RC J/28/131/1991, CUI: R1520249, SIRUES 281092373, SICOMEX 37122, CONT RO50RNCB3800000000040001, BCR SLATINA str. PITEŞTI, Nr. 114, 230104, SLATINA, jud. OLT, ROMANIA Tel. 0249/436834; Fax.0249/436037; 0249/436979;

ANNUAL REPORT - 2021 of the Board Of Directors

for the financial year 2021 According to Annex 15 of FSA. No.5 / 2018 Regulation on issuers of financial instruments and market operations.

Annual Report according to : CNVM Regulation no. 5/2018 Name of the issuer: ALTUR SA Headquarters: Slatina, Str.Piteşti, no.114, Olt county Phone / Fax: 0249/436834; 0249/436037 Unique registration code : RO 1520249 Registered in TRADE REGISTER UNDER : J28 / 131/1991 European Unique Identifier (EUID):ROONRC J28/131/1991 COD LEI :259400IHBSVL9OOVM346 Regulated market where the issued securities are traded: Bucharest Stock Exchange –Standard Category Subscribed and paid Capital up to 31.12.2018: 82,438,833.8 lei Total number of shares: 824 388 338 Characteristics of the securities issued: Common, nominative, dematerialized shares with a nominal value of 0.1 lei / share

1. ANALYSIS OF THE ACTIVITY OF THE COMPANY

1.1. Description of activity of the Company

1.2. Technical level of the Company's evaluation

1.3. Evaluation of the technical-material supply

1.4. Assessment of sale

1.5. Assessment on the company's personnel

1.6. Assessment on the impact of activity on the environment

1.7. Evaluation of Research and Development

1.8. The evaluation of the company's risk management

1.9. Elements of perspective on the company's activity

2. TANGIBLE ASSETS OF SOCIETY

2.1. Specifying the location and characteristics of the main production capacity of company property

2.2. Description and analysis for degree of wear of the company's properties

2.3. Indication of potential problems related to ownership of tangible assets

3. MARKET OF SECURITIES ISSUED BY THE COMPANY

3.1. Indication regarding the markets in Romania and in other countries in which are negotiated the securities issued by the company.

3.2. Description of the Company's policy on dividend

3.3. Description of any activities of the Company to acquire its own shares.

3.4. If the company has branches the number and nominal value of the shares issued by the parent company held by subsidiaries should be specified.

3.5. If the company has issued bonds and/ or other debt instruments, should be presented how the company pays its obligations to the holders of such securities.

4. MANAGEMENT OF THE COMPANY

4.1. Presentation of company directors

4.2. Presentation of the executive management of the company.

5. ACCOUNTING FINANCIAL SITUATION

6. CORPORATE GOVERNANCE

7. NON-FINANCIAL DECLARATION

8. ANNEXES

1. ANALYSIS OF THE COMPANY 'S ACTIVITY

1.1. Description of activity of the Company's

a) Description of the current main activity of the company;

MAIN AREA: Casting of light non-ferrous metals

2453. Casting of light non-ferrous metals.

MAIN ACTIVITY: DESIGN, PRODUCTION AND MARKETING IN COUNTRY AND ABROAD OF : PISTON FOR MOTOR VEHICLES, cast aluminum parts, including services and technical assistance.

2932 - Manufacture of other parts and accessories for motor vehicles and their engines

ALTUR SA has accumulated over the years rich experience in manufacturing products of cast aluminum alloys for the production of pistons for automotive industry and production of cast parts for car manufacturing industry in Romania.

ALTUR S.A. Slatina manufacture and sells : pistons, engine sets, aluminum castings, it carries out import-export and other activities, according to the Articles of Incorporation.

b) Indication regarding the date of establishment of the company;

ALTUR S.A. Slatina was established in 1991 based on Decision of government number 116 by reorganization of Enterprise for Aluminum castings and Pistons for Automotive Industry (I.P.T.A.P.A.) which was founded in 1979.

c) Description of any merger or significant reorganization of the company, its subsidiaries or controlled companies during the financial year;

During the financial year 2021, for which it is reported, the company did not carry out any significant merger or reorganization.

d) Description of acquisitions and / or disposal of assets;

Were purchased and self-constructed assets consisting of technological equipment for production activities, quality assurance equipment, means of transport worth 3,895,995 lei. A building composed of construction and land in the amount of 1,008,403 lei was also purchased, a building that was classified as real estate investments in the financial position situation as of December 31, 2021.

In the tear 2021 no mobiliary values have been adopted. Securities of the issuers Patria Bank and Concifor SA were sold.

Nr.		FORECAST	REALIZED
crt.	Capitol	2021	2021
1	Total income	99,705,000	96,456,377
2	Total expenses	98,834,800	103,528,297
3	Gross result	870,200	(7,071,920)
4	Net result	784,548	(7,018,340)

e) Description of the main results of activity of the company .

1.2. Assessment of the technical level of the company

Description of the main products and / or services provided, specifying:

ALTUR SA produces a wide range of cast products made of aluminum alloys of the following types:

– gravitational castings;

die castings;
castings and machined parts, finished parts.

a) Main markets for each product or service and distribution methods; Internal market :

Manufacturers of road motor vehicles or agricultural machinery and subassemblers.

Distribution type: producer - beneficiary.

Car repair shops and retailers of car parts.

Distribution type: producer - beneficiary - final consumer.

External Market:

1. Manufacturer-Beneficial Distribution.

Aluminum casting parts for automotive components manufacturers (ZF Active Safety Gmbh Germany, ZF Braking Systems Poland, ZF Active Safety France, ZF Automotive Czech S.R.O, ZF Automotive UK Limited, Continental Teves, Bosch Spain, Bosch Poland) , aluminum castings andcast and processed parts for automotive components manufacturersas well as car manufacturers (Contitech France, Continental Germany, RENAULT) as well as manufacturers of components for thermal power plants (M & G Italy, Burgerhout Netherlands).

2. Producer-supplier-beneficiary distribution.

For automotive pistons exclusively for the Egyptian market:

Description of the external market:

Divided into two segments, external market of ALTUR S.A. behave differently on each segment.

1. Market of castings

Located in Western Europe, Turkey, Russia, Morocco, Brazil , is the main foreign market of the company ALTUR S.A. and represents 99.98% of total export of ALTUR S.A.

Competition in foreign markets for products exported by ALTUR S.A. (Aluminum alloy castings) is particularly strong and the main competitors are from countries like France, Poland, Hungary.

2. Aftermarket parts

It is located in Egypt, with a small percentage of the total export of ALTUR S.A., about 0.02%.

Competitors for the products exported by ALTUR S.A. (Piston) on these markets is made up of companies from countries like: Turkey, Bulgaria, India, China.

Altur main products are:

Gravity castings of aluminum alloys:

1. Body pump brake;
1. Body brake caliper;
1. Engine Support .
1. Suspension caps

Die cast parts of aluminum alloys:

Elbows for heating stations ;
Components for gas distribution systems
Fixtures for water pump, gasoline, oil;
Elements for hydraulic pumps;
Engine Support.

Casting and processed parts (finished products ):

1. Engine support ,
1. Covers for suspension
1. Pistons for auto, etc.

b) The share of each product or service on revenue and total turnover of the company for the last three years;

Nr.	Product	Share (%)
Crt.		2019	2020	2021
1	Gravity cast parts	70.76	74.10	75.40
2	Die pressure cast parts	29.24	25.90	24.60
3	Cast parts (1+2) and machined	38.97	36.15	36.20

1.3. Assessment of the technical and material supply activity (indigenous sources, import sources)

Specification of information on the security of supply sources and commodity prices and on the stock sizes of raw materials and materials.

Supply activity aims to highlighting the criteria that are the basis of ensuring the company with raw materials and materials for the smooth running of the production and repairing processes, in the conditions of achieving the products at the best quality parameters requested by the customers.

The main objectives of the supply activity were:

– Reduction of acquisition costs;

– Avoiding the formation of stocks of raw materials and materials, orders being launched taking into account the duration of supply;

– Identification of new potential partners;

– Reviewing and renegotiating the contracts / commercial conditions offered by suppliers in 2021 to reduce the prices of some materials;

– Increasing payment terms at internal and external suppliers in order to obtain longer credit periods.

For the good performance of the supply activity, during 2021 the company supplied raw materials and materials, both on the domestic market and on the foreign market, this being based on extensive prospecting on the two markets, the company effectively negotiating the contracts with its suppliers.

The correct dimensioning of stock of raw materials and supply materials meant ensuring the continuity and elimination of the synapses in the supply activity and implicitly in the production.

Major suppliers of raw materials in 2021 were:
---------------------------------------------------

Nr crt	Supplier	Raw material
1.	Vimetco Alro SA	Aluminium alloys

2.	Heneken Slovacia	Aluminium alloys
3.	Huttenes Albertus Polonia	Sand cores
4.	Huttenes Albertus	Metallurgical treatments- fluxes
	Roamania/Refarom
	Brașov
5.	Voestalpine	Steel for tools and molds
	București/Bogner Sibiu
6.	Lixland SRL	Refractory products for furnaces
7.	Messer București	Compressed gas and dry ice
8.	Pentarom SA	Cardboard packaging
9.	Markbi Miercurea Ciuc	Crucibles
10.	KBM Affilips	Master alloy AlSb 10

1.4. Assesing of sales activity

a) Description of the evolution of sequential sales on the domestic and / or external market and of the prospects for medium and long-term sales;

In 2021, the sales on the domestic market decreased to 1.2 mil. Euro, compared to those in 2020 which were around 1.5 mil. Euro.

As for export sales and intra-Community deliveries in 2020, they had an increase of 28% compared to 2020, respectively 18 mil. Euro-in 2021 compared to 14,08 mil. Euro – in 2020.

For 2022, it is estimated an increase in turnover by approximately 85% compared the previous year, as a result of the increase in the order portfolio and the resumption of economic activity, but also due to the increase in the LME quotation of aluminum alloys and the alloying premium.

b). Description of the competitive situation in the field of activity of the company, the market share of the products or services of the company and of the main competitors ;

Company's main competitiors in aluminum castings:

Product	Competing company
Cast parts	Le Belier – France, Hungary EBCC-Poland, Hungary Alpress SRL – Italy

c). Description of any significant dependence of the company on a single customer or on a group of customers whose loss would have a negative impact on the company's income.

ZF Active Safety, based in Germany, France, Poland, England, the Czech Republic and CONTINENTAL Teves, based in Germany, Czech and Romania, are significant customers of ALTUR S.A SLATINA, accounting for more than 65% of the company's turnover.

In the last period ALTUR SA developed business with another important customer, namely RENAULT, and since October 2018 ALTUR SA has started serial delivery for another large customer namely BOSCH – (Spain, Poland) who contributed significantly to development of the range of clients who held lower shares in the share of turnover.

1.5. Assessing employee / company staff issues.

a) Specifying the number and level of training of the employees of the company as well as the degree of unionization of the labor force;

In 2021, ALTUR SA Slatina has an average number of 569 employees, with an individual labor contract.

The level of training is predominantly average. In terms of recruitment and selection of staff, the period is characterized by a limited supply of qualified personnel.

The degree of syndication was 87%.

During 2021 the number of employees of the company ranged from 568 employees on 1 January 2021 to 530 employees as of 31 December 2021. The reasons for this variation were the following:

1. The work contract has been incetated to a number of 155 salariats, of which:
2. termination during the probationary period 14 employees;
termination at the end of the MIF for a fixed period: 5 employees;
- termination of the employee's initiative 41 employees, of which 2 by agreement of the parties and 39 by resignation;

– termination of the initiative of the company 58, of which 1 for professional non-compliance and 57 for disciplinary;

– retired 37 employees;

The employment contract for child care has been suspended up to 2 years for 2 employees;
1. 122 employees were employed;
1. resumed work after the suspension of the employment contract for the care of the child for up to 2 years, 2 employees.

The staff structure on 31.12.2021 was as follows:

Directly productive staff: 325,
Indirectly productive staff: 122,
TESA staff: 83,
TOTAL: 530

b) Describe the relationship between management and employees as well as any conflicting elements that characterize these relationships.

The relations between the company's management and the employees, carried out in 2021 on a professional basis and without conflicts, were regulated by the Collective Labour Agreement concluded between the Employers' Association - Trade Unions and the specific legislation in force, observing the working procedures and the Internal Regulation

In the fight against the COVID-19 pandemic, the management of the company has adopted all the necessary measures, so that the company's activity is carried out in conditions as close as possible to the normal ones.

1.6 Assessing issues related to the impact of the issuer's core business on the environment

Synthetic description of the impact of the issuer's core activities on the environment as well as any existing or expected disputes concerning infringement of environmental protection legislation.

The activity carried out by the company is regulated by the Environmental Authorization no.1/22.07.2013, issued by APM Olt, valid until 22.07.2023.

ALTUR SA Slatina, through its activity and the products it produces, according to the object of activity, does not cause negative impact on the environment.

There were no environmental disputes.

The company is certified according to iatf reference standards 16949:2016, ISO 9001:2015 and ISO 14001:2015, having an integrated quality assurance system

1.7. Evaluating research and development

Statement of expenditure in the financial year as well as those that are anticipated in the next financial year for development research activity.

In 2021, 150.000 lei were foreseen for the research and development activity and for the year 2022 it is estimated to be 170.000 lei.

The investment and modernization program in 2021 had as main objective the modernization of the technological processes of casting and machining , correlated with the increase of the production capacity in the processed products segment.

1.8. Evaluating the business of the company on risk management

Description of the company's exposure to price, credit, liquidity and cash flow risk. Description of the company's policies and objectives regarding risk management.

Like any player in a competitive market, the company is always exposed to both changes in the price of raw materials, energy and natural gas and to developments in foreign exchange rates.

In 2021 ALTUR SA's activity was exposed to the following types of risks:

Liquidity risk

The company monitors the risk of experiencing a lack of funds using a recurring liquidity planning tool. The company carefully monitors and monitors cash flows to prevent this risk, and also has access to funding from major partner banks

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument fluctuate due to changes in foreign exchange rates.

The exposure of the company to the risk of exchange rate fluctuations refers mainly to the company's operating activities (when the income or expense is denominated in a currency other than the functional currency of the company).

Interest rate risk

The interest rate risk of interest rate fluctuations is the risk of interest rate and interest income variations due to variable interest rates. The company has loans that bear interest at a variable rate, exposing the company to the liquidity risk.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or a client contract, resulting in a financial loss. The Company is exposed to credit risk from its operating activities (mainly for trade receivables) and from its financial activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

1.9. Perspectives on the activity of the company

a) Presentation and analysis of trends, elements, events or uncertainty factors affecting or likely to affect the liquidity of the company compared to the same period of the previous year.

The trends of the market economy are reflected in ALTUR SA for 2022, by increasing the export to the current customers and starting the collaboration with new clients. The company is considering developing new products both for the automotive industry and for the manufacture of components used in other sectors of activity destined for the European Union market. Obviously, the above will still depend on the evolution of the pandemic at European and global level, as well as the evolution of the conflict in Ukraine.

ALTUR SA has prospectively covered the contractual range of potential business by 2026.

b) Presentation and analysis of the effects of capital expenditures, current or anticipated on the financial situation of the company compared to the same period last year.

Nr Crt	Capitol	U/M (formula)	Anul 2020	Anul 2021
1	Turnover	Ron	75,337,103	93,553,310
2	Net profit	Ron	(16,159,868)	(7,018,340)
3	Gross profit / (loss)	Ron	(16,213,448)	(7,071,920)
4	Operating profit / (loss)	Ron	(13,571,220)	(5,848,471)
5	Total Assets	Ron	90,984,207	105,878,727
6	Total Fixed Assets	Ron	46,832,798	69,780,808
7	Personal capital	Ron	30,604,867	50,640,848
8	Stocks	Ron	14,994,600	16,792,018
9	Debt	Ron	27,143,247	19,155,888
10	Reference date		18.03.2021	21.03.2022
11	Market price of shares	Ron	0.039	0.05
12	Nominal value of shares	Ron	0,1	0,1
13	Gross dividend	Ron	-	-
14	Rotation of stocks	(1)/(8)	5	6
15	Average Collection Period	365*(9)/(1)	132	75

Effects of capital expenditure on the financial situation

16	Rotation of Fixed Assets	(1)/(6)	1.61	1.34
17	Rotation of the total asset	(1)/(5)	0.83	0.88
18	Net profit rate	(2)*100/(1)	–	–
19	Winning power	(4)/(5)	(0.149)	(0.055)
20	Return on total profitability	(2)*100/(5)	(17.76)	(6.63)
21	Return on financial profitability	(3)*100/(7)	(52.98)	(13.9)
	Rate of return stock market	6458054*(11	251,864	322,903
22	capitalization coefficient	)
	Report market value / accounting	(11)*100/(1	39	50
23	value	2)

c) Presentation and analysis of events, transactions of economic changes that significantly affect revenues from basic activity.

Export growth by reducing the share of the two major ZF Active Safety customers and CONTINENTAL Teves as a result of the increase in the share of other customers and the expansion of exports to new markets in SPAIN, POLAND and others will have favorable effects on liquidity.

The evolution of the main market of the London Metal Exchange aluminum will also influence the company's activity, the increase in the prices of aluminum alloys generating the increase in turnover, and a decrease in the prices of aluminum alloys leads to a decrease in turnover.

One of the most important events in 2020 and continued in 2021,with important consequences for the automotive industry in Europe and the world was generated by the pandemic caused by Cofid 19 which was reflected in the evolution of the company's turnover as well as in the revenues from the core business.

2. CORPORATE ASSETS OF S.C. ALTUR S.A.

2.1 Location and characteristics of the main production capacities of the commercial property.

Nr crt	Principalele capacităţi de producţie	Surface (Square feet)	Characteristics	Degree of wear%
1.	Production section of aluminum parts and automobile pistons	32.390	- 1,500 to/year – pistons and die pressure casts - 5,500 to/year – gravity cast parts	31

2.	Production section	18.182	1,300 to/year - piston and	31
	machining and		machined aluminium parts
	treatments

2.2. Description and analysis of wear for the properties of the company

Company policy is oriented towards business development and modernization of production processes by introducing new technologies in the field, such as ALTUR to remain an important supplier for Western European automotive industry.

The investment and modernization program of 2021 aimed mainly at the modernization of the technological processes of casting and processing, correlated with the increase of the production capacity.

The increase of the production capacity is mainly oriented on machinnning of the part, the target of the company being the increase in the number of delivered parts in finished state with a direct influence on the increase of the added value.

2.3. Specifying potential issues related to ownership of tangible assets of commercial companies.

ALTUR S.A. SLATINA has no problems with the ownership of tangible assets

3.THE MARKET OF THE MOBILE VALUES ISSUED BY ALTUR S.A. Slatina

3.1. Specification of the markets in Romania and other countries where the securities issued by the trading company are negotiated.

The market on which the ALTUR S.A shares are traded under the ALT symbol is the BUCHAREST STOCK EXCHANGE, Standard Category.

3.2. Description of the company's business policy on dividends

Specifying the dividends due / paid / accumulated over the last 3 years and, if applicable, the reasons for the possible reduction of dividends over the last 3 years.

Nr.	Year	Net dividends payable	Net dividends paid
Crt.
1.	2019
		-	-

2.	2020
		-	-
3.	2021
		-	-

In 2021 there is no case of dividend distribution, because the result of the financial year was a loss.

3.3. Description of any activities of the company to acquire its own shares. - It's not necessary

3.4. Where the company has subsidiaries, the indication of the number and nominal value of the shares issued by the parent undertaking owned by the subsidiaries.

It's not necessary. The company has no subsidiaries.

3.5. If the company has issued bonds and / or other debt securities, the disclosure of how the company fulfills its obligations towards the holders of such securities.

It's not necessary. The company did not issue bonds or other debt securities in 2021.

4. MANAGEMENT6 OF THE COMPANY

4.1. Presentation of the list of the administrators of the company and the following information for each administrator:

COMPANY ADMINISTRATORS:

NIŢU RIZEA GHEORGHE

1. Functions held in the company: Chairman of the Administration Council
1. Administrator's participation in the company's share capital: 168,810 shares
1. List of affiliated persons: they are not.
1. Mandate term: 29.08.2016 -28.04.2024

JURAVLE BOGDAN

1. Functions held in the company: Administrator
1. Administrator's participation in the company's share capital: 3,000 shares
1. List of affiliated persons: they are not.
1. Mandate term: 28.04.2020 28.04.2024

ANDRICI ADRIAN

1. Functions held in the company: Administrator
1. Administrator's participation in the company's share capital: 230,693,793 shares
2. 1. List of affiliated persons: they are not.
1. Mandate term: 28.04.2020 28.04.2024

BLĂJUȚ IONEL OLIMPIU

1. Functions held in the company: Administrator
1. Administrator's participation in the company's share capital: not applicable
1. List of affiliated persons: they are not.

4 Mandate term: 28.04.2020 -28.04.2024

CHIȘ GRIGORE

1. Functions held in the company: Administrator
1. Administrator's participation in the company's share capital: 5,398 shares
1. List of affiliated persons: they are not.
1. Mandate term: 28.04.2020 -28.04.2024

4.2. Presentation of the list of members of the executive management of the company

MEMBERS OF THE EXECUTIVE LEADERSHIP:

BURCA SERGIU

Function held: General Manager
The term for which he is a member of the management: Contract for the period 24.03.2015 - 30.10.2022
Participation in the share capital of the company: 23,590,493 shares.

ALECU MIHAI

Function held: Technical Manager

2.The term for which he is a member of the management: indefinite.

