SINTEZA SA
Individual and consolidated financial statements
on December 31, 2024
Prepared in accordance with
International Financial Reporting Standards (IFRS)
Adopted by the European Union
Contents:
Financial statements
Individual and consolidated statement of financial position | |
Individual and consolidated statement of comprehensive income | |
Statement of changes in individual and consolidated equity | |
Individual and consolidated cash flow statement | |
Notes to the financial statements |
Statement of financial position for the financial year ended December 31, 2024
INDICATOR | INDIVIDUAL | |
31.12.2023 | 31.12.2024 | |
Tangible fixed assets |
|
|
Land and land improvements | 14,737,009 | 18,253,878 |
Constructions | 11,515,309 | 12,149,003 |
Technical installations and means of transport | 9,881,254 | 10,005,429 |
Furniture, office equipment […] | 69,154 | 49,762 |
Tangible assets under construction | 1,065,604 | 498,677 |
Advances for tangible fixed assets |
|
|
Total Tangible Assets | 37,268,330 | 40,956,749 |
Intangible assets |
|
|
Concessions, patents, licenses, trademarks, rights and similar assets and other intangible assets | 52,390 | 14,584 |
Intangible assets in progress |
|
|
Shares held in subsidiaries and other fixed assets | 3,295 | 3,295 |
Rights of use of leased assets | 71,898 | 43,837 |
Total Fixed Assets | 37,395,913 | 41,018,465 |
|
|
|
Current Assets |
|
|
Stocks | 2,759,880 | 273,988 |
Trade and other receivables | 1,052,742 | 148,675 |
Expenses recorded in advance | 99,828 | 61,410 |
Cash and cash equivalents | 223,168 | 396,157 |
Assets classified as held for sale | 1,999,171 | 1,975,894 |
Total Current Assets | 6,134,789 | 2,856,124 |
Total Assets | 43,530,702 | 43,874,589 |
Own Capital |
|
|
Share capital | 9,916,889 | 9,916,889 |
Capital premiums |
|
|
Reserves | 30,686,182 | 35,008,016 |
Exercise result | -10,719,506 | -8,773,672 |
Retained earnings | -1,482,584 | -9,466,029 |
Other equity items | -540 | -540 |
Minority interests |
|
|
Total Equity | 28,400,441 | 26,684,664 |
Long-Term Debts |
|
|
Long-term loans and other liabilities | 45,691 | 19,448 |
Deferred income |
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|
Provisions |
|
|
Deferred tax liabilities | 3,496,076 | 4,284,750 |
Total Long-Term Debt | 3,541,767 | 4,304,198 |
Current Debts |
|
|
Short-term loans | 5,160,720 | 3,836,872 |
Trade and other payables, including derivative financial instruments | 6,108,938 | 8,958,603 |
Deferred income | 197,811 | 57,708 |
Provisions | 121,025 | 32,544 |
Liabilities classified as held for sale |
|
|
Total Current Debts | 11,588,494 | 12,885,727 |
Total Debts | 15,130,261 | 17,189,925 |
Total Equity and Debt | 43,530,702 | 43,874,589 |
Consolidated statement of financial position for the financial year ended December 31, 2024
INDICATOR | CONSOLIDATED |
31.12.2023 | 31.12.2024 | |
Tangible fixed assets |
|
|
Land and land improvements | ||
Constructions | ||
Technical installations and means of transport | ||
Furniture, office equipment […] | ||
Tangible assets under construction | ||
Advances for tangible fixed assets | - | - |
Total Tangible Assets | ||
Intangible assets |
|
|
Concessions, patents, licenses, trademarks, rights and similar assets and other intangible assets | ||
Intangible assets in progress | - | 0 |
Shares held in subsidiaries and other fixed assets | ||
Rights of use of leased assets | ||
Total Fixed Assets | ||
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|
|
Current Assets |
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|
Stocks | ||
Trade and other receivables | ||
Expenses recorded in advance | ||
Cash and cash equivalents | ||
Assets classified as held for sale | ||
Total Current Assets | ||
Total Assets | ||
Own Capital |
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|
Share capital | ||
Capital premiums | ||
Reserves | ||
Exercise result | - | - |
Retained earnings | - | - |
Other equity items | - | - |
Minority interests | - | - |
Total Equity | ||
Long-Term Debts |
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|
Long-term loans and other liabilities | ||
Deferred income | ||
Provisions | ||
Deferred tax liabilities | ||
Total Long-Term Debt | ||
Current Debts |
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|
Short-term loans | ||
Trade and other payables, including derivative financial instruments | ||
Deferred income | ||
Provisions | ||
Liabilities classified as held for sale | ||
Total Current Debts | ||
Total Debts | ||
Total Equity and Debt |
Individual comprehensive income statement as of December 31, 2024
Indicator | INDIVIDUAL | |
31.12.2023 | 31.12.2024 | |
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| |
Ongoing Activities |
|
|
Income | 14,595,814 | 2,756,670 |
Other income | 3,486,228 | 2,704,822 |
Inventory variation | 455,726 | -2,419,844 |
Total Operating Income | 18,537,768 | 3,041,648 |
|
|
|
Inventory expenses | 9,139,021 | 132,774 |
Utility expenses | 2,889,218 | 608,879 |
Employee benefit expenses | 6,108,997 | 3,765,622 |
Expenses for depreciation and impairment of fixed assets | 2,516,758 | 2,430,047 |
Gains / losses on disposal of fixed assets |
|
|
Adjustment of the value of current assets | 1,912,813 | 3,362 |
Adjustments regarding provisions | -59,243 | -88,481 |
Other expenses | 6,469,358 | 4,295,291 |
Total Operating Expenses | 28,976,922 | 11,147,494 |
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|
|
Result of Operational Activities | -10,439,154 | -8,105,846 |
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|
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Financial income | 148,391 | 16,283 |
Financial expenses | 717,952 | 669,267 |
Net Financial Result | -569,561 | -652,984 |
|
|
|
Profit Before Tax | -11,008,715 | -8,758,830 |
|
|
|
Current income tax expense |
|
|
Deferred income tax expense |
| 14,842 |
Deferred income tax income | 289,209 |
|
The result of Continuing Activities | -10,719,506 | -8,773,672 |
Minority interests |
|
|
Total Comprehensive Income for the Period | -10,719,506 | -8,773,672 |
Consolidated statement of comprehensive income as of December 31, 2024
INDICATOR | CONSOLIDATED |
31.12.2023 | 31.12.2024 | |
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| |
Ongoing Activities |
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|
Income | ||
Other income | ||
Inventory variation | - | |
Total Operating Income | ||
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|
Inventory expenses | ||
Utility expenses | ||
Employee benefit expenses | ||
Expenses for depreciation and impairment of fixed assets | ||
Gains / losses on disposal of fixed assets | ||
Adjustment of the value of current assets | ||
Adjustments regarding provisions | - | - |
Other expenses | ||
Total Operating Expenses | ||
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|
Result of Operational Activities | - | - |
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Financial income | ||
Financial expenses | ||
Net Financial Result | - | - |
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Profit Before Tax | - | - |
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Current income tax expense |
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Deferred income tax expense | ||
Deferred income tax income | ||
The result of Continuing Activities | - | - |
Minority interests | ||
Total Comprehensive Income for the Period | - | - |
Statement of changes in individual equity
on December 31, 2024
Sources of changes in equity | Share capital | Sharepremiums | Issued capital instruments | Other equity | Cumulated value of other elements of the overall result | Retained earnings | Revaluation reserves. | Other reserves | (-) Treasury shares | Profit or loss (-) attributable to equity of the mother company | (-) Interim dividends | Minority interests Cumulative value of other comprehensive income items | Minority interests Other elements
| Total |
0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
Opening balance (before restatement) |
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The effect of error corrections |
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The effect of changing accounting policies |
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Opening balance (current period) | 9,916,889 |
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| (10,719,506) | (1,482,584) | 26,582,348 | 4,103,834 | (540) |
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| 28,400,441 |
Ordinary bond issues |
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Preference share issues |
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Issuance of other capital instruments |
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Exercise or expiration of other issued capital instruments |
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Debt to equity conversion |
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Capital reduction |
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dividends |
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Buying own shares |
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Sale or cancellation of own shares |
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Reclassification of financial instruments from equity to liabilities |
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Transfers between equity components |
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| 10,719,506 | (10,719,506) |
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Increases or (-) decreases in equity resulting from business combinations |
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Share-based payments |
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Other increases or (-) decreases in equity |
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| 2,736,061 | 4,321,834 |
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| 7,057,895 |
The total overall result of the exercise |
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| (8,773,672) |
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| (8,773,672) |
Closing balance (current period) | 9,916,889 |
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| (8,773,672) | (9,466,029) | 30,904,182 | 4,103,834 | (540) |
|
|
|
| 26,684,664 |
Statement of changes in individual equity
on December 31, 2023
Sources of changes in equity | Share capital | Sharepremiums | Issued capital instruments | Other equity | Cumulated value of other elements of the overall result | Retained earnings | Revaluation reserves. | Other reserves | (-) Treasury shares | Profit or loss (-) attributable to equity of the mother company | (-) Interim dividends | Minority interests Cumulative value of other comprehensive income items | Minority interests Other elements
| Total |
0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
Opening balance (before restatement) |
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The effect of error corrections |
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The effect of changing accounting policies |
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Opening balance (current period) | 9,916,889 |
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| (2,088,497) | (1,345,597) | 28,098,250 | 4,103,834 | (540) |
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| 38,684,339 |
Ordinary bond issues |
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Preference share issues |
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Issuance of other capital instruments |
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Exercise or expiration of other issued capital instruments |
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Debt to equity conversion |
