oil terminal sa · oil terminal– interim situation of cash flows on 31 march 2020 (all amounts...

OIL TERMINAL SA

2020

Simplified interim financial

situations On and for the three-month period ended on

31st of march 2020 (revised)

Issued according to International Accounting Standard 34 – ”Interim Financial Reporting”

CONTENT

Interim financial situations

1. Financial situations title page ..................................................................................... 1

2. Interim situation of financial position .................................................................. 2 - 3

3. Interim situation of overall result .............................................................................. 4

4. Interim situation of own capitals alteration .......................................................... 5 - 6

5. Interim situation of cash flows .................................................................................. 7

6. Notes of interim financial situations ................................................................. 8 – 57

OIL TERMINAL – Interim situation of the financial position on 31 March 2020

(all amounts are expressed in lei (RON) if not expressed otherwise)

Attached notes 1-41 are integral part of these simplified interim financial situations Page 2

Note

31 March 2020

(revised)

31 December 2019

(audited)

ASSETS

FIXED ASSETS

Intangible assets 17 8,930,575 9,403,367

Tangible assets 15 501,288,969 501,261,998

Tangible assets in execution 16 11,866,783 9,796,233

Financial assets 18 639,621 639,621

Total fixed assets 522,725,948 521,101,219

CURRENT ASSETS

Stocks 19 898,755 995,627

Clients and assimilated accounts 20 18,828,912 15,918,450

Other receivables 21 3,393,231 3,590,374

Fees and taxes to be recovered 21 569,634 147,087

Cash and cash equivalents 22 9,480,752 13,483,428

Total current assets 33,171,284 34,134,966

TOTAL ASSETS OWN CAPITALS AND DEBTS

555,897,232 555,236,185

OWN CAPITALS

Social capital 23 58,243,025 58,243,025

Other elements of own capitals 24 (7,865,891) (7,865,891)

Reserves from reevaluation 25 220,064,783 220,140,364

Legal reserves 27 5,353,292 5,353,292

Other reserves 27 174,842,248 174,842,248

Reported result representing undistributed profit 26 2,046,773 -

Surplus achieved from reevaluation reserves 26 6,854,122 6,778,161

Result reported without IAS 29 26 396,930 396,930

Result reported arisen from accountant errors correction 26 (19,687,231) (19,687,231)

Current profit 3,999,729 2,399,806

Profit distribution 27 0 (353,033)

Total own capitals 444,247,780 440,247,671

TOTAL DEBTS ON LONG TERM

Loans on long term 28 47,172,062 48,713,274

Other loans and assimilated debts 28 2,378,500 2,773,344

Debts regarding taxation on postponed profit 28 30,658,337 30,658,337

Total debts on long term 80,208,899 82,144,955

CURRENT DEBTS

Long-term loans – current part 28 5,600,071 5,214,173

Commercial debts 31 9,079,821 9,989,774

Debts regarding fees and taxes 32 6,732,768 6,167,620

Other current debts 33 4,217,382 4,392,985

Other loans and assimilated debts 33 1,696,227 1,752,370

Total current debts 27,326,269 27,516,922

TOTAL DEBTS 107,535,168 109,661,877

OIL TERMINAL – Interim situation of the financial position on 31 March 2020

(all amounts are expressed in lei (RON) if not expressed otherwise)

Attached notes 1-41 are integral part of these simplified interim financial situations Page 3

Provisions 34 4,081,526 5,291,595

Subventions for investments 35 32,758 35,042

TOTAL OWN CAPITALS AND DEBTS 555,897,232 555,236,185

The presented simplified interim financial situations were issued by the company on 08.05.2020 and signed on its behalf by:

Chairman of Board of Directors,

Gheorghe Cristian Florin

General Director, Financial Director, Chief of Accountancy Dept., Ciutureanu Viorel-Sorin Frangu Adriana Popovici Cecilia

OIL TERMINAL – Interim situation of overall result on 31 March 2020

(all amounts are expressed in lei (RON) if not mentioned otherwise)

Attached notes 1-41 are an integral part of these simplified interim financial situations Page 4

Note 3 months ended on

31 March 2020 (revised)

3 months ended on 31 March 2019

(revised)

Revenues from services suplies 3 44,178,081 36,011,468

Revenues from residual products sale 4 460,742 553,386

Other revenues from operating 5 1,220,121 647,063

Material expenses 7 (1,727,040) (1,249,840)

Energy and water expenses 8 (1,630,723) (1,612,535)

Employees expenses 9 (20,781,197) (20,295,328)

Services supplies by third parties expenses 10 (3,666,795) (3,040,276)

Amortization expenses 11 (4,270,213) (3,992,901)

Other operating expenses 12 (8,323,707) (5,843,781)

Result from operating 5,459,269 1,177,256

Revenues and financial expenses

(net values) 6

(586,468) (416,409)

Year gross result 4,872,801 760,847

Taxation on profit expenses 13 873,072 225,368

Year net result 3,999,729 535,479

Overall result’ other elements:

Elements not being reclassified for profit and loss, from which:

75,961 -

Earnings from leased/scrapped real estate’ reevaluation

75,961 -

Total overall result 4,075,690 535,479

Result per share (lei/share) 39 0.00699773 0.00091938

Diluted result per share (lei/share) 39 0.00699773 0.00091938

The presented simplified interim financial situations were issued by the company on 08.05.2020 and signed on its behalf by:

Chairman of Board of Directors, Gheorghe Cristian Florin

General Director, Financial Director, Chief of Accounting Dept., Ciutureanu Viorel-Sorin Frangu Adriana Popovici Cecilia

OIL TERMINAL– Interim situation of cash flows on 31 March 2020


The annexed notes 1-41 are integral part of these simplified interim financial situations Page 5

Note



Cash flow from operating activity

Net profit 3,999,729 535,479

Regulations for non monetary elements

Fixed assets amortization 11 4,270,213 3,992,901

Loss from fixed assets’ disposal 24,692 -

Net movement of regulations for current assets 19,20 278,755 (6,667)

Net movement of provisions for risks and expenses 5 (1,210,069) (581,531)

Other regulations (106,797) 1,798,820

Loss regarding interest rates 6 713,441 547,865

Profit from exchange rate differences 6 (126,973) (121,308)

Operational profit before other alterations in current capital 3,843,262 5,630,080

Decrease/(Increase) in stocks value 19 96,872 (509,031)

(Increase)/Decrease of receivables 20,21 (3,135,866) 2,372,735

(Decreases) in commercial or other kind of debts value 31,32,33 (510,266) (260,782)

Net interest rates (paid) 6 (713,441) (547,865)

Net cash flow from operating activity 3,580,290 7,220,616

Cash flow used in investment activity

Tangible and intangible assets 15,16,17 (5,966,522) (8,692,238)

(Increase) of long term assets value 18 - (108,519)

Net cash flow used in investment activity (5,966,522) (8,800,757)

Cash flow from financing activity

Decrease/Increase of long term loans and other assimilated loans and debts

28 (450,988) 3,691,059

Loans payments 28 (1,155,314) (318,750)

Paid dividends (10,142) (15,457)

Cash flow from financing activities (1,616,444) 3,356,852

Net (Decrease)/Increase of cash and cash equivalents (4,002,676) 1,776,711

Cash and cash equivalents value at the year’ start 22 13,483,428 7,948,994

Cash and cash equivalents value at the year’ end 22 9,480,752 9,725,705

The presented simplified interim financial situations were issued by the company on 08.05.2020 and signed in its behalf by:

Chairman of Board of Directors,


General Director, Financial Director, Chief of Accounting Dept.,

Ciutureanu Viorel-Sorin Frangu Adriana Popovici Cecilia

OIL TERMINAL – Situation of own capitals alterations on 31 March 2019

(all amounts are expressed in lei (RON) if not mentioned otherwise) (revised)

The annexed notes 1-41 are integral part of these simplified interim financial situations. Page 6

Subscribed paid social

capital

Other elements of own capital

Reevaluation reserves

Legal reserves

Reported result representing

surplus achieved from reevaluation

reserves

Other reserves

Reported result arisen from the first adoption of IAS, excepting

IAS 29

Reported result arisen from accountant

errors correction

Year result Profit

distribution

Reported result representing undistributed

profit

Total own capitals

Balance on 1 January 2019

58,243,025 (3,257,283) 232,347,173 5,127,105 6,615,332 174,715,402 396,930 (25,839,366) 281,240 (235,471) - 448,394,087

Year net profit 535,479 535,479

Period’ overall total result

535,479 535,479

Other elements (45,769) 45.769

Other elements total (45,769) 45.769

Dividends distribution

Profit distribution (235,471) 235,471

Balance on 31 March 2019

58,243,025 (3,257,283) 232,347,173 5,127,105 6,615,332 174,715,402 396,930 (25,839,366) 535,479 0 45.769 448,929,565

For details regarding own capitals, see notes: 23, 24, 25, 26, 27.


Board of Directors’ Chairman,


General Director, Financial Director, Chief of Accountant Dept.,

Ciutureanu Viorel – Sorin Frangu Adriana Popovici Cecilia

OIL TERMINAL – Situation of own capitals alterations on 31 March 2020

(all amounts are expressed in lei (RON) if not mentioned otherwise) (revised)

The annexed notes 1-41 are integral part of these simplified interim financial situations. Page 7

Subscribed paid social

capital

Other elements of own capital

Reevaluation reserves

Legal reserves

Reported result representing

surplus achieved from reevaluation

reserves

Other reserves

Reported result arisen from the first adoption of IAS, excepting

IAS 29

Reported result arisen from accountant

errors correction

Year result Profit

distribution

Reported result representing undistributed

profit

Total own capitals

Balance on 1 January 2020

58,243,025 (7,865,891) 220,140,364 5,353,292 6,778,161 174,842,248 396,930 (19,687,231) 2,399,806 (353,033) - 440,247,671

Year net profit 3,999,729 3,999,729

Period’ overall total result

3,999,729 3,999,729

Other elements (75,581) 75,961 (2,046,773) 2,046,773 380

Other elements total (75,581) 75,961 (2,046,773) 2,046,773 380

Dividends distribution

Profit distribution (353,033) 353,033 -

Balance on 31 March 2020

58,243,025 (7,865,891) 220,064,783 5,353,292 6,854,122 174,842,248 396,930 (19,687,231) 3,999,729 0 2,046,773 444,247,780

For details regarding own capitals, see notes: 23, 24, 25, 26, 27.


Board of Directors’ Chairman,


General Director, Financial Director, Chief of Accountant Dept.,

Ciutureanu Viorel – Sorin Frangu Adriana Popovici Cecilia

OIL TERMINAL - Notes of simplified interim financial situations on 31 March 2020


Page 8

1. General information and main activities Oil Terminal S.A. Constanta is a stock company residing in Romania. The company has the social headquarter in Constanta, no.2, Caraiman street. The company was founded according to Law 15/1990 and Romanian Government’ decision no.1200/12.11.1990, S.C.Oil Terminal S.A., being a stock company and was registered at Commerce Registrar Office of Constanta Court under no. J13/512/01.02.1991, having fiscal register code RO 2410163. OIL TERMINAL is the largest terminal for import/export of crude oil, petroleum and petrochemical products at a national level. According to the company’ statute, the object of activity includes services supplies regarding crude oil, petroleum and liquid chemical products storage, receiving, loading, discharging and conditioning from import/export and transit. Oil Terminal SA Constanta has a storage capacity of about 1.5 million metric tons and is the largest operator by sea in Constanta port, specialized in crude oil, petroleum, liquid petrochemical and other finite products and other liquid raw liquids for import, export and transit, representing a strategical location in the Black Sea area. The oil terminal in Constanta is one of the largest of this kind in south-eastern Europe, located in the maritime transport crossroads among Asia, Central and Western Europe and Middle East. Old of 120 years in this field of activity, the company provides crude oil, petroleum, petrochemical and liquid chemical products’ import, export and other services supplies. OIL TERMINAL S.A has three storage farms (North, South, Port). Each storage farm, according to its characteristics, being provided with:

Shoretanks with capacities between 1,000 cm and 50,000 cm, of metallic construction, cylindrical, vertically located –above ground, safety protection belts, fixed or floating roof, with the stored product quantity remotely measured and with fire fighting system;

Facilities for petroleum, petrochemical and liquid chemical products loading-discharging consisting of rail platforms with a total length of abt. 30 kms with a cummulated capacity of abt. 20,000 tons/24 hours;

Facilities for gas oil loading into railcars provided with volumetric flowmeters;

Transport pipelines with diameters between 100 and 1000 mm, for withdrawals inside the storage farms, the connection among them and the jetties where vessels are operated;

Pump houses achieving flows between 100 cm /h and 2,500 cm/h ;

Facilities for firefighting consisting of pipelines reaching each shoretank, pump houses, fire fighting stuff specific for each product, firemen equipped by fire fighting cars;

Boiler for technological steam supply;

Laboratories RENAR authorized, provided with apparata to determine specific physical, chemical tests;

Facilities to catch and clean waste waters;

Equipments for railcars’ manoeuvre in discharging platforms by engines and own staff, AFER certified and authorized.

Oil Terminal is located in mol 4 Constanta port area, jetties 69-79. This operates 7 operational jetties from which 6 have

depths of 12.80 m and a length of 325 m – jetties 69-76, jetty 79 has the depth of 17.50 m and length of 393 m, allowing

operation of vessels with a capacity up to 150,000 dwt.

Jetties are provided with coupling facilities at vessels for loading, discharging, hydraulically operated, with diameters of

12’’ WOODFIELD type in jetties 70-76 and with diameter of 16’’ FLEXIDER type in jetty 79.

Each jetty is provided with fire fighting water and foam facilities. Jetties 69-73 are provided with water/foam cannons.

Jetties 75,76,79 have firefighting water/foam located in cannons at a height of 16 m remote control. There is also facility

for water wall formation between vessel and Oil Terminal facilities.

OIL TERMINAL SA is interconnected with Romanian reffineries by transport company CONPET SA Ploiesti for crude

oil’ transport from terminal to reffineries, by underground pipelines being part of national transport network.

Terminal is also connected to the national rail system, road system and Danube-Black Sea canal.



Page 9

The main internal market competitors are:

-Midia port terminal, operated by Rompetrol Rafinare SA Constanta, in March, 2009, put into operation its own terminal (mono bouy) located at 8,6 km at sea in order to discharge the necessary crude oil for oil refining without needing Oil Terminal services. Since then, maritime vessels loaded with crude oil for Rompetrol client haven’t been discharged by our society, except when there had been technical difficulties or bad weather at mono buoy. In order to increase the export of Petromidia refinery products, Midia Marine Terminal (MMT) modernized and expanded in 2008 the capacity of jetty 9 (terminals 9A, 9B, 9C), and in 2011, the dredging of the seven jetties of Midia port Group. The proceedings allowed the tripling of finite products’ transfer capacity to over 350.000 tons/month, but also the mooring of marimime vessels with a capacity of more than 10.000 dwt and of barges of 2.000 dwt. In 2019, over 6 million tons of crude oil have been discharged by Marine Midia Terminal, along with other raw materials used for processing in Petromidia refinery and about 1,8 million tons of export fuel and 1,7 million tons of internal fuel have been loaded. -Romanian Danube port terminals (Galati, Giurgiu and Drobeta Turnu Severin): By Dabune terminals, loading/discharging operations are performed in/from river barges with gaoline, diesel oil, fuel oi land bioethanol: -By Drobeta Turnu Severin terminal, OMV Petrom and Petrotel Lukoil refineries perform operations of loading gasoline and diesel oil from railway rank cars by direct transshipment into river barges which discharge in Danubian ports from Austria, Slovakia and Hungary. There are also performed operations of discharging bioethanol from barges which are loaded in Hungary for the 2 refineries above-mentioned. -During 2014, MOL Company built a new terminal in Giurgiu port in which are loaded gasoline and diesel oil barges loaded in river barges at Rompetrol refinery and in other Danubian ports from Hungary and Slovakia. -By Galati terminal, small quantities of diesel oil and fuel oil arrived with tank cars from Russia/ Ukraine circulate. The warehouse has large gauge, russian-type railway lines related to Ukraine, such that it is no longer necessary the thansshipment of carloads on CFR axles to discharge/load in this warehouse. -Frial SA Constanta and Minmetal SA Constanta for export and import liquid fertilizers or vegetable oils.

The main external market competitors are:

-Reni terminal: This terminal is a competitor regarding the circulation of goods in Serbia port. It has a low storage capacity, of about

5.000 tons, and the Danube draft allows operating vessels of low capacities up to 5.000-6.000 dwt. For large quantities,

clients resort to Oil Terminal services.

-Terminal of Omisalj port in Croatia, which undertook the total crude oil transit to Serbia. The company has certificate for quality management received from Bureau Veritas Certification Romania, available until 13 May 2021. Since 24 December 2019, according to AEO authorization no. RO AEOF00000000224, the company has the status of authorizes economic aoperator for Customs clearance/ safety and security, according to address no. 31426 of 19.12.2019 submitted to Customs General Direction. The main services supplied by the company are:

receiving, storage, conditioning and dispatch of rude oil, fuel oil, petroleum, petrochemical and liquid chemical products for import, export and transit;

tests and technical analyses for the handled products in own laboratories;

tests and technical analyses for the third parties in own laboratories;

repairs and maintenance works for its own facilities and equipments;



Page 10

its own facilities’ hiring;

wholesale of residues and wastes.

The turnover achieved in I Trimester 2020 is of 44,638,179 lei. Comparing to the same period of previous year, an

increase in the absolute size of 8,073,130 lei was recorded.

The turnover distribution achieved by handled products in I Trimester 2020 compared to I Trimester 2019 is as followings:

Petroleum products lei 31 March 2020 31 March 2019

Crude oil 16,198,368 12,670,274

Gas oil 14,965,729 12,408,520

Gasolene 3,892,215 3,092,224

Fuel oil 3,147,516 2,490,849

Chemical products 3,957,793 3,267,879

Residual products 227,297 310,926

Other products and services 2,249,261 2,324,377

TOTAL 44,638,179 36,565,049

The main economic financial indicators achieved by the company in I Trimester 2020 comparing to I Trimester 2019 are:

Indicator name 31 March 2020 31 March 2019

Current liquidity 1.20 1.31

Immediate liquidity 1.17 1.26

Rotation speed of clients debts (days) 34 35

Rotation speed of suppliers credits (days) 17 17

Rotation speed of intangible assets (rot) 0.09 0.07

Rotation speed of total assets (rot) 0.08 0.07

Rentability of the engaged capital (%) 1.13 0.27

Result on base share (lei/share) 0.00699773 0.00091938

Indicator regarding the interests recovery (number of times) 7.57 2.39

Gross limit from sales (%) 10.92 2.08

On 31.03.2020, the employees average number is 945 employees, higher with 6 employees than the previous year period. The employees expenses structure is as follows:

Indicator

31 March 2020

31 March 2019

Expenses regarding the salaries, meal tickets and indemnities 19,851,966 19,438,414 Expenses regarding the insurances and social protection 501,808 435,937 Insurance contribution for work 427,423 420,977 Expenses regarding the staff 18,689,874 18,397,267



Page 11

In I Trimester 2020, the Company ran the following trades with state owned companies (regardless of share rate), invoiced in the period 01.01.2020-31.03.2020, according to contracts concluded in current year or in the previous period:

Partner Unpaid

amounts on 31 December 2019

Sales during 01.01-

31.03.2020

Discounts during 01.01-

31.03.2020

Undiscounted amounts on

31 March 2020

Administratia Nationala a Rezervelor de Stat si Probleme Speciale – Unitatea Teritoriala 515 - 850,894 850,894 - Agentia Romana de Salvare a Vietii Omenesti pe Mare 19,752 77,584 29,733 67,603 Chimcomplex 41,445 959,692 520,335 480,802 Conpet - 48,187 48,187 -

C.N.C.F. CFR Sucursala Regionala de Cai Ferate Constanta 17,751 12,967 4,784 OMV Petrom 5,218,774 11,786,881 12,977,775 4,027,880 Rompetrol Rafinare 108,068 2,933,765 1,593,395 1,448,438 S.N.T.F.M - CFR Marfa Sucursala Muntenia Dobrogea 1,395 4,553 2,158 3,790 SN Radiocomunicatii Sucursala Directia Radiocomunicatii 2,272 5,975 7,983 264 UM 02133 Farul Rosu Directia Hidrografica Maritima - 5,192 - 5,192

TOTAL 5,391,706 16,690,474 16,043,427 6,038,753

Partner Unpaid

amounts on 31 December 2019

Sales during 01.01-

31.03.2020

Discounts during 01.01-

31.03.2020

Undiscounted amounts on

31 March 2020

Administratia Nationala Apele Romane Administratia Bazinala de Apa Dobrogea Litoral 1,765 - 1,765 -

Agentia de Protectie a Mediului Constanta - 400 400 - Agentia Nationala pentru Resurse Minerale - -

Agentia Nationala de Cadastru si Publicitate Imobiliara - 40 40 -

Asociatia de Acreditare din Romania - RENAR - - Asociatia de Standardizare din Romania - 1,420 1,420 - Autoritatea Feroviara Romana AFER 547 15,558 16,105 - Autoritatea Nationala de Reglementare in Domeniul Energiei - ANRE - -

Autoritatea Navala Romana - 14,420 - 14,420

Autoritatea Rutiera Romana-ARR - 301 301 - ANCOM - Autoritatea Nationala pentru Administrare si Reglementare in Comunicatii - -

Administratia Fondului de Mediu - -

Banca de Export Import a Romaniei (EXIMBANK) - - Biroul Roman de Metrologie Legala - 656 120 536 Bursa de Valori - 8,925 8,925 - Biroul Local de Expertize Tehnice Judiciare si Contabile Tribunalul Prahova - -



Page 12

C.N.C.F. CFR 4,049 9,727 12,981 795 Camera de Comert, Industrie, Navigatie Si Agricultura Constanta - 8,819 8,819 - Capitania Zonala Constanta - - - - Capitania Zonala Giurgiu - - - - Camera de Comert si Industrie a Romaniei - - - -

Centrul National de Calificare si Instruire Feroviara - CENAFER 718 660 1,378 -

Ceronav - - - -

Compania Nationala Administratia Porturilor Maritime 24,364 958,015 957,892 24,487 Compania Nationala de Administrare a Infrastructurii Rutiere - CNAIR - 3,708 3,708 - Compania Nationala pentru Controlul Cazanelor, Instalatiilor de Ridicat si Recipientelor Sub Presiune - CNCIR - 663 -

663

Compania Nationala Unifarm - 48,094 48,094 - Compania Nationala Posta Romana - 3,288 3,288 - Confort Urban - - - -

Depozitarul Central 1,080 5,125 5,201 1,004 Electrificare CFR Sucursala Constanta 4,733 17,578 22,311 - Enel Energie - - Engie Romania 349,357 1,677,266 1,346,439 680,184 INCD Insemex - - - - Inspectia de Stat Pentru Controlul Cazanelor, Recipientelor Sub Presiune si Instalatiilor de Ridicat - ISCIR - - - - Inspectoratul Regional in Constructii Sud-Est - - - -

Inspectoratul de Stat in Constructii - - - - Institutul National de Cercetare-Dezvoltare pentru Protectia Muncii “Alexandru Darabont” - - - - Iprochim - 1,132 1,132 - Monitorul Oficial - 1,258 1,258 - Ministerul Transporturilor - 300 300 - Oficiul de Cadastru si Publicitate Imobiliara - 120 120 - Oficiul National al Registrului Comertului de pe langa Tribunalul Constanta - 822 822 - OMV Petrom - 357 357 - Primaria Municipiului Constanta - 314 314 RAJA 54,763 259,961 247,490 67,234 Regia Nationala a Padurilor Romsilva 14,073 -14,073 - -

RNP Romsilva D.C.E.A.C. 14,073 14,073 -

Rompetrol Downstream 81,447 307,247 330,388 58,306

Rompetrol Quality Control - - - -

SPIT-VBl Constanta - 141 141 -

Telecomunicatii CFR - 2,734 2,734 -

Tribunalul Constanta – Biroul de Expertize Judiciare - - - -

Tribunalul Sibiu - - - - Um 0407 – Centrul National Pentru Securitate La Incendiu si Protectie Civila - - - -

TOTAL 536,896 3,349,049 3,038,316 847,629



Page 13

OIL TERMINAL SA’ executive management in I Trimester 2020 is:

No. Name/first name Position

1. Viorel Sorin CIUTUREANU General Director 2. Adriana FRANGU Financial Director 3. Marieta Elisabeta STASI Development Director 4. Gabriel DARABAN Commercial Director 5. Emil ROHAT Technical Director

The company is managed according to the management unitary sytem management, the company’ management being provided by a Board of Directors made of 7 members, non executive managers. During 01.01.2020-31.03.2020 the Board of Directors’ component was:

No. Name/first name Profession Position/ Term of office in refference period

1. Cristian - Florin GHEORGHE Engineer Board of Directors’

Chairman/01.01.2020 - prezent

2. Bogdan - Toma COSTREIE Legal adviser Board of Directors’ Manager/

01.01.2020 - present

3. Ovidiu Aurelian ANDREI Engineer/Legal

adviser

Board of Directors’ Manager/

01.01.2020 - present

4. Paul CONONOV Engineer Board of Directors’ Manager/

01.01.2020 - present

5. Ramona UNGUR Economist Board of Directors’ Manager/

01.01.2020 - present

6. Ciprian Dragos LAZARIU Economist Board of Directors’ Manager/

01.01.2020 - present

7. Cristian Radu POP Economist Board of Directors’ Manager/

01.01.2020 - present

On 31.03.2020, there are no payments in advance or credits given to nonexecutive managers or directors. On 31.03.2020, Oil Terminal SA has no relationships with associated branches or entities and does not have participations in other companies. 2.Significant accountancy policies

The accountant policies applied to these simplified interim financial situations are the same as those applied in the

company’ financial situations on the date and for the financial year completed on 31 December 2019.

2.1. Conformity Statement

The simplified interim financial situations were issued according to Public Finances Ministry’ Order no.2844/2016 for

approval of Accountancy regulations complying with International Standards of Financial Report (’’IFRS’’).

These simplified interim financial situations were issued according to IAS 34 – Interim financial report. They do not

include all information necessary for a complete set of financial situations according to International Standards of



Page 14

Financial Report (’’IFRS’’) and must be read along with annual financial situations of the Company, issued on 31

December 2019.

Nevertheless, some explanatory notes are included to explain events and transactions which are significant in order to

understand occuring alterations in financial position and company’ performance since the last annual financial situations

issued on and for the financial year ended on 31 December 2019.

The simplified interim financial situations were revised by an independent auditor.

These simplified interim financial situations were authorized for issuing and signed by company’ management on 8 May

2020.

2.2 Functional and presentation currency These simplified interim financial situations are presented in lei, this being the company’ functional currency. All financial information is in lei, rounded to integer if not mentioned otherwise.