The relationship on which he was named in leadership:
Assistant Manager for the period 2002-2006,
between 1990-2002 and from 2006 until now, he heads the Technical Department.
Participation in the company's share capital: not applicable

TACLIT VALERICA

1. Function held: Head of Production

The term for which he is part of the management: indefinite.
The relationship on which he was appointed in the management: He held the position of Head of Production Development - Design and Quality Department from 2006 to 2018. Since 2018 until now he leads the Production Directorate.
Participation in the company's share capital: is not the case

5. THE ACCOUNTING FINANCIAL SITUATION

Presenting an analysis of the current economic and financial situation compared to the last 3 years with reference at least to:

Analysis of the economic and financial situation for the years 2019-2021

Nr. crt.	Capitol	U/M (formul a)	Year 2019	Year 2020	Year 2021
	Cash and other
1.	available cash	Ron	202,216	1,668,243	91,871
2	Fixed assets	Ron	54,339,386	46,832,798"	69,780,808
3	Current assets	Ron	74,392,784	44,151,409	36,097,919
4	Total assets	Ron	128,732,170	90,984,207	105,878,727
5	Current liabilities	Ron	56,583,742	50,067,472	50,833,654
6	Fiscal value	Ron	103,659,546	75,337,103	93,553,310
7	Total income	Ron	110,560,513	65,947,229	96,456,377
8	Equity	Ron	62,084,401	30,604,867	50,640,848
9	Gross profit (a)	Ron	(2,039,698)	(16,213,448)	(7,071,920)
10	Gross profit rate	(9)*100 (6) (%)	–	–	–
11	Net insurance degree with cash availability	(1)*100 (3) ( % )	0.27	3.78	0.25

Balance sheet items

12	Current Loan / Fixed	(3)*100/
	Assets Ratio	(2)	136.9	94.27	51.73
13	Number of rotation of
	the total asset	(6)/(4)	0.81	0.83	0.88
14	Rate of immobilization	(2)*100/	42.2	51.47	65.91
		(4)
		(%)
15	Average profit per 1 leu	(9)/(7)	(0.018)	(0.246)	(0.073)


16	Debt ratio in Total	(5)*100/	43.95	55.03	48.01
	Liabilities	(4)

17	Risk provisions	Ron	-	1,090,028	803,516

b) Profit and loss account items Cost items of at least 20% of total revenue

Nr crt	Chapter	Year 2019	Year 2020	Year 2021
1	Expenditure on raw materials	52,234,098	34,344,416	50,101,275
2	Staff costs	30,531,548	21,023,837	25,155,676

c) Cash-flow

Nr	Capitol	Year 2019	Year 2020	Year 2021
crt
1	Equity	62,084,401	30,604,867	50,640,848
2	Financial liabilities t.l.	10,064,027	10,311,868	4,404,225
3	Net assets	54,339,386	46,832,798	69,780,808
4	Bearing fund	17,809,042	(5,916,063)	(14,735,735)
5	Stocks	33,230,837	14,994,600	16,792,018
6	Receivables	40,959,731	27,488,566	19,214,030

7	Operating liabilities	56,583,742	50,067,472	50,833,654
8	The Need for Bond Fund	17,606,826	(7,584,306)	(14,827,606)
9	Net Treasury	202,216	1,668,243	91,871
10	Cash flow	84,992	1,466,027	(1,576,372)

* Long-term payables also include prepaid earnings.

* Claims include prepaid expenses.

In 2021, no segment of the company's activity was sold or stopped, a situation that is not expected to change in the next year.

6. CORPORATE GOVERNANCE

As an issuer listed on the Bucharest Stock Exchange Category, ALTUR SA constantly takes into account the principles of corporate governance in the Corporate Governance Code of BVB.

The subscribed and paid-up share capital of the company is 82,438,833.8 lei divided into 824,388,338 common shares, nominative, dematerialized with a nominal value of 0.1 lei.

The company carries out its activity in accordance with the provisions of the Romanian legislation.

Thus, the main normative acts that govern the activity of the company are: Law no. 31/1990 on commercial companies with subsequent amendments and completions, Law no.24/2017 on issuers of financial instruments and market operations, ASF Regulation no.5/2018 on issuers and transactions with securities, the Bucharest Stock Exchange Code.

The company, in accordance with art.94 of the Bucharest Stock Exchange Code book I – Title II Issuers and Financial Instruments, reports the status of compliance with the provisions of the Bucharest Stock Exchange Code of Corporate Governance, the declaration of conformity being an annex to this report.

The Company has developed a Corporate Governance Regulation that describes the main aspects of corporate governance, a document subject to approval in the Board of Directors and which is posted on the company's website www.altursa.ro.

The corporate governance structure defines the corporate governance structures, the functions, competences and responsibilities of the Board of Directors and executive management, transparency, financial reporting, corporate information regime and social responsibility of the company for its activities.

In accordance with the provisions of the Articles of Incorporation, ALTUR SA is managed in a unitary system, by a Board of Directors, which has the general competence for the successful accomplishment of the object of activity, except for the issues that are within the competence of the General Meeting of Shareholders.

The Board of Directors is composed of 5 members, which guarantee the efficiency of the supervisory capacity, the analysis and the evaluation of the activity as well as the fair treatment of the shareholders.

Members of the Board of Directors are elected by the General Meeting of Shareholders for a period of four years. The Company has an external financial auditor who has acted in accordance with the applicable legal provisions and the contract concluded in this respect.

For the year 2021 the external financial auditor is SC AMT SERVICE SRL, it audited the financial-accounting situations.

ALTUR SA respects the shareholders' rights, ensuring them fair treatment. All financial instruments holders issued by ALTUR SA Slatina benefit from equal treatment and the company always makes sustained efforts to achieve transparent communication in order to exercise the rights in a manner equitable by its own means.

The Company has prepared and published periodic and continuous reports, in accordance with ASF (CNVM) and BVB regulations, including financial status, performance, ownership and management, both in the media and on its own web page.

For the General Shareholders' Meetings, details on their conduct, convocations, agenda materials, special proxy form and voting form by correspondence as well as participation and voting procedures were published on the company's website ensures the efficient performance of the works and gives the right of any shareholder to freely express their opinion on the issues under discussion, the decisions taken by the shareholders.

For the financial year 2021, the Annual Report of the Board of Directors and its annexes, the Half-Year Report, the Quarterly Reports and the Current Reports were posted on the site.

The Board of Directors of ALTUR SA Slatina establishes the corporate policy of disseminating information, respecting the legislation in force in conjunction with the Company's Articles of Incorporation, this policy guaranteeing equal access to information of shareholders and other investors and not allowing abuse of confidential information.

Corporate Social Responsibility is focusing on social and environmental impacts by acting as an integrated policy in the life of society, influencing day-to-day decisions as well as society's actions at all levels.

ALTUR to pay special attention to the education, sports, cultural and humanitarian spheres, this implies for society not only the financial support of certain institutions but also cooperation so that each employee, partner, shareholder is treated with dignity and respect.

The company undertakes to achieve and maintain the highest standards in all aspects of its activity, and the activity of ALTUR SA to be carried out under conditions of transparency, in compliance with the legislation in force.

7. NON-FINANCIAL DECLARATION

This Annual Report includes the provisions of the Order of the Minister of Public Finance no.1938/2016 regarding the modification and completion of some accounting regulations regarding the non-financial statement on the sustainability of the company, its performance and its position, the impact of the activity on the environment, social and personnel information as well as the risk policies to which it is subject.

Also included in the report are the business relationships, the nature and evolution of the developed products and services.

The financial/key performance indicators relevant to the specific activity are mentioned, as compared to the previous years.

President of the Board of Directors, Ing. Nitu Rizea Gheorghe

General Manager, ec.Burcă Sergiu

Chief Financial Officer ec. Predut Vasile Cornel

REMUNERATION REPORT FOR THE FINANCIAL YEAR 2021

PREAMBLE

In accordance with the remuneration policy of the company's directors, approved in the OGMS dated 28.04.2021, the Board of Directors has prepared this annual report containing the remunerations granted to the company's directors during the financial year ended 31.12.2021.

The Remuneration Report provides an overview of the remuneration given to the directors and directors of the company.

According to art.107 para.6 of the Law no.24/2017 on issuers of financial instruments and market opportunities, this Remuneration Report will be published on the company's website and will be submitted to the consultative vote of the ordinary general meeting of shareholders of 27/28.04.2022.

1. Legal framework .

Law nr. 31/1990 on commercial companies
Law no. 24/2017 on issuers of financial instruments and market operations
Law no.158/2020 for the amendment, completion for the amendment,

supplementing and repealing certain regulatory acts, as well as establishing measures for the implementation of Regulation (EU) 2017/2.402 of the European Parliament and of the Council of 12 December 2017 establishing a general framework on securitisation and establishing a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU, as well as Regulations (EC) No. 1.060/2009 and (EU) No. 648/2012

2. Applicability of the legal provisions on remuneration within the company.

ALTUR SA, a joint stock company, organized according to law no. 31/1990 on commercial companies is managed in a unitary system by a board of directors consisting of 5 administrators appointed by the General Meeting of Shareholders.

The members of the Board of Directors of ALTUR SA were appointed by the Decision no.1/28.04.2020 of the Ordinary General Meeting of Shareholders.

Term of office: 4 years

The composition of the Board of Directors in 2021 was as follows:

1. Rizea Gheorghe Nițu president
1. Bogdan Juravle member
1. Adrian Andrici member
1. Ionel Olimpiu Blajuț member
1. Grigore Chiș member

According to art.143 of the Law no.31/1990 on commercial companies, the management of the company is delegated by the Board of Directors to the General Director for a mandate of 4 years.

3. Structure of the remuneration of directors and directors

The administrators received, for the activity carried out, a fixed allowance Monthly;
- The fixed allowance for the members of the Board of Directors was approved by the General Meeting of Shareholders;
- The General Director received, for the activity carried out, a fixed monthly allowance;
- The allowance for the Director-General has been approved by the Board of Directors;
- In 2021, no variable allowance or other benefits were granted;
- The remuneration granted to the directors and managers of the company shall comply with the remuneration policy adopted.

3.1. Structure of remuneration to managers.

The total gross remuneration related to all the members of the Board of Directors for 2021 was 307,680 lei.

The fixed monthly remuneration was established according to the legal provisions presented above and was approved by the decision of the AGA. The net fixed remuneration granted to all the members of the Board of Directors in 2021 was 180,000 lei.

In 2021, the members of the Board of Directors did not benefit from variable component allowance or other benefits.

3.2. Structure of the remuneration granted to the members of the Executive Management

The executive management of ALTUR SA is made up of three executive directors of which, one with a mandate contract and two with an individual employment contract.

The executive leadership in 2021 was made up of:

1. Sergiu Burcă General Manager
1. Valerica Taclit Production Director
1. Mihai Alecu Technical Director

The remuneration of the Executive Director (General Manager) with mandate contract was established by the Board of Directors in the mandate contract.

The total gross remuneration granted to the General Manager of the company for 2021 was 615,384 lei.

According to the Mandate Agreement, the total net fixed remuneration granted to the General Director for 2021 was 360,000 lei

In 2021, the General Manager did not benefit from variable component allowance or other benefits.

The total gross remuneration granted to executive directors with an individual employment contract for 2021 was 368,345 lei.

The total net fixed remuneration granted to the executive directors with individual employment contract for 2021 was 215,051 lei

In 2021, executive directors with an individual employment contract did not benefit from variable component allowance or other benefits.

Compliance with the Remuneration Policy

There were no deviations from the Remuneration Policy regarding the remuneration of the members of the Board of Directors and of the Directors of the company in the year 2021.

The remuneration complied with the structure and principles presented in the Remuneration Policy for all components of the remuneration.

Chairman of the Board of Directors,

Dipl. Eng. Niţu Rizea Gheorghe

DECLARATION OF CONFORMITY WITH THE CORPORATE GOVERNANCE CODEOF THE BUCHAREST STOCK EXCHANGE

Code provisions	Observe	He does not
		respect
		or
		partially
		respected
A.1. All companies must have an internal Council
regulation that includes the terms of reference /
responsibilities of the Council and key
management functions of the company and which	X
applies, inter alia, the General Principles of
Section A.
A.2 Provisions for managing conflicts of interest
should be included in the Council Regulation. In
any event, Council members must notify the
Council of any conflicts of interest that have
arisen or may arise and refrain from attending the	X
discussion (including by not presenting, unless the
failure to attend would hamper the formation of
the quorum) and to the vote for a decision on the
issue giving rise to the conflict of interest concerned.
A.3. The Board of Directors or the Supervisory
Board must be composed of at least five members	X
A.4. Most members of the Board of Directors
should not have executive functions. For Standard
Category companies, at least one member of the
Board of Directors should be independent. Each
independent member of the Board of Directors
shall make a declaration at the time of his
nomination for election or re-election, and when	X
any change of his status occurs, indicating the
elements on the basis of which he is deemed to be
independent in character and his judgment.
A.5. Other relatively permanent commitments and
duties of a member of the Board, including
executive and non-executive positions in the
Board of Non-Profit Societies and Companies,	X
should be disclosed to potential shareholders and
investors prior to nomination and during their term
of office.
A.6. Any member of the Council must report to the
Council on any report with a shareholder who holds
directly or indirectly shares representing more than 5% of all voting rights. This obligation refers to any
report that may affect the member's position on	X

matters decided by the Council.refers to any report
that may affect the member's position on matters
decided by the Council.
A.7. The Society shall designate a Council
Secretary responsible for supporting the work of	X
the Council.
A.8. The Corporate Governance Statement will			CA activity is assessed
inform whether an evaluation of the Council has			annually on the basis of
taken place under the chairmanship of the			economic and financial
President or the nomination committee and, if so,			indicators and is presented
summarize the key measures and the resulting		X	in the annual report. After
changes. The company must have a policy /			approving the annual report,
guidance on the Council's assessment of the scope,			the AGM approves the
criteria and frequency of the evaluation process.			discharge of the
			administrators. The AGM
			decision is published on the
			company's website -
A.9. The corporate governance statement should			During 2021 CA met 9
contain information on the number of Council and			times. The company will
committee meetings over the past year, the			start the procedure for the
participation of administrators (in person and in		X	implementation of the audit
absence) and a report by the Council and			committee in the immediate
committees on their activities.			period.
A.10 The corporate governance statement should			On the company's website
include information on the exact number of		X	are published the OGMS
independent members of the Board of Directors or			decisions through which the
the Supervisory Board.			members of the Board of
			Directors were elected.
A.11 The Board of Premium Companies must			This is not the case, the
establish a nomination committee composed of			company being listed in the
non-executive members, who will lead the process			Standard category
of nomination of new members in the Council and		X
make recommendations to the Council. Most
members of the nomination committee must be
independent.
B.1 The Board should set up an audit committee			The company will start the
in which at least one member should be a Non			procedure for the
Executive Independent Administrator. Most			implementation of the audit
members, including the president, must have			committee in the immediate
shown that they have appropriate qualifications		X	period.
relevant to the functions and responsibilities of the
Committee. At least one member of the audit
committee must have proven and appropriate audit
or accounting experience. The audit committee
must be composed of at least three members and
the majority of the members of the audit
committee must be independent.
B.2 The chairman of the audit committee shall be		X	We don't have an audit
an independent non-executive member.			committee.
B.3 As part of its responsibilities, the audit			We don't have an audit
committee must carry out an annual assessment of		X	committee.

the internal control system.
B.4 The assessment shall take into account the			We don't have an audit
effectiveness and coverage of the internal audit			committee.
function, the adequacy of the risk management
and internal control reports submitted to the
Council's audit committee, the promptness and		X
effectiveness with which executive management
addresses the deficiencies or weaknesses
identified following internal control and the
submission of relevant reports to the Council's
attention.
B.5 The audit committee should assess the			We don't have an audit
conflicts of interest in relation to the transactions		X	committee.
of the company and its subsidiaries with affiliated
parties
B.6 The audit committee must assess the			We don't have an audit
effectiveness of the internal control system and the		X	committee.
risk management system.
B.7 The Audit Committee should monitor the			We don't have an audit
application of generally accepted legal standards			committee.
and internal audit standards. The Audit Committee		X
should receive and evaluate internal audit team
reports.
B.8 Whenever the Code mentions reports or			We don't have an audit
analyzes initiated by the Audit Committee, they			committee.
must be followed by periodic reports (at least		X
annually) or ad hoc reports to be submitted to the
Council.
B.9 No shareholder may be granted preferential
treatment over other shareholders in connection	X
with transactions and agreements entered into by
the company with shareholders and their affiliates.
B.10 The Council should adopt a policy to ensure			We don't have an audit
that any transaction of the company with any of			committee.
the companies with which it has close
relationships whose value is equal to or greater
than 5% of the net assets of the company
(according to the latest report financial statement)		X
is approved by the Council following a binding
opinion of the Board's Audit Committee and
properly disclosed to shareholders and potential
investors to the extent that such transactions fall
within the category of events subject to the
reporting requirements.
B.11 Internal audits should be performed by a			We don't have an audit
separate structural division (internal audit		X	committee.
department) within the company or by hiring an
independent third party.
B.12 In order to ensure the main functions of the			We don't have an audit
internal audit department, it must report			committee.

functionally to the Council through the audit committee. For administrative purposes and		X
within the management's responsibility to monitor

and mitigate risks, it must report directly to the
Director General.
C.1 The company must publish the remuneration
policy on its website and include a statement on
the implementation of the remuneration policy in	X
the annual report during the annual period under
review.
D.1 The company must organize an Investor			A person who manages the
Relations Service - indicating to the general public			relationship with investors
the responsible persons or the organizational unit.			is appointed. On the
In addition to the information required by law, the			company's website there is
company must include on its website a section		Partially	the Communiqués section
dedicated to Investor Relations, in Romanian and			where investor information
English, with all relevant information of interest to			is included
investors, including:
D.1.1 Main corporate regulations: the articles of
association, the procedures for general	X
shareholders' meetings;
D.1.2 Professional CVs of members of the			We are going to take steps
governing bodies of the company, other			to comply with the BVB
professional engagements of Council members,		X	Code
including executive and non-executive positions in
boards of directors in companies or non-profit
institutions;
D.1.3 Current reports and periodic reports
(quarterly, semester and annual) - at least those
under D.8 - including current reports with detailed	X
information on non-compliance with this Code;
D.1.4 Information on general shareholders'
meetings: agenda and information materials; the
procedure for electing the members of the
Council; the arguments supporting the nomination	X
of candidates for election to the Council, together
with their professional resumes; shareholders'
questions about the items on the agenda and the
company's replies, including the decisions taken;
D.1.5 Corporate events information, such as the
payment of dividends and other distributions to
shareholders, or other events that lead to the
acquisition or limitation of the rights of a
shareholder, including deadlines and the principles	X
applied to such operations. Such information will
be published within a timeframe that will allow
investors to make investment decisions;
D.1.6 Name and contact details of a person who
will be able to provide relevant information upon	X
request.

D.1.7 Company presentations (eg, investor
presentations, quarterly results, etc.), financial	X
statements (quarterly, semestrial, annual), audit
reports and annual reports.
D.2 The Company will have a policy on the			The company has not
annual distribution of dividends or other benefits			distributed dividends over
to shareholders proposed by the Director General			the last 3 years
or the Directorate and adopted by the Council in
the form of a set of guidelines the company		X
intends to follow regarding the distribution of
profits net. The principles of the annual
distribution policy to shareholders will be
published on the company's website.
D.3 Society will adopt a policy on predictions,			We have not yet
whether they are made public or not. The forecasts			implemented a forecasting
refer to quantified conclusions of studies aimed at			policy.
determining the overall impact of a number of			Forecasts are provided
factors over a future period (the so-called			annually through the
assumptions): by its nature, this projection has a			Revenue and Expenditure
high level of uncertainty, the actual results may	X		Budget and the Investment
differ materially from forecasts originally			and Modernization Plan.
presented. The forecasting policy will determine
the frequency, timing and content of the forecasts.
If published, the forecasts can only be included in
the annual, half-yearly or quarterly reports. The
forecasting policy will be published on the
company's website.
D.4 The rules of general shareholders 'meetings
should not limit shareholders' participation in
general meetings and the exercise of their rights.	X
Changes to the rules will take effect at the earliest,
starting with the next shareholders' meeting.
D.5 External auditors will be present at the
shareholders' general meeting when their reports
are presented at these meetings.	X
D.6 The Board will give a brief assessment to the
Annual General Meeting of Shareholders on the
internal control and risk management systems as	X
well as opinions on matters subject to the decision
of the general meeting.
D.7 Any specialist, consultant, expert or financial
analyst may attend the shareholders' meeting on
the basis of a prior invitation from the Board.
Accredited journalists can also pause	X
D.8 Quarterly and half-yearly financial reports
will include both Romanian and English
information on key factors influencing changes in
sales, operating profit, net profit and other relevant	X
financial ratios, from a quarter to another, and to
one year to another.

D.9 A company will hold at least two meetings /		Information on corporate
teleconferences with analysts and investors each		governance, regular and
year. The information presented on these	X	ongoing reports to the
occasions will be published in the Investor		regulated market and
Relations section of the company's website at the		published on the company's
dates of the meetings / teleconferences.		web site ensured a high
		degree of transparency and
		allowed investors to make
		informed decisions on
		concrete and complete data.
D.10 Where a society supports different forms		Society does not have a
of artistic and cultural expression, sporting		policy of supporting various
activities, educational or scientific activities and		forms of artistic and cultural
considers that their impact on the innovative	X	expression, sporting
character and the competitiveness of society is		activities, educational or
part of its mission and development strategy, it		scientific activities, but
will publish the policy with of its activity in this		sponsored in 2017.
field.caracterului inovator şi competitivităţii
societăţii fac parte din misiunea şi strategia sa de
dezvoltare, va publica politica cu privire la
activitatea sa in acest domeniu.

