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OIL TERMINAL SA’
MANAGERS REPORT
For the financial year ended on
31 December 2023
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CONTENT
1. COMPANY PRESENTATION 4
1.1 Identification data of report and issuer 4
1.2 Company' main activity 5
1.3 Company' establishment data 5
1.4 Company' mission, vision and values 5
1.5 Development strategy and strategic objectives 5
1.6 Company' organization 6
1.7 Non-financial reporting 6
2. IMPORTANT CORPORATE EVENTS in 2023 6
3. COMPANY' PERFORMANCES 14
3.1 Operational results 14
3.2 Financial results 14
3.3 Investments 15
3.4 Company' stock exchange indicators 15
4. OIL TERMINAL COMPANY ACTIVITY ANALYSIS 15
4.1 General evaluation elements 15
4.2 Technical level evaluation 19
4.3 Technical material supply activity 21
4.4 Company' outstanding fusions or reorganizations during 2023 financial year 21
4.5 Acquisitions and/or enstrangement of assets 21
4.6 Evaluation of sale activity 21
4.6.1 Evolution of sequential sales on internal and/or external market and of sales overview
on long and medium term 21
4.6.2 Competitional situation in the company’ field of activity, of the company’ products
and services percentage on market and of main competitors 22
4.7 Human resources 23
4.8 Matter regarding the company' main activity on the environment 23
4.9 Activity of research and development 24
4.10 Risk management and managerial internal control 24
4.11 Prospection elements regarding the company’ activity 29
4.12 Litigations 31
4.13 Important events after 31 December 2023 42
5. COMPANY’ TANGIBLE ASSETS 43
6. MARKET OF SECURITIES ISSUED BY THE COMPANY 44
7. COMPANY' MANAGEMENT 46
7.1 Board of Directors 46
7.2 Executive management 55
8. FINANCIAL-ACCOUNTING REPORT 55
8.1 Financial position report 56
8.2 Overall result report 59
8.3 Economic financial indicators 61
8.4 Cash flows 61
9. GUVERNANȚA CORPORATIVĂ 62
10. SPONSORSHIPS 73
11. PROPOSAL OF THE MANAGEMENT BOARD 73
11.1 Approval of financial reports ended on 31.12.2023 73
11.2 Approval of net profit distribution for 2023 financial year 73
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12. OUTSTANDING TRADES 73
12.1 Trades with state entities 73
12.2 Trades according to Deputy minister order for energy no.704/18.08.2014 75
12.3 Trades according to art. 52 of GEO 109/2011 76
12.3.1 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 GEO 109/2011 76
12.3.2 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 113
12.4 Trades according to art. 234 paragraph 1 letter i) of FSA Regulation no. 5/2018 114
13. CONFORMITY STATEMENT ACCORDING TO CORPORATE GOVERNANCE COD 116
ANNEX: Constitutive Act of the Company OIL TERMINAL SA Constanta
Acts of resignation/dismissal among members of the administration, executive management
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1. COMPANY’ PRESENTATION
1.1. Data of identification for report and issuer
Anual Managers report issued according to art.65 of Law no.24/2017 on issuers of
financial instruments and market operations,
republished
art.126 of FSA Regulation No 5/2018
on issuers of financial instruments and
market operations
Annex no.15 of FSA Regulation no.5/2018
art. 56 of GEO 109/2011 on corporate
governance of public companies
(amended by Law 111/2016)
Financial year 2023
Report date 22 march 2024
Company name OIL TERMINAL SA
Social headquarter Constanta, no.2, Caraiman str.
Phone/fax number 0040 241 702600 / 0040 241 694833
Unique registering code RO 2410163
At the Trade Registrar Office
Order number at the Commere Register J/13/512/1991
Regular market on which issued securities Bucharest Stock Exchange, Standard category
are traded
The subscribed and paid social capital 299,717,713.20 Lei
The main characterisctics of the issued securities 2,997,177,132 shares with a nominal value of
0.10 lei/shares, nominative, indivisible, with equal
voting right, freely traded in Bucharest Stock
Exchange under symbol OIL
LEI Code (Legal Entity Identifier) 315700QNENQ53MELTT73
Applicable accountancy regulations MFP’ Order no. 2844/2016 for Accountancy
Regulations approval according to International
Financial Reporting Standards
Audit The individual annual financial situations issued on
31.12.2023 are audited
Report currency Romanian Leu (RON) -all the presented amounts are
in RON, if not mentioned otherwise
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1.2. Company' main activity
Oil Terminal SA has a strategic position within the Black Sea area, being the largest operator of oil products
in Constanta Port, which object of activity includes services supplies regarding receiving, loading, discharging,
storage and conditioning of crude oil, oil, petrochemical and liquid chemical products for import, export and
transit (cod CAEN 5224- handlings).
The oil terminal of Constanta is located in south-eastern Europe, at the junction of shipping lanes between
Asia, Central and Western Europe and Middle East.
The oil terminal has a history of more than 125 years providing import, export and transit of crude oil, petroleum
products, petrochemical and liquid chemical products and other services supply.
1.3. Company' establishment data
OIL TERMINAL, 125 year-old is a shares company located in Romania, with social headquarter at no. 2
Caraiman street, Constanta.
The company was established according to provisions of Law 15/1990 regarding reorganization of state
economic companies as independent administrations and commercial companies and Government Decision
no.1200/1990 regarding the establishment of stock commercial companies in industry with legal form as stock
company.
The company runs its activity according to Romanian law and constitutive act as a shares company and was
registered in Constanta Trade Register by no. J13/512/01.02.1991, fiscal registration code RO 2410163.
Accomplishing the criteria of Bucharest Stock Exchange, on 30.01.1998, OIL TERMINAL SA was listed on
stock exchange rate, rank I, providing investors safety and security, informational transparency and the
possibility to trade shares on an organized market.
Bucharest Stock Exchange applied a new market segmentation, and Oil Terminal’ shares were included in
Standard category, swince 5 January 2015.
1.4. Company' mission, vision and values
➢ Mission - OIL TERMINAL SA is a modern and dynamic company, a regional leader in the Black Sea
basin, with respect for environmental protection, with a high level of technology and automation, with a
team of competent and motivated people, providing prompt and quality services to its customers and
added value to shareholders. We pursue the development of partnership relations by adapting the offer
on the provision of services for the reception, storage, conditioning and delivery of crude oil, petroleum,
petrochemical and liquid chemical products to and from sea and river vessels, tank wagons, oil
pipelines, car tanker loading, as well as ship bunkering, geared towards meeting the requirements of
customers and stakeholders.
➢ Vision - OIL TERMINAL SA’ will be a leader of services between oil terminals in the Black Sea area.
➢ The values of OIL TERMINAL SA are oriented to:
- Focus on customer needs
- Providing excellent service to our customers
- Flexibility to respond quickly to customer needs
- Dedication to the highest professional standards
- Encouraging the development, satisfaction and loyalty of our employees
- Considering teamwork as the basis for successful cooperation within the company and its future
development
- Increasing shareholder value.
1.5. Development strategy and strategic objectives
Oil Terminal SA proposes to keep on being a viable company to implement an overall development strategy
on average and long term being structured on the following partial strategies focused on the following
strategic objectives:
Partial strategies
Objectives
Investments and maintenance
strategies
Achievement of investments and maintennace plans by complying
with the execution term and the contracted value.
Marketing strategy
Maximization of the company’ revenues by promoting Oil Terminal’
image as trustful partner.
Service supply strategy on
technological flow
Appropriate management of the client’s product.
Organizatorical strategy
Provision of a modern management by implementing and
maintaining the risks, control and corporate governance’
management processes inside the company.
Financial strategy
Best dimensioning and usage of own financing resource by
providing the company’ development strategy.
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Staff training strategy
Continuous provision of trained staff, motivated and able to
achieve its object of activity.
Environment strategy
Prevention and limitation of negative effects on the environment.
Strategy for implementing
integrated quality, environment,
health and safety management
systems
Approach of Quality Management Systems as the orghanization’
strategic decision to improve its overall performance and initiatives
supply for a long lasting development.
1.6. Company' organization
The company’ organization is presented in the pyramidal-type organizational chart, specific for a hierarchical-
functional organizational structure.
During the period 01.01.2023 - 27.04.2023, the company was managed on a unitary basis, the board of
directors being made up of provisional non-executive directors, appointed in accordance with the provisions of
Government Emergency Ordinance no.109/2011, as amended with subsequent additions, following the
termination of the directors' contracts approved by OGSM Resolution no.5/04.04.2018.
Following the completion of the selection procedure in accordance with the provisions of GEO no.109/2011,
carried out by the Ministry of Energy, in its capacity as Public Supervisory Authority, the OGSM Resolution
no.12/27.04.2023 approved the election of 7 non-executive directors as members of the Board of Directors of
Oil Terminal SA, starting from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011,
for a period of 4 (four) years, the company being managed under the unitary system.
The organizational structure includes the following hierarchical levels:
• General Meeting of Shareholders
• Board of Directors
• General Manager
• Executive Directors
• Head of Department
• Heads of functional and operational departments reporting to the Director General and Executive
Directors
• Executive staff
According to this organisational structure, leadership is achieved through top-down objectives and
programmes executed from the bottom up, based on efficiency and professional accountability.
Each department has its own tasks, which form an integral part of the company's Organisational and
Operational Regulations.
For the staff of the company, their tasks, responsibilities and competences are contained in the job
descriptions.
The performance of individuals and functional structures is measured by quantitative and qualitative indicators,
adapted and monitored through the Management Internal Control System.
1.7. Non-financial reporting
Starting from 2024, for the financial year ended 31.12.2023, OIL TERMINAL SA has opted for the publication
of non-financial information in a separate report, in accordance with the provisions of the Order of the Ministry
of Public Finance no.2844/2016 for the approval of Accounting Regulations in accordance with International
Financial Reporting Standards, as amended.
The Sustainability Report for the year 2023, which will be published during the first half of 2024, includes both
the management policy dedicated to the protection of the environment, safety and health of employees and
the principles underlying the company's corporate governance and social responsibility, which report will be
prepared and published annually by OIL TERMINAL SA.
The Sustainability Report for the year 2023 will be published in accordance with the provisions of MFP Order
no.2844/2016 Cap.7 point 42. paragraph (1) letter b) "The report shall be made available to the public within
a reasonable period not exceeding six months from the balance sheet date, on the entity's website, and shall
be mentioned in the directors' report", i.e. by 30 June 2024.
2. IMPORTANT CORPORATE EVENTS in 2023
During 2023, the following significant events took place in the company:
I. Appointment of provisional administrators.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/16.01.2023 the following
were adopted:
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- election as provisional members of the Board of Directors of Oil Terminal SA, by cumulative voting
method, in accordance with the provisions of GEO no.109/2011 on corporate governance of public
companies, with subsequent additions and amendments, of the following persons:
1. GHEORGHE Cristian Florin
2. UNGUR Ramona
3. ANDREI Aurelian Ovidiu
4. TEȘELEANU George
5. NICOLAE Emilian
6. LAZARIU Dragoș Ciprian
7. MICU Ionuț Stelian
- approval of the term of office of the provisional administrators, for a period of 4 months, in accordance
with the provisions of art.641, paragraph (5) of GEO no.109/2011 or until the end of the recruitment and
selection procedure provided for in GEO no.109/2011, if this takes place earlier than 4 months after the
appointment of the provisional administrators by the GSM, starting from 03.02.2023;
- approval of the establishment of the fixed gross monthly compensation of the appointed provisional
directors, equal to 2 (two) times the average over the last 12 months of the average gross monthly
earnings for the activity carried out according to the main object of activity registered by the company at
class level according to the classification of activities in the national economy, communicated by the
National Institute of Statistics, prior to the appointment, calculated in compliance with the provisions of
GEO no.79/2017 for amending and supplementing Law no.227/2015 on the Fiscal Code, in accordance
with the provisions of art.37, paragraph (2) of GEO no.109/2011 on corporate governance of public
companies;
- approval of the form of the mandate contract to be concluded with the appointed provisional
administrators;
- approval of the mandate of the representative of the majority shareholder, the Ministry of Energy, in the
Ordinary General Meeting of Shareholders, Mrs. Dumitru Aura Gabriela, for the signature of the mandate
contracts with the appointed provisional administrators.
II. Selection of administrators according to the provisions of GEO no.109/2011.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.3/16.01.2023 the
following were adopted:
- approval of the profile of the Board of Directors;
- approval of the profile of the candidate for the position of member of the Board of Directors.
• On 18.01.2023, at the request of the Ministry of Energy, as the public supervisory authority carrying
out the selection procedure, the following were posted on the company's website: the draft Letter of
Expectations, the Invitation to Consultations on this project, the Announcement on the recruitment
and selection of 6 (six) positions of member of the Board of Directors of Oil Terminal SA. Please note
that by the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.13/16.06.2022,
the shareholders of the company approved the initiation of the selection procedure for the members
of the Board of Directors at Oil Terminal SA, in accordance with the provisions of the Government
Emergency Ordinance no.109/2011 on corporate governance of public companies, approved with
amendments by Law no.111/2016. The selection procedure was carried out by the Ministry of Energy,
on behalf of the shareholder Romanian State.
III. Increase of share capital.
• On 17.01.2023 the Romanian Financial Supervisory Authority issued Decision no.46 approving the
simplified prospectus for the increase of the share capital of OIL TERMINAL SA Constanta. The FSA
decision and the simplified prospectus were published on the Oil Terminal website https://oil-
terminal.com/majorare-capital-social-2023/, with the following elements:
- Subject of the offer: maximum 1,546,108,148 shares
- Period of validity: 23.01.2023 - 08.03.2023
- Subscription price: 0.1 lei/share
- Intermediary of the offer: S.S.I.F. PRIME TRANSACTION S.A.
- Place of subscription: according to the information in the prospectus.
• Decision no.46/17.01.2023 was issued in view of the Extraordinary General Meeting of Shareholders
Decision no.4 dated 21.03.2022, which adopted the continuation of the procedure of increasing the share
capital with contribution in kind of 2,283,000,282 shares and cash contribution in the maximum amount
of 154,610,814.80 lei, by issuing a maximum number of 1,546,108. 148 new registered shares, in
dematerialized form, with a nominal value of 0.1 lei/share and the request made by S.S.I.F. PRIME
TRANSACTION S.A. to the FSA regarding the approval of the simplified prospectus in order to increase
the share capital of OIL TERMINAL SA Constanța.
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• On the basis of Law No 15/1990 on the reorganisation of state economic units as autonomous regencies
and commercial companies and Government Decision No 834/1991 on the establishment and valuation
of land owned by state-owned companies and taking into account the proposals of the Commission for
the establishment and valuation of land, established by Ministerial Order No 5302/10.04.2002, pursuant
to GD No 19/2001, the Ministry of Industry and Resources has issued the following Certificates of
Attestation of Ownership:
- series M0 3, No 11703 on land covering 254,261.325 sqm and
- series M0 3, no.11704 in the area of 129,334.70 sqm.
On the date of entry into the company's assets, i.e. on 28.02.2011, this land was recorded in the company's
assets under other reserves in the shareholders' equity, without increasing the share capital by the value
recorded in the certificates of ownership.
• By Decision no.20/10.03.2023 the Board of Directors decided to validate and approve the results of
the operation to increase the share capital of OIL TERMINAL SA according to the subscriptions made
and approved the drafting of the updated version of the Constitutive Act and filing with the Trade
Register Office with the amendment of art.7 of the Constitutive Act of OIL TERMINAL SA with the
following text:
o (1) OIL TERMINAL is a public limited company.
o (2) The share capital of RON 299,717,713.20 divided into 2,997,177,132 registered shares,
with a nominal value of 0.10 RON each and is fully subscribed and paid up by the shareholders
(contribution in kind - 286,543,053.50 RON; contribution in cash 13,174,659.70 RON).
o (3) The shareholder structure and capital is:
Shareholders
Number of shares
Percentage of share capital
Ministry of Energy
2,630,258,255
87.7579
Other natural and legal persons
366,918,877
12.2421
TOTAL
2,997,177,132
100%
• It should be noted that during the capital increase operation a total of 2,414,746,879 new shares were
subscribed in kind and in cash, at a subscription price of 0.10 lei/share, the total amount subscribed
being 241,474,687.90 lei.
• By Decision no.6522 pronounced on 14.03.2023 by the Ministry of Justice - National Trade Register
Office - Trade Register Office of the Court of Constanța, the following acts were published in the
Official Gazette of Romania, Part IV: Decision of the Board of Directors no.20 of 10.03.2023 and the
notification on the filing of the updated articles of association with the Trade Register Office.
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.4/18.04.2023
were adopted:
- approval of the Report on the share capital increase of OIL TERMINAL SA
- validation and approval of the operations carried out for the share capital increase.
- approval of the updating of Article 7 of the constitutive act of Oil Terminal SA, following the completion
of the operations for the increase of the share capital,
- approval of the amendment of the Constitutive Act and the mandate of the Chairman of the Board of
Directors to sign the updated Constitutive Act in authentic form.
IV. Election of the Provisional Chairman of the Board of Directors and Advisory Committees
During the meeting of the Board of Directors held on 03.02.2023, the directors of the company elected Mr.
Gheorghe Cristian-Florin as provisional Chairman of the Board of Directors, in accordance with the provisions
of art.18 paragraph 5 of the articles of association and established the composition of the advisory committees
that will function within the Board of Directors, as follows:
• Audit Committee: UNGUR Ramona - Chairman
TEȘELEANU George - Member
LAZARIU Dragoș Ciprian - Member
• Nomination and Remuneration Committee: ANDREI Aurelian Ovidiu - Chairman
NICOLAE Emilian - Member
MICU Ionuț Stelian – Member
V. Approval of the income and expenditure budget and appointment of the statutory financial auditor.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.4/16.02.2023 it was
approved
• the Income and Expenditure Budget for the year 2023.
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• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.5/16.02.2023 the
revocation of TRANSILVANIA AUDIT & FISCALITY as statutory financial auditor of the company was
approved, due to the expiration of the contract term.
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.6/16.02.2023 it was
approved the Appointment of TRANSILVANIA AUDIT & FISCALITY as statutory financial auditor of
the Company OIL TERMINAL SA with a duration of the financial audit services contract of 3 (three)
years (for the years 2023, 2024 and 2025).
VI. Updating the amount of the guarantee for the tax warehouse permit
On 21.02.2023 the Ministry of Finance, Regional Customs Directorate Bucharest sent Decision no.33
/17.02.2023, which set the amount of the updated guarantee for the tax warehouse authorisation (i.e. tax
warehouse authorisation No. RO 0070413DD02/03.02.2022, which allows the receipt, holding and dispatch,
where applicable, of unleaded petrol under suspension of excise duty) for the storage of petrol at 53,666,067
lei, compared to the previous amount of 27,698,117 lei, set by Decision No. 34/26.01.2021.
In view of Decision no.15/28.02.2019 of the Regional Commission for the Authorisation of Operators of
Products Subject to Harmonised Excise Duties Galati, a decision by which Oil Terminal SA benefits from a
75% reduction in the value of the guarantee, the updated guarantee to be provided by Oil Terminal for the tax
warehouse is RON 13,416,516.76. The deadline for providing the guarantee is 30 working days from the date
of notification of the decision.
Please note that on 15.03.2023, Amendment no.7 to the Bank Guarantee Letter no.G084724/832 was signed,
whereby the value of the guarantee letter is increased by the amount of 6,491,987.76 RON, the new
guaranteed value being 13,416,516.76 RON, with validity term until 31.10.2025.
VII. Approval of the partnership for the valorisation of 38 ha of the northern deposit.
By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.1/02.03.2023 it was
approved to start negotiations with Iulius Real Estate SRL in order to establish a partnership for the
development of the 38 ha land located in the North Platform Section, body A and body B and the Board of
Directors was mandated to negotiate the legal conditions and to formulate the final proposal on the way to
realize the partnership.
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.5/01.09.2023:
- it was approved the establishment of a partnership between Oil Terminal SA and Iulius Real Estate SRL
("the Developer") for the purpose of carrying out an urban regeneration and development project at the
Developer's cost with the following main elements:
a. Form of Collaboration
a.1. Association Agreement to start the PUZ phase of project permitting, improvement or extinguishment
of environmental obligations with respect to the Land at the developer's cost, decommissioning of existing
infrastructure on the land for the implementation of an urban regeneration and development project at the
developer's cost under the Superficies Contract.
a.2. Contract for the creation of a right of superficies in favour of the Developer, the Developer acquiring
the a right of superficies over the Lands.
b. The object of the Superficies Contract: The land owned by OIL TERMINAL S.A. in the area of 254.261
sqm registered in Land Registry 215416 UAT Constanta, cadastral number 215416 and the land in the
area of 129.335 sqm registered in Land Registry 215382 UAT Constanta, cadastral number 215382.
c. Superficies Tax : 2.000.000 EURO/year for the entire surface of the Lands payable in the amount and at
the terms negotiated between the parties. A superficies tax shall be paid in the amount and at the times
negotiated and shall be indexed in accordance with the negotiated provisions contained in the Superficies
Contract.
d. Duration of the Superficies Contract: The contract is concluded for a period of 99 years with the possibility
of extension in accordance with the applicable legal provisions.
e. Duration of the Association The association will be valid for the duration of the Superficies Contract.
f. Project Functions Developed Directly by the Developer/Functions Developed by Other Entities:
f.1. The following functions within the Project will be developed directly by - Developer: Retail, Office,
Residential, Entertainment, Park, Botanical Garden, Fresh Market , Related parching
f.2. The following functions may be developed, at the Developer's decision, with or directly by public or
private institutional partners: University/university campus, Aquarium, Hotel, Related parching, SPA
After approval of the Zoning Urban Plan, the Developer will be able to decide on the development of the
previously foreseen functions.
- The mandate of the General Director, the Financial Director, the Development Director, the Head of the
Legal Litigation Office or their legal substitutes to represent the company in relations with the developer,
notary public and to sign on behalf of the company the Association Agreement and the Superficies
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Contract, the additional documents thereto, as well as any other documents necessary to carry out the
contractual relationship with the developer for the implementation of the project was approved.
- Approval of the mandate of the administrative and executive management to take the necessary steps
to carry out any conduct or obligations arising from the Association Agreement and/or the Surface
Contract, including but not limited to: granting of any approval, agreement, power of attorney would be
required by the Developer in the process of permitting the investment project, performance of any
obligation undertaken towards the Developer, demolition of existing buildings and their removal from the
land register of the land for the project, handing over the land for the project to the Developer, signing of
agreements/contracts of any kind with any utility providers or local authorities for the performance of the
steps to which the Developer is entitled under the negotiated terms, collaborating with the Developer in
providing the Developer with any assistance in relation to any deeds, documents or agreements which are
or may be required in the development of the Project, carrying out any dismemberments or alienations of
the Lands, representing the Company before any central or local authorities and any public or private
entities in relation to the development of the Project.
• On 14 September 2023, Oil Terminal SA and Iulius Real Estate SRL signed a joint venture agreement on
the basis of EGSM Decision no.5/01.09.2023. Thus, a 38-hectare plot of land owned by Oil Terminal, a
joint-stock company, of which the Ministry of Energy owns 87.75%, a plot of land that has housed storage
facilities for petroleum products and on which no basic activity has been carried out for over 10 years, is
returned to the city as a sustainable urban area accessible to the entire community, contributing to the
economic, tourist, social and cultural development of Constanta. In addition to the investment, estimated
by the developer at over €815 million, in developing the land as a project integrating extensive urban
gardens, offices, shopping and entertainment area, educational and cultural facilities, as well as an
integrated infrastructure to support mobility and connectivity, IULIUS will pay OIL TERMINAL SA an annual
indexable surface fee of €2 million.
VIII. Extension of the term of office of the interim General Director and the interim Financial Director:
• By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional
General manager of Oil Terminal SA, Mr. Viorel Sorin Ciutureanu, was extended by 2 (two) months
from the date of expiry of the mandate, i.e. for the period: 01.05.2023 - 01.07.2023.
• By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional
financial director of Oil Terminal SA was extended, respectively, to Mrs. Adriana Frangu, with
2 (two) months from the date of expiry of the mandate, respectively for the period:
01.05.2023 - 01.07.2023.
IX. Certification of the integrated management system.
During 20 - 21.04.2023, Surveillance Audit No.2 for compliance with the requirements of
SR EN ISO 9001:2015 and Surveillance Audit No.1 for compliance with the requirements of
SR EN ISO 14001:2015 and SR ISO 45001:2018 were conducted.
In August 2023, the Surveillance Audit No.2 of the Petroleum Products Testing Laboratories was conducted
in compliance with the requirements of SR EN ISO/IEC 17025:2018.
In October 2023, the documents for the reauthorization of the Metrology Laboratory for volume checks were
submitted again, in accordance with the requirements of SR EN ISO/IEC 17025:2018. It was necessary to
submit new documentation because during the assessment period some of the standards were rescaled
and the annexes of the certificates had to be redone.
X. Approval of the annual financial statements for 2022
• By resolution of the Ordinary General Meeting of Shareholders (OGSM) no.8/27.04.2023:
- was taken note of the information on the Half-Yearly Report on the management activity for the second
half of 2022, pursuant to Article 55, paragraph (1) of GEO 109/2011;
- was taken note of the information on the Annual Report of the Nomination and Remuneration Committee
on the remuneration and other benefits granted to non-executive directors and directors with mandate
during the financial year 2022, pursuant to art.55, para.(2) of GEO 109/2011.
• By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.9/27.04.2023:
- The financial statements for the year 2022, prepared in accordance with International Financial Reporting
Standards (IFRS), comprising: statement of financial position, statement of comprehensive income,
statement of changes in equity, statement of cash flows, notes to the financial statements, based on the
Report of the Board of Directors and the Report of the independent financial auditor, were approved;
- the distribution of the net profit for the financial year 2022 in the amount of 12,663,447 lei was approved
- it was approved to establish the amount of the gross dividend proposed to be granted to shareholders in
the amount of 0.00318066 lei/share;
- it was approved to set 07.06.2023 as the date of payment of dividends to shareholders;
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- the mandate of the Board of Directors to appoint the paying agent was approved, in accordance with the
applicable regulatory framework for the payment of dividends. Dividend payments will be made in lei, only
to shareholders registered in the Shareholders' Register (kept by the "Central Depository" SA) on the
record date set by the General Meeting of Shareholders. The method of payment of dividends will be
notified to the shareholders before the date on which payment commences;
- the Annual Financial Report for the financial year 2022, drawn up in accordance with Law no.24/2017
and FSA Regulation no.5/2018 and art.56 of GEO no.109/2011, including in the single electronic reporting
format (Extensible Hypertext Markup Language - XHTML), provided for in art.1 of the Financial Supervisory
Authority Regulation no.7/2021 and in art.3 of the Delegated Regulation (EU) 2018/815 of 17December
2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council, was approved;
- the discharge of the managers for the work carried out in the financial year 2022 was approved.
• By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.10/27.04.2023 the
Remuneration Report prepared in accordance with art.107 of the Law no.24/2017 on issuers of financial
instruments and market operations was approved.
XI. Appointment of administrators for a 4-year term of office
- By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.12/27.04.2023:
- it was approved the revocation of the membership of the Board of Directors of Oil Terminal SA, as of
27.04.2023, following the completion of the selection procedure in accordance with the provisions of GEO
no.109/2011 on corporate governance of public companies of Mr. GHEORGHE Cristian Florin, Mrs.
UNGUR Ramona, Mr. ANDREI Aurelian Ovidiu, Mr. TEȘELEANU George, Mr. NICOLAE Emilian, Mr.
LAZARIU Dragoș Ciprian, Mr. MICU Ionuț Stelian;
- rejected the election as member of the Board of Directors of Oil Terminal SA, as of 28.04.2023, in
accordance with the provisions of art.29 of GEO no.109/2011 of Mr. LAZARIU Dragoș Ciprian, Romanian
citizen, economist, residing in Voluntari, jud. Ilfov;
- approved the election as members of the Board of Directors of Oil Terminal SA, as from 28.04.2023, in
accordance with the provisions of art.29 of GEO no.109/2011 of the following:
• Mr. ANDREI Aurelian Ovidiu
• Mr GHEORGHE Cristian Florin
• Ms UNGUR Ramona
• Mr MIȘA George Silvian
• Mr MICU Ionuț Stelian
• Mr TEȘELEANU George
• Mr BODU Sebastian Valentin
- the term of office of the elected members of the Board of Directors was approved for a period of 4 (four)
years, starting on 28.04.2023;
- the establishment of the monthly gross fixed indemnity of the elected members of the Board of Directors
was approved, equal to 2 times the average gross monthly average salary for the last 12 months for the
activity carried out according to the main activity object registered by the company, at class level according
to the classification of activities in the national economy, communicated by the National Institute of
Statistics prior to the appointment;
- the form of the mandate contract to be concluded with the elected members of the Board of Directors
was approved;
- the mandate of the State representative in the Ordinary General Meeting of Shareholders to sign the
mandate contracts of the newly elected members of the Board of Directors was approved.
XII. Election of the Chairman of the Board of Directors and Advisory Committees:
The Directors elected by OGSM Resolution no.12/27.04.2023, meeting on 28.04.2023, elected, in
accordance with the provisions of art.18 paragraph (5) of the Constitutive Act, as Chairman of the Board of
Directors, Mr. Gheorghe Cristian Florin and established the composition of the advisory committees that will
function within the Board of Directors as follows:
• Audit Committee: UNGUR Ramona - Chairman.
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee: ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Strategy and Development Committee: MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian – Member
12
In accordance with the provisions of art.34 GEO no.109/2011 modified by Law no.187/2023, during the
meeting of the Board of Directors held on 28.07.2023, the directors of the company updated the composition
of the advisory committees operating within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - Chairman.
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Development and Strategy Committee
MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian - Member
• Risk Management Committee
BODU Sebastian Valentin - Chairman
ANDREI Aurelian Ovidiu - Member
TEȘELEANU George – Member
XIII. Maintaining AEOC/AEOS authorization.
During the period 01.03.2023-04.05.2023, a reassessment of the compliance with the conditions and criteria
for obtaining the status of authorized economic operator and AEOC/AEOS Authorization -
RO/AEOC/AEOS/00000000224/19.12.2019 was carried out by the Bucharest Regional Customs Directorate.
