2018 2019

2020 P 2021 P 2022 P 2023 P

Actual Budget

Monthly average production_ton(sillicon A1+A2) 70 246 261 279 301 302

Monthly average services production_ton(sillicon A1+A2) 6,659 7,884 8,278 8,899 9,700 9,710
Monthly average production_ton(E-Car Steel) 1,667 2,500 2,500

Monthly average sales_ton(sillicon A1+A2) 189 248 261 279 301 302
Monthly average services sales_ton(sillicon A1+A2) 5,883 7,975 7,745 8,334 9,109 9,118
Monthly average sales_ton(E-Car Steel) 1,667 2,500 2,500

Average Sales price EUR/ton(sillicon A1+A2) 745 737 751 759 766 774
Average services Sales price EUR/ton(sillicon A1+A2) 251 243 244 245 246 248
Average Sales price EUR/ton(E Car Steel) 1,250 1,250 1,250

Average COGS EUR/ton(sillicon A1+A2) 671 684 691 698 705 712
Average services COGS EUR/ton(sillicon A1+A2) 191 194 198 199 200 200
Average COGS EUR/ton(E Car Steel) 885 891 891

Raw materials purchase price EUR/ton 532 556 573 601 604 610

Quantity of Raw material to be purchased (tons) 118 2,300 2,530 3,036 3,036 3,036
 2018 Actual 2019 Budget
Revenue 21,901,325 25,355,860
Cost of Sales (-) -15,231,880 -20,994,007
GROSS PROFIT / (LOSS) 6,669,445 4,361,853

Marketing, Selling and Distribution Expense (-) -156,198 -175,396

General Administrative Expenses (-) -2,098,021 -2,592,886
R&D 0 0
Other Operating Income 499,322 1,723,200
Other Operating Expense (-) -79,384 -1,260,000

OPERATING PROFIT / (LOSS) 4,835,165 2,056,770

Financial Income 32,027 609

Financial Expense (-) -838,999 -1,030,000

PROFIT / (LOSS) BEFORE TAX 4,028,193 1,027,379

Income Tax (Expense) Benefıt -765,638 -164,381

Current (-) -545,891 -164,381
Deferred -219,747
NET PROFIT / (LOSS) FOR THE PERIOD 3,262,555 862,999

Depreciation 902,380 1,217,367

EBITDA 5,737,545 3,274,137

A1+A2 Value 1,685,132 2,194,800

A1+A2 Cantitate vanduta Sales 2,263 2,980
E-Car Steel Valoare
E-Car Steel Cantitate Vanduta

Pret A1+A2 745 737

Pret E-Car Steel
Other sales 116,516 51,600

Services Value 20,099,677 23,109,460

Services invoices Quantity 80,208 94,610
Services Pret 251 243

Average Cost GOGS A1+A2 671 684

Value COGS A1+A2 1,517,894 2,159,217
Average Cost GOGS E-Car Steel
Value COGS E-Car Steel
COGS Other 85,915 42,720
Transportation 97,435 125,160
AVG COGS Services 191 194
Delivery quantity(4000 whitout ErdRo) 70,600 87,680
Value COGS Services 13,453,667 18,666,910

Raw materials purchase price EUR/ton 532 556

Conversion cost 200 194
Quantity of Raw material to be purchased in 2018 (tons) 118 2,300

Value of RM purchased 62,527 1,278,858

Beginning Tr Payables to RP 34,245,632 30,109,769

IN 2,079,888 2,316,858
OUT 7,271,951 4,577,997
End Tr Payables to RP 29,053,569 27,848,630
End Other Tr Payables 1,056,200 1,804,322
Total Trade payables 30,109,769 29,652,952

Trade receivables
Beginnig 3,678,757 2,692,069
IN 1,685,132 2,194,800
OUT 2,671,820 2,190,066
END 2,692,069 2,696,802

Production 80,753 97,561

3000 842.411000000001 2,951
3300 79,910 94,610
E-Car Steel
Sales 72,863 98,680
3000 2,263 2,980
3300 whitout ErdRo 70,600 95,700
E-Car Steel

Expenses from transactions with Related Parties 2,316,858

Value of RM purchased 1,278,858
Istanbul Office 66,000
Consultancy Services Invoice 132,000
Eregli Penalty 840,000
 2020 P 2021 P 2022 P 2023 P
26,649,534 53,793,368 69,030,167 69,239,830
-20,741,481 -40,116,633 -51,342,228 -51,493,617
5,908,054 13,676,736 17,687,939 17,746,213

0% -175,396 0% -175,396 0% -175,396 0% -175,396

1% -2,618,815 2% -2,671,192 2% -2,724,615 2% -2,779,108
0 0 0 0
5% 1,809,360 2% 1,845,547 0% 1,845,547 0% 1,845,547
15% -1,449,000 15% -1,666,350 15% -1,916,303 15% -2,203,748

