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H trebuie sa tina cont si de indrumarile din IFRS 3 pentru a stabili daca achizitionarea unei investitii imobiliare este o combinare de intreprinderi."
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6WDQGDUGHHPLVHGDUFDUHQXVXQWLQFDLQYLJRDUHVLQXDXIRVWDGRSWDWHGHWLPSXULX
- IFRS 9 ,QVWUXPHQWH¿QDQFLDUH, publicat in 24 iulie 2014 (in vigoare pentru perioade anuale incepand cu sau dupa 1 ianuarie
2018),
QXDIRVWLQFDDGRSWDWGH8(9HUVLXQHD¿QDODD,)56UHÀHFWDWRDWHID]HOHSURLHFWXOXLSULYLQGLQVWUXPHQWHOH¿QDQFLDUHVLLQORFXLHVWH
,$6,QVWUXPHQWH¿QDQFLDUHUHFXQRDVWHUHVLHYDOXDUHVLWRDWHYHUVLXQLOHDQWHULRDUHDOH,)566WDQGDUGXOLQWURGXFHFHULQWHQRL
SULYLQGFODVL¿FDUHDVLHYDOXDUHDGHSUHFLHUHDVLFRQWDELOLWDWHDGHDFRSHULUHLPSRWULYDULVFXULORU$GRSWDUHD,)56YDDYHDHIHFWDVXSUD
FODVL¿FDULLVLHYDOXDULLDFWLYHORU¿QDQFLDUHDOH*UXSXOXLGDUQXYDDYHDQLFLXQLPSDFWDVXSUDFODVL¿FDULLVLHYDOXDULLGDWRULLORU¿QDQFL
DUH DOH*UXSXOXL
- IFRS 14 &RQWXULGHDPDQDUHDIHUHQWHDFWLYLWDWLORUUHJOHPHQWDWH, emis in 30 ianuarie 2014 (in vigoare pentru perioade

anuale incepand cu sau dupa 1 ianuarie 2016). IFRS 14 permite entitatilor care adopta pentru prima data IFRS ca, la data adoptarii standardelor,
sa continue sa recunoasca sumele aferente tarifelor reglementate in conformitate cu cerintele practicilor contabile general acceptate
DSOLFDWHDQWHULRU7RWXVLSHQWUXLPEXQDWDWLUHDFRPSDUDELOLWDWLLLQFD]XOHQWLWDWLORUFDUHDSOLFDGHMD,)56VLFDUHQXUHFXQR
VFDFHVWH
VXPHVWDQGDUGXOSUHYHGHFDHIHFWXOUHJOHPHQWDULLWDULIHORUVD¿HSUH]HQWDWVHSDUDWGHDOWHHOHPHQWH2HQWLWDWHFDUHLQWRFPHVW
HGHMD
VLWXDWLL¿QDQFLDUHLQFRQIRUPLWDWHFX,)56QXHVWHHOLJLELODSHQWUXDSOLFDUHDVWDQGDUGXOXL$FHVWVWDQGDUGQXDIRVWLQFDDGRSWDWGH
UE, deoarece Comisia Europeana a decis sa nu initieze procesul de adoptare a acestui standard provizoriu si sa astepte emiterea
VWDQGDUGXOXL¿QDO,)56QXHVWHDSOLFDELO*UXSXOXLGHRDUHFH*UXSXOQXDSOLFDSHQWUXSULPDGDWD,)56
- IFRS 15 9HQLWXULGLQFRQWUDFWHOHFXFOLHQWLL(in vigoare pentru perioadele anuale care incep la sau dupa 1 ianuarie 2018), nu a
fost adoptat inca de catre UE. IFRS 15 stabileste un nou model in cinci etape care se va aplica pentru recunoasterea veniturilor provenind
GLQWUXQFRQWUDFWLQFKHLDWFXXQFOLHQWFXH[FHSWLLOLPLWDWHLQGLIHUHQWGHWLSXOWUDQ]DFWLHLVDXGHLQGXVWULH'HDVHPHQHDFHUL
QWHOH
standardului se vor aplica pentru recunoasterea si evaluarea castigurilor si pierderilor din vanzarea anumitor active de alta natura
GHFDWFHD¿QDQFLDUDFDUHQXVXQWUH]XOWDWXODFWLYLWDWLLRELVQXLWHDHQWLWDWLLGHH[YDQ]DUHGHLPRELOL]DULFRUSRUDOHVLQHFRUSRUDOH9D¿
SUHYD]XWDSUH]HQWDUHDH[WLQVDGHLQIRUPDWLLLQFOXVLYGH]DJUHJDUHDYHQLWXOXLWRWDOLQIRUPDWLLGHVSUHREOLJDWLLOHGHH[HFXWDUHPRGL¿
FDUL ale soldurilor activelor si datoriilor aferente contractelor intre perioade si rationamente si estimari-cheie. Conducerea anticipeaza ca
DSOLFDUHDQRXOXLVWDQGDUGSRDWHDIHFWDDQXPLWHVXPHUDSRUWDWHLQVLWXDWLLOH¿QDQFLDUHVLSRDWHFRQGXFHODGHWDOLHUHDDQXPLWRULQIR
UPDWLL
LQVLWXDWLLOH¿QDQFLDUHVLHVWHLQSURFHVGHHYDOXDUHDLPSDFWXOXLDVXSUDVLWXDWLLORU¿QDQFLDUHFHYDUH]XOWDGLQDSOLFDUHDVWDQGDUGXO
XL
46
H
- IFRS 16 &RQWUDFWHGHOHDVLQJ (in vigoare pentru perioadele anuale care incep la sau dupa 1 ianuarie anului 2019), nu a fost adoptat
inca de catre UE. Standardul stabileste principiile pentru recunoasterea, evaluarea, prezentarea si descrierea/furnizarea informatiilor despre
contractele de leasing ale celor doua parti la un contract, si anume, clientul („cesionarul”) si furnizorul („cedentul”). Noul
VWDQGDUGSUHYHGHFDFHVLRQDUXOWUHEXLHVDUHFXQRDVFDPDMRULWDWHDFRQWUDFWHORUGHOHDVLQJLQFDGUXOVLWXDWLLORU¿QDQFLDUH&HVLRQD
ULLYRU
GLVSXQHGHXQVLQJXUPRGHOFRQWDELOSHQWUXWRDWHFRQWUDFWHOHFXDQXPLWHH[FHSWLL&RQWDELOLWDWHDFHGHQWXOXLUDPDQHLQPRGVHPQL¿FDW
LY
QHVFKLPEDWD0DQDJHPHQWXOHVWHLQSURFHVGHHYDOXDUHDLPSDFWXOXLDVXSUDVLWXDWLLORU¿QDQFLDUHFHYDUH]XOWDGLQDGRSWDUHD,)5
6LQ
2019.
- Amendamente la IFRS 10 si IAS 28 9DQ]DULVDXDSRUWLQDFWLYHLQWUHXQLQYHVWLWRUVLDVRFLDWXOVDXDVRFLHUHDVDLQSDUWLFLSDWLXQH .

0RGL¿FDULOHVHUHIHUDODRLQFRQVHFYHQWDLGHQWL¿FDWDLQWUHFHULQWHOH,)56VLFHOHDOH,$6LQOHJDWXUDFXYDQ]DUHDGHVLFRQWULEXW
LD
FXDFWLYHLQWUHXQLQYHVWLWRUVLHQWLWDWHDVDDVRFLDWDVDXDVRFLHUHDLQSDUWLFLSDWLH3ULQFLSDODFRQVHFLQWDDPRGL¿FDULORUHVWHDFH
HDFD un castig sau o pierdere totala este recunoscuta atunci cand tranzactia implica o intreprindere (indiferent daca este sau nu sub forma
GH¿OLDOD8QFDVWLJVDXRSLHUGHUHSDUWLDODHVWHUHFXQRVFXWDDWXQFLFDQGRWUDQ]DFWLHLPSOLFDDFWLYHFDUHQXUHSUH]LQWDRLQWU
HSULQGHUH
FKLDUGDFDDFHVWHDVHDÀDLQWUR¿OLDOD,QOXQDGHFHPEULH,$6%DDPDQDWSHWHUPHQQHGHWHUPLQDWGDWDLQWUDULLLQYLJRDUHDDFHVW
HL
PRGL¿FDULLQDVWHSWDUHDUH]XOWDWHORUXQXLSURLHFWGHFHUFHWDUHFXSULYLUHODFRQWDELOL]DUHDSULQPHWRGDSXQHULLLQHFKLYDOHQWD0RGL¿FD
ULOH
QXDXIRVWLQFDDGRSWDWHGH8(&RQGXFHUHDQXVHDVWHDSWDFDDSOLFDUHDDFHVWRUDPHQGDPHQWHVDDLEDXQLPSDFWVHPQL¿FDWL
YDVXSUD
VLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL
- Amendamente la IFRS 10, IFRS 12 si IAS 28 (QWLWDWLGHLQYHVWLWLL$SOLFDUHDH[FHSWDULLSULYLQGFRQVROLGDUHD(in vigoare pentru

SHULRDGHOHDQXDOHFDUHLQFHSODVDXGXSDLDQXDULHQXDXIRVWDGRSWDWHLQFDGHFDWUH8(0RGL¿FDULOHVHUHIHUDODWUHLDVSH
FWH
DSDUXWHLQSUDFWLFDLQOHJDWXUDFXDSOLFDUHDH[FHSWLHLGHODFRQVROLGDUHSHQWUXHQWLWDWLOHGHLQYHVWLWLL0RGL¿FDULOHFODUL¿FDIDSWXOF
D
H[FHSWLDGHODSUH]HQWDUHDGHVLWXDWLL¿QDQFLDUHFRQVROLGDWHVHDSOLFDXQHLHQWLWDWLPDPDFDUHHVWHR¿OLDODDXQHLHQWLWDWLGHLQYHV
WLWLL
DWXQFLFDQGHQWLWDWHDGHLQYHVWLWLLLVLHYDOXHD]DWRDWH¿OLDOHOHODYDORDUHDMXVWD'HDVHPHQHDPRGL¿FDUHDFODUL¿FDIDSWXOF
DQXPDLR
¿OLDODFDUHQXHVWHLQVLQHRHQWLWDWHGHLQYHVWLWLLGDUIXUQL]HD]DVHUYLFLLGHDVLVWHQWDHQWLWDWLLGHLQYHVWLWLLHVWHFRQVROLGDWD7RDWDFHOHOD
OWH ¿OLDOHDOHXQHLHQWLWDWLGHLQYHVWLWLLVXQWHYDOXDWHODYDORDUHDMXVWD,QFHOHGLQXUPDPRGL¿FDULOH,$6 ,QYHVWLWLLLQHQWLWDWLOHDVRFLDWHVL

LQDVRFLHULOHLQSDUWLFLSDWLHSHUPLWLQYHVWLWRULORUFDODDSOLFDUHDPHWRGHLSXQHULLLQHFKLYDOHQWDVDSDVWUH]HHYDOXDUHDODYDORDUHD
MXVWD
DSOLFDWDGHHQWLWDWHDDVRFLDWDVDXDVRFLHUHDLQSDUWLFLSDWLHDHQWLWDWLLGHLQYHVWLWLLSHQWUXLQWHUHVHOHVDOHLQ¿OLDOH&RQGXFHUH
DQXVH
DVWHDSWDFDDSOLFDUHDDFHVWRUDPHQGDPHQWHVDDLEDXQLPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL
-Amendamente la IFRS 11
$VRFLHULLQSDUWLFLSDWLH&RQWDELOL]DUHDDFKL]LWLLORUGHLQWHUHVHLQRSHUDWLXQLGHWLQXWHLQFRPXQ (in vigoare pentru
perioade anuale incepând cu sau dupa 1 ianuarie 2016), adoptat de UE pe 24 noiembrie 2015. IFRS 11 se refera la modul de
FRQWDELOL]DUHDLQWHUHVHORULQDVRFLHULOHLQSDUWLFLSDWLHVLRSHUDWLXQLOHLQSDUWLFLSDWLH0RGL¿FDUHDSUH]LQWDQRLLQGUXPDULFXSULYLUHO
DPRGXO
in care trebuie contabilizata achizitia unui interes intr-o operatiune in participatie ce reprezinta o intreprindere in conformitate cu IFRS
VLVSHFL¿FDWUDWDPHQWXOFRQWDELODGHFYDWSHQWUXDFHVWHDFKL]LWLL&RQGXFHUHDQXDQWLFLSHD]DFDDGRSWDUHDDPHQGDPHQWHORUY
DDYHDXQ
LPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUHLQWUXFDW*UXSXOQXHVWHLPSOLFDWDLQDVRFLHULLQSDUWLFLSDWLXQH
- Amendamente la IAS 1
,QLWLDWLYDGHSUH]HQWDUHDLQIRUPDWLLORUPRGL¿FDUHLQYLJRDUHSHQWUXSHULRDGHOHDQXDOHFDUHLQFHSODVDX
GXSDLDQXDULHDGRSWDWGH8(SHGHFHPEULH0RGL¿FDULOH,$6 3UH]HQWDUHDVLWXDWLLORU¿QDQFLDUHLQFXUDMHD]DVL mai mult societatile
sa aplice rationamente profesionale atunci cand determina informatiile pe care trebuie sa le prezinte si modul
LQFDUHOHVWUXFWXUHD]DLQFDGUXOVLWXDWLLORU¿QDQFLDUH0RGL¿FDULOHFXDULHUHGXVDDOH,$6FODUL¿FDPDLGHJUDEDGHFDWVDPRGL¿F
H
VHPQL¿FDWLYFHULQWHOHH[LVWHQWHDOH,$60RGL¿FDULOHVHUHIHUDODSUDJXOGHVHPQL¿FDWLHRUGLQHDQRWHORUVXEWRWDOXULVLGH]D
JUHJDUH politici contabile si prezentarea altor elemente ale rezultatului global decurgand din investitiile contabilizate conform metodei punerii in echivalenta.
Conducerea anticipeaza ca adoptarea amendamentului va avea impact asupra prezentarii informatiilor in situatiile
¿QDQFLDUH
- Amendamente la IAS 7 ,QLWLDWLYDGHSUH]HQWDUHDLQIRUPDWLLORU(in vigoare pentru perioadele anuale care incep la sau dupa 1
ianuarie
QXDXIRVWDGRSWDWHLQFDGHFDWUH8(0RGL¿FDULOHYRUREOLJDFRPSDQLLOHVDSUH]LQWHLQIRUPDWLLFDUHYRUSHUPLWHLQYHVWLWRU
LORUVD
HYDOXH]HPRGL¿FDULOHGDWRULLORUUH]XOWDWHGLQDFWLYLWDWLOH¿QDQFLDUHLQFOXVLYPRGL¿FDULGLQÀX[XOGHQXPHUDUVLFHOHIDUDQDWXUDPRQHW
DUD
0DQDJHPHQWXOHVWHLQSURFHVGHHYDOXDUHDLPSDFWXOXLDVXSUDVLWXDWLLORU¿QDQFLDUHFHYDUH]XOWDGLQDGRSWDUHDDPHQGDPHQWH
ORU
- Amendmente la IAS 12 5HFXQRDVWHUHDFUHDQWHORUSULYLQGLPSR]LWXODPDQDWSHQWUXSLHUGHULOHQHUHDOL]DWH (in vigoare pentru perioadele

