Quarterly Report • Aug 31, 2021
Quarterly Report
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U.C.M. Resita S.A. Sediu Social: Piata Charles de Gaulle, nr.15. Cladirea Charles de Gaulle Plaza, etaj 3, birou Peles 011857, Sector 1, Bucuresti, Romania Sediu Administrativ: Str. Goiului, Nr.1, 320053, Reșița, Romania Tel: +40-(0)255-217111 · Fax: +40-(0)255-223082 [email protected] · http://www.ucmr.ro
Date of the report: 31.08.2021
Name of the issuing company: U.C.M. Resita S.A.
Registered office: Charles de Gaulle Square, No. 15, Charles de Gaulle Plaza Building, 3st Floor, Office Peles, Sector 1, Bucharest
Administrative headquarters: Resita, Golului Street, no. 1, 320 053, Caras-Severin County Phone No.: 0255/217111; Fax: 0255/223082
Unique registration code: 1056654
Number at the Trade Register Office: J 40/13628/2011
Subscribed and paid-up capital: 10,993,390.40 lei
Regulated market where the issued securities are traded: Bucharest Stock Exchange
Important events to report: Report for the first half of 2021
S.C. U.C.M. Resita S.A. informs the general public about the availability of the Report for the first half of 2021.
The Report for the first half can be found, as of 31.08.2021 at 04:00 PM., on the website http://www.ucmr.ro and the IRIS platform link.
As of the same date, the persons interested may, on written request, obtain a copy of these documents. The application will be submitted/sent directly to the administrative headquarters of the company (workstation) located in Resita, Golului Street, no. 1, 320053, Caras-Severin County or at fax number 0255/223082.
S.C. U.C.M. Resita S.A. informs the general public that the financial statements of the company for the first half of 2021 are not audited.
In the table below is presented the situation of assets, liabilities and equity as at 30.06.2021, compared to the beginning of 2021
| No. | Balance sheet items | 01.01.2021 | 30.06.2021 |
|---|---|---|---|
| Fixed assets | 135,306,621 | 131,670,345 | |
| 2 | Current assets | 52,273,960 | 47,958,923 |
| 3 | Prepayments | 42,726 | 29,737 |
| TOTAL ASSETS | 187,623,307 | 179,659,005 | |
| Δ | Liabilities | 713,560,423 | 720,486,169 |
| 5 | Revenues in advance | 11,277 | 11,277 |
| 6 | Provisions | 232,605,508 | 232,584,690 |
| Equity | (758, 553, 901) | (773, 423, 131) | |
| TOTAL LIABILITIES | 187,623,307 | 179,659,005 |
Pagina 1 din 3
Cont bancă: RO92RZBR0000060000568127 / LEI · RO50RZBR0000060003122311 / EU · RO76RZBR0000060003122328 / USD · Banca: Raiffeisen Bank Reșita Cont banca: RO98RNCB0100038238120001 / LEI · RO60RNCB0100038238120006 / EU · RO49RNCB0100038238120010 / USD · Banca: BCR Resita CIF:RO1056654 Inreg.Reg.Com.J 40/13628/2011
societate in insolventa in insolvency en procedure collective
U.C.M. Resita S.A. Sediu Social: Piata Charles de Gaulle, nr.15. Cladirea Charles de Gaulle Plaza, etaj 3, birou Peles 011857, Sector 1, Bucuresti, Romania Sediu Administrativ. Str. Golului, Nr.1, 320053, Reșița, Romania Tel: +40-(0)255-217111 · Fax: +40-(0)255-223082 [email protected] · http://www.ucmr.ro
399,033
10,262,055
The structure of operating revenues is as follows:
Total revenues (9+10)
Financial revenues, total
| No. | Designation of items | 30.06.2020 | 30.06.2021 |
|---|---|---|---|
| Turnover | 80.18% | 93.44% | |
| Changes in stocks | 19.78% | 2.78% | |
| Capitalized production | $0.00\%$ | 0.24% | |
| 4 | Other operating revenues | 0.04% | 3.54% |
| TOTAL | 100.00% | 100.00% |
The expenses of the company are shown below:
| Lei | |||
|---|---|---|---|
| No. | Designation of items | 30.06.2020 | 30.06.2021 |
| Material expenses | 2,046,778 | 2,356,114 | |
| $\overline{2}$ | Other external expenses (energy and water) |
2,896,714 | 2,635,747 |
| 3 | Expenses with the personnel | 14,765,645 | 13,064,182 |
| Adjustments | 2,294,180 | 1,764,772 | |
| 5 | Other operating expenses of which: | 2,839,222 | 3,167,797 |
| 6 | Operating expenses, total | 24,842,539 | 22,988,612 |
| Financial expenses | 148,283 | 192,023 | |
| 8 | Total expenses | 24,990,822 | 23,180,635 |
Compared to the same period of 2020, on 30.06.2021, there is a decrease in operating expenses, which is due to the decrease in energy and water expenses and personnel expenses
10
$11$
Lei
$\omega$
L.
509,755
8,311,404
sccietate in insolventa
in insolvency en procedure collective
The structure of operating expenses is as follows:
| No. | Designation of items | 30.06.2020 | 30.06.2021 |
|---|---|---|---|
| Material expenses | 8.68% | 10.95% | |
| $\overline{2}$ | Other external expenses (energy and water) |
11.66% | 11.47% |
| 3 | Expenses with the personnel | 59.44% | 56.83% |
| Adjustments | 9.23% | 7.67% | |
| 5 | Other operating expenses | 10.98% | 13.08% |
| Operating expenses, total | 100.00% | 100.00% |
The evolution of the results is shown below:
| Lei | |||
|---|---|---|---|
| No. | Indicator name | 30.06.2020 | 30.06.2021 |
| Operating revenues | 9,863,022 | 7,801,649 | |
| $\overline{2}$ | Operating expenses | 24,842,539 | 22,988,612 |
| 3 | Operating result | (14, 979, 517) | (15, 186, 963) |
| 4 | Financial revenues | 399,033 | 509,755 |
| 5 | Financial expenses | 148,283 | 192,023 |
| 6 | Financial result | 250,750 | 317,732 |
| Profit tax | |||
| 8 | Net result of the accounting year | (14, 728, 767) | (14, 869, 231) |
The net result of the financial year for the first half of 2021 resulted in a net loss of 14,869,231.lei, in the same period of 2020 the net loss recorded being of 14,728,767 lei.