Following the reassessment, the Bucharest Regional Customs Directorate proposed to maintain the
authorization given that OIL TERMINAL meets the conditions and criteria for granting AEO-Customs
Simplifications/Security and Safety status, and issued AUDIT REPORT no.48/1/DM/ZM/04.05.2023,
registered at Oil Terminal with no.5386/09.05.2023.
The Customs Authority reserves the right to periodically evaluate the results of the activity carried out by Oil
Terminal, in order to be able to assess whether the conditions and criteria for maintaining the status as well as
the security and safety standards continue to be met.
XIV. Appointment of General Director and Financial Director
At the meeting of the Board of Directors held on 02.05.2023, it was approved to initiate the selection procedure
for the General Manager and the Chief Financial Officer, mandating the Nomination and Remuneration
Committee Nomination and Remuneration Committee to carry out the selection.
At the meeting of the Board of Directors held on 04.05.2023, the directors of the company approved the
procedure and criteria for the selection of the General Director and the financial director, in accordance with
the provisions of GEO no.109/2011.
On 19.06.2023, following the completion of the selection procedure for the General Director and the Financial
Director of the Company, in accordance with the provisions of GEO no.109/2011 on corporate governance of
public companies, as amended, the Board of Directors, based on the recommendation of the Nomination and
Remuneration Committee, appointed the directors with a term of office for a period of 4 years (20.06.2023 -
20.06.2027) as follows:
- Mr Viorel Sorin CIUTUREANU as Director General
- Ms Adriana FRANGU as Financial Director.
XV. Approval of performance indicators, remuneration limits for directors with a mandate contract and
the amount of the variable component.
By Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.13/28.08.2023:
- The financial and non-financial performance indicators resulting from the Management Plan of Oil
Terminal SA were approved The ICPs that will be annexed to the mandate contract of the non-executive
managers were approved;
- it was approved the amount of the variable component of the remuneration of the non-executive
managers at 12 fixed gross monthly allowances for each year of mandate;
- it was approved the form and content of the Additional Act to be concluded with the non-executive
managers of the company;
- it was approved to mandate the State representative in the General Meeting of Shareholders to sign the
Additional Act to the Mandate Contract;
- it was approved to set the remuneration limits for directors with a mandate contract assimilated to
executive directors as follows:
13
1. the limits of the gross monthly fixed compensation: between 5 and 6 times the average over the last 12
months of the average gross monthly salary for the activity carried out according to the main object of
activity registered by the company, at class level according to the classification of activities in the national
economy, communicated by the National Institute of Statistics prior to the appointment.
2. limits of the variable (gross) component: between 11 and 12 gross fixed monthly allowances for each
year of office.
XVI. Approval of the amended Budget of revenues and expenses 2023. Report on the work in the first
semester 2023
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.14/29.09.2023, the
Directors' Report of Oil Terminal SA for the first half of 2023, ended on 30 June 2023, prepared in
accordance with art.67 of Law no.24/2017(r1), art.128 of FSA Regulation no.5/2018 (Annex no.14),
art.55 paragraph (1) of GEO no.109/2011 was acknowledged.
• The Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.15/29.09.2023 approved
the rectified Budget of Revenues and Expenses for 2023.
XVII. Approval of the limits of indemnity for directors' liability insurance policy
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.16/29.09.2023 the
amount of 1,000,000 euro was approved as the limit of indemnity related to the civil liability insurance
policy for the administrators of the company in office, with the sole beneficiary of the insurance
indemnities being Oil Terminal SA.
XVIII. Initiating partnership procedures for the construction of a bitumen terminal at the port depot.
On the basis of the Development Strategy and the Management Plan 2023-2027, in which a bitumen operating
activity is foreseen, as well as the diversification of the product portfolio, through the publication of a Current
Report on the Bucharest Stock Exchange and a press release on its website and in Ziarul Financiar, Oil
Terminal has expressed its intention to initiate the necessary steps for the development of a bitumen terminal
construction project.
As Oil Terminal does not have its own sources for the implementation of such development projects, the
company is interested in establishing partnerships in this regard.
XIX. Submission of intentions for the establishment of a partnership for the construction of a bitumen
terminal.
By the deadline of 20.10.2023 intentions have been submitted by:
1. Takida Terminal S.R.L.
2. Euronova Energies S.A.
3. Frial S.A.
4. OMV Petrom S.A.
5. Trafigura Pte Ltd
6. Vitaro Energy S.R.L.
In the coming period, meetings will be set up with each of them to identify the most suitable solutions for the
establishment of the bitumen terminal construction partnership, and the firm offers obtained will then be
submitted to the General Meeting of Shareholders for consideration.
After meetings with each of the 6 companies that submitted their intention, on 17.11.2023 requests were sent
to each of them to submit firm offers for the establishment of a partnership for the construction of a bitumen
terminal in the Port of Oil Terminal depot by 20.12.2023, indicating the main elements to be included in the
offer and their evaluation criteria.
Two other companies have also submitted intentions to enter into a partnership for the construction of a
bitumen terminal.
Given that Oil Terminal is interested in identifying the best solution for this investment in a competitive and
transparent manner, it has informed the two companies that they must enter the competition at this stage,
without going through the previous stages, on condition that they comply with the deadline for submitting bids,
i.e. 20.12.2023 - the deadline for withdrawal from the procedure.
Therefore, the participants in the procedure expected to submit a bid are:
1. Takida Terminal S.R.L.
2. Euronova Energies S.A.
3. Frial S.A.
4. OMV Petrom S.A.
5. Trafigura Pte Ltd
6. Vitaro Energy S.R.L.
14
7. Socar Petroleum S.A.
8. Tamal Trading and Logistics DMCC.
By the deadline of 20.12.2023, bids for the establishment of a partnership for the construction of a bitumen
terminal in the Port of Oil Terminal depot were submitted by 7 companies out of 8 registered respectively:
1. Socar Petroleum S.A.
2. Takida Terminal S.R.L.
3. Frial S.A.
4. OMV Petrom S.A.
5. Vitaro Energy S.R.L.
6. Trafigura Pte Ltd
7. Euronova Energies S.A.
The bid evaluation process will take place in the coming period.
XX. Issuance by the National Agency for Mineral Resources (ANRM) of Order No.343/18.12.2023
On 21.12.2023, the Order of the National Agency for Mineral Resources no.343/18.12.2023 was published in
the Official Gazette of Romania (MO), Part I no.1159, approving the tariffs for the transportation of crude oil
and petroleum products through the oil terminal, whereby the regulated tariffs for services were updated and
increased by 19.69%, which entered into force on 1 January 2024 and repealed the provisions of ANRM Order
no.81 /16.05.2022 on the approval of the tariffs for the unloading of crude oil and petroleum products through
the oil terminal, published in the MO, Part I, no.514/25.05.2022.
Please note that until 31 December 2023 the company applied the regulated tariffs approved by ANRM Order
no.81/16.05.2022.
XXI. Conclusion of Collective Labour Agreement at unit level
The OIL TERMINAL trade union and the management of the company have signed the Collective Labour
Agreement at unit level, valid from 01.01.2024 to 31.12.2025.
The Collective Labour Contract was registered at the Labour Inspectorate of Constanta under
no.738/28.12.2023.
3. COMPANY’ PERFORMANCES
3.1. Operational results
The services supplies physical programme achieved in the period 2021 - 2023, on petroleum and
petrochemical products:
Products (thousand tons)
2023
2022
2021
Crude oil
3,198
4,373
3,447
Gasoline
403
710
594
Gas oil
3,918
3,033
1,869
Fuel oil
207
222
162
Chemical products
657
721
602
Total
8,383
9,059
6,674
3.2. Financial results
Indicators
2023/2022
(▲/▼%)
31.12.2023
(mil. lei)
31.12.2022
(mil. lei)
Net turnover
349.8
302.7
▲ 115.6
Revenues from operation
354.3
304.8
▲ 116.2
Operation expenses
327.4
288.4
▲ 113.5
Operational profit
26.9
16.4
▲ 164.0
Financial revenues
1.7
4.2
▼ 40.5
Financial expenses
12.0
7.2
▲ 166.7
Financial result
(10.3)
(3.0)
▲ 343.3
15
Total revenues
356.0
309.0
▲ 115.2
Total expenses
339.4
295.6
▲ 114.8
Gross profit
16.6
13.4
▲ 123.9
Net profit
14.3
11.6
▲ 123.3
EBITDA
48.8
35.3
▲ 138.2
Gross margin from sales
(gross profit/turnover) x 100 (%)
4.7
4.4
▲ 106.8
Contribuţii virate la bugetul consolidat al statului
The total amounts due to the consolidated state budget in 2023 are 81.9 million lei, of which the most
important are represented by:
• VAT to be paid 5,4 mil.lei
• Oil royalty 13,7 mil.lei
• Taxation on salary and related contributions 57,0 mil.lei
• Profit taxation 2,3 mil.lei
• Other taxations and taxes 3,5 mil.lei
3.3. Investments
Main investment objectives within the investment program related to 2023:
• Construction of a 55,000 cubic meters tank - South Platform Section
• Modernisation of tank B18 - South Platform Section
• Refurbishment of railway ramp for unloading fuel oil from railway tanks, storage and pumping to
ships - South Platform Section
• Upgrading of 2-stream crude oil quantity measurement system - Port Platform Section
• Construction of a technological installation connecting the 55,000 cubic metre tank to the tank farm
area 3x50,000 cubic metres
3.4. Company’ stock indicators
The information presented regarding Oil Terminal’ stock indicators on 29.12.2023 were taken from December
2023 monthly Bulletin communicated by Bucharest Stock Exchange.
On 29.12.2023 the shares were traded at the value of 0,1270 lei/share (closing price).
Emission information
Shares total number
2,997,177,132
Nominal value
0.1000
Social capital
299,717,713.20
Indicatori bursieri la 29.12.2023 conform BVB
Capitalization
380,641,495.76
PER
19.84
P/BV
0.68
EPS
0.01
DIVY
2.50
Gross dividend (2022)
0.003180
During 2023, there were no Oil Terminal SA’ acquisition of own shares activities.
Oil Terminal SA has no branches, there are no shares issued by the company mother owned by branches.
During 2023, the company did not issue obligations.
4. OIL TERMINAL COMPANY ACTIVITY ANALYSIS
4.1. General evaluation elements
Tariffs charged
Tariffs for the crude oil and petroleum products handling through oil terminal are regulated ones, namely tariffs
settled by the National Agency for Mineral Resources (ANRM) and approved by ANRM’ president’ order,
according to oil agreement concluded between the Company and Agency, according to Government order no.
886/2002.
The tariffs are differentiated by product type (crude oil, petrol, diesel and biodiesel), by product performance,
by quantity range and by storage range.
16
The regulated tariffs charged by the company for the period of 2023 for crude oil, diesel, biodiesel and gasoline
services are those approved by ANRM Order no.81/16.05.2022, in force from 25.05.2022, the date of
publication in the Official Gazette Part I no.514/25.05.2022.
Other tariffs charged by the Company, i.e., fuel oil services, chemical products, rents, various laboratory
analyses, are non-regulated tariffs approved in accordance with the provisions of Article 18, paragraph (4.1)
of the Company's Constitutive Act.
Implemented management systems
Încă din anul 2012 și până în prezent, ca urmare a aplicării prevederilor Ordonanței Guvernului nr.119/1999
Since 2012 and until now, as a result of the application of the provisions of Government Ordinance no.119/1999
on internal/managerial control and preventive financial control, republished, with subsequent amendments and
additions, as well as the implementation of the provisions of Order no.600 /2018 on the approval of the Code
of internal managerial control of public entities, OIL TERMINAL SA has a system of internal managerial control
whose design and application enable management (the General Manager and, where appropriate, the Board
of Directors) to provide reasonable assurance that the funds managed to achieve the general and specific
objectives have been used in a lawful, regular, effective, efficient and economical manner.
Based on the results of the self-assessment, as of 31 December 2023, the internal management control system
of Oil Terminal SA complies with the standards contained in the Internal Management Control Code. The
degree of implementation and compliance of the system of managerial internal control is in accordance with
the Summary of the results of the self-assessment as at 31.12.2023 (16 standards implemented) and the
statements in the Report on the system of managerial internal control as at 31 December 2023.
Starting with 13.05.2003, the Bureau Veritas Quality Romania certified the management system implemented
in OIL TERMINAL, which is maintained until today and continuously improved in accordance with the
requirements of SR EN ISO 9001:2015. Since 2018, the company has been certified for the Integrated
Management System, Quality, Environment, Health and Safety at Work.
The company holds a certificate for quality management, received from Bureau Veritas Certification, valid until
13 May 2024, with a recertification audit to be carried out in April 2024.
In accordance with the requirements of SR EN ISO/IEC 17025:2018 standard, in 2021 the reaccreditation for
a period of 4 years was carried out by the National Body RENAR for 23 laboratory tests.
Internal audits with qualified auditors and external audits of the above mentioned bodies are planned to ensure
compliance with the requirements of the management system.
In order to meet the requirements relating to the Authorised Economic Operator, compliance with the
requirements of Integrated Management, Quality, Environment, Health and Safety at Work is maintained.
In November 2016, AFER-ASFR verified the railway safety management system in order to assess it and issue
the railway safety authorisation to OIL TERMINAL in accordance with Directive 2004/49/EC, transposed into
Law no.55/2006. The verification of the system implemented in 2016 is carried out annually, based on its
documentation, issuing the Railway Operator Operating Authorisations.
Informational system
IT infrastructure is achieved on Microsoft platform
Starting from 2000, Oil Terminal SA implemented the Socrate Plus integrated enterprise system, a platform
that provides data exchange in a unified framework, unified interface for development and modernization, high
level of accessibility, high productivity through flexible adjustment of data updates and a wide range of data
exchange interfaces. The integrated system runs on a dedicated server and its database is backed up daily
after hours. The backup is copied to three different locations and to an external hard disk which is kept in the
vault located in the Classified Documents Compartment.
The server configurations are also backed up on a weekly basis in accordance with the "Operational procedure
for backup and disaster recovery of data in the computer system" code PO-38.02. Backups are copied to three
different locations and to an external hard disk which is kept in the vault located in the Classified Documents
Compartment.
Since 2014, the system for backing up user documents has also been implemented using a dedicated server.
The backup is performed automatically, once a week, for the majority of users connected to Oil Terminal SA's
computer network.
In November 2019, Firewall equipment was purchased and put into operation, increasing the level of cyber
security of the computer network and IT system in operation within the company.
As of February 2020, a new e-mail system was implemented that complies with the latest standards in the field
regarding the safety and security of electronic correspondence carried by Oil Terminal with third parties or
between internal departments. The system is provided by a dedicated server, managed and constantly
17
updated by a company specialized in the field, and the administration of e-mail addresses and user support
are carried out by specialists from the Information Technology and Telecommunications Office of Oil Terminal.
Environment:
Due to the handled petroleum and petrochemical products volume, OIL TERMINAL SA is under the incidence
of Law 59/2016, Oil Terminal SA, regarding the risks of major accodent in which high risk substances are
involved.
Legal
Oil Terminal is involved in 96 pending litigations, of which in 28 it is a plaintiff or contesting party and in 68 it is
a defendant. For 21 litigations the Company has made provisions for litigation.
Financial
The level of the main budget indicators achieved in 2023 compared to the level approved by the Bursa de
Valori București 2023 and 2022:
Achieved
2023
Budget
of
revenues
and
expenses
2022
▲▼ %
1
Indicators (thousand lei)
Achieved
2023
Achieved
2022
▲▼ %
2
349,787
314,395
▲ 111.3
Net turnover
349,787
302,679
▲ 115.6
354,297
316,405
▲ 112.0
Operation revenues
354,297
304,816
▲ 116.2
327,430
293,945
▲ 111.4
Operation expenses
327,430
288,421
▲ 113.5
26,867
22,460
▲ 119.6
Operation profit
26,867
16,395
▲ 163.9
48,787
41,429
▲ 117.8
EBITDA
48,787
35,255
▲ 138.4
1,688
1,455
▲ 116.0
Financial revenues
1,688
4,213
▼ 40.1
11,995
12,415
▼ 96.6
Financial expenses
11,995
7,229
▲ 165.9
(10,307)
(10,960)
▼ 94.0
Financial result
(10,307)
(3,016)
▲ 341.7
355,985
317,860
▲ 112.0
Total revenues
355,985
309,029
▲ 115.2
339,425
306,360
▲ 110.8
Total expenses
339,425
295,650
▲ 114.8
16,560
11,500
▲ 144.0
Gross profit
16,560
13,379
▲ 123.8
14,293
9,827
▲ 145.4
Net profit
14,293
11,604
▲ 123.2
4,73%
3.66%
+ 1.07 p.p.
Gross profit limit (%CA)
4.73%
4.42%
+ 0.31 p.p.
996
1,004
▼ 99.2
Average no. of employees
(pers.)
996
962
▲ 103.5
355,720
315,144
▲ 112.9
Value productivity (lei/pers.)
355,720
316,856
▲ 112.3
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
Economic-financial indicators achieved on 31.12.2023 has the following evolution:
• Turnover increases by 11.3% compared to the level of the Budget for revenue and expenses and by
15.6% compared to the level achieved in 2022
• total revenue is 12% higher than in the Budget of Revenue and expenses and 15.2% higher than in
2022
• total expenditure is 10.8% higher than budgeted and 14.8% higher than the level achieved in 2022
• EBITDA increased by 17.8% (i.e. by 7,358 thousand lei) compared to the budgeted level and by
38.4% compared to the level achieved in 2022
• the gross profit achieved in the amount of 16,560 thousand lei is 44% higher compared to the level
approved by the Income and Expenditure Budget and 23.8% higher compared to the gross profit
achieved in 2022
• the net profit is in the amount of 14,293 thousand lei (after deducting the income tax in the amount of
2,267 thousand lei), 45.4% higher than budgeted and 23.2% higher than the net profit recorded as of
31.12.2022.
Physical performance program
Achieved
2023
Budget
of
▲ ▼ %
1
Indicators
(thousand to)
Achieved
2023
Achieved
2022
▲ ▼ %
2
18
revenues
and
expenses
2023
8,383
7,649
▲ 109.6
Handled quantities, from
which:
8,383
9,059
▼ 92.5
3,198
3,415
▼ 93.6
Crude oil
3,198
4,373
▼ 73.1
403
486
▼ 82.9
Gasolene
403
710
▼ 56.8
3,918
3,036
▲ 129.1
Gas oil
3,918
3,033
▲ 129.2
207
190
▲ 108.9
Fuel oil
207
222
▼ 93.2
657
522
▲ 125.9
Chemical products
657
721
▼ 91.1
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
The physical programme achieved in 2023 was 9.6% higher than the approved rectified level and 7.5% lower
than the level achieved in 2022.
Total revenues achieved in 2023 comparing to approved Budget of Revenues and Expenses 2023 and
to 2022
Achieved
2023
Budget
of
revenues
and
expenses
2023
▲▼ %
1
Indicators
Achieved
2023
Achieved
2022
▲▼ %
2
355,985
317,860
▲ 112.0
Total revenues, from which:
355,985
309,029
▲ 115.2
354,297
316,405
▲ 112.0
Operation revenues, from which:
354,297
304,816
▲ 116.2
3,069
2,200
▲ 139.5
Revenues from residual products
sale
3,069
1,501
▲ 204.5
344,107
309,400
▲ 111.2
Revenues from supplied services
344,107
298,605
▲ 115.2
1,329
1,100
▲ 120.8
Revenues from rents
1,329
1,078
▲ 123.3
1,282
1,695
▼ 75.6
Revenues from different activities
1,282
1,495
▼ 85.8
2,077
1,677
▲ 123.9
Revenues from penalties
2,077
462
▲ 449.6
2,433
333
▲ 730.6
Other revenues from operation
2,433
1,675
▲ 145.3
1,688
1,455
▲ 116.0
Financial revenues
1,688
4,213
▼ 40.1
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
Total revenue achieved in the amount of 355,985 thousand lei is up by 12% compared to the level approved
for 2023 and by 15.2% compared to 2022.
Operational revenues achieved are up by 12% compared to the budgeted level, due to revenues from
services rendered which have a share of 98.4% in turnover and an increase of 16.2% compared to the level
achieved in 2022.
Supplied services revenues increase in 2023 had the following circumstances:
Initially, in 2023 the BVC was approved by OGSM Resolution no.4/16.02.2023, later by OGSM Resolution
no.15/29.09.2023 its rectification was approved, mainly due to the increase of income from services rendered
above the approved level due to the Black Sea-Ukraine conflict crisis and deliveries to the Republic of Moldova.
It should be noted that, compared to the revenue foreseen in the approved budget, due to the context of the
conflict in Ukraine, additional revenue not foreseen in the initially approved physical programme, called
contingency revenue, was generated from services rendered. Thus, as of 31.12.2023, the realized contingency
revenues amount to 27,840 thousand lei and represent 73.5% of the planned revenue overrun (37,892
thousand lei).
Financial revenues in the amount of 1,688 thousand lei are 16% higher than the approved Budget of revenues
and expenses and 59.9% lower than in 2022.
Total expenses achieved on 31.12.2023 compared to 2023 Bodget of Revenues and Expenses level
and with 31.12.2022
Achieved
2023
Budget
of
revenues
▲▼ %
1
Indicators (thousand lei)
Achieved
2023
Achieved
2022
▲▼ %
2
19
and
expenses
2023
339,425
306,360
▲ 110.8
Total expenses, from which:
339,425
295,650
▲ 114.8
327,430
293,945
▲ 111.4
1. Operating expenses, from which:
327,430
288,421
▲ 113.5
14,642
14,255
▲ 102.7
Material expenses, from which:
14,642
16,554
▼ 88.4
11,535
11,250
▲ 102.5
consumables expenses, from which:
11,535
13,325
▼ 86.6
2,122
2,300
▼ 92.3
fuel expenses
2,122
2,264
▼ 93.7
8,958
9,310
▼ 96.2
Other external expenses (water
and energy)
8,958
10,131
▼ 88.4
139,159
140,164
▼ 99.3
Employees expenses, from which:
139,159
113,230
▲ 122.9
133,520
134,370
▼ 99.4
- salaries expenses
133,520
107,747
▲ 123.9
5,639
5,794
▼ 97.3
- other employees expenses
5,639
5,483
▲ 102.8
18,332
18,332
100.0
Depreciation expenses
18,332
18,345
▼ 99.9
2,175
2,175
100.0
Expenses from depreciation of assets
related to rights to use leasing assets
2,175
2,052
▲ 106.0
136,360
102,997
▲ 132.4
Service supply expenses, from
which:
136,360
124,936
▲ 109.1
88,628
54,573
▲ 162.4
- maintenance and repairs
88,628
88,723
▼ 99.9
13,699
12,221
▲ 112.1
- oil royalty
13,699
11,804
▲ 116.1
34,033
36,203
▼ 94.0
- other services supplied by third
parties
34,033
24,409
▲ 139.4
1,413
- 1,538
– 91.9
Regulations and impariments for
value loss and provisions, from
which:
1,413
- 1,537
– 91.9
6,120
6,030
▲ 101.5
- expenses regarding regulations
and provisions
6,120
2,173
▲ 281.6
4,707
7,568
▼ 62.2
- revenues from provisions and
regulations for impairment or value
loss
4,707
3,710
▲ 126.9
6,391
8,250
▼ 77.5
Other operation expenses
6,391
4,710
▲ 135.7
11,995
12,415
▼ 96.6
2. Financial expenses
11,995
7,229
▲ 165.9
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
Total expenses achieved are 10.8% (33,065 thousand lei) higher than the approved level and 14.8% higher
than in 2022.
We mention that the increase in total achieved expenses are in line with the provisions of art.10 paragraph (1)
letter b) of GC no.26/2013, which specifies that "in the execution of the Budget of revenues and expenses, in
case of exceeding the approved total revenues, economic operators may incur total expenses in proportion to
the degree of achievement of total revenues, within the approved efficiency indicators".
Operation expenses are 11.4% higher than budgeted and 13.5% higher than the previous year.
Financial expenses are 3.4% below the budgeted level and 65.9% higher than 31.12.2022.
4.2. Technical level evaluation
OIL TERMINAL SA has 3 depots with a total storage capacity of approximately 1.3 million m
3
, of which:
- North Platform Section, storage capacity of approximately 290,000 m
3
used for crude oil, fuel oil and VGO(
Vacuum gas oil) .
- Port Platform Section, located within the Port, berth 69, with a storage capacity of approximately 105,000
m
3
for petroleum products and chemicals.
- South Platform Section, storage capacity of approximately 910,000 m
3
used for crude oil, gasoline, diesel
and fuel oil.
Depending on the specifics, each platform has the following infrastructure:
• Tanks with capacities of between 1,000 m
3
and 55,000 m
3
, of metal construction, cylindrical, vertically
above ground, fitted with protective belts or retaining tanks, with fixed or floating lids and fire-fighting
installations. Some of the tanks are equipped with automatic measuring equipment of the radar type for
measuring the height and temperature of the stored product.
• loading/unloading capacities for petroleum and liquid chemical products consisting of ramps, internal
railways with a total length of approximately 30 km, equipped with loading/discharging facilities
• product loading facilities in tankers
20
• pipelines for the loading/unloading of crude oil, petroleum products, petrochemicals, liquid chemicals and
oils to/from ships, with diameters ranging from 100 mm to 1000 mm
• pump houses capable of delivering flows between 300 m
3
/h - 2 500 m
3
/h
• scales for road and rail tankers
• computerised metering installations located in the immediate vicinity of diesel, petrol and crude oil
loading/unloading bays
• laboratories equipped with equipment for carrying out specific physico-chemical analyses
• quayside facilities for loading barge products (crude oil, diesel, petrol, fuel oil) and bunkering light and
heavy fuel oil vessels at all oil berths.
Oil Terminal operates 7 operational jetties with depths of 12.50 m – 17 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”, namely 16”.
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.
The oil terminal is also connected to the national rail system, road system and Danube-Black Sea canal
Principalele produse realizate şi/sau servicii prestate
a) Principalele pieţe de desfacere pentru fiecare produs sau serviciu
In 2023 clients with an outstanding percentage in turnover (83,3%) are:
1. OMV Petrom România (20,0%) – for crude oil, diesel, biodiesel, petrol, fuel oil and chemical products
2. Oscar Downstream România (18,1%) – for diesel and biodiesel benefits
3. Litasco Elveția (13,8%) – for oil and gasoline benefits
4. Euronova Energies Elveția (10,9%) – for diesel and fuel oil performance
5. Mol România Petroleum Products (6,5%) – for diesel and biodiesel services
6. Socar Petroleum România (4,0%) – for diesel, biodiesel and chemicals services
7. Vitol Elveția (3,6%) – for diesel and fuel oil services
8. Mol PLC Ungaria (2,8%) – for diesel fuel services
9. Maddox Elveția (1,8%) – for diesel, gasoline and fuel oil services
10. Vitaro Energy România (1,8%) – for diesel, biodiesel and fuel oil services.
b) The percentage of each product or service category in the incomes and in the total turnover of the
commercial company in the latest three years
Products
2023
(thousand
lei)
%
*
%
**
2022
(thousand
lei)
%
*
%
**
2021
(thousand
lei)
%
*
%
**
Diesel
201,589
57
56
151,675
50
49
96,105
45
45
Crude oil
72,423
21
20
85,180
28
28
73,187
35
34
Fuel oil
27,930
8
8
16,864
6
5
4,955
2
2
Chemicals products
23,953
7
7
22,131
7
7
15,815
8
8
Gasoline
10,532
3
3
15,097
5
5
12,933
6
6
Other products and
services
13,360
4
4
11,732
4
4
9,328
4
4
Turnover
349,787
100
-
302,679
100
-
212,323
100
-
Other operating and
financial income
6,198
2
6,350
2
1,776
1
Total revenue
355,985
100
309,029
100
214,099
100
* % in turnover
** % in total revenues
Analysing the figures compared to the years 2022 and 2021 shows an increase in total revenue in 2023 by
15.2% compared to 2022 and by 66.3% compared to 2021.
The amount of turnover achieved in 2023 increased by 15.6% compared to 2022 and by 64.7% compared to
2021, as follows:
- for diesel services supply, an increase of 32.9% compared to 2022 and 2.1 times compared to 2021
- for crude oil service supply, an increase of 65.6% compared to 2022 and 5.6 times compared to 2021
- for chemical products service supply, an increase of 8.2% compared to 2022 and 51.5% compared
to 2021
- in gasoline service supply,a decrease of 15% compared to 2022 and 1% compared to 2021
- for fuel oil service supply, a decrease of 30.2% compared to 2022 and 18.6% compared to 2021
21
c) New products under consideration that will impact a substantial volume of assets in the future
financial year, as well as the stage of development of these products.
As a result of service requests received from customers during 2023, new contracts and/or addenda to existing
contracts were signed, resulting in additional turnover.
4.3. Technical material supply activity
The acquisition activity within Oil Terminal is carried out in accordance with the updated Internal Procurement
Regulations, approved by Decision no.7/16.01.2023 of the Board of Directors, the Operational Procedure for
the preparation and updating of the Annual Procurement Programme, code PO-09.01, the Operational
Procedure for the conduct of procurement procedures in Oil Terminal, code PO-09.02 and the Supply
Management System Procedure, code PS-08-10.
The company purchases investments, repairs, maintenance services works, independent equipments, stuff,
utilities, guard services, greenings, auditor, evaluations, etc.
Oil Terminal S.A. Constanta has no recorded received stocks as a service supplier, the technical material
supply activity is mainly from local sources being aimed for materials supply for repairs works, maintenance,
labour safety, adminstrative, equipment, fuel for its own cars anf for railtrucks’ work
By address 4820/21.07.2016, ANAP communicated that Oil Terminal has not the quality as contractant
authority/entity according to Laws 98-100/2016 regarding public acquisitions and has no obligation to apply
these.
4.4. Company’ outstanding fusions or reorganizations during financial year 2023
During 2023, there were no fusions or reorganizations of the company.
The company has no branches in the country or abroad.
On 31 December 2023, Oil Terminal SA is not a part of a group, has no relationship with branches of associated
entities and doen not own shares in other companies.
4.5. Assets’ acquisitions and/or alienation
On 31.12.2023, the company's assets are registered in the amount of 737,905 thousand lei, increasing by
161,291 thousand lei (28%) compared to the same period of 2022.
