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Aerostar S.A.
Interim / Quarterly Report • Aug 14, 2025
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Interim / Quarterly Report
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11SSTT SSEEMMEESSTTEERR 2025
9, Condorilor Street Bacău 600302, România Web www.aerostar.ro e-mail: [email protected]
Telephone/ fax number: 004 0234 575070/ 004 0234 572023 TABLE OF CONTENTS:
ABOUT AEROSTAR S.A. MARKET EVOLUTION KEY EVENTS DURING THE REPORTING PERIOD AEROSTAR'S RESULTS IN THE FIRST SEMESTER OF 2025 FINANCIAL STATEMENT – SUMMARY – FIRST SEMESTER OF 2025 FINANCIAL PERFORMANCE AND POSITION KEY HIGHLIGHTS OF THE FIRST SEMESTER OF 2025 AEROSTAR'S GLOBAL MARKET PRESENCE AEROSTAR'S OPERATIONS AND PRODUCTS BUSINESS STRATEGY AND MODEL OUR EMPLOYEES EXECUTIVE AND OPERATIONAL MANAGEMENT BOARD OF DIRECTORS RELATIONSHIP WITH SHAREHOLDERS AND THE CAPITAL MARKET AEROSTAR ARS SHARE AFFILIATED PARTIES TANGIBLE ASSETS INVESTMENTS IN SUSTAINABILITY QUALITY AND ENVIRONMENT RISK MANAGEMENT COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025 – REVISED
ABOUT AEROSTAR S.A.
AEROSTAR is a company with over 70 years of experience in the aviation and defence industries. The company is the successor of URA, founded in 1953.
It was later renamed IRAv (Aircraft Repair Enterprise) in 1970 and IAv (Aircraft Enterprise) in 1978.
In 1991, it was registered as a joint-stock company in the Bacău Trade Register under the name Societatea Aerostar S.A.
Over the years, we have established a global footprint, focusing on fulfilling our mission, requirements, and customer expectations through continuous improvement at all levels.
The company's unique European identification code (EUID) is ROONRC.J1991001137040, and the LEI code for legal entity identification is 315700G9KRN3B7XDBB73;
Subscribed and paid-up share capital: RON 48.728.784.
Unique Registration Code 950531, ISIN code ROAEROACNOR5,
The company's activities are carried out at the registered office, located at 9 Condorilor Street, Bacău, postal code 600302;
The company's main field of activity is manufacture. The main object of activity is "Manufacture of civil aircraft and spacecraft" - CAEN code 3031;
The semi-annual report was prepared in accordance with the provisions of Law 24/2017 on issuers of financial instruments and market operations, Regulation No. 5/2018 of the Financial Supervisory Authority on issuers of financial instruments and market operations, Annex 14 on applicable reporting requirements, and the Guidelines described in the European Commission Communication.
The company financial statements prepared for the first semester of 2025 are accompanied by the statutory auditor's review report.
Applicable accounting standards: the company financial statements were prepared in accordance with the provisions of the International Financial Reporting Standards (IFRS) as adopted by the European Union, Order no. 2844/2016 approving the Accounting Regulations in line with IFRS, Accounting Law no. 82/1991, republished, as subsequently amended and supplemented, and are presented in accordance with the requirements of IAS 1 (Note 3).
AEROSTAR S.A. is listed on the Bucharest Stock Exchange under the ticker ARS, with all issued shares in the Standard category. The register of shares and shareholders is maintained, in accordance with the law, by S.C. Depozitarul Central S.A. Bucharest.
The purpose of this report is to inform the investors about changes in the company's position and performance during the reporting period January–June 2025, as well as about the foreseeable developments in the aviation and defence industry and the potential development opportunities for the company.
AEROSTAR OPERATES AS AN INDEPENDENT COMPANY ON THE GLOBAL MARKET FOR PRODUCTS AND SERVICES IN THE AERONAUTICAL AND DEFENSE INDUSTRIES.
TODAY, WE ARE THE NATIONAL MARKET LEADER AND AN INTEGRATED SUPPLIER IN THE GLOBAL SUPPLY CHAINS OF THE MAJOR AEROSPACE COMPANIES.
MARKET EVOLUTION
In the first half of 2025, the European aerospace industry continued to face various structural and contextual challenges that negatively impacted production rates, delivery capacity, and medium-term development prospects. Although global air transport demand has recovered significantly, geopolitical tensions, sustainability pressures, and supply chain disruptions have weighed heavily on the performance of this sector.
DELAYS IN DELIVERIES OF NEW AIRCRAFT
Global manufacturers such as Airbus and Boeing have reported delays in deliveries scheduled for 2025, with deliveries falling significantly short of initial forecasts.
These delays are putting additional pressure on existing fleets, reducing operational efficiency.
SUPPLY CHAIN ISSUES
Supply chains remain strained, with difficulties in delivering critical components and industrial materials (aluminium, titanium, bronze) — whose prices have experienced sharp price fluctuations due to global demand and high energy costs.
A shortage of skilled personnel in the manufacturing and maintenance sectors is exacerbating bottlenecks. Although demand for certified technicians is growing rapidly, their training involves a complex process, which makes it difficult to respond quickly to the increased demand.
SUSTAINABILITY PRESSURES
The transition to sustainable aviation faces challenges due to the high costs of alternative fuels (SAF) and the underdeveloped infrastructure.
Despite these obstacles, the European regulations (ReFuelEU Aviation, the Green Deal) set ambitious emission reduction targets, forcing industry players to accelerate investments in green technologies, sustainable fuels, and more efficient operations.
VOLATILITY OF INTERNATIONAL DEMAND
External demand has been affected by regional conflicts (e.g., Ukraine), which have led to the reconfiguration of trade routes and the closure of strategic airspace.
The migration of skilled personnel to better-paid markets, such as the Middle East, is exacerbating the labour shortage in Central and Eastern Europe, including Romania.
LABOR SHORTAGE AND VOCATIONAL TRAINING
The demand for certified technicians has increased significantly, but the training centres are struggling to meet the market needs.
The Aerospace companies are fiercely competing to attract and retain personnel by offering increasingly competitive salary packages and working conditions.
In the absence of coordinated training and retention policies, the risk of stagnation in production and maintenance capacity remains high.
CONVERSION OF CIVIL AVIATION COMPANIES TO THE MILITARY SEGMENT – AN EMERGING TREND
In the current geopolitical context and amid the apparent increase in global defence budgets, an increasing number of civil aviation companies are reconfiguring their business models, strategically shifting towards military and dual-use operations. This trend is driven by:
o Funding allocations and growing demand for modern military equipment, including aircraft, avionics systems, and maintenance components.
o The need for NATO interoperability, which favours suppliers capable of adapting to military standards. This profile conversion intensifies competition in the military segment, resulting in increased competitive pressures in tenders and strategic partnerships, and driving the need to strengthen production capabilities and military certifications to remain relevant in the supply chains of the major integrators.
GEOPOLITICAL AND ECONOMIC CONTEXT
International instability persists, with regional conflicts and trade route reconfigurations creating uncertainties in planning. Despite these challenges, AEROSTAR has demonstrated resilience, recording turnover growth in S1 2025.
CLIMATE CHANGE
Climate change represents a global challenge with potential impacts on investment planning and business models. AEROSTAR continuously evaluates the environmental risks and opportunities associated with its operations. During the reporting period, no material impacts on the company's assets or liabilities were recorded due to climate-related risks.
INTERNAL ENVIRONMENT AND WORKFORCE
The shortage of skilled personnel remains a major challenge in the aerospace industry. High competence and experience requirements, combined with labour migration to better-paid markets, increase pressure on recruitment and retention. AEROSTAR continues to invest in professional training, educational partnerships, and youth attraction programs to strengthen organizational culture and team diversity.
IMPORTANT EVENTS DURING THE REPORTING PERIOD
During the period January 1 – June 30, 2025, the following main events took place:
MARCH 2025
AEROSTAR finalised the annual negotiations between the Company's Management and the Employees' Committee. The main employee benefit packages were agreed under the 2025–2026 collective labour agreement, as follows:
- A 9.9% increase in the salary package;
- Granting of annual vacation vouchers;
- Financial year-end, production year-end, and performance bonuses;
- Partial reimbursement of intercity transport expenses incurred for commuting employees;
- Annual leave between 20 and 28 working days, depending on seniority.
The provisions of the collective labour agreement took effect as of the April 2025 salary rights.
APRIL 2025
AEROSTAR S.A. celebrated 72 years of continuous activity on April 17!
On the same day, the first edition of "Investor Day" was held, an event attended by investors and analysts, media representatives, members of the Board of Directors, the executive management, and a significant part of the operational management.
On April 24, the General Shareholders' Meeting took place to approve the annual financial results for 2024. During the Ordinary General Meeting, AEROSTAR shareholders approved the following:
- The administrators' report and the financial statements for the year 2024;
- The statutory auditor's report on the audit of the financial statements;
- Discharge of liability of the members of the Board of Directors and of the executive management;
- Allocation of the net profit for the financial year 2024, namely the amount of 95.724.563,92 lei, as follows:
| allocations to the legal reserve of reinvested profit | 18.730.570,38 lei; |
|---|---|
| allocations to other reserves | 40.447.405,54 lei |
| allocation for dividends | 36.546.588,00 lei |
Gross dividend per share: 0,24 lei;
Dividend payment date for the financial year 2024: June 5, 2025.
MAY 2025
Aerostar celebrated 25 years of collaboration with Safran Landing Systems — a partnership based on shared commitment, product quality and safety, and on-time delivery.
Over this quarter-century of partnership, Aerostar has delivered hundreds of thousands of machined parts and hydraulic systems made from aluminium, steel, bronze, and titanium alloys; fully equipped landing gear and retraction mechanisms for the Daher TBM 960; part kits for the Airbus A320 family, Super Puma, and Falcon 7X; as well as kits for the Boeing 787, Airbus A330/A340, and Airbus A350, retraction, locking and steering actuators.
Aerostar obtained the necessary qualifications through rigorous audit processes carried out jointly with Safran Landing Systems and certification bodies. These accreditations reflect a sustained effort to meet the most demanding standards of the aerospace industry.
EVENTS SUBSEQUENT TO THE REPORTING DATE No events subsequent to the reporting date were recorded.
AEROSTAR RESULTS FOR THE FIRST SEMESTER OF 2025 S1 2025 vs S1 2024
| UM | 30.06.2025 | 30.06.2024 | |
|---|---|---|---|
| Share Capital | K lei | 48.729 | 48.729 |
| Turnover | K lei | 314.564 | 292.833 |
| Export Sales | K lei | 276.383 | 240.227 |
| Export Share in Turnover | % | 88% | 82% |
| Actual Number of Personnel | no. | 1.825 | 1.844 |
| Gross Profit (Before Tax) | K lei | 53.287 | 54.384 |
| Net Profit | K lei | 46.147 | 47.357 |
| Cash flow | K lei | 290.590 | 237.170 |
| Current Ratio | - | 10.35 | 8.73 |
| Investment Expenditures from Own Funds | K lei | 6.455 | 12.557 |
| Indicator | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Net Profit Margin | 14,67% | 16,18% |
| EBITDA | 19,25% | 20,62% |
| Cash and Cash Equivalents | 290.590 | 237.170 |
| Net Treasury | 120.983 | 78.698 |
| Debt-to-Equity Ratio | 0 | 0 |
| Receivables Turnover Ratio- Customers |
54 days | 48 days |
| Fixed Asset Turnover Ratio | 1,52 | 1,28 |
FINANCIAL POSITION – SUMMARY – FIRST SEMESTER OF 2025 Financial Performance
281,477 275,876 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 K Lei 30.06.2025 30.06.2024
TOTAL EXPENSES
53,287 54,384 0 10,000 20,000 30,000 40,000 50,000 60,000
PROFIT BEFORE TAX
K Lei
30.06.2025 30.06.2024
TOTAL LIABILITIES
EQUITY
NON-CURRENT ASSETS(NET BOOK VALUE)
CURRENT ASSETS
AEROSTAR prepares its financial statements as a standalone company, in accordance with the International Financial Reporting Standards (IFRS).
FINANCIAL PERFORMANCE
The company maintained a relatively stable performance in the first semester of 2025, marked by a modest increase in revenue and a slight decrease in net profit.
In the first semester of 2025, the company recorded total revenues of 334,7 million lei, a slight increase compared to 330,2 million lei in the same period of the previous year. This growth indicates the company's continued ability to generate revenue, although at a slower pace.
The operating revenues also increased slightly, reaching 319,9 million lei in S1 2025, compared to 316,4 million lei in S1 2024. This suggests stability in the company's core operations, with potential improvements in operational efficiency.
Conversely, the financial result was significantly lower, amounting to 5,3 million lei in the first semester of 2025, compared to 12 million lei in the same period last year. This decrease was due to less favourable conditions in the foreign exchange market, influenced by external factors.
The net result for the period was 46,1 million lei, slightly below the 47,5 million lei recorded in the first semester of last year.
This moderate decline reflects the impact of the decreased financial result, despite the increase in operating revenues.
FINANCIAL POSITION
The company's financial position remains solid, with increasing equity, decreasing liabilities, and improved liquidity.
The company has better managed receivables and maintained a higher level of available cash, which enhances short-term stability.
However, the increase in the working capital needs and a slight decline in profitability require increased attention to cost efficiency and resource management in the medium term.
The more efficient use of assets is a strong point, but it is important to maintain this trend to counterbalance the decline in profitability.
The company's activity in the first semester of the year generated a slight increase in equity, suggesting a consolidation of the financial structure and a growth of own resources.
Total liabilities have significantly decreased, indicating reduced indebtedness and a stronger position from the financial risk perspective.
The working capital need increased from 263,8 million lei to 301,6 million lei, reflecting a greater need for resources to finance the operating cycle.
From the perspective of economic and financial indicators, we estimate that the company's activity remains roughly on the same track as last year, with a moderate upward trend in some key indicators, in line with the provisions of the income and expenditure budget.
AEROSTAR'S PRESENCE IN THE GLOBAL MARKET
AEROSTAR's customers are located in Europe, Asia, Africa, the USA, and Canada. AEROSTAR operates on the global market for aerospace and defence products and services as an independent company.
In Canada and the USA, we supply aviation products, while in Asia and Africa, we provide civil aviation maintenance services. In Europe, we provide civil aviation maintenance services, aviation products (landing gear systems, mechanical parts, assemblies, and subassemblies), electronic equipment, and ground support equipment.
In Romania, we provide repair services for military aircraft and state helicopters, repair of parts and electronic components for military aircraft, modernization, integration, and maintenance of military aviation systems, repair services for systems and launchers, as well as civil aviation products.
COMPARATIVE EVOLUTION OF SALES
From the analysis of the data presented in this report, it is observed that out of the turnover of 314.564 thousand lei achieved in the first semester of 2025, the company sold on the domestic market products and services amounting to 38.181 thousand lei, representing a decrease of 38% compared to the same period last year, while sales on the foreign market amounted to the equivalent of 276.383 thousand lei.
Comparative evolution of sales by markets (K lei)
Comparative evolution of sales by business lines (K lei)
Thus, for the period under review, a 2% decrease in sales was recorded in the defence systems business line, while the other two business lines saw increases: up 14,5% in manufacture of aviation products and up 6,5% in civil aircraft maintenance.
AEROSTAR'S ACTIVITY AND PRODUCTS
AEROSTAR operates across three business lines, based on the products and services it provides.
The company's main field of activity is manufacturing. The company's core business is "Manufacture of civil aircraft and spacecraft" - CAEN code 3031;
AEROSTAR BUSINESS LINES
MANUFACTURE OF AVIATION PRODUCTS
The equipment, assemblies, and parts produced by AEROSTAR are integrated into a large number of commercial aircraft, including: Airbus A320, A321, A330, A350; Boeing B737, B787, B767; Gulfstream G650; Dassault F7X; Bombardier Challenger 600 series and Global 5000/6000 series.
By constantly adapting to the latest market demands regarding new production structures, as well as to the evolving quality and environmental protection requirements, AEROSTAR maintains its leading position in Romania for the manufacture of aviation products and continues to strengthen its role in the supply chains of the major global companies in the aerospace and aviation sectors. To meet the increasingly high standards of quality and efficiency, it is essential to adopt advanced technological solutions.
CIVIL AVIATION MAINTENANCE
AEROSTAR has a significant business footprint in the Civil Aviation MRO field, acting as an independent provider of industrial-level maintenance services for commercial aircraft from the Airbus A320 family ceo & neo and Boeing B737 series (300–900). AEROSTAR is EASA Part-145 certified, with an extensive range of authorizations granted by civil aviation authorities.
DEFENCE SYSTEMS
In the defence systems business line, AEROSTAR is a top-tier supplier to the Romanian Ministry of National Defence.
AEROSTAR has constantly developed the necessary capabilities to strengthen its position as a supplier, increasing its expertise in the field of maintenance and modernization of military aircraft, in the field of ground-to-ground launch systems and radar communication systems, which are part of the command-andcontrol systems.
AEROSTAR serves as the MAINTENANCE CENTRE FOR F-16 AIRCRAFT operated by the Romanian Army, nominated by the Romanian Government and authorized by the National Military Aviation Authority AEROSTAR also serves as a MAINTENANCE CENTRE FOR BLACK HAWK S-70 HELICOPTERS, a centre authorized both by the manufacturer – Sikorsky (part of the Lockheed Martin group) – and by the National Military Aeronautical Authority.
AEROSTAR has been designated as the MAINTENANCE CENTRE FOR THE HIMARS SYSTEM operated by the Romanian Ministry of National Defence, following nomination by the Romanian Government.
BUSINESS MODEL
WE BELIEVE THAT BY ACTING RESPONSIBLY, WE CONTRIBUTE TO LONG-TERM ECONOMIC SUCCESS. WITH A FOCUS ON SUSTAINABLE DEVELOPMENT, WE ARE COMMITTED TO BUILDING A SAFER FUTURE.
We aim to align with both global requirements and prevailing trends by channelling our efforts towards achieving the main goal of enhancing sustainability—through the integration of profitability with responsibility, the creation of value over the short, medium, and long term, and consequently, the improvement of the company's overall performance. Relevant data and performance indicators are disclosed in both annual and periodic reports, in line with best practices, the company's internal procedures and policies, and in accordance with the applicable legislation.
Strategic priorities:
- enhancing performance through the continuous improvement of activities, processes, products, and services;
- maintaining ongoing compliance with environmental protection standards, all quality requirements, and both national and international regulations;
- supporting employees' professional development grounded in integrity, innovation, and initiative, while maintaining a thriving social dialogue;
- securing a skilled workforce in line with the company's needs;
- increasing efficiency while reducing costs;
- maintaining our status as a top employer;
- meeting customer requirements and ensuring maximum safety for our employees;
- creating value for the community and strengthening collaborative relationships.