2.3 Use of estimations and professional reasonings The preparation of the financial reports according to IFRS supposes the management’ use of some estimations, judgements and suppositions affecting the accountant policies application and the assets, debts, revenues and expenses’ reported value. The estimations and suppositions associated to these estimations are based on the hystorical experience and on other reasonable factors in the context of these estimations. The results of these estimations is the base of the judgements regarding the assets and debts’ accountant values not being got from other information sources. The current results can be different from the estimations values. The significant reasonings used by management for applicating company’ accountant policies and the main sources of incertainty regarding estimations were the same to those applied to annual financial situations on and for the financial year ended on 31 December 2019.

2.4 Transactions in foreign currency Transactions in foreign currency are changed into the company’ functional currency using the exchange rate of the trade date. The monetary assets and the denominated debts in the foreign currency on the balance sheet issue date are changed into the functional currency by an exchange rate on the balance sheet date. The exchange rates differencies are recorded in the profit and loss account. The non monetary asssets and liabilities, presented starting the hystorical cost in foreign currency are changed using the exchange rate on the trade date. On 31.03.2020, namely 31.03.2019 the official exchange used for balance’ conversion into foreign currency are:

Currency 31 March 2020 31 March 2019

1 SWISS FRANC CHF 4.5607 4.2614

1 EURO EUR 4.8254 4.7628

1 STERLING POUND GBP 5.4230 5.5401

1 USA DOLLAR USD 4.3983 4.2434

3. Revenues from operating – supplied services



Page 15



Revenues from service supplies 43,689,250 35,650,352 Revenues from goods use lease 272,575 214,032 Revenues from various activities 216,256 147,084

Total revenues from services supplies 44,178,081 36,011,468

4. Revenues from residual products sale



Revenues from residual products sale (recovered product type A) 227,297 310,926

Revenues from other wastes recovery 232,801 242,655

Revenues related to products stocks costs 644 (195)

Total revenues from residual products sale 460,742 553,386

5. Other revenues from operation

3 months ended on 31

March 2020 3 months ended on 31

March 2019

Revenues from regulations for clients’ receivables 1,784 241,863 Expenses for impairment of clients’ receivables (282,385) (232,369)

Net provisions for receivables (280,601) 9,494

Revenues from penalties 201,710 38,235 Revenues from tangible assets sale 47,267 - Revenues from provisions reversal 1,362,471 769,150 Expenses regarding provisions (152,402) (187,620)

Net regulations for provisions 1,210,069 581,530

Revenues from regulations for stocks 5,106 7,462 Expenses for stocks impairment (3,260) (10,289)

Net regulations for stocks’ impairment 1,846 (2,827)

Revenues from operating grants 5,813 -

Other revenues from operation 34,017 20,631 Total revenues from operation 1,220,121 647,063

6. Financial revenues and expenses



March 2019

Revenues from interests 27,973 1,148 Revenues from exchange currency rate differences 170,393 141,710 Revenues from earned discounts - 10,148 Other financial revenues 50 -

Total financial revenues 198,416 153,006

Expenses regarding the paid interests (678,603) (465,194) Expenses from exchange rate differences (42,273) (14,916)



Page 16

Expenses regarding interests related to leasing contracts (62,811) (83,819)

Other financial expenses (1,197) (5,486)

Total financial expenses (784,884) (569,415)

Net financial results (586,468) (416,409)

7. Materials expenses



Additional materials expenses 852,555 446,482 Fuels expenses 259,163 304,380 Packing stuff expenses 19,505 14,076 Spare parts expenses 130,041 73,978 Other supplies expenses 150,152 171,184 Inventory objects expenses 312,903 234,984 Unstocked stuff expenses 2,721 4,756

Total materials expenses 1,727,040 1,249,840

8. Power and water expenses



March 2019

Water consumption expenses 313,650 371,152 Electric power consumption expenses 1,317,073 1,241,383

Total power and water expenses 1,630,723 1,612,535

9. Staff expenses



March 2019

Expenses for the Board of Directors’ indemnities 167,034 167,034 Expenses for mandate contracts directors’ indemnities** 139,128 139,128 Expenses for staff salaries rights, from which: 18,689,874 18,397,267 executive directors* 190,926 189,138 Expenses regarding meal tickets 855,930 734,985 Expenses regarding contribution to social insurances fund 22,552 19,957 Other expenses regarding the insurances and social protection 479,256 415,980 Insurance contribution for work 427,423 420,977

Total expenses for staff 20,781,197 20,295,328

*values represent gross amounts given for 3 executive directors, as follows:



Gross amounts 190,926 189,138 Contribution to social insurances 47,191 46,761 Contribution to health social insurances 18,876 18,703



Page 17

Income tax 12,487 12,370 The company has as payment obligation the contribution to social insurances fund 8% percentage for special working conditions, in both I Trimester 2020 and I Trimester 2019. **values represent gross amounts given as follows: -gross amounts given for General Director and Financial Director representing fixed allowance according to mandate contracts. Expenses for salaries and related contributions recorded on 31 March 2020, comparing to 31 March 2019 are as follows:


March 2020 3 months ended on

31 March 2019

Salaries expenses 12,016,798 10,680,486 Expenses regarding the contribution to the social insurances fund and insurance work contribution 449,975 440,934

Total 12,466,773 11,121,420

Note: Position ‘’Salaries expenses’’ doesn’t include employees’ allowances and bonuses or the Board of Directors’ members’ and madate contracts directors’ indemnities (general director, financial director). According to the Labour Collective Contract’ provisions in force, the company gave the employees the following allowances and bonuses: benefits, loyalty bonuses, retirement allowance, marriage allowance, employees participation to profit, treatment and rest tickets, the transport included, gifts given to women employees and to the employees’ minor children, birth, funeral, sever diseases allowances, meal tickets and other bonuses (hospitalization aids, accommodation). Obligations regarding the employees’ allowances are as follows:



31 March 2019

Retirement expenses 406,030 745,485 Benefits 5,079,699 4,658,301 Other allowances 27,771 22,339

Total 5,513,500 5,426,125

Obligations regarding the employees’ bonuses are as follows:



Rest and treatment tickets and the related transport 300,064 258,672 Gifts given to women employees 44,100 42,600 Birth aids 21,570 21,570 Funeral aids 77,000 93,138 Aids for severe diseases 36,522 0 Meal tickets 855,930 734,985 Bonuses acc. The Labour Collective Contract 126,420 1,284,920 Loyalty bonuses 987,789 964,839 Marriage aids 0 8,650 Hospitalization aids 30,289 24,614



Page 18

Accomodation aids 15,078 7,633

Total 2,494,762 3,441,621

Employees The salaries’ number evolved as follows:



31 March 2019

High training staff, from which: 172 174 Management positions staff 34 34 Average/gymnasium training staff, from which: 803 801 Qualified staff 741 737

Total 975 975

The average number of employees was of 945 persons on 31 March 2020 comparing to the number of 939 on 31 March 2019. General Director , the Board of Directors’ members The expenses related to mandate contracts paid to General Director, Financial Director and Board of Directors’ members, by company are detailed here-below:



31 March 2019

Expenses related to mandate contracts directors 139,128 139,128

Expenses related to mandate contracts managers 167,034 167,034

Total 306,162 306,162

By AGOA’ Decision no. 5/04.04.2018, Board of Directors’ 7 members were appointed, according to EGO 109/20111 with further alterations and additions, for a 4-year mandate. On 02.07.2018, the selection procedure of General Director and Financial Director was completed, according to provisions of EGO 109/2011 regarding the corporate governance of public companies, with further alterations and additions. According to the recommendation of the Nomination and Remuneration Committee, the company’ Board of Directors, on 02.07.2018, appointed general director and financial director for a 4-year mandates period, since 02.07.2018 until 01.07.2022. Board of Directors’ members remuneration, namely nonexecutive managers, is settled by the Shareholders General Assembly in the structure and limits provided by EGO no.109/2011, art. 37 paragraph (2), being strctured from a monthly gross fixed indemnity and a variable component. Mandate contracts directors’ remuneration is settled according to art. 38 paragraph (2) of EGO no. 109/2011 bu the Board of Directors and can not exceed the level of remuneration settled for Board of Directors’ executive members. The remuneration is made of a monthly gross fixed indemnity settled in limits provided by art. 38 paragraph (2) and a variable component. Allowances related to mandate contracts of Board of Directors’ members of 167,034 lei and allowances related to mandate contracts of directors of 139,128 lei refer to gross fixed allowance given in I Trimester 2020 and I Trimester 2019.

10. Third parties supplied services expenses



March 2019

Expenses regarding various services supplied by third parties

3,510,317 2,882,014



Page 19

Phone supplies services expenses 103,767 76,240 Bank supplies services expenses 34,053 66,400 Commissions and fees expenses 18,658 15,622

Total third parties supplied services expenses 3,666,795 3,040,276

In the structure of third parties supplied services expenses, the audit expenses are included. By AGOA Decision no.6/19.06.2017, the appointment of the company - ROMAR – Co AUDIT SRL as the company’ statutory financial auditor for a three-year period, namely for 2017, 2018, 2019 financial years. The company audit in 2019 was provided by ROMAR – Co AUDIT SRL company. By Shareholders Ordinary General Assembly decision no. 3/05.03.2020 it was approved the nomination of Transilvania Audit & Fiscality S.R.L. company as statutory financial auditor for Oil Terminal company for a contract period of 3 years, namely, for 2020, 2021, 2022 financial years. The fees are settled according to contract concluded by the 2 parties. All paid fees refer to: - the audit services of the annual financial reports, issued according to International Standards of Financial Report (‘’IFRS’’) and to the Order of Public Finances Ministry 2844/2016, for financial year ended on 31 December 2020, 31 December 2021 and 31 December 2022. -services of reviewing simplified interim financial situations elaborated on 31 March (related to I Trimester), on 30 June (related to II Trimester) and on 30 September (related to III Trimester) for the following financial years: 2020, 2021 and 2022. - related services of elaborating a proceedings report for I and II semesters of 2020, 2021 and 2022 according to art. 144 letter B paragraph (4) of FSA Regulation no. 5/2018 regarding transactions reported according to art. 82 of Law no. 24/2017 (legal acts valuing more than 50,000 euro concluded by OIL TERMINAL SA with managers, employees, shareholders who are in control). 11. Fixed assets’ depreciations expenses



Intangible assets depreciation expenses, from which: 539,553 464,453 Depreciation expenses for assets related to the right of use 490,562 446,642 Tangible assets depreciation expenses, from which: 3,730,660 3,528,448 Buildings and buildings facilites 2,806,724 2,533,200 Technical facilities, technological equipments 785,622 786,168 Furniture and other fixed assets 138,314 209,080

Total fixed assets depreciation expenses 4,270,213 3,992,901

Starting from 1 January 2019, the company applied IFRS 16 ‘’Leasing contracts”, which replaced accounting standard IAS 17 ‘’Leasing contracts’’ as well as all interpretations (SIC/IFRIC) issues in the application of IAS 17, having as consequence the recognition of the right to use support assets as an intangible asset in the account “assets related to right to use leasing assets” and a debt in the account “other loans and assimilated debts”, resulted from leasing contracts. The company recognized, starting from 1 January 2019, an expense with amortization of the right to use assets and an expense with interest rate related to the debt from the leasing contract. On 1 January 2019, the company admitted the right to use support assets by an intangible asset in the account ‘’assets related to rights to use leasing assets’’ and a debt in the account ‘’other assimilated loans and debts’’, resulted from leasing contracts, in an amount of 6,093,304 lei. On 31 December 2019, the company recorded intangible assets reevaluation according to a Report of evaluation issued by an authorized assessor, full member of ANEVAR and the fair value for assets related tp the rights of using leasing assets is of 4,787,000 lei. On 31 March 2020, the fair value for assets related to rights to use leasing assets recorded in I Trimester 2020 is of 490,562 lei recording an increase comparing to the same period of last year which recorded 43,920 lei.



Page 20

The company has the quality of user in five operational leasing contracts described in note 29. 12. Other operation expenses



Repairs expenses 2,192,337 1,197,751 Maintenance expenses 1,417,058 1,086,989 Royalties expenses 1,881,511 1,796,689 Hires and administrative locations expenses 718,928 623,791 Insurance premium expenses 39,843 41,127 Studies and researches expenses 134,000 79,393 Staff training expenses 31,690 44,144 Advetising and publicity expenses 9,009 5,799 Protocol expenses 22,337 14,578 Staff transportation expenses 171,080 126,000 Movement/travel expenses 104,573 86,343 Expenses regarding other taxes and fees 821,492 731,615 Losses from receivables - 4,812 Expenses regarding the donations given 90,000 - Compensations, fines, penalties expenses 616,820 2,270 Other expenses from operation 74,443 2,480 Commercial discounts received (1,414) -

Total other operation expenses 8,233,707 5,843,781

13. Expenses regarding the current and postponed profit Taxation on current and postponed profit of the company for I Trimester 2020 and for I Trimester 2019 is settled at a statutary rate of 16%. Taxation on current profit Tax on profit found in the profit and loss account:



31 March 2019

Current tax expenses 873,072 225,368

Total expenses regarding the tax on profit 873,072 225,368

The company recorded tax on profit costs on the current activity and on the differencies from reevaluation, transferred on the amortization expenses during the year, taxable in the profit tax calculation. In I Trimester 2020 and I Trimester 2019, the company didn’t record a revenue or expense regarding the postponed taxation. In I Trimester 2020, the company recorded a gross profit in an amount of 4,872,801 lei, namely a net profit in an amount of 3,999,729 lei. For I Trimester 2020, the fiscal profit calculated according to provisions of Law 227/2015 regarding the Fiscal Code, with further alterations and additions is in a value of 6,019,198 lei.



Page 21

Taxation on profit calculated on fiscal profit is in the amount of 963,072 lei, dimished to 873,072 lei, further the expenses for sponsorship recording in an amlount of 90,000 lei, expenses achieved in the limit provided by Fiscal Code.

Reconciliation of the taxation effective rate for I Trimester 2020 comparing to I Trimester 2019:



Profit before the tax on profit 4,872,801 760,847 Profit before the tax on profit (sponsorship expense excluded) 4,962,801 760,847 Tax on profit at the statutary rate of 16% 794,048 121,736

Effect of non-deductible expenses 171,018 70,121

Taxation of reserves from reevaluation 267,377 202,554

Nondeductible revenues effect (219,098) (162,956)

Deductions from legal reserve (38,982) (6,087)

Reinvested profit (11,291)

Tax exemptions for sponsorship (90,000) - Expense of tax on profit 873,072 225,368

Taxation on postponed profit



30,658,337 32,201,864

TOTAL 30,658,337 32,201,864

The taxations postponed for payment and to be recovered are calculated according to the taxable and/or deductible

temporary differencies, settled for assets and debts as differencies betwen the asset and /or debt accountant value and the amount for fiscal targets. The company recognizes postponed taxations on an expense or a revenue, excluding the taxation generated by an accounted event directly in own capitals. On 31 March 2020 the taxation on postponed profit constituted on own capitals records a decrease comparing to I Trimester of previous year in an amount of 1,543,527 lei. During 2019, the taxation on postponed profit constituted on own capitals recorded a decrease as against previous year, in a total amount of 1,543,527 lei, representing:

- 1,533,772 lei taxation on postponed profit constituted on own capitals related to reserves from reevaluation for year 2019 at assets reevaluation recording.

- (3,048,217) lei, taxation on recognized canceled postponed profit on own capitals related to reserves from reevaluation used in 2019 on assets reevaluation recording.

- (28,082) lei, taxation on recognized canceled postponed profit on own capitals related to reserves from reevaluation transferred in the reported result, representing a surplus from assets reevaluations for for the ceased/scrapped assets in 2019.

On 31 March 2020, the total value of postponed profit taxation constituted on own capitals is of 30,658,337 lei as follows: - 25,943,248, recorded in the account ‘’reported result from accounting errors corrections’’ on 31 December 2014,

according to IAS 8 ‘’Accounting policies, accounting estimations alterations and errors’’, representing taxation on postponed profit constituted on own capitals related to reevaluation reserves, for 2011-2014;

- 2,779,766 lei, recorded on 31.12.2015 representing taxation on postponed profit constituted on own capitals related to reserves from reevaluation, for 2015;

- (98,436) lei, recorded on 31.12.2016 representing taxation on canceled postponed profit related to reevaluation reserves for ceased/scrapped assets, for 2016;

- 5,494,500 lei, recorded on 31.12.2017, representing taxation on postponed profit, constituted on own capitals, related to reserves from reevaluation, for 2017;



Page 22

- (1,684,738) lei, recorded on 31.12.2017 representing taxation on recognized canceled postponed profit on own capital related to reevaluation reserved used in 2017 in assets reevaluation recording;

- (119,496) lei, recorded on 31.12.2017 representing taxation on recognized canceled postponed profit on own capitals related to reevaluation reserves transferred in reported result representing surplus achieved from assets reevaluation for ceased/scrapped assets in 2017;

- (112,980) lei recorded on 31.12.2018 representing taxation on canceled postponed profit on own capitals, related to reevaluation reserves for ceased/scrapped assets transferred in result in 2018;

- 1,533,772 lei, recorded on 31.12.2019 representing taxation on postponed profit constituted on own capitals related to reevaluation reserves for 2019;

- (3,048,217) lei recorded on 31.12.2019 representing taxation on recognized canceled postponed profit on own capital, related to reevaluation reserves used in 2019 at assets reevaluation recording;

- (29,082) lei recorded on 31.12.2019 representing taxation on recognized canceled postponed profit on own capitals, related to reevaluation reserves transferred in reported result, representing surplus from assets reevaluation for ceased/scrapped assets in 2019;

14. Information on segments Oil Terminal SA has only one reporting segment, namely services supplies regarding receiving, storage, conditioning and dispatch of crude oil, fuel oil, petroleum, petrochemical and liquid chemical products for import, export and transit.

Total revenues from supplied services



March 2019 ∆%

Services supplies regarding receiving, storage, conditioning and dispatch of crude oil, fuel oil, petroleum, petrochemical and liquid chemical products. 43,689,250 35,650,352 23

Services supplies for external clients

Client name Country 3 months

ended on 31 March 2020


∆%

VITOL Switzerland 2,435,186 2,487,246 (2.09)

MADDOX Switzerland 1,728,245 1,387,587 24.55

EURONOVA ENERGIES Switzerland 2,376,077 838,580 183.35

MASTER CHEM OIL DMCC United Arab

Emirates 178,808 167,376 6.83

MOL PLC Hungary 1,100,559 666,000 65.25

ISLAND PETROLEUM Cyprus 449,933 501,446 (10.27)

ELEMENT ALPHA Switzerland 97,000 70,475 37.64

VICTORIA CHEMICALS SPOLKA Z OGRANICZONA DPOWIEDZIALNOSCIA

Poland 102,738 166,782 (38.40)

IVICT EUROPE GMBH Germany 520,729 544,854 (4.43)



Page 23

ELINOIL PETROLEUM COMPANY Greece - 434,990 -

Oil Terminal SA’ main clients

Client name Country



Invoiced value

% Invoiced

value %

PETROTEL LUKOIL Romania 14,711,843 29.09 11,839,269 28.72

OMV PETROM Romania 11,786,882 23.30 8,607,645 20.88

OSCAR DOWNSTREAM Romania 4,100,595 8.11 4,507,603 10.93

ROMPETROL RAFINARE Romania 2,933,765 5.80 1,890,874 4.59 MOL ROMANIA PETROLEUM PRODUCTS

Romania 2,582,733 5.11 2,547,607 6.18

VITOL Switzerland 2,435,186 4.81 2,487,246 6.03

EURONOVA ENERGIES Switzerland 2,376,077 4.70 838,909 2.03

MADDOX Switzerland 1,728,245 3.42 1,387,791 3.37

MOL PLC Hungary 1,100,559 2.18 669,761 1.62

CHIMCOMPLEX Romania 959,692 1.90 390,385 0.95 ADMINISTRATIA NATIONALA A REZERVELOR DE STAT

Romania 850,894 1.68 798,388 1.94

15. Tangible assets

Gross values

Fields Buidings Technical facilities and equipments

Other facilities,

equipments and

furniture

Total

Balance on 31 December 2018

317,186,454 158,340,672 23,998,272 1,736,600 501,261,998

Transfers from going on assets 3,113,698 678,492 37,401 3,829,591 Outgoings (73,900) - - (73,900)

Balance on 31 March 2020 317,186,454 161,380,470 24,676,764 1,774,001 505,017,689

Depreciations Fields Buildings Technical

facilities and equipments

Other facilities,

equipments and

furniture

Total

Balance on 31 December 2019 - - - - - Depreciation in 2020 - 2,806,724 785,622 138,314 3,730,660 Outgoings’ cumulated (1,940) - - (1,940)



Page 24

depreciation

Balance on 31 March 2020 - 2,804,784 785,622 138,314 3,728,720

Net value

Balance on 31 December 2019 317,186,454 158,340,672 23,998,272 1,736,600 501,261,998

Balance on 31 March 2020 317,186,454 158,575,686 23,891,142 1,635,687 501,288,969

The tangible assets are presented in the annual financial situations with their reevaluated value, less depreciations and regulations for value depreciation or loss, according to IAS 16- tangible assets and IAS 36- assets depreciation. On 31 March 2020 the net value of tangible assets increased by 26,971 lei comparing to 2019 end of the year, as follows:

- commisionings from tangible assets going on, increase of 3,829,591 lei - tangible assets outgoings in a remaining value, diminishing of 73,900 lei - tangible assets depreciation in I Trimester 2020, diminishing of 3,730,660 lei - tangible assets outgoings depreciation, increase of 1,940 lei.

On 31.12.2019 the company recorded tangible assets reevaluation according to a evaluation Report issued by an authorized assessor, full member of ANEVAR. Reevaluations frequency depends on fair value alterations of reevaluated tangible assets. Regarding tangible assets whose fair values does not significantly alter, reevaluations are not necessary. The fair value, as determined, revealed by reevaluated value is as followings:

fields 317,186,454 lei constructions group 158,340,672 lei technical facilities and cars 23,998,272 lei other facilities, equipment and furniture 1,635,687 lei tangible assets going on 11,866,783 lei

The company has in its patrimony the following fields:

field in a surface of 951,386.79 sqm registered according to propriety title series MO3 no. 3285/19.11.1196 located in South Storage Farm, in an amount of 66,497,655 lei, recorded in social capital in July 1997;

field in a surface of 413,413.16 sqm got in 2003 according to propriety title series MO3 no. 8448/16.04.20013 located in North Storage Farm, in an amount of 57,791,417 lei, recorded in social capital in July 2003;

field got in 2004 according to sale-purchase contract no.181/20.01.2004 concluded with Constanta City Hall, in a surface of 243,912.70 sqm located in North Storage Farm, in an amount of 37,506,480 lei;

field in a surface of 254,261.33 sqm, got in 2011, according to propriety title series MO3 no. 11703/02.02.2011, located in North Storage Farm, in an amount of 103,075,858 lei;

field in a surface of 129,334.70 sqm got in 2011 according to propriety title series MO3 no. 11704/02.02.20011 located in North Storage Farm, in an amount of 56,650,125 lei.

Lots of field in a surface of 254,261.33 sq.m. and 129,3334.70 sq.m were recorded in the company’ patrimony in 2011, on other reserves from own capitals, without increasing the social capital by the value recorded in the propriety right certificates.

16. Tangible assets in execution Assets in execution in an amount of 11,866,783 lei represent uncompleted investments on 31.03.2020, from which:

Going on assets Investments according

to OIL TERMINAL’

program

Investments achieved for goods

of state public domain*

Total



Page 25

Balance on 31 December 2019 8,423,496 1,372,737 9,796,233 Increases during year 5,870,365 29,775 5,900,140 Transfers in tangible assets (3,829,590) - (3,829,590)

Balance on 31 March 2020 10,464,271 1,402,512 11,866,783

*Assets going on from investments expenses achieved for goods of state public domain: The total investments expenses value recorded on 31 March 2020 is of 5,966,521 lei, from which 5,900,140 lei are investments expenses for tangible assets and 66,381 lei are investment expenses for intangible assets, from which the main investments achieved objectives are:

- Restoration of facility PSI in Wharf 79 SP Port; - Restoration of cap and shell ring no. 9 tank 18 SP Port; - Restoration of sea water intake pump for intervention; - Restoration of ramp access road facility for discharging tankers diesel and biodiesel South SP; - Restoration of fuel oil section I DN 500 Port 450 ml; - Scale CF South SP; - Reparation of pipeline DN 700 fire water wire 2 from fire pump house stage 2 heater area SP Port; - Restoration of laboratory building North SP; - Restoration of power grid 6 kV tanks 8x50,000 m3 South SP; - Restoration of repression pipe EP CP Peya Stork valves EP KSB; - Replacement of water pipe PSI DN700 between heater South SP and CFR trafo post; - Firefighter costume (13 pieces); - Foam generator (10 pieces); - Spectophotometer UV-VIS DR 6000; - Updating of skid diesel metering; - Alternative pneumatic hacksaw Fein STS 325; - Wilden Pump for discharging petroleum product; - Sofstarter 47 kV; - Endorsement printer Tally (2 pieces); - Electrocardiograph ECG 3150; - Power and welding generator.