In 2023 there were increases in fixed assets amounting to 23,359 thousand lei for the following groups, as
follows:
- 14,981 thousand lei for the construction group, of which, mainly: modernization of reservoir B18 -
10,000 m3 - SP South (10,820 thousand lei), modernization of fire water connection pipeline - South
Platform Section (1,530 thousand lei), modernization of fire prevention and extinguishing water
pipeline - Port Platform Section (953 thousand lei), modernization of M37 reservoir cooling ring pipeline
- South Platform Section (547 thousand lei)
- 8,135 thousand lei for the technical installations and machinery group
- 243 thousand lei for the group other installations, machinery and furniture
In 2023, the Company recorded income in the amount of 72 thousand lei from the sale of tangible fixed
assets, representing fixed assets approved to be taken out of service, given that they presented advanced
physical and moral wear and tear, without safety in operation, and the expenses for repairs and maintenance
would not be economically justified.
4.6. Evaluation of sale activities
4.6.1. Evolution of sequential sales on internal and/or external market and of sales prospections on
medium and long term
The physical performance programme achieved in 2023 was 9.6% higher than the approved rectified level
(7,649 thousand tonnes approved, 8,383 thousand tonnes achieved) and 7.5% lower than the level achieved
in 2022.
Structure of quantities achieved in 2023 compared to the approved physical performance programme and
the physical performance programme achieved in 2022:
No.
Products
2022
Achieved
(thousand
tons)
Anul 2023
±
(thousand
to)
▲▼
(%)
Aprobat
(mii tone)
Realizat
(mii
tone)
±
(mii
to)
▲▼
(%)
0
1
2
3
4
5=4-3
6=4/3
7=4-2
8=4/2
Total prestaţii, din
care:
9,059
7,649
8,383
+ 734
▲ 109.6
- 676
▼ 92.5
1
Crude oil
4,373
3,415
3,198
- 217
▼ 93.6
- 1,175
▼ 73.1
22
2
Gasolene
710
486
403
- 83
▼ 82.9
- 307
▼ 56.8
3
Gas oil
3,033
3,036
3,918
+ 882
▲ 129.1
+ 885
▲ 129.2
4
Fuel oil
222
190
207
+ 17
▲ 108.9
- 15
▼ 93.2
5
Chemical
products
721
522
657
+ 135
▲ 125.9
- 64
▼ 91.1
The turnover achieved in 2023 amounts to 349.8 million lei, i.e. 70.3 million EURO, based on the official
exchange rate of the National Bank of Romania on 31.12.2023 of 1 EURO = 4.9746 lei, valid for the closing of
the financial year 2023.
Main clients on internal and external market in 2023 compared to 2022:
Clienţi interni
% in Turnover
Year 2023
Year 2022
OMV Petrom
20.0
20.0
Oscar Downstream
18.1
15.9
Mol România Petroleum
6.5
6.3
Socar Petroleum
4.0
2.7
Vitaro Energy
1.8
0.6
External clients
% in Turnover
Year 2023
Year 2022
Litasco Switzerland
13.8
20.5
Euronova Energies Switzerland
10.9
9.9
Vitol Switzerland
3.6
2.3
Mol PLC Hungary
2.8
2.9
Maddox Switzerland
1.8
4.0
4.6.2. The situation of competitional situation in the commercial company’ field of activity, of the
company’ products and services contribution on the market and of the main competitors
On internal market, Oil Terminal S.A. is the largest oil terminal in the port of Constanta for import and export
of crude oil, petroleum products and chemicals.
As far as the whole sphere of oil services is concerned, we have competition:
- Midia port terminal;
- Terminals in Romanian Danube Ports (Galati, Giurgiu, Drobeta Turnu Severin);
- Reni terminal;
- Port operators Chimpex and Frian for export and import of liquid fertilisers or vegetable oils.
Analysing the above mentioned competitors activity, the followings are to be mentioned:
• Midia port terminal:
Midia port terminal is in Rompetrol Rafinare refinery exclusive service.
Through the mono buoy located at 8.6 km in the Black Sea the necessary crude oil for refining are discharged
and through the petroleum jetties located in Midia port, vessels of other raw materials for refining and
biocomponents to be mixed with gasoline and gas oil in a ratio provided by legislation in force are discharged.
Vessels/barges are also loaded with maximum 20 thousand tons of gasoline and gas oil for export. The quantity
limit depends on the maximum jetties draught.
In 2023, through Marine Midia Terminal, crude oil and other raw materials used for processing in Petromidia
reffinery were discharged and products for export and import were loaded.
• Terminals of Romanian Danube ports (Galati, Giurgiu, Drobeta Turnu Severin):
Prin terminalele de la Dunăre se efectuează operaţiuni de încărcare/descărcare în/din barje fluviale cu
benzină, motorină, păcură și bioetanol:
- through Drobeta Turnu Severin terminal, Refineries OMV Petrom and Petrotel Lukoil handle gasoline
and gas oil’ loading operations from railcars by direct transshipment into river barges discharging in
Danube ports of Austria, Slovakia, Hungary. Bioethanol discharging operations from barges loaded in
Hungary for the two above-mentioned refineries;
- in 2014, MOL built a new terminal in Giurgiu port, where it discharges gasoline and gas oil barges
loaded in river barges in Rompetrol Rafinare and other Danube ports of Hungary and Slovakia. In Mol
port a railway ram pis being built for discharging gasolene and gas oil from railway tank car.
- through Galati terminal, small quanmtities of gas oi land fuel oil are handled, mainly arrived in railcars
from Russia/Ukraine. The storage farm has rail lines with a great gauge, Russian type, with connection
in Ukraine, so that iot is nor necessary to transfer the railcars from railway type wagons to be
discharged/loaded in this warehouse.
23
- Reni terminal:
This terminal is our competitor regarding the loaded product handling in Serbia port. This has a small storage
capacity, of about 5 thousand tons, the draft on Danube allowing the operation of vessels with capacities up
to 5-6 thousand dwt. For larger quantities, the clients call for Oil Terminal’ services.
• Liquid fertilizers and vegetal oils export and import:
In Constanta port, there are two port operators with shoretanks: Frial with a capacity of 15,000 CM and
Chimpex with shoretanks of 20 thousand CM.
During 2016 and 2017, the two owners changed the shoretanks’ destination from liquid fertilizers to vegetal
oils, according to market requests.
Therefore, Azomures, fertilizers producer reverted to Oil Terminal for urean loading into maritime vessels.
Urean import was made by the company HGM Logistic. This was achieved due to the three urean plants
closing belonging to the company INTERAGRO.
4.7. Human resources
The company’ employees number and training level and the work force union trade participation
degree
By the Budget of revenues and expenses approved for 2022 a number of 1050 employees was provided, and
on 31.12.2023 a number of 1050 employees was recorded, structured on the following training levels:
- higher education employees :185, din care 34 personal cu funcții de conducere
- medium/gymnasium education employees: 865, from which 791 qualified employees and 74 unqulified
employees.
The work force union trade participation was 93% in 2023.
The evaluation of necessities specific for each position and employee was held in 2023, according to the
training plan.
Regarding the employees training and education, Oil Terminal SA Constanta considers of major importance
the employees training according to legislative alterations, authorized instructions and regulations for the
performances increase and the company’ development.
During 2023, the employees’ participation in trainings:
- trainings with external trainners and vocational authorizations, according to legislation in force: 283
employees;
- trainings/ internal reauthorization: all employees present.
The relationship between manager and employees, and of any conflictual elements of these
relationships
In 2023, there were no conflictual elements between employees and the company’ managers.
4.8. Matters connected to the issuer’s main activity on the environment
According to Law no.59/2016, Oil Terminal SA is classified as a major risk objective and operates under
Environmental Authorization no.343/13.09.2013 - for the Port Platform Section (revised on 15.09.2020),
Environmental Authorization no.439 /14.11.2013 - for the North Platform Section (revised on 07.05.2020),
Environmental Permit No.504/13.12.2013 - for the South Platform Section (revised with No.23/16.02.2023)
and Water Management Permit No.133/30.10.2023.
In 2023, the Environmental Protection Agency of Constanta (APM) applied for annual visas for the
Environmental Authorisations no.343/13.09.2013 - Port Platform Section, respectively no.439/14.11.2013 -
North Platform Section by Decisions no.1035 /11.09.2023 and 1090/25.09.2023, in accordance with the
provisions of Order no.1150/2020. For the South Platform Section, in accordance with Order no.1150/2020,
no annual visa was required, as the Environmental Permit will be revised during 2023.
In 2023, at the request of the environmental authority, they were submitted to APM Constanta:
- Detailed investigation and risk assessment report for the potentially contaminated site Tank Park IIA in the
North Platform II Section.
- Details of the sites in Section Platforma Nord II that are the subject of the partnership with Iulius Real Estate
SRL.
In 2023, at the request of Oil Terminal SA, ABADL issued the Water Management Permit no.26/01.03.2023
amending the GA permit no.178/29.10.2020 and the Water Management Permit no.133/30.10.2023 on water
supply and wastewater discharge at Oil Terminal SA North, South and Port Platform Sections.
The necessary documentation for the revision of the Environmental Permits issued for the conduct of activities
in the North, South and Port Platform Sections has been submitted to the APM, the purpose of the revisions
being the application of the provisions of Law no.188/2018 on the limitation of air emissions of certain pollutants
from medium combustion plants (thermal power plants).
In 2023, the Safety Reports edition 2022 for the North Platform and Port Sections were submitted to the Risk
Secretariat of the APM (SRAPM) completed with the SRAPM observations. At the same time, the Safety
Report for the South Platform Section was forwarded.
24
At the request of the National Environmental Protection Agency, the requested data on the trading of
greenhouse gas emission allowances have been submitted.
Compliance with the requirements of the permits implies compliance with the legal provisions, implementation
and maintenance of environmental and safety management systems, ensuring that all machinery and
installations at the site operate within the designed parameters, with compliance with the maintenance
programmes and constant concern for upgrading the installations.
Oil Terminal manages its environmental impact with the aim of making efficient use of natural resources,
minimising the quantities of waste generated and emissions to air, water and soil. The company has developed
and implemented plans to prevent and combat the impact on environmental factors in the event of possible
accidental spills and leaks of crude oil, petroleum and petrochemical products.
Monitoring of environmental factors: water, air, soil, groundwater is currently carried out in accordance with
the requirements of the Environmental Permits:
- for the environmental factor water: monitoring the indicators of wastewater discharged into the sewerage
system of RAJA SA Constanta and the National Company for the Administration of Sea Ports SA Constanta,
in order to maintain their values within the limits imposed by the regulations in force. With the commissioning
of the wastewater treatment plant of the National Company for the Administration of Sea Ports, the influence
of the current activity on the natural outfall has been eliminated.
- for the water table: measurement of its piezometric level as well as the height of the product film, extracting
the water with petroleum product, if necessary by pumping/pumping.
- for the soil environmental factor: the indicators "petroleum product" and metals are monitored every six
months. Visual inspection of the installations on a permanent basis.
- for the environmental factor air: the COV (volatile organic compounds) indicator value is monitored on the
perimeter of the South Platform Section where gasoline is stored, and the benzene and toluene indicators on
the perimeter of the three platform sections. In 2023, additional volatile organic compound concentration
determinations were conducted in residential areas adjacent to the North Platform Section. Oil Terminal SA
has VOC emission certificates and annual COV emission calculations for gasoline storage facilities issued by
authorised companies in accordance with the legislation in force. Emissions from thermal power plants (dust,
carbon monoxide, sulphur oxides and nitrogen oxides) are monitored annually.
In the year 2023, the investment programme includes objectives with a significant impact on the performance
of current activities and on the environment, as follows:
- investment/modernisation works (construction of tank 125 with a capacity of 55,000 m3 and related
technological installations in the South Platform Section, modernisation of tank B18 - SP South);
- repair and maintenance works on petroleum products transport pipelines and tanks (repair and repositioning
of diesel fuel pipeline section 1 from underground to above ground between MIM bridge and Port hatch, repair
and repositioning of diesel fuel pipeline section 2 from underground to above ground between MIM bridge and
Port hatch, repair works on tanks R21, R23 and R4 in SP South, cleaning works on hydrocarbon separator in
North Platform Section).
In order to minimise the impact on the environment, to limit the consequences of possible accidental events
as a result of carrying out its activities, the company has implemented the Integrated Environment, Health and
Safety at Work System, has updated plans for the prevention of oil pollution, the general plan for the
management of waste from construction and/or dismantling activities, the programme for the prevention and
reduction of the quantities of waste generated from its own activities.
OIL TERMINAL communicates, whenever appropriate, to its own employees as well as to interested parties,
information to the public in accordance with Law no.59/2016 on the control of major accident hazards involving
dangerous substances and GD no.878/2005 on public access to environmental information. The information
is updated and communicated on the website www.oil-terminal.com/Comunicare and to the media in the
SEVESO Public Information section and in the Environment section and includes information on operational
safety measures and behaviour in the event of a major accident, risks to human health and the environment,
and the impact of the activity on environmental factors.
The implementation of the 14001/2015 - Environmental Management Systems standard has the objectives of
increasing environmental performance, meeting compliance obligations and achieving proposed
environmental objectives, as well as systematically improving environmental management.
Periodically, the activity of Oil Terminal Company is audited internally/externally and verified through thematic
or substantive controls by environmental, water management or emergency authorities.
4.9. The research and development activity
Oil Terminal did not effect expenses of research and development in 2023 and does not anticipatesuch
expenses for 2024.
4.10. The risk and managerial internal control’ management
Policy and objectives of the company regarding the risk management
25
In accordance with SGG Order No 600 /2018 on the approval of the Code of Internal Management Control of
Public Entities, in accordance with the commitment of the company's management and the measures referred
to in the "Policy and commitment of the company's management in the field of risk management", as well as
in accordance with the "Declaration on the Commitment and Policy of the Board of Directors of Oil Terminal
SA on the implementation of the risk management policy and the maintenance and development of the internal
management control system", the organizational, procedural and methodological framework for the
implementation and continuous development of the risk management process and system, both at the level of
the company's departments and integrated at the level of the company, has been systematically ensured and
maintained in order to manage risks in the most appropriate, efficient, economical and effective way for the
achievement of the company's objectives in the forecasted targets.
The Risk Management System Procedure code PS-02, Edition II, Revision 1, implemented and made known
to all company staff, provides for:
- the stages, rules and responsibilities of the risk management process;
- the risk strategy methodology (type of risk response) and the working methodology for identifying,
managing, assessing and prioritising the risks associated with both the specific
objectives/activities/processes of the company's divisions and the objectives of the sub-strategy
derived from the company's development strategy, including corruption risks;
- scales for measuring the likelihood of occurrence and impact of risk, as well as those associated
with risk tolerance limits, in order to establish risk exposure and risk profile and to keep risks within
approved and accepted risk tolerance limits;
- the records, circuit and information flow, evidenced by the process flow diagram and all forms,
which demonstrate that the risk management system is in place and functioning for the purpose
of overall integrated risk control across all company activities.
For the proper management of risks at all managerial and hierarchical levels of the company, risk officers have
been appointed at the level of the company's departments and at company level.
Risk Management Teams (RMTs) have been set up within the company's departments to analyse, assess and
prioritise the risks associated with specific objectives, including corruption risks, to make proposals on the most
appropriate type of response for each risk identified and to regularly review the status of implementation of
control/intervention measures to keep risks within accepted risk tolerance limits.
In order to implement and monitor the directions of action and actions targeted at SCIM level, the Monitoring
Commission at company level was appointed, updated and approved by internal decision, as well as the
composition of the Working Group for the implementation of the methodology for the assessment of corruption
risks, as provided for by SGG Order no.600/2018 and GD no.599/2018.
The specific objectives were monitored and evaluated on a half-yearly basis through the associated result
indicators, which were correlated with the specific risks of the activity in the risk register. At company level, the
specific objectives, which are derived from the general objectives of the company, are assimilated as risk
management objectives and are integrated and correlated with the general (strategic) objectives.
The following actions have been planned and implemented through the Programme for the Development of
the Managerial Internal Control System:
➢ Identify and assess the main risks specific to the activities within the departments associated with
specific objectives, including corruption risks associated with both objectives and sensitive functions;
➢ Establish measures to manage the risks identified and assessed at the level of activities within the
compartments;
➢ Completing/updating the risk register, including for corruption risks;
➢ Centralisation of the main risks, which could affect the achievement of the company's general
objectives and those specific to the company's compartments, as well as the development of the single
risk register at company level, including corruption risks, under the coordination and guidance of the
Monitoring Committee and the Working Group for the implementation of the corruption risk
assessment methodology;
➢ Centralisation of the internal control/intervention measures established to ensure effective, timely and
adequate control of risks and development of the plan for the implementation of the centralised control
measures at company level and the intervention measures section of the corruption risk register, under
the coordination and guidance of the Monitoring Commission and the Working Group for the
implementation of the corruption risk assessment methodology;
➢ Drawing up, on a half-yearly basis, the Monitoring Commission's Conclusion Note on the risk
management process at company level.
Following the risk management analysis, the following proposals for improving the risk management process
have emerged:
26
1. Monitor, evaluate, review and report on the effectiveness of the risk management process in relation to
the working premises, changes and objectives undertaken at the level of the structure, including corruption
risks (risks associated with both specific objectives and sensitive functions), in conjunction with regular
updating of the "Risk Register", Corruption Risk Register Annex 4 to GD no.599/2018 and the "Plan for
the implementation of control measures", in order to manage risks in an appropriate and effective manner
within the approved risk tolerance limits and to make it possible to consistently achieve both the objectives
and targets of the activity/processes and the overall medium and long-term development strategy of the
company.
2. Identify, monitor, review, evaluate and report on the status of implementation and effectiveness of the risk
strategy and internal control tools/intervention measures adopted through the "Risk Register", the
Corruption Risk Register Annex No.4 to GD No.599/2018 and the "Plan for the implementation of internal
control measures", in accordance with the requirements of OSGG No.600/2018, the provisions of GD
No.599/2018 and the rules of the "System Procedure Risk Management, code PS-02 Ed.II, R1".
3. Identify, monitor, review, assess and report on the status of the management of "corruption risks (risks
associated with both specific objectives and sensitive functions)" in accordance with the requirements of
OSGG No 600/2018, GD No 599 /2018 and the rules of the "Risk Management System Procedure, code
PS-02 Ed.II, R1", respectively in accordance with the requirements of the "Integrity Plan for the
implementation of the SNA at the level of Oil Terminal SA", for the year 2023, as well as with the provisions
of "GD no.1269/17.12.2021 for the approval of the National Anti-Corruption Strategy (SNA) 2021-2025
and related documents".
4. Forwarding, both for the purpose of providing independent assessments of risk management, control and
governance processes and for the purpose of assessing compliance with legal requirements, all data from
the "Risk Register (including corruption risks)" and the "Plan for the implementation of control measures"
to the Internal Public Audit Office and the Financial Management Control and Internal Inspection
Department, as well as to the Coordinator of the implementation of the "Integrity Plan for the
implementation of the SNA at the level of Oil Terminal SA", as well as to the Working Group for the
evaluation of integrity incidents at the level of the company, for the support and implementation by these
structures of the assurance, monitoring, evaluation and control missions based on the objectives approved
by their own planning documents, legal provisions and internal regulations.
5. The implementation and continuous development of the SCIM at company level, both based on the action
directions of the "Global Strategy for the Development of the Company" and according to the action
directions of the "SCIM Development Program of Oil Terminal SA for the year 2023", with the continuous
monitoring and compliance with the provisions of OG no.119/1999, republished, with subsequent
amendments and additions and the requirements of the CIM standards of the Code of Internal
Management Control of Public Entities, approved by Order no.600/2018 of the SGG.
The company’ exposure to price, credit, liquidity and cash-flow risk
Price risk
The company exposure to the price risk is monitored by management accounting and the costs calculation
activity, containing the following matters:
➢ the company’ production expenses formation method;
➢ the expenses’ grouping and behaviour comparing to the generating factors and their character;
➢ presettling of the costs level and structure for each service supply and for the whole planned service
supply;
➢ production expenses current analitical recording on management accounting and calculation of the
indicators required by the calculation methods used;
➢ production expenses level compared analysis and the expenses structure and, of the costs calculated
according to them, using to decisions optimization in the service supply valoric side of the
management.
The initiated and run pragmatic actions, in view to achieve the management accounting objectives, follow:
➢ determination of products’ costs;
➢ determination of the profitability on products;
➢ issue and deliver of information necessary to issue, follow and control the revenues and expenditures
budget and the updating of indicators contributing to decisions’ optimization at the company’
management level.
Therefore, the costs calculation, on the services supplies settling base in the company, represents the main
instrument for prospection, identification and mobilization of the company’ internal reserves as:
1. the costs calculation supplies information on the achieved valoric side for the past expenses and for
the present ones;
2. the service supply cost level is an economical criterium for the company’ activity’ efficiency
3. the tariffs correct settling is an important intrument for the company’ managerial ruling;
4. the costs calculation is an important instrument for the company’ financial planning;
27
5. organising the management accounting at the company’level and on eacg service supply, the costs
can be followed in dynamics.
By following the costs’ dynamics periodically per conventional ton of product (every six months) a balance is
provided between the average cost on product ton and the achieved average on the same measure unit, so
that the services supplied to be efficient and to bring plus value.
Credit risk
Credit risk is the risk of financial loss for the company arising when a client or a business partner doesn’t
succeeed to achieve contractual obligations. The company is exposed mainly to credit risk arisen from the
services supplied to the clients.
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.
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.
The company monitors the compliance of payment terms provided in commercial contracts by clients, in oreder
to ensure that there is 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 goal, the company has taken the following steps:
- monitoring of collections within the contractual deadline
- maintaining a cash balance to meet payment needs
- drawing up a weekly cash-flow.
By implementing the above measures, the company has sufficient liquid resources to meet its obligations in
all reasonable expected circumstances.
The liquidity indicators provide 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
31.12.2023 the value of 1.26 than 1.31 on 31.12.2022.
The immediate liquidity (acid test) represents a ratio between the diminished current assets by stocks and the
current debts, this indicator’ value being 1.23 on 31.12.2023 than 1.28 on 31.12.2022.
On 31 December 2023, the company records total debts in amount of 255,174,167 lei.
Depending on the chargeability term, total debts are presented as follows:
Net value
Contractual
value
<12 luni
1-5 ani
>5 ani
Commercial debts and other
current debts
42,660,028
42,660,028
42,660,028
-
-
Debts regarding tax and fees
10,134,111
10,134,111
10,134,111
-
-
Loans
159,697,631
196,753,866
20,574,599
64,144,470
74,978,562
Other loans and assimilated
debts (operational leasing)
8,301,150
8,301,150
2,337,928
5,963,222
-
TOTAL
220,792,920
257,849,155
75,706,666
70,107,692
74,978,562
Other debts:
Deferred income tax
liabilities
1
34,381,247
TOTAL
34,381,247
1
Tax on postponed profit related to reevaluation reserves in balance on 31.12.2023 constituted on own capitals is in a total
amount of 34,381,247 lei. Tax on postponed profit was recorded according to provisions of IAS 8 ”Accountancy policy,
alterations of accounting estimations and errors” based on own capitals by account ”Reported result from correcting
accounting errors”.
Cash-flow risk
28
On 31.12.2023, the net cash flow from operating activities was 33,842 thousand lei, down from 31.12.2022 by
961 thousand lei.
Cash flow from investing activities mainly includes payments for investments in tangible and intangible assets
in the amount of 93,561 thousand lei. Compared to the previous year, net cash used in investment activity is
up by 39,080 thousand lei.
Cash flow from financing activities is mainly represented by cash inflows from long-term loans and cash
outflows representing payments on long-term loans.
On 31.12.2023 cash flow from financing activities is 63,210 thousand lei and is represented by the increase in
share capital with cash contribution in the amount of 13,175 thousand lei, cash inflows from long-term loans in
the amount of 67,193 thousand lei (including VAT) and other loans and similar debts in the amount of 3,371
thousand lei (excluding VAT), cash outflows representing payments for long-term loans in the amount of
11,039 thousand lei for the year 2023 (instalments to be repaid) and payments for dividends in the amount of
9,490 thousand lei. Compared to the same period of the previous year, the cash flow from financing activities
increased by 27,501 thousand lei.
Program of internal managerial control system development
In 2023, according to the Program of managerial intern control system development issued, updated and
approved for the company, the following actions were mainly settled and achieved:
- Ensuring and achieving the necessary prerequisites and conditions for employees to be aware of and
comply with the provisions of the regulations governing their conduct in the workplace, as well as for the
prevention and reporting of fraud and irregularities, by adopting, implementing and monitoring the Code of
Ethics and the Rules of Conduct for Executive and Administrative Management and Employees of Oil
Terminal SA, as well as the rules of the Operational Procedure for Reporting Irregularities and the
Operational Procedure for Ethical Counselling.
- Ensure the monitoring of the application and observance of the rules of conduct by all employees of the
company, by the management of the company, the heads of the company's departments, the ethics
counsellor and the person designated within the company to receive reports of violations of the law, on the
basis of the provisions of the Code of Ethics and the Rules of Conduct of the Executive and Administrative
Management and the Employee of Oil Terminal SA, as well as the Rules of Professional Conduct specific
to the activity/function, as well as on the basis of the rules of the Operational Procedure on Ethical
Counselling Activity and the Operational Procedure on Whistleblower Protection in the Public Interest.
- Implementation, monitoring and self-assessment of the status of the implementation of the measures
established according to the Integrity Plan for the implementation of the National Anti-Corruption Strategy
at the level of Oil Terminal SA, as well as the completion of the evaluation situations and indicators at the
level of the company, based on the provisions of GD no.1269/2021 for the reference period Year 2023.
- Implementation of the methodology for the evaluation of integrity incidents at the company level, according
to the provisions of GD no.599/2018 as well as the provisions of the internal decision of the company
management.
- - Identification and inventory of functions considered as sensitive (functions considered as particularly
exposed to corruption). Establish and implement policy guidelines for the management of sensitive
functions and sufficient and appropriate measures to reduce the risks associated with sensitive functions
to an acceptable level.
- Update and approve the Inventory of Sensitive Functions and the List of Employees in Sensitive Functions,
as well as policy guidelines for the management of sensitive functions and sufficient and appropriate
measures to reduce to an acceptable level the risks associated with sensitive functions and functions
considered to be particularly exposed to corruption.
- Updating and approving specific and individual objectives in line with the overall objectives, mission and
overall development strategy of the company, as well as in accordance with the laws, regulations and
policies developed.
- Implementing and maintaining a performance monitoring and measurement system, using relevant
quantitative and qualitative indicators, including on economy, efficiency and effectiveness.
- Maintain a functioning risk management system at company level, aimed at managing risks in the most
appropriate way to achieve the company's objectives in the projected targets, both in relation to
objectives/activities and corruption risks.
- Establish internal control/intervention measures to maintain risks at an acceptable tolerance/exposure
level within the risk tolerance/exposure limits approved by management.
- Completion and regular updating of the Risk Register at departmental and organisational level, including
corruption risks.
- Integration and implementation at company level of the requirements of the Statement of Commitment and
Policy of the Board of Directors of Oil Terminal SA regarding the implementation of the risk management
policy and the maintenance and development of the internal/managerial control system at all hierarchical
and managerial levels.
29
- Implementing and monitoring, at the company level, the provisions of the Policy and the commitment of
the company's management to risk management at all hierarchical and managerial levels.
- Identification of procedural activities and their documentation, by developing, endorsing and approving
documented procedures by activities/processes, according to the action directions of the Programme for
the Development of the Internal Management Control System of Oil Terminal SA.
- Ensuring, implementing and developing appropriate control measures for the supervision of activities and
operations, based on pre-established procedures, including ex-post control, in order to achieve them
effectively.
- Development of an effective interna land external communication system to provide a swift correct and
complete transmission of information to users, managers and employees aiming that the work tasks are
fulfilled effectively, economically and successfully.
- Annual organization and running of the managerial internal control system self evaluation operation.
- Provision of internal public audit activity on managerial internal control system, according to plans
regarding risks evaluation.
The evaluation of efficiency and performance of risks management system is carried out each semester, both
on departments and on company, namely by the persons responsible for risks and by the department risks
management team, as well as by the monitoring Commission and Work group to implement the methodology
for corruption risks evaluation, and the results regarding risks management process are reported by ”Report
regarding risk managemenet process” ”Risks register” and ”Plan to implement control measure” and ”Register
of corruption risks – Annex no. 4 to GD no. 599/2018”, namely according to annual/semestrial information on
risk management process by ”Notes of conclusions regarding company’ risk management process”.
The stage of the identified and managed risks by the Risks management team in the analysis, evaluation and
management of risks’ meetings give the following hierarchy of the risk tolerance level, as follows:
- on 31.12.2023, a number of 115 associated risks are identified, analyzed, evaluated and managed, both for
the company’ departments’ specific objectives/activities/processes and partial strategies objectives arisen from
the compoany’ development strategy, as follows:
▪ 99 risks of ‘’allowable’’ – percentage 86,10%
▪ 15 risks of ‘’high allowance’’ – percentage 13,04%
▪ 1 risk of ‘’low allowance’’ – percentage 0,86%
▪ 0 risks of ‘’unallowable’’ – percentage 0%
Evolution of the managerial intern control system’ implementation and compliance stage in Oil
Terminal SA, in the period 2012 – 2023
On 31.12.2012 Oil Terminal SA had an internal/managerial control system "partially compliant" with the
standards contained in the Internal/Managerial Control Code, on that date 13 standards out of a total of 25
standards had been implemented, according to the provisions of OMFP no.946/2005, with subsequent
additions and amendments, according to the Report on the internal/managerial control system as of 31
December 2012.
On 31 December 2023, Oil Terminal SA has an internal managerial control system "compliant" with the
standards contained in the Code of internal managerial control, with all 16 standards implemented as per the
provisions of Order no.600/2018, according to the Report on the internal managerial control system on 31
December 2023.
