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utilizata de Alro la fabrica din Slatina pentru producerea aluminiului. Alro toarna aluminiu obtinand produse primare, care se vand
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aplicarii pentru prima data la 1 ianuarie 2015:
- Imbunatatiri anuale ale IFRS pentru perioada 2011-2013 (in vigoare pentru perioadele anuale care incep de la sau dupa 1 ianuarie
SHQWUXFRPSDQLLOHGLQFDGUXO8(DGRSWDWHGH8(LQGDWDGHGHFHPEULH$FHVWHLPEXQDWDWLULDQXDOHPRGL¿FDVWDQGDUGHOH
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- IFRS 3 &RPELQDULGHLQWUHSULQGHULHVWHPRGL¿FDWSHQWUXDFODUL¿FDIDSWXOFD,)56QXVHDSOLFDLQFRQWDELOL]DUHDIRUPDULLRULFDUHL
asocieri in participatiune conform IFRS 11;
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SRUWRIROLXOXLSUH]HQWDWDLQ,)56VHDSOLFDWXWXURUFRQWUDFWHORULQFOXVLYFRQWUDFWHORUQH¿QDQFLDUHFDUHLQWUDLQVIHUDGHDSOLFDUHD
IAS 39 sau IFRS 9;
- IAS 40 ,QYHVWLWLLLPRELOLDUHHVWHPRGL¿FDWSHQWUXDFODUL¿FDIDSWXOFD,$6VL,)56QXVHH[FOXGUHFLSURF,
$6DMXWDXWLOL]DWRULL
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tina cont si de indrumarile din IFRS 3 pentru a stabili daca achizitionarea unei investitii imobiliare este o combinare de intreprinderi."
$SOLFDUHDDFHVWRUPRGL¿FDULQXDDYXWQLFLXQLPSDFWDVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL
6WDQGDUGHHPLVHGDUFDUHQXVXQWLQFDLQYLJRDUHVLQXDXIRVWDGRSWDWHGHWLPSXULX
- IFRS 9 ,QVWUXPHQWH¿QDQFLDUH, publicat in 24 iulie 2014 (in vigoare pentru perioade anuale incepand cu sau dupa 1 ianuarie 2018),
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- IFRS 14 &RQWXULGHDPDQDUHDIHUHQWHDFWLYLWDWLORUUHJOHPHQWDWH, emis in 30 ianuarie 2014 (in vigoare pentru perioade anuale
incepand cu sau dupa 1 ianuarie 2016). IFRS 14 permite entitatilor care adopta pentru prima data IFRS ca, la data adoptarii standardelor, sa
continue sa recunoasca sumele aferente tarifelor reglementate in conformitate cu cerintele practicilor contabile general acceptate
DSOLFDWHDQWHULRU7RWXVLSHQWUXLPEXQDWDWLUHDFRPSDUDELOLWDWLLLQFD]XOHQWLWDWLORUFDUHDSOLFDGHMD,)56VLFDUHQXUHFXQRVFDFHVWH
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VLWXDWLL¿QDQFLDUHLQFRQIRUPLWDWHFX,)56QXHVWHHOLJLELODSHQWUXDSOLFDUHDVWDQGDUGXOXL$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'HDVHPHQHDFHULQWHOH
standardului se vor aplica pentru recunoasterea si evaluarea castigurilor si pierderilor din vanzarea anumitor active de alta natura
GHFDWFHD¿QDQFLDUDFDUHQXVXQWUH]XOWDWXODFWLYLWDWLLRELVQXLWHDHQWLWDWLLGHH[YDQ]DUHGHLPRELOL]DULFRUSRUDOHVLQHFRUSRUDOH9D¿
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soldurilor activelor si datoriilor aferente contractelor intre perioade si rationamente si estimari-cheie. Conducerea anticipeaza ca
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46
- 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
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2019.
- Amendamente la IFRS 10 si IAS 28 9DQ]DULVDXDSRUWLQDFWLYHLQWUHXQLQYHVWLWRUVLDVRFLDWXOVDXDVRFLHUHDVDLQSDUWLFLSDWLXQH .

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FXDFWLYHLQWUHXQLQYHVWLWRUVLHQWLWDWHDVDDVRFLDWDVDXDVRFLHUHDLQSDUWLFLSDWLH3ULQFLSDODFRQVHFLQWDDPRGL¿FDULORUHVWHDFHHDFD un
castig sau o pierdere totala este recunoscuta atunci cand tranzactia implica o intreprindere (indiferent daca este sau nu sub forma
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FKLDUGDFDDFHVWHDVHDÀDLQWUR¿OLDOD,QOXQDGHFHPEULH,$6%DDPDQDWSHWHUPHQQHGHWHUPLQDWGDWDLQWUDULLLQYLJRDUHDDFHVWHL
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VLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL
- Amendamente la IFRS 10, IFRS 12 si IAS 28 (QWLWDWLGHLQYHVWLWLL$SOLFDUHDH[FHSWDULLSULYLQGFRQVROLGDUHD (in vigoare

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LQDVRFLHULOHLQSDUWLFLSDWLHSHUPLWLQYHVWLWRULORUFDODDSOLFDUHDPHWRGHLSXQHULLLQHFKLYDOHQWDVDSDVWUH]HHYDOXDUHDODYDORDUHDMXVWD
DSOLFDWDGHHQWLWDWHDDVRFLDWDVDXDVRFLHUHDLQSDUWLFLSDWLHDHQWLWDWLLGHLQYHVWLWLLSHQWUXLQWHUHVHOHVDOHLQ¿OLDOH&RQGXFHUHDQXVH
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]LQWDQRLLQGUXPDULFXSULYLUHODPRGXO
in care trebuie contabilizata achizitia unui interes intr-o operatiune in participatie ce reprezinta o intreprindere in conformitate cu IFRS
VLVSHFL¿FDWUDWDPHQWXOFRQWDELODGHFYDWSHQWUXDFHVWHDFKL]LWLL&RQGXFHUHDQXDQWLFLSHD]DFDDGRSWDUHDDPHQGDPHQWHORUYDDYHDXQ
LPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUHLQWUXFDW*UXSXOQXHVWHLPSOLFDWDLQDVRFLHULLQSDUWLFLSDWLXQH
- Amendamente la IAS 1 ,QLWLDWLYDGHSUH]HQWDUHDLQIRUPDWLLORUPRGL¿FDUHLQYLJRDUHSHQWUXSHULRDGHOHDQXDOHFDUHLQFHSODVDX

GXSDLDQXDULHDGRSWDWGH8(SHGHFHPEULH0RGL¿FDULOH,$63UH]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¿FH
VHPQL¿FDWLYFHULQWHOHH[LVWHQWHDOH,$60RGL¿FDULOHVHUHIHUDODSUDJXOGHVHPQL¿FDWLHRUGLQHDQRWHORUVXEWRWDOXULVLGH]DJUHJDUH
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]LQWHLQIRUPDWLLFDUHYRUSHUPLWHLQYHVWLWRULORUVD
HYDOXH]HPRGL¿FDULOHGDWRULLORUUH]XOWDWHGLQDFWLYLWDWLOH¿QDQFLDUHLQFOXVLYPRGL¿FDULGLQÀX[XOGHQXPHUDUVLFHOHIDUDQDWXUDPRQHWDUD
0DQDJHPHQWXOHVWHLQSURFHVGHHYDOXDUHDLPSDFWXOXLDVXSUDVLWXDWLLORU¿QDQFLDUHFHYDUH]XOWDGLQDGRSWDUHDDPHQGDPHQWHORU
- Amendmente la IAS 12 5HFXQRDVWHUHDFUHDQWHORUSULYLQGLPSR]LWXODPDQDWSHQWUXSLHUGHULOHQHUHDOL]DWH (in vigoare pentru perioadele

DQXDOHFDUHLQFHSODVDXGXSDLDQXDULHQXDXIRVWDGRSWDWHLQFDGHFDWUH8($PHQGDPHQWHOHFODUL¿FDUHFXQRDVWHUHD
FUHDQWHORUSULYLQGLPSR]LWXODPDQDWSHQWUXSLHUGHULOHQHUHDOL]DWHDIHUHQWHLQVWUXPHQWHORUGHGDWRULHHYDOXDWHODYDORDUHDMXVWD
0DQDJHPHQWXOHVWHLQSURFHVGHHYDOXDUHDLPSDFWXOXLDVXSUDVLWXDWLLORU¿QDQFLDUHFHYDUH]XOWDGLQDGRSWDUHDDPHQGDPHQWHORU
47
- Amendamente la IAS 16 ,PRELOL]DULFRUSRUDOH si IAS 38 ,PRELOL]DULQHFRUSRUDOH&ODUL¿FDUHDPHWRGHORUDFFHSWDELOHGHDPRUWL]DUH (in
YLJRDUHSHQWUXSHULRDGHDQXDOHLQFHSDQGFXVDXGXSDLDQXDULHDGRSWDWHGH8(SHGHFHPEULH0RGL¿FDUHDIXUQL]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[WUHPGHUHVWUDQVH
SHQWUXDDPRUWL]DLPRELOL]DULOHQHFRUSRUDOH&RQGXFHUHDQXDQWLFLSHD]DFDDSOLFDUHDDFHVWRUPRGL¿FDULYDDYHDXQLPSDFWVHPQL¿FDWLY
DVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL
- Amendamentele la IAS 19, 3ODQXULGHEHQH¿FLLGHWHUPLQDWH&RQWULEXWLLSHQWUXDQJDMDWL (in vigoare pentru perioade anuale

incepand
ODVDXGXSDIHEUXDULHDGRSWDWHGH8(ODGDWDGHGHFHPEULH0RGL¿FDUHDVHDSOLFDSHQWUXFRQWULEXWLLOHDQJDMDWLORUVDX
WHUWLORUODSODQXULGHEHQH¿FLLGHWHUPLQDWH2ELHFWLYXOPRGL¿FDULLHVWHVDVLPSOL¿FHFRQWDELOL]DUHDFRQWULEXWLLORUFDUHVXQWLQGHSHQGHQWH
GHYHFKLPHDLQPXQFDGHH[HPSOXFRQWULEXWLLOHDQJDMDWLORUFDUHVXQWFDOFXODWHLQIXQFWLHGHXQSURFHQW¿[GLQVDODULX&RQGXFHUHD
*UXSXOXLQXVHDVWHDSWDFDDSOLFDUHDDPHQGDPHQWXOXLYDDYHDXQLPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUH
- Amendamente la IAS 27: 0HWRGDSXQHULLLQHFKLYDOHQWDLQVLWXDWLLOH¿QDQFLDUHLQGLYLGXDOH (aplicabil perioadelor anuale