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Capital reduction |
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Dividends |
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Buying own shares |
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Sale or cancellation of own shares |
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Reclassification of financial instruments from equity to liabilities |
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Transfers between equity components |
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| 2,088,497 | (2,088,497) |
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Increases or (-) decreases in equity resulting from business combinations |
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Share-based payments |
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Other increases or (-) decreases in equity |
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| 1,951,510 | (1,515,902) |
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| 435,608 |
The total overall result of the exercise |
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| (10,719,506) |
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| (10,719,506 |
Closing balance (current period) | 9,916,889 |
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| (10,719,506) | (1,482,584) | 26,582,348 | 4,103,834 | (540) |
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| 28,400,441 |
Consolidated statement of changes in equity
on December 31, 2024
Sources of changes in equity | Share capital | Sharepremiums | Issued capital instruments | Other equity | Cumulated value of other elements of the overall result | Retained earnings | Revaluation reserves. | Other reserves | (-) Treasury shares | Profit or loss (-) attributable to equity of the mother company | (-) Interim dividends | Minority interests Cumulative value of other comprehensive income items | Minority interests Other elements
| Total |
0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
Opening balance (before restatement) |
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The effect of error corrections |
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The effect of changing accounting policies |
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Opening balance (current period) | - | - | - | ( | ( | ( | - | - | ( | - | ||||
Ordinary bond issues |
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Preference share issues |
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Issuance of other capital instruments |
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Exercise or expiration of other issued capital instruments |
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Debt to equity conversion |
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Capital reduction |
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Dividends |
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Buying own shares |
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Sale or cancellation of own shares |
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Reclassification of financial instruments from equity to liabilities |
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Transfers between equity components | - | - | - | ( | - | - | - | |||||||
Increases or (-) decreases in equity resulting from business combinations |
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Share-based payments |
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Other increases or (-) decreases in equity | - | - | - | - | - | ( | - | |||||||
The total overall result of the exercise | - | - | - | ( | - | - | - | ( | ||||||
Closing balance (current period) | - | - | - | ( | ( | ( | - | - | ( | - |
Consolidated statement of changes in equity
on December 31, 2023
Sources of changes in equity | Share capital | Sharepremium | Issued capital instruments | Other equity | Cumulated value of other elements of the overall result | Retained earnings | Revaluation reserves. | Other reserves | (-) Treasury shares | Profit or loss (-) attributable to equity of the mother company | (-) Interim dividends | Minority interests Cumulative value of other comprehensive income items | Minority interests Other elements
| Total |
0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
Opening balance (before restatement) |
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The effect of error corrections |
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The effect of changing accounting policies |
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Opening balance (current period) | - | - | - | ( | ( | ( | - | - | ( |
| ||||
Ordinary bond issues |
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Preference share issues |
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Issuance of other capital instruments |
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Exercise or expiration of other issued capital instruments |
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Debt to equity conversion |
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Capital reduction |
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Dividends |
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Buying own shares |
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Sale or cancellation of own shares |
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Reclassification of financial instruments from equity to liabilities |
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Transfers between equity components | - | - | - | ( | - | - | - | |||||||
Increases or (-) decreases in equity resulting from business combinations |
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Share-based payments |
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Other increases or (-) decreases in equity | - | - | - | ( | - | - | ( | - | ||||||
The total overall result of the exercise | - | - | - | ( | - | - | - | ( | ||||||
Closing balance (current period) | - | - | - | ( | ( | ( | - | - | ( | - |
Individual cash flow statement
on 31.12.2024
| 31.12.2023 | 31.12.2024 | |
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Cash flows from operating activities |
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| |
Receipts from customers | 19,619,785 | 8,618,112 | |
Other receipts (including net VAT refunds) | 3,286,432 | 1,081,651 | |
Payments to suppliers | 19,153,834 | 2,931,416 | |
Payment of net salaries | 3,628,071 | 2,333,037 | |
Payments to budgets | 555,047 | 1,578,188 | |
Other payments | 810,323 | 951,963 | |
Net cash from operating activities | -1,241,058 | 1,905,159 | |
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Cash flows from investing activities |
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Payments for the purchase of fixed assets | 85,095 | 119,142 | |
Proceeds from the sale of tangible assets |
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Interest received |
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Net cash from investing activities | -85,095 | -119,142 | |
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Net cash from financing activities |
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Loan proceeds | 1,839,721 |
| |
Interest paid and loan repayments | 1,504,606 | 1,613,028 | |
Dividends paid |
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| |
Net cash from financing activities | 335,115 | -1,613,028 | |
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Net increase/(decrease) in treasury | -991,038 | 172,989 | |
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Cash and cash equivalents at the beginning of the period | 1,214,206 | 223,168 | |
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Cash and cash equivalents at the end of the period | 223,168 | 396,157 |
Consolidated cash flow statement
on 31.12.2024
- lei -
| 31.12.2023 | 31.12.2024 |
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Cash flows from operating activities |
| |
Receipts from customers | ||
Other receipts (including net VAT refunds) | ||
Payments to suppliers | ||
Payments of net salaries | ||
Payments to budgets | ||
Other payments | ||
Net cash from operating activities | - | |
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Cash flows from investing activities |
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Payments for the purchase of fixed assets | ||
Proceeds from the sale of tangible assets | ||
Interest received | ||
Net cash from investing activities | - | - |
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Net cash from financing activities |
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Loan proceeds | ||
Interest paid and loan repayments | ||
Dividends paid | ||
Net cash from financing activities | - | |
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Net increase/(decrease) in treasury | - | |
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Cash and cash equivalents at the beginning of the period | ||
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Cash and cash equivalents at the end of the period |
Notes to the financial statements
1. Reporting entity
The parent company
The Company's shares are listed on the Bucharest Stock Exchange, Standard category, with the ticker symbol STZ.
As of 31.12.2024, the parent company is owned by the following shareholders:
No. of items | Name/Title | Percentage owned | |
1 | FIA- BT Invest 1 | 33.8898% | |
2 | PASCU RADU | 31.1597% | |
3 | Alternative Investment Company With Private Capital Roca Investments SA | 18.0000% | |
4 | Other individuals and legal entities | 16.9505% | |
| Total | 100.0000% |
The records of shares and shareholders are kept in accordance with the law by Depozitarul Central SA Bucharest.
The entity included in the consolidation
CHIMPROD SA was included in the consolidation, having the following identification data:
Company name: | SC Chimprod SA | |
Registered office: | Oradea, Borșului street no. 35 | |
Phone/fax number: | 0259 456 110 | |
Tax registration code: | (RO) 67345 | |
Registration with theTrade Register: | J/05/1984/1992 | |
Share capital: | 90,000 lei |
The shares of Chimprod SA are not traded on the regulated securities market. The company is managed by mandate from the sole administrator Sinteza SA, having as permanent representative Mrs. Coman Dana. The participation held by Sinteza SA is 99.765%, and the participation held by non-controlling interests is 0.235%.
Date of approval for publication of financial statements
The Company's financial communication calendar is approved by the Company's executive management bodies in accordance with the statutory provisions and is publicly communicated by publication on its own website.
2. Basis of preparation
Declaration of conformity
The Group's individual and consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS).
Starting with the 2012 financial year, the Company and the Group are required to apply International Financial Reporting Standards (IFRS).
The basis of consolidation
The consolidated financial statements include the financial statements of the parent company Sinteza SA and those of the consolidated company (subsidiary) Chimprod SA as an entity controlled by the parent company.
Presentation of financial statements
The individual and consolidated financial statements are presented in accordance with the requirements of IAS 1 "Presentation of Financial Statements", based on liquidity in the Statement of Financial Position and based on the nature of income and expenses in the Statement of Comprehensive Income.
Functional and presentation currency
The functional currency chosen is the Romanian Leu. The individual and consolidated financial statements are presented in Romanian Leu.