4.11. Perspective elements regarding the company’ activity
Uncertainty trends, elements, events or factors affecting or that could affect the company’ liquidity,
comparing to the same period of the previous year
The company’ liquidity could be affected by:
- uncashing of receivables in the term provided in the services supplies contracts concluded with clients,
namely, in 30 days since the fiscal invoice issue;
- entry into default/insolvency of some clients;
- some clients’ activity reduction or some impredictable events’ occurrence, as force majeure cases;
- variation on the international market of the petroleum, liquid petrochemical products quotations leading to
the transited quantities decrease in some periods of time and of the revenues to be invoiced;
- calculation of some extra impots and taxes than the duties to the state and local budget settled by the
company, following some fiscal controls;
- the loss of litigation concerning various claims of client-claimants
- price increases for utilities (electricity, gas and water)
- the global economic situation as a result of the impact of the multiple crises that have occurred (the post
Covid economic crisis, the crisis of price escalation, the crisis of the military conflict in the Black Sea area)
30
- legislative and regulatory initiatives being discussed and/or implemented that influence the business
environment
- Legislation of a restrictive EU regulation on the origin of certain goods from Russia
- major risk of non-recovery of benefits subject to the restrictive EU regulation during its application by
member countries.
Capital, current and anticipated expenses on the company’ financial situation comparing to the same
period of the previous year
The investments activity in the company Oil Terminal SA Constanta runs in two main directions:
1. Investments objectives for the company own patrimony;
2. Investments objectives related to the public domain, according the Minimum program regarding the
petroleum terminal rehabilitation and upgrading, annex of the Lease Oil Agreement concluded with the
National Agency of Mineral Resources.
In 2023 the source of financing for investments budgeted in the total amount of 93,956 thousand lei was fully
realized.
The investment expenditure as at 31.12.2023 was made at the level of financing sources, i.e. 93,956 thousand
lei, of which: investment expenditure in the total amount of 87,743 thousand lei (from own sources in the
amount of 18,103 thousand lei, from bank loans in the amount of 56,465 thousand lei and from the subscription
of shareholders' capital increase through contribution in kind in the amount of 13,175 thousand lei) and
repayments of instalments on investment loans in the amount of 6,213 thousand lei.
As at 31.12.2023 the realized level of investment objectives ( 87,743 thousand lei), less repayments of
instalments on investment loans, was achieved at the budgeted level and was 61.1% higher than in 2022
(33,271 thousand lei).
The structure of investment expenditure achieved in 2023 compared to the Budget of revenues and expenses
level and 2022:
Achieved
2023
Budget
of
revenues
and
expenses
2023
▲▼ %
1
Investments and repayments
(thousand lei)
Achieved
2023
Achieved
2022
▲▼ %
2
93,385
93,385
100.0
Oil Terminal, din care:
93,385
55,008
▲ 169.8
61,909
61,907
100.0
Investiții în curs
61,909
4,369
▲ 1,417.0
3,617
3,607
▲ 100.3
Investiții noi
3,617
40,183
▼ 9.0
14,606
14,633
▼ 99.8
Modernizări
14,606
698
▲ 2,092.6
7,040
7,025
▲ 100.2
Dotări
7,040
4,063
▲ 173.3
6,213
6,213
100.0
Rate de rambursat aferente
credite de investiții
6,213
5,695
▲ 109.1
571
571
100.0
Domeniu Public, din care:
571
5,159
▼ 11.1
52
52
100.0
Investiții în curs
52
5,159
▼ 1.0
519
519
100.0
Modernizări
519
0
-
93,956
93,956
100.0
Total
93,956
60,167
▲ 156.2
1
Achieved 2023 / compared to Budget of revenues and expenses 2023
2
Achieved 2023 / compared to Achieved 2022
The main investment objectives achieved in 2023 are:
• Rehabilitation of railway ramp for unloading fuel oil from railway tanks, storage and pumping to ships
- South Platform Section
• Construction of 55,000 m3 capacity tank - South Platform Section
• Modernisation of tank B18 - South Platform Section
• Upgrading of two-stream crude oil metering system - Port Platform Section
• Modernisation of Commercial Directorate building
• Modular container (8 pcs)
• Sanitary container (2 pcs)
• Dacia Dokker Laureate (2 pcs)
• Electric heating unit (4 pcs)
• PC RYZEN (29 pcs)
• UPS (5 pcs)
• Laptop (5 pcs)
31
• Multifunction printer (1 pc)
• MAN TGS 26 TO tipper
• PSI special vehicle (1 pc)
• Compressor motor (1 pc)
• Submersible pump (1 pc)
• Hydraulic pick (1 pc)
• Baler (1 pc)
• Universal milling machine (1 pc)
• Industrial universal lathe (1 pc)
• Access system P1 and P2 - Platform-South section
• Access system Platform-NORTH section
• Insulating breathing apparatus (14 pcs)
• Laboratory refrigeration bench (1 pc)
• Automatic flammability point determination equipment (1 piece)
• Sampling equipment (8 pcs)
• Multi-purpose loader with telescopic arm (1 piece)
• Three-phase welding inverter (2 pcs)
• UV fluorescence sulphur analyser with autosampler (1 piece)
• Fuel distribution pump (2 pcs)
• Fuel oil pump (1 piece)
• Vertical residue pump (1 piece)
• AD-BLUE tank
Events, transactions, economic changes that significantly affect core business income
Events significantly affecting income from core business:
1. Black Sea-Ukraine conflict. The increase in benefit income in 2023 was based on the following conjunctural
situation:
In 2023 the BVC was approved by the OGSM Resolution no.4/16.02.2023, and by the OGSM Resolution
no.15/29.09.2023 its rectification was approved, mainly due to the increase of the income from services
rendered above the approved level due to the conflict crisis in the Black Sea-Ukraine area and deliveries to
the Republic of Moldova.
It should be noted that, compared to the revenue foreseen in the approved budget, due to the context of the
conflict in Ukraine, additional revenue not foreseen in the initially approved physical programme, called
contingency revenue, was generated from services rendered. Thus, as of 31.12.2023, the realized
contingency revenues amount to 27,840 thousand lei and represent 73.5% of the planned revenue overrun
(37,892 thousand lei).
2. Closure/downsizing of production capacities. Reduced refining margins and negative financial results of
Romanian refineries could lead to a downsizing of their operations.
3. The commercial policy applied by Oil Terminal's main customers (OMV Petrom, Oscar Downstream, Litasco
and Euronova Energies) has a decisive influence on the volume of services provided through the oil terminal.
4.Increase in the price of utilities (electricity, natural gas and water). The Azomures plant closed down fertiliser
production for an indefinite period of time due to the increase in natural gas prices.
4.12. Litigation
On 31.12.2023 Oil Terminal is involved in 96 disputes, of which: in 28 disputes it is the plaintiff or contesting
party and in 68 disputes it is the defendant.
Management regularly reviews the situation of pending litigation and, in consultation with its legal
representatives, decides whether it is necessary to record provisions for the amounts involved or to disclose
them in the financial statements.
The company records provisions for litigation amounting to 477,914 lei as at 31 December 2023.
Significant pending litigations are as follows:
1. File no.11403/212/2011, pending before the Constanta District Court, in which the plaintiffs Iasar Ana, Iasar
Tair, Iasar Doina, Iasar Sevinci, Iasar Islam, Iasar Esan, Iasar Ghiulgean and Iasar Sabria request that the
defendants Oil Terminal S.A., Oil Prod SRL, Eco Petroleum S.A. be ordered to pay material damages in the
amount of 30,000 lei and moral damages in the amount of 60,000 lei. By the decision of 26.06.2013, the court
suspended the case by right pursuant to Article 36 of Law no.85/2006, due to the insolvency of Oil Prod SRL.
Insolvency case no.3437/118/2013 with term on 11.03.2024 at the Court of Constanta. A provision of 90,000
lei was set up for this file.
2. File no.166/118/2018, pending before the Court of Constanta, plaintiff Oil Terminal S.A. in contradiction
32
with ANAF - Regional General Directorate of Public Finance Galati - Commission for the Authorization of
Operators of Products Subject to Harmonized Excise Duty - through the Trustee County Administration of
Public Finance Constanta. Oil Terminal S.A. filed on 11.01.2018 an application to the Constanța Court
requesting the suspension of the effects of the Decision no.2/21.12.2017 which ordered the revocation of the
Fiscal Warehouse Authorisation no.RO0070413DD02/22.10.2015, until the court of first instance pronounces
on the annulment of the Decision no.2/21.12.2017. By Judgment no.419/15.03.2018 the Constanța Court
ordered the suspension of Decision no.2/21.12.2017 issued by the National Agency for Tax Administration -
Regional Directorate General of Finance Galati - Commission for the authorisation of operators of products
subject to harmonised excise duties, pending the decision of the court of first instance. By Decision
no.854/20.06.2018, the Court of Appeal of Constanta rejected the appeal filed by ANAF as unfounded. The
case file is file no.4456/118/2018 on the Constanta Court with term 09.05.2023.
Adjourns the judgment to 06.06.2023. Grant the application. Dismisses the plea of lack of locus standi of the
DGRFP Galați - Commission for the Authorisation of Operators of Excisable Products. The application is
granted. Annuls Decision No 2/21.12.2017 and Decision No 002/16.02.2018. With right of appeal within 15
days of communication. The request for appeal shall be submitted to the Court of Constanta. Document:
Decision no.744/2023 of 06.06.2023. An appeal has been lodged by ANAF. Appeal lodged by the Constanta
Customs Authority. Deadline: 14.12.2023. Pronouncement: dismiss the appeals as unfounded. Definitive.
Judgment not notified. A provision of 1,050 lei has been made for this case.
3. File no.4456/118/2018, pending before the Court of Constanta, claimant Oil Terminal S.A. in contradiction
with ANAF - Regional General Directorate of Public Finance Galati - Commission for Authorization of Operators
of Products Subject to Harmonized Excise Duties.
On 24.07.2018, Oil Terminal S.A. filed an administrative appeal with the Court of Constanta, requesting the
annulment of Decision no.2/21.12.2017 and Decision no.002/16.02.2018, respectively, by which ANAF -
Regional General Directorate of Public Finance of Galati - Commission for the Authorisation of Operators of
Products Subject to Harmonised Excise Duties ordered the revocation of the Authorisation of tax warehouse
number RO0070413DD02 issued on 22.10.2015. The next court date is set for 09.05.2023. Adjourned to
06.06.2023. Admit the application.
Summary: Dismisses the plea of lack of locus standi of DGRFP Galați - Commission for the Authorisation of
Operators of Excisable Products. The application is granted. Annuls Decision No 2/21.12.2017 and Decision
No 002/16.02.2018. With right of appeal within 15 days of communication. The request for appeal shall be
submitted to the Court of Constanta. Document: Decision no.744/2023 of 06.06.2023. An appeal has been
lodged by ANAF. Appeal lodged by the Constanta Customs Authority. Deadline: 14.12.2023. Pronouncement:
dismiss the appeals as unfounded. Definitive. Judgment not notified. A provision of 26,644 lei has been made
for this case.
4. File no.4206/2/2015*, pending before the Bucharest Court of Appeal, by which the plaintiff DG Petrol SRL,
a company in bankruptcy, through the judicial liquidator Fineco Insolvency SPRL, filed on 29.01.2020 at the
Bucharest Court of Appeal an administrative appeal requesting the annulment of the Decision no.1/05.01.2015,
by which ANAF - Regional Directorate for Excise and Customs Operations Bucharest established the
obligation to pay the amount of 3,759,256 lei for the plaintiff DG Petrol SRL.
At the trial date of 10.06.2020, the claimant DG Petrol SRL filed a request for a guarantee claim against Oil
Terminal S.A. requesting the court to issue a judgment ordering the defendant Oil Terminal S.A. to pay the
sum of RON 3,759,256.
Oil Terminal S.A. lodged a statement of defence within the legal time-limit in which it pleaded the objections of
inadmissibility of the application for a guarantee, the lateness of the application for a guarantee and, on the
merits of the case, the rejection of the application for a guarantee as unfounded. By the Judgment delivered
on 23.09.2020, the court of first instance, i.e. the Bucharest Court of Appeal, rejected the claim for a guarantee
filed by the claimant DG Petrol SRL against Oil Terminal S.A. as inadmissible. The plaintiff DG Petrol SRL
appealed and the Bucharest Court of Appeal, on 02.12.2020, pursuant to Article 64 paragraph 4 of the Civil
Procedure Code, suspended the proceedings. The judgment may be appealed for the duration of the
suspension. The case has been resumed and the deadline for judgment is 19.10.2023. Summary of the
decision: The Bucharest Court of Appeal, by judgment No 1621/2023, allowed the applicant's application.
Dismisses the application for a guarantee by OIL TERMINAL SA. The judgment is not final and may be
appealed. An appeal was lodged on 26.02.2024 by the Ministry of Public Finance, on 27.02.2024 by the
Romanian Customs Authority, on 29.02.2024 by the National Tax Administration Agency. A provision of
187,963 lei was established for this file.
5. File no.1974/118/2019, pending before the Court of Constanta, creditor Oil Terminal S.A. and debtor Master
Chem OIL DMCC. On 02.12.2020, the court connects case no.7729/118/2019 to case no.1974/118/2019 and
stays the ruling on the suspension until the resolution of case no.3068/118/2018. On 16.12.2020, the court
suspends the case until the final resolution of case no.3068/118/2018 pending before the Court of Appeal of
33
Constanța, with the right to appeal during the suspension. Oil Terminal S.A. has filed a request to resume the
proceedings and to increase the claims.
At the deadline of: 09.06.2023 - Pronouncement: adjourned to 22.06.2023.
Summary ruling: Admit the plea of inadmissibility raised by the defendant Master Chem Oil DMCC, in respect
of the period 28.09.2018-13.05.2021. Dismisses as inadmissible the claim for damages brought by the plaintiff
Oil Terminal SA against the defendant Master Chem Oil DMCC in respect of the period 28.09.2018-
13.05.2021. Dismisses as unfounded the plea of inadmissibility of the claim for damages brought by the
applicant OIL TERMINAL SA against the defendant Master Chem Oil DMCC, in respect of the period from 13
May 2021 to 28 April 2023. Admit, in part, the action brought by the applicant Oil Terminal SA against the
defendant Romanian Customs Authority through the Regional Customs Directorate Bucharest. Orders the
defendant Romanian Customs Authority through the Bucharest Regional Customs Directorate to pay the
applicant the sum of RON 2,253,845.33, equivalent to USD 536,965.09, as compensation consisting of
expenses related to the storage of the cutter stock petroleum product for the period 28.09.2018 - 13.05.2021.
Admit, in part, the action brought by the plaintiff Oil Terminal SA against the defendant Master Chem Oil DMCC.
Orders the defendant Master Chem Oil DMCC to pay the applicant the sum of 449,099.17 lei, equivalent to
99,858.46 USD, as compensation consisting of expenses relating to the storage of the cutter stock petroleum
product for the period 13.05.2021-28.04.2023. Orders the defendants to pay to the plaintiff Oil Terminal S.A.
the costs of the proceedings corresponding to the claims to which they have been obliged, as follows: - orders
the defendant Master Chem Oil DMCC to pay the sum of 4,992.46 lei in respect of stamp duty and the sum of
2,989.80 euro in lei equivalent at the BNR exchange rate on the date of actual payment as lawyer's fees. -
order the defendant Romanian Customs Authority, through the Bucharest Regional Customs Directorate, to
pay to the applicant the sum of RON 25 064,53 in respect of stamp duty and the sum of EUR 15 010,20 in
RON equivalent at the BNR exchange rate on the date of actual payment as lawyer's fees. With appeal within
30 days of notification. Decision No 724/2023 of 22.06.2023. An appeal was lodged by Master Chem Oil DMCC
and the Romanian Customs Authority. Deadline: 10.04.2024. A provision in the amount of 24,277 lei has been
established for this case.
6. File no.7729/118/2019, pending before the Court of Constanta, creditor Oil Terminal S.A, debtor Master
Chem Oil DMCC. Claim action by which the creditor Oil Terminal S.A. requests the court to pronounce a
judgment by which the debtor Master Chem Oil DMCC is obliged to pay the amount of USD 16,872.02 (RON
72,261.63) representing the value of the cutter stock. Subsequently, Oil Terminal S.A. filed a request for an
increase of the claims to the total amount of 423,625.51 lei (97,913.72 USD). By the Judgment of 02.12.2020,
the court ordered the connection of case no.7729/118/2019 to case no.1974/118/2019, pending before the
Court of Constanta. A provision of 7,841 lei has been established for this case.
7. File no.3656/118/2020, pending before the Constanta Court, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for annulment of the EGSM Decision no.4/12.06.2020 by which the
shareholders have determined the termination of the applicability of the Extraordinary General Meeting of
Shareholders Decision no.6/10.10.2016, have determined the increase of the share capital of Oil Terminal
S.A. with the value of the two lands in the area of 254.261,325 sqm and 129.334,70 sqm respectively., object
of the certificates of attestation of the right of ownership series MO3, no.11703/02.02.2011 and series MO3,
no.11704/02.02.2011 and approved the formulation of a request to the judge - delegate of the ONRC for the
appointment of one or more experts for the valuation of the two lands to be included in the process of the
capital increase of the company.
By the Judgment of 16.06.2021, pursuant to art. 412 para.1 item 1 NCPC, the court finds that the case has
been suspended as of right due to the death of the plaintiff until the introduction of the heirs. With appeal for
the duration of the suspension. Time limit for the stay: 01.02.2023. At the deadline of 01.02.2023, the court
admitted the plea of time-bar of the main claim and the related applications for legal action brought by the
plaintiff Dumitrescu Sebastian Valentin against the defendants OIL TERMINAL S.A. and the applications for
leave to intervene. The case is dismissed as time-barred. Orders the intervener Dumitrescu Andrei Sebastian
to pay the sum of 10,266.62 lei - legal costs - in favour of the defendant company Oil Terminal S.A. An appeal
may be lodged with the Court of Appeal of Constanța within 5 days of the judgment. Dumitrescu Sebastian
Andrei appealed. Deadline: 06.12.2023. On 14.12.2023 the ICCJ orders the transfer of the case from the Court
of Appeal Constanta to the Court of Appeal Bucharest. On 29.04.2024 the Bucharest Court of Appeal by
Judgement 86//29.02.2024 admits the appeal. Sets aside in its entirety the civil judgment under appeal and
refers the case to the Giurgiu Court for further proceedings.
8. File no.3656/118/2020/a1, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Presidential order requesting the suspension of the registration of the EGSM
Decision no.4/12.06.2020 until the conclusion of File no.3656/118/2020.
By the Judgment of 16.06.2021, pursuant to Article 412 paragraph 1 item 1 NCPC, the court finds that the
case has been suspended as of right following the death of the plaintiff until the introduction of the heirs. With
34
appeal for the duration of the suspension. Time limit for reopening the proceedings and for the time-bar:
23.11.2022. Deadline for the stay: 01.02.2023. At the deadline of 01.02.2023, the court admitted the exception
of the time-bar of the main claim and the related applications for legal action brought by the plaintiff Dumitrescu
Sebastian Valentin, against the defendants Oil Terminal S.A. and the applications for intervention. The case
is dismissed as time-barred. Orders the intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62
lei - legal costs - in favour of the defendant company Oil Terminal S.A. An appeal may be lodged with the Court
of Appeal of Constanța within 5 days of the judgment. Deadline: 14.06.2023. Judgment on 29.06.2023: Appeal
allowed. Sets aside the civil judgment under appeal in its entirety and remits the case for further proceedings
to the Court of Constanța. Final. Deadline: 25.10.2023. On 26.10.2023, the Court of Constanța by Judgement
no.1122 /Annuls, as untimely, the application for main intervention made by the company Rometta Impex S.A.
Rejects in its entirety, as unfounded, the related applications for legal action made by the plaintiff Dumitrescu
Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu Sebastian Valentin) against the
defendant company Oil Terminal SA. Dismisses in their entirety, as unfounded, the applications for leave to
intervene made by Dumitrescu Andrei Sebastian against the defendant company Oil Terminal S.A. Orders the
intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - costs - in favour of the defendant
company Oil Terminal S.A. The judgment is not final. With appeal, within 5 days from the pronouncement
Document: Judgment no.1122/2023 of 26.10.2023. Appeal filed on 26.11.2023 by Dumitrescu Andrei
Sebastian.
9. File no.4049/118/2020, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A., Mapps Master Appraisal SRL. Request for the recusal of the appraiser Mapps
Master Appraisal SRL, appointed by the ORC by resolution no.16280/07.07.2020, pronounced in case
no.60751/06.07.2020. The next trial date was set for 26.05.2021. By the Decision of 16.06.2021, pursuant to
Article 412 (1) NCPC, the court finds that the case has been suspended by operation of law due to the death
of the plaintiff until the introduction of the heirs in the case. With appeal for the duration of the suspension. On
13.10.2022, the Court of Constanta, by decision no.455/2022, declared the claim time-barred. Summary: Admit
the plea that the joint applications for a writ of summons brought by the plaintiff Dumitrescu Sebastian Valentin
against the defendants Oil Terminal S.A., Mapps Master Appraisal S.R.L. and the National Trade Registry
Office, represented by the Director of the Trade Registry Office of the Constanta Court - Luiza Mardare - and
the applications for intervention brought by Dumitrescu Andrei Sebastian and Rometta Impex S.A. are time-
barred. With appeal to the Court of Appeal Constanța, within 5 days of the ruling, the appeal application to be
filed with the Court of Constanța. On 18.10.2022, the plaintiff Dumitrescu Sebastian Valentin filed an appeal.
Deadline for appeal: 14.06.2023. Judgment on 29.06.2023: Appeal allowed. Sets aside the civil judgment
under appeal in its entirety and remits the case for further proceedings to the Constanța Court. Final.
Annuls, as untimely, the application for intervention made by the company Rometta Impex S.A. Admits the
plea of lack of general jurisdiction of the courts, as regards the resolution of the joint applications for legal
action, made by the plaintiff Dumitrescu Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu
Sebastian Valentin against the defendants Oil Terminal S.A., MAPPS - Master Appraisal S.R.L. and the
National Trade Registry Office through the Director of the Trade Registry Office of the Court of Constanța and
the application for leave to intervene made by Dumitrescu Andrei Sebastian. Declares that the Commercial
Registry Office of the Court of Constanta has jurisdiction to hear and determine the applications. Dismisses
the complaint registered in case no. 5264/118/2020 of the Constanța Tribunal and sets the trial date for
28.03.2024.
10. File no.6919/118/2020, pending before the Court of Constanța, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for a declaration of absolute nullity of the updated articles of incorporation
of Oil Terminal S.A. By Judgment no.87/27.01.2021 the court of first instance rejected the application as
unfounded. The plaintiff filed an appeal, and at the trial date of 27.09.2021, the Court of Appeal of Constanta
suspended the trial until the introduction of the heirs of the plaintiff-appellant Dumitrescu Sebastian Valentin.
The judgment may be appealed during the suspension. Deadline for appeal: 08.06.2022 Civil decision
no.219/08.06.2022 Admit the application for a stay of proceedings. Declares the appeal out of time. Dismisses
as inadmissible the application of the heir Dumitrescu Andrei Sebastian to introduce the case. Appeal within 5
days of the judgment. On 15.06.2022 the heirs of the deceased Dumitrescu Sebastian Valentin lodged an
appeal. On 04.10.2022 the High Court of Cassation and Justice admitted the appeal. Orders that the case be
retried. Deadline: 07.06.2023. Decision: Delay the disposal of the case. Orders that the case be removed from
the case-file and referred to the Bucharest Court of Appeal, the court to which the case was transferred.
Deadline: 22.09.2023: Decision: Dismisses the appeal as unfounded.
11. File no.4558/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian, in contradiction with Oil Terminal S.A., the Romanian State through the Ministry of Public Finance,
the Romanian State through the Ministry of Energy and the Ministry of Energy, requests the Court of Constanta
35
the following:
- to establish the existence of a preferential right to purchase from the defendant Ministry of Energy a number
of shares necessary to maintain the shareholding in the share capital of the defendant Oil Terminal S.A.
- to oblige all the defendants to respect the right of preference set out in paragraph 1 from the date of
registration of the increase in the share capital of Oil Terminal S.A.
By the Judgment of 09.12.2021, the Court of Constanța admitted the request for suspension of the proceedings
filed by the defendant company Oil Terminal S.A. against the plaintiff Dumitrescu Andrei Sebastian and the
defendants State of Romania, represented by the Ministry of Finance, represented by the Regional General
Directorate of Public Finance Galați - County Administration of Public Finance Constanța. On the basis of
Article 413(1)(1)(1) of the Code of Civil Procedure, suspends the proceedings until the final settlement of the
case registered with the Constanța Court under number 4150/118/2020. The judgment has been appealed.
Settled on 16.02.2023 Dismisses the application. Admit the plea of inadmissibility of part I of the application.
Dismisses, as inadmissible, the application for a declaration of the existence of a preferential right, brought by
the plaintiff Dumitrescu Andrei Sebastian - in contradiction with the defendants Oil Terminal S.A, the Romanian
State, represented in the proceedings by the Ministry of Finance, represented by the Regional General
Directorate of Public Finance Galați - County Administration of Public Finance Constanța, and the Ministry of
Energy. The plea of lack of interest in the formulation and support of the second head of the application is
granted. Dismisses, as devoid of interest, the claim brought by the plaintiff Dumitrescu Andrei Sebastian
against the defendants Oil Terminal S.A., the Romanian State, represented in the proceedings by the Ministry
of Finance, represented by the Regional Directorate General of Public Finance Galați - County Administration
of Public Finance Constanța, and the Ministry of Energy, for an order that the defendants respect the right of
preference. Orders the plaintiff to pay the sum of 762.14 lei - costs (fees of the chosen lawyer) - in favour of
the defendant company Oil Terminal S.A. With appeal, to the Court of Appeal Constanța, within 30 days of
communication, the appeal application to be filed with the Court of Constanța. Decision no.151/2023 of
16.02.2023. Final by non-appeal. Application for enforcement for recovery of costs. File BEJ Ulman
no.907/2023.
12. File No 7054/118/2021 pending before the Court of Constanța, applicant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., Ministry of Economy, Entrepreneurship and Tourism
Application by the shareholder Dumitrescu Andrei Sebastian for a declaration by the Court of Constanța that
the OGSM Decision No 2/26.04.2021 is partially null and void, as regards Article 1. by which the shareholders
of Oil Terminal S.A. approved "the financial statements for the year 2020, prepared in accordance with
International Financial Reporting Standards (IFRS), comprising: statement of financial position, statement of
comprehensive income, statement of changes in equity, statement of cash flows, notes to the financial
statements, based on the Report of the Board of Directors and the Report of the independent financial auditor".
On 18.10.2022, the Constanta Court rejected the claim made by Dumitrescu Andrei Sebastian as unfounded.
The judgment may be appealed within 30 days from its communication. Appeal filed by Dumitrescu Andrei
Sebastian on 13.03.2023. Deadline: 20.03.2024.
13. File no.7838/118/2021, pending before the Court of Constanța, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., Romanian State through the Ministry of Economy, Entrepreneurship and Tourism.
Application by the shareholder Dumitrescu Andrei Sebastian to the Court of Constanta for a declaration that
the Directors' Report for the first half of 2021, concluded on 30.06.2021, is partially null and void. On
05.01.2022, the plaintiff makes a supplementary application requesting:
1. full absolute annulment of BOD Decision No 70/10.08.2021.
2. the absolute annulment in its entirety of OGSM Decision No 14/29.12.2021.
The case has a deadline of 26.10.2022. Adjourns the judgment to 09.11.2022. Reject as unfounded the
objection of illegality of the certificate number M03 no.11703/02.02.2011 issued for the land of 254,261.33
sq.m. located in the North Platform Section, as well as the objection of illegality of the certificate number M03
no.11704/02.02.2011 issued for the land of 129,334.70 sq.m. located in the North Platform Section. Dismisses,
as unfounded, the application brought by the applicant Dumitrescu Andrei Sebastian. Appeal within 30 days
of notification. The appeal was lodged on 13.03.2023. Time limit: 20.03.2024
14. File no.8452/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. and the Roman State through the Ministry of Energy.
Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the Court
of Constanta to order "the partial absolute nullity of the following corporate acts:
1. the updated articles of association (constitutive act) authenticated under no.631/12.05.1997 by B.N.P.
Victoria Badea, main claim, not assessable in money;
2. the updated articles of association (constitutive act) according to Decision no.2 of the Extraordinary
General Meeting of Shareholders of Oil Terminal S.A. dated 28.07.2000, accessory head of claim, non-
assessable in money;
36
3. the by-laws (articles of association) updated in accordance with Resolution No. 1 of the Extraordinary
General Meeting of Shareholders of Oil Terminal S.A., dated 29.03.2001, accessory head of claim, non-
assessable in money;
4. the by-laws (articles of association) updated according to the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 31.07.2001, accessory head of claim, not assessable in money;
5. the by-laws (articles of association) updated in accordance with Decision no.l of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 11.06.2003, accessory end of the claim, non-valuable in
money;
6. the by-laws (articles of association) updated according to the Resolution No. 1 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 22.12.2004, accessory head of claim, non-assessable in
money;
7. the by-laws (articles of association) updated according to Resolution no.3 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 05.03.2007, accessory head of claim, non-assessable in
money;
8. the Articles of Association (Articles of Incorporation) updated according to Resolution no.2 of the
Extraordinary General Meeting of Shareholders, dated 06.03.2009, accessory head of claim, not assessable
in money;
9. the by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 04.03.2010, accessory end of the claim, non-valuable in
money;
10. the by-laws (articles of association) updated according to Resolution no.2 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 02.08.2010, accessory end of the claim, non-valuable in
money;
11. the by-laws (articles of association) updated according to Resolution No. 1 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 24.11.2011, accessory head of claim, non-assessable in
money;
12. the by-laws (articles of association) updated according to the Resolution No. 1 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 17.08.2012, accessory head of claim, not assessable in
money;
13. the by-laws (articles of association) updated according to Resolution no.3 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 04.07.2013, accessory head of claim, not assessable in
money;
14. the by-laws (articles of association) updated according to Resolution No. 10 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 24.10.2014, accessory head of claim, not assessable in
money;
15. the by-laws (articles of association) updated according to Resolution No. 11 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 19.06.2017, accessory head of claim, not assessable in
money;
16. the by-laws (articles of association) updated according to Resolution no.28 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 29.10.2018, accessory end of claim, not assessable in
money" and
17. reinstatement of the parties to the previous situation,
18. the finding that Oil Terminal S.A. has a total share capital of 43,615,149.50 lei divided into 436,151,495
shares, each with a nominal value of 0.1 lei, accessory head of claim, non-assessable in money,
19. the Romanian State, through the Ministry of Energy, is a shareholder in Oil Terminal S.A. with 200,979,215
shares, each with a nominal value of RON 0.1 and a total value of RON 20,097,921.5, representing 46.08%
of the entire share capital, accessory end of the claim, non-valuable in money.