Special Trustee Cosmin URSONI
Special Trustee Nicoleta Liliana IONETE
Cont bancă: RO92RZBR0000060000568127 / LEI · RO50RZBR000060003122311 / EU · RO76RZBR000060003122328 / USD · Banca: Raiffeisen Bank Resita
Cont bancă: RO98RNCB0100038238120001 / LEI · RO60RNCB0100038238120006 / EU · RO49RNC CIF:RO1056654· Inreg.Reg.Com.J 40/13628/2011
(Company in insolvency, en procedure collective)
prepared in accordance with the Order of the Minister of Finance no. 2844/2016 on JUNE 30, 2021
Separate Interim Financial Statements on June 30, 2021 [All amounts are given in lei (RON) unless otherwise stated]
$\ddot{\phantom{a}}$
| Report of Special Trustees | page | $1 - 5$ |
|---|---|---|
| Statement of Trustees | page | 6 |
| Statement of Financial Position | page | 7 |
| Statement of Comprehensive Income | page | 8 |
| Statement of Changes in Shareholders' Equity | page | 9 |
| Statement of Cash Flows | page | 10 |
| Economic - Financial Indicators | page | 11 |
| Explanatory Notes to the Financial | ||
| Statements | page | 12-28 |
The Reports on June 30,2021 are prepared in accordance with the Order of the Minister of Public Finance no. 2844/2016 on the approval of accounting regulations compliant with the European directives.
The statement of assets, liabilities and equity on June 30,2021 compared to the beginning of the year is as follows :
| Lei | |||
|---|---|---|---|
| No. | Balance sheet items | 01.01.2021 | 30.06.2021 |
| Fixed assets | 135,306,621 | 131,670,345 | |
| 2 | Current assets | 52,273,960 | 47,958,923 |
| 3 | Prepayments | 42,726 | 29,737 |
| TOTAL ASSETS | 187,623,307 | 179,659,005 | |
| 4 | Liabilities | 713,560,423 | 720,486,169 |
| 5 | Revenues in advance | 11,277 | 11,277 |
| 6 | Provisions | 232,605,508 | 232,584,690 |
| 7 | Equity | (758, 553, 901) | (773, 423, 131) |
| TOTAL LIABILITIES | 187,623,307 | 179,659,005 |
Compared to the beginning of 2021 on 30.06.2020 the total assets recorded a decrease of 4.24%, mainly due to the decrease of the current assets by 8.25%.
In terms of current liabilities, they have incresed by 0.97%.
The Company's assets recorded the following changes compared to the existing values in early 2021:
| Lei | ||||
|---|---|---|---|---|
| No. | Designation of items | 01.01.2021 | 30.06.2021 | Differences |
| $4 = 3 - 2$ | ||||
| Fixed assets | 135,306,621 | 131,670,345 | (3,636,276) | |
| Current assets | 52,273,960 | 47,958,923 | (4,315,037) | |
| 3 | Prepayments | 42,726 | 29,737 | (12, 989) |
$\sim$
$\overline{\phantom{a}}$
(Company in insolvency, en procedure collective)
| Lei | ||||
|---|---|---|---|---|
| No. | Designation of items | 01.01.2021 | 30.06.2021 | Differences |
| 0 | 2 | 3 | $4 = 3 - 2$ | |
| Stocks, of which: | 23,589,716 | 22,637,223 | (952, 493) | |
| 1.a | - raw material and consumables | 5,075,719 | 3,998,696 | (1,077,023) |
| 1.b | - production in progress | 13,294,221 | 13,485,417 | 191,196 |
| 1.c | - finished products and goods | 5,096,400 | 5,120,974 | 24,574 |
| 1.d | - down payments | 123,376 | 32,136 | (91, 240) |
| $\overline{2}$ | Other current assets, of which: | 28,684,244 | 25,321,700 | (3,362,544) |
| 2.a | - receivables | 19,483,824 | 17,616,142 | (1,867,682) |
| 2.b | - short-term financial investments | 7,186,908 | 7,235,631 | 48,723 |
| 2.c | - cash on hand | 2,013,512 | 469,927 | (1, 543, 585) |
The existing current assets registered the following evolution compared to early 2021:
There was a decrease of both stocks and receivables by 21.22% and 9.59% respectively.
Patrimonial changes in the liabilities of the Company compared to the existing values in early 2021 is as follows:
| Lei | ||||
|---|---|---|---|---|
| No. | Designation of items | 01.01.2021 | 30.06.2021 | Differences |
| 0 | $4 = 3 - 2$ | |||
| Owner's equity | (758, 553, 901) | (773, 423, 131) | (14,869,230) | |
| 2 | Debts | 713,560,423 | 720,486,169 | 6,925,746 |
| 3 | Revenues in advance | 11.277 | 11,277 | |
| 4 | Provisions for risks and charges | 232,605,508 | 232,584,690 | (20, 818) |
The profit and loss account highlights the following indicators:
| Lei | |||
|---|---|---|---|
| No. | Designation of items | 30.06.2020 | 30.06.2021 |
| 1 | Turnover $(2+3-4)$ | 7,908,006 | 7.289.789 |
| 2 | Production sold | 7,908,006 | 7.289.789 |
| 3 | Revenues from sale of goods | ||
| 4 | Trade discounts granted | ||
| 5 | Changes in stocks: Credit babalance |
1,951,066 | 216.594 |
| Debit balance | |||
| 6 | Revenues from sale of tangible assets | ||
| 7 | Production of accounting year $(1+/-5+6)$ | 9,859,072 | 7.506.383 |
| 8 | Other operating revenues | 3,950 | 295.266 |
| 9 | Operating revenues, total (7+8) | 9,863,022 | 7.801.649 |
| 10 | Financial revenues, total | 399,033 | 509.755 |
| 11 | Total revenues $(9+10)$ | 10,262,055 | 8.311.404 |
(Company in insolvency, en procedure collective)
[All amounts are given in lei (RON) unless otherwise stated]
| No. | Designation of items | 30.06.2020 | 30.06.2021 |
|---|---|---|---|
| Turnover | 80.18% | 93.44% | |
| 2 | Changes in stocks | 19.78% | 2.78% |
| 3 | Capitalized production | $0.00\%$ | 0.24% |
| Other operating revenues | 0.04% | 3.54% | |
| TOTAL | 100.00% | 100.00% |
The structure of operating revenues is as follows:
The expenses of the company are shown below:
| Lei | ||||
|---|---|---|---|---|
| No. | Designation of items | 30.06.2020 | 30.06.2021 | |
| Material expenses | 2,046,778 | 2,356,114 | ||
| $\overline{2}$ | Other external expenses (energy and water) | 2,896,714 | 2,635,747 | |
| 3 | Expenses with the personnel | 14,765,645 | 13,064,182 | |
| 4 | Adjustments | 2,294,180 | 1,764,772 | |
| 5 | Other operating expenses: | 2,839,222 | 3, 167, 797 | |
| 6 | Operating expenses, total | 24,842,539 | 22,988,612 | |
| Financial expenses | 148,283 | 192,023 | ||
| 8 | Total expenses | 24,990,822 | 23,180,635 |
Over the same period of 2020, on 30.06.2021 is noticed a decrease of the operating expenses, as result of reduced energy and water expenses, but also the personnel expenses.