17. Intagible assets

Gross values Assets related to rights

to use leasing assets Leases

Other intangible assets

Total

Balance on 31 December 2019 4,787,000 4,156,000 460,367 9,403,367 Increases from acquisitions - 380 66,381 66,761

Balance on 31 March 2020 4,787,000 4,156,380 526,748 9,470,128

Depreciations and impaiments

Depreciation of assets related to rights to use

leasing assets Leases

Other intangible assets

Total

Balance on 31 December 2019 - - - - Depreciation in 2020 490,562 32 48,959 539,553

Balance on 31 March 2020 490,562 32 48,959 539,553

Net value

Balance on 31 December 2019 4,787,000 4,156,000 460,367 9,403,367



Page 26

Balance on 31 March 2020 4,296,438 4,156,348 477,789 8,930,575

Intangible assets, recorded in company’ accountancy record, are computer/licences programs, purchased from third parties and leasing of crude oil, petroleum products’ shoretanks, pipelines activity, pumping facilities and other equipments related to these, concluded with the National Agency for Mineral Resources and assets related to rights to use leasing assets. Following the leasing contract analysis, on 31.12.2012, of the leasing contract, approved by GD 886/16.08.2002, leasing recognition terms as intangible assets are met according to IAS 38- intagible assets and clarifications given by IFRIC 12. On 31.12.2012, according to the evaluation Report. Issued by an authorized assessor, full member of ANEVAR, intangible asset was recognized – lease, at fair value of 3,034,940 lei, recorded in accounting with indefinite useful lifetime, according to item 88 of IAS 38 – Intangible assets and therefore, it is not depreciated. Fair value resulted from evaluation Report issued by an authorized assessor, full member of ANEVAR on 31.12.2019 for lease is of 4,156,000 lei. Starting from 01.12.2012, the company applied IFRS 16 ‚’Leasing contracts’’, standard which replaced the accounting standard IAS 17 ‚’Leasing contracts’’ and also all interpretations (SIC/IFRIC) issued in IAS 17 application. The company has the quality of user according to operational leasing contracts described in note 29. The main changes given by IFRS 16 ‚’Leasing contracts’’ refer to accounting on users level of the right to use assets – base of leasing contract, namely the recognition in balance of assets and debts related to rights and obligations coming from leasing contracts. The right to use assets – base of leasing contract is depreciated liniary during leasing contract. On 1.12.2019, the company recognized the right to use support assets as an intangible asset in the account of ’’assets related to rights to use leasing assets’’ and a debt in the account ’’other loans and assimilated debts’’, resulted from leasing contracts. The company recognized, starting with 1 January 2019, an expense with depreciation of the right to use assets and an expense with interest rate related to the debt from leasing contract. Interest rate was settled by the company according to how much the entity would cost if it loaned from a market in order to use the support assets. The company, as user, part of an operational leasing contract stated according to IAS 17 an expense with rent which, according to IFRS 16, reflects starting from 1 January 2019 partially in a financial expense with rate and partially in an expense with right to use depreciation. Expenses with depreciation of assets related to rights to use leasing assets recorded I Trimester 2020 are of 490,562 lei and the expenses regarding leasing contracts are in a value of 62,811 lei. Intangible assets are presented in the financial situations at reevaluated value, excepting depreciations and alterations for depreciation of value loss, according to IAS 38 – intangible assets and IAS 36 – depreciation of assets. After initial recognition, the company accounts an intangible asset at reevaluated value which represents the fair value on reevaluation date minus any further cumulated depreciation and any losses from further cumulated depreciation. Reevaluations are made with such a regularity that, at the end of the reporting period, the accounting value of assets doen not significantly differ from its fair value. On 31 December 2019, the company recorded the reevaluation of intangible assets according to a Report of evaluation issued by an authorized assessor, full member of ANEVAR. The fair value on 31.03.2020 is as follows:

Leasing Oil Agreement 4,156,000 lei Other leases 348 lei Computer programs/ licences related to them 477,789 lei Assets related to rights to use leasing assets 4,286,438 lei

18. Financial assets

31 March 2020 Year ended on 31

December 2019

Guarantees given to suppliers 785 785 Other immobilized receivables 638,836 638,836

Total financial assets 639,621 639,621



Page 27

On 31.03.2020, the guarantees given to supplier Telecomunicatii CFR are in an amount of 785 lei. The company records on 31.03.2020 other receivables in an amount of 638,836 lei representing:

- 2 guarantee letters in an amount of 1,590 lei in Compania Nationala Administratia Porturilor Maritime’ favour. - Guarantee in an amount of 637,246 lei in Compania Nationala Administratia Porturilor Maritime’ favour.

19. Stocks


December 2019

Additional materials 523,224 738,341 Fuel oils 20,768 11,892 Package stuff 13,048 14,134 Spare parts 181,086 22,599 Other consumables 73,978 71,991 Inventory objects stuff 119,314 171,824 Residual products 32,130 31,486 Regulations for consumables (64,793) (66,640)

Total stocks 898,755 995,627

Stocks without movement, in balance on 31.03.2020 are of 64,793 lei, for which regulations for the materials impairment were constituted. In I Trimester 2020 the company recorded regulations for stocks impairment as followings:

31 March 2020

Year ended on 31 December 2019

Regulations balance for stocks impairment on the 1st January 66,640 73,225 Constitutions in year 3,259 32,391 Reversals in year (5,106) (38,976)

Regulations of balance for stocks impairment at the period end 64,793 66,640

20. Clients and assimilated accounts

a) 31 March 2020 b) Year ended on 31

December 2019

Clients issued invoices, to collect c) 18,510,890 d) 15,610,825 Uncertain clients and in litigation e) 4,962,473 f) 4,681,497 Clients invoices to be issued g) 319,350 h) 309,327 Regulations for clients’ receivables impairment i) (4,963,801) j) (4,683,199)

Total clients k) 18,828,912 l) 15,918,450

The clients situation, invoices issued to be collected in an amount of 18,510,890 lei is classified on periods of time, as followings:

Clients’ receivables not exceeding the due payment date 17,903,965 lei

Clients’ receivables with exceeded due term between 1 – 30 days 488,077 lei

Clients’ receivables with exceeded due term between 31 - 60 days 118,848 lei



Page 28

The uncertain clients recorded on 31.03.2020 are in a total amount of 4,962,473 lei, increasing comparing to 31 December 2019 by 280,976 lei. For uncertain clients, the company constituted regulations for the clients receivables impairment for the total amount VAT included.

During I Trimester 2020, the company recorded regulations fro clients receivables impairment, as followings:

31 March 2020


Provision balance for impairment on the 1 January 4,683,199 4,176,179 Constitutions in year 282,385 826,614 Reversals in year (1,783) (319,594)

Provision balance from impairment at the period end 4,963,801 4,683,199

21. Other receivables and expenses in advance


December 2019

Different debtors 2,448,165 2,496,360 Expenses recorded in advance 94,163 48,223 Other receivables 850,903 1,045,791

Total other receivables 3,393,231 3,590,374

Taxes and fees to be recovered


December 2019

Taxation on profit - 147,087 Taxation on buildings 125,033 - Taxation on fields 422,814 - Taxes for means of transport 4,672 - Company taxes 473 - Buildings taxes 16,642 -

Total 569,634 147,087

22. Cash and cash equivalent


December 2019

Available in lei in bank current accounts 8,292,459 13,453,434 Available in foreign currency in bank current accounts 1,141,717 7,448 Cash advances given to employees 22,729 - Other values 12,353 11,672 Available in cash 11,494 10,874

Total cash and equivalents 9,480,752 13,483,428

The are no restrictions on the monetary availability accounts.



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23. Social capital

Number of shares Social capital

Statutory social capital 582,430,250 58,243,025

Total capital 582,430,250 58,243,025

The shareholding structure on the 31 March 2020, according to data submitted by Depozitarul Central is the following:

Shareholder 31 March 2020 Number of

shares Total nominal value Possession %

Romanian State by The Ministry of Energy 347,257,973 34,725,797 59.62 Dumitrescu Sebastian Valentin 97,467,645 9,746,765 16.74 Legal persons 60,822,560 6,082,256 10.44 Physical persons 76,882,075 7,688,208 13.20

Total capital 582,430,253 58,243,025 100

Shareholder 31 March 2019 Number of

shares Total nominal value Possession %

Romanian State by The Ministry of Energy 347,257,973 34,725,797 59.62 Dumitrescu Sebastian Valentin 90,000,000 9,000,000 15.45 Legal persons 84,416,014 8,441,601 14.50 Physical persons 60,756,266 6,075,627 10.43

Total capital 582,430,253 58,243,025 100

Romanian State represented by the Ministry of Energy is the main shareholder and owns 59.62% of the social capital. By art. 4 of EGO no. 68/06.11.2019 The Ministry of Economy, Energy and Business Environment was established, by reorganization of Ministry of Economy and by merging with Ministry of Energy, Ministry of Business Environment, Commerce and Enterpreneurship and Ministry of Tourism and by taking over activities and structures from these ministries. The subscribed and paid social is 58,243,025 lei divided in 582,430,253 shares with a nominal value of 0.10 lei/share, on the 31 March 2020 and on the 31 March 2019. Each share gives to its owner the right of only one vote. OIL TERMINAL SA is a company quoted in Bucharest Stock Exchange. The shares were traded at 0.1470 lei/share on the 31 March 20120 and 0.1358 lei/share on 29 March 2019. The unpaid dividends value on the 31 March 2020 is of 1,332,599 lei, representing the unpaid dividends from the previous years from which physical persons 1,275,085 lei and legal persons 57,514 lei.

24. Other elements of own capital


December 2019

Recognized postponed tax on own capitals (10,900,832) (10,900,832) Other elements of own capitals 3,034,941 3,034,941

Total other elements of own capitals (7,865,891) (7,865,891)

Taxation on postponed constituted on own capitals in an amount of (7,865,891) lei in balance on 31 March 2020 and

on 31 December 2019 is made of: - Recognized postponed taxation on own capitals related to reserves from reevaluation in an amount of (10,971,106)

lei; - Taxation on postponed profit for fiscal facilities for 2012 in an amount of 70,274 lei. - The counterparty of intangible asset recognition – oil agreement leasing, approved by GD 886/2002, in an amount of

3,034,941 lei



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25. Reserves from reevaluation


December 2019

Reserves from tangible and intangible assets reevaluation 220,064,783 220,140,364

Total reserves from tangible and intangible assets reevaluation 220,064,783 220,140,364

On 31.03.2020 the reserve from reevaluation of tangible and intangible assets values 220,064,783 lei and includes:

reserve from reevaluation related to tangible assets of 218,430,296 lei; reserve from reevaluation related to intangible assets, representing rights given by Oil agreement for the concession

of the operation activity of shoretanks, crude oil and petroleum products pipelines, pumping facilities and other facilities and equipments related to them, concluded with National Agency for Mineral Resources, approved by GD 886/16.08.2002 of 1,120,679 lei.

reserve from reevaluation related to intangible assets representing licences of 148,414 lei; reserve from reevaluation related to rights to use leasing assets of 365,394 lei.

On 31.03.2020 a decrease of reevaluation reserves valuing 75,581 is recorded, compared to 31.12.2019, mainly as result of reevaluation surplus achieved and recorded in result reported as result of disposed tangible assets. 26. Reported result

a. Reported result representing the surplus achieved from reevaluation reserves:


December 2019

Reported result representing surplus achieved from reevaluation reserves 6,854,122 6,778,161

Total surplus achieved from reevaluation reserves 6,854,122 6,778,161

Reevaluation surplus achieved from reevaluation reserves was constituted by passing to the reported result of the reevaluation difference related to tangible assets to their derecognition. During I Trimester 2020, a surplus achieved from reevaluation reserves in a value of 75,961 lei was achieved, so that the resulted report representing surplus achieved from reevaluation reserves in balance on 31 March 2020 is of 6,854,122 lei. b. Reported result arisen from IAS adoption for the first time, less IAS 29

31 March 2020


Reported result arisen from IAS adoption for the first time, less IAS 29 396,930 396,930

Total reported result arisen from IAS adoption for the first time, less IAS 29 396,930 396,930

The reported result arisen from IAS adoption for the fisrt time, less IAS 29, on 31.03.2020, is in an amount of 396,930 lei and does not record alterations comparing to 31 December 2019. The amount of 396,930 lei represents retreats from IAS adoption for the first time, less IAS 29, for 2000, according to Order no. 94/2001 for approving accountant Regulations with the IVth Directive of the European Economic Communities and with Accountant International Standards. For 2000, the balance sheets issued according to Finences Ministry no. 403/1999 to approve the Accountant Regulations together with Directive IV of European Economic Communities and the Accountant International Standards were re treated,



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according to Order no.94/2001 for approval of Accountant regulations together with Directive IV of European Economic Communities and the Accountant International Standards.

c. Reported result arisen from accountant errors correction


December 2019

Reported result arisen from accountant errors correction (19,687,231) (19,687,231)

Total reported result arisen from accountant errors correction (19,687,231) (19,687,231)

In March 2020, the balance of the reported resulted account arisen from accountant errors correction is in an amount of (19,687,231) unaltered compared to the balance recorded on 31 December 2019. On 31 December 2014, according to IAS 8 ’’ Accountant policies, alterations of accountant estimations and errors’’, taxation on postponed profit in an amount of 25,839,366 lei, related to reevaluation reserves for 2011-2013 on own capitals, by account ’’reported result arisen from accountant errors correction’’, as followings: - for 2011 the amount of (9,519,349) lei - for 2012 the amount of (8,242,884) lei - for 2013 the amount of (8,077,133) lei During 2019, the diminishing of taxation on postponed profit constituted on reported result from accountant errors correction was recorded with the amount of 6,152,135 lei resulting a balance of 19,687,231 lei. d. Reported result representing undistributed profit On 31 March 2020 the balance of the reported resulted account representing undistributed profit is in an amount of 2,046,773 lei.

31 March 2020


Reported result representing undistributed profit 2,046,773 -

Total reported result representing undistributed profit 2,046,773 -

27. Legal reserves and other reserves and profit distribution

a) Legal reserves and other reserves

31 March 2020


Legal reserves 5,353,292 5,353,292 Other reserves 174,842,248 174,842,248

Total rezerTotal reserves 180,195,540 180,195,540

The legal reserves in an amount of 5,353,292 lei in balance on 31 March 2020 did not record any alterations comparing to 31 December 2019. Other reserves in balance on 31 March 2020, unaltered comparing to 31 Decemer 2019 are in a value of 174,842,248 lei, representing:

reserves constituted fro the profit distributed for own financing source constitution according to Shareholders General Assembly decisions, in an amount of 21,552,205 lei;



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reserves from fiscal facilities in an amount of 1,211,179 lei; recognized fields on the reserves fro which the propriety titles were got in 2011 in an amount of 151,789,000 lei,

namely:

field in a surface of 254,261.3 sqm, got in 2011, according to propriety tiltle series MO3 no. 11703/02.02.2011, located in North Storage Farm, in an amount of 100,611,000 lei.

field in a surface of 129,334.70 sqm, got in 2011, according to propriety tiltle series MO3 no. 11704/02.02.2011, located in North Storage Farm, in an amount of 51,178,000 lei.

For these 2 fields the social capital increase is going on, provided by GD 834/1991.

field in a surface of 5,494 sq.m. in an amount of 289,864 lei, representing the field difference arisen from the cadastral documentation updating made in 2015, for the field of 951,386.79 sq.m.,recorded according to propriety title MO3 no.3285/19.11.1996, located in South Storage Farm.

b. Profit distribution


December 2019

Profit distribution, from which: - (353,033) Legal reserves - (226,187) Other reserves representing fiscal facilities - (126,846)

Total - (353,033)

During I Trimester 2020, the account of profit distribution was closed according to applicable accountant regulations so that on 31 March 2020 this account has no balance. On 31 December 2019, from net profit of 2019, the profit distribution of 353,033 lei was recorded, representing: - 226,187 lei legal reserve. According to provisions of art. 1 letter a) of GO 64/2001 and art. 1 paragraph (1) of Law 31/1990 regarding commercial companies, republished, with further alterations and additions, ‘’from the company’ profit, at least 5% will be taken for the reserve fund, until this reaches a minimum of the fifth part of social capital.’’ Legal reserve constituted before the net profit of 2019 distribution is 5,127,105 lei , representing (8.80% of social capital). Accounting profit before the taxation on profit determination = 4,523,742 lei Legal reserve of 5% from gross profit: 4,523,742 x 5% = 226,187 lei - 126,846 lei other reserves representing fiscal facilities provided by law. According to art. 1 letter a) of GO 64/2001 and art. 22 paragraph (1) of Law 227/2015 regarding Fiscal code with further alterations and additions, the profit invested, in technological equipments, computers and peripheral equipments, control, counting, invoicing devices, in computer programs and for the right to use the computer programs, products and/or bought, according to financial leasing contracts included and put in use in order to run the economic activity, is tax exempted. Tangible assets, for which the taxation exemption is applied, are those provided in subgroup 2.1, namely in class 2.2.9 in the Register regarding the classification and normal periods of running for fixed assets, approved by Government decision. Profit invested in 2019 is of 133,522 lei Profit taxation exempted, distributed in reserves: 133,522 lei x 5% = 6,676 lei 133,522 lei – 6,676 lei = 126,846 lei. According to Oil Terminal Shareholders General Assembly Decision no. 8 of 23.04.2020 net profit distribution related to 2019 financial year was approved, in an amount of 2,627,225 lei, as follows:

Legal reserve: 226.187 lei

Other reserves representing fiscal facilities provided by law: 126.846 lei

Employees participation to profit: 227.419 lei



Page 33

Shareholders 50% dividends: 1.137.096 lei

Own source of financing: 909.677 lei

28. Debts on long term

On 31 March 2020, the company records total debts of 107,535,168 lei. According to demand term, total debts are presented as follows:

Net value

Contractual value

<12 months 1-2 years 2-8 years

Commercial debts and other current debts 13,297,203 13,297,203 13,297,203 0 0 Debts regarding taxes and fees 6,732,768 6,732,768 6,732,768 0 0 Loans 52,772,133 60,461,616 5,600,071 6,970,413 40,201,649 Other loans and assimilated debts 4,074,727 4,074,727 1,696,227 1,308,903 1,069,597

TOTAL 76,876,831 84,566,314 27,326,269 8,279,316 41,271,246

Other debts: Debts regarding taxation on postponed profit 30,658,337

TOTAL 30,658,337

a.Loans on long term


December 2019

Contract no. C12002013014745/05.09.2013 OTP Bank 4,462,500 4,781,250 Minus current part (1,275,000) (1,275,000) Contract no. 1870/02.08.2017 Bancpost (taken over by Transilvania Bank by Additional Act no. 1/09.01.2019)

24,818,067 25,654,631

Minus current part (3,346,256) (3,346,256) Contract no. 201810290206/29.10.2018 BCR 23,491,566 23,491,566 Minus current part (978,815) (592,917)

Total loans on long term 47,172,061 48,713,274

The reported loans on long term are generated by the following below-mentioned contracts:

Creditor Currency Due date Reimbursement Interest Guarantee 31.03.2020 31.12.2019

1.Contract no. C12002013014745 from 05.09.2013 OTP Bank Romania* lei

01.09.2023 Monthly rates

ROBOR on 3

months plus limit

Mortgage over

accounts 4,462,500 4,781,250



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*Additional Act no. 1/2013/23.09.2013 of the investments credit contract no. C12002013014745 *Additional Act no. 2/2013/14.10.2013 of the investments credit contract no. C12002013014745

On 05.09.2013 the company signed with OTP Bank Romania an investment credit contract, to finance/refinance the expenses of upgrading shoretank 28 in South Storage Farm, being state public domain, according to Oil Agreement approved by HG 886/2002, in an amount of 10,200,000 lei with reimbursement term until 01.09.2023 and a grace period until 30.09.2015. The shoretank upgrading was completed in 2013. OIL TERMINAL SA constituted in OTP Bank Romania the following guarantees:

a) Security mortgage on the accounts opened by client at bank. b) Mortgage on the building plot, category of use yards-buildings in a surface of 12,916 sqm, located

in Constanta county, no.2, Caraiman str. Noth Storage Farm I, Constanta county parcel 3, identified with cadastral number 214855 registered at Constanta Land Registrar with number 214855, together with its buildings , in a total built surface of 913 sqm as follows:

- C 394 - ‘’Ghena’’ identified with cadastral number 214855-C1 - C 395 - ‘’Administrative building’’ identified with cadastral number 214855-C2 - C 396 - ‘’Greenhouses’’ with cadastral number 214855-C3 - C 397 - ‘’Greenhouses’’ with cadastral number 214855-C4 SC OIL TERMINAL SA

property c) Mortgage on the building plot, category of use yards-buildings in a surface of 23,141 sqm, located

in Constanta, no.2 Caraiman str., Constanta County, parcel 2, identified with cadastral number 211722 registered at Constanta Land Registrar with number 211722, together with its buildings, with a total built surface of 2,477 sqm, as follows:

- C1 ‘’Shoretank’’ in a built surface of 830 sqm, identified with cadastral number 211722 – C1

- C3‘’Shoretank’’ in a built surface of 748 sqm, identified with cadastral number 211722 – C2

- C5 ‘’Shoretank’’ in a built surface of 849 sqm, identified with cadastral number 211722 – C3, in SC OIL TERMINAL SA’ propriety

d) Mortgage on the building plot, category of use yards-buildings in a surface of 34,153 sqm, located in Constanta, no.2 Caraiman str., Constanta County, parcel 1/1, identified with cadastral number 238666 registered at Constanta Land Registrar with number 238666, together with its buildings, with a total built surface of 2,477 sqm, as follows:




- C9 ‘’Shoretank’’ in a built surface of 854 sqm, identified with cadastral number 211722 – C9, in SC OIL TERMINAL SA’ propriety

e) Mortgage on the building plot, category of use yards-buildings in a surface of 15,801 sqm, located in Constanta, no.2 Caraiman str., Constanta County, parcel 1/2/1, identified with cadastral number 238836 registered at Constanta Land Registrar with number 238836, together with its buildings, with a total built surface of 2,477 sqm, as follows:


- C4 ‘’Shoretank’’ in a built surface of 855 sqm, identified with cadastral number 238836 – C4, , in SC OIL TERMINAL SA’ propriety

In September 2013, the withdrawal from the loan contracted with OTP Bank was completed, the balance of this loan on 31 March 2020 being 4,462,500 lei.




Page 35

2.Contract no. 1870 from 02.08.2017 Bancpost taken over by Banca Transilvania lei 02.08.2027 monthly rates

ROBOR on 3

months plus limit

Mortgage over

account 24,818,067 25,654,631

On 02.08.2017, the company signed with Bancpost an investments credit contract, for investments objectives financing ‘’Upgrading of shoretank R34/S’’ located in South Storage Farm and ‘’ Aboveground laying of crude oil pipelines network (T1 and T2), in a value of 26,770,050 lei, with reimbursement term until 02.08.2027 and grace period until 02.08.2019. Oil Terminal SA constituted in Bancpost’ favour the following guarantees:

a) mortgage on intravilan fiels building, in a surface of 66,632 sq.m. (part of lot with S=951,387 sq.m.), located in Constanta county, South Storage Farm, Movila Sara, identified with cadastral number 246756, recorded in Land Registry with no. 246756 of Constanta city, together wuth the buildings on it, as follows:

- shoretank R22 – 11222512 C1 – 2362 sq.m. - shoretank R24 – 11222860 C2-2362 sq.m. - shoretank R26 – 11222873 C3 – 2362 sq.m. - shoretank foam house – 11210589 C4- 42 sq.m. - shoretank foam house – 11210590 C5- 36 sq.m. - shoretank foam house – 11210591 C6- 30 sq.m.

b) mortgage on current accounts opened in Bancpost.

In 2017, the credit facility in the amount of 21,294,730 lei was used and in 2018 the difference of 5,475,320 lei was used up to the total amount of the approved credit 26,770,050 lei the balance of this loan on 31 March 2020 is of 24,818,067 lei. By Additional Act no. 1.09.01.2019, signed with Transilvania Bank, the company took act of the fact that, on 28.12.2018, further a joint process, all rights and obligations assumed by Bancpost SA (absorbed company) by credit contract no. 1870/02.08.2017, were transferred in Transilvania Bank’ patrimony and charge (absorbing company).


3.Contract no. 201810290206 from 29.10.2018 BCR lei 27.10.2028 monthly rates

ROBOR on 3

months plus limit

Mortgage over

account 23,491,566 23,491,566

On 29.10.2018, the company signed with BCR an investments credit contract, for investments objectives financing ‘’Upgrading of shoretank T30/S’’ loacted in South Storage Farm and ‘’Acquisition of skids for oil products’ fiscal determinations’’, in an amount of 23,716,665 lei, with reimbursement term until 30.09.2018 and grace period until 30.09.2020. By the additional Act no. 1/07.01.2020 the amount of initially given credit diminished valuing 225,099 lei resulting a loan value of 23,491,566 lei and the reimbursement graph altered, last reimbursement rate of loan is 27.10.2028. Oil Terminal SA constituted, in Bancpost’ favour, the following guarantees:

a) Mortgage on the field in a surface of 60,394 sq.m. ( part of the lot identifued with S=951,387 sq.m.) located in Constanta County, South Storage Farm, Movila Sara, identified with cadastral number 246755 registered in Constanta Land Registrar with no. 246755 of Constanta City together with the existent buildings on it, as follows: - shoretank R35- 11223089 C1 – 2937 sq.m.

- shoretank R25 -11222861 C2 – 2362 sq.m. - shoretank R23 – 11222859 C3 – 2362 sq.m. - foam house – 11210627 C4 – 36 sq.m. - foam house building – 11210625 C5 – 35 sq.m.



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b) mortgage on the current accounts opened in BCR In 2018, the credit facility in the amount of 6,629,633 lei was used, in 2019 it was used the difference up to the total amount of approved credit of 16,861,933 lei, the balance of this loan on 31 March 2020 is of 23,491,566 lei.

b. Debts regarding tax on postponed profit

31 March 2020


Debts regarding tax on postponed profit 30,658,337 30,658,337

Total rezerTotal rezerves 30,658,337 30,658,337

On 31 March 2020 and on 31 December 2019, taxation on postponed profit related to reserves from reevaluation in balance constituted on own capitals is in a total amount of 30,658,337 lei, recorded as follows: - 25,943,248 lei, recorded through account ’’reported result arisen from accountancy errors correction’’ on 31 December 2014, according to IAS 8 ’’Accountancy policies, alterations of accountancy estimations and errors’’, representing taxation on postponed profit constitute don own capitals related to reserves from reevaluation for years 2011-2014; - 2,779,766 lei recorded on 31.12.2015 representing taxation on postponed profit constitute don own capitals related to reserves from reevaluation for 2015; - (98,436) lei recorded on 31.12.2016 representing taxation on postponed profit related to reserves from reevaluation for leased/scrapped assets, transferred in the reported result; - 5,494,500 lei recorded o 31.12.2017 representing taxation on postponed profit constituted on own capitals related to reserves from reevaluation for 2017; - (1,684,738) lei recorded on 31.12.2017 representing taxation on canceled recognized postponed profit on own capitals, related to reserves from reevaluation used in 2017 for the assets’ reevaluation record; - (119,495) lei recorded on 31.12.2017 taxation on canceled recognized profit on own capitals related to reserves from reevaluation transferred in the reported result, representing surplus from assets’ reevaluation for the leased/scrapped assets in 2017. - (112,981) lei recorded on 31 December 2018 taxation on canceled recognized postponed profit on own capitals, related to reserves from reevaluation transferred in the reported result, representing surplus from the assets’ reevaluation for the ceased/scrapped assets in 2018. - 1,533,772 lei recorded on 31 December 2019 representing taxation on canceled postponed profit constituted on own capitals related to reevaluation reserves, for 2019 -(3,048,217) lei recorded on 31 December 2019 representing taxation on canceled recognized postponed profit on own capitals related to reevaluation reserves used in 2019 for assets reevaluation recording; -(29,082) lei recorded on 31 December 2019 representing taxation on canceled recognized postponed profit on own capitals related to reevaluation reserves transferred in reported result, representing surplus from assets reevaluation for ceased/scrapped assets in 2019. c. Other loans and assimilated debts resulted from leasing contracts

The company has the quality of user according to a number of five leasing contracts described in note 29. Starting with 1 January 2019, the company applied IFRS 16 ‘’Leasing contracts”, standard which replaced accountancy standard IAS 17 “Leasing contracts” as well as all interpretations (SIC/IFRIC) issued in IAS 17 application. On 1 January 2019 the company recognized the right to use support assets as an intangible asset in the account”assets related to rights to use leasing assets” and a debt in the account “other loans and assimilated debts”, resulted from leasing contracts, in a value of 6,093,304 lei. The debt registered in the account “other loans and assimilated debts”, resulted from leasing contracts, in balance on 31 March 2020 is in a value of 4,074,727 lei, presenting as it follows:



Page 37

31 March 2020


Other loans and assimilated debts 4,074,727 4,525,714 Minus current part (1,696,227) (1,752,370)

Total other loans and assimilated debts 2,378,500 2,773,344

29. Debts regarding financial leasing obligations The company has the quality of user according to the following operational leasing contracts:

1. Contract 81/203/27.07.2015 concluded with CENTER TEA&CO SRL having as object: Operational leasing car Ford Mondeo Wagoon -1 piece; Operational leasing tipper 18 to MTMA – MAN 1- piece; The contract period is 57 months since the cars’ delivery. 2. Contract 357/146/09.12.2015 concluded with CENTER TEA&CO SRL having as object: Operational leasing car Dacia Logan MCV Laurete - 1 piece; Operational leasing car Dacia Logan Laureate - 7 pieces; Operational leasing van Ford Transit V36 -1 piece ; The contract period is 57 months since the cars’ delivery. 3. Contractul no. 100/171/16.06.2016 concluded with CENTER TEA & CO SRL having as object: Operational leasing for excavator – 1 piece Height work plarform – 1 piece Operational leasing for truck PSI -1 piece ; The contract period is 57 months since the goods’ delivery.