Basis of evaluation
The individual and consolidated financial statements have been prepared on a historical cost basis, except for assets - tangible fixed assets - which are valued at fair value every three years.
The accounting policies have been applied consistently for the periods presented in these financial statements.
The going concern principle has been respected.
Use of estimates and judgments
The preparation and presentation of individual and consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) requires the use of estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts. The estimates, judgments and assumptions are based on historical experience. The results of these estimates form the basis of judgments regarding the accounting amounts that cannot be obtained from other sources.
When some elements of the annual financial statements cannot be evaluated precisely, they are estimated. Estimates are made based on the most recent reliable information available.
Changes in the circumstances on which this estimate was based or as a result of new information or better experience may lead to a change in the initial estimate.
Any change in accounting estimates will be recognized prospectively by including it in the result:
the period in which the change occurs, if it affects only that period; or
the period in which the change occurs and future periods, if the change also has an effect on them.
The Group uses estimates to determine:
doubtful customers and adjustments for impairment of related receivables;
the value of provisions for risks and expenses to be established at the end of the financial year for litigation, for the decommissioning of tangible assets, for restructuring, for pensions and similar obligations, for taxes.
the useful lives of depreciated assets for which, upon revaluation, a fair value and a new economic useful life are determined.
Judgments and assumptions are reviewed periodically by the Company and are recognized in the periods in which the estimates are revised.
3. Significant accounting policies
The parent company and the subsidiary organize and manage financial accounting, according to the Accounting Law no. 82/1991, republished, with subsequent amendments and completions. Financial accounting ensures the chronological and systematic recording, processing, publication and storage of information regarding the financial position, financial performance and other information regarding the activity carried out.
The accounting policies have been developed so as to ensure the provision, through the annual financial statements, of information that must be understandable, relevant to the needs of users in making decisions, credible in the sense of representing faithfully the assets, liabilities, financial position and profit or loss of the company, not to contain significant errors, not to be biased, to be prudent, complete in all material respects, comparable so that users can compare the company's financial statements over time, to identify trends in its financial position and performance and to be able to compare the financial statements with those of other companies in order to evaluate the financial position and performance.
The accounting policies have been applied consistently to all periods presented in these individual financial statements.
Individual financial statements are prepared based on the assumption that the Company will continue its activity in the foreseeable future.
Foreign currency transactions
Foreign currency transactions are recorded in lei at the exchange rate on the date of settlement of the transactions. At the end of each month, foreign currency debts are valued at the foreign exchange market exchange rate, communicated by the National Bank of Romania on the last banking day of the month in question. The exchange rate differences recorded are recognized in accounting as income or expenses from exchange rate differences, as the case may be. Exchange rate differences that arise when settling foreign currency debts at different rates from those at which they were initially recorded during the month or from those at which they are recorded in accounting must be recognized in the month in which they arise, as income or expenses from exchange rate differences.
Differences in value that arise when settling debts expressed in lei, depending on an exchange rate different from that at which they were initially recorded during the month or from those at which they are recorded in accounting must be recognized in the month in which they arise, as other financial income or expenses.
Financial instruments
The parent company and the subsidiary hold as non-derivative financial assets: trade receivables, cash and cash equivalents.
Receivables include:
trade receivables, which are amounts owed by customers for goods sold or services provided in the normal course of business;
commercial bills of exchange, commercial acceptances, third party instruments;
amounts owed by directors, shareholders, employees or affiliated companies.
Receivables are recorded on an accrual basis, in accordance with legal or contractual provisions. Trade receivables may be discounted before maturity. At the end of each month, receivables in foreign currency are valued at the foreign exchange market exchange rate, communicated by the National Bank of Romania on the last banking day of the month in question. The exchange rate differences recorded are recognized in the accounting under income or expenses from exchange rate differences, as the case may be. At the end of each month, receivables expressed in lei, the settlement of which is made according to the exchange rate of a currency, are valued at the foreign exchange market exchange rate, communicated by the National Bank of Romania on the last banking day of the month in question . In this case, the differences recorded are recognized in the accounting under other financial income or other financial expenses, as the case may be. Exchange rate differences that arise when settling receivables in foreign currency at rates different from those at which they were initially recorded during the month or from those at which they are recorded in the accounts must be recognized in the month in which they arise, as income or expenses from exchange rate differences. Value differences that arise when settling receivables expressed in lei, depending on an exchange rate different from that at which they were initially recorded during the month or from those at which they are recorded in the accounts must be recognized in the month in which they arise, as other financial income or expenses.
Bank accounts include:
Values to be collected (cheques and commercial bills deposited with banks)
Availability in lei and foreign currency
Checks issued by the company
Short-term bank loans
Interest on deposits and loans granted by banks in current accounts.
Interest payable and receivable, related to the current financial year, are recorded as financial expenses or financial income, as the case may be.
Foreign exchange purchase and sale operations, including those carried out under forward settlement contracts, are recorded in accounting at the exchange rate used by the commercial bank at which the foreign exchange auction is carried out; these generate exchange rate differences in accounting compared to the exchange rate of the National Bank of Romania .
Foreign currency deposits are valued monthly at the exchange rate communicated by the National Bank of Romania for the last working day of the month. The liquidation of deposits established in foreign currency is carried out at the exchange rate communicated by the National Bank of Romania, as of the date of the liquidation operation. Exchange rate differences between the exchange rate on the date of establishment or the exchange rate at which they are recorded in the accounting and the exchange rate of the National Bank of Romania as of the date of liquidation of bank deposits are recorded as income or expenses from exchange rate differences, as the case may be.
Tangible fixed assets
Tangible fixed assets are assets that:
are held by a company for use in the production of goods or services, for rental to third parties, or for administrative purposes;
are used over a period of more than one year.
Tangible assets include:
land and buildings;
technical installations and machinery;
machinery and furniture;
real estate investments;
advances granted to suppliers of tangible assets;
tangible assets under construction;
real estate investments in progress;
tangible assets for the exploitation and evaluation of mineral resources.
Tangible assets are initially valued at cost. This is the acquisition cost or the production cost, depending on the method of entry of the tangible asset into the company. Trade discounts granted by the supplier and recorded on the purchase invoice adjust the acquisition cost of the assets in the sense of reduction.
Cost of fixed assets includes direct production expenses such as direct materials, energy consumed for technological purposes, costs representing employee salaries, legal contributions and other related expenses, which result directly from the construction of tangible fixed assets , site development costs, initial delivery and handling costs, installation and assembly costs, costs of testing the correct functioning of the asset, professional fees and commissions paid in relation to the asset, the cost of product design and obtaining the necessary permits;
Subsequent expenses related to a tangible asset are recognized:
as expenses in the period in which they were incurred if they are considered repairs or the purpose of these expenses is to ensure the continued use of the asset while maintaining the initial technical parameters; or
as a component of the asset, in the form of subsequent expenses, if the conditions are met to be considered investments in fixed assets.
Tangible fixed assets are presented in the balance sheet at their fair value. Tangible fixed assets are revalued at an interval of 3 years. In years in which no revaluations are performed, tangible fixed assets are presented in the annual financial statements at the value established at the last revaluation less accumulated depreciation and accumulated adjustments for impairment loss.
Depreciation of tangible assets is calculated starting with the month following their commissioning and until their full cost is recovered. Land is not depreciated.
The useful life is the period during which an asset is expected to be available for use.
The economic useful lives established by the company for the main categories of fixed assets in its assets are those usual in the chemical industry.
Depreciation continues to be recorded in the accounts according to the useful life and depreciation method initially established. When depreciating tangible assets, the Company uses straight-line depreciation, achieved by uniformly including in operating expenses fixed amounts, established in proportion to the number of years of their economic useful life, for the following categories of assets:
- constructions;
- technical installations and machinery;
- machinery and furniture
The initially established useful life will be revised (in the sense of decrease or increase) whenever changes occur in the initially estimated conditions of use, obsolescence of a tangible asset is observed, when a conservation period occurs or a technical condition is observed that allows a longer use than the one initially estimated. As a result of the re-estimation of the initially established useful life, the depreciation expense will be recalculated for the remaining period of use.
Intangible assets
Intangible assets include:
development expenses;
concessions, patents, licenses, trademarks, rights and similar assets and other intangible assets;
goodwill;
advances granted for intangible assets;
intangible assets for the exploitation and evaluation of mineral resources
An intangible asset should be recognized if and only if:
it is estimated that the future economic benefits attributable to the asset will flow to the company; and
the cost of the asset can be measured reliably.
An intangible asset is initially recorded at acquisition or production cost depending on the method of entry into the assets.
Development expenses are recognized at their production cost.
The production cost of fixed assets from the development phase includes direct production expenses such as direct materials, energy consumed for technological purposes, costs representing employee salaries, legal contributions, costs of testing the correct functioning of the asset, professional fees and commissions paid in relation to the asset, the cost of obtaining the necessary permits.