DQXDOHFDUHLQFHSODVDXGXSDLDQXDULHQXDXIRVWDGRSWDWHLQFDGHFDWUH8($PHQGDPHQWHOHFODUL¿FDUHFXQR
DVWHUHD
FUHDQWHORUSULYLQGLPSR]LWXODPDQDWSHQWUXSLHUGHULOHQHUHDOL]DWHDIHUHQWHLQVWUXPHQWHORUGHGDWRULHHYDOXDWHODYDORDUHDMXV
WD
0DQDJHPHQWXOHVWHLQSURFHVGHHYDOXDUHDLPSDFWXOXLDVXSUDVLWXDWLLORU¿QDQFLDUHFHYDUH]XOWDGLQDGRSWDUHDDPHQGDPHQWH
ORU
47
H
- Amendamente la IAS 16 ,PRELOL]DULFRUSRUDOH si IAS 38 ,PRELOL]DULQHFRUSRUDOH&ODUL¿FDUHDPHWRGHORUDFFHSWDELOHGHDPRUWL]DUH (in
YLJRDUHSHQWUXSHULRDGHDQXDOHLQFHSDQGFXVDXGXSDLDQXDULHDGRSWDWHGH8(SHGHFHPEULH0RGL¿FDUHDIXUQ
L]HD]D indrumari suplimentare cu privire la modul in care trebuie calculata amortizarea imobilizarilor corporale si necorporale. Aceasta
PRGL¿FDUHFODUL¿FDSULQFLSLLOHGLQ,$6,PRELOL]DULFRUSRUDOH si IAS 38 ,PRELOL]DULQHFRUSRUDOHFRQIRUPFDURUDYHQLWXOUHÀHFWDXQ
PRGHOGHEHQH¿FLLHFRQRPLFHFDUHVXQWJHQHUDWHGLQWURH[SORDWDUHGHDIDFHULGLQFDUHIDFHSDUWHDFWLYXOPDLGHJUDEDGHFDWEHQH
¿FLL
HFRQRPLFHFRQVXPDWHSULQXWLOL]DUHDDFWLYXOXL'UHSWXUPDUHUDSRUWXOGLQWUHYHQLWXULOHJHQHUDWHVLYHQLWXULOHWRWDOHSUHFRQL]DWHD¿
JHQHUDWHQXSRDWH¿IRORVLWSHQWUXDDPRUWL]DXQHOHPHQWGHLPRELOL]DULFRUSRUDOHVLSRDWH¿IRORVLWQXPDLVLWXDWLLH[WUHPGHUHV
WUDQVH
SHQWUXDDPRUWL]DLPRELOL]DULOHQHFRUSRUDOH&RQGXFHUHDQXDQWLFLSHD]DFDDSOLFDUHDDFHVWRUPRGL¿FDULYDDYHDXQLPSDFWVHPQL¿F
DWLY DVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL
- Amendamentele la IAS 19, 3ODQXULGHEHQH¿FLLGHWHUPLQDWH&RQWULEXWLLSHQWUXDQJDMDWL (in vigoare pentru perioade anuale

incepand
ODVDXGXSDIHEUXDULHDGRSWDWHGH8(ODGDWDGHGHFHPEULH0RGL¿FDUHDVHDSOLFDSHQWUXFRQWULEXWLLOHDQJDMDWLO
RUVDX
WHUWLORUODSODQXULGHEHQH¿FLLGHWHUPLQDWH2ELHFWLYXOPRGL¿FDULLHVWHVDVLPSOL¿FHFRQWDELOL]DUHDFRQWULEXWLLORUFDUHVXQWLQGHSHQG
HQWH
GHYHFKLPHDLQPXQFDGHH[HPSOXFRQWULEXWLLOHDQJDMDWLORUFDUHVXQWFDOFXODWHLQIXQFWLHGHXQSURFHQW¿[GLQVDODULX&RQGXFHUH
D
*UXSXOXLQXVHDVWHDSWDFDDSOLFDUHDDPHQGDPHQWXOXLYDDYHDXQLPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLD
UH
- Amendamente la IAS 27: 0HWRGDSXQHULLLQHFKLYDOHQWDLQVLWXDWLLOH¿QDQFLDUHLQGLYLGXDOH (aplicabil perioadelor anuale incepand

cu
VDXGXSDLDQXDULHDGRSWDWHGH8(ODGDWDGHGHFHPEULH$FHDVWDPRGL¿FDUHYDSHUPLWHHQWLWDWLORUVDIRORV
HDVFD
PHWRGDSXQHULLLQHFKLYDOHQWDSHQWUXDFRQWDELOL]DLQYHVWLWLLOHLQ¿OLDOHDVRFLHULOHLQSDUWLFLSDWLHVLDVRFLDWLLQFDGUXOVLWXDWLLORUORU¿QDQFL
DUH
LQGLYLGXDOHVLYDDMXWDDQXPLWHMXULVGLFWLLVDWUHDFDOD,)56SHQWUXVLWXDWLLOH¿QDQFLDUHLQGLYLGXDOHUHGXFDQGFRVWXULOHGHFRQIRUPDU
HIDUD
DUHGXFHQLYHOXOLQIRUPDWLLORUSXVHODGLVSR]LWLDLQYHVWLWRULORU$PHQGDPHQWXOQXVHDSOLFDODVLWXDWLLOH¿QDQFLDUHFRQVROLG
DWH
- Imbunatatiri anuale ale IFRS pentru perioada 2010-2012 (in vigoare pentru perioadele anuale care incep la sau dupa 1 februarie 2015
pentru societatile din cadrul UE), adoptate de UE pe 17 decembrie 2014. Conducerea nu se asteapta ca aplicarea acestor imbunatatiri
VDDLEDXQLPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL$FHVWHLPEXQDWDWLULDQXDOHPRGL¿FDVWDQGDUGHOHGLQSHULRDG
D GHUDSRUWDUHVLFXSULQGPRGL¿FDULUHIHULWRDUHOD
- IFRS 2
3ODWDSHED]DGHDFWLXQL$FHDVWDLPEXQDWDWLUHPRGL¿FDGH¿QLWLDÄFRQGLWLHLGHLQWUDUHLQGUHSWXUL´VLDÄFRQGLWLHLGHSLDWD´VL
DGDXJDGH¿QLWLLSHQWUXÄFRQGLWLDGHSHUIRUPDQWD´VLÄFRQGLWLDGHVHUYLFLX´FDUHDQWHULRUHUDXLQFOXVHLQGH¿QLWLDÄFRQGLWLLORUGHLQWU
DUHLQ drepturi”).
- IFRS 3
&RPELQDULGHLQWUHSULQGHUL$FHDVWDLPEXQDWDWLUHFODUL¿FDIDSWXOFDRFRQWUDSUHVWDWLHFRQWLQJHQWDLQWURDFKL]LWLHGH
LQWUHSULQGHULFDUHQXHVWHFODVL¿FDWDGUHSWFDSLWDOXULSURSULLHVWHHYDOXDWDXOWHULRUODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUHLQGLIHUHQWGDF
D
LQWUDVDXQXLQGRPHQLXOGHDSOLFDUHDO,)56,QVWUXPHQWH¿QDQFLDUH
- IFRS 8 6HJPHQWHGHDFWLYLWDWH Aceasta imbunatatire prevede ca o entitate sa prezinte rationamentele emise de membrii cadrelor de
FRQGXFHUHDWXQFLFDQGDFHVWLDSXQLQDSOLFDUHFULWHULLOHGHDJUHJDUHSHQWUXVHJPHQWHOHGHDFWLYLWDWHVLFODUL¿FDIDSWXODRHQWLWDWH
WUHEXLH sa prezinte numai reconcilieri ale totalului activelor segmentelor raportabile cu activele entitatii daca activele segmentelor sunt raportate cu regularitate.
- IFRS 13 (YDOXDUHDODYDORDUHDMXVWD$FHDVWDLPEXQDWDWLUHGLQFDGUXO%D]HLSHQWUXFRQFOX]LLD,)56FODUL¿FDIDSWXOFDSULQ
HPLWHUHD,)56VLPRGL¿FDUHD,)56VLD,$6QXDIRVWHOLPLQDWDSRVLELOLWDWHDHYDOXDULLFUHDQWHORUVLGDWRULLORUSHWHUPHQVFXUWFDUH
QXDXRUDWDGHFODUDWDDGREDQ]LLODYDORDUHDORUGHIDFWXUDUHIDUDDFWXDOL]DUHGDFDHIHFWXOQHDFWXDOL]DULLQXHVWHVHPQL¿FDWL
Y
- IAS 16
,PRELOL]DULFRUSRUDOH,PEXQDWDWLUHDFODUL¿FDIDSWXOFDODPRPHQWXOUHHYDOXDULLXQXLHOHPHQWGHLPRELOL]DULFRUSRUDOHYDORDUH
D
FRQWDELODEUXWDHVWHDMXVWDWDDVWIHOLQFDWVDFRUHVSXQGDYDORULLGHUHHYDOXDUHDYDORULLFRQWDELOHQHWH
- IAS 24
3UH]HQWDUHDLQIRUPDWLLORUSULYLQGSDUWLOHD¿OLDWH,PEXQDWDWLUHDFODUL¿FDIDSWXOFDRHQWLWDWHFDUHIXUQL]HD]DVHUYLFLLGHSHUVRQDO
FKHLHGHFRQGXFHUHSHQWUXHQWLWDWHDFDUHUDSRUWHD]DVDXSHQWUXVRFLHWDWHDPDPDDHQWLWDWLLFDUHUDSRUWHD]DHVWHRSDUWHD¿OL
DWDD entitatii care raporteaza.
- IAS 38
,PRELOL]DULQHFRUSRUDOH,PEXQDWDWLUHDFODUL¿FDIDSWXOFDODPRPHQWXOUHHYDOXDULLXQHLLPRELOL]DULQHFRUSRUDOHYDORDUHD
FRQWDELODEUXWDHVWHDMXVWDWDDVWIHOLQFDWVDFRUHVSXQGDYDORULLGHUHHYDOXDUHDYDORULLFRQWDELOHQHWH
- Imbunatatiri Anuale ale IFRS – Ciclul 2012 – 2014 (in vigoare pentru perioadele anuale care incep la sau dupa 1 ianuarie 2016 pentru
societatile din cadrul UE), adoptate de UE pe 15 decembrie 2015. Conducerea nu se asteapta ca aplicarea acestor imbunatatiri sa
48
H
DLEDXQLPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL$FHVWHLPEXQDWDWLULDQXDOHPRGL¿FDVWDQGDUGHOHGLQSHULRDGDG
H UDSRUWDUH&XSULQGPRGL¿FDULOD
- IFRS 5
$FWLYHLPRELOL]DWHGHWLQXWHLQYHGHUHDYDQ]DULLVLDFWLYLWDWLLQWUHUXSWH0RGL¿FDUHDFODUL¿FDIDSWXOFDWUHFHUHDGHODRPHWRGDGH
FHGDUHODRDOWDSULQFHGDUHVDXSULQGLVWULEXLUHFDWUHSURSULHWDULQXWUHEXLHFRQVLGHUDWDD¿XQQRXSODQGHFHGDUHFLPDLGHJUDEDHVWH
RFRQWLQXDUHDSODQXOXLLQLWLDO3ULQXUPDUHQXH[LVWDRLQWUHUXSHUHLQDSOLFDUHDFHULQWHORU,)56'HDVHPHQHDPRGL¿FDUHDFODUL¿FD
IDSWXOFDVFKLPEDUHDPHWRGHLGHFHGDUHQXVFKLPEDGDWDFODVL¿FDULL
- IFRS 7 ,QVWUXPHQWH¿QDQFLDUHLQIRUPDWLLGHIXUQL]DW0RGL¿FDUHDFODUL¿FDIDSWXOFDXQFRQWUDFWGHVHUYLFLLFDUHLQFOXGHXQRQRUDULX
SRDWHUHSUH]HQWDRLPSOLFDUHFRQWLQXDLQDFWLYXO¿QDQFLDU'HDVHPHQHDPRGL¿FDUHDFODUL¿FDIDSWXOFDLQIRUPDWLLOHGHIXUQL]DWFRQIRUP
,)56FXSULYLUHODFRPSHQVDUHDDFWLYHORU¿QDQFLDUHVLGDWRULLORU¿QDQFLDUHQXWUHEXLHLQFOXVHLQUDSRUWXO¿QDQFLDULQWHULPDUVLPSOL¿FDW
- IAS 19
%HQH¿FLLOHDQJDMDWLORU0RGL¿FDUHDFODUL¿FDIDSWXOFDDGDQFLPHDSLHWHLSHQWUXREOLJDWLXQLOHFRUSRUDWLYHGHLQDOWDFDOLWDWHHVWH
HYDOXDWDSHED]DPRQHGHLLQFDUHHVWHH[SULPDWDREOLJDWLDPDLGHJUDEDGHFDWLQWDUDLQFDUHVHDÀDREOLJDWLD&DQGQXH[LVWDRSLDWD
H[WLQVDSHQWUXREOLJDWLXQLOHFRUSRUDWLYHGHLQDOWDFDOLWDWHLQPRQHGDUHVSHFWLYDWUHEXLHXWLOL]DWHUDWHOHDSOLFDELOHREOLJDWLXQLORUGHVWDW
- IAS 34
5DSRUWDUHD¿QDQFLDUDLQWHULPDUD0RGL¿FDUHDFODUL¿FDIDSWXOFDLQIRUPDWLLOHLQWHULPDUHGHSUH]HQWDWWUHEXLH¿HVDH[LVWHL
Q
VLWXDWLLOH¿QDQFLDUHLQWHULPDUH¿HLQFOXVHSULQUHIHULQWHLQFUXFLVDWHLQWUHVLWXDWLLOH¿QDQFLDUHLQWHULPDUHVLVSHFL¿FDUHDLQFOXGHULLDFHVWRU
D
LQUDSRUWXO¿QDQFLDULQWHULPDUPDLH[WLQVGHH[LQFRPHQWDULLOHFRQGXFHULLVDXUDSRUWXOGHULVF&RPLWHWXODVSHFL¿FDWFDFHOHOD
OWH
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Venitul din dividende generat de investitii este recunoscut atunci cand a fost stabilit dreptul actionarului de a primi plata (cu conditia ca
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Leasing-urile capitalizate sunt amortizate pe durata cea mai scurta dintre durata de viata utila a activului sau durata
contractului de leasing.
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Venitul din leasing-ul operational este recunoscut liniar de-a lungul perioadei contractului de leasing. Costurile directe initiale implicate
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lungul perioadei de leasing.
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HVWRUD la inceputul contractului de leasing sau, daca aceasta este mai scazuta, la valoarea curenta a platilor minime de leasing. Obligatia
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ULYLQG costurile indatorarii. Inchirierile contingente sunt recunoscute ca si cheltuieli in perioadele in care acestea apar.
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Inchirierile contingente generate conform leasing-ului operational sunt recunoscute ca o cheltuiala in perioada in care acestea apar.
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imprumuturilor care se pot capitaliza.
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Valoarea prezenta a costurilor cu reabilitarea unui activ este inclusa in costul respectivului activ daca criteriile de recunoastere
sunt indeplinite.
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cumulata din depreciere cumulata. Costurile includ si onorariile profesionale si pentru activele eligibile, costurile indatorarii capitalizate
LQFRQIRUPLWDWHFXSROLWLFLOHFRQWDELOHDOH*UXSXOXL$VWIHOGHDFWLYHVXQWFODVL¿FDWHODFDWHJRULLOHUHVSHFWLYHGHLPRELOL]DULFRUSRUDOH
DWXQFL cand sunt terminate sau gata de utilizare pentru scopul in care au fost prevazute. Amortizarea acestor active, pe aceeasi baza ca si alte
DFWLYHDÀDWHLQSURSULHWDWHLQFHSHDWXQFLFDQGDFWLYHOHVXQWGLVSRQLELOHSHQWUXXWLOL]DUHLQPDQLHUDGRULWDGHFRQGXF
HUH 7HUHQXULOHQXVHDPRUWL]HD]D
Amortizarea este recunoscuta pentru a aloca sistematic costul activului minus valoarea reziduala pe intreaga durata de viata a
activelor, folosindu-se metoda liniara, dupa cum urmeaza:
Cladiri si alte constructii speciale intre 2 si 60 ani

