SC STANDARD METAL SRL EURO

euro
1 P&L Cont de profit si pierdere 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Sales Cifra de afaceri 11,841,000 20772000 20772000 20772000 20772000 20772000 20772000 20772000 20772000
% YoY growth % crestere CA #DIV/0! #DIV/0! #DIV/0! 75% 0% 0% 0% 0% 0% 0% 0%
- Materials & consumables Cheltuieli materii prime si materiale,utilitati (9,981,090) (16,116,360) (16,116,360) (16,116,360) (16,116,360) (16,116,360) (16,116,360) (16,116,360) (16,116,360)
- External charges / COGS Costuri aferente vanzarilor, cheltuieli cu colaboratorii
Gross Income Valoare adaugata bruta 0 0 0 1,859,910 4,655,640 4,655,640 4,655,640 4,655,640 4,655,640 4,655,640 4,655,640 4,655,640
Gross margin % Marja profit brut % #DIV/0! #DIV/0! #DIV/0! 16% 22% 22% 22% 22% 22% 22% 22% 22%
+ Other operating income Alte venituri din exploatare
- Human resource expenses Cheltuieli cu personalul (378,050) (998,200) (998,200) (998,200) (998,200) (998,200) (998,200) (998,200) (998,200)
- SG&A Alte cheltuieli din exploatare diverse (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
Rezultat din exploatare inainte de cheltuielile cu amortizarea
EBITDA (EBITDA) 0 0 0 1,381,860 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440
EBITDA margin % marja EBITDA % #DIV/0! #DIV/0! #DIV/0! 12% 17% 17% 17% 17% 17% 17% 17% 17%
- Depreciation Amortizari si proviz. din expl. pt.imobiliz. (146,680) (509,830) (509,830) (509,830) (509,830) (509,830) (509,830) (509,830) (509,830)
EBIT Rezultat din exploatare (EBIT) 0 0 0 1,235,180 3,047,610 3,047,610 3,047,610 3,047,610 3,047,610 3,047,610 3,047,610 3,047,610
+/- Net interest income / (expense) Cheltuieli nete cu dobânzile (venituri-cheltuieli) (517,011) (433,877) (353,057) (271,988) (190,650) (109,021) (27,079) (22,400) (6,364)
+/- FX gain / (loss) Diferenţele de curs valutar (sold)
+/- Other extraordinary incomes/(expenses) Alte venituri/(cheltuieli) extraordinare
+ Income from sale of fixed assets Venituri din vanzarea mijloacelor fixe
- Expenses related to sale of FA Cheltuieli cu vanzarea mijloacelor fixe
- Profit tax Impozit pe profit 0 0 (114,907) (418,197) (431,128) (444,100) (457,114) (470,174) (483,285) (484,034) (486,599)
Net Income Rezultat net al exercitiului (profit/pierdere) 0 0 0 603,262 2,195,536 2,263,425 2,331,522 2,399,846 2,468,415 2,537,246 2,541,176 2,554,647
Net Income margin Marja profit net #DIV/0! #DIV/0! #DIV/0! 5% 11% 11% 11% 12% 12% 12% 12% 12%

2 CASH FLOW CASH FLOW

A Operating Activity Activitate operationala
+/- EBITDA Rez.din expl inaintea amort.si dupa corectii CF(EBITDA) 0 0 0 1,381,860 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440 3,557,440
- Less: Interest expenses (net) Cheltuieli cu dobanzile (net) credite actuale 0 0 0 (129,011) (45,877) (42,657) (39,188) (35,450) (31,421) (27,079) (22,400) (6,364)
- Less: Profit Tax Impozit pe profit 0 0 0 (114,907) (418,197) (431,128) (444,100) (457,114) (470,174) (483,285) (484,034) (486,599)
+/- Less: Working Capital changes Variatia capitalului circulant 0 0 0 0 0 0 0 0 0 0 0
+/- Other cash flow adjustments Alte ajustari ale CF-ului/plata dobanzi credit solicitat (388,000) -388000 -310400 -232800 -155200 -77600
CF from Operating Activity Flux net de lichid. din activ.de exploat. [A+B] 0 0 0 749,942 2,705,366 2,773,255 2,841,352 2,909,676 2,978,245 3,047,076 3,051,006 3,064,477

B Investing Activity Activitatea de investitii

- CAPEX (outflow) Plati pentru investitii (CAPEX) (3,880,000)
+ Income from Fixed assets sale Intrari din vanzarea mijloacelor fixe 0 0 0 0 0 0 0 0 0 0 0 0
+/- Disposals/(purchase) of other fixed assets Alte variatii ale activelor pe TL
CF from Investing Activity Flux net de lichiditati din activit.de investitii 0 0 0 (3,880,000) 0 0 0 0 0 0 0 0

