Romcarbon S.A. — Audit Report / Information 2015

Feb 12, 2016

DATE DE IDENTIFICARE

Raport: Situatii financiare anuale preliminare Exercitiul financiar incheiat la 31 decembrie 2015 Data raportului: 12 februarie 2016 Denumirea societatii comerciale : S.C. ROMCARBON S.A. Sediul social : Buzau, Str. Transilvaniei, nr.132 Numarul de telefon/fax: 0238/711155; 0238/710697 Codul unic de inregistrare: RO 1158050 Numar de ordine in Registrul Comertului : [10/83/1991] Capitalul social subscris si varsat :26,412,209.60 lei Piata reglementata pe care se tranzactioneaza valorile mobiliare emise :Bursa de Valori Bucuresti, Categoria Standard Principalele caracteristici ale valorilor mobiliare emise de societatea comerciala : 264,122,096 actiuni nominative, dematerializate, cu valoare nominala de 0.1 lei.

I. Situatia pozitiei financiare la 31.12.2015

(sumele sunt exprimate in lei, daca nu e specificat altfel)

Indicator	2013	2014	2015	Variatie		2015 vs. 2014
Imobilizari corporale	115,730,546	113,254,098	147,815,970	34,561,872	▲	30.52%
Investitii imobiliare	45,934,052	46,317,533	45,520,547	$-796,986$	$\blacktriangledown$	$-1.72%$
Imobilizari necorporale	339,167	209,289	189,900	$-19,388$	$\blacktriangledown$	$-9.26%$
Active financiare	24,125,945	22,919,676	22,863,010	$-56,666$	$\blacktriangledown$	$-0.25%$
Total active pe termen lung	186, 129, 710	182,700,596	216,389,428	33,688,832	$\blacktriangle$	18.44%
Stocuri	15,719,338	18,104,795	20,499,859	2,395,064	$\blacktriangle$	13.23%
Creante comerciale	31,926,260	29,399,410	33,963,166	4,563,756	$\blacktriangle$	15.52%
Imprumuturi acordate partilor
afiliate	$\boldsymbol{0}$	635,099	$\boldsymbol{0}$	$-635,099$	V	$-100.00\%$
Impozite de recuperat	18,839	131,401	70,497	$-60,904$	V	$-46.35\%$
Alte active	262,596	246,451	366,752	120,301	▲	48.81%
Numerar si echivalente de
numerar	9,307,666	9,560,212	12,888,836	3,328,624	▲	34.82%
Total active curente	57,234,699	58,077,367	67,789,110	9,711,743	Δ	16.72%
Total activ	243,364,409	240,777,963	284, 178, 538	43,400,575	$\blacktriangle$	18.03%
Capital social	26,412,210	26,412,210	26,412,210	$\mathbf{0}$	and in	$0.00\%$
Prime de capital	2,182,283	2,182,283	2,182,283	$\mathbf 0$	-	$0.00\%$
Rezerve	49,242,206	49,418,796	48,956,710	$-462,086$	V	$-0.94%$
Rezultat reportat	12,697,983	47,730,966	54,384,433	6,653,466	Δ	13.94%
Total capitaluri	90,534,682	125,744,256	131,935,636	6,191,381	Δ	4.92%
Imprumuturi	21,095,797	14,842,699	32,479,716	17,637,018	$\blacktriangle$	118.83%
Leasinguri financiare si alte
datorii purtatoare de dobanda	3,791,346	2,705,112	1,578,121	$-1,126,991$	V	$-41.66%$
Datorii privind impozitul
amanat	10,570,635	11,041,869	11,041,869	$\mathbf{0}$		$0.00\%$
Alte datorii pe termen lung	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\overline{\phantom{0}}$	n/a
Venituri in avans	12,593,199	11,052,206	24,475,344	13,423,138	▲	121.45%
Total datorii pe termen lung	48,050,977	39,641,885	69,575,050	29,933,165	$\blacktriangle$	75.51%
Datorii comerciale	27,599,072	28,900,849	30,928,649	2,027,801	$\blacktriangle$	7.02%
Imprumuturi primite de la parti
afiliate	31,277,371	0	$\mathbf{0}$	0	$\qquad \qquad$	n/a
Imprumuturi	42,869,851	42,801,193	49,364,586	6,563,393	$\blacktriangle$	15.33%
Leasinguri financiare si alte
datorii purtatoare de dobanda	1,408,860	1,588,642	1,326,030	$-262,612$		$-16.53%$
Venituri in avans	41,602	8,320	16,798	8,478	▲	101.89%
Alte datorii	1,581,993	2,092,819	1,031,788	$-1,061,031$	$\bm{\nabla}$	$-50.70%$
Total datorii curente	104,778,750	75,391,823	82,667,851	7,276,029	$\blacktriangle$	9.65%
Total datorii	152,829,727	115,033,708	152,242,902	37,209,194	$\blacktriangle$	32.35%
Total capitaluri si datorii	243,364,409	240,777,963	284, 178, 538	43,400,574	Δ	18.03%

Indicator	31/12/2014	31/12/2015
Numar mediu de salariati	743	786

In anul 2015 activele pe termen lung detin 76.15% din activele societatii, inregistrand o crestere cu 33,688,832 lei, respectiv de 18.44% fata de inceputul anului.

Active pe termen lung	2015	$%$ in total ATL	$%$ in total Activ	2015 vs. 2014
Imobilizari corporale	147,815,970	68.31%	52.02%	30.52%
					Pagina 2/8

s.c. ROMCARBON S.A ~ Raport privind situatiile financiare preliminare ~ an 2015

Total active pe termen lung	216,389,428	$100.00\%$	76.15%	18.44%
Active financiare	22,863,010	$10.57\%$	$8.05\%$	$-0.25%$
Imobilizari necorporale	189.900	$0.09\%$	$0.07\%$	$-9.26\%$
Investitii imobiliare	45,520,547	21.04%	$16.02\%$	$-1.72%$

In anul 2015 s-au achizitionat echipamente de productie in valoare totala de 29,988,347 lei cu finantare nerambursabila in cadrul Programului Operațional Sectorial "Creșterea Competitivității Economice" (POS CCE) 2007-2013- co- finantat din Fondul European de Dezvoltare Regionala, Axa Prioritară 1, proiect denumit generic - "Dezvoltarea S.C. ROMCARBON S.A. prin achizitia de noi echipamente". Valoarea totala a asistentei financiare nerambursabile in cadul acestui Proiect a fost de 14,605,372 lei, din care s-a incasat pana la 31.12.2015 suma de 13,481,689 lei si in luna ianuarie 2016 s-a incasat diferenta de 1,123,683 lei.