Instalatii tehnice si masini intre 1 si 30 ani
Echipamente si vehicule intre 2 si 25 ani
'XUDWHOHGHYLDWDXWLODHVWLPDWHYDORULOHUH]LGXDOHVLPHWRGDGHDPRUWL]DUHVXQWUHYL]XLWHOD¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUH
RULFH PRGL¿FDUHDDFHVWRUD¿LQGFRQWDELOL]DWDSURVSHFWLY
Instalatiile si echipamentele sunt evaluate la cost minus amortizarea cumulata si pierderea cumulata din depreciere.
Amortizarea este recunoscuta pentru a aloca sistematic costul minus valoarea reziduala pe intreaga sa durata de viata, folosindu-se
PHWRGDOLQLDUD'XUDWHOHGHYLDWDXWLODHVWLPDWHYDORULOHUH]LGXDOHVLPHWRGDGHDPRUWL]DUHVXQWUHYL]XLWHOD¿QDOXO¿HFDUHLSHULR
DGHGH UDSRUWDUHRULFHPRGL¿FDUHDDFHVWRUD¿LQGFRQWDELOL]DWDSURVSHFWLY
56
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FWLYHOH
detinute in proprietate sau pe perioada contractului de leasing daca aceasta din urma este mai scurta.
8QHOHPHQWGHLPRELOL]DUHFRUSRUDODQXPDLHVWHUHFXQRVFXWFDXUPDUHDFHGDULLVDXDWXQFLFDQGQXPDLVXQWDVWHSWDWH
EHQH¿FLL economice viitoare din utilizarea in continuare a activului. Orice castig sau pierdere rezultand din cedarea sau casarea unui element al
imobilizarii corporale este determinat ca diferenta dintre incasarile din vanzari si valoarea contabila neta a activului si este recunoscut in
VLWXDWLDFRQVROLGDWDGHSUR¿WVDXSLHUGHUHODGDWDGHUHFXQRDVW
HULL
,PRELOL]DULQHFRUSRUDOH
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,PRELOL]DULOHQHFRUSRUDOHFXGXUDWDGHYLDWDXWLOD¿QLWDFDUHVXQWDFKL]LWLRQDWHVHSDUDWVXQWFRQWDELOL]DWHODFRVWPLQXVDPRUWL]DUH
D cumulata si pierdere din depreciere cumulata. Amortizarea este recunoscuta liniar de-a lungul duratelor de viata utila a acestora. Durata
GHYLDWDXWLODHVWLPDWDVLPHWRGDGHDPRUWL]DUHVXQWUHYL]XLWHOD¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUHDYDQGFDHIHFWIDSWXO
FDRULFH
PRGL¿FDULDOHHVWLPDULORUVXQWFRQWDELOL]DWHSHED]DSURVSHFWLYD,PRELOL]DULOHQHFRUSRUDOHFXGXUDWDGHYLDWDXWLODQHGHWHUPLQDWDF
DUH sunt achizitionate separat, sunt contabilizate la cost minus pierderi cumulate din depreciere.
,PRELOL]DULQHFRUSRUDOHJHQHUDWHLQWHUQ±FKHOWXLHOLGHFHUFHWDUHVLGH]YROWDUH
Cheltuielile pentru activitati de cercetare sunt recunoscute ca atare in perioada in care acestea sunt suportate.
O imobilizare necorporala generata intern, care rezulta din dezvoltare (sau din etapa dezvoltarii unui proiect intern), este
recunoscuta daca, si numai daca, toate criteriile urmatoare au fost demonstrate:
IH]DELOLWDWHDWHKQLFDQHFHVDUD¿QDOL]DULLLPRELOL]DULLQHFRUSRUDOHDVWIHOLQFDWDFHDVWDYD¿GLVSRQLELODSHQWUXXWLOL]DUHVDXYDQ]DUH
LQWHQWLDGHD¿QDOL]DLPRELOL]DUHDQHFRUSRUDODVLGHDRXWLOL]DVDXYL
QGH
- capacitatea de a folosi sau a vinde imobilizarea necorporala;
PRGXOLQFDUHLPRELOL]DUHDQHFRUSRUDODYDJHQHUDEHQH¿FLLHFRQRPLFHYLLWRDUHSURED
ELOH
GLVSRQLELOLWDWHDUHVXUVHORUWHKQLFH¿QDQFLDUHVLGHDOWDQDWXUDDGHFYDWHSHQWUXD¿QDOL]DGH]YROWDUHDLPRELOL]DULLQHFRUSRUDOHVL
SHQWUX utilizarea sau vinzarea acesteia; si
- capacitatea de a evalua in mod credibil costurile atribuibile imobilizarii necorporale in timpul dezvoltarii sale.
Valoarea recunoscuta initial pentru imobilizarile necorporale generate intern reprezinta suma costurilor suportate de la data la
FDUHLPRELOL]DUHDQHFRUSRUDODLQGHSOLQHVWHSHQWUXSULPDGDWDFULWHULLOHGHUHFXQRDVWHUHHQXPHUDWHPDLVXV$FRORXQGHQXSR
DWH¿
UHFXQRVFXWDQLFLRLPRELOL]DUHQHFRUSRUDODJHQHUDWDLQWHUQFKHOWXLHOLOHGHGH]YROWDUHVXQWUHFXQRVFXWHLQSUR¿WVDXSLHUGHUHLQSHU
LRDGD in care acestea sunt efectuate.
Ulterior recunoasterii initiale, imobilizarile necorporale generate intern sunt raportate la cost minus amortizarea cumulata si
pierderea cumulata din depreciere, pe aceeasi baza ca si imobilizarile necorporale achizitionate separat.
,PRELOL]DULQHFRUSRUDOHDFKL]LWLRQDWHLQWURFRPELQDUHGHLQWUHSULQGHUL
Imobilizarile necorporale achizitionate ca parte a unei combinari de intreprinderi si recunoscute separat de fondul comercial sunt
UHFXQRVFXWHLQLWLDOODYDORDUHDORUMXVWDODGDWDDFKL]LWLHLFDUHHVWHSULYLWDGUHSWFRVWDODFHVWRUD
Ulterior recunoasterii initiale, imobilizarile necorporale achizitionate ca parte a unei combinari de intreprinderi sunt
prezentate la cost minus amortizarea cumulata si pierderea cumulata din depreciere pe aceeasi baza ca si imobilizarile
necorporale care sunt achizitionate separat.
'HUHFXQRDVWHUHDLPRELOL]DULORUQHFRUSRUDOH
2LPRELOL]DUHQHFRUSRUDODHVWHGHUHFXQRVFXWDODFHGDUHVDXDWXQFLFDQGQXVHPDLSUHFRQL]HD]DQLFLXQIHOGHEHQH¿FLLHFR
QRPLFH viitoare din utilizarea sau cedarea sa. Castigurile sau pierderile rezultate din derecunoasterea unei imobilizari necorporale, evaluate ca
GLIHUHQWDGLQWUHLQFDVDULOHQHWHGLQYDQ]DUHVLYDORDUHDFRQWDELODQHWDDDFWLYXOXLVXQWUHFXQRVFXWHLQSUR¿WXOVLSLHUGHUHDFRQV
ROLGDWD atunci cand activul este derecunoscut.
Amortizarea imobilizarilor necorporale se face pe perioade cuprinse intre 3 ani (pentru software) si 50 ani (pentru concesiuni).
57
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'HSUHFLHUHDLPRELOL]DULORUFRUSRUDOHVLQHFRUSRUDOH
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WUX
DVWDELOLGDFDH[LVWDLQGLFLLGHGHSUHFLHUH'DFDH[LVWDDVWIHOGHLQGLFLLVHHVWLPHD]DYDORDUHDUHFXSHUDELODDDFWLYXOXLSHQWUXDVWDELO
L PDULPHDGHSUHFLHULLGDFDH[LVWD$FRORXQGHQXHVWHSRVLELODHVWLPDUHDYDORULLUHFXSHUDELOHDXQXLDFWLYLQGLYLGXDO*UXSXOHVWLPHD]D
YDORDUHDUHFXSHUDELODDXQLWDWLLJHQHUDWRDUHGHQXPHUDUFDUHLDLLDSDUWLQHDFWLYXO$FRORXQGHSRDWH¿LGHQWL¿FDWDRED]DUH]RQDEL
OD si consistenta de alocare, activele corporative sunt, de asemenea, alocate unitatilor individuale care genereaza numerar, sau, daca
QXDFHVWHDVXQWDORFDWHFHOXLPDLPLFJUXSGHXQLWDWLJHQHUDWRDUHGHQXPHUDUSHQWUXFDUHSRDWH¿LGHQWL¿FDWDRED]DUH]RQDELOD
VL
consistenta de alocare.
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UHVXQW WHVWDWHFHOSXWLQDQXDOSHQWUXGHSUHFLHUHVLRULGHFDWHRULH[LVWDXQLQGLFLXFDDFWLYXODUSXWHD¿GHSUHFLDW
9DORDUHDUHFXSHUDELODUHSUH]LQWDFHDPDLPDUHYDORDUHGLQWUHYDORDUHDMXVWDPLQXVFRVWXULOHJHQHUDWHGHYDQ]DUHVLYDORDU
HDVDGH
XWLOL]DUH/DGHWHUPLQDUHDYDORULLGHXWLOL]DUHYLLWRDUHOHÀX[XULGHQXPHUDUHVWLPDWHVXQWDFWXDOL]DWHODYDORDUHDORUFXUHQWDIRORV
LQGR
UDWDGHDFWXDOL]DUHGHWHUPLQDWDLQDLQWHDLPSR]LWDULLFDUHUHÀHFWDHYDOXDULOHGHSLDWDFXUHQWHDYDORULLWLPSDEDQLORUVLULVFXULOHVS
HFL¿FH
DFWLYXOXLSHQWUXFDUHHVWLPDULOHDIHUHQWHÀX[XULORUGHQXPHUDUYLLWRDUHQXDXIRVWDMXVWDWH
'DFDYDORDUHDUHFXSHUDELODDXQXLDFWLYVDXXQLWDWLJHQHUDWRDUHGHQXPHUDUHVWHHVWLPDWDD¿PDLPLFDGHFDWYDORDUHDVDFRQ
WDELOD valoarea contabila a activului (sau a unitatii generatoare de numerar) este redusa la nivelul valorii recuperabile. Deprecierea este
UHFXQRVFXWDLPHGLDWLQSUR¿WVDXSLHUGHUHGDFDDFWLYXOUHOHYDQWQXHVWHFRQWDELOL]DWODRYDORDUHUHHYDOXDWDFD]LQFDUHGHS
UHFLHUHD
este tratata ca o reducere a reevaluarii.
$FRORXQGHGHSUHFLHUHDVHUHYHUVHD]DYDORDUHDFRQWDELODDDFWLYXOXLVDXDXQLWDWLLJHQHUDWRDUHGHQXPHUDUHVWHPDMRUDWDO
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QRLLHVWLPDULDYDORULLVDOHUHFXSHUDELOHGDUDVWIHOLQFDWQRXDYDORDUHFRQWDELODVDQXGHSDVHDVFDYDORDUHDFRQWDELODFDUHD
U¿IRVW
VWDELOLWDGDFDQXDU¿IRVWUHFXQRFXWDGHSUHFLHUHDSHQWUXDFWLYXQLWDWHDJHQHUDWRDUHGHQXPHUDULQDQLLSUHFHGHQWL2UHYHUV
DUHD
XQHLGHSUHFLHULHVWHUHFXQRVFXWDLPHGLDWLQSUR¿WVDXSLHUGHUHH[FHSWDQGVLWXDWLDLQFDUHDFWLYXOUHOHYDQWHVWHFRQWDELOL]DWODY
DORDUHD UHHYDOXDWDFD]LQFDUHUHYHUVDUHDGHSUHFLHULLHVWHWUDWDWDFDPDMRUDUHDUHHYDOXDULL
Stocuri
Stocurile sunt evaluate la valoarea cea mai mica dintre cost si valoarea realizabila neta.
&KHOWXLHOLOHDIHUHQWHFXWUDQVSRUWXO¿HFDUXLSURGXVLQORFDWLDDFWXDODVLFHOHDIHUHQWHDGXFHULLDFHVWXLDLQVWDUHGHIXQFWLRQDUHVXQW
contabilizate astfel:
- Materii prime: cheltuieli de achizitie pe baza principiului primul intrat, primul iesit;
3URGXVH¿QLWHVLSURGXFWLDLQFXUVFRVWXOPDWHULDOHORUGLUHFWHVLDRUHORUOXFUDWHSUHFXPVLRSDUWHDFKHOWXLHOLORUJHQHUDOHGHSURGXFW
LH
DORFDWHSHED]DXQHLFDSDFLWDWLQRUPDOHGHIXQFWLRQDUHFXH[FHSWLDFRVWXULORULQGDWRUDULLGHWHUPLQDWHSHED]DFRVWXOXLPHGLXSRQGHUDW
Valoarea realizabila neta reprezinta pretul de vanzare estimat pe parcursul desfasurarii normale a activitatii, minus costurile estimate
SHQWUX¿QDOL]DUHVLFRVWXULOHHVWLPDWHQHFHVDUHHIHFWXDULLYDQ]DULL
Provizioane
3URYL]LRDQHOHVXQWUHFXQRVFXWHDWXQFLFDQG*UXSXODUHRREOLJDWLHDFWXDODOHJDODVDXLPSOLFLWDFDUH]XOWDWDOXQXLHYHQLPHQWWUHFXWHV
WH
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PDUH credibila a valorii obligatiei.
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O
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RVLQG
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ULGH QXPHUDUXQGHHIHFWXOYDORULLWLPSDEDQLORUHVWHVHPQL¿FDWLY
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credibil.
58
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Obligatiile actuale generate conform contractelor cu titlu oneros sunt recunoscute si evaluate ca provizioane. Se considera ca un
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Masurarea unui provizion de restructurare include doar cheltuielile directe generate de restructurare, care sunt acele valori care sunt
REOLJDWRULXJHQHUDWHGHUHVWUXFWXUDUHVLQXVXQWDVRFLDWHFXDFWLYLWDWLOHLQFXUVGHGHVIDVXUDUHDOH*UXSXOXL
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Provizioanele pentru costurile estimate ale obligatiilor de garantie conform legislatiei locale a vanzarii bunurilor sunt rec unoscute la data
vanzarii produselor relevante, la cea mai buna estimare facuta de directori in ceea ce priveste cheltuielile necesare pentru a deconta
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Costurile pentru dezafectare includ demontarea si demolarea de infrastructuri precum si eliminarea materialelor reziduale si refacerea
zonelor afectate. Costurile pentru dezafectare sunt prezentate la valoarea prezenta a costurilor preconizate pentru indeplinirea obligatiei
IRORVLQGÀX[XULOHGHQXPHUDUHVWLPDWHVLVXQWUHFXQRVFXWHFDSDUWHGLQFRVWXODFWLYXOXLUHVSHFWLY)OX[XULOHGHQXPHUDUVXQWGHFRQWDWH
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QW aplicata sunt adaugate la sau scazute din costul respectivului activ.
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de capitaluri proprii pentru o alta societate.
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instrumentului.
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L GHDFWLYHVLGDWRULL¿QDQFLDUHDOWHOHGHFDWDFWLYH¿QDQFLDUHVLGDWRULLOH¿QDQFLDUHODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUHVXQWDGDXJDWH
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ELOLWSULQ regulament sau conventie pe piata.
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costurile de tranzactie si altor prime sau discounturi), sau (unde este cazul) pe o perioada mai scurta, la valoarea contabila neta a
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- a fost achizitionat in principal in scopul vinderii in viitorul apropiat; sau
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- face parte dintr-un contract ce contine unul sau mai multe derivate incorporate, iar IAS 39 ,QVWUXPHQWH)LQDQFLDUH: recunoastere
si
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pierdere.
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maturitate sunt evaluate la cost amortizat folosind metoda dobanzii efective minus depreciere.
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valutar sunt recunoscute in alte elemente ale rezultatului global.
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D activa. Imprumuturile si creantele (inclusiv creante comerciale si de alt fel, solduri bancare si numerar, etc.) sunt masurate la costul amortizat folosind metoda dobanzii efective,
minus orice depreciere.
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estimate ale investitiei au fost afectate.
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sau este considerat o dovada obiectiva de depreciere.
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- o incalcare a contractului, precum neindeplinirea obligatiei de plata a dobanzii sau a principalului; sau
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pe care altfel creditorul nu ar lua-o in considerare;