Chairman of the Board of Directors, Dipl. Eng. Niţu Rizea Gheorghe

Red. R.O

UNIT S.C. ALTUR S.A PREPONDERANCE ACTIVITY ADDRESS loc. Slatina, (class name CAEN) ORDER NUMBER IN THE TRADE REGISTER J28/131/91 TAX CODE____/1/5/2/0/2/4/9/

COUNTY OLT FORM OF OWNERSHIP _____/3/4/ Str. Piteşti, nr. 114 CLASS CODE CAEN________2/9/3/2/ TELEPHONE 436035 FAX 436037 UNIQUE REGISTRATION CODE 1520249

SITUATION OF ASSETS, LIABILITIES AND EQUITY On 31 DECEMBER 2021

			- RON -
	No	Balance at	Balance at
	row.	31.12.2020	31.12.2021
A. IMMOBILIZED ASSETS
I. INTANGIBLE ASSETS
1. Development expenditure ( acc.203-2803-2903)	01	-	-
2. Concessions, patents, licenses, trademarks, rights and similar	02	44,574	66,389
values and other intangible assets
(acc. 205+208-2805-2808-2905-2906-2908)
3. Commercial Fund (acc. 2071)	03	-	-
4. Advances (acc.409.4)	04
5. Intangible assets for exploitation and assessment of mineral	05
resources (acc. 206-2806-2907)
TOTAL (row. 01 la 05)	06	44,574	66,389
II. BODILY IMMOBILIZERS
1. Land and construction (acc. 211+212-2811-2812-2911-2912)	07	22,810,964	46,307,854
2. Machinery and equipment (acc. 213+223-2813-2913)	08	23,411,631	18,836,213
3. Other installations, machinery and furniture (acc.214+224-	09	25,897	84,667
2814-2914)
4. Real Estate Investments (acc. 215-2815-2915)	10	-	1,006,303
5. Tangible assets in the process of execution (acc. 231-2931)	11	472,350	443,035
6. Real estate investments in the course of execution (acc.235-	12	-	-
2935)
7. Tangible assets of exploitation and assessment of mineral	13
resources (acc. 216-2816-2916)
8. Advances (acc.409.3)	14	61,154	72,320
TOTAL (row. 07 la 14)	15	46,781,996	66,750,392
III. BIOLOGICAL ASSETS (acc.241-284-294)	16
IV. RIGHTS TO USE THE LEASED ASSETS (acc.251-	17	-	2,964,027
285-295)
V. FINANCIAL IMMOBILIZERS
1. Shares held in subsidiaries (acc. 261 - 2961)	18	-	-
2. Loans to group entities (acc.2671+2672-2964)	19	-	-
3. Shares owned by associated entities and jointly controlled	20	6,228	-
entities (acc. 262+263-2962)
4. Loans granted to associated entities and jointly controlled	21	-	-
entities (acc.2673+2674-2965)
5. Other restrayed titles (acct. 265+266-2963)	22	-	-
6. Other loans (acc. 2675+2676+2678+2679-2966-2968)	23	-	-
TOTAL (row. 18 la 23)	24	6,228	-

IMMOBILIZED ASSETS – TOTAL (row.	25	46,832,798	69,780,808



















































9. Liabilities resulting from derivative operations (acc465)	53	-	-

10. Other liabilities including tax liabilities and other liabilities	54	15,273,457	7,385,016
relating to social security (acc.1623+1626+167+1687+2963+
+421+422+423+424+426+427+4281+431+437+4381+441+
+4423+4428+444+446+447+4481+455+456+457+4581+
+462+473+509 +5186+5193+5194+5195+5196+5197)
TOTAL (row. 45 la 54)	55	50,067,472	50,833,654
E. NET CIRCULATING ASSETS, RESPECTIVELY	56	(6,626,089)	(15,137,568)
NET CURRENT LIABILITIES (row.42+44-55-73-76-79 )
F. TOTAL ASSETS MINUS CURRENT DEBTS	57	40,206,709	54,643,240
(row. 24 + 56)
G. LIABILITIES: AMOUNTS TO BE PAID OVER A
PERIOD OF MORE THAN ONE YEAR 1. Loans from the bond issue, presenting separate loans from	58
the issue of convertible bonds (acc.161+1681-169)
2. Amounts due to credit institutions (acc. 1621+1622 +	59	3,026,541	607,483
+1624+1625+1627+1682+5191+5192+5198)
3. Advances received in order account (acc. 419)	60
4. Commercial liabilities-Suppliers (acc. 401+404+408+4641)	61	-	-
5. Trade effects payable (acc. 403+405)	62
6. Amounts due to group entities (acc.1661+1685+2691+451)	63
7. Amounts due to associated entities and jointly controlled	64
entities (acc. 1663+1686+2692+453)
8. Liabilities resulting from derivative operations (acc465)	65
9. Other liabilities including tax liabilities and other liabilities	66	5,083,440	2,591,393
relating to social security (acc.1623+1626+167+1687+2963+
+421+423+424+426+427+4281+431+437+4381+441+
+4423+4428+444+446+447+4481+455+456+457+4581+
+462+473+509 +5186+5193+5194+5195+5196+5197)
TOTAL (row. 58 la 66)	67	8,109,981	3,198,876
H. PROVISIONS
1. Provisions for Employee benefits (acc. 1517)	68
2. Other provisions (acc.1511+1512+1513+1514+1518)	69	1,090,028	803,516
TOTAL PROVISIONS (row. 68 + 69)	70	1,090,028	803,516
I. INCOME IN ADVANCE	71
1. Subsidies for investments (acc. 475) (row.73 + 74)	72	1,111,859	401,833
Amounts to resume in a period of up to one year (from acc.475)	73	710,026	401,833
Amounts to resume over a period of more than one year (from	74	401,833	-
acc.475)
2. Income registered in advance (acc.472) – total (row.76+77):	75	-	-
Amounts to resume in a period of up to one year (acc.472)	76
Amounts to resume over a period of more than one year	77
(acc.472)
3. Advance income related to assets received by transfer from	78	-	-
clients (acc. 478) (row. 79 + 80)
Amounts to resume in a period of up to one year (from acc.478)	79
Amounts to resume over a period of more than one year (from	80
acc.478)
TOTAL (row. 72+75+78)	81	1,111,859	401,833
J. CAPITAL AND RESERVES
I. CAPITAL
1. Subscribed Capital Shed (acc. 1012)	82	82,438,834	82,438,834

2. Unsalted subscribed Capital (acc. 1011)		83
3. Subscribed Capital representing financial liabilities		84
(acc.1027)
4. Social capital Adjustments (acc.1028)	SOLD C	85	197,447,859	-
	SOLD D	86
5. Other equity items (acc.103)	SOLD C	87
	SOLD D	88	2,236,271	2,236,271
TOTAL (row.82+83+84+85-86+87-88)		89	277,650,422	80,202,563
II. CAPITAL PREMIUMS (acc.104)		90	1,135,150	1,135,150
III. REVALUATION RESERVES (acc.105)		91	19,496,010	43,881,846
IV. RESERVES
1. Legal Reserves (acc. 1061)		92	3,735,438	749,345
2. Statutory or contractual reserves (acc. 1063)		93	-	-
3. Other Reserves (acc. 1068)		94	2,331,246	1,260,475
TOTAL (row.92 at 94)		95	6,066,684	2,009,820
Exchange rate differences in the conversion of individual		96
annual financial statements into a currency of presentation
different from the functional currency (acc.1072)
	SOLD C
SOLD D		97
Own actions (acc. 109)		98	4,293	4,293
Gains related to equity instruments (acc.141)		99
Losses related to equity instruments (acc.149)		100
V. THE RETAINED EARNINGS, WITH THE	Sold C	101	-	-
EXCEPTION OF THE RETAINED EARNINGS	Sold D	102	56,074,515	69,565,898
FROM THE FIRST-TIME ADOPTION OF IAS
29 (acc. 117)
VI. RETAINED EARNINGS DERIVED FROM	Sold C	103
THE FIRST ADOPTION OF IAS 29 (acc. 118)	Sold D	104	201,504,723	-
VII. PROFIT OR LOSS AT SFAR-SITE OF	Sold C	105	-	-
REPORTING PERIOD (acc. 121)	Sold D	106	16,159,868	7,018,340
Profit allocation (acc. 129)		107	-	-
EQUITY - TOTAL		108	30,604,867	50,640,848
(row.89+90+91+95+96-97-98+99-100+101-102+103-104+105-
106-107) Public patrimony (acc. 1026)		109
		110	30,604,867	50,640,848
TOTAL CAPITAL (row. 108+109)

Chairman of the Board of Directors Nițu Rizea Gheorghe

General Director Chief Financial Officer Ec. Burcă Sergiu Ec. Preduț Vasile Cornel

STATEMENT OF REVENUE AND EXPENDITURE on 31 DECEMBER 2021

Indicator name		Nr Row	Achieved on 31.12.2020	Achieved on 31.12.2021
1 Net turnover (row. 02+03-04+05)		01	75,337,103	93,553,310
Sold Production (acc. 701+702+703+704+705+706+708 - 6815)		02	75,787,138	93,928,321
Income from sale of goods (acc. 707 - 6815)		03	3,978	95,531
Commercial discounts granted (acc. 709)		04	454,013	470,542
Revenue from operating grants related to net turnover (acc. 7411)		05	-	-
2. Income from the cost of inventories of products	Sold C	06	-	240,168
(acc. 711+712+713)	Sold D	07	11,421,579	-
3. Income from the production of real estate and investment property		08	132,319	980,889
(row.09+10)
4. Income from the production of intangible and tangible assets		09	132,319	980,889
(acc. 721+722)
5. Income from real estate investment production (acc.725)		10	-	-
6. Income from fixed assets (or disposal groups) held for sale (acc.753)		11	-	-
7. Income from the revaluation of intangible and tangible assets		12	-	-
(acc.755)
8. Revenue from real estate investments (acc.756)		13	-	-
9. Income from biological assets and agricultural products (acc.757)		14	-	-
10. Income from operating grants in case of calamities and similar		15	-	-
events (acc.7412+7413+7414+7415+7416+7417+7419)
11. Other operating revenues (acc.758+751), of which:		16	889,217	1,255,554
- income from investment subsidies (acc.7584)		17	650,857	710,026
- earnings from purchases in advantageous conditions		18	-	-
OPERATING REVENUE – TOTAL		19	64,937,060	96,029,921
(row. 01+06-07+08+11+12+13+14+15+16)
12.a) Expenditure on raw materials and consumables		20	34,344,416	50,101,275
(acc. 601+602)
Other material expenses (acc. 603+604+606+608)		21	685,886	1,276,728
b) Other external costs (energy and water) (acc.605)		22	6,552,411	12,023,528
c) Expenditure on goods (acc. 607)		23	4,532	95,531
Trade discounts received (acc. 609)		24	-	-
13. Staff costs (rd. 26+27)		25	21,023,837	25,155,676
a) Salaries and allowances (acc. 641+621+642+643+644-7414)		26	20,556,120	24,629,681
b) Expenditure on insurance and social protection (acc.645+646)		27	467,717	525,995
14.a) Value adjustments on intangible assets, plant and equipment,		28	6,762,393	6,366,459
investment property and biological assets measured at cost (29+30-31)
a.1) Costs (acc. 6811+6813+6816+6817+from acc.6818)		29	6,762,393	5,410,943
a.2) Depreciation expense on assets af. rights of use of leased assets		30	-	955,516
(acc.685)
a.3) Income (acc. 7813+7816+from acc.7818)		31	-	-
b) Value adjustments for current assets (row. 33 – 34)		32	2,444,284	(987,634)
b.1) Costs (acc.654+6814+from acc.6818)		33	6,766,647	219,005
b.2) Income (acc. 754+7814+from acc.7818)		34	4,322,363	1,206,639
15. Other operating expenses (row.36 at 44)		35	6,587,387	7,145,696
15.1) Expenditure on external benefits (acc.611+612+613+614+		36	4,321,004	5,355,351

+615+622+623+624+625+626+627+628)
15.2) Expenses with other taxes, fees and similar charges (acc.635)	37	668,065	783,823
15.3 )Expenditure on environmental protection (acc.652)	38	326,897	288,971
15.4) Expenses related to fixed assets (or disposal groups) held for sale	39	-	-
acc.653)
15.5) Expenses from revaluation of intangible and tangible assets	40	-	-
(acc.655)
15.6) Expenditure on real estate investments (acc. 656)	41	-	-
15.7) Expenditure on biological assets and agricultural products (657)	42	-	-
15.8) Expenditure on calamities and other similar events (acc.6587)	43	-	-
15.9) Other expenses (acc. 651+6581+6582+6583+6584+6585+6588)	44	1,271,421	718,302
16. Adjustments on provisions (row.46 – 47)	45	103,134	700,382
Costs (acc. 6812)	46	103,134	803,516
Income (acc. 7812)	47	-	103,134
OPERATING EXPENDITURE – TOTAL	48	78,508,280	101,878,392
(row. 20 at 23-24+25+28+32+35+45)
RESULTS FROM OPERATION:
- Profit (rd. 19- 48)	49	-	-
- Loss (rd. 48-19)	50	13,571,220	5,848,471
17. Income from shares held in subsidiaries (acc.7611)	51	-	-
18. Income from shares held in associated entities (acc.7612)	52
19. Income from shares held by associated entities and jointly	53	-	-
controlled entities (acc. 7613)
20. Income from operations with securities and other financial	54	-	-
instruments (acc.762)
21. Income from operations with derivatives (acc. 763)	55	-	-
22. Income from exchange rate fluctuations (acc.765)	56	930,505	422,279
23. Interest income (acc.766)	57	6	3
- of which, the income earned from entities in the group	58	-	-
24. Income from operating subsidies for interest due (acc.741.8)	59
25. Short-term financial investment income (acc.7614)	60
26. Other incomes (acc. 7615+764+767+768)	61	79,658	4,174
FINANCIAL INCOME - TOTAL	62	1,010,169	426,454
(row.51+52+53+54+55+56+57+59+60+61)
27. Value adjustments for financial assets and financial investments	63	1,017,699	(7,936)
held as current assets (row.64-65)
Expenditure (acc.686)	64	1,205,362	-
Income (acc. 786)	65	187,663	7,936
28. Expenditure on operations in securities and other financial	66	-	-
instruments (acc.661)
29. Expenditure on derivative operations (acc.662)	67	-	-
30. Interest charges (acc.666)	68	928,791	670,537
- of which, the income earned from entities in the group	69	-	-
31. Interest expenses related to leasing contracts (acc.6685)	70	-	100,118
32. Other financial expenses	71	1,705,907	887,186
(acc.663+664+665+667+6681+6682+6688)
FINANCIAL EXPENDITURE – TOTAL	72	3,652,397	1,649,905
(row. 63+66+67+68+70+71)
PROFIT OR FINANCIAL LOSS):
- Profit (row. 62-72)	73	-	-

- Loss(row. 72-62)	74	2,642,228	1,223,449
TOTAL INCOME (row. 19+62)	75	65,947,229	96,456,377
TOTAL EXPENSES (rd. 48+72)	76	82,160,677	103,528,297
33. GROSS PROFIT OR LOSS
- Profit (row. 75-76)	77	-	-
-Loss (row. 76-75)	78	16,213,448	7,071,920
34. Current income tax (acc. 691)	79	-	-
35. Profit tax deferred (acc. 692)	80	-	-
36. Income from deferred tax (acc. 792)	81	53,580	53,580
37. Corporate tax expense caused by uncertainties related to tax	82
treatments (acc.693)
39. Other taxes not shown in the above items (acc.698)	84	-	-
40. THE PROFIT OR LOSS OF THE REPORTING PERIOD:
- Profit (row.77-79-80+81-82-83-84)	85	-	-
- Loss (row.78+79+80-81+82+83+84); (row.79+80+82+83+84 -	86	16,159,868	7,018,340
81-77)

Chairman of the Board of Directors Nițu Rizea Gheorghe

Ec. Burcă Sergiu Ec. Preduț Vasile Cornel

General Director Chief Financial Officer

ALTUR S.A.

FINANCIAL STATEMENTS

AS AT 31 DECEMBER 2021

Prepared in accordance with the Order of the Ministry of Public Finance 2844/2016 for the approval of accounting regulations in accordance with International Financial Reporting Standards

Profit and loss account	3
Situation of changes in equity capital	4
Statement of cash flows	5
1. Information about the Company	6
2. Principles, policies and accounting methods	7
2.1 Basis of preparation of financial statements	7
2.2 The main accounting policies……………………………………………………………………………………….8 3. Rationale, estimates and significant accounting assumptions	23
4. Standards issued but not yet in force……………………………………………………………………………24
5.1. Income from the sale of goodsi……………………………………………………………………………….25.
5.2 Revenue from services……………………… ………………………… ……………………………………	25
5.3 Rental income …………………………………………………………………………………………………26
Other operating income 6.	26
7. Employee Benefits Expenses	26
8. Other expenses	27
9. Expenses and financial income	27
10.Tax on profit	28
11. Tangible asset	29
12. Intangible asset…30.
13. Financial asset	31
13.1 Securities at fair value through profit and loss	31
14. Other financial asset/liabilities	33
14.1 Interest – bearing loansi	33
14.2 Leasing ……………………………………………………………………………… ……………………….37
15.Stocks	43
16.Claims	44
17.Cash and cashequivalents	45

18.Share capital and legal reserve	46
18.1 Share capital	46
18.2 Legal reserve	47
19.Investment grants	47

21. Outcome per share ……………………………………………………………………………………………….49
22.Commitments and contingencies	50
23.Objectives and policies for managing financial risks	50

ALTUR S.A. FINANCIAL STATEMENTS - OMFP 2844/2016 FOR THE PERIOD JANUARY 1 - DECEMBER 31, 2021 (AMOUNTS ARE EXPRESSED IN RON, UNLESS OTHERWISE STATED)

Profit and loss accountfor the period from January 1 to December 31, 2021

	Note	The year ended at December 31, 2020	The year ended at December 31, 2021
		RON	RON

Sale of goods	5.1	75,156,221	93,368,600
Service provision	5.2	56,704	79
Rental income	5.3	124,178	184,631
Turnover		75,337,103	93,553,310
Other operating revenues	6	889,217	1,255,554
Changes in stocks of finished goods and production		(11,289,260)	1,221,057
in progress		64,937,060	96,029,921
TOTAL OPERATING INCOME
Expediture on raw materials and consumables used		35,034,834	51,473,534
Employee Benefits Expeditures	7	21,023,837	25,155,676
Expenses with amortization of fixed assets	11,12	6,762,93	6,366,459
Value adjustments on current assets		2,444,284	(987,634)
Adjustments to provisions		103,134	700,382
Utilities expenses		6,552,411	12,023,528
Other expenses	8	6,587.387	7,146,447
TOTAL OPERATING CHARGES		78,508,280	101,878,392
PROFIT/(OPERATING LOSS)		(13,571,220)	(5,848,471)
Financial income	9	1,010,169	426,456
Financial costs	9	3,652,397	1,649,905
FINANCIAL PROFIT/(LOSS)		(2,642,228)	(1,223,449)
TOTAL REVENUE		65,947,229	96,456,377
TOTAL EXPENDITURE		82,160,677	103,528,297
GROSS PROFIT/LOSS(A)		(16,213,448)	(7,071,920)
Income tax expense	10	-	-
Income from profit tax deferred		53,580	53,580
PROFIT/LOSS()FINANCIAL YEAR		(16,159,868)	(7,018,340)

The financial statements from page 1 to page 52 were approved by the Board of Directors and were authorized to be issued on 23.03.2022.

Chairman of the Board of Directors Ing. Nitu Rizea Gheorghe

General Manager Chief Financial Officer Ec. Burca Sergiu Ec. Predut Vasile Cornel

ALTUR S.A. FINANCIAL STATEMENTS - OMFP 2844/2016 FOR THE PERIOD JANUARY 1 - DECEMBER 31, 2021 (AMOUNTS ARE EXPRESSED IN RON, UNLESS OTHERWISE STATED)

Situation of the financial position

As of 31 December 2021

	Note	December 31 2020	December 31 2021
		RON	RON
ASSETS
Intangible assets	12	44,574	66,389
Property, plant and equipment	11	46,781,996	66,750,392
Securities measured at fair value through profit and
loss	13.1	6,228	-
Rights of use of assets in leasing	14.2	-	2,964,027
Current assets
Stocks	15	14,994,600	16,792,018
Commercial and similar receivables	16	27,143,247	19,155,888
Expenses recorded in advance		345,319	58,142
Cash and short-term deposits		1,668,243	91,871
Total assets		90,984,207	105,878,727
EQUITY AND DEBTS
Equity
Total Share capital, of which:	18	279,882,400	82,434,541
- Subscribed capital		82,434,541	82,434,541
- Adjustments of the share capital		197,447,859	-
Equity premiums	18	(1,101,122)	(1,101,122)
Legal reserve and other capital reserves		6,308,751	2,251,887
Revaluation reserves	11	19,496,010	43,881,846
Retained earnings		(273,981,172)	(76,826,304)
Total equity		30,604,867	50,640,848
Long-term debts
Datorii pe termen lung	14	4,907,812	2,052,835
Subsidies	19	1,111,859	401,833
Debts in respect of deferred taxes	10	3,202,169	1,146,041
Provisions	7	1,090,028	803,516
Current liabilities
Commercial and similar debts	20	31,359,832	29,252,542
Loans and loans bearing interest	14	18,707,640	21,581,112
Income tax payment	10
Total equity and debts
		90,984,207	105,878,727

The financial statements from page 1 to page 52 were approved by the Board of Directors and were authorized to be issued on 23.03.2022.

Chairman of the Board of Directors Ing. Nitu Rizea Gheorghe

General Manager Chief Financial Officer Ec. Burca Sergiu Ec. Predut Vasile Cornel

ALTUR S.A. Situatii financiare – OMFP 2844/2016 pentru perioada 01 ianuarie - 31 decembrie 2021 (Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Situation of changes in equity capital for the period 01 January - 31 December 2021

	Share capital	Equity premiums	Legal reserve	Other capital reserves	Revaluation reserves	Retained earnings	Total equity
	RON	RON	RON	RON	RON	RON	RON
As of 1 January 2020 Profit/(loss) of the period Other comprehensive income	279,882,400	1,135,150	3,735,438	2,570,672 2,640	17,262,379 (2,640)	(242,501,638) (16,159,868) (15,319,666)	62,084 ,401 (16,159,868) (15,319,666)
Total overall result	-	-	-	2.=,640	(2,640)	(31,479,534)	(31,479,534)
As of 31 December 2020	279,882,400	1,135,150	3,735,438	2,573,312	17,259,739	(273,981,172)	30,604 ,867
Profit/(loss) of the current period Other comprehensive income	(197,447,859)		(2,986,093)	(1,070,771)	24,385,836	(7,018,340) 204,173,208	17,367,496 2,668,485
Total overall result	(197,447,859)	-	(2,986,093)	(1,070,771)	24,385,836	197,154,868	20,035,981
As of 31 December 2021	8,.434,541	1,135,150	749,345	1,502,541	41,645,575	(76,826,304)	50,640,848

The financial statements from page 1 to page 52 were approved by the Board of Directors and were authorized to be issued on 23.03.2022.

Chairman of the Board of Directors Ing. Nitu Rizea Gheorghe

General Manager Chief Financial Officer Ec. Burca Sergiu Ec. Predut Vasile Cornel

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Statement of cash flows

	The year ended	The year ended
Direct method	at	at
	December 31, 2020	December 31, 2021
	RON	RON

Cash flows from activities
Receipts from customers	94,182,114	98,379,474
Payments to suppliers and employees	(82,872,399)	(96,112,883)
Interest paid	(928,791)	(770,655)
Paid corporate tax	-	-
Net treasury from exploitation activity	10,380,924	1,495,936
Cash flows from investment activities
Payments for the acquisition of share
Payments for the acquisition of tangible assets	(1,624,988)	(5,300,618)
Receipts from sales of tangible assets	38,353	-
Interest earned
Dividends received
Income from cedars financial investments	-	4,174
Expenses from financial investment cessions	-	14,165
Net treasury from investment activities	(1,586,635)	(5,310,609)
Cash flows from financing activities
Receipts from the share issue	-	-
Receipts from long-term loans
Payment of lease-related debts	(532,643)	(569,161)
Dividends paid	-	-
Short-term loan variance	(6,795,619)	2,807,462
Net treasury from financing activities	(7,328,262)	2,238,301
Net increase/(decrease) of treasury and treasury equivalents	1,466,027	(1,576,372)
Treasury and treasury equivalents at the beginning of the financial year	202,216	1,668,243
Treasury and treasury equivalents at the end of the financial year	1,668,243	91,871

The financial statements from page 1 to page 52 were approved by the Board of Directors and were authorized to be issued on 23.03.2022.

Chairman of the Board of Directors Ing. Nitu Rizea Gheorghe

General Manager Chief Financial Officer Ec. Burca Sergiu Ec. Predut Vasile Cornel

1. Information about the Society

SC Altur S.A. is a joint stock company whose object of activity is the manufacture of castings made of aluminum alloys and pistons for motor vehicles, tractors, trucks, aluminum casting for the electrotechnical industry.

The company was founded in 1979 under the name of the Cast of Aluminum Parts and Pistons and became a joint stock company named Altur S.A. in 1991, according to Government Decision no. 116/1991.

The legal address of the Company is Str. Pitesti, no. 114, Slatina, Olt County, Romania.