The structure of operating expenses is as follows:
| No. | Designation of items | 30.06.2020 | 30.06.2021 |
|---|---|---|---|
| Material expenses | 8.68% | 10.95% | |
| 2 | Other external expenses (energy and water) | 11.66% | 11.47% |
| 3 | Expenses with the personnel | 59.44% | 56.83% |
| Adjustments | 9.23% | 7.67% | |
| 5 | Other operating expenses | 10.98% | 13.08% |
| Operating expenses, total | 100.00% | 100.00% |
[All amounts are given in lei (RON) unless otherwise stated]
| rei | |||
|---|---|---|---|
| No. | Indicator name | 30.06.2020 | 30.06.2021 |
| Operating revenues | 9,863,022 | 7,801,649 | |
| 2 | Operating expenses | 24,842,539 | 22,988,612 |
| 3 | Operating result | (14, 979, 517) | (15, 186, 963) |
| 4 | Financial revenues | 399,033 | 509,755 |
| 5 | Financial expenses | 148,283 | 192,023 |
| 6 | Financial result | 250,750 | 317,732 |
| Profit tax | |||
| 8 | Net result of the accounting year | (14, 728, 767) | (14, 869, 231) |
The evolution of the results is shown below:
The net result on 30.06.2021 materialized in a net loss of 14,869,231 lei while in the same period of 2020 when the net loss was 14,728,767 lei, a result lower than budgeted result for this period, as result of the non-achievement in proportion of 38.85% of the budgeted turnover.
As the Romelectro - Litostroj consortium, the signatory of the refurbishment contract CHE Stejaru, failed to resolve the blockages appeared during the contract, UCM Resita, as a subcontractor of Romelectro, is still unable to deliver the parts made according to the assumed schedule, which was reflected in the non-realization of the budgeted turnover.
The cancellation of the tenders for the modernization of CHE Arcesti and CHE Vaduri diminished the budgeted turnover with the value of the works forecasted to be carried out in the first semester of 2021.
In the conditions of not realizing the budgeted turnover for the Romanian hydro market, a permanent preoccupation was that of increasing the incomes realized on the non-hydro market, as well as the incomes from the intra-community deliveries.
On the other hand, increased monitoring of the level of expenditures was ensured, by eliminating squander and optimizing the organizational structure, by reducing and eliminating as much as possible the stock of raw materials and materials, especially the slow-moving one, as well as by purchasing goods and services at the lowest possible prices, without compromising on quality.
It also acted in the direction of increasing the recovery of old receivables, as well as reducing the duration of collection of current receivables.
Special Trustees:
Cosmin URSONIU
Nicoleta Liliana IONETE
The Special Trustees of the Company hereby declare that they assume their responsibility for the Financial Statements on June 30, 2021.
The Special Trustees of the Company confirm, regarding the Interim Financial Statements on June 30, 2021, the followings:
This statement is in accordance with Art. 30 of the Accounting Law No. 82/1991, republished.
| Lei | ||||
|---|---|---|---|---|
| Reference Statement of financial position IAS $1.10(a)$ , 113 |
Note | Balance sheet items | Balance on 01.01.2021 |
Balance on 30.06.2021 |
| IAS $1.54(a)$ | 3 | Tangible fixed assets | 122,608,308 | 120,316,832 |
| IAS $1.54(c)$ | 3 | Intangible fixed assets | 3,410 | 923 |
| 3 | Financial assets | 12,694,903 | 11,352,590 | |
| Total of fixed assets | 135,306,621 | 131,670,345 | ||
| IAS $1.54(h)$ | 4 | Trade receivables and receivables from affiliated entities |
5,778,775 | 3,892,504 |
| IAS $1.54(g)$ | 5 | Stocks Deferred tax assets | 23,466,340 | 22,605,087 |
| IAS 1.54(0), 56 | 12 | Deferred tax assets | 12,994,998 | 12,994,998 |
| IAS 1.54(h) | $\overline{4}$ | Other receivables | 833,427 | 760,776 |
| IAS 1.54(i) | 6 | Cash and cash equivalents | 9,200,420 | 7,705,558 |
| Prepayments | 42,726 | 29,737 | ||
| Total of current assets | 52,316,686 | 47,988,660 | ||
| TOTAL ASSETS | 187,623,307 | 179,659,005 | ||
| IAS $1.54(k)$ | 7 | Supplies and other trade payables | ||
| IAS $1.54(k)$ | $\overline{7}$ | Taxes and other debts | 36,443,159 | 36,974,174 |
| IAS 1.54(0), 56 | 12 | Deferred tax debts | 651,970,717 | 658,365,448 |
| IAS 1.54(1) | 8 | Provisions | 25,146,547 | 25,146,547 |
| IAS 1.55, 20.24 | Revenues în advance | 232,605,508 | 232,584,690 | |
| Total debts | 11,277 | 11,277 | ||
| Total asssets minus Total debts | 946,177,208 | 953,082,136 | ||
| (758, 553, 901) | (773, 423, 131) | |||
| 9 | Registered capital | 601,685,084 | 601,685,084 | |
| 3 | Revaluation reserves | 125,996,791 | 123,926,245 | |
| 9 | Legal reserves | 1,972,406 | 1,972,406 | |
| Other reserves | 16,088,620 | 16,088,620 | ||
| 9 | Carried over result | (1, 482, 911, 118) | (1, 502, 226, 255) | |
| $\overline{9}$ | Current result | (21, 385, 684) | (14, 869, 231) | |
| 9 | Profit sharing, establishing of legal reserves |
|||
| Total equity | (758, 553, 901) | (773, 423, 131) | ||
| TOTAL LIABILITIES | 187,623,307 | 179,659,005 |
Special Trustees: Cosmin URSONIU
Nicoleta Liliana IONETE
$\overline{7}$
[All amounts are given in lei (RON) unless otherwise stated]
| $-Lei$ - | |||
|---|---|---|---|
| Reference Statement of overall result IAS $1.10(b)$ , $81(a)$ |
Explanations | 30.06.2020 | 30.06.2021 |
| IAS 1.82(a) IAS | |||
| 1.99,103 | Operating revenues | 7,911,956 | 7,585,055 |
| IAS 1.99, 103 | Cost of sales | 16,714,752 | 16,337,010 |
| Gross operting profit (loss) | (8,802,796) | (8, 751, 955) | |
| IAS 1.99, 103 | |||
| Distribution costs | 393 | ||
| Administrative expenses | 6,176,328 | 6,435,008 | |
| IAS 1.82(a) IAS | |||
| 1.99,103 | Financial revenues | 399,033 | 509,755 |
| $IAS$ $1.82(b)$ | Financial expenses | 148,283 | 192,023 |
| IAS 1.85 | Result before tax | (14, 728, 767) | (14, 869, 231) |
| IAS 1.82(d), IAS 12.77 |
Income tax expenses | ||
| Net Profit (loss) | (14, 728, 767) | (14, 869, 231) | |
| Establishing of legal reserves under Law31/1990 |
|||
| IFRS 5.33(a), | |||
| 1.82(e) | Profit attributable to: | ||
| $IAS\,1.83(b)(ii)$ | Qwners of the Company | ||
| IAS $1.83(b)$ (i) | Non-controlling interests |
Special Trustees:
Cosmin URSONIU
Nicoleta Liliana IONETE
(Company in insolvency, en procedure collective) S.C. U.C.M. Resita S.A.