20. order the defendants to pay the costs.
The case had a deadline of 19.05.2022. By judgment of 30.06.2022 the court rejected as unfounded the claim
for damages brought by the plaintiff Dumitrescu Andrei Sebastian, against the defendants Oil Terminal SA and
the Romanian State through the Ministry of Energy. Appeal within 30 days of notification. The company Oil
Terminal submitted a request for the costs of the proceedings to be added to the order. The request formed
the file no.8452/118/2021/a1. At the hearing on 17.08.2022, the Court of First Instance granted the application
brought by Oil Terminal against the defendant Dumitrescu Andrei Sebastian. Orders the defendant to pay to
the applicant the sum of 17,850 lei in respect of costs in Case No 8452/118/2021, consisting of lawyers' fees.
With right of appeal within 30 days of notification. By Civil Decision no.8, rendered on 01.03.2023, the Court
of Appeal of Constanta rejected as unfounded the appeal filed by Dumitrescu Andrei Sebastian, ordering him
to pay to the respondent Oil Terminal SA the sum of 5,950 lei, as costs of the appeal. The judgment is final.
Dumitrescu appealed to the High Court of Cassation and Justice. Deadline: 05.12.2023: Ruling: Suspends
the judgment of the appeal brought by the defendant Dumitrescu Andrei Sebastian against civil decision no.
7/2023 of 01 March 2023, delivered by the Court of Appeal Constanța - Second Civil, Insolvency and Litigation
Section with Professionals and Companies, pursuant to the provisions of Article 413 para. (1), item 1 of the
37
Code of Civil Procedure until the resolution of the appeal lodged against civil decision no. 8/2023 of 1 March
2023, delivered in case no. 8452/118/2021. Final. In case 8452/118/2021 Dumitrescu appealed to the High
Court of Cassation and Justice on 12.10.2023. At the present date, the case has not been set for trial.
15. File no.2007/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM decision
no.4/21.03.2022. The following files have been attached to this file: 2010/118/2022, 2011/118/2022,
2014/118/2022, 2018/118/2022, 2022/118/2022, 2029/118/2022. The case is due to be heard on 03.10.2023:
the case is adjourned until the final decision in case 7054/118/2022. With appeal for the duration of the stay.
Appeal lodged by Oil Terminal S.A. on 20.11.2023. Court of Appeal Constanța to be heard on 03.04.2024.
16. File no.2010/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanța Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
17. File no.2011/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A.. Action for absolute annulment of the EGSM Decision No 4/21.03.2022.
Connected to file no.2007/118/2022.
18. File no.2014/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
19. File no.2018/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
20. File no.2022/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute full annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
21. File no.2025/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
22. File no.2008/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute full annulment of the EGSM Decision
no.4/21.03.2022. The case has a deadline of 15.06.2023. Adjourn the case. Cyclically reassigned in
accordance with Decision no.4/03.04.2023 of the President of the Court of Constanța. No trial date.
23. File no.2009/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. In pronouncement. Judgment. Dismisses as unfounded the claim brought by the plaintiff
Dumitrescu Andrei Sebastian against the defendant Oil Terminal SA. With right of appeal to be lodged with
the Court of Constanța, 2nd Civil Section, within 30 days of communication. Appeal lodged by the plaintiff
Dumitrescu Andrei Sebastian on 15.12.2022. At the trial date of 29.03.2023, the Court rejects the appeal as
unfounded. Final. Document: Judgment no.34/2023 of 29.03.2023.
24. File no.2013/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. The case is due to be decided on 10.10.2023.The decision is postponed to 04.12.2023. With
right of appeal within 30 days from the communication of the judgment. An appeal was lodged by Dumitrescu
Andrei Sebastian on 07.02.2024.
38
25. File no.2016/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM decision
no.4/21.03.2022. In pronouncement. Judgment: Rejects as unfounded the claim brought by the plaintiff
Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be lodged with
the Court of Constanța, Civil Section II, within 30 days of communication. Appeal lodged by the plaintiff
Dumitrescu Andrei Sebastian on 06.12.2022. At the term of 05.04.2023 the Court of Appeal Constanța
removed the case from the register and referred it to the Court of Appeal Bucharest. At the deadline of
24.11.2023: Pronouncement: orders the Constitutional Court to rule on the exception of unconstitutionality of
the provisions of Article 12 of Law no.137/2002, by reference to Article 1 paragraph (3) and Article 1 paragraph
(5) of the Constitution of Romania, exception invoked by the appellant-claimant Dumitrescu Andrei Sebastian
in the notes of the hearing submitted on 9.11.2023. Dismisses the appeal as unfounded. There is no appeal
against the decision on the plea of unconstitutionality and the appeal is final.
26. File no.2017/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. In pronouncement. Judgment. Dismisses as unfounded the application filed by the plaintiff
Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be lodged with
the Court of Constanța, 2nd Civil Section, within 30 days of communication. Appeal lodged by the plaintiff
Dumitrescu on 06.12.2022. Deadline: 31.03.2023. Take note that the High Court of Cassation and Justice
ordered the case to be adjourned by decision no.775/29.03.2023. Removes the case from the register and
orders its submission to the Bucharest Court of Appeal. No appeal. Document: Final decision of the Council
Chamber 2/2023 of 31.03.2023. Deadline at the Bucharest Court of Appeal: 12.05.2023. Pronouncement:
Dismisses the appeal as unfounded. Definitive.
27. File no.2019/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanța Court to order the absolute annulment of the EGSM decision
no.4/21.03.2022. To be pronounced on 15.03.2022. Judgment. Dismisses as unfounded the claim brought by
the plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
lodged with the Court of Constanța, 2nd Civil Section, within 30 days of communication. Appeal lodged by the
plaintiff Dumitrescu Andrei Sebastian on 07.12.2022. On 29.03.2023 Dismisses the appeal as unfounded.
Definitive. Document: Judgment no.35/2023 of 29.03.2023. Deadline at the Bucharest Court of Appeal:
11.05.2023. Pronouncement: Dismisses the appeal as unfounded. Definitive.
28. File no.2020/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanța Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment. Dismisses as unfounded the claim brought by
the plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
lodged with the Court of Constanța, 2nd Civil Section, within 30 days of communication. On 21.11.2022 I
received a copy of SC no.494/2022. Appeal lodged by the plaintiff Dumitrescu on 07.12.2022. On 05.04.2023
the Court of Appeal of Constanta pronounced the following decision: Resume the case. Removes the case
from the Court of Appeal Constanta and forwards it to the Court of Appeal Bucharest, in accordance with the
transfer order of 04.04.2023, issued by the High Court of Cassation and Justice in case no.555/1/2023.
Deadline for the Bucharest Court of Appeal: 11.05.2023. Pronouncement: Dismisses the appeal as unfounded.
Definitive.
29. File no.2021/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment. Admit the petitioner Dumitrescu Andrei
Sebastian's request for referral to the Constitutional Court of Romania. The Constitutional Court of Romania
is seised to rule on the exception of unconstitutionality invoked by the applicant Dumitrescu Andrei Sebastian
with regard to Article 12 of Law no.137/2002 by reference to Article 1 paragraph 3 and Article 1 paragraph 5
of the Romanian Constitution. Orders the formation of the associated file no.2021/118/2022/a1 with the object
of referring the matter to the Constitutional Court. No appeal. Dismisses as unfounded the application brought
by the applicant Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With a right of appeal
to be lodged with the Court of Constanța, Civil Division II, within 30 days of communication. Pronounced in
public sitting of 03.11.2022, by making the solution available to the parties through the court registry. Appeal
39
lodged by the plaintiff Dumitrescu on 07.12.2022. The case is scheduled for trial on 29.03.2023. Solution:
Admit the objection of inadmissibility of the grounds of appeal relating to the opinion of the court on the
objection of unconstitutionality of the provisions of Article 12 of Law 137/2002. Within the limits of the
investment, thus established: Dismisses the appeal as unfounded, Final. Judgment no.36/2023 of 29.03.2023.
File transmitted to the Bucharest Court of Appeal. Deadline:04.05.2023 - Dismisses the appeal as unfounded.
Definitive.
30. File no.2023/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanța Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment: Rejects as unfounded the claim brought by the
plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
filed with the Court of Constanța, Civil Section II, within 30 days of communication. On 21.11.2022 I received
a copy of SC no.496/2022. Appeal filed by the claimant Dumitrescu on 06.12.2022. The case is due for trial
on 29.03.2023. Decision: dismiss the appeal as unfounded. Definitive.
31. File no.2024/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanța Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment. Dismisses as unfounded the claim brought by
the plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
lodged with the Court of Constanța, 2nd Civil Section, within 30 days of communication. On 21.11.2022 I
received a copy of SC no.497/2022. Appeal filed by the plaintiff Dumitrescu on 07.12.2022. The case is due
for trial on 26.05.2023. By Order of 31.03.2023: Adjourns the trial to 31.03.2023. Take note that the High Court
of Cassation and Justice ordered the case to be adjourned by Order No 777/29.03.2023. Removes the case
from the register and orders its referral to the Bucharest Court of Appeal: No appeal. Deadline: 11.05.2023 -
Dismisses the appeal as unfounded. Notes that the parties have reserved the right to apply separately for
costs of the appeal. Definitive.
32. File No 1926/118/2022 pending before the Court of Constanta, applicant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for leave to intervene by which the applicant Dumitrescu Andrei
Sebastian requests the court:
- Non-registration of the entries concerning the Resolution of the Extraordinary General Meeting of
Shareholders Oil Terminal S.A. no.4 of 21.03.2022 in the Commercial Register,
- Forwarding the file concerning the registration of the entries on the Resolution of the Extraordinary General
Meeting of Shareholders Oil Terminal S.A. no.4 of 21.03.2022 in the Commercial Register to the Court of
Constanta,
- to settle the application to intervene on the merits of the case in the sense of not registering the entries
concerning the Decision of the Extraordinary General Meeting of Shareholders of Oil Terminal S.A. no.4 of
21.03.2022 in the Commercial Register.
At the deadline of 12.05.2022 Dumitrescu Sebastian Andrei modifies the whole subject matter of the file and
formulates an application for intervention against the OGSM Decision no.3/23.02.2022, after which he submits
an application for waiver of the proceedings. At the deadline of 16.06.2022, by Decision no.303, the court finds
that the petitioner Dumitrescu Andrei-Sebastian has waived the application to intervene on the Decision of the
General Meeting of Shareholders of Oil Terminal S.A. no.3/23.02.2022, an application made in contradiction
with the respondents: Oil Terminal S.A., the Trade Register Office of the Constanta Court, the Romanian State
through the Ministry of Energy.
33. File No. 2035/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A.. Presidential Order by which the plaintiff Dumitrescu Andrei Sebastian requests
the court to suspend the EGSM Decision no.4/21.03.2022, until the resolution of the case concerning the
absolute nullity of the EGSM Decision no.4/21.03.2022.
By Judgment no.477/18.04.2022 the court rejected as unfounded the application for a writ of summons,
concerning a Presidential Order, filed by the plaintiff Dumitrescu Andrei Sebastian, against the defendant Oil
Terminal S.A. The judgment may be appealed within 5 days from the judgment. Dumitrescu Sebastian Andrei
has lodged an appeal and by Judgment No 269/24.06.2022 the appeal is dismissed as unfounded. The
judgment is final.
34. File no.1483/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for a declaration that the EGSM Decision no.4/21.03.2022 is no longer
applicable. At the deadline of 20.09.2022, by Judgment no.979/202, the Court of Constanța admits the plea of
inadmissibility of the claim. Dismisses the action brought by the plaintiff Dumitrescu Andrei Sebastian against
40
the defendant Oil Terminal S.A. for a declaration of the termination of all legal effects of the Decision of the
Extraordinary General Meeting of Shareholders Oil Terminal SA no. 4/12.06.2020, as inadmissible. With
appeal within 30 days from communication. Appeal has been lodged. Deadline: 26.05.2023. Deadline:
10.04.2023 - Summary solution: Decision: Take note that the High Court of Cassation and Justice, by decision
no.801/04.04.2023, ordered the case to be transferred to a different trial. Removes the case from the register
and orders that it be referred to the Bucharest Court of Appeal. No appeal. Delivered by making the decision
available to the parties through the court registry on 10.04.2023. Document: Final decision of the Council
Chamber 5/2023 of 10.04.2023. Summary judgment: The appeal is allowed. Annuls the civil judgment and
remits the case for further proceedings to the Calarasi Court. With appeal within 30 days of communication.
The appeal is lodged with the Bucharest Court of Appeal. Document: Judgment no.914/2023 of
09.06.2023.Deadline at Călărași Court: 09.04.2024.
35. File no.3305/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Presidential order by which Dumitrescu Andrei Sebastian requests:
- Suspension of the execution of the Decision of the Extraordinary General Meeting of Oil Terminal SA
no.4/21.03.2022, until the resolution of the Case no.7838/118/2021, having as object the declaration of partial
absolute nullity of the Report of the administrators for the first semester 2021, concluded on 30.06.2021, which
was the basis for the action to increase the share capital of Oil Terminal SA ordered by the Decision of the
Extraordinary General Meeting no.4/21.03.2022. Order the defendant Oil Terminal SA to pay the costs.
At the deadline of 15.06.2022, Dumitrescu Andrei Sebastian filed a request for recusal of the panel. The Order
orders that the request be referred to the Chief Judge of Civil Division II, in order to order the necessary
measures to resolve the procedural incident. At the deadline of 17.08.2022, the Constanța Court rejects as
unfounded the request for suspension of the execution of the OGSM Decision no.4/21.03.2022. With appeal
within 5 days of the ruling. An appeal was lodged by Dumitrescu Sebastian Andrei on 22.08.2022. Judgment
No 376/2022 of 26.10.2022. Dismisses the appeal as unfounded. Final judgment.
36. File No 4100/118/2022 pending before the Constanta District Court, claimant Dumitrescu Andrei
Sebastian, defendant Oil Terminal S.A., requesting:
1. A declaration that the Decision of the Ordinary General Meeting of Shareholders of Oil Terminal SA
no.7/01.04.2022, main head of claim not assessable in money, is null and void in its entirety;
2. As a result of the admission of point no.1 above, a declaration of absolute nullity in its entirety of the Decision
of the Board of Directors on the appointment of the intermediary authorised by the Financial Supervisory
Authority to draw up the proportionate offer prospectus, namely the company Prime Transaction SA, as it
results from the notice published by the defendant on the website of the Bucharest Stock Exchange on
11.05.2022;
3. Order the defendant to pay the costs.
By the OGSM Resolution no.7/01.04.2022 the shareholders of the company decided to elect as provisional
administrators Messrs: Cristian Florin Gheorghe, Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu
and Emilian Nicolae. Action notified on 17.06.2022. Statement of defence lodged on 30.06.2022. Court date
09.11.2022. Deadline: 18.01.2023 - for re-doing the summons procedure. The case is due for trial on
15.02.2023. In the course of the ruling. The court adjourns the case to 01.03.2023. Dismisses as unfounded
the plea of lack of interest - plea raised by the court of its own motion. Dismisses as unfounded, in the civil
case concerning the action for annulment of the decision of the OGSM and the decision of the Board of
Directors, the application brought by the plaintiff Dumitrescu Andrei Sebastian against the defendant OIL
Terminal S.A. Dismisses as unfounded the plaintiff's claim for costs. The judgment is subject to appeal only,
within 30 days of its communication. The application for appeal shall be submitted to the Court of Constanța -
Second Civil Section, under penalty of nullity, and shall be dismissed by the Court of Appeal of Constanța.
Settled in chambers and pronounced on 15.03.2023, the decision being made available to the parties through
the court clerk's office, in accordance with Article 396 paragraph 2 of the republished Code of Civil Procedure.
Document: Decision of the Council Chamber No 111/2023 of 15.03.2023. Deadline: 27.06.2023 - Removes
the case from the register and forwards it to the Bucharest Court of Appeal. Deadline: 24.11.2023: Ruling:
dismiss the appeal as unfounded. Final.
37. File no.2603/118/2022 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for intervention against the registration of the OGSM Decision
no.7/01.04.2022 by which the shareholders of the company decided to elect as provisional administrators
Messrs: Cristian Florin Gheorghe, Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu and Emilian
Nicolae. Judgement deadline 01.11.2022. A new time-limit was granted for service of the application to
discontinue the proceedings. Deadline: 05.12.2022- Adjourned to 20.12.2022. Judgment under Article 406(1)
of the New Code of Civil Procedure. Takes note of the waiver of the proceedings by the application for
intervention no.55.727/07.04.2022 as supplemented by the intervener Dumitrescu Andrei Sebastian against
the defendants Oil Terminal S.A., the Romanian State through the Ministry of Energy (as majority shareholder)
41
and the Ministry of Energy (as representative of the majority shareholder) and Andrei Aurelian Ovidiu,
Gheorghe Cristian Florin, Nicolae Emilian, Teșeleanu George and Ungur Ramona. Admit the request for
registration of the petitioner Oil Terminal SA registered under no.55666/07.04.2022 at the Commercial Registry
Office of the Court of Constanta. Orders the registration in the Commercial Register of the entries contained
in the OGSM Decision of Oil Terminal S.A. no.7/01.04.2022 regarding the provisional administrators and the
publication of the decision in the Official Gazette of Romania-Part IV after the finality of the present decision,
at the expense of the holder of the request. With appeal within 30 days of communication. The application for
appeal shall be filed with the court whose decision is being appealed, namely the Court of Constanta. No
appeal has been lodged.
38. File no.18250/212/2016 pending before the Constanta Court, plaintiff Staar Rating SRL, defendant Oil
Terminal SA, Action for contractual liability 16,411.20 lei, representing fixed compensation, 82,056 lei
representing variable compensation, legal penalty interest and court costs. Deadline: 04.05.2023 - Judgment.
Written submissions were submitted at the hearing. Adjournment of judgment to 19.05.2023. Decision: Partial
admission of the application for interim measures brought by the applicant Staar Rating SRL against the
defendant Oil Terminal SA. Orders the defendant to pay the applicant the sum of 16 411.20 lei as a fixed
allowance due for the exercise by the applicant of the function of director of the defendant. Dismisses as
unfounded the head of claim seeking an order that the defendant pay the variable allowance. Orders the
defendant to pay to the applicant the sum of 6,845.71 lei by way of statutory penalty interest on the fixed
allowance for the months of March, April, May and June 2016 calculated up to the date of the expert's report -
07.12.2022. Grant the expert's request to increase the fee by the amount of 1,000 lei and order the applicant
to pay the difference in the fee. Orders the defendant to pay the applicant's legal costs and expenses in the
sum of 1 283,91 lei as the stamp duty relating to the admissible claims and 2 000 lei - final expert's report fee.
With the right to appeal within 30 days from the communication, to be submitted to the Constanta Court.
Document: Judgment no.4921/2023 of 19.05.2023. A provision of 109,597 lei has been made for this case.
39. File no. 2009/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for absolute annulment of the EGSM Decision no.4/21.03.2022.
At the deadline of 13.10.2022. Adjourned to 20.10.2022. Adjourns to 03.11.2022 Decision. Dismisses as
unfounded the application brought by the applicant Dumitrescu Andrei Sebastian against the defendant OIL
TERMINAL SA. With right of appeal within 30 days of communication. Appeal lodged by Dumitrescu on
15.12.2022. Deadline: 15.03.2023 - Pronouncement. Adjourned to 29.03.2022 - Appeal dismissed as
unfounded. Final.
40. File no. 1673/118/2023 pending before the Court of Constanța, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Complaint against ORC director's resolution
494/10.02.2023. On 08.11.2023 - Pronouncement: Dismiss the application. Summary ruling: Admit the plea
of lack of interest raised in the statement of defence. Dismisses the complaint lodged by the petitioner
Dumitrescu Andrei Sebastian against the defendants Commercial Registry Office of the Court of Constanța
and Oil Terminal SA, as lacking interest. With right of appeal within 30 days of communication. No appeal
was lodged until 06.02.2024.
41. File no.898/118/2023 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Action for annulment of administrative act,
certificate of attestation of private ownership of land series M03 no.11703/02.02.2011 and M03
no.11704/02.02.2011.
At the deadline of 21.09.2023 - ruling: Dismiss the application as untimely. With appeal. Appeal lodged.
Deadline: 27.03.2024.
42. File no.2872/118/2023 pending before the Constanța Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Action for annulment of the EGSM Decision
no.4/18.04.2023. Deadline: 05.03.2024 - ruling. Postpones the ruling to 19.03.2024.
43. File no.2730/118/2023 pending before the Court of Constanța, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Application for a declaration that the Decision
of the Board of Directors no.9/20.01.2023 is null and void.
At the deadline of 05.10.2023: Ruling: On the basis of Article 413 paragraph 1, item 1 of the Code of Civil
Procedure; Suspends the case until the final resolution of cases no.3656/118/2020 and no.2013/118/2022 of
the Court of Constanța. With separate appeal for the duration of the stay.
44. File no.2699/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - declaration of nullity of the act - of the
42
Decision of the Board of Directors no.6/16.01.2023. Deadline: 05.12.2023: decision. Adjourns the ruling until
18.12.2023 - Decision: Dismisses the application. Summary: Admit the plea of inadmissibility. Dismiss the
application as inadmissible. With right of appeal within 30 days of notification.
45. File no. 521/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei
Sebastian, defendant Oil Terminal S.A. The subject matter of the case is: annulment in its entirety of decision
no. 46/17.01.2023 issued by the FSA, main claim not assessable in money; annulment in its entirety of the
simplified prospectus relating to the share capital increase with contribution in kind and in cash of Oil
Terminal SA, accessory claim not assessable in money and order the defendants to pay the costs. At the
hearing on 12.02.2024 - judgment: Dismisses the application. Summary: Dismisses the objections of
inadmissibility and lack of locus standi as unfounded. The plea of lack of locus standi of the defendant Viorel
Sorin Ciutureanu is upheld and the claim against him is dismissed as being brought against a person without
locus standi. Dismisses the remainder of the application as unfounded. Orders the applicant to pay to the
defendant Prime Transaction S.A. the sum of 3,300 lei by way of costs (lawyer's fees). With a right of appeal
within 15 days of notification.
46. File no.575/2/2023 pending before the Bucharest Court of Appeal, applicant Dumitrescu Andrei
Sebastian. The subject matter of the case is a request for suspension of the execution of the FSA Decision
no.46/17.01.2023 until the final settlement of the case no.521/2/2023. Deadline: 08.02.2023 -
Pronouncement. Decision: Dismiss the action brought against the defendant Ciutureanu Viorel Sorin, as
being brought against a person without locus standi. Dismisses the plea of inadmissibility of the action as
unfounded. Dismisses the plea of lack of locus standi as unfounded. Dismisses the application for stay of
execution as unfounded. Orders the applicant to pay to the defendant Prime Transaction SA the sum of
2,500 lei by way of costs, consisting of lawyers' fees. The judgment is not final and may be appealed against
within 5 days of its notification. Appeal brought by Prime Transaction SA and Dumitrescu Andrei Sebastian.
At the hearing on 17.01.2024, the appeal was dismissed.
4.13. Important events after 31 December 2023
I. warehouse license - updating the amount of the guarantee
On 18.01.2024, the Ministry of Finance, Regional Customs Directorate Bucharest issued decision
no.16/18.01.2024, which set the amount of the updated guarantee for the fiscal warehouse authorization
for gasoline storage at the value of 34,212,379 lei, compared to the previous value of 53,666,067 lei, set
by decision no.33/17.02.2023.
In view of Decision no.15/28.02.2019 of the Regional Commission for the authorisation of operators of
products subject to harmonised excise duties Galati, a decision by which Oil Terminal SA benefits from a
75% reduction in the value of the guarantee, the updated guarantee to be provided by Oil Terminal for
the tax warehouse is RON 8,553,094.76. The deadline for providing the guarantee is 30 working days
from the date of notification of the decision.
Please note that on 20.02.2024, Amendment no.8 to the Bank Guarantee Letter no.G084724/832 was
signed, whereby the value of the guarantee letter is reduced by the amount of 4,863,422 RON, the new
guaranteed value being 8,553,094.76 RON, with extension of the validity term until 28.02.2027.
II. Resolutions of the General Meeting of Shareholders of 22.01.2024:
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/22.01.2024 was adopted:
- approval of the collateral structure (the amount of which does not exceed 20% of the total fixed
assets, less receivables) related to the long-term investment loan in the amount of 120,955,930.28 lei
(excluding VAT).
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGSM) no.1/22.01.2024 it
was adopted:
- approval of the contracting of a long-term investment loan in the amount of 120,955,930.28 lei (excluding
VAT), for:
• Construction of reservoir 30P in SP Port, capacity 10,000 m3.
• Modernisation of tank T29S, current capacity 50,000 m3
• Modernisation of tank T26S, current capacity 31,500 m3.
III. Resolutions of the General Meeting of Shareholders of 23.02.2024:
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.2/23.02.2024 the
Budget of Revenues and Expenses for 2024 was approved.
IV. Identifying a partnership to build a bitumen terminal
OIL TERMINAL SA informs shareholders that the evaluation of the submitted bids has been completed.
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We remind you that by the deadline of 20.12.2023, 7 companies out of 8 registered submitted offers, namely:
1) Socar Petroleum S.A., 2) Takida Terminal S.R.L., 3) Frial S.A., 4) OMV Petrom S.A., 5) Vitaro Energy
S.R.L, 6) Trafigura Pte Ltd, 7) Euronova Energies S.A.
In the meeting held on 23.02.2024 the Board of Directors endorsed the Procedure Report prepared by the
Evaluation Committee and convened the EGSM to be held on 28(29).03.2024 requesting:
- approval to start negotiations with the first-placed bidder (Euronova Energies S.A.) with a view to
establishing a partnership for the construction of a bitumen terminal.
- to mandate the administrative and executive management to negotiate the legal terms and conditions
and to formulate the final proposal on how the partnership should be implemented, to be
submitted for approval to a subsequent EGSM.
V. Convocation by the Board of Directors of the Company, convened in a meeting on 23.02.2024, an
Extraordinary General Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the amendment of the Constitutive Act of the Company Oil Terminal SA, according to
the proposals in the Annex to the Notice of EGSM.
2. Approval to start negotiations with Euronova Energies in order to establish a partnership for the
construction of a bitumen terminal. Mandate the administrative and executive management to
negotiate the legal conditions and formulate the final proposal on how to carry out the partnership, to
be submitted for approval to a subsequent EGSM.
VI. Convocation by the Board of Directors of the Company, convened in a meeting on 23.02.2024, an
Ordinary General Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the purchase by the company of legal advisory, assistance and/or representation
services in the field of commercial law.
5. COMPANY’ TANGIBLE ASSETS
Location and characteristics of the main production capacities owned by the company
The North Platform Section and the South Platform Section are located in the area of Constanta and the Port
Platform Section is located in the port of Constanta.
The three Platform Sections divide between them the activities of receiving, unloading, storing, packaging and
delivering crude oil, petroleum, petrochemical and liquid chemical products for import, export and transit, but
they all follow a single strategy.
Oil Terminal SA provides services relating to the loading, unloading, storage and packaging of the following
products: crude oil, gasoline, diesel, fuel oil, petrochemicals and liquid chemicals.
Each platform has loading/unloading ramps for crude oil, petroleum products and liquid chemicals, tank farms
for their storage, pump houses, pipeline routes connecting the various technical equipment of the depot and
facilities for separating petroleum products from waste water (gravity separators).
The Port Platform Section also has berths, specially equipped for the operation of oil tankers. For petrol, diesel
and crude oil, the facilities are also equipped with metering systems.
The railway tanker loading/unloading ramps with a capacity of approx. 20,000 tonnes/24 hours are represented
by a small section of track, specially arranged for loading/unloading tankers of petroleum products and liquid
chemicals.
Parallel to the rail section are the collector pipelines through which the products are discharged by free fall.
The collectors are connected to the pumping equipment by conveyor pipes with diameters ranging from 100
mm to 1,000 mm.
The pump houses, which can deliver between 300 and 2 500 m3/h, are generally closed constructions, inside
which the pumps are mounted to ensure the discharge of the products in the warehouse. The pumps are
electrically driven. The suction and discharge pipes and the shut-off fittings are also installed inside the pump
houses.
The tank farms, with capacities ranging from 1,500 m3 to 50,000 m3, are specialised sub-units for storing liquid
products. Tanks are of metal construction, cylindrical, vertical, above ground, with fixed or floating covers,
some with concrete protective belts, others in earth or concrete retention tanks. The tanks are fitted with
specific PSI installations and, depending on the nature of the products stored, are fitted with thermal insulation
or heating coils.
The laboratories are equipped with equipment for carrying out specific physico-chemical analyses.
Degree of wear and tear of the company's properties
From the point of view of the physical condition and maintenance of fixed assets, the degree of wear and tear
established for the installations, technological equipment and tanks of the company's assets, according to the
Catalogue on the classification and normal operating times of fixed assets, is estimated at over 50%.
Of these fixed assets, 80% have used up their useful life as stated in the technical books for these fixed assets.
44
For the rest of the installations, overhauls and capital repairs are carried out regularly to ensure that all the
conditions for safe operation are met.
Depreciation is calculated at book value (acquisition cost or revalued amount) using the straight-line method
over the estimated useful life of the assets, starting from the month following their commissioning, and is
included monthly in the company's costs.
The useful lives of property, plant and equipment are in line with those set out in the "Catalogue on the
classification and normal useful lives of fixed assets" approved by Royal Decree 2139/2004, as amended.
As at 31 December 2023 the Company has revalued tangible fixed assets, intangible fixed assets and fixed
assets related to rights of use of leased assets. The revaluation at fair value was recorded as at 31 December
2023, based on Valuation Reports prepared by an authorised valuer, a full member of ANEVAR. The frequency
of revaluations depends on changes in the fair values of the revalued property, plant and equipment. In the
case of property, plant and equipment whose fair values do not change significantly, revaluations are not
required.
Potential issues relating to ownership of the company's tangible assets
Not applicable.
