Santierul Naval Orsova S.A.

Earnings Release • Feb 26, 2024

ŞANTIERUL NAVAL ORŞOVA S.A. Nr. RC J25/150/1991 CIF: RO 1614734 Capital social: - subscris 28.557.297,5 lei - varsat 28.557.297,5 lei Str. Tufări, nr. 4, Orşova, 225200, Mehedinţi Tel.: 0252/362.399; 0252/361.885; Fax: 0252/360.648 E-mail: mircea.sperdea@snorsova.ro; marketing@snorsova.ro Codul LEI (Legal Entity Identifier): 254900UXAJ8TPIKLXG79 Cod IBAN: RO96RNCB0181022634120001- B.C.R. Orşova Cod IBAN: RO59BRDE260SV03176142600- B.R.D. Orşova

Preliminary financial results at 31.12.2023

The year 2023, marked by the challenges of inflation manifested in the general economic environment but also by the geopolitical developments determined by the war in Ukraine, ended with financial results above the projected levels for this year.

• In 2023, the company achieved a turnover of 99,494,651 lei, an increase of 72.26% compared to the same period of the previous year.

• In the period 01.01-31.12.2023, operational revenues, in the amount of 99,840,070 lei, increased by 71.22% compared to those recorded in the corresponding period of 2022 (58,311,667 lei).

• Operational expenses, in the amount of 96,275,369 lei and in close correlation with operational revenues, registered an increase in 2023 by 52.49%. compared to their level from the similar period of 2022 (63,135,344 lei).

• The profit made from the operational activity at the end of 2023 is 3,564,701 lei (in the corresponding period of 2022, a loss was recorded in the amount of 4,823,677 lei).

• From the financial activity, significantly influenced by the evolution of the exchange rate, during this period the company made a profit in the amount of 316,996 lei, 46.27% lower than the one made in 2022 (589,974 lei).

In the period 01.01-31.12.2023 the company Santierul Naval Orsova S.A. achieved the following financial results:

Indicator ( lei)	Cumulative	Cumulative	Evolution 2023/2022
	achievements at	achievements at	%
	31.12.2023	31.12.2022
Turnover	99.494.651	57.757.883	72,26
Total incomes	100.636.685	59.414.022	69,38
Total expenses	96.754.988	63.647.725	52,02
Gross profit /(Gross loss)	3.881.697	(4.233.703)	-
Net profit /(Net loss)	3.453.687	(4.215.117)	-

The preliminary financial results on 31.12.2023 can be consulted by accessing the link below:

President of the Board of Directors Economical Manager Radu Claudiu Rosca Ec.Marilena Visescu

ŞANTIERUL NAVAL ORŞOVA S.A. Nr. RC J25/150/1991 CIF: RO 1614734 Capital social: - subscris 28.557.297,5 lei - varsat 28.557.297,5 lei Str. Tufări, nr. 4, Orşova, 225200, Mehedinţi Tel.: 0252/362.399; 0252/361.885; Fax: 0252/360.648 E-mail: mircea.sperdea@snorsova.ro; marketing@snorsova.ro Codul LEI (Legal Entity Identifier): 254900UXAJ8TPIKLXG79 Cod IBAN: RO96RNCB0181022634120001- B.C.R. Orşova Cod IBAN: RO59BRDE260SV03176142600- B.R.D. Orşova

Status of the Financial Position on 31.12.2023

Reference		Row	2023	2022
	Assets		(lei)	(lei)
	Fixed assets
IAS 1.54(a)	Tangible assets	01	38.860.571	38.759.783
	Lands and land arrangements	02	1.201.941	1.201.941
	Constructions	03	17.706.276	19.796.944
	Technical equipments and transport means	04	18.450.791	16.464.094
	Furniture, office automation []	05	98.728	76.778
	Pending tangible assets	06	1.402.835	1.220.026
IAS 1.54(c)	Intangible assets	07	81.164	27.779
	Other intangible assets	08	81.164	27.779
Ifrs 16,IAS 8	Rights to use the leased assets	09	495.806	1.109.377
IAS 1.54(b)	Investment property	10	606.447	596.638
IAS 1.54(h)	Trade receivables and other receivables	11	6.000	8.956
IAS 1.54(o), 56	Receivables concerning the delayed taxation	12	104.832	115.769
IAS 1.60	Total of Fixed Assets	13	40.154.820	40.618.302
	Current assets
IAS 1.54 (g)	Stocks	14	28.967.886	50.813.700
IAS 1.54(h)	Trade receivables and other receivables	15	12.089.896	1.987.659
IAS 1.55	Expenses recorded in advance	16	153.995	161.622
IAS 1.54(d)	Short term investments	17	6.495.815	3.485.023
IAS 1.54(i)	Cash and cash equivalents	18	11.943.703	8.852.408
IAS 1.60	Total of Current Assets	19	59.651.295	65.300.412
	Total of Assets	20	99.806.115	105.918.714