4. Contractul no. 68/97/27.03.2017 concluded with CENTER TEA & CO SRL having as object: Operational leasing for: Dacia Dokker Laureate – 3 pieces

Dacia Logan Laureate – 5 pieces Multivan HL KR 2.0 – 1 piece Tuareg Supreme Plus – 1 piece

Contract period is 57 months since the goods delivery. 5. Contractul no. 277/507/21.12.2017 concluded with CENTER TEA & CO SRL having as object: Operatonal leasing for truck - 1 piece; Operational leasing for tipper - 1 piece; Operational leasing for dumper - 1 piece; Operational leasing for Minibuz Daily - 1 piece; Operational leasing for car SUV Kodiaq Ambition - 3 pieces; Operational leasing for Dacia Logan SL Prestige Plus - 3 pieces ; Operational leasing for New Duster Prestige -1 piece ; Operational leasing for Dacia Dokker Laureate - 3 buc.

Contract period is 57 months since the goods delivery.

The major changes brought by IFRS 16 “Leasing contracts” refer to accounting on users level of the right to use support assets which is the base of leasing contract, namely recognition in balance of assets and debts related to rights and obligations coming from leasing contracts. The right to use support assets which are the base of leasing contracts is lineary amortized during leasing contract.



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The company recognized starting from 1 January 2019 an expense with depreciation of the right to use assets and an expense with interest rate related to the debt coming from leasing contract. The interest rate was settled by the company according to how much the entity would cost if it loaned on market in order to use support assets. The company, as user, part of an operational leasing contract stated according to IAS 17 an expense with rent which, according to IFRS 16, reflects starting from 1 January 2019 partially in a financial expense with interest and partially in an expense with depreciation of the right to use. On 01.01.2019 the company recognized the right to use support assets as an intangible asset in the account “assets related to rights to use leasing assets” and a debt in the account “other loans and assimilated debts”, resulted from leasing contracts. The expense with depreciation of assets related to rights to use leasing assets recorded in I Trimester 2020 is in an amount of 490,562 lei and the expense with interest related to the debt coming from leasing contract recorded in I Trimester 2020 is of 62,811 lei. On 31.12.2019 the company recorded the reevaluation of all tangible and intangible assets according to an evaluation Report, issued by an authorized assessor, full member of ANEVAR, including reevaluating assets related to rights to use leasing assets. The fair value resulted from reevaluation on 31 March 2020 and 31 December 2019 is as follows:

Contract no. Operational leasing object

Value of assets related to rights to use leasing assets on 31 March 2020

100/171/16.06.2016 AA2/29.06.2018 CENTER TEA

EXCAVATOR 119,000

100/171/16.06.2016 AA2/29.06.2018 CENTER TEA

TRUCK PSI 512,000

100/171/16.06.2016 AA2/29.06.2018 CENTER TEA

HEIGHT WORK PLATFORM - PRB 108,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

TRUCK PSI 868,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

SUV - SKODA KODIAQ AMBITION 4X4 116,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA


277/507/21.12.2017 AA1/29.06.2018 CENTER TEA


277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

DACIA DOKKER LAUREATE 37,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA


277/507/21.12.2017 AA1/29.06.2018 CENTER TEA


277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

DACIA LOGAN SL PRESTIGE PLUS 29,000



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277/507/21.12.2017 AA1/29.06.2018 CENTER TEA


277/507/21.12.2017 AA1/29.06.2018 CENTER TEA


277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

DUSTER PRESTIGE 67,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

MINIBUZ 32+1 - IVECO DAILY 480,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

DUMPER 402,000

277/507/21.12.2017 AA1/29.06.2018 CENTER TEA

TIPPER 973,000

357/146/09.12.2015 AA1/29.06.2018 CENTER TEA

DACIA LOGAN LAUREATE 8,000

357/146/09.12.2015 AA1/29.06.2018 CENTER TEA


357/146/09.12.2015 AA1/29.06.2018 CENTER TEA


357/146/09.12.2015 AA1/29.06.2018 CENTER TEA


357/146/09.12.2015 AA1/29.06.2018 CENTER TEA


357/146/09.12.2015 AA1/29.06.2018 CENTER TEA


357/146/09.12.2015 AA1/29.06.2018 CENTER TEA


357/146/09.12.2015 AA1/29.06.2018 CENTER TEA

DACIA LOGAN MCV LAURETE 9,000

357/146/09.12.2015 AA1/29.06.2018 CENTER TEA

FORD TRANZIT D-CAB 16,000

68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA




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68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA


68/97/27.03.2017 AA1/29.06.2018 CENTER TEA

SUV - TUAREG SUPREME PLUS 128,000

68/97/27.03.2017 AA1/29.06.2018 CENTER TEA

MULTIVAN HL KR 2.0 TDI 143,000

81/203/27.07.2015 AA5/27.11.2018 CENTER TEA

FORD MONDEO WAGOON 28,000

81/203/27.07.2015 AA5/27.11.2018 CENTER TEA

TIPPER 18T 149,000

TOTAL 4,787,000

Accounting value of assets related to the right to use on 31 March 2020, depending on support assets class presents as follows:

Classification code according to GD 2139/2004 Fair value of assets

related to the right to use (lei)

2.1.20.1

Cars and machinery for digging and field preparation. Scrapers, graders, bulldozers, excavators, ditch diggers, pit diggers and scarifiers.

119,000

2.1.24.3 Cars, equipments and facilities for 1,380,000

2.3.2.1.1 Means of transport for persons – cars 1,017,000

2.3.2.1.2 Means of transport for persons – minibuses 623,000

2.3.2.2.1

Means of auto transport, for goods – trucks and lorries with fixed platform, pick-ups and vans of a capacity up to 4,5 tons.

16,000

2.3.2.2.3

Means of auto transport, for goods – trucks with tilting platform and dumpers; - tankers; - isothermic and coolers.

1,524,000



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2.3.6.8 Other machines, facilities and equipments of transport and pick up.

108,000

TOTAL 4,787,000

Total cash outgoings related to leasing contracts during I Trimester 2020 are in a total value of 612,244 lei from which, VAT in a value of 97,753 lei. Situation of future minimal leasing payments on 31 March 2020 are as follows:

Future payments up to

1 year


1 - 2 years


3 - 4 years

Contract 81/203/27.07.2015 Center Tea&Co SRL 112,628 - - Contract 357/146/09.12.2015 Center Tea&Co SRL 54,912 - - Contract 100/171/16.06.2016 Center Tea&Co SRL 410,007 168,544 - Contract 68/97/27.03.2017 Center Tea&Co SRL 198,064 169,666 6,778 Contract 277/507/21.12.2017 Center Tea&Co SRL 920,617 970,694 1,062,818

Total 1,696,227 1,308,904 1,069,596

30. Loans on short term – presentation of loans on short term On 31 March 2019 and on 31 December 2019, the loans on short term have no balance. Contracts regarding the loans on short term are:

Creditor Currency Due date Reimbursement Interest Value 31.03.2020 31.12.2019

1.Credit contract (credit line) no. C12002013014744/05.09.

2013 concluded with OTP Bank and additional acts:

no. 3/04.09.2014, no. 4/03.09.2015, no. 5/02.09.2016 no.6/28.07.2017,

7/25.04.2018, 8/31.08.2018 and

9/27.08.2019

lei 03.09.2020 Full

reimbursement on due date

ROBOR on 3

months plus limit

10,000,000 - -

On 25.04.2018, additional act no.2/25.04.2018 of mortgage on bank accounts no. C1200201301474515891/05.09.2013 was signed, by which Oil Terminal guarantees OTP Bank the loan with its bank revenues and payments, namelyall present and future cashings in accounts opened in OTP Bank.

On 25.04.2018, it was signed with OTP Bank mortgage contract 169/25.04.2018, authorized under no. 743/25.04.2018, by which Oil Terminal guarantees credit line of 10,000,000 lei, by some mortgages, identical with those related to loan contract on long term no. C12002013014745/05.09.2013, described in note 28.

On 31.08.2018, it was signed additional act no.8/31.08.2018 of contract C12002013014744/05.09.2013 concluded with OTP Bank, by which credit line for the current activity financing of 10,000,000 extends until 03.09.2019.

On 27.08.2019 it was signed additional act no. 9/27.08.2019 of contract C12002013014744/95.09.2013 by which credit line for the current activity financing of 10,000,000 lei extends until 03.09.2020.



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Creditor Currency Due date Reimbursement Interest 31.03.2020 31.12.2019

2.Credit contract no.

1403/27.11.2015 (facility in view

to issue a guarantee letter) concluded with Bancpost SA

lei 01/11/2020 Full reimbursement

on due date

ROBOR on 3

months plus limit

34,116,735 34,116,735

By Credit contract no. 1403/27.11.2015 Bancpost gave Oil Terminal a facility for a guarantee bank issue in favour of National Agency of Fiscal Administration, to get the fiscal warehouse authorization in an amount of 22,193,000 lei, representing the equivalent in lei of the amount 5,000,000 euro, calculated at BNR’ exchange rate, for which the followings constituted as guarantees: a) Mortgage on the field of 20,000 sq,m registered in land registry no.244347 Constanta, identified with number 244347 and the buildings on it; - shoretank R36 identified with cadastral number 244347-C9 (inventory number 11223318), in a surface of 2,859 sq.m. - shoretank R37 identified with cadastral number 244347-C10 (inventory number 11223319), in a surface of 2,859 sq.m. b) Mortgage on the receivables arisen from contracts concluded with its main commercial partners c) Cession of receivable rights arisen from insurance policies concluded by the borrowed, having as object the real estates’ insurance as guarantee. In 2015, Oil Terminal got the fiscal warehouse authorization. To get this authorization , it was necessary the constitution of a guarantee in an amount of 22,193,000 lei, representing the equivalent in lei of the amount 5,000,000 euro (calculated on BNR exchange rate available on the contract signing date namely 1 euro= 4.4386 lei) in the favour of National Agency of Fiscal Administration, according to provisions of art. 206 index 54 of Law 571/2003 regarding the Fiscal code, with further alterations and completions. On 24.11.2016, the additional act no.1/24.11.2016 of contract 1403, concluded with Bancpost, by which the guarantee letter’ availability extends until 27.11.2017. On 25.04.2017, the Additional act no.,2 of contract 1403 concluded with Bancpost, by which the availability of guarantee letter extends until 27.11.2017 and the facility’ value alters in order to issue a guarantee letter in favour of National Agency of Fiscal Administration, in order to get the authorization of fiscal warehouse, from the amount of 22,193,000 lei up to 47,017,708 lei. On the signing date of Additional act no.2 of contract 1403, the Mortgage contract no.181/26.04.2017 and Additional act no.1/25.04.2017 pf Mortgage contract (on receivable) no.1403/1/27.11.2015 were signed, by which the guarantees related to mortgage on intravilan field in a surface of 20,000 sq.m. recorded in Land Register no.244347 Constanta, identified with cadastral no. 244347 and the buildings on it, anfd the mortgage on receivable was increased up to the amount of 47,017,708 lei’ concurrence. On 27.06.2017, Additional act no.3 of contract 1403/27.11.2015 is signed, by which the receivables cashing account alters. On 09.11.2017, Additional act no.4 of contract 1403/27.11.2015 is signed, by which the facility amount was increased to 56,256,550 lei and Additional act no.2/09.11.2017 of Mortgage contract (on receivable) no.1403/1/27.11.2015. On 01.08.2018, the company sent to Bancpost the Bank guarantee letter 140LGO1173130001/09.11.2017 (in original) in an amount of 9,238,842 lei, for its cancelation, futher the address no.41319/31.07.2018 sent by ANAF-DGAMC -Authorizations Dept., by which bank guarantee letters are issued no.140LGO1153310002/27.11.2015 in an amount of 804,493 lei (constitued by the company in bank deposit) and 140LGO1173130001/09.11.2017 in an amount of 9,238,842 lei. On 31.10.2018, Additional Act no. 5 of contract 1403/27.11.2015, by which the facility amount was diminished up to the amount of 34,116,735 lei was signed. On 31.12.2018, the company has letters as banking guarantees in favor of ANAF valuing 34,116,735 lei, as follows:

Guarantee letter no.140LG01171160005/ 26.04.2017 issued by Bancpost SA in the amount of 24,824,708 lei; Guarantee letter no.140LG01153310001/27.11.2015 issued by Bancpost SA in the amount of 9,292,027 lei.



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By Additional Act no.6/09.01.2019 signed with Transilvania Bank, the company took act of the fact that, on 28.12.2018, further a fusion process, all rights and obligations assumed by Bancpost SA(absorbed company) by credit contract no.1403/27.112015 were transferred in Transilvania Bank’ patrimony and charge (absorbed company). On 03.03.2019 the Ministry of Public Finances, National Agency of Fiscal Administration, General Direction of Customs issued Decision no. 91/26.03.2019 communicated to the company by address no. 7692/SA/DV/26.03.2019 by which was settled the quantum of updated guarantee related to tax warehouse authorization at the value of 37,536,153 lei. By address no. 2385/28.02.2019 The Regional Direction of Public Finances Galati communicated to the company the Decision no. 15/28.02.2018 by which it was approved a low level with 75% (according to provisions point 8 paragraph (39) of Methodological Norms of Fiscal Code application) of guarantee value related to tax warehouse of energy products storage owned by Oil Terminal, so that the updated guarantee which Oil Terminal must provide for tax warehouse is of 9,384,038 lei. The guarantee refers to tax warehouse authorization no. RO0070413DD02 issued on 22.10.2015, owned by the company, available until 01.11.2020. As a result of diminishing of guarantee value which Oil Terminal must provide for tax warehouse, Transilvania Bank communicated to National Agency of Fiscal Administration – Administration General Direction of Great Taxpayers on 22.04.2019 the diminishing of Guarantee letter no. 140LG01171160005/26.04.2017 issued by Bancpost SA from 24,824,708 lei to 92,011 lei so that guarantee value constituted in favor of ANAF is, starting from 22.04.2019, in a value of 9,384,038 lei, as follows:

Guarantee letter no. 140LG01171160005/26.04.2017 issued by Bancpost SA in the amount of 92,011 lei; Guarantee letter no. 140LG01153310001/27.11.2015 issued by Bancpost SA in the amount of 9,292,027 lei.

By additional acts no. 7/12.06.2019 and namely, 8/27.06.2019 signed with Transilvania Bank the issuing commissions and commissions of extending guarantee letters altered. On 27.01.2020 the Ministry of Public Finances, National Agency of Fiscal Administration, General Direction of Customs transmitted the Decision no.12/21.01.2020 communicated to company by address no.270/SA/DV/21.01.2020 by which it was settled the updated guarantee quantum related to tax warehouse authorization at the value of 69,050,005 lei to which the 75% discount is applied according to provisions of Decision no. 15/28.02.2019, resulting updated guarantee which Oil Terminal musta provide for tax warehouse in a value of 17,262,501 lei. As a result of increasing the guarantee for tax warehouse, Oil Terminal requested to Transilvania Bank the supplementation of guarantee Letter no. 140LG01171160005/LG201701/27.11.2015 (alteration no.3/22.04.2019) from 92,011 lei to 7,970,474 lei, so that the guarantee value constituted in favor of ANAF is, starting from 11.02.2020, in the amount of 17,262,501 lei, namely:

Guarantee Letter no. 140LG01171160005/LG201701/27.11.2015 (Alteration no.4/11.02.2020) issued by Transilvania Bank in the amount of 7,970,474 lei;

Guarantee Letter no. 140LG01153310001/27.11.2015 (Alteration no.3/31.10.2018) issued by Bancpost SA in the amount of 9,292,027 lei.


3.Contract no. 20190419032 from 19.04.2019 BCR

lei

Unlimited, until obligations discharge date

ROBOR on 3 months plus limit

Mortgage, mortgage over account

9,887,533 9,887,533

By credit contract no. 20190419032/19.04.2019, Romanian Commercial Bank (BCR) gave to Oil Terminal a non-revolving type of credit facility, revocable in the amount limit of 8,000,000 lei for issuing a Guarantee Instrument, namely, a global guarantee in favor of Regional Customs Direction Galati. By additional act no.1/20.06.2019 of contract no. 20190419032/19.04.2019, BCR gave to Oil Terminal a non-revolving type of credit facility, revocable in the amount limit of 9,877,533 lei for issuing a Guarantee Instrument, namely, a global guarantee in favor of Regional Customs Direction Galati, for which the following guarantees were constituted:

- Mortgage for depollution vessel port dock (inventory no. 24000083); - Mortgage for saturated steam generator Clayton SE 604 G (inventory no. 22224140)



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- Real guarantee over building situated in Constanta, Caraiman str. No.2, owned by borrower (procedure in course of evaluation);

- Mortgage over any account opened in campany bank. On 31.12.2019, the company has as guarantees banking guarantee letters in favor of Regional Customs Direction Galati in a value of 9,887,533 lei, as follows:

- Guarantee letter no. G076482/803/22.04.2019 issued by BCR in the amount of 8,000,000 lei;

- Guarantee letter no. 076661/820/10.05.2019 issued by BCR in the amount of 1,887,533 lei.

The guarantee letters constituted in favor of Regional Customs Direction Galati valuing 9,887,533 lei were constited for compliance with provisions of ANAF Chairman’ Order no. 2671/2017 and of Decision no. 145/25.06.2018 issued by General Direction of Customs Galati. Oil Terminal SA achieved starting from 17.05.2019 the authorization of using global guarantee no. ROCGURODRVGL0-2019-EQN53778, according to dispositions of Decision no. 145/25.06.2018 issued by General Direction of Customs Galati and of Order no. 2671/2017 issued by ANAF chairman and authorization of goods storage in tax warehouse no. ROCW1RODRVGL0-201-QVC53780.

31. Commercial debts


December 2019

Supplier obligations for goods and services 7,752,788 8,924,847

Contributors obligations 27,106 27,115

Furnizori Suppliers unarrived invoices 1,299,927 1,037,812

Total commercial debts 9,079,821 9,989,774

Suppliers in balance on 31 March 2020 end in an amount of 7,752,788 lei are in due term, the company does no record outstanding suppliers on 31 March 2020. 32. Debts regarding due taxes and fees


December 2019

Current obligations regarding oil royalty 1,881,511 1,800,457

Current obligations at social insurances budget 2,315,253 3,055,092

Current obligations at state budget 2,536,004 1,312,071

Total taxes and fees 6,732,768 6,167,620

33. Other current debts

31 March 2020


Staff obligations 2,606,642 2,807,402 Dividends to be paid 1,332,599 1,342,741 Clients creditors - 18,348 Different creditors 278,141 224,494

Other loans and assimilated debts 1,696,227 1,752,370

Total other debts 5,913,609 6,145,355



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34. Provisions in balance on 31 March 2020 are in a total value of 4,081,526 lei, recording a decrease of 1,210,069 comparing to 31 December 2019, from which: a) Provisions for litigations valuing 1,455,240 lei; b) Provisions for the employees’ benefits valuing 1,146,664 lei; c) Other provisions for employees participation to profit valuing 227,419 lei; d) Other provisions related to mandate contract representing variable component for nonexecutive managers, General Director and Financial Director, in a total value of 1,252,203 lei. a) Provisions for litigations On 31 March 2020, the company records provisions for litigations in an amount of 1,455,240 lei.

31 March 2020


Balance on the year start 2,250,143 1,362,024 Constitutions during the year 152,402 2,064,863 Reimbursements during the year (947,305) (1,176,744)

Balance on the year’ end 1,455,240 2,250,143

Provisions for litigations in an amount of 1,455,240 lei are constituted for the following files:

Third party name Explanation Value (lei)

BYOTECH PROD GENERAL File 1517/118/2012 246,970 BROADHURST INVESTMENTS LIMITED File 2184/118/2016 25,451 CCH File 14430/212/2013 1,600 ELVIMEX TRANS GROUP File 2639/212/2013 1,352 ECO PETROLEUM File 7556/212/2014 15,595 INGAPIVET File 14833/212/2013 11,516 IASAR ANA File 11403/212/2011 90,000 INTERAGRO SRL File 4034/118/2015 300 INTERAGRO SA File 36095/3/2015 200 INTERAGRO SRL File 4010/87/2015 280 OMV PETROM Criminal file 20875/P/2013 and

Decision no. 415/09.12.2013 15,983 OIL PROD File 2380/118/2013 2,200 RASID AISE Execution file 227/2016 417 ROLL OIL File 7601/212/2016 200 SILK ROAD PETROLEUM File 8944/212/2015 631 SALI ADEM File 5855/212/2015 222 SNTFC - CFR File 2884/245/2011 44,401 FLOREA CRISTIAN File 5690/212/2017 465 CHEBAC MIHAI CRISTIAN File 5669/212/2017 302 COMSULEA CORIN File 5670/212/2017 920 CODESCU DAN File 5671/212/2017 689 GHERMAN ANCA MARIA File 5667/212/2017 302 STAAR RATING File 5665/212/2017 2,443 CRISAN DANIEL File 5770/212/2017 261 STAAR RATING File 20998/212/2017 780



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ANAF-DGRF File 166/118/2018 1,050 GHERMAN ANCA MARIA File 20806/4/2017 302 GHEORGE IONESCU File 5666/212/2017 704 ELITE STEWARD SRL File 5608/212/2018 2,334 MASTER CHEM OIL DMCC File 2142/118/2018 13,654 OLARU LAURENTIU File 13401/212/2018 234 OLARU LAURENTIU File 7525/212/2019 145,000 ROTTCO CONSULT File 1571/93/2018 200 MFP-DGRFP File 4456/118/2018 15,050 BROADHURST INVESTMENTS LIMITED File 5281/118/2018 50 BIOROMOIL File 37002/3/2018 200 ECOSEE CORPORATION File 33000/212/2018 225 CIOCARLAN GABRIEL LAURENTIU File 5688/212/2017 502 DUMITRESCU SEBASTIAN VALENTIN File 7884/118/2017 50 MASTER CHEM OIL DMCC File 1974/118/2019 10,665 MFP- ANAF -DGAMC File 328/118/2020 738,846 MFP-ANAF-DGAMC File 7633/118/2019 14,194 BEJ STOICA File 24081/212/2019 1,353

MASTER CHEM OIL DMCC File 7729/118/2019 2,551

CURCAN COSTICA File 6632/118/2019 44,346 AAAS File 2988/90/2019 200 MFP- ANAF- DGAMC File 7850/118/2019 50

The management periodically analyses the situation of litigations going on, after consulting its legal advisors, decides on the necessity to create provisions for the amounts involved or for their presentation in the financial reports. Having in view the existent information, the company’ management considers that the outstanding litigations going on are the followings: I.File no.1517/118/2012, creditor: Oil Terminal SA and debtor: SC Byotech Prod General, by which the defendant is obliged to pay the total amount of 251,185 lei. By Civil sentence no. 16622/24.10.2012, Constanta Court admits the summons submitted by the claimant OIL TERMINAL SA, in contradictory with the defendant SC Byotech Prod General SRL. It obliges the defendant to pay the amount of 164,066 lei, to the claimant, representing the countervalue of VATfor the excise of 863,504 lei and the amount of 87,119 lei, representing delay penalties and court expenses in an amount of 8,255.70 lei. Oil Terminal SA sumitted a request for forclosure to the executor, execution file no. 79/2014 was issued. The bailiff put garnishment to all the debtor’ accounts, but until the present date, the debt hasn’t been recovered due to funds’ lack. For this file, a provision of 246,970 lei was constituted.

II. File no.11403/212/2011 pending on Constanta Court, by which the claimants Iasar Ana, Iasar Tair, Iasar Doina, Iasar Sevinci, Iasar Esan, Iasar Ghiulgean, Iasar Ssbria request the claimants Oil Terminal SA, Oil Prod SRL, Eco Petroleum SA to pay the materials gamages in an amount of 30,000 lei and moral damages in an amount of 60,000 lei. By Conclusion of 26.06.2013, the file will be suspended by its own, according to art.36 of Law no.85/2006, due to Oil Prod SRL’ insolvency.



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For this file, a provision of 90,000 lei was constituted.

III. File 2884/245/2011 pending on Iasi Court of Justice, in contradictory with the complainant SNTFC – CFR and the defendants Oil Terminal, Oscar Downstream SRL and CFR MARFA. Action in claims submitted by SNTFC – CFR, RTF CALATORI IASI and SNTF CFR MARFA SA SUC. IASI to Iasi Court of Justice on 27.22.1011, by which the complainants ask the court t ogive a decision, by which the defendants SC Oscar Downstream and Oil Terminal SA to be obliged to pay the amount of 44,400.98 lei, representing the countervalue of 12,075 kgs gas oil. The litigation is pending on again and, by Civil sentence no.14336/21.12.2018, the court rejected as groundless, the defendants OIL TERMINAL and OSCAR DOWNSTREAM SRL’ passive procesual quality lack, invoked by contestation, admitted the summons submitted by SNTFC-CFR, RTF CALATORI IASI incontradictory with the defendant SNTF CFR MARFA SA SUC. IASI, obliged the defendant SNTF CFR MARFA SA SUC IASI to pay the claimant the amou nt of 44,400,98 lei, rejected the summons submitted by the claimant SNTFC – CFR, RTF CALATORI IASIin contradictory with the defendants SUC. OIL TERMINAL CONSTANTA and SC OSCAR DOWNSTREAM SRL, as groundless, rejected the summons for guarantee of OIL TERMINAL SA CONSTANTA, submitted by the defendant SC OSCAR DOWNSTREAM SRL, as being without object and obliged the defendant SNTF CFR MARFA SA SUC. IASI to pay the claimant the amoun t of 2,387 lei, representing court expenses – stamp tax. The decision was appealed by SNTF CFR marfa Sucursala Moldova and the trial date is set on since 13.05.2020. For this file, a provision of 44,401 lei was constituted.

