Cemacon S.A.

Quarterly Report • Feb 6, 2017

PRELIMINARY FINANCIAL STATEMENTS

INDIVIDUAL AND CONSOLIDATED FOR THE PERIOD ENDED 31 DECEMBER 2016 PREPARED ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

CLUJ-NAPOCA 6 FEBRUARIE 2017

Cuprins (Table of Contents)

Situatia pozitiei financiare	2
(Statement of financial position)	2
Situatia rezultatului global	5
(Statement of comprehensive income)	5
Situatia consolidata a pozitiei financiare	6
(Consolidated statement of financial position)	6
Situatia consolidata a rezultatului global	9
(Consolidated Statement of comprehensive income)	9

The information contained in this document are provided under IFRS (International Financial Reporting Standards). The company has made every effort to ensure the information presented is complete, accurate and free of material errors. Where necessary, both the company and management, used the professional judgment in conjunction with international financial reporting standards to present information in a manner consistent with the specific activity of the business. Interpretation of information presented in this document must be made in accordance with these standards. If there are gaps nor interpretations different from the mentioned regulations the provisions set out in International Financial Reporting Standards (IFRS) will apply. The unaudited financial information set forth above is preliminary and subject to adjustments and modifications. Adjustments and modifications to the financial statements may be identified during the course of the audit work, which could result in significant differences from this preliminary unaudited financial information.

At the date of preliminary financial statement presentation, analysis regarding the calculation of impairment for fixed assets (installations, equipment and machinery) from Recea plant, for which at the date of 1 January 2016 there is recorded an impairment of 4,653,447 lei, were not finished and thus are not reflected in the financial statements referred. The Company analyzes certain assumptions which may lead to partial or total reversal of this impairment and reflected as such in the annual financial statements. The final analysis will be subject to review by the auditor in the audit mission for the financial statements SC Cemacon SA for the financial year 2016.

Situatia pozitiei financiare (Statement of financial position) pentru perioada incheiata la 31 Decembrie 2016 (for the period ended 31 December 2016)

	31-Dec-16	31-Dec-15
	LEI	LEI
ACTIVE (ASSETS)
Active imobilizate
Non-current assets
Imobilizari corporale	111,743,336	114,502,556
Property, plant and equipment
Investitii imobiliare	-	-
Investment property
Imobilizari necorporale	334,207	437,597
Intangible
Investitii in actiuni	200	200
Investments
Alte active imobilizate	148,727	151,356
Other non-current assets
	112,226,470	115,091,710
Active circulante
Current assets
Stocuri	10,942,409	18,588,284
Inventories
Creante comerciale si similare	9,748,441	13,250,919
Trade and other receivables
Alte active financiare	490,721	1,027,799
Other financial assets
Numerar si echivalente numerar	28,736,299	10,840,588
Cash and cash equivalents
	49,917,871	43,707,590
Active clasificate drept detinute în vederea vânzãrii	1,277,495	1,163,439
Assets classified as held for sale
TOTAL ACTIVE (TOTAL ASSETS)	163,421,836	159,962,739

DATORII (LIABILITIES) DATORII CURENTE CURRENT LIABILITIES

	31-Dec-16	31-Dec-15
	LEI	LEI
Datorii comerciale si similare	10,671,943	9,566,655
Trade and other payables
Imprumuturi	4,566,727	4,137,464
Loans and borrowings
Subventii pentru investitii	-	-
Grants received
Datorii privind impozitul pe profit	184,283	-
Tax liability
Provizioane	5,071,455	5,211,793
Provisions
	20,494,408	18,915,912
DATORII PE TERMEN LUNG
NON-CURRENT LIABILITIES
Datorii comerciale si similare	-	-
Non-current trade and other liabilities
Imprumuturi	49,260,698	53,086,699
Loans and borrowings
Subventii pentru investitii	1,158,837	1,234,479
Grants received
Impozit amanat	-	-
Deferred tax
Provizioane	-	-
Provisions
	50,419,535	54,321,177
TOTAL DATORII (TOTAL LIABILITIES)	70,913,943	73,237,089
ACTIVE NETE (NET ASSETS)	92,507,893	86,725,650
CAPITAL SI REZERVE (EQUITY)
Capital social	20,613,371	20,613,371
Issued capital
Beneficii acordate angajatilor in instrumente de capitaluri proprii	2,024,226	1,307,649
Benefits granted to employees in equity instruments
Impozit profit amanat	(1,372,358)	(1,372,358)
Deffered Tax
Actiuni proprii	-	-
Own Shares
Prime legate de emiterea de actiuni	54,850,347	54,850,347
Share premium

	31-Dec-16	31-Dec-15
	LEI	LEI
Ajustari din retratare	-	-
Translation adjustments
Rezerve	18,375,586	18,632,315
Reserves
Rezultat reportat	(1,983,280)	(7,305,674)
Retained earnings
Interesele care nu controleaza	-	-
Non-controling interest
TOTAL CAPITALURI (TOTAL EQUITY)	92,507,893	86,725,650

Situatia rezultatului global (Statement of comprehensive income) pentru perioada incheiata la 31 Decembrie 2016 (for the period ended 31 December 2016)

