Aerostar S.A.

Earnings Release • Feb 23, 2024

	UM	31.12.2023	31.12.2022
Share capital	k lei	48.729	48.729
Turnover	k lei	506.294	466.991
export sales	k lei	410.908	323.559
share of export in turnover	$\%$	81%	69%
Actual number of employees	no.	1.846	1.845
Gross profit (before tax)	k lei	96.956	99.671
Net profit	k lei	93.028	90.273
Cash - flow	k lei	245.792	246.173
General liquidity		8,30	7,41
Expenses for investments from own sources	k lei	19.329	26.606

2023 IN KEY FIGURES - PRELIMINARY VERSION

President of BoD and General Director, LAAR Grigore Filip OS. VINVY

Vice President of BoD and Financial Director Doru Damaschin $t\tau\mathcal{U}$

$\mathbf{1}$

BUSINESS AS ON 31 DECEMBER 2023

Out of the turnover of 506.294 mii lei achieved in 2023, our company sold on the domestic market products and services in the amount of 95.386 thousand lei, and on the foreign market products and services worth 410.908 thousand lei.

Comparative evolution of sales on the sales markets (% in total sales)

Comparative evolution of sales by sales markets (thousand lei)

THE AEROSTAR SHARE (ARS)

The shares of the company Aerostar S.A. Bacău Bacău have been traded since 1998 on the regular market administrated by the Bucharest Stock Exchange.

Main characteristics of the securities issued: 152.277.450 shares are nominative, ordinary, of equal value, fully paid, issued in dematerialized form and recorded by registration in the Shareholder Register that is administered by Depozitarul Central S.A. Bucharest. AEROSTAR S.A. Bacău as an issuer is registered with the following data: Unique registration code 950531, code ISIN ROAEROACNOR5, ARS stock exchange symbol, all the shares issued belonging to the standard category.

Aerostar shares in figures:	31.12.2023	31.12.2022	31.12.2021
Number of shares	152.277.450	152.277.450	152.277.450
Nominal value per share (lei)	0,32	0,32	0,32
Price at the end of the year $(\text{lei})^*$	8,75	7,70	8,25
Stock exchange capitalization (lei)*	1.332.427.688	1.172.536.365	1.256.288.963
Maximum price (lei)*	9,50	9,50	9,40
Minimum price (lei)*	7,00	6,35	4,00
Result per share (lei) $\cdots$ $\cdots$	0,611 $\sim$ $\sim$ $\sim$ $\sim$ $\sim$	0,593	0,394

Source: Monthly bulletin issued by the Bucharest Stock Exchange

ARS share	Current year 12 months 3 months			1 month
Price variations	$+13,64%$	$1 + 13,64\%$	$+1,74%$	$1.16\%$

Monthly evolution of reference price of the ARS shares in 2023 compared to the same period of the year 2022 (lei/share):

AEROSTAR S.A.

Preliminary financial results on 31 December, 2023

During the year 2023:

• the company Aerostar S.A. did not issue bonds or other similar securities; $\bullet$
• there was no subscription of new shares and no issue of participation certificates, $\bullet$ convertible bonds, options or similar rights;
• no share buy-back programme was in place.

PRELIMINARY FINANCIAL STATEMENT - SUMMARY - DECEMBER 2023

Financial performance	UM	31.12.2023	31.12.2022
Total income	k lei	557.885	499.052
Total expenses	k lei	460.929	399.381
Profit before tax	k lei	96.956	99.671

Financial position	UM	31.12.2023	31.12.2022
Fixed assets (net values)	k lei	248.385	252.380
Current assets	k lei	498.060	461.382
Share capital	k lei	48.729	48.729
Company equity	k lei	551.957	493.709
Total liabilities	k lei	91.914	90.259

President of BoD and General Directo Grigore Filip MINAMO

Vice President of BoD and Financial Director, tale Doru Damaschin

Indicator	31.12.2023	31.12.2022
General liquidity	8,30	7,41
Leverage ratio indicator	$\mathbf{0}$	$\boldsymbol{0}$
Debt turnover - customers	52	51
Fixed assets turnover rate	2,22	1,99
Overall solvency ratio	12,10	11,18
Financial rate of return	0,17	0,18
Net profit rate	18,37%	19,33%
Net treasury	89.796 k lei	78.355 k lei
Cash flow	245.792 k lei	246.173 k lei