3,474,202 11,009,345 14,717,172 14,433,508

15% 701 15% 806 15% 927 15% 1,066

5% -1,081,500 0% -1,081,500 0% -1,081,500 0% -1,081,500

2,393,403 9,928,651 13,636,598 13,353,074

0 0 0 0
0 0 0 0

2,393,403 9,928,651 13,636,598 13,353,074

1% 1,229,541 1% 1,241,837 1% 1,254,255 1% 1,266,797

4,703,743 12,251,181 15,971,427 15,700,306

2,350,631 2,540,327 2,770,988 2,801,497

5% 3,129 7% 3,348 8% 3,616 0% 3,619
25,000,000 37,500,000 37,500,000
20,000 30,000 30,000

2% 751 1% 759 1% 766 1% 774

1,250 1,250 1,250
10% 56,760 10% 62,436 10% 68,680 10% 75,548

24,242,143 26,190,606 28,690,499 28,862,785

5.0% 99,341 7.5% 106,791 9% 116,402 0% 116,519
1% 244 1% 245 1% 246 1% 248

1% 691 1% 698 1% 705 1% 712

2,161,608 2,336,050 2,548,163 2,576,219
885 891 891
17,700,000 26,730,000 26,730,000
5% 44,856 5% 47,099 5% 49,454 15% 56,872
15% 143,934 15% 165,524 15% 190,353 15% 218,906
 2% 198 0% 199 1% 200 0% 200
6.0% 92,941 7.6% 100,004 9% 109,305 0% 109,414
18,391,082 19,867,960 21,824,258 21,911,621

3% 573 5% 601 1% 604 1% 610

118 96 100 101
10% 2,530 20% 3,036 0% 3,036 0% 3,036

1,448,946 1,825,671 1,834,800 1,853,148

27,848,630 27,848,630 27,848,630 27,848,630

2,497,326 2,884,535 2,904,252 2,933,295
2,497,326 2,884,535 2,904,252 2,933,295
27,848,630 27,848,630 27,848,630 27,848,630
1,425,000 1,425,000 1,425,000 1,425,000
29,273,630 29,273,630 29,273,630 29,273,630

2,696,802 2,814,334 4,191,350 6,204,899

2,350,631 27,540,327 40,270,988 40,301,497
2,233,099 26,163,310 38,257,439 38,286,422
2,814,334 4,191,350 6,204,899 8,219,974

102,470 130,139 150,018 150,138

3,129 3,348 3,616 3,619
99,341 106,791 116,402 116,519
20,000 30,000 30,000
96,070 123,352 142,921 113,033
3,129 3,348 3,616 3,619
92,941 100,004 109,305 109,414
20,000 30,000 30,000

2,497,326 2,884,535 2,904,252 2,933,295

1,448,946 1,825,671 1,834,800 1,853,148
1% 66,660 1% 67,327 1% 68,000 1% 68,680
1% 133,320 1% 134,653 1% 136,000 1% 137,360
1% 848,400 1% 856,884 1% 865,453 1% 874,107
25,000,000

7,300,000 0 10,770,000 0 10,770,000

###
ASSETS 2018 Actual 2019 Budget

CURRENT ASSETS 10,165,394 8,762,876

Cash and Cash Equivalents 185,603 308,675

Financial Investments
Trade Receivables 2,692,069 2,696,802
Loans Given
Inventories 7,090,476 5,757,399
Derivative Financial Instruments
Other Receivables and Current Assets 197,247

NON-CURRENT ASSETS 13,518,513 19,345,484

Trade Receivables
Loans Given
Financial Investments
Associates Accounted for Equity Method
Investment Property
Property, Plant and Equipment 13,437,461 19,318,855
Intangible Assets 58,619 26,630
Goodwill
Derivative Financial Instruments
Deferred Tax Assets
Other Receivables and Non-Current Assets 22,432

TOTAL ASSETS 23,683,907 28,108,360

LIABILITIES

CURRENT LIABILITIES 30,847,297 29,892,952

Deposits
Financial Payables
Trade Payables 30,360,709 29,652,952
Current Tax Payable
Provisions
Derivative Financial Instruments
Other Current Liabilities 486,588 240,000

NON-CURRENT LIABILITIES 2,437,516 7,344,786

Deposits
Financial Payables 5,000,000
Trade Payables
Provisions 1,679,645 1,679,645
Employee benefit obligations 269,854 266,352
Derivative Financial Instruments
Deferred Tax Liability 488,017 398,789
Other Non-Current Liabilities
33,284,813 37,237,738