Investitiile imobiliare au urmatoarea structura:

Investitii imobiliare	Terenuri	Constructii	Total
Iasi	28,136,827	8,265,986	36,402,813
Buzau	2,026,350	1,884,621	3,910,971
Stefanesti	2,738,398	2,468,365	5,206,763
Total	32,901,575	12,618,972	45,520,547

La 31.12.2015 au fost evaluate activele clasificate ca investitii imobiliare rezultand un minus net de valoare de 796,486 lei, suma ce s-a inregistrat direct in rezultatul exercitiului.

Activele financiare detin o pondere de 8.05% in total active, si de 10.57% in total active pe termen lung.

La 31.12.2015, S.C. ROMCARBON S.A. detinea actiuni la alte companii in valoare de 22,863,010 lei, astfel:

Societate	Total numa r	Valoare nominala	Capital social	Capital social detinut	Nr.de actiuni	Valoarea achizitiei/i	Procent de detinere
	actiu ni	(lei)	(1e i )	(lei)	detinute	nvestitiei	$(\%)$
RECYPLAT LTD CIPRU	26,000	4.3521	113,154	113,154	26,000	20,857,287	100.0000%
ROMCARBON DEUTSCHLAND GmbH			110,138	110,138		110,138	100.0000%
RC ENERGO INSTALL SRL	200	10	2,000	2,000	200	15,112	100.0000%
INFO TECH SOLUTIONS SRL	200	10	2,000	1,980	198	1,980	99.0000%
LIVINGJUMBO INDUSTRY SA	200	4,032	806,400	798,336	198	1,639,232	99.0000%
GREENSORT RECYCLING SRL	4,000	10	40,000	20,400	2,040	20,400	51.0000%
YENKI SRL	32,800	10	328,000	109,340	10,934	100,000	33.3354%
ASOCIATIA ECOLOGICA GREENLIFE (Non-Profit Organization)				$\mathbf{0}$	1,200	400	33.3333%
ECO PACK MANAGEMENT SА	144,60 0	10	1,446,000	366,700	36,670	586,625	25.3596%
KANG YANG	2,889,			$\overline{0}$	139,000	203,963	4.8097%
BIOTECHNOLOGY CO.LTD	993
REGISTRUL MIORITA SA	10,500	10	105,000	3,980	398	5,000	3.7905%
		TOTAL				23,540,137

Pagina 3/8

S.C. ROMCARBON S.A ~ Raport privind situatiile financiare preliminare $\sim$ an 2015

Din luna februarie 2015, SC Romcarbon SA si-a marit cota de detinere in capitalul societatii RC Energo Install SRL Buzau de la 99.50 % la 100%, ca urmare a achizitionarii unei parti sociale la valoarea de 13,122 lei.

In 02.04.2015 TOTAL COMMERCIAL MANAGEMENT SRL a intrat in procedura de dizolvare si lichidare voluntara potrivit Hot AGA din data de 02.04.2015, conform art.227 lit.D si 235 din Legea 31/1990. In luna iunie 2015 societatea a fost radiata de la Registrul Comertului.

In data de 26.08.2015 SC Taipei Cimeo SRL a intrat in procedura de dizolvare si lichidare voluntara potrivit Hot AGA din data de 26.08.2015, conform art.227 alin.1 lit.D si 235 din Legea 31/1990.

In baza contractului de credit incheiat de SC Taipei Cimeo SRL si UniCredit Tiriac Bank SA, SC Romcarbon SA in calitate de garant per aval a achitat in data de 09.07.2015 suma de 377,458 lei in contul datoriei Taipei Cimeo SRL. In 24.08.2015 Taipei Cimeo SRL a rambursat catre Romcarbon SA suma de 56,800 lei.

In data de 27.04.2015 S.C POLYMASTERS CHEMICALS SA a intrat in procedura de dizolvare si lichidare voluntara potrivit Hot AGEA din data de 27.04.2015, conform art.227 alin.1 lit.D si 235 din Legea 31/1990. Societatea a restituit S.C ROMCARBON S.A in luna august suma de 64,314 lei reprezentand restituire partiala capital social. In data de 27.10.2015 societatea a fost radiata de la Registrul Comertului.

La data de 31.12.2014 constatandu-se o depreciere a unor active financiare s-au facut ajustari pentru pierderea de valoare a acestor active astfel:

Societate	Cota de detinere	Ajustare
ROMCARBON DEUTSCHLAND GmbH	$100.00\%$	110,138
GREENSORT RECYCLING SRL	51.00%	738
YENKI SRL	$33.34\%$	11,989
ECO PACK MANAGEMENT SA	25.36%	554,262
Total		677,127

Activele curente detin 23.85% din activele totale inregistrand o crestere cu 9,711,743 lei, respectiv cu 16.72% fata de inceputul anului.

Active curente	2015	% in total AC.	% in Total Active	2015 vs. 2014
Stocuri	20,499,859	30.24%	7.21%	13.23%
Creante comerciale	33,963,166	50.10%	11.95%	15.52%
Imprumuturi acordate partilor afiliate	-	$0.00\%$	$0.00\%$	$-100.00\%$
Impozite de recuperat	70,497	0.10%	0.02%	$-46.35\%$
Alte active	366,752	0.54%	0.13%	48.81%
Numerar si echivalente de numerar	12,888,836	19.01%	4.54%	34.82%
Total	67,789,110	100.00%	23.85%	16.72%

Datoriile totale ale societatii detin 53.57% din Total Capitaluri si Datorii, inregistrand o crestere de 37,209,194 lei fata de inceputul anului, respectiv de 32.35%.

