ARGUS SA CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31st ...

51 Pages·2017·1.24 MB·English

ARGUS SA

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED ON
31st DECEMBER 2016

Drawn up in conformity with
the Order of the Minister of Public
Finances of Romania no. 1802/2014 and
the ulterior modifications
ARGUS SA GROUP

CONSOLIDATED FINANCIAL STATEMENTS

31st DECEMBER 2016

SUMMARY PAGE

Report of independent auditors -

Consolidated financial statements:

Consolidated balance sheet 1 - 3

Consolidated profit and loss account 4 - 6

Notes at consolidated financial statements 7 - 39

Consolidated Directors’ Report
ARGUS SA GROUP

CONSOLIDATED BALANCE SHEET
Row Note 31st December 2015 31st December 2016
(lei) (lei)
A. FIXED ASSETS
I. INTANGIBLE ASSETS
3. Concessions, patents, licenses,
commercial brands, similar rights and
assets and other intangible assets 03 56.865 35.389
4. Commercial Fund 04 148.139 87.785
6. Advances 06 0 0
TOTAL 07 2(a) 205.004 123.174

II. TANGIBLE ASSETS
1. Lands and constructions 08 51.529.686 58.191.643
2. Technical equipments and machines 09 8.786.163 7.780.502
3 Other equipments, machines and
furniture 10 198.590 183.858
4. Investment property 11 6.444.537 6.150.303
5. Tangible assets in progress of execution 12 95.625 215.871
9. Advances 16 39.391 7.719
TOTAL 17 2(b) 67.093.992 72.529.896

III. FINANCIAL ASSETS
3. Shares held at the affiliated entities
and at the mutually controlled
entities 20 2 (c) 6.592 6.592
6. Other loans 23 6 2.256 2.585
TOTAL 24 8.848 9.177

FIXED ASSETS - TOTAL 25 67.307.844 72.662.237

B. CURRENT ASSETS
I. INVENTORIES 3
1. Raw materials and consumables 26 67.708.413 35.410.844
2. Production in progress of execution 27 17.845.870 17.551.187
3. End products and goods 28 19.250.742 6.025.767
4. Advances 29 3.726.143 5.702.746
TOTAL 30 108.531.168 64.690.544

II. RECEIVABLES 4
1. Commercial receivables 31 16.402.943 16.863.974
4. Other receivables 34 377.772 1.847.069
TOTAL 36 16.780.715 18.711.043

III. INVESTMENTS ON SHORT TERM
2. Other investments on short term 38 0 0
TOTAL 39 0 0

IV. PETTY CASH AND BANK ACCOUNTS 40 36.998.054 30.546.878

CURRENT ASSETS - TOTAL 41 162.309.937 113.948.465
Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

CONSOLIDATED BALANCE SHEET

Row Note 31st December 2015 31st December 2016
(lei) (lei)

C. ACCRUED EXPENSES 42 149.185 171.021
Amounts to be resumed in a period within
one year 43 149.185 163.730
Amounts to be resumed in a period
exceeding one year 44 0 7.291

D. DEBTS: AMOUNTS THAT HAVE TO
BE PAID IN A PERIOD WITHIN ONE
YEAR
2. Amounts owed to credit institutions 46 6 112.613.056 64.529.866
3. Advances collected according to the
orders 47 6 19.817 51.807
4. Commercial debts - suppliers 48 6 4.507.201 3.833.644
8. Other debts, including fiscal debts
and debts regarding the social
securities 52 6 2.191.359 2.735.211
TOTAL 53 119.331.433 71.150.528

E. NET CURRENT ASSETS/NET
CURRENT DEBTS 54 42.994.980 42.749.381

F. TOTAL ASSETS MINUS CURRENT
DEBTS 55 110.302.824 115.418.919

G. DEBTS : AMOUNTS THAT HAVE TO
BE PAID IN A PERIOD BIGGER
THAN ONE YEAR
2. Amounts owed to credit institutions 57 6 153.071 76.953
8. Other debts, including fiscal debts
and debts regarding the social
securities 63 55.871 173.667
TOTAL 64 208.942 250.620

H. PROVISIONS
2. Provisions for taxes 66 330.036 323.677
3. Other provisions 67 446.394 444.599
TOTAL 68 7 776.430 768.276

I. REVENUES IN ADVANCE
1. Subsidies for investments 69 315.711 308.866
Amounts to be resumed in a period within
one year 70 168 168
Amounts to be resumed in a period
exceeding one year 71 315.543 308.698
2. Deferred income 72 211.341 212.118
Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