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H sunt, in plus, evaluate pentru depreciere colectiv. Dovada obiectiva de depreciere a unui portofoliu de creante ar putea include
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A se consulta si Nota 30 pentru mai multe detalii.
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&RQGXFHUHDIRORVHVWHMXGHFDWLFRQWDELOHFULWLFHVLSHQWUXHVWLPDUHDGXUDWHLGHYLDWDDDFWLYHORUQHFRUSRUDOHLPSR]LWHDPD
QDWH
SURYL]LRDQHVLDMXVWDULSHQWUXGHSUHFLHUHDFUHDQWHORULQFHUWHVLDVWRFXULORUDMXVWDULSHQWUXGHSUHFLHUHDDFWLYHORU¿QDQFLDUHVLG
DWRULL
contingente.
5DSRUWDUHDSHVHJPHQWH
3HQWUXVFRSXULDGPLQLVWUDWLYH*UXSXOHVWHRUJDQL]DWSHED]DLQWHJUDULLYHUWLFDOHLQGLYL]LLGLYL]LD%DX[LWDGLYL]LD$OXPLQDGLYL]LD
Aluminiu Primar si divizia Aluminiu Procesat. Pentru alocarea resurselor si evaluarea performantei segmentelor, diviziile sunt baza pe
FDUH*UXSXOUDSRUWHD]DLQIRUPDWLLOHSHVHJPHQWHFDWUHSHUVRQDOXOFKHLHFXSXWHUHGHGHFL]LH6HJPHQWXO%DX[LWDHVWHORFDOL]DW
LQ6LHUUD
/HRQH6HJPHQWXO$OXPLQDSUHOXFUHD]DEDX[LWDSHQWUXDREWLQHDOXPLQDSULQFLSDODPDWHULHSULPDSHQWUXSURGXFHUHDDOXPLQLXOXLS
ULPDU
Segmentul Aluminiu Primar toarna produse precum sarma, sleburi, bare si lingouri. Segmentul Aluminiu Procesat produce si vinde
WDEOHEHQ]LSODFLVLSURGXVHH[WUXGDWH$WDWGLYL]LD$OXPLQLX3ULPDUFDWVLGLYL]LD$OXPLQLX3URFHVDWVHDÀDLQ6ODWLQD5RPDQLD
$OWHRSHUDWLXQLDOH*UXSXOXLLQFOXGGLYHUVHVHUYLFLLFDWUHHQWLWDWLOHD¿OLDWHVDXFDWUHFOLHQWLWHUWL
3R]LWLLOH7UDQ]DFWLLLQWUHVHJPHQWHVL$OWHDFWLYLWDWLLQFOXGHOLPLQDULLQWUHVHJPHQWHVLVXPHQHDORFD
ELOH
Veniturile si cheltuielile pe segmente sunt cele care sunt direct atribuibile segmentelor; cheltuielile comune sunt alocate s egmentelor pe o
baza rezonabila. Veniturile, cheltuielile si rezultatul pe segmente includ transferuri intre segmentele operationale. Preturile de transfer intre
segmentele operationale sunt preturi de piata similare cu preturile din tranzactiile efectuate cu terte parti.
Conducerea monitorizeaza veniturile si cheltuielile din dobanzi pe baza neta.
Activele pe segmente includ toate activele operationale utilizate de un segment si constau in principal in imobilizari corporale, numerar
RSHUDWLRQDOFUHDQWHVWRFXULVLDFWLYHLQWDQJLELOHQHWHGHDMXVWDULGHGHSUHFLHUH0XOWHGLQDVWIHOGHDFWLYHVXQWDWULEXLELOHGLUHFW
segmentelor individuale, iar valoarea contabila a unor active folosite in comun de doua sau mai multe segmente este alocata
67
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segmentelor pe o baza rezonabila. Datoriile pe segmente includ toate datoriile operationale, precum cele comerciale, salarii si contributii
GHSODWDVLGDWRULLSUHOLPLQDWH$FWLYHOHVLGDWRULLOHSHVHJPHQWHQXLQFOXGLPSR]LWXOSHSUR¿WDPDQDWLPSUXPXWXULGDWRULL¿QDQFLDUHVLD
OWH categorii care nu se pot aloca.
Veniturile si rezultatul segmentelor pentru anul incheiat la 31 decembrie 2015 si respectiv 31 decembrie 2014 sunt urmatoarele:
%DX[LW $OXPLQL $OWHO 7UDQ]DFWL

D $OXPLQD $OXPLQLX X H L 7RWDO
SURFHVD
SULPDU W LQWUH
VHJPHQW
H
9DQ]DULFDWUHFOLHQWLH[WHUQL 9.815 57.448 1.065.056 1.272.945 17.495 -

Vanzari intre segmente 172.258 575.451 891.033 26 23.710 -1.662.478 -
Venituri din vanzari 182.073 632.899 1.956.089 1.272.971 41.205 -1.662.478
5H]XOWDWSHVHJPHQWHSUR¿WEUXW 7.152 57.462 132.346 200.302 5.380 2.924
Alte cheltuieli si venituri operationale, net -219.659

'REDQ]LVLDOWHYHQLWXULFKHOWXLHOL¿QDQFLDUHQH
WH -118.538
Diferente nete de curs valutar -56.197
D $OXPLQD $OXPLQLX X H L 7RWDO
SURFHVD
SULPDU W LQWUH
VHJPHQW
H
9DQ]DULFDWUHFOLHQWLH[WHUQL 8.295 69.941 935.395 1.091.195 3.616 -

Vanzari intre segmente 128.509 464.349 834.414 827 26.662 -1.454.761 -
Venituri din vanzari 136.804 534.290 1.769.809 1.092.022 30.278 -1.454.761
5H]XOWDWSHVHJPHQWHSUR¿WEUXW 11.710 24.459 65.511 90.013 17.249 -
Alte cheltuieli si venituri operationale, net -157.959

'REDQ]LVLDOWHYHQLWXULFKHOWXLHOL¿QDQFLDUHQH
WH -203.509
Diferente nete de curs valutar -37.994
Activele si datoriile pe segmente la 31 decembrie 2015, respectiv 31 decembrie 2014 sunt dupa cum urmeaza:

D $OXPLQD X $OXPLQLX H L 7RWDO
SURFHVD
SULPDU W LQWUH
VHJPHQW
GHFHPEULH H
7RWDODFWLYH 108.181 453.104 1.104.604 454.266 1.146.947 -1.066.197
7RWDOGDWRULL 359.660 213.963 201.836 137.208 1.048.687 -590.270
Achizitii de active imobilizate 28.776 9.171 51.899 12.548 - -
Deprecierea imobilizarilor corporale - -2.852 -566 -38.224 - -
Cheltuiala cu amortizarea -20.532 -23.660 -42.804 -24.528 -7.403 -
GHFHPEULH
7RWDODFWLYH 89.191 434.609 1.076.731 463.294 1.120.725 -1.006.670 2.177.880
7RWDOGDWRULL 298.421 216.323 238.101 156.141 1.008.973 -588.734
Achizitii de active imobilizate 8.574 4.261 54.902 30.236 - -
Deprecierea imobilizarilor corporale - -1.302 -566 -42.084 - -
Cheltuiala cu amortizarea -16.636 -21.594 -36.750 -21.571 -7.236 -
Imobilizarile corporale localizate in Sierra Leone totalizeaza 62.062 mii RON (la 31 decembrie 2014: 49.713 mii RON).
7RWDODFWLYHLQFOXVHLQFDWHJRULD$OWHDFWLYLWDWLFXSULQGLQSULQFLSDOLQYHVWLWLLOHLQ¿OLDOHFODGLULOHDGPLQLVWUDWLYHFUHDQW
DSULYLQG
LPSR]LWXOSHSUR¿WDPDQDWLQVWUXPHQWHOH¿QDQFLDUHGHULYDWHLQFRUSR
UDWH
7RWDOGDWRULLLQFOXVHLQFDWHJRULD$OWHDFWLYLWDWLFXSULQGLQSULQFLSDOLPSUXPXWXULOHSURYL]LRDQHOHVLGLYLGH
QGHOH
68
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7DEHOXOGHPDLMRVSUH]LQWDYDQ]DULOH6RFLHWDWLLLQIXQFWLHGHORFDOL]DUHDJHRJUD¿FDDFOLHQ
WXOXL
Romania 471.964 394.655

Alte tari membre UE 1.567.264 1.412.911
Alte tari europene non-membre UE 223.675 169.380
SUA 68.964 66.636
Alte tari 90.892 64.860
7RWDO
&KHOWXLHOLJHQHUDOHDGPLQLVWUDWLYHVLGHGHVID
FHUH
Cheltuieli cu personalul -82.636 -77.237

&KHOWXLHOLFXVHUYLFLLOHH[HFXWDWHGHWHU -42.752 -38.159
WL
-38.605 -25.001
Cheltuieli de consultanta si audit
-10.743 -9.266
Cheltuieli cu materiale consumabile si utilitati
-6.700 -7.063
&KHOWXLHOLFXWD[HDOWHOHGHFDWLPSR]LWXOSHS
UR¿W -7.267 -7.569
Amortizare -6.195 -4.471
Asigurari -16.882 -12.812
Alte cheltuieli administrative -378 -398
0LVFDUHDDMXVWDULORUSHQWUXFUHDQWHOHLQFH
UWH
7RWDO
$OWHYHQLWXULVLFKHOWXLHOLRSHUDWLRQ
DOH
$OWHYHQLWXULRSHUDWLRQDOH
Venituri din chirii 584 1.533
9HQLWXULGLQYDQ]DUHFHUWL¿FDWHHPLVLLJD]HFXHIHFWGHV
HUD - 17.691
Venituri din datorii derecunoscute 13.040 6.486
Venituri din despagubiri si penalitati 7.363 2.928
9HQLWXULGLQUHYHUVDUHDDMXVWDULORUGHGHSUHFLHUHSHQWUXDF
WLYH - 1.987
corporale
Alte venituri 7.206 6.927
7RWDODOWHYHQLWXULRSHUDWLRQDOH
$OWHFKHOWXLHOLRSHUDWLRQDOH
Amortizarea activelor imobilizate in conservare -1.849 -1.290
Pierdere neta din cedarea de imobilizari -5.829 -4.424
Cheltuieli cu despagubiri. amenzi si penalitati -23.486 -3.332
Cheltuieli cu provizioanele pentru active corporale -1.160 -
Alte cheltuieli -3.370 -4.489
7RWDODOWHFKHOWXLHOLRSHUDWLRQD
OH
9HQLWXULOHGLQGDWRULLGHUHFXQRVFXWHUHSUH]LQWDGDWRULLSULYLQGWD[HOHORFDOHGHUHFXQRVFXWHVLLQUHJLVWUDWHSHYHQLWFDXUPDUHDXQ
XL
DXGLW¿VFDOHIHFWXDWGHDXWRULWDWHDQDWLRQDODODVXEVLGLDUD*UXSXOXLGLQ6LHUUD/HRQHLQ3HQWUXDQXODFHDVWDFDWH
JRULH include o suma de 4.234 mii RON reprezentand datorii vechi derecunoscute si inregistrate pe venit ca urmare a incheierii in 2014 a unui acord de
compensare intre una din societatile grupului si un partener tert.
In categoria "Venituri din despagubiri si penalitati" este inclusa suma de 6.707 mii RON reprezentand indemnizatii de asigurare primite
LQLQVSHFLDOSHQWUXSLHUGHULOHHFRQRPLFHFDX]DWHGHH[SOR]LDXQXLHFKLSDPHQWLQOXQDPDLDDQXOXLLQLQFLQWDGLYL]LH
LGH procesare a Societatii (in 2014 au fost incasate indemnizatii de asigurare in valoare de 1.408 mii RON ca si despagubire pentru echipamentul
avariat in cursul aceluiasi eveniment).
69
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Categoria "Alte venituri" include o suma de 1.591 mii RON (pentru anul 2014: 1.332 mii RON) reprezentand venituri din subventii care au
IRVWSULPLWHGLQIRQGXUL8(SHQWUXRLQYHVWLWLHLQWUROLQLHGH¿QLVDUHSURGXVH¿QLWHSURFHVDWHLQVLSHQWUXRLQYHVWLWLHLQHFKLSD
PHQWH
GHREWLQHUHDSURGXVHORUH[WUXGDWHLQVXEYHQWLLFDUHVHUHFXQRVFSHYHQLWXULOLQLDUSHGXUDWDGHYLDWDDLPRELOL]DULORUFRUSRUD
OH
respective.
In 2015, in categoria "Cheltuieli cu despagubiri, amenzi si penalitati" este inclusa suma de 21.239 mii RON, reprezentand constituirea
XQXLSURYL]LRQSHQWUXDPHQ]LVLSHQDOLWDWLLQGHFHPEULHFDXUPDUHDQRWL¿FDULL6RFLHWDWLLGHFDWUH&RQVLOLXO&RQFXUHQWHLSULYL
QG
aplicarea unei sanctiuni (pentru mai multe detalii a se consulta Nota 23).
3R]LWLD$OWHFKHOWXLHOLLQFOXGHFKHOWXLHOLGLYHUVHFDUHQXSRW¿DORFDWHDOWRUFDWHJRULL
&KHOWXLHOLFXGREDQ]LOH
Cheltuieli cu dobanzile -46.383 -46.578