The company's management policy is focused on maintaining a strong capital base to support continuous development within the global market context, while preserving its competitive advantage through quality, capabilities, and high-level technologies. This approach ensures sustainable and well-structured growth and facilitates the achievement of strategic objectives.
Although the company's business model has not been altered by the international context, operational practices have been adapted in line with the specific nature of the company's activity flows.
SUSTAINABILITY
WE PROTECT THE ENVIRONMENT
Reducing greenhouse gas emissions and emissions of volatile organic compounds;
Minimizing environmental impact by increasing waste recovery and educating all employees in the spirit of minimizing waste generation in order to improve environmental performance;
Partially supplying the energy required for company processes from green sources through our own photovoltaic parks;
We respect the environment, nature and natural resources! Engaging employees in professional development and supporting an inclusive culture where each employee can reach their full potential and contribute with our support, thus enabling the evolution of tomorrow's professions;
Improving quality of life in the workplace, ensuring employee health and safety of our employees, and maintaining a thriving social dialogue; Promoting a culture of occupational health and safety.
Continuing training and professional development programs
We respect, support, and guarantee equal and nondiscriminatory treatment by providing equal opportunities for all our employees!
TOP EMPLOYER INVOLVEMENT IN THE COMMUNITY AND ITS DEVELOPMENT
Constant dialogue with the local communities in the spirit of our desideratum to influence the community in a positive way
Developing partnerships to attract young people for internships and study opportunities;
Continuing scholarship programs for students in dual education;
Enhancing professional and social integration;
Community engagement initiatives!
OUR CUSTOMERS' SATISFACTION
Developing partnerships to establish ourselves as a trusted reference point for our customers;
Strengthening our position as a strategic player in the civil and military aviation industry and creating sustainable added value;
Adopting transparent practices grounded in integrity and business ethics;
Maintaining a strong focus on customers and endusers;
We uphold the highest standard of professional ethics!
OUR EMPLOYEES
At AEROSTAR S.A., the rights and responsibilities of employees, as established in the Collective Labor Agreement (CCM) and the Rules of Organization and Functioning, are formulated in accordance with the respect for human rights and the right to work, in line with the principles contained in the International Charter of Human Rights and the Declaration of the International Labour Organization (ILO) on Fundamental Principles and Rights at Work. These are transposed into labour relations legislation and are governed by the principles of consensus and good faith, which form the foundation of interactions within labour relations.
Human resources represent a key factor in the performance, efficiency, growth, and development of the company.
We support the professional development of our employees by including them in professional training programs.
In the first semester of 2025, AEROSTAR had a total of 1.825 employees. The voluntary turnover rate in the second quarter of 2025 was 5,39%, which is comparable to the second quarter of 2024 (5,64%).
| No. of employees |
Share of women in Aerostar |
Share of men in Aerostar |
Share of women in management positions |
Employees under 30 years old |
Employees aged 31 to 50 |
Employees over 51 years old |
|
|---|---|---|---|---|---|---|---|
| S1 2025 | 1825 | 30% | 70% | 25% | 20% | 43% | 37% |
| S1 2024 | 1844 | 30% | 70% | 27% | 20% | 44% | 36% |
At AEROSTAR, there are no incidents of workplace discrimination based on gender, race or ethnic origin, nationality, religion or beliefs, disability, age, sexual orientation, or other relevant forms of discrimination or harassment.
AEROSTAR respects and guarantees equal and non-discriminatory treatment in its relationships with employees, partners, collaborators, suppliers, and customers. Within the company's labour relations, the principle of equal treatment for all employees is applied. Any direct or indirect discrimination against an employee is prohibited if it aims to deny, restrict, or remove the recognition, enjoyment, or exercise of rights provided by labour legislation and the Collective Labour Agreement, based on criteria such as gender, sexual orientation, age, race, ethnicity, religion, political opinion, social origin, disability, family situation or responsibilities, trade union membership or activity.
The company maintains ongoing transparent relations with its social dialogue partner (the representative trade union). The Collective Labour Agreement concluded with the union ensures compliance with human resources policies.
| Average degree of unionization |
Employee turnover rate |
Work-related fatalities |
|
|---|---|---|---|
| S12025 | 59,58% | 5,39% | 0 |
| S12024 | 61% | 5,64%. | 0 |
AEROSTAR is committed to supporting its employees, their professional development, and ensuring talent attraction and retention through actions included in its development strategy and performance evaluation processes.
We have continued to invest in the training of our personnel by offering opportunities for growth and career advancement, thus, each employee benefits from training programs designed to support their professional development.
Up to 30.06.2025 AEROSTAR has organized professional training courses for its employees, with a primary focus on meeting the training needs in areas of interest relevant to the production activities.
| Unit of Measure | 30.06.2024 | 30.06.2025 | |
|---|---|---|---|
| Number of participations in training |
no. | 2.274 | 2.208 |
| programs | |||
| Number of employees included in training | no. | 1.022 | 897 |
| programs | |||
| Average training hours per employee | hours | 10 | 16 |
The main objective in the second quarter was to increase the number of certified structural aircraft sheet metal workers by attracting suitable candidates and training them in the required competencies, thereby ensuring the sustainability and competitiveness of the aircraft production and maintenance.
| High School Students in | |||
|---|---|---|---|
| Practical Training | |||
| 30.06.2024 | 416 | ||
| 30.06.2025 | 459 |
AEROSTAR has established a PROFESSIONAL SKILLS ASSESSMENT CENTER for competencies acquired through non-formal pathways. We are authorized by the Ministry of Labor and the Ministry of Education to organize qualification courses in four trades specific to the aviation industry.
EMPLOYEE BENEFITS
Starting April 1, 2025, Aerostar implemented a new benefits package for its employees, which includes, among other things, a 9,9% increase in the salary package.
This raise reflects the company's commitment to maintaining competitiveness in the labour market, rewarding performance, and supporting employee well-being in a dynamic economic context, as well as the company's dedication to motivating and retaining personnel.
EXECUTIVE AND OPERATIONAL MANAGEMENT
The executive management is ensured by the Chief Executive Officer and the Financial Director. The executive-operational management structure is completed by the other directors of divisions and directorates.
The Executive and Operational Management consists of the following
| members: | |
|---|---|
| Name | Position |
| Filip Alexandru | Chief Executive Officer (CEO) |
| Damaschin Doru | Financial-Accounting Director |
| Rogoz Vasile Laurențiu | Quality Director |
| Vîrnă Daniel |
Director of Legal and Human Resources Directorate |
| Cristea Andra | Logistics Division Director |
| Pascal Laurentiu | Deputy CEO |
| Buhai Ovidiu | Defence Systems Division Director |
| Iosipescu Șerban | Aeronautical Products Division Director |
| Veleșcu Ioan - Dan |
Civil Aviation MRO Division Director |
| Branche Cătălin Bogdan | Utilities and Infrastructure Division Director |
BOARD OF DIRECTORS
The Board of Directors of AEROSTAR S.A. was elected for a period of four years during the General Meeting of Shareholders held on July 4, 2024. The election was conducted by secret ballot, with the new mandate lasting four years, from 11.07.2024 until 10.07.2028.
| The Board of Directors consists of the following members: |
|||
|---|---|---|---|
| Position | |||
| President | |||
| Vice President | |||
| Member | |||
| Member | |||
| Member | |||
AEROSTAR SHAREHOLDERS
The significant shareholders of AEROSTAR S.A. are IAROM S.A. Bucharest and EVERGENT Investments S.A. Bacău. The summarized shareholder structure is as follows:
| Shareholders | Number of Shares | Percentage |
|---|---|---|
| IAROM S.A. | 108.900.118 | 71,5143% |
| Evergent Investments S.A | 23.053.957 | 15,1394% |
| Other shareholders | 20.323.375 | 13,3463% |
| Total | 152.277.450 | 100% |
Shareholders can obtain information about AEROSTAR S.A. and key events on the website www.aerostar.ro.
RELATIONSHIP WITH SHAREHOLDERS AND THE CAPITAL MARKET
In its relationship with shareholders, Aerostar has focused on protecting and ensuring shareholders' rights, namely:
- o the right to participate in General Meetings either in person or by proxy by providing them with special proxies, mail-in voting ballots, and other useful information;
- o the right to fair treatment, regardless of the size of their holdings;
- o the right to receive dividends proportional to each shareholder's holdings.
In its relationship with the capital market, Aerostar has fulfilled all reporting obligations arising from legal provisions by publishing continuous and periodic mandatory reports in the electronic system of the Financial Supervisory Authority (ASF) and the Bucharest Stock Exchange, on the company's website, and through press releases.
In accordance with the provisions of the Corporate Governance Code, continuous and periodic information has been disseminated simultaneously in both Romanian and English. Shareholders can obtain information about Aerostar and key events on the website www.aerostar.ro.
Additionally, annual and semi-annual reports for the past ten years, quarterly reports for the past five years, current reports, as well as other useful information for shareholders, are available for download. There have been no changes regarding shareholders' rights. No major transactions were concluded by the company with persons acting in concert or involving such persons during the relevant period.
ASPECTS CONCERNING THE COMPANY'S CAPITAL AND MANAGEMENT
There have been no changes affecting the capital or management of Aerostar S.A. The company has not experienced any inability to meet its financial obligations during this period..
Aerostar's relationship with the parent company, other shareholders, and companies in which it holds equity stakes:
Aerostar is a subsidiary of IAROM S.A. and, therefore, the parent company consolidating the group's financial statements is IAROM S.A., having the unique identification code 1555301 and its registered office in Bucharest, 39 Aerogării Boulevard. The consolidated financial statements for the fiscal year 2023 were submitted to the Romanian National Agency for Fiscal Administration (ANAF) under registration number 770692053-2023/22.08.2024
The parent company will prepare and publish a set of consolidated financial statements in accordance with applicable accounting regulations for the financial year ending 31.12.2024.
Aerostar owns shareholdings valued at 2.500 lei in the Education for Sustainable Development Cluster (C-EDD), supporting strategic collaboration initiatives in the field of education. The founding members of this Cluster, alongside Aerostar, are: Vasile Alecsandri University, the Bacau County Council and Local Council, the Bacau County School Inspectorate, the Bacau County Small and Medium Enterprises Employers' Association, Barleta Ltd., and Barrier Ltd.
AEROSTAR ARS SHARES
Aerostar S.A. Bacău shares have been traded since 1998 on the regulated market operated by the Bucharest Stock Exchange.
The main characteristics of the issued securities are as follows: 152.277.450 nominative, ordinary shares of equal nominal value, fully paid, issued in dematerialized form and recorded in the Shareholders' Register. This register is managed by Depozitarul Central S.A. Bucharest. The issuer, Aerostar S.A. Bacău, is registered with the following identification details: Unique Registration Code 950531, ISIN Code ROAEROACNOR5, Stock Symbol ARS, all issued shares are included in the Standard category.
| Aerostar Shares – Key Figures: | 30.06.2025 | 30.06.2024 | 30.06.2023 | |
|---|---|---|---|---|
| Number of Shares | 152.277.450 | 152.277.450 | 152.277.450 | |
| Nominal Value per Share (lei) | 0,32 | 0,32 | 0,32 | |
| Book value per share | 4,14 | 3,75 | 3,31 | |
| End-of-Period Price (lei)* | 9,14 | 9,70 | 8,25 | |
| Market Capitalization (lei)* | 1.391.815.893 | 1.477.091.265 | 1.256.288.963 | |
| Maximum Price (lei)* | 9,90 | 9,90 | 8,30 | |
| Minimum Price (lei)* | 8,18 | 8,25 | 7,00 | |
| Earnings per Share (lei) | 0,303 | 0,311 | 0,308 |
Source: Monthly Bulletin issued by the Bucharest Stock Exchange
It can be observed that over the past three years, the market price has consistently remained above the book value per share, reflecting investors' expectations regarding future performance, growth prospects, profitability, risks, as well as market demand and supply.
Monthly evolution of the reference price of ARS shares in 2025 compared to the same period in 2024 (lei/share)
During the year 2025 :
- o Aerostar S.A. did not issue bonds or any other similar securities;
- o no subscriptions for new shares, participation certificates, convertible bonds, options, or similar rights were recorded;
- o there was no share buyback program.
AFFILIATED PARTIES
As of June 30, 2025, AEROSTAR S.A.'s shareholdings in other companies are as follows:
| Name of branch / subsidiary |
Main activity | No. of Shares Held by Aerostar |
Voting rights |
Value of Aerostar's share holding |
Financial information for the last financial year (2024) for which the financial statements of the affiliated companies were approved |
||
|---|---|---|---|---|---|---|---|
| (thousand | Sales | Equity | Net Profit | ||||
| lei) | (thousand | (thousand | (thousand | ||||
| lei) | lei) | lei) | |||||
| Airpro | CAEN code 7820 | 18.800 | 1.036 | 721 | |||
| Consult S.R.L. | 100 | 100% | 10 | ||||
| Bacău | |||||||
| Foar S.R.L. | CAEN code 7739 | 306 | 556 | 124 | |||
| Bacău | 408 | 51% | 4 | ||||
| TOTAL | 14 | 19.106 | 1.592 | 845 |
Aerostar's shareholdings in these companies are recorded at cost.
Both companies in which AEROSTAR holds shareholdings are registered in Romania.
Transactions with related parties are presented in the Financial Statements under Note 26.
TANGIBLE ASSETS
Aerostar S.A.'s production facilities and capabilities are located at the company's headquarters and registered office in Bacău, Romania, at 9 Condorilor Street, postal code 600302, as well as at two secondary workplaces without legal personality: one in Iași at 25B Aeroportului Street, and another in Fetești at 2 Carpați Street, Apt. 7. The company owns land totalling 49.17 hectares, with direct access to the European route E85.
Aerostar also has direct access to the runway of "George Enescu" Airport in Bacău. The headquarters include all types of facilities necessary for the proper conduct of production activities, according to the company's object of activity.
The production areas include hangars, industrial halls, technological test benches, and areas designated for administrative and social functions. Additionally, the company owns office spaces dedicated to technical and economic activities.
All these facilities are maintained in good condition. The total built-up area of the buildings amounts to approximately 14,54 hectares.
Aerostar S.A.'s tangible assets comply with the requirements of the company's health, safety, and environmental management system, and they fully adhere to applicable legislation and regulations on occupational safety, as well as property protection and security standards.
As of June 30, 2025, Aerostar S.A. Bacău holds tangible assets necessary for its operations with a gross value of 407.275 thousand lei, consisting of land, buildings, special constructions, installations, technological equipment, and means of transport:
| Category of Tangible Assets | Gross Value | Degree of Wear | Estimated Useful Life (years) |
|---|---|---|---|
| (K lei) | (%) | ||
| Land | 31.171 | N/A | N/A |
| Constructions | 101.685 | 53,46% | 30-50 years |
| Investment Properties | 12.964 | 51,73% | 25-50 years |
| Technical Installations, of which: | 257.509 | 72,35% | |
| technological equipment |
247.252 | 72,33% | 4-25 years |
| means of transport |
10.257 | 72,83% | 4-18 years |
| Other Tangible Assets | 3.946 | 65,52% | 2-18 years |
| TOTAL | 407.275 | 63,58% | N/A |
In the first six months of 2025, no risks were identified regarding the ownership of tangible assets.
INVESTMENTS FOR SUSTAINABILITY
AEROSTAR's investment policy is guided by the principles of sustainable development, focusing on:
- The efficient and responsible use of available resources
- Reducing environmental impact
- Strengthening professional excellence
AEROSTAR adopts an integrated approach that combines economic performance with environmental responsibility, taking firm action to ensure the sustainability of all investment projects.
Between January and June 2025, AEROSTAR made investment expenditures totalling 6.451 thousand lei. Investment expenditures are structured as follows:
| Category | % |
|---|---|
| Development Expenditures | 82% |
| Replacement Expenditures | 18% |
| TOTAL | 100% |
| Equipment | 67% | |
|---|---|---|
| Constructions | 8,9 % | |
| Measuring and Control Equipment and Installations | 11,1% |
These investments contribute to strengthening Aerostar's position as a competitive supplier in the aerospace industry, ready to meet the increasingly complex demands of the international market.
QUALITY AND ENVIRONMENT
We manage, evaluate, and monitor environmental impact activities responsibly and effectively! Through our Environmental Management System, we have clearly defined responsibilities and the necessary actions to track and comply with the authorized conditions according to the REACH regulation.
In the first semester of 2025, several sessions of monitoring the water emissions were carried out. Reports requested by APM Bacău were submitted via the Integrated Environmental System, along with the Annual Environmental Report for the Bacău site and the Iași MRO Centre. During this period, three inspections were conducted by the Environmental Guard, resulting in two general measures with permanent deadlines.
In June 2025, a surveillance audit of the environmental management system in accordance with ISO 14001:2015 was performed by the DQS team. The audit concluded with no non-conformities. Recommendations for improvement were reviewed, and the actions planned for their implementation were approved and communicated.
Employee training to increase awareness and ensure compliance with environmental requirements remains a continuous priority within the company.
All waste generated from the company's activities is selectively stored in appropriate containers and subsequently handed over to authorized operators for collection, recovery, or disposal.
In the first semester of 2025, recoverable waste accounted for approximately 84% of the total waste generated.
We are certified according to the requirements of ISO 9001, the ISO 14001 environmental management standard, and the ISO 45001 standard for occupational health and safety.
We are also authorized as a Part 145 Maintenance Organization, a Part 21G Production Organization, and a Part 21J Design Organization. Our partnerships in the defence sector have led us to implement a quality management system compliant with NATO quality assurance standards AQAP 2110 and AQAP 2210.
RISK MANAGEMENT
AEROSTAR is exposed to a wide range of risks and uncertainties that may affect its financial performance. The business lines operated by AEROSTAR, its operational results, or financial position could be impacted by the materialization of the risks described below.
AEROSTAR aims to ensure the sustainable development of its operations over the medium and long term and to reduce the uncertainty associated with its strategic and financial objectives.
The risk management processes carried out ensure the identification, analysis, evaluation, and management of risks in order to minimize their effects to an acceptable level.
However, there may be additional risks and uncertainties beyond those described below, which are currently unknown or considered insignificant, but which could, in the future, affect AEROSTAR's business lines.
Operational Risk
Operational risk refers to the risk of incurring losses or failing to achieve estimated sales and profits, arising from:
- the use of inadequate processes, systems, or human resources, or their failure to properly fulfil their functions;
- external events and actions, such as the deterioration of global economic conditions, natural disasters, or other occurrences that may affect AEROSTAR's assets.
Amid ongoing global political unrest, the potential for new categories of risk is increasing. AEROSTAR is proactively observing critical conflict regions to assess any developments that could impact its operations or assets.
Legal Risk is also considered a component of Operational Risk, defined as the risk of loss resulting both from fines, penalties, and sanctions that AEROSTAR may incur due to non-compliance or improper application of legal or contractual provisions, as well as from improperly defined contractual rights and obligations of AEROSTAR and/or its business partners.