PRELIMINARY ECONOMIC AND FINANCIAL INDICATORS - DECEMBER 2023

President of BoD and General Director, Grigore Filip

Vice President of BoD and Financial Director,

Doru Damaschin ali

AEROSTAR S.A. BACĂU PRELIMINARY INDIVIDUAL STATEMENT OF PROFIT OR LOSS FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2023 (unless specified otherwise, all amounts are stated in thousand lei)

	Note	31 December 2023	31 December 2022
Operating income
Sales revenue	19	506.294	466.991
Other revenue	19	2.894	2.838
Income from stocks of finished goods and production		22.386	3.334
in progress	19
Income from the production of fixed assets	19	877	451
Income from operating subsidies	19	611	169
Total operating income		533.062	473.783
Operating expenses
Material expenses	20	(219.820)	(172.076)
Expenses on employee benefits	20	(172.440)	(147.930)
Expenses on depreciation of fixed assets	5;6;20	(25.946)	(24.105)
Net income (expenses) from current asset	20	(14.760)	(11.678)
adjustments
Net income (expenses) from provision adjustments	20	27.240	2.054
Expenses on external benefits	20	(40.454)	(29.829)
Material expenses	20	(7.091)	(6.840)
Total operating expenses		(453.271)	(390.404)
Profit/loss from operating activity		79.791	83.379
Financial income	21	24.823	25.269
Financial expenses	22	(7.658)	(8.977)
Financial profit/loss		17.165	16.292
Profit before tax		96.956	99.671
Tax on current and deferred profit	17;23	(3.928)	(9.398)
Net profit of the period		93.028	90.273

President of BoDCIALA Grigore Filip PINTHO

Vice President of BoD and Financial Director tali-Doru Damaschin

AEROSTAR S.A. BACĂU PRELIMINARY INDIVIDUAL STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED ON 31 DECEMBER 2023 (unless specified otherwise, all amounts are stated in thousand lei)

	31 December 2023	31 December 2022
Net profit for the period	93.028	90.273
Deferred income tax recognised on account of company equity	(3.605)	(2.345)
Fair value revaluation of equity instruments through other comprehensive income	(3.839)	7.235
Gain transferred to retained earnings on sale of company equity instruments through AECP	74
Other comprehensive income	(7.370)	4.890
Total comprehensive income for the period	85.658	95.163

Vice President of BoD and Financial Director,

Doru Damaschin

$2\lambda$

AEROSTAR S.A. BACĂU PRELIMINARY INDIVIDUAL STATEMENT OF THE FINANCIAL POSITION FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2023 (unless specified otherwise, all amounts are stated in thousand lei)

	Note	31 December 2023	31 December 2022
ASSETS
Non-current assets
Property, plant and equipment	6	159.487	166.176
Intangible assets	5	1.808	859
Investment property	6	7.296	6.514
Rights to use assets under lease	32	1.746	1.753
Fixed financial assets	7	57.732	59.029
Receivables on deferred income tax	17	20.316	18.049
Total non-current assets		248.385	252.380
Current assets
Inventories	10	161.042	130.610
Trade receivables and other receivables	8;9;18	90.175	83.982
Receivables regarding current profit tax	23	262
Short-term prepaid expenses	31	789	617
Cash and cash equivalents	11	245.792	246.173
Total current assets		498.060	461.382
Total assets		746.445	713.762
Share capital Current result Result carried-forward Reserves Deferred income tax recognized on equity Distribution of profit for legal reserve Total company equity Long-term liabilities Liabilities regarding deferred income tax Subsidies for long-term investments	12 12 12 12 17 12 12 17 14	48.729 93.028 51.577 410.028 (23.481) (27.924) 551.957 25.191 1.550	48.729 90.273 50.938 331.384 (19.654) (7.961) 493.709 21.676 2.008
Other long-term liabilities	16	1.490	1.503
Total long-term liabilities		28.231	25.187
Long-term provisions	13	55.511	95.271
Current liabilities
Trade liabilities	15;18	48.059	48.610
Current corporate income tax liability	23		269
Prepaid income	31	2.916	1.876
Subsidies for short-term investments	14	830	1.020
Other current liabilities	16	11.878	13.297
Total current liabilities		63.683	65.072
Short-term provisions	13	47.063	34.523
Total provisions		102.574	129.794
Total liabilities		91.914	90.259
Total company equity, liabilities and provisions		746.445	713.762