Cheltuieli cu dobanzile si comisioanele aferente contractelor -11.105 -10.996
de factoring
7RWD
O
Cheltuiala cu dobanda include o suma de 5.649 mii RON (in 2014: 6.405 mii RON) reprezentand costuri tranzactionale pentru
imprumuturile obtinute sau prelungite, care se recunosc in timpul perioadei ca element de cheltuiala cu dobanda pe baza metodei
GREDQ]LLHIHFWLYH6XPDHIHFWLYSODWLWDDFRVWXULORUWUDQ]DFWLRQDOHLQDIRVWGHPLL521VLHVWHLQFOXVDLQ6LWXDWLDÀX[XUL
ORUGH trezorerie in categoria "Dobanzi platite" (in 2014: 4.914 mii RON).
$OWHFDVWLJXULSLHUGHUL¿QDQFLDUHQHW
H
4.617 3.005
Venituri din dobanzi
-3.228 -2.050
Comisioane bancare
- 244
&DVWLJGLQLQVWUXPHQWH¿QDQFLDUHGHULY
199 114
DWH
$OWHFDVWLJXUL¿QDQFLDUHQHWH
7RWDO
In venituri din dobanzi este inclusa o suma de 1.727 mii RON (in 2014: 231 mii RON) aferenta unui contract de imprumut incheiat de una
GLQVRFLHWDWLOHJUXSXOXLFX6RFLHWDWHDPDPDD*UXSXOXL$OUR9LPHWFR19DVHFRQVXOWDVL1RWD
1XVDLQUHJLVWUDWQLFLRVXPDGLQLQH¿FLHQWDLQVWUXPHQWHORUGHDFRSHULUHLPSRWULYDULVFXOXLLQVLWXDWLDGHSUR¿WVDXSLHUGHUH
VLD rezultatului global in anii incheiati la 31 decembrie 2015 si 2014. A se consulta si Nota 30 pentru mai multe detalii.
,PSR]LWSHSUR¿W
,PSR]LWXOSHSUR¿WUHFXQRVFXWLQSUR¿WVDXSLHUGHUH
,PSR]LWXOSHSUR¿WFXUHQW
&KHOWXLHOLFXLPSR]LWXOSHSUR¿WFXUHQW -1,556 -
,PSR]LWXOSHSUR¿WDPDQDW
,PSR]LWXOSHSUR¿WDPDQDWUHFXQRVFXWLQDQXOFXUHQW -9,634 124,384
,PSR]LWXOSHSUR¿WDPDQDWUHFODVL¿FDWGLQFDSLWDOXULSURSULLLQSUR¿WVDXSLHU
GHUH - 2,560
7RWDOLPSR]LWSHSUR¿W
70
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,PSR]LWXOSHSUR¿WDQXDOSRDWH¿UHFRQFLOLDWFXUH]XOWDWXOFRQWDELOGXSDFXPXUPHD]D
Rezultat inainte de impozitare 11.172 -190,520

Rata de impozit medie ponderata aplicabila pentru grup
,PSR]LWXOSHSUR¿WFDOFXODWODUDWDPHGLHSRQGHUDWD 364 34,521

Efectul veniturilor neimpozabile 353 131
Efectul cheltuielilor nedeductibile -9,195 -1,985
(IHFWXOXWLOL]DULLSLHUGHULORU¿VFDOHQHUHFXQRVFXWHDQWHULRU 128 7,054
3LHUGHUL¿VFDOHSHQWUXFDUHQXVDUHFXQRVFXWLPSR]LWDPDQDW -3.589 -5,483
,PSR]LWDPDQDWDIHUHQWSLHUGHULORU¿VFDOHQHUHFXQRVFXWLQDQLLDQWH
ULRUL - 72,132
Impozit amanat aferent diferentelor temporare deductibile nerecunoscut in anii anteriori 749 20,574
,PSR]LWXOSHSUR¿WUHFXQRVFXWLQFRQWXOGHSUR¿WVDXSLHUGHUH
5DWDGHLPSR]LWIRORVLWDSHQWUXUHFRQFLOLHULOHSHQWUX LGHPDLVXVHVWHFHDSODWLELOGHVRFLHWDWLOHGLQ5RPDQLD
L6LHUUD/HRQH
SHQWUXSUR¿WXULOHLPSR]DELOHvQFRQIRUPLWDWHFXOHJLVOD LD¿VFDO GLQMXULVGLF
LLOHUHVSHFWLYHDQXPHLQ5RPkQLDVLLQ6LHUUD
/HRQH5DWDGHLPSR]LWPHGLHSRQGHUDWDSHQWUX*UXSHVWHDIHFWDWDGHUDWHOHGHLPSR]LWDUHQDWLRQDOHVLGHUHJOHPHQWDULOHLQYL
JRDUH
SUHFXPVLGHVWUXFWXUDUH]XOWDWHORULQDLQWHGHLPSR]LWDUHDOH¿OLDOHORULQWDULOHXQGHDFHVWHDDXRSHUDWLXQLFDUHSRWYDULDGHODX
QDQOD altul. Valoarea negativa a ratei de impozit medii ponderate aplicabile pentru grup in 2015, a rezultat din aplicarea ratei de impozit mai
PDULOD6LHUUD0LQHUDO+ROGLQJV,/WGODSLHUGHUHD¿VFDODFDUHDHOLPLQDWHIHFWXOFKHOWXLHOLLFXLPSR]LWXOSHSUR¿WFDOFXODWSHQW
UX
companiile din Romania.
,QFKHOWXLHOLOHQHGHGXFWLELOHHVWHLQFOXVDVXPDGHPLL521UHSUH]HQWDQGHIHFWXO¿VFDOGHDODPHQ]LLQHGHGXFWL
ELOH recunoscute in decembrie 2015 ca urmare a sanctiunii impuse Societatii mama de catre Consiliul Concurentei (pentru mai multe detalii a se
consulta Nota 7 si Nota 23).
,QLPSR]LWXODPDQDWDIHUHQWSLHUGHULORU¿VFDOHQHUHFXQRVFXWLQDQLLDQWHULRULVHUHIHUDODSLHUGHULOH¿VFDOHUHSRUWDWHGLQDQLLDQWHU
LRUL GH$OURVL$OXPDFHVWD¿LQGLQVXPDGHPLL521SHQWUX$OURVLPLL521SHQWUX$OXPSHQWUXFDUH*UXSXODUHFXQRVFXWR
FUHDQWDDIHUHQWDLPSR]LWXOXLSHSUR¿WDPDQDWODGHFHPEULH
*UXSXOQXDUHFXQRVFXWFUHDQWHGLQLPSR]LWXOSHSUR¿WDPDQDWSHQWUXSLHUGHULLQVXPDGHPLL521LQPLL52
1
LDUHIHFWXO¿VFDODODFHVWRUDVLGDWDGHH[SLUDUHVXQWSUH]HQWDWHLQWDEHOXOXUP
DWRU
3LHUGHUL¿VFDOHFDUHH[SLUDLQ GHFHPEULH GHFHPEULH

In 1 an 1.934 -
1 - 2 ani 2.449 718
2 - 5 ani 19.190 10.504
Mai mult de 5 ani 60.219 58.885
7RWDO
$QDOL]DLPSR]LWXOXLSHSUR¿WDPDQDWSHQWUXDQLLLQFKHLDWLODGHFHPEULHVLHVWHSUH]HQWDWDP
DLMRV
GHFHPEULH
6ROGLQLWLD 5HFXQRVFXWL 5HFXQRVFXWL 5HFODVL¿FD 6ROG¿QD
O Q Q W O
FRQWXOGHSUR¿ DOWHHOHPHQ GLQFDSLWDOXU
W WH L
DOHUH]XOWDWXO SURSULLLQSUR¿
VDXSLHUGHUH XL W
FRQVROLGDW JOREDO VDXSLHUGHUH
FRQVROLGD
FRQVROLGDW W
Imobilizari corporale -12.091 -4.006 - - -16.097
Stocuri 5.442 -57 - - 5.385
Creante comerciale si alte active circulante -157 480 - - 323
Imprumuturi -16 16 - - -
Provizioane 5.006 348 - - 5.354
%HQH¿FLLSRVWDQJDMDUH 6.876 466 -1.102 - 6.240
,PSR]LWSHSUR¿WDPDQDWGLQSLHUGHUH¿VFDOD 124.095 -6.881 - - 117.214
&UHDQWHGDWRULLSULYLQGLPSR]LWXOSHSUR¿WDP
DQDW -
71
H
GHFHPEULH
5HFXQRVFXWL 5HFXQRVFXWL 5HFODVL¿FD 6ROG¿QD
6ROGLQLWLDO Q Q W O
FRQWXOGHSUR¿ DOWHHOHPHQ GLQFDSLWDOXU
W WH L
DOHUH]XOWDWXO SURSULLLQSUR¿
VDXSLHUGHUH XL W
FRQVROLGDW JOREDO VDXSLHUGHUH
FRQVROLGD FRQVROLGD
W W
Imobilizari corporale -15.741 3.650 - - -12.091
Stocuri 938 4.504 - - 5.442
Creante comerciale si alte active circulante -1.261 1.104 - - -157
Imprumuturi -40 24 - - -16
Furnizori si alte datorii 220 -220 - - -
Provizioane 1.457 3.549 - - 5.006
%HQH¿FLLSRVWDQJDMDUH 924 5.334 618 - 6.876
,PSR]LWSHSUR¿WDPDQDWGLQSLHUGHUH¿VFDOD 15.119 108.976 - - 124.095
,QVWUXPHQWH¿QDQFLDUHGHULYDWH - 23 2.537 -2.560 -
&UHDQWHGDWRULLSULYLQGLPSR]LWXOSHSUR¿WDP
DQDW
,PSR]LWXOSHSUR¿WDPDQDWGLQSLHUGHUH¿VFDODHVWHDIHUHQWLQSULQFLSDO6RFLHWDWLLPDPDFRQGXFHUHDFRQVLGHUDQGFDYRUH[LVWDVX¿
FLHQWH
SUR¿WXULLPSR]DELOHLQYLLWRUSHQWUXDXWLOL]DDFHVWHSLHUGHUL¿VFDOH3UR¿WXULOHYLLWRDUHLPSR]DELOHDXIRVWSUHYL]LRQDWHSHED]DSODQXOX
L de afaceri al Alro intocmit de conducere, care acopera o perioada de 8 ani. Ipotezele principale luate in calcul sunt cresterea vanzarilor
LQPHGLHFXSHDQPDUMD(%,7'$GHVLPDUMDSUR¿WXOXLLQDLQWHGHLPSR]LWDUHGHSHDQ9DORULOHDWULEXLWHYDULDEL
OHORU
FKHLHIRORVLWHODFDOFXOXOSUR¿WXULORULPSR]DELOHUHÀHFWDH[SHULHQWDDQWHULRDUDVXQWFRQVHFYHQWHFXVXUVHGHLQIRUPDWLHH[W
HUQHVLVH
ED]HD]DSHDVWHSWDULOHFRQGXFHULLSULYLQGHYROXWLDSLHWHL8UPDUHHVWLPDULORUFRQGXFHUHDVHDVWHDSWDVDXWLOL]H]HWRDWHSLHUGHULOH¿VF
DOH
DFXPXODWHGLQWUHFXWIDWDGHSUR¿WXULOHLPSR]DELOHLQWUHDJDVXPDDSLHUGHULORU¿VFDOHUHSRUWDWH¿LQGHVWLPDWDD¿IRORVLWDSDQDODVIDUV
LWXO
DQXOXL2VFDGHUHFXDSURFHQWXOXLGHFUHVWHUHDYDQ]DULORUSUHYL]LRQDWHDUUH]XOWDLQGHUHFXQRDVWHUHDFUHDQWHLSULYLQGLPSR]L
WXO SHSUR¿WDPDQDWLQVXPDGHPLL521RVFDGHUHFXDPDUMHL(%,7'$SUHYL]LRQDWHDUGLPLQXDFUHDQWDSULYLQGLPSR]LWXOSH
SUR¿WDPDQDWFXPLL521LDURVFDGHUHFXDPDUMHLSUR¿WXOXLLQDLQWHGHLPSR]LWDUHDUGLPLQXDFUHDQWDSULYLQGLPSR]LWXOSH
SUR¿WDPDQDWFXPLL521
5H]XOWDWXOSHDFWLXQH
Rezultat net atribuibil actionarilor Societatii -18 -63.576

