Servicii Energetice Muntenia S.A. - electrica.ro · S.C. SERVICII ENERGETICE MUNTENIA S.A. IN...

S.C. SERVICII ENERGETICE MUNTENIA S.A. IN JUDICIAL REORGANIZATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

(All amounts are expressed in RON, unless otherwise specified)

1

Servicii Energetice Muntenia S.A.

Separate Financial Statements

For the year ended

31 December 2017




2

Description

Row

No.

Balance at:

1 January 2017 31 December 2017

A B 1 2

A. NON-CURRENT ASSETS

I. INTANGIBLE ASSETS

1. Set-up costs 01

2. Development costs 02

3. Concession rights, patents, licenses, trademarks and other

similar rights and other intangible assets 03 0 2,361

4. Goodwill 04

5. Intangible assets exploration and evaluation of mineral

resources 05

6. Advance payments for intangible non-current assets 06

TOTAL (row 01 to 05) 07 0 2,361

II. PROPERTY, PLANT AND EQUIPMENT

1. Land and buildings 08 102,096,517 92,831,455

2. Plant and machinery, motor vehicles 09 1,678,282 2,901,197

3. Other equipment, fixture and fittings 10 13,722 41,311

4. Real estate investments 11

5. Tangible assets in progress 12

6. Real estate investments in progress 13

7. Tangible exploration and evaluation of mineral resources 14

8. Biological assets 15

9. Advance payments for tangible non-current assets 16

TOTAL (row 08 to 16) 17 103,788,521 95,773,963

III. FINANCIAL ASSETS

1. Shares held in subsidiaries 18

2. Loans to subsidiaries 19

3. Investments in associates 20

4. Loans to associates 21

5. Other long term investments 22

6. Other loans * 23

TOTAL (row 18 to 23) 24

NON CURRENT ASSETS – TOTAL

(rd 07+17+24) 25 103,788,521 95,776,324

B. CURRENT ASSETS

l. INVENTORIES

1. Raw materials and consumables 26 14,910,831 15,085,802

2. Work in progress * 27 1,571,096

3. Finished goods and goods for resale * 28

4. Suppliers-debtors for suppliers for the purchase of inventories 29 79,130 240,415




3

Description

Row

No.

Balance at:


A B 1 2

TOTAL (row 26 to 29) 30 14,989,961 16,897,313

II. TRADE RECEIVABLES

1. Trade receivables 1), * 31 14,632,376 14,955,272

2. Intercompany receivables *, ** 32

3. Settlements with associates and jointly controlled entities 33

4. Other receivables ** 34 12,633,609 215,241

5. Capital recharges with shareholders* 35

TOTAL (row 31 to 35) 36 27,265,985 15,170,513

III. SHORT TERM INVESTMENTS

1. Shares in affiliated entities 37

2. Other short term investments 38


IV. CASH AND CASH EQUIVALENTS 40 16,853,946 9,595,621

CURRENT ASSETS – TOTAL

(row 30 + 36 + 39 + 40) 41 59,109,892 41,663,447

C. PREPAYMENTS (row 43 + 44) 42 10,006 127,263

Amounts to be resumed within a period of up to one year 43 10,006 127,263

Amounts to be resumed within a period of more than one year 44

D. LIABILITIES: AMOUNTS PAYABLE IN ONE YEAR

1. Debenture loans, (separate disclosure of convertible debenture

loans) 45

2. Bank loans 46

3. Advance payments received from customers 47

4. Trade payables 48 3,091,719 4,187,894

5. Bills of exchange payable 49

6. Amounts due to affiliates *** 50

7. Amounts due to associates *** 51

8. Other payables, including payables to the state budget and

social security payables *** 52 26,714,229 12,747,411

TOTAL (row 45 to 52) 53 29,805,948 16,935,305

E. NET CURRENT ASSETS/NET CURRENT LIABILITIES

(rd. 41 + 43 – 53 – 70 – 73 – 76) 54 12,667,348 8,208,803

F. TOTAL ASSETS LESS CURRENT LIABILITIES

(row 25 + 44 + 54) 55 116,455,869 103,985,127




4

Description

Row

No.

Balance at:


A B 1 2

G. LIABILITIES: AMOUNTS PAYABLE IN A PERIOD

HIGHER THAN ONE YEAR

1. Debenture loans, separate disclosure of convertible debenture

loans 56

2. Bank loans 57

3. Advance payments from customers 58

4. Trade payables 59

5. Trade notes payable 60

6. Amounts due to subsidiaries *** 61

7. Amounts due to associates *** 62

8. Other payables including payables to the state budget and

social security payables *** 63 4,136,875

TOTAL (row 56 to 63) 64 4,136,875

H. PROVISIONS

1. Provisions for employee benefits 65

2. Provisions for taxes 66

3. Other provisions 67


I. DEFERRED INCOME

1. Investment subsidies ( row 70 to 71) 69 16,646,602 16,646,602

Amounts to be discharged in a period of up to one year 70 16,646,602 16,646,602

Amounts to be discharged in a period exceeding one year 71

2. Deferred income – total (row 73 + 74) 72

Amounts to be transferred to income in a period below one

year * 73

Amounts to be transferred to income in a period above one

year * 74

3. Deferred income corresponding to assets received by transfer

from clients ( row 76 to 77 ) 75

Amounts taken over a period of up to one year 76

Amounts taken over a period exceeding one year 77

Negative goodwill 78

TOTAL (row 69 + 72 + 75 +78 ) 79 16,646,602 16,646,602

J. CAPITAL AND RESERVES

I. CAPITAL

1. Subscribed paid in capital 80 25,380,250 25,380,250

2. Subscribed unpaid capital 81

3. Patrimony of autonomous companies 82

4. Patrimony of research institutes 83




5

Description

Row

No.