President of BoD and General Director Grigore Filip $24 - 0$

Vice President of BoD and Financial Director,

Lale

Doru Damaschin

AEROSTAR S.A. BACĂU PRELIMINARY INDIVIDUAL STATEMENT OF CASH FLOWS (DIRECT METHOD) FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2023

(unless specified otherwise, all amounts are stated in thousand lei)

	Note	31.12.2023	31.12.2022
CASH FLOWS FROM OPERATING
ACTIVITIES
cash collected from customers		527.562	485.376
tax and excise recoveries from the State Budget		3.851	6.478
subsidies received from the State Budget		617	98
payments to suppliers		(310.714)	(255.241)
payments to employees		(106.194)	(88.857)
payments of taxes, contributions and duties to the State Budget		(74.449)	(70.752)
payments of profit tax to the State Budget		(6.969)	(13.676)
NET CASH FROM OPERATING	27	33.704	63.426
ACTIVITIES
CASH FLOWS FROM INVESTING
ACTIVITIES
interest income from bank deposits		14.508	9.600
proceeds from sale of financial fixed assets	27	8.283
proceeds from non-reimbursable funds		381
dividends received from other entities		3.645	2.541
dividends received from affiliated entities		153	311
payments for purchase of financial fixed assets	7, 27	(10.653)	(51.916)
payments for purchase of property, plant and		(22.833)	(31.255)
equipment and intangible assets
NET CASH FROM INVESTMENTS	27	(6.516)	(70.719)
CASH FLOWS FROM FINANCING
ACTIVITIES
gross dividends paid		(26.370)	(21.991)
NET CASH FROM FINANCING	27	(26.370)	(21.991)
ACTIVITIES
Net increase/decrease in cash and cash		818	(29.284)
equivalents
Cash and cash equivalents at the beginning		246.173	274.471
of the period
Effect of exchange rate changes on cash and	27	(1.199)	986
cash equivalents
Cash and cash equivalents at the end of the	11	245.792	246.173
period

President of BoD and General Director, Grigore Filip

WARDWORD

Vice President of BoD and Financial Director, V $\epsilon$ $\mathcal{O}$ 7 $\overline{\rho}$

Doru Damaschin

	(unless specified	AEROSTAR S.A. BACĂU	otherwise, all amounts are stated in thousand lei) FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2023	PRELIMINARY INDIVIDUAL STATEMENT OF CHANGES IN COMPANY EQUITY
	Share capital	Reserves	financial assets comprehensive through other Reserves from revaluation of income	tax recognised as Deferred income company equity	forward carried Result	the period Result for	company equity Total
Comprehensive result	48.729	324.149	7.235	(19.654)	50.938	$82.312*$	493.709
A. Balance on 1 January 2023 Profit for the period						93.028	93.028
Set up of deferred income tax recognised as company Other comprehensive income equity				(3.827)	222		(3.605)
the uses decided by the shareholders at the OGMS on Allocation of the profit for the financial year 2022 to 20 April 2023 (Note 12)					82.312	(82.312)	$\blacksquare$
Allocation of the profit made in 2023 to tax relief reserves, in gross amounts		27.924				(27.924)	٠
Gain transferred to retained earnings on sale of equity instruments through other comprehensive income			(727)		801		74
Revaluation at fair value of equity instruments through other comprehensive income			(3.839)				(3.839)
Transfer to reserves of retained earnings representing surplus from revaluation reserves		384			(384)		ı
Total comprehensive income for the period	п	28.308	(4.566)	(3.827)	82.951	(17.208)	85.658
Reserves distributed from the profit of 2022 Dividends distributed for 2022		54.902			(27.410) (54.902)		(27.410)
Transactions with shareholders recognised directly in equity	1	54.902	ï	$\blacksquare$	(82.312)	f,	(27.410)
B. Balance on 31 December 2023	48.729	407.359	2.669	(23.481)	51.577	$65.104**$	551.957
C. Changes in equity (Note 12)	$\blacksquare$	83.210	(4.566)	(3.827)	639	(17.208)	58.248
** The result on 31.12.2023 is 93.028 thousand lei and is influenced by the distribution of profit on other reserves from tax facilities in the amount of 27.924 thousand lei; $\frac{1}{2}$ * The result on 31.12.2022 is 90.273 thousand lei and is influenced by				the distribution of profit on other reserves from tax facilities in the amount of 7.961 thousand lei;
Cond Ceneral Director, Grigore Film President of BoD			Vice President of BoD and Financial Director, Doru Damaschin
		$\overline{0}$

WARDMANIA.