2. Principles, policies and accounting

2.1 Basis of drawing up the financial statements

Declaration of conformity

The Company's financial statements were prepared in accordance with the provisions of Order no. 2844/2016 for the approval of the Accounting Regulations in accordance with the International Financial Reporting Standards applicable to companies whose securities are admitted to trading on a regulated market, with all subsequent amendments and clarifications. These provisions are in line with the provisions of the International Financial Reporting Standards adopted by the European Union, except for the provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates on the Functional Currency. In order to prepare these financial statements, in accordance with the Romanian legal provisions, the functional currency of the Company is considered to be the Romanian Leu (RON).

The Company has prepared financial statements in accordance with IFRSs as of January 1, 2012, in line with accounting policies.

The financial statements at 31 December 2021 are prepared in accordance with International Financial Reporting Standards, regulated by OMFP no. 2844/2016.

These financial statements are prepared according to the principle of continuity of activity, according to the convention of the historical cost from which depreciation and impairment adjustments for fixed assets are deducted, respectively for technical installations, machines and furniture, real estate investments, except for certain items of fixed assets (land and buildings) and financial assets at fair value through profit and loss, as presented in the notes. The main accounting policies are presented below.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

2.2. Main accounting policies

a) Currency conversions

The Company's financial statements are presented in RON, which is the functional currency of the Company determined in accordance with the requirements of IAS 21.

Foreign currency transactions are converted into RON using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currency at the end of the period are measured in RON using the exchange rate at the end of the financial year. Earnings and losses realized or unrealized are recorded in the income statement.

The RON - USD and RON - EUR exchange rates on 31 December 2021 and 31 December 2020 weret:

	31 decembrie 2020	31 decembrie 2021
RON – EUR	4.8694	4.9481
RON – USD	3.9660	4.3707

Exchange rate differences, either favorable or unfavorable, between the exchange rate at which the debts or liabilities denominated in foreign currency or the rate at which they were reported in the previous financial statements and the exchange rate at the end of the financial year are recorded as income or expense, as the case.

b) Recunoasterea veniturilor

Revenues include the sale of finished products, residual products and merchandise, revenue from services rendered, rental income and property income.

Revenues are recognized to the extent that economic benefits are likely to be generated and earnings can be measured reliably, regardless of when the payment is made. Revenues are measured at the fair value of the consideration received or receivable, taking into account the terms of the contractual payment and excluding taxes and charges.

The company has concluded that it acts as a trustee in all its income commitments. The recognition criteria described below must be met at the time of income recognition.

Income from the sale of goods

Revenues from the sale of finished goods, waste products and merchandise are recognized when the significant risks and benefits associated with the ownership of the goods have been transferred to the buyer, usually on the delivery of the goods. This is made net of VAT, any other sales taxes and commercial rebates.

IFRS 15 provides for a common revenue recognition model applicable to contracts with customers, regardless of the industry in which the entities operate. Based on this model, income recognition involves the following five steps:

1.Identification of the contract with a customer

2.Identification of performance obligations
3.Determination of the transaction price

4.Allocation of the transaction price to performance obligations

5.Recognise revenue when (or as) the entity meets a performance obligation.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

1.Identification of the contract with a customer

A contract is an agreement between two or more parties that gives rise to enforceable (enforceable) rights and obligations.

The customer is a party that has entered into a contract with the entity to obtain goods and services resulting from the entity's ordinary activities. However, income from sales of property, plant and equipment, intangible or investment property, even if not generated by ordinary activities, shall be recognised taking into account the requirements of IFRS 15.

An entity shall account for a contract with a customer that is covered by IFRS 15 only where all of the following criteria are met:

(a)the parties to the contract have approved the contract and undertake to fulfil their obligations;

(b)the entity may identify the rights of each Party in relation to the goods or services to be transferred;

(c)the entity can identify the terms of payment for the goods or services to be transferred; d)the contract has a commercial content (ie it is expected that the risk, timing or amount of the entity's future cash flows will change as a result of the contract); and

(e)it is likely that the entity will collect the consideration to which it will be entitled in exchange for the goods or services to be transferred to the customer.

2.Identification of performance obligations

A contract may relate to one or more performance obligations. Any promise to provide a customer with the following shall constitute an obligation to perform:

a separate good or service; or

-a number of distinct and identical goods and services provided at the same pace.

A good or service shall be regarded as distinct if:

a)the customer can benefit from the good or service taken either individually or together with other resources immediately available to the customer; and

(b)the entity's promise to transfer the good or service to the customer is identifiable separately from other promises in the contract (i.e. the good or service is distinct in the context of the contract).

3.Determination of the transaction price

Revenue recognition is based on the price of transactions. This is the amount of counterperformance to which an entity expects to be entitled in exchange for the transfer of the promised goods or services to the customer, without including amounts collected on behalf of third parties (for example, some sales taxes).

Price that includes a variable part

When the price comprises a variable part, the entity shall account for:

-either the most likely value;

-or the expected value (obtained by weighting each amount with its probability).

Whichever method is chosen, this must be maintained throughout the entire contract.

Price including an important financing component

When the payment made by the client is postponed for a number of years, the price also includes an important financing component. This component must be determined and accounted for separately as financial income (not in the form of operating income) as time passes.

IFRS 15 acknowledges that when the duration of the commercial credit to customers is less than one year, the financing component shall not be accounted for separately.

4.Allocation of the transaction price to performance obligations

Where a contract comprises several performance obligations, the transaction price must be assigned between those obligations. The allocation is made in proportion to the individual (specific) selling price of each transaction. The individual (specific) selling price of a good or service is that price at which the good or service would be sold separately. Where it is not directly observable, it may be determined:

either by reference to the market price (the approach to the adjusted market valuation),

-either by adding a margin to the cost that the entity expects to bear in meeting that obligation (estimated cost approach plus a margin);

-or in a residual manner by deducting the individual (specific) selling prices of other transactions from the total transaction price.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

5.Recognition of revenue

IFRS 15 specifies that an income shall be recognised when a performance obligation is satisfied or as it is performed.

For performance obligations fulfilled at a certain (specific) time, the date of accounting for income is the date on which the client obtains control of the asset.

Control is the ability to decide on the use of a good and to gain benefits from it. In practice, the date of obtaining the control in most cases, coincides with the date of delivery of the good.

For performance obligations fulfilled over time (progressively), the entity shall determine the degree of advancement of services at the end of each period and record the change in revenue for the financial year.

IFRS 15 specifies that the determination of the degree of advancement of works can be made either on the basis of outputs or inputs (imputs) of a contract.

Revenue from the provision of services

Revenues from the provision of services are recognized in the period in which they were provided and in correspondence with the execution stage (based on the estimates drawn up).

Rental income

The rental incomes coming from the lease agreements of some parts of the Company's real estate are accounted for and are included in the turnover (at the operational result) in the statement of incomes and expenses.

Dividend income

Income is recognized when the Company's right to receive payment is established, in general, when the shareholder approves the dividend.

Interest income

For interest-bearing financial assets and liabilities, interest income or expense is recorded using the effective interest method (EIR), representing the rate that accurately updates payments and future cash receipts over the expected life of the financial instrument or, where applicable, for a shorter period, to the net book value of the financial asset or financial liability. Interest income is included in the income statement on financial income.

c) Government grants

Government grants are recognized when there is reasonable assurance that the grant will be received and all relevant conditions will be met. When the grant relates to an expense item, it is recognized as income on a systematic basis, while the costs it is required to compensate are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected life of the asse

When the Company receives non-monetary grants, the asset and the grant are recorded in gross amounts at nominal value and are transferred to the income statement over the expected lifetime and the rate of consumption of the underlying asset in equal annual installments. When credits or similar forms of assistance are provided by the government or similar institutions at a lower interest rate than the rate applicable on the market, the effect of such favorable interest is considered to be a government grant.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

d) Taxes

Current income tax

Current tax receivables and payables for the current period are measured at the amount that is expected to be recovered from or paid to tax authorities. The tax rates and tax laws used to calculate the amounts are those adopted or largely adopted at the time of reporting by the Romanian legislation.

Current income tax on items recognized directly in equity is recognized directly in equity, and not in profit or loss. The management periodically evaluates the positions presented in the tax returns regarding the situations in which the applicable tax regulations are interpreted and constitute provisions, if any. The tax rate is applied to taxable profit and is 16%. Tax loss can be carried over for a maximum of 7 fiscal years.

Tax deferred

Deferred tax is presented using the variable rate method of temporary differences between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognized for all taxable temporary differences, unless:

The deferred tax liability arises from the initial recognition of goodwill or an asset or a net liability in a transaction that is not a business combination and, at the date of the transaction, does not affect either the accounting profit or the taxable profit or loss, or
Taxable temporary differences are associated with investments in subsidiaries, associates and interests in joint ventures when the parent, investor or associate is able to (a) control the timing of the temporary difference and there is a possibility that the temporary difference is not resumed in the near future.

Deferred tax assets are recognized for all deductible temporary differences, for the deferral of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized and that unused tax credits are deferred and any unused tax losses, unless the deferred tax asset related to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the date of the transaction, does not affect either the profit or loss, or the taxable profit or loss. Temporary deductible differences associated with investments in subsidiaries, associates and interests in joint ventures are recognized only when it is probable that the temporary differences will be reversed in the foreseeable / near future and there will be future taxable profit on the basis of which temporary differences may be used deductible.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is unlikely that sufficient taxable profit is available to allow the benefit of a portion of the deferred tax asset or its total. Unrecognized deferred tax assets are revalued at each reporting date and recognized to the extent that it has become probable that the future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to be applied for the period in which the asset is realized or the liability is settled based on the tax rates (and tax regulations) that have been adopted or largely adopted up to reporting date.

Deferred tax on recognized gains and losses is recognized outside profit and loss. Deferred tax items are recognized in relation to the underlying transaction in other comprehensive income or directly in equity.

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Deferred tax assets and liabilities are offset if there is a legal entitlement to offset current tax receivables with current income tax liabilities and deferred tax relates to the same taxable entity and to the same tax authority.

Value Added Tax

Income, expenses and assets are recognized at net value with the exception of:

Where the sales tax applicable to a purchase of assets or services is not recoverable from the tax authority, in which case the sales tax is recognized as part of the cost of acquiring the asset or as part of the expenditure item, as the case may be.
Receivables and liabilities presented at a value including the sales tax.

The net amount of the sales tax recoverable from or payable to the tax authority is included as part of the receivables or payables in the statement of financial position.

e) Tangible assets

Initial assessment

Tangible assets are stated at cost less accumulated amortization and / or accumulated impairment losses, if any. This cost includes the cost of replacing the respective tangible assets at the time of replacement and the cost of borrowing for long-term construction projects if the recognition criteria are met.

When significant parts of tangible assets have to be replaced at certain intervals, the Company recognizes those parts as individual assets with a useful useful life and depreciates them accordingly. Also, when carrying out a general inspection, its cost is recognized in the carrying amount of the tangible assets as a replacement if the recognition criteria are met.

All other repair and maintenance costs are recognized in the income statement when incurred. The present value of expected costs for the asset's disposal after use is included in the cost of that asset if the criteria for recognizing a provision are met.Tangible assets are stated at cost less accumulated amortization and / or accumulated impairment losses, if any. This cost includes the cost of replacing the respective tangible assets at the time of replacement and the cost of borrowing for long-term construction projects if the recognition criteria are met.

The cost of a tangible fixed asset consists of:

(a) its purchase price, including customs duties and non-refundable purchase taxes, after deduction of trade discounts and rebates.

(b) any costs attributable directly to bringing the asset to its location and condition so that it can function as intended by the management.

(c) the initial estimate of the costs of dismantling and moving the item and rehabilitating the site where it is located, if the Company has this obligation.

Fixed assets include the cost of construction, property, and other direct expenses. They are not depreciated over time until relevant assets are completed and put into operation.

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Subsequent valuation

The company has chosen as the method of subsequent valuation of land and buildings the revaluation model and the cost model for other tangible assets.

The cost model requires the presentation of tangible assets at cost less cumulative depreciation and impairment losses and the revaluation model requires that tangible assets are accounted for at a revalued amount, ie the fair value at the revaluation date minus any subsequent accumulated depreciation and any loss

Depreciation of fixed assets

Duration of economic use is the amount of time that the asset is expected to be used by the Company. Depreciation is calculated using the straight-line method over the life of the asset. Land is not being depreciated.

Tip	Accounting (years)	life
Buildings and special constructions	20 – 27
Technological installations	8 – 12
Furniture and other fixed assets	3 – 5

Lifetime and depreciation method are reviewed periodically and, if necessary, adjusted prospectively, so that there is a consistency with expectations of the economic benefits of those assets.

In situations where the carrying amount increased as a result of the revaluation, the increase is credited directly to equity as a revaluation surplus. When the carrying amount is diminished as a result of the revaluation, the decrease is recorded as an expense, to the extent that it does not diminish a previously recorded revaluation surplus.

The revaluation surplus included in equity is transferred directly to retained earnings when the surplus is realized at the date of disposal or disposal of the asset.

Derecognition

An item of property, plant and equipment is derecognised or when no future economic benefit is expected from its use or disposal. Any gain or loss resulting from the derecognition of an asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the income statement when the asset is derecognised.

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f) Leasing contracts

According to IFRS 16 'Leases' accounting for a lease with the lessee implies recognising in the statement of financial position an asset (right to use the underlying asset) and a liability (liability arising under the lease contract). Also, in the statement of profit or loss and other elements of the comprehensive income, depreciation and interest expenses are recognized.

1) Initial measurement of the lease liability

At the inception of the lease, the lessee values the lease liability at the present value of the lease payments remaining to be paid. The discounting of lease payments is made using the implied interest rate of the lease, if it can be determined, or, if this cannot be determined, the lessee shall use its marginal leverage ratio.

Lease payments included in the initial measurement of lease liability include:

(a)fixed payments, less any leasing incentives receivable;

(b)variable lease payments that depend on an index or rate, initially measured on the basis of the index or rate at the start date of the contract (payments linked to a consumer price index, payments linked to a benchmark interest rate, such as LIBOR, or payments that vary to reflect changes in market rent rates). (c)the expected amounts due by the lessee on the basis of guarantees relating to the residual value; (d)the strike price of a purchase option, if the lessee has reasonable certainty that he will exercise the option; (e)payments of penalties for terminating the lease, if the lease term reflects the lessee's exercise of an option to terminate the lease.

If the lessee is unable to determine the implied interest rate of the lease, its marginal indebtedness (loan) rate shall be used.

This represents the interest rate that the lessee would have to pay to borrow, for a similar period and with a similar guarantee, the funds necessary to obtain an asset of an amount similar to that of the right-ofuse asset in a similar economic environment.

2) Initial assessment of the right to use the asset

At the lessee, initially, the value of the right to use the asset includes: -the initial amount of the lease liability;

leasing payments made on the date of commencement of the contract or before that date (advances paid related to leasing contracts);
any direct costs incurred by the lessee;
the costs that are estimated to be borne by the lessee for the dismantling of the underlying asset, for the restoration of the location where it is located and to bring the underlying asset to the state required by the conditions stipulated in the contract (evaluated and accounted for in accordance with IAS 37).

Initial direct costs include those costs that would not have been incurred by the lessee if the lease had not been concluded. In their category are included: commissions, legal fees, costs with possible guarantees, payments made to the tenant who owned the asset, etc. Not included in these costs: general costs and bid costs for potential leases.

3)Subsequent assessment of the debt related to the leasing contract

After initial recognition, the liability related to the leasing contract is valued at the amortised cost by using the effective interest method. Subsequent changes to the lease payments involve a revaluation of the lease liability. The revaluation of the lease liability shall be carried out using:

a)the same discount rate, where:

it is estimated that the amount paid according to the guaranteed residual value is modified;
payments are modified due to changes in indices or rates;

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b) a modified discount rate, when:

the payments related to the leasing contract are modified due to the modification of the interest rate (when they have as a reference an interest rate, for example LIBOR);
the duration of the leasing contract changes;

-when the option to buy the underlying asset is changed.

4)Subsequent assessment of the right to use the asset

After initial recognition, the right to use the asset, in general, is assessed at a cost reduced by accumulated depreciation and impairments.

The lessee adjusts the carrying amount of the asset's right of use for revaluations of the lease liability, unless the carrying amount has been reduced to zero.

However, the lessee may use valuation alternatives at the amortised cost in the following two situations:

-if the right to use the asset meets the criteria of an investment property, the lessee applies for its use an accounting policy identical to that used for the other investment property (which may be the fair value); or - if the lessee uses the revaluation model for a particular class of fixed assets, he may apply that model to all rights of use for assets belonging to the same class.

Depreciation of the right to use the asset is effected in accordance with IAS 16. Thus, the depreciation method should reflect the rate of consumption of the future economic benefits generated by the right to use the asset. Most of the time, this leads to the use of the linear depreciation method.

Depreciation is calculated from the date of commencement of the lease, and the period during which depreciation is determined is determined is determined as follows:

if the ownership of the underlying asset is transferred to the lessee at the end of the lease or if he has reasonable certainty that he will exercise his option to purchase it, the depreciation of the right of use is identical to the economic life of the asset; otherwise:
the depreciation period of the right to use is equal to the lease term.

In order to see whether a right to use an asset is impaired, as well as for accounting for impairment, the lessee shall consider the requirements of IAS 36. After recognising an impairment, depreciation is determined on the basis of the carrying amount resulting from depreciation.

The determination of the extent to which an arrangement is or contains a leasing contract is based on the economic background of the commitment at the date of its commencement. The arrangement is assessed to determine whether the fulfilment of the arrangement depends on the use of a particular asset or assets or whether the arrangement confers the right to use the asset or assets, even if that right is not explicitly mentioned in the arrangement.

g) The costs of indebtedness

Liability costs that are directly attributable to the acquisition, construction or production of an asset that necessarily involve a substantial period of time to be ready for its intended use or sale are capitalized as part of the cost of that asset. All other costs of indebtedness are expensed in the period in which they occur. Debt costs are the interest and other costs borne by the Company for the borrowing of funds. The company did not have any debt costs directly attributable to the acquisition, construction or production of an asset in 2020 and by the end of 2021

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h) Real estate investments

Real estate investments are initially valued at cost, including transaction costs. After the initial recognition, the real estate investments are presented at the historical cost from which the depreciation and any impairment adjustments are deducted if a decrease in the net realisable value for the respective assets is found.

Real estate investments must be derecognized at the time of disposal or when the real estate investment is permanently withdrawn from use and no future economic benefits are forecasted from the disposal. The difference between the net proceeds of disposal and the carrying amount of the asset is recognized in the income statement in the period in which it is derecognised.

Transfers to and from the real estate category are made only if there is a change in use. For the transfer of a real estate investment into the category of real estate used by the owner, the presumed property cost is its fair value as of the date of use change. If a real estate used by the owner becomes a real estate investment, the Company accounts for it in accordance with the policy on property, plant and equipment until the date of use change.

i) Intangible assets

Separately acquired intangible assets are valued at initial recognition at cost. After initial recognition, intangible assets are carried at cost less any cumulative depreciation and any accumulated impairment losses, if any. Intangible assets generated internally, excluding capitalized development costs, are not capitalized and expense is reflected in the income statement when the expense is incurred.

The useful lives of intangible assets are determined to be determined or undetermined.

Intangible fixed assets with a useful useful life are depreciated over the economic life and valued for impairment whenever there are indications of impairment of the intangible asset. The depreciation period and the amortization method for an intangible asset with a determined useful life are reviewed at least at the end of each reporting period. Changes in expected useful lives or expected consumption of future economic benefits embodied in assets are accounted for by changes in the method or the depreciation period as appropriate and are treated as changes in accounting estimates.

Earnings or losses arising from the derecognition of an intangible asset are calculated as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in the income statement when the asset is derecognised.

The intangible assets of the Company are mainly represented by software and licenses. Software programs are amortized linearly for a maximum of 3 years, and licenses are amortized over their lifetime (generally 3 years). Expenditures on the current maintenance of IT systems are recognized as expenses of the period.

j) Financial instruments – initial recognition and subsequent evaluatio

Initial Recognition and Evaluation

Financial assets under IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or derivatives

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designated as hedging instruments within a effective risk coatings, as appropriate.

Financial liabilities that fall under IAS 39 are classified as financial liabilities at fair value through profit or loss, loans or derivatives designated as hedging instruments under effective risk hedging, as appropriate.

The Company determines the classification of financial assets and liabilities at initial recognition.

All financial assets and liabilities are initially recorded at fair value and, except for financial assets and liabilities at fair value through profit or loss plus / net of costs directly attributable to the transaction.

Purchases or sales of financial assets that require asset delivery in a period provided by a regulation or convention on the market (standard transactions) are recognized at the date of the transaction, ie the date on which the Company commits to purchase or sell the asset

Subsequent measurement

The subsequent measurement of financial assets and liabilities depends on their classification, as described below:

Assets and financial liabilities at fair value through profit or loss

Financial assets and liabilities at fair value through profit or loss include financial assets and liabilities held for trading and financial assets designated at initial recognition at fair value through profit or loss.

Financial assets and liabilities are classified as held for trading if they are acquired for short-term sale or disposal. Derivatives, including embedded derivatives that have been separated, are also classified as held for trading if they are not designated as effective hedging instruments under IAS 39.

Financial assets and liabilities may be designated at their initial recognition at fair value through profit or loss are designated at their initial recognition date and only if the specific criteria set out in IAS 39 are met. The Company did not designate financial assets or liabilities in the fair value profit or loss.

Loans granted and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted on an active market. After initial recognition, these financial assets are subsequently measured at amortized cost using the effective interest rate method less depreciation. The amortized cost is calculated by taking into account any discount or premium on acquisition and any commissions and costs that form an integral part of the effective interest rate. Depreciation based on the effective interest rate is included in the income statement on financial income.

Provisions for impairment are established when there is evidence that the Company will not be able to collect the receivables. The Company assesses at each reporting date whether there is any objective evidence that a financial asset or group of financial assets is impaired. A financial asset or group of financial assets is considered impaired if and only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a "loss event"), and whether that loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be estimated reliably.

Investments in long-term shares (subsidiaries, associates, or other entities)

The Company's investments in long-term shares (in subsidiaries, associates or other entities) are measured at cost less any impairment losses.

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Evidence of depreciation may include indications that the debtor or a group of debtors is facing significant financial difficulties, failure to pay interest or principal, probability of bankruptcy, or other form of financial reorganization and observable data indicates that there is a a quantifiable decrease in estimated cash flows, such as payment delays or variations in economic conditions associated with non-payment.

Impairment losses are recognized in the income statement in "Other expenses". Non-recoverable receivables are expensed when they are identified.

Some of the Company's sales are settled by offsetting. Occasionally, the Company offsets receivables from customers with sales or debts for goods or services within a whole chain of companies that have debts and mutual claims. These transactions are carried out at nominal value, without recognizing a loss or profit.

Loans received interest bearing

After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost using the effective interest rate method. Earnings and losses are recognized in the income statement when the liabilities are derecognised, and during the amortization process at the effective interest rate.