Balance at:


A B 1 2

5. Other elements of own equity 84

TOTAL (row 80 to 84) 85 25,380,250 25,380,250

II. SHARE PREMIUM 86

III. REVALUATION RESERVE 87 99,406,665 92,548,276

IV. RESERVES

1. Legal reserves 88 901 7,056

2. Statutory or contractual reserves 89

3. Other reserves 90

TOTAL (row 88 to 90) 91 901 7,056

Own shares 92

Gains in respect of own shares instruments 93

Losses in respect of own shares instruments 94

V. PROFIT OR LOSS CARRIED

FORWARD

C BALANCE

95

D BALANCE 96 12,485,949 14,067,390

VI. PROFIT OR LOSS FOR THE YEAR C BALANCE 97 18,028 123,090

D BALANCE

98 - -

Profit appropriation 99 901 6,155

EQUITY – TOTAL

(row 85+86+87+91-92+93-94+95-96+97-98-99) 100 112,318,994 103,985,127

Public patrimony 101

Private patrimony 102

EQUITY – TOTAL (row 100+101+102) (row 25+41+42-53-

64-68-79) 103 112,318,994 103,985,127

Special Administrator Legal Administrator Financial Manager (CFO)

Sinan MUSTAFA MAESTRO SPRL Amelia-Elisabeta TRANDAFIRESCU




6

Item description

Row

no.

Financial year

2016 2017

A B 1 2

1. Turnover (row 02 +03-04+ 05+06) 01 27,791,529 27,637,402

Production sold 02 27,765,082 27,566,927

Income from sale of goods for resale 03 26,447 70,475

Trade discounts granted 04

Interest income recorded related to the entities erased from the

General Register, still having lease contracts in progress *

05

Income from operating subsidies related to the turnover 06

2. Income related to the cost of services or C Balance 1,571,096

work in progress D Balance

3. Income from the production of tangible and intangible assets 09

4. Income from revaluation of tangible assets 10 216,001

5. Income from real estate investment production 11

6. Income from operating subsidies 12

7. Other operating income 13 16,559,644 8,324,026

- out of which, income from negative goodwill 14

- out of which, income from investment subsidies 15

OPERATING INCOME – TOTAL

(row 01 + 07 - 08 + 09 + 10 +11+12+13 )

16

44,351,173 37,748,525

8. a) Raw materials and consumables expenses 17 5,351,353 6,384,027

Other material expenses 18 228,986 224,207

b) Other external expenses (with energy and water) 19 302,041 338,430

c) Goods for resale expenses 20 61,567 92,294

Trade discounts received 21 1,083 22,677

9. Personnel expenses (row 23 + 24), out of which: 22 12,708,820 14,295,462

a) Salaries and wages 1) 23 10,284,616 11,671,411

b) Social security expenses 24 2,424,204 2,624,051

10. a) Value adjustment to tangible and intangible assets (row

26 - 27)

25

1,719,485 547,967

a.1) Expenses 26 1,719,485 547,967

a.2) Income 27

b) Value Adjustment to current assets (row 29 - 30) 28 (714,574) (51,463)

b.1) Expenses 29 2,942,819 2,891,356

b.2) Income 30 3,657,393 2,942,819

11. Other operating expenses (row 32 la 38) 31 24,691,922 15,925,261

11.1. Third party services expenses 32 7,960,993 7,236,518

11.2. Expenses with other taxes, duties and similar payments 33 715,483 1,001,023

11.3. Environmental protection costs 34

11.4. Expenses from revaluation of tangible assets 35 175,620

11.5. Expenses related to calamities and other similar events 36




7

Item description

Row

no.

Financial year

2016 2017

A B 1 2

11.6. Other expenses 37 16,015,446 7,512,100

Refinancing interest expenses of the entities erased from the

General Register, still having lease contracts in progress *

38

Adjustments for provisions (row 40 -41) 39

- Expenses 40

- Income 41

OPERATING EXPENSES – TOTAL

(row 17 to 20-21+22+25+28+31+39)

42

44,348,517 37,733,708

OPERATING PROFIT/LOSS:

- Profit (row 16 - 42) 43 2,656 14,817

- Loss (row 42 - 16) 44 0 0

12. Income from participating interests 45

- out of which, income from affiliates 46

13. Interest income* 47 14,272 108,407

- out of which, income from affiliates 48

14. Income from subsidies for interest due 49

15. Other financial income 50 1,100 73

- out of which, income from other financial assets 51

FINANCIAL INCOME – TOTAL

(row 45+47+49+50)

52

15,372 108,480

16. Value adjustments to financial assets and financial investments

held as current assets (row 54 - 55)

53

- Expenses 54

- Income 55

17. Interest expense * 56

- out of which, expenses in relation with affiliates 57

Other financial expenses 58 207

FINANCIAL EXPENSES – TOTAL (row 53+56+58) 59 207

FINANCIAL PROFIT/LOSS:

- Profit (row 52 - 59) 60 15,372 108,273

- Loss (row 59 - 52) 61

TOTAL INCOME (row 16+52) 62 44,366,545 37,857,005

TOTAL EXPENSES (row 42+59) 63 44,348,517 37,733,915

18. GROSS PROFIT OR LOSS:




8

Item description

Row

no.