AEROSTAR allocates and will continue to allocate funds for investments and other operational expenses aimed at preventing and managing operational risk.
In addition, AEROSTAR seeks to maintain internal funding to cover its exposure to risks by establishing provisions for such risks and related expenses.
Furthermore, to mitigate operational risk, AEROSTAR annually renews, with top-tier insurance and reinsurance companies, a civil liability insurance policy covering its main lines of business (aerospace product manufacturing and commercial aircraft maintenance).
Credit risk refers to the risk that AEROSTAR may incur a financial loss due to a business partner's failure to meet contractual obligations, and is mainly determined by sight and term deposits held with banks and trade receivables.
Deposits are placed only with top-tier banking institutions (top 5 by asset size), which are considered to have high solvency.
Credit risk, including the country risk associated with the client's operating location, is managed individually for each business partner. When considered necessary, specific instruments are requested to mitigate credit risk (such as advance payments, bank payment guarantees, or confirmed export letters of credit).
AEROSTAR does not have significant exposure to any single business partner and does not record a significant concentration of revenue in any single geographic region.
However, there is some exposure to the global Airbus program market, as a large proportion of the company's products are integrated into Airbus aircraft.
A detailed presentation of the quantitative information regarding AEROSTAR's exposure to credit risk can be found in Note 18 (Financial Instruments) of the Financial Statements.
Liquidity risk refers to the risk that AEROSTAR may encounter difficulties in meeting its debt obligations as they become due.
To manage liquidity risk, cash flows are monitored and analysed on a weekly, monthly, quarterly, and annual basis to assess the estimated level of net liquidity changes. This analysis forms the basis for financing decisions and capital commitments.
To mitigate liquidity risk, AEROSTAR maintains an annual liquidity reserve in the form of a credit line structured as an overdraft facility granted by banks, amounting to USD 2.500 thousand.
During the reporting period, AEROSTAR did not utilize this credit line, as all operations were financed from internal resources.
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices.
Market risk includes price risk, currency risk, and interest rate risk.
AEROSTAR is primarily exposed to price risk, driven by fluctuations in the prices of raw materials and supplies used in the production processes, caused by exceptional events, the imposition of international sanctions that limit the ability to secure parts and materials, or increased costs related to specific import/export tariffs for metal products to and from the United States.
This risk is managed through:
- diversification of the supplier portfolio, which provides greater negotiation leverage in the event of price increases from certain suppliers;
- signing long-term contracts that include fixed-price clauses.
AEROSTAR is exposed to foreign exchange risk, as 88% of its revenue is denominated in USD and EUR, while a significant portion of its operating expenses is in LEI. Consequently, the company is exposed to the risk that exchange rate fluctuations may impact both its net income and financial position as reported in LEI. AEROSTAR has opted not to engage in foreign exchange hedging instruments (such as options or forward contracts), due to their relatively high upfront costs and the potential opportunity loss in the event of a RON depreciation against major currencies (USD, EUR).
A detailed analysis of AEROSTAR's sensitivity to foreign exchange rate fluctuations is provided in Note 18 (Financial Instruments) of the Financial Statements.
As for interest rate risk, since AEROSTAR did not use the contracted Credit Line during the reporting period, its revenues and cash flows were not impacted by fluctuations in market interest rates.
At AEROSTAR, risk management is approached systematically through the allocation of dedicated resources, clearly defined responsibilities, and integration across all levels of the organization.
The overall risk management framework is based on an understanding of stakeholder needs and expectations, as well as on the company's strategic objectives.
Legal risk is monitored and mitigated through a continuous legislative tracking system, as well as through a structured process for analysing, endorsing, and approving the terms and conditions included in commercial contracts.
AEROSTAR S.A. BACĂU
COMPANY FINANCIAL STATEMENTS AS AT 30 JUNE 2025
REVISED
TABLE OF CONTENTS
COMPANY STATEMENT OF PROFIT OR LOSS
OTHER COMPREHENSIVE INCOME
COMPANY STATEMENT OF FINANCIAL POSITION
COMPANY STATEMENT OF CASH FLOWS
COMPANY STATEMENT OF CHANGES IN EQUITY
NOTES TO THE COMPANY FINANCIAL STATEMENTS
AEROSTAR S.A. BACĂU COMPANY STATEMENT OF PROFIT OR LOSS FOR 30 JUNE 2025 (unless specified otherwise, all amounts are stated in thousands of lei)
| Note | 30 June 2025 |
30 June 2024 |
|
|---|---|---|---|
| Operating income | |||
| Income from sales | 19 | 314.564 | 292.833 |
| Other income | 19 | 656 | 976 |
| Income related to the inventories of finished goods | 3.642 | 22.024 | |
| and work in progress | 19 | ||
| Income from production of fixed assets | 19 | 780 | 512 |
| Income from operating subsidies | 19 | 306 | 48 |
| Total operating income | 319.948 | 316.393 | |
| Operating expenses | |||
| Material expenses | 20 | (133.514) | (131.245) |
| Employee benefits expense | 20 | (102.803) | (96.618) |
| Depreciation expense for fixed assets | 5;6;20 | (14.732) | (13.242) |
| Net income (expenses) from adjustments regarding | 20 | (7.641) | (7.898) |
| current assets | |||
| Net income (expenses) from adjustments regarding | 20 | 9.767 | 4.368 |
| provisions | |||
| Expenses for external services | 20 | (20.530) | (26.429) |
| Other expenses | 20 | (2.535) | (2.956) |
| Total operating expenses | (271.988) | (274.020) | |
| Profit/loss from operating activity | 47.960 | 42.373 | |
| Financial income | 21 | 14.816 | 13.867 |
| Financial expenses | 22 | (9.489) | (1.856) |
| Financial profit/loss | 5.327 | 12.011 | |
| Profit before tax | 53.287 | 54.384 | |
| Tax on current and deferred profit | 17;23 | (7.140) | (7.027) |
| Net profit of the period | 46.147 | 47.357 |
Chief Executive Officer, Alexandru Filip
Financial Director, Doru Damaschin
AEROSTAR S.A. BACĂU COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME FOR 30 JUNE 2025 (unless specified otherwise, all amounts are stated in thousands of lei)
| 30 June 2025 |
30 June 2024 |
|
|---|---|---|
| Net profit for the period | 46.147 | 47.357 |
| Deferred income tax recognized in equity | (1.085) | (1.756) |
| Revaluation at fair value of equity instruments through other comprehensive income |
1.199 | 5.491 |
| Gain transferred to retained earnings related to the sale of equity instruments through other comprehensive income |
(41) | 246 |
| Other comprehensive income | 73 | 3.981 |
| Total comprehensive income for the period | 46.220 | 51.338 |
Chief Executive Officer, Alexandru Filip
Financial Director, Doru Damaschin
AEROSTAR S.A. BACĂU COMPANY STATEMENT OF FINANCIAL POSITION FOR 30 JUNE 2025 (unless specified otherwise, all amounts are stated in thousands of lei)
| Note | 30 June 2025 |
31 December 2024 |
|
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 6 | 151.852 | 159.745 |
| Intangible assets | 5 | 1.765 | 1.788 |
| Investment property | 6 | 6.257 | 6.598 |
| Right-of-use assets under leases | 32 | 1.736 | 1.723 |
| Financial assets | 7 | 45.762 | 46.133 |
| Deferred income tax receivables | 17 | 19.690 | 20.103 |
| Total non-current assets | 227.062 | 236.090 | |
| Current assets | |||
| Inventories | 10 | 194.336 | 206.205 |
| Trade receivables and other receivables | 8;9;18 | 80.201 | 110.772 |
| Current income tax receivables | 23 | - | - |
| Prepaid expenses – short-term | 31 | 1.738 | 1.049 |
| Cash and cash equivalents | 11 | 290.590 | 260.403 |
| Total current assets | 566.865 | 578.429 | |
| Total assets | 793.927 | 814.519 | |
| EQUITY AND LIABILITIES | |||
| Capital and reserves | |||
| Share capital | 12 | 48.729 | 48.729 |
| Current profit | 12 | 46.147 | 95.725 |
| Retained earnings | 12 | 54.744 | 54.374 |
| Reserves | 12 | 515.410 | 467.681 |
| Deferred income tax recognized in equity | 17 | (28.660) | (27.444) |
| Profit allocation to legal reserves | 12 | (6.363) | (18.731) |
| Total equity | 12 | 630.007 | 620.334 |
| Long-term liabilities | |||
| Deferred income tax liabilities | 17 | 29.868 | 28.834 |
| Long-term investment grants | 14 | 587 | 724 |
| Other long-term liabilities | 16 | 1.474 | 1.467 |
| Total long-term liabilities | 31.929 | 31.025 | |
| Long-term provisions | 13 | 45.880 | 43.866 |
| Current liabilities | |||
| Trade liabilities | 15;18 | 30.691 | 59.246 |
| Current income tax liability | 23 | 3.032 | 7 |
| Deferred income | 31 | 1.355 | 3.448 |
| Short-term investment grants | 14 | 551 | 828 |
| Other current liabilities | 16 | 21.021 | 14.523 |
| Total current liabilities | 56.650 | 78.052 | |
| Short-term provisions | 13 | 29.461 | 41.242 |
| Total provisions | 75.341 | 85.108 | |
| Total liabilities | 88.579 | 109.077 | |
| Total equity, liabilities and provisions | 793.927 | 814.519 | |
Chief Executive Officer,
Alexandru Filip
Financial Director,
Doru Damaschin
AEROSTAR S.A. BACĂU COMPANY STATEMENT OF CASH FLOWS (DIRECT METHOD) FOR 30 JUNE 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
| Note | 30.06.2025 | 30.06.2024 | |
|---|---|---|---|
| CASH FLOWS FROM OPERATIONS | |||
| receipts from customers | 341.316 | 308.984 | |
| recoveries of taxes from the State Budget | 1.782 | 6.227 | |
| receipts of subsidies from the State Budget | 293 | 68 | |
| payments to suppliers | (172.494) | (194.955) | |
| payments to employees | (60.906) | (56.287) | |
| payment of taxes and duties to the State Budget | (43.085) | (38.208) | |
| payments of income tax to the State Budget | (3.965) | (4.316) | |
| NET CASH FROM OPERATING | |||
| ACTIVITIES | 27 | 62.941 | 21.513 |
| CASH FLOWS FROM INVESTING | |||
| ACTIVITIES | |||
| interest income from bank deposits | 6.169 | 6.242 | |
| proceeds from sale of financial fixed assets | 27 | 1.674 | 4.341 |
| dividends received from other entities | 2.989 | 3.498 | |
| dividends received from affiliated entities | 521 | 456 | |
| payments for the acquisition of non-current | (105) | - | |
| assets | 7, 27 | ||
| payments for the acquisition of property, plant | (6.611) | (15.287) | |
| and equipment and intangible assets | |||
| NET CASH FROM INVESTING | 27 | 4.637 | (750) |
| ACTIVITIES | |||
| CASH FLOWS FROM FINANCING | |||
| ACTIVITIES | |||
| gross dividends paid | (34.458) | (30.379) | |
| NET CASH FROM FINANCING | 27 | (34.458) | (30.379) |
| ACTIVITIES | |||
| Net increase/decrease in cash and cash | |||
| equivalents | 33.120 | (9.616) | |
| Cash and cash equivalents at the beginning | |||
| of the period | 260.403 | 245.792 | |
| Effect of foreign exchange rate variation on | |||
| cash and cash equivalents | 27 | (2.933) | 994 |
| Cash and cash equivalents at the end of the | |||
| period | 11 | 290.590 | 237.170 |
Chief Executive Officer, Alexandru Filip
Financial Director, Doru Damaschin
AEROSTAR S.A. BACĂU COMPANY STATEMENT OF CHANGES IN EQUITY FOR 30 JUNE 2025 (all amounts are stated in thousands of lei)
| S ha re i l ta ca p |
Re ser ve s |
Re fro ser ve s m lu ion f t re va a o f in ia l a ts an c sse hr h o he t t ou g r he ive co mp re ns in co me |
De fer d in re co me ize tax d o re co g n n i ty eq u |
Re in d ta e in ea rn g s |
Re l for t su he io d t p er |
i To ta l e ty q u |
|
|---|---|---|---|---|---|---|---|
| ive in Co he mp re ns co me |
|||||||
| A. Ba lan 1 Ja 2 0 2 5 t ce as a nu ar y |
4 8. 7 2 9 |
4 5 9. 5 7 1 |
8. 1 1 0 |
( 2 7. 4 4 5 ) |
5 4. 3 7 4 |
7 6. 9 9 4 * |
6 2 0. 3 3 4 |
| f i for io Pr t t he d o p er |
4 6. 1 4 7 |
4 6. 1 4 7 |
|||||
| O ive in t he he r c om p re ns co me |
|||||||
| Re i ion f de fer d inc in i t tax ty co g n o re om e eq u |
( 1. 2 1 5 ) |
1 3 0 |
( 1. 0 8 5 ) |
||||
| is i bu ion f he f i for he f ina ia l y 2 0 2 4 a D tr t t t t o p ro nc ea r s d by he ha ho l de he O G M S o Ap i l t t t ap p rov e s re rs a n r ( ) 2 4, 2 0 2 5 No 1 2 te |
7 6. 9 9 4 |
( ) 7 6. 9 9 4 |
- | ||||
| l loc ion f p f i for he f irs f A 2 0 2 5 t t t t s ter to a o ro em es o fro fac i l i ies in tax t ts res erv es m g ro ss am ou n , |
6. 3 6 3 |
( ) 6. 3 6 3 |
- | ||||
| Ga in fer d ine d e ing la d he le tra to ta te to t ns re re arn s r e sa f e i ins ize d hr h o he ty tru ts t t o q me n rec og n ou g r u he ive inc co mp re ns om e |
( 2 8 0 ) |
2 3 9 |
( 4 1 ) |
||||
| Re lua ion f e i ins fa ir v lue hr h t ty tru ts t t va o q u me n a a ou g he he ive inc t o r c om p re ns om e |
1. 1 9 9 |
1. 1 9 9 |
|||||
| To l c he ive in f he io d ta t om p re ns co me o p er |
- | 6. 3 6 3 |
9 1 9 |
( 1. 2 1 5 ) |
7 7. 3 6 3 |
( 3 7. 2 1 0 ) |
4 6. 2 2 0 |
| Re l loc d fro he 2 0 2 4 p f i te t t ser ve s a a m ro iv i de ds d is i bu d r la d he D 2 0 2 4 tr te te to t n e ea r y |
4 0. 4 4 7 |
( 4 0. 4 4 7 ) ( ) 3 6. 5 4 7 |
- ( ) 3 6. 5 4 7 |
||||
| ion i ise ire Tr h s ha ho l de d d ly t t t an sa c s w re rs re co g n c in i ty eq u |
- | 4 0. 4 4 7 |
- | - | ( 7 6. 9 9 4 ) |
- | ( 3 6. 5 4 7 ) |
| B. Ba lan 3 0 Ju 2 0 2 5 t ce as a ne |
4 8. 7 2 9 |
5 0 6. 3 8 1 |
9. 0 2 9 |
( 2 8. 6 6 0 ) |
5 4. 7 4 3 |
3 9. 7 8 4 ** |
6 3 0. 0 0 7 |
| C. C in i ( 1 2 ) ha ty No te ng es eq u |
- | 4 6. 8 1 0 |
9 1 9 |
( 1. 2 1 ) 5 |
3 6 9 |
( 3 2 1 0 ) 7. |
9. 6 3 7 |
* The result of 95.725 k lei as at 31.12.2024 is impacted by the allocation of profit to other reserves from tax facilities in the amount of 18.731 k lei;
** The result of 46.147 k lei as at 30.06.2025 is impacted by the allocation of profit to other reserves from tax facilities in the amount of 6.363 k lei;
Chief Executive Officer, Financial Director, Alexandru Filip Doru Damaschin
AEROSTAR S.A. BACĂU COMPANY STATEMENT OF CHANGES IN EQUITY FOR 30 JUNE 2024 (all amounts are stated in thousands of lei)
| S ha re i l ta ca p |
Re ser ve s |
Re fro ser ve s m lu ion f t re va a o f in ia l a ts an c sse hr h o he t t ou g r he ive co mp re ns in co me |
De fer d in re co me ize tax d o re co g n n i ty eq u |
Re in d ta e in ea rn g s |
Re l for t su he io d t p er |
i To ta l e ty q u |
|
|---|---|---|---|---|---|---|---|
| ive in Co he mp re ns co me |
|||||||
| A. Ba lan 1 Ja 2 0 2 4 t ce as a nu ar y |
4 8. 7 2 9 |
4 0 7. 3 5 9 |
2. 6 6 9 |
( 2 3. 4 8 1 ) |
5 1. 5 7 7 |
6 5. 1 0 4 * |
5 5 1. 9 5 7 |
| f i f io Pr t o t he d o p er |
4 3 7. 5 7 |
4 3 7. 5 7 |
|||||
| O ive in t he he r c om p re ns co me |
|||||||
| Re i ion f de fer d inc in i t tax ty co g n o re om e eq u |
( 1. 8 4 ) 5 |
8 9 |
( 1. 6 ) 7 5 |
||||
| is i bu ion f he f i for he f ina ia l y 2 0 2 3 a D tr t t t t o p ro nc ea r s d by he ha ho l de he O G M S o Ap i l t t t ap p rov e s re rs a n r ( ) 1 8, 2 0 2 4 No 1 2 te |
6 1 0 4 5. |
( 6 1 0 4 ) 5. |
- | ||||
| l loc ion f p f i for he f irs f A 2 0 2 4 t t t t s ter to a o ro em es o fro fac i l i ies in tax t ts res erv es m g ro ss am ou n , |
5. 9 5 2 |
( 5. 9 5 2 ) |
- | ||||
| Ga in fer d ine d e ing la d he le tra to ta te to t ns re re arn s r e sa f e i ins ize d hr h o he ty tru ts t t o q me n rec og n ou g r u he ive inc co mp re ns om e |
( ) 1 8 6 |
4 3 2 |
2 4 6 |
||||
| Re lua ion f e i ins fa ir v lue hr h t ty tru ts t t va o q u me n a a ou g he he ive inc t o r c om p re ns om e |
4 9 1 5. |
4 9 1 5. |
|||||
| To l c he ive in f he io d ta t om p re ns co me o p er |
- | 9 2 5. 5 |
3 0 5. 5 |
( 1. 8 4 ) 5 |
6 6 2 5. 5 |
( 2 3. 6 9 9 ) |
1. 3 3 8 5 |
| Re l loc d fro he 2 0 2 3 p f i te t t ser ve s a a m ro iv i de ds d is i bu d r la d he 2 0 2 3 D tr te te to t n e y ea r |
3 3. 1 2 5 |
( 3 3. 1 2 5 ) ( 3 1. 9 7 9 ) |
- ( 3 1. 9 7 9 ) |
||||
| Tr ion i h s ha ho l de ise d d ire ly t t t an sa c s w re rs re co g n c in i ty eq u |
- | 3 3. 1 2 5 |
- | - | ( 6 1 0 4 ) 5. |
- | ( 3 1. 9 9 ) 7 |
| 3 0 2 0 2 4 B. Ba lan t Ju ce as a ne |
4 8. 7 2 9 |
4 4 6. 4 3 6 |
7. 9 7 4 |
( 2 5. 3 2 6 ) |
5 2. 0 9 8 |
4 1. 4 0 5 ** |
5 7 1. 3 1 6 |
| C. C in i ( 1 2 ) ha No ty te ng es eq u |
- | 3 9. 0 7 7 |
5. 3 0 5 |
( 1. 8 4 5 ) |
5 2 1 |
( 2 3. 6 9 9 ) |
1 9. 3 5 9 |
* The result of 93.028 k lei as at 31.12.2023 is impacted by the allocation of profit to other reserves from tax facilities in the amount of 27.924 k lei;
** The result of 47.357 k lei as at 30.06.2024 is impacted by the allocation of profit to other reserves from tax facilities in the amount of 5.952 k lei;
Chief Executive Officer, Financial Director, Alexandru Filip Doru Damaschin
NOTE 1 - DESCRIPTION OF THE COMPANY
AEROSTAR was established in 1953 and operates in accordance with the Romanian law. AEROSTAR S.A. conducts its activities at its registered office in Bacau, 9 Condorilor Street, postal code 600302. In accordance with Resolution no. 2/14.12.2017 of the Board of Directors, the opening of a secondary establishment without legal personality (workplace) located at 25B Aeroportului Street, Iași, was approved. Furthermore, in accordance with Resolution no. 1/02.06.2023 of the Board of Directors, the opening of another secondary establishment without legal personality (workplace) at 2 Carpaților Street, ap. 7, Fetești, was approved.