Numar mediu ponderat de actiuni ordinare 713.779.135 713.779.135
Rezultat pe actiune de baza si diluat (RON/actiune) -0.000 -0.089
Dividende declarate pe actiune (RON/actiune) - -
Rezultatul pe actiune de baza si cel diluat sunt identice, intrucat Societatea mama nu are titluri cu potential de
diluare. In 2015 si 2014, Societatea mama nu a distribuit dividende pentru anul 2014 si respectiv 2013.
In anul 2015 a fost platita suma de 51.755 mii RON (2014: 0) reprezentand dividende declarate in 2012 si amanate la plata catre
DFWLRQDUXOPDMRULWDU9LPHWFR19VLVXPDGHPLL521UHSUH]HQWDQGGLYLGHQGHGHFODUDWHLQDQLLDQWHULRULFDWUHDOWLDFWLRQDULP
LL
RON). Pentru mai multe detalii a se vedea Nota 28.
72
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,PRELOL]DULFRUSRUD
OH
7HUHQXU ,QVWDOD (FKLSDPHQW ,PRELOL]DU
L &ODGLUL LL H L $YDQVXUL 7RWDO
SHQWUXDFWLY
LDOWH WHKQLFH L LYHKLFXOH FRUSRUDOH H
FRQVWUXF
LL PD LQL vQFXUVGH LPRELOL]DWH
VSHFLDOH H[HFX LH
&RV
W
/DLDQXDULH -
Intrari - 1.374 5.822 6.278 84.685 239

Iesiri - -4.055 -25.800 -21.056 - -
7UDQVIHULQWUHFDWHJRULL - -107.706 170.920 23.119 -85.018 -110
$MXVWDULGHFRQYHUVLH - 1.770 3.018 7.924 683 -
/DGHFHPEULH
Intrari - 2.122 9.642 6.175 82.140 1.563

Iesiri - -17.823 -4.900 -19.987 - -
7UDQVIHULQWUHFDWHJRULL - 5.474 56.730 19.378 -80.953 -629 -
$MXVWDULGHFRQYHUVLH - 2.024 3.387 8.422 995 -
/DGHFHPEULH
$PRUWL]DUHFXPXODWD
/DLDQXDULH - - -
Cheltuiala cu amortizarea - -15.580 -61.923 -24.984 - -

Amortizare cumulata aferenta iesirilor - 3.965 23.984 16.164 - -
7UDQVIHULQWUHFDWHJRULL - 105.440 -105.424 -16 - - -
$MXVWDULGHFRQYHUVLH - -661 -1.934 -4.645 - -
/DGHFHPEULH - - -
Cheltuiala cu amortizarea - -16.394 -75.753 -25.456 - -

Amortizare cumulata aferenta iesirilor - 11.229 4.388 15.836 - -
7UDQVIHULQWUHFDWHJRULL - - 39 -39 - - -
$MXVWDULGHFRQYHUVLH - -814 -2.377 -5.213 - -
/DGHFHPEULH - - -
$MXVW
ULSHQWUXGHSUHFLHUH
/DLDQXDULH - -
5HOXDULDOHDMXVWDULORUGHGHSUHFLH
UHD
UHFXQRVFXWHLQSUR¿WVDXSLHUGH
UH - 1.379 607 1 - -
7UDQVIHUXULLQWUHFDWHJRULL - 1.413 -1.413 - - - -
/DGHFHPEULH - -
$MXVWDULGHGHSUHFLHUHUHFXQRVFXWH
LQ
SUR¿WVDXSLHUGHUH - - - - -1,714 -
5HOXDULDOHDMXVWDULORUGHGHSUHFLH
UH
UHFXQRVFXWHLQSUR¿WVDXSLHUGH
UH - 471 - 83 - -
7UDQVIHUXULLQWUHFDWHJRULL - - 1.160 -1.160 - - -
Iesiri - 3.017 234 219 - -
/DGHFHPEULH - -
9DORDUHFRQWDELODQHWD
/DGHFHPEULH
/DGHFHPEULH
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PLL521
(2014: 1.026 mii RON).
In valoarea neta contabila a instalatiilor tehnice este inclusa suma de 3.433 mii RON reprezentand costul indatorarii capitalizat
in conformitate cu IAS 23 "Costurile indatorarii, revizuit" (2014: 3.775 mii RON). In 2015, nu a fost capitalizata cheltuiala cu
dobanda in valoarea neta contabila a instalatiilor tehnice (2014: 171 mii RON).
/DGHFHPEULHLPRELOL]DULFRUSRUDOHFXRYDORDUHFRQWDELODQHWDGHPLL521PLL521VXQWJDMDWH
SHQWUXDJDUDQWDLPSUXPXWXULOHFRQWUDFWDWHGHFDWUH*UXS1RWD
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RON).
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24.990 mii RON).
Suma de 109.811 mii RON reprezentand amortizarea imobilizarilor corporale a fost inregistrata in ,,Costul bunurilor vandute"
(2014: 94.928 mii RON).
/DGHFHPEULH*UXSXODUHDOL]DWRDQDOL]DSULYLQGGHSUHFLHUHDLPRELOL]DULORUFRUSRUDOHSHQWUXDFWLYHOHFXLQGLFD
WRULGH
depreciere. In urma analizei, valoarea recuperabila a imobilizarilor corporabile a fost mai mare decat valoarea lor contabila si astfel nu
VDLQUHJLVWUDWRFKHOWXLDODFXGHSUHFLHUHDLPRELOL]DULORUFRUSRUDOH7HVWXOGHGHSUHFLHUHDUHODED]DXQUDSRUWGHHYDOXDUHHIHFWXD
WGH catre un evaluator independent.
Valoarea recuperabila a unitatii generatoare de numerar Alro a fost determinata pe baza unui calcul privind valoarea de piata a unitatii
JHQHUDWRDUHGHQXPHUDUPLQXVFRVWXOGHYDQ]DUHLQFDUHVDXXWLOL]DWÀX[XULGHQXPHUDUYLLWRDUHSHED]DSODQXOXLGHDIDFHULSHQWU
X
XUPDWRULLDQLHVWLPDWGHFRQGXFHUHDFRPSDQLHL)OX[XULOHGHQXPHUDUGHGXSDDFHDVWDSHULRDGDDXIRVWH[WUDSRODWHIRORVLQGRU
DWD
GHFUHVWHUHGHSHDQLQFRQIRUPLWDWHFXSUHYL]LXQLOHSULYLQGUDWDLQÀDWLHL0DUMD(%,7'$DIRVWHVWLPDWDODSHQWUXXUPDWRULL
DQLFUHVFDQGGXSDDFHDVWDSHULRDGDODXQQLYHOQRUPDOGHVLUDPDQDQGFRQVWDQWDODDFHDVWDYDORDUHSHWHUPHQQHOLPLWDW
(YDOXDUHDODYDORDUHDMXVWDVHLQFDGUHD]DSHQLYHOXODOLHUDUKLHGHPDVXUDUHSHED]DLSRWH]HORUIRORVLWHLQWHKQLFLOHGHHYD
OXDUHDVH vedea Nota 30).
Variabilele cheie folosite pentru calculul unitatii generatoare de numerar Alro sunt:
Rata de discount, dupa-impozitare

Rata de crestere, media urmatorilor 8 ani (2014: 6 ani)
0DUMD(%,7'$PHGLDXUPDWRULORUDQLDQL
9DORDUHDUHFXSHUDELODHVWLPDWDDXQLWDWLLJHQHUDWRDUHGHQXPHUDU$OURDGHSDVLWYDORDUHDVDFRQWDELODFXDSUR[LPD
WLYPLL521
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Rata de crestere, media urmatorilor 8 ani
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OSULYLQG
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XPHUDU
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W
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QWUX
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GH
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KLHGH masurare pe baza ipotezelor folosite in tehnicile de evaluare (a se vedea Nota 30).
Variabilele cheie folosite pentru calculul unitatii generatoare de numerar Sierra Leone sunt:

Rata de crestere, media urmatorilor 5 ani
0DUMD(%,7'$PHGLDXUPDWRULORUDQL
9DORDUHDUHFXSHUDELODHVWLPDWDD8*16LHUUD/HRQHDGHSDVLWYDORDUHDVDFRQWDELODFXDSUR[LPDWLYPLL521
PLL521&HDPDLVHQ]LWLYDYDULDELODFKHLHIRORVLWDODDQDOL]DGHGHSUHFLHUHD8*16LHUUD/HRQHHVWHPDUMD(%,7'$2UHGXFHUHD
PDUMHLODDUUH]XOWDLQYDORDUHDUHFXSHUDELODHVWLPDWDDLPRELOL]DULORUFRUSRUDOHVD¿HHJDODFXYDORDUHDFRQWDELOD
3HQWUXFHOHODOWHYDULDELOHFRQGXFHUHDDFRQVLGHUDWFDQXH[LVWDPRGL¿FDULSRVLELOHLQPRGUH]RQDELOFDUHVDFRQGXFDODRGHSUHF
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XFDODR depreciere a imobilizarilor corporale.
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Intrari - 779 -
Iesiri - -41 -
7UDQVIHUXULGLQDOWHFDWHJRULL - - -1.302
$MXVWDULGHFRQYHUVLH - 1.598 -
/DGHFHPEULH
Intrari - 752 -
Iesiri -6.359 -9 -13
$MXVWDULGHFRQYHUVLH - 1.715 -
/DGHFHPEULH -
$PRUWL]DUHFXPXODWD
/DLDQXDULH -
Amortizarea anului -1.271 -2.640 -

Amortizare cumulata aferenta iesirilor - 41 -
7UDQVIHUXUL -375 375 - -
$MXVWDULGHFRQYHUVLH - -1.321 - -1.321
/DGHFHPEULH -
Amortizarea anului -1.042 -2.989 -

Amortizare cumulata aferenta iesirilor 6.359 1 -
$MXVWDULGHFRQYHUVLH - -1.521 -
/DGHFHPEULH -
/DGHFHPEULH
/DGHFHPEULH - -
,QDQXOJUXSXODUHFODVL¿FDWRVXPDGHPLL521GLQFDWHJRULD$YDQVXULSHQWUXLPRELOL]DULQHFRUSRUDOHLQFDWHJ
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Sold la 1 ianuarie 149.854 138.993
Diferente de curs valutar 11.596 10.861
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Sold la 1 ianuarie -66.139 -63.225
Diferente de curs valutar -3.110 -2.914
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Fondul comercial este alocat unitatilor generatoare de numerar la 31 decembrie 2015 si 2014 dupa cum urmeaza (dupa evaluarea la
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HSH baza variabilelor folosite in metodologia respectiva (a se vedea Nota 30).
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VLHVWLPDULORUIRORVLWHSHQWUXPDVXUDUHDYDORULLUHFXSHUDELOHDXQLWDWLLJHQHUDWRDUHGHQXPHUDU$OUR*UXSUHÀHFWDH[SHULHQWDDQWH
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Rata de crestere (media pe urmatorii 6 ani)
0DUMD(%,7'$PHGLDSHXUPDWRULLDQL
5DWDGHGLVFRXQWHVWHPHGLDSRQGHUDWDDFRVWXOXLFDSLWDOXOXLDIHUHQWXQLWDWLLJHQHUDWRDUHGHQXPHUDUGHFDOFXOD
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XQRUFRH¿FLHQWLEHWDDLFRPSDQLLORUFRPSDUDELOHGLQLQGXVWULHVLXQFRVWDOGDWRULHLSRVWWD[HGHSRQGHUDWHLQED]DXQXLJUDGG
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WGVXQW

Rata de crestere (media pe urmatorii 9 ani)
0DUMD(%,7'$PHGLDSHXUPDWRULLDQL
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DFWHSH termen lung, dar si pe intentia companiei de a isi dezvolta vanzarile catre terti. Rata de crestere de dupa perioada de 5 ani mentionata a
IRVWHVWLPDWDDSUR[LPDWLYLQFRQFRUGDQWDFXLQÀDWLDSUHYL]LRQDWDGH
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Valoarea recuperabila estimata a unitatii generatoare de numerar Alro S.A. a fost mai mare decat valoarea neta contabila cu
DSUR[LPDWLYPLL521LQPLL521LDUSHQWUXXQLWDWHDJHQHUDWRDUHGHQXPHUDU*OREDO$OXPLQLXP/WG&X
DSUR[LPDWLYPLL521LQPLL5217DEHOXOXUPDWRUSUH]LQWDYDORDUHDSDQDODFDUHDUWUHEXLVDVHPRGL¿F
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DELOD
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Rata de crestere
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Depozite colaterale 45.049 -
Sume platite in avans 19.921 -
Alte active pe termen lung 10 14
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Depozitele colaterale reprezinta numerar detinut in conturi bancare pana in decembrie 2017 ca garantie pentru un imprumut de tip
UHYROYLQJVLRIDFLOLWDWHQRQFDVKFRQWUDFWDWHGH*UXS/DGHFHPEULHDFHVWHDDXIRVWFODVL¿FDWHGLQ1XPHUDUUHVWULFWLR
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"Alte active pe termen lung" datorita termenului mai mare de un an pana la scadenta depozitelor (a se consulta si Nota 19
"Numerar si echivalente de numerar").
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La 31 decembrie 2015, categoria "Sume platite in avans" reprezinta suma platita pentru respectarea legislatiei privind promovarea prin
FHUWL¿FDWHYHU]LDHQHUJLHLSURGXVHGLQVXUVHUHJHQHUDELOHFHVHHVWLPHD]DFDYDSXWHD¿UHFXSHUDWDLQFHSDQGFXD
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0DWHULLSULPHVLPDWHULDOHDX[LOLDUH 268.818 265.751
3URGXFWLDLQFXUVGHH[HFXWLH 165.504 194.655
3URGXVH¿QLWH 224.163 176.378
0LQXVDMXVWDULSHQWUXGHSUHFLHUH -35.573 -26.068
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Sold la inceputul anului -26.068 -41.873

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-10.514 -1.770
$MXVWDULSHQWUXGHSUHFLHUHUHYHUVDW 2.187 18.646
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Creante comerciale din alte tari 31.667 17.373
Creante comerciale din Romania 28.381 25.212
$MXVWDULSHQWUXGHSUHFLHUHDFUHDQWHORU -2.147 -1.769
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XOXLVL prin urmare derecunoaste creantele vandute la data transferului, recunoscand comisioanele de factoring si dobanda aferenta la data achitarii acestora.
Plafoanele disponibile prin contractele de factoring la 31 decembrie 2015 au totalizat 539.000 mii RON (la 31 decembrie 2014: 510.000
PLL521GLQFDUHDSUR[LPDWLYPLL521HUDXXWLOL]DWLODGHFHPEULHPLL521
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DUH creanta a fost acordata initial pana la data raportarii.
$VWIHOFRQGXFHUHD*UXSXOXLFRQVLGHUDFDQXVXQWQHFHVDUHDOWHDMXVWDULSHQWUXGHSUHFLHUHDFUHQWHORULQGRLHOQLFHGHFDWFHOHFDUHDXI
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78
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Sold la inceputul anului -1.769 -1.371