IV. File 4010/87/2015, pending Teleorman court, in contradictory with Interagro SRL with object : insolvency. Oil Terminal SA submitted an recording request to statement of affairs for the amount of 1,557,336.05 lei. By decision no.317/16.06.2016, court admitted the request of abstention and replacement of legal administrator, submitted by ZRP Insolvency SPRL, ordered the replacement of temporary ilegal administrator represented by legal administrators consortium made of CITR Filiala Bucuresti SPRL and ZRL Insolvency SPRL with the temporary legal administrator CITR Filiala Bucuresti SPRL, rejected as groundless the exeption of request for consolidation’ inadmissibillity subm itted by creditor Cabinet Avocat Ciobanu Crina Ionela, rejected as groundless the exeption of request for consolidation’ lateness submitted by creditor Autocora SRL and admitted the request for consolidation and sent file no. 4010/87/2015 and associated files regarding INTERAGRO SRL to Bucharest Court, Civil Section VII, court firstly invested with resolution of file no. 36095/3/2015 regarding Interagro SA. By decision no.1617/13.10.2016, Bucharest Court of appeal rejected the appeals submitted by SC AUTOCORA SRL and SC INTERAGRO SA, as groundless. The appeal formulated by ANAF was rejected as groundless by Decision no. 204/02.02.2017. File no.36095/3/2015, pending on Bucharest Court of Justice, having as object the application for insolvency of Interagro SA. On 05.10.2018, the court admitted debtor Interagro SA requests formulated by special administrator Cadar Marcel and legal administrator C.I.T.R. Filiala Ilfov SPRL and according to art.132 paragraph 2 of Law no.85/2014 ordered the reorganization plan deposit extension by 30 days. The next term is set on 13.04.2020 but Bucharest Court suspended for reasons of law the cause according to art. 42 paragraph 6 of Romanian Presidential Decree no. 195/2020 regarding the state of emergency establishment in Romania, on whole period of emergency state. For this file, a regulation for receivables depreaciation in an amount of 1,557,336 lei was constituted.

V. File no.2380/118/2013 and File no.2380/118/2017 pending Constanta court, complainant Oil Terminal SA and debtor Oil Prod SRL.



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Oil Terminal SA initially formulated a request to bankruptcy mass registration with the amount of 242,498.99 lei. By intermediate Decision no. 2201/26.08.2014 Constanta Court ordered debtor bankruptcy, naming Global Insolvency as temporary bankrupcy attorney. On 07.04.2014 Oil Terminal SA registered in bankrupcy mass for the amount of 1,291,599.10 lei. In term of 17.11.2014 the court ordered debtor Oil Prod SRL bankrupcy and on 24.11.2014 named Spectrum Insolvency IPURL as bankruptcy attorney. On 29.01.2015, the liquidator communicated the recording to the statement of affairs with the amount of 1,068,322.18 lei. The company deposits contestation for recording to the statement of affairs on 04.05.2015 and by Decision no. 303/08.02.2016 Constanta Court partly admitted Oil Terminal SA’ appeal in contradictory with the respondent Spectrum Insolvency IPURL, Oil Prod SRL’ legal administrator, ordered the recording in the final table consolodated of debtor’ debts SC OIL PROD SRL of the debt in a total value of 1,199,000.71 lei of creditor SC OIL TERMINAL SA.

The next trial term is set by Constanta Court on 04.05.2020 for debtor Oil Prod SRL goods recovery.

For these files, a regulation for the debt depreciation in an amount of 1,304,907 lei was constituted. VI. File no.166/118/2018 pending on Constanta Court of Justice, having as parties Oil Terminal SA in contradictory with ANAF-Galati Region al General Direction of Public Finances – Commission for Excisable products operators authorization – through representative Constanta Public Finances. Oil Terminal SA deposited, on 11.01/2018 a request in Constanta Court of Justice, by which it requested the suspension of Decision no.2/21.12.2017’ effects, by which it ordered the recalling of Fiscal warehouse authorization no.RO0070413DD02of 22.10.2015, until the first instance solution regarding the cancelation of Decision no. 2/21.12.2017. By Decsion no. 419/15.03.2018, given by Constanta Court of Justice, it ordered the suspension of Decision no.2/21.12.2017, issued by National Agency of Fiscal Administration – Galati Tregional General Direction of Finances - Commission for Excisable products operators authorization, until the first instance solution. By Decision no. 854/20.06.2018, Constanta Court of Appeal rejected the appeal as groundless. For this file, a provision of 1,050 lei was constituted.

VII. File no. 4456/118/2018, pending on Constanta Court of Justice, having as parties Oil Terminal SA, in contradictory with ANAF-Galati Region al General Direction of Public Finances – Commission for Excisable products operators authorization. On 24.07.2018, Oil Terminal SA deposited in Constanta Court of Justice, an administrative contestation, by which it requested Decision no. 2/21.12.2017’ cancelation namely Decision no. 2/16.02.2018’ cancelation, by which ANAF - Galati Region al General Direction of Public Finances – Commission for Excisable products operators authorization ordered the recalling of Fiscal warehouse authorization no. RO0070413DD02 issued on 22.10.2015. Constanta Court of Justice gave the next term in file no. 4456/118/2018 for 12.05.2020. For this file, a provision of 15,050 lei was constituted. VIII. File no. 1571/93/2018, pending on Ilfov Court of Justice, creditor Oil Terminal SA and debtor Rottco Consult SRL. Oil Terminal requested on 31.07.2018 a registration application at the credit table for the amount of 2,344.04 lei.



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By Decision of 21.06.2018, the court of justice admitted the debtor request and open the general insolvency procedure. By intermediary decision no. 95/20.01.2020 Ilfov Court of Justice submitted the bancruptcy by debtor general procedure and ordered winding-up of the debtor company, sealing of goods of debtor estate was put in charge of judicial liquidator. It settled a term of maximum 5 days since bankruptcy to dispose the assets management from the debtor/ judicial administrator to the judicial liquidator, along with the list of documents and operations issued after the procedure provided in art. 84 paragraph 2 of Law 85/2014. It submitted the issuing and handling by judicial administrator or special administrator, as the case, to the judicial liquidator, in maximum 5 days since bankruptcy, a list including names and addresses of creditors and all their receivables in bankruptcy date, with indication on those born after opening the procedure, the final table of receivables and any other tables issued during the procedure, any distribution reports, documents list and operations performed after opening the procedure. Ilfov Court set the next trial term in file no. 1571/93/2018 on 26.05.2020. For this file, a regulation for receivables depreciation in an amount of 5,611 lei was constituted.

IX. File no. 2142/118/2018, pending on Constanta Court of Justice, complainant Oil Terminal SA and debtor Master Chem Oil DMCC. The claims action deposited on 04.04.2018, by which we ask for cutter stock storage payment in an amount of 219,977.21 lei Further, written notes regarding claims increase to the amount of 601,336.89 lei (145,025.97 USD) were deposited. By civil sentence no. 563/28.03.2019, the instance, namely Constanta Court admitted the appeal request formulated by complainant Oil Terminal SA, in contradictory to the defendant Master Chem Oil DMCC. It forced the defendant to pay the amount of 601,336,89 lei to the complainant, equivalent of 154,190.20 USD representing incoices of cutter stock storage and delay penalties related to debit and the amount of 20,998,84 lei to the complainant representing trial expenses. By civil Decision no. 596/21.11.2019 Constanta Court of Appleal rejected the appeal of debtor Master Chem Oil DMCC as tardy formulated. Oil Terminal SA formulated a request of foreclosure. For this client, an adjustment for receivables depreciation in an amount of 601,337 lei was consituted. X. File no. 8832/212/2018 pending on Constanta Court of Justice, complainant Milea George and defendant Oil Terminal SA. Action in pending by which the complainant requests penalties in amount of 1,000 lei/delay day, calculated since 25.03.2018 until the end of the contract of sell-buy of company dwelling. By Decision no. 8592/29.08.2018, the court decided forcing defendant Oil Terminal SA to pay to the complainant a penalti of 1,000 lei, settled per delay day until obligation execution. It forces the defendant to pay to the complainant 620 lei under the title of trial expenses. On 15.10.2018 the court decided completing the dispositive part of the conclusion no. 8592/29.08.2018, namely that it forces the defendant to pay to the complainant a penalti of 1,000 lei settled per delay day which shall start from 25.03.2018 until the execution of obligation provided in executory title represented by Civil Sentence no. 10899/21.10.2014, pronounced by Constanta Court in the civil file no. 34986/212/2013, partly altered by Civil Decision no. 840/23/10.2015 pronounced by Constanta Court in the civil file no. 34986/212/2013. By civil Sentence no. 10.008/08.07.2019 Constanta Court of Justice rejected the appeal formulated by Oil Terminal SA.



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The company paid on 26.08.2019 the amount of 453,000 lei under the title of penalties according to civil sentence no. 10.008/08.07.2019 pronounced in file no. 2807/212/2019. The procedure of selling the dwelling ended on 11.03.2020 by closing the selling contract. XI. File no. 8831/212/2018 opened in Constanta Court, complainant Dudau Vasile and defendant Oil Terminal SA. Action in pending by which the complainant requests penalties of 1,000 lei/delay day applicated since 25.03.2018 until closing date of contract sell-buy of lodgings. By Decision no. 9107/19.09.2018, the court decided to force the defendant to pay to the complainant penalties of 1,000 lei/delay day starting from 25.03.2018 until executory execution of obligation represented by civil Decision no. 394/16.06.2015 pronounced by Constanta Court in civil file no. 34987/212/2013 regarding company accomodation. It forces the defendant to pay to the complainant trial expenses of 620 lei. The decision is permanent. By civil sentence no. 1452/06.02.2020 pronounced by Constanta Court in file no. 33041/212/2019, the court admitted the appeal request formulated by complainant Olaru Laurentiu in contradictory with defendant Oil Terminal SA and settled the amount of 616,000 lei payable by defendant Oil Terminal SA to complainant Olaru Laurentiu as penalties for non-execution of obligation provided in enforceable title represented by civil sentence no. 10900/21/10.2014 pronounced by Constanta Court of Justice in civil file no. 34991/212/2013, permanent by civil decision no. 781/20.10.2015 pronounced by Constanta Court of Justice in civil file no. 34991/212/2013, calculated starting with 01.06.2018 until 06.02.2020 (included). It forces the defendant to pay trial expenses to complainant, in an amount of 820 lei representing judicial stamp fee (20 lei) and attorney fee (800 lei). The company paid on 11.02.2020 the amount of 616,820 lei for penalties according to civil sentence from 06.02.2020. For this file, on 31 March 2020, a provision of 145,000 lei is constituted and the procedure of selling the dwelling is in pending. XIV. File no. 7729/118/2019, pending in Constanta court, creditor Oil Terminal SA and debtor Master Chem Oil DMCC. Action in pending by which creditor Oil Terminal SA requests requests the court to force the defendant Master Chem Oil DMCC to pay cutter stock storage in an amount of 847,891.88 lei (202,499.07 USD). Constanta Court set the next trial term in file no. 1874/118/2019 on 06.05.2020. For this client an adjustment for receivables depreciation in amount of 847,891.88 lei was constituted. XV. File no. 6632/118/2019 in pending in Constanta Court, objector Curcan Costica and defendant Oil Terminal SA. Object to this litigation is constituted by the appeal formulated by employee Curcan costica against the Decision no. 319/15.10.2019 by which the complainant was sanctioned by cancellation of individual labor contract. Constanta Court set the next trial term in file no. 6632/118/2019 on 19.05.2020. XVI. File no. 328/118/2020, pending in Constanta Court, complainant Oil Terminal SA, defendant Ministry of Public Finance-ANAF- General Directorate of Great Taxpayers. Oil Terminal SA appeal against the Decision of situation regularization no. 148/16.09.2011 and the control report no. 27512/16.09.2011 for pluses and minuses found in Oil Terminal SA tanks after the control of 01.01.2011-17.03.2011 and the regain of the amount of 738,746 lei paid as customs debt. Constanta Court set the next trial term in file no. 328/118/2020 on 07.05.2020.



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For this file a provision of 738,846 lei was constituted.

b. Provisions for the employees’ benefits


December 2019

Balance on the year’ start 1,561,830 1,098,684 Constitutions during the year - 1,561,830 Revearsels during the year (415,166) (1,098,684)

Balance of the year’ end 1,146,664 1,561,830

The company records on 31 March 2020 provisions for employees’ benefits in the amount of 1,146,664 lei. This provision was calculated according to Collective Labour Contract no.761/30.12.2019, available in the period 02.01.2020-31.12.2021, by estimating the average salary, the salaries average number by the payment due for retirements, of the period in which they are paid and the contributions due by the employer for the gross calculated amounts. The amount of 1,561,830 lei remained in balance at the end of 2019 was reversed during I Trimester 2020 with giving rights to employees for retirement, date on which provision cancellation incomes in amount of 415,166 lei were recorded.

c. Other provisions representing employees participation to profit


December 2019

Balance on the year’ start 227,419 5,086 Constitutions during the year - 227,419 Revearsels during the year - (5,086)

Balance of the year’ end 227,419 227,419

The company recorded a provision for the employees participation to profit in an amount of 227,419 lei, on 31 December 2019, increasing comparing to the previous year by the amount of 222,333 lei, according to provisions of GD 64/2001 regarding the profit in commercial companies with fully or major state capital, with further alterations and completions, Ministry of Public Finances’ Order 144/2005 regarding the Mentions for the settling of amounts being the object of profit’ distribution and Ministry of Public Finances’ Order 418/2005 regarding some accountancy mentions applicable to economic agents. d. Other provisions regarding the mandate contract representing variable component for non executive managers, General Director and Financial Director


December 2019

Balance at the year’ start 1,252,203 967,685 Constitutions during the year - 1,252,203 Reversals during the year - (967,685)

Balance at the year’ end 1,252,203 1,252,203

By AGOA’ Decision no.5/04.04.2018, Board of Directors’ members were appointed, according to EGO’ provisions 109/2011 for a 4-year mandate. By Board of Directors’ Decision no. 70/02.07.2018, the company’ General Director was appointed, with a 4-year mandate, since 02.07.2018. By Board of Directors’ Decision no. 71/02.07.2018, the company’ Financial Director was appointed, with a 4-year mandate, since 02.07.2018.



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Provision in an amount of 1,252,203 lei constituted on 31.12.2019 represents the variable component for the Board of Directors’ non executive managers, General Director and Financial Director for 2019, the work insurance contribution included. In 2020, after Oil Terminal’ Shareholders General Assembly’ approval, the provision constituted in an amount of 1,252,203 lei will be reversed and revenues from the provision cancelation will be recorded togather with the variable component for 2019, according to approved mandate contracts.

35. Subventions


December 2019

Balance on the year start 35,042 44,179 Constitutions during the year - Consumed during the year (2,284) (9,137)

Balance on year’ end 32,758 35,042

The amount of 32,758 lei remained in balance on 31 March 2020 represents inventory plus of unimpaired assets.

36. Information regarding the cash flow On I Trimester 2020 the cash flow from the operational activity is of 3,580,290 lei, decreasing comparing to I Trimester 2019 by 3,640,326 lei. The cash flow from investments activity includes mainly payments for investments in tangible and intangible assets in an amount of 5,966,522 lei for I Trimester 2020 and 8,692,238 lei for I Trimester 2019. Cash flows from financing activity is represented by cash outputs representing loans payments and cash outgoings representing payments for long term loans. Financing flow on 31 March 2020 is in an amount of (1,616,444) lei decreasing comparing to same period of previous year with (4,973,296) lei. For I Trimester 2020 cash inflows of loans are not recorded and payments representing loans reimbursement are in a value of 1,155,314 lei. Payments for dividends were in an amount of 10,142 lei in I Trimester 2020 and of 15,457 lei in I trimester 2019. 37. Management of risks The company established and put in practice a risks management process in order to facilitate its objectives’ efficient achievement, to lead to the risks’ reduction, the most possible without affecting company’ activity’ competitivity and flexibility. The company is exposed, by its operations to the following risks: - capital risk - credit risk - currency exchange risk - liquidity risk - associated risks regarding the defined objectives’ achievement - price risk - interest rate risk a. Capital risk Oil Terminal SA continuously manages to ensure the resources optimal valorification acording to risks exposure and to determine a maximum earning for shareholders. The structure of the engaged capital is made of own capitals including: social capital, othe own capital elements, result reported representing surplus achieved from reevaluation reserves, reported result from IAS application for the first time, less IAS 29,



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legal reserves, reserves from reevaluation, other reserves and year result, according to presentation in Report of own capitals and debts alteration including loans on long term presented in note 28. Capital risk management is part of the company business management and is reported to the permanent review of the company’ indebtedness degree. In period 2017-2018 the indebtedness degree as report between debts on short term/own capitals was of 0.062 in I Trimester 2020 and 0.047 in 2019. The company management regularly reviews the capital structure and reports of risks, covering captal cost and risks associated with each captal category included. b. Credit risk Credit risk is the risk of financial loss for Societate arising when a client or a business partner doesn’t succeeed to achieve contractual obligations. The company is exposed mainly to crddit risk arisen from the services supplied to the clients. Annualy, the contracts content regarding the services supplies for all liquid petroleum products are approved by National Agency of mineral Resources’ order. In these contracts, the commercial terms to fulfill the service supplied by the company to clients are presented: - payment of services supplied in maximum 30 days; - accessories calculation (penalties and delay interests) for the payment uneffectment in contractual terms by clients; - in certain situations, well contractually stated, the revenues are cashed in advance; - if the invoices are not paid in the term stipulated in contract, the company has the right to retain the transited cargo, until

the amounts due by the clients payment. c. Foreign currency risk Currency risk occurs when the company concludes transactions expressed in another currency than those functional one. It dependes on decision factors outside the company, namely BNR policy regarding the currency evolution in a certain period of time. The company’ exposure to currency risk expressed in lei is as follows:

31 March 2020 Lei value Euro value USD value GBP value

Cash and cash equivalents

1,141,717 138 259,199 187

External clients 5,474,656 - 1,244,721 -

Net exposure in the financial position

6,616,373 138 1,503,920 187

Oil Terminal operates foreign currency for external clients and is exposed to Amercian dollar and euro exchange rate alteration towards Romanian leu. d. Liquidity risk The risk of liquidity arises from the management of working capital and the financing expenses and main amount reimbursement for the company’ credit instruments. Oil Terminal’ policy is to ensure that it always disposes enough cash to allow the financial obligations complying to third parties (materials, services suppliers, employees, banks, state financial institution s, etc) when these obligations are due for payment. To achieve this objective, the company took the following measures:

- monitoring of cashings in contractual term; - contractation of a credit line type work capital and its use only in situations when the current cash balance is not enough for the due payments effectment; - keeping of a cash balance to satisfy the payments necessities; - issuing of a cash flow, weekly.



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By applying the above- mentioned measures, the company has enough liquid resources to achieve its obligations in all reasonable predicted situations. The liquidity indicators provides the guarantee to cover the current debts from current assets. The current liquidity represents the ratio between the curent assets and the current debts, recording on 31 March 2020 the value of 1.20 than 1.31 on 31 March 2019. The immediate liquidity (acid test) represents a ratio between the diminished current assets by stocks and the current debts, this indicator’ value being 1.17 on 31 March 2020 than 1.26 on 31 March 2019. e. Risks associated regarding the stated objectives achievement During I Trimester 2020, the company Oil Terminal SA Constanta went on the maintenance and development of internal/managerial control system, by actions directions of Program of internal/managerial control system for 2020, according to Order no.600/2018 provisions for approval of Code of internal/managerial control in public entities, with further alterations and additions and provisions of GO no.119/1999 regarding the internal/managerial control system and the preventive financial control, republished, with further alterations and additions. According to analysis and evaluation from 31.12.2019, there were identified, analysed, evaluated and are presently managed 111 associated risks, of both objectives of specific to company departments activities/ processes and objectives of partial strategies coming from company development strategy, as follows:

- 101 risks of level ‘’tolerable” – percentage 90.99%; - 9 risks of level ‘’high tolerance” – percentage 8.1%; - 1 risk of level ‘’low tolerance” – percentage 0.90%; - 0 risks of level’’intolerable” – percentage 0%.

Evolution and tendency of exposure to the residual risk of 111 risks to be managed by the Risks registrar on 31.12.2019, comparing to the evolution of exposure to residual risk recorded on 30.06.2019, is as follows:

- 107 risks maintain their residual risk exposure comparing to the previous evaluation; - For 1 risk, a decrease of residual risk exposure comparing to the previous evaluation is found;

On 31.12.2019 there were identified and intoduced to management a number of 3 new risks in Risk registrat and there was no risk proposed to be eliminated from risk registrar.

a. Price risk The company’ exposure to the proce risk is monitored by management accounting and the costs calculation activity, containing the following matters:

the company way of expenses’ organisation;

expenses’ classification and behaviour reporting to factors generating them and their particularity;

presettlement of the costs’ level and structure for each service supply and for the whole planned service supply;

production expenses current analytical record on management periods and of indicators’ calculation required by the calculation methods used in a period of time;

production expenses’ level and structure’ compared analysis, for the decisions’ optimization in the service supply’ valoric side management process.

Costs calculation is the basis of services supplies tariffs settlement in the company, representing the main factor for the company’ internal reserves prospection, identification and mobilization. By the costs’ periodic survey per product conventional ton, a balance is provided between the average cost per product ton and the average revenue achieved in the same measure unit, so that the service supplied are efficient and bring a value surplus.

g. Risk of interest rate Operational cash flows are afected by interests rate variations, mainly due to loans contracted on long term. The company has significant long term loans, with variable interest, exposing it to a cash flow risk.



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In view to manage the interest rate risk, the company debts are permanently monitored for the due dates, by clients cashing policy providing the resources necessary for debts payment. 38. Extrabalance elements On 31 March 2020, the company has recorded in accounts and besides the balance the followings: a. Crude oil, petroleum, chemical products, Oil Terminal’clients’propriety, pointed out as material values received to be kept and in custody; b. Stocks of inventory objects in use in a total value of 7,593,371 lei; c. Public goods received in administration, leasing, hired represent public goods according to Oil Agreement to lease the activity of shoretanks, transport pipelines for crude oil, oil products operation, of pumping facilities and other facilities and equipments related to them, concluded between National Agency of Mineral -Resources and Oil Terminal, value 57,229,633 lei; d. other values, besides the balance, representing fixed assets approved to be out of use, in a value of 331,698 lei; e. guarantees and warranties received representing good execution guarantees in a value of 6.054,785 lei; f. hired assets 246,780 lei; g. other values besides the balance (Vodafone points) 6,367 lei; h. other values besides the balance (value of leasing goods) 4,787,000 lei; i. other values besides the balance – financing sources of investments and investments expenses (2,781,052 lei); j. contingent assets in an amount of 353,252 lei; k. contingent debts in an amount of 134,401 lei; l. guarantees and warranties given in an amount of 43,897,658 lei. m. other values besides the balance (scrapped goods in valorification) 192 lei.

39. Result per share In March 2020 and on 31 March 2019, the result per share is:

31 March 2020 31 March 2019

Profit of financial year 3,999,729 535,479 Other elements of overall result : Elements not being reclassified as profit and loss, from which: 75,961 - Earnings from ceased/scrapped real estate’ reevaluation 75,961 - Total overall result 4,075,690 535,479 Ordinay shares number on the period start and end (ordinary shares average number) 582,430,253 582,430,253 Main and dilluted result per share (lei/share) 0.00699773 0.00091938

41.Contingent assets and debts

On 31 March 2020, the company has contingent assets in an amount of 353,252 lei, representing: a) litigations pending in an amount of 213,911 lei On the financial situations issuing date, the company is involved in 72 pending litigations, 53 ones in which it is a claimant or a claimant part, 19 ones in which it is defendant. For 48 litigations, the company constituted provisions described in Note 34. b) the amounts to be recovered from third parties acc. To Courts of Accounts report no.1450/10.02.2016 in an amount of 139,341 lei, the employer’contribution included.



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On 31 March 2020, the company records contingent debts in an amount of 134,401 lei.