La 31.12.2015 situatia imprumuturilor bancare angajate de S.C. ROMCARBON S.A. este urmatoarea:

Banca	Tipul facilitatii	Moneda	Suma initiala	Sold la 31.12.2015 in euro	Scadenta
					Pagina 4/8
	S.C. ROMCARBON S.A ~ Raport priving situatiile financiare preliminare $\sim$ an 2015

$\alpha$ aport priving situatule financiare preliminare $\sim$ an 2015

UniCredit Bank	Linie de credit	EUR	€ 3,450,000	€ 3,124,462	02/07/2016
UniCredit Bank	Linie de credit	EUR	€ 2,500,000	€ 2,257,192	04/07/2016
BRD GSG	Linie de credit	EUR	€ 2,550,000	€ 2,153,153	30/09/2016
BRD GSG	Credit investitii (I)	EUR	€ 2,058,000	€ 1,138,468	01/03/2018
BRD GSG	Credit investitii (II)	EUR	€ 1,000,000	€ 689,618	03/09/2022
BRD GSG	Credit investitii (III)	EUR	€ 3,153,160	€ 2,740,246	03/02/2022
UniCredit Bank	Credit investitii - CCE 2015	EUR	€ 3,042,240	€ 2,967,420	04/12/2023
UniCredit Bank	Credit punte - CCE 2015	EUR	€ 2,133,369	€ 2,074,003	31/03/2016
TOTAL Credite in euro
			€19,886,769	€ 17,144,561

Banca	Tipul facilitatii	Moneda	Suma initiala	Sold la 31.12.2015 in lei	Scadenta
UniCredit Bank	Facilitate TVA - CCE 2015	RON	3,000,000 lei	1,219,561 lei	31/03/2016
Eximbank SA	Credit investitii	RON	6,142,500 lei	3,054,174 lei	20/06/2022
Total credite in lei			9,142,500 lei	4,273,735 lei

Imprumuturile pe termen scurt totalizeaza 44,694,620 lei si au urmatoarea componenta :

Banca	Tipul facilitatii	Moneda	Suma initiala		Sold la 31.12.2015
				in euro	in lei
UniCredit Bank	Linie de credit	EUR	€ 3,450,000	€ 3,124,462	14,136,626 lei
UniCredit Bank	Credit object	EUR	€ 2,500,000	€ 2,257,192	10,212,665 lei
BRD GSG	Linie de credit	EUR.	€ 2,550,000	€ 2,153,153	9,741,940 lei
UniCredit Bank	Credit punte - CCE 2015*	EUR	€ 2,133,369	€ 2,074,003	9,383,827 lei
UniCredit Bank	Facilitate TVA - CCE $2015*$	RON	3,000,000 lei	$\epsilon$ 0	1,219,561 lei
	Total Credite pe termen scurt			€9,608,809	44,694,620 lei

Nota : In luna Ianuarie 2016 a fost rambursat integral soldul conturilor Credit Punte si Facilitate TVA.

Imprumuturile pe termen lung totalizeaza 32,479,716 lei si sunt defalcate astfel :

Banca	Tipul facilitatii	Moned	Sold la 31.12.2015
		a	in euro	in lei	$<$ 12 luni	$>12$ luni
BRD GSG	Credit investitii (I)	EUR	€ 1,138,468	5,150,999 lei	2,377,384 lei	2,773,615 lei
BRD GSG	Credit investitii (II)	EUR	€ 689,618	3,120,175 lei	lei $\sim$	3,120,175 lei
BRD GSG	Credit investitii (III)	EUR	€ 2,740,246	12,398,244 lei	2,038,068 lei
UniCredit	Credit investitii -	EUR		13,426,091 lei		10,360,176 lei
Bank	CCE 2015		€ 2,967,420		- lei	13,426,091 lei
Eximbank	Credit investitii	RON		3,054,174 lei	254,514 lei	2,799,659 lei
SA
	Total Credite pe termen lung		€7,535,752	37,149,682 lei	4,669,966 lei	32,479,716 lei

Imprumuturile bancare au fost garantate cu ipoteci imobiliare si mobiliare asupra unor cladiri, echipamente si utilaje, cu cesiuni de creante precum si cu cesiuni ale cash-flow-ului din Banci.

Datoriile curente ale societatii, reprezentand 54.30% din total datorii si 29.09% din Total Capitaluri si Datorii, au inregistrat o crestere cu 7,276,029 lei fata de 31.12.2014, respectiv cu 9.65%, si au urmatoarea structura:

Datorii curente	2015	% in total datorii	% in Total Datorii	2015 vs. 2014
				Pagina 5/8
$SC$ POMCAPROMEA . Department of the C $\ddot{C}$		____

ROMCARBON S.A ~ Raport privind situatiile financiare preliminare $\sim$ an 2015

16,798 1,031,788 0.68%	0.02% 1.25%	101.89% $-50.70%$
	1.60%	$-16.53%$
	59.71%	15.33%
	37.41%	7.02%
	30,928,649 49,364,586 1,326,030	20.32% 32.42% 0.87% $0.01\%$

Datoriile pe termen lung au o pondere in Total Capitaluri si Datorii de 24.48% inregistrand o crestere cu 29,933,165 lei fata de inceputul anului, respectiv de 75.51% si au urmatoarea structura:

Datorii pe termen lung	2015	$%$ in total datorii	$\%$ in Total DTL	2015 vs. 2014
Imprumuturi	32,479,716	$21.33\%$	46.68%	118.83%
Leasinguri financiare si alte datorii purtatoare de dobanda	1,578,121	1.04%	$2.27\%$	$-41.66%$
Datorii privind impozitul amanat	11,041,869	7.25%	15.87%	$0.00\%$
Venituri in avans	24,475,344	16.08%	35.18%	121.45%
Total datorii pe termen lung	69,575,050	45.70%	100.00%	75.51%

Capitalurile proprii detin 46.43% din total pasiv, si au urmatoarea structura:

Capitaluri	2015	2015 vs. 2014
Capitalul social subscris si varsat(reprezentand contravaloarea unui numar de 264,122,096 actiuni la valoare nominala de 0.1 lei pe actiune)	26,412,210	$0.00\%$
Prime de capital	2,182,283	$0.00\%$
Rezerve	48,956,710	$-0.94%$
Rezultat reportat	54,384,433	13.94%
Total capitaluri	131,935,636	4.92%