The amortized cost is calculated by taking into account any discount or premium on acquisition and any commissions and costs that form an integral part of the effective interest rate. Depreciation based on the effective interest rate is included in the profit and loss account in financial expenses.

Derecognition

A financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is derecognized when:

The rights to receive asset-generated cash flows have expired
The Company has transferred its rights to receive asset-generated cash flows or has undertaken a liability to pay all treasury cash flows without significant delays to a third party, based on a commitment with identical flows; and (a) the Company has transferred substantially all the risks and rewards of its asset; or (b) the Company has not transferred or substantially retained all the risks and rewards of the asset but transferred the control over the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a commitment with identical flows and has not transferred or substantially retained all the risks and rewards of the asset but has not transferred control over the asset, the asset is recognized proportionally with the continued involvement of the Company in that asset. In this case, the Company also recognizes an associated liability. Asset transferred and associated debt are measured on a basis that reflects the rights and obligations that the Company has retained
Continued involvement in the form of a guarantee on the transferred asset is measured at the lower of the initial carrying amount of the asset and the maximum amount of consideration that the Company may be required to repay.

A financial liability is derecognized when the debt liability is extinguished, canceled or expires. If a financial debt is replaced by another debt from the same creditor under substantially different conditions or if the terms of an existing debt change substantially, such exchange or change is treated as a derecognition of the original liability and a recognition of the new debt. The difference between the related accounting values is recognized in the income statement.

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Compensation of financial instruments

Financial assets and financial liabilities are compensaed and the net amount reported in the statement of financial position only if there is currently a legal right to offset the recognized amounts and a settlement intention on a net basis or capitalization of assets and debt settlement in a simultaneous.

The fair value of financial instruments

The fair value of financial instruments that are traded on active markets at each reporting date is determined by reference to quoted market prices or to the price the dealer determines (for a long term, the price is bidding, and the short term is the price required) without any deduction for transaction costs. In order to estimate the fair value of financial instruments that are not traded on active markets, appropriate valuation models are used.

k) Inventory

Material inventories are recorded at acquisition cost that includes all acquisition costs and other costs to bring inventory to shape and location. On exit from inventory, inventories are valued and recorded in the FIFO accounting ("first in - first out", "first entered - first out").

The cost of finished products, unfinished production includes raw materials, direct wage costs, other direct and indirect production costs, but excludes interest, sale and distribution costs. Provisions are made for slow-moving, physically and morally exploited materials.

l) Impairment of non-financial assets

The Company assesses at each reporting date whether there are any impairment indices of an asset. If there are clues or if an annual test is required to depreciate an asset, the Company estimates the recoverable amount of that asset. The recoverable amount of an asset is the largest of the fair value of an asset or a cash-generating unit less costs associated with sale and its value in use. This is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those of other assets or asset groups. When the carrying amount of an asset or a cash-generating unit is greater than its recoverable amount, the asset is considered impaired and its carrying amount is lowered to its recoverable amount.

In assessing the amount of use, estimated future cash flows are updated to their present value using a pre-tax rate that reflects current market assessments of time value of money and asset specific risks. When determining the fair value minus the costs associated with the sale, recent market transactions are considered, if any. If such transactions can not be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for listed subsidiaries or other available fair value indicators.

Loss from impairment of continuing activities, including impairment of inventories, is recognized in the income statement except for land or buildings that have been revalued previously and the revaluation has been accounted for in other comprehensive income. In this case, impairment is also recognized in other comprehensive income to the amount of any prior revaluation.

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At the end of each reporting period, an assessment is made to determine whether there are any indicators that previously recognized impairment losses are no longer available or have decreased. If such an indication exists, the Company estimates the recoverable amount of the asset or cash-generating unit. An impairment loss previously recognized is reversed only if there has been a change in the assumptions used to determine the recoverable amount of the asset. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount and does not exceed the carrying amount of the asset if it had not previously been impaired. Such a reversal is recognized in the income statement unless the asset has been revalued, in which case the reversal is treated as a revaluation increase.

m) Cash and cash equivalents

Cash and cash equivalents include house cash, current accounts and bank deposits with a maturity of less than one year. Foreign currency deposits are revalued at the exchange rate at the end of the reporting period. Account discovery is deducted from the balance of cash flow cash balances.

n) Distribuirea dividendelor

The Company recognizes a liability to distribute dividends to shareholders when the distribution is authorized and is no longer at the discretion of the Company

o) Provisions

Provisions are recognized when the Company has a current (legal or implicit) obligation arising from a previous event, it is probable that an outflow of resources embodying economic benefits is required to settle the obligation and the amount of the liability can be estimated reliably. The expense related to any provision is presented in the income statement.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the best current estimate of management in this regard. If an outflow of resources is no longer likely to be extinguished for an obligation, the provision should be canceled by resuming income.

In the event of occurrence of events that generate risks, the Company recognizes a provision for the full amount known at that time.

Contingent liabilities are not recorded in the financial statements. These are only presented, unless the probability of resource outflows representing economic benefits is reduced. A contingent asset is not recorded in the financial statements but is presented when an economic benefit is probable.

As of December 31, 2021, the company has registered provisions for holidays not taken by employees in the amount of 803,516 lei. As of December 31, 2020 they were in the amount of 1,090,028 lei.

p) Pensions and other long-term employee benefits

Both the Company and its employees are legally obliged to make certain contributions (included in social security contributions) to the National Pension Fund, administered by the National Pensions and Other Social Insurance Rights (plan based on the "pay-as-you-go" ). Consequently, the Company has no legal or constructive obligation to pay additional future contributions. Its only obligation is to pay contributions when

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they become due. If the Company ceases to employ the members of the State Social Insurance Plan, it will have no obligation to pay the benefits earned by its own employees in previous years. Contributions of the Company to a contingent contribution plan are recorded as expenses in the year they refer to.

q) Affiliated parts

Parties are considered affiliated when one of them has the ability to significantly control / influence the other party through ownership, contractual rights, family relationships, or otherwise. Affiliated parties also include the company's principal owners, members of the management, members of the board of directors and members of their families, parties with which they jointly control other companies.

r) Reported result and legal reserve

The management of the Company does not expect to use the legal reserve in such a way that it becomes taxable (except as provided by the Fiscal Code, where the reserve constituted by the legal entities providing utilities to the companies that are being restructured, reorganized or privatized may be used to cover the losses of value of the share package obtained as a result of the debt conversion procedure, and the amounts intended for its subsequent reconstruction are deductible in calculating the taxable profit).

The accounting profit remaining after the distribution of the legal reserve, up to 20% of the share capital, is taken over the result carried forward at the beginning of the financial year following that for which the annual financial statements are prepared, from where they are to be distributed to the other legal destinations.

The distribution of the profit is carried out accordingly in the following financial year, after the approval of the distribution in the GMS .

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3. Significant accounting considerations, estimates and assumptions

The preparation of the Company's financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for income, expense, assets and liabilities and accompanying disclosures, and report contingent liabilities at the end of the reporting period. However, the existence of uncertainty about these estimates and assumptions could result in a significant future adjustment of the carrying amount of the asset or liability in the future

Reasoning

Below are the management's reasoning with potential impact on the financial statements.

Reporting segments

Taking into account the specificity of the Company's activity and the fact that there are two main production lines, the management of the Company analyzed whether the application of the provisions of IFRS 8 Operating Segments is necessary. Thus, by analyzing the provisions regarding the definition of a segment of activity:

The management analyzes the activities related to the two production lines in a global way in order to make decisions regarding the resources allocated for each production line.
The company's management analyzes the separate financial information on the production lines as a single segment of activity.

Consequently, management considers that the necessary conditions for separate reporting by operational segments are not met.

Estimations and assumptions

The main assumptions about the future and other important causes of the uncertainty of the estimates at the reporting date that present a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year are presented below.

- Revaluation of tangible assets

The company assesses land and buildings at fair value, and changes in the recorded value are recognized in other comprehensive income. The Company contracted independent valuation specialists to establish fair value on December 31, 2010 (transition date to IFRS) and December 31, 2012. As of December 31, 2020, the Company estimated that there were no significant changes in value fairness of buildings and land against revaluation as at 31 December 2012. During 2021, Altur SA contacted an authorized evaluator in order to establish the fair value of buildings and land, values that were recorded in the balance sheet of 2021

- Impairment of non-financial assets

Impairment exists when the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount, representing the greater of fair value less costs to sell and its value in use. The fair value minus the costs associated with the sale is determined on the basis of the available transaction data in the context of the underlying asset transactions or observable market prices minus the costs of disposing of the asset. The use value calculation is based on an updated Treasury Flow Model.

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- Taxes

There is uncertainty about the interpretation of complex tax regulations, changes in tax legislation and the value and timing of future taxable profit. Considering the wide range of international business relationships and long-term character, as well as the complexity of existing contractual arrangements, the differences between actual results and assumed assumptions or future changes to these assumptions may involve future adjustments to revenue and expense for already recorded taxes .

The Romanian fiscal system undergoes a consolidation process and is in the process of harmonizing with European legislation. There may be different interpretations at the level of tax authorities in relation to tax legislation that may result in additional taxes and penalties. If state authorities find tax breaks and related regulations, they can lead to: confiscation of the amounts in question; additional tax obligations; fines and penalties. As a result, the tax penalties resulting from the violation of legal provisions can lead to a significant debt.

The company believes that it has paid all its taxes and taxes on time and in full.

- Life span for fixed assets and depreciation method

The Company estimates lifetimes for items of property, plant and equipment in accordance with the consumption / disposal rate for those assets. The Company uses the straight-line method of amortization of fixed assets.

- Depreciation value for receivables

The company estimates the impairment for the uncertain client, taking into account and analyzing the maturity and maturity of the respective receivable, as well as analyzing the credibility of each client. In this respect, the Company has established criteria for integrating clients into the "confirmed risk" or "no confirmed risk" category and records write-downs based on seniority and customer history.

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4. Standards issued but not yet in force

Standards and interpretations issued but not yet in force until the date of publication of the Company's financial statements are presented below. The company intends to adopt these standards, if any, on the date they enter into force.

• IFRS 9 Financial Instruments: Classification and Valuation

The new standard becomes effective for annual periods beginning on or after January 1, 2015. IFRS 9, as issued, reflects IASB's first phase of IAS 39 replacement and applies to the classification and measurement of financial assets and financial liabilities as are defined in IAS 39. The Standard has entered into force for annual periods beginning on or after January 1, 2013, but the amendments to IFRS 9 "A new mandatory IFRS 9 effective date" and "Transition information disclosure" in December 2011 postponed the mandatory date of entry into force for January 1, 2015. In later stages, the IASB will address hedge accounting and depreciation of financial assets. The adoption of the first stage of IFRS 9 will have an effect on the classification and measurement of financial assets but will have no effect on the classification and measurement of financial liabilities. The company will quantify the effect in correlation with the other steps, when the final standard will be issued, including all stages. This standard has not yet been adopted by the EU.

European Parliament Resolution of 6 October 2016 on International Financial Reporting Standards IFRS 9 (2016/2898 (RSP)) sets a new date of entry into force of this Standard from 1 January 2018

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5. Turnover

5.1. Income from the sale of goods

	2020	2021
	RON	RON

Income from the sale of finished products	75,044,527	93,060,118

Income from the sale of residual products	51,044	168,257
Income from the sale of goods	3,978	95,531
Other income from the sale	56,672	44,694
Income from the sale of goods	75,156,221	93,368,600

The company earns sales on the domestic market (in Romania), but primarily on export. The foreign market represents over 79% of the sales of goods, being the main market for selling the products made by the company. The structure of export sales is detailed as follows:

	31.12.2020	31.12.2021
	%	%
Poland	32.40	35.43
England	5.41	21.66
Germany	34.42	20.35
France	12.99	8.14
Italy	8.39	8.17
Czech Republic	4.34	3.45
Spain	1.71	0.54
Others	0.61	2.26
Total	100	100

Product structure considering their destination is as follows:

automotive industry - 96%
other industrial branches - 4%

5.2. Revenue from services

	31.12.2020	31.12.2021
	RON	RON
Revenue from transport services	-	-
Revenues of executed works	56,704	79
Total revenue from services	56,704	79

Client design work or client materials processing generates revenue that is recorded within the line of earnings executed.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

5.3. Rental income

The company obtains rental income from the rent of fixed assets (commercial spaces), detailed as follows::

	31.12.2020	31.12.2021
	RON	RON
Other rental income	124,178	184,631
Total rental income	124,178	184,631

6. Other operating revenues

	31.12.2020	31.12.2021
	RON	RON
Income from asset sales and other capital operations	38,353	-
Income from investment subsidies	650,857	710,026
Income from restitution damages	-	-
Other operating revenues	200,007	545,527
Total operating income	889,217	1,255,554

7. Employee Benefits Expenditures

Short-term benefits to employees include pay, wages and social security contributions. These benefits are recognized as expenses when providing services. Total salary costs are presented below:

	31.12.2020	31.12.2021
	RON	RON
Expenditure on salaries	19,713,522	23,407,481
Expenses with the insurance contribution for work	467,717	525,995
Other expenditure on employees	842,598	1,222,200
Total salary expenses	21,023,837	25,155,676

The company carries out payments on behalf of its own employees to the social security system, health insurance and unemployment fund. The average number of employees for the period 1 January to 31 December 2021 is 569, compared with the average number of employees in the comparative period of 2020 of 638 persons. The actual number of staff on 31 December 2017 is 530 persons. The company does not operate any other retirement or retirement benefit plan and therefore has no other pension obligations. The company offers to the employees to retire according to the collective labor contract two gross salaries made by the employee in the month before retirement.

At the end of 2021, for the holidays not taken by the employees, a provision in the amount of 803,516 lei was constituted.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

8. Other expenditure

	31.12.2020	31.12.2021
	RON	RON
Maintenance and repair costs	303,820	346,791
Rent costs	31,503	29,340
Insurance costs	73,671	62,580
Expenditure on the transport of goods and personnel	664,709	1,054,014
Travel expenses	28,961	7,245
Expenditure on banking services	204,406	220,465
Expenditures to the state budget	668,065	783,825
Expenditure on environmental protection	358,527	317,851
Expenses fines, penalties	64,979	42,433
Parts processing expenses	29,412	28,540
Expenses for managerial and legal consultancy
services	836,427	1,367,814
Expenses for preparing the manufacture of new parts	1,684,674	1,118,933
Communal household expenses	264,711	320,280
Parts sorting services expenses, administrative costs	1,098,081	888,254
Expenses for security and protection services, PSI
services	85,536	86,136
Other operating charges	189,905	471,946
Total	6,587,387	7,146,447

9. Expenses and financial income

Financial charges	31.12.2020	31.12.2021
	RON	RON
Expenditure on financial investments ceded	263,747	14,165
Expenses/(revenues) regarding the value
adjustments for the financial fixed assets	1,017,699	(7,936)
Expenses from exchange rate differences	1,337,245	723,198
Interest expenditure	928,791	770,655
Other financial charges	104,915	149,823
Total	3,652,397	1,649,905

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Financial income	31.12.2020	31.12.2021
	RON	RON
Income from financial investments disposed of	79,658	4,174
Dividend income	-	-
Income from exchange rate differences	930,505	422,279
Interest income	6	3
Total	1,010,169	426,456

During the years 2020 and 2021, no dividends were collected from any issuer

10. Corporate income tax

The total expense of the year is reconciled with the accounting profit as follows:

	31.12.2020	31.12.2021
	RON	RON
Current profit tax
Current profit tax	-	-
Tax deferred:
Related to temporary differences	(53,580)	(53,580)
Profit tax expense recorded in the profit and loss account
	(53,580)	(53,580)

The reconciliation between the accounting profit and the current profit tax calculation is presented below:

	31.12.2020
	RON	RON
Gross accounting profit/(earnings)	(16,159,868)	(7,018,340)
Tax loss from previous years ( )	(17,240,881)	(33,400,749)
Corporate income tax at statutory tax rate (16%) Impact of permanent differences	- -	- -

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Tax credit (sponsorship expenses) - -

Tax credit (legal reserve) - -

Current profit tax expense recorded in the profit and loss account

11. Tangible assets

Cost or fair value	Lands*	buildings *	Equipment	Equipment and construction in progress	advances to immobiliza tions	Total
	RON	RON	RON	RON	RON	RON
As of 31 December 2020	7,244,000	21,581,214	95,957,602	472,350	61,154	125,316,320
Inputs Depreciation	13,682,200	10,703,636	65,298	3,801,382	1,865,086 (1,853,920)	30,117,602
outputs/adjustments	-	(6,743,240)	(3,919,543)	-		(12,516,703)
Transfers**	-	-	3,830,697	(3,830,697)	-	-
As of 31 December 2021	20,926,200	25,541,610	95,934,054	443,035	72.320	142,917,219

* Under the heading of entries for land and buildings, the revaluation of these fixed assets was recorded.

** The transfer is made between the management of fixed assets. Fixed assets held in the category of equipment and constructions under execution are not amortized until the following month of commissioning

- -

Depreciation and impairment adjustments	Lands	Buildings	Equipment	Equipment and construction in progress	Total
La 31 decembrie 2020	-	6,014,250	72,520,074	-	78,534,324
Amortization Outputs	-	771,266	5,448,615	-	6,219,881
(scrapping)/transfers	-	6,625,560	(955,516)	-	(7,581,076)
As of 31 December 2021	-	159,956	77,013,173	-	77,173,129
Net book value
As of 31 December 2020	7,244,000	15,566,964	23,437,528	533,504	44,781,996
As of 31 December 2021	20,926,200	25,381,654	18,920,881	515,355	65,744,090

Leased assets

Altur SA had three leases in progress as of December 31, 2020 and three financial leasing contracts as of December 31, 2021 (note 14.2).

Property, plant and equipment sold and rented

The company did not have during 2020 and during 2021 property, plant and equipment sold and rented subsequently.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Reassessment of Fixed Assets

The latest revaluation of the buildings and land owned by the Society took place on December 31, 2021 by an independent evaluator and aimed at establishing both fair, market, building and land values. The revaluation was carried out by Ciocan I. Gheorghe, an independent accredited evaluator. The fair value of the real estate was determined on the basis of observable transactions on the market, where comparable data were available, or alternative valuation methods, International Valuation Assessment. The fair values set at the 2012 revaluation were considered relevant at 31 December 2020.

Assets encumbered by guarantees

The company has fixed assets encumbered by guarantees (detailed in Note 15.1).

Value of tangible fixed assets

The gross carrying amount of fully depreciated tangible assets that are still in use at 31 December 2021 is RON 41,936,642, corresponding to 980 fixed assets (31 December 2020: 41,770,675 RON, corresponding to 967 fixed assets).

Provisions for impairment of fixed assets

At December 31, 2021 and December 31, 2020, the Company did not record provisions for the impairment of constructions and equipments.

Considering the difficult economic context in Romania and internationally, the Company analyzed whether there were other internal or external indices of depreciation, but did not identify such indices that would lead to a further decrease in the value of fixed assets, in addition to diminishing of value resulting from the revaluation.

For the fixed assets in progress of execution in the balance as at 31.12.2020, impairment adjustments were set up in the amount of 1,086,200 lei, related to investment objectives that no longer had utility and for which it is not expected to bring future economic benefits.

12.Intangible assets

	Patents and licenses	Total
	RON	RON
Cost
As 31 December 2020	713,639	713,639
Inputs	48,612	48,612
Outputs	-	-
As 31 December 2021	762,251	762,251
Depreciation and depreciation of value
As 31 December 2020	669,065	669,065
Amortization	26,797	26,797
Outputs	-	-
As 31 December 2021	695,862	695,862
Net book value
As 31 December 2020	44,574	44,574
As 31 December 2021	66,389	66,389

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

13. Financial assets

Imobilizarile financiare ale Societatii se impart in:

1) Titluri evaluate la valoare justa prin profit si pierdere
2) Actiuni detinute la filiale
3) Alte titluri imobilizate (contabilizate la cost)

	31.12.2020	31.12.2021
	RON	RON
Titles valued at fair value through profit and loss Shares held in subsidiaries	6,228	-
Other fixed assets (accounted for at cost)	- -	- -
Total investment available for sale	6,228	-
Total financial assets	6,228	-

13.1 Securities at fair value through profit or loss

Altur SA held investments in shares listed on December 31, 2020. The fair value of the listed bonds and shares is established by reference to the price quotations published by the active market according to the Bucharest Stock Exchange. During 2021, the shares held were sold so that, as of December 31, 2021, Altur SA no longer holds investments in listed shares.

Shares listed on the Bucharest Stock Exchange:

	Company	Number of shares	market quotation	Fair value at 31 December 2021
		-			-
Total		-			-

Company	Number of shares	market quotation	Fair value at 31 December 2020
Patria Bank (PBK)	34,866	0.0926	3,229
Concifor SA (COBU)	15,000	0.2000	3,000
Total	49,866		6,229

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Impairment of financial investments

Altur SA assesses at each reporting date whether there is objective evidence that an investment or group of investments is impaired. In the case of investments in shares classified as available for sale, objective evidence would include a significant or prolonged decline in the fair value of capital investments below their cost. Determining what "significant" or "prolonged" means rationalizes. In making these judgments, Altur SA assesses, among other factors, movements in the historical cost of shares, as well as the duration and extent to which the fair value of an investment is lower than its cost.

Based on these criteria, following the sale of the listed shares in the portfolio, the Company recorded during 2021 an income from the impairment adjustments in the amount of RON 7,936 (as of December 31, 2020, the depreciation adjustment was RON 7,936). The income from the adjustments related to the shares sold in the amount of RON 7,936, was recognized for the financial income in the profit and loss account for the current reporting period.

Also, a portion of the financial assets consists of investments in shares in two unlisted companies, which are valued on the basis of observable information that is not related to the market.

The reconciliation of the values of the item "Equity at fair value through profit or loss" in the statement of financial position for the year 2020 is presented in the following.

TITLE (SYMBOL)	quantity	MEDIUM PRICE	VALUE (RON)	MARKET PRICE	MARKET VALUE	NEGATIVE DIFFERENCES
CONCIFOR SA BUZAU (COBU)	15,000	0.24059	3,608.82	0.2000	3,000.00	-608.82
PATRIA BANK (PBK)	34,866	0.30276	10,556.12	0.0926	3,228.59	-7,327.53
TOTAL	49,866		14,164.94		6,228.59	-7,936.35
						-7,936.35

On 31 December 2020, ALTUR SA owns the following securities quoted on the BVB:

1 Cost of securities at fair value through profit or loss	14,164.94
2) Adjustments for impairment of
securities at fair value through profit or
loss	7,936.35
3) Securities at fair value through profit
and loss (item 1 - item 2)	6,228.59
(sum of the position of the financial
position

As of December 31, 2021, ALTUR SA no longer holds securities listed on BVB.

ALTUR S.A. Situatii financiare – OMFP 2844/2016 pentru perioada 01 ianuarie - 31 decembrie 2021 (Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

14. Other financial assets / liabilities

14.1. Interest-bearing loans

The Company has the following loans as at 31 December 2021:

I) Loans granted by Raiffeisen Bank

a) Credit for the financing of the current activity - overdraft, for the maximum amount of 12.000.000 RON, granted on 13.06.2013 with maturity on 30.04.2022.