Development costs that are recognized as intangible assets are amortized over the contract period or the useful life, as applicable.
Financial assets
Financial assets include:
shares held in subsidiaries;
loans granted to group entities;
shares held in associated entities and jointly controlled entities;
loans granted to associated entities and jointly controlled entities;
other fixed assets;
other loans.
Financial assets are recognized upon entry into the balance sheet at acquisition value. Changes in fair value are recognized in the profit and loss account.
Right-of-use assets
Recognition and evaluation
A right-of-use asset represents a lessee's right to use an underlying asset during the term of the lease.
The company applies IFRS 16 for operating leases .
The Company applies the exceptions provided for in IFRS 16 regarding the recognition of a right-of-use asset to the following contracts: short-term leases and leases for which the underlying asset has a low value. The costs related to the performance of these types of exempted contracts are recognized as current rental expenses, during the period of use of the asset.
Initial measurement of the right-of-use asset
At the commencement date of the leasing contract, the asset relating to the right of use is valued at cost, by summing the following values:
a. | the amount of the initial assessment of the liability arising from the lease contract, representing the present value of the lease payments not paid at that date, using the incremental borrowing rate; | |
b. | any lease payments made on or before the commencement date of the lease contract, less any incentives (rebates) received under the contract; | |
c. | any initial direct costs incurred by the lessee between the date of initiation and the date of commencement of the leasing contract; | |
d. | as well as, where applicable, an estimate of the costs to be borne by the lessee for the restoration of the place where the underlying asset is located or for bringing it to the condition required by the terms and conditions of the leasing contract. |
Initial measurement of the liability arising from the lease agreement
At the commencement date, the lessee must measure the liability arising from the lease at the present value of the lease payments not yet due. The lease payments must be discounted using the incremental borrowing rate.
Subsequent evaluation
After the commencement date of the leasing contract, respectively the registration of a right-of-use asset and the related liability, they will be subsequently valued using the amortized cost model, as follows:
a. | The asset representing the right of use – is depreciated on a straight-line basis over the entire duration of the leasing contract; | |
b. | The debt arising from the leasing contract – is valued similarly to any other financial obligations, using the effective interest method, so that the balance is reduced based on the amortized cost and the interest expense is allocated over the term of the leasing contract. |
Elements of the nature of stocks
The accounting entry of inventories is made on the date of transfer of risks and benefits.
On the date of entry into the company, inventories are valued and recorded in the accounting at the entry value, which is determined as follows:
at purchase cost - for purchased stocks;
at predetermined production cost - for stocks produced in the company;
at the contribution value, established following the evaluation - for stocks representing contributions to the share capital;
at fair value - for stocks obtained free of charge or found as a plus during inventory.
Trade discounts granted by the supplier and recorded on the purchase invoice reduce the purchase cost of the goods.
The standard cost method is used in determining the cost of production, taking into account normal levels of materials and consumables, labor, efficiency and production capacity.
The levels of material consumption considered normal are reviewed at 12-month intervals.
When inventories are removed from management, they are valued and recorded using the FIFO method, i.e. the inventory items that were produced or purchased first are the ones that are consumed or sold first. The items that remain in inventory at the end of the period are the ones that were purchased or produced most recently.
At the balance sheet date, inventories are valued at the lower of cost and net realizable value.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale.
When the company decides to change the use of a tangible asset, meaning that it is to be sold, at the time of making the decision regarding the change of destination, the transfer of the asset from the tangible assets category to the inventory held for sale category is recorded in the accounting .
Revenues
Revenues represent increases in economic benefits, occurring during the year, which generated an increase in equity in forms other than those expressing new contributions from the owners of the enterprise.
The revenue category includes both amounts received or receivable in one 's own name, as well as earnings from any source.
Revenues are classified as follows:
Operating income;
Financial income;
Revenue is recognized on an accrual basis.
Revenue from sales of goods is recorded at the time of delivery of the goods to the buyers, their delivery based on the invoice or under other conditions provided for in the contract, which attests the transfer of ownership of the respective goods to the customers.
Revenue from the sale of goods is recognized when the following conditions are met:
a. | the significant risks and rewards of ownership of the goods have been transferred to the buyer; | |
b. | the company no longer manages the goods sold to the level it would normally have done if it owned | |
c. | them, nor does it have effective control over them; | |
d. | the income can be measured reliably; | |
e. | it is probable that the economic benefits associated with the transaction will flow to the company; and the transaction costs can be measured reliably. |
Revenue from services is recorded in accounting as they are performed, correlated with the stage of execution of the work.
The stage of execution of the work is determined based on the work reports accompanying the invoices, receipt reports or other documents attesting to the stage of completion and receipt of the services provided.
Interest income is recognized periodically, proportionally, as the respective income is generated.
Revenue from royalties and rentals is recognized according to the contractual due dates.
Dividend income is recognized when the shareholder's right to receive it is established.
Income from the reduction or cancellation of provisions, respectively adjustments for depreciation or loss of value, is recorded if their maintenance is no longer justified, the risk is realized or the expense becomes due.
Revenues are valued at the value determined by agreement between the seller and the buyer, taking into account the amount of any trade discounts granted.
Revenues collected before the balance sheet date that relate to the subsequent financial year are presented as deferred revenue.
Expenses
The expenses of the parent company and the subsidiary represent the amounts paid or payable for:
inventory consumption;
works performed and services provided that benefit the company;
personnel expenses;
execution of legal or contractual obligations;
provisions;
depreciation;
adjustments for depreciation or impairment.
Expense accounting is kept by type of expense, as follows:
operating expenses;
financial expenses.
Synthetic expense accounts that include several elements with different tax deductibility regimes are developed in analytics, so that each analytics reflects the specific content.
Debts
Debts are recorded in accounting on third-party accounts. Accounting for suppliers and other debts is kept by category, as well as by each individual or legal entity.
Personnel rights are recorded in accounting with the withholding of contributions.
The income tax payable must be recognized as a liability within the limit of the unpaid amount .
Deferred tax is the amount of income tax payable in a future period. Deferred tax liabilities are represented by the amounts of income tax payable in future accounting periods, in respect of taxable temporary differences.
It is calculated based on the tax rates expected to be applicable to temporary differences, upon their reversal, based on the legislation in force at the reporting date.
Deferred tax assets are represented by the amounts of income tax recoverable in future accounting periods.
Deferred tax receivables and payables are offset only if there is a legal right to offset current tax liabilities and receivables .
Provisions
A provision will be recognized in accounting when:
the company has a current obligation arising from a previous event;
it is probable that an outflow of resources will be required to settle the obligation;
a reliable estimate of the amount of the obligation can be made.
No provisions are recognized for future operating losses.
Provisions are reviewed at the date of preparation of the individual Financial Statements and adjusted to reflect the current best estimate.
If an outflow of resources is no longer probable to settle an obligation, the provision is reversed through reversal to income.
Commercial and financial discounts
Trade discounts granted by the supplier and recorded on the purchase invoice adjust the purchase cost of the goods in the sense of reduction.
Trade discounts granted to customers adjust the amount of revenue related to the transaction in the sense of reduction .
Contingent assets and liabilities
Contingent assets and liabilities are disclosed in the explanatory notes if it is probable that an inflow of economic benefits will occur.
These are assessed annually to determine whether an outflow of resources embodying economic benefits has become probable and it is necessary to recognize a liability or provision in the financial statements of the period in which the change in the classification of the event occurred.
Events subsequent to the preparation of the financial statements
Events after the balance sheet date are those events, favorable or unfavorable, that occur between the balance sheet date and the date on which the annual financial statements are authorized for issue. These are presented in the notes when they are considered significant .
New standards and interpretations
Amendments to standards applicable in 2024 are presented in Note 31.
Compared to the previous year, there were no changes in accounting policies.
4. Determining fair values
The presentation requirements for the information contained in the financial statements as well as some of the Company's accounting policies determine the need for their presentation.
The Company proceeded to the fair value assessment of the assets at the date of transition to IFRS and presented the Financial Statements of the previous periods at fair value.
When measuring assets or liabilities at fair value, the Company uses observable market information to the extent possible. The fair value hierarchy classifies the inputs for the valuation techniques used to measure fair value into three levels, as follows:
Level 1: quoted price (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2: inputs, other than quoted prices included in level 1, that are observable for the asset or liability, either directly or indirectly;
Level 3: unobservable inputs for the asset or liability.
If the inputs to the fair value measurement of an asset or liability can be classified into multiple levels of the fair value hierarchy, the fair value measurement is classified entirely into the same level of the fair value hierarchy as the input with the lowest level of uncertainty that is significant to the entire measurement.