6. THE MARKET OF THE SECURITIES ISSUED BY THE COMPANY
Oil Terminal SA’ financial instruments owners structure on 31.12.2023, according to Depozitarul Central CA
Bucuresti, is as follows:
Denumirea acționarului
Număr acțiuni
Total valoare
nominală
Deținere (%)
Romanian State by the Ministry of Energy
2,630,258,255
263,025,826
87.76%
Legal persons
83,355,005
8,335,500
2.78%
Physical persons
283,563,872
28,356,387
9.46%
Total capital
2.997,177,132
299,717,713
100.00%
The subscribed and paid-up share capital of OIL TERMINAL as at 31 December 2023 is 299,717,713.20 lei,
divided into 2,997,177,132 registered shares, each share having a nominal value of 0.10 lei/share.
The company is listed on the Bucharest Stock Exchange, Standard category, stock symbol OIL.
Since 09.02.1998, the shares of OIL TERMINAL SA are traded on the regulated spot market administered by
BVB, Main segment, Standard Category, under the symbol "OIL". OIL TERMINAL SA is included in the BVB
indices: BET-NG and BETPlus.
OIL TERMINAL SA has not carried out any transactions involving its own shares and as a result the
company does not hold any of its own shares.
Romanian and foreign markets, where securities issued by the company are negotiated
Oil Terminal SA is a public company, according to Law no.24/2017 regarding the issuers of financial
instruments and market operations, being registered in the National Commission of Securities. Shares issued
by Oil Terminal SA are traded on the regulated market, Bucharest Stock Exchange, in department Capital
titles, Standard Class, under symbol OIL.
Company’ policy regarding the dividends
Regarding the dividends due to shareholders for 2023, the company has considered the following provisions:
➢ art.1 paragraph (1) letter f) of the OG no.64/2001 on the distribution of profits of national companies,
national companies and companies with full or majority state capital, as well as autonomous companies,
with subsequent amendments and additions, approved with amendments by Law no.769/2001 with
subsequent amendments and additions, "at least 50% shall be distributed to the state or local budget, in
the case of autonomous companies, or dividends, in the case of national companies and companies with
full or majority state capital";
➢ Memorandum approved in the Government meeting of 07.03.2024 on "Mandating State representatives
in the General Meeting of Shareholders/Board of Directors, as the case may be, in national companies,
national companies and companies with full or majority state capital, as well as in autonomous companies,
with a view to taking the necessary measures for the distribution of at least 90% of the net profit for the
year 2023 in the form of dividends/payments to the state budget"; communicated by the Ministry of Energy,
Directorate for the Administration of State Holdings in Energy No.220683 /20.03.2024.
45
Shareholders to receive dividends from net profit achieved in the 2023 financial year are those registered in
the Shareholders Register at the registration date.
Dividends are paid to shareholders proportionally with the rate of participation in share capital.
The dividend payment date will be established in compliance with the provisions of art.178 paragraph (2) of
the Regulation of the Financial Supervision Authority no. 5/2018: "In the case of dividends, the General Meeting
of Shareholders sets the payment date on a working day that is later with no later than 15 working days from
the date of registration, but no later than 6 months from the date of the General Meeting of Shareholders to
establish dividends".
În anii 2021 - 2023 situaţia dividendelor repartizate este următoarea:
Dividends – lei
Anul 2023
Anul 2022
Anul 2021
Gross due dividends
9,601,748
9,533,012
4,226,555
Net due dividends
-
8,773,621
4,141,870
Paid dividends
-
8,593,834
3,817,776
Accumulated dividends (unpaid on 31.12.)
626,867
179,787
324,094
Valoarea dividendului brut/acţiune în perioada 2021 - 2023 se prezintă, astfel:
Anul
Dividend brut lei/acţiune
2021
0.00725676
2022
0.00318066
2023
0.00320360
The proposed gross dividend per share of 0.00320360 lei/share results from the amount of gross dividends
proposed to be distributed from the net profit of 2023 in the amount of 9,601,748 lei based on a total number
of 2,997,177,132 shares.
The subscribed and paid-up share capital recorded as at 31.12.2022 and presented in the financial statements
for the year 2022, in the amount of 58,243,025.30 lei (582,430,253 shares), was increased based on the
completion on 8 March 2023 of the subscriptions in accordance with the "Simplified prospectus for the share
capital increase with contribution in kind and in cash of Oil Terminal SA" approved by the Financial Supervisory
Authority (ASF) by Decision no.46/17.01.2023.
By EGSM Resolution no.4 /21.03.2022, it was approved to increase the share capital by contribution in kind
and in cash up to the maximum amount of 382,910,843 lei by issuing a maximum of 3,829,108,430 new shares
with a nominal value of 0.10 lei/share, at the issue price of 0.10 lei/share, the subscription right being
manifested in accordance with the "Simplified Prospectus for the increase in share capital with contribution in
kind and in cash of Oil Terminal SA" approved by the Financial Supervisory Authority (FSA) by Decision
no.46/17.01.2023.
During the period 23.01.2023 - 08.03.2023, Oil Terminal shareholders subscribed and paid in order to keep
their share in the share capital, a cash contribution in the amount of 13,174,659.70 lei, representing a number
of 131,746,597 shares at the subscription value of 0.10 lei/share.
The share capital increase established in accordance with the law and the EGSM Decision no.4/21.03.2022
ended on 08.03.2023, the date established by FSA Decision no.46 /17.01.2023, and the contribution in kind
subscribed and paid by the Romanian State through the MINISTRY OF ENERGY is 228,300,028.20 lei, i.e. a
number of 2,283,000,282 shares, with a nominal value of 0.1 lei/share, representing the value of the land for
which certificates of ownership were issued, value established by the valuation report no.155/2021 drawn up
by Mapps - Master Appraisal SRL (J40/7308/2004 and CUI 16400917), namely:
- land in the area of 254.261,325 sq.m, located in Constanța county, Caraiman street no.2, registered in the
railway no.215416 kept by OCPI, with cadastral number 215416, according to the certificate of attestation of
the right of ownership of land series M03 no.11703/02.02.2011, value 151.325.519,26 lei;
- land with an area of 129.334,70 sqm located in Constanța county, Caraiman street no.2, registered in CF
no.215382 kept by OCPI, with cadastral number 215382, according to the certificate of attestation of the right
of ownership of land series M03 no.11704/02.02.2011, worth RON 76.974.508,94.
The subscribed and paid-up share capital existing on 31.12.2022 was increased by 241,474,687.90 lei,
representing a number of 2,414,746,879 new shares with a nominal value of 0.1 lei/share, of which:
- cash contribution of 13,174,659.70 lei, representing a number of 131,746,597 shares at a par value of 0.1 lei
/share
46
- contribution in kind subscribed and paid by the Romanian State through the MINISTRY OF ENERGY of
228,300,028.20 lei, i.e. a number of 2,283,000,282 shares with a nominal value of 0.1 lei/share.
The subscribed and paid-up share capital resulting after the increase of 241,474,687.90 lei becomes
299,717,713.20 lei (58,243,025.30 lei + 241,474,687.90 lei) divided into 2,997,177,132 shares
(299,717,713.20 lei /0.1 lei/share).
By Decision no.6522/14.03.2023 the Commercial Registry Office of the Court of Constanta admits Oil
Terminal's request for an increase in share capital and updated Articles of Association.
The Financial Supervisory Authority issued the Certificate of Registration of Financial Instruments with number
AC - 1829-3/29.03.2023 related to the registration of the share capital increase on the basis of the EGSM
Decision no.4 of 21.03.2022.
The Oil Terminal Extraordinary General Meeting approves the Report on the share capital increase, validates
and approves the operations carried out for the share capital increase, according to the Resolution
no.4/18.04.2023.
Company’ activities to own shares’ acquisiton
Oil Terminal SA did not effect trades with object the own shares acquisition and does not have own shares at
the end of 2023.
Number and nominal value of shares issued by company mother owned by branches
Oil Terminal SA has no branches, there are not shares issued by the company mother and owned by branches.
Bonds and/or other receivables titles issue
Oil Terminal SA has not issued bonds or other receivables titles.
7. COMPANY’ MANAGEMENT
7.1. Board of Directors
The company is managed according to the unitary management system, with a Board of Directors consisting
of non-executive administrators managing the company.
During the period 01.01.2023 - 27.04.2023, the company was managed on a unitary basis, the board of
directors being made up of provisional non-executive directors, appointed in accordance with the provisions of
Government Emergency Ordinance no.109/2011, as amended with subsequent additions, following the
termination of the administrators' mandate contracts approved by OGSM Resolution no.5/04.04.2018.
Following the completion of the selection procedure in accordance with the provisions of GEO no.109/2011,
carried out by the Ministry of Energy, in its capacity as Public Supervisory Authority, the OGSM Resolution
no.12/27.04.2023 approved the election of 7 non-executive administrators as members of the Board of
Directors of Oil Terminal SA, starting from 28.04.2023, in accordance with the provisions of art.29 of GEO
no.109/2011, for a period of 4 (four) years, the company being managed under the unitary system.
In 2023 the composition of the Board of Directors was as follows:
No
.
Name and surname
Position
Term of office during the
reference period
1.
GHEORGHE Cristian
Florin
Board of Directors’ Chairman
01.01.2023-27.04.2023
28.04.2023-27.04.2027
2.
UNGUR Ramona
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
3.
ANDREI Ovidiu Aurelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
4.
TEȘELEANU George
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
5.
NICOLAE Emilian
Provisional administrator Board of Directors
01.01.2023-27.04.2023
6.
LAZARIU Ciprian Dragoș
Provisional administrator Board of Directors
01.01.2023-27.04.2023
7.
MICU Ionuț Stelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
47
8.
MIȘA George Silvian
Administrator Board of Directors
28.04.2023-27.04.2027
9.
BODU Sebastian Valentin
Administrator Board of Directors
28.04.2023-27.04.2027
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.22/25.11.2022 it was
approved the extension for two months from the expiry date, i.e. for the period 04.12.2022 - 03.02.2023
inclusive, of the term of office of the provisional administrators of Oil Terminal SA elected by the Resolution
of the OGSM no.14/29.07.2022, as follows:
1. Mr. Florin Cristian GHEORGHE - Chairman of the Board of Directors as from 04.08.2022
2. Mrs. Ramona UNGUR
3. Mr. Ovidiu Aurelian ANDREI
4. Mr. George TEȘELEANU
5. Mr. Emilian NICOLAE
6. Mr Ciprian Dragoș LAZARIU
7. Mr Ionuț Stelian MICU
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/16.01.2023 the following
were adopted :
- election as provisional members of the Board of Directors of Oil Terminal SA, by cumulative voting method,
in accordance with the provisions of GEO no.109/2011 on corporate governance of public companies, with
subsequent additions and amendments, of the following persons:
1. Mr. GHEORGHE Cristian Florin
2. Mrs. UNGUR Ramona
3. Mr ANDREI Aurelian Ovidiu
4. Mr TEȘELEANU George
5. Mr NICOLAE Emilian
6. Mr LAZARIU Dragoș - Ciprian
7. Mr MICU Ionuț Stelian
- approval of the term of office of the provisional administrators for a period of 4 months, starting from
03.02.2023, as provided for in Article 64
1
,paragraph (5) of GEO no.109/2011 or until the end of the
recruitment and selection procedure provided for in GEO no.109/2011, if this takes place earlier than 4
months after the appointment of the provisional administrators by the OGSM.
During the meeting of the Board of Directors held on 03.02.2023, the directors of the company elected Mr.
Gheorghe Cristian Florin as Chairman of the Board of Directors, in accordance with the provisions of art.18
paragraph 5 of the articles of association and established the composition of the advisory committees that will
function within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - Chairman.
TEȘELEANU George - Member
LAZARIU Dragoș Ciprian - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
NICOLAE Emilian - Member
MICU Ionuț Stelian - Member
Following the completion of the selection procedure according to the provisions of GEO no.109/2011, carried
out by the Ministry of Energy, as Public Trustee Authority, by OGSM Resolution no.12/27.04.2023 the following
were adopted:
- approved the election as members of the Board of Directors of Oil Terminal SA, starting from 28.04.2023, in
accordance with the provisions of art.29 of GEO no.109/2011, of the following directors:
• Mr. ANDREI Aurelian Ovidiu
• Mr. GHEORGHE Cristian Florin
• Mrs. UNGUR Ramona
• Mr. MIȘA George Silvian
• Mr MICU Ionuț Stelian
• Mr TEȘELEANU George
• Mr BODU Sebastian Valentin
- approved the term of office of the members of the Board of Directors elected for a period of 4 (four) years,
starting on 28.04.2023.
48
In the meeting held on 28.04.2023, the administrators appointed by the OGSM Resolution no.12/27.04.2023,
in accordance with the provisions of art.18 paragraph (5) of the articles of association, elected Mr. Gheorghe
Cristian Florin as Chairman of the Board of Directors and established the composition of the advisory
committees that will function within the Board of Directors as follows:
• Audit Committee:
UNGUR Ramona - Chairman
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Development and Strategy Committee
MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian - Member
In accordance with the provisions of art.34 GEO no.109/2011 modified by Law no.187/2023, during the
meeting of the Board of Directors held on 28.07.2023, the administrators of the company updated the
composition of the advisory committees functioning within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - Chairman.
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - Chairman
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Development and Strategy Committee
MICU Ionuț Stelian - Chairman
UNGUR Ramona - Member
MIȘA George Silvian - Member
• Risk Management Committee
BODU Sebastian Valentin - Chairman
ANDREI Aurelian Ovidiu - Member
TEȘELEANU George – Member
As at 31 December 2023 there are no advances and loans to non-executive administrators or management.
Also, Oil Terminal as at 31 December 2023 has no relationships with associated branches or entities and does
not have participations in other companies.
Report on the management activity
During 2023, 44 meetings of the Board of Directors were held, which were conducted in accordance with the
approved Rules of Procedure, based on the agenda submitted to the administrators, with 165 decisions being
taken, the main decisions being as follows:
- Endorsement of the revenue and expenditure budget for 2023;
- Endorsement of the proposal to appoint Transilvania Audit & Fiscalitate SRL as statutory financial auditor
of Oil Terminal SA with a financial audit services contract duration of 3 years (for the years 2023, 2024 and
2025);
- Approval of the convening and meeting of the Ordinary General Meeting of Shareholders of the company,
held on 16(17).02.2023, at 13:00, having on the agenda Approval of the Budget of Revenues and Expenses
for the year 2023 and appointment of the statutory financial auditor;
- Approval of the updated Accounting Policy Manual;
- Approval of the Simplified Prospectus form related to the share capital increase with contribution in kind
and in cash of OIL TERMINAL SA, part of the set of documents submitted to the FSA for approval;
- Approval of the form of the Additional Act No. 2/2023 to the applicable Collective Labour Agreement;
- Approval of the manner of implementation of the Offer pursuant to the Simplified Prospectus relating to the
share capital increase with contribution in kind and in cash of OIL TERMINAL SA, pursuant to FSA Decision
no. 46/17.01.2023;
- Order the publication of the simplified prospectus related to the increase of the share capital with
contribution in kind and in cash of Oil Terminal SA, as per FSA decision no.46/17.01.2023;
49
- Approval of the establishment of a partnership for the development of the 38 ha land located in the North
Platform Section, body A and body B and submission to the EGSM;
- Election of the Chairman of the Board of Directors;
- Determination of the composition of the advisory committees that will function within the Board of Directors;
- Approval of the conclusion of an additional deed, to the contract for the supply/provision of drinking water
supply and sewerage service No. 60169CT (247/856/09.12.2022), concluded with RAJA SA, concerning the
increase of unit tariffs, in accordance with ANRSC Decision 202/22.11.2022;
- Approval of the request of the shareholder Dumitrescu Andrei Sebastian to complete the agenda of the
EGSM meeting of 02(03).03.2023 and to complete the agenda of the EGSM with the following items
o Approval of the trading of preference rights provided for in Article 1 of the EGSM Resolution
no.4/21.03.2022, their trading to be carried out on the same regulated market where the securities to which
they refer are traded, in compliance with the specific market regulations;
Approval of the trading of the pre-emptive rights referred to in art.1 of the EGSM Resolution no.4/21.03.2022,
their trading to take place on the same regulated market on which the securities to which they refer are
traded, in compliance with the specific market regulations;
o Approval of the extension of the term of the procedure for increasing the share capital of OIL
TERMINAL SA Constanta, with a minimum of 60 working days or with a longer period necessary to
implement and carry out the trading of preference rights provided for in the previous article;
o Approval of the Board of Directors' authorization to carry out any and all formalities to carry out the
resolution of the EGSM including, but not limited to, the following:
▪ approval of the amendment to the Proposed Prospectus;
▪ follow up and co-ordinate the actions for the approval of the amendment of the proportionate
offer prospectus by the FSA and its publication;
▪ the conduct of the offer (establishing and approving the procedure for the trading of pre-
emptive rights, establishing and approving the underwriting procedure, the date, place and
method of payment, the manner in which subscriptions made are analysed and validated,
taking action on unsubscribed shares, and any other necessary measures).
- To approve the annual financial statements, audited by TRANSILVANIA AUDIT & FISCALITY SRL, as
at and for the financial year ended 31 December 2022, prepared in accordance with the Accounting
Regulations approved by the Order of the Ministry of Public Finance no.2844/2016, the Accounting Law
no.82/1991, republished, with subsequent amendments and additions, the International Financial
Reporting Standards (IFRS) and other applicable legal provisions;
- Approval of the Report on the management activity for the second half of 2022, drawn up in
accordance with the provisions of Article 55(1) of GEO no.109/2011 on corporate governance of public
companies;
- Approval of the Report of the Board of Directors of Oil Terminal SA for the financial year ended
31.12.2022, prepared in accordance with Law no.24/2017, FSA Regulation no.5/2018, art.56 of GEO
no.109/2011 and MFP Order no.2844/2016 for the approval of Accounting Regulations, in compliance
with International Financial Reporting Standards, as amended;
- Endorsement of the proposal to distribute the net profit for the financial year 2022 in the amount of RON
12,663,447;
- To approve the proposal for the establishment of the gross dividend per share for the financial year 2022,
based on the audited annual financial statements prepared in accordance with the Order of the Minister of
Public Finance no.2844/2016 for the approval of the Accounting Regulations in accordance with the
International Financial Reporting Standards, for the financial year ended 31.12.2022, in the amount of
0.00318066 lei/share;
- Approval of the date of 07.06.2023, as the date of payment of dividends to shareholders;
- Submission to the GSM for approval of the mandate of the Board of Directors to appoint the paying
agent in accordance with the applicable regulatory framework for the payment of dividends. Details of the
payment arrangements, payment agent and supporting documents will be communicated to shareholders
prior to the Payment Date via a press release and will be submitted to the Bucharest Stock Exchange and
the Financial Supervisory Authority via a current report;
- Approval of the Annual Report for the year 2022, in accordance with Law no.24/2017, FSA Regulation
no.5/2018 and art.56 of GEO no.109/2011, including in the single electronic reporting format ( Extensible
Hypertext Markup Language - XHTML) provided for in art.1 of the Financial Supervisory Authority Regulation
no.7/2021 and in art.3 of the Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing
Directive 2004/109/EC of the European Parliament and of the Council;
- Endorsment of the Annual Report of the Nomination and Remuneration Committee on the remuneration
and other benefits granted to non-executive administrators and directors with a mandate contract of Oil
Terminal SA for the financial year 2022, prepared in accordance with Article 55, paragraph (2) of GEO
no.109/2011 on corporate governance of public companies;
50
- Endorsment of the Remuneration Report for the year 2022 prepared in accordance with art.107 of Law
no.24/2017 on issuers of financial instruments and market operations;
- Approval of the modification of the values of the economic and financial indicators, in Annex no.1 (Income
and expenditure budget for 2023) and Annex no.4 (Investment program, endowments and sources of
financing), according to OMFP no.3818/2019;
- Approval of the updated 2023 Annual Procurement Programme;
- Approval of the Report of the Nomination and Remuneration Committee for the year 2022;
- Approval of the Report of the Audit Committee for 2022;
- Approval of the Report of the Development and Strategy Committee for 2022;
- Endorsment of the convocation and convening of the Ordinary General Meeting of Shareholders of the
Company for 27(28).04.2023, at 11:00 a.m., with the following agenda:
1. Information on the half-yearly report regarding management activity for the second semester of 2022,
according to art. 55, paragraph (1) of GEO 109/2011.
2. Information on the Annual Report of the Nomination and Remuneration Committee regarding the
remunerations and other advantages granted to non-executive managers and mandate directors related
to the 2022 financial year according to art. 55 paragraph (2) of GEO 109/2011
3. Approval of the financial statements for 2022, issued according to the International Financial Reporting
Standards (IFRS), which include: statement of financial position, statement of overall result, statement
of change in equity, statement of cash flows, notes to the financial statements, based on the Report of
the Board of Directors and on the Report of the independent financial auditor
4. Approval of the distribution of the net profit related to 2022’ financial year in the amount of 12,663,447
lei, as follows:
• Legal reserve: 721,916 lei
• Other reserves representing fiscal facilities provided by law:1,349,295 lei
• Employees' participation in profit: 1,059,224 lei
• 90% shareholders dividends: 9,533,012 lei
• Own financing source: 0 lei
5. Establishing the value of the gross dividend proposed to be granted to shareholders in the amount of
0.00318066 lei/share.
6. Establishing the date of 07.06.2023 as the date of dividends payment to shareholders.
7. Entrustment of the Board of Directors to appoint the paying agent according to the regulatory framework
applicable for dividends payment. Dividends payment shall be made in lei, only to the shareholders
registered in the Register of Shareholders (kept by “Depozitarul Central” SA) on the registration date
established by Shareholders General Assembly, and the method of dividends payment shall be notified
to shareholders before the date of starting the payment.
8. Approval of the annual financial report of the 2022’ financial year, issued according to Law no. 24/2017
and FSA Regulation 5/2018 and art.56 of GEO 109/2011, including its single electronic reporting format
( Extendable Hypertext Markup Language – XHTML) provided in art. 1 of the Delegated Regulation (EU)
2018/815 of 17 December 2018 to supplement Directive 2004/109/CE of the European Parliament and
Council.
9. Approval of managers discharge for the activity carried out in the financial year of 2022.
10. Approval of the Remuneration report, issued accprding to art. 107 of Law 24/2017 regarding financial
instruments issuers and market operations.
- Extension by two (2) months of the term of office of the General Director and the Financial Director,
approval of the form and content of the addendum to the mandate contract;
- Endorsement of the request of the majority shareholder, the Ministry of Energy, to add the following items
to the agenda of the OGSM of 27(28).04.2023:
1. Revocation of the members of the Board of Directors of Oil Terminal S.A., starting from 27.04.2023
following the finalisation of the selection procedure in accordance with the provisions of GEO 109/2011
regarding the corporate governance of public enterprises (secret vote).
2. Election of seven members of the Board of Directors of Oil Terminal S.A., starting from 28.04.2023, in
accordance with the provisions of art. 29 of GEO no. 109/2011 (secret vote).
3. Setting the durration of the members of the Board of Directors mandate elected under point 2 to a period
of 4 (four) years, starting with 28.04.2023.
4. Establishment of the fixed monthly gross allowance of the appointed members of the Board of Directors,
as equal to twice the average over the last 12 months of the average gross monthly salary for the activity
performed pursuant to the registered main activity of the company, at class level in accordance with the
classification of activities in the national economy, communicated by the National Institute of Statistics.
5. Approval of the form of the mandate contract to be concluded with the members of the Board of Directors
elected under point 2.
6. Mandating the representative of the State in the Ordinary General Meeting of Shareholders to sign the
mandate contracts with the newly appointed members of the Board of Directors elected under point 2.-
51
Approval of the conclusion of an additional act to the contract for the supply/provision of potable water
supply and sewerage service no.60169CT (247/856/09.12.2022), concluded with RAJA SA, concerning
the increase of the differentiated tariff applied by risk groups to economic agents who pollute from
01.03.2023;
-Approval of the contracting of appraisal services to determine the market value of 38 ha of land located in
the North Platform Section, Building A and Building B;
- Approval of the Action Plan for the implementation of the Development Strategy of Oil Terminal SA (2016-
2025) - Development Phase - Year 2023;
- Approval of the updated Annual Procurement Programme 2023;
- Appointment of the Chairman of the Board of Directors and determination of the composition of the advisory
committees that will operate within the Board of Directors appointed in accordance with the provisions of
GEO no.109/2011;
- Approval of the initiation of the recruitment and selection process for the General Director and the Financial
Director in accordance with the provisions of GEO no.109/2011 as amended and mandating the
Nomination and Remuneration Committee of the Board of Directors to carry out the recruitment and
selection process for the General Director and the Financial Director;
- Approval of the recruitment and selection procedure for the General Director and the Financial Director,
including the recruitment and selection criteria and the model notice;
- Approval of the Revised Simplified Interim Financial Statements as at 31.03.2023 prepared in accordance
with the applicable Accounting Regulations, i.e. MFP Order no.2844/2016 for the approval of the
Accounting Regulations in accordance with the International Financial Reporting Standards, revised by
the statutory financial auditor of Oil Terminal SA, the company Transilvania Audit & Fiscality SRL;
- Approval of the Administrators' Report of Oil Terminal SA for the first quarter of 2023, ended on 31 March
2023, prepared in accordance with Article 69 of Law no.24/2017 (r1) and Article 130 of FSA Regulation
no.5/2018 (Annex no.13);
- Designation of BCR as paying agent for the payment of dividends for 2022 in accordance with the applicable
regulatory framework;
- Approval of the management component of the management plan for the period May 2023 - April 2027, in
accordance with the provisions of GEO no.109/2011 as amended;
- Updating the Organization and Functioning Regulation of Oil Terminal SA;
- Approval of the Evaluation Report of the activity of the directors with mandate contract (General Director
and Financial Director), for the year 2022, in accordance with the provisions of Article 36, paragraph 5, of
GEO 109/2011;
- Approval of the Code of Ethics and Rules of Conduct of the Executive and Administrative Management and
Employees of OIL TERMINAL SA - Edition 2023;
- Approval of the Interim Report of the recruitment and selection procedure for the General Director and the
Financial Director of OIL TERMINAL SA Constanta;
- Approval of the short list of candidates for the position of General Director and Financial Director,
respectively, in accordance with the provisions of GEO no. 109/2011 as amended;
- Appointment, following the completion of the selection process in accordance with the provisions of GEO
no.109/2011, of the General Director and the Financial Director for a 4-year term of office, approval of the
compensation and the form of the mandate contract;
- Approval of the update of the company's organisational and operational regulations;
- Approving the update of the Organization and Operation Regulations of the Board of Directors of the
Company;
- Approval of the update of the Rules of Organisation and Functioning of the Advisory Committee on
Development and Strategies;
- Approval of the update of the Rules of Organisation and Functioning of the Advisory Committee on
Nomination and Remuneration;
- Approval of the update of the Rules of Organisation and Operation of the Audit Advisory Committee;
- Approval of the update of the Corporate Governance Regulation;
- Approval of the "Code of Ethics and Rules of Conduct of the Executive and Administrative Management
and Employees of Oil Terminal SA - Edition 2023", revised;
- Approval of the update of the Company's Social Responsibility Strategy;
- Approval of the Management Component for the period 2023-2027, drawn up by the directors with a
mandate contract in accordance with the provisions of Article 36 paragraph (1) of GEO no. 109/2011, as
amended;
- In accordance with the provisions of Article 30, paragraph 2 of GEO no.109/2011, as amended, approval
of the Administration Plan in its entirety of OIL Terminal SA for the period 2023-2027, to be submitted to the
General Meeting of Shareholders:
1. Financial and non-financial performance indicators for negotiation and approval
2. The level of the variable component of non-executive directors for approval
52
3. Remuneration limits for directors with mandate contract for approval
- Transmission to the Ministry of Energy, as Public Trustee Authority, of the material for the negotiation of
the financial and non-financial performance indicators resulting from the Management Plan of Oil Terminal
SA for the mandate period 2023-2027;
- Approval of the determination of the amount of the variable component of the remuneration of the non-
executive directors of the company and the limits of the remuneration of the directors with a mandate contract
appointed in accordance with the provisions of GEO no.109/2011 and submission for approval to the General
Meeting of Shareholders;
- To convene the Ordinary General Meeting of Shareholders for 28(29).08.2023, at 11:00 a.m., with the
following agenda:
1. Approval of the financial and non-financial performance indicators resulting from the
Administration Plan of Oil Terminal SA, which will be annexed to the mandate contract of the non-
executive administrators.
2. Approval of the variable component of the remuneration of the company's non-executive
directors.
3. Approval of the form and content of the Additional Act to be concluded with the non-executive
administrators of the company.
4. Mandate the representative of the State in the General Meeting of Shareholders to sign the
Additional Acts to the Mandate Contract.
5. Establishment of the remuneration limits for directors with a mandate contract.
- Update the structure and composition of the advisory committees that will function within the Board
of Directors as follows:
• Audit Committee:
- UNGUR Ramona - Chairperson
- TEȘELEANU George - Member
- GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
- ANDREI Aurelian Ovidiu - Chairman
- BODU Sebastian Valentin - Member
- MICU Ionuț Stelian - Member
• Development and Strategy Committee
- MICU Ionuț Stelian - Chairman
- UNGUR Ramona - Member
- MIȘA George Silvian - Member
• Risk Management Committee
- BODU Sebastian Valentin - Chairman
- ANDREI Aurelian Ovidiu - Member
- TEȘELEANU George - Member
- Approval of the financial and non-financial indicators resulting from the negotiation with the Ministry
of Energy;
- Following the completion of negotiations with the Ministry of Energy of ICP, the Administration Plan of
OIL Terminal SA for the period 2023-2027 has been approved in its entirety, to be submitted to the General
Meeting of Shareholders:
1. Financial and non-financial performance indicators resulting from the negotiations
2. The level of the variable component of non-executive directors for approval
3. Remuneration limits for directors with mandate contract for approval
- To approve the Note on the approval of the establishment of the partnership between Oil Terminal and
Iulius Real Estate for the development of the 38 ha land located in the North Platform Section, body A and
body B;
- Approval of the convening and convening of the Extraordinary General Meeting of Shareholders of the
Company, on 01(04).09.2023, with the following agenda:
1. Approval of the establishment of a partnership between Oil Terminal S.A. and Iulius Real Estate
S.R.L. ("the Developer") for the purpose of carrying out an urban regeneration and development
project at the Developer's cost with the following main elements:
a. Form of Collaboration
a.1. Association Agreement to start the PUZ phase of project permitting, improvement or
extinguishment of environmental obligations with respect to the Land at the developer's cost,
decommissioning of existing infrastructure on the land for the implementation of an urban
regeneration and development project at the developer's cost under the Superficies Contract.
a.2. Contract for the creation of a right of superficies in favour of the Developer, the Developer
acquiring the a right of superficies over the Lands.