incepand cu
VDXGXSDLDQXDULHDGRSWDWHGH8(ODGDWDGHGHFHPEULH$FHDVWDPRGL¿FDUHYDSHUPLWHHQWLWDWLORUVDIRORVHDVFD
PHWRGDSXQHULLLQHFKLYDOHQWDSHQWUXDFRQWDELOL]DLQYHVWLWLLOHLQ¿OLDOHDVRFLHULOHLQSDUWLFLSDWLHVLDVRFLDWLLQFDGUXOVLWXDWLLORUORU¿QDQFLDUH
LQGLYLGXDOHVLYDDMXWDDQXPLWHMXULVGLFWLLVDWUHDFDOD,)56SHQWUXVLWXDWLLOH¿QDQFLDUHLQGLYLGXDOHUHGXFDQGFRVWXULOHGHFRQIRUPDUHIDUD
DUHGXFHQLYHOXOLQIRUPDWLLORUSXVHODGLVSR]LWLDLQYHVWLWRULORU$PHQGDPHQWXOQXVHDSOLFDODVLWXDWLLOH¿QDQFLDUHFRQVROLGDWH
- 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$FHVWHLPEXQDWDWLULDQXDOHPRGL¿FDVWDQGDUGHOHGLQSHULRDGD
GHUDSRUWDUHVLFXSULQGPRGL¿FDULUHIHULWRDUHOD
- IFRS 2 3ODWDSHED]DGHDFWLXQL$FHDVWDLPEXQDWDWLUHPRGL¿FDGH¿QLWLDÄFRQGLWLHLGHLQWUDUHLQGUHSWXUL
´VLDÄFRQGLWLHLGHSLDWD´VL
DGDXJDGH¿QLWLLSHQWUXÄFRQGLWLDGHSHUIRUPDQWD´VLÄFRQGLWLDGHVHUYLFLX´FDUHDQWHULRUHUDXLQFOXVHLQGH¿QLWLDÄFRQGLWLLORUGHLQWUDUHLQ
drepturi”).
- IFRS 3 &RPELQDULGHLQWUHSULQGHUL$FHDVWDLPEXQDWDWLUHFODUL¿FDIDSWXOFDRFRQWUDSUHVWDWLHFRQWLQJHQWDLQWURDFKL]LWLHGH
LQWUHSULQGHULFDUHQXHVWHFODVL¿FDWDGUHSWFDSLWDOXULSURSULLHVWHHYDOXDWDXOWHULRUODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUHLQGLIHUHQWGDFD
LQWUDVDXQXLQGRPHQLXOGHDSOLFDUHDO,)56,QVWUXPHQWH¿QDQFLDUH
- IFRS 8 6HJPHQWHGHDFWLYLWDWH Aceasta imbunatatire prevede ca o entitate sa prezinte rationamentele emise de membrii cadrelor
de
FRQGXFHUHDWXQFLFDQGDFHVWLDSXQLQDSOLFDUHFULWHULLOHGHDJUHJDUHSHQWUXVHJPHQWHOHGHDFWLYLWDWHVLFODUL¿FDIDSWXODRHQWLWDWHWUHEXLH sa
prezinte numai reconcilieri ale totalului activelor segmentelor raportabile cu activele entitatii daca activele segmentelor sunt raportate cu regularitate.
- IFRS 13 (YDOXDUHDODYDORDUHDMXVWD$FHDVWDLPEXQDWDWLUHGLQFDGUXO%D]HLSHQWUXFRQFOX]LLD,)56FODUL¿FDIDSWXOFDSULQ
HPLWHUHD,)56VLPRGL¿FDUHD,)56VLD,$6QXDIRVWHOLPLQDWDSRVLELOLWDWHDHYDOXDULLFUHDQWHORUVLGDWRULLORUSHWHUPHQVFXUWFDUH
QXDXRUDWDGHFODUDWDDGREDQ]LLODYDORDUHDORUGHIDFWXUDUHIDUDDFWXDOL]DUHGDFDHIHFWXOQHDFWXDOL]DULLQXHVWHVHPQL¿FDWLY
- IAS 16
,PRELOL]DULFRUSRUDOH,PEXQDWDWLUHDFODUL¿FDIDSWXOFDODPRPHQWXOUHHYDOXDULLXQXLHOHPHQWGHLPRELOL]DULFRUSRUDOHYDORDUHD
FRQWDELODEUXWDHVWHDMXVWDWDDVWIHOLQFDWVDFRUHVSXQGDYDORULLGHUHHYDOXDUHDYDORULLFRQWDELOHQHWH
- IAS 24
3UH]HQWDUHDLQIRUPDWLLORUSULYLQGSDUWLOHD¿OLDWH,PEXQDWDWLUHDFODUL¿FDIDSWXOFDRHQWLWDWHFDUHIXUQL]HD]DVHUYLFLLGHSHUVRQDO
FKHLHGHFRQGXFHUHSHQWUXHQWLWDWHDFDUHUDSRUWHD]DVDXSHQWUXVRFLHWDWHDPDPDDHQWLWDWLLFDUHUDSRUWHD]DHVWHRSDUWHD¿OLDWDD entitatii
care raporteaza.
- IAS 38 ,PRELOL]DULQHFRUSRUDOH,PEXQDWDWLUHDFODUL¿FDIDSWXOFDODPRPHQWXOUHHYDOXDULLXQHLLPRELOL]DULQHFRUSRUDOHYDORDUHD
FRQWDELODEUXWDHVWHDMXVWDWDDVWIHOLQFDWVDFRUHVSXQGDYDORULLGHUHHYDOXDUHDYDORULLFRQWDELOHQHWH
- Imbunatatiri Anuale ale IFRS – Ciclul 2012 – 2014 (in vigoare pentru perioadele anuale care incep la sau dupa 1 ianuarie 2016 pentru
societatile din cadrul UE), adoptate de UE pe 15 decembrie 2015. Conducerea nu se asteapta ca aplicarea acestor imbunatatiri sa
48
DLEDXQLPSDFWVHPQL¿FDWLYDVXSUDVLWXDWLLORU¿QDQFLDUHDOH*UXSXOXL$FHVWHLPEXQDWDWLULDQXDOHPRGL¿FDVWDQGDUGHOHGLQSHULRDGDGH
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[LVWHLQ
VLWXDWLLOH¿QDQFLDUHLQWHULPDUH¿HLQFOXVHSULQUHIHULQWHLQFUXFLVDWHLQWUHVLWXDWLLOH¿QDQFLDUHLQWHULPDUHVLVSHFL¿FDUHDLQFOXGHULLDFHVWRUD
LQUDSRUWXO¿QDQFLDULQWHULPDUPDLH[WLQVGHH[LQFRPHQWDULLOHFRQGXFHULLVDXUDSRUWXOGHULVF&RPLWHWXODVSHFL¿FDWFDFHOHODOWH
LQIRUPDWLLGLQFDGUXOUDSRUWXOXL¿QDQFLDULQWHULPDUWUHEXLHVD¿HSXVHODGLVSR]LWLDXWLOL]DWRULORULQDFHHDVLWHUPHQLFDVLLQFD]XOVLWXDWLLORU
¿QDQFLDUHLQWHULPDUHVLODDFHHDVLGDWD'DFDXWLOL]DWRULLQXDXDFFHVODDOWHLQIRUPDWLLLQDFHVWIHOUDSRUWXO¿QDQFLDULQWHULPDUHVWH
incomplet.
3ROLWLFLFRQWDELOHVHPQL¿FDWLYH
3ULQFLSDOHOHSROLWLFLFRQWDELOHVXQWSUH]HQWDWHPDLMRV
%D]HOHFRQVROLGDULL
6LWXDWLLOH¿QDQFLDUHFRQVROLGDWHLQFOXGVLWXDWLLOH¿QDQFLDUHDOH6RFLHWDWLLVLDOHHQWLWDWLORUFRQWURODWHGHDFHDVWD¿OLDOHOHDFHVWHLD*UXSXO
FRQWUROHD]DRHQWLWDWHDWXQFLFDQG*UXSXOHVWHH[SXVVDXDUHGUHSWXULODFDVWLJXULYDULDELOHGLQLPSOLFDUHDDFHVWXLDLQUHVSHFWLYDHQWLWDWH
VLDUHFDSDFLWDWHDGHDLQÀXHQWDDFHOHFDVWLJXULSULQSXWHUHDSHFDUHRGHWLQHDVXSUDHQWLWDWLL)LOLDOHOHVXQWFRQVROLGDWHLQLQWUHJLPH
incepand din data cand se transfera controlul catre grup si sunt deconsolidate din data cand controlul inceteaza.
,QJHQHUDOH[LVWDSUHVXSXQHUHDFDRPDMRULWDWHDGUHSWXULORUGHYRWDUHFDUH]XOWDWFRQWUROXO3HQWUXDVXVWLQHDFHDVWDSUHVXSXQHUH
VLDWXQFLFkQG*UXSXODUHPDLSXWLQGHPDMRULWDWHGLQGUHSWXULOHGHYRWVDXVLPLODUHDOHXQHLHQWLWDWLLQFDUHDLQYHVWLW*UXSXOLDvQ
FRQVLGHUDUHWRDWHIDSWHOHVLFLUFXPVWDQWHOHUHOHYDQWHDWXQFLFDQGHYDOXHD]DGDF DFHVWDDUHSXWHUHDVXSUDHQWLWDWLLLQFDUHDLQYHVWLW
inclusiv:
- Acordul contractual cu ceilalti detinatori ai entitatii in care s-a investit;
- Drepturile ce decurg din alte acorduri contractuale;
'UHSWXULOHGHYRWVLSRVLELOHOHGUHSWXULGHYRWDOH*UXSXOXL
*UXSXOUHHYDOXHD]DGDFDDUHFRQWUROVDXQXDVXSUDHQWLWDWLLLQFDUHDLQYHVWLWGDFDDQXPLWHIDSWHVLFLUFXPVWDQWHLQGLFDIDSWXOFDH[LVWD
schimbari la unul sau mai multe dintre cele trei elemente de control.
9HQLWXULOHVLFKHOWXLHOLOH¿OLDOHORUDFKL]LWLRQDWHVDXFHGDWHSHSDUFXUVXODQXOXLVXQWLQFOXVHLQVLWXDWLDFRQVROLGDWDDUH]XOWDWXOXLJOREDOGHOD
GDWDDFKL]LWLHLVLSDQDODGDWDFHGDULLGXSDFD]5H]XOWDWXOJOREDOWRWDODO¿OLDOHORUHVWHDWULEXLWSURSULHWDULORU6RFLHWDWLLVLLQWHUHVHORUFDUH
QXFRQWUROHD]DFKLDUGDFDDFHDVWDFRQGXFHODXQVROGGH¿FLWDUDOLQWHUHVHORUFDUHQXFRQWUROHD]D
&DQGHVWHQHFHVDUVLWXDWLLOH¿QDQFLDUHDOH¿OLDOHORUVXQWDMXVWDWHSHQWUXDFRUHODSROLWLFLOHFRQWDELOHDOHDFHVWRUDFXFHOHIRORVLWHODQLYHOXO
*UXSXOXL
7RDWHWUDQ]DFWLLOHLQWUDJUXSVROGXULOHYHQLWXULOHVLFKHOWXLHOLOHVXQWHOLPLQDWHFRPSOHWLQSURFHVXOFRQVROLGDULL
49
6FKLPEDULDOHSDUWLFLSDWLLORULQFDSLWDOXULOHSURSULLDOH¿OLDOHORU
6FKLPEDULOHSDUWLFLSDWLLORULQFDSLWDOXULOHSURSULLDOH¿OLDOHORUFDUHQXDXFDUH]XOWDWSLHUGHUHDFRQWUROXOXL*UXSXOXLVXQWFRQWDELOL]DWH
LQFDSLWDOXULSURSULL9DORULOHFRQWDELOHDOHLQWHUHVHORU*UXSXOXLVLDOHLQWHUHVHORUFDUHQXFRQWUROHD]DVXQWDMXVWDWHSHQWUXDUHÀHFWD
PRGL¿FDULOHLQWHUHVHORUSDUWLFLSDWLLORUDIHUHQWHLQ¿OLDOD2ULFHGLIHUHQWDLQWUHYDORDUHDFXFDUHVXQWDMXVWDWHLQWHUHVHOHFDUHQXFRQWUROHD]D
VLYDORDUHDMXVWDDFRQWUDYDORULLSODWLWHVDXSULPLWHHVWHUHFXQRVFXWDGLUHFWLQFDSLWDOXULOHSURSULLVLDWULEXLWDSURSULHWDULORU6RFLHWDWLL
&DQG*UXSXOSLHUGHFRQWUROXODVXSUDXQHL¿OLDOHSUR¿WXOVDXSLHUGHUHDODYDQ]DUHHVWHFDOFXODWFDGLIHUHQWDGLQWUHLDJUHJDWXOYDORULL
MXVWHDFRQWUDYDORULLSULPLWHVLYDORDUHDMXVWDDRULFDUHLSDUWLFLSDWLLUHWLQXWHVLLLYDORDUHDFRQWDELODDQWHULRDUDDDFWLYHORULQFOXVLYIRQGXO
FRPHUFLDOVLGDWRULLORU¿OLDOHLVLDOHRULFDURULQWHUHVHFDUHQXFRQWUROHD]D&DQGDFWLYHOH¿OLDOHLVXQWPDVXUDWHODYDORULUHHYDOXDWHLDU
castigul sau pierderea cumulata aferenta este recunoscuta in rezultatul global si acumulate in capitaluri proprii, valorile recunoscute anterior in rezultatul global si acumulate in
capitalurile proprii sunt contabilizate ca si cum Societatea a dispus in mod direct de activele
UHOHYDQWHDGLFDDXIRVWUHFODVL¿FDWHLQSUR¿WVDXSLHUGHUHVDXDXIRVWWUDQVIHUDWHGLUHFWLQUH]XOWDWUHSRUWDWDVDFXPVHVSHFL¿FDLQ
VWDQGDUGHOH,)56LQYLJRDUH9DORDUHDMXVWDDRULFDUHLLQYHVWLWLLUHWLQXWHLQIRVWD¿OLDODODGDWDSLHUGHULLFRQWUROXOXLHVWHFRQVLGHUDWDFD
¿LQGYDORDUHDMXVWDGHODGDWDSLHUGHULLFRQWUROXOXLFDUHFXQRDVWHUHLQLWLDODSHQWUXFRQWDELOL]DUHDXOWHULRDUDFRQIRUP,$6 ,QVWUXPHQWH
¿QDQFLDUH5HFXQRDVWHUHVL(YDOXDUH sau, acolo unde este cazul, costul la recunoasterea initiala a unei investitii intr-o entitate asociata sau intr-o entitate controlata in
comun.
&RPELQDULGHLQWUHSULQGHUL
Achizitiile de intreprinderi sunt contabilizate prin folosirea metodei achizitiei. Contravaloarea transferata intr-o combinare de intreprinderi
HVWHHYDOXDWDODYDORDUHDMXVWDFDUHVHFDOFXOHD]DFDVXPDGLQWUHYDORULOHMXVWHODGDWDDFKL]LWLHLDOHDFWLYHORUWUDQVIHUDWHGH*UXS
GDWRULLOHLQUHJLVWUDWHGH*UXSIDWDGHIRVWLLSURSULHWDULDLHQWLWDWLLGREDQGLWHVLSDUWLFLSDWLLOHLQFDSLWDOXULOHSURSULLHPLVHGHFDWUH*UXSLQ
VFKLPEXOFRQWUROXOXLDVXSUDHQWLWDWLLGREDQGLWH&RVWXULOHDIHUHQWHDFKL]LWLHLVXQWLQJHQHUDOUHFXQRVFXWHLQSUR¿WVDXSLHUGHUHDWXQFLFDQG
sunt suportate.
/DGDWDDFKL]LWLHLDFWLYHOHLGHQWL¿FDELOHDFKL]LWLRQDWHVLGDWRULLOHDVXPDWHVXQWUHFXQRVFXWHODYDORDUHDORUMXVWDODGDWDDFKL]LWLHL
H[FHSWLHIDFDQGVLWXDWLLOHLQFDUH
FUHDQWHOHSULYLQGLPSR]LWXODPDQDWVLGDWRULLOHFRUHVSXQ]DWRDUHDQJDMDPHQWHORUSULYLQGEHQH¿FLLOHDQJDMDWLORUVXQWUHFXQRVFXWHVL
evaluate in conformitate cu IAS 12 ,PSR]LWSHSUR¿W, respectiv IAS 19 %HQH¿FLLOHDQJDMDWLORU;
GDWRULLOHVDXLQVWUXPHQWHOHGHFDSLWDOXULSURSULLDIHUHQWHDQJDMDPHQWHORUGHSODWDSHED]DGHDFWLXQLLQFKHLDWHGH*UXSSHQWUXDLQORFXL
DQJDMDPHQWHOHGHSODWDSHED]DGHDFWLXQLDOHHQWLWDWLLGREDQGLWHVXQWHYDOXDWHLQFRQIRUPLWDWHFX,)56 3ODWDSHED]DGHDFWLXQLOD
GDWDDFKL]LWLHL; si
DFWLYHOHVDXJUXSXULOHGHVWLQDWHFHGDULLFDUHVXQWFODVL¿FDWHFD¿LQGGHWLQXWHLQYHGHUHDYDQ]DULLLQFRQIRUPLWDWHFX,)56 $FWLYH
LPRELOL]DWHGHWLQXWHLQYHGHUHDYDQ]DULLVLDFWLYLWDWLLQWUHUXSWH , sunt evaluate in conformitate cu standardul respectiv.
Fondul comercial este evaluat ca diferenta pozitiva dintre contraprestatia transferata, valoarea oricaror interese care nu controleaza
LQHQWLWDWHDGREDQGLWDVLYDORDUHDMXVWDGHODGDWDDFKL]LWLHLDSDUWLFLSDWLHLLQFDSLWDOXULOHSURSULLGHWLQXWHDQWHULRUGHFDWUHGREDQGLWRULQ
HQWLWDWHDGREDQGLWDGDFDH[LVWDVLYDORULOHQHWHGHODGDWDDFKL]LWLHLDOHDFWLYHORULGHQWL¿FDELOHDFKL]LWLRQDWHVLDOHGDWRULLORUDVXPDWH
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Interesele care nu controleaza si care reprezinta participatii in capitalurile proprii si dau dreptul detinatorilor la o participatie
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a intereselor care nu controleaza si valorile recunoscute ale activelor nete ale entitatii dobandite. Alegerea bazei de evaluare se
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este reevaluata la date de raportare ulterioare, iar decontarea ulterioara a acesteia este contabilizata in cadrul capitalului propriu.
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39 ,QVWUXPHQWH¿QDQFLDUH5HFXQRDVWHUHVLHYDOXDUH sau IAS 37 3URYL]LRDQHGDWRULLFRQWLQJHQWHVLDFWLYHFRQWLQJHQWH, castigul sau
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Daca contabilizarea initiala a unei combinari de intreprinderi este incompleta la sfarsitul perioadei de raportare in care are loc
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valorile recunoscute la data respectiva.
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Fondul comercial generat de o combinare de intreprinderi este contabilizat la cost asa cum este acesta stabilit la data achizitiei afacerii
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O unitate generatoare de numerar careia i-a fost alocat un fond comercial este testata anual pentru depreciere sau mai des atunci cand
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valoarea contabila a acesteia, deprecierea este alocata in primul rand pentru diminuarea valorii contabile a oricarui fond comercial
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La data vanzarii unitatii generatoare de numerar relevante, valoarea atribuibila a fondului comercial este inclusa in
determinarea castigului sau a pierderii din vanzare.
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deconta o datorie, cel putin in urmatoarele 12 luni dupa data de raportare.
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mai intensa si cea mai buna utilizare a activului sau prin vanzarea acestuia unui alt participant din piata care la randul sau l-ar putea folosi la cea mai intensa si cea mai buna utilizare
a acestuia.
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rabaturi comerciale si alte reduceri similare.
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Veniturile din vanzarea de bunuri sunt recunoscute cand sunt indeplinite toate conditiile urmatoare:
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nici nu mai detine controlul efectiv asupra lor;

