Comelf S A : Report for the first quarter of 2024

	COMELF SA
	Registru comertului No.J/06/02/31.01.91
	Cont bancar: (Lei) RO 12INGB0024000040598911
GRUP UZINSIDER	(Euro) RO 58INGB0024000040590711
	Deschise la: ING BANK BISTRITA
	Societate cotata la Bursa de Valori Bucuresti

First quarter report 2024

Issued on: May 14, 2024

Company name: COMELF SA

Registered Office: Bistrita, str. Industry no. 4

Phone/fax number: 0263/234462; 0263/238092

VAT code with the Trade Register Office: 568656

Registration number with the Trade Register: J06/02/1991

Subscribed and paid-in share capital: 13,036,325.34 lei

Regulated market in which the issued securities are traded: BSE (Bucharest Stock Exchange)

1. Presentation of the important events that occurred during the relevant period of time and the impact that they have on the financial position of the issuer and its subsidiaries.
   On April 18th, 2024, the AGOA approved the full distribution of the net profit for the year 2023, in the amount of 9.328.420 lei, for the payment of dividends to the shareholders of the company. Of the total amount of 9,328,420 lei, the amount of 4,680,872 lei was distributed as interim dividends in the first half of 2023, the difference in the amount of 4,647,548 lei will be paid from 16 September 2024.
2. The general description of the financial position and of the performances of the issuer and of its subsidiaries related to the relevant time period.

	The main indicators,	01.01.2024-	01.01.2023-		%
	thousands of lei	31.03.2024	31.03.2023
	Total operating income, of			41,827		48,835			(7,008)
	which:
	Revenues from			40,874		45,604			(4,730)
	construction contracts
	Profit/(Loss) for the			1,780		2,918			(1,138)
	period
	EBITDA			4,657		4,784			(127)
	Interest-bearing Loans			36,051		40,023			(3,972)
	Average number of staff	619	629		(10)

*The financial figures are unaudited and outline the individual results of Comelf SA, prepared in accordance with International Financial Reporting Standards (IFRS);

• The operating revenues of COMELF SA amounted to 41,827 thousand LEI as of 31.03.2024, down (48,835 thousand LEI as of 31.03.2023) compared to the same period of the previous year. The decrease in revenue in Q1 2024 compared to Q1 2023 was influenced by (i) the decrease in the per ton sales price of products (-2%) due to: the decrease in the purchase price of metal (ii) the decrease in physical volumes sold by 12%, as a result of lower orders in the first quarter of the year, in the global economic context marked by a decrease in demand, especially in the earthmoving sector; In the coming period, the forecast is much

improved;

• The profit for the period decreased in the first 3 months of 2024 compared to the same period of the previous year, as in the first quarter of 2023 an amount of 1,010,987 lei was collected, relating to an outstanding debt, which was provided for in the past and which was collected in full, thus being recognized as income for the period and implicitly as direct profit.

• EBITDA: although turnover decreased, EBITDA remained at approximately the same level as a
  result of:
• Optimizing the consumption of raw materials;
• The savings generated by the own sources of electricity and heating, in which the company has invested in recent years;

The company's assets as at 31.03.2024 show that:

• Fixed assets: decreasing, on the one hand, being influenced by the depreciation of existing fixed assets (cumulative effect as at 31.03.2024: 1,964 thousand LEI) and, on the other hand, by new investments in progress (1,500 thousand LEI);
• Current assets remained at approximately the same level at 31.03.2024 compared to 31.12.2023, on the back of:

1. Raw materials inventory decreased by 5% correlated with the orders launched for the period to Q2 2024 but also on the back of slight decrease in the price of these raw materials;
2. Work in progress decreased by 18%, due to the increase in the decrease in the sales price but also to the increase in receivables and the completion of work in progress;
3. Trade receivables increased by 4% as at 31.03.2024 compared to year-end 2024;
4. Cash and cash equivalents increased by 1,101 thousand lei compared to the end of 2023, on the back of collections in the first part of 2024;
   ➢ Equity increased compared to 31.12.2023 by the amount of the net profit for the period 01.01.2024- 31.03.2024;
   ➢ Interest-bearing borrowings as at 31.03.2024 decreased by the amount of instalments paid , due in the first quarter of 2024, with no additional loans committed until the end of the first quarter of 2024. The available working capital as at 31.03.2024 is 35,780,400 lei (31.12.2023: 36,604,100 lei): 36,604,100 lei); ➢ Supplier payables have been maintained compared to December 2023;