	31-Dec-16 LEI	31-Dec-15 LEI
Venituri din vanzari	86,836,504	67,885,432
Sales revenues
Alte castiguri si pierderi	4,672,330	2,925,784
Other gains and losses
Variatia stocurilor	(4,612,421)	4,092,205
Change in inventories of FG & WiP
Materii prime si consumabile	(17,511,860)	(14,496,008)
Raw material and consumables used
Cheltuieli de personal	(15,188,928)	(12,684,822)
Personnel Expenses
Amortizare si deprecieri	(6,711,192)	(6,039,638)
Depreciation and amortisation expenses
Alte cheltuieli din exploatare	(37,842,182)	(35,528,890)
Other operating expenses
Profit / (Pierdere) din exploatare	9,642,251	6,154,063
Profit / (Loss) from operation
Castiguri si pierderi financiare	(3,953,595)	5,299,437
Financial gains and losses
Profit / (Pierdere) inainte de impozitare	5,688,655	11,453,500
Profit before tax
Cheltuieli cu impozite	(622,989)	(2,362,547)
Profit / (Pierdere)	5,065,666	9,090,953
Profit after tax
Total alte elemente ale rezultatului global	-	728,454
Tolat other elements of other comprehensive income
Total rezultat global	5,065,666	9,819,407
Comprehensive income total

Situatia consolidata a pozitiei financiare (Consolidated statement of financial position) pentru perioada incheiata la 31 Decembrie 2016 (for the period ended 31 December 2016)

	Consolidate	Consolidate
	31-Dec-16	31.dec.15
	LEI	LEI
ACTIVE (ASSETS) Active imobilizate
Non-current assets
Imobilizari corporale	111,743,336	114,509,038
Property, plant and equipment
Investitii imobiliare	-	-
Investment property
Imobilizari necorporale	334,207	437,597
Intangible
Investitii in actiuni	-	-
Investments
Alte active imobilizate	361,554	303,203
Other non-current assets
	112,439,097	115,249,838
Active circulante
Current assets
Stocuri	10,942,409	18,588,284
Inventories
Creante comerciale si similare	8,235,047	13,097,909
Trade and other receivables
Alte active financiare	490,721	1,027,799
Other financial assets
Numerar si echivalente numerar	29,957,212	10,843,224
Cash and cash equivalents
	49,625,389	43,557,216
Active clasificate drept detinute în vederea vânzãrii	19,179,185	23,452,457
Assets classified as held for sale
TOTAL ACTIVE (TOTAL ASSETS)	181,243,670	182,259,511
DATORII (LIABILITIES)
DATORII CURENTE
CURRENT LIABILITIES
Datorii comerciale si similare	11,668,315	9,981,440
Trade and other payables

	Consolidate	Consolidate
	31-Dec-16	31.dec.15
	LEI	LEI
Imprumuturi	4,566,727	4,137,991
Loans and borrowings
Subventii pentru investitii	-	-
Grants received
Datorii privind impozitul pe profit	184,283	-
Tax liability
Provizioane	5,071,455	5,211,793
Provisions
	21,490,780	19,331,224
DATORII PE TERMEN LUNG
NON-CURRENT LIABILITIES
Datorii comerciale si similare	-	-
Non-current trade and other liabilities
Imprumuturi	66,040,995	75,708,672
Loans and borrowings
Subventii pentru investitii	1,158,837	1,234,479
Grants received
Impozit amanat	-	-
Deferred tax
Provizioane	-	-
Provisions
	67,199,832	76,943,151
TOTAL DATORII (TOTAL LIABILITIES)	88,690,612	96,274,375
ACTIVE NETE (NET ASSETS)	92,553,058	85,985,136
CAPITAL SI REZERVE (EQUITY)
Capital social	20,613,371	20,613,371
Issued capital Beneficii acordate angajatilor in instrumente de capitaluri proprii	2,024,226	1,307,649
Benefits granted to employees in equity instruments
Impozit profit amanat	(1,372,358)	(1,372,358)
Deffered Tax
Actiuni proprii	-	-
Own Shares
Prime legate de emiterea de actiuni	54,850,347	54,850,347
Share premium
Ajustari din retratare	-	-
Translation adjustments

	Consolidate	Consolidate
	31-Dec-16	31.dec.15
	LEI	LEI
Rezerve	28,967,460	29,224,189
Reserves
Rezultat reportat	(12,529,988)	(18,638,062)
Retained earnings
Interesele care nu controleaza	-	-
Non-controling interest
TOTAL CAPITALURI (TOTAL EQUITY)	92,553,058	85,985,136

Situatia consolidata a rezultatului global (Consolidated Statement of comprehensive income) pentru perioada incheiata la 31 Decembrie 2016 (for the period ended 31 December 2016)

	Consolidat 31-Dec-16	Consolidat 31-Dec-15
	LEI	LEI
Venituri din vanzari	86,903,020	67,885,432
Sales revenues
Alte castiguri si pierderi	6,966,966	3,056,203
Other gains and losses
Variatia stocurilor	(4,612,421)	4,092,205
Change in inventories of FG & WiP
Materii prime si consumabile	(17,578,720)	(14,496,081)
Raw material and consumables used Cheltuieli de personal	(15,196,168)	(12,688,047)
Personnel Expenses
Amortizare si deprecieri	(6,711,192)	(6,055,537)
Depreciation and amortisation expenses
Alte cheltuieli din exploatare	(38,666,302)	(35,721,522)
Other operating expenses
Profit / (Pierdere) din exploatare	11,105,183	6,072,652
Profit / (Loss) from operation
Castiguri si pierderi financiare	(4,633,275)	4,497,790
Financial gains and losses
Profit / (Pierdere) inainte de impozitare	6,471,908	10,570,442
Profit before tax
Cheltuieli cu impozite	(622,989)	(2,218,139)
Income tax expenses
Profit / (Pierdere)	5,848,919	8,352,303
Profit after tax
Total alte elemente ale rezultatului global	-	728,454
Tolat other elements of other comprehensive income
Total rezultat global	5,848,919	9,080,757
Comprehensive income total