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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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VLFDQGYHQLWXOUHVSHFWLYSRDWH¿PDVXUDWLQPRGFUHGLELO9HQLWXOGLQGREDQ]LVHFXPXOHD]DLQWLPSSULQUDSRUWDUHODSULQFLSDOVLODUDWD
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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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inceputul contractului de leasing sau, daca aceasta este mai scazuta, la valoarea curenta a platilor minime de leasing. Obligatia
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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.
In cazul in care se primesc stimulente de leasing pentru a incheia contracte de leasing operational, astfel de stimulente sunt
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dat in leasing.
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sunt evaluate la cost istoric intr-o moneda straina nu sunt convertite din nou.
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moneda straina.
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acoperire impotriva riscurilor).
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cursurile de schimb medii aferente perioadelor prezentate. Elementele de capitaluri proprii sunt convertite la cursuri istorice. Diferentele
GHVFKLPESURYHQLWHGLQFRQYHUVLHVXQWUHFXQRVFXWHvQDOWHYHQLWXULJOREDOHVLDFXPXODWHLQFDSLWDOXULOHSURSULLDWULEXLWHLQWHUHVHORU
minoritare, dupa cum este cazul).
/DFHGDUHDXQHLRSHUDWLXQLGLQVWUDLQDWDWHLHRYDQ]DUHDLQWUHJXOXLLQWHUHVDO*UXSXOXLvQWURRSHUDWLXQHGLQVWUDLQDWDWHVDXRYDQ]DUH
FHLPSOLFDSLHUGHUHDFRQWUROXOXLDVXSUDXQHL¿OLDOHFDUHLQFOXGHRRSHUDWLXQHGLQVWUDLQDWDWHSLHUGHUHDFRQWUROXOXLFRPXQDVXSUDXQHL
HQWLWDWLFRQWURODWHvQFRPXQFDUHLQFOXGHRRSHUDWLXQHGLQVWUDLQDWDWHVDXSLHUGHUHDXQHLLQÀXHQWHVHPQL¿FDWLYHDVXSUDXQXLDVRFLDWFDUH
LQFOXGHRRSHUDWLXQHGLQVWUDLQDWDWHWRDWHGLIHUHQWHOHGHFXUVDFXPXODWHFXSULYLUHODRSHUDWLXQHDDWULEXLELOD*UXSXOXLVXQWUHFODVL¿FDWH
vQFRQWXOGHSUR¿WVDXSLHUGHUH2ULFHGLIHUHQWHFDUHDXIRVWDQWHULRUDWULEXLWHLQWHUHVHORUFDUHQXFRQWUROHD]DVXQWGHUHFXQRVFXWHGDUQX
VXQWUHFODVL¿FDWHLQFRQWXOGHSUR¿WVDXSLHUGHUH
&RVWXULOHLQGDWRUDULL
Costurile indatorarii constau din dobanzi si alte costuri pe care o entitate le are in legatura cu imprumutul de fonduri. Costurile indatorarii,
atribuibile in mod direct achizitiei, constructiei sau realizarii activelor eligibile, active care necesita o perioada substantiala de
WLPSSHQWUXD¿JDWDSHQWUXXWLOL]DUHVDXYDQ]DUHVHDGDXJDFRVWXOXLDFHORUDFWLYHSDQDFDQGDFWLYHOHVXQWSUHJDWLWHLQPRGVHPQL¿FDWLY
in vederea utilizarii sau vanzarii.
9HQLWXULOHGLQLQYHVWLWLDWHPSRUDUDDLQGDWRUDULLVSHFL¿FHREWLQXWHSHQWUXDFKL]LWLDVDXFRQVWUXFWLDDFWLYHORUHOLJLELOHVHGHGXFGLQFRVWXULOH
imprumuturilor care se pot capitaliza.
7RDWHFHOHODOWHFRVWXULFXLQGDWRUDUHDVXQWUHFXQRVFXWHLQFRQWXOGHSUR¿WVDXSLHUGHUHFRQVROLGDWLQSHULRDGDLQFDUHDFHVWHDDSDU
%HQH¿FLLDOHDQJDMDWLORU
3HSDUFXUVXOGHVIDVXUDULLQRUPDOHDDFWLYLWDWLL*UXSXOSODWHVWHLQQXPHOHDQJDMDWLORUVDLFRQWULEXWLLOHSHQWUXSHQVLLVDQDWDWHVLVRPDM
&KHOWXLHOLOHFXDFHVWHSODWLVHLQUHJLVWUHD]DLQSUR¿WVDXSLHUGHUHLQDFHHDVLSHULRDGDFXFKHOWXLHOLOHVDODULDOHDIHUHQWH
*UXSXOLVLUDVSODWHVWHDQJDMDWLLFXEHQH¿FLLGHSHQVLRQDUHFRQIRUPFRQWUDFWXOXLFROHFWLYGHPXQFD3HQWUXDFHVWSODQGHEHQH¿FLL
GHWHUPLQDWHFRVWXOEHQH¿FLLORUHVWHVWDELOLWIRORVLQGPHWRGDXQLWDWLORUGHFUHGLWSURLHFWDWHLDUHYDOXDUHDDFWXDULDODHVWHUHDOL]DWDOD
¿HFDUHGDWDGHUDSRUWDUH
5HHYDOXDUHDFHFRQWLQHFDVWLJXULVDXSLHUGHULDFWXDULDOHVHUHÀHFWDLQVLWXDWLDSR]LWLHL¿QDQFLDUHLQDFHHDVLSHULRDGDFXUHFXQRDVWHUHD unei
cheltuieli sau a unui venit in situatia altor venituri globale, in perioada in care au loc. Reevaluarea recunoscuta in situatia altor
YHQLWXULJOREDOHVHUHÀHFWDLQUH]XOWDWXODFXPXODWVLQXYD¿UHFODVL¿FDWDLQVLWXDWLDGHSUR¿WVDXSLHUGHUH'REDQGDQHWDHVWHFDOFXODWD
SULQDSOLFDUHDXQHLUDWHGHGLVFRXQWODVROGXOGHODLQFHSXWXOSHULRDGHLDIHUHQWSURYL]LRQXOXLSHQWUXSHQVLLFXEHQH¿FLLGHWHUPLQDWH
54
&RVWXULOHSURYL]LRQXOXLVXQWFODVL¿FDWHDVWIHO
- costul serviciului (cuprinzand costul serviciului curent, costul serviciului anterior, precum si castiguri si pierderi din anulari si
cheltuieli
UHDOL]DWHLQFOXVHLQVLWXDWLDGHSUR¿WVDXSLHUGHUHLQFDWHJRULD&RVWXOEXQXULORUYDQGXWHVDX&KHOWXLHOLJHQHUDOHVLDGPLQLVWUDWLYHFDVL
cheltuieli cu personalul.
FKHOWXLDODQHWDFXGREDQGDLQFOXVDLQFDWHJRULD&KHOWXLHOLQHWHFXGREDQ]LOHLQVLWXDWLDGHSUR¿WVDXSLHUGHUH
- reevaluari.
%HQH¿FLLSHQWUXWHUPLQDUHDFRQWUDFWXOXLGHPXQFD
%HQH¿FLLOHSHQWUXWHUPLQDUHDFRQWUDFWXOXLGHPXQFDVHSRWSODWLDWXQFLFDQGFRQWUDFWXOGHDQJDMDUHHVWHLQFHWDWGHFDWUH*UXSLQDLQWHGH
GDWDQRUPDODGHSHQVLRQDUHVDXRULGHFDWHRULXQDQJDMDWDFFHSWDSOHFDUHDYROXQWDUDLQVFKLPEXODFHVWRUEHQH¿FLL*UXSXOUHFXQRDVWH
EHQH¿FLLOHSHQWUXWHUPLQDUHDFRQWUDFWXOXLGHPXQFDDWXQFLFDQGDFHVWDVHREOLJD¿HVDUH]LOLH]HFRQWUDFWHOHGHPXQFDDOHDQJDMDWLORU
DFWXDOLFRQIRUPXQXLSODQIRUPDOGHWDOLDWIDUDSRVLELOLWDWHDGHUHWUDJHUHVDXVDRIHUHEHQH¿FLLFDUH]XOWDWDOXQHLRIHUWHIDFXWHSHQWUXD
LQFXUDMDSOHFDUHDYROXQWDUD%HQH¿FLLOHGDWRUDWHODPDLPXOWGHOXQLGXSDGDWDELODQWXOXLVXQWDFWXDOL]DWHODGDWDGHUDSRUWDUH
,PSR]LWDUHD
,PSR]LWXOFXUHQW
,PSR]LWXOSODWLELOLQPRGFXUHQWVHED]HD]DSHSUR¿WXOLPSR]DELOUHDOL]DWLQGHFXUVXODQXOXL3UR¿WXO¿VFDOGLIHUDGHSUR¿WXOUDSRUWDWLQ
VLWXDWLDFRQVROLGDWDGHSUR¿WVDXSLHUGHUHGLQFDX]DHOHPHQWHORUGHYHQLWXULVDXFKHOWXLHOLFHVXQWLPSR]DELOHVDXGHGXFWLELOHLQXQLL
DQLSUHFXPVLGDWRULWDHOHPHQWHORUFDUHQXYRUGHYHQLQLFLRGDWDLPSR]DELOHVDXGHGXFWLELOH'DWRULD*UXSXOXLSULYLQGLPSR]LWXOSHSUR¿W
curent este determinata folosind ratele de impozitare ce au fost promulgate sau in mare masura adoptate pana la sfarsitul perioadei de raportare.
,PSR]LWXODPDQDW
,PSR]LWXODPDQDWVHUHFXQRDVWHSHED]DGLIHUHQWHORUWHPSRUDUHGLQWUHYDORDUHDFRQWDELODDDFWLYHORUVLDGDWRULLORUGLQVLWXDWLLOH¿QDQFLDUH
FRQVROLGDWHVLED]HOH¿VFDOHFRUHVSXQ]DWRDUHIRORVLWHLQFDOFXOXOSUR¿WXOXLLPSR]DELO'DWRULLOHSULYLQGLPSR]LWXODPDQDWVXQWLQJHQHUDO
recunoscute pentru toate diferentele temporare impozabile.
Creantele privind impozitul amanat sunt in general recunoscute pentru toate diferentele temporare deductibile in masura in care
HVWHSUREDELOFDYRU¿GLVSRQLELOHVX¿FLHQWHSUR¿WXULLPSR]DELOHIDWDGHFDUHFUHDQWDSULYLQGLPSR]LWXODPDQDWVHSRDWHXWLOL]DYRU
¿GLVSRQLELOH1XVHUHFXQRVFFUHDQWHVDXGDWRULLSULYLQGLPSR]LWXODPDQDWLQFD]XOLQFDUHGLIHUHQWDWHPSRUDUDHVWHJHQHUDWDGH
recunoasterea initiala a fondului comercial sau de recunoasterea initiala a unui activ sau a unei datorii intr-o tranzactie care nu
UHSUH]LQWDRFRPELQDUHGHLQWUHSULQGHULVLODPRPHQWXOWUDQ]DFWLHLQXDIHFWHD]DQLFLSUR¿WXOFRQWDELOQLFLSUR¿WXOLPSR]DELOSLHUGHUHD ¿VFDOD
Datoriile privind impozitul amanat sunt recunoscute pentru diferente temporare impozabile rezultate din investitiile in subsidiare
VLDVRFLDWLVLLQWHUHVHLQDVRFLHULOHLQSDUWLFLSDWLLFXH[FHSWLDFHORULQFDUH*UXSXOHVWHLQPDVXUDVDFRQWUROH]HUHOXDUHDGLIHUHQWHL
WHPSRUDUHVLHVWHSUREDELOFDGLIHUHQWDWHPSRUDUDVDQX¿HUHOXDWDLQYLLWRUXOSUHYL]LELO$FWLYHSULYLQGLPSR]LWXODPDQDWUH]XOWDQGGLQ
GLIHUHQWHGHGXFWLELOHWHPSRUDUDVRFLDWHFXDVWIHOGHLQYHVWLWLLVLLQWHUHVHVXQWUHFXQRVFXWHGRDULQOLPLWDLQFDUHHVWHSUREDELOFDYRUH[LVWD
VX¿FLHQWHSUR¿WXULLPSR]DELOHLPSRWULYDFDURUDVDVHXWLOL]H]HEHQH¿FLLOHGLIHUHQWHORUWHPSRUDUHVLFDUHVXQWSUHYD]XWHVD¿HUHOXDWHLQ viitorul
predictibil.
9DORDUHDFRQWDELODDFUHDQWHORUFXLPSR]LWXOSHSUR¿WDPDQDWHVWHUHYL]XLWDOD¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUHGLPLQXDWDLQPDVXUD
LQFDUHQXPDLHVWHSUREDELOFDYRU¿VX¿FLHQWHSUR¿WXULLPSR]DELOHLQFDWVDSHUPLWDXWLOL]DUHDLQWHJUDODVDXSDUWLDODDDFHVWRUFUHDQWH
&UHDQWDSULYLQGLPSR]LWXOSHSUR¿WDPDQDWQHUHFXQRVFXWDHVWHUHHYDOXDWDODGDWD¿HFDUHLUDSRUWDULVLHVWHUHFXQRVFXWDLQPDVXUDLQFDUH
GHYLQHSUREDELOFDVHYRUREWLQHVX¿FLHQWHSUR¿WXUL¿VFDOHYLLWRDUHDVWIHOLQFDWDFHDVWDVDSRDWD¿UHFXSHUDWD
,QSUH]HQWSLHUGHULOH¿VFDOHJHQHUDWHGHVRFLHWDWLOH*UXSXOXLGLQ5RPDQLDSRW¿UHFXSHUDWHSHRSHULRDGDGHDQLLDULQ6LHUUD/HRQHSH o
perioada de 10 ani.
&UHDQWHOHVLGDWRULLOHSULYLQGLPSR]LWXODPDQDWVXQWHYDOXDWHODQLYHOXOLPSR]LWHORUFHVHDVWHDSWDD¿DSOLFDWHLQSHULRDGDLQFDUHDFWLYXO
HVWHUHDOL]DWVDXGDWRULDHVWHGHFRQWDWDED]DQGXQHSHQLYHOXOLPSR]LWHORUVLDOOHJLORU¿VFDOHFHDXLQWUDWLQYLJRDUHVDXXUPHD]DD
55
LQWUDLQYLJRDUHSDQDODVIDUVLWXOSHULRDGHLGHUDSRUWDUH0DVXUDUHDDFWLYHORUVLGDWRULLORUSULYLQGLPSR]LWXODPDQDWUHÀHFWDFRQVHFLQWHOH
¿VFDOHFHDUXUPDVDGHFXUJDGLQIHOXOLQFDUH*UXSXOVHDVWHDSWDODVIDUVLWXOSHULRDGHLGHUDSRUWDUHVDUHFXSHUH]HVDXVDGHFRQWH]H
valoarea contabila a activelor si datoriilor sale.
&UHDQWHOHVLGDWRULLOHSULYLQGLPSR]LWXOSHSUR¿WDPDQDWVXQWSUH]HQWDWHQHWGDFDH[LVWDXQGUHSWOHJDOFRQIRUPFDUXLDVHSRWGHFRQWD
GDWRULL¿VFDOHFXUHQWHFXFUHDQWH¿VFDOHVLGDFDVXQWDIHUHQWHDFHOHLDVLHQWLWDWLVLGDFDVXQWGDWRUDWHDFHOHLDVLDXWRULWDWL¿VFDOH
,PSR]LWXODQXDOFXUHQWVLDPDQDW
,PSR]LWXOFXUHQWVLFHODPDQDWVXQWUHFXQRVFXWHLQVLWXDWLDFRQVROLGDWDGHSUR¿WVDXSLHUGHUHFXH[FHSWLDFD]XOXLLQFDUHHOHVHUHIHUDOD elemente
ce sunt recunoscute in alte rezultate globale sau direct in capitalul propriu, caz in care impozitul curent si cel amanat sunt de asemenea recunoscute in alte elemente ale rezultatului
global, respectiv capitaluri proprii.
7D[DSHYDORDUHDDGDXJDWD79$
9HQLWXULOHFKHOWXLHOLOHVLDFWLYHOHVXQWUHFXQRVFXWHQHWHGH79$FXH[FHSWLD
VLWXDWLHLLQFDUHWD[DDIHUHQWDDFKL]LWLHLXQXLDFWLYVDXSUHVWDULLXQXLVHUYLFLXQXHVWHUHFXSHUDELODGHODDXWRULWDWHD¿VFDODFD]LQFDUH
79$XOVHUHFXQRDVWHFDSDUWHDFRVWXOXLGHDFKL]LWLHDODFWLYXOXLVDXDOVHUYLFLXOXLGXSDFD]
VLWXDWLHLLQFDUHFUHDQWHOHVLGDWRULLOHVXQWUHFXQRVFXWHFX79$XOLQFOXVFDQGVXPDQHWDGH79$GHSODWDVDXGHUHFXSHUDWGHOD
DXWRULWDWHD¿VFDODHVWHLQFOXVDLQFUHDQWHVDXGDWRULLLQVLWXDWLDSR]LWLHL¿QDQFLDUH
,PRELOL]DULFRUSRUDOH
7HUHQXULOHVLFODGLULOHXWLOL]DWHLQDFWLYLWDWHDGHSURGXFWLHVDXSHQWUXIXUQL]DUHDGHEXQXULVDXVHUYLFLLVDXLQVFRSXULDGPLQLVWUDWLYHVXQW
SUH]HQWDWHLQUDSRUWXO¿QDQFLDUFRQVROLGDWODFRVWPLQXVRULFHDPRUWL]DUHFXPXODWDVLRULFHSLHUGHULFXPXODWHGLQGHSUHFLHUH
&DQGSDUWLVHPQL¿FDWLYHGLQWURLPRELOL]DUHFRUSRUDODWUHEXLHLQORFXLWHLQWUXQDQXPLWLQWHUYDO*UXSXOUHFXQRDVWHDFHVWHSDUWLFDDFWLYH
LQGLYLGXDOHFXGXUDWHGHYLDWDSURSULLVLOHDPRUWL]HD]DFRUHVSXQ]DWRU'HDVHPHQHDFDQGVHHIHFWXHD]DRUHYL]LHPDMRUDFRVWXO
acesteia se recunoaste in valoarea contabila a echipamentului respectiv ca o inlocuire daca criteriile de recunoastere sunt indeplinite.
7RDWHFHOHODOWHFKHOWXLHOLFXUHSDUDWLLOHVLPHQWHQDQWDVXQWUHFXQRVFXWHLQFRQWXOGHSUR¿WVDXSLHUGHUHDWXQFLFDQGVHHIHFWXHD]D
Valoarea prezenta a costurilor cu reabilitarea unui activ este inclusa in costul respectivului activ daca criteriile de recunoastere
sunt indeplinite.
,PRELOL]DULOHFRUSRUDOHLQFXUVGHH[HFXWLHFHXUPHD]DD¿XWLOL]DWHLQSURGXFWLHVDXDGPLQLVWUDWLYVXQWHYDOXDWHODFRVWPLQXVSLHUGHUH
cumulata din depreciere cumulata. Costurile includ si onorariile profesionale si pentru activele eligibile, costurile indatorarii capitalizate
LQFRQIRUPLWDWHFXSROLWLFLOHFRQWDELOHDOH*UXSXOXL$VWIHOGHDFWLYHVXQWFODVL¿FDWHODFDWHJRULLOHUHVSHFWLYHGHLPRELOL]DULFRUSRUDOHDWXQFL
cand sunt terminate sau gata de utilizare pentru scopul in care au fost prevazute. Amortizarea acestor active, pe aceeasi baza ca si alte
DFWLYHDÀDWHLQSURSULHWDWHLQFHSHDWXQFLFDQGDFWLYHOHVXQWGLVSRQLELOHSHQWUXXWLOL]DUHLQPDQLHUDGRULWDGHFRQGXFHUH
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:
intre 2 si 60 ani
Cladiri si alte constructii speciale intre 1 si 30 ani
Instalatii tehnice si masini intre 2 si 25 ani
Echipamente si vehicule
'XUDWHOHGHYLDWDXWLODHVWLPDWHYDORULOHUH]LGXDOHVLPHWRGDGHDPRUWL]DUHVXQWUHYL]XLWHOD¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUHRULFH
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¿HFDUHLSHULRDGHGH
UDSRUWDUHRULFHPRGL¿FDUHDDFHVWRUD¿LQGFRQWDELOL]DWDSURVSHFWLY
56
$FWLYHOHGHWLQXWHLQED]DXQXLFRQWUDFWGHOHDVLQJ¿QDQFLDUVXQWDPRUWL]DWHSHGXUDWDORUGHYLDWDXWLODSHDFHHDVLED]DFDVLDFWLYHOH
detinute in proprietate sau pe perioada contractului de leasing daca aceasta din urma este mai scurta.
8QHOHPHQWGHLPRELOL]DUHFRUSRUDODQXPDLHVWHUHFXQRVFXWFDXUPDUHDFHGDULLVDXDWXQFLFDQGQXPDLVXQWDVWHSWDWHEHQH¿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
VLWXDWLDFRQVROLGDWDGHSUR¿WVDXSLHUGHUHODGDWDGHUHFXQRDVWHULL
,PRELOL]DULQHFRUSRUDOH
,PRELOL]DULQHFRUSRUDOHDFKL]LWLRQDWHVHSDUDW
,PRELOL]DULOHQHFRUSRUDOHFXGXUDWDGHYLDWDXWLOD¿QLWDFDUHVXQWDFKL]LWLRQDWHVHSDUDWVXQWFRQWDELOL]DWHODFRVWPLQXVDPRUWL]DUHD cumulata
si pierdere din depreciere cumulata. Amortizarea este recunoscuta liniar de-a lungul duratelor de viata utila a acestora. Durata
GHYLDWDXWLODHVWLPDWDVLPHWRGDGHDPRUWL]DUHVXQWUHYL]XLWHOD¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUHDYDQGFDHIHFWIDSWXOFDRULFH
PRGL¿FDULDOHHVWLPDULORUVXQWFRQWDELOL]DWHSHED]DSURVSHFWLYD,PRELOL]DULOHQHFRUSRUDOHFXGXUDWDGHYLDWDXWLODQHGHWHUPLQDWDFDUH 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]DVDXYLQGH
- capacitatea de a folosi sau a vinde imobilizarea necorporala;
PRGXOLQFDUHLPRELOL]DUHDQHFRUSRUDODYDJHQHUDEHQH¿FLLHFRQRPLFHYLLWRDUHSUREDELOH
GLVSRQLELOLWDWHDUHVXUVHORUWHKQLFH¿QDQFLDUHVLGHDOWDQDWXUDDGHFYDWHSHQWUXD¿QDOL]DGH]YROWDUHDLPRELOL]DULLQHFRUSRUDOHVLSHQWUX
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$FRORXQGHQXSRDWH¿
UHFXQRVFXWDQLFLRLPRELOL]DUHQHFRUSRUDODJHQHUDWDLQWHUQFKHOWXLHOLOHGHGH]YROWDUHVXQWUHFXQRVFXWHLQSUR¿WVDXSLHUGHUHLQSHULRDGD 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¿FLLHFRQRPLFH