The report for Q1 2024 can be found on the company's website www.comelf.ro/Informatii la zi/, as well as in the link below

General Manager,	Financial Manager,
eng. Cenușă Gheorghe	ec. Dana Tatar

COMELF SA First Quarter Report

According to the FSA Regulation no. 5/2018 Annex no. 13

Issued on: 5/14/2024

Company name: COMELF SA

Registered Office: Bistrita, no. 4, Industriei str.

Phone/fax number: 0263234462 / 0263238092

VAT code with the Trade Register Office: 568656

Registration number with the Trade Register: J06/2/1991

Subscribed and paid-in share capital: 13,036,325.34 lei

Regulated market in which the issued securities are traded: Bucharest Stock Exchange

The main characteristics of the securities issued by the company:

• REGISTERED SHARES in the number of 22,476,423 at a value of 0.58 lei/share.

1. Presentation of the important events that occurred during the relevant period and the impact that they have on the financial position of the issuer and its subsidiaries.

2. The general description of the financial position and of the performances of the issuer and of its subsidiaries related to the relevant period.

B. Economic and financial indicators for the first quarter of 2024

Indicator Name	Calculation model	March 31, 2024	March 31, 2023
Current liquidity (general)	Current assets/Current	1.27	1.28
	liabilities (the
	recommended value
	for this indicator is
	around 2)
The current (general) liquidity as at 31.03.2024 is 1.27 and represents the coverage of current
liabilities by current assets held by the company.
Degree of indebtedness	Borrowed capital /	0.02 %	4.91 %
	Committed capital

The indebtedness of the company is 0.02% and represents the share held by borrowed capital-debts over 1 year, in the committed capitals;

Debt collection time -	Average customer	106	71
Customers (days)	balance / Turnover X
	90
Turnover speed of fixed assets	Turnover / Fixed	2.28	2.64
	Assets
General Manager,	Financial Manager,
eng. Cenușă Gheorghe	ec. Dana Tatar

COMELF S.A.

INTERIM FINANCIAL STATEMENTS AS OF March 31, 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in lei, unless otherwise indicated)

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH

	Nota	31.03.2024	31.12.2023
Assets
Development cost		60,281	60,281
Intangible assets	5	361,593	263,726
Tangible assets	5	74,463,201	75,025,009
Financial assets available for sale	6	-		-
Total non-current assets		74,885,075		75,349,016
Advance payments for tangible assets		1,778,911	1,033,263
Stocks	7	19,181,161	21,474,210
Receivables from contracts with customers	8	50,995,173	49,155,099
Trade receivables and other receivables	9	11,563,980	12,648,364
Current tax receivables		-	-
Cash and cash equivalents	11	8,724,935		7,623,636
Total Current Assets		92,244,160	91,934,572
Total Assets		167,129,235	167,283,588
Share capital	12	13,036,325	13,036,325
Share capital adjustments	12	8,812,271	8,812,271
Other elements of equity	12	-	-
Reserves	12	49,623,642	49,424,268
Reported outcome	12	10,279,202	1,190,100
Financial year outcome	25	1,780,297		9,328,420
Total Equity		83,531,737	81,791,384
Debts
Long-term bank loans	13	-	-
Other loans and debts-leasing	13	17,585	66,771
Deferrend tax liabilities	22	5,432,044	5,211,782
Provisions for risks and expenses	21	249,196	249,196
Deferrend income liabilities	23	5,497,374		5,711,499
Total long-term debts		11,196,199		11,239,248
Overdrafts	13	35,780,400	36,812,040
The current part related to long-term loans	13	-	-
Deferrend tax liabilities	22	97,315	279,601
The current other loans and liabilities - leasing	11	192,456	203,782
Commercial debts and other debts	14	34,128,033	34,651,551
Provisions for risks and expenses	21	993,252	1,009,742
Deferrend tax liabilities	23	1,209,843		1,296,240
Total current debts		72,401,299		74,252,956
Total Debts		83,597,498		85,492,204
Total equity and debts		167,129,235		167,283,588

Cenusa Gheorghe	Tatar Dana
General Manager	Economic Manager
	1

COMELF S.A.