[All amounts are given in lei (RON) unless otherwise stated] Separate Interim Financial Statements on June 30, 2021
-Lei-
| Explanation/Desciption | Registered capital |
Revaluation reserves |
Legal reserves | representing surplus Carried over result from revaluation |
Other reserves | Carried over result |
Current result of the accounting |
Total |
|---|---|---|---|---|---|---|---|---|
| reserves | vear | |||||||
| n | œ | |||||||
| Balance on 01.01.2021 | 601,685,084 | 125,996,791 | 1,972,406 | 264,275,843 | 16,088,620 | (1, 747, 186.961) | (21,385,684) | (788, 553, 901) |
| Changes in equity- June 30, 2021 | ||||||||
| Transfer of surplus from revaluation reserves | (2,070,547) | 2,070,547 | ||||||
| Transfer of the result of the accounting year 2020 to the carried over result |
(21, 385, 684) | |||||||
| 21,385,684 | ||||||||
| Account closing -profit share | ||||||||
| Registration of accounting errors from previous years to the carried over result |
||||||||
| Net result of the current accounting year | ||||||||
| (14,869,231) | (14, 869, 231) | |||||||
| Balance on June, 30 2021 IFRS | 601,685,084 | 123,926,245 | 1,972,406 | 266,346,390 | 16,088,620 | (1,768,572,645) | (14,869,231) | (773, 423, 131) |
the legal reserves until their balance reaches 20% of the Company's share capital. If this reserve is used wholly or partly to cover losses or to distribute in any form (such The Company's legal reserve is partially constituted in accordance with the Companies Act, according to which 5% of the annual accounting profit is transferred within The legal reserves of the Company, constituted in accordance with the provisions of the Commercial Companies Act, as at june 30, 2021 amount to 1,972,406 RON. as the issuance of new shares under the Companies Act), it becomes taxable in the calculation of corporation tax. We mention that on June 30, 2021, the Company has not yet reached the maximum level of legal litigation.
Cosmin URSONIU Special Trustees:
Nicoleta Liliana IONETE
Alective *
| Designation of item | Accounting year ended on: | |||
|---|---|---|---|---|
| No. | June 30, 2020 | June 30, 2021 | ||
| OPERATING ACTIVITIES | ||||
| Net profit+Result carried over from correction of | ||||
| accounting errors | 1 | (14, 728, 767) | (14, 869, 231) | |
| Adjustments for: | ||||
| Adjusting the value of tangible and intangible assets | $\overline{2}$ | 2,359,548 | 2,275,242 | |
| Adjusting the value of financial assets | $\overline{3}$ | |||
| Expenses (revenues) with adjustments for depreciation | ||||
| of current assets | 4 | (356, 416) | (460, 181) | |
| Adjustments to the provisions for risks and expenses | 5 | |||
| Expenses with the donating granted | 6 | |||
| Revenues from interests and other financial income | 7 | (49, 285) | (26, 449) | |
| Expenses with interests and other financial income | 8 | |||
| Cash flow before changes in working capital (row. 1 | ||||
| to 8 | $\overline{9}$ | (12, 774, 920) | (13,080,619) | |
| Decrease /(Increase) – customers and other assimilated | ||||
| accounts | 10 | 3,394,740 | 3,755,436 | |
| Decrease /(Increase) in stocks | 11 | (2,678,531) | 861,253 | |
| Decrease /(Increase)- supplies and other assimilated | ||||
| accounts | 12 | 11,160,986 | 6,925,745 | |
| Cash flow from operating activities (row. 9 to 12) | 13 | (897, 725) | (1, 538, 185) | |
| Revenue from interests | 14 | 47,368 | 26,449 | |
| (Net increase) / Net decrease in restraint | 15 | 164,088 | 62,971 | |
| Cash flow from operating activities (row.13 to 15) | 16 | (686, 269) | (1, 448, 765) | |
| Investing activities | ||||
| Cash payment for long-term purchasing of land and | ||||
| other assets | 17 | (2,097) | ||
| Revenues from tangible and intangible assets | 18 | 18,969 | ||
| Revenues from dividents | 19 | 1,769 | ||
| Net cash used in investing activities (row. 17 la 19) | 20 | 1,769 | 16,872 | |
| Financing activities | ||||
| Subsidies granted | 21 | |||
| Net cash used in financing activities (row. 21) | 22 | |||
| Net increase/(Decrease) în cash and cash equivalents $(row. 16+20+22)$ |
23 | (684, 500) | (1, 431, 893) | |
| Cash and cash equivalents at the beginning of the year | 24 | 9,157,513 | 8,843,740 | |
| Cash and cash equivalents at the end of the period $(row. 23 + 24)$ |
25 | 8.473.013 | 7411847 |
Cosmin URSONIU
Nicoleta Liliana IONETE
(Company in insolvency, en procedure collective)
| Indicator | Calculation method | Value |
|---|---|---|
| 1. Current liquidity | $1=2/3$ | 0.07 |
| 2. Current assets (lei) | 2 | 47,958,923 |
| 3. Current liabilities (lei) | 3 | 720,486,169 |
| 4. Level of indebtedness | $4 = 5/6$ | #N/A |
| 5. Borrowed capital (lei) | 5 | |
| 6. Capital employed (lei) | 6 | (773, 423, 131) |
| 7. Turnover ratio of customer debits (days) | $7 = 8/9 \times (365/4) \times 2$ | 113 |
| 8. Average balance of trade receivables (lei) | 4,524,918 | |
| 9. Turnover (lei) | 9 | 7,289,789 |
| 10. Turnover ratio of fixed assets (days) | $10 = 11/12 \times (365/4)x2$ | 3,296 |
| 11. Fixed assets (lei) | 11 | 131,670,345 |
| 12. Turnover (lei) | 12 | 7,289,789 |
Cosmin URSONIU
Nicoleta Liliana IONETE
$IAS$ 1.138 (a), (b), UCM RESITA S.A. - (company in insolvency, en procedure collective) is a joint stock company with the headquarters in Romania.