Financial year

2016 2017

A B 1 2

- Profit (row 62 - 63) 64 18,028 123.090

- Loss (row 63 - 62) 65 0 0

19. Income tax 66

20. Other taxes not disclosed among the above items 67

21. FINANCIAL YEAR NET PROFIT OR LOSS :

- Profit (row 64 - 65 – 66-67) 68 18,028 123.090

- Loss (row 65 + 66 + 67-64) 69 0 0






9

STATEMENT OF CASH FLOWS

for the year ended 31.12.2017

(All amounts in RON, unless otherwise specified)

2016 2017

CASH FLOWS FROM OPERATING ACTIVITIES

Gross Profit

18,028 123,090

Adjustments for non-cash elements

Amortization/Additional depreciation

805,658 547,967

Provisions from trade receivables

( 199,253) (245,031)

Provisions for risks and expenses, net - -

(Profit)/loss on sale or disposal of tangible and intangible assets

-

Interest income

(14,272) (108,274)

Interest expenses

- -

610,161 317,752

Variation in trade and receivables and otherwise

897,825 12,095,472

Inventories variation

(1,189,899) (1,907,350)

Variation in trade and other payables

8,091,636 ( 17,007,520)

Income tax paid

- -

Cash generated from operating activities

8,409,723 (6,501,646)

INVESTMENTS ACTIVITY

Payments for acquisition of intangible assets

- -

Payments for acquisition of tangible assets

(702,694) (865,086)

Interest received

14,272 108,407

Cash flows from investing activity

(688,422) (756,679)

FINANCING ACTIVITY

Long term loans variation

- -

Short term loans variation

-

Interest paid

- -

Dividends paid

- -

Cash flows from financing activities

- -

Net increase in cash and cash equivalents

7,721,301 (7,258,325)

Cash and cash equivalents at the beginning of the financial year

9,132,645 16,853,946

Cash and cash equivalents at the end of the financial year

16,853,946 9,595,621






10

STATEMENT OF CHANGES IN EQUITY for the year ended 31.12.2017

Equity Item Description Balance at Increases

Decreases

Balance at

31.12.2016 Total, Through Total, Through 31.12.2017

of which transfer of which transfer

0 1 2 3 4 5 6

Subscribed capital 25,380,250 25,380,250

Reevaluation reserves 99,406,665 4,047,640 10,906,028 92,548,276

Legal reserve 901 6,155 7,056

Profit/loss carried forward (37,564,791) 17,127 (37,547,644)

Reserves representing the realized revaluation reserve surplus 22,836,733 19,517

22,856,250

Retained earnings resulting from the correction of accountings errors 2,242,108 580,596 2,198,681 624,023

Other reserves - - - - - -

Profit / (Loss) carried forward (12,485,949) 617,240

2,198,681 14,067,390

Profit / (Loss) for the year 18,028 40,799,825

40,694,763

123,090

Profit appropriation 901 901 6,155 6,155

Total equity 112,318,994 45,471,760

53,805,627

103,985,127






11

Explanatory note no.1

FIXED ASSETS ON 31.12.2017

Description of the item *) Gross value **) Value adjustments ***) Net value

Amortization, depreciation and other value

adjustments

Balance at

the

beginning of

the financial

year

Increases

Disposals,

transfers

and others

Balance at

the end of

the financial

year

Balance at the

beginning of the

financial year

Adjustments

recorded

during the

financial year

Decreases

Balance at

the end of the

financial year

Net book

value

0 1 2 3 4 = 1+2-3 5 6 7 8 = 5+6-7 9=4-8

Intangible assets

Formation expenses and

development expenses - - - - - - - -

Other assets -licenses, info.

programs 4,260,167 3,403 4,263,570 4,260,167 1,042 - 4,261,209 2,361

Advance payments and

intangible assets in progress - - - - - - - - -

TOTAL 4,260,167 3,403 - 4,263,570 4,260,167 1,042 - 4,261,209 2,361

Tangible assets

Lands 85,544,101 1,378,162 11,922,527 74,999,736 - - - - 74,999,736

Buildings 17,133,012 2,073,872 1,375,165 17,831,719 580,596 121,764 702,360 - 17,831,719

Technical installations and

machines 14,344,417 1,718,177 13,161,397 2,901,197 12,666,135 417,265 13,083,400 - 2,901,197

Other installations, equipment

and furniture 159,640 35,486 - 195,126 145,918 7,897 - 153,815 41,311

Advance payments and tangible

assets in progress - - - - - - - - -

TOTAL 117,181,170 5,205,697 26,459,089 95,927,778 13,392,649 546,926 13,785,760 153,815 95,773,963

Financial assets

Adjustments for depreciation -

TOTAL - - - - - - - -

TOTAL 121,441,337 5,209,100 26,459,089 100,191,348 17,652,816 547,968 13,785,760 4,415,024 95,776,324




12

The useful lives used to calculate the depreciation of fixed assets are the legal ones, and the calculation method is the linear one.

The company registers the tangible assets based of the revaluation method.

Based on the contract concluded with the independent valuer Fair Value, the land, buildings and equipments which were in the property of the Company as of December 31, 2017

were revaluated.

Special administrator

Legal administrator

Financial Manager (CFO)

Sinan MUSTAFA

MAESTRO SPRL

Amelia-Elisabeta TRANDAFIRESCU




13

EXPLANATORY NOTE TO BALANCE SHEET NO 2.