Valuation techniques and inputs used in making valuations IFRS13.91(a)
In the building and land valuation report, the appraiser used:
Market data chosen by the appraiser: real estate market analysis
- Specific real estate market
- Analysis of the existing offer on the market
- Demand analysis
- Market equilibrium
b. Information provided by the owner: Documents regarding the history of the assets, repair work performed, degree of exploitation.
Presentation of fair value measurement classification level in its entirety in the fair value hierarchy IFRS 13.93(b)
Based on the input data used in the valuation technique, the fair value of buildings and land as of 31.12.2024 was classified at level 3 of the fair value hierarchy, the valuation being performed based on unobservable data on the active market of land and buildings.
5. Tangible fixed assets
The individual situation at the parent company level is presented as follows:
| Lands | Buildings | Equipment and other | Tangible assets in progress | Advance on tangible assets | Total |
| ||||||
| ||||||
| ||||||
| ||||||
Assessed value |
|
|
|
|
|
|
Balance as of January 1, 2024 | 14,737,009 | 13,028,177 | 13,283,664 | 1,065,604 | 0 | 42,114,454 |
GROWTH | 5,064,963 | 1,679,515 | 2,323,028 | 331,438 | 0 | 9,398,944 |
Discounts | 1,539,244 | 2,558,689 | 5,551,501 | 898,365 | 0 | 10,547,799 |
Balance as of December 31, 2024 | 18,262,728 | 12,149,003 | 10,055,191 | 498,677 | 0 | 40,965,599 |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
Balance as of January 1, 2024 | 0 | 1,512,868 | 3,333,256 | 0 | 0 | 4,846,124 |
GROWTH | 8,850 | 740,875 | 1,614,455 | 0 | 0 | 2,364,180 |
Discounts |
| 2,253,743 | 4,947,711 |
|
| 7,201,454 |
Balance as of December 31, 2024 | 8,850 | 0 | 0 | 0 | 0 | 8,850 |
|
|
|
|
|
|
|
Net worth |
|
|
|
|
|
|
Balance as of January 1, 2024 | 14,737,009 | 11,515,309 | 9,950,408 | 1,065,604 | 0 | 37,268,330 |
Balance as of December 31, 2024 | 18,253,878 | 12,149,003 | 10,055,191 | 498,677 | 0 | 40,956,749 |
At the group level, the situation is:
| Lands | Buildings | Equipment and other | Tangible assets in progress | Advance on tangible assets | Total |
| ||||||
| ||||||
| ||||||
| ||||||
Assessed value |
|
|
|
|
|
|
Balance as of January 1, 2024 | 14,737,009 | 13,028,177 | 13,283,664 | 1,065,604 | 0 | 42,114,454 |
GROWTH | 5,064,963 | 1,679,515 | 2,323,028 | 331,438 | 0 | 9,398,944 |
Discounts | 1,539,244 | 2,558,689 | 5,551,501 | 898,365 | 0 | 10,547,799 |
Balance as of December 31, 2024 | 18,262,728 | 12,149,003 | 10,055,191 | 498,677 | 0 | 40,965,599 |
|
|
|
|
|
|
|
Depreciation and |
|
|
|
|
|
|
amortization |
|
|
|
|
|
|
Balance as of January 1, 2024 | 0 | 1,512,868 | 3,333,256 | 0 | 0 | 4,846,124 |
INCREASE | 8,850 | 740,875 | 1,614,455 | 0 | 0 | 2,364,180 |
Discounts |
| 2,253,743 | 4,947,711 |
|
| 7,201,454 |
Balance as of December 31, 2024 | 8,850 | 0 | 0 | 0 | 0 | 8,850 |
|
|
|
|
|
|
|
Net worth |
|
|
|
|
|
|
Balance as of January 1, 2024 | 14,737,009 | 11,515,309 | 9,950,408 | 1,065,604 | 0 | 37,268,330 |
Balance as of December 31, 2024 | 18,253,878 | 12,149,003 | 10,055,191 | 498,677 | 0 | 40,956,749 |
The company's tangible fixed assets include assets used for production. Some of these assets are mortgaged or pledged to secure loans taken from banks. Tangible fixed assets in progress represent investments in progress to increase production capacity.
The depreciation method used by the company for all classes of depreciable fixed assets is the straight-line method. The useful lives established upon commissioning of the fixed assets were within the limits provided for by internal regulations regarding the classification of fixed assets and were not modified during 2024.
6. Intangible assets
In the parent company's assets, the value of licenses paid to European regulatory authorities in the field of manufacturing and marketing of chemical products in the amount of 343,194 lei, depreciable over the planned operating period for the manufacturing facilities, as well as licenses for computer programs in the amount of 116,867 lei, are highlighted in this group of fixed assets.
Gross value as of 31.12.2024 | 460,061 | |
Cumulative depreciation | 445,477 | |
Of which in fiscal year 2024 | 37,807 | |
Net value as of 31.12.2024 | 14,584 |
7. Financial assets
The parent company owns:
1.- 99.765% stake in the Chimprod SA Oradea subsidiary. The book value of the stake is 1,265,650 lei, fully depreciated value.
2.-participation of 1,000 lei to the Organization of Employers in Chemistry and Petrochemistry Bucharest.
Gross value as of 31.12.2024 | 1,266,650 | |
Impairment adjustments | 1,265,650 | |
recorded |
| |
Net value as of 31.12.2024 | 1,000 | |
Other financial assets | 2,295 | |
Total | 3,295 |
Assets related to the right to use leased assets at the level of liability from the application of IFRS 16
Assets related to the right to use leased assets at the level of liability from the application of IFRS 16 | 2021 | 2022 | 2023 | 2024 | |
|
|
|
|
|
|
Cost (lei) as of 31.12.2024 |
|
|
|
| |
Balance as of 31.12. 2024 |
| 204,370 | 204,370 | 204,370 | 118,986 |
Depreciation related to right of use |
| -46,431 | -89,451 | -132,472 | -75,149 |
Balance as of December 31, 2024 |
| 157,939 | 114,919 | 71,898 | 43,837 |
|
|
|
|
|
|
The effect of the transition to IFRS 16 | 2020 | 2021 | 2022 | 2023 | 2023 |
|
|
|
|
| |
Financial expenses, leasing contract interest | 3,828 | 2,976 | 5,866 | 4,019 | 2,427 |
Depreciation related to the right of use | 17,974 | 17,971 | 43,021 | 43,021 | 28,061 |
Total cost | 21,802 | 21,802 | 48,887 | 47,040 | 30,488 |
8. Stocks
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 12/31/2024 |
| |||
| |||
| |||
| |||
Raw materials and supplies | 155,607 |
| 124,284 |
Finished products | 2,661,282 |
| 227,084 |
Products in progress | 799,202 |
| 786,463 |
Commodities | 22,864 |
| 22,831 |
Packing | 70,082 |
| 54,928 |
Advances for the purchase of goods | 52,012 |
| 52,012 |
Total | 3,761,049 |
| 1,267,602 |
Adjustments for inventory depreciation | 1,001,169 |
| 993,614 |
Total | 2,759,880 |
| 273,988 |
At the group level, the situation is:
| 31.12.2023 |
| 12/31/2024 |
|
|
|
|
| |||
| |||
| |||
Raw materials and supplies | 155,607 |
| 124,284 |
Finished products | 2,661,282 |
| 227,084 |
Products in progress | 799,202 |
| 786,463 |
Commodities | 22,864 |
| 22,831 |
Packing | 70,082 |
| 54,928 |
Advances for the purchase of goods | 52,012 |
| 52,012 |
Total | 3,761,049 |
| 1,267,602 |
Adjustments for inventory depreciation | 1,001,169 |
| 993,614 |
Total | 2,759,880 |
| 273,988 |
9. Trade receivables
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Customers | 796,384 |
| 44,778 |
Uncertain and litigious customers | 2,317,893 |
| 2,321,166 |
Suppliers borrowers | 0 |
| 0 |
Adjustments for impairment of receivables | -2,317,893 |
| -2,321,166 |
Total | 796,384 |
| 44,778 |
Other receivables | 256,358 |
| 103,897 |
Total | 1,052,742 |
| 148,675 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Customers | 796,384 |
| 44,778 |
Uncertain and litigious customers | 2,317,893 |
| 2,321,166 |
Suppliers borrowers | 0 |
| 0 |
Adjustments for impairment of receivables | -2,317,893 |
| -2,321,166 |
Total | 796,384 |
| 44,778 |
Other receivables | 256,373 |
| 103,912 |
Total | 1,052,757 |
| 148,690 |
The company has established adjustments for the depreciation of receivables overdue for more than 365 days in the amount of 2,321,166 lei.