INTERIM FINANCIAL STATEMENTS AS OF March 31, 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in lei, unless otherwise indicated)

PROFIT OR LOSS ACCOUNT SITUATION

AND OTHER ELEMENTS OF THE OVERALL RESULT

	Nota	31.03.2024			31.03.2023
Continuous operations
Revenues
Revenue from contracts with customers	15	38,640,693			45,604,339
Revenues from sales of goods		-			-
Other elements related to the turnover		2,232,899			2,898,891
Total revenues		40,873,592			48,503,230
of which turnover	3	42,626,757			49,783,368
Other revenues	16	952,933			331,611
Expenses
Raw material costs and other expenses		(17,494,357)			(24,530,892)
Electricity and water costs		(1,330,973)			(1,776,396)
Commodity expenses		-			-
Employment charges	17	(13,865,824)			(13,343,247)
Transport costs	18	(1,295,858)			(1,633,843)
Other expenses related to revenues	19	(3,099,183)			(2,642,402)
Cost depreciaton charge	5	(1,963,900)			(1,876,367)
Financial costs , net	25	(674,857)			(531,966)
Ajustments related to cirrent assets depreciation ,net	8	54,651			1,010,987
Provision costs for risks and expenses, net	21	16,490			8,086
Other expenses	19	(91,269)			(124,554)
Total expenses		(39,745,080)			(45,440,594)
Pre-tax profit			2,081,445			3,394,247
Profit tax	20	(301,148)			(476,080)
Profit from continuous operations		1,780,297			2,918,167
Profit from discontinuous operations			-			-
PROFIT OF THE PERIOD		1,780,297			2,918,167
Other comprehensive income
Items that will not be reclassified to expenses and revenues
Value changes of the used assets as a result of revaluation ,net		-			-
of tax
Items that can be reclassified to expenses and revenues
Value changes of securities available for sale	3	-			-
Total profit and loss account and other comprehensive income		1,780,297			2,918,167
Outcome per share
From continuous and discontinuous operations
Outcome per basic share (lei per share)	24	0.08			0.13
Diluted outcome per share (lei per share)	24	0.08			0.13
Din operatiuni continue
Outcome per basic share (lei per share)	24	0.08			0.13
Diluted outcome per share (lei per share)	24		0.08			0.13
Cenusa Gheorghe,		Tatar Dana ,,
General Manager		Economic Manager	2

COMELF S.A.

INTERIM FINANCIAL STATEMENTS AS OF March 31, 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in LEI, unless otherwise indicated)

STATEMENT OF CHANGE OF EQUITY

Balance as of January 01, 2024

Profit or loss account and other elements of the overall result Profit or loss

Other elements of the overall result

Net change in the fair value of available-for-sale financial assets Changes in the value of the assets used

Movements in the profit or loss account and other elements of the overall result

Differences from the revaluation achieved transferred to the retained result-current year

Other equity items

Legal reserves established

Total profit or loss account and other elements of the overall result

Other elements retained result - correction of accounting errors

Other elements retained result - correction of accounting errors

Transactions with shareholders, registered directly in equity Contributions from and distributions to shareholders/employees Total transactions with shareholders

Profit or loss account and other elements of the overall result Balance as of March 31st, 2024

	Adjustments	Differences
Capital	of	and reserves	Reserves	Other	The Result	Total
Social	share	from	legal	reserves	witheld
	revaluation
	capital				equity
13,036,325	8,812,271	30,955,944	2,607,265	15,861,059	10,518,520	81,791,384
					1,780,297	1,780,297

		237.350			-199.374	37.976
		-37.976		0	0)	-37.976
			0		0	0
0	0	199.374	0	0	1,580,923	1,780,297
0	0	0	0		(39.944)	(59.944)
0	0	0	0	0	(39.944)	(59.944)

0	0	0	0	`0	0	0
0	0	0	0	0	0	0
0	0	0	0	0	0	0
13,036,325	8,812,271	31,155,318	2,607,265	15,861,059	12,059,499	83,531,737

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COMELF S.A.