CONSOLIDATED BALANCE SHEET
Amounts to be resumed in a period within
one year 73 211.341 212.118
Amounts to be resumed in a period
exceeding one year 74 0 0
TOTAL 79 527.052 520.984

Row Note 31 December 2015 31 December 2016
(lei) (lei)
J. CAPITAL AND RESERVES
I. CAPITAL
1. Subscribed and paid in share capital 80 8 53.670.699 53.670.699
TOTAL 85 53.670.699 53.670.699

II. PREMIUM RELATED TO CAPITAL 86 97.248 97.248
III. REVALUATION RESERVES 87 39.060.215 46.810.076

IV. RESERVES
1. Legal reserves 88 6.806.595 6.806.595
3. Other reserves 90 23.310.573 9.430.206
TOTAL: 91 30.116.168 16.236.801

Losses related to equity capitals
instruments 94 (11.518) (578.989)

VI. REPORTED PROFIT OR LOSS
Balance C 95
Balance D 96 18.473.419 3.822.114
VII. PROFIT OR LOSS OF THE
FINANCIAL EXERCISE
Related to mother company Balance C 97
Balance D 98 1.284.111 3.853.160
Profit appropriation 99 72.181 37.956

EQUITY CAPITALS
Of the shareholders of mother company 100 103.104.101 108.522.605

VIII. MINORITY INTERESTS
1. Profit/(Loss) of the financial exercise
related to minority interests 104 836.975 755.582
2. Other equity capitals 105 4.982.033 4.813.138
TOTAL 106 5.819.008 5.568.720

EQUITY CAPITALS - TOTAL 107 108.923.109 114.091.325

Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

CONSOLIDATED BALANCE SHEET
Authorized and signed on behalf of the Board of Administration on 11.07.2017 by:

DIRECTOR, DRAWN UP,
Last and first name Busu Cristian Last and first name _Trandafir Valentina_
Signature ____________________ Capacity _Chief Accountant_
Signature ____________
Stamp of the institution Registration number in the professional body
Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

CONSOLIDATED PROFIT AND LOSS ACCOUNT
Financial exercise Financial exercise
Ended on ended on
Row Note 31 December 2015 31 December 2016
(lei) (lei)

1. Net turnover 01 9.1 274.118.929 283.845.020
Sold production 02 209.420.204 194.236.306
Sale of goods purchased for resale 03 64.794.853 91.759.377
Trade discounts 04 636.575 2.809.431
Subsidies for operating activities 06 540.447 658.768
2. Revenues associated to the production
cost of the work in progress
Balance C 07 - 438.496
Balance D 08 6.438.888 -
3. Capitalized costs of intangible and
tangible non-current assets 09 31.653 4.956
6.Subsidies for operating activities 12 0 29.548
7. Other operating revenues 13 1.024.609 881.662
From which revenues from the negative
goodwill 14 - -
From which revenues from investment
subsidies 15 168 154
OPERATING REVENUES
– TOTAL 16 268.736.303 285.199.684

8. a) Expenses with the raw materials and
consumables 17 169.863.367 163.752.925
Other material expenses 18 573.656 282.787
b) Other external expenses
(with energy and water) 19 4.694.873 4.858.484
c) Expenses regarding the goods 20 61.558.193 85.574.362
Trade discounts received 21 93 232

9. Personnel expenses, from which: 22 10.630.517 11.545.889
a) Salaries and allowances 23 8.772.519 9.328.185
b) Expenses with social security and
social protection 24 1.857.998 2.217.704

10. a) Value adjustments regarding the
tangible and intangible assets 25 2a),b) 3.799.627 3.625.137
a.1) Expenses 26 3.816.722 3.625.137
a.2) Revenues 27 17.095 0

b) Value adjustments regarding the
current assets 28 (924.501) 248.660
b.1) Expenses 29 464.796 706.313
b.2) Revenues 26 1.389.297 457.653
Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

CONSOLIDATED PROFIT AND LOSS ACCOUNT
Financial exercise Financial exercise
Ended on Ended on
Row Note 31 December 2015 31 December 2016
(lei) (lei)

11. Other operating expenses 31 17.490.815 15.510.183
11.1 Expenses regarding external services 32 14.975.168 14.029.129
11.2 Expenses with other taxes, fees and
similar liabilities 33 1.103.364 1.274.723
11.6 Other expenses 37 1.412.283 206.331

Adjustments regarding the provisions 39 (320.068) (8.155)
Expenses 40 365.491 84.760
Revenues 41 685.559 92.915