C Financing Activity Activitatea financiara

+ Increase of ST bank debt Acordari de credite pe termen scurt
- Reimbursements of ST bank debt Rambursari de credite pe termen scurt (765,705)
+ Increase of LT bank debt & financial leasing Acordari de credite pe termen lung si leasinguri ESTIMAT 3,880,000
- Reimbursements of LT bank debt & financial leasing Rambursari de credite pe termen lung si leasinguri (40,506) (41,812) (44,616) (48,085) (51,823) (55,852) (60,193) (64,873) (262,727)
Cash Increase of capital / shareholders' loans, dividends
+ received Cresteri/retrageri de imprumut asociati/actionari, incasari de dividende 150,000
- Repayment of shareholders' loans / dividends Retrageri de imprumut asociati/actionari, plati de dividende
+/- Other cash flow adjustments Alte ajustari ale CF-ului/ RESTITUIRE CREDIT ESTIMAT (776,000) (776,000) (776,000) (776,000) (776,000) 0
CF from Financing Activity Flux net de lichid din activ.de finantare 0 0 0 3,223,789 (817,812) (820,616) (824,085) (827,823) (831,852) (60,193) (64,873) (262,727)

Net CF for the year CF net 0 0 0 93,731 1,887,554 1,952,639 2,017,267 2,081,853 2,146,393 2,986,883 2,986,133 2,801,750
CASH at the beginning of period CASH la inceputul perioadei 0 0 0 93,731 1,981,285 3,933,923 5,951,191 8,033,044 10,179,437 13,166,320 16,152,453
Cash at the end of period CASH la sfarsitul perioadei 0 0 0 93,731 1,981,285 3,933,923 5,951,191 8,033,044 10,179,437 13,166,320 16,152,453 18,954,203

3 WORKING CAPITAL CHANGES Modificarea capitalului circulant

(Increase)/Decrease in Inventory (Cresteri)/Scaderi ale stocurilor n/a 0 0 0 0 0 0 0 0 0 0 0
(Increase)/Decrease in AccReceivable & other current
assets (Cresteri)/Scaderi ale creantelor clienti si altor creante pe termen scurt n/a 0 0 0 0 0 0 0 0 0 0 0
Increase/(Decrease) in AccPayable & other liabilities Cresteri/(scaderi) ale furnizorilor si altor datorii pe termen scurt n/a 0 0 0 0 0 0 0 0 0 0 0
Total working capital changes Total modificari capital circulant 0 0 0 0 0 0 0 0 0 0 0
4 WORKING CAPITAL LEVELS Nivelul capitalului circulant
Inventory Stocuri 0 0 0 0 0 0 0 0 0 0 0
Acc Receivable (Trade + Intragroup) Creante comerciale 0 0 0 0 0 0 0 0 0 0 0
Other current assets Alte creante si cheltuieli in avans
Acc Payable (Trade, Notes, Intragroup) Furnizori si efecte de platit 0 0 0 0 0 0 0 0 0 0 0
Other short-term liabilities Alte datorii pe termen scurt
Net Working Capital Capital circulant (Necesar de finantare pe termen scurt) 0 0 0 0 0 0 0 0 0 0 0 0
Days Inventory Viteza de rotatie stocuri #DIV/0!
Days receivables Viteza de rotatie creante #DIV/0!
Days payables Viteza de rotatie furnizori #DIV/0!

cash available for debt service 0 0 0 1,416,953 3,139,243 3,126,312 3,113,340 3,100,326 3,087,266 3,074,155 3,073,406 3,070,841
debt service 0 0 0 935,222 87,689 87,273 87,273 87,273 87,273 87,272 87,273 269,091

DSCR 1 (excl. accumulated cash) #DIV/0! #DIV/0! #DIV/0! 2 36 36 36 36 35 35 35 11