viitoare din utilizarea sau cedarea sa. Castigurile sau pierderile rezultate din derecunoasterea unei imobilizari necorporale, evaluate ca
GLIHUHQWDGLQWUHLQFDVDULOHQHWHGLQYDQ]DUHVLYDORDUHDFRQWDELODQHWDDDFWLYXOXLVXQWUHFXQRVFXWHLQSUR¿WXOVLSLHUGHUHDFRQVROLGDWD
atunci cand activul este derecunoscut.
Amortizarea imobilizarilor necorporale se face pe perioade cuprinse intre 3 ani (pentru software) si 50 ani (pentru concesiuni).
57
'HSUHFLHUHDLPRELOL]DULORUFRUSRUDOHVLQHFRUSRUDOH
/D¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUH*UXSXOUHYL]XLHVWHYDORULOHFRQWDELOHDOHLPRELOL]DULORUFRUSRUDOHVLQHFRUSRUDOHDOHVDOHSHQWUX
DVWDELOLGDFDH[LVWDLQGLFLLGHGHSUHFLHUH'DFDH[LVWDDVWIHOGHLQGLFLLVHHVWLPHD]DYDORDUHDUHFXSHUDELODDDFWLYXOXLSHQWUXDVWDELOL
PDULPHDGHSUHFLHULLGDFDH[LVWD$FRORXQGHQXHVWHSRVLELODHVWLPDUHDYDORULLUHFXSHUDELOHDXQXLDFWLYLQGLYLGXDO*UXSXOHVWLPHD]D
YDORDUHDUHFXSHUDELODDXQLWDWLLJHQHUDWRDUHGHQXPHUDUFDUHLDLLDSDUWLQHDFWLYXO$FRORXQGHSRDWH¿LGHQWL¿FDWDRED]DUH]RQDELOD si
consistenta de alocare, activele corporative sunt, de asemenea, alocate unitatilor individuale care genereaza numerar, sau, daca
QXDFHVWHDVXQWDORFDWHFHOXLPDLPLFJUXSGHXQLWDWLJHQHUDWRDUHGHQXPHUDUSHQWUXFDUHSRDWH¿LGHQWL¿FDWDRED]DUH]RQDELODVL
consistenta de alocare.
,PRELOL]DULOHQHFRUSRUDOHFXGXUDWHGHYLDWDXWLOHQHGH¿QLWHVLLPRELOL]DULOHQHFRUSRUDOHFDUHQXVXQWLQFDGLVSRQLELOHSHQWUXXWLOL]DUHVXQW
WHVWDWHFHOSXWLQDQXDOSHQWUXGHSUHFLHUHVLRULGHFDWHRULH[LVWDXQLQGLFLXFDDFWLYXODUSXWHD¿GHSUHFLDW
9DORDUHDUHFXSHUDELODUHSUH]LQWDFHDPDLPDUHYDORDUHGLQWUHYDORDUHDMXVWDPLQXVFRVWXULOHJHQHUDWHGHYDQ]DUHVLYDORDUHDVDGH
XWLOL]DUH/DGHWHUPLQDUHDYDORULLGHXWLOL]DUHYLLWRDUHOHÀX[XULGHQXPHUDUHVWLPDWHVXQWDFWXDOL]DWHODYDORDUHDORUFXUHQWDIRORVLQGR
UDWDGHDFWXDOL]DUHGHWHUPLQDWDLQDLQWHDLPSR]LWDULLFDUHUHÀHFWDHYDOXDULOHGHSLDWDFXUHQWHDYDORULLWLPSDEDQLORUVLULVFXULOHVSHFL¿FH
DFWLYXOXLSHQWUXFDUHHVWLPDULOHDIHUHQWHÀX[XULORUGHQXPHUDUYLLWRDUHQXDXIRVWDMXVWDWH
'DFDYDORDUHDUHFXSHUDELODDXQXLDFWLYVDXXQLWDWLJHQHUDWRDUHGHQXPHUDUHVWHHVWLPDWDD¿PDLPLFDGHFDWYDORDUHDVDFRQWDELOD
valoarea contabila a activului (sau a unitatii generatoare de numerar) este redusa la nivelul valorii recuperabile. Deprecierea este
UHFXQRVFXWDLPHGLDWLQSUR¿WVDXSLHUGHUHGDFDDFWLYXOUHOHYDQWQXHVWHFRQWDELOL]DWODRYDORDUHUHHYDOXDWDFD]LQFDUHGHSUHFLHUHD
este tratata ca o reducere a reevaluarii.
$FRORXQGHGHSUHFLHUHDVHUHYHUVHD]DYDORDUHDFRQWDELODDDFWLYXOXLVDXDXQLWDWLLJHQHUDWRDUHGHQXPHUDUHVWHPDMRUDWDODQLYHOXO
QRLLHVWLPDULDYDORULLVDOHUHFXSHUDELOHGDUDVWIHOLQFDWQRXDYDORDUHFRQWDELODVDQXGHSDVHDVFDYDORDUHDFRQWDELODFDUHDU¿IRVW
VWDELOLWDGDFDQXDU¿IRVWUHFXQRFXWDGHSUHFLHUHDSHQWUXDFWLYXQLWDWHDJHQHUDWRDUHGHQXPHUDULQDQLLSUHFHGHQWL2UHYHUVDUHD
XQHLGHSUHFLHULHVWHUHFXQRVFXWDLPHGLDWLQSUR¿WVDXSLHUGHUHH[FHSWDQGVLWXDWLDLQFDUHDFWLYXOUHOHYDQWHVWHFRQWDELOL]DWODYDORDUHD
UHHYDOXDWDFD]LQFDUHUHYHUVDUHDGHSUHFLHULLHVWHWUDWDWDFDPDMRUDUHDUHHYDOXDULL
Stocuri
Stocurile sunt evaluate la valoarea cea mai mica dintre cost si valoarea realizabila neta.
&KHOWXLHOLOHDIHUHQWHFXWUDQVSRUWXO¿HFDUXLSURGXVLQORFDWLDDFWXDODVLFHOHDIHUHQWHDGXFHULLDFHVWXLDLQVWDUHGHIXQFWLRQDUHVXQW contabilizate
astfel:
- Materii prime: cheltuieli de achizitie pe baza principiului primul intrat, primul iesit;
3URGXVH¿QLWHVLSURGXFWLDLQFXUVFRVWXOPDWHULDOHORUGLUHFWHVLDRUHORUOXFUDWHSUHFXPVLRSDUWHDFKHOWXLHOLORUJHQHUDOHGHSURGXFWLH
DORFDWHSHED]DXQHLFDSDFLWDWLQRUPDOHGHIXQFWLRQDUHFXH[FHSWLDFRVWXULORULQGDWRUDULLGHWHUPLQDWHSHED]DFRVWXOXLPHGLXSRQGHUDW
Valoarea realizabila neta reprezinta pretul de vanzare estimat pe parcursul desfasurarii normale a activitatii, minus costurile estimate
SHQWUX¿QDOL]DUHVLFRVWXULOHHVWLPDWHQHFHVDUHHIHFWXDULLYDQ]DULL
Provizioane
3URYL]LRDQHOHVXQWUHFXQRVFXWHDWXQFLFDQG*UXSXODUHRREOLJDWLHDFWXDODOHJDODVDXLPSOLFLWDFDUH]XOWDWDOXQXLHYHQLPHQWWUHFXWHVWH
SUREDELOFDSHQWUXGHFRQWDUHDREOLJDWLHLVD¿HQHFHVDUDRLHVLUHGHUHVXUVHLQFRUSRUDQGEHQH¿FLLHFRQRPLFHVLVHSRDWHIDFHRHVWLPDUH
credibila a valorii obligatiei.
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SHULRDGHLGHUDSRUWDUHOXDQGLQFRQVLGHUDUHULVFXULOHVLLQFHUWLWXGLQLOHGLQMXUXOREOLJDWLHL$WXQFLFDQGXQSURYL]LRQHVWHPDVXUDWIRORVLQG
ÀX[XULOHGHQXPHUDUHVWLPDWHSHQWUXDGHFRQWDREOLJDWLDDFWXDODYDORDUHDFRQWDELODDDFHVWXLDHVWHYDORDUHDDFWXDODDDFHORUÀX[XULGH
QXPHUDUXQGHHIHFWXOYDORULLWLPSDEDQLORUHVWHVHPQL¿FDWLY
$WXQFLFDQGVHDVWHDSWDFDXQHOHVDXWRDWHEHQH¿FLLOHHFRQRPLFHQHFHVDUHSHQWUXDGHFRQWDXQSURYL]LRQVD¿HUHFXSHUDWHGHODWHUWL
FUHDQWDHVWHUHFXQRVFXWDFDDFWLYGDFDHVWHDSURDSHVLJXUFDUDPEXUVDUHDYD¿SULPLWDVLFDYDORDUHDFUHDQWHLSRDWH¿HYDOXDWDLQPRG
credibil.
58
&RQWUDFWHFXWLWOXRQHURV
Obligatiile actuale generate conform contractelor cu titlu oneros sunt recunoscute si evaluate ca provizioane. Se considera ca un
FRQWUDFWRQHURVH[LVWDDFRORXQGH*UXSXODUHXQFRQWUDFWFRQIRUPFDUXLDFRVWXULOHLQHYLWDELOHSHQWUXLQGHSOLQLUHDREOLJDWLLORUFRQWUDFWXDOH
GHSDVHVFEHQH¿FLLOHHFRQRPLFHHVWLPDWHD¿JHQHUDWHGHFRQWUDFW
5HVWUXFWXUDUL
8QSURYL]LRQGHUHVWUXFWXUDUHHVWHUHFXQRVFXWDWXQFLFDQG*UXSXODGH]YROWDWXQSODQR¿FLDOGHWDOLDWSHQWUXUHVWUXFWXUDUHVLDJHQHUDW
RDVWHSWDUHMXVWL¿FDWDFHORUDIHFWDWLFRQIRUPFDUHLDUHVWUXFWXUDUHDYD¿UHDOL]DWDSULQGHPDUDUHDLPSOHPHQWDULLUHVSHFWLYXOXLSODQGH
UHVWUXFWXUDUHVDXSULQFRPXQLFDUHDSULQFLSDOHORUFDUDFWHULVWLFLDOHDFHVWXLDFHORUFDUHYRU¿DIHFWDWLGHSURFHVXOGHUHVWUXFWXUDUH
Masurarea unui provizion de restructurare include doar cheltuielile directe generate de restructurare, care sunt acele valori care sunt
REOLJDWRULXJHQHUDWHGHUHVWUXFWXUDUHVLQXVXQWDVRFLDWHFXDFWLYLWDWLOHLQFXUVGHGHVIDVXUDUHDOH*UXSXOXL
*DUDQWLL
Provizioanele pentru costurile estimate ale obligatiilor de garantie conform legislatiei locale a vanzarii bunurilor sunt recunoscute la data
vanzarii produselor relevante, la cea mai buna estimare facuta de directori in ceea ce priveste cheltuielile necesare pentru a deconta
REOLJDWLD*UXSXOXL
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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
ODRUDWDFXUHQWDGLQDLQWHGHLPSR]LWDUHFDUHUHÀHFWDULVFXOVSHFL¿FREOLJDWLLORUSHQWUXGH]DIHFWDUH'LVFRXQWXOHVWHLQUHJLVWUDWFDVL
FKHOWXLDODSHPDVXUDFHDSDUHVLUHFXQRVFXWLQFRQWXOGHSUR¿WVDXSLHUGHUHFDVLFRVWGH¿QDQWDUH&RVWXULOHYLLWRDUHHVWLPDWHSHQWUX
GH]DIHFWDUHVXQWUHYL]XLWHDQXDOVLDMXVWDWHGXSDFXPHVWHFD]XO0RGL¿FDULOHLQFRVWXULOHYLLWRDUHHVWLPDWHVDXLQUDWDGHGLVFRXQW
aplicata sunt adaugate la sau scazute din costul respectivului activ.
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8QLQVWUXPHQW¿QDQFLDUHVWHXQFRQWUDFWFDUHJHQHUHD]DXQDFWLY¿QDQFLDUSHQWUXRVRFLHWDWHVLRGDWRULH¿QDQFLDUDVDXXQLQVWUXPHQW
de capitaluri proprii pentru o alta societate.
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instrumentului.
$FWLYHOHVLGDWRULLOH¿QDQFLDUHVHPDVRDUDLQLWLDOODYDORDUHDMXVWD&RVWXULOHWUDQ]DFWLHLFDUHVXQWGLUHFWDWULEXLELOHDFKL]LWLHLVDXHPLWHULL
GHDFWLYHVLGDWRULL¿QDQFLDUHDOWHOHGHFDWDFWLYH¿QDQFLDUHVLGDWRULLOH¿QDQFLDUHODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUHVXQWDGDXJDWH
ODUHFXQRDVWHUHDLQLWLDODVDXGHGXVHGLQYDORDUHDMXVWDDDFWLYHORUUHVSHFWLYGDWRULLORU¿QDQFLDUHGXSDFD]&RVWXULOHWUDQ]DFWLHLGLUHFW
DWULEXLELOHDFKL]LWLHLDFWLYHORUVDXGDWRULLORU¿QDQFLDUHODYDORDUHMXVWDSULQSUR¿WVDXSLHUGHUHVXQWUHFXQRVFXWHLPHGLDWLQVLWXDWLD
FRQVROLGDWDGHSUR¿WVDXSLHUGHUH
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SUR¿WVDXSLHUGHUH´)973/LQYHVWLWLLÄGHWLQXWHSDQDODPDWXULWDWH´DFWLYH¿QDQFLDUHÄGLVSRQLELOHSHQWUXYDQ]DUH´$)6VLÄLPSUXPXWXUL VLFUHDQWH
´&ODVL¿FDUHDGHSLQGHGHQDWXUDVLVFRSXODFWLYHORU¿QDQFLDUHVLVHGHWHUPLQDODPRPHQWXOUHFXQRDVWHULLLQLWLDOH7RDWH
FXPSDUDULOHVDXYDQ]DULOHVWDQGDUGGHDFWLYH¿QDQFLDUHVXQWUHFXQRVFXWHVLGHUHFXQRVFXWHODGDWDWUDQ]DFWLRQDULL&XPSDUDULOHVDX
YDQ]DULOHVWDQGDUGVXQWFXPSDUDULOHVDXYDQ]DULOHGHDFWLYH¿QDQFLDUHFDUHQHFHVLWDOLYUDUHDDFWLYHORULQWUXQLQWHUYDOGHWLPSVWDELOLWSULQ
regulament sau conventie pe piata.
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SHULRDGDUHOHYDQWD5DWDGREDQ]LLHIHFWLYHHVWHUDWDFDUHDFWXDOL]HD]DH[DFWLQFDVDULOHYLLWRDUHGHQXPHUDUHVWLPDWHSHGXUDWDGHYLDWD
59
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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
DFWLYXOXL¿QDQFLDUODGDWDUHFXQRDVWHULLLQLWLDOH
9HQLWXOHVWHUHFXQRVFXWSHED]DGREDQ]LLHIHFWLYHSHQWUXLQVWUXPHQWHOH¿QDQFLDUHDOWHOHGHFDWDFHOHDFWLYHFODVL¿FDWHFDVLDFWLYH
¿QDQFLDUHODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUH
$FWLYH¿QDQFLDUHODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUH
$FWLYHOH¿QDQFLDUHVXQWFODVL¿FDWHFDVLDFWLYH¿QDQFLDUHODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUHDWXQFLFDQGDFWLYXO¿QDQFLDUHVWH¿H
GHWLQXWSHQWUXWUDQ]DFWLRQDUHVDXHVWHGHVHPQDWGHFRQGXFHUHFDDFWLY¿QDQFLDUODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUH
8QDFWLY¿QDQFLDUHVWHFODVL¿FDWFDGHWLQXWSHQWUXWUDQ]DFWLRQDUHGDFD
- a fost achizitionat in principal in scopul vinderii in viitorul apropiat; sau
ODUHFXQRDVWHUHDLQLWLDODDFHVWDHVWHSDUWHDXQXLSRUWRIROLXGHLQVWUXPHQWH¿QDQFLDUHLGHQWL¿FDWSHFDUHJUXSXOLODGPLQLVWUHD]D
LPSUHXQDVLFDUHDUHXQLVWRULFUHFHQWGHPDUFDUHSHWHUPHQVFXUWDSUR¿WXULORUVDX
HVWHXQLQVWUXPHQW¿QDQFLDUGHULYDWFDUHQXHVWHGHVHPQDWHIHFWLYFDVLLQVWUXPHQWGHDFRSHULUHDULVFXOXL
8QDFWLY¿QDQFLDUDOWXOGHFDWXQDFWLY¿QDQFLDUGHWLQXWSHQWUXWUDQ]DFWLRQDUHSRDWH¿GHVHPQDWGUHSWDFWLY¿QDQFLDUODYDORDUHDMXVWDSULQ
SUR¿WVDXSLHUGHUHLQPRPHQWXOUHFXQRDVWHULLLQLWLDOHGDFD
RDVWIHOGHGHVHPQDUHHOLPLQDVDXUHGXFHVHPQL¿FDWLYRQHFRQFRUGDQWDGHHYDOXDUHVDXUHFXQRDVWHUHFHDOWIHODUDSDUHDVDX
DFWLYXO¿QDQFLDUIDFHSDUWHGLQWUXQJUXSGHDFWLYH¿QDQFLDUHVDXGDWRULL¿QDQFLDUHVDXDPEHOHJUXSFDUHHVWHDGPLQLVWUDWLDU
SHUIRUPDQWHOHVDOHVXQWHYDOXDWHSHED]DYDORULLMXVWHLQFRQIRUPLWDWHFXPDQDJHPHQWXOULVFXOXLVLVWUDWHJLDGHLQYHVWLWLLGRFXPHQWDWHD
*UXSXOXLLDULQIRUPDWLLOHGHVSUHPRGXOGHJUXSDUHVXQWDVLJXUDWHLQWHUQSHDFHDVWDED]DVDX
- face parte dintr-un contract ce contine unul sau mai multe derivate incorporate, iar IAS 39 ,QVWUXPHQWH)LQDQFLDUH: recunoastere si
HYDOXDUHSHUPLWHFDLQWUHJFRQWUDFWXOFRPELQDWDFWLYVDXGDWRULHVD¿HGHVHPQDWFDVLDFWLY¿QDQFLDUODYDORDUHDMXVWDSULQSUR¿WVDX
pierdere.
$FWLYHOH¿QDQFLDUHODYDORDUHDMXVWDSULQSUR¿WVDXSLHUGHUHVXQWSUH]HQWDWHODYDORDUHMXVWDFXRULFHFDVWLJVDXSLHUGHUHFHGHFXUJHGLQ
UHHYDOXDUH¿LQGUHFXQRVFXWLQSUR¿WVDXSLHUGHUH&DVWLJXOVDXSLHUGHUHDQHWHUHFXQRVFXWHLQSUR¿WVDXSLHUGHUHFXSULQGWRDWHGLYLGHQGHOH
VDXGREDQGDFDVWLJDWDSHQWUXDFWLYHOH¿QDQFLDUHVLHVWHLQFOXVDLQHOHPHQWHOHGLQFDWHJRULDÄ3LHUGHULGLQLQVWUXPHQWH¿QDQFLDUHGHULYDWH
LQFRUSRUDWH´VLµ¶$OWHFDVWLJXULSLHUGHUL¿QDQFLDUHQHWH¶¶9DORDUHDMXVWDHVWHGHWHUPLQDWDFRQIRUPGHVFULHULLGLQ1RWD
,QYHVWLWLLGHWLQXWHSDQDODPDWXULWDWH
,QYHVWLWLLOHGHWLQXWHSDQDODPDWXULWDWHVXQWDFWLYH¿QDQFLDUHFHQXVXQWGHULYDWHFXSODWL¿[HVDXYDULDELOHVLGDWHGHPDWXULWDWH¿[HSH
FDUH*UXSXODUHLQWHQWLDSR]LWLYDVLDELOLWDWHDGHDOHSDVWUDSDQDODPDWXULWDWH'XSDUHFXQRDVWHUHDLQLWLDODLQYHVWLWLLOHGHWLQXWHSDQDOD maturitate
sunt evaluate la cost amortizat folosind metoda dobanzii efective minus depreciere.
$FWLYH¿QDQFLDUHGLVSRQLELOHSHQWUXYDQ]DUH$FWLYH¿QDQFLDUH$)6
$FWLYHOH¿QDQFLDUHGLVSRQLELOHSHQWUXYDQ]DUHVXQWLQVWUXPHQWHFHQXVXQWGHULYDWHFDUH¿HDXIRVWGHVHPQDWHFDGLVSRQLELOHSHQWUX
YDQ]DUH¿HQXVXQWFODVL¿FDWHGUHSWDLPSUXPXWXULVLFUHDQWHELQYHVWLWLLSDVWUDWHSDQDODPDWXULWDWHVDXFDFWLYH¿QDQFLDUHOD
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GLVSRQLELOHSHQWUXYDQ]DUHVLVXQWWUDWDWHODYDORDUHDMXVWDODVIDUVLWXO¿HFDUHLSHULRDGHGHUDSRUWDUH*UXSXOGHWLQHVLLQYHVWLWLLLQDFWLXQL
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GLVSRQLELOHSHQWUXYDQ]DUHJHQHUDWHGHYHQLWXOGLQGREDQ]LFDOFXODWSULQPHWRGDGREDQ]LLHIHFWLYHVLGLYLGHQGHVXQWUHFXQRVFXWHLQSUR¿W
VDXSLHUGHUH$OWHPRGL¿FDULDOHYDORULLFRQWDELOHDDFWLYHORU¿QDQFLDUHGLVSRQLELOHSHQWUXYDQ]DUHVXQWUHFXQRVFXWHLQDOWHHOHPHQWHDOH
venitului global si cumulate sub titlul rezerva reevaluare investitii. Cand o investitie este vanduta sau se constata deprecierea sa, atunci
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*UXSXOXLGHDSULPLGLYLGHQGHOHUHVSHFWLYH
60
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convertita in moneda functionala la cursul spot de la sfarsitul perioadei de raportare. Castigurile si pierderile de curs valutar care sunt
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valutar sunt recunoscute in alte elemente ale rezultatului global.
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SLDWDDFWLYDVLDFDURUYDORDUHMXVWDQXSRDWH¿HYDOXDWDLQPRGFUHGLELOVLLQVWUXPHQWHOHGHULYDWHFDUHVXQWOHJDWHGHVLWUHEXLHGHFRQWDWH
SULQOLYUDUHDXQRUDVWIHOGHLQVWUXPHQWHGHFDSLWDOXULSURSULLVXQWHYDOXDWHODFRVWPLQXVSLHUGHUHDGLQGHSUHFLHUHLGHQWL¿FDWDODVIDUVLWXO
¿HFDUHLSHULRDGHGHUDSRUWDUH
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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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casierie, precum si depozitele la termen constituite pe o perioada de cel mult 3 luni.
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ODVIDUVLWXO¿HFDUHLSHULRDGHGHUDSRUWDUH$FWLYHOH¿QDQFLDUHVXQWFRQVLGHUDWHGHSUHFLDWHDWXQFLFDQGH[LVWDGRYH]LRELHFWLYHFDLQ
XUPDXQXLDVDXDPDLPXOWRUHYHQLPHQWHFDUHDXDYXWORFGXSDUHFXQRDVWHUHDLQLWLDODDDFWLYXOXL¿QDQFLDUÀX[XULOHGHQXPHUDUYLLWRDUH 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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GLVSDULWLDXQHLSLHWHDFWLYHSHQWUXDFWLYXO¿QDQFLDUGLQFDX]DGL¿FXOWDWLORU¿QDQFLDUH