10. Cash and cash equivalents
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Bank current accounts | 221,753 |
| 392,677 |
Cash on hand | 1,415 |
| 3,480 |
Other values |
|
|
|
Total | 223,168 |
| 396,157 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Current accounts at banks | 222,523 |
| 393,649 |
Cash on hand | 1,510 |
| 3,575 |
Other values |
|
|
|
Total | 224,033 |
| 397,224 |
11. Other receivables
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Settlements from operations under clarification | 969 |
| 5,371 |
Other receivables in relation to third parties | 2,500 |
| 8,540 |
Other receivables related to the state budget (VAT to be recovered) | 252,889 |
| 89,986 |
Total | 256,358 |
| 103,897 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Settlements from operations under clarification | 969 |
| 5,371 |
Other receivables in relation to third parties | 2,500 |
| 8,540 |
Other receivables related to the state budget (VAT to be recovered) | 252,904 |
| 90,001 |
Total | 256,373 |
| 103,912 |
12. Assets classified as held for sale
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Gross value of assets classified as held for sale | 1,999,171 |
| 1,975,894 |
Value adjustments of assets classified as held for sale |
|
| |
Reclassifications to tangible assets |
|
|
|
Disposals of assets classified as held for sale |
|
|
|
Net worth | 1,999,171 |
| 1,975,894 |
At the group level the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Gross value of assets classified as held for sale | 1,999,171 |
| 1,975,894 |
Value adjustments of assets classified as held for sale |
|
| |
Reclassifications to tangible assets |
|
|
|
Disposals of assets classified as held for sale |
|
|
|
Net worth | 1,999,171 |
| 1,975,894 |
13. Social capital and capital premiums
As of 31.12.2024, the parent company's shareholder structure is as follows (in percentages):
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
| |||
FIA- BT Invest 1 | 33.89% |
| 33.89% |
PASCU RADU | 31.16% |
| 31.16% |
Alternative Investment Company With Private Capital Roca Investments SA | 18.00% |
| 18.00% |
Other individuals and legal entities | 16.95% |
| 16.95% |
Total | 100.00% |
| 100.00% |
The subsidiary's shareholding structure is presented as follows (in percentages):
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Sinteza SA | 99.76% |
| 99.76% |
Other shareholders | 0.24% |
| 0.24% |
Total | 100% |
| 100% |
The company continued in 2024 to manage capital by taking into account all its components as defined by Romanian legislation. There were no situations of exclusion of quantitative data or consideration as part of equity of other balance sheet items other than those regulated by domestic legislation.
14. Trade and other debts
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Commercial suppliers | 1,168,969 |
| 3,408,496 |
Investment providers | 5,511 |
| 261,467 |
Suppliers - collaborators |
|
|
|
Debts to the State Budget | 212,218 |
| 332,465 |
Debts to employees | 199,405 |
| 87,500 |
Current income tax |
|
|
|
Other debts | 4,568,526 |
| 4,888,123 |
Total | 6,154,629 |
| 8,978,051 |
The classification of individual debts as of 31.12.2024 according to maturity is presented according to the table:
|
|
|
|
|
| TOTAL DEBT | UNDER 1 YEAR | 1-5 YEARS | OVER 5 YEARS |
Commercial suppliers | 3,408,496 | 3,408,496 |
|
|
Investment providers | 261,467 | 261,467 |
|
|
Suppliers - collaborators |
|
|
|
|
Debts to the State Budget | 332,465 | 332,465 |
|
|
Debts to employees | 87,500 | 87,500 |
|
|
Current income tax |
|
|
|
|
Other debts | 4,888,123 | 4,868,675 | 19,448 |
|
Total | 8,978,051 | 8,958,603 | 19,448 |
|
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Commercial suppliers | 2,949,264 |
| 5,188,791 |
Investment providers | 5,511 |
| 261,467 |
Suppliers - collaborators |
|
|
|
Debts to the State Budget | 212,373 |
| 332,641 |
Debts to employees | 199,675 |
| 87,805 |
Current income tax |
|
|
|
Other debts | 4,571,026 |
| 4,896,663 |
Total | 7,937,849 |
| 10,767,367 |
The classification of consolidated debts as of 31.12.2024 according to maturity is presented according to the table:
| TOTAL DEBT | UNDER 1 YEAR | 1-5 YEARS | OVER 5 YEARS |
Commercial suppliers | 5,188,791 | 5,188,791 |
|
|
Investment providers | 261,467 | 261,467 |
|
|
Suppliers - collaborators | 0 |
|
|
|
Debts to the State Budget | 332,641 | 332,641 |
|
|
Debts to employees | 87,805 | 87,805 |
|
|
Current income tax | 0 |
|
|
|
Other debts | 4,896,663 | 4,877,215 | 19,448 |
|
Total | 10,767,367 | 10,747,919 | 19,448 |
|
15. Loans
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Amounts due to credit institutions | 5,160,720 |
| 3,836,872 |
Total | 5,160,720 |
| 3,836,872 |
The classification of loans as of 31.12.2024 according to maturity is presented in the table:
| TOTAL DEBT | UNDER 1 YEAR | 1-5 YEARS | OVER 5 YEARS |
Amounts due to credit institutions | 3,836,872 | 3,836,872 |
|
|
Total | 3,836,872 | 3,836,872 | 0 | 0 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Amounts due to credit institutions | 5,160,720 |
| 3,836,872 |
Total | 5,160,720 |
| 3,836,872 |
The classification of loans as of 31.12.2024 according to maturity is presented in the table:
| TOTAL DEBT | UNDER 1 YEAR | 1-5 YEARS | OVER 5 YEARS |
Amounts due to credit institutions | 3,836,872 | 3,836,872 |
|
|
Total | 3,836,872 | 3,836,872 | 0 | 0 |
Regarding the contracted loans, the Company continued the policy of using attracted resources to finance the company's working capital and investments. The bank loan in progress at the end of 2024 is contracted only at the level of the parent company Sinteza SA. On December 31, 2024, the current account credit line of 771,370 EURO, with interest Euribor 3M + 1.6%, was due on 28.02.2025
16. Provisions
Provisions were established for risks and expenses as follows:
provisions for unused vacation leave in the amount of 32,544 lei for SINTEZA SA
17. Advance income
In 2024, the company reflected in the Advance Revenue account the amounts collected from customers for future deliveries. The account balance as of 31.12.2024 in the amount of 57,708 lei highlights the amounts collected from customers for goods to be delivered and services in advance;
18. Turnover
The turnover for the financial year 2024 is presented as follows:
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Revenue from the sale of finished products | 13,847,779 |
| 1,702,980 |
Revenue from the sale of goods |
|
|
|
Income from locations and rents | 308,405 |
| 378,972 |
Revenue from services | 288,391 |
| 452,430 |
Other income (re-invoicing, residual products) | 151,239 |
| 222,288 |
Total | 14,595,814 |
| 2,756,670 |
At the group level the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Revenue from the sale of finished products | 13,847,779 |
| 1,702,980 |
Revenue from the sale of goods |
|
|
|
Income from locations and rents | 308,405 |
| 378,972 |
Revenue from services | 288,391 |
| 452,430 |
Other income (rebilling, residual products) | 151,239 |
| 222,288 |
Total | 14,595,814 |
| 2,756,670 |
The company has not organized components to engage separately in business activities, the income elements originating from activities other than industrial production being of an incidental nature.
Regarding the company's sales in 2024, they can be segmented into two areas as follows:
- sales on the foreign market in the amount of 1,601,101 lei;
- sales on the domestic market in the amount of 101,879 lei
19. Expenses on raw materials and consumables
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Raw materials | 8,406,639 |
| 32,754 |
Auxiliary materials | 250,986 |
| 39,795 |
Combustible | 9,506 |
| 6,244 |
Spare parts | 110,187 |
| 1,563 |
Labor protection and other materials | 55,323 |
| 13,357 |
Other expenses | 306,380 |
| 39,061 |
Total | 9,139,021 |
| 132,774 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Raw materials | 8,406,639 |
| 32,754 |
Auxiliary materials | 250,986 |
| 39,795 |
Combustible | 9,506 |
| 6,244 |
Spare parts | 110,187 |
| 1,563 |
Labor protection and other materials | 55,323 |
| 13,357 |
Other expenses | 306,380 |
| 39,061 |
Total | 9,139,021 |
| 132,774 |
20. Other material expenses
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
|
|
|
|
| |||
| |||
| |||
Packing | 255,233 |
| 21,126 |
Materials of the nature of inventory items | 27,015 |
| 6,593 |
Other non-stocked materials | 24,132 |
| 11,342 |
Total | 306,380 |
| 39,061 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Packing | 255,233 |
| 21,126 |
Materials of the nature of inventory items | 27,015 |
| 6,593 |
Other non-stocked materials | 24,132 |
| 11,342 |
Total | 306,380 |
| 39,061 |
21. Personnel expenses
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Salaries | 5,958,482 |
| 3,685,091 |
Social insurance and social protection | 150,515 |
| 80,531 |
Total | 6,108,997 |
| 3,765,622 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Salaries | 5,963,195 |
| 3,690,407 |
Social insurance and social protection | 150,623 |
| 80,651 |
Total | 6,113,818 |
| 3,771,058 |
The company's employees are remunerated with the negotiated salary according to the provisions of the individual employment contracts, having the full range of social benefits provided for by the Romanian legislation in force. There is no collective labor agreement at the company level and therefore no additional short-term, long-term, post-employment benefits or share-based payment are granted. The key personnel in the company's management benefit from the same salary rights as the rest of the employees.