PROVISIONS

Transfers in

2017

Name of provision*) Balance on

31.12.2016

into

account/expens

es

from

account/expenses

Balance on

31.12.2017

non-deductible non-taxable

0 1 2 3 4 = 1+2-3

Adjustments for accrued clients 611,627 557,352 611,627 557,352

Provisions for litigations - - - -

Adjustments for depreciation of stock and of ongoing production 1,999,107 1,999,107 1,999,107 1,999,107

Adjustments for litigations, fines and penalties, indemnities, damages

and other uncertain debts 331,985 334,898 331,985 334,898

TOTAL 2,942,719 2,891,357 2,942,719 2,891,357

Value adjustments for stock depreciation are constituted for stocks without movement for more than 365 days.

Adjustments for receivables depreciation – miscellaneous debtors in balance at the end of the year, amounting to 334,898 lei, are related to the amounts

registered in the Debtors account, according to ANNEX. 2a.

Adjustments for receivables depreciation – clients in balance at the end of the year, amounting to 557,352 lei, include value adjustments calculated for

invoices not received from clients, according to ANNEX 2b. As regards doubtful clients that are also creditors registered in the statement of affairs, there will be

a proposition, subject for approval, to set off debts with receivables.

In accordance with the procedures applicable at company level, the provisions and adjustments constituted in the previous year, registered as balance on

31.12.2017, are taken over entirely as non-taxable incomes, and registered as new values for expenses that are not fiscally deductible.

Special administrator Legal administrator Financial Manager (CFO)


Sinan MUSTAFA MAESTRO SPRL




14

EXPLANATORY NOTE AT

THE BALANCE SHEET NO.3

CORPORATE TAX

At the end of the financial year 2016 the company recorded a profit in amount of 123,090 lei, as follows:

1.Operating result:

14,817 lei

2.Financial result:

108,273 lei

At the calculation of the fiscal outcome of the year, the provisions of the Tax Code in force have been applied,

adjusting the accounting outcome with non-taxable income, respectively with non-deductible expenses, as follows:

Calculation elements 2016 2017

Gross accounting

outcome 18,028 123,090

Non-taxable deductions / incomes 5,484,062 3,854,083

Other items of the nature of taxable incomes 0 242,376

Legal reserve 901 6,155

Non-deductible

expenses

2,345,836 3,837,977

Fiscal outcome -3,121,099 -141,547

Tax losses from the previous years -12,485,949 -14,067,390

Tax loss to recover the following years -15,607,048 -14,208,937

where:

Non-taxable income: 2016 2017

Fiscal depreciation 1,816,005 653,329

Income from written-back provisions 3,657,393 2,942,819

Incomes from penalties and lack of management 10,664 41,933

expenses resulting from the diminished value of

assets following the revaluation 0 216,002

total: 5,484,062 3,854,083

Other items of the nature of taxable income represent reserves from the revaluation of tangible assets,

taxable according to EGD 34/2009.

Non-deductible expenses 2016 2017

Expenses with profit tax account 691 - -

Expenses with fines account 6581,02; 6581,03 8,989 32,133

Expenses with accounting depreciation account 6811 1,719,485 547,967

Expenses with fuel and related VAT account 602 and water

6028 5,975 997

Other non-deductible expenses (depreciation of unused

buildings) 564,935 489,136

Other non-deductible expenses (penalties, inactive suppliers) 46,452 32,133

Expenses for the impairment of assets - 2,735,611




15

Expenses resulted from the decrease in the value of assets

following the revaluation - 175,620

TOTAL 2,345,836 3,837,977

Special

Administrator

Legal

Administrator Financial Manager (CFO)

Sinan MUSTAFA

MAESTRO

SPRL Amelia-Elisabeta TRANDAFIRESCU




16

EXPLANATORY NOTE ATTACHED TO BALANCE SHEET - NO. 4

ANALYSIS OF OPERATING PROFIT FOR 2017

Indexes 2016 2017

A 1 2

Net turnover 27,791,529 27,637,401

Sold production 27,765,082 27,566,926

Income from sales of goods 26,447 70,475

Income related to the cost of ongoing production - 1,571,096

Income from revaluation of tangible fixed assets - 216,001

Other operating income 16,559,644 8,324,026

OPERATING INCOME 44,351,173 37,748,524

Expenses related to raw materials and consumables 5,351,353 6,384,027

Expenses with other materials 228,986 224,407

Other expenses (for electricity and water) 302,041 338,430

Expenses related to goods 61,567 92,294

Discounts received 1,083 22,677

Staff related expenses 12,708,820 14,295,462

Expenses (account 6811 + 6813) 1,719,485 547,967

Value adjustments related to current assets (714,574) (51,463)

Expenses (account 654 + 6814) 2,942,819 2,891,356

Income (account 754 + 7814) 3,657,393 2,942,819

Other operating expenses 24,691,922 15,925,261

Expenses related to external provisions 7,960,993 7,236,518

Expenses related to other taxes and duties; expenses representing

transfers and contributions due based on special normative acts

(account 635 + 6586*)

715,483 1,001,023

Expenses from the revaluation of tangible fixed assets (account

655) - 175,620

Other expenses (account 651 + 6581 + 6582 + 6583 + 6588) 16,015,446 7,512,100

OPERATING EXPENSES - TOTAL 44,348,517 37,733,708

OPERATING PROFIT: 2,656 14,816

In 2017, compared to 2016, there is an increase of the operating profit, due to the volume of works contracted

throughout the year.






