SIF Oltenia S.A.

Annual / Quarterly Financial Statement • Feb 28, 2025

PRELIMINARY INDIVIDUAL FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

drawn up in accordance with

Rule no. 39/2015 approving the Accounting Regulations compliant with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments Sector, as well as the Investor Compensation Fund

UNAUDITED

1

I

POSITION

Individual statement of profit or loss and other comprehensive income

In lei	December 31 2024	December 31 2023
Income
Gross dividend income	158,015,596	95,887,626
Interest income	8,035,412	3,100,940
Other operating income	52,735	474,506
Expenditure
Net gain/(loss) on remeasuring financial assets at fair value through profit or
loss	710,577	1,159,994
Reversal of impairment losses on financial assets	(4,622)	28,779
Expenditure on salaries, allowances and similar charges	(17,068,265)	(16,566,665)
Other operational expenditure	(15,162,792)	(8,799,681)
Profit before tax	134,578,641	75,285,499
Corporate income tax	(12,477,203)	(7,618,205)
Net profit for the financial year	122,101,438	67,667,294
Other comprehensive income Increase/(Decrease) in reassessment reserve for property, plant and equipment, net of deferred tax Net (loss)/gain on remeasuring equity instruments measured at fair value
through other comprehensive income after deferred tax	584,353,755	622,403,511
Total other comprehensive income	584,353,755	622,403,511
Total overall result for the financial year	706,455,193	690,070,805
Basic and diluted result per share Net earnings per share Net earnings per share including gain on selling financial assets measured at	0.2601	0.1425
fair value through other comprehensive income	0.9614	0.1779
The preliminary individual financial statements were approved by the Board of Directors at its meeting on 27 February 2025 and signed on its behalf by:

Sorin - Iulian Cioacă Mihai Trifu Maria Alexandra Gârzu Chief Accountant President - General Manager Vice President - Deputy General Manager

Individual statement of financial position

	December 31	December 31
In lei	2024	2023
Assets
Cash and cash equivalents	330,538,656	69,096,362
Deposits placed with banks
Financial assets at fair value through profit or loss	7,331,746	6,621,169
Financial assets designated at fair value through other comprehensive income	3,273,856,700	2,910,615,793
Bonds at depreciated cost		1,122,927
Other financial assets at amortized cost	2,102	85,363
Other assets	19,131,264	640,242
Real estate investments	1,100,816	1,100,816
Tangible fixed assets	10,613,090	11,358,311
Intangible assets	710,713	20,621
Total assets	3,643,285,087	3,000,661,604
Liabilities
Dividend payment	48,473,389	48,747,231
Current income tax liabilities	629,271	(19,416)
Financial liabilities at amortised cost	1,473,713	962,238
Deferred income tax ligbilities	192,046,149	143,753,048
Other liabilities	9,862,015	10,048,725
Total liabilities	252,484,537	203,491,826
Equity
Share capital	47,500,000	50,000,000
Legal and statutory reserves	17,782,035	16,182,035
Reported result	1,191,139,235	807,055,775
Reserves from revaluating tangible fixed assets	6,296,033	6,648,734
Reserves from revaluating financial assets at fair value through other
comprehensive income	1,433,550,837	1,178,464,764
Other reserves	808,978,230	802,191,243
Own shares	(117,511,190)	(63,372,773)
Employee Benefits Granted in Equity Instruments	3,065,370
Total equity	3,390,800,550	2,797,169,778
Total liabilities and equity	3,643,285,087	3,000,661,604

The preliminary individual financial statements were approved by the Board of Directors at its meeting on 27 February 2025 and signed on its behalf by:

Sorin - Iulian Cioacă	Mihai Trifu	Maria Alexandra Gârzu
President - General Manager	Vice-President - Deputy General Manager	Chief Accountant

Individual statement of changes in equity

			Reserves from reassessment of
		Reserves from	financial assets at fair value			Legal and Employee Benefits
	Share	reassessment of	through other comprehensive	Retained		statutory Granted in Equity	Other
In lei		capital tangible fixed assets	income, net of deferred tax	earnings	reserves	Instruments		reserves Own shares	TOTAL
BALANCE at December 31, 2023	50,000,000	6,648,734	1,178,464,764 807,055,775		16,182,035				802,191,243 (63,372,773) 2,797,169,778
The overall result related to the financial exercise
Profit for the period ending 31 December 2024				- 122,101,438					122,101,438
Other elements of the overall result net of tax
The transfer of the revaluation reserve to retained earnings as a result of the derecognition of tangible assets		(352,701)
Fair value revaluation of equity instruments measured at fair value through other comprehensive income, net				352,701
of deferred tax (Gain)/Loss related to the transfer to retained earnings as a result of the sale of equity instruments measured at fair value			584,353,755						584,353,755
through other comprehensive income			(329,267,682) 329,267,682
Total Other Comprehensive Income		(352,701)	255,086,073 329,620,383					l	584,353,755
Total comprehensive income for the financial year		(352,701)	255,086,073						706,455,193
Transfer to other reserves					1,600,000				1,600,000
Other own sources of financing				- (67,667,294)			67,667,294
Variations in Employee Benefits Granted in Equity Instruments						3,065,370			3,065,370
Own shares bought back								- (54,138,417)	(54,138,417)

BALANCE at December 31, 2024	47,500,000	6,296,033	1,433,550,837 1,191,139,235		17,782,035		3,065,370 808,978,230 (117,511,190) 3,390,800,550
Other changes				28,933				28,933
Cancellation of Own Shares	(2,500,000)						- (60,880,307)	(63,380,307)
In lei		capital tangible fixed assets	income, net of deferred tax		reserves	Instruments	reserves Own shares	TOTAL
	Share	reassessment of	through other comprehensive	Retained		statutory Granted in Equity	Other
		Reserves from	financial assets at fair value			Legal and Employee Benefits
			Reserves from reassessment of

