VES SA

Annual / Quarterly Financial Statement • May 25, 2015

Page 1 of 5

S.C. VES S.A.

FINANCIAL SITUATIONS FOR THE YEAR ENDED ON MARCH 31st 2015

ELABORATED IN COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

S.C. VES S.A. FINANCIAL STANDINGS ON MARCH 31st 2015

	January 1st2015	March31st2015
Fixed assets
- fixed tangible assets	17,227,683	17,065,939
- fixed intangible assets	643,771	621,164
- fixed financial assets	25	25
Total fixed assets	17,871,479	17,687,128
Circulating assets
- inventories	20,828,051	23,060,563
- receivables	20,794,842	7,665,878
- short-term financial investments	0	0
- cash register and bank accounts	1,392,908	1,661,147
Total circulating assets	43,015,801	32,387,588
Deferred expenditures	818,232	1,025,536
TOTAL assets	61,705,512	51,100,252
Equity
- share capital	11.881.719	11.881.719
- share capital adjustments	6.553.181	6.553.181
- reserves	14.541.287	14.541.287
- retained earnings	-12.766.247	-12.409.512
Total equity	20.209.940	20.566.675
Long-term debts
- bank loans	0	0
- amounts due to affiliated entities	0	0
- suppliers and other liabilities	2.378.669	2.150.878
Total long-term debts	2.378.669	2.150.878
Short-term debts
- bank loans	0	0
- amounts due to affiliated entities	31,684,439	23,592,533
- suppliers and other liabilities	7,403,147	4,760,850
Total short-term debts	39,087,586	28,353,383
Total debts	41,466,255	30,504,261
Provisions for risks and expenditures
Deferred incomes	29,317	29,316
Total liabilities	61,705,512	51,100,252

Page 3 of 5

Chairman of the Steering Committee

Fetita Alin-Sorin [illegible seal / signature]

Chief accountant Constantin Sebastian [illegible signature]

S.C. VES S.A. GLOBAL RESULT STATUS ON MARCH 31st 2015

	March 31st 2014	March 31st 2015
Operating incomes
- production sold	5,137,119	6,108,869
- incomes from sale of goods	16,476	20,371
- commercial discounts	-16,473	0
- incomes corresponding to inventory costs	-258,939	1,500,163
- other operating incomes	29,720	79,198
Total operating incomes	4,907,903	7,708,601
Operating expenditures
- expenditures for raw materials and consumables	2,468,999	3,135,669
- other material expenditures	11,142	33,578
- expenditures for power and water	637,981	756,227
- expenditures for goods	14,881	11,549
- commercial discounts received	0	0
- personnel expenditures	2,185,878	2,498,902
- depreciation expenditures	357,902	88,846
- adjustments for circulating assets	0	0
- other operating expenditures	907,744	713,275
- adjustments for provisions	0	0
Total operating expenditures	6,584,527	7,238,046
Operating profit / loss	-1,676,624	470,555
Financial incomes	-7,199	26,257
Financial expenditures	120,370	140,058
Financial profit / loss	-127,569	-113,801
Income before taxes	1,804,193	356,754
Expenditure / income on current and deferred tax		0
Profit / loss for the exercise	1,804,193	356,754

Chairman of the Steering Committee Fetita Alin-Sorin [illegible seal / signature]

Chief accountant Constantin Sebastian [illegible signature]

S.C. VES S.A. ECONOMIC-FINANCIAL INDICATORS ON MARCH 31st 2015

	Name of indicator	Calculation method	Result
1.	Current liquidity ratio	= current assets / current debts	15.33
2.	Gearing ratio	= borrowed capital / employee capital x 100	59.75%
3.	Client-debt turnover rate	= average client balance / turnover x 90	90.10
4.	Fixed assets turnover rate	= turnover / fixed assets	0.35

Company's financial statements on 31/03/2015 were not audited.

Chairman of the Steering Committee Fetita Alin-Sorin

[illegible seal / signature]

Chief accountant Constantin Sebastian [illegible signature]