3HQWUXDQXPLWHFDWHJRULLGHDFWLYH¿QDQFLDUHSUHFXPFUHDQWHFRPHUFLDOHDFWLYHOHFDUHVXQWHYDOXDWHLQGLYLGXDOFDQH¿LQGGHSUHFLDWH sunt, in
plus, evaluate pentru depreciere colectiv. Dovada obiectiva de depreciere a unui portofoliu de creante ar putea include
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SUHFXPVLVFKLPEDULOHSHUFHSWLELOHLQFRQGLWLLOHHFRQRPLFHQDWLRQDOHVDXORFDOHFDUHVHFRUHOHD]DFXQHLQGHSOLQLUHDREOLJDWLLORU¿QDQFLDUH privind
creantele.
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perioadele urmatoare.
61
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recunoaste in rezultatul global si se cumuleaza sub titlul de rezerva reevaluare investitii. Cat priveste titlurile de creanta disponibile
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corelata in mod obiectiv cu un eveniment care are loc dupa recunoasterea pierderii din depreciere.
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pierdere.
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62
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Un instrument de capital este orice contract care dovedeste o participatie reziduala in activele unei entitati dupa deducerea tuturor
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- a fost achizitionata, in principal, in scopul rascumpararii in viitorul apropiat; sau
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pierdere, la recunoasterea initiala daca:
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gruparea este furnizata intern pe acea baza; sau
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costurile de tranzactie si alte prime sau discounturi) sau (acolo unde e cazul) pe o perioada mai scurta, la valoarea contabila neta de la recunoasterea initiala.
63
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instrument de datorie.
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- sumei obligatiei contractuale, stabilita in conformitate cu IAS 37 Provizioane, datorii contingente si active contingente; si
- sumei recunoscute initial, minus, acolo unde este cazul, amortizarea cumulata recunoscuta in conformitate cu
politicile de recunoastere a veniturilor.
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de schimb, incluzand contracte forward privind cursul de schimb, contracte swap si optiuni de gestionare a riscurilor legate de pretul marfurilor corespunzatoare vanzarilor pe
aluminiu, bazate pe pretul aluminiului de pe Bursa Metalelor de la Londra (“LME”).
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pierdere depinde de natura relatiei de acoperire.
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impreuna cu obiectivele de gestionare a riscului si strategia acesteia de incheiere a diverselor tranzactii de acoperire. In plus, la
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riscului acoperit sunt recunoscute in linia declaratiei consolidate a rezultatului global corespunzatoare elementului acoperit.
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64
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pierdere de la data respectiva.
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elementul acoperit recunoscut.
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castigurile si pierderile recunoscute anterior in alte elemente ale rezultatului global si acumulate in capitaluri proprii sunt transferate din
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pierderea consolidata.
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&RQWUDSDUWLGHOHVXQWFRQVLGHUDWHD¿OLDWHLQPRPHQWXOLQFDUHDOWDSDUWH¿HSULQGUHSWGHSURSULHWDWHGUHSWXULFRQWUDFWXDOHUHODWLLIDPLOLDOH
VDXSULQDOWHPLMORDFHSRDWHFRQWURODGLUHFWVDXLQÀXHQWDVHPQL¿FDWLYFHDODOWDSDUWH
6XEYHQWLL
6XEYHQWLLOHVXQWUHFXQRVFXWHDWXQFLFDQGH[LVWDVX¿FLHQWHGRYH]LFD*UXSXOYDLQGHSOLQLFRQGLWLLOHUHIHULWRDUHODDFHVWHDVLFDVXEYHQWLLOH
YRU¿SULPLWH$FHVWHDVXQWUHFXQRVFXWHLQVLWXDWLDGHSUR¿WVDXSLHUGHUHSHSHULRDGDQHFHVDUDSHQWUXDOHFRUHODFXFRVWXULOHSHFDUH subventiile le
compenseaza si sunt prezentate in categoria "alte venituri operationale". Subventiile care se primesc ca si compensatie
SHQWUXFKHOWXLHOLVDXSLHUGHULGHMDLQUHJLVWUDWHVDXSHQWUXDDFRUGDVXSRUWQHPLMORFLW*UXSXOXLIDUDFRVWXULXOWHULRDUHDIHUHQWHVH
UHFXQRVFLQFRQWXOGHSUR¿WVDXSLHUGHUHLQSHULRDGDFDQGWUHEXLHSULPLWH
&HUWL¿FDWHOHGHHPLVLLGHJD]HFXHIHFWGHVHUD
*UXSXOUHFXQRDVWHGH¿FLWXOGHFHUWL¿FDWHGHHPLVLLJD]HFXHIHFWGHVHUDLQVLWXDWLLOH¿QDQFLDUHFRQVROLGDWHSHED]DPHWRGHLGDWRULLORU
QHWH&RQIRUPDFHVWHLPHWRGHVXQWUHFXQRVFXWHGRDUDFHOHGDWRULLFDUHVHDVWHDSWDVDUH]XOWHGLQGHSDVLUHDFRWHORUGHFHUWL¿FDWH
alocate.
*UXSXOHVWLPHD]DYROXPHOHDQXDOHGHHPLVLLOD¿QDOXO¿HFDUHLSHULRDGHGHUDSRUWDUHVLUHFXQRDVWHWRWDOXOGDWRULLORUVXSOLPHQWDUH
HVWLPDWHSHQWUXH[FHVXOSURJQR]DWGHYROXPHGHHPLVLLGHJD]HFXHIHFWGHVHUDODMXVWDYDORDUHDXQLWDWLORUVXSOLPHQWDUHFDUH
XUPHD]DVD¿HDFKL]LWLRQDWHVDXVDQFWLXQLOHFDUHXUPHD]DVD¿HVXSRUWDWHFRQIRUPOHJLVODWLHQDWLRQDOH'DWRULDVXSOLPHQWDUDQHWDHVWH
UHFXQRVFXWDLQSUR¿WVDXSLHUGHUHSHED]DPHWRGHLXQLWDWLLGHSURGXFWLH
65
,QFD]XOLQFDUH*UXSXOHVWLPHD]DFDYDIRORVLPDLSXWLQGLQFRWHOHDORFDWHGHFHUWL¿FDWHGHHPLVLLGHJD]HFXHIHFWGHVHUDDORFDWH
RULFHSRWHQWLDOYHQLWGLQYDQ]DUHDFHUWL¿FDWHORUQHXWLOL]DWHHVWHUHFXQRVFXWGRDULQPRPHQWXOYDQ]DULLHIHFWLYHDDFHVWRUD
5DSRUWDUHDSHVHJPHQWH
8QVHJPHQWHVWHRFRPSRQHQWDD*UXSXOXLFDUHVHLPSOLFDLQVHJPHQWHGHDFWLYLWDWHGLQFDUHSRDWHREWLQHYHQLWXULVDXSRDWHLQUHJLVWUD
cheltuieli (inclusiv venituri si cheltuieli corespunzatoare tranzactiilor cu alte componente ale aceleiasi entitati), ale carei rezultate
RSHUDWLRQDOHVXQWWUHFXWHLQUHYLVWDLQPRGUHJXODWGHFDWUHSULQFLSDOXOIDFWRUGHFL]LRQDODO*UXSXOXLSHQWUXDOXDGHFL]LLUHIHULWRDUHOD
UHVXUVHOHFHXUPHD]DVD¿HDORFDWHVHJPHQWXOXLVLDHYDOXDSHUIRUPDQWHOHDFHVWXLDVLSHQWUXFDUHVXQWGLVSRQLELOHLQIRUPDWLL¿QDQFLDUH
GLVWLQFWLYH,QIRUPDWLLOHGHVSUHVHJPHQWVXQWSUH]HQWDWHFXSULYLUHODVHJPHQWHOHJHRJUD¿FHVLGHDFWLYLWDWHDOHJUXSXOXLVLVXQWVWDELOLWH
SHED]DVWUXFWXULLGHPDQDJHPHQWVLUDSRUWDUHLQWHUQDD*UXSXOXL
5H]XOWDWHOHSHVHJPHQWDFWLYHOHVLGDWRULLOHLQFOXGHOHPHQWHFHSRW¿DWULEXLWHGLUHFWXQXLVHJPHQWSUHFXPVLFHORUFDUHSRW¿DORFDWHSH
o baza rezonabila. Elementele nealocate constau in principal in investitii (altele decat investitiile imobiliare) si veniturile aferente, credite
VLLPSUXPXWXULVLFKHOWXLHOLOHDIHUHQWHDFWLYHFRUSRUDWLYHLQSULQFLSDOVHGLXO*UXSXOXLFKHOWXLHOLDGPLQLVWUDWLYHSUHFXPVLLQFUHDQWHVL
datorii privind impozitul.
Cheltuielile de capital pe segment reprezinta totalul costurilor inregistrate pe parcursul perioadei pentru achizitia imobilizarilor
corporale si a activelor intangibile, altele decat fondul comercial.
'LYLGHQGH
'LYLGHQGHOHVXQWLQUHJLVWUDWHFDGDWRULLLQVLWXDWLLOH¿QDQFLDUHDOH*UXSXOXLLQSHULRDGDLQFDUHDFHVWHDVXQWDSUREDWHGHFDWUHDFWLRQDULL
&RPSDQLHLVLVHUHÀHFWDFRUHVSXQ]DWRUSULQVFDGHUHDFDSLWDOXULORUSURSULL
-XGHFDWLFRQWDELOHFULWLFHHVWLPDULVLLSRWH]H
3UHJDWLUHDVLWXDWLLORU¿QDQFLDUHQHFHVLWDHIHFWXDUHDGHFDWUHPDQDJHPHQWDXQRUMXGHFDWLFRQWDELOHHVWLPDULVLLSRWH]HFDUHDIHFWHD]D
YDORULOHUDSRUWDWHSHQWUXYHQLWXULOHGLQYDQ]DULFKHOWXLHOLDFWLYHVLGDWRULLQRWHOHH[SOLFDWLYHDIHUHQWHSUHFXPVLSHQWUXSUH]HQWDUHD
GDWRULLORUFRQWLQJHQWH*UDGXOGHLQFHUWLWXGLQHDIHUHQWDFHVWRULSRWH]HVLHVWLPDULSRDWHJHQHUDUH]XOWDWHFHQHFHVLWDDMXVWDUHD
VHPQL¿FDWLYDDYDORULORUFRQWDELOHDOHDFWLYHORUVDXGDWRULLORU
,SRWH]HOHFKHLHFDUHDUSXWHDJHQHUDXQDQXPLWJUDGGHLQFHUWLWXGLQHODGDWDUDSRUWDULLFDUHSUH]LQWDXQULVFVHPQL¿FDWLYGHDGHWHUPLQD
DMXVWDULPDWHULDOHSHQWUXYDORULOHFRQWDELOHDOHDFWLYHORUVLGDWRULLORUDIHUHQWHDQXOXLXUPDWRUVXQWGHVFULVHPDLMRV*UXSXODIXQGDPHQWDW
LSRWH]HOHVLHVWLPDULOHSHLQIRUPDWLLOHGLVSRQLELOHDWXQFLFDQGVLWXDWLLOH¿QDQFLDUHDXIRVWSUHJDWLWH&LUFXPVWDQWHOHVLLSRWH]HOHH[LVWHQWH
FXSULYLUHODGH]YROWDULOHYLLWRDUHVDUSXWHDVFKLPEDGDWRULWDPRGL¿FDULORULQSLDWDVDXFLUFXPVWDQWHORUFDUHVXQWLQDIDUDFRQWUROXOXL
*UXSXOXL$VWIHOGHVFKLPEDULVXQWUHÀHFWDWHLQLSRWH]HDWXQFLFDQGDFHVWHDDSDU
$MXVWDULSHQWUXGHSUHFLHUHDDFWLYHORULPRELOL]DWHFRUSRUDOHVLQHFRUSRUDOH
Deprecierea unui activ are loc atunci cand valoarea neta contabila a respectivului activ sau a unitatii generatoare de numerar depaseste
YDORDUHDORUUHFXSHUDELODFDUHHVWHPD[LPXOGLQWUHYDORDUHDGHSLDWDPLQXVFRVWXULOHGHYDQ]DUHVLYDORDUHDLQX]&DOFXOXOYDORULLGH
SLDWDPLQXVFRVWXULOHGHYDQ]DUHVHED]HD]DSHGDWHGLVSRQLELOHLQSLDWDGLQWUDQ]DFWLLGHYDQ]DULDQJDMDQWHGHUXODWHLQFRQGLWLLQRUPDOH
GHSLDWDSHQWUXDFWLYHVLPLODUHVDXSHSUHWXULGHSLDWDLGHQWL¿FDELOHPDLSXWLQFRVWXULOHGHFHGDUHDDFWLYXOXL&DOFXOXOYDORULLLQX]VH
ED]HD]DSHXQPRGHOGHÀX[XULGHQXPHUDUDFWXDOL]DWH)OX[XULOHGHQXPHUDUVXQWH[WUDVHGLQEXJHWHLQWRFPLWHGH*UXSVLQXLQFOXG
DFWLYLWDWLGHUHVWUXFWXUDUHODFDUH*UXSXOQXVDDQJDMDWLQFDVDXLQYHVWLWLLYLLWRDUHVHPQL¿FDWLYHFDUHYRULPEXQDWDWLSHUIRUPDQWDDFWLYXOXL sau a unitatii
generatoare de numerar care face obiectul testului de depreciere. Valoarea recuperabila este senzitiva la rata de discount
IRORVLWDLQPRGHOXOÀX[XULORUGHQXPHUDUDFWXDOL]DWHSUHFXPVLODLQWUDULOHGHQXPHUDUYLLWRDUHHVWLPDWHVLODUDWDGHFUHVWHUHIRORVLWD
SHQWUXH[WUDSRODUL
7D[H
,QWHUSUHWDUHDUHJOHPHQWDULORU¿VFDOHFRPSOH[HPRGL¿FDULOHLQOHJLVODWLD¿VFDODSUHFXPVLVXPDVLPRPHQWXOH[LJLELOLWDWLLYHQLWXULORU
LPSR]DELOHYLLWRDUHSUHVXSXQRVHULHGHLQFHUWLWXGLQL*UXSXOGHUXOHD]DWUDQ]DFWLLFXGLYHUVLSDUWHQHULGLQPHGLXOLQWHUQDWLRQDOFDUHVXQW
LQPXOWHFD]XULSHWHUPHQOXQJVLGHFRPSOH[LWDWHDVWIHOFDUH]XOWDWHOHHIHFWLYHDUSXWHDGLIHULIDWDGHLSRWH]HOHDYXWHLQYHGHUHVDX
IDWDGHYLLWRDUHPRGL¿FDULDOHXQRUDVWIHOGHLSRWH]HFHHDFHDUSXWHDQHFHVLWDYLLWRDUHDMXVWDULDOHFKHOWXLHOLORUVDXYHQLWXULORUGLQWD[H
66
LQUHJLVWUDWHGHMD*UXSXOLQUHJLVWUHD]DSURYL]LRDQHGDFDHVWHFD]XOSHQWUXYLLWRDUHFRQVHFLQWHSRVLELOHDOHXQRULQVSHFWLL¿VFDOH9DORULOH
DFHVWRUSURYL]LRDQHVHED]HD]DSHGLYHUVLIDFWRULFXPDU¿H[SHULHQWDXQRULQVSHFWLL¿VFDOHDQWHULRDUHVDXLQWHUSUHWDULGLIHULWHDOH
UHJOHPHQWDULORUGHFDWUH*UXSLQUDSRUWFXLQWHUSUHWDULOHDXWRULWDWLORU¿VFDOH$VWIHOGHGLIHUHQWHGHLQWHUSUHWDUHSRWDSDUHDSHQWUXRVHULH de probleme,
in functie de circumstantele aplicabile.
&UHDQWHOHGLQLPSR]LWSHSUR¿WDPDQDWVHUHFXQRVFSHQWUXSLHUGHUL¿VFDOHQHIRORVLWHLQPDVXUDLQFDUHHVWHSUREDELOFDYRUH[LVWD
SUR¿WXULWD[DELOHSHQWUXFDUHDFHVWHSLHUGHUL¿VFDOHYRUSXWHD¿IRORVLWH(VWHQHFHVDUFDPDQDJHPHQWXOVDLVLH[HUFLWHMXGHFDWD
SURIHVLRQDODSHQWUXDGHWHUPLQDYDORDUHDFUHDQWHLGLQLPSR]LWXOSHSUR¿WDPDQDWFDUHSRDWH¿UHFXQRVFXWDSHED]DPRPHQWXOXLHVWLPDW
VLDQLYHOXOXLYLLWRDUHORUSUR¿WXULLPSR]DELOHFRQFRPLWHQWFXVWUDWHJLLOHYLLWRDUHGHSODQL¿FDUH¿VFDOD0DLPXOWHGHWDOLLVXQWSUH]HQWDWHLQ
Nota 10.
(YDOXDUHDODYDORDUHMXVWDDLQVWUXPHQWHORU¿QDQFLDUH
$WXQFLFDQGYDORDUHDMXVWDDDFWLYHORUVLGDWRULLORU¿QDQFLDUHUHÀHFWDWHLQVLWXDWLDSR]LWLHL¿QDQFLDUHQXSRW¿PDVXUDWHSHED]DXQRU
SUHWXULFRWDWHSHSLHWHDFWLYHYDORDUHDORUMXVWDVHPDVRDUDIRORVLQGWHKQLFLGHHYDOXDUHSULQWUHFDUHVLPRGHOXOÀX[XULORUGHQXPHUDU
actualizate. Ipotezele din aceste modele sunt preluate din informatii de piata disponibile, dar atunci cand nu este posibil, sunt necesare
UDWLRQDPHQWHSHQWUXGHWHUPLQDUHDYDORULLMXVWH5DWLRQDPHQWHOHLQFOXGGHWHUPLQDUHDXQRULSRWH]HFXPDU¿ULVFXOGHOLFKLGLWDWHULVFXOGH
FUHGLWVLYRODWLOLWDWHD2ULFHPRGL¿FDULLQDFHVWHLSRWH]HUHIHULWRDUHODDFHVWLIDFWRULDUSXWHDDIHFWDYDORDUHDUDSRUWDWDLQVLWXDWLL¿QDQFLDUH
A se consulta si Nota 30 pentru mai multe detalii.
3URYL]LRDQHSHQWUXUHDELOLWDUH
*UXSXODUHFXQRVFXWSURYL]LRDQHSULYLQGUHDELOLWDWHDXQRUDPSODVDPHQWHXQGHGHSR]LWHD]DGHVHXULGLQSURGXFWLH3HQWUXGHWHUPLQDUHD
YDORULLSURYL]LRDQHORUVDXIDFXWHVWLPDULVLVDXOXDWLQFRQVLGHUDUHLSRWH]HSULYLQGUDWDGHGLVFRXQWUDWDGHLQÀDWLHFRVWXULOHFX
reabilitarea si momentul cand vor trebui suportate. A se consulta si Nota 23 pentru mai multe detalii.
'XUDWHOHXWLOHDOHLPRELOL]DULORUFRUSRUDOH
*UXSXOUHYL]XLHVWHGXUDWHOHXWLOHDOHLPRELOL]DULORUVDOHFRUSRUDOHOD¿HFDUHSHULRDGDGHUDSRUWDUH
&RQGXFHUHDIRORVHVWHMXGHFDWLFRQWDELOHFULWLFHVLSHQWUXHVWLPDUHDGXUDWHLGHYLDWDDDFWLYHORUQHFRUSRUDOHLPSR]LWHDPDQDWH
SURYL]LRDQHVLDMXVWDULSHQWUXGHSUHFLHUHDFUHDQWHORULQFHUWHVLDVWRFXULORUDMXVWDULSHQWUXGHSUHFLHUHDDFWLYHORU¿QDQFLDUHVLGDWRULL
contingente.
5DSRUWDUHDSHVHJPHQWH
3HQWUXVFRSXULDGPLQLVWUDWLYH*UXSXOHVWHRUJDQL]DWSHED]DLQWHJUDULLYHUWLFDOHLQGLYL]LLGLYL]LD%DX[LWDGLYL]LD$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]DWLQ6LHUUD
/HRQH6HJPHQWXO$OXPLQDSUHOXFUHD]DEDX[LWDSHQWUXDREWLQHDOXPLQDSULQFLSDODPDWHULHSULPDSHQWUXSURGXFHUHDDOXPLQLXOXLSULPDU
Segmentul Aluminiu Primar toarna produse precum sarma, sleburi, bare si lingouri. Segmentul Aluminiu Procesat produce si vinde
WDEOHEHQ]LSODFLVLSURGXVHH[WUXGDWH$WDWGLYL]LD$OXPLQLX3ULPDUFDWVLGLYL]LD$OXPLQLX3URFHVDWVHDÀDLQ6ODWLQD5RPDQLD
$OWHRSHUDWLXQLDOH*UXSXOXLLQFOXGGLYHUVHVHUYLFLLFDWUHHQWLWDWLOHD¿OLDWHVDXFDWUHFOLHQWLWHUWL
3R]LWLLOH7UDQ]DFWLLLQWUHVHJPHQWHVL$OWHDFWLYLWDWLLQFOXGHOLPLQDULLQWUHVHJPHQWHVLVXPHQHDORFDELOH
Veniturile si cheltuielile pe segmente sunt cele care sunt direct atribuibile segmentelor; cheltuielile comune sunt alocate segmentelor 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
segmentelor pe o baza rezonabila. Datoriile pe segmente includ toate datoriile operationale, precum cele comerciale, salarii si contributii
GHSODWDVLGDWRULLSUHOLPLQDWH$FWLYHOHVLGDWRULLOHSHVHJPHQWHQXLQFOXGLPSR]LWXOSHSUR¿WDPDQDWLPSUXPXWXULGDWRULL¿QDQFLDUHVLDOWH
categorii care nu se pot aloca.
Veniturile si rezultatul segmentelor pentru anul incheiat la 31 decembrie 2015 si respectiv 31 decembrie 2014 sunt urmatoarele:
9DQ]DULFDWUHFOLHQWLH[WHUQL
Vanzari intre segmente