42. Further events Decisions of Shareholders General Ordinary Assembly 1.By Shareholders Genereal Ordinary Assembly (AGOA) Decision no. 6 of 23.04.2020 the followings were adopted: - approval of Oil Terminal SA’ dividends policy; -approval of empowerment of meeting’ chairman to sign the assembly’ decisions. -approval of empowerment of company general director to sign necessary documents regarding recording decisions of Shareholders General Assembly in Trade Registry Office nearby Constanta Court and to perform formalities regarding assembly decision publication. 2.By Shareholders General Ordinary Assembly (AGOA) Decision no. 7 of 23.04.2020 the followings were adopted: -shall be taken note of informing regarding semestrial Report on management activity for II semester 2019, according to art. 55 of GEO 109/2011 -shall be taken note of informing regarding annual Report of Nomination and Remuneration Committee regarding remunerations and other advantages granted to nonexecutive managers and mandate directors during 2019 financial year -approval of empowerment of meeting’ chairman to sign the assembly’ decisions. -approval of empowerment of company general director to sign necessary documents regarding recording decisions of Shareholders General Assembly in Trade Registry Office nearby Constanta Court and to perform formalities regarding assembly decision publication. 3.By Shareholders General Ordinary Assembly (AGOA) Decision no.8 of 23.04.2020, the followings were adopted: -approval of 2019 financial situations issued according to International Standards of Financial Report (IFRS), which include: financial position situation, overall result situation, own capitals alterations situation, cash flows situations, notes on financial situations, according to Board of Directors Report and independent financial auditor Report -approval of net profit distribution related to 2019 financial year in an amount of 2,627,225 lei, as follows:

Legal reserve: 226,187 lei

Other reserves representing financial facilities provided by law: 126,846 lei

Employees participation in profit: 227,419 lei

50% shareholders dividends: 1,137,096 lei

Own financing source: 909,677 lei -approval of determining the gross dividend value proposed to be given to shareholders in an amount of 0.00195233 lei/share -approval of setting the date of 04.06.2020 as dividends payment date to shareholders -approval of mandatory of Board of Directors to designate payment agent according to applicable regulating framework for dividends payment. Dividends payment shall be made in lei only by shareholders registered in shareholders Registry (held by Depozitarul Central SA) on registration date set by Shareholders General Assembly and the mean of dividends payment shall be notified to shareholders before payment starting date -approval of 2019 financial year’ annual financial report issued according to Law no. 24/2017 and FSA Regulation 5/2018 -approval of discharging managers for 2019 financial year activity -approval of empowerment of meeting’ chairman to sign the assembly’ decisions. -approval of empowerment of company general director to sign necessary documents regarding recording decisions of Shareholders General Assembly in Trade Registry Office nearby Constanta Court and to perform formalities regarding assembly decision publication. 4. By Shareholders General Ordinary Assembly (AGOA) Decision no.9 of 23.04.2020, the followings were adopted: -approval of maintaining on same level the variable component amount of nonexecutive directors remuneration as it was approved by AGOA Decision no. 32/10.12.2018 and maintained by AGOA Decision no. 14/05.08.2019, namely 12 monthly gross fixed allowances



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-approval of empowerment of meeting’ chairman to sign the assembly’ decisions. -approval of empowerment of company general director to sign necessary documents regarding recording decisions of Shareholders General Assembly in Trade Registry Office nearby Constanta Court and to perform formalities regarding assembly decision publication. 5.By Shareholders General Ordinary Assembly (AGOA) Decision no.10 of 23.04.2020, the followings were adopted: -shall be taken note of informing regarding social capital increase process -approval of company acquisition of consulting, assistance and/or representation judicial services to achieve company social capital increase -approval of empowerment of meeting’ chairman to sign the assembly’ decisions. -approval of empowerment of company general director to sign necessary documents regarding recording decisions of Shareholders General Assembly in Trade Registry Office nearby Constanta Court and to perform formalities regarding assembly decision publication. 6.By Shareholders General Ordinary Assembly (AGOA) Decision no. 11 of 23.04.2020 the followings were adopted: -approval of setting the date of 14.05.2020 as registration date and 13.05.2020 as ex-date according to legal provisions -approval of empowerment of meeting’ chairman to sign the assembly’ decisions. -approval of empowerment of company general director to sign necessary documents regarding recording decisions of Shareholders General Assembly in Trade Registry Office nearby Constanta Court and to perform formalities regarding assembly decision publication. The notes numbered from 1 to 41 are integral part of the simplified interim financial situations on 31.03.2020 and were issued by the company on 08.05.2020 and signed in its behalf by:

Board of Directors’ Chairman, Gheorghe Cristian Florin

General Director, Economic Director, Chief of Accountant Dept., Ciutureanu Viorel-Sorin Frangu Adriana Popovici Cecilia

Sediul social: str. BUCEGI, nr. 67, Parter,

Cam.3, Sector 1, Bucuresti Cont RO75OTPV210000603555RO01

OTP Bank Suc. Brasov Cont Trez RO76TREZ7015069XXX012606

TREZORERIA mun. Bucuresti, sector 1 J40/14586/2008

CUI RO24390741 Tel. 0732126421

Tel.fix 0268475755 Tel. fax 0268475755

[email protected] www.transilvania-audit.ro

Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209

58Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 58 11.05.2020 Aviz C.A.F.R. nr. 1020/2010 Aviz C.C.F. nr. 518/2014 Viza A.S.P.A.A.S. nr. 114642/2020

REVIEW REPORT ON SIMPLIFIED INTERIM FINANCIAL STATEMENTS ON

MARCH 31st 2020

To Shareholders,

OIL TERMINAL S.A. Constanta

Introduction

1. I have revised the attached simplified interim financial statements of OIL TERMINAL S.A.

(“The Company”) as at 31 March 2020, which include the statement of financial position,

statement of comprehensive income, statement of cash flows, statement of changes in equity

and notes to the simplified interim financial statements.

The company's management is responsible for the preparation and presentation of these

simplified interim financial statements, prepared in accordance with International Accounting

Standard 34 - "Interim Financial Reporting" adopted by the European Union.

It is our responsibility to express a conclusion on these simplified interim financial statements,

based on the review performed.

Area of applicability of the review

2. We performed the review in accordance with International Standard for Review Assignments

2410, “Review of Interim Financial Statements by an Independent Auditor of the Entity”.

A review of the simplified interim financial statements shall consist of investigations, in

particular of the persons responsible for the financial statements and of the analytical

procedures, as well as other review procedures.

The scope of a review is significantly smaller than that of an audit conducted in accordance

with International Standards on Auditing, and therefore we cannot be assured that we will

address any significant issues that may be identified in an audit.

Therefore, we do not express an audit opinion.

Conclusion

3. Based on the review carried out, nothing has come to our attention in the sense that the

simplified interim financial statements attached do not provide a true and fair view of all the

material aspects of the simplified financial position of the "Company". at 31 March 2020 and

the simplified financial performance for the first quarter, concluded on that date, in accordance

with International Accounting Standard 34 - “Interim Financial Reporting” adopted by the

European Union.

mailto:[email protected]

http://www.transilvania-audit.ro/

Sediul social: str. BUCEGI, nr. 67, Parter,

Cam.3, Sector 1, Bucuresti Cont RO75OTPV210000603555RO01

OTP Bank Suc. Brasov Cont Trez RO76TREZ7015069XXX012606

TREZORERIA mun. Bucuresti, sector 1 J40/14586/2008

CUI RO24390741 Tel. 0732126421

Tel.fix 0268475755 Tel. fax 0268475755

[email protected] www.transilvania-audit.ro

Adresa corespondență: punct de lucru - Brașov, str. Oașului nr.14,et. 1, apt.4, județ Brașov, cod poștal 500209

59Aviz C.E.C.C.A.R. nr. 8786/2014 Pagina 59 11.05.2020 Aviz C.A.F.R. nr. 1020/2010 Aviz C.C.F. nr. 518/2014 Viza A.S.P.A.A.S. nr. 114642/2020

Other aspects

4. The simplified interim financial statements as of March 31, 2019, were reviewed by another

auditor, who issued an unqualified report on 06.05.2019.

This report is addressed exclusively to the shareholders of the “Company” and is prepared in

order to submit the quarterly report to the Financial Supervisory Authority and to the Bucharest

Stock Exchange. Our review was carried out in order to be able to report to the shareholders of

"Company", those aspects that we must report in a review report and not for other purposes.

To the extent permitted by law, we accept and assume no responsibility other than to the

“Company” and its shareholders as a whole, for our review, for this report or for the conclusion

formed and formulated.

Transilvania Audit & Fiscality S.R.L.

Financial Auditor,

Drăgoi Antoanella Mariyeane

CAFR audit company authorization no. 1020/2010

ASPAAS (Authority for Public Supervision of the Audit Activity) visa number 114642/2020

Report date: April 28th 2020

mailto:[email protected]

http://www.transilvania-audit.ro/

1

MANAGERS REPORT OF

OIL TERMINAL SA

For Trimester I 2020 ended on 30 March 2020

2

CONTENT

1. COMPANY PRESENTATION ................................................................................. 3

1.1 Identification data of report and issuer ............................................................................... 3

2. ECONOMIC-FINANCIAL SITUATION ON 31.03.2020 .......................................... 4

2.1 Interim financial position situation on 31.03.2020 .............................................................. 4

2.2 Interim overall result situation for the 3-month period ended on 31.03.2020 ...................... 6

2.3 Interim cash flows situation on 31.03.2020 ........................................................................ 9

3. COMPANY’ ACTIVITY ANALYSIS ...................................................................... 10

3.1. Capital expenses ............................................................................................................. 10

3.2 Economic financial indicators .......................................................................................... 10

4. OTHER ASPECTS ................................................................................................11

4.1 Litigations ........................................................................................................................ 11

4.2 Ownership structure ........................................................................................................ 15

4.3 Company' managers ....................................................................................................... 15

4.4 Executive management members ................................................................................... 16

4.5 Important events during January-March period 2020 ...................................................... 16

4.6 Events further to the 3-month period ended on 31.03.2020 ............................................. 16

4.7 Presentation of simplified interim financial situations ....................................................... 17

5. OUTSTANDING TRADES ....................................................................................................... 17

5.1 Trades with state entities ................................................................................................. 17

5.2 Trades according to Deputy minister order for energy no.704/18.08.2014....................... 20

5.3 Trades according to art. 52 of EGO 109/2011 with further alterations and additions ....... 20

5.3.1 Information of shareholders regarding the trades concluded with managers or

directors, employees, shareholders having control on the company or on a company

controlled by them, according to art. 52 paragraph (3) letter a) of EGO 109/2011 with

further alterations and additions ...................................................................................... 20

5.3.2 Information of shareholders regarding the trades concluded with another public

Entity Or with a tutelay public authority, according to art. 52 paragraph (3) letter b)

of EGO 109/2011 with further alterations and additions................................................... 36

5.4 Trades according to art. 234 paragraph 1 letter i) of ASF Regulation no. 5/2018 ............ 36

3

1. COMPANY’ PRESENTATION

1.1 Data of identification for report and issuer

Trimestrial report issued according to art.65 of Law no.24/2017 regarding financial issuers and

market operations art.130 of FSA Regulation no. 5/2018 regarding financial instruments issuers and market operations

Report date 08 May 2020 Company name OIL TERMINAL SA Social headquarter Constanta, no.2, Caraiman str. Phone / fax number 0040 241 702600 / 0040 241 694833

Unique registering code at the Commerce Registrar Office RO 2410163

Order number at the Commerce Register J/13/512/1991 The subscribed and paid social capital 58,243,025.30 Lei Regulated market on which issued securities are Bucharest Stock Exchange

traded

The main characterisctics of the securities issued 582,430,253 by the commercial company shares with a nominal value of 0.10 lei, nominative, indivisible, with equal voting right, freely traded in Bucharest Stock Exchange under symbol OIL

Applicable accountancy regulations MFP’ Order no.2844/2016 for Accountancy Regulations

approval according to International standards of financial report Audit Revised simplified interim financial situations issued on 31.03.2020 Report currency Romanian Leu (RON) -all the presented amounts are in RON, if not mentioned otherwise

4

Nonexecutive managers report for I Trimester 2020 ended on 31.03.2020 is issued according to simplified interim financial situations revised on 31.03.2020 issued according to International Accountancy Standard 34 – ”Interim financial Reporting”.

2. ECONOMIC-FINANCIAL SITUATION ON 31.03.2020 The company’ financial performance achieved during I Trimester 2020 is reflected in main economic-financial indicators level, registered on 31.03.2020.

Achieved T1/2020

Budget of revenues

and expenses T1/2020

▲ ▼ %1 Indicators (thousand lei)

Achieved T1/2020

Achieved T1/2019

▲ ▼ %2

44,638 40,577 ▲ 110.0 Net turnover 44,638 36,565 ▲ 122.1

5,460 1,039 ▲ 525.5 Operating profit 5,460 1,177 ▲ 463.9

8,800 4,235 ▲ 207.8 EBITDA 8,800 4,582 ▲ 192.1

(587) (760) ▼ 77.2 Financial result (587) (416) ▲ 141.1

4,873 279 ▲

1,746.6 Gross profit 4,873 761 ▲ 640.3

4,000 229 ▲

1,746.7 Net profit 4,000 536 ▲ 746.3

10.9% 0.7% + 10.2

p.p. Gross profit limit (%CA) 10.9% 2.1% + 8.8 p.p.

945 985 ▼ 95.9 Employees average no. (persons) 945 939 ▲ 100.6

47,543 41,340 ▲ 115.0 Valoric output (lei/person) 47,543 39,003 ▲ 121.9 1 T1/2020 achieved / compared to T1/2020 Budget of revenues and expenses 2 T12020 achieved / compared to T1/2019 achieved

2.1 Interim financial position situation on 31 March 2020

- lei -

Property elements 31 March 2020 (revised)

31 December 2019 (audited)

0 1 2

ASSETS FIXED ASSETS Intangible assets 8,930,575 9,403,367 Tangible assets 501,288,969 501,261,998 Tangible assets in execution 11,866,783 9,796,233 Financial assets 639,621 639,621

Total fixed assets 522,725,948 521,101,219

CURRENT ASSETS Stocks 898,755 995,627 Clients and assimilated accounts 18,828,912 15,918,450 Other receivables 3,393,231 3,590,374 Fees and taxes to be recovered 569,634 147,087 Cash and cash equivalents 9,480,752 13,483,428

Total current assets 33,171,284 34,134,966

TOTAL ASSETS 555,897,232 555,236,185

OWN CAPITALS AND DEBTS OWN CAPITALS Social capital 58,243,025 58,243,025 Other elements of own capitals (7,865,891) (7,865,891) Reserves from reevaluation 220,064,783 220,140,364

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Legal reserves 5,353,292 5,353,292 Other reserves 174,842,248 174,842,248 Reported result representing undistributed profit 2,046,773 - Surplus achieved from reevaluation reserves 6,854,122 6,778,161 Result reported without IAS 29 396,930 396,930 Result reported arisen from accountant errors correction (19,687,231) (19,687,231) Current profit 3,999,729 2,399,806 Profit distribution 0 (353,033)

Total own capitals 444,247,780 440,247,671

DEBTS ON LONG TERM Loans on long term 47,172,062 48,713,274 Other loans and assimilated debts 2,378,500 2,773,344 Debts regarding tax on postponed profit 30,658,337 30,658,337

Total debts on long term 80,208,899 82,144,955

CURRENT DEBTS Long-term loans – current part 5,600,071 5,214,173 Commercial debts 9,079,821 9,989,774 Debts regarding impots and taxes 6,732,768 6,167,620 Other current debts 4,217,382 4,392,985 Other loans and assimilated debts 1,696,227 1,752,370

Total current debts 27,326,269 27,516,922

TOTAL DATORII 107,535,168 109,661,877

Provisions 4,081,526 5,291,595 Subventions for investments 32,758 35,042

TOTAL OWN CAPITALS AND DEBTS 555,897,232 555,236,185

TOTAL ASSETS increased by 0.1% (661 thousand lei) comparing to the level recorded on 31.12.2019, further the increase of fixed assets by 0.3%. Fixed assets In the period 01.01.2020 - 31.03.2020 the tangible and intangible assets net value increased by 0.3% comparing to 31.12.2019, namely by the amount of 1,624,729 lei, as follows:

• + 66,761 lei, acquisition increases (380 lei concessions and 66,381 lei other intangible assets) c • - 539,553 lei, decrease due to intangible assets depreciaton • + 3,829,591 lei, increase by current tangible assets put into operation • - 73,900 lei, decrease by tangible assets at remained value outgoings • - 3,728,720 lei, decrease due to I Trimester 2020 tangible assets depreciation • + 5,900,140 lei, increase of assets in execution • - 3,829,590 lei, decrease by transfers to fixed assets

The total value of investments expenses recorded on 31.03.2020 is of 5,966,521 lei, from which: 5,900,140 lei investments expenses for tangible assets and 66,381 lei investments expenses for intangible assets. On 31.03.2020 and 31.12.2019 the balance regarding financial assets is in an amount of 639,621 lei, representing:

- guarantee in favour of Compania Nationala Administratia Porturilor Maritime (637,246 lei) - 2 guarantee letters in favour of Compania Nationala Administratia Porturilor Maritime (1,590 lei) - guarantees given to supplier Telecomunicatii CFR (785 lei)

Current assets on 31.03.2020, total current assets recorded a decrease of 2.4% (1.9 million lei) comparing to 31.12.2019, determined mainly by due installments reimbursement in I Trimester 2020. Current debts On 31.03.2020, the current debts recorded a decrease of 0.7% comparing to 31.12.2019, determined mainly by the commercial debts diminishing, considering that until Budget of revenues and expenses approval by AGOA, the company incurs operating expenses in 1/12 limit of expenses level achieved in previous year. We mention that, on 31.03.2020 the company does not record debts to the state budget, social insurances budget, local budget, banks, investments suppliers, services supplies and goods deliveries and employees. Own capitals On 31.03.2020 own capitals increased by 0.9% (4 million lei), mainly due to the net profit record in an amount of 4 million lei.

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Provisions. The provisions’ balance recorded during reference period is decreasing by 22.9% compared to the level constituted on 31.12.2019 (namely, 5,291,595 lei). Structure of provisions in balance on 31.03.2020, in an amount of 4,081,526 lei:

Provisions for litigations in an amount of 1,455,240 lei

Provisions for emplyees benefits in an amount of 1,146,664 lei constituted according to Labor contract stipulations

Provisions for employees participation in 2019 profit in an amount of 227,419 lei

Other provisions related to mandate contract representing variable component for nonexecutive managers and mandate directors in an amount of 1,252,203 lei (working insurance contribution indebted by employer included)

Company’ stock exchange indicators

The presented information regarding Oil Terminal SA’ stock exchange indicators on 31.03.2020 were undertaken

from the Monthly bulletin March 2020 communicated by Bucharest Stock Exchange. On 31.03.2020 shares were traded at a value of 0.1470 lei/share (closing price).

Issue information

Shares totalo number 582,430,253

Nominal value 0.1000

Social capital 58,243,025.30

Stock exchange indicators on 31.03.2020

according to Bucharest Stock Exchange

Capitalization 85,617,247.19

PER 304.43

P/BV 0.19

EPS 0.00

DIVY 0.05

Gross dividend (2018) 0.00007858

2.2 Interim overall result situation for the 3-month period ended on 31 March 2020



Revenues from services supplies 44,178,081 36,011,468

Revenues from residual products sale 460,742 553,386

Other revenues from operating 1,220,121 647,063

Material expenses (1,727,040) (1,249,840)

Energy and water expenses (1,630,723) (1,612,535)

Employees expenses (20,781,197) (20,295,328)

Services supplied by third parties expenses (3,666,795) (3,040,276)

Amortization expenses (4,270,213) (3,992,901)

Other operating expenses (8,323,707) (5,843,781)

Result from operating 5,459,269 1,177,256

Financial revenues 198,416 153,006

Financial expenses (784,884) (569,415)

Financial revenues and expenses (net values) (586,468) (416,409)

Year gross result 4,872,801 760,847

Taxation on profit expenses (873,072) (225,368)

Year net result 3,999,729 535,479

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Overall result other elements:

Elements not being reclassified for profit and loss, from which: 75,961 -

Earnings from ceased/scrapped real estates reevaluation 75,961 -

Total overall result 4,075,690 535,479

Result per share (lei/share) 0.00699773 0.00091938

Result per diluted share (lei/share) 0.00699773 0.00091938

Financial indicators on 31 March 2020 achieved on activity flows are presented comparing to the level approved by Budget of revenues and expenses 2020 and to same period of previous year.

Achieved T1/2020

Budget of revenues

and expenses T1/2020

▲ ▼ %1 Indicators (thousand lei) Achieved T1/2020

Achieved T1/2019

▲ ▼ %2

44,928 40,720 ▲ 110.3 Revenues from operation 44,928 36,624 ▲ 122.7

39,468 39,681 ▼ 99.5 Expenses from operation 39,468 35,447 ▲ 111.3

5,460 1,039 ▲ 525.5 Operation profit 5,460 1,177 ▲ 463.9

198 102 ▲ 194.1 Financial revenues 198 153 ▲ 129.4

785 862 ▼ 91.1 Financial expenses 785 569 ▲ 138.0

(587) (760) ▼ 77.2 Financial result (587) (416) ▲ 141.1

45,126 40,822 ▲ 110.5 Total revenues 45,126 36,777 ▲ 122.7

40,253 40,543 ▼ 99.3 Total expenses 40,253 36,016 ▲ 111.8

4,873 279 ▲ 1,746.6 Gross profit 4,873 761 ▲ 640.3

4,000 229 ▲ 1,746.7 Net profit 4,000 536 ▲ 746.3 1 T1/2020 achieved / compared to T1/2020 Budget of revenues and expenses 2 T1/2020 achieved / compared to T1/2019 achieved

The economic-financial indicators achieved on 31.03.2020 have the folowing evolution:

Total revenues are by 10.5% higher than Budget of revenues and expenses and by 22.7% than the level achieved on 31.03.2019

Total expenses are by 0.7% lower than budgeted level and by 11.8% higher than the level achieved on 31.03.2019

Gross profit achieved in an amount of 4.873 thousand lei is by 4,594 thousand lei higher, comparing to the approved level by the Budget of revenues and expenses. Therefore, further the planned revenues exceed by 10.5% and due to total budgeted expenses decrease by 0.7%. Comparing to same period of last year, the achieved gross profit is 6.4 times higher.

Net profit is in an amount of 4,000 thousand lei (after diminishing the taxation on profit in amount of 873 thousand lei), with 3,771 thousand lei over budgeted requirements and 7.5 times higher than the net profit registered on 31.03.2019.

Physical benefits program

Achieved 1-3/2020

Budget of revenues and expenses

1-3/2020 ▲ ▼ %1 Indicators

(thousand to) Achieved 1-3/2020

Achieved 1-3/2019

▲ ▼ %2

1,582 1,610 ▼ 98.3 Handled quantities, from which:

1,582 1,255 ▲

126.1

929 898 ▲ 103.5 Crude oil 929 721 ▲

128.8

235 243 ▼ 96.7 Gasoline 235 197 ▲

119.3

256 254 ▲ 100.8 Gas oil 256 186 ▲

137.6

8

39 24 ▲ 162.5 Fuel oil 39 27 ▲

144.4

123 191 ▼ 64.4 Chemical products 123 124 ▼

99.2 1 1-3/2020 achieved / comparing to 1-3/2020 Budget of revenues and expenses 2 1-3/2020 achieved / comparing to 1-3/2019 achieved

Physical program achieved during January-March 2020 was lower by 1.7% than the level approved for 3 months 2020 and increasing by 26.1% comparing to the same period of previous year.

Total revenues achieved on 31.03.2020 comparing with 2020 approved Budget of revenues and expenses

and to 31.03.2019

Total revenues achieved on 31.03.2020 comparing with 2020 approved Budget of revenues and expenses and to 31.03.2019

Achieved 1-3/2020

Budget of revenues

and expenses 1-3/2020

▲▼ %1 Indicators

Achieved 1-3/2020

Achieved 1-3/2019

▲▼ %2

45,126 40,822 ▲

110.5 Total revenues, from which: 45,126 36,777

▲ 122.7

44,928 40,720 ▲

110.3 1. Revenues from operation: 44,928 36,624

▲ 122.7

460 150 ▲

306.7 Revenues from residual products sale

460 554 ▼

83.0

43,689 40,089 ▲

109.0 Revenues from service supplied 43,689 35,650

▲ 122.5

273 200 ▲

136.5 Revenues from rents 273 214

▲ 127.6

216 138 ▲

156.5 Revenues from different activities 216 147

▲ 146.9

202 39 ▲

517.9 Revenues from penalties 202 38

▲ 531.6

88 104 ▼ 84.6 Other revenues from operation 88 21 ▲

419.0

198 102 ▲

194.1 2. Financial revenues 198 153

▲ 129.4

11-3/2020 achieved / comparing to 1-3/2020 budgeted 21-3/2020 achieved / comparing to 1-3/2019 achieved

Total revenues achieved are in an amount of 45,126 thousand lei, higher by 10.5% comparing to the approved level for 3 months and by 22.7% higher comparing to 31.03.2019 The operation revenues achieved record an increase by 10.3% comparing to budgeted level, due to provided services revenues which are 97.9% of turnover and an increase by 22.7% comparing to level achieved on 31.03.2019. Financial revenues in amount of 198 thousand lei are higher by 94.1% than the approved Budget of revenues and expenses and by 29.4% higher comparing to 31.03.2019.

Total expenses achieved on 31.03.2020 comparing to 2020 approved Budget of revenues and expenses

and to 31.03.2019 Total expenses achieved on 31.03.2020 comparing to 2020 approved Budget of revenues and expenses and to 31.03.2019

Achieved 1-3/2020

Budget of revenues

and expenses 1-3/2020

▲▼ %1

Indicators (thousand lei) Achieved 1-3/2020

Achieved 1-3/2019

▲▼ %2

40,253 40,543 ▼

99.3 Total expenses, from which: 40,253 36,016

▲ 111.8

39,468 39,681 ▼

99.5 1.Expenses from operation, from which:

39,468 35,447 ▲

111.3

1,726 1,400 ▲

123.3 Material expenses, from which: 1,726 1,250

▲ 138.1

9

1,413 1,100 ▲

128.5 -consumables expenses, from which::

1,413 1,015 ▲

139.2

259 321 ▼

80.7 -fuel expenses 259 304

▼ 85.2

1,631 1,624 ▲

100.4 Other external expenses (energy and water)

1,631 1,612 ▲

101.2

20,781 21,672 ▼

95.9 Employees expenses, from which:

20,781 20,295 ▲

102.4

20,025 20,902 ▼

95.8 - salaries expenses 20,025 19,548

▲ 102.4

756 770 ▼

98.2 - other employees expenses 756 747 ▲

101.2

3,780 3,987 ▼

94.8 Amortization expenses 3,780 3,546

▲ 106.6

491 504 ▼

97.4

Expenses with amortization of assets related to the rights to use leasing assets

491 447 ▲

109.8

10,478 9,384 ▲

111.7 Supplies expenses, from which: 10,478 8,144

▲ 128.7

3,609 3,100 ▲

116.4 - maintainance and repairs 3,609 2,285

▲ 157.9

1,882 1,748 ▲

107.7 - oil royalty 1,882 1,797

▲ 104.7

4,987 4,536 ▲

109.9 - other services supplied by third parties

4,987 4,062 ▲

122.8

- 931 - 1,295 ▼

71.9

Regulations and depreciations for value loss and provisions, from which:

- 931 - 588 ▲

158.3

438 657 ▼

66.7 - expenses regarding regulations and provisions

438 430 ▲

101.9

1,369 1,952 ▼

70.1

- revenues from provisions and regulations for depreciation or value loss

1,369 1,018 ▲

134.5

1,512 2,405 ▼

62.9 Other operation expenses 1,512 741

▲ 204.0

785 862 ▼

91.1 2. Financial expenses 785 569

▲ 138.0

11-3/2020 achieved / comparing to 1-3/2020 budgeted 21-3/2020 achieved / comparing to 1-3/2019 achieved

Total achieved expenses record a saving of 0.7% (290 thousand lei) comparing to level approved by Budget of revenues annd expenses and an increase by 11.8% (4.237 thousand lei) comparing to 3 months of 2019. The expenses from operation are by 0.5% lower than the budgeted level, but increasing by 11.3% comparing to the same period of previous year. Financial expenses are under the budgeted level by 8.9% and increasing by 38% comparing to 31.03.2019, due to the increase of interests and commissions level as a result of contracting long term investment credit in 2018. 2.3 Interim situation of cash flows on 31.03.2020

3-month period

ended on 31.03.2020 (revised)

3-month period ended on 31.03.2019

(revised)

I Flow cash from operating activity

Net profit 3,999,729 535,479

Regulations for non monetary elements

Fixed assets amortization 4,270,213 3,992,901

Loss from fixed assets’ disposal 24,692 -

Net movement of regulations for current assets 278,755 (6,667)

Net movement for provisions for risks and expenses (1,210,069) (581,531)

Other regulations (106,797) 1,798,820

Loss regardin interests 713,441 547,865

Profit from exchange rate differences (126,973) (121,308)

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Operational profit before other alterations in current capital 3,843,262 5,630,080

Decreases / (Increases) in stocks value 96,872 (509,031)

(Increases) /Decreases of receivables (3,135,866) 2,372,735

(Decreases) in commercial and other kind debts value (510,266) (260,782)

Net interests (paid) (713,441) (547,865)

Net cash flow from the operating activity 3,580,290 7,220,616

II Cash flow used in investments activity

Tangible and intangible assets (5,966,522) (8,692,238)

(Increases) in long term assets value - (108,519)

Net cash flow used in the investments activity (5,966,522) (8,800,757)

III Cash flow from financing activities

(Decrease) / Increase of loans on long term and of other loans and assimilated debts

(450,988) 3,691,059

Loans payments (1,155,314) (318,750)

Paid dividends (10,142) (15,457)

Cash flow from financing activities (1,616,444) 3,356,852

Net (decrease) / increase of cash flow and cash flow equivalents (I + II + III)

(4,002,676) 1,776,711

Cash flow and cash flow equivalents value at the year’ start 13,483,428 7,948,994

Cash flow and cash flow equivalents value at the period’ end 9,480,752 9,725,705

3. COMPANY’ ACTIVITY ANALYSIS

3.1 Capital expenses For 2020, investments expenses are in an amount of 25,900 thousand lei constituted by the level of investments financing source, from which investments credits reimbursement in amount of 5,013 thousand lei and investments expenses in amount of 20,887 thousand lei. On 31.03.2020 the level of achieved investments expenses was in a total amount of 5,967 thousand lei comparing to the planned level (5,964 thousand lei), from which: 5,900 thousand lei investment expenses for tangible assets and 67 thousand lei investment expenses for intangible assets, from which main investmen objectives are:

Restoration of PSI facility in Dana 79 SP Port

Rehabilitation of cap and ring no. 9 tank 18 SP Port

Rehabilitation of sea water supply pipe for intervention

Rehabilitation of fuel oil section I DN 500 Port 450 ml

Scale CF SP South

Overhaul of pipeline DN 700 fire water wire 2 from fire pumps house stage 2 heater area SP Port

Rehabilitation of electrical network 6kV tank park 8x50,000 CM SP South

Rehabilitation of discharge pipe EP CP Peya Stork valves EP KSB

Replacement of water pipe PSI DN700 between heater SP Port and CFR post trafo

Foam generator (10 pieces)

Spectophotometer UV-VIS DR 6000

Modernisation of diesel metering skid

3.2 Economic-financial indicators

Indicator name Calculation method Result

31.03.2020 Result

31.03.2019

1. Current liquidity indicator Current assets/ Current debts

1.20 1.31

2. Indebtness degree indicator (%)

Borrowed capital/ Own capital x 100

11.88 8.98

Borrowed capital/ Committed capital x 100

10.62 8.24

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3. Clients’ debts rotation speed (days)

Clients average balance/ Turnover x 90 zile

34 35

4. Fixed assets rotation speed (rotations)

Turnover/ Fixed assets

0.09 0.07

1. Current liquidity indicator provides the guarantee to cover the current debts from current assets. 2. Indebtness degree indicator expresses credit risk management effectiveness, indicating possible problems of financing, of liquidity, influencing the honoring of assumed commitments. 3. Clients debts rotation speed expresses company’ effectiveness in collecting its receivables, namely the number of days until the date on which debtors pay their debts to company. 4. Fixed assets rotation speed expresses fixed assets management effectiveness, by examinating the turnover generated by a quantity of fixed assets.