II. Situatia Rezultatului Global pentru exercitiul financiar incheiat la 31.12.2015

Indicator	2014	2015		2015 vs. 2014
Vanzari nete	157,939,374	176,702,913		18,763,539	12%
Venituri din investitii *	39,546,850	8,342,326		$-31,204,524$	$-79%$
Alte castiguri sau pierderi	310,664	$-898,497$	A	1,209,160 Ξ,	$-389%$
Variatia stocurilor	1,776,904	1,538,064		238,840 $\overline{\phantom{0}}$	$-13%$
Cheltuieli cu materiile prime si consumabile	$-123,301,848$	$-134,762,781$		$-11,460,932$	9%
Cheltuieli cu deprecierea si amortizarea activelor	$-8,589,905$	$-7,106,832$		1,483,073	$-17%$
Cheltuieli cu beneficiile angajatilor	$-15,363,377$	$-18,755,367$	▲	3,391,990 u,	$22\%$
Cheltuieli cu contributiile privind asigurarile si protectia
sociala	$-4,259,181$	$-4,419,970$	▲	160,789	$4\%$
Costul net al finantarii	$-2,647,538$	$-2,114,646$		532,892	$-20%$
Alte venituri	1,560,493	1,182,234		378,259	$-24%$
Alte cheltuieli	$-10,274,552$	$-11,508,736$	▲	1,234,184 $\overline{\phantom{a}}$	12%
Profit (pierdere) inaintea impozitarii	36,697,883	8,198,709		$-28,499,175$	$-78%$
Impozit pe profit	$-484,646$	$\Omega$		484,646	$-100%$
Profit (pierdere) net	36,213,237	8,198,709		$-28,014,529$	$-77%$
Total rezultat global	36,213,237	8,198,709
				$-28,014,529$	$-77%$

Componenta indicatorului « Venituri din investitii » este urmatoarea :

Indicator	2014	2015
Venituri din chirii	2,513,884	2,532,570
Venituri din dobanzi	52,324	20,401

Pagina 6/8

s.c. ROMCARBON S.A ~ Raport privind situatiile financiare preliminare $\sim$ an 2015

Total	39,546,850	8,342,326
Venituri din dividende - LivingJumbo Industry	1,485,000	990,000
Venituri din dividende - Infotech Solutions		100,579
Venituri din dividende - Yenki	1,877	0
Venituri din dividende - Recyplat	35,478,880	4,698,776
Venituri din dividende - Total Commercial Management	14,885	$\Omega$

III. Evolutia Cifrei de Afaceri

Cifra de afaceri a avut in perioada de raportare urmatoarea structura:

	2013		2014		2015
Structura cifrei de afaceri	Valoare	$\frac{0}{0}$ in total	Valoare	$\frac{0}{0}$ in total	Valoare	$\frac{0}{0}$ in total		2015 vs. 2014
Venituri din vanzari de
produse finite	85,102,725	59.76%	98,515,325	61.40%	108,853,984	60.73%	▲	10.49%
Venituri din vanzari de
semifabricate	25,108	0.02%	374,422	0.23%	170,908	0.10%		$-54.35\%$
Venituri din prestari servicii	144,095	0.10%	80,677	0.05%	228,525	0.13%	$\blacktriangle$	183.26%
Venituri din vanzari de
marfuri	50,346,451	35.35%	56,436,094	35.17%	64,883,624	36.20%	$\blacktriangle$	14.97%
Venituri din inchirieri	3,701,812	2.60%	2,513,884	1.57%	2,532,570	1.41%	$\blacktriangle$	0.74%
Venituri din alte activitati	3,098,988	2.18%	2,532,857	1.58%	2,565,872	1.43%	$\blacktriangle$	1.30%
Total, din care:	142,419,180	100.00%	160,453,258	100.00%	179, 235, 483	100.00%	$\blacktriangle$	11.71%
Piata interna	122,661,089	86.13%	137,356,336	85.61%	150, 134, 472	83.76%	$\blacktriangle$	$9.30\%$
Piata externa	19,758,092	13.87%	23,096,922	14.39%	29,101,011	16.24%		$26.00\%$

Nota: Cifra de afaceri cuprinde indicatorul "Vanzari nete" din Contul de Profit si Pierdere, la care se adauga "Venituri din inchirieri" care sunt generate de investitiile imobiliare.

IV. INDICATORI ECONOMICO-FINANCIARI

	Indicator	2013	2014	2015
Performanta economico-	Profit net	52,135	36,213,237	8,198,709
financiara inregistrata de SC	Cheltuieli cu impozitul pe profit (+)	313,139	484,646
Romcarbon SA in perioada	Cheltuieli cu dobanzile (+)	2,744,353	2,323,401	1,806,009
de raportare poate fi	EBIT	3,109,627	39,021,284	10,004,717
evaluata prin prisma	Cheltuieli cu amortizarea (+)	6,459,813	7,411,536	7,106,832
urmatorilor indicatori.	Venituri din subventii pentru investitii (-)	1,187,269	1,560,493	1,182,234
	EBITDA	8,382,171	44,872,327	15,929,316

Indicatori de profitabilitate

$\overline{ }$

Nr.Crt.	Indicator	Mod de calcul			2013	2014	2015
a)	EBITDA EBITDA in total vanzari
		Cifra de Afaceri			100	5.89%	27.97%	8.89%
b)	EBITDA in capitaluri	EBITDA
	proprii	Capitaluri proprii		100	9.26%	35.69%	12.07%
$\mathbf{C}$	Rata profitului brut	Profit Brut
		Cifra de afaceri		100	0.26%	22.87%	$4.57\%$
d)	Rata rentabilitatii	Profit net
	capitalurilor	Capitaluri proprii		100	0.06%	28.80%	6.21%
$\overline{2}$	Indicatori de lichiditate
Nr.Crt.	Indicator	Mod de calcul			2013	2014	2015