5H]XOWDWSHVHJPHQWHSUR¿WEUXW
Alte cheltuieli si venituri operationale, net

'REDQ]LVLDOWHYHQLWXULFKHOWXLHOL¿QDQFLDUHQHWH
9DQ]DULFDWUHFOLHQWLH[WHUQL
Vanzari intre segmente
5H]XOWDWSHVHJPHQWHSUR¿WEUXW
Alte cheltuieli si venituri operationale, net

'REDQ]LVLDOWHYHQLWXULFKHOWXLHOL¿QDQFLDUHQHWH
Activele si datoriile pe segmente la 31 decembrie 2015, respectiv 31 decembrie 2014 sunt dupa cum urmeaza:
GHFHPEULH
7RWDODFWLYH
7RWDOGDWRULL
Achizitii de active imobilizate
Deprecierea imobilizarilor corporale
Cheltuiala cu amortizarea
GHFHPEULH
7RWDODFWLYH
7RWDOGDWRULL
Achizitii de active imobilizate
Deprecierea imobilizarilor corporale
Imobilizarile corporale localizate in Sierra Leone totalizeaza 62.062 mii RON (la 31 decembrie 2014: 49.713 mii RON).
7RWDODFWLYHLQFOXVHLQFDWHJRULD$OWHDFWLYLWDWLFXSULQGLQSULQFLSDOLQYHVWLWLLOHLQ¿OLDOHFODGLULOHDGPLQLVWUDWLYHFUHDQWDSULYLQG
LPSR]LWXOSHSUR¿WDPDQDWLQVWUXPHQWHOH¿QDQFLDUHGHULYDWHLQFRUSRUDWH
7RWDOGDWRULLLQFOXVHLQFDWHJRULD$OWHDFWLYLWDWLFXSULQGLQSULQFLSDOLPSUXPXWXULOHSURYL]LRDQHOHVLGLYLGHQGHOH
68
7DEHOXOGHPDLMRVSUH]LQWDYDQ]DULOH6RFLHWDWLLLQIXQFWLHGHORFDOL]DUHDJHRJUD¿FDDFOLHQWXOXL
Romania
Alte tari membre UE
Alte tari europene non-membre UE
SUA
Alte tari
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&KHOWXLHOLJHQHUDOHDGPLQLVWUDWLYHVLGHGHVIDFHUH
Cheltuieli cu personalul
&KHOWXLHOLFXVHUYLFLLOHH[HFXWDWHGHWHUWL
Cheltuieli de consultanta si audit
Cheltuieli cu materiale consumabile si utilitati
&KHOWXLHOLFXWD[HDOWHOHGHFDWLPSR]LWXOSHSUR¿W
Amortizare
Asigurari
Alte cheltuieli administrative
0LVFDUHDDMXVWDULORUSHQWUXFUHDQWHOHLQFHUWH
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$OWHYHQLWXULVLFKHOWXLHOLRSHUDWLRQDOH
$OWHYHQLWXULRSHUDWLRQDOH
Venituri din chirii
9HQLWXULGLQYDQ]DUHFHUWL¿FDWHHPLVLLJD]HFXHIHFWGHVHUD
Venituri din datorii derecunoscute
Venituri din despagubiri si penalitati
9HQLWXULGLQUHYHUVDUHDDMXVWDULORUGHGHSUHFLHUHSHQWUXDFWLYH
corporale
Alte venituri
7RWDODOWHYHQLWXULRSHUDWLRQDOH
$OWHFKHOWXLHOLRSHUDWLRQDOH
Amortizarea activelor imobilizate in conservare
Pierdere neta din cedarea de imobilizari
Cheltuieli cu despagubiri. amenzi si penalitati
Cheltuieli cu provizioanele pentru active corporale
Alte cheltuieli
7RWDODOWHFKHOWXLHOLRSHUDWLRQDOH
9HQLWXULOHGLQGDWRULLGHUHFXQRVFXWHUHSUH]LQWDGDWRULLSULYLQGWD[HOHORFDOHGHUHFXQRVFXWHVLLQUHJLVWUDWHSHYHQLWFDXUPDUHDXQXL
DXGLW¿VFDOHIHFWXDWGHDXWRULWDWHDQDWLRQDODODVXEVLGLDUD*UXSXOXLGLQ6LHUUD/HRQHLQ3HQWUXDQXODFHDVWDFDWHJRULH
include o suma de 4.234 mii RON reprezentand datorii vechi derecunoscute si inregistrate pe venit ca urmare a incheierii in 2014 a unui acord de
compensare intre una din societatile grupului si un partener tert.
In categoria "Venituri din despagubiri si penalitati" este inclusa suma de 6.707 mii RON reprezentand indemnizatii de asigurare primite
LQLQVSHFLDOSHQWUXSLHUGHULOHHFRQRPLFHFDX]DWHGHH[SOR]LDXQXLHFKLSDPHQWLQOXQDPDLDDQXOXLLQLQFLQWDGLYL]LHLGH
procesare a Societatii (in 2014 au fost incasate indemnizatii de asigurare in valoare de 1.408 mii RON ca si despagubire pentru echipamentul avariat in
cursul aceluiasi eveniment).
69
Categoria "Alte venituri" include o suma de 1.591 mii RON (pentru anul 2014: 1.332 mii RON) reprezentand venituri din subventii care au
IRVWSULPLWHGLQIRQGXUL8(SHQWUXRLQYHVWLWLHLQWUROLQLHGH¿QLVDUHSURGXVH¿QLWHSURFHVDWHLQVLSHQWUXRLQYHVWLWLHLQHFKLSDPHQWH
GHREWLQHUHDSURGXVHORUH[WUXGDWHLQVXEYHQWLLFDUHVHUHFXQRVFSHYHQLWXULOLQLDUSHGXUDWDGHYLDWDDLPRELOL]DULORUFRUSRUDOH
respective.
In 2015, in categoria "Cheltuieli cu despagubiri, amenzi si penalitati" este inclusa suma de 21.239 mii RON, reprezentand constituirea
XQXLSURYL]LRQSHQWUXDPHQ]LVLSHQDOLWDWLLQGHFHPEULHFDXUPDUHDQRWL¿FDULL6RFLHWDWLLGHFDWUH&RQVLOLXO&RQFXUHQWHLSULYLQG
aplicarea unei sanctiuni (pentru mai multe detalii a se consulta Nota 23).
3R]LWLD$OWHFKHOWXLHOLLQFOXGHFKHOWXLHOLGLYHUVHFDUHQXSRW¿DORFDWHDOWRUFDWHJRULL
&KHOWXLHOLFXGREDQ]LOH
Cheltuieli cu dobanzile si comisioanele aferente contractelor
de factoring
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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[XULORUGH
trezorerie in categoria "Dobanzi platite" (in 2014: 4.914 mii RON).
$OWHFDVWLJXULSLHUGHUL¿QDQFLDUHQHWH
Venituri din dobanzi

Comisioane bancare
&DVWLJGLQLQVWUXPHQWH¿QDQFLDUHGHULYDWH
$OWHFDVWLJXUL¿QDQFLDUHQHWH
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In venituri din dobanzi este inclusa o suma de 1.727 mii RON (in 2014: 231 mii RON) aferenta unui contract de imprumut incheiat de una
GLQVRFLHWDWLOHJUXSXOXLFX6RFLHWDWHDPDPDD*UXSXOXL$OUR9LPHWFR19DVHFRQVXOWDVL1RWD
1XVDLQUHJLVWUDWQLFLRVXPDGLQLQH¿FLHQWDLQVWUXPHQWHORUGHDFRSHULUHLPSRWULYDULVFXOXLLQVLWXDWLDGHSUR¿WVDXSLHUGHUHVLD
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
,PSR]LWXOSHSUR¿WDPDQDW
,PSR]LWXOSHSUR¿WDPDQDWUHFXQRVFXWLQDQXOFXUHQW
,PSR]LWXOSHSUR¿WDPDQDWUHFODVL¿FDWGLQFDSLWDOXULSURSULLLQSUR¿WVDXSLHUGHUH
7RWDOLPSR]LWSHSUR¿W
70
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Rezultat inainte de impozitare

Rata de impozit medie ponderata aplicabila pentru grup
,PSR]LWXOSHSUR¿WFDOFXODWODUDWDPHGLHSRQGHUDWD
Efectul veniturilor neimpozabile
Efectul cheltuielilor nedeductibile
(IHFWXOXWLOL]DULLSLHUGHULORU¿VFDOHQHUHFXQRVFXWHDQWHULRU
3LHUGHUL¿VFDOHSHQWUXFDUHQXVDUHFXQRVFXWLPSR]LWDPDQDW
,PSR]LWDPDQDWDIHUHQWSLHUGHULORU¿VFDOHQHUHFXQRVFXWLQDQLLDQWHULRUL
Impozit amanat aferent diferentelor temporare deductibile nerecunoscut in anii anteriori
,PSR]LWXOSHSUR¿WUHFXQRVFXWLQFRQWXOGHSUR¿WVDXSLHUGHUH
5DWDGHLPSR]LWIRORVLWDSHQWUXUHFRQFLOLHULOHSHQWUX LGHPDLVXVHVWHFHDSODWLELOGHVRFLHWDWLOHGLQ5RPDQLD L6LHUUD/HRQH

SHQWUXSUR¿WXULOHLPSR]DELOHvQFRQIRUPLWDWHFXOHJLVOD LD¿VFDO GLQMXULVGLF LLOHUHVSHFWLYHDQXPHLQ5RPkQLDVLLQ6LHUUD
/HRQH5DWDGHLPSR]LWPHGLHSRQGHUDWDSHQWUX*UXSHVWHDIHFWDWDGHUDWHOHGHLPSR]LWDUHQDWLRQDOHVLGHUHJOHPHQWDULOHLQYLJRDUH
SUHFXPVLGHVWUXFWXUDUH]XOWDWHORULQDLQWHGHLPSR]LWDUHDOH¿OLDOHORULQWDULOHXQGHDFHVWHDDXRSHUDWLXQLFDUHSRWYDULDGHODXQDQOD 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¿WFDOFXODWSHQWUX
companiile din Romania.
,QFKHOWXLHOLOHQHGHGXFWLELOHHVWHLQFOXVDVXPDGHPLL521UHSUH]HQWDQGHIHFWXO¿VFDOGHDODPHQ]LLQHGHGXFWLELOH
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¿VFDOHUHSRUWDWHGLQDQLLDQWHULRUL
GH$OURVL$OXPDFHVWD¿LQGLQVXPDGHPLL521SHQWUX$OURVLPLL521SHQWUX$OXPSHQWUXFDUH*UXSXODUHFXQRVFXWR
FUHDQWDDIHUHQWDLPSR]LWXOXLSHSUR¿WDPDQDWODGHFHPEULH
*UXSXOQXDUHFXQRVFXWFUHDQWHGLQLPSR]LWXOSHSUR¿WDPDQDWSHQWUXSLHUGHULLQVXPDGHPLL521LQPLL521
LDUHIHFWXO¿VFDODODFHVWRUDVLGDWDGHH[SLUDUHVXQWSUH]HQWDWHLQWDEHOXOXUPDWRU
3LHUGHUL¿VFDOHFDUHH[SLUDLQ
In 1 an
1 - 2 ani
2 - 5 ani
Mai mult de 5 ani
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$QDOL]DLPSR]LWXOXLSHSUR¿WDPDQDWSHQWUXDQLLLQFKHLDWLODGHFHPEULHVLHVWHSUH]HQWDWDPDLMRV
Stocuri
Creante comerciale si alte active circulante
Imprumuturi
Provizioane
,PSR]LWSHSUR¿WDPDQDWGLQSLHUGHUH¿VFDOD
&UHDQWHGDWRULLSULYLQGLPSR]LWXOSHSUR¿WDPDQDW
71
Stocuri
Creante comerciale si alte active circulante
Imprumuturi
Furnizori si alte datorii
Provizioane
,PSR]LWSHSUR¿WDPDQDWGLQSLHUGHUH¿VFDOD
,QVWUXPHQWH¿QDQFLDUHGHULYDWH
&UHDQWHGDWRULLSULYLQGLPSR]LWXOSHSUR¿WDPDQDW
,PSR]LWXOSHSUR¿WDPDQDWGLQSLHUGHUH¿VFDODHVWHDIHUHQWLQSULQFLSDO6RFLHWDWLLPDPDFRQGXFHUHDFRQVLGHUDQGFDYRUH[LVWDVX¿FLHQWH
SUR¿WXULLPSR]DELOHLQYLLWRUSHQWUXDXWLOL]DDFHVWHSLHUGHUL¿VFDOH3UR¿WXULOHYLLWRDUHLPSR]DELOHDXIRVWSUHYL]LRQDWHSHED]DSODQXOXL de
afaceri al Alro intocmit de conducere, care acopera o perioada de 8 ani. Ipotezele principale luate in calcul sunt cresterea vanzarilor
LQPHGLHFXSHDQPDUMD(%,7'$GHVLPDUMDSUR¿WXOXLLQDLQWHGHLPSR]LWDUHGHSHDQ9DORULOHDWULEXLWHYDULDELOHORU
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ED]HD]DSHDVWHSWDULOHFRQGXFHULLSULYLQGHYROXWLDSLHWHL8UPDUHHVWLPDULORUFRQGXFHUHDVHDVWHDSWDVDXWLOL]H]HWRDWHSLHUGHULOH¿VFDOH
DFXPXODWHGLQWUHFXWIDWDGHSUR¿WXULOHLPSR]DELOHLQWUHDJDVXPDDSLHUGHULORU¿VFDOHUHSRUWDWH¿LQGHVWLPDWDD¿IRORVLWDSDQDODVIDUVLWXO
DQXOXL2VFDGHUHFXDSURFHQWXOXLGHFUHVWHUHDYDQ]DULORUSUHYL]LRQDWHDUUH]XOWDLQGHUHFXQRDVWHUHDFUHDQWHLSULYLQGLPSR]LWXO
SHSUR¿WDPDQDWLQVXPDGHPLL521RVFDGHUHFXDPDUMHL(%,7'$SUHYL]LRQDWHDUGLPLQXDFUHDQWDSULYLQGLPSR]LWXOSH
SUR¿WDPDQDWFXPLL521LDURVFDGHUHFXDPDUMHLSUR¿WXOXLLQDLQWHGHLPSR]LWDUHDUGLPLQXDFUHDQWDSULYLQGLPSR]LWXOSH
SUR¿WDPDQDWFXPLL521
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Rezultat net atribuibil actionarilor Societatii

Numar mediu ponderat de actiuni ordinare
Rezultat pe actiune de baza si diluat (RON/actiune)
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]HQWDQGGLYLGHQGHGHFODUDWHLQDQLLDQWHULRULFDWUHDOWLDFWLRQDULPLL
RON). Pentru mai multe detalii a se vedea Nota 28.
72
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7UDQVIHULQWUHFDWHJRULL
$MXVWDULGHFRQYHUVLH
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Intrari
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/DGHFHPEULH
$PRUWL]DUHFXPXODWD
/DLDQXDULH
Amortizare cumulata aferenta iesirilor