17

EXPLANATORY NOTE TO BALANCE SHEET NO. 5

LIABILITIES AND RECEIVABLES IN 2017

lei

A. Receivables Balance on Balance on liquidity term

31.12.2016 31.12.2017 less than 1 year over 1 year

A 1=2+3 2 3

I. Long term receivables

(account 267) 9,933 14,086 14,086 -

Suppliers-debtors for

suppliers for services and

works (account 4092)

27,715 58,535 58,535 -

Customers (account

411+413+418) 15,206,454 15,440,003 15,440,003 -

Receivables related to staff

and social securities

(accounts

425+4282+431+437+4382)

573 26,853 26,853 -

Value Added Tax

Receivable (account 4424) - - - -

Other receivables related to

the State and to public

institutions (accounts

4428+444+445+446+

447+4482)

605,535 175,542 175,542 -

Intercompany recharges

(account

451+452+456+4582)

- - - -

Sundry debtors (account

461+473+5187) 12,359,487 347,743 347,743 -

II. RECEIVABLES

FROM CURRENT

ASSETS, TOTAL (rows 2

to 9)

28,199,764 16,048,676 16,048,676 -

III. ADJUSTMENTS FOR

DEPRECIATION OF

RECEIVABLES

(deducted) (account

49(1+5+6))

943,712 892,249 892,249 -

TOTAL RECEIVABLES

(rows 1+10-11) 27,265,985 15,170,513 15,170,513 -

Suppliers-debtors, in the amount of 58,535 lei, represent payments paid to service providers, which are to be closed

on the invoice reception date.

Commercial receivables (customers) represent, mainly, the value of maintenance services and of repairs or

buildings, modernizations in the energetic sector, provided by third parties and by affiliated parties (for details on

the transactions and balances with the affiliated parties, please see point C of this note). The composition of the

balance in terms of customers is presented in Annex 5a.

The composition of doubtful clients and of clients under litigation is presented in annex no. 5b.




18

Other receivables represent the amounts for which monthly recovery petitions have been submitted to the

Bucharest Health Authority in relation to the recovery of the equivalent value of the contribution paid for incapacity

to work (0.85%), and the amount for VAT deferred for deduction, related to the providers applying the VAT system

on collection.

Sundry debtors include:

Description 2016 2017

Salary rights that employees

are not entitled to 18,576 17,501

Re-invoicing for utilities,

FINES 1,765 -

Securities for tenders 31,575 61

Disputed fines 180,744 -

Invoiced penalties 2,625 38,667

Lacks in material

management, inventory

objects, fixed assets, thefts

committed by unknown

authors, under various

stages of investigation with

the competent bodies

134,807 126,821

DEC. 4195/2013 ENEL

DISTRIB. File Benny Alex 11,862,100 150,550

securities for payments to

providers 117,505 -

Others (bottle security) 10,920 1,945

TOTAL 12,360,617 335,543

Following the analysis of these debtors, depreciation adjustments amounting to 334,898 lei have been recorded, as

follows:

Adjustments for: 2016 2017

Salary rights that employees

are not entitled to 18,576

17,501

Disputed fines 173,869 -

Invoiced penalties 2,625 38,667

Lacks in material

management, inventory

objects, fixed assets, thefts

committed by unknown

authors, 134,807 126,821

under various stages of

investigation with the

competent bodies

Others (bottle security) 108 1,360

DEC. 4195/2013 ENEL

DISTRIB. File Benny Alex 11,862,100

150,549

TOTAL 12,192,085 334,898

For doubtful clients and sundry debtors, the company has recorded depreciation adjustments in compliance with the

legal provisions in force and with the accounting policies, presented in the Explanatory Note no. 2.




19

B. Debts Balance on Balance on Payment Deadline

31/12/2016 31/12/2017 less than 1 year 1 – 5 years

A 1=2+3+4 2 3

I. Financial debts – total,

of which: 75,120 143,726 143,726 -

–long-term and medium-

term bank loans (account

162)

- - -

–short-term loans (account

512+519+5198) - - -

–interests related to bank

loans (account

168+5186+5198)

- - -

–other loans and financial

liabilities (account

161+166+167+168+

169+269)

75,120 143,726 143,726 -

II. Other debts – total, of

which: 33,867,703 16,791,579 16,791,579 -

–providers–total (account

401+403+404+405+408) 3,091,719 4,187,894 4,187,894

–creditor clients (account

419) - - - -

–debts to the social security

budget (account

431+437+4381+4481)

326,763 373,231 373,231 -

– debts to the special fund

budgets (account 447+4481

analytical)

8,791 18,406 18,406 -

–debts to the State budget

(account

441+444+4423+4428+446+

4481)

360,350 523,960 523,960 -

–debts to the local budgets

(account 446+4481

analytical)

- - - -

–sundry creditors (account

462) 29,637,352 11,191,127 11,191,127

–debts to other creditors

(account

421+423+424+426+427+42

81+445+ +451+452+455+

456+457+4581 +473+etc.)

442,728 496,961 496,961 -

III. Deferred income

(account 472) - - - -

TOTAL DEBTS (rows

14+19+28) 33,942,823 16,935,305 16,935,305 -

Other financial liabilities include the performance bond issued by providers, according to annex no.5c.




20

Providers - total, amounting to 4,187,894 lei, represents the amounts due to material providers, fixed assets and

services on 31.12.2017, detailed per due date in annex no. 5d.

Debts to employees, State Budget, Local Budgets and Social Security and Special Funds Budget represents current

debts, with due date on 25.01.2018.

Sundry creditors – account 462 - include the creditors accepted in the statement of affairs, detailed in annex no.5e,

according to the approved reorganization plan;

C. Affiliates

Affiliates, as well as a summarized description of activities and of their relations with the Company, are as follows:

Affiliates Activity Main relations with the Company

Electrica SA,

Distribution and

trading of electricity,

consultancy and

management.