4. OTHER ASPECTS 4.1 Litigations On 31.03.2020, Oil Terminal SA is involved in a number of 712 litigations pending on courts,from which in 19

files it is a defendant and in 53 files it is a complainant or complaining party. The management periodically analyses the situation of litigations going on, after consulting its legal advisors, decides on the necessity to create provisions for the amounts involved or for their presentation in the financial reports. The company records on 31 March 2020 provisions for litigations in amount of 1,455,240 lei. Significant litigations going on are the followings: I. File no.1517/118/2012, creditor: Oil Terminal SA and debtor: SC Byotech Prod General, by which the defendant is obliged to pay the total amount of 251,185 lei. By Civil sentence no. 16622/24.10.2012, Constanta Court admits the summons submitted by the claimant OIL TERMINAL SA, in contradictory with the defendant SC Byotech Prod General SRL. It obliges the defendant to pay the amount of 164,066 lei, to the claimant, representing the countervalue of VATfor the excise of 863,504 lei and the amount of 87,119 lei, representing delay penalties and court expenses in an amount of 8,255.70 lei. Oil Terminal SA sumitted a request for forclosure to the executor, execution file no. 79/2014 was issued. The bailiff put garnishment to all the debtor’ accounts, but until the present date, the debt hasn’t been recovered due to funds’ lack. For this file, a provision of 246,970 lei was constituted. II. File no.11403/212/2011 pending on Constanta Court, by which the claimants Iasar Ana, Iasar Tair, Iasar Doina, Iasar Sevinci, Iasar Esan, Iasar Ghiulgean, Iasar Ssbria request the claimants Oil Terminal SA, Oil Prod SRL, Eco Petroleum SA to pay the materials gamages in an amount of 30,000 lei and moral damages in an amount of 60,000 lei. By Conclusion of 26.06.2013, the file will be suspended by its own, according to art.36 of Law no.85/2006, due to Oil Prod SRL’ insolvency. For this file, a provision of 90,000 lei was constituted. III File 2884/245/2011 pending on Iasi Court of Justice, in contradictory with the complainant SNTFC – CFR and the defendants Oil Terminal, Oscar Downstream SRL and CFR MARFA. Action in claims submitted by SNTFC – CFR, RTF CALATORI IASI and SNTF CFR MARFA SA SUC. IASI to Iasi Court of Justice on 27.22.1011, by which the complainants ask the court t ogive a decision, by which the defendants SC Oscar Downstream and Oil Terminal SA to be obliged to pay the amount of 44,400.98 lei, representing the countervalue of 12,075 kgs gas oil. By the conclusion of 21.06.2011 the court suspended the case settlement until criminal file settlement. The litigation is pending on again and, by Civil sentence no.14336/21.12.2018, the court rejected as groundless, the defendants OIL TERMINAL and OSCAR DOWNSTREAM SRL’ passive procesual quality lack, invoked by contestation, admitted the summons submitted by SNTFC-CFR, RTF CALATORI IASI incontradictory with the defendant SNTF CFR MARFA SA SUC. IASI, obliged the defendant SNTF CFR MARFA SA SUC IASI to pay the claimant the amou nt of 44,400,98 lei, rejected the summons submitted by the claimant SNTFC – CFR, RTF CALATORI IASIin contradictory with the defendants SUC. OIL TERMINAL CONSTANTA and SC OSCAR

12

DOWNSTREAM SRL, as groundless, rejected the summons for guarantee of OIL TERMINAL SA CONSTANTA, submitted by the defendant SC OSCAR DOWNSTREAM SRL, as being without object and obliged the defendant SNTF CFR MARFA SA SUC. IASI to pay the claimant the amount of 2,387 lei, representing court expenses – stamp tax. The decision was appealed by SNTF CFR marfa Sucursala Moldova and the trial date is set on since 13.05.2020. For this file, a provision of 44,401 lei was constituted.

IV. File 4010/87/2015, pending Teleorman court, in contradictory with Interagro SRL with object : insolvency. Oil Terminal SA submitted an recording request to statement of affairs for the amount of 1,557,336.05 lei. By decision no.317/16.06.2016, court admitted the request of abstention and replacement of legal administrator, submitted by ZRP Insolvency SPRL, ordered the replacement of temporary ilegal administrator represented by legal administrators consortium made of CITR Filiala Bucuresti SPRL and ZRL Insolvency SPRL with the temporary legal administrator CITR Filiala Bucuresti SPRL, rejected as groundless the exeption of request for consolidation’ inadmissibillity submitted by creditor Cabinet Avocat Ciobanu Crina Ionela, rejected as groundless the exeption of request for consolidation’ lateness submitted by creditor Autocora SRL and admitted the request for consolidation and sent file no. 4010/87/2015 and associated files regarding INTERAGRO SRL to Bucharest Court, Civil Section VII, court firstly invested with resolution of file no. 36095/3/2015 regarding Interagro SA. By decision no.1617/13.10.2016, Bucharest Court of appeal rejected the appeals submitted by SC AUTOCORA SRL and SC INTERAGRO SA, as groundless. The appeal formulated by ANAF was rejected as groundless by Decision no. 204/02.02.2017. File no.36095/3/2015, pending on Bucharest Court of Justice, having as object the application for insolvency of Interagro SA. On 05.10.2018, the court admitted debtor Interagro SA requests formulated by special administrator Cadar Marcel and legal administrator C.I.T.R. Filiala Ilfov SPRL and according to art.132 paragraph 2 of Law no.85/2014 ordered the reorganization plan deposit extension by 30 days. The next term is set on 13.04.2020 but Bucharest Court suspended for reasons of law the cause according to art. 42 paragraph 6 of Romanian Presidential Decree no. 195/2020 regarding the state of emergency establishment in Romania, on whole period of emergency state. For this file, a regulation for receivables depreaciation in an amount of 1,557,336 lei was constituted. V. File no.2380/118/2013 and File no.2380/118/2017 pending Constanta court, complainant Oil Terminal SA and debtor Oil Prod SRL. Oil Terminal SA initially formulated a request to bankruptcy mass registration with the amount of 242,498.99 lei. By intermediate Decision no. 2201/26.08.2014 Constanta Court ordered debtor bankruptcy, naming Global Insolvency as temporary bankrupcy attorney. On 07.04.2014 Oil Terminal SA registered in bankrupcy mass for the amount of 1,291,599.10 lei. In term of 17.11.2014 the court ordered debtor Oil Prod SRL bankrupcy and on 24.11.2014 named Spectrum Insolvency IPURL as bankruptcy attorney. On 29.01.2015, the liquidator communicated the recording to the statement of affairs with the amount of 1,068,322.18 lei. The company deposited contestation for recording to the statement of affairs on 04.05.2015 and by Decision no. 303/08.02.2016 Constanta Court partly admitted Oil Terminal SA’ appeal in contradictory with the respondent Spectrum Insolvency IPURL, Oil Prod SRL’ legal administrator, ordered the recording in the final table consolodated of debtor’ debts SC OIL PROD SRL of the debt in a total value of 1,199,000.71 lei of creditor SC OIL TERMINAL SA. The next trial term is set by Constanta Court on 04.05.2020 for debtor Oil Prod SRL goods recovery. For these files, a regulation for the debt depreciation in an amount of 1,304,907 lei was constituted. VI. File no.166/118/2018 pending on Constanta Court of Justice, having as parties Oil Terminal SA in contradictory with ANAF-Galati Region al General Direction of Public Finances – Commission for Excisable products operators authorization – through representative Constanta Public Finances. Oil Terminal SA deposited, on 11.01/2018 a request in Constanta Court of Justice, by which it requested the suspension of Decision no.2/21.12.2017’ effects, by which it ordered the recalling of Fiscal warehouse authorization no.RO0070413DD02of 22.10.2015, until the first instance solution regarding the cancelation of Decision no. 2/21.12.2017. By Decsion no. 419/15.03.2018, given by Constanta Court of Justice, it ordered the suspension of Decision no.2/21.12.2017, issued by National Agency of Fiscal Administration – Galati Tregional General Direction of Finances - Commission for Excisable products operators authorization, until the first instance solution. By Decision no. 854/20.06.2018, Constanta Court of Appeal rejected the appeal as groundless.

13

For this file, a provision of 1,050 lei was constituted. VII. File no. 4456/118/2018, pending on Constanta Court of Justice, having as parties Oil Terminal SA, in contradictory with ANAF-Galati Region al General Direction of Public Finances – Commission for Excisable products operators authorization. On 24.07.2018, Oil Terminal SA deposited in Constanta Court of Justice, an administrative contestation, by which it requested Decision no. 2/21.12.2017’ cancelation namely Decision no. 2/16.02.2018’ cancelation, by which ANAF - Galati Region al General Direction of Public Finances – Commission for Excisable products operators authorization ordered the recalling of Fiscal warehouse authorization no. RO0070413DD02 issued on 22.10.2015. Constanta Court of Justice gave the next term in file no. 4456/118/2018 for 12.05.2020. For this file, a provision of 15,050 lei was constituted. VIII. File no. 1571/93/2018, pending on Ilfov Court of Justice, creditor Oil Terminal SA and debtor Rottco Consult SRL. Oil Terminal requested on 31.07.2018 a registration application at the credit table for the amount of 2,344.04 lei. By Decision of 21.06.2018, the court of justice admitted the debtor request and open the general insolvency procedure. By intermediary decision no. 95/20.01.2020 Ilfov Court of Justice submitted the bancruptcy by debtor general procedure and ordered winding-up of the debtor company, sealing of goods of debtor estate was put in charge of judicial liquidator. It settled a term of maximum 5 days since bankruptcy to dispose the assets management from the debtor/ judicial administrator to the judicial liquidator, along with the list of documents and operations issued after the procedure provided in art. 84 paragraph 2 of Law 85/2014. It submitted the issuing and handling by judicial administrator or special administrator, as the case, to the judicial liquidator, in maximum 5 days since bankruptcy, a list including names and addresses of creditors and all their receivables in bankruptcy date, with indication on those born after opening the procedure, the final table of receivables and any other tables issued during the procedure, any distribution reports, documents list and operations performed after opening the procedure. CITR Filiala Bucuresti SPRL was degnated as temporary judicial liquidator. The term of appeal is of 7 days since communicating the decision by publishing it in Insollvency Proceedings Bulletin. Ilfov Court set the next trial term in file no. 1571/93/2018 on 26.05.2020. For this file, a regulation for receivables depreciation in an amount of 5,611 lei was constituted. IX. File no. 2142/118/2018, pending on Constanta Court of Justice, complainant Oil Terminal SA and debtor Master Chem Oil DMCC. The claims action deposited on 04.04.2018, by which we ask for cutter stock storage payment in an amount of 219,977.21 lei Further, written notes regarding claims increase to the amount of 601,336.89 lei (145,025.97 USD) were deposited. By civil sentence no. 563/28.03.2019, the instance, namely Constanta Court admitted the appeal request formulated by complainant Oil Terminal SA, in contradictory to the defendant Master Chem Oil DMCC. It forced the defendant to pay the amount of 601,336,89 lei to the complainant, equivalent of 154,190.20 USD representing incoices of cutter stock storage and delay penalties related to debit and the amount of 20,998,84 lei to the complainant representing trial expenses. The sentence was appealed by Master Chem Oil DMCC. By civil Decision no. 596/21.11.2019 Constanta Court of Appleal rejected the appeal of debtor Master Chem Oil DMCC as tardy formulated. Oil Terminal SA formulated a request of foreclosure. For this client, an adjustment for receivables depreciation in an amount of 601,337 lei was consituted. X. File no. 8832/212/2018 pending on Constanta Court of Justice, complainant Milea George and defendant Oil Terminal SA. Action in pending by which the complainant requests penalties in amount of 1,000 lei/delay day, calculated since 25.03.2018 until the end of the contract of sell-buy of company dwelling. By Decision no. 8592/29.08.2018, the court decided forcing defendant Oil Terminal SA to pay to the complainant a penalti of 1,000 lei, settled per delay day until obligation execution. It forces the defendant to pay to the complainant 620 lei under the title of trial expenses. On 15.10.2018 the court decided completing the dispositive part of the conclusion no. 8592/29.08.2018, namely that it forces the defendant to pay to the complainant a penalty of 1,000 lei settled per delay day which shall start

14

from 25.03.2018 until the execution of obligation provided in executory title represented by Civil Sentence no. 10899/21.10.2014, pronounced by Constanta Court in the civil file no. 34986/212/2013, partly altered by Civil Decision no. 840/23/10.2015 pronounced by Constanta Court in the civil file no. 34986/212/2013. By civil Sentence no. 10.008/08.07.2019 pronounced in civil file no. 2807/212/2019, Constanta Court of Justice forced Oil Terminal SA to pay to creditor Milea George penalties of 453,000 lei for the period 25.03.2018-08.07.2019 for non-fulfilment of obligation to make determined by civil Sentence no. 10899/21.10.2014 pronounced by Constanta Court of Justice in fine no. 34986/212/2013, partly altered and permanent by civil Decision no. 840/23/10.2015 pronounced by Constanta Court of Justice in file no. 34986/212/2013 and the amount of 20 lei as trial expenses. The company paid on 26.08.2019 the amount of 453,000 lei under the title of penalties according to civil sentence no. 10.008/08.07.2019 pronounced in file no. 2807/212/2019. The procedure of selling the dwelling ended on 11.03.2020 by closing the selling contract. XI. File no. 8831/212/2018 opened in Constanta Court, complainant Dudau Vasile and defendant Oil Terminal SA. Action in pending by which the complainant requests penalties of 1,000 lei/delay day applicated since 25.03.2018 until closing date of contract sell-buy of lodgings. By Decision no. 9107/19.09.2018, the court decided to force the defendant to pay to the complainant penalties of 1,000 lei/delay day starting from 25.03.2018 until executory execution of obligation represented by civil Decision no. 394/16.06.2015 pronounced by Constanta Court in civil file no. 34987/212/2013 regarding company accomodation. It forces the defendant to pay to the complainant trial expenses of 620 lei. By civil sentence no. 15203/23.10.2019 pronounced by Constanta Court in file no. 1424/212/2019, the court forced Oil Terminal SA to pay to creditor Dudau Vasile the amount of 578,000 lei as penaties calculated for 25.03.2018-23.10.2019 period for non ulfilment of the obligation to make determined by civil Decision no. 394/16.06.2015 pronounced by Constanta Court of Justice in file no. 34987/212/2013. It forces the defendant to pay the amount of 20 lei as trial expenses. The decision is permanent and enforceable. The company paid on 25.10.2019 the amount of 578,000 lei for penalties according to civil sentence from 23.10.2019. The procedure of selling the dwelling ended on 11.03.2020 by closing the selling contract. XII.File no. 7525/212/2019 pending in Constanta Court of Justice, complainant Olaru Laurentiu and defendant Oil Terminal SA. Action in pending by which the complainant requests penalties of 1,000 lei/delay day, calculated since 01.06.2018 until the closing of the dwelling buying-selling contract. By Decision no. 11376/08.08.2019 the court orderedthe defendant to pay in favour of the creditor complainant a penalty of 1,000 lei, settled per delay day, starting from 01.06.2018 and until the execution of the obligation to make, provided in the enforceable title represented by civil Sentence no. 10900/21.10.2014 pronounced by Constanta Court of Justice in civil file no. 34991/212/2013. It forces the defendant to pay to the complainant the amount of 670 lei as trial expenses. The decision is permanent. By civil sentence no. 1452/06.02.2020 pronounced by Constanta Court in file no. 33041/212/2019, the court admitted the appeal request formulated by complainant Olaru Laurentiu in contradictory with defendant Oil Terminal SA and settled the amount of 616,000 lei payable by defendant Oil Terminal SA to complainant Olaru Laurentiu as penalties for non-execution of obligation provided in enforceable title represented by civil sentence no. 10900/21/10.2014 pronounced by Constanta Court of Justice in civil file no. 34991/212/2013, permanent by civil decision no. 781/20.10.2015 pronounced by Constanta Court of Justice in civil file no. 34991/212/2013, calculated starting with 01.06.2018 until 06.02.2020 (included). It forces the defendant to pay trial expenses to complainant, in an amount of 820 lei representing judicial stamp fee (20 lei) and attorney fee (800 lei). The company paid on 11.02.2020 the amount of 616,820 as penalties according to civil sentence of 06.02.2020. For this file, on 31 March 2020 a provision of 145,000 lei is constituted and the procedure of selling the dwelling is in process. XIII. File no. 1974/118/2019 in pending in Constanta Court of Justice, creditor Oil Terminal SA and debtor Master Chem Oil DMCC. Action in pending by which Oil Terminal SA requests the court to force the defendant Master Chem Oil DMCC to pay cutter stock storage in amount of 847,891.88 lei (202,499.07 USD). Constanta Court of Justice settled the next trial term in file no. 1974/118/2019 on 06.05.2020. For this client, an adjustment for receivables depreciation was constituted in an amount of 847,891.88 lei.

15

XIV. File no. 7729/118/2019, pending in Constanta court, creditor Oil Terminal SA and debtor Master Chem Oil DMCC. Action in pending by which creditor Oil Terminal SA requests the court to force the defendant Master Chem Oil DMCC to pay cutter stock storage in an amount of 16,872.02 USD (72,261.63 lei) representing cutter stock storage. Further, Oil Terminal SA filed a request of increasing demands in the amount of 277,376.71 lei (64,406.12 USD) The file is in appeal settlement procedure and stii has no trial term. For this client an adjustment for receivables depreciation in amount of 277,377 lei was constituted. XV. File no. 6632/118/2019 in pending in Constanta Court, objector Curcan Costica and defendant Oil Terminal SA. Object to this litigation is constituted by the appeal formulated by employee Curcan costica against the Decision no. 319/15.10.2019 by which the complainant was sanctioned by cancellation of individual labor contract. Constanta Court set the next trial term in file no. 6632/118/2019 on 19.05.2020. XVI. File no. 328/118/2020, pending in Constanta Court, complainant Oil Terminal SA, defendant Ministry of Public Finance-ANAF- General Directorate of Great Taxpayers. Oil Terminal SA appeal against the Decision of situation regularization no. 148/16.09.2011 and the control report no. 27512/16.09.2011 for pluses and minuses found in Oil Terminal SA tanks after the control of 01.01.2011-17.03.2011 and the regain of the amount of 738,746 lei paid as customs debt. Constanta Court set the next trial term in file no. 328/118/2020 on 07.05.2020. For this file a provision of 738,846 lei was constituted.

4.2 Ownership structure The ownership structure on 31 March 2020 according to data transmitted by Depozitarul Central is as follows:

Shareholder Number of

shares Total nominal

value Pessession

(%)

Statul Român prin Ministerul Energiei (According to art.4 of GEO no. 68/06.11.2019 Ministerul Energiei is named as Ministerul Economiei, Energiei şi Mediului de Afaceri)

347,257,973 34,725,797 59.62

Dumitrescu Sebastian Valentin 97,467,645 9,746,765 16.74

Legal persons 60,822,560 6,082,256 10.44

Physical persons 76,882,075 7,688,208 13.20

Total capital 582,430,253 58,243,025 100

4.3 Company’ managers The company is managed according to the management unitary sytem management, the company’ management being provided by a Board of Directors made of 7 members, non executive managers. In the period 01.01.2020-31.03.2019 the Board of Directors’ component was:

No. Name/first name Profession Position/

Term of office in reference period

1. Cristian Florin GHEORGHE Engineer Board of Directors’ Chairman 01.01.2020 – present

2. Bogdan Toma COSTREIE Legal adviser Board of Directors’ Manager

01.01.2020 – present

3. Ovidiu Aurelian ANDREI Engineer/Legal

adviser

Board of Directors’ Manager

01.01.2020 – present

4. Paul CONONOV Engineer Board of Directors’ Manager

01.01.2020 – present

16

5. Ramona UNGUR Economist Board of Directors’ Manager

01.01.2020 – present

6. Ciprian Dragoş LAZARIU Economist Board of Directors’ Manager

01.01.2020 – present

7. Cristian Radu POP Economist Board of Directors’ Manager

01.01.2020 – present

4.4 Executive management members Executive management of Oil Terminal SA in I Trimester 2020:

No. Name/first name Position

1. Viorel Sorin CIUTUREANU General Director 2. Adriana FRANGU Financial Director 3. Marieta Elisabeta STASI Development Director 4. Emil ROHAT Technical Director 5. Gabriel DARABAN Commercial Director

General Director and Financial Director exercise their activity according to mandate contracts and the Development Director, Technical Director and Commercial Director are company’ employees according to individual labor contracts concluded for undetermined period. On the date of this report there are no participations of directors Sorin Viorel CIUTUREANU, Adriana FRANGU, Marieta Elisabeta STASI, Emil ROHAT, Gabriel DARABAN in company’ social capital.

4.5 Important events during January-March 2020

During the 3 months of 2020, the following important events took place: I.Decisions of the Shareholders General Ordinary Assembly

By Shareholders General Ordinary Assembly Decision no. 1/05.03.2020 the Budget of revenues and expenses for 2020 was approved.

By Shareholders General Ordinary Assembly Decision no. 2/05.03.2020 the dismissal of ROMAR-CO AUDIT SRL as company’ statutory financial auditor was approved, as result of the expiry of service contract no. 134/265/21.06.2017.

By Shareholders General Ordinary Assembly Decision no. 3/05.03.2020 the designation of Transilvania Audit & Fiscality SRL as Oil Terminal SA’ statutory financial auditor was approved for a 3-year contract period.

By Shareholders General Ordinary Assembly Decision no. 4/05.03.2020 it took notice of informing regarding tax warehouse guarantee update.

II.Obtaining authorisation for using global guarantee with guarantee waiver. The company as holder of tax warehouse authorisation ROCGURODRVGL0-2019-EQN53778 was authorised by customs authority to use global guarantee with guarantee waiver. The amount of customs taxes and other taxes exepted from guarantee is of 923,729,377 lei. III.Measures adopted regarding Coronavirus COVID-19 infection spread. In the circumstances of state of emergency establishment duet o Coronavirus COVID-19 infection spread, the company elaborated a Plan to continue operating in case of pandemic and created an internal Working Group which elaborates, coordinates and implements measures of preventing and plans measures of protection depending on the possible evolution of the situation. The plan is gradually applied, starting with hygiene preventive measures to measures of essential staff insurance, whose implementation depends on the level of risk associated, so that the risk of staff contamination is minimised. In order to protect its shareholders, and to limit their risk of contamination, the company outlines the importance of exercising the right to vote by email regarding Shareholders General Assemblies, as measure of protection. The information regarding AGA are available on company’ website, in the section dedicated for relationships with investors and include materials related to agenda, vote forms and meeting convocation which includes voting methods and their explanations.

4.6 Events further the 3-month period ended on 31 March 2020 I. Shareholders General Ordinary Assembly Decisions from 23.04.2020:

By Shareholders General Ordinary Assembly Decision no. 6/23.04.2020 the company’ dividends Policy was approved.

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By Shareholders General Ordinary Assembly Decision no. 7/23.04.2020 the followings were adopted: -it was taken note of informing regarding semestrial Report on management activity for II Semester 2019, according to art. 55 of GEO 109/2011 -it was taken note of informing regarding the annual Report of nomination and remuneration Committee regarding remunerations and other advantages given to nonexecutive managers and mandate directors during 2019 financial year.

