezu Last name and first name: ec. Elena Sichigea

Signature Signature

Last name and first name: jr. Anina Radu Signature Unit seal

Quality : Economic Manager

AI Terminal

SIF Oltenia S.A.

2304_10-q_2015-11-12_ddb2379b-12e8-41bb-9454-9e5b31264624.pdf

FINANCIAL STATEMENTS AS OF 30st SEPTEMBER 2015

NOT AUDITED

STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY

STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY on 30/09/2015

STATEMENT OF ASSETS, LIABILITIES AND OWNERS' EQUITY on 30/09/2015

PROFIT AND LOSS ACCOUNT 30/09/2015

PROFIT AND LOSS ACCOUNT 30/09/2015

ADMINISTRATOR, PREPARED,

INFORMATIVE DATA 30/09/2015

INFORMATIVE DATA 30/09/2015

INFORMATIVE DATA 30/09/2015

INFORMATIVE DATA 30/09/2015

INFORMATIVE DATA 30/09/2015

INFORMATIVE DATA 30/09/2015

INFORMATIVE DATA 30/09/2015

ADMINISTRATOR, PREPARED,

SITUATION OF OWN EQUITY MODIFICATIONS ON 30/09/2015

ADMINISTRATOR, PREPARED,

THE STATEMENT OF CASH FLOWS on 30/09/2015

ADMINISTRATOR, PREPARED,

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

1. FIXED ASSETS

2. PROVISIONS

1. Provisions for taxes

2. Other provisions

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

3. PROFIT ALLOCATION

4. THE ANALYSIS OF THE RESULT OF THE CURRENT ACTIVITY (EXPLOITATION)

4. THE ANALYSIS OF THE RESULT OF THE CURRENT ACTIVITY (EXPLOITATION) (continuation)

5. THE STATEMENT OF RECEIVABLES AND DEBTS

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS

Chapter I – General Background

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

- the credible evaluation.

Chapter II – Policies related to tangible and intangible assets

Tangible assets

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

Chapter III – Policies related to investments and financial instruments

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

Chapter IV – Policies related to stocks

Chapter V – Policies related to receivables

Chapter VI – Policies related to the money reserves and equivalents in cash

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

Chapter VII – Policies related to debts

Chapter VIII – Policies related to own capitals

Chapter IX – Policies related to incomes, expenses and results

6. PRINCIPLES, POLICIES AND ACCOUNTING METHODS (continuation)

Chapter X The benefits of the employees

Chapter XI – Accounting policies related to special cases

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

7. STAKES AND FINANCING SOURCES

8. INFORMATION REGARDING THE EMPLOYEES AND THE MEMBERS OF THE ADMINISTRATION, MANAGEMENT AND SUPERVISION BODIES

9. CALCULATION AND ANALYSIS OF MAIN ECONOMIC-FINANCIAL INDICATORS

1. LIQUIDITY INDICATORS

2. RISK INDICATORS

3. ACTIVITY INDICATORS

9. CALCULATION AND ANALYSIS OF MAIN ECONOMIC-FINANCIAL INDICATORS (continuation)

b. Rotation speed of fixed assets

4. PROFITABILITY INDICATORS

5. INDICATORS REGARDING RESULT PER SHARE

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

10. OTHER INFORMATION

A. Information regarding the presentation of the institution:

10. OTHER INFORMATION (continuation)

C. The modality used to express in national currency the elements of assets or liabilities, of incomes and expenses initially distinguished in a foreign currency.

D. Information regarding the profit tax:

E. Turnover

F. Expenses with rent and rates paid within an operational leasing contract;

G. Fees paid to auditors;

H. Commitments given;

I. Commitments received.

NOTES TO QUARTERLY FINANCIAL STATEMENTS – 30TH SEPTEMBER 2015

11.1 THE SITUATION OF THE PORTFOLIO

A. Financial Assets

2. Securities (funds):