AEROSTAR S.A.'s main field of activity is production.
The company's core business object is the manufacture of civil aircraft and spacecraft – code 3031.
The company was registered as a joint-stock company at the Bacău Trade Register (under registration number J1991001137040) with the current name "AEROSTAR S.A." and the unique identification code 950531, as well as the European Unique Identifier (EUID): ROONRC.J1991001137040.
The company is listed on the Bucharest Stock Exchange under the stock symbol ARS, and the record of its shares and shareholders is maintained, in accordance with the law, by Depozitarul Central S.A. Bucharest.
During the first semester of 2025, there were no subscriptions of new shares, nor any participation certificates, convertible bonds, warrants, options or similar rights issued.
From the perspective of accounting regulations, AEROSTAR S.A. is a subsidiary of IAROM S.A., which is therefore the parent company that consolidates the group's financial statements. IAROM S.A. is registered under the unique identification code 1555301, with its registered office in Bucharest, 39 Aerogării Boulevard. The consolidated financial statements for the 2023 financial year were submitted to A.N.A.F. under registration number 770692053/22.08.2024. Copies of the consolidated financial statements are available at the registered office of the parent company, IAROM S.A. The parent company will also prepare and publish a new set of consolidated financial statements, in accordance with applicable accounting regulations, for the financial year ended 31.12.2024.
The company operates in a single business segment in accordance with IFRS 8, and no separate financial information is available for distinct components of the entity. Information on sales by business lines and markets is presented in detail in the Board of Directors' Report.
The company's management policy focuses on maintaining a solid capital base to support the company's continuous development and the achievement of its strategic objectives.
The company remains firmly committed to ensuring the sustainability of its investments and the preservation of its production capabilities. In addition, drawing on the experience of its team, the company is actively seeking the most appropriate solutions to new economic challenges.
NOTE 2-ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGMENTS
2.1. Estimates
The preparation and presentation of the company financial statements in accordance with IFRS requires the use of estimates, judgments, and assumptions, affecting the implementation of the accounting policies as well as the reported value of assets, liabilities, revenues, and expenses.
The estimates and judgments are made based on the historic experience as well as on a series of factors considered adequate and reasonable. The accounting estimates and judgments are continuously updated and are based on reasonable expectations regarding probable future events. The reported carrying amounts of assets and liabilities that cannot be determined or obtained from other sources rely on these estimates deemed adequate by the company's management.
Such estimates, as well as the reasoning and assumptions behind them are reviewed on a regular basis and the result thereof is recognized in the time period when the estimate was reviewed.
Any change in accounting estimates will be recognized prospectively by its inclusion in the result:
- of the period in which the change occurs if it affects only the respective time period; or
- of the period in which the change occurs and of the subsequent periods, if the change also affects such periods.
The company uses estimates in order to determine:
- uncertain customers and the related impairment adjustments of receivables;
- the value of the provisions for risks and expenses to be established at the end of the period (month, quarter, year) for litigations, for the decommissioning of tangible fixed assets, for guarantees to customers, for obligations towards personnel and other obligations;
- the adjustments for impairment of tangible and intangible assets. At the end of each reporting period, the company estimates whether there are any indications of impairment. If such indications are identified, the recoverable amount of the asset is estimated to determine the extent of impairment (if any).
- the useful lifetimes of tangible and intangible fixed assets. The Company reviews the estimated useful lifetimes of property, plant and equipment and intangible assets at least at the end of each financial year to determine their adequacy;
- the inventories of raw materials and materials that need adjustments to be set up for impairment.
- deferred taxes.
Presenting the information
To the extent possible, the company will present the nature and value of a change to an accounting estimate which has an effect in the current/subsequent period(s).
2.2. Errors
Errors may arise when recognizing, evaluating, presenting or describing the items of the financial statements.
The company retroactively corrects the material errors of the prior period in the first set of financial statements approved for publication after the identification of those errors, by:
- restating the comparative values for the prior period presented when the error occurred, or
- if the error occurred before the first period presented, by restating the opening balances of assets, liabilities and equity for the prior period presented.
In case of identifying an error, the company presents the following information:
NOTE 2 - ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGMENTS (continued)
- the nature of the error for the previous period;
- the value of the adjustment for each previous period presented, insofar as possible:
- for each item row affected in the financial statement;
- for the basic and diluted results per share.
- the value of the correction at the beginning of the first prior period presented;
- if retrospective restatement is not possible for a specific prior period, the circumstances leading to the existence of that condition and a description of how and when such error was corrected.
2.3. Changes in the accounting policies
Changes in the accounting policies are allowed only if required by IFRS or result in more relevant or reliable information regarding the company's operations.
The company modifies an accounting policy only if such change:
- is required by an IFRS; or
- results in financial statements that provide reliable and more relevant information with reference to the effects of the transactions, of other events or conditions over the financial performance or cash flows of the entity.
Applying changes in the Accounting Policies:
- The entity accounts for a change in the accounting policy that results from the initial implementation of an IFRS in accordance with the specific transitory provisions, if any, of that IFRS; and
- Upon the initial application of an IFRS that does not include specific transitory provisions.
Presenting the information
When the initial application of an IFRS has an effect on the current or prior periods, the company discloses in the explanatory notes the following:
the title of IFRS;
- the nature of the accounting policy change;
- where applicable, the fact that the change is made as an effect of the transitory dispositions and a description of these transitory provisions;
- for the current period and for each prior period, the sum of adjustments for each affected item of the financial statement, to the extent possible.
When it is impossible to determine the specific effects for one or more prior accounting periods presented, the company shall apply the new accounting policy of assets and liabilities for the first period for which the retrospective application is possible, which may also be the current period.
When a voluntary change in the accounting policy influences the current or prior period, the company presents in the explanatory notes:
- the nature of the change in the accounting policy;
- the reasons why the application of the new accounting policy provides more reliable and relevant information;
- for the current period and for each prior accounting period presented, the estimated amount of the adjustments to each affected item in the statement of financial position, to the extent possible.
NOTE 3 - ACCOUNTING AND EVALUATION PRINCIPLES
3.1. Basis for the preparation and presentation of financial statements
The company financial statements of AEROSTAR SA are prepared in accordance with the provisions of:
- The International Financial Reporting Standards (IFRS) adopted by the European Union;
- Accounting Law no. 82/1991, republished, as subsequently amended and supplemented;
- O.M.F.P. no. 881/2012 on the application of International Financial Reporting Standards by the companies whose securities are admitted for trading on a regulated market;
- O.M.F.P. no. 2.844/2016 on the approval of the Accounting Regulations conforming to the International Financial Reporting Standards, as subsequently amended and supplemented;
- OMFP no. 2.861/2009 for the approval of the Norms on the organization and execution of the inventory of assets, liabilities and equity elements;
- O.M.F.P. no. 1.826/2003 for the approval of the Explanatory Notes on certain measures relating to the organisation and conduct of management accounting;
- O.M.F.P. no. 2.634/2015 regarding the financial accounting documents, including subsequent amendments and additions;
- Law no. 24/2017, as republished, regarding the issuers of financial instruments and market operations.
The accounts are kept in the Romanian language and in the national currency. The accounting of transactions conducted in foreign currency is kept both in the national currency and in the respective foreign currency.
The financial year is the calendar year.
The financial statements are prepared and reported in thousand lei and all values are rounded to the nearest thousand lei. Due to rounding, the numbers presented do not always accurately reflect the totals submitted, and the percentages do not accurately reflect absolute figures.
The financial statements are prepared based on historical cost.
The financial statements are presented in accordance with IAS 1 "Presentation of Financial Statements". The company has opted for a presentation by nature and liquidity in the statement of financial position and a presentation of income and expenses by nature in the statement of profit or loss, considering that these methods offer information that is relevant to the company's situation.
3.2. Applied Accounting Policies
Aerostar SA describes the accounting policies it applies in each of the notes to the company financial statements and avoids repeating the text of the standard, unless it is considered relevant to understanding the content of the note. Compared to the situation presented at the end of the financial year 2024, there are no changes in the applied principles, methods, policies and accounting procedures.
NOTE 4 - TRANSACTIONS IN FOREIGN CURRENCIES
AEROSTAR considers the Romanian LEU as the functional currency and the financial statements are presented in thousand LEI.
Foreign currency transactions are recorded at the exchange rate of the functional currency on the transaction date.
Upon submitting the statement of financial position, the financial assets and liabilities denominated in foreign currency are evaluated in the functional currency using the exchange rate, communicated by the Romanian National Bank, applicable for the end of the financial year:
| Currency | 30.06.2025 | Average exchange rate | 31.12.2024 | |
|---|---|---|---|---|
| S1 2025 | ||||
| 1 EUR | 5,0777 lei | 5,0037 lei | 4,9741 lei | |
| 1 USD | 4,3329 lei | 4,5844 lei | 4,7768 lei | |
| 1 GBP | 5,9329 lei | 5,9391 lei | 5,9951 lei |
The favourable and unfavourable exchange rate differences arising from the settlement of assets and financial liabilities denominated in foreign currency are recognised in the Statement of Profit or Loss for the financial year in which they arise.
Considering that 88% of the turnover recorded during the reporting period is denominated in USD and EUR, while a significant portion of the operating expenses is denominated in LEI, fluctuations in exchange rates will affect both the company's net income and its financial position as expressed in the functional currency.
During the reporting period, the net foreign currency exposure, calculated as the difference between cash inflows from financial assets and cash outflows for financial liabilities denominated in foreign currency, is presented as follows:
| S1 2025 | K EUR | K USD | K GBP |
|---|---|---|---|
| Proceeds from financial assets | 17.885 | 38.828 | - |
| Payments of financial liabilities | (7.116) | (19.782) | (207) |
| Foreign exchange net exposure | 10.769 | 19.046 | (207) |
AEROSTAR decided not to use currency hedging instruments (such as options or forward contracts) due to relatively high initial costs and the risk of losing potential gains in case of a depreciation of the LEU against major currencies (USD, EUR).
In the first half of 2025, the appreciation of the LEU against the USD by 4,00% compared to the beginning of the year led to the recognition of a financial loss from unfavourable foreign exchange differences amounting to 5.081 thousand lei.
NOTE 5 - INTANGIBLE ASSETS: reporting period 30 June 2025
| Va lu 3 0 Ju 2 0 2 5 t es a s a ne |
Va lu 0 1 Ja 2 0 2 5 t es a s a nu ar y |
||||||
|---|---|---|---|---|---|---|---|
| G lu ro ss va e |
Ac la d te cu m u de ia io t p re c n |
Ne lu t v a e |
G lu ro ss va e |
Ac la d te cu m u de ia io t p re c n |
Ne lu t v a e |
||
| ice L nc es |
9. 0 9 9 |
( ) 7. 6 8 1 |
1. 4 1 8 |
8. 6 2 0 |
( ) 7. 2 9 9 |
1. 3 2 1 |
|
| O in i he b le t ta ts r ng as se ( f ) tw so ar e |
1. 3 9 1 |
( 1. 0 4 4 ) |
3 4 7 |
1. 3 4 0 |
( 8 7 3 ) |
4 6 7 |
|
| To l ta |
1 0. 4 9 0 |
( 8. 7 2 5 ) |
1. 7 6 5 |
9. 9 6 0 |
( 8. 1 7 2 ) |
1. 7 8 8 |
Net book value as at 30.06 2025 and transactions during the period:
| Ne t v lu t a e a s a 1 2 0 2 Ja 5 nu ar y |
G ies lu tr ro ss va e e n |
ia io De t p re c n in io du t he d r g p er |
Ne t v lu t a e a s a 3 0 2 0 2 Ju 5 ne |
|
|---|---|---|---|---|
| L ice ns es |
1. 3 2 1 |
8 4 5 |
( 4 8 ) 7 |
1. 4 1 8 |
| O he in i b le t ta ts r ng as se |
4 6 7 |
1 5 |
( 1 1 ) 7 |
3 4 7 |
| To l ta |
1. 7 8 8 |
6 3 5 |
( 6 5 8 ) |
1. 7 6 5 |
NOTE 5 - INTANGIBLE ASSETS: reporting period 30 June 2025 (continued)
COMPARATIVE FIGURES – INTANGIBLE ASSETS: reporting period 30 June 2024
| 3 0 2 0 2 4 Va lu Ju t es a s a ne |
0 1 2 0 2 4 Va lu Ja t es a s a nu ar y |
|||||
|---|---|---|---|---|---|---|
| G lu ro ss va e |
Ac la d te cu m u de ia io t p re c n |
Ne lu t v a e |
G lu ro ss va e |
Ac la d te cu m u de ia io t p re c n |
Ne lu t v a e |
|
| L ice nc es |
8. 4 1 9 |
( ) 6. 8 6 8 |
1. 5 5 1 |
7. 7 5 4 |
( ) 6. 5 2 7 |
1. 2 2 7 |
| O he in i b le t ta ts r ng as se ( f ) tw so ar e |
1. 2 6 5 |
( 7 2 6 ) |
5 3 9 |
1. 1 9 4 |
( 6 1 3 ) |
5 8 1 |
| To l ta |
9. 6 8 4 |
( 7. 5 9 4 ) |
2. 0 9 0 |
8. 9 4 8 |
( 7. 1 4 0 ) |
1. 8 0 8 |
Net book value as at 30,06.2024 and transactions during the period:
| Ne lu t v t a e a s a 1 Ja 2 0 2 4 nu ar y |
G lu ies tr ro ss va e e n |
De ia io t p re c n du in he io d t r g p er |
Ne lu t v t a e a s a 3 0 Ju 2 0 2 4 ne |
|
|---|---|---|---|---|
| ice L nc es |
1. 2 2 7 |
6 8 4 |
( ) 3 6 0 |
1. 5 5 1 |
| in i O he b le t ta ts r ng as se |
5 8 1 |
7 1 |
( ) 1 1 3 |
5 3 9 |
| To l ta |
1. 8 0 8 |
7 5 5 |
( 4 7 3 ) |
2. 0 9 0 |
NOTE 5 - INTANGIBLE ASSETS: reporting period 30 June 2025 (continued)
The category of intangible assets includes the following classes of assets of similar nature and use:
- Licences
- Other intangible assets
Other intangible assets include software programs and software optimisations.
The estimated useful lifetimes of intangible assets are established in years, based on the contractual period or the useful lifetime, as the case may be. The useful lifetime of the IT software and licenses purchased or generated inhouse is 3 years.
The expenses with the amortization are recognized in the profit or loss account by using the linear method of calculation.
The intangible assets in the balance sheet account as of 30.06.2025 are not depreciated and no adjustments were made for the depreciation thereof.
When determining the gross book value of the intangible assets, the company uses the historical cost method.
The value of the completely amortized software licenses as at 30 June 2025 and which are still in use is 5.984 thousand lei.
All the intangible assets recorded in the balance sheet as at 30 June 2025 are the property of AEROSTAR.
| T he ie f in i b le de by tr ta ts en s o ng as se w er e m a : |
6 3 5 ho d le i t us an |
|---|---|
| im iz io f he du io I T t t t t t s te op a n o p ro c n m an ag em en y s m |
1 ho d le i 5 t us an |
| ha f s f l ic tw p ur c se s o o ar e en ce s |
8 4 ho d le i 5 t us an |
In the reporting period there were no entries of licences generated internally or acquired through business combinations.
In the reporting period there were no assets classified as held for sale in accordance with IFRS 5.