Pagina 7/8

s.c. ROMCARBON S.A ~ Raport privind situatiile financiare preliminare $\sim$ an 2015

a)	Indicatorul lichiditatii	Active curente
	curente	Datorii curente		0.55	0.77	0.82
b)	Indicatorul lichiditatii	Active curente-Stocuri	Datorii curente
	imediate(testul acid)				0.40	0.53	0.57
$\overline{\mathbf{3}}$	Indicatori de risc
Nr.Crt.	Indicator	Mod de calcul			2013	2014	2015
a)	Indicatorul gradului de	Datorii pe termen lung			0.53
	indatorare(1)	Capitaluri proprii				0.32 0.48 16.79 2014 69	0.53
b)	Indicatorul gradului de	Total datorii
	indatorare(2)	Total active			0.63		0.54
c)	Rata de acoperire a	EBIT
	dobanzii	Cheltuieli cu dobanzile			1.13		5.54
4	Indicatori de activitate
Nr.Crt.	Indicator	Mod de calcul			2013		2015
	Viteza de rotatie a	Sold mediu creante
a)	creantelor comerciale	comerciale	$\mathbf{x}$	360	87		64
		Cifra de Afaceri
	Viteza de rotatie a	Sold mediu datorii
b)	datoriilor comerciale	comerciale	$\mathbf X$	360	74	63	60
		Cifra de Afaceri
5 5	Indicatori de rentabilitate
Nr.Crt.	Indicator	Mod de calcul			2013	2014	2015
a)	Rata rentabilitatii	Rezultat net
	economice(ROA)	Active totale		$\mathbf X$	100	0.0214%	15.0401%	2.8851%
b)	Rata rentabilitatii	Rezultat net
	financiare(ROE)	Capitaluri proprii	$\overline{\mathbf{x}}$	100	0.0576%	28.7991%	6.2142%
$\mathbf{c})$	Rata rentabilitatii	Rezultat net
	comerciale(ROS)	Cifra de Afaceri	X	100	0.0366%	22.5693%	4.5743%

***

Nota:Situatiile financiare anuale preliminare pentru anul 2015 sunt intocmite in conformitate cu Standardele Internationale de Raportare Financiara, nu sunt consolidate la nivel de grup si nu au fost auditate.

Director General, Andrei Radu

Director Financiar Zainescu Viorica Ioana

Company Identification

Report: Preliminary Annual Financial Statements Financial year ended 31 December 2015 Report date: 12 February 2016 Name of the Company: SC ROMCARBON S.A. Headquarters: Buzau, Transilvaniei Street, no.132 Tel / fax: 0238/711155; 0238/710697 Sole registration code: RO 1158050 Registered business number: [10 / 83/1991 Subscribed and paid up share capital: 26,412,209.60 lei Regulated market where the issued securities are traded: Bucharest Stock Exchange, Standard Category The main characteristics of the securities issued by the company: 264,122,096 registered shares, dematerialized, with a nominal value of 0.1 lei.

I. STATEMENT OF FINANCIAL POSITION

(in this report all the amount are expressed in lei, if other currency is not mentioned

Property, plant and equipment 115,730,546 113,254,098 147,815,970 34,561,872 30.52% ▲ Investment property 45,934,052 46,317,533 45,520,547 $-796,986$ V $-1.72%$ Intangible assets 339,167 209,289 189,900 $-19,388$ $-9.26%$ V Financial assets 24,125,945 22,919,676 22,863,010 $-56,666$ V $-0.25%$ Total non-current assets 186, 129, 710 182,700,596 216,389,428 33,688,832 $\blacktriangle$ 18.44% Inventories 15,719,338 18, 104, 795 20,499,859 2,395,064 $\blacktriangle$ 13.23% Trade and other receivables 31,926,260 29,399,410 33,963,166 15.52% 4,563,756 Loans granted to related parties 635,099 $\mathbf{0}$ $-635,099$ $\theta$ $-100.00\%$ Current tax assets 18,839 131,401 70,497 $-60,904$ $-46.35\%$ Other assets 262,596 246,451 366,752 120,301 48.81% Cash and bank balances 9,307,666 9,560,212 12,888,836 3,328,624 34.82% Total current assets 57,234,699 58,077,367 67,789,110 $\blacktriangle$ 9,711,743 16.72% Total assets 243,364,409 240,777,963 284, 178, 538 43,400,575 $\blacktriangle$ 18.03% Issued capital 26,412,210 26,412,210 26,412,210 $\Omega$ $0.00\%$ Share premium 2,182,283 2,182,283 2,182,283 $0.00\%$ $\theta$ Reserves 49,242,206 49,418,796 48,956,710 $-462,086$ $-0.94%$ Retained earnings 12,697,983 47,730,966 54, 384, 433 6,653,466 13.94% Total Equity 90,534,682 125,744,256 131,935,636 6,191,381 $\blacktriangle$ 4.92% Borrowings LT 21,095,797 14,842,699 32,479,716 17,637,018 $\blacktriangle$ 118.83% Long term finance leases and other interest bearing obligations 3,791,346 2,705,112 1,578,121 $-1,126,991$ $-41.66%$ Deferred tax liabilities 10,570,635 11,041,869 11,041,869 $0.00\%$ $\theta$ Other non current liabilities $\Omega$ $\Omega$ $\Omega$ $\Omega$ n/a $\overline{\phantom{a}}$ Deferred income 12,593,199 11,052,206 24,475,344 13,423,138 $\blacktriangle$ 121.45% Total non-current liabilities 48,050,977 39,641,885 69,575,050 29,933,165 $\blacktriangle$ 75.51% Trade and other payables 27,599,072 28,900,849 30,928,649 2,027,801 $\blacktriangle$ 7.02% Loans received from related parties 31,277,371 $\Omega$ $\mathbf{0}$ $\Omega$ n/a - Borrowings ST 42,869,851 42,801,193 49,364,586 6,563,393 ▲ 15.33% Short term finance leases and other interest bearing obligations 1,408,860 1,588,642 1,326,030 $-262,612$ $-16.53%$ Deferred revenue 41,602 8,320 16,798 8,478 101.89% Other liabilities 1,581,993 2,092,819 1,031,788 $-1,061,031$ V $-50.70%$ Total current liabilities 104,778,750 75,391,823 82,667,851 7,276,029 $\blacktriangle$ 9.65% Total liabilities 152,829,727 115,033,708 152,242,902 37,209,194 $\blacktriangle$ 32.35% Total equity and liabilities 243,364,409 240,777,963 284, 178, 538 43,400,574 ▲ 18.03%	Item	2013	2014	2015		2015 vs. 2014

tem	31/12/2014	31/12/2015
Average number of employees	743	786

In 2015 The Non-current assets hold 76.15% of the company's assets, recording an increase of 33,688,832 lei, i.e. 18.44%, as compared with december, 2014.