DSCR (EBITDA-Imp. Profit - Variatii capital circulant - CAPEX + acordari
credite TS/TL + aport asociati + cash la inceputul perioadei) / (Rate +
DSCR 2 (incl. accumulated cash) dobanzi) #DIV/0! #DIV/0! #DIV/0! 1.5 36.9 58.5 80.7 103.7 127.4 151.9 186.1 71.4
1. P&L (previziuni Cont de profit si pierdere)
- se completeaza pornind de la situatia realizata la Decembrie 2009 (din SABINE)
- cheltuielile / iesirile de cash se completeaza cu "-", veniturile / intrarile cu "+"
- se pot insera randuri pt. a defalca de exemplu Cifra de afaceri pe tipuri de activitati
- a nu se include in Alte venituri din exploatare veniturile din subventii pt. investitii (respectiv amortizarea anuala a acestora), venituri care
nu sunt cash si care trebuie clasificate ca extraordinare.
- Atentie: orice majorare/micsorare a cifrei de afaceri mai mare de 5% trebuie justificata (noi contracte, deschideri de magazine, linie noua de
productie - capacitate de productie noua vs. veche, etc.); valabil si pt. modificari ale profitabilitatii (marja EBITDA)

2. Cash Flow
- pt. 2009 se completeaza datele din CF-ul generat de SABINE
- CF-ul operational pt. perioadele urmatoare se genereaza automat, preluand date din P&L si din variatiile de capital circulant;
- pt. CF din activitatea investitionala se va completa CAPEX-ul estimat pt. fiecare an (cheltuielile de investitii);
- pt. CF din activitatea de finantare, in afara de tragerile si rambursarile de credite pe termen scurt/lung, se va completa si aportul asociatilor -
acordari/retrageri de imprumuturi si dividende ("Proceeds/(repayment) of shareholders' loans / dividends")
- se completeaza Cash-ul disponibil la inceputul lui 2009 (soldul din Sabine la 31.12.2008). Atentie, nu se vor regasi aici sumele blocate pt. scrisori
de garantie, acestea se vor evidentia in Alte active circulante.

4. Working capital levels (capital de lucru)

- pt. 2009 se completeaza soldurile conturilor de stocuri, clienti, furnizori (din SABINE),
- alte active circulante (alte creante si cheltuieli inreg. In avans, avansuri acordate furnizorilor, NU se includ aici disponibilitatile in conturi, casa)
- alte datorii pe termen scurt (avansuri primite, alte datorii, NU se includ aici sumele datorate asociatilor/actionarilor).
- pt. anii urmatori se vor estima soldurile altor active/datorii in functie de componenta soldurilor la 31.12.2009 (de ex. daca exista creante de incasat
la 31.12.2009 din vanzarea unui imobil in ct. 461 si se estimeaza incasarea lor in 2010 se va diminua soldul altor active cu suma respectiva; daca
exista datorii la buget amanate la plata care se vor achita pana la sfarsitul lui 2010 se va diminua soldul altor datorii cu sumele respective etc. etc.).
In principiu, daca nu se pot justifica cu sume concrete modificari ale acestor pozitii, se vor pastra pe perioadele urmatoare aceleasi valori, pt. a nu
influenta CF-ul.
- pt. calculul soldului stocurilor, creantelor si furnizorilor in anii urmatori se vor completa ultimele 3 pozitii, respectiv vitezele de rotatie a
creantelor/stocurilor/furnizorilor, in functie de evolutia istorica (de ex. daca in 2008-2009 incasa creantele in medie la 50 zile nu se va previziona pt.
2011 o imbunatatire a vitezei de rotatie la 40 zile decat in situatii exceptionale ce pot fi justificate).
 SC RADIC STAR SRL TRON
Worst Case scenario 1.03 1.04 1.04 1.04 1.03 1.03 1.03 1.03 1.03 1.03
1 P&L Statement 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Sales 48,032 50,815 52,847 54,961 57,160 59,446 61,229 63,066 64,958 66,907 68,914 70,982
Materials & consumables (40,883) (42,760) (44,043) (45,805) (47,637) (49,542) (51,028) (52,558) (54,135) (55,759) (57,432) (59,155)
Gross Income 7,149 8,055 8,804 9,156 9,523 9,904 10,201 10,508 10,823 11,148 11,482 11,827
Gross margin % 15% 16% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17%
Other operating income 356 294 301 308 314 320 328 334 341 348 355 362
Human resource expenses (2,111) (2,252) (2,328) (2,445) (2,567) (2,695) (2,830) (2,971) (3,120) (3,276) (3,440) (3,612)
SG&A (2,576) (3,081) (3,435) (3,450) (3,502) (3,427) (3,962) (4,574) (4,791) (5,168) (5,033) (7,208)
EBITDA 2,818 3,016 3,342 3,569 3,768 4,102 3,737 3,297 3,253 3,052 3,364 1,369
EBITDA margin % 6% 6% 6% 6% 7% 7% 6% 5% 5% 5% 5% 2%
Depreciation (1,666) (1,555) (1,620) (1,620) (1,620) (1,620) (1,420) (1,320) (1,320) (1,220) (1,000) (1,000)
EBIT 1,152 1,461 1,722 1,949 2,148 2,482 2,317 1,977 1,933 1,832 2,364 369
Net interest income / (expense) (776) (665) (754) (694) (623) (513) (448) (383) (340) (291) (249) (196)
FX gain / (loss) (153) (24) (20) (20) (20) (20) (20) (20) (20) (20) (20) (20)
Revenues from release of investment subsidies 0 356 356 356 356 356 356 356 356 356 356 356
Gain/loss from sale of fixed assets 7 (122) 0 0 0 0 0 0 0 0 0 0
16% Profit tax (30) (142) (209) (255) (298) (369) (353) (309) (309) (300) (392) (81)
Net Income 200 864 1,095 1,336 1,563 1,936 1,852 1,621 1,620 1,577 2,059 428
Net Income margin 0% 2% 2% 2% 3% 3% 3% 3% 2% 2% 3% 1%
2 CASH FLOW STATEMENT
A Operating Activity
EBITDA 2,818 3,016 3,342 3,569 3,768 4,102 3,737 3,297 3,253 3,052 3,364 1,369
Less: Interest & FX losses (929) (689) (774) (714) (643) (533) (468) (403) (360) (311) (269) (216)
Less: Profit Tax (30) (142) (209) (255) (298) (369) (353) (309) (309) (300) (392) (81)
Less: Working Capital changes 2,101 851 (1,579) (35) (58) (74) 14 (13) (60) (36) (96) (39)
Other cash flow adjustments 7
CF from Operating Activity 3,967 3,036 780 2,565 2,769 3,126 2,930 2,572 2,524 2,405 2,607 1,033
B Investing Activity
CAPEX (outflow) (1,513) (4,208) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
Fixed assets disposals 7 (122) 274 (233) (277) (292) 0 0 0 0 0 0
CF from Investing Activity (1,506) (4,330) (726) (1,233) (1,277) (1,292) (1,000) (1,000) (1,000) (1,000) (1,000) (1,000)
C Financing Activity
Change in ST bank debt 522 0 1,000 0 0 0 0 0 0 0 0 0
LT Loan repayment/proceeds (541) 2,396 (951) (988) (988) (856) (763) (571) (434) (434) (434) (425)
Proceeds/repayment of shareholders' loans (2,317) (1,024) 0 0 0 0 0 0 0 0 0 0
Other cash flow adjustments 33 0 0 0 0 0 0 0 0 0 0 0
CF from Financing Activity (2,303) 1,372 49 (988) (988) (856) (763) (571) (434) (434) (434) (425)