Majority shareholder

of the company.

Services, consultancy and empowerment,

provided by the mother company

Mother Company

Servicii Energetice

„Oltenia” S.A., group

company*

Services of

maintenance and

repairs in the

electrical energy

distribution field

Sale of materials and maintenance and

repair services

FISE Electrica Serv

Services of

maintenance and

repairs in the

electrical energy

distribution field

Receivables resulting from the division

and sale of materials and maintenance

and repair services

Servicii Energetice

„Dobrogea” S.A., group

company*

Services of

maintenance and

repairs in the

electrical energy

distribution field


repair services

Servicii Energetice „Banat”

S.A., group company*

Services of

maintenance and

repairs in the

electrical energy

distribution field


repair services

Electrica Transilvania Sud

Distributie, group company

Distribution of

electrical energy in

the geographical area

of South

Transylvania

Sale of materials, maintenance and

repair services, transport and other

services






21

Explanatory note at the balance sheet no. 6

Principles, Policies and accounting methods

(Information for the fiscal year 2017)

a) Accounting regulations applied at the preparation and presentation of financial statements

Law no. 31/1990 with subsequent amendments and additions

Accountant policies of SC SERVICII ENERGETICE MUNTENIA SA

Law no.227/2015 regarding the Fiscal Code updated

OMFP 1802/2014, amended and updated

b) There were no deviations from the accounting principles and policies, evaluation methods and from other

provisions in the accounting regulations

c) The values presented in the financial statements are

comparable

d) The company has the following fixed assets for which the purchase

price is unknown:

Lands used by the company Invento

ry value Surface

Property

documents CADP

(series/no./dat1)

CVC

Owner of the

property

right

registered in

the Land

Registry

Str.Zorilor nr.71, com.Dobroiesti,jud.Ilfov (71

Zorilor Street, Dobroiesti commune, Ilfov

county)

x 6,479.62 M03

10982/23.12.2008

ELECTRICA

S.A.

Str.Pericle Papahagi, sector 3, Bucuresti (Pericle

Papahagi Street, District 3, Bucharest) x 11,392.35 x x

B-dul Timisoara nr.104, sector 6, Bucuresti (104

Timisoara Boulevard, District 6, Bucharest) x 8,745.31

M03

12917/28.02.2014

Is not

registered in

the land

registry -

ELECTRICA

SA

Sat Tancabesti, com. Snagov, jud. Ilfov

(Tanacabesti village, Snagov commune, Ilfov

county)

x 28,591.00 x x

e) Last revaluation of the tangible assets took place on December 31,

2017.

Changes in the revaluation reserve

Value of the revaluation reserve at the beginning of the year 99,406,665

Differences from revaluation transferred to reserves during the year 19,518

Amounts transferred from the revaluation reserve (transfer between agencies) -

Decrease from reserves as a result of the annual revaluation 10,886,511

Increase of reserve following the annual revaluation 4,047,640

Value of the revaluation reserve at the end of the year 92,548,276




22

The company revalued the assets in the classes 211 “Lands”, 212 “Buildings” and 213 “Plant and machinery,

motor vehicles” with the amounts from December 31, 2017.



Amelia-Elisabeta

TRANDAFIRESCU




23

Explanatory note - no. 7

SHAREHOLDING AND FUNDING SOURCES (INFORMATION ABOUT THE FISCAL YEAR 2017)

a) the existence of any profit certificates, securities, convertible bonds, with the information required in Subsection

8.2;

Yes. - No. X

Not applicable

b) Subscribed share capital/assets of the company in lei

25,380,250

c) number and total value of each type of

issued shares Number: 2,538,025

Shares value

- 1: 10

Shares

value

- 2:

0

* were fully paid-up YES

* the number of shares for which it was requested, without

result, making the payments; Not applicable

d) redeemable shares:

* the earliest date and the deadline for

redemption; Not applicable

* the compulsory or non- compulsory

nature of the redemption; Not applicable

* amount of the possible redemption

premium; Not applicable

e) shares issued during the financial year: b

* type of shares; Not applicable

* number of issued shares; Not applicable

* total nominal value and the value

received at the distribution; Not applicable

* rights related to distribution: Not applicable

* number, description and value of the corresponding

shares; Not applicable

* period of rights exercising; Not applicable

* price paid for the distributed shares; Not applicable

f) issued bonds:

* type of issued bonds; Not applicable

* amount issued and the amount received for each type of bond; Not applicable

* bonds issued by the entity, held by or nominated person or

empowered by a this: Not applicable

* nominal value; Not applicable

* registered value at the moment of payment. Not applicable

g) profit certificates, securities, convertible bonds

* explanation; Not applicable

At the beginning of the year 2017 the subscribed and paid-up share capital of the company was of 25,380,250 lei,

divided in a number of 2,538,025 nominative shares, with the nominal value of 10 lei / share.

S.C. SERVICII ENERGETICE MUNTENIA SA – has not shareholdings and shares at other companies, did not buy

or issues bonds in the year 2017.