EQUITY -9,600,906 -9,129,378

Equity Attributable To Equity Holders Of The Parent -9,600,906 -9,129,378

Paid-in Capital 21,781,420 21,781,420

Inflation Adjustment Differences
Treasuary Share Adjustment (-)
Member Reserves
Share Premium
Revaluation Funds 4,268,735 4,268,735
Cumulative Translation Adjustment
Restricted Profit Reserves
Retained Earnings/ (Losses) -38,913,616 -36,042,532
Net Profit / (Loss) 3,262,555 862,999

Minority interest

TOTAL LIABILITIES 23,683,907 28,108,360

check 0 0
Net working capital -20,867,505 -21,438,752
Variation net working capital -571,246

NWC/Sales -1 -1
2020 P 2021 P 2022 P 2023 P

9,128,167 14,056,818 25,693,417 39,046,491

228,376 215,952 589,916 977,588

2,814,334 4,191,350 6,204,899 8,219,974

6,085,457 9,649,516 18,898,601 29,848,928

19,355,484 20,355,484 22,355,484 22,355,484

19,318,855 20,318,855 22,318,855 22,318,855

36,630 36,630 36,630 36,630

28,483,652 34,412,303 48,048,901 61,401,975

29,273,630 29,273,630 29,273,630 29,273,630

29,273,630 29,273,630 29,273,630 29,273,630

5,945,997 1,945,997 1,945,997 1,945,997

4,000,000 0 0 0
 1,679,645 1,679,645 1,679,645 1,679,645
266,352 266,352 266,352 266,352

35,219,627 31,219,627 31,219,627 31,219,627

-6,735,975 3,192,676 16,829,274 30,182,348

-6,735,975 3,192,676 16,829,274 30,182,348

21,781,420 21,781,420 21,781,420 21,781,420

4,268,735 4,268,735 4,268,735 4,268,735

-35,179,533 -32,786,130 -22,857,479 -9,220,881

2,393,403 9,928,651 13,636,598 13,353,074

28,483,652 34,412,303 48,048,901 61,401,975

0 0 0 0
-20,373,839 -15,432,764 -4,170,130 8,795,273
1,064,913 4,941,075 11,262,634 12,965,402

-1 0 0 0
 2018 Actual 2019 Budget 2020 P 2021 P 2022 P 2023 P
Cash Inflow From Operating Activities 28,861,480 31,020,115 29,314,488 59,172,705 75,933,184 76,163,813
Cash Flow From Sales 28,861,480 31,020,115 29,314,488 59,172,705 75,933,184 76,163,813
Net Cash Flow From
Operating Activities
Other
Cash Outflow From Operating Activities 27,669,644 27,710,476 24,973,492 50,593,498 66,786,935 66,811,923
Production Expenses 17,976,957 19,591,513 16,642,820 41,942,304 57,797,829 57,466,254
Personnel Expenses 3,455,937 4,330,588 2% 4,417,199 2% 4,505,543 2% 4,595,654 2% 4,687,567
Taxes 2,768,831 548,108 11% 608,400 11% 675,324 11% 749,609 11% 832,067
Other Expenses 3,467,919 3,240,268 2% 3,305,073 5% 3,470,327 5% 3,643,843 5% 3,826,035
Net Cash Flow From Operating Activities 1,191,835 3,309,639 4,340,996 8,579,207 9,146,248 9,351,890

Capital Investments 943,178 7,391,000 7,464,910 7,539,559 7,614,955 7,691,104

From Investing
Net Cash Flow

Investment Projects-Own Sources 943,178 7,391,000 1% 7,464,910 1% 7,539,559 1% 7,614,955 1% 7,691,104

Activities

Fixed Asset Additions

Affiliate Payments
Interest Income 2,616 609 1% 615 2% 628 2% 640 2% 653
Net Cash Flow From Investing Activities -940,562 -7,390,391 -7,464,295 -7,538,931 -7,614,314 -7,690,451

Group Credits
Credit Taken From Group 5,000,000 4,000,000 0 0 0
Credits Given
Payment of Credit Taken
Interest Expense 726,787 870,000 10% 957,000 10% 1,052,700 10% 1,157,970 10% 1,273,767
Other Financing Movements
Net Cash Flow From Financing Activities -726,787 4,130,000 3,043,000 -1,052,700 -1,157,970 -1,273,767

Net Cash Flow -475,513 49,248 -80,299 -12,424 373,964 387,672

Cash at the
End of the
Period

Cash at the Beginning of the Period 651,927 185,603 308,675 228,376 215,952 589,916
Exchange rate diff 9,188 73,824
Cash at the End of the Period 185,603 308,675 228,376 215,952 589,916 977,588