$IAS$ 1.51(a)-(c) The separate financial statements, in accordance with IFRS, has been prepared for the accounting year ended on June 30, 2021.
The main activity of the Company is the manufacture of engines and turbines (except aircrafts, vehicles and motorcycles) – CAEN Code: 2811.
The Company was incorporated and registered at ONRC based on the Government Decision (GD) no. 1296/1990 completed and modified by GD no. 334/1991, operating under the laws of Romania.
On 30.06.2021, the registered office of UCMR was in Bucharest, Charles de Gaulle Square No. 15, Charles de Gaulle Plaza Building, 3st Floor, Office Peles, Sector 1, as mentioned in Endorsement no. 592087/15.11.2019, registered at ONRC at no.J40/13628/2011, Fiscal Code RO 1056654, and the administrative headquarters in Resita, Golului Street No. 1.
The main activity of the Company consists in manufacturing and marketing of hydro power units (hydraulic turbines, valves, governors and hydro generators), hydro mechanical equipment, large hydraulic servomotors, bearings and half-bearing shells, spare parts for Diesel engines and the like.
The Company provides also services for the design of new constructive solutions or for the rehabilitation and enhancement of the existing ones, as well as specialized engineering services for technical assistance in areas related to its main field of activity.
The Company's products and services are delivered / delivered both on the domestic market and on the foreign market.
In the domestic market, the main customers are in the hydro power field: S.P.E.E.H. HIDROELECTRICA SA, S.S.H HIDROSERV S.A and ROMELECTRO SA, plus ALMET INTERNATIONAL LTD SRL. External clients are active both in the hydropower field and in other areas, and are from Austria and France.
The individual financial statements have been prepared starting from the assumption that the Company will continue its business without significant changes in the foreseeable future.
IAS 1.16 The Separate Financial Statements have been prepared in accordance with the provisions of the Order no. 2844/2016 of the Minister of Public Finance, with respect to the approval of Accounting Regulations in compliance with the International Financial Reporting.
Standards (IFRS) applicable to companies whose marketable securities are admitted to trading on a regulated market (OMPF 2844/2016)
The undersigned, Cosmin URSONIU and Liliana Nicoleta IONETE, in position of Special Trustees of the Company, undertake the liability for drawing up the Separate Interim Financial Statements on 30.06.2021 and confirm that they are in compliance with the applicable Accounting Regulations and the Company shall conduct its work under the condition of continuity.
The Company drawn up the Separate Interim Financial Statements for the year ended on June 30, 2021 in accordance with OMPF 2844/2016, as amended and supplemented.
These provisions meet the requirements of International Financial Reporting Standards (IFRS) adopted by the European Union (EU), except for IAS 21 - The Effects of change in foreign exchange rates on functional currency.
In order to prepare these Separate Financial Statements in accordance with legislative requirements in Romania, the functional currency of the Company is considered to be RON ("Romanian LEU").
The Separate Financial Statements presented have been prepared on a historical cost basis.
For all periods up to and including the year ended on December 31, 2011, the Company has prepared the Separate Financial Statements in accordance with the accounting principles generally accepted in Romania (OMPF 3055/2009, as amended).
The Separate Financial Statements for the year ended on1 December 31, 2012 were the first of this kind that the Company has prepared in accordance with IFRS, year when it was applied also IFRS 1 - "First-time Adoption of IFRS".
These Separate Financial Statements have been not audited.
The Company does not apply IFRS issued and not adopted on 30.06.2021, and cannot estimate the impact of non-application of these provisions on the separate financial statements, and intends to apply these provisions only at their entry into force.
In accordance with IAS 27 "Consolidated and Separate Financial Statements", the Company should present consolidated financial statements that strengthen the investments in subsidiaries. In preparing the consolidated financial statements should be combined the financial statements of the parent company and those of its subsidiaries, item by item, by adding together all similar items of assets, liabilities, equity, revenues and expenses.
At June 30, 2021, the Company holds 1 subsidiary, s.c. MULTI-FARM s.r.l. that has as its object the sale of medicines and pharmaceuticals. The Company has decided not to present consolidated financial statements, considering that the consolidated financial information, which should be presented in the statement of financial position and overall result as on 30.06.2021, would not significantly differ from the Company's individual financial statements on $30.06$ , $2021$ .
The items included in the separate financial statements of the Company are measured using the currency of the economic environment in which the entity operates ("the functional currency"), that means Romanian Leu.
According to IAS 1.51 (d), (e), these separate financial statements are presented in Lei, and all financial information is in Lei, rounded to 0 decimal, unless otherwise stated.
Preparation of separate financial statements in conformity with IFRS requires management's use of professional judgments, estimates and assumptions that affect application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. The actual results may differ from these estimates.
The estimates and assumptions are reviewed regularly. These revisions of the accounting estimates are recognized in the period in which the estimate was reviewed and in future affected periods.
The Company does not apply certain IFRSs/ IASs or new provisions / modifications / additions / interpretations of them issued by the IASB (International Accounting Standards Board) and not adopted at the date of drawing up the financial statements.
The Company cannot estimate the impact of non-application of these provisions on the financial statements and intends to apply these provisions with the date of their entry into force.
The Company applies IAS 1 - "Presentation of Financial Statements" (2007) revised, which entered into force on January 1, 2009.
As a result, in the "Statement of Changes in Shareholders' Equity" the Company presents to shareholders all amendments thereto.
The comparative information has been reconciled so that they conform to the revised standard. As the impact of change in accounting policy is reflected only on presentation aspects, there is no impact on earnings per share.
IAS 1 "Presentation of Financial Statements" is governing the basis for presentation of financial statements for general purpose, in order to ensure comparability both with financial statements of the entity for previous periods and with the financial statements of other entities.
a) Basis of accounting and reporting in hyperinflationary economies The currency used by the Company for evaluation and reporting is the "Romanian Leu" ("RON").