AEROSTAR S.A. BACĂU NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025
(unless specified otherwise, all amounts are stated in thousands of lei) NOTE 6 - PROPERTY, PLANT AND EQUIPMENT: reporting period 30 June 2025
| Va lu 3 0 Ju 2 0 2 5 t es as a ne |
Va lu 0 1 Ja 2 0 2 5 t es as a nu ar y |
|||||
|---|---|---|---|---|---|---|
| Gr lu os s v a e |
Ac la d te cu mu de ia ion t p re c |
Ne lu t v a e |
Gr lu os s v a e |
Ac la d te cu mu de ia ion t p re c |
Ne lu t v a e |
|
| La d n |
3 1. 1 7 1 |
- | 3 1. 1 7 1 |
3 1. 1 7 1 |
- | 3 1. 1 7 1 |
| Co ion nst ct ru s |
1 0 1. 6 8 5 |
( 5 4. 3 6 6 ) |
4 7. 3 1 9 |
1 0 1. 4 2 3 |
( 5 1. 3 1 6 ) |
5 0. 1 0 7 |
| Te hn log ica l e ip nt c o q u me d v h ic les an e |
2 5 7. 5 0 9 |
( 1 8 6. 3 0 4 ) |
7 1. 2 0 5 |
2 5 1. 3 2 1 |
( 1 7 5. 9 8 7 ) |
7 5. 3 3 4 |
| Ot he ip d o f f ice nt r e q u me an ip nt eq u me |
3. 9 4 6 |
( ) 2. 5 8 6 |
1. 3 6 0 |
3. 8 8 6 |
( ) 2. 4 3 3 |
1. 4 5 3 |
| Pr lan d ert t a op y, p n ip de nt eq u me un r ion nst ct co ru |
7 9 7 |
- | 7 9 7 |
1. 6 8 0 |
- | 1. 6 8 0 |
| To l p lan d ta ert t a rop y, p n ip nt eq u me |
3 9 5. 1 0 8 |
( 2 4 3. 2 5 6 ) |
1 5 1. 8 5 2 |
3 8 9. 4 8 1 |
( 2 2 9. 7 3 6 ) |
1 5 9. 7 4 5 |
| Inv est nt ert me p rop y |
1 2. 9 6 4 |
( 6. 7 0 7 ) |
6. 2 5 7 |
1 2. 9 5 4 |
( 6. 3 5 6 ) |
6. 5 9 8 |
| Gr d To l ta an |
4 0 8. 0 2 7 |
( 2 4 9. 9 6 3 ) |
1 8. 1 0 9 5 |
4 0 2. 4 3 5 |
( 2 3 6. 0 9 2 ) |
1 6 6. 3 4 3 |
| bo k v lue Ne 3 0. 0 6. 2 0 t t o a as a |
d ion du 2 5 a tra t n ns ac s |
ing he io d : t r p er |
||||
| Ne lu t v t a e a s a |
In f low s |
Ou f low t s |
De ia ion t p re c |
Ne lu t v t a e a s a |
| Ne lu t v t a e a s a 1 Ja 2 0 2 5 nu ar y |
In f low s ( las i f ica ion ) t t re c s s a lu g ro ss va e |
Ou f low t s ( las i f ica ion ) t t re c s s a lu g ro ss va e |
De ia ion t p re c du in he io d t r g p er |
Ne lu t v t a e a s a 3 0 Ju 2 0 2 5 ne |
|
|---|---|---|---|---|---|
| La d n |
3 1. 1 7 1 |
- | - | - | 3 1. 1 7 1 |
| Co ion nst ct ru s |
0. 1 0 5 7 |
2 6 3 |
- | ( 3. 0 1 ) 5 |
4 3 1 9 7. |
| ica ip Te hn log l e nt d c o q me an u ic h les ve |
7 5. 3 3 4 |
6. 3 7 4 |
( 1 8 7 ) |
( 1 0. 3 1 6 ) |
7 1. 2 0 5 |
| Ot ip f f ice he d o nt r e q me an u ip nt eq u me |
1. 4 5 3 |
6 7 |
( ) 7 |
( ) 1 5 3 |
1. 3 6 0 |
| Pr ert lan t a d op p n y, ip nt de eq me un r u ion nst ct co ru |
1. 6 8 0 |
5. 8 2 0 |
( ) 6. 7 0 3 |
- | 7 9 7 |
| To ta l p ert lan t a d rop p n y, ip nt eq me u |
1 5 9. 7 4 5 |
1 2. 5 2 4 |
( 6. 8 9 7 ) |
( 1 3. 5 2 0 ) |
1 5 1. 8 5 2 |
| Inv est nt ert me p rop y |
6. 5 9 8 |
1 0 |
- | ( 3 5 1 ) |
6. 2 5 7 |
| Gr d To ta l an |
1 6 6. 3 4 3 |
1 2. 5 3 4 |
( 6. 8 9 7 ) 17 |
( 1 3. 8 7 1 ) |
1 5 8. 1 0 9 |
AEROSTAR S.A. BACĂU NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT(continued): reporting period 30 June 2025
COMPARATIVE FIGURES - PROPERTY, PLANT AND EQUIPMENT
| Va lu 3 0 Ju 2 0 2 4 t es as a ne |
Va lu 0 1 Ja 2 0 2 4 t es as a nu ar y |
|||||
|---|---|---|---|---|---|---|
| Gr lu os s v a e |
Ac la d te cu mu ia ion de t p re c |
Ne lu t v a e |
Gr lu os s v a e |
Ac la d te cu mu ia ion de t p re c |
Ne lu t v a e |
|
| La d n |
3 1. 1 1 7 |
- | 3 1. 1 1 7 |
3 0. 8 9 4 |
- | 3 0. 8 9 4 |
| Co ion nst ct ru s |
9 8. 7 0 4 |
( ) 4 8. 3 3 8 |
5 0. 3 6 6 |
9 8. 3 4 9 |
( ) 4 5. 6 0 7 |
5 2. 7 4 2 |
| ica ip Te hn log l e d nt c o q u me an ic h les ve |
2 3 7. 0 7 1 |
( ) 1 6 6. 8 4 7 |
7 0. 2 2 4 |
2 3 1. 1 2 0 |
( ) 1 5 7. 7 1 6 |
7 3. 4 0 4 |
| Ot ip f f ice he nt d o r e q me an u ip nt eq me u |
3. 8 3 5 |
( ) 2. 2 7 5 |
1. 5 6 0 |
3. 8 3 5 |
( ) 2. 1 1 5 |
1. 7 2 0 |
| Pr lan d e ip ert t a nt op y, p n q u me ion de str t un r c on uc |
3 5. 5 5 |
- | 3 5. 5 5 |
2 7 7 |
- | 2 7 7 |
| To l p lan d e ip ta ert t a rop y, p n q u |
nt 3 7 6. 3 3 4 me |
( 2 1 7. 4 6 0 ) |
1 5 8. 8 7 4 |
3 6 4. 9 2 5 |
( 2 0 5. 4 3 8 ) |
1 5 9. 4 8 7 |
| Inv est nt ert me p rop y |
1 2. 9 5 4 |
( 6. 0 0 7 ) |
6. 9 4 7 |
1 2. 7 4 9 |
( 5. 4 5 3 ) |
7. 2 9 6 |
| Gr d To l ta an |
3 8 9. 2 8 8 |
( 2 2 3. 4 6 ) 7 |
1 6 8 2 1 5. |
3 6 4 7 7. 7 |
( 2 1 0. 8 9 1 ) |
1 6 6. 8 3 7 |
| Ne bo k v lue 3 0. 0 6. 2 0 2 4 a t at o a as n |
d t ion du ing t t ran sac s r |
he io d: p er |
||||
| Ne t v lu t a e a s a 1 Ja 2 0 2 4 nu ar y |
f In low s ( las i f ica ion ) t t re c s s a lu g ro ss va e |
Ou f t low s ( las i f ica ion t re c s s lu g ro ss va e |
ia De t p re c ) du in he t t a r g p er |
ion Ne t v a io d 3 0 Ju |
lu t e a s a 2 0 2 4 ne |
|
| La nd |
3 0. 8 9 4 |
2 7 7 |
- | - | 3 | 1. 1 1 7 |
| Co tio nst ruc ns |
5 2. 7 4 2 |
5 6 0 |
( ) 2 0 5 |
( ) 2. 7 3 1 |
5 0. |
3 6 6 |
| Te chn olo ica l eq uip and nt g me veh icle s |
3. 4 0 4 7 |
6. 1 3 8 |
( 1 8 8 ) |
( 9. 1 3 0 ) |
0. 7 |
2 2 4 |
| Ot uip of fic her nt and eq me e ipm ent equ |
1. 7 2 0 |
- | - | ( ) 1 6 0 |
1. | 5 6 0 |
| Pr lan nd uip ert t a nt op y, p eq me der tio nst un co ruc n |
7 2 7 |
1 1. 8 0 4 |
( ) 6. 9 7 8 |
- | 5. | 5 5 3 |
| To tal ert lan t a nd pr op y, p ipm ent equ |
1 5 9. 4 8 7 |
1 8. 7 7 9 |
( 7. 3 7 1 ) |
( 1 2. 0 2 1 ) |
1 5 |
8. 8 7 4 |
| Inv est nt ty me pro per |
2 9 6 7. |
2 0 5 |
- | ( 4 ) 5 5 |
6. | 9 4 7 |
| Gr and To tal |
1 6 6. 7 8 3 |
1 8. 9 8 4 |
( 7. 3 7 1 ) |
( 1 2. 5 7 5 ) |
1 6 |
5. 8 2 1 |
AEROSTAR S.A. BACĂU NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025 (unless specified otherwise, all amounts are stated in thousands of lei) NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (continued)
Property, plant and equipment are evaluated at their acquisition or production costs minus cumulative depreciation and the impairment losses.
These items of property, plant and equipment are amortized by using the linear method.
Depreciation expenses are recognized in the profit and loss account.
The following useful lifetimes are assumed :
| - constructions | 30-50 years |
|---|---|
| - technological equipment | 2-25 years |
| - vehicles | 4-18 years |
| - other property, plant and equipment | 2-18 years |
| - investment property | 25-50 years |
The useful lifetimes are established by committees consisting of specialists from our company. The useful lifetimes of the property, plant and equipment are stipulated by the fiscal legislation.
The company did not purchase assets from business combinations, nor did it classify assets for future sale.
The investment property contains a number of 13 real estate – buildings and related lands that are rented to third parties based on renting contracts.
The value of renting income in this category of fixed assets was 1.554 thousand lei.
At the date of transition to IFRS, the company estimated and included in the cost of property, plant and equipment the decommissioning costs expected to be incurred at the end of their useful life.
These costs were reflected in the set-up of a provision, which is recorded in the profit and loss account throughout the lifetime of the property, plant and equipment, by inclusion in the depreciation expense. This expense is not tax deductible.
The depreciation of an asset begins when the asset is available for use and ends on the day when the asset is reclassified in another category or when it is derecognized.
The depreciation does not end when the asset is not in use.
Land and buildings are considered separable assets and are accounted for separately, even when acquired together.
Land is deemed to have an indefinite useful life and is therefore not subject to depreciation. The value of the land held by Aerostar SA is presented at acquisition cost or at the deemed cost recorded at the date of transition to IFRS.
In accordance with IAS 36 "Impairment of Assets", the company carried out an assessment to identify any indicators of impairment of property, plant and equipment, taking into account both internal and external sources of information.
Internal sources of information:
The economic performance of the assets is strong; all operational assets continue to generate benefits for the company.
AEROSTAR S.A. BACĂU NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025 (unless specified otherwise, all amounts are stated in thousands of lei) NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (continued)
External source of information:
The indicator that offers information regarding the investors' interest in the companies listed on the capital market is the market capitalization related to the company equity (MBR).
| indicator MBR-Market to book ratio | 30.06.2025 |
|---|---|
| Stock exchange capitalization/ company equity | 2,21 |
The over unit value of the MBR indicator is obtained by companies performing well in the capital market and of interest to the investors.
The property, plant and equipment in balance as at 30.06.2025 are not depreciated and no significant depreciation indicators were identified.
The gross accounting value of the fully depreciated property, plant and equipment that are still in operation as at 30 June 2025 is 102.529 thousand lei.
As at 30.06.2025 no mortgages were set up on the real estate assets owned by Aerostar S.A.
| Inflows of property, plant and equipment: | 12.534 k lei | |
|---|---|---|
| | Commissioning of technical equipment, hardware equipment, measuring | |
| and control equipment | 6.451 k lei | |
| | Land acquisition | 263 k lei |
| | Property, plant and equipment under construction during the period | 5.820 k lei |
| Outflows of property, plant and equipment: | 6.897 k lei | |
| | Transfer of assets under construction to property, plant and equipment following their commissioning |
6.703 k lei |
| | Derecognition of property, plant and equipment (buildings and technological equipment) because the company no longer expects future economic benefits from their use |
194 k lei |
AEROSTAR S.A. BACĂU NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 7 – FINANCIAL ASSETS
| O he t r n on S in ha he l d re s t cu rr en f f i l ia d te a f in ia l an c i ie t t en s ha ts as se s re s – |
O he t t r n on -c ur re n f in ia l a ts an c ss e - i io bu tr t to co n n ha i l ta s re c ap |
O he t t r n on -c ur re n iv b le re ce a s – ie l te su p p r g ua ra n es |
To l ta |
|||
|---|---|---|---|---|---|---|
| A Ja 1, 2 0 2 5 t s a nu ar y |
1 4 |
4 6. 0 7 5 |
2 | 4 2 |
4 6. 1 3 3 |
|
| In / D cr ea se s ec re as es |
- | ( 3 7 1 ) |
- | - | ( 3 7 1 ) |
|
| A 3 0, 2 0 2 Ju 5 t s a ne |
1 4 |
4 0 4 5. 7 |
2 | 4 2 |
4 6 2 5. 7 |
As at June 30, 2025 the decrease on other non-current financial assets - shares amounts to (371) thousand lei and consists of:
| io fa ir f R lu lu t t ev a a n a va e o |
f s in V lu ha l d du he t a e o re s s o r g |
f s in V lu ha ha d du a e o re s p ur c se r g |
im ir To l lo ta t p a m en ss es |
|---|---|---|---|
| Ev In S. A ha t tm ts er g en ve s en . s re s |
io d Ja Ju 2 0 2 5 p er nu ar ne y – |
he io d Ja Ju 2 0 2 5 t p er nu ar ne y – |
t ne – |
| 1. 1 9 9 |
( 1. 6 7 4 ) |
1 0 4 |
( 3 7 1 ) |
A) Investments in affiliated entities recorded at cost:
| C A Co E N de |
N f o. o ha / s re s ha s re s iss d ue |
V in t o g ig h ts r ( % ) |
f V lu a e o ha |
F in ia l in fo io t an c rm a n la d 2 0 2 4 te to re |
|||||
|---|---|---|---|---|---|---|---|---|---|
| Su i ia / bs d ry n am e R is d he d f f ic te eg re a o e |
s re s he l d by A ta er os r ( k le i ) |
Co m p an y ha s re i l ta ca p ( k le i ) |
's N om N t e va Re f i t se rv es p ro S ( k le i ) ( k le i ) ( k |
in l a lu / e ha re le i ) |
N t e / t as se S ha re ( k le i ) |
||||
| A ir Co l S R L Ba ău t p ro ns c u Co i S 9, do lo tr t n r r ee |
in - m a iv i t ty ac in d to ac co r g C A E N de co 8 2 0 7 |
1 0 0 |
1 0 0 % |
1 0 |
1 0 |
3 0 5 |
7 2 1 |
0, 1 0 |
1 0, 3 6 |
| Fo S R L Ba ău ar c 9, Co i S do lo tr t n r r ee |
in - m a iv i t ty ac d in to ac co r g C A E N de co 7 7 3 9 |
4 0 8 |
5 1 % |
4 | 8 | 4 2 4 |
1 2 4 |
0, 0 1 |
1, 4 |
| T O T A L |
x | x | x | 1 4 |
x | x | x | x | x |
NOTE 7 – FINANCIAL ASSETS (continued)
Aerostar's shareholdings in affiliated companies are recorded at historical cost.
As at 30.06.2025, the company did not record any changes in the percentage of its shareholdings, maintaining the same level of control over the entities in its investment portfolio as in 2024.
Both companies in which AEROSTAR holds shareholdings are registered in Romania.
B) Investments in equity instruments through other comprehensive income:
| Is 's N su er am e |
C A E N Co de |
N f s ha o. o re s |
Sy bo l m |
V lu a e ic /s ha p r e re a s 3 0. 0 6. 2 0 2 t 5 a |
fo io Po l lu t t r a e a v ke ic t p m ar r e |
fo io Po l lu t t r a e a v is i io t t ac q u n co s |
|---|---|---|---|---|---|---|
| R is d he d f f ic te eg re a o e |
( le i ) |
i ( k le ) |
( k le i ) |
|||
| S. A Ev In t tm ts er g en ve s en |
in iv i t ty - m a a c |
|||||
| 9 4 C, ic Am S P to tre t, r an e |
d in to ac co r g C A E N de 6 4 9 9 co |
3 0. 2 6 6. 8 8 3 |
E V E R |
1, 1 0 0 5 |
4 0 4 5. 7 |
3 6. 6 7 4 |
| Ba ău c |
As at June 30, 2025, the company held 30.266.883 shares in Evergent Investments S.A., a company listed on the Bucharest Stock Exchange. Aerostar accounts for its shareholding at fair value through other comprehensive income, in accordance with IFRS 9 "Financial Instruments". The company has exercised the irrevocable option to designate these equity instruments at fair value through other comprehensive income, as the financial assets are held both to collect dividends and to realize gains on disposal, and not for trading purposes. The gain or loss related to these equity instruments is recognized in other comprehensive income, except for dividend income.
C) Cash contribution to the initial capital of the association "Cluster on Education for Sustainable Development C-EDD "
The association was voluntarily established by its founding members, operating as a Romanian legal entity under private law, without patrimonial purpose. The association is non-governmental, apolitical, nonprofit, and independent, not subordinated to any other legal entity. The purpose of the association is to develop and implement effective mechanisms for public-private dialogue in the educational field, to act as a platform for dialogue and collaboration among key stakeholders in education, to improve the quality of educational processes, and to connect lifelong learning with the economic environment by providing it with qualified human resources for sustainable development.
AEROSTAR's cash contribution to the patrimony of the "Education Cluster for Sustainable Development – C-EDD" association amounts to 2.500 lei
NOTE 8 - TRADE RECEIVABLES
| 30 June | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| TRADE RECEIVABLES OF WHICH: | ||
| Customers: | 69.764 | 96.855 |
| Customers from Romania | 5.246 | 31.782 |
| Customers from outside Romania | 64.518 | 65.073 |
| Uncertain customers | 1.873 | 219 |
| Adjustments for impairment of receivables - customers |
(936) | (197) |
| Suppliers – debtors | 1.542 | 5.926 |
| Adjustments for impairment of advances to suppliers |
(87) | - |
| TOTAL TRADE RECEIVABLES | 72.156 | 102.803 |
In accordance with the provisions of the Accounting Policies Manual, to cover the non-recovery risk of the amounts that represent uncertain trade receivables, the company registers adjustments for the depreciation of the uncertain customers as follows:
- in percentage of 50% of the value of the receivables not collected on time if the due date is between 30 days and 180 days. As at 30 June 2025, the company recorded impairment adjustments of this nature amounting to de 936 thousand lei;
- in percentage of 100% of the value of the receivables not collected on time, if the delay exceeds 180 days. As at June 30, 2025, the Company had no records of any such impairment adjustments.
When determining the recoverability of a trade receivable, the changes considered were the ones occurred in the customer's credit rating from the time when the credit was granted till the time of reporting.
The supplier-debtors outstanding as at June 30, 2025, in the amount of 1.542 thousand lei, are due for settlement in 2025.
The receivables denominated in foreign currency were evaluated at the market exchange rate provided by the National Bank of Romania for the closing of June 2025.
The favourable and unfavourable exchange rates differences between the exchange market rate at which foreign currency receivables are recorded and the market exchange rate provided by the National Bank of Romania available for the closing of June 2025 were recorded in the corresponding income or expense accounts.