53
b. The object of the Superficies Contract: The land owned by OIL TERMINAL S.A. in the area of
254.261 sqm registered in Land Registry 215416 UAT Constanta, cadastral number 215416 and the
land in the area of 129.335 sqm registered in Land Registry 215382 UAT Constanta, cadastral
number 215382.
c. Superficies Tax : 2.000.000 EURO/year for the entire surface of the Lands payable in the amount
and at the terms negotiated between the parties. A superficies tax shall be paid in the amount and
at the times negotiated and shall be indexed in accordance with the negotiated provisions contained
in the Superficies Contract.
d. Duration of the Superficies Contract: The contract is concluded for a period of 99 years with the
possibility of extension in accordance with the applicable legal provisions.
e. Duration of the Association The association will be valid for the duration of the Superficies
Contract.
f. Project Functions Developed Directly by the Developer/Functions Developed by Other Entities:
f.1. The following functions within the Project will be developed directly by - Developer: Retail,
Office, Residential, Entertainment, Park, Botanical Garden, Fresh Market , Related parching
f.2. The following functions may be developed, at the Developer's decision, with or directly by
public or private institutional partners: University/university campus, Aquarium, Hotel, Related
parching, SPA After approval of the Zoning Urban Plan, the Developer will be able to decide
on the development of the previously foreseen functions.
2. Mandate the administrative and executive management to take the necessary steps to carry out any
conduct or obligations arising from the Association Agreement and/or the Surface Contract
- Approval of the Revised Simplified Interim Financial Statements as at 30.06.2023 prepared in
accordance with the applicable Accounting Regulations, i.e. MFP Order no.2844/2016 for the approval of
the Accounting Regulations in accordance with the International Financial Reporting Standards, revised
by the statutory financial auditor of Oil Terminal SA, Transilvania Audit & Fiscality SRL.
- Approval of the Directors' Report of Oil Terminal SA for the first half of 2023, ended on 30 June 2023,
prepared in accordance with art.67 of Law no.24/2017(r1), art.128 of FSA Regulation no.5/2018 (Annex
no.14), art.55 paragraph (1) of GEO no.109/2011;
- Approval of the Accounting Report as at 30 June 2023, prepared in accordance with the Order of the
Minister of Public Finance no.1669/12.07.2023.
- Approval of the initiation of the legal steps required to adopt a regulatory act to supplement GD
no.168/1998 on the establishment of the expenditure quotas necessary for the development and
modernisation of crude oil and natural gas production, refining, transport and distribution;
- Approval of the Rules of Organisation and Operation of the Risk Management Committee;
- Approval of the update of the Rules of Organization and Functioning of the Audit Committee;
- Approval of the update of the Rules of Organization and Operation of the Board of Directors of the
Company;
- Approval of the draft amended Income and Expenditure Budget for 2023;
- Approval of the updated 2023 Annual Procurement Programme (Investment Section);
- Endorsement of the amount of €1 million, representing the limit of indemnity related to the Civil Liability
Insurance policy for the Company's directors in office, with the sole beneficiary of the insurance
indemnities being Oil Terminal SA;
- The convening of the Ordinary General Meeting of Shareholders of the company, to be held on
29.09(02.10).2023, at 11:00 a.m., with the following agenda, was approved:
1. Presentation of the Report of the Administrators of the Oil Terminal Company S.A. for the
First Semester 2023, concluded on June 30, 2023, drawn up in accordance with art. 67 of
Law no. 24/2017 ( r1 ), art.128 of the FSA Regulation no. 5/2018 ( Annex no.14 ), art. 55
para. ( 1 ) from GEO 109/2011.
2. Approval of the Budget of Revenue and Expenditure Project revised for the year 2023.
3. Approval of the amount of 1.000.000 euro representing the limit of compensation for the
isurance policy for civil liability of the administrators of the company in service, with Oil
Terminal S.A. as the sole beneficiary of the insurance indemnities.
- Approval of the variable component of the remuneration of the Director General, in the amount of 12 gross
fixed monthly allowances for each year of mandate, granted under the law, within the provisions of the
income and expenditure budget, approved in accordance with the applicable legal provisions in force;
- Approval of the variable component of the remuneration of the Chief Financial Officer, amounting to 12
gross fixed monthly allowances for each year of office, granted in accordance with the law, subject to the
provisions of the revenue and expenditure budget approved in accordance with the applicable legal
provisions in force.
- Approval of the form and content of the additional deed to be concluded to the mandate contract of the
general manager of the company appointed by the decision of the Board of Directors no.72/19.06.2023
54
and the mandate of Mr. Cristian Florin Gheorghe, as chairman of the Board of Directors, to sign the
additional deed to the mandate contract of the general manager;
- Approval of the form and content of the additional act to be concluded to the mandate contract of the
company's Chief Financial Officer appointed by the BoD decision no.73/19.06.2023 and the mandate of
Mr. Cristian Florin Gheorghe, as Chairman of the Board of Directors, to sign the additional act to the
mandate contract of the Chief Financial Officer;
- Approval of the anti-fraud and anti-corruption policy adopted at the level of Oil Terminal SA;
- Approval of the Memorandum on the completion of the regulatory framework for the creation of the
modernization quota and for oil terminal operators, which will be forwarded to the Ministry of Energy for
its promotion for the completion of the regulatory framework for the creation of the modernization quota
and for oil terminal operators;
- Approval of the mandate to the management to initiate the necessary steps to identify a partnership for the
development of a bitumen terminal in the Port Platform Section.
- Approval of the updated Annual Procurement Programme following the rectification of the Revenue and
Expenditure Budget for 2023, approved by OGSM Resolution no.15/29.09.2023.
- Approval of the purchase of a civil liability insurance policy for the company's directors (7 persons) and for
the acting general manager, with an indemnity limit of 1 million Euro, with a validity of 12 months, starting
from 25.10.2023, with Oil Terminal SA as the sole beneficiary of the insurance indemnities. The significant
risks covered by the policy are those of the occurrence of property damage caused by the Insured to the
managed/managed company, employees, third parties.
- Approval of the payment of the insurance premium by the Company, with the sole beneficiary of the
insurance indemnities being Oil Terminal SA.
- Approval of the Revised Simplified Interim Financial Statements as at 30.09.2023, prepared in accordance
with the applicable Accounting Regulations, i.e. Order No.2844/2016 approving the Accounting
Regulations in accordance with the International Financial Reporting Standards.
- Approval of the Directors' Report of Oil Terminal SA for the third quarter of 2023, ended on 30 September
2023 (period 01.01.2023-30.09.2023), prepared in accordance with Article 69 of Law no.24/2017(r1) on
issuers of financial instruments and market operations, republished and Article 130 of FSA Regulation
no.5/2018 (Annex no.13).
- To approve the increase of 19.69% of the regulated tariffs in ANRM Order no.81/2022, which ensures the
conduct of profitable business and full cost coverage for all services and products, and to update the
regulated tariffs as a result of the changes made to the tariffs in ANRM Order no.81/16.05.2022.
- Approval of the increase in the budgeted number of employees for the year 2024 from 1050 employees to
1060 employees, starting from 01.01.2024.
- Approval of the company's organization chart and consequent updating of the Oil Terminal SA's
organizational and operating regulations, with effect from 01.01.2024.
- Approval of the Internal Regulations of Oil Terminal SA, with applicability from 01.01.2024.
- Approval of the guarantee structure related to the long-term credit for the realization of some investment
objectives.
- CNAPM-00093-IDP-01/21/10/27.01.2015 and CNAPM-00093-IDP-02/105/537/08.10.2014 concluded
with Administrația Porturilor Martitime SA Constanța, with the object of increasing the rental rates by the
total consumer price index communicated by INS for the period September 2023 vs September 2022,
starting from 01.01.2024.
- Approval of the modification of the traffic levels to be applied as from 01.01.2024 within the framework of
the lease contract no.CNAPM-00093-IDP-03/23.10.2017 (as negotiated between the parties presented in
the minute no.50563/07.12.2023)
- Endorsement of the convocation and convening of the Extraordinary General Meeting of Shareholders of
the company, on 22(23).01.2023, with the following agenda:
- Approval of the taking out of a long-term investment loan for the realisation of investment objectives.
- Approval of the convening and convening of the Ordinary General Meeting of Shareholders of the company,
dated 22(23).01.2023 with the following agenda:
- Approval of the guarantee structure related to the long-term investment loan for the realization of investment
objectives.
- Approval of the Collective Labour Agreement, for the period 2024-2025, amended in accordance with the
provisions of PV/21.12.2023.
- Approval of Additional Act No. 1/2024 to the Collective Labour Agreement drawn up in accordance with the
provisions of PV/21.12.2023.
- Approval of the Multi-annual Internal Public Audit Plan 2024-2026 and the Annual Internal Public Audit Plan
2024, accompanied by the justification reports.
- Approval of the updated Annual Procurement Programme 2023.
- Approval of the initial 2024 Annual Procurement Programme.
55
- Approval of the conclusion of an additional act to the contract for the supply/provision of drinking water
(and/or raw water) and sewerage services, as well as rainwater collection, No.
60169CT(247/856/09.12.2022), with RAJA SA, concerning an increase in the unit tariff for the provision
of the drinking water supply service, as of 01.01.2024.
- Approval of the conclusion of an additional act to the water and sewerage service supply/ provision contract
no.CNAPM-00093-IDP-03/23.10.2017, with Administrația Porturilor Maritime SA Constanța, concerning
the increase of the water tariff and the tariff for sewerage-industrial wastewater treatment, for economic
agents on the port platform, starting from 01.01.2024.
- Approval of the conclusion of the Subsequent Contract no.3 related to the Framework Agreement for
services and storage no.4787/UT515/07.12.2022 concluded with the National Administration of State
Reserves and Special Problems-Territorial Unit 515 Bucharest, for a period of 12 months starting from
01.01.2024, as presented.
- Approval of the modification of the Regulation of organization and functioning of Oil Terminal SA, with
applicability from 01.01.2024.
7.2. Executive management
The executive management of Oil Terminal SA in 2023:
Name and surname
Position
Viorel Sorin CIUTUREANU
General Director
Adriana FRANGU
Financial Director
Marieta Elisabeta STAȘI
Gabriel DARABAN
Development Director
Commercial Director
Emil ROHAT
Technical Director
By Decisions no.106/12.12.2022 and no.107/12.12.2022, the Board of Directors of the Company appointed,
on the recommendation of the Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu as
provisional General Director and Mrs. Adriana Frangu as provisional Financial Director, as the term of office
of the General Director and the Financial Director expires on 01.01.2023. The term of office of the two
provisional directors appointed is 4 months, starting from 01.01.2023, in accordance with the provisions of
Article 64 index 2 of GEO no.109/2011 on corporate governance of public companies.
By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional General
Director of Oil Terminal SA was extended, namely, of Mr. Viorel Sorin Ciutureanu, by 2 (two) months from the
date of expiry of the mandate, i.e. for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director
of Oil Terminal SA was extended, respectively, to Mrs. Adriana Frangu, for 2 (two) months from the date of
expiry of the mandate, respectively for the period: 01.05.2023 - 01.07.2023.
By Decision of the Board of Directors no.72/19.06.2023, in accordance with the provisions of art.35 of GEO
no.109/2011, the management of the company was delegated and Mr. Viorel Sorin CIUTUREANU was
appointed as General Director of the company, and the term of office of the General Director was set at 4
years, starting from 20.06.2023 until 20.06.2027.
By Decision of the Board of Directors no.73/19.06.2023, Mrs. Adriana Frangu was appointed, in accordance
with the provisions of GEO no.109/2011, as the company's Financial Director, and the term of office of the
Financial Director was set at 4 years, from 20.06.2023 to 20.06.2027.
The General Director and the Financial Director work on the basis of mandate contracts and the Development
Director, Technical Director, Commercial Director are employees of the company on the basis of individual
employment contracts concluded for an indefinite period.
At the date of this report, there are no shareholdings of the directors Sorin Viorel CIUTUREANU, Adriana
FRANGU, Marieta Elisabeta STAȘI, Emil ROHAT, Gabriel DARABAN in the share capital of the company.
8. FINANCIAL-ACCOUNTING SITUATION
The individual financial reports issued in accordance with the Order of the Minister of Public Finance No.
2844/2016, as amended, approving the Accounting Regulations in accordance with International Financial
Reporting Standards ("IFRS") are audited by the company's statutory auditor.
According to the Public Finance Minister's Order No. 2844/2016, International Financial Reporting Standards
("IFRS") are standards adopted in accordance with the procedure laid down in Regulation (EC) No. 1606/2002
of the European Parliament and of the Council of 19 July 2002 on the application of international accounting
standards.
56
8.1. Situation of financial position
- lei -
Patrimony elements
Year ended on
31 December
2023
(audited)
Year ended on
31 December
2022
(audited)
Year ended on
31 December
2021
(audited)
0
1
2
3
ASSETS
FIXED ASSETS
Intangible assets
4,351,059
4,743,501
4,765,438
Tangible assets
616,066,424
521,780,338
503,112,534
Tangible assets in execution
108,116,513
44,326,678
26,969,700
Financial assets
908,030
908,030
898,729
Assets related to the rights to use leasing assets
8,463,422
4,855,450
4,362,001
Total fixed assets
737,905,448
576,613,997
540,108,402
CURRENT ASSETS
Stocks
2,152,804
1,614,465
2,037,545
Clients and assimilated accounts
35,544,838
33,354,918
22,516,113
Other receivables
3,269,833
3,620,987
3,141,931
Fees and taxes to be recovered
8,944,901
8,722,986
770,501
Cash and cash equivalents
45,256,216
41,764,411
25,732,870
Total current assets
95,168,592
89,077,767
54,198,960
TOTAL ASSETS
833,074,040
665,691,764
594,307,362
OWN CAPITALS AND DEBTS
OWN CAPITALS
Social capital
299,717,713
58,243,025
58,243,025
Other elements of own capitals
(30,119,878)
(28,177,237)
(8,821,595)
Reserves from reevaluation
233,240,022
221,877,506
222,400,926
Legal reserves
7,654,135
6,772,805
6,050,889
Other reserves
32,047,163
180,026,477
178,677,182
Surplus achieved from reevaluation reserves
12,066,963
11,648,008
11,124,589
Result reported without IAS 29
396,930
396,930
396,930
Result reported arisen from accountant errors
correction
-
-
(19,440,425)
Current profit
14,292,764
11,604,223
5,752,696
Profit distribution
(4,691,016)
(2,071,211)
(1,526,141)
Total own capitals
564,604,796
460,320,526
452,858,076
TOTAL DEBTS ON LONG TERM
Loans on long term
139,123,032
91.655.324
58.753.413
Other loans and assimilated debts
5,963,222
3,348,584
2,526,616
Debts regarding taxation on postponed profit
34,381,247
31,282,452
31,367,235
Total debts on long term
179,467,501
126,286,360
92,647,264
CURRENT DEBTS
Long-term loans – current part
20,574,599
11,888,167
5,695,413
Commercial debts
38,309,841
41,761,272
17,347,630
Debts regarding fees and taxes
10,134,111
8,890,793
7,529,709
Other current debts
4,350,187
4,086,379
3,866,802
Other loans and assimilated debts
2,337,928
1,580,759
1,749,520
Total current debts
75,706,666
68,207,370
36,189,074
TOTAL DEBTS
255,174,167
194,493,730
128,836,338
Provisions
13,084,919
10,716,637
12,502,279
Subventions for investments
210,158
160,871
110,669
TOTAL OWN CAPITALS AND DEBTS
833,074,040
665,691,764
594,307,362
Accounting net asset
577,899,873
471,198,034
465,471,024
The levels achieved at 31.12.2023 compared to the levels recorded at 31.12.2022 are as follows:
Total assets increased by 25.1% (RON 167.4 million), from RON 665.7 million to RON 833.1 million.
Fixed assets increased by 28% (RON 161.3 million), from RON 576.6 million to RON 737.9 million.
The structure of fixed assets includes investments made for the company's own domain, as well as investments
made for the public domain of the state, in accordance with the provisions of the oil concession agreement for
the oil and petroleum products business.
57
As at 31 December 2023, the Company revalued tangible fixed assets, intangible fixed assets and fixed assets
related to rights of use of leased assets.
The revaluation at fair value was recorded as at 31 December 2023, based on Valuation Reports prepared by
an authorised valuer, a full member of ANEVAR.
The frequency of revaluations depends on changes in the fair values of the revalued property, plant and
equipment. In the case of property, plant and equipment whose fair values do not change significantly,
revaluations are not required.
Intangible assets, tangible assets, tangible assets in progress and rights of use of leased assets
increased by 28% (161,291,451 lei), as follows:
Intangible fixed assets decreased by 8.3% (- 392,442 lei), from 4,743,501 lei to 4,351,059 lei, as follows:
+ 594,382 lei, increase from acquisitions
+ 43,298 lei, surplus from revaluation
- 817,000 lei, reduction on account of revaluation reserves consumed
- 213,122 lei, reduction due to depreciation
Intangible assets recorded in Oil Terminal's accounting records consist of:
- related software/licenses purchased from third parties
- the concession for the operation of reservoirs, pipelines for the transport of crude oil and petroleum products,
pumping installations and other related installations and equipment, under the Petroleum Agreement
concluded with the National Agency for Mineral Resources
- other concessions representing Oil Terminal's internet domain registration ("oilterminal.ro" and
"oilterminal.com").
Tangible fixed assets increased by 18.1% (+ 94,286,086 lei), from 521,780,338 lei to 616,066,424 lei, as
follows:
+ 23,358,968 lei, increase through transfers from assets in progress (start-ups from tangible assets in
progress)
+ 85,870 lei, increase from inventory gains on fixed assets
+ 71,996,393 lei, increase due to revaluation surplus (recording of difference in value of 254,261.325
sq.m of land and 129,334.70 sq.m of land, according to the valuation report drawn up for the purpose of
increasing the share capital)
+ 17,849,949 lei, increase through revaluation surplus
- 886,106 lei, reduction by disposals of tangible fixed assets to the remaining value
- 18,118,988 lei, reduction due to depreciation of tangible fixed assets
Tangible fixed assets under construction represent investments not yet completed as at 31.12.2023 and
increased by 2.4 times (+ 63,789,835 lei), from 44,326,678 lei to 108,116,513 lei, as follows:
+ 87,148,803 lei, increase during the year
- 23,358,968 lei, reduction through transfers to fixed assets
The total amount of investment expenditure recorded in 2023 is RON 87,743,185, of which 87,148,803 lei
investment expenditure for tangible fixed assets and 594,382 lei investment expenditure for intangible fixed
assets.
Fixed assets related to the rights of use of leased assets increased by 74.3% (+ 3,607,972 lei), from
4,855,450 lei to 8,463,422 lei, as follows:
+ 5,352,928 lei, increase from acquisitions
+ 69,220 lei, increase from closing valuation
+ 353,280 lei, increase from revaluation surplus
- 1,248,294 lei, reduction through disposals
- 919,162 lei, reduction due to depreciation
Financial fixed assets
The balance of financial fixed assets (908,030 lei) is at the same level as the balance recorded on 31.12.2022.
Current assets increased by 6.8%, mainly due to cash and cash equivalents and trade receivables, as a result
of an increase in turnover of 11.3% compared to the approved level.
Cash and cash equivalents
As at 31.12.2023 cash and cash equivalents increased by 8.4% compared to 31.12.2022.
In the period 2021 - 2023 total assets have recorded the following changes in value:
- lei -
2023
%
2022
%
2021
%
Fixed assets
737,905,448
88.6
576,613,997
86.6
540,108,402
90.9
Current assets
95,168,592
11.4
89,077,767
13.4
54,198,960
9.1
Total Assets
833,074,040
100.0
665,691,764
100.0
594,307,362
100.0
Own capital increased by 22.7%, mainly due to the increase of the share capital by 241.47 million lei and to
the recording of a net profit of 14.29 million lei, which is 23.2% higher (+2.69 million lei) than on 31.12.2022,
58
and to the influence of the revaluation of tangible and intangible assets as of 31.12.2023.
Determining element of current liabilities is represented by own capitals, which had the following evolution
during 2021-2023:
-lei-
2023
%
2022
%
2021
%
Own capitals
564,604,796
67.8
460,320,526
69.1
452,858,076
76.2
Total Liabilities
833,074,040
665,691,764
594,307,362
Long-term debts increased by 42.1%, mainly as a result of the use in 2023 of the amount of 56.5 million lei
(excluding VAT) from the investment loan, contracted with BCR in 2022, for the construction of a 55,000
cubic meter capacity reservoir, located in SP Sud, while current debts increased by 11%, mainly due to
long-term loans - current part, i.e. the investment loan mentioned above.
Evolution of total debts in last three years:
-lei-
2023
%
2022
%
2021
%
Datorii totale
255,174,167
30.6
194,493,730
29.2
128,836,338
21.7
Total Pasiv
833,074,040
665,691,764
594,307,362
The total debts recorded as at 31.12.2023 are in the amount of 255,174 thousand lei, of which:
- debts < 1 year 75,707 thousand lei
- debts > 1 year 179,467 thousand lei
Structure Debts < 1 year 75,707 thousand lei, of which:
1. long-term loans - current portion 20,575 thousand lei
2.Commercial debts 38,310 thousand lei
3.Debts to the state budget (taxes and duties) 10,134 thousand lei
4.Other current liabilities (employees, shareholders) 4,350 thousand lei
5.Other loans and similar debts 2,338 thousand lei
Structure Debts > 1 year 179,467 thousand lei, of which:
1. long-term loans 139,123 thousand lei
2.Other loans and similar debts 5,963 thousand lei
3.Deferred income tax* 34,381 thousand lei
* Deferred income tax on revaluation reserves in balance as at 31.12.2023, set up on account of equity capital, totals 34,381,247 lei. Deferred income
tax has been recorded in accordance with IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", on the equity side under the
account "Retained earnings arising from the correction of accounting errors".
We mention that as of 31.12.2023 the company does not have any outstanding debts to the state budget,
social security budget, local budget, financial banking institutions, investment suppliers, suppliers for
services and supplies of goods, employees, other third parties.
Provisions in balance as at 31.12.2023 totalled 13,084,919 lei, an increase of 22.1% (2,368,282 lei)
compared to 31.12.2022, from 10.72 million lei to 13.08 million lei.
The structure of the provisions outstanding as at 31.12.2023 (totalling 13,084,919 lei) comprises:
• Provisions for litigation amounting to 477,914 lei. Management regularly reviews the situation of
pending litigation and, in consultation with its legal representatives, decides whether it is necessary
to record provisions for the amounts involved or to disclose them in the financial statements.
• Provisions for employee benefits amounting to 8 880 855 lei. This provision was recorded on the
basis of the Actuarial Report on the value of the provision for employee retirement benefits, drawn
up by SC RCOR.RO SRL on the basis of the service contract concluded with Oil Terminal.
According to the Collective Labour Contract in force, the company must pay to the employees at
the time of retirement a benefit equal to a certain number of salaries depending on the length of
service and the seniority in the company.
• Provision for employee profit-sharing in the amount of RON 1,066,861, established on the basis
of the provisions of GEO no.64/2001 on profit-sharing in companies with wholly or majority state
capital, as subsequently amended and supplemented, OMFP no.144/2005 approving the
Specifications for determining the amounts subject to profit-sharing and OMFP no.418/2005 on
certain accounting specifications applicable to economic agents.
• Other provisions totalling 2,659,289 lei represent the variable component for members of the
Board of Directors and directors with a mandate contract, including the labour insurance
contribution.
59
8.2. Situation of overall result
Year ended on 31
December 2023
(audited)
Year ended on 31
December 2022
(audited)
Year ended on 31
December 2021
(audited)
Revenues from services supplies
346,718,625
301,177,336
210,792,724
Revenues from residual products sale
3,184,831
1,436,416
1,360,398
Other revenues from operating
2,979,996
3,738,219
(4,109,139)
Material expenses
(14,655,258)
(16,567,874)
(10,364,016)
Energy and water expenses
(14,585,412)
(15,752,584)
(4,616,676)
Employees expenses
(139,158,564)
(113,230,127)
(103,769,533)
Services supplies by third parties expenses
(18,355,024)
(12,257,221)
(11,866,993)
Depreciation expenses
(20,507,129)
(20,396,420)
(18,357,892)
Other operating expenses
(118,755,606)
(111,753,528)
(49,586,902)
Result from operating
26,866,459
16,394,217
9,481,971
Financial revenues and expenses (net
values)
(10,306,722)
(3,015,114)
(1,666,809)
Year gross result
16,559,737
13,379,103
7,815,162
Expenses on profit taxation
2,266,973
1,774,880
2,062,466
Year net result
14,292,764
11,604,223
5,752,696
Overall result’ other elements:
Elements not being reclassified for profit
and loss, from which:
14,205,228
84,783
5,744,977
Earnings from leased/scrapped real estate’
reevaluation
1,575,108
523,420
3,446,166
Surplus from assets reevaluation
15,728,914
(523,420)
3,160,443
Debt regarding deferred tax
(3,098,794)
84,783
(861,632)
Total overall result
28,497,992
11,689,006
11,497,673
Result per share (lei/share)
0.009508
0.020069
0.019741
Diluted result per share (lei/share)
0.011311
0.020069
0.019741
Compared to the same period in 2022, gross profit as at 31.12.2023 increased by 23.8% and net profit by
23.2%.
The total comprehensive result comprises the net result for the financial year 2023 in the amount of 14,292,764
lei and items not reclassified to profit and loss in the amount of 14,205,228 lei, relating to gains on revaluation
of real estate disposed of/leased, surplus on revaluation of fixed assets and deferred tax liability as at
31.12.2023.
Earnings per share for the year 2023 presented in the "Statement of comprehensive income as at 31 December
2023" in the amount of 0.009508 lei/share is calculated as the ratio between the total comprehensive income
in the amount of 28,497,992 lei and the number of shares included in the share capital, i.e. 2,997,177,132
shares.
Please note, that the diluted earnings per share have been determined in accordance with the provisions of
IAS 33 Earnings per share, by relating the overall result to the weighted average number of ordinary shares
as at 31.12.2023, as detailed in the Notes to the Financial Statements for the year ended 31.12.2023, i.e. note
40 Earnings per share.
The company's current and deferred corporation tax for 2021 to 2023 is determined at a statutory rate of
16%.
Current income tax
Income tax recognised in the income statement for the years 2021 - 2023:
Year ended on
31 December
2023
Year ended on
31 December
2022
Year ended on
31 December
2021
Expenses from current tax
2,266,973
1,774,880
2,062,466
Total expenses from tax on profit
2,266,973
1,774,880
2,062,466
Reconciliation of the taxation effective rate for 2021 - 2023:
60
Year ended on
31 December
2023
Year ended on
31 December
2022
Year ended on
31 December
2021
Profit before the taxation on profit
16,559,737
13,379,103
7,815,162
Profit before the taxation on profit
(sponsorship expense excluded)
16,956,633
13,653,940
7,987,162
Taxation on profit at the statutary rate of
16%
2,713,061
2,184,630
1,277,946
Effect of nondeductible expenses
1,315,147
459,345
1,928,300
Taxation of reserves from reevaluation
619,862
475,626
316,594
Effect of nontaxable revenues
(801,502)
(593,534)
(860,970)
Deductions from legal reserve
(141,013)
(115,507)
(66,278)
Reinvested profit
(641,631)
(227,250)
(187,268)
Sponsorships exemptions
(396,896)
(274,837)
(172,000)
Expenditure on early education according
to Article 25 paragraph (4) letter i2) of Law
no.227/2015 on the Fiscal Code, as
amended and supplemented
-
-
(18,619)
Income tax reduction according to GEO
no.153/2020
(400,055)
(133,593)
(155,239)
Income tax expense
2,226,973
1,774,880
2,062,466
Proposal of the net profit distribution for 2023
The proposal for the distribution of net profit for 2023 took into account the provisions of OG no.64/2001 in
conjunction with the provisions of the Memorandum approved at the Government meeting of 07.03.2024
communicated to the company by the Ministry of Energy - General Directorate for Privatization and
Administration of State Holdings in Energy, by address no.220683 /20.03.2024, on the subject: "Mandating the
State representatives in the General Meeting of Shareholders/Board of Directors, as the case may be, in
national companies, national companies and companies with full or majority state capital, as well as in
autonomous regions, in order to take the necessary measures for the distribution of a minimum 90% share of
the net profit of 2023 in the form of dividends/remittances to the state budget".
As at 31.12.2023, the Company records a gross profit of 17,626,598 lei and a net profit of 15,359,625 lei.
Following the recording on 31.12.2023 of the provision for risks and charges relating to employee profit-sharing
in the amount of 1,066,861 lei, the gross profit becomes 16,559,737 lei and the net profit 14,292,764 lei.
No.
Elements
Amount
(lei)
Legal basis
1
Gross profit year 2023
16,559,737
2
Tax profit year 2023
2,266,973
3
Net profit year 2023
14,292,764
4
Employee profit-sharing - provision
1,066,861
5
Gross profit, replenished with provision for
employee profit-sharing (1+4)
17,626,598
6
Net profit, replenished with provision for
employee profit-sharing (3+4), allocated to:
15,359,625
6.1
legal reserve 5% of gross profit
881,330
art.183 paragraph (1) Law
no.31/1990
art.1 paragraph (1) letter a) OG
nr.64/2001
6.2
other reserves representing tax relief
3,809,686
art.22 paragraph (1) Law
no.227/2015
Art.1(1)(b) OG no.64/2001
6.3
employee profit-sharing 10% of profit
1,066,861
Art.1 paragraph (1) letter e) OG
nr.64/2001
6.4
dividends due to shareholders 90 % of the profit
9,601,748
Art.1 par.(1) letter f) OG no. 64/2001
combined with the provisions of the
Memorandum approved by the
Government on 07.03.2024
6.5
own source of financing
0
Art.1 par.(1) letter f) OG no. 64/2001
61
combined with the provisions of the
Memorandum approved by the
Government on 07.03.2024
The proposal for the distribution of the net profit for the year 2023 will be submitted to the Board of
Directors for approval at the OGSM on 26(29).04.2024.