&KHOWXLDODFXDMXVWDULSHQWUXGHSUHFLH
UH
-378 -519
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- 121
WH
7DEHOXOGHPDLMRVSUH]LQWDRDQDOL]DDFUHDQWHORUFRPHUFLDOHGXSDYHFKLPH
GHFHPEULH GHFHPEULH
Nescadente si nedepreciate 48.213 28.661
Scadente dar nedepreciate 9.091 11.536
Scadente si depreciate 2.744 2.388
0LQXVDMXVWDULSHQWUXGHSUHFLHUHDFUHDQWHORULQFHUWH -2.147 -1.769
7RWDO
&UHDQWHOHFDUHVXQWWUHFXWHGHVFDGHQWDGDUSHQWUXFDUHQXVDXFRQVWLWXLWDMXVWDULGHGHSUHFLHUHODGDWDUDSRUWDULLVXQWXUPDWR
DUHOH
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Mai putin de 3 luni 3.116 10.568
intre 3 luni si 6 luni 1.584 558
Mai mult de 6 luni 4.391 410
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se consulta si Nota 30 0DQDJHPHQWXOULVFXOXL pentru mai multe detalii.
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79$GHUHFXSHUDW 65.792 61.257
Alte active curente 17.299 5.668
Avansuri catre furnizori 7.858 2.828
Cheltuieli in avans 8.889 6.699
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-93 -136
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Sold la inceputul anului -136 -92

9HQLWGLQFKHOWXLDODFXDMXVWDULSHQWUXGHSUHFLHUH 43 -44
1XPHUDUVLHFKLYDOHQWHGHQXPHUDU
GHFHPEULH GHFHPEULH
Conturi la banci in RON 25.573 44.867
Conturi la banci in valuta 105.353 63.257
Numerar in casa 46 37
7RWD
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sau la banci cu capital privat cu o buna reputatie prezente in Romania.
79
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DFHVWD
GHFHPEULH GHFHPEULH
Numerar restrictionat 3.230 45.600
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Numerarul restrictionat la 31 decembrie 2015 include o suma de 3.000 mii RON ce reprezinta garantie pentru facilitatea de credit in
VXPDGHPLL521REWLQXWDGH6RFLHWDWHDPDPDLQGHODREDQFDFRPHUFLDODSHQWUXSODWDGHFHUWL¿FDWHYHU]LDIHUHQW
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In anul 2014, din numerarul restrictionat o suma de 44.964 mii RON consta in depozite colaterale pentru o facilitate de credit de tip
revolving in suma de 180.000 mii RON si pentru o facilitate de tip non-cash in suma de 10.000 mii EUR obtinute de Societatea mama.
&DXUPDUHDSUHOXQJLULLDFHVWRUIDFLOLWDWLGHFUHGLWSDQDLQGHFHPEULHODGHFHPEULHQXPHUDUXOUHVWULFWLRQDWDIRVWFODVL¿FD
W in categoria "Alte active pe termen lung" (pentru mai multe detalii a se consulta Nota 22).
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Capitalul social al societatii mama, emis si varsat la 31 decembrie 2015 si 2014 are urmatoarea structura (valori inregistrate la
Registrul Comertului):
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521
Vimetco N.V. 600.929.084 300.465 84,19
Fondul Proprietatea 72.884.714 36.442 10,21
Conef S.A. 26.901.571 13.451 3,77
Altii 13.063.766 6.532 1,83
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Fiecare actiune ordinara este purtatoare de 1 vot si da dreptul la dividende.
'LIHUHQWDGLQWUHYDORDUHDQRPLQDODVLYDORDUHDUDSRUWDWDFRQIRUP,)56FRQVWDLQDMXVWDULGHKLSHULQÀDWLHFDUHDXIRVWLQUHJL
VWUDWH conform IAS 29
5DSRUWDUHD¿QDQFLDUDLQHFRQRPLLOHKLSHULQÀDWLRQLVWHSDQDODGHFHPEULHPDLSXWLQVXPDPHQWLRQDWDPDLMRV
In martie 2014, s-a aprobat in Adunarea Actionarilor a Sociatatii mama acoperirea pierderii contabile reportate generata de aplicarea
prevederilor IAS 29 5DSRUWDUHD¿QDQFLDUDLQHFRQRPLLKLSHULQÀDWLRQLVWH prin utilizarea sumei de 547.000 mii RON din
contul "$MXVWDULDOH FDSLWDOXOXLVRFLDO, incluse la pozitia &DSLWDOVRFLDO´, in rezultatul reportat. Aceasta utilizare este
bazata pe reglementarile in vigoare in Romania privind acoperirea pierderilor contabile si nu afecteaza totalul capitalurilor proprii.
$OWHUH]HUYH
GHFHPEULH GHFHPEULH
Rezerve legale 79.710 79.342
Alte rezerve 283.935 283.935
Rezerve din conversie -24.484 125
7RWD
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5H]HUYHOHOHJDOHVXQWFRQVWLWXLWHFRQIRUPOHJLLLQOLPLWDDGLQFDSLWDOXOVRFLDOVXEVFULVVLYDUVDWDO6RFLHWDWLLVXQWQHGLVWULEXLELO
HVL QXSRW¿XWLOL]DWHGHFDWLQVWULFWDFRQFRUGDQWDFXOHJHD
$OWHUH]HYHFXSULQGLQVSHFLDOVXPHUH]XOWDQGGLQIDFLOLWDWL¿VFDOHREWLQXWHLQDQLLUHSDUWL]DULGLQSUR¿WSHQWUXIRQGXOGH dezvoltare
efectuate pana in anul 2000 si din aplicarea IAS 29.
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PRQHGD
functionala diferita de RON.
,PSUXPXWXULVLOHDVLQJ¿QDQFLDU
GHFHPEULH GHFHPEULH
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Imprumuturi de la banci pe termen lung 880.799 786.736
Minus: portiunea pe termen scurt -91.929 -704.126
,PSUXPXWXULGHODEDQFLSHWHUPHQOXQJWRWDO
,PSUXPXWXULGHODHQWLWDWLD¿OLDWH1RWD - 24.595
/HDVLQJ¿QDQFLDU 1.983 900
7RWDOLPSUXPXWXULVLOHDVLQJ¿QDQFLDUSHWHUPHQOXQJ
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Imprumuturi pe termen scurt de la banci 21.172 413
Portiunea pe termen scurt a imprumuturilor pe termen lung 91.929 704.126
,PSUXPXWXULGHODEDQFLSHWHUPHQVFXUWWRWDO
,PSUXPXWXULGHODHQWLWDWLD¿OOLDWH1RWD 29.027 -
/HDVLQJ¿QDQFLDU 725 403
7RWDOLPSUXPXWXULVLOHDVLQJ¿QDQFLDUSHWHUPHQVFXUW
7RWDOLPSUXPXWXULVLOHDVLQJ¿QDQFLDU
,QGHFHPEULH*UXSXODVHPQDWXQFRQWUDFWGHLPSUXPXWGHWLSUHYROYLQJLQVXPDGHPLL86'FXXQVLQGLFDWGH
EDQFL
FXPDWXULWDWHDLQGHFHPEULHVLFXSRVLELOLWDWHDGHSUHOXQJLUHLQFDXQDQSULQFDUHLQSULQFLSDODUH¿QDQWDWLPSUXPXWXO
VFDGHQW de tip revolving de 120.000 mii USD obtinut de la Banca Europeana de Recontructie si Dezvoltare in august 2010. La 31 decembrie 2015, era
trasa intreaga facilitate in valoare de 137.000 mii USD.
7RWLQGHFHPEULH*UXSXODVHPQDWRIDFLOLWDWHGHFUHGLWLQVXPDGHPLL86'FX%ODFN6HD7UDGHDQG'HYHORSP
HQW
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ODWD ratelor. La 31 decembrie 2015, suma trasa din acest imprumut era de 15.000 mii USD.
'HDVHPHQHD*UXSXODVHPQDWLQGHFHPEULHSUHOXQJLUHDSDQDLQGHFHPEULHDXQXLDOWLPSUXPXWGHWLSUHYROYLQJ
LQ
VXPDGHPLL521REWLQXWGHODREDQFDFRPHUFLDODLQGHFHPEULH/DGHFHPEULH*UXSXODYHDLQWUHDJD
facilitate in suma de 180.000 mii RON utilizata pentru capitalul de lucru.
,QPDUWLH*UXSXODVHPQDWRIDFLOLWDWHGHFUHGLWFXREDQFDFRPHUFLDODLQVXPDGHPLL521SHQWUXFDSLWDOXOGHOXFUX
UDPEXUVDELODLQUDWHOXQDUHVLFXVFDGHQWD¿QDODLQPDUWLH$FHDVWD¿QDQWDUHDIRVWXWLOL]DWDSHQWUXDFKL]LWLDGHFHUWL¿FDWH
YHU]LDIHUHQWHFRWHLDQXOXLSODWDDFHVWRUDJHQHUDQGVFDGHUHDVHPQL¿FDWLYDDGDWRULLORUGLQFDWHJRULD'DWRULLFRPHUFLDOHVLD
OWH datorii" la 31 decembrie 2015 comparativ cu 31 decembrie 2014 (pentru mai multe detalii a se consulta si Nota 26).
'LQIDFLOLWDWHDGH¿QDQWDUHQRQFDVKSHQWUXDFUHGLWLYHVLVFULVRULGHJDUDQWLHLQYDORDUHGHPLL(85SUHOXQJLWDLQGHFHPE
ULH
SDQDLQGHFHPEULH*UXSXODYHDODGLVSR]LWLHPLL521ODGDWDGHGHFHPEULHPLL521OD decembrie 2014).
,QPDLRVXEVLGLDUDD*UXSXOXLDREWLQXWR¿QDQWDUHGHODREDQFDFRPHUFLDODORFDODLQVXPDGHPLL6//
(echivalentul a 4.954 mii RON) pentru capitalul de lucru, avand maturitatea la 30 mai 2016.
,PSUXPXWXULOHEDQFDUHDOH*UXSXOXLDXVFDGHQWDSDQDLQDQXOLDUUDWHOHGREDQ]LLDIHUHQWHDXIRVWFXSULQVHLQLQWU
H SHQWUX(85VLSHQWUX6//6LHUUD/HRQH/HRQHVLQLQWUHSHQWUX(85VLSHQWUX6//
3HQWUXH[SXQHUHD*UXSXOXLODULVFXOGHGREDQGDDVHYHGHD1RWD
81
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&RQIRUPFRQWUDFWHORUGHLPSUXPXWFXUHQWH*UXSXOHVWHVXSXVDQXPLWRUFRQGLWLLUHVWULFWLYH$FHVWHFRQGLWLLVROLFLWDJUXSXOXL
SULQWUHDOWHOHVDQXSODWHDVFDGLYLGHQGHDFWLRQDULORUGHFDWGXSDLQGHSOLQLUHDXQRUFRQGLWLLVDPHQWLQDXQQLYHOPLQLPVDXP
D[LP
SHQWUXDQXPLWLLQGLFDWRUL¿QDQFLDULLQFOX]DQGUDWDGHDFRSHULUHDVHUYLFLXOXLGDWRULHLJUDGXOGHLQGDWRUDUHOLFKLGLWDWHDFXUHQWD
UDWD PLQLPDGHLQGDWRUDUHLQUDSRUWFX(%,7'$UH]XOWDWLQDLQWHGHLPSR]LWDUHGHDOWHFDVWLJXULVLSLHUGHUL¿QDQFLDUHGHDPRUWL]DUHVL
depreciere), raportul dintre capitaluri proprii si active corporale si acoperirea dobanzii.
/DGHFHPEULHXQHOHGLQFRPSDQLLOH*UXSXOXLQXVHLQFDGUDXLQWRWLLQGLFDWRULL¿QDQFLDULLPSXVLSULQFRQWUDFWHOHFXEDQFL
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Companiile respective au discutat aceasta situatie cu bancile si au obtinut derogarile necesare. Intrucat derogarile necesare au fost
SULPLWHXOWHULRUSHULRDGHLGHWHVWDUHDJUHDWHFXEDQFLOH*UXSXODFODVL¿FDWRVXPDGHPLL521UHSUH]HQWDQGLPSUXPXWXUL
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scadenta dupa anul 2016 din "Imprumuturi pe termen lung" in "Portiunea pe termen scurt a imprumuturilor pe termen lung".
,PSUXPXWXULOH*UXSXOXLVXQWJDUDQWDWHFXFUHDQWHFRQWXULFXUHQWHGHVFKLVHODEDQFLOHFUHGLWRDUHLPRELOL]DULFRUSRUDOHWHU
HQXUL cladiri, echipamente) cu valoare neta contabila mai mare de 10.000 USD, anume 780.854 mii RON (la 31 decembrie 2014: 803.720 mii RON) si cu stocuri in
valoare de 476.818 mii RON (la 31 decembrie 2014: 446.429 mii RON) si cu actiunile detinute de
6RFLHWDWHDPDPDLQ¿OLDOHOHVDOH$OXPVL&RQHI
8QSURFHQWGHGLQDFWLXQLOH$OUR6$GHWLQXWHGHDFWLRQDUXOPDMRULWDU9LPHWFR19HVWHJDMDWODEDQFLFUHGLWRDUHLQYL
UWXWHD
FRQWUDFWHORUGHLPSUXPXWLQFKHLDWHFXDFHVWHD8QDOWSURFHQWGHGLQDFWLXQLOH$OUR6$GHWLQXWHGH9LPHWFR19HVWHJD
MDWOD o alta banca creditoare pentru a garanta un imprumut luat de societatea mama de la aceasta banca.
*UXSXOHVWLPHD]DFDYDORDUHDMXVWDDLPSUXPXWXULORUVLDREOLJDWLLORUGHOHDVLQJ¿QDQFLDUQXHVWHVHPQL¿FDWLYGLIHULWDGHYDORD
UHDORU
FRQWDELODGDWRULWDREWLQHULLPDMRULWDWLLDFHVWRUDLQDSURSLHUHDGDWHLGHGHFHPEULHLQFRQGLWLLFRPHUFLDOHGHSLDWD9DORD
UHD MXVWDDDFHVWRUDVHLQFDGUHD]DSHQLYHOXODOLHUDUKLHLGHPDVXUDUHDYDORULLMXVWH
&RQWUDFWHOHGHOHDVLQJ¿QDQFLDUDXFDRELHFWHFKLSDPHQWHVLYHKLFXOHFXWHUPHQHGHOHDVLQJGHSDQDODDQL9DORDUHDFRQ
WDELOD
DDFWLYHORUGHWLQXWHFXWLWOXGHOHDVLQJ¿QDQFLDUHVWHGHPLL521ODGHFHPEULHVLGHPLL521ODGHFHPEU
LH
2014.
Sumele minime de plata pentru leasing sunt urmatoarele:
'HFHPEULH 'HFHPEULH
5DWHGHOHDVLQJFXPDWXULWDWHD
In mai putin de 1 an 813 456
Intre 1 si 5 ani 2.092 969
7RWDOUDWHGHOHDVLQJ
Mai putin: dobanda viitoare 197 122