NOTE 9 - OTHER RECEIVABLES
| 30 June 2025 |
31 December 2024 |
|
|---|---|---|
| Receivables related to personnel and similar accounts | 91 | 63 |
| Receivables related to the social security budget and the state budget, of which: |
3.705 | 2.945 |
| Recoverable VAT |
1.244 | 380 |
| Non-due VAT |
65 | 109 |
| Amounts to be recovered from the Health Insurance House (sick leave indemnities) |
2.301 | 2.360 |
| Subsidy-related amounts |
77 | 64 |
| Recoverable excise duties related to fuel used |
- | 10 |
| Other receivables related to the local budget |
4 | 8 |
| Other receivables related to the social security budget and the state budget |
14 | 14 |
| Interest to be collected on bank deposits | 4.027 | 3.665 |
| Other receivables – intercompany settlements | 63 | - |
| Various debtors | 615 | 1.699 |
| Impairment adjustments for receivables - various debtors | (456) | (403) |
| TOTAL OTHER RECEIVABLES | 8.045 | 7.969 |
Note:
- Other receivables related to the social security, state, and local budgets represent amounts resulting from the submission of amended tax returns.
- Interest receivable relates to bank deposits held by the company at the end of the reporting period.
- Out of the total other receivables, 29%, amounting to 2.301 thousand lei, represents amounts settled but not yet collected from the Health Insurance House.
| NOTE 10 - INVENTORIES | 30 June 2025 |
31 December 2024 |
|---|---|---|
| of which: | ||
| Raw materials | 62.925 | 70.654 |
| Consumable materials | 89.989 | 93.135 |
| Other materials | 34 | 37 |
| Semi-finished goods | - | 4 |
| Packaging materials | 131 | 36 |
| Finished goods | 47.288 | 44.580 |
| Work in progress (goods and services) | 79.188 | 76.215 |
| Gross (unadjusted) value of inventories | 279.555 | 284.661 |
| Impairment adjustments | 85.219 | 78.456 |
| Net (adjusted) value of inventories | 194.336 | 206.205 |
ADJUSTMENTS FOR IMPAIRMENT OF INVENTORIES
| 30 June 2025 |
Increases/ Recognitions/ |
Decreases/ Reversals/ |
31 December 2024 |
|
|---|---|---|---|---|
| Total adjustments | 85.219 | 12.029 | 5.266 | 78.456 |
| Adjustments for impairment of raw material |
39.045 | 1.742 | 4.434 | 41.737 |
| Adjustments for impairment of consumables |
36.591 | 5.701 | 610 | 31.500 |
| Adjustments for impairment of semi-finished goods |
- | - | 4 | 4 |
| Adjustments for impairment of finished goods |
128 | 7 | 217 | 338 |
| Adjustments for impairment of production in progress |
9.455 | 4.579 | 1 | 4.877 |
Inventories are measured at the lower of cost and net realisable value.
Net realisable value is the estimated selling price of inventories, less all estimated costs of completion and the estimated costs necessary to make the sale.
The cost of inventories includes acquisition costs, conversion costs, and other costs incurred to bring the inventories to their present condition and location.
Impairment adjustments are made periodically, based on the findings of the inventory committees and/or the module managers, in order to present inventories at the lower of cost and net realisable value.
Within the company, goods are considered impaired if their storage duration exceeds the period established by an internal decision of the Board of Directors.
According to the Accounting Policies Manual, at Aerostar SA, impairment adjustments for inventories are set up as follows:
NOTE 10 – INVENTORIES (continued)
- For raw material, consumable materials, semi-finished goods and spare parts, different storage periods are established for each profit centre;
- For inventories of finished goods and work in progress, impairment adjustments are recognized at each reporting period, as follows:
a) 100% of their value for inventories of this type that are not covered by customer contracts;
b) variable percentages, agreed with the relevant profit centres, for inventories of finished goods not delivered within contractual deadlines.
The value of material expenses recognized as an expense during the period amounts to 133.514 thousand lei, consisting of:
- 125.169 thousand lei representing expenses related to inventory materials;
- 7.782 thousand lei representing expenses related to water, gas, and electricity consumption;
- 563 thousand lei representing expenses related to non-inventoried materials.
Aerostar S.A. holds inventories of finished goods (safety stock) at the levels agreed upon in contracts with customers.
Aerostar S.A. does not have pledged inventories.
NOTE 11 - CASH AND CASH EQUIVALENTS
Cash includes:
-
cash held at AEROSTAR's cashier desk;
-
demand deposits held with banks (current accounts with banks).
Cash equivalents include:
-
term deposits held with banks;
-
cheques deposited with banks for collection.
At the end of the reporting period, cash and cash equivalents consisted of:
| 30.06.2025 | 31.12.2024 | 30.06.2024 | |
|---|---|---|---|
| Cash in the cashier | 62 | 30 | 45 |
| Demand deposits held with banks | 53.543 | 31.170 | 53.945 |
| Term deposits held with banks | 236.985 | 229.203 | 182.980 |
| Cheques deposited with banks for | - | - | 200 |
| collection | |||
| Cash and cash equivalents | 290.590 | 260.403 | 237.170 |
There are no restrictions on current bank accounts and deposits held with banks.
The value of the credit line available in the form of an overdraft, available for future operating activity, is USD 2.500 thousand (equivalent to 10.832 thousand lei). The Credit Line was not used during the reporting period.
AEROSTAR's policy is to deposit cash corresponding to the amount of provisions recognised. The balance of provisions as at 30 June 2025 is 75.341 thousand lei.
Term deposits are made for short durations (under 6 months), as AEROSTAR prefers to maintain easy access to liquidity. Consequently, alternative options for saving surplus cash, such as investments in mutual funds, are not pursued due to the investment risks involved. Such placements may experience significant short-term fluctuations driven by various conjunctural factors.
AEROSTAR's choice to rely exclusively on short-term bank deposits is primarily influenced by global political and economic uncertainties, as well as the deterioration of supply chains. Unexpected events may arise at any moment, requiring the prompt purchase of raw materials and other inputs to secure safety stocks.
NOTE 12 – COMPANY'S EQUITY
The company's equity as at June 30, 2025 is 630.007 thousand lei. The increase in the company's equity in 2025 compared to the end of 2024, was 9.673 thousand lei.
The evolution of the company's equity elements in 2025 compared to the end of 2024 :
The share capital remained unchanged:
As at 30 June 2025, the share capital of AEROSTAR SA Bacau is 48.728.784 lei, divided in 152.277.450 shares having each a nominal value of 0,32 lei.
- The reserves increased by 47.729 thousand lei:
- o an increase of 40.447 thousand lei as a result of the allocation of the 2024 profit to the destinations approved by the shareholders at the OGMS of 24 April 2025 of tax facilities received;
- o an increase of 6.363 thousand lei from the allocation during 2025 of the reserves related to the tax facilities received;
- o an increase of 1.199 thousand lei from the fair value revaluation of the shares held in Evergent Investments S.A.;
- o a decrease of 280 thousand lei resulting from the transfer to retained earnings of the fair value revaluation differences of equity instruments recognised in other comprehensive income, following their sale.
- Other equity elements decreased by 1.215 thousand lei due to deferred income tax recognised in equity.
- The retained earnings increased by 369 thousand lei, as follows:
- o an increase of 130 thousand lei from the deferred income tax recognised in equity;
- o an increase of 239 thousand lei representing the net gain realised from the sale of equity instruments recognised in other comprehensive income.
- The balance of the retained earnings as at 30 June 2025 is 54.743 thousand lei, comprising:
- o the retained earnings resulted from the use, at the date of transition to IFRS, of fair value as presumed cost = 26.368 thousand lei;
- o the retained earnings representing the realised gain from revaluation reserves, capitalised in line with the depreciation of tangible fixed assets = 24.408 thousand lei;
- o the net gain realised from the sale of equity instruments recognised in other comprehensive income = 3.967 thousand lei.
- The result for the period was a profit in the amount of 46.147 thousand lei.
NOTE 13 - PROVISIONS
| 31 December 2024 |
Increases/ Recognition/ Reclassification of provisions |
Reductions/ Reversals/ Reclassifications of provisions |
Differences from revaluation |
30 June 2025 |
|
|---|---|---|---|---|---|
| Total provisions | 85.108 | 8.378 | 18.731 | 586 | 75.341 |
| Provisions for customer guarantees Provisions for |
34.726 | 8.378 | 10.217 | 127 | 33.014 |
| decommissioning property, plant and equipment |
16.466 | - | - | - | 16.466 |
| Employee benefits provisions | 9.246 | - | 8.201 | - | 1.045 |
| Other provisions | 24.670 | - | 313 | 459 | 24.816 |
| Long-term provisions | 43.866 | 3.209 | 1.550 | 355 | 45.880 |
| Provisions for bonds granted to customers |
7.726 | 3.209 | 1.237 | - | 9.698 |
| Provisions for decommissioning property, plant and equipment |
16.466 | - | - | - | 16.466 |
| Other provisions | 19.674 | - | 313 | 355 | 19.716 |
| Short-term provisions | 41.242 | 5.169 | 17.181 | 231 | 29.461 |
| Provisions for customer guarantees |
27.000 | 5.169 | 8.980 | 127 | 23.316 |
| Employee benefits provisions | 9.246 | - | 8.201 | - | 1.045 |
| Other provisions | 4.996 | - | - | 104 | 5.100 |
Provisions for customer guarantees
Provisions for customer guarantees are set up to cover the risk of non-conformity during the warranty period of products sold and services rendered, in accordance with contractual provisions. The warranty period is usually 24 months.
Provisions for decommissioning of property, plant and equipment
Provisions for the decommissioning of property, plant and equipment, mainly buildings, are established to cover the costs of dismantling, removing items and restoring the sites where they are located and are included in their cost. The value has been estimated using an annual discount rate of 6,5%.
Employee benefits provisions
Provisions for employee benefits are set up for bonuses granted in accordance with the terms of the applicable Collective Labour Agreement and for holiday leave not taken by employees in the previous year.
NOTE 13 – PROVISIONS (continued)
Other provisions
The category Other provisions includes provisions recognised for:
- covering risks specific to the aviation industry, such as the risk of hidden defects and the risk of quality incidents that may lead to damages.
- covering certain expenses related to the Company's obligations towards A.J.O.F.M., pursuant to the Government Emergency Ordinance (O.U.G.) no. 95/2002;
During the period January – June 2025, the company recorded expenses for the recognition of provisions in the amount of 8.965 thousand lei and income from the reversal/reduction of provisions in the amount of 18.732 thousand lei, resulting in net income from provision adjustments of 9.767 thousand lei.
NOTE 14 – SUBSIDIES FOR INVESTMENT IN ASSETS
AEROSTAR recognizes subsidies related to assets as deferred income.
| 30.06.2025 | 30.06.2024 | |
|---|---|---|
| Balance as at 1 January, of which: | 1.552 | 2.380 |
| Short-term | 828 | 830 |
| Long-term | 724 | 1.550 |
| Subsidies received | - | - |
| Subsidies recognised as income | ||
| corresponding to the calculated | (414) | (415) |
| depreciation | ||
| Balance as at 30 June, of which: | 1.138 | 1.965 |
| Short-term | 551 | 828 |
| Long-term | 587 | 1.137 |
The balance recorded as at 30 June 2025 represents subsidies related to investments in fixed assets to be recognised in income as the calculated depreciation is charged to costs.
Subsidies received in previous years to finance assets related to the implementation of 4 investment projects under 4 non-reimbursable financing agreements:
-
- Contract no. 210304/22.04.2010: 'Expansion of aerostructures manufacturing and assembly capacities for civil aviation', executed between April 2010 and October 2012, the value of the subsidy received from the Ministry of Economy, Trade and Business Environment (MECMA) being 5.468 thousand lei, with 475 thousand lei remaining to be recorded as income;
-
- Contract no. 229226/14.06.2012: 'Creating a new manufacturing capacity to diversify production and export growth', executed between June 2012 and May 2014, the value of the subsidy received from the Ministry of Economy, Trade and Business Environment (MECMA) being 6.011 thousand lei, with 32 thousand lei remaining to be recorded as income;
-
- Contract no. 5IM/013/24.03.2015: 'Strengthening and sustainable development of the machining and painting sectors through high-performance investments', executed between March and December 2015, the value of the subsidy received from the Ministry of European Funds (MFE) being 8.299 thousand lei, with 320 thousand lei remaining to be recorded as income.
-
- Financing contract no. 10/28.02.2023: "Equipping the AEROSTAR Testing Laboratory with NDT testing equipment", executed between March 2023 and December 2023, the amount of the grant received from the Ministry of Economy being 381 thousand lei, with 301 thousand lei remaining to be recorded as income.
All investment projects in immobilized assets were implemented and finalized in accordance with the contractual provisions assumed.
NOTE 15 - TRADE LIABILITIES
| 30 June 2025 | 31 December 2024 |
|
|---|---|---|
| Prepaid amounts collected on customers' account, of which: |
5.866 | 9.593 |
| Customers with credit balances - Romania | 18 | 19 |
| Customers with credit balances - outside Romania | 5.848 | 9.574 |
| Suppliers, of which: | 24.825 | 49.653 |
| Suppliers of materials and services - Romania | 7.779 | 10.863 |
| Suppliers of materials and services - outside | 12.717 | 30.561 |
| Romania Suppliers – invoices not arrived |
2.891 | 6.024 |
| Suppliers of non-current assets | 1.438 | 2.205 |
| Total trade liabilities | 30.691 | 59.246 |
Prepayments received from external customers are for aircraft maintenance and repair services (99,26%) and other services provided (0,74%).
No mortgages have been established for the reported liabilities.
Favourable or unfavourable foreign exchange differences between the exchange rate at which the foreign currency liabilities are recorded and the exchange rate published by the National Bank of Romania applicable for the closing of June 2025 have been recognized in the corresponding income or expense accounts.
NOTE 16 - OTHER LIABILITIES
| 30 June 2025 | 31 December 2024 |
|
|---|---|---|
| Other current liabilities, of which: | 21.021 | 14.523 |
| Liabilities related to personnel and related accounts |
6.257 | 4.295 |
| Liabilities related to social security budget and state budget, of which: |
8.080 | 6.828 |
| – VAT payable | - | 626 |
| – social insurance | 5.903 | 4.631 |
| – work insurance contribution | 368 | 287 |
| – income tax on salaries | 1.162 | 906 |
| – contribution for unemployed people with disabilities |
231 | 207 |
| – other taxes | 357 | 116 |
| – other social liabilities | 59 | 55 |
| Other liabilities, of which: |
6.684 | 3.400 |
| – dividends | 5.038 | 3.125 |
| – various creditors | 519 | 252 |
| – guarantees received | 1.127 | 23 |
| Other long-term liabilities | 1.474 | 1.467 |
Within the category "Other long-term liabilities" is included the liability related to the right-of-use of the concessioned land for the MRO Hangar in Iași.
The dividends outstanding as at 30 June 2025, amounting to 5.038 thousand lei, represent the amounts remaining unpaid to shareholders who did not present themselves at the counters of the paying agent, CEC Bank SA (the paying agent appointed by AEROSTAR), and which have not become time-barred.
The Company has no outstanding liabilities to the state budget, the social security budget, or the local budgets.
NOTE 17 - DEFERRED INCOME TAX
The deferred tax is determined based on temporary differences occurring between the tax base of the assets and liabilities and their accounting base. The deferred tax is calculated at a tax rate of 16% applicable to the temporary differences.
The Company has estimated and registered deferred tax liabilities related to fixed assets (arising from differences between accounting and tax values, differing useful lives, etc.) and provisions, and has recognized deferred tax assets related to investment securities (shares), inventories, and trade receivables that have been subject to impairment adjustments, warranties provisions granted to customers, and other provisions.
Structure of the deferred tax registered as at 30.06.2025:
Liabilities from deferred tax
| 1. Deferred tax liabilities generated from differences between higher accounting | 778 |
|---|---|
| bases (higher) and the fiscal ones (lower) of non-current assets | |
| 2. Deferred tax liabilities related to legal reserves | 1.559 |
| 3. Deferred tax liabilities related to reserves from the fiscal facility | 26.025 |
| 4. Deferred tax liabilities related to retained earnings representing realised surplus | |
| from revaluation reserves | 61 |
| 5. Deferred tax liabilities related to non-current financial assets-shares |
1.445 |
| Total deferred tax liabilities | 29.868 |
| Deferred Tax Assets | |
| 1. Deferred tax assets related to other provisions | 369 |
| 2. Deferred tax assets related to provisions for warranties granted to customers | 5.282 |
| 3. Deferred tax assets related to provisions for employee benefits | 167 |
| 4. Deferred tax assets related to inventory impairment adjustments | 13.635 |
| 5. Deferred tax assets related to impairment adjustments of trade receivables | 237 |
| Total Deferred Tax Assets | 19.690 |
| Balance – Net Deferred Tax Liabilities | 10.178 |
The Company did not recognize deferred tax assets related to other provisions for industry-specific aviation risks, as there is uncertainty regarding the tax deductibility of expenses that may arise from the settlement of obligations in future periods. Therefore, the differences between the tax base and the accounting base would be considered nil.
During the period 1 January 2025 - 30 June 2025, the Company recognized deferred tax income in the amount of 3.047 thousand lei and deferred tax expense in the amount of 3.410 thousand lei, resulting in a net negative impact on financial performance of (363) thousand lei.
AEROSTAR S.A. BACĂU NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR 30 JUNE 2025 (unless specified otherwise, all amounts are stated in thousands of lei) NOTE 17 - DEFERRED INCOME TAX (continued)
Deferred income tax recognized in equity in the amount of 28.660 thousand lei comprises deferred tax liabilities in the amount of 29.029 thousand lei, as follows:
-
deferred tax liabilities related to legal reserves: 1.559 thousand lei
-
deferred tax liabilities related to tax incentive reserves: 26.025 thousand lei
- deferred tax liabilities related to equity investments shares: 1.445 thousand lei;
and deferred tax assets in the amount of 369 thousand lei.
NOTE 18 - FINANCIAL INSTRUMENTS
A financial instrument is any contract generating simultaneously a financial asset of one entity and a financial liability or an equity instrument of another entity.
Financial assets and financial liabilities are recognized when AEROSTAR becomes a party to the contractual provisions of the instrument.
AEROSTAR's financial assets include:
- sight and term deposits held with banks;
- trade receivables;
- Evergent Investments S.A. shares (stock symbol: EVER);
- non-current receivables (guarantees lodged with third parties)
AEROSTAR's financial liabilities include:
- trade liabilities;
As at the reporting date, AEROSTAR has no financial liabilities related to bank overdrafts or longterm bank loans.
The main types of risks generated by the financial instruments held, to which AEROSTAR is exposed, are:
- a) credit risk;
- b) liquidity risk;
- c) foreign exchange risk;
- d) interest rate risk;
- e) market risk.
a) Credit Risk
The credit risk is the risk that one party involved in a financial instrument will cause a financial loss to the other party by failing to fulfil a contractual obligation, related mainly to:
- sight and term deposits held with banks
- trade receivables;
Sight and term deposits are held exclusively with top-tier banking institutions (top 5 by assets level), with credit ratings that indicate the lowest level of risk.