The initial purpose of the credit facility (in 2013) was to repay the balance of the factoring facility contracted by Alro SA from BRD-GSG for the supply of raw materials (aluminum alloys) to SC Altur SA; the refinancing of the factoring facility contracted by SC Altur SA from Banca Transilvania SA for receivables from the commercial relationship with TRW Automotive Czech S.R.O in the Czech Republic; financing of working capital, payments of raw materials, utilities, wages, VAT and other taxes.

At present, the purpose of the credit facility is to fund working capital, pay for raw materials, utilities, wages, VAT and other taxes.

The interest rate charged by the bank for this facility is ROBOR at 1M plus margin of 1.95% per annum. At 31 December 2021, the amount of the drawn facility is 11,972,462 RON

b) Investment loan with a total value of EUR 2,000,000, granted on 18.12.2017, with repayment in 48 equal installments starting with 25.01.2019 until 25.03.2023. The credit period is until December 31, 2018. The interest rate charged by the bank is EURIBOR 1M plus the margin of 2.25% per year.

As of 31 December 2021, the amount of the remaining installments to be paid is 622,762.97 EURO, equivalent to 3,081,493 RON.

Credits granted by Raiffeisen Bank are guaranteed by:

a) mortgage contract on real estate property of the company, located in Slatina, str. Pitesti nr.114, Olt County, consisting of:
intravilan land building category yards in the surface of 2.397,51 sqm, having nr. Cadastral 438/47, immovable property registered in CF no.55512 (no 1058 old CF) of Slatina locality;
intravilan land category yard constructions with an area of 7,095 sqm, having no. Cadastral 438-438 / 41- 438 / 45, together with the construction of C1-Store house chemical dyes, with an area of 214.88 sqm and C2-Remiza PSI, with an area of 176.53 sqm, immobilized in CF no.53375 .CF vechi 1058) of the town of Slatina;
intravilan land category of yard constructions in the surface of 39,677.91 sqm, having nr. cadastral 438- 438// 43, together with the construction C56-43 - Truck scale, with an area of 495.52 sqm, immovable property registered in CF no.53374 (no. CF 1058) of Slatina;
intravilan land category yard constructions in the surface of 16,711.30 sqm, having nr. cadastral building 438-438 / 18, together with the building C3 / 18 - Piston Casting Hall, with an area of 8,998.76 square meters, immovable property registered in CF no.52978 (no. CF 1058) of Slatina;
intravilan land category of yard constructions in the surface of 20.153 sqm, having nr. cadastral 50244 (old cadastral number 438-438 / 6-438 / 19), together with the constructions C1 Gravity casting Hall in CF no. 50244 (old 1058) of the town of Slatina;
intravilan land category yard constructions with an area of 26,274 sqm, having no. cadastral 438-438 / 24- 438 / 25, together with constructions C26 / 25 - Mechanical Processing Hall, with an area of 19,317

ALTUR S.A. Situatii financiare – OMFP 2844/2016

pentru perioada 01 ianuarie - 31 decembrie 2021 (Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

sqm and C25 / 25 - The gate cabin, with an area of 134 sqm, immobilized in CF no.51077 .Old CF 1058) of the town of Slatina;

the general access land within a total area of 15,540.16 sqm, with no. cadastral 438/46, filed in CF no.51102 (no. CF 1058) of Slatina locality;
intravilan land category construction yards with an area of 3,259.82 square meters, with cadastral number 438-438 / 10 438/11, together with the C34 / 11 - Canteen constructions, with a built surface of 568mp and C36 / 10 - gas regulation station, with a built-up area of 15 sqm.
b) the mortgage on the current accounts opened with Raiffeisen Bank and on the receivables of the company on the third parties that will be collected through the current accounts;
c) the mortgage on all proceeds of the commercial relationship with TRW Automotive, Cooper Standard France SAS, Continental Automotive for the strategic supplier contract dated 10.01.2013, M & G Italy, PanLink Sp.Zoo, Renault Group, Automobile Dacia SA, Robert Bosch, with the notification of the ceded debtors.
d) the mortgage on the equipment purchased from the investment loan;
e) pledge on stocks of finished products
f) pledge on stocks of raw materials
g) pledge on receivables from VAT reimbursements from ANAF.

II) Open Loans at Banca Transilvania S.A. Slatina Branch.

a) Discount credit amounting to RON 5,000,000 granted by Banca Transilvania S.A. - Slatina Branch until 02.07.2022, intended to finance the working capital requirement.

The loan is granted with a ROBOR interest rate of 6 months plus 2.25% indexable quarterly. On December 31, 2021, the undrawn credit of the drawn account 4,960,431 RON.

The credit granted by Banca Transilvania S.A. - The Slatina Branch and the related interest are guaranteed as follows:

mortgage contract on buildings:

intravilan land with an area of 17,581.63 sqm, together with the Die presuure asing Hall with a built surface of 10,890.26 sqm and an expedition station with a built surface of 357.18 sqm.
intravilan land general access.

The two buildings were valued at 8,831,374 RON and the value of the guarantee of the goods is 7,065,100 RON

real movable security contract on die pressure machines ,Classical Buhler type 42D and 53D, aluminum melting furnace ZPF type S-G1 5T5 and melting and storage furnace type S-G1, valued at 3.147.989 RON.
a real security collateral contract based on the present and future cash amounts that will be collected in the current accounts of the company opened at Banca Transilvania S.A. - Slatina Branch.
Contract for real security on debts arising from contracts concluded with CONTINENTAL TEVES Germany and HAGELMAYER Consult SRL - Oradea, with a guarantee value of RON 1,071,092

b) On-recourse factoring agreement concluded on 16 May 2018 with Banca Transilvania for the commercial relationship with Continental Teves - Germany, up to the maximum limit of 600,000 EURO. The deadline for firing is 29.06.2022. Contract duration is until 29.12.2022.

On 31.12.2021 the amount drawn from the factoring facility is EUR 439,413.16, equivalent to RON 2,174,209.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

III) Loans received from shareholders

On December 31, 2021 Altur SA has borrowed the amount of 3,461,007 lei from the shareholder Andrici Adrian. The purpose of the loan was to pay the outstanding amounts, representing taxes and duties owed to the state in order to cancel the late payment penalties according to GEO 69/2020. The loan was granted for a period of one year, respectively with the maturity on 31.03.2022, and on the date of repayment of the loaned amount, the related interest will be paid.

The company had on December 31, 2020 contracted the following loans:

I) Credite acordate de Raiffeisen Bank

a) Credit for the financing of the current activity - overdraft, for the maximum amount of 12.000.000 RON, granted on 13.06.2013 with maturity on 30.04.2021.

At present, the purpose of the credit facility is to fund working capital, pay for raw materials, utilities, wages, VAT and other taxes.

The interest rate charged by the bank for this facility is ROBOR at 1M plus margin of 1.95% per annum. At 31 December 2020, the amount of the drawn facility is 10,578,023 RON

As of 31 December 2020, the amount of the remaining installments to be paid is 1,121,534.89 EURO, equivalent to 5,461,202 RON.

Credits granted by Raiffeisen Bank are guaranteed by:

a) mortgage contract on real estate property of the company, located in Slatina, str. Pitesti nr.114, Olt County, consisting of:
intravilan land building category yards in the surface of 2.397,51 sqm, having nr. Cadastral 438/47, immovable property registered in CF no.55512 (no 1058 old CF) of Slatina locality;
intravilan land category yard constructions with an area of 7,095 sqm, having no. Cadastral 438-438 / 41- 438 / 45, together with the construction of C1-Store house chemical dyes, with an area of 214.88 sqm and C2-Remiza PSI, with an area of 176.53 sqm, immobilized in CF no.53375 .CF vechi 1058) of the town of Slatina;
intravilan land category of yard constructions in the surface of 39,677.91 sqm, having nr. cadastral 438- 438// 43, together with the construction C56-43 - Truck scale, with an area of 495.52 sqm, immovable property registered in CF no.53374 (no. CF 1058) of Slatina;
intravilan land category yard constructions in the surface of 16,711.30 sqm, having nr. cadastral building 438-438 / 18, together with the building C3 / 18 - Piston Casting Hall, with an area of 8,998.76 square meters, immovable property registered in CF no.52978 (no. CF 1058) of Slatina;
intravilan land category of yard constructions in the surface of 20.153 sqm, having nr. cadastral 50244 (old cadastral number 438-438 / 6-438 / 19), together with the constructions C1 Gravity casting Hall in CF no. 50244 (old 1058) of the town of Slatina;

ALTUR S.A. Situatii financiare – OMFP 2844/2016

pentru perioada 01 ianuarie - 31 decembrie 2021

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

intravilan land category yard constructions with an area of 26,274 sqm, having no. cadastral 438-438 / 24- 438 / 25, together with constructions C26 / 25 - Mechanical Processing Hall, with an area of 19,317 sqm and C25 / 25 - The gate cabin, with an area of 134 sqm, immobilized in CF no.51077 .Old CF 1058) of the town of Slatina;
the general access land within a total area of 15,540.16 sqm, with no. cadastral 438/46, filed in CF no.51102 (no. CF 1058) of Slatina locality;
intravilan land category construction yards with an area of 3,259.82 square meters, with cadastral number 438-438 / 10 438/11, together with the C34 / 11 - Canteen constructions, with a built surface of 568mp and C36 / 10 - gas regulation station, with a built-up area of 15 sqm.
b) the mortgage on the current accounts opened with Raiffeisen Bank and on the receivables of the company on the third parties that will be collected through the current accounts;
c) the mortgage on all proceeds of the commercial relationship with TRW Automotive, Cooper Standard France SAS, Continental Automotive for the strategic supplier contract dated 10.01.2013, M & G Italy, PanLink Sp.Zoo, Renault Group, Automobile Dacia SA, Robert Bosch, with the notification of the ceded debtors.
d) the mortgage on the equipment purchased from the investment loan;
e) pledge on stocks of finished products
f) pledge on stocks of raw materials
g) pledge on receivables from VAT reimbursements from ANAF.

II) Open Loans at Banca Transilvania S.A. Slatina Branch.

a) Overdraft loan in the total amount of RON 7,500,000 granted by Banca Transilvania S.A. – Slatina Branch until 04.07.2021, of which 5,000,000 lei intended to finance the necessary working capital and 2,500,000 lei restructuring loan with payment in 12 monthly installments in the amount of 208,333 lei / month.

The loan is granted with a ROBOR interest rate of 6 months plus 2.25% indexable quarterly. On December 31, 2020, the undrawn credit of the drawn account is 5,694,956 RON.

The credit granted by Banca Transilvania S.A. - The Slatina Branch and the related interest are guaranteed as follows:

mortgage contract on buildings:
- intravilan land with an area of 17,581.63 sqm, together with the Die presuure asing Hall with a built surface of 10,890.26 sqm and an expedition station with a built surface of 357.18 sqm.
- intravilan land general access.

The two buildings were valued at 8,831,374 RON and the value of the guarantee of the goods is 7,065,100 RON

real movable security contract on die pressure machines ,Classical Buhler type 42D and 53D, aluminum melting furnace ZPF type S-G1 5T5 and melting and storage furnace type S-G1, valued at 3.147.989 RON.
a real security collateral contract based on the present and future cash amounts that will be collected in the current accounts of the company opened at Banca Transilvania S.A. - Slatina Branch.
Contract for real security on debts arising from contracts concluded with CONTINENTAL TEVES Germany and HAGELMAYER Consult SRL - Oradea, with a guarantee value of RON 1,071,092

b) On-recourse factoring agreement concluded on 16 May 2018 with Banca Transilvania for the commercial relationship with Continental Teves - Germany, up to the maximum limit of 600,000 EURO the deadline for firing is 29.06.2022. Contract duration is until 29.12.2022.

On 31.12.2020 there are no amounts drawn from the factoring facility.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

14.2 Leasing

On December 31, 2021 and December 31, 2020, Altur SA had in progress two leasing contracts concluded with Impuls Leasing Romania on 11.05.2018 for 2 cars.

Valoarea ratelor de leasing, pentru cele 2 contracte, ramase de plata la data de 31 decembrie 2021 este de 136.090 lei.

A se vedea mai jos scadentarele ratelor ramase de plata pentru cele doua contracte de leasing:

Contract no.83232/2018 for the car Mercedes-Benz GLC 250D 4MATIC COUPE

			Analysis /	EUR		RESIDUAL
		FINANCED	administra	INTEREST		VALAORE	PRINCIPAL
	DUE DATE	VALUE	tion fee	RATE	MAIN EUR	-EUR -	UNPAID RON
RATE
							1
		38,559.40					EUR_31.12.2021
	ADVANCE
0		6,804.60	1,369.10				4.9481
1	14/06/2018	38,559.40	10.00	125.32	576.21	37,983.19
2	14/07/2018	37,983.19	10.00	123.45	578.08	37,405.11
3	14/08/2018	37,405.11	10.00	121.57	579.96	36,825.15
4	14/09/2018	36,825.15	10.00	119.68	581.85	36,243.30
5	14/10/2018	36,243.30	10.00	117.79	583.74	35,659.56
6	14/11/2018	35,659.56	10.00	115.89	585.64	35,073.92
7	14/12/2018	35,073.92	10.00	113.99	587.54	34,486.38
8	14/01/2019	34,486.38	10.00	112.08	589.45	33,896.93
9	14/02/2019	33,896.93	10.00	110.17	591.36	33,305.57
10	14/03/2019	33,305.57	10.00	108.24	593.29	32,712.28
11	14/04/2019	32,712.28	10.00	106.31	595.22	32,117.06
12	14/05/2019	32,117.06	10.00	104.38	597.15	31,519.91
13	14/06/2019	31,519.91	10.00	102.44	599.09	30,920.82
14	14/07/2019	30,920.82	10.00	100.49	601.04	30,319.78
15	14/08/2019	30,319.78	10.00	98.54	602.99	29,716.79
16	14/09/2019	29,716.79	10.00	96.58	604.95	29,111.84
17	14/10/2019	29,111.84	10.00	94.61	606.92	28,504.92
18	14/11/2019	28,504.92	10.00	92.64	608.89	27,896.03
19	14/12/2019	27,896.03	10.00	90.66	610.87	27,285.16

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

20	14/01/2020	27,285.16	10.00	88.68	612.85	26,672.31
21	14/02/2020	26,672.31	10.00	86.69	614.84	26,057.47
22	14/03/2020	26,057.47	10.00	84.69	616.84	25,440.63
23	14/04/2020	25,440.63	10.00	82.68	618.85	24,821.78
24	14/05/2020	24,821.78	10.00	80.67	620.86	24,200.92
25	14/06/2020	24,200.92	10.00	78.65	622.88	23,578.04
26	14/07/2020	23,578.04	10.00	76.63	624.90	22,953.14
27	14/08/2020	22,953.14	10.00	74.60	626.93	22,326.21
28	14/09/2020	22,326.21	10.00	72.56	628.97	21,697.24
29	14/10/2020	21,697.24	10.00	70.52	631.01	21,066.23
30	14/11/2020	21,066.23	10.00	68.47	633.06	20,433.17
31	14/12/2020	20,433.17	10.00	66.41	635.12	19,798.05
32	14/01/2021	19,798.05	10.00	64.34	637.19	19,160.86
33	14/02/2021	19,160.86	10.00	62.27	639.26	18,521.60
34	14/03/2021	18,521.60	10.00	60.20	641.33	17,880.27
35	14/04/2021	17,880.27	10.00	58.11	643.42	17,236.85
36	14/05/2021	17,236.85	10.00	56.02	645.51	16,591.34
37	14/06/2021	16,591.34	10.00	53.92	647.61	15,943.73
38	14/07/2021	15,943.73	10.00	51.82	649.71	15,294.02
39	14/08/2021	15,294.02	10.00	49.71	651.82	14,642.20
40	14/09/2021	14,642.20	10.00	47.59	653.94	13,988.26
41	14/10/2021	13,988.26	10.00	45.46	656.07	13,332.19
42	14/11/2021	13,332.19	10.00	43.33	658.20	12,673.99
43	14/12/2021	12,673.99	10.00	41.19	660.34	12,013.65
44	14/01/2022	12,013.65	10.00	39.04	662.49	11,351.16	3,278.07
45	14/02/2022	11,351.16	10.00	36.89	664.64	10,686.52	3,288.71
46	14/03/2022	10,686.52	10.00	34.73	666.80	10,019.72	3,299.39
47	14/04/2022	10,019.72	10.00	32.56	668.97	9,350.75	3,310.13
48	14/05/2022	9,350.75	10.00	30.39	671.14	8,679.61	3,320.87
49	14/06/2022	8,679.61	10.00	28.12	673.32	8,006.29	3,331.65
50	14/07/2022	8,006.29	10.00	26.02	675.51	7,330.78	3,342.49
51	14/08/2022	7,330.78	10.00	23.83	677.70	6,653.08	3,353.33
52	14/09/2022	6,653.08	10.00	21.62	679.91	5,973.17	3,364.26
53	14/10/2022	5,973.17	10.00	19.41	682.12	5,291.05	3,375.20
54	14/11/2022	5,291.05	10.00	17.02	684.33	4,606.72	3,386.13
55	14/12/2022	4,606.72	10.00	14.97	686.56	3,920.16	3,397.17
56	14/01/2023	3,920.16	10.00	12.74	688.79	3,231.37	3,408.20
57	14/02/2023	3,231.37	10.00	10.50	691.03	2,540.34	3,419.29
58	14/03/2023	2,540.34	10.00	8.26	693.27	1,847.07	3,430.37

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

			1,969.10	3,985.77	38,559.40		59,444.74
		453.64			453.64	0.00	2,244.66
	RESIDUAL VALAORE
60	14/05/2023	1,151.54	10.00	3.63	697.90	453.64	3,453.28
59	14/04/2023	1,847.07	10.00	6.00	695.53	1,151.54	3,441.55

Contract no.83233/2018 for the car Mercedes-Benz V-CLASS 250D EXTRALUNG

			Analysis /	EUR		RESIDUAL
		FINANCED	administra	INTEREST		VALAORE	PRINCIPAL
	DUE DATE	VALUE	tion fee	RATE	MAIN EUR	-EUR -	UNPAID RON
RATE
							1
		47,126.55					EUR_31.12.2021
0	ADVANCE	8,316.45	1,621.08				4.9481
1	14/07/2018	47,126.55	10.00	153.16	704.24	46,422.31
2	14/08/2018	46,422.31	10.00	150.87	706.53	45,715.78
3	14/09/2018	45,715.78	10.00	148.58	708.82	45,006.96
4	14/10/2018	45,006.96	10.00	146.27	711.13	44,295.83
5	14/11/2018	44,295.83	10.00	143.96	713.44	43,582.39
6	14/12/2018	43,582.39	10.00	141.64	715.76	42,866.63
7	14/01/2019	42,866.63	10.00	139.32	718.08	42,148.55
8	14/02/2019	42,148.55	10.00	136.98	720.42	41,428.13
9	14/03/2019	41,428.13	10.00	134.64	722.76	40,705.37
10	14/04/2019	40,705.37	10.00	132.29	725.11	39,980.26
11	14/05/2019	39,980.26	10.00	129.94	727.46	39,252.80
12	14/06/2019	39,252.80	10.00	127.57	729.83	38,522.97
13	14/07/2019	38,522.97	10.00	125.20	732.20	37,790.77
14	14/08/2019	37,790.77	10.00	122.82	734.58	37,056.19
15	14/09/2019	37,056.19	10.00	120.43	736.97	36,319.22
16	14/10/2019	36,319.22	10.00	118.04	739.36	35,579.86
17	14/11/2019	35,579.86	10.00	115.63	741.77	34,838.09
18	14/12/2019	34,838.09	10.00	113.22	744.18	34,093.91
19	14/01/2020	34,093.91	10.00	110.81	746.59	33,347.32

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

20	14/02/2020	33,347.32	10.00	108.38	749.02	32,598.30
21	14/03/2020	32,598.30	10.00	105.94	751.46	31,846.84
22	14/04/2020	31,846.84	10.00	103.50	753.90	31,092.94
23	14/05/2020	31,092.94	10.00	101.05	756.35	30,336.59
24	14/06/2020	30,336.59	10.00	98.59	758.81	29,577.78
25	14/07/2020	29,577.78	10.00	96.13	761.27	28,816.51
26	14/08/2020	28,816.51	10.00	93.65	763.75	28,052.76
27	14/09/2020	28,052.76	10.00	91.17	766.23	27,286.53
28	14/10/2020	27,286.53	10.00	88.68	768.72	26,517.81
29	14/11/2020	26,517.81	10.00	86.18	771.22	25,746.59
30	14/12/2020	25,746.59	10.00	83.68	773.72	24,972.87
31	14/01/2021	24,972.87	10.00	81.16	776.24	24,196.63
32	14/02/2021	24,196.63	10.00	78.64	778.76	23,417.87
33	14/03/2021	23,417.87	10.00	76.11	781.29	22,636.58
34	14/04/2021	22,636.58	10.00	73.57	783.83	21,852.75
35	14/05/2021	21,852.75	10.00	71.02	786.38	21,066.37
36	14/06/2021	21,066.37	10.00	68.47	788.93	20,277.44
37	14/07/2021	20,277.44	10.00	65.90	791.50	19,485.94
38	14/08/2021	19,485.94	10.00	63.33	794.07	18,691.87
39	14/09/2021	18,691.87	10.00	60.75	796.55	17,895.32
40	14/10/2021	17,895.32	10.00	58.16	799.24	17,096.08
41	14/11/2021	17,096.08	10.00	55.56	801.84	16,294.24
42	14/12/2021	16,294.24	10.00	52.96	804.44	15,489.80
43	14/01/2022	15,489.80	10.00	50.34	807.06	14,682.74	3,993.41
44	14/02/2022	14,682.74	10.00	47.72	809.68	13,873.06	4,006.38
45	14/03/2022	13,873.06	10.00	45.09	812.31	13,060.75	4,019.39
46	14/04/2022	13,060.75	10.00	42.45	814.95	12,245.80	4,032.45
47	14/05/2022	12,245.80	10.00	39.80	817.60	11,428.20	4,045.57
48	14/06/2022	11,428.20	10.00	37.14	820.26	10,607.94	4,058.73
49	14/07/2022	10,607.94	10.00	34.48	822.92	9,785.02	4,071.89
50	14/08/2022	9,785.02	10.00	31.80	825.60	8,959.42	4,085.15
51	14/09/2022	8,959.42	10.00	29.12	828.28	8,131.14	4,098.41
52	14/10/2022	8,131.14	10.00	26.34	830.97	7,300.17	4,111.72
53	14/11/2022	7,300.17	10.00	23.73	833.67	6,466.50	4,125.08
54	14/12/2022	6,466.50	10.00	21.02	836.38	5,630.12	4,138.49
55	14/01/2023	5,630.12	10.00	18.30	839.10	4,791.02	4,151.95
56	14/02/2023	4,791.02	10.00	15.57	841.83	3,949.19	4,165.46
57	14/03/2023	3,949.19	10.00	12.83	844.57	3,104.62	4,179.02
58	14/04/2023	3,104.62	10.00	10.09	847.31	2,257.31	4,192.57

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

59	14/05/2023	2,257.31	10.00	7.34	850.06	1,407.25	4,206.18
60	14/06/2023	1,407.25	10.00	4.68	852.72	554.53	4,219.34
RESIDUAL VALAORE
		554.53			554.53	0.00	2,743.87
			2,221.08	4,871.79	47,126.55		76,645.08

During 2019, respectively on 23.05.2019, another financial leasing contract was concluded with the company DMG Mori Finance from Germany for the financing of a pressure casting cell K830.