By Shareholders General Ordinary Assembly Decision no. 8/23.04.2020 the followings were adopted: -financial situations related to 2019 issued according to International Standard of Financial Reporting (IFRS) were approved and include: financial position situation, overall result situation, own capitals alterations situations, cash flows situation, notes on financial situations, according to Board of Directors’ Report and independent financial auditor’ Report, -net profit distribution related to 2019 financial year of 2,627,225 lei was approved, as follows:

• Legal reserve: 226,187 lei • Other reserves representing fiscal facilities provided by law: 126,846 lei • Employees participation to profit: 227,419 lei • 50% shareholders dividends: 1,137,096 lei • Own financing source: 909,677 lei

-settlement of gross dividend value proposed to be given to shareholders in amount of 0.00195233

lei/share was approved. -the date of 04.06.2020 was approved as date of dividends payment to shareholders.

-the entrustment of Board of Directors to designate payment agent according to applicable regulation framework for dividends payment was approved. Dividends payment shall be made in lei only to

shareholders registered in shareholders Registry (held by Depozitarul Central SA) on the registration date set by Shareholders General Assembly and the dividends payment method shall be made known

to shareholders before the date of starying the payment. -annual financial report for 2019 financial year issued according to Law no. 24/2017 and to FSA

Regulation no.5/2018 was approved. -discharge of managers for the 2019 financial year activity was approved.

By Shareholders General Ordinary Assembly Decision no. 9/23.04.2020 the followings were adopted: -as a result of annual evaluation of managers activity, according to GEO provisions, art. 30, paragraph

(7), by 100% of present/represented shareholders voting rights, the maintainance of the same level of variable component amount of nonexecutive managers remuneration is approved as it was approved by

AGOA Decision no. 32/10.12.2018 and maintained by AGOA Decision no. 14/05.08.2019, namely 12 monthly gross fixed indemnities.

By Shareholders General Ordinary Assembly Decision no. 10/23.04.2020 the followings were adopted: -it was taken note of informing regarding social capital increase process.

-the company’ acquisition of legal services of consulting, assistance and/or representation in order to achieve the increase of company’ social capital was approved.

4.7 Presentation of simplified interim Financial Situations The simplified interim financial situations related to January-March 2020 period are revised by the financial auditor Transilvania Audit&Fiscality which issued a Report of revising simplified interim financial situations ended

on 31.03.2020 according to International Accounting Standard 34 – ”Interim Financial Reporting”.

5. SIGNIFICANT TRADES

5.1 Trades with state entities In I Trimester 2020, the company ran the following trades with state owned companies (irrespective the participation share) invoiced in the period 01.01.2020-31.03.2020, according to contracts concluded in current year or in the previous period, as follows:

Partner

Unpaid amounts on

31 December 2019

Sales in period 01.01.-

31.03.2020

Discounts in period 01.01.-

31.03.2020

Undiscounted amounts on 31 March

2020

18

Administraţia Naţională a Rezervelor de Stat şi Probleme Speciale – Unitatea Teritorială 515

- 850,894 850,894 -

Agenţia Română de Salvare a Vieţii Omeneşti pe Mare

19,752 77,584 29,733 67,603

Chimcomplex 41,445 959,692 520,335 480,802

Conpet - 48,187 48,187 -

C.N.C.F. CFR Sucursala Regională de Căi Ferate Constanţa

17,751 12,967 4,784

OMV Petrom 5,218,774 11,786,881 12,977,775 4,027,880

Rompetrol Rafinare 108,068 2,933,765 1,593,395 1,448,438

S.N.T.F.M - CFR Marfă Sucursala Muntenia Dobrogea

1,395 4,553 2,158 3,790

SN Radiocomunicaţii Sucursala Direcţia Radiocomunicaţii

2,272 5,975 7,983 264

UM 02133 Farul Roşu Direcţia Hidrografică Maritimă

- 5,192 - 5,192

TOTAL 5,391,706 16,690,474 16,043,427 6,038,753

Partner

Sume nedecontate

la 31 December

2019

Acquisitions in period 01.01.-

31.03.2020

Discounts in period 01.01.-

31.03.2020

Undiscounted amounts on 31 March

2020

Administraţia Naţională Apele Române Administraţia Bazinală de Apă Dobrogea Litoral

1,765 - 1,765 -

Agenţia de Protecţie a Mediului Constanţa

- 400 400 -

Agenţia Naţională pentru Resurse Minerale

- - - -

Agenţia Naţională de Cadastru şi Publicitate Imobiliară

- 40 40 -

Asociaţia de Acreditare din România - RENAR

- - - -

Asociaţia de Standardizare din România

- 1,420 1,420 -

Autoritatea Feroviară Română AFER 547 15,558 16,105 -

Autoritatea Naţională de Reglementare în Domeniul Energiei - ANRE

- - - -

Autoritatea Navală Română - 14,420 - 14,420

Autoritatea Rutieră Română-ARR - 301 301 -

ANCOM - Autoritatea Naţională pentru Administrare şi Reglementare în Comunicaţii

- - - -

Administraţia Fondului de Mediu - - - -

Banca de Export Import a României (EXIMBANK)

- - - -

Biroul Român de Metrologie Legală - 656 120 536

Bursa de Valori - 8,925 8,925 -

19

Biroul Local de Expertize Tehnice Judiciare şi Contabile Tribunalul Prahova

- - - -

C.N.C.F. CFR 4,049 9,727 12,981 795

Camera de Comerţ, Industrie, Navigaţie şi Agricultură Constanţa

- 8,819 8,819 -

Căpitănia Zonală Constanţa - - - -

Căpitănia Zonală Giurgiu - - - -

Camera de Comerţ şi Industrie a României

- - - -

Centrul Naţional de Calificare şi Instruire Feroviară - CENAFER

718 660 1,378 -

Ceronav - - - -

Compania Naţională Administraţia Porturilor Maritime

24,364 958,015 957,892 24,487

Compania Naţională de Administrare a Infrastructurii Rutiere - CNAIR

- 3,708 3,708 -

Compania Naţională pentru Controlul Cazanelor, Instalaţiilor de Ridicat şi Recipientelor Sub Presiune - CNCIR

- 663 -

663

Compania Naţională Unifarm - 48,094 48,094 -

Compania Natională Poşta Română - 3,288 3,288 -

Confort Urban - - - -

Depozitarul Central 1,080 5,125 5,201 1,004

Electrificare CFR Sucursala Constanţa 4,733 17,578 22,311 -

Enel Energie - - - -

Engie România 349,357 1,677,266 1,346,439 680,184

INCD Insemex - - - -

Inspecţia de Stat Pentru Controlul Cazanelor, Recipientelor Sub Presiune şi Instalaţiilor de Ridicat - ISCIR

- - - -

Inspectoratul Regional în Construcţii Sud-Est

- - - -

Inspectoratul de Stat în Construcţii - - - -

Institutul Naţional de Cercetare-Dezvoltare pentru Protecţia Muncii “Alexandru Darabont”

- - - -

Iprochim - 1,132 1,132 -

Monitorul Oficial - 1,258 1,258 -

Ministerul Transporturilor - 300 300 -

Oficiul de Cadastru şi Publicitate Imobiliară

- 120 120 -

Oficiul Naţional al Registrului Comerţului de pe lângă Tribunalul Constanţa

- 822 822 -

OMV Petrom - 357 357 -

Primaria Municipiului Constanţa - 314 314 -

RAJA 54,763 259,961 247,490 67,234

Regia Naţională a Pădurilor Romsilva 14,073 -14,073 - -

20

RNP Romsilva D.C.E.A.C. 14,073 14,073 -

Rompetrol Downstream 81,447 307,247 330,388 58,306

Rompetrol Quality Control - - - -

SPIT-VBl Constanţa - 141 141 -

Telecomunicaţii CFR - 2,734 2,734 -

Tribunalul Constanţa – Biroul de Expertize Judiciare

- - - -

Tribunalul Sibiu - - - -

Um 0407 – Centrul Naţional pentru Securitate la Incendiu şi Protecţie Civilă

- - - -

TOTAL 536,896 3,349,049 3,038,316 847,629

5.2. Trades according to Deputy Minister for Energy’ Order no.704/18.08.2014 Trades are presented in the Acquisitions report according to Deputy Ministry for Energy’Order no.704/18.08.2014 containing contracts concluded in period 01.01.2020-31.03.2020, with higher values than the equivalent in lei of 100,000 Euro/acquisition for services and 500,000 Euro/acquisition for goods and works acquisitions according to Minister’s Order 704/2014 request and Shareholders General Extraordinary Assembly’ Decision 11/24.10.2014. Acquisitions are run according to Intern Acquisitions Regulation. The situation related to period 01.01.2020 - 31.03.2020 is as follows: Trimester I

No.

Contract no. Name CPV Economic operator

Contract value, lei

VAT excluded

Contract type

1 11/25/29.01.2

020

Planned revisions and accidental repairs for

LDE and LDH engines

50221000-0 Repairs and maintenance services for engines

Romania Euroest SA

Unitary price – contract estimated value is of

1,200,000.00

Services

2 14/29/03.02.2

020

Security and protection services for Oil

Terminal SA Constanta (North Storaghe Farm,

Port Storage Farm, South Storage Farm)

79713000-5 Security services

Elite Steward SAS SRL

Unitary price – contract estimated value is of

4,058,580.00

Services

3 25/42/10.02.2

020 Vehicles operational

leasing

34130000-7 Vehicles for

goods transport;

42418000-9 Machinery for lifting, handling, loading,

discharging

Center Tea&Co SRL

Unitary price – contract estimated value is of 590,776.50

Services

5.3. Trades according to art. 52 of GEO 109/2011 with further alterations and additions, from which: 5.3.1. Information of shareholders on the trades concluded with managers and directors, employees, shareholders having control on the company or a company controlled by these, according to art.52 paragraph (3) letter a) og EGO109/2011 with further alterations and additions.

21

Oil Terminal SA’ Board of Directors, according to art.52 paragraph (3) letter a) of EGO 109/2011, informs its shareholders on any trade concluded with managers and directors, employees, shareholders having control on the company or with a company controlled by them, by putting on shareholders’ disposal the documents reflecting essential data and information regarding these trades.

Trades are reported irrespective the amount. Trades period 01.01.2020 - 31.03.2020 Trades under Shareholders General Assembly’ information obligation

22

No.

Părtile actului juridic

Conclusion date and act

number

Legal act kind

Object description Total value (lei)

Mutual receivabl

es

Constituted

guarantees

Payment terms and methods

Interests and

penalties

1

Compania Naţională

Administraţia Porturilor Maritime SA Constanţa

28/07.01.2020 Order

45 car access passess in ports Constanta, Midia

and Basarabi for company’ vehicles for a 9-month period, starting from

01.01.2020

29,485.94 It’s not

necessary It’s not

necessary

Payment by PO in term of 30 days since the invoice

receiving

It’s not necessary

2



Additional Act no.1/08.01.202

0 of contract no.42/132/ 01.04.2019

Additional Act

Extending the validity of Contract to use port

infrastructure and specific service supplies in

relationship with charterers until 31.12.2020.

Estimated 4,300.00

lei for 2020


Proper execution guarantee: aquivalent in lei of 3 months of using port infrastructu

re by shipowner

ship

10 working days since the invoice receiving

Penalties of 0.08% for

each delay day,

calculated for the

obligation un executed

value

3



Additional Act no.2/22.01.202

0 of contract no.42/132/ 01.04.2019

Additional Act

Contractual clauses alterations cf L235/201/

and OG22/199 and OMT 1254/2019 of contract no.42/132/01.04.2019

(93A/2019)

0.00 It’s not

necessary

Proper execution guarantee: aquivalent in lei of 3 months of using port infrastructu

re by shipowner

ship

10 working days since the invoice receiving


each delay day,

calculated for the

obligation un executed

value

4


Administraţia Porturilor

168/13.01.2020

Order Subscription to specialized

publication 822.35




receiving


23

Maritime SA Constanţa

5



309b/15.01.2020

Order

Port worker bulletins for some staff categories of Port Storage Farm for

2020

799.31 It’s not


necessary


receiving


6



Additional act no.6/07.02.202

0 of contract no.CNAPM-

00093-IDPM-01/21.01.2015

Additional act

Extending the validity of rental contract of field in surface of 140 sqm by a month (until 14.02.2020)

627.20 It’s not

necessary

Proper execution guarantee: 2,239.10 lei


receiving


each calendar

dayof delay and

damages interests in addition, when the prejudice due to the payment

delay is not covered by

the penalties

value.

7



2138/04.03.2020

Order Renewal of work licenses necessary for the activity

run in Constanta Port 13,911.10




receiving


8


Administraţia Porturilor

2287/10.03.2020

Decont

Passes of entry-exit in Constanta port for

backhoe Palazzani CT 0203

13.47 It’s not


necessary Paid in cash on

09.03.2020 It’s not

necessary

24

Maritime SA Constanţa

9



Additional act no.7/09.03.202

0 of contract no.CNAPM-

00093-IDPM-01/21.01.2015

Additional act

Extending the validity of rental contract of field in

surface of 140 sqm on a 5-year period until

14.02.2025

PU 627.2/mon

th – 37,632 (5

years)


Proper execution guarantee: 2,239.10 lei


receiving


each calendar

dayof delay and

damages interests in addition, when the prejudice due to the payment

delay is not covered by

the penalties

value.

10

Autoritatea Naţională

pentru Administrare

şi Reglementar

e în Comunicaţii-

ANCOM

121/10.01.2020

Order

Usage of radio spectrum for maritime mobile service

according to decision no.TC/10998/18.12.2019,

related to period 01.01.2019-31.12.2019

484.00 It’s not


necessary Payment by PO in term of

4 days It’s not

necessary

11


pentru Administrare

şi Reglementar

e în

122/10.01.2020

Order

Usage of radio spectrum for maritime mobile service



1,118.00 It’s not



4 days It’s not

necessary

25

Comunicaţii-ANCOM

12


pentru Administrare

şi Reglementar

e în Comunicaţii-

ANCOM

236/14.01.2020

Order

Usage of radio spectrum for mobile service



750,00 It’s not



1 day It’s not

necessary

13


pentru Administrare

şi Reglementar

e în Comunicaţii-

ANCOM

237/14.01.2020

Order




750,00 It’s not



1 day It’s not

necessary

14


pentru Administrare

şi Reglementar

e în Comunicaţii-

ANCOM

238/14.01.2020

Order




750,00 It’s not



1 day It’s not

necessary

15 Asociaţia de Standardizar

e din

1700/20.02.2020

Order Standards 1,198.27 It’s not


necessary


receiving


26

Romania ASRO

16

Autoritatea Rutieră

Română - ARR

161/13.01.2020

Order Copy of transport license

company’ car 260.00



Payment by PO in term of 1 day


17


Română - ARR

2448/16.03.2020

Order Copy of transport license

company’ car 260.00





18


Română - ARR

694/23.01.2020

Order

Data base update 41.00

It’s not



1 day It’s not

necessary

19

Autoritatea Feroviară Română -

AFER

192/13.01.2020

Order

Obtaining engine license 1.529,31

It’s not



5 days It’s not

necessary

20


AFER

554/21.01.2020

Order

Staff authorisation 238.94

It’s not



5 days It’s not

necessary

21


AFER

631/22.01.2020

Order

Staff authorisation 955.80

It’s not



5 days It’s not

necessary

22


AFER

909/29.01.2020

Order

Staff certification 1,504.72

It’s not



5 days It’s not

necessary

23


AFER

984/30.01.2020

Order Renewal of engines

functioning authorisations 2,580.66

It’s not



1 day It’s not

necessary

27

24


AFER

1360/10.02.2020

Order

Staff authorisation 238.34 It’s not



5 days It’s not

necessary

25


AFER

1470/13.02.2020

Order

Staff certification 905.58 It’s not



5 days It’s not

necessary

26


AFER

1507/14.02.2020

Order

Financial coverage regarding civil liability,

annex to license for only shunting services

2,387.40 It’s not



1 day It’s not

necessary

27


AFER

1523/14.02.2020

Order Periodic visas for

authorisations 166.76



Payment by PO in term of 5 days


28


AFER

1879/26.02.2020

Order

Technical advice for engine maintainance in

service 1,298.13





29

Autoritatea Feroviară Românp -

AFER

2129/04.03.2020

Order Periodic visas for

operating authorisations 6,151.29





30


AFER

2492/17.03.2020

Order Renewal of engines

functioning authorisations 864.00





31


AFER

2655/25.03.2020

Order Reauthorisation (visa once

in 5 years) for CFU Staff as switchman-1 person

168.00 It’s not



1 day It’s not

necessary

32 Administraţia Fondului de Mediu

356/16.01.2020

Order

Contribution due to environment fund

25.00 It’s not



1 day It’s not

necessary

28


1603/18.02.2020

Order


34.00 It’s not



1 day It’s not

necessary


2512/18.03.2020

Order


25.00 It’s not


necessary Payment with PO in term

of 1 day It’s not

necessary

35

Agenţia pentru

Protecţia Mediului

1267/06.02.2020

Expense account

Request for land register extract, cadastral plan

extract and situation plans 1:500 and 1:2000 for the objective "Modernisation

T31-South SP"

400.00 It’s not



05.02.2020 It’s not

necessary

36 Agenţia de Cadastru şi Publicitate

1268/06.02.2020

Expense account

Tax related to request for land register extract for

information 120.00



Paid in cash on 05.02.2020


37

Autoritatea Navală

Română - ANR

1446/12.02.2020

Order

Inspection oil terminal for the 2020 Certificate of

Conformity 14,420.40




receiving


38 Institutul

Naţional de Metrologie

2370/12.03.2020

Order

Calibrating measuring tapes of 150 m and 250 m

450.00 It’s not


necessary


receiving


39 Institutul

Naţional de Metrologie

2722/31.03.2020

Order

Metrological calibration of ultrasonic thickness

measuring apparatus Elcometer 208 DL

275.00 It’s not


necessary


receiving


40

Direcţia Regională

de Metrologie

Legală Constanţa

2339/11.03.2020

Order

Metrological calibration for metal secondary standard measurement 50 dm³, with

graded scale on generators

800.00 It’s not


necessary


receiving


41

Direcţia Regională

de Metrologie

2340/11.03.2020

Order

Calibration of liquid-in-glass- thermometers – 2

pieces 360.00




receiving


29

Legală Constanţa

42 Bursa de

Valori Bucureşti

373b/16.01.2020

Order

Trading maintainance of shares issued by Oil

Terminal SA 7,500.00




receiving


43

Camera de Comerţ, Industrie,

Navigaţie şi Agricultură

120/10.01.2020

Order

Seminar regarding fiscality 1,890.00 It’s not


necessary


receiving


44



510/20.01.2020

Order

Member tax 3,000.00 It’s not


necessary


receiving


45



1041/31.01.2020

Order

Seminar regarding pension law

3,000.00 It’s not


necessary


receiving


46 CENAFER 344b/16.01.20

20

Order Staff authorisation 360.00




receiving


47 CENAFER 1462/12.02.20

20

Order Staff authorisation 120.00




receiving


48

Compania Naţională de Administrare

a Infrastructurii Rutiere SA-

Directia Regională de Drumuri

477/20.01.2020

Order

Road tax for 1 year for dump car

3,440.52 It’s not


necessary


receiving


30

şi Poduri Constanţa-C.N.A.I.R.

49



Direcţia Regională de Drumuri şi Poduri

Constanţa-C.N.A.I.R.

599/21.01.2020

Expense account

Road tax fo 2 days for crane

105.12 It’s not



20.01.2020 It’s not

necessary

50



Direcţia Regională de Drumuri şi Poduri

Constanţa-C.N.A.I.R.

1473/13.02.2020

Order

Road tax for 1 year for 2 cars

267.62 It’s not


necessary


receiving


51


pentru Controlul

Cazanelor, Instalaţiilor

de Ridicat şi Recipientelo

2023/02.03.2020

Order

Technical inspection 120.00 It’s not


necessary


receiving


31

r sub Presiune – CNCIR SA

52


pentru Controlul

Cazanelor, Instalaţiilor

de Ridicat şi Recipientelo

r sub Presiune – CNCIR SA

2024/02.03.2020

Order

Technical inspection 437.00 It’s not


necessary


receiving


53 CN Unifarm

SA 2367/12.03.20

20

Order

Hands and surfaces disinfectant

8.460.00 It’s not


necessary


receiving


54 CN Unifarm

SA 2480/17.03.20

20

Order

Antibacterial gel (bottle of 80 ml)

4,000.00 It’s not


necessary


receiving


55 CN Unifarm

SA 2583/208/ 20.03.2020

Order Surgical masks 14,850.00




receiving


56 CN Unifarm

SA 2633/24.03.20

20

Order Surgical masks and gloves 8,455.00




receiving


57 CN Unifarm

SA 2665/216/ 25.03.2020

Order

Reinforced filter costume

4,650.00 It’s not


necessary


receiving


58 Electrificare C.F.R. SA

02/06/13.01.2020

Order

Maintainance and repairs for contact line 27000 V-

station – South SP 59,085.30




receiving


59 Depozitarul

Central 166/13.01.202

0 Order

Consolidate register 300.00 It’s not


necessary Advance


32

60 Iprochim SA 382/16.01.202

0

Order Annual technical

inspection (ITA) for dump truck

951.18 It’s not


necessary


receiving


61

Regia Autonomă Monitorul

Oficial

1006/31.01.2020

Order

Specific publicity 1,258.20 It’s not



1 day It’s not

necessary

62 Ministerul

Transporturilor

2572/20.03.2020

Order

Annual visa for Psychology Structure

regarding psychological testing of staff dealing with

transport safety

300.00 It’s not


necessary


receiving


63

Oficiul de Cadastru şi Publicitate Imobiliară Constanţa

1270/06.02.2020

Expense account

Tax 40.00


It’s not


05.02.2020

It’s not

necessary

64


1368/10.02.2020

Expense account

Tax 20.00


It’s not


09.02.2020

It’s not

necessary

65


2495/17.03.2020

Expense account

Documents 40.00


It’s not


03.03.2020

It’s not

necessary

66


2488/17.03.2020

Order Tax 3,056.00


It’s not


18.03.2020

It’s not

necessary

67 Oficiul

Naţional al 868/28.01.202

0

Expense account Ascertaining Certificate 45.00


Paid in cash on 24.01.2020

33

Registrului Comerţului



68

Oficiul Naţional al Registrului Comerţului

1931/27.02.2020

Expense account

Ascertaining Certificate 45.00


It’s not


25.02.2020

It’s not

necessary

69


2230/09.03.2020

Expense account

Registration in Trade Registrer Office near Constanta Court and publication in Official

Journal part IV of decisions adopted by Shareholders General Ordinary Assembly in

meeting of 05.03.2020, according to acquisition

report no.866/05.03.2020

610.00 It’s not



05.03.2020 It’s not

necessary

70


2388/13.03.2020

Expense account

Registration in Trade Registrer Office near Constanta Court and publication in Official

Journal part IV of decisions adopted by Shareholders General Ordinary Assembly in

meeting of 05.03.2020, according to acquisition

report no.866/05.03.2020

122.00 It’s not



13.03.2020 It’s not

necessary

71 Primaria

Municipiului Constanţa

100/10.01.2020

Expense account Tax 2,150.00


It’s not

necessary


It’s not

necessary

72 Primaria


1134/04.02.2020

Expense account Tax 100.00


It’s not

necessary


It’s not

necessary

34

73 Primaria


1276/06.02.2020

Expense account Tax 2,150.00


It’s not

necessary


It’s not

necessary

74 Primaria


1485/13.02.2020

Order Tax 155.03


It’s not

necessary


It’s not

necessary

75 Primaria


1486/13.02.2020

Order Tax 351.00


It’s not

necessary


It’s not

necessary

76 Primaria


1593/18.02.2020

Order Tax 313.80


It’s not

necessary


It’s not

necessary

77 Primaria


1662/19.02.2020

Order Tax 5.00


It’s not

necessary


It’s not

necessary

78 Primaria


1999/02.03.2020

Order Tax 4,068.00


It’s not

necessary


It’s not

necessary

79 Primaria


2152/05.03.2020

Order Tax 2,150.00


It’s not

necessary


It’s not

necessary

80 Primaria


2362/12.03.2020

Order Tax 440.70


It’s not

necessary


It’s not

necessary

81 Primaria


2363/12.03.2020

Order Tax 263.20


It’s not necessary Payment by PO

It’s not

necessary

82 Primaria


2450/16.03.2020

Order Tax 2,500.00


It’s not

necessary


It’s not

necessary

83 Primaria


2469/17.03.2020

Order Tax 87.00


It’s not

necessary


It’s not

necessary

35

84

Serviciul Public de

Impozite şi Taxe

Constanţa SPIT

240/14.01.2020

Expense account

Tax 8.00


It’s not

necessary Paid in cash on 13.01.2020

It’s not

necessary

85

Serviciul Public de

Impozite şi Taxe

Constanţa SPIT

274/14.01.2020

Expense account

Tax 23.00


It’s not


It’s not

necessary

86

Serviciul Public de

Impozite şi Taxe

Constanţa SPIT

452/17.01.2020

Expense account

Tax 23.00


It’s not


It’s not

necessary

87

Serviciul Public de

Impozite şi Taxe

Constanţa SPIT

659/22.01.2020

Expense account

Tax 15.00


It’s not


It’s not

necessary

88

Serviciul Public de

Impozite şi Taxe

Constanţa SPIT

2070/03.03.2020

Expense account

Tax 69.00


It’s not


It’s not

necessary

89

Serviciul Public de

Impozite şi Taxe

Constanţa SPIT

2182/05.03.2020

Expense account

Tax 117.00


It’s not


It’s not

necessary

36

5.3.1.2 Trades with clients Not the case. 5.3.2 Informing shareholders regarding trades concluded with another public enterprise or with tutelary public authority, which come sunder art. 52 paragraph (3) letter b) of GEO no. 109/2011 with further alterations and additions Oil Terminal SA’ Board of Directors, according to art. 52 paragraph (3) letter b) of GEO no. 109/2011 informs shareholders regarding any other trade concluded with another public enterprise or with tutelary public authority if the trade has a value, individually or in a series of trades, of at least the equivalent in lei of 100,000 euro. Trades period 01.01.2020-31.03.2020 Trades under Shareholders General Assembly’ information obligation 5.3.2.1 Trades with suppliers Not the case. 5.3.2.2 Trades with clients Not the case.

5.4 Trades according to art. 234 paragraph 1 letter i) of FSA Regulation no. 5/2018 Trades according to art. 234 paragraph 1 letter i) of FSA Regulation no. 5/2018: 10% of net turnover or total income, as appropriate, related to the last annual financial situation. Trades period 01.01.2020-31.03.2020 5.3.2.1 Trades with suppliers Not the case. 5.3.2.2 Trades with clients Not the case.

The Board of Directors’ Chairman, Cristian Florin GHEORGHE

General Director, Financial Director, Sorin Viorel CIUTUREANU Adriana FRANGU