In certain cases, specific trade credit risk mitigation instruments are required (advance payments, bank payment guarantees, and confirmed export letters of credit).
AEROSTAR has no significant exposure to any single partner and does not record a significant concentration of receivables in any single geographical area.
Credit Risk Exposure
The accounting value of the financial assets, net of impairment adjustments, represents the maximum exposure to credit risk.
The maximum credit risk exposure as at the reporting date is presented in the table below:
| 30.06.2025 | 30.06.2024 | |
|---|---|---|
| Sight and term deposits held with banks | 290.528 | 236.925 |
| Trade receivables, net of impairment adjustments |
69.313 | 68.010 |
| Non-current receivables | 42 | 42 |
| Total | 359.883 | 304.977 |
NOTE 18 - FINANCIAL INSTRUMENTS (continued)
The maximum credit risk exposure by geographic region for trade receivables, net of impairment adjustments, is presented in the table below:
| 30.06.2025 | 30.06.2024 | |
|---|---|---|
| Domestic market | 5.457 | 13.095 |
| Eurozone countries | 29.978 | 27.205 |
| United Kingdom | 19.565 | 18.002 |
| Other European countries | 3.017 | 3.281 |
| Other regions | 11.296 | 6.427 |
| Total | 69.313 | 68.010 |
Impairment adjustments
The aging structure of gross trade receivables as at the reporting date is presented in the table below:
| Impairment | Impairment | ||||||
|---|---|---|---|---|---|---|---|
| Gross | adjustments | Gross | adjustments | ||||
| amount | amount | ||||||
| 30.06.2025 | 30.06.2024 | ||||||
| In due time | 68.377 | 67.237 | |||||
| Past due, total, of which: |
1.872 | 1.545 | |||||
| 1-30 days | 41 | 20 | - | - | |||
| 31-60 days | 740 | 370 | 778 | 389 | |||
| 61-90 days | 681 | 341 | 541 | 271 | |||
| 91-120 days | 410 | 205 | - | - | |||
| Over 120 days | - | - | 226 | 112 | |||
| Total | 70.249 | 936 | 68.782 | 772 |
The movement in impairment adjustments for trade receivables during the year is presented in the table below:
| 30.06.2025 | 30.06.2024 | |
|---|---|---|
| Balance as at January 1 | 110 | 267 |
| Impairment adjustments recognized | 1.515 | 780 |
| Impairment adjustments reversed to income | (689) | (275) |
| Balance as at June 30 | 936 | 772 |
As of June 30, 2025, 97% of the balance of trade receivables as related to customers with a good payment history.
b) Liquidity Risk
Liquidity risk is the risk that AEROSTAR may encounter difficulties in meeting obligations associated with financial liabilities that are settled by delivering cash.
AEROSTAR's policy regarding liquidity risk is to maintain an optimal level of liquidity in order to meet its obligations as they fall due.
To assess liquidity risk, the treasury cash flows from operating, investments and financing activities are monitored and analysed on a weekly, monthly, quarterly, and annual basis to determine the estimated level of net liquidity modifications.
Additionally, specific liquidity indicators (current ratio, quick ratio, and overall solvency ratio) are analysed monthly and compared to budgeted levels.
NOTE 18 - FINANCIAL INSTRUMENTS (continued)
Additionally, to reduce liquidity risk, AEROSTAR maintains an annual liquidity buffer through Credit Facility (available as an overdraft) granted by banks up to a limit of USD 2.500 thousand.
The time intervals used for analysing the contractual due dates of financial liabilities, in order to present the timing of cash flows, are shown in the table below:
| Liabilities | Accounting value |
Contractual cash flows |
0-30 days |
31-60 days |
over 60 days |
|
|---|---|---|---|---|---|---|
| 30.06.2025 | Trade liabilities | 21.934 | (21.934) | (17.909) | (2.883) | (1.142) |
| 30.06.2024 | Trade liabilities | 26.112 | (26.112) | (21.300) | (4.554) | (258) |
The cash flows included in the analyses of the due dates are not expected to take place earlier or at significantly different amounts.
As at June 30, 2025, AEROSTAR had no overdue liabilities.
c) Foreign Currency Risk
The foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates.
Exposure to Foreign Currency Risk
AEROSTAR is exposed to foreign currency risk as 88% of the turnover recorded during the reporting period is denominated in USD and EUR, while a significant portion of its operating expenses is denominated in lei.
As a result, AEROSTAR is exposed to the risk that fluctuations in exchange rates may affect both its net income and its financial position as expressed in lei.
However, AEROSTAR has decided not to access currency hedging products (options or forward contracts), due to the relatively high initial costs and the potential loss of opportunity in the event of a depreciation of the RON against major currencies (USD, EUR).
The net exposure to foreign currency risk of financial assets and liabilities is presented below, based on the carrying amounts denominated in foreign currencies recorded at the end of the reporting period:
| 30.06.2025 | k EUR | k USD | k GBP |
|---|---|---|---|
| Sight and term deposits held with banks | 2.067 | 7.848 | 61 |
| Trade receivables | 2.425 | 11.896 | - |
| Trade liabilities | (967) | (2.122) | (42) |
| Net exposure, in original currency | 3.525 | 17.622 | 19 |
Sensitivity Analysis
Based on the net exposure presented in the table above, AEROSTAR is mainly exposed to foreign currency risk arising from fluctuations in the USD/LEU and EUR/LEU exchange rates.
Taking into account the evolution of the USD/LEU and EUR/LEU exchange rates in recent years, a high volatility of ±10% has been observed for the USD/LEU rate and a low volatility of ±2% for the EUR/LEU rate. Accordingly, a reasonably possible variation of ±10% for USD/LEU and ±2% for EUR/LEU as at the reporting date has been considered.
NOTE 18 - FINANCIAL INSTRUMENTS (continued)
The effect of the reasonably possible variation in the EUR/LEU and USD/LEU exchange rates on AEROSTAR's financial result is presented in the following table:
| 30.06.2025 | EUR/LEU | USD/LEU |
|---|---|---|
| Net exposure, in original currency | 3.525 k EUR | 17.622 k USD |
| Exchange rate | 5,0777 | 4,3329 |
| Net exposure, in functional currency | 17.899 k LEI | 76.354 k LEI |
| Reasonably possible variation in | +/- 2% | +/- 10% |
| exchange rate | ||
| Effect of the variation on financial | +/- 358 k LEI | +/- 7.635 k LEI |
| result |
d) Interest Rate Risk
During the reporting period, AEROSTAR had access to a multi-product Credit Facility totalling USD 7.000 thousand, intended to finance operating activities, consisting of:
- USD 2.500 thousand available as an overdraft,
- maximum USD 7.000 thousand available for issuing guarantee instruments (bank guarantees and import letters of credit), provided the overdraft facility is not utilized.
Bank interest is charged only on the overdraft.
Since the overdraft facility was not utilized during the reporting period, revenues and cash flows are not affected by fluctuations in market interest rates.
As at June 30, 2025, the level of guarantees granted under commercial contracts through bank guarantees and import letters of credit amounts to 11.785 thousand lei (equivalent to USD 2.720 thousand).
As at June 30, 2025, no mortgages have been established on the real estate assets owned by AEROSTAR.
e) Market risk, is the risk that the fair value or future cash flows of a financial asset will fluctuate due to changes in market prices.
The maximum exposure to market risk at the reporting date is presented in the following table:
| 30.06.2025 | 30.06.2024 | |
|---|---|---|
| Evergent Investments S.A. Shares | 45.703 | 59.139 |
NOTE 19 - OPERATING INCOME
| 30 June | 30 June | |
|---|---|---|
| 2025 | 2024 | |
| Income from sales, of which: Income from product sales Income from services rendered Income from goods sales |
314.564 169.919 142.340 271 |
292.833 159.295 131.779 10 |
| Rental income | 1.584 | 1.397 |
| Trade discounts granted Income from other activities |
450 | (28) 380 |
| Income related to inventories of finished goods and work in progress |
3.642 | 22.024 |
| Income from production of property, plant and equipment |
780 | 512 |
| Income from operating subsidies Income from investment subsidies |
306 414 |
48 414 |
| Total operating income | 319.948 | 316.393 |
During the first six months of 2025, the company recognized operating subsidies income in the amount of 306 thousand lei. The majority of these amounts were granted for the permanent employment of graduates from educational institutions, in accordance with Law no. 76/2002 on the unemployment insurance system and the stimulation of employment. Other operating income in the amount of 242 thousand lei includes, among others, income from the recovery of debts from former employees (tuition expenses and other receivables),
income from compensation and recovered fees, as well as income from the sale of goods proposed for scrapping, which were recoverable and sold to individuals.
NOTE 20 – OPERATING EXPENSES
| 30 June | 30 June | |
|---|---|---|
| 2025 | 2024 | |
| Employee benefits expenses, of which: | 102.803 | 96.618 |
| Salaries and allowances | 90.168 | 84.634 |
| Expenses for vouchers granted to employees | 7.132 | 7.114 |
| Expenses related to insurance and social protection | 5.503 | 4.870 |
| Expenses with raw material and other materials | 117.405 | 116.283 |
| Energy, water, and gas | 7.782 | 7.570 |
| Other material expenses, including: | 8.327 | 7.392 |
| Expenses for non-inventory materials | 562 | 850 |
| Expenses related to goods | 345 | 6 |
| Packaging expenses | 327 | 394 |
| Expenses for other materials | 7.093 | 6.142 |
| External service expenses, including: | 20.530 | 26.429 |
| Repairs | 7.407 | 9.539 |
| Transportation costs | 2.301 | 5.545 |
| Commissions and fees | 1.220 | 1.312 |
| Travel and secondments | 621 | 511 |
| Royalties and rent expenses | 434 | 450 |
| Other expenses for services provided by third parties | 8.547 | 9.072 |
| Trade discounts received | (304) | (60) |
| Depreciation | 14.732 | 13.242 |
| Net expenses (income) from adjustments for provisions |
(9.767) | (4.368) |
| Net expenses (income) from adjustments for current assets |
7.641 | 7.898 |
| Other operating expenses | 2.839 | 3.016 |
| Total operating expenses: | 271.988 | 274.020 |
In accordance with the provisions of the International Financial Reporting Standards and the Accounting Policies Manual, the company recognises adjustments for provisions (Note 13), as well as adjustments for the impairment of current assets, namely inventories, work in progress, and trade receivables (Notes 8, 9, and 10).
In the first six months of 2025, the company granted meal vouchers to employees amounting to 7.132 thousand lei.
The category "Other operating expenses", totalling 2.839 thousand lei, includes, among others : local taxes and duties, sponsorships, scholarships granted to students enrolled in dual education programs, and environmental protection expenses.
NOTE 20 – OPERATING EXPENSES (continued)
In the first six months of 2025, AEROSTAR recorded increases/ recognitions and decreases/reversals of adjustments, as follows:
| 30 June | 30 June | |
|---|---|---|
| Adjustments to provisions | 2025 | 2024 |
| Increases/recognitions | 8.965 | 9.890 |
| Decreases/reversals | (18.732) | (14.258) |
| Net expenses/(income) from provision adjustments | (9.767) | (4.368) |
In the first six months of 2025, the impact of adjustments to provisions resulted in a decrease in operating expenses amounting to 9.767 thousand lei.
| Adjustments for impairment of current assets | 30 June | 30 June |
|---|---|---|
| 2025 | 2024 | |
| Increases/recognitions of adjustments | ||
| Adjustments for inventory impairment | 12.029 | 10.722 |
| Adjustments for receivables impairment | 1.578 | 833 |
| Total increases/recognitions of adjustments | ||
| 13.607 | 11.555 | |
| Decreases/reversals of adjustments | ||
| Adjustments for inventory impairment | (5.266) | (3.321) |
| Adjustments for receivables impairment | (700) | (336) |
| Total decreases / reversals of adjustments | (5.966) | (3.657) |
| Net expenses / (income) from adjustments related to | ||
| impairment of current assets | 7.641 | 7.898 |
In the first six months of 2025, the impact of adjustments related to impairment of current assets resulted in an increase in operating expenses amounting to 7.641 thousand lei.
NOTE 21 - FINANCIAL INCOME
| 30 June 2025 |
30 June 2024 |
|
|---|---|---|
| Foreign exchange gains | 4.379 | 3.761 |
| Interest income | 6.531 | 5.787 |
| Income from shares held in subsidiaries | 585 | 517 |
| Income related to financial assets measured at fair value | 3.321 | 3.802 |
| Total financial income | 14.816 | 13.867 |
Aspects regarding the Company's exposure to risks arising from the held financial instruments are presented in Note 18 – Financial Instruments.
Income related to financial assets measured at fair value represents dividends from holdings of equity instruments in Evergent Investments S.A.
NOTE 22 - FINANCIAL EXPENSES
| 30 June 2025 |
30 June 2024 |
|
|---|---|---|
| Foreign exchange losses | 9.460 | 1.826 |
| Interest expenses related to lease contracts | 29 | 30 |
| Total financial expenses | 9.489 | 1.856 |
In 2025, the company recorded the following items under finance costs:
- expenses from unfavourable foreign exchange differences;
- interest expenses related to the right-of-use of the concession land for MRO Hangar in Iași.
NOTE 23 - INCOME TAX
The income tax is recognized in the statement of profit or loss.
Income tax represents the tax payable on the profit earned during the current period, determined based on the tax regulations applicable at the reporting date.
The applicable income tax rate as of 30.06.2025, was 16% (the same rate applied for the 2024 financial year).
| 30 June 2025 | 30 June 2024 | |
|---|---|---|
| 53.287 | 54.384 | |
| 6.776 | 7.661 | |
| 46 | 82 | |
| Reconciliation of accounting profit to taxable profit as of June 30, 2025 | Differences | |||
|---|---|---|---|---|
| Accounting revenues | 334.763 | Taxable revenues | 306.600 | -28.163 |
| Accounting expenses | 281.476 | Tax-deductible expenses | 257.157 | -24.319 |
| Accounting gross profit | 53.287 | Taxable profit | 49.443 | -3.844 |
| Accounting tax (16%) | 8.526 | Income tax (16%) | 7.911 | -615 |
| Tax deductions, of which: | 1.089 | +1.089 | ||
| Tax deductions | - | related to investments made according to Art. 22 of the Fiscal Code |
1.018 | +1.018 |
| sponsorships |
71 | +71 | ||
| Final income tax | 8.526 | Final income tax | 6.822 | -1.704 |
| Applicable legal rate | 16,00% | Applicable legal rate | 16,00% | |
| Average effective tax rate, calculated on accounting gross profit |
12,80 % |
| Comparative Figures | 30 June 2024 |
|---|---|
| Accounting gross profit | 54.384 |
| Current income tax expense | 7.661 |
| Income tax related to gain from sale of held securities | 82 |
| Reconciliation of accounting profit to taxable profit as at 30 June 2024 | Differences | |||
|---|---|---|---|---|
| Accounting revenues | 330.260 | Taxable revenues | 308.732 | -21.528 |
| Accounting expenses | 275.876 | Tax-deductible expenses | 253.132 | -22.744 |
| Accounting gross profit | 54.384 | Taxable profit | 55.600 | +1.216 |
| Accounting tax (16%) | 8.701 | Income tax (16%) | 8.896 | +195 |
| Tax deductions, of which: | 1.153 | +1.153 | ||
| Tax deductions | - | related to investments made according to Art. 22 of the Fiscal Code |
952 | +952 |
| sponsorships |
201 | +201 | ||
| Final income tax | 8.701 | Final income tax | 7.743 | -958 |
| Applicable legal rate | 16,00% | Applicable legal rate | 16,00% | |
| Average effective tax rate, calculated 14,24 % on accounting gross profit |
NOTE 23 - INCOME TAX (continued)
Main factors affecting the effective tax rate:
- tax facilities, representing the corporate income tax exemption related to investments made in accordance with Article 22 of the Fiscal Code, and sponsorship expenses.
- non-deductible expenses for tax purposes (such as expenses related to the setting up or increase of provisions and value adjustments for current assets that are not tax-deductible, accounting depreciation that is not tax-deductible, etc).
- non-taxable income resulting from the recovery of non-deductible expenses.
As of 30.06.2025, the Company recorded a current income tax liability of 3.032 thousand lei, related to the second quarter of 2025.
NOTE 24 - EARNINGS PER SHARE
The calculation of the profit per basic share was based on the profit attributable to ordinary shareholders and the number of ordinary shares.
The diluted earnings per share are equal to the basic earnings per share, as the Company did not record any potential ordinary shares.
| 30.06.2025 | 30.06.2024 |
|---|---|
| 46.147.380 | 47.357.242 |
| 152.277.450 | 152.277.450 |
| 0,303 | 0,311 |
NOTE 25 - AVERAGE NUMBER OF EMPLOYEES
| Average number of employees | S1 2025 | S1 2024 |
|---|---|---|
| Own employees | 1.690 | 1.696 |
| Employee headcount | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Own employees | 1.722 | 1.721 |
As at June 30, 2025, total employee headcount within the Company was 1.825 employees, of which 1.722 were own employees and 103 were temporary workers hired through a labour agency.
Asat June 30, 2024, the total headcount was 1.844 employees, of which 1.721 were own employees, and 123 were temporary workers hired through a labour agency.
NOTE 26 - TRANSACTIONS WITH RELATED PARTIES
| Acquisitions of goods and services | S1 2025 | S1 2024 |
|---|---|---|
| Airpro Consult SRL Bacău | 6.870 | 6.079 |
| Foar SRL Bacău | 129 | 201 |
| TOTAL | 6.999 | 6.280 |
| Sales of goods and services | S1 2025 | S1 2024 |
| Airpro Consult SRL Bacău | - | - |
| Foar SRL Bacău | 1 | 1 |
| TOTAL | 1 | 1 |
| Liabilities | Balance as at 30.06.2025 |
Balance as at 30.06.2024 |
| Airpro Consult SRL Bacău | 1.020 | 1.121 |
| Foar SRL Bacău | 17 | 31 |
| TOTAL | 1.037 | 1.152 |
| Dividends received by Aerostar | S1 2025 | S1 2024 |
| Airpro Consult SRL Bacău | 521 | 456 |
| Foar SRL Bacău | - | - |
| TOTAL | 521 | 456 |
Transactions with related parties during the period 01.01.2025 – 30.06.2025 consisted of:
- Provision by Airpro Consult SRL Bacău to Aerostar S.A. of temporary workforce services;
- Provision by Foar SRL Bacău to Aerostar S.A. of machinery rental services;
- Provision by Aerostar S.A. to Foar SRL Bacău of space rental services;
- Dividends received by Aerostar S.A. from Airpro Consult SRL.