The total value of the leasing contract is 730,000 EUR, of which the advance in the amount of 146.000 EUR and the remaining 584,000 EUR is paid in 60 monthly installments (5 years). The value of the leasing installments, for this contract, remaining to be paid on 31 December 2021 is 324,928.76 EUR, respectively 1,904,666 lei.

DMG MORI FINANCE contract for the machine DIE-CAST CELL K 830-71

			Analysis /	EUR		RESIDUAL
		FINANCED	administra	INTEREST		VALAORE	PRINCIPAL
	DUE DATE	VALUE	tion fee	RATE	MAIN EUR	-EUR -	UNPAID RON
RATE
							1
		730,000.00					EUR_31.12.2021
0	ADVANCE	146,000.00					4.9481
1	01/12/2019	584,000.00	9,763.72	2,153.39	7,610.33	576,389.67
2	01/01/2020	576,389.67	9,763.72	2,124.85	7,638.87	568,750.80
3	01/02/2020	568,750.80	9,763.72	2,096.20	7,667.52	561,083.28
4	01/03/2020	561,083.28	9,763.72	2,067.45	7,696.27	553,387.01
5	01/04/2020	553,387.01	9,763.72	2,038.59	7,725.13	545,661.88
6	01/05/2020	545,661.88	9,763.72	2,009.62	7,754.10	537,907.78
7	01/06/2020	537,907.78	9,763.72	1,980.54	7,783.18	530,124.60
8	01/07/2020	530,124.60	9,763.72	1,951.35	7,812.37	522,312.23
9	01/08/2020	522,312.23	9,763.72	1,922.06	7,841.66	514,470.57
10	01/09/2020	514,470.57	9,763.72	1,892.65	7,871.07	506,599.50
11	01/10/2020	506,599.50	9,763.72	1,863.13	7,900.58	498,698.92
12	01/11/2020	498,698.92	9,763.72	1,833.51	7,930.21	490,768.71
13	01/12/2020	490,768.71	9,763.72	1,803.77	7,959.95	482,808.76
14	01/01/2021	482,808.76	9,763.72	1,773.92	7,989.80	474,818.96
15	01/02/2021	474,818.96	9,763.72	1,743.96	8,019.76	466,799.20

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

16	01/03/2021	466,799.20	9,763.72	1,713.88	8,049.84	458,749.36
17	01/04/2021	458,749.36	9,763.72	1,683.70	8,080.02	450,669.34
18	01/05/2021	450,669.34	9,763.72	1,653.40	8,110.32	442,559.02
19	01/06/2021	442,559.02	9,763.72	1,622.98	8,140.74	434,418.28
20	01/07/2021	434,418.28	9,763.72	1,592.45	8,171.26	426,247.02
21	01/08/2021	426,247.02	9,763.72	1,561.81	8,201.91	418,045.11
22	01/09/2021	418,045.11	9,763.72	1,531.06	8,232.66	409,812.45
23	01/10/2021	409,812.45	9,763.72	1,500.18	8,263.54	401,548.91
24	01/11/2021	401,548.91	9,763.72	1,469.19	8,294.52	393,254.39
25	01/12/2021	393,254.39	9,763.72	1,438.09	8,325.63	384,928.76
26	01/01/2022	384,928.76	9,763.72	1,406.87	8,356.85	376,571.91	41,350.53
27	01/02/2022	376,571.91	9,763.72	1,375.53	8,388.19	368,183.72	41,505.60
28	01/03/2022	368,183.72	9,763.72	1,344.07	8,419.64	359,764.08	41,661.22
29	01/04/2022	359,764.08	9,763.72	1,312.50	8,451.22	351,312.86	41,817.48
30	01/05/2022	351,312.86	9,763.72	1,280.81	8,482.91	342,829.95	41,974.29
31	01/06/2022	342,829.95	9,763.72	1,249.00	8,514.72	334,315.23	42,131.69
32	01/07/2022	334,315.23	9,763.72	1,217.07	8,546.65	325,768.58	42,289.68
33	01/08/2022	325,768.58	9,763.72	1,185.02	8,578.70	317,189.88	42,448.27
34	01/09/2022	317,189.88	9,763.72	1,152.85	8,610.87	308,579.01	42,607.45
35	01/10/2022	308,579.01	9,763.72	1,120.56	8,643.16	299,935.85	42,767.22
36	01/11/2022	299,935.85	9,763.72	1,088.15	8,675.57	291,260.28	42,927.59
37	01/12/2022	291,260.28	9,763.72	1,055.61	8,708.11	282,552.17	43,088.60
38	01/01/2023	282,552.17	9,763.72	1,022.96	8,740.76	273,811.41	43,250.15
39	01/02/2023	273,811.41	9,763.72	990.18	8,773.54	265,037.87	43,412.35
40	01/03/2023	265,037.87	9,763.72	957.28	8,806.44	256,231.43	43,575.15
41	01/04/2023	256,231.43	9,763.72	924.25	8,839.47	247,391.96	43,738.58
42	01/05/2023	247,391.96	9,763.72	891.11	8,872.61	238,519.35	43,902.56
43	01/06/2023	238,519.35	9,763.72	857.83	8,905.89	229,613.46	44,067.23
44	01/07/2023	229,613.46	9,763.72	824.44	8,939.28	220,674.18	44,232.45
45	01/08/2023	220,674.18	9,763.72	790.91	8,972.80	211,701.38	44,398.31
46	01/09/2023	211,701.38	9,763.72	757.27	9,006.45	202,694.93	44,564.82
47	01/10/2023	202,694.93	9,763.72	723.49	9,040.23	193,654.70	44,731.96
48	01/11/2023	193,654.70	9,763.72	689.59	9,074.13	184,580.57	44,899.70
49	01/12/2023	184,580.57	9,763.72	655.56	9,108.16	175,472.41	45,068.09
50	01/01/2024	175,472.41	9,763.72	621.41	9,142.31	166,330.10	45,237.06
51	01/02/2024	166,330.10	9,763.72	587.12	9,176.60	157,153.50	45,406.73
52	01/03/2024	157,153.50	9,763.72	552.71	9,211.01	147,942.49	45,577.00
53	01/04/2024	147,942.49	9,763.72	518.17	9,245.55	138,696.94	45,747.91
54	01/05/2024	138,696.94	9,763.72	483.50	9,280.22	129,416.72	45,919.46

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

55	01/06/2024	129,416.72	9,763.72	448.70	9,315.02	120,101.70	46,091.65
56	01/07/2024	120,101.70	9,763.72	413.77	9,349.95	110,751.75	46,264.49
57	01/08/2024	110,751.75	9,763.72	378.71	9,385.01	101,366.74	46,437.97
58	01/09/2024	101,366.74	9,763.72	343.51	9,420.21	91,946.53	46,612.14
59	01/10/2024	91,946.53	9,763.72	308.19	9,455.53	82,491.00	46,786.91
60	01/11/2024	82,491.00	9,763.72	272.72	9,491.00	73,000.00	46,962.42
RESIDUAL VALAORE
		73,000.00			73,000.00	0.00	361,211.30
			585,823.20	74,823.15	584,000.00		1,904,666.00

Under IFRS 16 'Leases' the accounting of a lease with the lessee implies recognition in the statement of financial position of an asset (right to use the underlying asset) and a liability (liabilities arising from the lease).

The rights of use of the leasing goods are depreciated linearly during the period of use of the respective equipment for 10 years, and for cars for the duration of 6 years. The value of the rights of use at 31.12. 2021 is 2,964,027 lei.

Also, in the statement of profit or loss and other elements of the overall result are the expenses with the depreciation of the right of use and with the interest. In 2021, the amorization expense related to the rights of use of the leased assets is 955,516 lei and the interest expense paid for the leasing contracts is 100,118 lei.

15. Stocks

	31.12.2020	31.12.2021
	RON	RON
Raw materials and materials	3,282,705	2,981,154
Adjustments for depreciation of raw materials	(1,213,629)	(279,960)
Advances for stock purchases	423,931	566,048
Fixed assets held for sale	-	-
Production under execution	3,251,883	2,736,825
Finished product	11,088,431	11,817,368
Adjustments for depreciation of finished products	(1,838,721)	(1,041,614)
packing	-	12,197
Total	14,994,600	16,792,018

The company uses the FIFO method as an inventory valuation method.

Adjustments for depreciation of finished products also take into account the adjustment of the cost of finished products to net realizable value.

During 2021 there were no additional adjustments for the depreciation of raw materials, consumables and finished products, as compared to those recorded on 31.12.2020.

For raw materials and materials, adjustments in the amount of 960,612 lei were resumed to incomes.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

For products, in 2021 there were no adjustments for depreciation additional to those recorded on 31.12.2020 and adjustments for depreciation of finished products worth 797,108 lei were resumed to incomes.

The company has the stocks of finished products pledged in favor of RAIFFEISEN Bank and Banca Transilvania

16. Claims

	31.12.2020	31.12.2021
	RON	RON
Commercial receivables	19,073,207	18,668,635
Claims to the state budget	2,963,879	2,909,729
Other claims	11,840,584	3,543,139
Depreciation of trade receivables	(5,701,300)	(5,678,551)
Impairment of other receivables	(1,033,123)	(287,064)
	27,143,247	19,155,888

Commercial receivables are not interest-bearing and are usually settled within 30-90 days.

At 31 December 2019, the commercial receivables with an initial value of RON 1,328,356 were depreciated and fully provisioned. During 2020 and 2021, additional adjustments were made for the depreciation of commercial receivables and adjustments related to the receivables collected were resumed to revenues A se vedea mai jos situatia provizioanelor pentru deprecierea creantelor:

	Depreciation of commercial	Depreciation of other
	receivables	receivables	Total
	RON	RON	RON
As 31 December 2020	5,701,300	1,033,123	6,734,423
Increases during the exercise	210,062	-	210,062
Non-use resume sums on income	232,811	746,059	978,870
As 31 December 2021	5,678,551	287,064	5,965,615

Detailing claims 31 Dectember 2021

Customers with unpaid invoices on 31.12.2021 the following structure:

1,910,900 RON - internal clients
10,914,646 RON - external customers
5,784,734 RON - uncertain customers

The main external customer is ZF ACTIVE SAFETY (former T.R.W. Automotive) with uncollected invoices in the amount of 8,021,184 RON, of which:

ZF Braking System Poland 4,567,170 RON
ZF Automotive UK LTD 2,855,500 RON
ZF Active Safety Germany 153,330 RON

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

ZF Automotive Czech S.R.O 256,439 RON
ZF Automotive LTDA Brazil 170,724 RON
ZF Active Safety France 18,021 RON

For the uncertain clients, provisions in the amount of RON 5,678,551 were set up.

For the VAT to be recovered for the months of November-December 2021 in the amount of RON 2,215,940, it was requested at DGAMC Bucharest the compensation with the debts to the General Consolidated Budget of the state.

Detailing claims 31 Dectember 2020

Customers with unpaid invoices on 31.12.2020 the following structure:

1,441,727 RON - internal clients

11,906,041 RON external customers
5,807,184 RON uncertain customers

The main external customer is ZF ACTIVE SAFETY (former T.R.W. Automotive) with uncollected invoices in the amount of 6,950,156 RON, of which:

ZF Braking System Poland 4.672.958 RON
ZF Automotive UK LTD 1.964.623 RON
ZF Active Safety Germany 119.125 RON
ZF Automotive Czech S.R.O 85.530 RON
ZF Automotive LTDA Brazil 72.934 RON
ZF Active Safety France 34.986 RON

For the uncertain clients, provisions in the amount of RON 5,701,300 have been set up.

For the VAT to be recovered for the months of September-December 2020 in the amount of 2,280,803RON, it was requested at DGAMC Bucharest the compensation with the debts to the General Consolidated Budget of the state.

17. Cash and cash equivalents

As of December 31, 2021 and December 31, 2020, the net availabilities are as follows:

	31.12.2020	31.12.2021
	RON	RON
Cash at the cash desk	697	1,643
Cash at banks	1,664,942	87,624
Depozite pe termen scurt	2,604	2,604
	1,668,243	91,871

Discovered bank account (note 14)	(16,272,979)	(19,080,944)
Cash and cash equivalents	(14,604,736)	(18,989,073)

ALTUR S.A. Situatii financiare – OMFP 2844/2016 pentru perioada 01 ianuarie - 31 decembrie 2021 (Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

In order to present the cash flow statement, the Company did not take into account the bank overdraft.

Cash at banks records interest rates at varying rates according to the daily bank deposit rates. Short-term deposits are set up for variable periods between one day and three months, according to the immediate cash requirements of Altur SA, and interest on those short-term deposit rates.

Generally, at reporting dates, the Company uses overdraft facilities (working capital overdraft) employed almost entirely.

18. Share capital and legal reserve

18.1 Share capital

	Number of shares	Nominal value	Social capital	Hyperinflatio n adjustment	capital premium	Total
		RON	RON		RON	RON
Balance at 1 ianuarie 2021	824,388,338	0.1	82,438,834	197,447,859	1,135,150	281,017,550
Changes on 01.01 - 31.12.2021	-		-	-	-	-
Balance at 31 decembrie 2021	824,388,338	0.1	82,438,834	197,447,859	1,135,150	281,017,550

At the beginning of the financial year 2021, the subscribed share capital of SC ALTUR SA was 82,438,834 RON, representing 824,388,338 shares with a nominal value of RON 0.1. During 2017 the share capital did not change.

The shareholding structure at 31 December 2021 and 31 December 2020 is the following:

Shareholding structure as at 31 December 2021	Number
	Actions	Value RON	%
Mecanica Rotes SA	232,068,388	23,206,839	28.1504
Andrici Adrian	230,693,793	23,069,379	27.9836
Other shareholders legal entities	204,933,927	20,493,393	24.8589
Other shareholders who are natural persons	156,692,230	15,669,223	19.0071
TOTAL	824,388,338	82,438,834	100

Shareholding structure as at 31 December 2020	Number
	Actions	Value RON	%
Mecanica Rotes SA	232,068,388	23,206,839	28.1504
Andrici Adrian	229,693,793	22,969,379	27.8623

ALTUR S.A. Situatii financiare – OMFP 2844/2016 pentru perioada 01 ianuarie - 31 decembrie 2021 (Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Other shareholders, legal and natural persons	362,626,157	36,262,616	43.9873
TOTAL	824,388,338	82,438,834	100

18.2 Legal reserve

The legal reserve is created in accordance with the provisions of the Companies Law, according to which 5% of the annual accounting profit is transferred within the legal reserves until their balance reaches 20% of the Company's share capital. If this reserve is used wholly or partially to cover losses or to distribute in any form (such as the issuance of new shares under the Companies Act), it becomes taxable. The management of the Company does not expect to use the legal reserve in such a way that it becomes taxable (except as provided by the Fiscal Code, where the reserve constituted by the legal entities providing utilities to the companies that are being restructured, reorganized or privatized may be used to cover the losses of value of the share package obtained as a result of the debt conversion procedure, and the amounts intended for its subsequent reconstruction are deductible in calculating the taxable profit).).

In 2021, the company did not set up a legal reserve in 2020 either the company registering a loss.

19.Subsidies for investments

Claims related to subsidies

	31.12.2020	31.12.2021
	RON	RON
On January 1st	0	0
Received in the course of the exercise /
(reduction of the cash grant)	-	-
Receiving subsidy	-	-
At the end of the reporting period	0	0

Debts relating to subsidies
	31.12.2020	31.12.2021
	RON	RON
On January 1st	1,762,716	1,111,859
Received during the exercise / (subsidy reduction to be received)
Transferred to the profit and loss account	(650,857)	(710,026)
At the end of the reporting period	1,111,859	401,833

SC ALTUR SA realized the investment project POS CCE 153210 / 05.04.2011 co-financed by European funds and state budget within the program "Company Efficiency by Modernizing Production Processes and Increasing the Integration of Production" administered by the Ministry of Commerce and Environment of Business, with the total amount of eligible expenditures of RON 15,615,129.60, of which non-

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

reimbursable funds amounting to RON 7,807,565. From this value, the amount of 2,730,000 ron in 2011 was granted as pre-financing, representing 35% of the amount of the non-reimbursable financing of the project. In 2012 was repaid the first installment of the repayment claim nr.1, the trance amounting to RON 339,646. The maximum duration of the contract is 5 years from the date of acceptance of the financing (April 5, 2011).

In 2013 were collected the second installment for claims No.1 amounting to 586,370 RON, the amount of RON 1.3461 million related to demand repayment amount of 1,330,724 RON No.2 and related reimbursement request no.3.

n the first quarter of 2014, the third tranche related to the repayment application no. 1 was collected in the amount of 596,871 RON.

The non-existent part of the project in the total value of 22,096,763 RON was financed by a loan from Raiffeisen Bank SA. According to the loan agreement, a first-rank pledge is imposed on the equipment and the equipment purchased. See Note 14.1..

Below is the breakdown of subsidies after the estimated time of income recognition, long-term and shortterm:

	31.12.2020	31.12.2021
	RON	RON

Short term	710,026	401,833
Long term	401,833	-
Total	1,111,859	401,833

20.Suppliers and other current liabilities

	31.12.2020	31.12.2021
	RON	RON
Commercial debt	16,119,421	21,130,327
Debts to the state budget	13,773,733	1,601,156
Advances received	523,241	1332,603
Other debts	-	4,301,007
Personal benefits owed	943,437	887,449
	31,359,832	29,252,542

Commercial debts are not interest-bearing and are usually settled within 60 – 90 days. Other debts are not interest-bearing. Payment interest is usually settled quarterly throughout the financial year.

Debt Details on 31 December 2021

The main unpaid suppliers are as follows:

SC ALRO SA with a balance of RON 12,288,592 representing 58.16% of the total outstanding suppliers.
ENGIE Romania with a balance of 2,261,513 RON representing 10.7% of the total unpaid suppliers
SPEEH Hidroelectrica SA with a balance of 820,418 RON representing 3.88% of the total unpaid suppliers

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

For the debts to the General Consolidated State Budget registered on 31 December 2021 in the amount of 1,601,156 lei related to November - December 2021, compensation with the VAT to be recovered was requested at DGAMC Bucharest.

Breakdown of debts as at 31 December 2020

The main outstanding suppliers are as follows:

SC ALRO SA with a balance of 9,625,411RON representing 59.71% of the total outstanding suppliers.
CEZ VANZARE with a balance of RON 1,250,689 representing 7.76% of the total outstanding suppliers.
ENGIE Romania with a balance of 538.447 RON representing 3,34% of the total outstanding suppliers.
Heneken Slovakia with a balance of 485.335 RON representing 3,01% of the outstanding suppliers.

In the total debts to the state budget, the significant amount is the additional VAT set by decision F DJ127 / 16.11.2016, following the fiscal inspection for the period 2011 - June 2016, amounting to 5,400,373 lei. Out of this amount, 1,859,583 lei were paid by offsetting the VAT to be repaid in the months of September, October and November 2016 and for the remaining amount of 3,540,790 lei -TVA payment was stopped execution by the sentence no.18 / 16.01.2017 pronounced by the Court of Appeal Craiova pending the settlement of the appeal on the merits for the annulment of the effects of the decision FDJ 127 / 16.11.2016. Following the reverification by the decision of F-DJ 62/09.05.2018, the right of deduction for the amount of 1,538,242 lei was granted, the balance of the VAT payment amount remaining 2,002,548 lei.

Also, in the debts to the state budget is the significant amount of 2,027,394 lei representing interest and late payment penalties calculated for the VAT payment additionally established by the decision of FDJ 127/16.11.2016, established by decisions no. FDJ 61 from 10.-11.01.2017 and the amount of 7,897,988 lei representing interest and penalties for profit tax established by decisions D211/8-10.12.2020.

For the debts to the general consolidated state budget registered on 31 December 2020 in the amount of 2,410,535 lei related to October - December 2020, the compensation with the VAT to be recovered was requested at DGAMC Bucharest, the amount of 2,280,773 lei was requested and during January 2021 the amount of 129,762 lei was paid

21.Outcome per share

The basic share result is calculated by dividing the share of the company's shareholders' share in the weighted average number of ordinary shares outstanding during the year, with the exception of ordinary shares acquired by the company and held as own shares..

	31 decembrie 2020	31 decembrie 2021
	RON	RON
Net profit attributable to shareholders / (loss)	(16,159,868)	(7,018,340)
Average number of shares	824,388,338	824,388,338
Net profit / loss () per share	(0.020)	(0.008)

The diluted earnings per share is equal to the result per share.

The overall earnings per share is calculated by dividing the overall result of the Company's shareholders by the weighted average number of ordinary shares outstanding during the year, except for ordinary shares acquired by the Company and held as own shares.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

	31 decembrie 2020	31 decembrie 2021
	RON	RON
Overall result attributable to shareholders	(16,159,868)	(7,018,340)
Average number of shares	824,388,338	824,388,338
Overall result per share	(0.020)	(0.008)

22.Commitments and contingencies

Warranties for contractual obligations

Insurances

In 2016 and until the end of 2017, the Company has concluded the following insurances:

ensuring civil liability towards third parties;
Assurance for the main clients of TRW Automotive and Continental Teves

• insurance of buildings and assets from the company's patrimony - for all assets pledged to credit institutions;

• other types of insurance (especially for vehicles in the Company's car park).

Transfer price

In accordance with the relevant tax legislation, the tax assessment of a related party transaction is based on the concept of the market price of that transaction. Based on this concept, transfer prices must be adjusted to reflect the market prices that would have been established between unrelated entities acting independently on normal market conditions basis.

It is likely that checks on transfer prices will be carried out in the future by the tax authorities to determine whether those prices comply with normal market conditions principle and that the Romanian taxpayer's tax base is not distorted.

23.Financial risk management objectives and policies

The Company's main financial liabilities are trade payables and loans from banks. The main purpose of these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations.

The Company's main financial assets are trade receivables, cash and cash equivalents, bank deposits, financial investments in listed and unlisted companies (including subsidiaries).

As at 31 December 2021 and 31 December 2020, the carrying amount is estimated to be approximately equal to the fair value for all financial assets and liabilities of the Company, due to short maturity and/or interest rate changes (for variable interest) as well as due to the fact that the shares held in listed companies have been adjusted to market value at the reporting date.