The preliminary individual financial statements were approved by the Board of Directors of IT February 2025 and signed on its behalf by:

Sorin - Iulian Cioacă President - General Manager Mihai Trifu Vice-President - Deputy General Manager Maria Alexandra Gârzu Chief Accountant

Individual statement of changes in equity

		Reserves Trom	Reserves from revaluating
			revaluating financial assets at fair value		Legal and	Legal and
			tangible fixed through other comprehensive	Retained	statutory	statutory
In lei	Share capital	assets	income, net of deferred tax	earnings	reserves	reserves	Own shares	TOTAL
Balance at December 31, 2022	50,000,000	7,408,018		572,907,170 885,081,368	10,003,314	643,561,019	(63,364,962)	2,105,595,927
The overall result related to the financial exercise
Profit for the period ending 31 December 2023				67,667,294				67,667,294
Other elements of the overall result net of tax
The transfer of the revaluation reserve to retained earnings as a result of the derecognition of tangible
assets		(759,284)		759,284
Fair value revaluation of equity instruments measured at fair value through other comprehensive income, net
of deferred tax			622,403,511					622,403,511
(Gain)/Loss related to the transfer to retained earnings as a result of the sale of equity instruments measured
at fair value through other comprehensive income			(16,845,917)	16,845,917
Total other elements of the overall result		(759,284)	605,557,594	17,605,201				622,403,511
Total global result related to the financial exercise		(759,284)	605,557,594	85,272,495			l	690,070,805
Transfer to other reserves (*)				- (164,808,485)	6,178,721*	158,629,764
Other changes				1,510,397		460	(7,811)	1,503,046
Balance at December 31, 2023	50,000,000	6,648,734	1,178,464,764 807,055,775		16,182,035	802,191,243	(63,372,773)	2,797,169,778

* For better presentation, statutory reserves have been transferred from other reserves.

The preliminary individual financial statements were approved by the Board of Directors of IT February 2025 and signed on its behalf by:

Sorin - Iulian Cioacă Mihai Trifu President - General Manager Vice-President - Deputy General Manager

Maria Alexandra Gârzu Chief Accountant

Individual cash flow statement

In lei
Item name	Reporting period
	December 31	December 31
	2024	2023
Cash flows from operating activities
Net profit for the financial year	122,101,438	67,667,294
Adjustments:
Resumption of losses from the depreciation of financial assets		(28,779)
Expenses related to the depreciation of tangible and intangible assets	893,706	928,380
Gain/Loss on sale of property, plant and equipment		(402,559)
(Gain)/Loss on financial assets at fair value through profit or loss	(710,577)	(1,159,994)
Dividend income	(158,015,596)	(95,887,626)
Interest income	(8,035,412)	(3,100,940)
Accruals/(Reversals) related to employee benefits	(560,392)	(143,752)
Benefits granted in equity instruments to employees	3,065,370
Corporate tax	12,477,203	7,618,205
Other adjustments	(8,236)	(59,433)
Changes in operating assets and liabilities
Payments for acquisitions of financial assets at fair value through profit or loss		(986,100)
Payments for acquisitions of financial assets at fair value through other comprehensive income	(126,561,472)	(117,100,001)
Proceeds from sales of financial assets at fair value through other
comprehensive income	382,658,212	103,925,158
Proceeds from return of capital (portfolio company)		1,403,377
Bonds income	1,122,927	1,804,816
Changes in other assets	198,041	(76,930)
Changes in other liabilities	1,128,972	(968,602)
Dividends received	146,746,349	88,545,195
Interest received	7,914,632	3,015,444
Corporate income tax paid on comprehensive income	(4,310,192)	(791,577)
Net cash from operating activities	380,104,973	54,201,576
Investment activities
Payments for purchases of tangible and intangible assets	(755,025)	(394,562)
Proceeds from the sale of fixed assets and investment property	7,947	936,056
Net cash used in investing activities	(747,078)	541,494
Funding activities
Dividends paid	(273,842)	(553,388)

In lei

ltem name	Reporting period
	December 31 2024	December 31 2023
Own shares bought back	(117,518,725)	(7,811)
Payments related to leasing contracts	(233,264)	(255,885)
Interest paid related to leasing contracts	(10,550)	(32,011)
Net cash used in financing activities	(118,036,381)	(849,095)
Net increase/(decrease) in cash and cash equivalents	261,321,514	53,893,975
Cash and cash equivalents at January 1st	69,010,866	15,116,891
Cash and cash equivalents at December 31st	330,332,380	69,010,866

Cash and cash equivalents include:

	31 December	31 December
In LEI	2024	2023
Cash in treasury	343	1,302
Current accounts with banks	822,812	1,209,564
Deposits placed with banks with an initial maturity of less than 3 months	329,509,225	67,800,000
Cash and cash equivalents	330,332,380	69,010,866
Attached claims	206,276	85,496
Other values
Total	330,538,656	69,096,362

Reconciliation of cash and cash equivalents with the balance sheet:

	31 December	31 December
In LEI	2024	2023
Cash in treasury	343	1,302
Current accounts with banks	822,812	1,209,564
Deposits placed with banks with an initial maturity of less than 3 months	329,509,225	67,800,000
Cash and cash equivalents in the cash flow statement	330,332,380	69,010,866
Attached claims	206,276	85,496
Total	330,538,656	69,096,362

The preliminary individual financial statements were approved by the Board of Directors at its meeting on 27 February 2025 and signed on its behalf by:

Sorin - Iulian Cioacă	Mihai Trifu	Maria Alexandra Gârzu
	President - General Manager Vice-President - Deputy General Manager Chief Accountant