IAS 29 - "Financial Reporting in Hyperinflationary Economies", requires that the statements of companies that are reporting in the currency of a hyperinflationary economy should be made in terms of the current monetary unit at the date of the balance sheet and all amounts must be restated in the same conditions. IAS 29 states that reporting of operating results and financial position in local currency without restatement related to inflation is useless, since the money lose their purchasing power so quickly that a comparison between the value of transactions or of other events that occur at different moments, even within the same reporting period, is wrong. IAS 29 suggests that an economy should be considered hyperinflationary if certain conditions are met; one of them being that the cumulative rate of inflation over a period of three years exceeds 100%.
By December 31, 2003 adjustments were made to reflect the application of IAS 29 "Financial reporting in hyperinflationary economies".
Implementation of IAS 29 to specific categories of transactions and balances in the financial statements is presented below:
Separate Interim Financial Statements on June 30, 2021 [All amounts are given in lei (RON) unless otherwise stated]
Monetary assets and liabilities have not been reassessed for the implementation IAS 29 since they are already expressed in terms of the current monetary unit at the date of the balance sheet.
Equity components have been restated by applying the inflation index for the month in which the assets, liabilities and equity components were initially recorded in the financial statements (the date of purchase or contribution) until December 31, 2003. The remaining non-monetary assets and liabilities are not restated using the inflation index, considering that their value is updated as a result of the application of alternative accounting treatments of evaluation during the previous periods.
Preparation of individual financial statements in conformity with IFRS requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, of contingent assets and liabilities at the date of the financial statements and of the reported amounts of revenues and expenses registered during the reporting period. The actual results may be different from these estimates. The estimates are periodically reviewed and, if adjustments are required these are reported in the profit and loss account for the period in which they become known.
The uncertainties related to these estimates and assumptions may cause, in the future, significant adjustments of the values presented in the financial statements, as a result of insolvency proceedings which the Company is involved.
These adjustments are likely to significantly affect the Company's assets that can no longer be achieved under normal operating conditions, in this case being required a massive depreciation in value (possibly more than 50%) due to the very probable recovery by enforcement and / or by the procedure of insolvency, a situation that causes a corresponding damage to the profit and loss account.
In the process of applying the Company's accounting policies, the management has made estimates for provisions, impairment of receivables and stocks, which have significant effect on the values stated in the individual financial statements.
The shares held by the Company are classified (shown) at nominal values and, in accordance with the Law of Trading Companies $(L\frac{31}{1990})$ and the articles of incorporation their total value is to be found in the registered capital.
The dividends on holdings of shares (capital), established under Decision of AGA, are recognized as a liability in the period in which their distribution is approved.
The investments held in affiliated entities are presented in the separate financial statements of the Company at cost less any impairment.
The dividends receivable from affiliated entities are recognized when the Company established the right to receive payment.
The fixed assets, except lands and buildings, are recognized according to the requirements of OMFP 2844/2016 and are shown in the accounts at cost, less the accumulated depreciation and the impairment losses.
The buildings are stated at fair value based on periodic assessments carried out by independent external evaluators. Any accumulated depreciation at the date of revaluation is eliminated from the gross carrying amount of the asset and the net amount is recorded as revalued amount of the asset. The buildings are stated at revalued amounts on 31.12.2014 and the lands at revalued amount on 31.12.2011.
If a fixed asset includes significant components that have different useful lives, they are accounted (depreciated) individually.
The expenses with repairs or maintenance of fixed assets are made to restore or maintain the value of these assets and are recognized in the comprehensive income on the date they are made, while the expenses made in order to improve the technical performance are capitalized and depreciated over the remaining period of depreciation for that fixed asset.
The fixed assets are depreciated from the month following the date of purchase or the date of commissioning, as appropriate, using their lifetime periods.
Depreciation is calculated using the straight-line method over the lifetime of the fixed assets and/or their components, which is accounted separately.
The terms of depreciation used are as follows:
| • Constructions | $6 - 50$ years | |
|---|---|---|
| $\bullet$ | Equipment and machinery | $2 - 28$ years |
Other installations, tools and furniture $2 - 15$ years
The land and fixed assets in progress are not depreciated and the ongoing investments are depreciated from the date of commissioning.
The estimated useful lives and the depreciation method are reviewed periodically, to ensure they are consistent with the projected evolution of economic benefits generated by the tangible assets.
Tangible assets are derecognized from the balance sheet when the asset exits the equity or when no benefits are expected from the use of the asset. Losses or gains on disposal/sale of fixed assets are recognized in the statement of the comprehensive income.
The intangible assets acquired by the Company are recognized and presented at cost, less accumulated depreciation and impairment losses.
Depreciation is recognized in the comprehensive income, on a straight line basis, over the estimated lifetime (service life) of the intangible asset.
Most of the intangible assets recorded by the Company are represented by the software programs, which are depreciated linearly over a period of 3 years.
According to IAS 36 Depreciation of Assets, the value of tangible and intangible assets is reviewed annually to identify circumstances that indicate their depreciation.
Whenever the net value of the asset exceeds its recoverable amount, depreciation of its value is recognized in the statement of the comprehensive income for tangible and intangible assets.
The recoverable amount represents the highest value between the net selling price of an asset and its value in use. The net selling price represents the amount obtainable from the sale of the asset in a normal transaction, and the value in use represents the present value of future cash flows estimated if continuing to use the asset and from its sale at the end of its service lifetime. The recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating units. Reversal of impairment losses recognized in previous years may occur when there is an indication that the impairment losses recognized for that asset no longer exist or has decreased; the cancellation shall be recorded as revenue.
In accordance with IAS 39 "Financial Instruments: Acknowledgment and assessment", the Company's financial assets are classified into the following categories: held-to-maturity and loans and receivables originated by the Company.
The investments with fixed or determinable payments and fixed maturity, other than loans and receivables originated by the Company, are classified as held-to-maturity.
These financial assets are recognized in the historical cost or at the value determined by their acquisition contract, the cost of acquisition including also the transaction costs, the gains and losses being recognized in the statement of the comprehensive income when the financial assets are derecognized or impaired, as well as through the depreciation process.
Derecognizing of financial assets occurs when the rights to receive cash flows from the asset have expired, or the Company has transferred its rights to receive cash flows from the asset (directly or through a "pass-through" commitment). All normal purchases and sales of financial assets are recognized at the transaction date, i.e. the date when the Company commits to purchase an asset.
Regular purchases and sales are those that require delivery of assets within the period generally accepted by the regulations or conventions valid on that market.
The Company has no financial assets at fair value registered in the profit and loss account or financial assets available for sale.
In accordance with IAS 39 "Financial Instruments: Recognition and Measurement", the Company's financial debts are classified into the following categories: loans, trade debts and other debts.
The trade debts are stated at nominal amounts payable for goods or services received. Short and long term loans are initially recognized at the nominal value, representing the amount received under this head, not including the specific costs (fees, interest).