The Company is mainly exposed to credit risk and liquidity risk. The Company's senior management oversees the management of these risks.

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

The Board of Directors reviews and approves policies for managing each of these risks, which are summarized below.

Market risk

Market risk is the risk that the fair value of an instrument's future cash flows will fluctuate due to changes in market prices. There are four types of market price risk: interest rate risk, currency risk, commodity price risk and other price risk, such as equity price risk.

Commodity price risk - aluminium

Management considers that the Company is not exposed to price risk, as the determination of the selling price to the Company's customers takes into account the purchase price of the raw material depending on the evolution of the main aluminium market, the London Metal Exchange. The sales prices in the contracts are updated periodically (mainly quarterly) according to the evolution of the LME quotation for aluminium.

Interest rate risk

Interest-driven cash flow risk is the risk of changes in interest expense and interest income due to variable interest rates. The Company has borrowings that bear interest at a variable rate, exposing the Company to cash flow risk. Details of the interest rate applied to the Company's borrowings are disclosed in Note 14.1 (borrowings from banks).

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates mainly to the Company's operating activities (where income or expenses are denominated in a currency other than the Company's functional currency).

The Company has transactions in currencies other than its functional currency (RON), mainly for sales to external customers, which are denominated in EUR.

As at 31 December 2021 and 31 December 2020, the Company's assets and liabilities denominated in a currency other than RON generated a net exposure as follows:

	Monetary assets		Monetary debts
31.12.2020	31.12.2021	31.12.2020	31.12.2021
RON	RON	RON	RON
396	1.814	-	-
13,479,462	13,530,542	15,091,578	8,871,113

Therefore, the Company considers that, by the specific nature of its business, it reduces its net exposure to exchange rate fluctuations by having both assets and liabilities in EUR (the currency to which it has the largest exposure).

(Sumele sunt exprimate in RON, daca nu se precizeaza altfel)

Credit risk

Credit risk is the risk that a counterparty will fail to meet its obligations under a financial instrument or customer contract, thereby resulting in a financial loss. The Company is exposed to credit risk from its operating activities (mainly for trade receivables) and from its financial activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

Trade receivables

Customer's credit risk is managed by the Company, subject to a policy established by management, whereby the risk class (rating) for each customer and related credit limits are calculated.

The balance of receivables is monitored at the end of each reporting period and any major deliveries to a customer are reviewed. Impairment indicators are analysed at each reporting date, based on the payment arrears intervals and other specific information on individually significant debtors.

The maximum exposure to credit risk at the reporting date is represented by the carrying amount of receivables as disclosed in Note 16.

Cash and cash equivalents, other financial assets

Credit risk arising from balances with banks and financial institutions is managed by the Company's treasury department in accordance with the Company's policies.

The Company's maximum exposure to credit risk for cash and cash equivalents is disclosed in Note 14. The Company limits the maximum exposure to each banking institution and has current accounts and deposits only with banks of very good standing.

Liquidity risk

The Company monitors its risk of facing a shortage of funds using a recurring liquidity planning tool. The Company carefully plans and monitors its cash flows to prevent this risk, and also has access to funding from major partner banks.

Capital management

Capital includes share capital and reserves attributable to shareholders. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and normal capital ratios to support its business and maximise shareholder value.

The Company's policy is to generate sufficient liquidity to enable it to meet its obligations as they fall due.

STATEMENT, According to art.223 (1) point c of the ASF Regulation no.5/2018

According to art.223 (1) point c. of ASF Regulation no. 5/2018, we confirm that, after our knowledge, the annual financial statement, as at 31.12.2021, prepared in accordance with the applicable accounting standards, provides a correct and true image of th asset, liabilities, financial position, profit and loss account of the company and that the Annual Report of the Board of Directors includes a correct analysis of the development and performances of ALTUR SA as well as a description of the main risks and uncertaunties specific for performed activities.

Chairman of the Board of Directors Dipl. Eng. Niţu Rizea Gheorghe

General Manager,

ec. Sergiu Burcă

Head of financial departament Ec. Preduţ Vasile Cornel

INDEPENDENT AUDITOR'S REPORT ON ANNUAL FINANCIAL STATEMENTS PREPARED BY SC ALTUR SA FOR THE FINANCIAL YEAR ENDED AT 31 DECEMBER 2021

CRAIOVA 2022

Nr.26/15.04.2022

INDEPENDENT AUDITOR'S REPORT

To the shareholders of ALTUR SA

OPINION

1. We have been engaged to audit the financial statements of ALTUR SA., with registered office in Slatina, 114 Pitesti Street, Olt County, with VAT number RO1520249, Commercial register J28/131/1991, comprising the statement of financial position as at 31.12.2021, the statement of comprehensive income, the statement of changes in shareholders' equity and the statement of cash flows for the financial year ending on this date, as well as a summary of significant accounting policies and explanatory notes.

The financial statements as at 31 December 2021 are identified as follows: -Net assets/Total shareholders' equity: 50,640,848 lei. -Net result for the financial year: 7,018,340 lei (loss).

2. In our opinion, the accompanying individual financial statements give a true and fair view of the financial position of ALTUR SA as at 31 December 2021, and of the financial performance § and cash flows for the year then ended, in all material respects, In accordance with the Order of the Minister of Public Finance no. 2844/2016 for the approval of Accounting Regulations in accordance with International Financial Reporting Standards as amended (,,O.M.F.P. 2844/2016") and with the accounting policies described in the notes to the financial statements.

Basis for opinion

3. We conducted our audit in accordance with International Standards on Auditing (''ISA''), EU Regulation No. 537/2014 of the European Parliament and of the Council of the European Union (''Regulation No. 537/2014'') and Law No. 162/2017 (''Law''). Our responsibilities under these standards are described in detail in the section ""The Auditor's Responsibilities in an Audit of Financial Statements" in our report. We are independent of the Company in accordance with the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA Code) in accordance with the ethical requirements that are relevant to the audit of financial statements in Romania, and we have fulfilled our other ethical responsibilities in accordance with those requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

4. The key audit matters are those matters which, based on our professional judgement, were of most significance to the audit of the financial statements for the current period. These matters have been addressed in the context of the audit of the financial statements as a whole and in forming our opinion on them and we do not express a separate opinion on these matters.

Key audit issues	Audit procedures performed to address
	the key audit issue
	The procedures performed to obtain
Financial leasing	reasonable assurance on finance leases
As disclosed in note 14 to the financial	were as follows:
statements the Company holds financial	- We obtained a copy of the lease
leases in the amount of 2,040,756 lei.	agreements including the repayment
The importance of the transposition of	schedules;
finance leases into the accounts in	- We have recalculated the rights of use
accordance with IFRS 16 is to ensure	of the two cars and the K830 tumble
that lessees and lessors disclose relevant	cell, in order to determine the
information in a way that accurately	correctness of the accounting
represents the transactions under the	transposition of the right of use of the
leases. Based on this information, users	underlying asset and the obligations
of financial statements can assess the	arising from the lease contract, with
effect of leases on the financial position,	major implications in terms of
financial performance and financial	recognition of the financial position of
performance and cash flows of an entity.	an asset and a liability.

Income recognition
Income from operating activities	Our audit procedures included among
represents a significant amount of	others :
96,029,921 representing a large volume	- assessment of recognition principles of
of transactions	revenue in accordance with IFRS 15 and
Types of transactions identified related	in relation to the company's accounting
to revenue recognition lead to the	policies.
following risks:	-Analytical procedures for revenue
- Completeness and existence of	recognition under IFRS 15.
recognised revenue;	-testing for existence and effectiveness
- the correctness of revenue recognized	internal controls (management control,
for transactions relating to trade	preventive financial control) in order to
discounts granted that are outside the	verify the correct recording of
normal invoicing process and by their	transactions,
nature involve a level of high	- testing on a sample basis of trade
management judgement; -	receivables balances at 31.12.2021 with
- the revenue recognition policy is	confirmation letters
disclosed in Note "2.2 Principal
accounting policies".
Stocks

According to note 15 to the financial	Our audit procedures included among
statements, compared with the previous	others:
year as at 31.12.2021 the stocks at net	Discussion with the company on the
value are composed of:	existing situation.
-raw materials and materials at gross	Recalculation of immediate cash
value of 2,701,194 lei;	indicators to determine the number of
-advances for stock purchases: 566,048	days of storage.
lei;	Material inventories are recorded at
-work in progress in the amount of	acquisition cost which includes all the
2,736,825 lei;	expenses related to the acquisition as
-finished products 10,775,754 lei;	well as other costs to bring the
-packaging 12,197 lei.	inventories to the form and place of use.
As at 31.12.2021 there is an increase in	At the time of the first removal from the
stock compared to 31.12.2020 of	accounts, stocks are valued and entered
1,797.42 thousand lei, mainly as a result	in the accounts on the basis of the FIFO
of the increase in the stock of finished	principle. Cost of finished products,
products and the reversal to income of	unfinished production includes raw
some adjustments made in the previous	materials, direct wage costs, other direct
year.	and indirect costs of production, but

excludes interest, sales and distribution costs. For finished products, the estimated net value in relation to sales price including trade discounts granted. Analysis of how the product costing is
prepared.

Business continuity issues

5. With regard to the COVID-19 pandemic in 2021, the company's management has taken all the necessary measures to ensure that the company's activities are carried out as close to normal as possible.

Like any player in a competitive market, ALTUR SA is exposed both to changes in the price of raw materials, energy and natural gas and to changes in exchange rates.

We draw attention to note 23 "Objectives and policies for financial risk management" according to which the company considers that it is not exposed to the risk determined by the price of aluminium commodities, because the determination of the selling price to the company's customers takes into account the purchase price of the raw material according to the evolution of the main aluminium market, the London Metal Exchange. Sales prices in aluminium contracts are updated periodically (mainly quarterly) according to the evolution of the LME quotation for aluminium (page 50 of the notes to the financial statements).

According to management's statements for 2022, turnover is expected to increase by approximately 85% compared to the previous year as a result of the increase in the orders portfolio and the resumption of economic activity, as well as the increase in the LME quotation for aluminium alloys and the alloying premium. (page 6 of the directors' report) .

In point 1.9 of the administrators' report (tab 9) the management states that the trends of the market economy are reflected in ALTUR SA, for the year 2022, by increasing exports to current customers, as well as starting cooperation with new customers. The company plans to develop new products both for the automotive industry and for the manufacture of components used in other sectors of activity for the European Union market. It is obvious that the above will continue to depend on the evolution of the pandemic at European and world level, as well as on the evolution of the conflict in Ukraine. Our opinion remains unchanged on this point.

The activity of the company is regulated by the Environmental Authorisation of 1/22.07.2013, issued by APM Olt, valid until 22.07.2023.

There are no significant uncertainties that could significantly question the entity's ability to continue its activity and implicitly there are no uncertainties that could influence the company to be unable to realise its assets and execute its obligations in the course of the normal performance of its activity.

Highlighting certain matters

6. We have verified the compliance by ALTUR SA, a company with private capital I00% , listed on the Stock Exchange category II with the ticker ALT , with the quarterly, half-yearly and annual financial reporting obligations, in accordance with art. 227 of the "Law 297 on the capital market" and we found that they were fulfilled. As far as internal control is concerned, it is mainly carried out through management control and preventive financial control. The auditor recommends more detailed internal control procedures and closer supervision by management with more precise and detailed responsibilities in the job descriptions. According to Art. 65 para. (7) of the Law no. 162/2017, the entities whose annual financial statements are subject, according to the law, to statutory audit (i.e. entities of public interest defined according to Art. 2 item 12 of the Law no. 162/2017 and entities that meet the size criteria for auditing) are obliged to organize and ensure the exercise of internal audit activity according to law.

Given that our engagement was closed on 17.01.2022 we did not follow the factual inventory of stocks as at 31.12.2021, due to the nature of the company's records, it was not necessary to determine the correctness of the stocks using other audit procedures.

Not participating in the factual inventory of stocks, the responsibility for carrying out the inventory lies with the inventory committees and the central committee.

In the report of the administrators, issues relating to the non-financial statement to be prepared on the basis of the Order of the Minister of Public Finance No. 1938/2016 on the amendment and completion of certain accounting regulations are presented.

Other information - Directors' report

7. Directors are responsible for the preparation and presentation of other information. Other information comprises: the Directors' Report which includes the Non-Financial Statement, but does not include the financial statements and the auditor's report thereon or the Non-Financial Statement.

Our opinion on the individual financial statements does not cover this other information and unless explicitly stated in our report, we do not express any assurance conclusion thereon.

In connection with our audit of the financial statements for the year ended 31 December 2021, our responsibility is to read that other information and in so doing, to evaluate whether that other information is materially inconsistent with the financial statements or with the knowledge we obtained during the audit or whether it appears to be materially misstated.

With regard to the Directors' Report , we state that those responsible for the preparation and presentation of the Directors' Report in accordance with the requirements of Order 2844/2016 approving the Accounting Rules in conformity with International Financial Reporting Standards, applicable to companies whose securities are admitted to trading on a regulated market, do not contain material misstatements for that internal control that management considers necessary to enable the preparation of the Directors' Report that is free from material misstatement, whether due to fraud or error.

The administrator or another person who has the duty to manage the entity is responsible for the estimates made, which are the basis for the entries in the accounts, and for determining the nature of the economic and financial operations, according to their economic reality.

As regards the directors' report, we have read this report attached to the individual financial statements and report that it has been prepared in all material respects. significant aspects in accordance with the Order of the Minister of Public Finance No. 2844/2016, as amended, for the approval of the Accounting Regulations in accordance with International Financial Reporting Standards as adopted by the European Union, as amended.

Based solely on the activities required to be performed during the audit of the financial statements, in our opinion:

In the report of the administrator for the financial year for which the financial statements have been prepared, we have not identified financial information that is not consistent in all material respects with the information presented in the accompanying individual financial statements;
The Directors' Report identified was prepared in all material respects in accordance with the Order of the Minister of Public Finance No. 2844/2016, as amended, approving the Accounting Regulations in accordance with International Financial Reporting Standards as adopted by the European Union, as amended.
Based on our knowledge and understanding obtained during our audit of the individual financial statements for the financial year Ended 31 December 2021 in respect of the Company and its environment, we have not identified any information included in the Directors' Report that is materially misstated.

In the directors' report, we have not identified any financial information that is materially inconsistent with the information presented in the accompanying financial statements.

The directors believe that the company will continue in business for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

In accordance with the financial statements for this financial year, the main risks and uncertainties facing the company are also presented.

The directors' report also provides information on: the company's foreseeable development, the entity's use of financial instruments, the entity's financial risk management objectives and policies and the entity's exposure to market risk, tax risk.

If the auditor identifies inconsistent, incomplete or materially misstated information, the relevant ISAs will apply and the audit report will be amended accordingly.

The administration carried out a general inventory of the assets, according to decision no. 188/11.11.2021, the results of which are recorded in the accounts.

ALTUR SA has accounting policies.

The company's management provided all the explanations and information requested. In addition, based on our knowledge and understanding of the company and its environment gained during the audit of the financial statements for the financial year ended 31 December 2021 we are required to report whether we have identified material misstatements in the directors' report. We have nothing to report on this matter.

Responsibility of management and those charged with governance for the financial statements

8. The Company's management is responsible for the preparation and fair presentation of these financial statements for the year ended 31.12.2021 in accordance with IFRSs, with the Order of the Minister of Public Finance No. 2844/2016 approving the Accounting Regulations in accordance with International Financial Reporting Standards and with the accounting policies described in the notes to the financial statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

9. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, where appropriate, going concern matters and using the going concern basis of accounting, unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

10. Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's responsibility

11. Our objectives are to obtain reasonable assurance about whether the financial statements, taken as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the ISA will always detect a material misstatement, if one exists. Misstatements may be caused by either fraud or error and are considered material if they could reasonably be expected to affect, individually or in the aggregate, the economic decisions of users made on the basis of these financial statements.

12. As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify, and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures in response to those risks and obtain sufficient appropriate audit evidence to provide a basis for our opinion. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error because fraud may involve secret understandings, misrepresentation, intentional omissions, misstatements and circumvention of internal control;
We understand internal control to be relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but are rarely intended to express an opinion on the effectiveness of the Company's internal control;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
Conclude on the appropriateness of management's use of going concern accounting and determine, based on audit evidence obtained, whether there is a material uncertainty about events or conditions that may cast significant doubt about the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the financial statements or, if those disclosures are inadequate, to modify our opinion. Our conclusions are based on audit evidence obtained up to the date of the auditor's report. However, future events or conditions may cause the Company to cease to operate on a going concern basis;

-Evaluate the overall presentation, structure and content of the financial statements, including disclosures, and the extent to which the financial statements reflect underlying transactions and events in a manner that achieves fair presentation.

13. As part of the audit process, we communicate to those responsible for governance, among other matters, the planned scope and timing of the audit and the principal audit findings, including any significant deficiencies in internal control, that we identify during the audit.

14. We also provide those responsible for governance with a statement that we have complied with the relevant ethical requirements relating to independence and that we have disclosed to them all relationships and other matters that could reasonably be expected to affect our independence and, where appropriate, related safeguards.

15. Of the matters communicated with the persons responsible for governance, we determine which are the most important matters for the audit of the current period's financial statements and which are therefore key audit matters. We describe these matters in the auditor's report, unless laws or regulations prohibit public disclosure of the matter or unless, in extremely rare circumstances, we believe that a matter should not be disclosed in our report because the benefits to the public interest are reasonably expected to outweigh the negative consequences of disclosure.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our responsibility is to express an opinion on the fairness of the information contained in the financial statements based on our audit.

16. We have assessed the overall presentation, structure and content of the financial statements, including the disclosures, and the extent to which the statements the underlying transactions and events in a manner that results in a fair presentation.

17. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Report on Other Regulatory Provisions

Appointment of Auditor and Duration of Engagement

We have been appointed auditors of the company by the General Meeting of Shareholders' Meeting (,,AGM") by resolution dated 17.01.2022 in order to audit the financial statements of ALTUR SA for the financial year ended 31.12.2021. The total uninterrupted duration of our engagement is 1 year, covering the financial year ending 31.12.2021.

Consistent with the Supplementary Report presented to the Audit Committee

At the date of issue of this audit report, the Company does not have an Audit Committee to issue a supplementary report.

Provision of non-audit services

We declare that we have not performed for the Company any non-audit services referred to in Article 5, para. (1) of Regulation (EU) No. 537/2014. In addition, we have not provided other non-audit services for the Company.

Use of the report

This report is prepared solely for the purpose of filing the company's financial statements prepared as at 31 December 2021 with the M.F.P. and other bodies authorised by law.

Date:15.04.2022

Statutory Auditor Saftoiu Florin Registered in the Electronic Public Register with number AF 1026 Authorized by the Authority for Public Oversight of Statutory Audit Activity By authorization series 116248/06.01.2020

Date:15.04.2022

On behalf of AMT Service SRL, Craiova, str. Unirii, no. 30, Dolj county, registered in the Electronic Public Register with no. FA948, authorized by the Authority for Public Supervision of the Statutory Audit Activity (ASPAAS) through the authorization series 118493 /18.03.2020.

AI assistant

Altur S.A. — Annual Report 2021

2325_10-k_2022-04-29_8ca3be1f-affd-488a-ab83-cdae82d0374a.pdf

ANNUAL REPORT - 2021 of the Board Of Directors

for the financial year 2021 According to Annex 15 of FSA. No.5 / 2018 Regulation on issuers of financial instruments and market operations.

CONTENTS:

1. ANALYSIS OF THE ACTIVITY OF THE COMPANY

2. TANGIBLE ASSETS OF SOCIETY

3. MARKET OF SECURITIES ISSUED BY THE COMPANY

4. MANAGEMENT OF THE COMPANY

5. ACCOUNTING FINANCIAL SITUATION

6. CORPORATE GOVERNANCE

7. NON-FINANCIAL DECLARATION

8. ANNEXES

1. ANALYSIS OF THE COMPANY 'S ACTIVITY

1.1. Description of activity of the Company's

a) Description of the current main activity of the company;

MAIN AREA: Casting of light non-ferrous metals

b) Indication regarding the date of establishment of the company;

c) Description of any merger or significant reorganization of the company, its subsidiaries or controlled companies during the financial year;

d) Description of acquisitions and / or disposal of assets;

e) Description of the main results of activity of the company .

1.2. Assessment of the technical level of the company

Description of the main products and / or services provided, specifying:

a) Main markets for each product or service and distribution methods; Internal market :

External Market:

1. Manufacturer-Beneficial Distribution.

2. Producer-supplier-beneficiary distribution.

Description of the external market:

1. Market of castings

2. Aftermarket parts

Altur main products are:

Gravity castings of aluminum alloys:

Die cast parts of aluminum alloys:

Casting and processed parts (finished products ):

b) The share of each product or service on revenue and total turnover of the company for the last three years;

1.3. Assessment of the technical and material supply activity (indigenous sources, import sources)

1.4. Assesing of sales activity

1.5. Assessing employee / company staff issues.

1.6 Assessing issues related to the impact of the issuer's core business on the environment

1.7. Evaluating research and development

1.8. Evaluating the business of the company on risk management

Liquidity risk

Currency risk

Interest rate risk

Credit risk

1.9. Perspectives on the activity of the company

Effects of capital expenditure on the financial situation

2. CORPORATE ASSETS OF S.C. ALTUR S.A.

2.1 Location and characteristics of the main production capacities of the commercial property.

2.2. Description and analysis of wear for the properties of the company

2.3. Specifying potential issues related to ownership of tangible assets of commercial companies.

3.THE MARKET OF THE MOBILE VALUES ISSUED BY ALTUR S.A. Slatina

3.1. Specification of the markets in Romania and other countries where the securities issued by the trading company are negotiated.

3.2. Description of the company's business policy on dividends

3.3. Description of any activities of the company to acquire its own shares. - It's not necessary

3.4. Where the company has subsidiaries, the indication of the number and nominal value of the shares issued by the parent undertaking owned by the subsidiaries.

3.5. If the company has issued bonds and / or other debt securities, the disclosure of how the company fulfills its obligations towards the holders of such securities.

4. MANAGEMENT6 OF THE COMPANY

COMPANY ADMINISTRATORS:

NIŢU RIZEA GHEORGHE

JURAVLE BOGDAN

ANDRICI ADRIAN

BLĂJUȚ IONEL OLIMPIU

CHIȘ GRIGORE

MEMBERS OF THE EXECUTIVE LEADERSHIP:

BURCA SERGIU

ALECU MIHAI

TACLIT VALERICA

1. Function held: Head of Production

5. THE ACCOUNTING FINANCIAL SITUATION

Presenting an analysis of the current economic and financial situation compared to the last 3 years with reference at least to:

Balance sheet items

b) Profit and loss account items Cost items of at least 20% of total revenue

c) Cash-flow

6. CORPORATE GOVERNANCE

7. NON-FINANCIAL DECLARATION

REMUNERATION REPORT FOR THE FINANCIAL YEAR 2021

PREAMBLE

1. Legal framework .

Altur S.A. Annual Report 2021