Non-current assets	2015	$%$ in total NCA	$%$ in total Assets	2015 vs. 2014
Property, plant and equipment	147,815,970	$68.31\%$	52.02%	30.52%
Investment property	45,520,547	21.04%	16.02%	$-1.72%$

S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim$ 2015

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Intangible assets	189,900	$0.09\%$	$0.07\%$	$-9.26%$
Financial assets	22,863,010	$10.57\%$	8.05%	$-0.25%$
Total non-current assets	216,389,428	$100.00\%$	76.15%	$18.44\%$

During 2015 were purchased equipment and machineries in total amount of 29,988,347 lei according to the investment program co-financed by European Fund for Regional Development « Development of the company Romcarbon SA by purchasing new equipment ».

The grant received was in amount of 14,605,372 lei, out of which the amount of 13,481,689 lei was cashed till the end of December 2015, and the difference of 1,123,683 lei was cashed in January, 2016.

The Investment property have the following structure:

Investment property	Land	Plants	Total
Iasi	28,136,827	8,265,986	36,402,813
Buzau	2,026,350	1,884,621	3,910,971
Stefanesti	2,738,398	2,468,365	5,206,763
Total	32,901,575	12,618,972	45,520,547

At the end of 2015 were evaluated assets classified as Investment Property resulting a negative difference of 796,486 lei; the amount was recorded directly in the Profit and Loss Account.

Financial Assets hold 8.05% of Total Assets, and 10.57% of Non-current assets.

As at 31.12.2015, S.C. ROMCARBON S.A. held shares in other companies totalizing 22,863,010 lei, as follows:

Societate	Total number of	Nomin al Value	Social capital	Social capital held	No. of shares held by	Acquisitio n value of the shares	Participat ion quota
	shares	(lei)	$(\text{lei})$	(lei)	RCB	(lei)	$(\%)$
RECYPLAT LTD CIPRU	26,000	4.3521	113,154	113,154	26,000	20,857,287	100.0000%
ROMCARBON DEUTSCHLAND GmbH			110,138	110,138		110,138	100.0000%
RC ENERGO INSTALL SRL	200	10	2,000	2,000	200	15,112	100.0000%
INFO TECH SOLUTIONS SRL	200	10	2,000	1,980	198	1,980	99.0000%
LIVINGJUMBO INDUSTRY SA	200	4,032	806,400	798,336	198	1,639,232	99.0000%
GREENSORT RECYCLING SRL	4,000	10	40,000	20,400	2,040	20,400	51.0000%
YENKI SRL	32,800	10	328,000	109,340	10,934	100,000	33.3354%
ASOCIATIA ECOLOGICA GREENLIFE (Non-Profit Organization)				$\mathbf{0}$	1,200	400	33.3333%
ECO PACK MANAGEMENT SA	144,600	10	1,446,000	366,700	36,670	586,625	25.3596%
KANG YANG	2,889,99
BIOTECHNOLOGY CO.LTD	3			$\mathbf{0}$	139,000	203,963	4.8097%
REGISTRUL MIORITA SA	10,500	10	105,000	3,980	398	5,000	3.7905%
		TOTAL				23,540,137

S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim 2015$

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Starting with february 2015, SC Romcarbon SA has increased its participation quota in RC Energo Install SRL's share capital from 99.50 % to 100% by purchasing a share for which it paid the amount of 13,122 lei.

TOTAL COMMERCIAL MANAGEMENT SRL started the voluntary dissolution procedure according to the company's shareholders meeting decision dated on 02.04.2015 on the ground of art.227 lit.D and art.235 of Companies Law (31/1990). In June the company was erased from Commerce Registry Office.

According to the credit contract concluded by Taipei Cimeo SRL with UniCredit Tiriac Bank SA, SC Romcarbon SA, as guarantor of Taipei Cimeo SRL, paid on 09 July 2015 the amount of 377,458 lei representing the outstanding loan of Taipei Cimeo SRL. On 24 August 2015 Taipei Cimeo SRL paid back to Romcarbon SA the amount of 56,800 lei.

On 26.08.2015 SC Taipei Cimeo SRL started the voluntary dissolution procedure according to the company's shareholders meeting decision dated on 26.08.2015 on the ground of art.227 lit.D and art.235 of Companies Law (31/1990).

On 27.04.2015 S.C POLYMASTERS CHEMICALS SA started the voluntary dissolution procedure according to the company's shareholders meeting decision dated on 27.04.2015 on the ground of art.227 lit.D and art.235 of Companies Law (31/1990). The company paid to Romcarbon SA the amount of 64,314 lei representing the partial capital repayment.

As at 31.12.2014 it was acknowledged an impairment of financial assets and consequently the following adjustments were made:

Company	Participation quota	Adjustment
ROMCARBON DEUTSCHLAND GmbH	$(\%)$	110,138
GREENSORT RECYCLING SRL	51.00%	738
YENKI SRL	33.34%	11,989
ECO PACK MANAGEMENT SA	25.36%	554,262
Total		677,127

Current assets hold 23.85% of total assets recording an increase of 9,711,743 lei, i.e.16.72% as compared with the beginning of the year.

Current assets	2015	$%$ in total CA	% in Total Assets	$2015$ vs. 2014
Inventories	20,499,859	30.24%	7.21%	13.23%
Trade and other receivables	33,963,166	50.10%	$11.95\%$	15.52%
Amounts to received from the related
parties - financial		$0.00\%$	$0.00\%$	$-100.00\%$
Current tax assets	70,497	0.10%	0.02%	$-46.35%$
Other assets	366,752	0.54%	0.13%	48.81%
Cash and bank balances	12,888,836	19.01%	4.54%	34.82%
Total	67,789,110	100.00%	23.85%	16.72%

Total Liabilities hold 53.57% of the company's Equity&Liabilities recording an increase of 37,209,194 lei, i.e. 32.35% as compared with the beginning of the year.