	Equity capital
IAS 1.54(r), 78(e)	Share capital	21	28.557.298	28.557.298
IAS 1.55, 78(e)	Capital premiums	22	8.862.843	8.862.843
IAS 1.54(r), 78(e)	Spares	23	47.157.267	47.901.179
	Result of the financial year	24	3.453.687	(4.215.117)
IAS 1.55, 78(e)	Reported result	25	(2.848.032)	892.220
	Other elements of Equity Capital	26	(3.753.867)	(4.014.451)
	Total Equity Capitals	27	81.429.196	77.983.972
	Debts
	Long-term debts
IAS 1.54(o), 56	Debts concerning the delayed taxation	28	3.775.937	4.031.923
Ifrs 16,IAS 8	Other debts , incl.leasing	29	60.040	555.829
IAS 1.60	Total of Long-term debts	30	3.835.977	4.587.752
	Current debts
IAS 1.54(k)	Commercial debts and other debts, including derived financial instruments	31	13.884.794	21.665.024
IAS 1.55	Advance registered incomes	32	950	2.375
IAS 1.54(l)	Provisions	33	655.198	1.679.592
IAS 1.60	Total Current Debts	34	14.540.942	23.346.991
	Total of debts	35	18.376.919	27.934.742
	Total Equity Capitals and Debts	36	99.806.115	105.918.714

Reference

		Row	2023 lei	2022 lei
	Permanent Activities
IAS 1. 82(a)	Incomes	01	96.632.014	57.269.884
IAS 1.99,103	Other incomes	02	3.208.056	1.041.783
	Total Operational Incomes	03	99.840.070	58.311.667
	Expenses concerning the stocks	04	(43.352.929)	(22.313.026)
	Expenses concerning the utilities	05	(2.062.928)	(1.541.210)
	Expenses with the benefits of the employees	06	(30.408.001)	(24.269.823)
	Expenses with the depreciation and impairment of the immobilisations	07	(5.074.087)	(3.413.005)
	Depreciation expenses related to the use of leasing assets	08	(658.463)	(567.259)
	Profit / loss from the immobilisations' disposals	09	(5.390)	(71.587)
	Value adjustment of the current assets	10	(55.842)	(247.555)
	Adjustment of commissions	11	1.024.394	(647.577)
IAS 1.99, 103	Other expenses	12	(15.682.123)	(10.064.302)
	Total Operational Expenses	13	(96.275.369)	(63.135.344)
	Result of the Operational Activities	14	3.564.701	(4.823.677)
	Financial Incomes	15	796.615	1.102.354
IAS 1.82(b)	Financial expenses	16	(479.619)	(512.380)
	Net Fiscal Result/ Net Fiscal Result	17	316.996	589.974
IAS 1.85	Result before Taxation	18	3.881.697	(4.233.703)
IAS 1.82(d) IAS 12.77	Expenses with the tax on the current profit	19	(412.474)	0
	Expenses with the tax on the delayed profit	20	(120.367)	(83.512)
	Specific tax expense	21	0	(13.671)
	Incomes corresponding to the tax on the delayed profit	22	104.831	115.769
IAS 1.85	Result from Permanent Activities	23	3.453.687	(4.215.117)
IAS 1.82(f)	Result of the Period	24	3.453.687	(4.215.117)
	Other parts of the Global Result
IAS 1.82(g)	Re-assessment of the tangible assets	25	(746.912)	(941.620)
IAS 1.85	Other elements of the Global Result, after Taxation	26	(746.912)	(941.620)
IAS 1.82 (i)	Total of the Global Result corresponding to the Period	27	2.706.775	(5.156.737)

	Profit assigned
IAS 1.83(b)(ii)	To the company's Shareholders	28	3.453.687	(4.215.117)
	Profit of the period	29	3.453.687	(4.215.117)
	Total assigned global result
IAS 1.83(b)(ii)	To the company's shareholders	30	2.706.775	(5.156.737)
	Result per action/ Result per action
IAS 33.66	Result per main action	31	0,30	(0,37)
IAS 33.66	Result per action attenuated	32	0,30	(0,37)
	Permanent activities
IAS 33.66	Result per main action	33	0,30	(0,37)
IAS 33.66	Result per action attenuated	34	0,30	(0,37)

President of the Board of Directors , Radu -Claudiu Rosca

Economical Manager, Ec. Marilena Visescu