$MXVWDULGHFRQYHUVLH
/DGHFHPEULH

$MXVWDULGHFRQYHUVLH
/DGHFHPEULH
$MXVW ULSHQWUXGHSUHFLHUH
/DLDQXDULH
5HOXDULDOHDMXVWDULORUGHGHSUHFLHUHD
UHFXQRVFXWHLQSUR¿WVDXSLHUGHUH
7UDQVIHUXULLQWUHFDWHJRULL
/DGHFHPEULH
$MXVWDULGHGHSUHFLHUHUHFXQRVFXWHLQ
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Iesiri
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73
/DGHFHPEULHYDORDUHDFRQWDELODQHWDDPLMORDFHORU¿[HDFKL]LWLRQDWHLQOHDVLQJ¿QDQFLDUDIRVWLQVXPDGHPLL521
(2014: 1.026 mii RON).
In valoarea neta contabila a instalatiilor tehnice este inclusa suma de 3.433 mii RON reprezentand costul indatorarii capitalizat
in conformitate cu IAS 23 "Costurile indatorarii, revizuit" (2014: 3.775 mii RON). In 2015, nu a fost capitalizata cheltuiala cu
dobanda in valoarea neta contabila a instalatiilor tehnice (2014: 171 mii RON).
/DGHFHPEULHLPRELOL]DULFRUSRUDOHFXRYDORDUHFRQWDELODQHWDGHPLL521PLL521VXQWJDMDWH
SHQWUXDJDUDQWDLPSUXPXWXULOHFRQWUDFWDWHGHFDWUH*UXS1RWD
*UXSXOXWLOL]HD]DDFWLYHFRPSOHWDPRUWL]DWHFXXQFRVWGHPLL521ODGHFHPEULHODGHFHPEULHPLL
RON).
*UXSXODUHDFWLYHVFRDVHGLQX]WHPSRUDUODGHFHPEULHLQYDORDUHQHWDFRQWDELODGHPLL521ODGHFHPEULH
24.990 mii RON).
Suma de 109.811 mii RON reprezentand amortizarea imobilizarilor corporale a fost inregistrata in ,,Costul bunurilor vandute"
(2014: 94.928 mii RON).
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depreciere. In urma analizei, valoarea recuperabila a imobilizarilor corporabile a fost mai mare decat valoarea lor contabila si astfel nu
VDLQUHJLVWUDWRFKHOWXLDODFXGHSUHFLHUHDLPRELOL]DULORUFRUSRUDOH7HVWXOGHGHSUHFLHUHDUHODED]DXQUDSRUWGHHYDOXDUHHIHFWXDWGH catre
un evaluator independent.
Valoarea recuperabila a unitatii generatoare de numerar Alro a fost determinata pe baza unui calcul privind valoarea de piata a unitatii
JHQHUDWRDUHGHQXPHUDUPLQXVFRVWXOGHYDQ]DUHLQFDUHVDXXWLOL]DWÀX[XULGHQXPHUDUYLLWRDUHSHED]DSODQXOXLGHDIDFHULSHQWUX
XUPDWRULLDQLHVWLPDWGHFRQGXFHUHDFRPSDQLHL)OX[XULOHGHQXPHUDUGHGXSDDFHDVWDSHULRDGDDXIRVWH[WUDSRODWHIRORVLQGRUDWD
GHFUHVWHUHGHSHDQLQFRQIRUPLWDWHFXSUHYL]LXQLOHSULYLQGUDWDLQÀDWLHL0DUMD(%,7'$DIRVWHVWLPDWDODSHQWUXXUPDWRULL
DQLFUHVFDQGGXSDDFHDVWDSHULRDGDODXQQLYHOQRUPDOGHVLUDPDQDQGFRQVWDQWDODDFHDVWDYDORDUHSHWHUPHQQHOLPLWDW
(YDOXDUHDODYDORDUHDMXVWDVHLQFDGUHD]DSHQLYHOXODOLHUDUKLHGHPDVXUDUHSHED]DLSRWH]HORUIRORVLWHLQWHKQLFLOHGHHYDOXDUHDVH
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[LPDWLYPLL521
PLL5217DEHOXOGHPDLMRVSUH]LQWDYDORDUHDSDQDODFDUHYDULDELOHOHFKHLHXWLOL]DWHDUWUHEXLVDVHPRGL¿FHLQGLYLGXDO
SHQWUXFDYDORDUHDUHFXSHUDELODHVWLPDWDVD¿HHJDODFXYDORDUHDFRQWDELODODGHFHPEULH

Rata de crestere, media urmatorilor 8 ani
0DUMD(%,7'$PHGLDXUPDWRULORUDQL
0DUMD(%,7'$YDORDUHDWHUPLQDOD
9DORDUHDUHFXSHUDELODDXQLWDWLLJHQHUDWRDUHGHQXPHUDUEDX[LWD8*16LHUUD/HRQHDIRVWGHWHUPLQDWDSHED]DXQXLFDOFXOSULYLQG
YDORDUHDGHSLDWDDXQLWDWLLJHQHUDWRDUHGHQXPHUDUPLQXVFRVWXOGHYDQ]DUHHVWLPDWDSULQPHWRGDDFWXDOL]DULLÀX[XULORUGHQXPHUDU
VLDSOLFDQGHYDOXDUHDED]DWDSHSLDWD)OX[XULOHGHQXPHUDUHVWLPDWHGHFRQGXFHUHDFRSHUDRSHULRDGDGHFLQFLDQL5DWDGHGLVFRXQW
GXSDLPSR]LWDUHHVWHGHDQXDOSDQDLQDFRSHULQGSHULRDGDGHHSXL]DUHDUH]HUYHORUPDVXUDWHVLXOWHULRUDQXDOSHQWUX
UH]HUYDSUHVXSXVDGDWRULWDULVFXOXLPDLPDUHGHLQFHUWLWXGLQHVLUHVSHFWLY)OX[XULOHGHQXPHUDUGXSDSHULRDGDGH
74
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GHDQXDOLQFRQIRUPLWDWHFXSUHYL]LXQLOHSULYLQGUDWDLQÀDWLHL(YDOXDUHDODYDORDUHDMXVWDVHLQFDGUHD]DSHQLYHOXODOLHUDUKLHGH
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'$2UHGXFHUHD
PDUMHLODDUUH]XOWDLQYDORDUHDUHFXSHUDELODHVWLPDWDDLPRELOL]DULORUFRUSRUDOHVD¿HHJDODFXYDORDUHDFRQWDELOD
3HQWUXFHOHODOWHYDULDELOHFRQGXFHUHDDFRQVLGHUDWFDQXH[LVWDPRGL¿FDULSRVLELOHLQPRGUH]RQDELOFDUHVDFRQGXFDODRGHSUHFLHUHD
LPRELOL]DULORUFRUSRUDOHDOH8*16LHUUD/HRQH
,QFRQGXFHUHDDFRQVLGHUDWFDQXH[LVWDXDOWHPRGL¿FDULSRVLELOHLQPRGUH]RQDELODOHYDULDELOHORUFKHLHFDUHVDFRQGXFDODR
depreciere a imobilizarilor corporale.
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Amortizarea anului
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Fondul comercial este alocat unitatilor generatoare de numerar la 31 decembrie 2015 si 2014 dupa cum urmeaza (dupa evaluarea la
FXUVXOGHVFKLPEGHVIDUVLWGHSHULRDGDVLGXSDLQUHJLVWUDUHDDMXVWDULORUGHGHSUHFLHUH
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variabilelor folosite in metodologia respectiva (a se vedea Nota 30).
)OX[XULOHGHQXPHUDUYLLWRDUHVXQWED]DWHSHEXJHWHHVWLPDWHGHFRQGXFHUHFDUHDFRSHUDRSHULRDGDGHDQL)OX[XULOHGHQXPHUDUGH
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Rata de crestere (media pe urmatorii 6 ani)
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5DWDGHGLVFRXQWHVWHPHGLDSRQGHUDWDDFRVWXOXLFDSLWDOXOXLDIHUHQWXQLWDWLLJHQHUDWRDUHGHQXPHUDUGHFDOFXODWDSHED]D
XQRUFRH¿FLHQWLEHWDDLFRPSDQLLORUFRPSDUDELOHGLQLQGXVWULHVLXQFRVWDOGDWRULHLSRVWWD[HGHSRQGHUDWHLQED]DXQXLJUDGGH
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FRQGXFHULLSULYLQGFRQGLWLLOHHFRQRPLFHVLGHSLDWDSHUH]XOWDWXOLQYHVWLWLLORUGHFDSLWDOVLSHLPEXQDWDWLULGHH¿FLHQWDDQWLFLSDWH3HQWUX
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76
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9DORDUHDUHFXSHUDELODDXQLWDWLORUJHQHUDWRDUHGHQXPHUDUFXRSHUDWLXQLLQ6LHUUD/HRQH*OREDO$OXPLQLXP/WGDIRVWGHWHUPLQDWD
SHED]DFDOFXOXOXLXQHLYDORULMXVWHPDLSXWLQFRVWXULOHGHYDQ]DUHLQFDUHVDXXWLOL]DWÀX[XULGHQXPHUDUYLLWRDUHDFWXDOL]DWHVLWHKQLFL
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SHQWUXUH]HUYHOHPLQHUDOHSUHVXSXVHGDWRULWDJUDGXOXLPDLPDUHGHLQFHUWLWXGLQHLQVLUHVSHFWLY)OX[XULOHGH
QXPHUDUGHGXSDSHULRDGDGHDQLDXIRVWH[WUDSRODWHSDQDLQDQXOFDQGUH]HUYHOHHVWLPDWHPDVXUDWHLQGLFDWHVLSUHVXSXVHYRU
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,SRWH]HOHSULQFLSDOHIRORVLWHSHQWUXXQLWDWHDJHQHUDWRDUHGHQXPHUDU*OREDO$OXPLQLXP/WGVXQW

Rata de crestere (media pe urmatorii 9 ani)
0DUMD(%,7'$PHGLDSHXUPDWRULLDQL
5DWDGHGLVFRXQWHVWHPHGLDSRQGHUDWDDFRVWXOXLFDSLWDOXOXLDIHUHQWXQLWDWLLJHQHUDWRDUHGHQXPHUDUGHFDOFXODWDSHED]D
XQRUFRH¿FLHQWLEHWDDLFRPSDQLLORUFRPSDUDELOHGLQLQGXVWULHVLXQFRVWDOGDWRULHLSRVWWD[HGHSRQGHUDWHLQED]DXQXLJUDGGH
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termen lung, dar si pe intentia companiei de a isi dezvolta vanzarile catre terti. Rata de crestere de dupa perioada de 5 ani mentionata a
IRVWHVWLPDWDDSUR[LPDWLYLQFRQFRUGDQWDFXLQÀDWLDSUHYL]LRQDWDGH
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H[WHUQDVLSHYDQ]DULFDQWLWDWLYHVLSUHWXULYLLWRDUHGDUVLSHHIRUWXULOHXQLWDWLLJHQHUDWRDUHGHQXPHUDUGHDVLUHGXFHFRVWXULOH
Valoarea recuperabila estimata a unitatii generatoare de numerar Alro S.A. a fost mai mare decat valoarea neta contabila cu
DSUR[LPDWLYPLL521LQPLL521LDUSHQWUXXQLWDWHDJHQHUDWRDUHGHQXPHUDU*OREDO$OXPLQLXP/WG&X
DSUR[LPDWLYPLL521LQPLL5217DEHOXOXUPDWRUSUH]LQWDYDORDUHDSDQDODFDUHDUWUHEXLVDVHPRGL¿FH
¿HFDUHGLQYDULDELOHOHFKHLHSHQWUXFDYDORDUHDUHFXSHUDELODVD¿HHJDODFXYDORDUHDQHWDFRQWDELOD
$OUR6$
Rata de crestere
0DUMD(%,7'$
&HDPDLVHQ]LWLYDYDULDELODFKHLHIRORVLWDLQWHVWXOGHGHSUHFLHUHDOXQLWDWLLJHQHUDWRDUHGHQXPHUDU*OREDO$OXPLQLXP/WGHVWHPDUMD
(%,7'$2VFDGHUHGHSDQDODDUIDFHFDYDORDUHDUHFXSHUDELODHVWLPDWDVD¿HHJDODFXYDORDUHDQHWDFRQWDELODLQ
3HQWUXFHOHODOWHLSRWH]HFRQGXFHUHDFRQVLGHUDFDQXVXQWPRGL¿FDULSRVLELOHLQPRGUH]RQDELOFDUHDUGXFHODRGHSUHFLHUHDIRQGXOXL
FRPHUFLDODORFDWXQLWDWLLJHQHUDWRDUHGHQXPHUDU*OREDO$OXPLQLXP/WG
$OWHDFWLYHSHWHUPHQOXQJ
Depozite colaterale
Sume platite in avans
Alte active pe termen lung
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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¿FDWHGLQ1XPHUDUUHVWULFWLRQDWLQ
"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").
77
La 31 decembrie 2015, categoria "Sume platite in avans" reprezinta suma platita pentru respectarea legislatiei privind promovarea prin
FHUWL¿FDWHYHU]LDHQHUJLHLSURGXVHGLQVXUVHUHJHQHUDELOHFHVHHVWLPHD]DFDYDSXWHD¿UHFXSHUDWDLQFHSDQGFXDQXO
6WRFXUL
0DWHULLSULPHVLPDWHULDOHDX[LOLDUH
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Sold la inceputul anului

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$MXVWDULSHQWUXGHSUHFLHUHUHYHUVDWH
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9DORDUHDVWRFXULORUJDMDWHSHQWUXDJDUDQWDLPSUXPXWXULOH*UXSXOXLWRWDOL]HD]DPLL521GHFHPEULHPLL521
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Creante comerciale din alte tari

Creante comerciale din Romania
$MXVWDULSHQWUXGHSUHFLHUHDFUHDQWHORU
7RWDO
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SULPLLFOLHQWLLQVROGGHWLQHDXRSRQGHUHDSUR[LPDWLYGLQFUHDQWHOHQHWHDOH*UXSXOXLODGHFHPEULHDSUR[LPDWLY
,QDH[LVWDWXQFOLHQWFDUHDDYXWLQGLYLGXDORSRQGHUHPDLPDUHGHGLQFLIUDGHDIDFHULD*UXSXOXLUHVSHFWLYLQXQ
FOLHQWFX
*UXSXOYLQGHVXPHVHPQL¿FDWLYHGLQFUHDQWHOHFRPHUFLDOHSHED]DIDFLOLWDWLORUGHIDFWRULQJREWLQXWHGHODEDQFL)DFLOLWDWLOHGHIDFWRULQJ
VXQWIDUDUHFXUVDVWIHOFD*UXSXOWUDQVIHUDLQPRGVXEVWDQWLDOULVFXULOHVLEHQH¿FLLOHUHIHULWRDUHODUHVSHFWLYHOHFUHDQWHIDFWRUXOXLVL
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
*UXSXODFRQVWLWXLWDMXVWDULGHGHSUHFLHUHSHQWUXFUHDQWHOHSHQWUXFDUHH[LVWDLQGLFLLGHGHSUHFLHUHSHED]DLVWRULFXOXL
$WXQFLFDQGHYDOXHD]DUHFXSHUDELOLWDWHDXQHLFUHDQWH*UXSXOLDLQFRQVLGHUDUHRULFHPRGL¿FDUHLQERQLWDWHDFOLHQWXOXLGHODGDWDODFDUH
creanta a fost acordata initial pana la data raportarii.
$VWIHOFRQGXFHUHD*UXSXOXLFRQVLGHUDFDQXVXQWQHFHVDUHDOWHDMXVWDULSHQWUXGHSUHFLHUHDFUHQWHORULQGRLHOQLFHGHFDWFHOHFDUHDXIRVW
LQUHJLVWUDWHLQVLWXDWLLOH¿QDQFLDUH
78
0LVFDUHDLQFDGUXODMXVWDULORUSHQWUXGHSUHFLHUHDFUHDQWHORUFRPHUFLDOHHVWHXUPDWRDUHD

&KHOWXLDODFXDMXVWDULSHQWUXGHSUHFLHU
H
$MXVWDULSHQWUXGHSUHFLHUHUHYHUVDW
H
7DEHOXOGHPDLMRVSUH]LQWDRDQDOL]DDFUHDQWHORUFRPHUFLDOHGXSDYHFKLPH
Nescadente si nedepreciate
Scadente dar nedepreciate
Scadente si depreciate
0LQXVDMXVWDULSHQWUXGHSUHFLHUHDFUHDQWHORULQFHUWH
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&UHDQWHOHFDUHVXQWWUHFXWHGHVFDGHQWDGDUSHQWUXFDUHQXVDXFRQVWLWXLWDMXVWDULGHGHSUHFLHUHODGDWDUDSRUWDULLVXQWXUPDWRDUHOH
Mai putin de 3 luni

intre 3 luni si 6 luni
Mai mult de 6 luni
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$FHVWHFUHDQWHSULYHVFXQQXPDUGHFOLHQWLLQGHSHQGHQWLVDXSDUWLD¿OLDWHSHQWUXFDUHQXH[LVWDXQLVWRULFUHFHQWDOQHUHFXSHUDELOLWDWLL$
se consulta si Nota 30 0DQDJHPHQWXOULVFXOXL pentru mai multe detalii.
$OWHDFWLYHFXUHQWH
79$GHUHFXSHUDW
Alte active curente
Avansuri catre furnizori
Cheltuieli in avans
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VL
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9HQLWGLQFKHOWXLDODFXDMXVWDULSHQWUXGHSUHFLHUH
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Conturi la banci in RON