The gains and losses are recognized in the statement of the comprehensive income on derecognizing of debts, as well as through the depreciation process. Derecognizing of financial debts occurs if an obligation is fulfilled, canceled or expires. The financial assets and debts are compensated only if the Company has a legally enforceable right to make compensations and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
The leasing contracts in which the Company takes substantially the risks and benefits of ownership are classified as financial leasing. The amounts due are included in the short or long term debts, the elements of interest and other costs of financing being recorded in the profit and loss account during the contract period. Assets held under the financial leasing contracts are reflected in the accounting system using the accounts of tangible and intangible assets and are depreciated over their useful lifetime.
The rates paid to the lessor plus the interest is highlighted as a debt in the account 406 "Debts from operations of financial leasing".
The leasing contracts in which a significant portion of the risks and benefits of ownership are assumed by the lessor are classified as operating leasing contracts, the payments (expenses) made under such contracts being recognized in the comprehensive income on a straight-line basis during the contract period, the leased assets are recorded in the accounting system of the lessee, in the off-balance sheet accounts.
Functional currency and presentation currency: the financial statements of the Company are prepared using the currency of the economic environment in which operates.
The functional currency and the currency used for presentation of financial statements is the Romanian Leu ("RON").
Transactions in foreign currency are translated into RON applying the exchange rate at the transaction date. The monetary assets and liabilities denominated in foreign currencies are revalued in RON at the exchange rate at the balance sheet date.
The gains and losses resulting from differences in foreign exchange rate, realized or unrealized, are recorded in the statement of the comprehensive income.
The exchange rates on June 30, 2020 and 2021 are as follows:
| Currency | June 30, 2020 | June 30, 2021 |
|---|---|---|
| RON/EUR | 4.8423 | 4.9267 |
| RON/USD | 4.3233 | 4.1425 |
| RON/GBP | 5.3020 | 5.7374 |
| RON/CHF | 4.5393 | 4.4913 |
The stocks are recorded in the accounting system at the minimum value between the cost and the net realizable value.
The net realizable value represents the estimated selling price to be received under ordinary course of activity, less the costs related to sell.
The value of stocks is based on the weighted average cost, including expenses incurred in acquiring them and bringing to the current location, and in the case of stocks produced by the Company (semi-finished and finished goods, work in progress); the cost includes an appropriate percentage from the indirect costs, depending on the organization of production and the current activity. The inventory method used is that of "perpetual inventory".
At the annual inventory of stocks, the Company identifies the stocks that are not intended for sale contracts in progress or have not been identified as useful in current manufacturing costs or future projects.
The Company's management analyzes and proposes/decides the adjustments (depreciation) of stocks according to the accounting policy approved in this respect and the results of the inventory.
The inventory of stocks shall be made according to the internal procedure and the inventory manual, related both to the needs of the Company and the law in force.
Trade receivables are stated at their nominal value less the adjustments for their depreciation, the adjustments that are carried out where there is objective data and information about the fact that the Company will not be able to collect all amounts in due time.
The Company records depreciations of 100% for trade receivables older than 360 days and for those in dispute.
The cash includes the cash in hand and in bank accounts. Cash equivalents are short-term investments, highly liquid, which can be quickly converted into a sum of money, with the original maturity of maximum three months and have an insignificant risk of change in value.
Records of them are kept on banks, currencies, respectively on pay desks and cash advances holders being evaluated, in case of foreign currency by using their exchange rate
(reference rate) with the national currency (RON) released by the National Bank of Romania (BNR).
The debts are initially recognized at the fair value of the consideration to be paid and include the payable amounts, invoiced or not, for goods, works and services.
The costs related to loans are recorded as an expense in the period in which they occur, except the case when the loans are for the construction of assets that are qualified for capitalization. The Company classifies its loans on short-term and long-term, depending on the maturity specified in the credit agreement.
The loans are initially recognized at the net value of withdrawals. They are subsequently carried at the depreciated cost, using the method of effective interest rate, the difference between the value of withdrawals and the redemption value being recognized in the net profit of the period, during the entire loan period.
Government grants are recognized when there is reasonable assurance that the grant will be received and all conditions attached will be satisfied. When the grant relates to an expense item, it is recognized as income over the period necessary to correlate, on a systematic basis, the grant with the costs to be offset. When the grant relates to an asset, it is recognized as deferred income and taken to income in equal amounts over the expected life of the related asset.
When the Company receives non-monetary grants, the asset and the grant are recorded at gross and nominal values and they are reflected in the overall result over the expected life and the consumption rate of the benefit afferent to the support asset, in equal annual installments. When loans or similar forms of assistance are provided by the government or similar institutions at an interest rate below the rate applicable on the market, the effect of this favorable interest is regarded as additional government grant.
The Company contributes for its employees by paying contributions to Social Security (retirement, health) giving them some benefits upon retirement, according to the period of work in the company (a reward up to 4 gross salaries per company for a seniority over 25 years in UCM Resita, respectively up to 2 average gross salaries per company for a seniority between 10-25 years in UCM Resita, respectively 1 average gross salaries per
company for a seniority between 5-10 years in UCM Resita). These contributions are recognized as an expense when the services are rendered.
In addition to the grants and allowances provided expressly by law, the Company grants to its employees the following benefits:
The Company does not contribute to any other plan for retired pay or retirement benefits and has no other future obligations such as those mentioned, for its employees.
The tax on profit or losses of the year comprises current tax and deferred tax. The assets and liabilities for current profit tax, for current and prior periods, are recognized at the value expected to be reimbursed by or paid to the taxation authorities.
The current profit tax is calculated in accordance with tax legislation in force in Romania and is based on the results reported in the statement of the comprehensive income of the Company, prepared in accordance with local accounting standards, after adjustments performed for tax purposes. The current profit tax is applied to the accounting profit, as adjusted in accordance with tax legislation at a rate of 16%.
The tax losses may be carried forward for a period of seven years.
The deferred profit tax reflects the tax effect of temporary differences between the carrying amount of assets and liabilities used for financial reporting purposes and the tax values used in order to calculate current profit tax. The deferred profit tax, recoverable or payable, is determined using tax rates that are expected to be applicable in the year in which the temporary differences will be recovered or settled. Assessment of the deferred profit tax, payable or recoverable, reflects the tax consequences that would follow from the manner in which the Company expects to realize or settle the carrying amount of its assets and liabilities at the date of the balance sheet.
The assets and liabilities from the deferred tax are recognized regardless of when the temporary differences are likely to be realized.