The members of the Board of Directors are not remunerated by the decision established by the General Meeting of Shareholders.
22. External benefits expenses
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Other expenses with third-party executive services |
|
|
|
Maintenance and repairs | 92,580 |
| 1,690 |
Post and telecommunications | 28,230 |
| 22,854 |
Transport | 493,675 |
| 166,220 |
Banking services | 103,879 |
| 37,188 |
Travel, secondments | 42,908 |
| 23,594 |
Protocol | 5,300 |
| 603 |
Collaborators | 0 |
| 0 |
Rent | 31,578 |
| 40,900 |
Fees | 194,766 |
| 283,329 |
Insurance premiums | 42,789 |
| 31,423 |
Other expenses with third-party executive services | 1,042,485 |
| 692,096 |
Total | 2,078,190 |
| 1,299,897 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Other expenses with third-party executive services |
|
|
|
Maintenance and repairs | 92,580 |
| 1,690 |
Post and telecommunications | 28,371 |
| 22,854 |
Transport | 493,675 |
| 166,220 |
Banking services | 104,287 |
| 37,611 |
Travel, secondments | 42,908 |
| 23,594 |
Protocol | 5,300 |
| 603 |
Collaborators | 0 |
| 0 |
Rent | 31,578 |
| 40,900 |
Fees | 194,766 |
| 283,329 |
Insurance premiums | 42,789 |
| 31,423 |
Other expenses with third-party executive services | 1,042,485 |
| 692,131 |
Total | 2,078,739 |
| 1,300,355 |
23. Financial income and expenses
The individual situation at the parent company level is presented as follows:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Interest income | 90 |
| 48 |
Income from exchange rate differences | 148,301 |
| 16,235 |
Other financial income |
|
|
|
Total | 148,391 |
| 16,283 |
|
|
|
|
Interest expenses | 446,903 |
| 613,764 |
Expenses from exchange rate differences | 265,529 |
| 51,711 |
Other financial expenses | 5,520 |
| 3,792 |
Total | 717,952 |
| 669,267 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
| |||
| |||
Interest income | 90 |
| 48 |
Income from exchange rate differences | 148,301 |
| 16,235 |
Other financial income |
|
|
|
Total | 148,391 |
| 16,283 |
|
|
|
|
Interest expenses | 446,903 |
| 613,764 |
Expenses from exchange rate differences | 265,529 |
| 51,711 |
Other financial expenses | 5,520 |
| 3,792 |
Total | 717,952 |
| 669,267 |
24. Current and deferred income tax
The individual situation at the parent company level is presented as follows:
In the financial year ended on 31.12.2024, the Company recorded an accounting loss of 8,773,672 lei.
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
Current income tax | |||
Current income tax expense | 0 |
| 0 |
|
|
|
|
Deferred income tax |
|
|
|
Deferred income tax | 3,496,076 |
| 4,284,750 |
At the group level, the situation is:
| 31.12.2023 |
| 31.12.2024 |
| |||
| |||
Current income tax | |||
Current income tax expense | 0 |
| 0 |
|
|
|
|
Deferred income tax |
|
|
|
Deferred income tax | 3,496,076 |
| 4,284,750 |
25. Earnings per share
Sinteza SA recorded an accounting loss of 8,773,672 lei in 2024. It is not intended to distribute amounts to shareholders in the form of dividends from the reserves established in previous years.
There are no holders with distribution rights registered in the shareholding structure.
of dividends in other shares. No free shares or shares with preferential rights are distributed with regard to the allocation of dividends. There are no intentions to dilute the shares through a preferential distribution within a reasonable period. This leads to a result of equality between the basic and diluted earnings per share.
26. Affiliated parties
Affiliated parties are considered to be the persons who are part of the Board of Directors and the directors (executive management) of the parent company:
The members of the Board of Directors as of 31.12.2024 are:
Alexandru Savin | - President | |
Radu Pascu | - Member | |
Cosmin Turcu | - Member |
The executive management of the company as of 31.12.2024 is provided by General Manager Gelu Stan.
During 2024, the transactions recorded between the company and associated parties are: 1) extension of the loan granted by shareholder Radu Pascu, in the amount of 510,117 euros (contract value 600,000 euros) and 2) extension of the loan granted by shareholder Roca Investments SA, in the amount of 300,000 euros (contract value 600,000 euros)
27. Transactions between the parent company and the subsidiary
The parent company Sinteza loaned the affiliated company Chimprod the amount of 8,540 lei. No other transactions are recorded as of 31.12.2024
28. Other commitments
The parent company and the affiliated company do not record any other commitments as of 31.12.2024.
29. Contingent assets and liabilities
SINTEZA was a party in 2024 to litigation in the following cases:
No. File | Court | Object of the file | Parties to the proceedings and procedural quality | File status (first instance/appeal/ recourse etc.) | Term (if the file is pending) / Solution (if the case is resolved) | Details about file |
4274/108/2014
| Arad Court | Insolvency procedure | SINTEZA SA Creditor / Comeso Color SA Debtor
| BANKRUPTCY
| Trial date: 28.01.2025 | + 21,184.47 lei
|
24.06.2022 | LiquidatorMann& Associates PAC Singapore | Liquidation procedure | SINTEZA SA Creditor/
Vikudha Singapore PTE.LTD Debtor
| JUDICIAL LIQUIDATION
| Trial date: - | + 59,325 Euros
|
22419/3/2009 | Bucharest Court | Insolvency procedure | Sinteza SA Creditor/
Energo Mineral Bucharest Debtor
| BANKRUPTCY | Trial date: 16.04.2025 | + 27,173.79 lei
|
16873/118/2010
| Court Constanta | Insolvency procedure | SINTEZA SA Creditor/
Solanum Com Prod SRL Company Debtor
| BANKRUPTCY
| Trial date: 31.03. 2025 | + 68,811.51 lei
|
6473/111/2013 | Bihor Court | Insolvency procedure |
SINTEZA SA Creditor /
Electrocentrale Oradea SA Debtor | BANKRUPTCY
| Trial date: 29.01.2025
| + 530671.29 lei - 497325.6 lei
33345, 69 lei
|
5610/3/2017*
| HCCJ Bucharest
| Claims | SINTEZA SA Respondent/plaintiff
NOVI CONSULT SRL, Hatec Industrie-Montagen GMBH , L+K Alangenbau Defendant appellants | APPEAL | Trial date: 21.01.2025
| The appeal filed by Sinteza SA was approved on 21.12.2023 , Novi Consult and Hatec were held liable for 6,885,405.80 LEI + legal interest + legal expenses of 192,688.52 LE. Novi Consult and Hatec filed an appeal. |
16952/301/ 2024 | District 3 Courthouse Bucharest | Contestation of enforcement and Return of forced execution in forced execution file no. 27/2024 Judicial Executor’s Office Bran Cristian Bucharest | Novi Consult SRL Contestant /
Sinteza SA respondent
| FIRST INSTANCE | Trial date: 06.02.2025 |
|
25204/301/ 2024 | District 3 Courthouse Bucharest | Enforcement appeal in the forced execution case no. 27/2024 Judicial Executor’s Office Bran Cristian Bucharest | Novi Consult SRL through the judicial administrator SOS Insolvency SPRL Contestant /
Sinteza SA Defendant | First instance | Trial date: 30.01.2025 |
|
36799/301/ 2024 | District 3 Courthouse Bucharest | Enforcement appeal in the forced | Novi Consult SRL Contestant /
| First instance | Trial date: 21.01.2025 |
|
|
| execution case no. 27/2024 Judicial Executor’s Office Bran Cristian Bucharest | Sinteza SA respondent
|
|
|
|
22556/3/2024
| Bucharest Court | Insolvency procedure | SINTEZA SA Creditor/
Novi Consult SRL Debtor | BANKRUPTCY | Trial date: 27.05. 2025 | + 8,497,724.16 lei
|
22556/3/2024/a2
| Bucharest Court | Claims challenge against the preliminary table of claims | SINTEZA SA / Challenger
Novi Consult SRL Debtor | First instance / BANKRUPTCY | Trial date: 11.02.2025 |
|
1011/P/2023
| The Prosecutor's Office attached to the Bihor Court | Criminal complaint and civil party formation for the amount of 31,200 Euros; | Sinteza SA/ Unknown author | Unauthorized access to an email Art. 360 Criminal Code |
| Damage 31,200 Euros; |
82/2/9/2024 | NAD Territorial Service Oradea | Criminal complaint
| Sinteza SA petitioner
L+K Alangenbau | FRAUD | NAD rejects the complaint as unfounded by ordinance dated June 14, 2024, solution contested before the preliminary chamber judge of the Bihor Court; |
|
At the balance sheet date, the value of contingent assets cannot be estimated.