OPERATING EXPENSES – TOTAL 42 267.366.386 285.390.040

OPERATING PROFIT OR LOSS
- Profit 43 1.369.917 0
- Loss 44 - 190.356
12. Revenues from participating interests 45 0 1.107.799
13. Revenues from interests 47 87.826 26.344
15. Other financial incomes 50 1.591.075 234.026
FINANCIAL REVENUES – TOTAL 52 1.678.901 1.368.169
16. Value adjustments regarding the
financial assets 53 0 196.984
Expenses 54 0
Revenues 55 0 196.984
17. Expenses regarding the interests 56 1.936.936 1.739.765
Other financial expenses 58 874.480 1.085.157
FINANCIAL EXPENSES – TOTAL 59 2.811.416 2.627.938

FINANCIAL LOSS
- Loss 61 1.132.515 1.259.769

TOTAL REVENUES 62 270.415.204 286.567.853
TOTAL EXPENSES 63 270.177.802 288.017.978

Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

CONSOLIDATED PROFIT AND LOSS ACCOUNT
Financial exercise Financial exercise
Ended on Ended on
Row Note 31 December 2015 31 December 2016
(lei) (lei)
18.GROSS PROFIT OR LOSS
- Profit 64 237.402 0
- Loss 65 1.450.125

19. Income tax 66 12 d) 684.538 539.466

21. PROFIT OR LOSS OF THE FINANCIAL
EXERCISE related to the integrated
entities
- Profit 68
- Loss 69 447.136 1.989.591

22. PROFIT/ (LOSS) OF THE FINANCIAL
EXERCISE – TOTAL, attributable to (447.136) (1.989.591)
- Mother company 70 (1.284.111) (2.745.173)
- Minority interests 71 836.975 755.582

Authorized and signed on behalf of the Board of Administration on 11.07.2017 by:

DIRECTOR, DRAWN UP,
Last and first name Busu Cristian_ Last and first name _Trandafir Valentina_
Signature____________________ Capacity: Chief Accountant_
Signature____________
Stamp of the institution Registration number in the professional body

Notes from 1 to 13 make an integrant part from the financial statements.
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ARGUS SA GROUP

NOTES AT THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FINANCIAL EXERCISE ENDED ON 31st DECEMBER 2016

REPORTING ENTITY

These consolidated financial situations are presented by Argus SA (”Company”) and include the
results of the operations of the Company and its branches, Argus Trans SRL Constanţa, Comcereal
SA Tulcea and Cereal Prest SRL Tulcea (branch of Comcereal SA Tulcea), Aliment Murfatlar SRL,
presented in Note 12 a).

On 31st December 2012 the Company owns 55,04% from the social parts of Aliment Murfatlar SRL,
entity jointly controlled with another entity not included in consolidation. According to the
provisions of the Articles of Association of Aliment Murfatlar SRL, the Company does not have the
power to govern by itself the financial and operational policies, although it has more than half of
the rights to vote. The net assets of this entity included in the consolidated financial statements by
the method of proportional consolidation. Starting with June 2013 the Company has two
representatives in the Board of Administration of Aliment Murfatlar SRL, therefore, starting with
2013 it is considered a branch and it is included in the consolidation by the method of global
integration.

As starting with 1st of September 2012 the Company acquired the power to govern the financial and
operational policies of Rex Agra SRL, this entity was classified as branch and included in the
consolidated financial statements on 31st December 2012 by the method of integral consolidation.

In 2013 there were purchased 1.191.973 of shares issued by Comcereal SA Tulcea, in amount of lei
8.206.838,85, being increased the holding percentage of ARGUS SA at the issuing company from
66, 75% to 95,14%. Starting with 14.02.2014 until 06.02.2014 the public offer took place for taking
over by Argus SA Constanţa of all the shares issued by Comcereal SA Tulcea existing on the market,
according to Law 297/2004. After the offer had taken place, ARGUS SA Constanţa owns at
COMCEREAL SA Tulcea a number of 3.119.210 shares, representing 95,36% from the share capital
of the issuer.
Within the year 2015 the shareholders of ARGUS SA and the associates REX AGRA SRL decided
the merger by absorption between ARGUS SA, as acquiring company and REX AGRA SRL, as
acquired company.
On 21.01.2016 it was registered at Trade Registry Office near Constanta Court the merger of the two
companies and as a result REX AGRA SRL Constanta was deregistered from the Trade Registry.
The merger took place by taking over, by ARGUS SA Constanta of the assets and liabilities of REX
AGRA SRL Constanta, without issuing new shares.

The main accounting policies adopted for the drawing up of these consolidated financial statements
are presented below.

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