The assets and liabilities from the deferred tax are not updated. The assets from the deferred tax are recognized when it is probable that there will be sufficient future taxable
profits against which the deferred tax can be used. The liabilities from the deferred tax are recognized for all taxable temporary differences.
The revenues from sale of goods are recognized in the comprehensive income at the date when the risks and benefits of ownership on the goods are transferred to the buyer which, in most cases, coincides with the date of invoice (delivery) thereof.
The revenues from the goods sold (delivered) and services rendered are recognized on an accrual basis, respectively at the date of delivery / provision (transfer of ownership) to the customer.
The revenues from interest are recognized in installments (proportionally) as they are invoiced / are generated according to contracts/agreements under which the loans were granted on an accrual basis.
The revenues are recognized when there is no significant uncertainty regarding recovery of the counter benefits due and associated costs or possible returns on the assets.
The expenses are classified and recognized based on the principle of their connection to revenues, respectively their allocation on products, services which make these revenues.
The production cost of stocks is followed on projects and, within these projects, on each individual product and includes direct costs related to production (direct materials, direct labor, and other direct costs attributable to products, including design costs) and the share of indirect costs of production allocated rationally as related to their manufacture.
The general administrative expenses, selling expenses and unallocated share of fixed overhead products (indirect production costs that are relatively constant, regardless of the volume of production) are not included in the cost of stocks but are recognized as expenses in the period in which they occurred.
The Company applies the principle of separation of accounting years for the recognition of revenues and expenses that are classified in three categories (operational, financial and exceptional).
The management believes that the fair values of the Company's financial instruments are not significantly different from their carrying values, due to the short terms of settlement, reduced transaction costs and/or the variable interest rate that reflects current market conditions.
t) Provisions
A provision is recognized when, and only when the Company has a current obligation (legal or constructive) as a result of a past event and if it is probable (more likely to succeed than not be realized) as an output of resources embodying economic benefits, will be required to settle the obligation, and it can make a reasonable estimate of the amount of the obligation.
The provisions are reviewed at the end of each accounting year and are adjusted to reflect the current best estimate.
When the effect of money value in time value is significant, the value of the provision is the present value of the expenses required to settle the obligation.
The contingent debts are not recognized in the financial statements. They are disclosed in notes, unless the case when the possibility of an outflow of resources embodying economic benefits is very small.
A contingent asset is not recognized in the financial statements but is disclosed in notes when an inflow of economic benefits is probable.
The events subsequent to the date of the balance sheet are those events, favorable and unfavorable, that occur between the date of the balance sheet and the date when the financial statements are authorized for issue.
The events subsequent to the date of the balance sheet that provide additional information about the Company's position at the date of the balance sheet are subsequent events that led to adjustment of the financial statements.
The events subsequent to the date of the balance sheet that provide information about the conditions that arose after the balance sheet date don't require adjustment of the financial statements and are disclosed in the notes, if they are significant.
A party is considered to be affiliated if by ownership, contractual rights, and family relationship, or otherwise, has the power to control directly or indirectly or to influence significantly the other party.
Affiliated parties include also individuals such as main owners, management and members of the Board of Directors and their families.
According to the International Financial Reporting Standards, an entity is affiliated to a reporting entity if it meets any of the following conditions:
Accounting errors found in the financial statements at the date of their drawing up may refer either to the current accounting year or in previous accounting years, correction will be performed at the date when becoming aware of them.
When recording the operations required to correct the accounting errors, are applied the provisions of IAS $8$ - "Accounting Policies, Changes in Accounting Estimates and Errors", stating that the entity must correct retrospectively significant errors of the period in the first set of financial statements which publication was approved after their discovery, by means of: restating the comparative amounts for the prior period presented in which the error occurred or if the error occurred before the first prior period.
According to OMFP 2844/2016, correction of errors related to previous accounting years does not require publication of the revised yearly financial statements for that accounting year, and their correction is performed based on the retained earnings account, without affecting the result of the current accounting year.
In order to correct the errors for the current accounting year, the accounting entries made wrong are, the appropriate registration of the operation in question.
The Company creates legal reserves according to Art. 183 of Law 31/1990.
Given the provisions of OMFP 2844/2016, the Company creates legal reserves from the profit of the entity, within the quotas and limits set by the law, but also from other sources provided by the law.
The Company considered necessary a change in the accounting policy for recognizing the surplus from revaluation of tangible fixed assets in order to incorporate it into a separate reserve account, as the assets are used by the Company (in proportion as they are depreciated), respectively when the assets are out of the accounting records.
Thus, starting with 2010, it was decided to recognize as realized the differences from revaluation of fixed assets in proportion as they are depreciated.
At the meeting of the Board of Directors on 30.11.2011 was decided opening of insolvency proceedings with the intention to reorganize the activity, the necessary documentation in this respect being submitted to the Law Court of Bucharest.
By decision of the court dated 06.12.2011, the syndic judge ordered opening of insolvency proceedings with the intention to reorganize the activity. The Company has retained the right to conduct the activity, to administrate and to dispose of the equity assets rights held under the supervision of the Official Receiver.
After the balance sheet date, on 05.07.2021, the Judicial Administrator of the Company, the Consortium EURO INSOL SPRL and VF Insolvență SPRL posted the final Table of receivables at the court registry, publishing it in the Insolvency Proceedings Bulletin (BPI) no. 11759 / 05.07.2021.
By Notification no. 543 / 05.07.2021 published in BPI no. 11758 / 05.07.2021, the Company's creditors were informed about the submission of the final Table.
On 04.08.2021, the Judicial Administrator of the Company submitted the Reorganization Plan for the activity of the debtor SC UCM Resita SA, both at the registry of the Bucharest Tribunal and at the Trade Register Office, according to art. 98, para. 1 of Law 85/2006.
The meeting of the Creditors' Assembly in which the vote on the Reorganization Plan will be expressed was scheduled for 07.09.2021.
In order to support the principle of continuity the Company considers on a side the contracts signed and in progress for SPEEH .Hidroelectrica the final beneficiary company, and also those that are expected to be signed, knowing that most of the hydropower plants in Romania are at the end of their life and need repair and modernization work.
In August 2021, SPEEH Hidroelectrica received from the consultant Ernst & Young the final report regarding the solution for the acquisition of some assets of UCM Resita that would contribute to the accomplishment of its maintenance and refurbishment activities. Based on this report, Hidroelectrica will send the purchase offer.
The receipts resulting from this transaction will be distributed to the creditors on account of the debts entered in the credit table, priority having the creditors who have a right of pledge over the goods that are the object of the sale.
The measures envisaged to maximize the Company 's assets are continued, which mainly refers to:
Special Trustee Nicoleta Liliana IONETE
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