24

EXPLANATORY NOTE TO BALANCE SHEET

NO. 8

INFORMATION ON EMPLOYEES AND MEMBERS OF ADMINISTRATION, MANAGEMENT AND

SUPERVISION BODIES

( information for the tax year 2017 )

a) the contract obligations concerning the payment of pensions to former members of administration, management

and supervision bodies;

total value of commitments for each category 2016 2017

administration

NO

NO

management

NO

NO

supervision

NO

NO

b) value of down payments given to members of administration, management and supervision bodies;

2016 2017

0

c) value of loans granted to members of administration, management and supervision bodies during the

financial year

2016 2017

main clauses of loan NO NO

amount paid back by this date NO NO

future obligations similar to the

undertaken securities NO NO

d) employees: 2016 2017

actual average number, broken down for each category 268 280

… TESA 51 68

…foremen 11 11

…workers 206 201

Expenses related to salaries in year 2016 2017

Expenses related to salaries earned by staff 10,165,249 11,578,749

Expenses related to gift vouchers 119,367 92,662

Unit’s contribution to social securities 1,635,079 1,783,621

Unit’s contribution to unemployment aid 49,974 54,633

Unit’s contribution to health social securities 614,749 672,136

Other salary expenses 124,402 113,661

Total 12,708,820 14,295,462

The company had 20 part-time employees on 31.12.2017, and 20 employees with limited term on

31.12.2017.

Drafted by,


Sinan MUSTAFA MAESTRO SPRL Amelia-Elisabeta




25

TRANDAFIRESCU

EXPLANATORY NOTE NO. 9

CALCULATION AND ANALYSIS OF THE MAIN ECONOMIC-FINANCIAL INDEXES FOR 2017

2016 2017

A. Liquidity

indicators

Balance sheet

value

Indicator

Balance sheet

value Indicator

Current

liquidity

indicator

Current assets 59,109,892

1,98

41,663,447

2,46 Short-term debts 29,805,948 16,935,305

Quick liquidity

indicator

(Current assets -Stocks) 44,119,931 1,48

24,766,134 1,46

Short-term debts 29,805,948 16,935,305

B. Risk

indicators

General

indebtedness

degree (%)

Debts >1 year *100 4,136,875

3,68%

0

0,00% Own equity 112,318,994 103,985,127

C. Activity

indicators

Number of

storage days

(no. of days)

Average stock *100/ 6,126,467,513 140

5,819,427,505 154

Cost of sales) 43,750,437 37,748,525

Debt-client

rotation speed

(no. of days)

Balance of clients on

31.12.*365/ 4,997,775,275

143 5,635.601,095

128

Value of issued invoices 34,940,941 43,981,913

Loan-provider

rotation speed

(no. of days)

Balance of providers on

31.12.*365/ 1,098,959,885

63 1,528,581,310

55

Value of received invoices 17,546,028 28,038,746

Fixed asset

rotation speed

(number of

rotations)

Turnover / 27,791,526

0,27

27,637,402

0,29 Fixed assets 103,788,521 95,776,324

Total asset

rotation speed

(number of

times)

Turnover/ 27,791,526

0,17

27,637,402

0,20 Total assets 162,898,413 137,439,771

C. Long-term solvability indicators

General

solvability (%)

Total assets 162,898,413 480%

137,439,771 812%

Total debts 33,942,823 16,935,305

The analysis of the economic-financial indicators achieved in 2017 compared to those achieve din 2016 shows

the following:

A. Liquidity indicators reflect the Company’s capacity to honor short-term obligations. The value of

liquidity indicators registered by the Company at the end of the financial year for 2017 are above the safety

level (which is around 2), which shows a security to cover current debts from current assets. These

indicators are decreasing compared to the previous year, motivated by the payment of debts to creditors

registered in the statement of affairs, respectively portions 2 and 3, but also by the payment of fees to the

judicial administrator and to UNPIR.




26

B. Risk indicators (General indebtedness degree) - 0 compared to the previous year, due to the payment of

the company’s long-term debts.

C. Activity indicators

The number of storage days is growing by 14 days compared to the previous year.

Debt rotation speed represents the number of days to recover debts from clients. This indicator has

dropped by 14 percent compared to the previous year due to outstanding debts recovered in 2017.

Loan-provider rotation speed represents the average number of crediting days that the Company has

obtained from trading creditors. This indicator has dropped by 8% compared to the previous year, because

of payments made during the year to creditors registered in the statement of affairs.

Fixed asset rotation speed and Total asset rotation speed evaluate the efficiency of fixed asset

management, respectively of total assets by the number of rotations made in order to achieve the turnover.

These indicators record a slight increase compared to the previous year.

D. Long-term solvability indicators (general solvability) are determined as the ratio between total assets

and total liabilities, and they indicate the coverage degree of total debts by the total assets of the Company;

they express the certainty that creditors enjoy on the long run. At the end of the previous year, this indicator

was of 438%, and at the end of 2016, it grows up to 812%, much above the critical threshold of 150%,

which indicates the Company’s capacity to cope with debts by capitalizing assets.






27

EXPLANATORY NOTE NO.10

OTHER INFORMATION REGARDING THE TAX YEAR 2017

a) Information regarding the reporting entity

SC. SERVICII ENERGETICE MUNTENIA SA, with the registered office in Bucharest, 5-9 Costin Nenitescu

street, District 6, is a Romanian legal person, operating under the legal system of joint-stock company, carrying

out its activity in compliance with the applicable Romanian laws in force, corroborated with the provisions of the

Articles of Incorporation.

The company’s accounting books are kept in Romanian language and in the national currency.