INTERIM FINANCIAL STATEMENTS AS OF March 31, 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in LEI, unless otherwise indicated)

Continued on next page

	Registered	Adjustments	Differences
STATEMENT OF CHANGE OF EQUITY	Capital	of	and reserves	Reserves	Other	The Result	Total
		share	from
		capital	revaluation	legal	reserves	witheld	equity
Balance on January 1, 2023	13,036,325	8,812,271	32,423,851	2,607,265	15,861,059	5,503,751	78,244,522
Profit or loss account and other elements of the overall result
Profit or loss						9,328,420	9,328,420
Other elements of the overall result

Net change in the fair value of available-for-sale financial assets

Movements in the profit or loss account and other elements of the overall result

Realised revaluation differences transferred to retained earnings - current year

Legal reserves established

Reserves from tax exemption of reinvested profits (according to the Tax Code)

Other equity items

Revaluation of tangible fixed assets after taxation

0			0
-1,747,508		1,467,907	(279.601)
0		0	0
			0
279.601	0	(1,639,346)	(1,359,745)
			0

	Total profit or loss account and other elements of the overall
	result	0	0	-1,467,907	0	0	9,156,981	7,689,074
	Other items retained-correction of accounting errors		0	0	0	0	0	0	0
	Other items retained-correction of accounting errors		0	0	0	0	0	0	0
	Transactions with shareholders, recorded directly in equity	0				0	0	0
	Contributions from and distributions to shareholders/employees		-	-	-	-	-	-4,142,212	-4,142,212
	Total transactions with shareholders		0	0	0	0	0	-4,142,212	-4,142,212
	Balance on December 31, 2023	13,036,325	8,812,271	30,955,944	2,607,265	15,861,059	10,518,520	81,791,384

4

COMELF S.A.

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT MARCH 31st, 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in LEI, unless otherwise indicated)

CASH FLOW STATEMENT
	31.03.2024	31-12-2023
Pre - tax profit	1,780,297	9,328,420
Depreciation of fixed assets	1,963,900	7,601,133
Cash operational brut	3,744,197	16,929,553
Workong Capital Variation
Variation receivables	2,366,718	12,192,587
Variation stocks	-2,293,049	-13,544,728
Variation in other current assents	-1,939,781	8,269,417
Variation Income/Expenses in advances	855,397	40,728
Variation suppliers	295,041	-2,521,428
Variation customer advances	526,644	-264,812
Variation employees and assimilated	-841,095	2,408,041
Net operating Cash	4,735,502	9,585,864
Cash flow dfrom net investment	2,245,607	6,439,712
Debts change
Variation of short-term loans	1,953,120	-2,783,480
Variation of long-term loans	-2,984,760	-973,160
Variation of associated debts	0	-2,374
Variation of other liabilities	-	-
Variation of capitalluri	-356,956	-6,083,381
Cash flow from financing	-1,388,596	-9,842,395
Total chas variation between	1,101,299	-6,696,243
Initial Cash	7,623,636	14,319,879
Net Cash at end of period	8,724,935	7,623,636

Cenusa Gheorghe	Tatar Dana
General Manager	Economic Manager

5

COMELF S.A.

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT MARCH 31st, 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in LEI, unless otherwise indicated)

OPIS NOTE

1. Reporting entity
2. Basics of preparation
3. Significant accounting policies
4. Significant risk management
5. Tangible and intangible assets
6. Financial assets available for sale
7. Inventories
8. Receivables from contracts with customers
9. Trade receivables and other receivables
10. Value adjustments
11. Cash and cash equivalents
12. Equity
13. Loans
14. Trade and other payables
15. Revenues from construction contracts
16. Other incomes

1. Staff costs
2. Shipping costs
3. Other operating expenses
4. Income tax
5. Provisions for risks and expenses
6. Deferred tax liabilities
7. Deferred income
8. Earnings per share
9. Financial elements
10. Contingent assets and liabilities
11. Affiliated parties
12. Capital commitments
13. Operational segment reporting
14. Events after the balance sheet date
15. Approval of financial statements

6