S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim 2015$

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Loans

Bank	Type	CCY	Initial amount	Balance as at 31.12.2015 in euro	Maturity
UniCredit Bank	Overdraft	EUR	€ 3,450,000	€ 3,124,462	02/07/2016
UniCredit Bank	Overdraft	EUR	€ 2,500,000	€ 2,257,192	04/07/2016
BRD GSG	Overdraft	EUR	€ 2,550,000	€ 2,153,153	30/09/2016
BRD GSG	Investment credit (I)	EUR	€ 2,058,000	€ 1,138,468	01/03/2018
BRD GSG	Investment credit (II)	EUR	€ 1,000,000	€ 689,618	03/09/2022
BRD GSG	Investment credit (III)	EUR	€ 3,153,160	€ 2,740,246	03/02/2022
UniCredit Bank	Investment credit - CCE 2015	EUR	€ 3,042,240	€ 2,967,420	04/12/2023
UniCredit Bank	Bridge loan - CCE 2015	EUR	€ 2,133,369	€ 2,074,003	31/03/2016
Total loans in euro			€ 19,886,769	€ 17,144,561

As at 31.12.2015 the loans contracted by S.C. ROMCARBON S.A. have the following structure :

				Balance as at
Bank	Type	CCY	Initial amount	31.12.2015	Maturity
				in lei
UniCredit Bank	VAT Facility- CCE 2015	RON	3,000,000 lei	1,219,561 lei	31/03/2016
Eximbank SA	Investment credit	RON	6,142,500 lei	3,054,174 lei	20/06/2022
Total loans in lei			9,142,500 lei	4,273,735 lei

Short term loans, totalizing 44,694,620 lei, have the following structure :

Bank	Type	Initial CCY Amount		Balance as at 31.12.2015
				in euro	in lei
UniCredit Bank	Overdraft	EUR.	€ 3,450,000	€ 3,124,462	14,136,626 lei
UniCredit Bank	Overdraft	EUR	€ 2,500,000	€ 2,257,192	10,212,665 lei
BRD GSG	Overdraft	EUR	€ 2,550,000	€ 2,153,153	9,741,940 lei
UniCredit Bank	Bridge loan - CCE 2015*	EUR	€ 2,133,369	€ 2,074,003	9,383,827 lei
UniCredit Bank	VAT Facility - CCE 2015*	RON	3,000,000 lei	€ 0	1,219,561 lei
	Total short term loans			€ 9.608.809	44.694.620 lei

Note: In January 2016 it were fully repaid the balances of the Bridge loan and VAT Facility.

Long term loans, totalizing 32,479,716 lei , have the following structure :

Bank	Type		Balance as at 31.12.2015 CCY
			in lei in euro		$<$ 12 Months	>12 Months
BRD GSG	Investment credit (I)	EUR	€ 1,138,468	5,150,999 lei	2,377,384 lei	2,773,615 le
BRD GSG	Investment credit (II)	EUR	€ 689,618	3,120,175 lei	lei	3,120,175 le
BRD GSG	Investment credit (III)	EUR	€ 2,740,246	12,398,244 lei	2,038,068 lei	10,360,176 le
UniCredit Bank	Investment credit - CCE 2015	EUR	€ 2,967,420	13,426,091 lei	- lei	13,426,091 le
Eximbank SA	Investment credit	RON		3,054,174 lei	254,514 lei	2,799,659 le
	Total long term loans		€7,535,752	37,149,682 lei	4,669,966 lei	32,479,716 le

These loans are guaranteed by mortgages on land and plants, pledges on equipment, security mortgage on current bank accounts, receivables assignments.

Page 5/8

S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim 2015$

Current liabilities of the Company, representing 54.30% of the Total Liabilities and 29.09% of Total Equity & Liabilities have increased with 7,276,029 lei lei as compared with 31.12.2014, i.e. 9.65%, have the following structure:

Current liabilities (CL)	2015	$%$ in total liabilities	% in Total CL	2015 vs. 2014
Trade and other payables	30,928,649	20.32%	37.41%	7.02%
Borrowings ST	49,364,586	32.42%	59.71%	15.33%
Short term finance leases and other
interest bearing obligations	1,326,030	$0.87\%$	1.60%	$-16.53%$
Deferred revenue	16,798	$0.01\%$	0.02%	101.89%
Other liabilities	1,031,788	0.68%	1.25%	$-50.70%$
Total	82,667,851	54.30%	100.00%	9.65%

Non-current Liabilities representing 24.48% of the company's Equity&Liabilities were registered in the reporting period an increase 29,933,165 lei, i.e. 75.51%, as compared with 31.12.2014, have the following structure:

Non-current liabilities	2015	$%$ in total liabilities	$%$ in Total NCL	2015 vs. 2014
Borrowings LT	32,479,716	$21.33\%$	$46.68\%$	118.83%
Long term finance leases and other interest bearing
obligations	1,578,121	1.04%	$2.27\%$	$-41.66%$
Deferred tax liabilities	11,041,869	7.25%	15.87%	$0.00\%$
Deferred income	24,475,344	16.08%	35.18%	121.45%
Total	69,575,050	45.70%	100.00%	75.51%

Total Equity hold 46.43% of Total Equity&Liabilities having the following structure:

Equity	2015	2015 vs. 2014
Issued capital (264,122,096 shares at 0.10 lei per share)	26,412,210	$0.00\%$
Share premium	2,182,283	$0.00\%$
Reserves	48,956,710	$-0.94%$
Retained earnings	54, 384, 433	13.94%
Total Equity	131,935,636	4.92%

II. STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE ITEMS

Item	2014	2015		2015 vs. 2014
Revenue	157,939,374	176,702,913	Δ	18,763,539	12%
Investment income *	39,546,850	8,342,326	V	$-31,204,524$	$-79%$
Other gains and losses	310,664	$-898,497$	Δ	$-1,209,160$	$-389%$
Changes in inventories of finished goods and work in
progress	1,776,904	1,538,064	V	238,840 $\overline{a}$	$-13%$
Raw materials and consumables used	$-123,301,848$	$-134,762,781$	▲	$-11,460,932$	9%
Depreciation and amortisation expenses	$-8,589,905$	$-7,106,832$	V	1,483,073	$-17%$
Employee benefits expenses and social charges	$-15,363,377$	$-18,755,367$	$\blacktriangle$	3,391,990 쪽	22%
Tax contributions related to employee benefits	$-4,259,181$	$-4,419,970$	A	160,789 $\overline{\phantom{a}}$	$4\%$
Finance costs	$-2,647,538$	$-2,114,646$	V	532,892	$-20%$
Other income	1,560,493	1,182,234		378,259 $\overline{\phantom{a}}$	$-24%$
Other expenses	$-10,274,552$	$-11,508,736$		1,234,184	12%
				$\overline{\phantom{a}}$ Page $6/8$

S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim 2015$

Profit (loss) before tax	36,697,883	8,198,709	$-28,499,175$	$-78%$
Income tax expense	$-484.646$		484,646	$-100%$
Profit (loss) of the year	36,213,237	8,198,709	$-28,014,529$	$-77%$
Total comprehensive income	36,213,237	8,198,709	$-28,014,529$	$-77%$

*Investment income - details:

Item	2014	2015
Rental and royalty income	2,513,884	2,532,570
Interest income	52,324	20,401
Investment income (dividends) - Total Commercial Management	14,885
Investment income (dividends) - Recyplat	35,478,880	4,698,776
Investment income (dividends) - Yenki	1,877
Investment income (dividends) - Infotech Solutions		100,579
Investment income (dividends) - LivingJumbo Industry	1,485,000	990,000
Total	39,546,850	8,342,326

III. TURNOVER (Sales)

	2013		2014		2015
Sales	Amount	$\frac{0}{0}$ in total	Amount	$\frac{0}{0}$ in total	Amount	$\frac{0}{0}$ in total		2015 vs. 2014
Sales of finished goods	85,102,725	59.76%	98,515,325	61.40%	108,853,984	60.73%		10.49%
Sales of intermediary goods	25,108	0.02%	374,422	0.23%	170,908	0.10%		$-54.35%$
Services rendered	144,095	0.10%	80,677	0.05%	228,525	0.13%	▲	183.26%
Sale of goods purchased for
resale	50,346,451	35.35%	56,436,094	35.17%	64,883,624	36.20%	$\blacktriangle$	14.97%
Rental and royalty income	3,701,812	2.60%	2,513,884	1.57%	2,532,570	1.41%	▲	0.74%
Revenues from sundry
services	3,098,988	2.18%	2,532,857	1.58%	2,565,872	1.43%	$\blacktriangle$	1.30%
Total, of which:	142,419,180	100.00%	160,453,258	100.00%	179,235,483	100.00%	$\blacktriangle$	11.71%
Domestic Market	122,661,089	86.13%	137,356,336	85.61%	150, 134, 472	83.76%	$\blacktriangle$	$9.30\%$
Export	19,758,092	13.87%	23,096,922	14.39%	29,101,011	16.24%	A	26.00%

Note: Turnover comprises the item Revenue from Profit and Loss Account, plus Rental and royalty income which is comprised in Investment income.

IV. FINANCIAL RATIOS

Economic and financial		Item	2013	2014	2015
performance of SC		Net profit	52,135	36,213,237	8,198,709
Romcarbon SA registered		Profit tax expense $(+)$	313,139	484,646
in the reporting period can be assessed through the following indicators.		Interests (expenses) (+)	2,744,353	2,323,401	1,806,009
		EBIT	3,109,627	39,021,284	10,004,717
		Depreciation (+)	6,459,813	7,411,536	7,106,832
		Revenues from investment subsidies (-)	1,187,269	1,560,493	1,182,234
		EBITDA	8,382,171	44,872,327	15,929,316
Profitability
	Ratio	Formula	2013	2014	2015

	Ratio		Formula		2013	2014	2015
a	EBITDA to Turnover	EBITDA
	Turnover		100	5.89%	27.97%	8.89%
P,	EBITDA to Total Equity	EBITDA		100	9.26%	35.69%	12.07%

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S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim$ 2015

		Total Equity
c)	Gross profit ratio	Gross profit	100
		Turnover	$\mathbf{x}$		0.26%	22.87%	4.57%
$\mathbf{d}$	Total equity ratio	Net profit		100
		Total Equity	$\mathbf x$		0.06%	28.80%	6.21%
$\overline{2}$	Liquidity Analysis
	Ratio	Formula			2013	2014	2015
a)	Current ratio	Current assets
		Current liabilities			0.55	0.77	0.82
b)	Quick ratio	Current assets-Inventories
		Current liabilities			0.40	0.53	0.57
$\mathbf{3}$	Risk Analysis
	Ratio	Formula			2013	2014	2015
a)	Non-current liabilities to	Non-current liabilities				0.32	0.53
	Equity	Total Equity			0.53
b)	Debt to asset ratio	Total liabilities			0.63	0.48
		Total assets					0.54
$\mathbf{c}$	Interest covarage ration	EBIT
		Interest expenses			1.13	16.79	5.54
$\overline{\mathbf{4}}$	Activity Analysis
	Ratio	Formula			2013	2014	2015
	Account receivable	Average receivable			87	69
a)	turnover ratio	balance	$\mathbf x$	360			64
	(days)	Turnover
	Account payable turnover	Average payable		360		63
b)	ratio	balance	$\mathbf x$		74		60
	(days)	Turnover
5	Profitability ratios
	Ratio	Formula			2013	2014	2015
a)	Return on assets	Net profit
		Total Assets	X	100	0.0214%	15.0401%	2.8851%
b)	Return on equity	Net profit	X		0.0576%	28.7991%	6.2142%
		Total Equity		100
$\mathbf{c}$	Return on sales	Net profit
		Cifra de Afaceri	$\mathbf{x}$	100	0.0366%	22.5693%	4.5743%

***

Note:Preliminary annual financial statements for 2015 are prepared in accordance with International Financial Reporting Standards, are not consolidated and have not been audited.

General Manager Andrei Rady

Financial Manager, Zainescu Viorica Ioana

S.C. ROMCARBON S.A ~ Preliminary Report on the financial statements $\sim 2015$

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