The company has carried out activities of provisions of services in the energetic field, according to the signed

contracts, since its incorporation until the end of the financial year, and had an actual average number of 280

employees.

b) Information on the relations of the entity with the subsidiaries, associated entities or other companies

owning participations

Detailed in the explanatory note no. 5

c) Conversion bases used to express, in national currency, the elements of assets and liabilities, of revenue

and of expenses initially expressed in foreign currency

The Leu/Euro exchange rate is of 4.6597 lei for 1 euro, according to the specification of the National

Bank of Romania of 31.12.2017.

d) Turnover: 2016 2017

*per activity

segments: maintenance 26,390,617 25,923,608

cars 127,249 224,479

design 695,093 1,224,760

sale of goods 26,447 70,475

rental 552,123 194,081

total 27,791,529 27,637,402

e) Events subsequent to the balance sheet date that are of importance and which, if they are not presented,

might affect the capacity of the users of financial statements in making evaluations and in making the right

decisions.

*nature of event:

During 2017, there have been no financial leasing or operational leasing contracts ongoing.

f) fees paid to auditors/censors or fees paid for other

certification services 2016 2017

*the fee granted to financial auditors amounts to 24,850 22,791

* fee granted to receivers and law offices 4,855 9,150

*fee paid to legal director, MAESTRO SPRL 776,254 385,672

*fee paid to UNPIR 0 323,770

g) expected commercial effects not reaching the deadline not applicable




28

Drafted by,



h) commitments embodied as all kinds of securities 2016 2017

cash management securities 62,196 63,689

performance bonds granted to clients 9,933 14,086

performance bonds granted by providers 75,120 143,726

During 2016 and 2017, no tax control has been made.




29

EXPLANATORY

NOTE NO. 11

INVENTORIES

Total value Operational

inventories

Inventories

with slow

movement

Inventories

with no

movement

Total value Operational

inventories

Inventories

with slow

movement

Inventorie

s with no

movement

31/12/2016, 31/12/2017,

out of which

Out of

which

0 5=6+7+8 6 7 8 5=6+7+8 6 7 8

Auxiliary materials 2,186,279 938,704 688,411 559,164 2,521,796 1,323,491 1,076,059 122,246

Non-technological

fuel

7,598 6,436 108 1,054 6,478 5,346 1,021 109

Spare parts 13,752,261 567,219 5,918,068 7,266,974 13,621,808 3,716,845 9,669,172 235,790

Other consumables 229,415 30,873 53,090 145,452 205,761 98,085 102,995 4,681

Materials in the

form of inventory

items

650,569 193,918 220,392 236,259

626,889 135,611 462,186 29,092

Packaging

materials

83,816. 42,833 2,903 38,080 102,177 64,002 33,937 4,239

Work in progress - - - 1,571,096 1,571,096

Advance payments 79,129 79,129 - 240,415 240,415

Provisions for

depreciation

-1,999,106

-

-1,999,106 -1,999,107

-1,999,107

Total 14,989,961 1,859,112 6,882,972 6,247,877 16,897,313 7,154,891 11,345,370 396,157




30

A total growth by 1,907,352 lei is noticed, compared to 31.12.2016, by 11.5%, due to:

-the increase of the volume of supply with materials necessary to honor orders placed by clients, following the communications sent by ENEL, informing us that

we have not been delivered certain materials, according to the contract;

-the discharge, based on consumption notes, of materials used for the works provided to beneficiaries;

During 2018, substantiation notes will be issued with the purpose of valuing the slow movement inventories and inventories without movement by cassation,

followed by sale of waste/materials; for these purposes, a market survey is also performed.

Stocks without movement are mainly formed of:

-Car exchange parts: mostly taken over by protocol in 2002, consisting in car parts for vehicles that no longer exist in the car park;

- Voltage measurement transformers: purchased based on the necessary quantities requested by FDFEE Electrica Muntenia Sud before being sold to ENEL, as at

present they are no longer used;

Measures taken to reduce stocks without movement:

- Lists of materials have been annually sent to the profile companies in the country;

- Substantiation notes have been drafted to the Special Director and to the Legal Director, in order for them to approve their cassation and their subsequent

valuation, by selling the resulting wastes.

Drafted by,

Special administrator

Legal administrator

Financial Manager (CFO)

Sinan MUSTAFA

MAESTRO SPRL





31

Explanatory note no. 12

CASH AVAILABILITY

Denomination Balance at Balance at

31.12.2016 31.12.2017

1 Bank accounts 16,845,742 9,640,310

2 Cash deposit 8,204 710

3 Cash at the end of the period ( 3=1+2) 16,853,945 9,641,021

4 Checks to be collected - -

5 Treasury advances - -

6 Other values - -45,400

7 Assimilated accounts ( 7 = 4 + 5 + 6 ) - -45,400

8

Cash and assimilated accounts

(8=3+7) 16,853,945 9,595,621



Amelia-Elisabeta

TRANDAFIRESCU




32

NOTE 13

Profit distribution in 2017

lei

Destination Amount

Net profit to be distributed: 123,090

- legal reserve 6,155

- covering accounting losses 116,935

- dividends etc.

Non-distributed profit : -

The company recorded in 2017 a profit in the amount of 123.090 lei.

Between January 01, 2017 – December 31, 2017 SC Servicii Energetice Muntenia SA, registered a result from the

operating activity in the amount of: 14.817 lei and a result from the financial activity: 108.273 lei resulting an

accounting profit in the amount of 123,090 lei.

For the same period the company recorded:

• Non-taxable revenues in amount of 3,837,977 lei

• Non-deductible expenses in amount of 3,854,083 lei

In accordance with the art. 19 – Law 227/ 2015 updated, SC Servicii Energetice Muntenia SA registered on

December 31, 2017 a fiscal result in amount of – 41.547 lei.

Drafted by,



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