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din care:
Obligatii de leasing pe termen scurt (mai putin de 1 an) 725 403
Obligatii de leasing pe termen lung (intre 1 si 5 ani) 1.983 900
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Provizioane suplimentare recunoscute 181 - -

Cheltuiala cu provizionul - 1.204 -
Cheltuiala cu dobanda - 1.203 -
Utilizarea provizioanelor -216 - -
$MXVWDUHGHFRQYHUVLH - 1.067 -
6ROGODGHFHPEULH -
din care:
pe termen scurt 7.987 - -
pe termen lung - 27.221 -
Provizioane suplimentare recunoscute - 1.557 21.319

Cheltuiala cu dobanda - 1.112
Utilizarea provizioanelor -1.203 -
Provizioane reversate -455 -
$MXVWDUHGHFRQYHUVLH - 1.155
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din care:
pe termen scurt 6.329 - 21.319
pe termen lung - 31.045 -
Din provizioanele pentru litigii, o suma de 6.300 mii RON a fost constituita pentru litigii civile privind utilizarea de produse de
proprietate intelectuala. Incertitudinile legate de acest provizion pentru litigii sunt generate de faptul ca practica instantelor
MXGHFDWRUHVWLLQVSHFLDOLQGRPHQLXOSURSULHWDWLLLQWHOHFWXDOHHVWHQHXQLWDUDLDUOHJLVODWLDURPDQHDVFDFXSULYLUHODSURSULHWDW
HD
LQWHOHFWXDODQXDIRVWSHGHSOLQDOLQLDWDOHJLVODWLHLHXURSHQH'HDVHPHQHDDYDQGLQYHGHUHFRPSOH[LWDWHDDFHVWRUOLWLJLLSU
HFXPVL
PRGXOQHXQLIRUPGHSURJUDPDUHDWHUPHQHORUGHMXGHFDWDGHFDWUHLQVWDQWH*UXSXODHVWLPDWDFHVWSURYL]LRQFD¿LQGFRQVWLWX
LWSH termen scurt.
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HXUL
LQXVWULDOH,QFRQIRUPLWDWHFXUHJOHPHQWDULOHGHPHGLXWHUHQXULOHUHVSHFWLYHWUHEXLHUHDELOLWDWHSDQDODRGDWDVSHFL¿FDW
DLQ autorizatiile primite.
Provizioanele au fost determinate pe baza cheltuielilor cu lucrarile respective de reabilitare estimate pentru momentul cand
DFHVWHDYRU¿HIHFWXDWHDFWXDOL]DWHODYDORDUHDSUH]HQWDODGHFHPEULHVLUHSUH]LQWDFRVWXULOHLQUHJLVWUDWHGHVXEV
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HVH
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HDPDPD
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1
In luna ianuarie 2016 Societatea mama a luat la cunostinta concluziile investigatiei Consiliului Concurentei cu privire la contractele
incheiate cu Hidroelectrica, inclusiv aplicarea unei amenzi in suma de 21.239 mii RON pentru Alro. Desi managementul analizeaza
WRDWHPDVXULOHOHJDOHSHFDUHOHSRDWHLQWUHSULQGHLQDSDUDUHDSR]LWLHL*UXSXOXLLQFRQIRUPLWDWHFX6WDQGDUGHOH,QWHUQDWLR
QDOHGH
Raportare Financiara si cu legislatia romaneasca, s-a constituit un provizion in suma de 21.239 mii RON la data de 31 decembrie
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,Q*UXSXODLQUHJLVWUDWFKHOWXLHOLFXEHQH¿FLLOHDQJDMDWLORUUHSUH]HQWDQGVDODULLVLDOWHFKHOWXLHOLVDODULDOHLQVLWXDWLDGHSUR¿WV
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pierdere si a altor venituri globale in suma totala de 261.867 mii RON (in 2014: 241.553 mii RON).
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LQFHSDQGFXLDQXDULHSRWYROXQWDUVDVHLQVFULHODIRQGXULGHSHQVLLSULYDWHSHQWUXDQJDMDWLLVXEGHDQL¿LQGREOLJDWRULX
*UXSXOFRQWULEXLHFXXQSURFHQWVSHFL¿FGLQFRVWXULOHFXSHUVRQDOXOODVFKHPDGHEHQH¿FLLSHQWUXSHQVLL6LQJXUDREOLJDWLHD*UXSXOXLFX
SULYLUHODSODQXOGHSHQVLLHVWHGHDSODWLDFHVWHFRQWULEXWLLSHSHULRDGDLQFDUHSHUVRDQHOHUHVSHFWLYHVXQWDQJDMD
WH
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SHQWUXRSDUWHGLQDQJDMDWLLFDUHDXOXFUDWSHQWUX*UXSLQSHULRDGDGHUDSRUWDUH3ODQXOGHSHQVLLFXFRQWULEXWLLGHWHUPLQDWH
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DUH
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XLDOD
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Scaderea cheltuielii in anul 2015 fata de anul 2014 s-a datorat reducerii prin legislatie in Romania a cotei contributiei la asigurari sociale
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&RQIRUPFRQWUDFWHORUFROHFWLYHGHPXQFDODPRPHQWXOUHWUDJHULLGLQDFWLYLWDWHSHQWUXOLPLWDGHYDUVWDVDXERDODDQJDMDWLLEHQH¿FLD]
DGH RSULPDGHSHQVLRQDUHDFDUHLYDORDUHGHSLQGHGHQXPDUXOGHDQLGHDQJDMDUH
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UHDOL]DWDODGHFHPEULHGHFDWUHXQDFWXDULQGHSHQGHQW9DORDUHDDFWXDOL]DWDDSURYL]LRQXOXLSHQWUXEHQH¿FLLGHWHUPLQD
WHD costului serviciului actual si a costului serviciului anterior au fost masurate folosindu-se metoda unitatilor de credit proiectate.
Ipotezele principale utilizate pentru calculele actuariale au fost dupa cum urmeaza:
GHFHPEULH GHFHPEULH
5DWDGHGLVFRXQW 3,71 3,85
5DWDGHFUHVWHUHVDODULDODHVWLPDWD 3,98 4,00
5DWDGHLQÀDWLHHVWLPDWD 2,40 3,00
6XPHOHUHFXQRVFXWHLQVLWXDWLDGHSUR¿WVDXSLHUGHUHDXIRVWXUPDWRDUHOH
Costul serviciului curent 2.083 1.746

&KHOWXLDODFXGREDQGDSULYLQGREOLJDWLDSRVWDQJDMDUH 1.573 1.840
7RWDOFKHOWXLDOD
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DOWRU venituri globale in categoria "Costul bunurilor vandute" (2015: 1.728 mii RON, 2014: 1.433 mii RON) si in categoria "Cheltuieli administrative" (2015: 355 mii
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Vimetco N.V. 1.727 231

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In decembrie 2015 Societatea mama a platit cea mai mare parte din dividendele declarate in anii anteriori plus dobanzile
acumulate, astfel ca la 31 decembrie 2015 datoriile de plata catre Vimetco N.V. mai includ dividende neplatite in suma de 4.239 mii
RON (31 decembrie 2014: 55.995 mii RON), iar dobanda acumulata si neplatita la 31 decembrie 2015 era de 3.638 mii RON (31
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Vimetco NV 33.182 18.688
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trasa o suma de 5.000 mii USD). Imprumutul are maturitatea in iulie 2019, iar pentru el se calculeaza o dobanda la o rata compusa din
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Achizitii de bunuri sau servicii de la antitati controlate de persoane 181 183

cheie din conducere sau de catre membri de familie apropiati ai
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principala utilizata in productia de aluminiu.
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acestuia.
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numerar prezentate in Nota 19 (mai putin numerarul restrictionat) si capitalurile proprii.
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dividendele de plata catre actionari, returna capital actionarilor, emite noi actiuni sau vinde active pentru a reduce datoriile.
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intre "datoriile nete" si "total capitaluri". "Datoriile nete" sunt calculate ca imprumuturi totale (incluzand imprumuturile pe termen scurt si
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Mai putin: numerar si echivalente din numerar (Nota 19) -130.972 -108.161
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Numerar si conturi la banci 134.202 153.761
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Detinute pentru vanzare - -
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GHUH 17.388 83.126
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Investitii detinute pana la maturitate - -
Imprumuturi acordate si creante 207.319 127.702
Active disponibile pentru vanzare - -
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Detinute pentru vanzare - -
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GHUH - -
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La cost amortizat 1.239.266 1.216.293
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FDQ
5LVFXOYDOXWDUUH]XOWDGLQWUDQ]DFWLLFRPHUFLDOHYLLWRDUHGLQDFWLYHVLGLQGDWRULL([SXQHUHDODÀXFWXDWLLOHFXUVXOXLGHVFKLPEHVWH
gestionata in limita unor parametri aprobati prin politici, prin folosirea contractelor de schimb valutar la termen. Politica de management
DOULVFXOXLHVWHGHDDFRSHULLPSRWULYDULVFXOXLDSUR[LPDWLYGLQÀX[XULOHGHQXPHUDUDQWLFLSDWHYDQ]DULVLFXPSDUDULLQ86'
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masura in care piata permite acest lucru cu costuri rezonabile.
90
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1RWHODVLWXDWLLOH¿QDQFLDUHLQGLYLGXDOH
([SXQHUHDODULVFXOYDOXWDUD*UXSXOXLUH]XOWDG
LQ
- tranzactii (vanzari/cumparari) foarte probabile, denominate in valute straine;

DQJDMDPHQWHIHUPHGHQRPLQDWHLQYDOXWHVWUDL
QHVL
- active si datorii monetare (in special creante si datorii comerciale si imprumuturi) denominate in valute straine.
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HD
Valuta in care sunt denominate EUR USD

Moneda functionala RON RON Altele 7RWDO
GHFHPEULH
7RWDODFWLYHPRQHWDUH 43.991 129.608 53.833 227.432
7RWDOGDWRULLPRQHWDUH 52.028 746.150 290.341 1.088.519
GHFHPEULH
7RWDODFWLYHPRQHWDUH 54.895 58.926 101.028 214.849
7RWDOGDWRULLPRQHWDUH 67.173 639.917 337.477 1.044.567
$FHVWHDQXLQFOXGLQVWUXPHQWHOH¿QDQFLDUHGHULYD
WH
Analiza de senzitivitate la cursul de schimb
*UXSXOHVWHH[SXVLQSULQFLSDOODHXURVLGRODULDPHULFDQL,QWDEHOXOXUPDWRUHVWHSUH]HQWDWDVHQ]LWLYLWDWHD*UXSXOXLFDLPSDF
WDOXQHL
VFDGHULFXLQDFHVWHYDOXWHIDWDGHOHXHVWHUDWDIRORVLWDSHQWUXFDOFXOXOVHQ]LWLYLWDWLLDWXQFLFDQGVHUDSRUWHD]DLQWHUQ
ULVFXO
YDOXWDUFDWUHSHUVRDQHOHFKHLHGLQFRQGXFHUHVLDFHDVWDUHSUH]LQWDFHDPDLEXQDHVWLPDUHDPDQDJHPHQWXOXLDXQHLSRVLELOHPR
GL¿FDUL in cursurile de schimb. Analiza de senzitivitate include doar activele si pasivele monetare in sold, denominate in valute straine si
DMXVWHD]DFRQYHUVLDORUODVIDUVLWXOSHULRDGHLGHUDSRUWDUHSHQWUXRFUHVWHUHGHDFXUVXOXLYDOXWHLVWUDLQH$QDOL]DGHVHQ]LWLYLWDW
H
include imprumuturi denominate in alta moneda decat cea functionala.
2GHSUHFLHUHDSUHFLHUHFXD(85VL86'DVDFXPHVWHLQGLFDWPDLMRVIDWDGH521ODGHFHPEULHDUFUHVWHVFDGHDSUR
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MRV
Moneda de denominare EUR USD

Moneda functionala RON RON
GHFHPEULH
6LWXDWLDGHSUR¿WVDXSLHUGHUH -804 1) -61.654 2)
Alte capitaluri proprii - -
GHFHPEULH
6LWXDWLDGHSUR¿WVDXSLHUGHUH -1.228 1) -58.099 2)
Alte capitaluri proprii - -
1)
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HDVWD
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WDUH
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PDLMRV
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+439 mii RON (la 31 decembrie 2014: -454 mii RON / 154 mii RON).
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USD, pe EURIBOR pentru creditele in EUR si pe ROBOR pentru creditele in RON. Imprumuturile contractate de societatile din cadrul
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note.
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constante in timpul anului.
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RQWUDFWH swap pe aluminiu, optiuni pe aluminiu) atunci cand conditiile din piata sunt favorabile.
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XQSUHW variabil, valabil la momentul vanzarilor.
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decontate in cursul anului.
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DGHFLV sa incheie contracte swap pe aluminiu plata pret variabil cu decontari in perioada august 2014 - ianuarie 2015, pentru o cantitate de 50.000 tone.
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WGH mii RON.
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XUVXOGH schimb (diferite de cele initiale), un prag inferior si un prag superior, precum si un alt element care anuleaza pragul inferior in cazul
in care unele conditii de piata se intrunesc cumulativ (in ce priveste atat piata aluminiului, cat si cea a energiei).
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FXUVXO anului urmator, celelalte clauze ramanand in principal neschimbate.
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- o serie de contracte lunare de cumparare optiuni call pe aluminiu, corespunzand pragului superior al pretului si cantitatilor de
energie stipulate in contractul gazda;
- o serie de contracte lunare de vanzare optiuni put pe aluminiu, corespunzand pragului inferior al pretului si cantitatilor de
energie stipulate in contractul gazda;
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VL decontari lunare ulterioare.
Pentru evaluarea optiunilor call pe energie s-a utilizat ca metoda de evaluare metoda simularilor Monte Carlo, utilizandu-se ca parametri
de intrare urmatoarele variabile: cotatia aluminiului la Bursa de Metale din Londra, pretul energiei pe Piata Zilei Urmatoare, cursul
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RUDWHLQ anul 2014: pierdere de 147.248 mii RON).
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IRVW creditata) .
La 31 decembrie 2015, soldul derivativului incorporat este un activ in valoare de 17.388 mii RON, din care 13.590 mii RON
reprezinta partea pe termen lung, iar 3.798 mii RON sunt pe termen scurt (la 31 decembrie 2014: 82.955 mii RON pe termen lung
si 171 mii RON pe termen scurt).
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Derivate incorporate 17.388 -
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Din care:
pe termen lung 13.590 -
pe termen scurt 3.798 -
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Derivate incorporate 83.126 -
7RWDO -
Din care:
pe termen lung 82.955 -
pe termen scurt 171 -
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ca datorii.
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2 Raport Anual Consolidat Pentru 2015

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