NOTE 27 - INFORMATION REGARDING THE CASH FLOW
The method used for presenting the Cash Flow Statement is the direct method. The Cash Flow Statement presents cash and cash equivalents flows classified by operating, investing, and financing activities, thus highlighting how AEROSTAR generates and uses cash and cash equivalents.
In the context of preparing the Cash Flow Statement:
- cash flows represent cash and cash equivalent receipts and payments;
- cash includes the cash held at the company's cashier office and the sight deposits held with banks (available in current bank accounts);
- cash equivalents include term deposits held with banks
Cash flows arising from transactions carried out in foreign currency are recorded in the functional currency (LEU) by applying the exchange rate between the functional currency and the foreign currency at the date the cash flow occurs (the date of payments and receipts).
Gains and losses resulting from changes in foreign exchange rates are not cash flows. However, the effect of exchange rate fluctuations on cash and cash equivalents held in foreign currency is reported in the cash flow statement, separately from cash flows arising from operating, investing, and financing activities, in order to reconcile cash and cash equivalents at the beginning and end of the reporting period.
| Cash Flows | Value (thousand lei) |
% |
|---|---|---|
| Total receipts, of which: | 354.744 | 100% |
| Receipts from operating activities | 343.391 | 97% |
| Receipts from investing activities | 11.353 | 3% |
| Receipts from financing activities | - | 0% |
| Total payments, of which: | (321.624) | 100% |
| Payments from operating activities | (280.450) | 87% |
| Payments from investing activities | (6.716) | 2% |
| Payments from financing activities | (34.458) | 11% |
| Net increase in cash and cash equivalents |
33.120 | |
| Cash and cash equivalents at the end of the period |
290.590 |
Summary of cash flows for the First Semester of 2025 is presented in the table below:
The operating activity is AEROSTAR's main cash-generating activity.
-
cash receipts from customers amounted to 341.316 thousand lei;
-
payments to suppliers and employees amounted to 233.400 thousand lei, of which 172.494 thousand lei were payments to suppliers, and 60.906 thousand lei were salary payments to employees;
- cash receipts from the State Budget totalled 2.075 thousand lei, of which 1.782 thousand lei represented recoveries of VAT, excise duties, and other social receivables, and 293 thousand lei were operating subsidies;
NOTE 27 - INFORMATION REGARDING THE CASH FLOW (continued)
- payments of taxes and duties to the State Budget amounted to 47.050 thousand lei, of which 39.184 thousand lei were salary-related taxes and contributions, 3.965 thousand lei income tax, 1.611 thousand lei VAT, and 2.290 thousand lei local taxes and duties.
The operating activity generated a net cash of 62.941 thousand lei, representing an increase of 41.426 thousand lei compared to the same period of the previous year.
Investing activity includes:
- interest income from bank deposits amounting to 6.169 thousand lei;
- dividends received from Evergent Investments S.A. amounting to 2.989 thousand lei;
- proceeds from the sale of Evergent shares (stock ticker: EVER) totalling 1.674 thousand lei The purchased shares are held both for the purpose of collecting dividends and for gains from their sale.
In the first semester, the sale of EVER shares generated a gross gain of 284 thousand lei.
- dividends received from affiliated entities (Airpro Consult SRL, Foar SRL) totalling 521 thousand lei;
- payments for the acquisition of tangible and intangible fixed assets amounting to 6.611 thousand lei.
- payments for the acquisition of financial assets (Evergent shares) amounting to 105 thousand lei.
The value of cash flow allocated to increase operating capacity represents 2% of the total aggregate cash used in operating, investing, and financing activities.
Within financing activity, an amount of 34.458 thousand lei was paid, representing dividends due to AEROSTAR's shareholders.
The level of cash and cash equivalents as of 30.06.2025 was 290.590 thousand lei, representing an increase of 30.187 thousand lei compared to the beginning of the year.
NOTE 28 - CONTINGENT LIABILITIES AND OTHER OFF-BALANCE SHEET ITEMS
AEROSTAR S.A. records off-balance sheet items representing rights, obligations, and assets that are not recognized among the company's assets and liabilities, namely:
| 30 June 2025 |
31 December 2024 |
||
|---|---|---|---|
| | Contingent liabilities: | ||
| o | Guarantees issued to partners, in the form of bank guarantees and letters of credit |
1.145 | 1.246 |
| o | Guarantees received from partners, in the form of | ||
| bank guarantees and letters of credit | 13.198 | 46.866 | |
| o | Mortgage guarantee received | 500 | 500 |
| | Goods, including: | ||
| o | Inventories of other materials in use (tools, jigs, | ||
| fixtures, protective equipment, measuring and control equipment, technical library, etc.) |
54.277 | 51.095 | |
| o | Materials received in custody | 2.237 | 3.468 |
| o | Finished goods received in custody | 2 | 2 |
| o | Customer-supplied materials | 41 | 41 |
| o | Tangible and intangible fixed assets – acquired or purchased as a result of co-financed activities |
539 | 554 |
| o | Products received for processing/repair | 11.567 | 21.132 |
| o | Materials received for processing/repair | 4.500 | 4.420 |
| o | Underlying assets related to concession contracts – Iași Hangar |
2.542 | 2.490 |
| o | Fixed assets proposed for disposal | 173 | 448 |
| | Other off-balance sheet items, including: | ||
| o | Material guarantees established to ensure liability of custodians for asset management |
252 | 244 |
| o | Commitments for covering obligations to the A.J.O.F.M., based on Report No. 9624/12.12.2011 |
2.303 | 2.616 |
| o | Debtors written off but still under collection | 218 | 218 |
| o | Creditors | 14 | 14 |
| o | De minimis aid for participation in trade fairs and exhibitions |
787 | 787 |
| | Greenhouse gas emission certificates | 2.248 | 3.346 |
As at 30 June 2025, AEROSTAR S.A. held 6.512 greenhouse gas emission certificates (GHG certificates).
The market price on the last trading day for one GHG certificate was EUR 68,00, according to the European Energy Exchange website (compared to EUR 66.96 in December 2024), based on a revaluation exchange rate of 5,0777 LEI/EUR.
NOTE 29 - DIRECTORS' REMUNERATION
| Surname and First Name | Position | Profession | |
|---|---|---|---|
| | FILIP GRIGORE | President of the Board of Directors |
Aviation Engineer |
| | DAMASCHIN DORU | Vice-President of the Board of Directors and Financial Director |
Economist |
| | FILIP ALEXANDRU | Member of the Board of Directors and Chief Executive Officer |
Engineer |
| | TONCEA RADU TUDOR | Member of the Board of Directors |
Aviation Engineer |
| | DOROŞ LIVIU-CLAUDIU | Member of the Board of Directors |
Economist |
The Board of Directors of AEROSTAR S.A. as of 30.06.2025:
In 2025, Aerostar did not grant advances or loans to members of the Board of Directors, nor did it assume any commitments on their behalf in the form of guarantees of any kind.
At the Ordinary General Meeting held on December 12, 2024, Aerostar shareholders approved:
- Setting the directors' indemnity for the financial year 2025 at a fixed net amount of 5.000 lei per month;
- For the mandate period starting on July 11, 2024, the indemnity of directors who also hold specific executive positions shall consist of the fixed remuneration plus an additional fixed net monthly remuneration of up to (and including) ten (10) times the remuneration granted to a member of the Board of Directors.
The total gross amount of indemnities granted to the members of the Board of Directors and the executive management during the period January–June 2025, pursuant to the resolutions of the General Meeting of Shareholders and in accordance with their responsibilities, amounted to 959 thousand lei.
NOTE 30 - RISK MANAGEMENT
AEROSTAR is exposed to a wide range of risks and uncertainties that may affect its financial performance. The business lines operated by AEROSTAR, its operational results, or financial position could be impacted by the materialization of the risks described below.
AEROSTAR aims to secure the medium- and long-term sustainability of its operations and to reduce the uncertainty associated with its strategic and financial objectives.
The risk management processes carried out ensure the identification, analysis, evaluation, and management of risks in order to minimize their effects to an acceptable level.
However, there may be additional risks and uncertainties beyond those described below, which are currently unknown or considered insignificant, but which could, in the future, affect AEROSTAR's business lines.
Operational Risk
Operational risk refers to the risk of incurring losses or failing to achieve estimated sales and profits, arising from:
- the use of inadequate processes, systems, or human resources, or their failure to properly fulfil their functions;
- external events and actions, such as the deterioration of global economic conditions, natural disasters, or other occurrences that may affect AEROSTAR's assets.
Amid ongoing global political unrest, the potential for new categories of risk is increasing. AEROSTAR is proactively observing critical conflict regions to assess any developments that could impact its operations or assets.
Legal Risk is also considered a component of Operational Risk, defined as the risk of loss resulting both from fines, penalties, and sanctions that AEROSTAR may incur due to non-compliance or improper application of legal or contractual provisions, as well as from improperly defined contractual rights and obligations of AEROSTAR and/or its business partners.
Monitoring and mitigating the effects of legal risk are carried out through a permanent system for tracking legislative changes, as well as through the implementation of a structured process for reviewing, endorsing, and approving the terms and conditions included in commercial contracts.
AEROSTAR allocates and will continue to allocate funds for investments and other operational expenses aimed at preventing and managing operational risk.
In addition, AEROSTAR seeks to maintain internal funding to cover its exposure to risks by establishing provisions for such risks and related expenses.
Furthermore, to mitigate operational risk, AEROSTAR annually renews, with top-tier insurance and reinsurance companies, a civil liability insurance policy covering its main lines of business (aerospace product manufacturing and commercial aircraft maintenance).
Credit risk refers to the risk that AEROSTAR may incur a financial loss due to a business partner's failure to meet contractual obligations, and is mainly determined by sight and term deposits held with banks and trade receivables.
Deposits are placed only with top-tier banking institutions (top 5 by asset size), which are considered to have high solvency.
Credit risk, including the country risk associated with the client's operating location, is managed individually for each business partner. When considered necessary, specific instruments are
NOTE 30 - RISK MANAGEMENT(continued)
requested to mitigate credit risk (such as advance payments, bank payment guarantees, or confirmed export letters of credit).
AEROSTAR does not have significant exposure to any single business partner and does not record a significant concentration of revenue in any single geographic region.
However, there is some exposure to the global Airbus program market, as a large proportion of the company's products are integrated into Airbus aircraft.
A detailed presentation of the quantitative information regarding AEROSTAR's exposure to credit risk can be found in Note 18 (Financial Instruments) of the Financial Statements.
Liquidity risk refers to the risk that AEROSTAR may encounter difficulties in meeting its debt obligations as they become due.
To manage liquidity risk, cash flows are monitored and analysed on a weekly, monthly, quarterly, and annual basis to assess the estimated level of net liquidity changes. This analysis forms the basis for financing decisions and capital commitments.
To mitigate liquidity risk, AEROSTAR maintains an annual liquidity reserve in the form of a credit line structured as an overdraft facility granted by banks, amounting to USD 2.500 thousand.
During the reporting period, AEROSTAR did not utilize this credit line, as all operations were financed from internal resources.
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices.
Market risk includes price risk, currency risk, and interest rate risk.
AEROSTAR is primarily exposed to price risk, driven by fluctuations in the prices of raw materials and supplies used in the production processes, caused by exceptional events, the imposition of international sanctions that limit the ability to secure parts and materials, or increased costs related to specific import/export tariffs for metal products to and from the United States.
This risk is managed through:
- diversification of the supplier portfolio, which provides greater negotiation leverage in the event of price increases from certain suppliers.
- signing long-term contracts that include fixed-price clauses.
AEROSTAR is exposed to foreign exchange risk, as 88% of its revenue is denominated in USD and EUR, while a significant portion of its operating expenses is in LEI. Consequently, the company is exposed to the risk that exchange rate fluctuations may impact both its net income and financial position as reported in LEI.
AEROSTAR has opted not to engage in foreign exchange hedging instruments (such as options or forward contracts), due to their relatively high upfront costs and the potential opportunity loss in the event of a RON depreciation against major currencies (USD, EUR).
A detailed analysis of AEROSTAR's sensitivity to foreign exchange rate fluctuations is provided in Note 18 (Financial Instruments) of the Financial Statements.
As for interest rate risk, since AEROSTAR did not use the contracted Credit Line during the reporting period, its revenues and cash flows were not impacted by fluctuations in market interest rates.
Other aspects related to risk management are presented in the chapter "RISK AND OPPORTUNITY MANAGEMENT" within the Report of the Board of Directors.
NOTE 31 - PREPAID EXPENSES AND DEFERRED INCOME
| 30 June | 31 December | |
|---|---|---|
| 2025 | 2024 | |
| Short-term prepaid expenses | 1.738 | 1.049 |
| Short-term deferred income | 1.355 | 3.448 |
Expenses incurred and income earned during the current period, but related to subsequent periods or financial years, are recorded separately in the accounting records as prepaid expenses or deferred income, as applicable.
As at 30 June 2025, prepaid expenses included amounts to be carried forward for up to one year, representing, among others: taxes and duties, subscriptions, insurance premiums, commissions, participation in trade fairs and conferences, online services, and IT system maintenance.
As at 30 June 2025, Aerostar did not recognize any long-term deferred income. The short-term deferred income category includes the value of goods delivered and services provided for which the income recognition criteria under IFRS 15 have not yet been met (i.e., control over the goods/services has not yet been transferred to the customer).
NOTE 32 - RIGHT-OF-USE ASSETS UNDER LEASES:
Reporting period 30 June 2025
| Va lu 3 0 Ju 2 0 2 5 t es a s a ne |
Va lu 0 1 Ja 2 0 2 5 t es a s a nu ar y |
|||||
|---|---|---|---|---|---|---|
| G lu ro ss va e |
Ac la te d cu m u de ia io t p re c n |
Ne lu t v a e |
G lu ro ss va e |
Ac la te d cu m u de ia io t p re c n |
Ne lu t v a e |
|
| R ig h f-u fo t-o t se a ss e r he M R O ha la d t ng ar n in Ia i ș |
1. 9 9 2 |
( ) 2 5 6 |
1. 7 3 6 |
1. 9 5 9 |
( ) 2 3 6 |
1. 7 2 3 |
| To l ta |
1. 9 9 2 |
( 2 6 ) 5 |
1. 3 6 7 |
1. 9 9 5 |
( 2 3 6 ) |
1. 2 3 7 |
Net book value as at 30.06.2025:
| Ne lu t v t a e a s a 1 Ja 2 0 2 5 nu ar y |
Re lu io t va a ns S 1 2 0 2 5 |
De ia io t p re c n du in he io d t r g p er |
Ne lu t v t a e a s a 3 0 Ju 2 0 2 5 ne |
|
|---|---|---|---|---|
| ig f-u fo R h t-o t se a ss e r O he M R ha la d t ng ar n in Ia i ș |
1. 2 3 7 |
3 3 |
( 2 0 ) |
1. 3 6 7 |
NOTE 32 - RIGHT-OF-USE ASSETS UNDER LEASES (continued)
COMPARATIVE FIGURES - RIGHT-OF-USE ASSETS UNDER LEASES Reporting period 30 June 2024
| Va lu 3 0 Ju 2 0 2 4 t es a s a ne |
Va lu 0 1 Ja 2 0 2 4 t es a s a nu ar y |
|||||
|---|---|---|---|---|---|---|
| G lu ro ss va e |
Ac la d te cu m u ia io de t p re c n |
Ne lu t v a e |
G lu ro ss va e |
Ac la d te cu m u ia io de t p re c n |
Ne lu t v a e |
|
| R ig h f-u fo t-o t se a ss e r he M R O ha la d t ng ar n in Ia i ș |
1. 9 3 7 |
( 2 1 5 ) |
1. 7 2 2 |
1. 9 4 0 |
( 1 9 4 ) |
1. 7 4 6 |
| To l ta |
1. 9 3 7 |
( 2 1 5 ) |
1. 7 2 2 |
1. 9 4 0 |
( 1 9 4 ) |
1. 7 4 6 |
Net book value as at 30.06.2024:
| Ne lu t v t a e a s a 1 Ja 2 0 2 4 nu ar y |
Re lu io t va a ns S 1 2 0 2 4 |
De ia io t p re c n in io du he d t r g p er |
Ne lu t v t a e a s a 3 0 Ju 2 0 2 4 ne |
|
|---|---|---|---|---|
| R ig h f-u fo t-o t se a ss e r he M R O ha la d t ng ar n in Ia i ș |
1. 7 4 6 |
( ) 4 |
( ) 2 0 |
1. 7 2 2 |
The right of use for the MRO Hangar land in Iasi was revalued at the foreign exchange rate published by the National Bank of Romania on the last banking day of each reporting period.
NOTE 33 - SIGNIFICANT EVENT DURING THE REPORTING PERIOD
As at May 13, 2025, Aerostar informed the company's shareholders, through a press release, about the details of the dividend payments due to shareholders, distributed from the 2024 profit, namely:
- a) the gross dividend per share is 0,24 lei, from which dividend tax will be deducted at the rates stipulated by the legislation in force on the payment date; the costs related to the payment shall be borne by the net dividend amount;
- b) the "ex-date" has been set for May 14, 2025, according to the Ordinary General Meeting of Shareholders (O.G.M.S.) held on April 24, 2025.
- c) the shareholders entitled to receive dividends distributed from the net profit of the 2024 financial year are those registered in the consolidated shareholders' register as at May 15, 2025 – the Record Date (approved by the O.G.M.S. dated April 24, 2025);
- d) the dividends distributed from the profit generated in the 2024 financial year were paid to the shareholders starting on 5 June 2025.
EVENTS AFTER THE REPORTING PERIOD
The individual financial statements as at June 30, 2025, which include: the statement of financial position, the statement of profit or loss, other comprehensive income, the statement of changes in equity, the statement of cash flows, and the explanatory notes to the financial statements, will be approved by the Board of Directors on August 13, 2025, and will be signed on its behalf by:
2025 Financial Calendar – the next event will take place on:
| Presentation of the financial results as at September 30, 2025 | 07.11.2025 |
|---|---|
Chief Executive Officer, Financial Director, Alexandru Filip Doru Damaschin
DECLARATION
The undersigned ALEXANDRU FILIP, acting as General Director of AEROSTAR S.A. and DORU DAMASCHIN, as Financial Director of AEROSTAR S.A., assume responsibility for the preparation of the individual financial statements as of 30.06.2025 and confirm that:
- a) The financial and accounting statement for the first semester of 2025, which was prepared according to the applicable accounting regulations, provides a fair and consistent view of the assets, liabilities, financial position, profit and loss account of Aerostar S.A. Bacău;
- b) The Report of the Board of Directors on the first semester of 2025, prepared according to the provisions of the Regulation no. 5/ 2018 issued by the Financial Supervisory Authority – ANNEX no. 14, presents correctly and completely the information regarding Aerostar S.A. Bacău.
GENERAL DIRECTOR,
ALEXANDRU FILIP
FINANCIAL DIRECTOR,
DORU DAMASCHIN