Conturi la banci in valuta
Numerar in casa
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sau la banci cu capital privat cu o buna reputatie prezente in Romania.
79
/DGHFHPEULHVLFRQWXULOHEDQFDUHDOH*UXSXOXLVXQWJDMDWHSHQWUXJDUDQWDUHDLPSUXPXWXULORUFRQWUDFWDWHGHFDWUHDFHVWD
Numerar restrictionat
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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]LDIHUHQWHFRWHL
DQXOXLIDFLOLWDWHFHDUHPDWXULWDWHD¿QDODLQPDUWLH
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¿FDW in
categoria "Alte active pe termen lung" (pentru mai multe detalii a se consulta Nota 22).
&DSLWDOVRFLDO
Capitalul social al societatii mama, emis si varsat la 31 decembrie 2015 si 2014 are urmatoarea structura (valori inregistrate la
Registrul Comertului):
Vimetco N.V.
Fondul Proprietatea
Conef S.A.
Altii
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Fiecare actiune ordinara este purtatoare de 1 vot si da dreptul la dividende.
'LIHUHQWDGLQWUHYDORDUHDQRPLQDODVLYDORDUHDUDSRUWDWDFRQIRUP,)56FRQVWDLQDMXVWDULGHKLSHULQÀDWLHFDUHDXIRVWLQUHJLVWUDWH
conform IAS 29 5DSRUWDUHD¿QDQFLDUDLQHFRQRPLLOHKLSHULQÀDWLRQLVWH SDQDODGHFHPEULHPDLSXWLQVXPDPHQWLRQDWDPDLMRV
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
Rezerve legale
Alte rezerve
Rezerve din conversie
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5H]HUYHOHOHJDOHVXQWFRQVWLWXLWHFRQIRUPOHJLLLQOLPLWDDGLQFDSLWDOXOVRFLDOVXEVFULVVLYDUVDWDO6RFLHWDWLLVXQWQHGLVWULEXLELOHVL
QXSRW¿XWLOL]DWHGHFDWLQVWULFWDFRQFRUGDQWDFXOHJHD
$OWHUH]HYHFXSULQGLQVSHFLDOVXPHUH]XOWDQGGLQIDFLOLWDWL¿VFDOHREWLQXWHLQDQLLUHSDUWL]DULGLQSUR¿WSHQWUXIRQGXOGH dezvoltare efectuate pana
in anul 2000 si din aplicarea IAS 29.
80
5H]HUYDGHFRQYHUVLHUHSUH]LQWDGLIHUHQWHGHFXUVYDOXWDUDIHUHQWHFRQYHUWLULLRSHUDWLXQLORUGLQVWUDLQDWDWHDOH¿OLDOHORUFDUHDXPRQHGD
functionala diferita de RON.
,PSUXPXWXULVLOHDVLQJ¿QDQFLDU
,PSUXPXWXULSHWHUPHQOXQJ
Imprumuturi de la banci pe termen lung
Minus: portiunea pe termen scurt
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,PSUXPXWXULGHODHQWLWDWLD¿OLDWH1RWD
/HDVLQJ¿QDQFLDU
7RWDOLPSUXPXWXULVLOHDVLQJ¿QDQFLDUSHWHUPHQOXQJ
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Imprumuturi pe termen scurt de la banci
Portiunea pe termen scurt a imprumuturilor pe termen lung
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,PSUXPXWXULGHODHQWLWDWLD¿OOLDWH1RWD
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7RWDOLPSUXPXWXULVLOHDVLQJ¿QDQFLDUSHWHUPHQVFXUW
7RWDOLPSUXPXWXULVLOHDVLQJ¿QDQFLDU
,QGHFHPEULH*UXSXODVHPQDWXQFRQWUDFWGHLPSUXPXWGHWLSUHYROYLQJLQVXPDGHPLL86'FXXQVLQGLFDWGHEDQFL
FXPDWXULWDWHDLQGHFHPEULHVLFXSRVLELOLWDWHDGHSUHOXQJLUHLQFDXQDQSULQFDUHLQSULQFLSDODUH¿QDQWDWLPSUXPXWXOVFDGHQW
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'HYHORSPHQW
%DQNSHQWUXVXVWLQHUHDSURJUDPXOXLGHLQYHVWLWLL,PSUXPXWXODUHRPDWXULWDWHGHDQLFXSULPLLGRLDQLGHJUDWLHSHQWUXSODWD
ratelor. La 31 decembrie 2015, suma trasa din acest imprumut era de 15.000 mii USD.
'HDVHPHQHD*UXSXODVHPQDWLQGHFHPEULHSUHOXQJLUHDSDQDLQGHFHPEULHDXQXLDOWLPSUXPXWGHWLSUHYROYLQJLQ
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'DWRULLFRPHUFLDOHVLDOWH datorii"
la 31 decembrie 2015 comparativ cu 31 decembrie 2014 (pentru mai multe detalii a se consulta si Nota 26).
'LQIDFLOLWDWHDGH¿QDQWDUHQRQFDVKSHQWUXDFUHGLWLYHVLVFULVRULGHJDUDQWLHLQYDORDUHGHPLL(85SUHOXQJLWDLQGHFHPEULH
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]LLDIHUHQWHDXIRVWFXSULQVHLQLQWUH
SHQWUX(85VLSHQWUX6//6LHUUD/HRQH/HRQHVLQLQWUHSHQWUX(85VLSHQWUX6//
3HQWUXH[SXQHUHD*UXSXOXLODULVFXOGHGREDQGDDVHYHGHD1RWD
81
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SULQWUHDOWHOHVDQXSODWHDVFDGLYLGHQGHDFWLRQDULORUGHFDWGXSDLQGHSOLQLUHDXQRUFRQGLWLLVDPHQWLQDXQQLYHOPLQLPVDXPD[LP
SHQWUXDQXPLWLLQGLFDWRUL¿QDQFLDULLQFOX]DQGUDWDGHDFRSHULUHDVHUYLFLXOXLGDWRULHLJUDGXOGHLQGDWRUDUHOLFKLGLWDWHDFXUHQWDUDWD
PLQLPDGHLQGDWRUDUHLQUDSRUWFX(%,7'$UH]XOWDWLQDLQWHGHLPSR]LWDUHGHDOWHFDVWLJXULVLSLHUGHUL¿QDQFLDUHGHDPRUWL]DUHVL depreciere), raportul
dintre capitaluri proprii si active corporale si acoperirea dobanzii.
/DGHFHPEULHXQHOHGLQFRPSDQLLOH*UXSXOXLQXVHLQFDGUDXLQWRWLLQGLFDWRULL¿QDQFLDULLPSXVLSULQFRQWUDFWHOHFXEDQFLOH
Companiile respective au discutat aceasta situatie cu bancile si au obtinut derogarile necesare. Intrucat derogarile necesare au fost
SULPLWHXOWHULRUSHULRDGHLGHWHVWDUHDJUHDWHFXEDQFLOH*UXSXODFODVL¿FDWRVXPDGHPLL521UHSUH]HQWDQGLPSUXPXWXULFX
scadenta dupa anul 2016 din "Imprumuturi pe termen lung" in "Portiunea pe termen scurt a imprumuturilor pe termen lung".
,PSUXPXWXULOH*UXSXOXLVXQWJDUDQWDWHFXFUHDQWHFRQWXULFXUHQWHGHVFKLVHODEDQFLOHFUHGLWRDUHLPRELOL]DULFRUSRUDOHWHUHQXUL
cladiri, echipamente) cu valoare neta contabila mai mare de 10.000 USD, anume 780.854 mii RON (la 31 decembrie 2014: 803.720 mii RON) si cu stocuri in valoare de
476.818 mii RON (la 31 decembrie 2014: 446.429 mii RON) si cu actiunile detinute de
6RFLHWDWHDPDPDLQ¿OLDOHOHVDOH$OXPVL&RQHI
8QSURFHQWGHGLQDFWLXQLOH$OUR6$GHWLQXWHGHDFWLRQDUXOPDMRULWDU9LPHWFR19HVWHJDMDWODEDQFLFUHGLWRDUHLQYLUWXWHD
FRQWUDFWHORUGHLPSUXPXWLQFKHLDWHFXDFHVWHD8QDOWSURFHQWGHGLQDFWLXQLOH$OUR6$GHWLQXWHGH9LPHWFR19HVWHJDMDWOD o
alta banca creditoare pentru a garanta un imprumut luat de societatea mama de la aceasta banca.
*UXSXOHVWLPHD]DFDYDORDUHDMXVWDDLPSUXPXWXULORUVLDREOLJDWLLORUGHOHDVLQJ¿QDQFLDUQXHVWHVHPQL¿FDWLYGLIHULWDGHYDORDUHDORU
FRQWDELODGDWRULWDREWLQHULLPDMRULWDWLLDFHVWRUDLQDSURSLHUHDGDWHLGHGHFHPEULHLQFRQGLWLLFRPHUFLDOHGHSLDWD9DORDUHD
MXVWDDDFHVWRUDVHLQFDGUHD]DSHQLYHOXODOLHUDUKLHLGHPDVXUDUHDYDORULLMXVWH
&RQWUDFWHOHGHOHDVLQJ¿QDQFLDUDXFDRELHFWHFKLSDPHQWHVLYHKLFXOHFXWHUPHQHGHOHDVLQJGHSDQDODDQL9DORDUHDFRQWDELOD
DDFWLYHORUGHWLQXWHFXWLWOXGHOHDVLQJ¿QDQFLDUHVWHGHPLL521ODGHFHPEULHVLGHPLL521ODGHFHPEULH
2014.
Sumele minime de plata pentru leasing sunt urmatoarele:
5DWHGHOHDVLQJFXPDWXULWDWHD
In mai putin de 1 an
Intre 1 si 5 ani
7RWDOUDWHGHOHDVLQJ
Mai putin: dobanda viitoare

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din care:
Obligatii de leasing pe termen scurt (mai putin de 1 an)
Obligatii de leasing pe termen lung (intre 1 si 5 ani)
82
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Provizioane suplimentare recunoscute

Cheltuiala cu provizionul
Cheltuiala cu dobanda
Utilizarea provizioanelor
$MXVWDUHGHFRQYHUVLH
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din care:
pe termen scurt
pe termen lung
Provizioane suplimentare recunoscute

Cheltuiala cu dobanda
Utilizarea provizioanelor
Provizioane reversate
$MXVWDUHGHFRQYHUVLH
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din care:
pe termen scurt
pe termen lung
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
MXGHFDWRUHVWLLQVSHFLDOLQGRPHQLXOSURSULHWDWLLLQWHOHFWXDOHHVWHQHXQLWDUDLDUOHJLVODWLDURPDQHDVFDFXSULYLUHODSURSULHWDWHD
LQWHOHFWXDODQXDIRVWSHGHSOLQDOLQLDWDOHJLVODWLHLHXURSHQH'HDVHPHQHDDYDQGLQYHGHUHFRPSOH[LWDWHDDFHVWRUOLWLJLLSUHFXPVL
PRGXOQHXQLIRUPGHSURJUDPDUHDWHUPHQHORUGHMXGHFDWDGHFDWUHLQVWDQWH*UXSXODHVWLPDWDFHVWSURYL]LRQFD¿LQGFRQVWLWXLWSH
termen scurt.
3URYL]LRDQHOHSHQWUXUHDELOLWDUHDKDOGHORUVXQWFRQVWLWXLWHLQOHJDWXUDFXDPSODVDPHQWHOHSHFDUH*UXSXOGHSR]LWHD]DGHVHXUL
LQXVWULDOH,QFRQIRUPLWDWHFXUHJOHPHQWDULOHGHPHGLXWHUHQXULOHUHVSHFWLYHWUHEXLHUHDELOLWDWHSDQDODRGDWDVSHFL¿FDWDLQ
autorizatiile primite.
Provizioanele au fost determinate pe baza cheltuielilor cu lucrarile respective de reabilitare estimate pentru momentul cand
DFHVWHDYRU¿HIHFWXDWHDFWXDOL]DWHODYDORDUHDSUH]HQWDODGHFHPEULHVLUHSUH]LQWDFRVWXULOHLQUHJLVWUDWHGHVXEVLGLDUH
DOH*UXSXOXLSHQWUXUHDELOLWDUHDKDOGHLGHVODPGHOD7XOFHDLQVXPDGHPLL521SHQWUXUHDELOLWDUHDWHUHQXOXLGHSHFDUHVH
H[SORDWHD]DPLQHUHXOGHEDX[LWDGLQ6LHUUD/HRQHLQVXPDGHPLL521SUHFXPVLFRVWXULOHLQUHJLVWUDWHGHVRFLHWDWHDPDPD
D*UXSXOXLSHQWUXUHDELOLWDWHDORFDWLLORULQFDUHGHSR]LWHD]DGHVHXULLQGXVWULDOHOD6ODWLQDLQVXPDGHPLL521
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,QWHUQDWLRQDOHGH
Raportare Financiara si cu legislatia romaneasca, s-a constituit un provizion in suma de 21.239 mii RON la data de 31 decembrie
DYDQGLQYHGHUHFDUDFWHUXOH[HFXWRULXDOGHFL]LHLGHVDQFWLRQDUHHPLVDGH&RQVLOLXO&RQFXUHQWHL
,Q*UXSXODLQUHJLVWUDWFKHOWXLHOLFXEHQH¿FLLOHDQJDMDWLORUUHSUH]HQWDQGVDODULLVLDOWHFKHOWXLHOLVDODULDOHLQVLWXDWLDGHSUR¿WVDX
pierdere si a altor venituri globale in suma totala de 261.867 mii RON (in 2014: 241.553 mii RON).
3ODQXULGHFRQWULEXWLLGHWHUPLQDWH
$QJDMDWLL*UXSXOXLVXQWPHPEULDLSODQXULORUGHSHQVLLDGPLQLVWUDWHGHVWDWHOHLQFDUH*UXSXOLVLGHVIDVRDUDDFWLYLWDWHDLDULQ5RPDQLD
LQFHSDQGFXLDQXDULHSRWYROXQWDUVDVHLQVFULHODIRQGXULGHSHQVLLSULYDWHSHQWUXDQJDMDWLLVXEGHDQL¿LQGREOLJDWRULX
*UXSXOFRQWULEXLHFXXQSURFHQWVSHFL¿FGLQFRVWXULOHFXSHUVRQDOXOODVFKHPDGHEHQH¿FLLSHQWUXSHQVLL6LQJXUDREOLJDWLHD*UXSXOXLFX
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costului serviciului actual si a costului serviciului anterior au fost masurate folosindu-se metoda unitatilor de credit proiectate.
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0DQDJHPHQWXOULVFXOXLYDOXWDU
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ULVFXOXLYDOXWDUFHUH]XOWDGLQGLIHULWHÀXFWXDWLLDOHYDOXWHORUIDWDGHPRQHGDGHUDSRUWDUHLQVSHFLDODOHHXURVLDOHGRODUXOXLDPHULFDQ
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'LQ
masura in care piata permite acest lucru cu costuri rezonabile.
90
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([SXQHUHDODULVFXOYDOXWDUD*UXSXOXLUH]XOWDGLQ
- tranzactii (vanzari/cumparari) foarte probabile, denominate in valute straine;

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- active si datorii monetare (in special creante si datorii comerciale si imprumuturi) denominate in valute straine.
9DORDUHDFRQWDELODDDFWLYHORUVLGDWRULLORUPRQHWDUHDOH*UXSXOXLGHQRPLQDWHLQYDOXWHVWUDLQHODGDWDUDSRUWDULLDIRVWXUPDWRDUHD
Valuta in care sunt denominate

Moneda functionala
GHFHPEULH
7RWDODFWLYHPRQHWDUH
7RWDOGDWRULLPRQHWDUH
GHFHPEULH
7RWDODFWLYHPRQHWDUH
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Analiza de senzitivitate la cursul de schimb
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VFDGHULFXLQDFHVWHYDOXWHIDWDGHOHXHVWHUDWDIRORVLWDSHQWUXFDOFXOXOVHQ]LWLYLWDWLLDWXQFLFDQGVHUDSRUWHD]DLQWHUQULVFXO
YDOXWDUFDWUHSHUVRDQHOHFKHLHGLQFRQGXFHUHVLDFHDVWDUHSUH]LQWDFHDPDLEXQDHVWLPDUHDPDQDJHPHQWXOXLDXQHLSRVLELOHPRGL¿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]LWLYLWDWH
include imprumuturi denominate in alta moneda decat cea functionala.
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Moneda de denominare
Moneda functionala
GHFHPEULH
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Alte capitaluri proprii
GHFHPEULH
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Alte capitaluri proprii
1)
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H[LVWHQWHLQVROGODVIDUVLWXOSHULRDGHLGHUDSRUWDUH
2)
$FHDVWDYDULDWLHHVWHLQPRGVSHFLDODWULEXLELODH[SXQHULLOD86'SHQWUXLPSUXPXWXULOHSHWHUPHQOXQJVLVFXUWGHQRPLQDWHLQDFHDVWD
PRQHGDH[LVWHQWHLQVROGODVIDUVLWXOSHULRDGHLGHUDSRUWDUH
$QDOL]DGHVHQ]LWLYLWDWHGHPDLVXVQXLQFOXGHLPSDFWXOGLQLQVWUXPHQWH¿QDQFLDUHGHULYDWHFDUHVXQWDQDOL]DWHPDLMRV
,QFHHDFHSULYHVWHLQVWUXPHQWHOH¿QDQFLDUHGHULYDWHLQFRUSRUDWHRPRGL¿FDUHSDUDOHODDUDWHLGHVFKLPE52186'FXLQFD]XO
GHSUHFLHULL521IDWDGH86'DULQÀXHQWDFRQWXOGHSUR¿WVDXSLHUGHUHFXPLL521LDULQFD]XODSUHFLHULL521LQIDWD86'FX
+439 mii RON (la 31 decembrie 2014: -454 mii RON / 154 mii RON).
91
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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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GHQRPLQDWHLQ(8586'VL521FXUDWHGHGREDQGDYDULDELOHH[LVWHQWHLQVROGODGDWDUDSRUWDULLSUHVXSXQDQGFDDFHVWHDUDPDQ constante in
timpul anului.
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SHQWUXDQXOLQFKHLDWODGHFHPEULHDU¿PDLPDUHPDLPLFFXPLL521PLL521
5LVFXOGHSUHW
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3ROLWLFDLQWHUQDD*UXSXOXLHVWHGHDJHVWLRQDULVFXULOHLGHQWL¿FDWHLQOHJDWXUDFXSUHWXOPDUIXULORULQPRGQDWXUDODWXQFLFDQGHVWHSRVLELO
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swap pe aluminiu, optiuni pe aluminiu) atunci cand conditiile din piata sunt favorabile.
&RQWUDFWHVZDSSHDOXPLQLX
,Q*UXSXODLQWUDWLQFRQWUDFWHVZDSSHDOXPLQLXFXLQVWLWXWLL¿QDQFLDUHFXREXQDUHSXWDWLHSHQWUXDVLDFRSHULYDQ]DULOHODSUHW¿[
LPSRWULYDULVFXOXLGHÀXFWXDWLLDGYHUVHDOHSLHWHLDVWIHOFDDYDQGXWUHVSHFWLYHOHFDQWLWDWLODSUHW¿[SULPLQGGHODFRQWUDSDUWLGDXQSUHW
variabil, valabil la momentul vanzarilor.
/DGHFHPEULH*UXSXOQXPDLDYHDLQFKHLDWHFRQWUDFWHVZDSSHDOXPLQLXSODWDSUHW¿[WRDWHFRQWUDFWHOHLQFKHLDWH¿LQG
decontate in cursul anului.
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sa incheie contracte swap pe aluminiu plata pret variabil cu decontari in perioada august 2014 - ianuarie 2015, pentru o cantitate de 50.000 tone.
*UXSXODGHVHPQDWRPDUHSDUWHGLQFRQWUDFWHOHVZDSSHDOXPLQLXFDLQVWUXPHQWHGHDFRSHULUHDÀX[XULORUGHQXPHUDU
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RON.
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2014.
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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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,QPDUWLH*UXSXODUHQHJRFLDWFRQWUDFWXOPDLVXVPHQWLRQDW3ULQFLSDODPRGL¿FDUHFXLPSDFWDVXSUDLQVWUXPHQWXOXL¿QDQFLDU
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anului urmator, celelalte clauze ramanand in principal neschimbate.
&DXUPDUHDDFHVWRUPRGL¿FDULLQVWUXPHQWXO¿QDQFLDUGHULYDWLQFRUSRUDWODGDWDGHGHFHPEULHFRQVWDLQ
RVHULHGHFRQWUDFWHOXQDUHGHYDQ]DUHIRUZDUGGHDOXPLQLXODSUHW¿[GHQRPLQDWLQ521DOFDURUQRWLRQDOVHGHWHUPLQDSHED]D
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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;
RVHULHGHFRQWUDFWHGHFXPSDUDUHRSWLXQLFDOOSHHQHUJLHODSUHWXOVWDELOLWSULQFRQWUDFWXOJD]GDFXGDWHGHH[HUFLWDUHDQXDOHVL 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
YDOXWDU52186'FDQWLWDWLOHPLQLPHVLPD[LPHHVWLPDWHGH&RQGXFHUHD¿DFKL]LWLRQDWHLQSHULRDGDXUPDWRDUH
,QVWUXPHQWHOH¿QDQFLDUHGHULYDWHLQFRUSRUDWHDXIRVWFODVL¿FDWHSHQLYHOXODOLHUDUKLHLGHPDVXUDUHDYDORULLMXVWH
3LHUGHUHDGLQPRGL¿FDUHDGHYDORDUHMXVWDDLQVWUXPHQWXOXLGHULYDWLQFRUSRUDWLQDQXOLQVXPDGHPLL521DIRVWGHELWDWD
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anul 2014: pierdere de 147.248 mii RON).
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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
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pe termen lung
pe termen scurt
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pe termen lung
pe termen scurt
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care duc la costuri cu energia mai mari.
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94
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Responsabilitatea in ultima instanta pentru managementul riscului de lichiditate este a Consiliului de Administratie, care a elaborat
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trebui sa efectueze platile.
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Imprumuturi (capital si dobanzi viitoare estimate)
Datorii comerciale si alte datorii monetare
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Imprumuturi (capital si dobanzi viitoare estimate)
Datorii comerciale si alte datorii monetare
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in luna februarie 2016. Societatea mama va formula apel in termenul legal.
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2 - Raport Anual Consolidat Pentru 2015

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2 - Raport Anual Consolidat Pentru 2015

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Grupul Alro – prezentare de ansamblu

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