30. Events subsequent to the date of the financial statements
The current account credit line of 771,370 EURO, which on 31.12.2024 was due on 28.02.2025, has been extended up to 6 months in accordance with the latest request made by SINTEZA SA to UNICREDIT.
31. Standards and interpretations that entered into force in the current year
Amendments to IAS 1 “Presentation of Financial Statements” :
Classification of liabilities as current or non-current : These amendments clarify the criteria for classifying liabilities, emphasizing that this classification is based on the entity's rights at the end of the reporting period and not on management's expectations regarding the settlement of liabilities.
Non-current liabilities with clauses : These amendments specify that, at the reporting date, an entity should not consider clauses that will be required to be met in the future when classifying a liability as current or non-current. Instead, the entity should disclose information about these clauses in the notes to the financial statements.
Amendments to IFRS 16 "Leasing contracts" :
Lease Obligations in Sale and Leaseback Transactions: These amendments provide additional guidance on the accounting for sale and leaseback transactions, particularly with respect to the measurement and presentation of lease obligations after the transaction date.
Amendments to IAS 7 “Cash Flow Statement” and IFRS 7 “Financial Instruments: Additional Disclosures” :
Financing arrangements with suppliers : These amendments require entities to disclose additional information to increase transparency of financing arrangements with suppliers and their effects on liabilities, cash flows and liquidity risk exposure.
Starting with January 1, 2025, the following amendment issued by the International Accounting Standards Board (IASB) and adopted by the European Union will enter into force:
Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”: Lack of Exchangeability
Description: These amendments provide guidance on how to determine the applicable exchange rate when an entity's currency cannot be freely converted into another currency, due to legal restrictions or the lack of an active market.
The Company estimated that the adoption of these amendments to existing standards will not have a significant impact on the Company's financial statements in the period of initial application.
32. Financial risk management
The Group is exposed to credit risk, liquidity risk and market risk.
In order to limit exposure, a risk management policy is being developed to ensure the identification and analysis of risks, the establishment of appropriate limits and controls, and the monitoring of compliance with the established limits. The risk management policies and systems will be reviewed regularly to adapt to changes in the activity and market conditions.
Liquidity risk is the risk that the Company or its Subsidiary will encounter difficulties in meeting its financial obligations or those associated with them, which are settled in cash or cash equivalents. The Parent Company's approach to liquidity management consists of ensuring sufficient liquidity to meet its obligations as they fall due under normal conditions. In this regard, the Company ensures that it has sufficient cash to cover its operational needs.
Market risk is the risk that changes in market prices, exchange rates, interest rates and equity instrument prices will affect the Company's income or the value of financial instruments held. During 2024, there was a significant disruption in the price of benzoic acid on the European market due to the presence of Chinese producers on the market who came up with a price below the cost at which the parent company could have produced benzoic acid, taking into account the cost of raw materials and energy currently in the market.
The parent company is exposed to currency risk due to sales, purchases and loans in a currency other than the functional currency.
The individual situation at the parent company level is presented as follows:
| LEI | EURO | USD |
|
| (RON EQUIVALENT) | (RON EQUIVALENT) |
|
|
|
|
Financial assets |
|
|
|
Trade and other receivables | 148,675 | 0 | 0 |
Cash and cash equivalents | 239,341 | 156,816 |
|
Total | 388,016 | 156,816 | 0 |
|
|
|
|
|
|
|
|
Financial debts |
|
|
|
Loans |
| 3,836,872 | 0 |
Trade and other debts | 4,136,484 | 4,841,567 | 0 |
Total | 4,136,484 | 8,678,439 | 0 |
At the group level the situation is
| LEI | EURO | USD |
|
| (RON | (RON |
|
| EQUIVALENT) | EQUIVALENT) |
|
|
|
|
Financial assets |
|
|
|
Trade and other receivables | 148,690 |
| 0 |
Cash and cash equivalents | 240,408 | 156,816 |
|
Total | 389,098 | 156,816 | 0 |
|
|
|
|
|
|
|
|
Financial debts |
|
|
|
Loans |
| 3,836,872 | 0 |
Trade and other debts | 5,925,800 | 4,841,567 | 0 |
Total | 5,925,800 | 8,678,439 | 0 |
The sources for materializing the company’s own contribution to financing this project are 1) syndicated bank loan and 2) own capital contribution.
The risk related to taxation concerns the aspects in which certain transactions are perceived differently by the tax authorities compared to the Company's treatment. This aspect arises from the adoption of European tax regulations starting with January 1, 2007 at the Romanian level, given that the interpretation of the texts and the practical implementation procedures may vary. The Romanian Government has also authorized the operation of a significant number of agencies and bodies with responsibilities in carrying out various controls on companies operating on the territory of Romania. The activity of these agencies and bodies covers not only tax aspects, but also aspects related to regulations and procedures in other areas (safety and health at work, civil protection, security and fire protection, etc.). The Company may be subject to controls as new regulations are issued.
33. Business continuity issues
Given the uncertainty regarding the timing and manner of the end of the war in Ukraine, the company's management estimates that the adverse factors currently affecting the European chemical market will continue to be present in the future. It is expected that throughout 2025 the price difference between the price of benzoic acid in Europe and in China will be equal to or greater than 300 US$/ton, a situation that will continue to allow Chinese producers to export massive quantities to Europe, inducing a market situation similar to that of 2023 and 2024. In such a context, Sinteza's benzoic acid operations would have no way of becoming profitable.
In this particularly complex situation, the company's management sought to develop a new business line that would exploit the opportunities brought by the current political and economic crisis. Starting with the war in Ukraine in 2022, Europe started an accelerated process of eliminating dependence on fossil fuels and in particular on those from the Russian Federation. For the production of electricity, renewable sources are the ones that are mainly relied on. Their potential within the EU is far above the total energy needs. Unfortunately, renewable energy has a variable nature and therefore any production capacity that uses a renewable energy source should work in tandem with an electricity storage capacity. The most present technology today in electricity storage solutions is Li-ion, but this technology will no longer represent the best solution in the future, redox flow batteries being a much more interesting technological alternative.
Sinteza took the first concrete steps in outlining a new business line towards the end of the third quarter of 2024, and in the reported period the following milestones are worth noting: the signing in November of a letter of intent with the American company Lockheed Martin regarding collaboration in the field of energy storage systems based on redox flow technology, respectively in December the signing with the Ministry of Energy of a financing contract from the PNRR on component C6.I4.1 of the project entitled "Establishment of a new capacity for the production, testing and recycling of electrolytes used for the manufacture of industrial batteries for storing electricity". The total value of this project is 309,267,174.51 lei including VAT (259,986,634.99 lei excluding VAT), the total eligible value is 248,072,957.25 lei excluding VAT, of which the maximum eligible non-refundable value is 124,036,478.63 lei.
The main milestones in completing this project are the commissioning of the electrolyte plant in mid-2026 and the subsequent completion of a functional framework for a supply chain located predominantly in Romania for many of the components required for high-capacity redox flow batteries.
GENERAL MANAGER GELU STAN | CHIEF ACCOUNTANT DOINA UJUPAN |
STATEMENT
In accordance with the provisions of art.30 of Law no. 82/1991
The annual financial statements were prepared as of 31.12.2024 for:
Legal entity: | Sinteza SA | |
County: | 05-Bihor | |
Address: | Oradea, Borșului street no. 35 | |
Trade Register Number: | J/05/197/1991 | |
Form of ownership: | 34- Joint stock companies | |
Main activity: | 2014-manufacture of other basic chemical products | |
Tax identification code: | 67329 | |
Type of financial statement: | According to Order 881/2012, Order 2844/2016, Order 10/2019, regarding the application of Accounting Regulations in accordance with the International Financial Reporting Standards (IFRS) applicable to commercial companies whose securities are admitted to trading on a regulated market. |
The Chairman of the Board of Directors of the company, Mr. Alexandru Savin, assumes responsibility for the preparation of the annual financial statement as of 31.12.2024 and confirms that, to the best of his knowledge, it was prepared in accordance with the applicable accounting standards, that it provides a correct and true picture of the assets, liabilities, equity, income and expenses, and that the report of the Board of Directors includes a correct analysis of the development and performance of the company as well as a description of the main risks and uncertainties specific to the activity carried out.
Chairman of the Board of Directors
Alexandru Savin