Net CF for the year 158 78 103 344 504 978 1,167 1,001 1,090 971 1,173 (392)
Opening Balance 193 351 429 532 876 1,380 2,358 3,525 4,526 5,616 6,587 7,760
Closing Balance 351 429 532 876 1,380 2,358 3,525 4,526 5,616 6,587 7,760 7,368
3 WORKING CAPITAL CHANGES
(Increase)/Decrease in Inventory n/a 1,361 (137) (24) (25) (26) (21) (21) (22) (23) (23) (24)
(Increase)/Decrease in AccReceivable n/a (2,240) (1,703) (314) (300) (300) (245) (265) (268) (269) (270) (283)
Increase/(Decrease) in AccPayable n/a 1,730 260 303 268 253 279 274 229 256 197 268
Net CF for Working Capital needs 851 (1,579) (35) (58) (74) 14 (13) (60) (36) (96) (39)
4 WORKING CAPITAL LEVELS
Inventory 1,836 475 612 636 662 688 709 730 752 774 798 822
Acc Receivable (Trade + Intragroup) 3,398 5,646 7,340 7,633 7,939 8,256 8,504 8,759 9,022 9,293 9,571 9,859
Other current assets, deferred items 419 411 420 440 435 418 415 425 430 428 419 415
Acc Payable (Trade, Notes, Intragroup) (4,293) (5,857) (6,067) (6,294) (6,534) (6,768) (7,027) (7,300) (7,529) (7,785) (7,982) (8,480)
Advance Payments Received
Other short-term liabilities, deferred items (400) (566) (617) (693) (720) (739) (760) (760) (760) (760) (760) (530)
Net Working Capital 960 109 1,688 1,723 1,781 1,855 1,841 1,854 1,914 1,950 2,046 2,085
Days Inventory 16 4 5 5 5 5 5 5 5 5 5 5
Days AR 26 40 50 50 50 50 50 50 50 50 50 50
Days AP (COGS, SG&A) 36 46 46 46 46 46 46 46 46 46 46 46