8.3. Economic and financial indicators
Indicators
2023
2022
Liquidity indicators
Current liquidity
1.26
1.31
Immediate liquidity
1.23
1.28
Activity (management) indicators
Turnover speed of customer debits (days)
35
33
Supplier turnover (days)
39
32
Fixed assets turnover (rot)
0.47
0.52
Total assets turnover (rot)
0.42
0.45
Profitability indicators
Return on capital employed (%)
3.70
3.21
Gross margin on sales (%)
4.73
4.42
Basic earnings per share (RON/share)
0.009508
0.020069
Risk indicators
Interest coverage indicator (no. of times)
2.51
3.46
Liquidity indicators
The current liquidity indicator provides assurance that current liabilities are covered by current assets, which
are usually liquid and readily marketable, close to book value.
The value obtained on 31.12.2023 is 1.26.
Activity (management) indicators
Turnover speed of trade receivables expresses the effectiveness of the company in collecting receivables and
represents the number of days until the debtors have paid their obligations to the company. The value obtained
on 31.12.2023 is 35 days.
Supplier credit turnover expresses the number of days of credit the company obtains from its suppliers. The
value obtained on 31.12.2023 is 39 days.
Profitability indicators
Return on capital employed measures the gross performance of permanent capital (equity + medium and long-
term debt).
The gross profit margin expresses the profitability of the whole activity, the profit taken into account not being
influenced by corporate income tax.
8.4. Cash flow
Year ended
on
31
December
2023
(audited)
Year ended
on
31
December
2022
(audited)
Year ended
on
31
December
2021
(audited)
Cash flows from operating activities
Net profit
14,292,764
11,604,223
5,752,696
Adjustments for non-monetary items
Depreciation and impairment adjustments on non-current
assets
20,507,129
20,396,420
17,934,853
(Profit)/Loss on disposal of fixed assets
(72,189)
217,943
407,602
Net movement in adjustments for current assets
(954,845)
249,187
(107,771)
Net movement in provisions for risks and charges
2,368,282
(1,785,643)
5,517,998
Other adjustments
2,232,653
(902,910)
1,243,212
Loss on interest
10,252,414
5,034,463
2,413,768
(Profit)/Loss on exchange rate differences
54,506
(2,019,349)
(746,959)
62
Operating profit before other changes in working capital
34,387,950
21,190,111
26,662,703
(Increase)/decrease in inventories
(538,339)
423,080
(1,148,585)
(Increase)/decrease in receivables
(2,060,680)
(19,270,346)
(2,791,230)
Increase/(Decrease) in trade and other payables
(1,987,032)
25,890,575
5,942,638
Net interest (paid)
(10,252,414)
(5,034,463)
(2,413,768)
Net cash flow from operating activities
33,842,249
34,803,180
32,004,454
Cash flow used in investing activities
Tangible and intangible fixed assets
(93,560,964)
(54,472,068)
(26,311,621)
Increase in value of long-term assets
-
(9,301)
(148,237)
Net cash used in investing activities
(93,560,964)
(54,481,369)
(26,459,858)
Cash flow from financing activities
Increase in share capital with cash contribution
13,174,660
Increase in long-term loans and other similar borrowings
70,564,878
45,964,271
15,419,473
Dividends paid
(9,490,285)
(4,038,142)
(1,227,097)
Loan repayments
(11,038,931)
(6,216,399)
(9,201,663)
Cash flow from financing activities
63,210,322
35,709,730
4,990,713
Net increase/(decrease) in cash and cash equivalents
3,491,607
16,031,541
10,535,309
Cash and cash equivalents at beginning of year
41,764,411
25,732,870
15,197,561
Cash and cash equivalents at end of period
45,256,018
41,764,411
25,732,870
9. CORPORATE GOVERNANCE
Regarding how to comply with the provisions of the Corporate Governance Statement:
- The work of the Board of Directors is evaluated annually at the GSM to approve the annual financial
statements, when the company's shareholders also approve the discharge of the directors for the
previous year.
- During 2023 there were 44 Board meetings attended by the company's directors, which were held at
the company's premises and by electronic means of communication.
Remuneration and benefits of non-executive administrators
Applicable legal framework
During the period 01.01.2023 - 27.04.2023, the company was managed on a unitary basis, the board
of directors being composed of provisional non-executive administrators, appointed in accordance with the
provisions of Government Emergency Ordinance no.109/2011, as amended with subsequent additions,
following the termination of the directors' contracts of office approved by OGSM Resolution no.5/04.04.2018,
as follows:
By OGSM Resolution no.22/25.11.2022:
- Art.1 of the OGSM Resolution no.22/25.11.2022 approving the extension for two months from the
expiry date, i.e. for the period 04.12.2022 - 03.02.2023 inclusive, of the term of office of the provisional directors
of Oil Terminal SA elected by OGSM Resolution no.14. /29.07.2022, namely: Florin Cristian GHEORGHE -
Chairman of the Board of Directors as from 04.08.2022, Ramona UNGUR, Ovidiu Aurelian ANDREI, George
TEȘELEANU, Emilian NICOLAE, Ciprian Dragoș LAZARIU, Ionuț Stelian MICU.
- Art.2 of the OGSM Resolution no.22/25.11.2022 approving the form and content of the addendum to
the mandate contract to be concluded with the provisional administrators elected by OGSM Resolution
no.14/29.07.2022.
By OGSM Resolution no.1/16.01.2023:
- Art.1 of the OGSMResolution no.1/16.01.2023 electing as provisional members of the Board of
Directors of Oil Terminal SA, by cumulative voting method, in accordance with the provisions of GEO no.109.
/GHEORGHE Cristian Florin, UNGUR Ramona, ANDREI Aurelian Ovidiu, TEȘELEANU George, NICOLAE
Emilian, LAZARIU Dragoș - Ciprian, MICU Ionuț Stelian, GHEORGHE Cristian Florin, UNGUR Ramona,
ANDREI Aurelian Ovidiu, TEȘELEANU George, NICOLAE Emilian, LAZARIU Dragoș - Ciprian, MICU Ionuț
Stelian
- Art.3 of the OGSM Resolution no.1/16.01.2023 approving the duration of the mandate of the
provisional administrators appointed, for a period of 4 months, starting from 03.02.2023, according to the
provisions of art.641, paragraph (5) of GEO no.109/2011 or until the end of the recruitment and selection
63
procedure provided for in GEO no.109/2011, if this takes place earlier than 4 months after the appointment of
the provisional administrators by the OGSM.
- Art.4 of the OGSM Resolution no.1/16.01.2023 approving the establishment of the fixed gross
monthly compensation of the appointed provisional administrators, equal to 2 (two) times the average gross
monthly earnings over the last 12 months for the activity carried out according to the main activity object
registered by the company at class level according to the classification of activities in the national economy,
communicated by the National Institute of Statistics, prior to the appointment, calculated in compliance with
the provisions of GEO no.79 /2017 for amending and supplementing Law no.227/2015 on the Fiscal Code, in
accordance with the provisions of Article 37, paragraph (2) of GEO no.109/2011 on corporate governance of
public enterprises.
- Art.5 of the OGSM Resolution no.1/16.01.2023 approving the form of the mandate contract to be
concluded with the appointed provisional administrators.
- Art.6 of the OGSM Resolution no.1/16.01.2023 approving the mandate of the representative of the
majority shareholder, the Ministry of Energy, in the Ordinary General Meeting of Shareholders, Mrs. DUMITRU
Aura Gabriela, to sign the mandate contracts with the appointed provisional administrators.
Following the completion of the selection procedure under the provisions of GEO no.109/2011, carried out by
the Ministry of Energy, in its capacity as Public Trustee Authority,
Through OGSM Resolution no.12/27.04.2023 the following are adopted:
- Art.2.2, Art.2.3, Art.2.4, Art.2.5, Art.2.6, Art.2.7 and Art.2.8 of the OGSM Resolution no.12/27.04.2023
approving the election of 7 non-executive directors as members of the Board of Directors of the Company Oil
Terminal SA, starting from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011, of the
following persons: ANDREI Aurelian Ovidiu, GHEORGHE Cristian Florin, UNGUR Ramona, MIȘA George
Silvian, MICU Ionuț Stelian, TEȘELEANU George, BODU Sebastian Valentin.
- Art.3 of the OGSM Resolution no.12/27.04.2023 approving the term of office of the members of the Board of
Directors for a period of 4 (four) years, starting on 28.04.2023.
- Art.4 of the OGSM Resolution no.12/27.04.2023 approving the establishment of the monthly gross fixed
indemnity of the elected members of the Board of Directors, as equal to 2 times the average gross monthly
salary for the last 12 months for the activity carried out according to the main activity object registered by the
company, at class level according to the classification of activities in the national economy, communicated by
the National Institute of Statistics prior to the appointment.
- Art.5 of the OGSM Resolution no.12/27.04.2023 approving the form of the mandate contract to be concluded
with the elected members of the Board of Directors.
- Art.6 of the OGSM Resolution no.12/27.04.2023 approving the mandate of the State representative in the
Ordinary General Meeting of Shareholders to sign the mandate contracts of the newly elected members of the
Board of Directors.
OGSM Resolution no.13/28.08.2023 adopted the following:
- the financial and non-financial performance indicators resulting from the Administration Plan of Oil Terminal
SA were approved. The ICP that will be annexed to the mandate contract of the non-executive directors were
approved;
- approved the amount of the variable component of the remuneration of the non-executive administrators at
12 fixed gross monthly allowances for each year of mandate;
- approved the form and content of the Deed of Amendment to be concluded with the non-executive
administrators of the company;
- approved the mandate of the representative of the State in the General Meeting of Shareholders to sign the
Additional Deeds to the Mandate Contract.
Gross fixed allowance
For the period 01.01.2023 - 03.02.2023 inclusive, the composition of the Board of Directors was as follows:
Cristian Florin GHEORGHE (Chairman of the Board of Directors), Ramona UNGUR, Ovidiu Aurelian ANDREI,
George TEȘELEANU, Emilian NICOLAE, Ciprian Dragoș LAZARIU, Ionuț Stelian MICU.
For the period 01.01.2023 - 03.02.2023 the gross fixed monthly allowance was 14.830 lei/month/person.
The level of the gross fixed monthly allowance may not exceed 2 times the average gross monthly average
earnings over the last 12 months = 7,415 lei/month x 2 times = 14,830 lei/month/person.
For the period 03.02.2023 - 27.04.2023 inclusive, the composition of the Board of Directors was as follows:
Cristian Florin GHEORGHE (Chairman of the Board of Directors), Ramona UNGUR, Ovidiu Aurelian ANDREI,
George TEȘELEANU, Emilian NICOLAE, Ciprian Dragoș LAZARIU, Ionuț Stelian MICU.
For the period 03.02.2023 - 27.04.2023 the gross fixed monthly allowance was 15.711 lei/month/person.
The level of the gross fixed monthly allowance may not exceed 2 times the average gross monthly earnings
over the last 12 months = 7.855,5 lei/month x 2 times = 15.711 lei/month/person.
64
For the period 27.04.2023 - 31.12.2023 inclusive, the composition of the Board of Directors was as follows:
Cristian Florin GHEORGHE (Chairman of the Board of Directors), Ramona UNGUR, Ovidiu Aurelian ANDREI,
George TEȘELEANU, George MISA, Sebastian BODU, Ionuț Stelian MICU.
For the period 27.04.2023 - 31.12.2023 the level of the gross fixed monthly indemnity was 16.533
lei/month/person.
The level of the gross fixed monthly allowance may not exceed 2 times the average gross monthly average
earnings over the last 12 months = 8,266.5 lei/month x 2 times = 16,533 lei/month/person.
The total gross fixed indemnity paid during the period 01.01.2023-31.12.2023 to the members of the Board of
Directors elected by the OGSM Resolution no.22/25.11.2022, OGSM Resolution no.1/16.01.2023 and OGSM
Resolution no.12/27.04.2023 was in the amount of 1,475,320 lei, within the level of the Budget of Revenues
and Expenses approved for 2023.
According to the 2023 Rectified Budget of Revenues and Expenses approved by OGSM Resolution
no.15/29.09.2023:
-total approved gross fixed compensation = 1,648,927 thousand lei
-total gross fixed compensation = 1.475.320 thousand lei
Variable component
In 2023, the variable component for 2022 was not granted because the selection procedure for directors with
a mandate contract, in accordance with the provisions of GEO 109/2011, was not completed by 31.12.2022.
By Decision no.88/05.07.2023 the Board of Directors approved the proposal to submit to the GSM of
28(29).08.2023 for the approval of the amount of the annual variable component for the non-executive directors
of the company, i.e., setting it at 12 gross fixed monthly allowances for each year of mandate.
For the Budget of Revenues and Expenses rectified, year 2023, an annual variable component at the level of
12 gross fixed monthly allowances has been taken into account as follows:
-non-executive directors = 16,533 lei/pers/month x 7 people x 12 gross fixed monthly allowances = 1,388,772
lei/year
The variable component for the year 2023 in the amount of RON 1,420,019 ( 1,388,772 lei variable component
+ 31,247 lei labour insurance contribution 2.25%) is reflected in the Buget of Revenues and Expenses 2023,
Annex no.2, line 124 "Provisions related to the mandate contract".
The grant of the variable component related to 2023 will be made after the approval in the GSM scheduled for
26(29).04.2024, according to the Financial Communication Calendar for 2024 communicated to FSA and
Bursa Valori Bucuresti, of the 2023 Annual Audited Financial Statements, provided that the established
performance indicators are met.
Other benefits
During 2023 non-executive administrators did not receive bonuses and other benefits.
In accordance with the provisions of Article 4.1, letter d) of the mandate contract concluded with the company,
the non-executive administrators were paid expenses related to the execution of the mandate, within the
framework of the Budget of Revenues and Expenses approved for 2023.
By OGSM Resolution no.16/29.09.2023, the amount of 1 million euro was approved as the limit of
compensation for the civil liability insurance policy for the directors of the company in office, with the sole
beneficiary of the insurance indemnities being Oil Terminal SA.
65
Key performance indicators for the mandate period 2023-2027
NON-EXECUTIVE ADMINSTRATORS
Table nr.1
#
Performance indicators
Value achieved
Target values for performance
indicators
Indicator name
Legal
Basis/Category
Weight
%
Verification instrument
Quarter IV 2023
(cumulative)
2023
2024
2025
2026
FINANCIAL PERFORMANCE INDICATORS 20%
1
Capital expenditure rate
Measures: how much the company
invests in fixed assets to sustain or grow
its business
Formula : (Capital expenditure/Total
assets)*100
GEO 109/2011
Art. 4
7
para. (2)
letter a)
Category :
Investment policy
4%
Annual investment
programme, endowments
and sources of financing,
Annex no.4 to the Budget
of Revenues and
Expenses approved by
the GSM, according to
OMFP no.3818/2019
87.743.181
833.074.040
∗ 100=10,53%
≥2%
≥2%
≥2%
≥2%
2
Current liquidity ratio
Measures: the company's ability to pay
short-term debts of up to 1 year
Formula : (Current assets/Current
liabilities)*100
GEO 109/2011
Art. 4
7
al. (2)
lit.b)
Category:
Funding
4%
Audited annual financial
statements-Statement of
financial position
95.168.592
75.706.666
∗ 100= 125,71%
≥85%
≥85%
≥85%
≥85%
3
Asset turnover rate (days)
Measures: the volume of assets
required to generate income and how
efficient a company is in using its assets
to generate income
Formula : (Total assets/Net
turnover)*365
GEO 109/2011
Art. 4
7
para. (2)
lit.c)
Category :
Operations
4%
Audited annual financial
statements-Statement of
financial position
Annual Budgetary
Execution-Appendix 1
833.074.040
349.787.315
∗ 365=869 𝑧𝑖𝑙𝑒
≤ 1.350
zile
≤1.350
zile
≤1.350
zile
≤1.350
zile
4
Return on equity (ROE)
Measures: the amount of net profit a
company generates in relation to the
value of equity
Formula : (Net profit / Value of equity)
GEO 109/2011
Art. 4
7
al. (2)
lit.d)
Category :
Profitability
4%
Audited annual financial
statements-Statement of
financial position
Annual Budgetary
Execution-Appendix 1
14.292.764
564.604.796
∗ 100=2,53%
≥1,2%
≥1,2%
≥1,2%
≥1,2%
5
Dividend payment rate
Measures : dividends paid to
shareholders in relation to the
company's net profit
Formula : (Dividends paid/Net
profit)*100
GEO 109/2011
Art. 4
7
para. (2)
lit.e)
Category :
Distribution rate
of profit in the
form of dividends
4%
Audited annual financial
statements - Notes to the
financial statements
Annual budget
implementation - Annex 1
9.533.012
11.604.223
∗ 100=82,15%
≥40%
≥40%
≥40%
≥40%
66
NON-FINANCIAL PERFORMANCE INDICATORS
and NON-COMMERCIAL 20%
OPERATIONAL INDICATORS
6
Specific technological consumption
of diesel
It measures: the quantity of diesel oil
related to the technological losses
caused by handling, storage and
conditioning operations in/from the oil
terminal facilities, losses justified by
specific calculation formulas regulated
by law, taking into account the physico-
chemical characteristics of diesel oil.
Formula : ( consumption
achieved/quantity of diesel
delivered)*100
10%
Annual Activity Report of
the Technical Director
697.168
239.729.130
∗ 100=0,29%
≤0,36%
≤0,36%
≤0,36%
≤0,36%
7
Rate of female senior managers
Measures : no. of women in senior
management positions
Formula : (No. of female senior
managers/No. of female senior
managers)*100
10%
Human Resources
Service Quarterly Activity
Report
18
35
∗ 100=51,43%
≥30%
≥30%
≥30%
≥30%
GOVERNANCE INDICATORS 60%
8
Implementation and development of
the internal management control
system (IMS)
Measures : the degree of
implementation of the provisions of
OSSG no.600/2018 on the approval of
the company's internal management
control code
Formula : (Measures completed within
the deadline / Measures proposed) *
100
15%
SCIM Development
Programme; Annual SCIM
self-assessment report
prepared in accordance
with the OSSG
110
114
∗ 100=96,5%
≥80%
≥80%
≥80%
≥80%
9
Degree of transparency in financial
reporting and corporate governance
Measures: level of institutional
transparency
Formula : ( no. reported requirements
/(no. reporting requirements under
financial calendar + no. reporting
requirements under art.51 GEO
109/2011)*100
20%
Current Reports and
Communications to
Bucharest Stock
Exchange and FSA and
company website
46
6+ 40
∗ 100=100%
100%
100%
100%
100%
10
Attendance rate at board meetings
15%
67
Measures: attendance of non-executive
administrators at all Board meetings for
the proper functioning of the Board.
Formula : (∑ NtNr of attendees at Board
meetings)/
Total number of Board members*Nt
Where Nt = No. of Board meetings
Minutes of the meetings of
the Administrative Board
42∗ 7+2 ∗6
44∗ 7
∗ 100=99%
≥90%
≥ 90%
≥ 90%
≥ 90%
11
Monitoring executive management
performance
Measures: how well the obligations in
the mandate contracts and the
Management Plan are met
Formula : (Reports produced / reports to
be produced)*100
10%
Quarterly Activity Report
of the General Director
and the Financial Director
4
4
∗ 100=100%
100%
100%
100%
100%
68
Remuneration and benefits of directors with a mandate
Applicable legal framework
According to art.38 paragraph (1) of GEO no.109/2011 the remuneration of the directors is determined by the
Board of Directors and cannot exceed the level of the remuneration established for the executive members of
the Board of Directors.
Remuneration consists of a fixed gross monthly remuneration set within the limits provided for in Article 37(2)
and a variable component.
By Decisions no.106/12.12.2022 and no.107/12.12.2022, the Board of Directors of the Company appointed,
on the recommendation of the Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu as
provisional General Director and Mrs. Adriana Frangu as provisional Financial Director, as the term of office
of the General Director and the Financial Director expires on 01.01.2023. The term of office of the two
provisional directors appointed is 4 months, starting from 01.01.2023, in accordance with the provisions of
Article 64 index 2 of GEO no.109/2011 on corporate governance of public companies.
By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional general director
of Oil Terminal SA was extended, namely, of Mr. Viorel Sorin Ciutureanu, by 2 (two) months from the date of
expiry of the mandate, i.e. for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director
of Oil Terminal SA was extended, respectively, to Mrs. Adriana Frangu, for 2 (two) months from the date of
expiry of the mandate, respectively for the period: 01.05.2023 - 01.07.2023.
By Decision of the Board of Directors no.72/19.06.2023, in accordance with the provisions of art.35 of GEO
no.109/2011, the management of the company was delegated and Mr. Viorel Sorin CIUTUREANU was
appointed as General Manager of the company, and the term of office of the General Manager was set at 4
years, starting from 20.06.2023 until 20.06.2027.
By Decision of the Board of Directors no.73/19.06.2023, Mrs Adriana FRANGU was appointed, in accordance
with the provisions of GEO no.109/2011, as financial director of the company, and the term of office of the
financial director was set at 4 years, starting from 20.06.2023 until 20.06.2027.
OGSM Resolution no.13/28.08.2023 adopted:
- approved the establishment of the remuneration limits for directors with a mandate contract assimilated to
executive directors as follows:
1. limits of the gross monthly fixed compensation: between 5 and 6 times the average over the last 12
months of the average gross monthly salary for the activity carried out according to the main object of
activity registered by the company, at class level according to the classification of activities in the
national economy, communicated by the National Institute of Statistics prior to the appointment.
2. limits of the variable (gross) component: between 11 and 12 gross fixed monthly allowances for
each year of office.
Expenditure related to directors with a mandate
Gross remuneration of directors with a contract of office
The gross remuneration is made up of a gross fixed monthly allowance and a variable component.
Taking into account that the term of office of the directors with a 4-year term of office ended on 01.07.2022
and taking into account the provisions of Article 64
2
of GEO no.109/2011, as subsequently amended and
supplemented, where it is stated that: "(1) In the event that management duties of the public undertaking have
been delegated to directors and the post/positions of director remain vacant, the board of directors may appoint
a provisional director until the selection procedure is completed, in accordance with the provisions of this
Emergency Ordinance. The term of office shall be 4 months, with the possibility of extension, for good cause,
up to a maximum of 6 months', the remuneration shall comprise only the gross monthly fixed allowance
calculated in accordance with Articles 37 and 38 of GEO 109/2011, i.e. within the limits provided for in Article
37 paragraph (3) [...], which may not exceed 6 times the average gross monthly salary over the last 12 months
for the activity carried out in accordance with the company's main object of activity, at class level according to
the classification of activities in the national economy, communicated by the National Institute of Statistics prior
to the appointment.
The gross monthly fixed allowance paid to the General Director during 2023 complied with the following
provisions:
The gross fixed allowance was fixed by the following decisions:
-Decision no.106/12.12.2022 by which the Board of Directors established the fixed monthly indemnity for the
General Director in the amount of 46,000 lei gross (for the period 01.01.2023-19.06.2023), which does not
exceed 6 times the average over the last 12 months of the average gross monthly salary for the activity carried
69
out according to the main object of activity registered by the company, at class level according to the
classification of activities in the national economy, communicated by the National Institute of Statistics prior to
the appointment.
-Decision no.72/19.06.2023 by which the Board of Directors established the fixed gross monthly indemnity for
the General Manager in the amount of 51,000 lei gross (for the period 20.06.2023-31.12.2023), which does
not exceed 6 times the average gross monthly salary for the last 12 months for the activity carried out in
accordance with the main object of activity registered by the company, at class level according to the
classification of activities in the national economy, communicated by the National Institute of Statistics prior to
the appointment (51,095 lei gross).
Gross monthly fixed allowance paid to the Financial Director during 2023 complied with the following
provisions:
The gross fixed allowance was fixed by the following decisions:
-Decision no.107/12.12.2022 by which the Board of Directors established the fixed monthly compensation for
the Financial Director in the amount of 39,000 lei gross (for the period 01.01.2023-19.06.2023), which does
not exceed 6 times the average over the last 12 months of the average gross monthly salary for the activity
carried out according to the main object of activity registered by the company, at class level according to the
classification of activities in the national economy, communicated by the National Institute of Statistics prior to
the appointment.
-Decision no.73/19.06.2023 by which the Board of Directors established the gross fixed monthly allowance for
the Chief Financial Officer in the amount of 50,000 lei gross, (for the period 20.06.2023-31.12.2023), which
does not exceed 6 times the average gross monthly salary for the last 12 months for the activity carried out
according to the main object of activity registered by the company, at class level according to the classification
of activities in the national economy, communicated by the National Institute of Statistics prior to the
appointment (51,095 lei gross).
Gross fixed compensation for 2 directors with mandate in the period 01.01.2023-31.12.2023 = 1,205,714 lei.
According to the 2023 Rectified Income and Expenditure Budget approved by OGSM Resolution
no.15/29.09.2023:
-total approved gross fixed indemnity = 1.205.714 lei
-Total gross fixed compensation realised = 1.205.714 lei
Variable component for directors with mandate:
In 2023, the variable component for the year 2022 was not awarded because the selection procedure for
directors with a mandate contract, in accordance with the provisions of GEO no. 109/2011, was not completed
by 31.12.2022.
By Decision no.90/05.07.2023 the Board of Directors endorsed the proposal to submit to the OGSM for
approval the setting of the limits of the annual variable component for the company's directors with mandate
contracts, between 11 and 12 gross fixed monthly allowances for each year of mandate.
For the rectified Budget of Revenues and Expenses 2023, an annual variable component at the level of 12
gross fixed monthly allowances has been considered as follows:
-General Director = 51,000 lei/pers/month x 12 gross fixed monthly allowances = 612,000 lei/year
-Financial Director = 50,000 lei/pers/month x 12 gross fixed monthly allowances = 600,000 lei/year
The variable component for the year 2023 in the amount of 1.239.270 lei (1.212.000 lei variable component +
27.270 lei labour insurance contribution 2,25%) is reflected in the Budget of Revenues and Expenses 2023,
Annex no.2, line 124 "Provisions related to the mandate contract".
The grant of the variable component relating to 2023 will be made after approval at the EGSM scheduled for
26(29).04.2024, in accordance with the Financial Disclosure Schedule for 2024 communicated to the FSA and
Bucharest Stock Exchange, of the 2023 Annual Audited Financial Statements, provided that the established
performance indicators are met.
Other benefits
During 2023, directors with a mandate contract did not receive bonuses and other benefits.
A of the mandate contracts, both the General Director of the Company and the Chief Financial Officer were
paid expenses related to the execution of the mandate, within the approved BVC for 2023.
By Decision no.135/19.10.2023 the Board of Directors approved the purchase of a liability insurance policy for
the Company's directors and the acting General Manager, with an indemnity limit of 1 million Euro, with a
validity of 12 months, starting from 25.10.2023, with Oil Terminal SA as the sole beneficiary of the insurance
indemnities.
70
Key performance indicators for the mandate period 2023-2027
EXECUTIVE DIRECTORS/DIRECTORS WITH A MANDATE CONTRACT
Table no.2
#
Performance indicators
Value achieved
Target values for
performance indicators
Indicator name
Legal
Basis/Category
Weight
%
Verification instrument
Quarter IV 2023
(cumulative)
2023
2024
2025
2026
FINANCIAL PERFORMANCE INDICATORS 50%
1
Annual investment plan value
realisation rate
Measures: the degree of value realisation
of the investment plan compared to the
approved approved value level
Formula : (Value of investments realised /
Value of approved investments) * 100
GD 722/2016
Category :
Investments
10%
Annual investment
programme, endowments
and sources of financing,
Annex no.4 to the BVE
approved by the GSM, as
per OMFP no.3818/2019
93.956.245
93.956.240
∗100=100%
100%
100%
100%
100%
2
Immediate liquidity ratio (Acid Test)
Measures: the company's ability to pay
short-term debts of up to 1 year after
deducting the value of inventories from
current assets. Shows that there is
sufficient cash flow to pay debts
Formula : [ (Current assets-Stocks)/
Current liabilities]*100
GEO 109/2011 Art.
4
7
para (2)
lit.b)
Category :
Financing
10%
Audited annual financial
statements-Statement of
financial position
(
95.168.592−2.152.804
)
75.706.666
∗ 100
=122,86%
≥75%
≥75%
≥75%
≥75%
3
Equity solvency ratio
Measures: the company's ability to carry
out its operations and to pay its medium
and long-term debts arising from past
contracts, the conduct of its business or
taxes, duties and fiscal contributions.
Formula : (Equity/Total liabilities)*100
GD 722/2016
Category : Debt
10%
Audited annual financial
statements-Statement of
financial position
564.604.796
833.074.040
∗ 100=67,77%
≥65%
≥65%
≥65%
≥65%
4
EBITDA
Measures: profit before deducting
depreciation, interest and income tax
expense , acting as a financial
management indicator.
Formula : (Realised EBITDA / Planned
EBITDA ) x 100,
Where EBITDA = (Operating profit +
Depreciation of fixed assets + Provision
adjustments)
GD 722/2016
Category : Income
10%
Annual budget execution -
Annex 2
48.787
41.429
∗ 100=117,76%
≥95%
≥95%
≥95%
≥95%
71
5
Outstanding payments
Measures: amounts due and not paid by
the company that have exceeded the
payment deadline as provided for by the
regulations, contract/invoice or other
grounds.
Formula : Overdue payments
approved/Overdue payments made
GD 722/2016
Category : Cash
flow
10%
Annual budget execution,
Annex no.1; S1001
reporting required by
OMFP no.2873/2016
Zero lei
Zero
lei
Zero
lei
Zero
lei
Zero
lei
INDICATORI DE PERFORMANȚĂ NEFINANCIARI și NECOMERCIALI
INDICATORI OPERAȚIONALI 25%
6
Customer satisfaction score
Measures: how customers perceive the
quality of service provided by the
company
Formula : (sum of customer satisfaction
ratings/no. of customers)*100
10%
Annual customer
satisfaction evaluation
report
3.030,61%
32
=94,70%
≥80%
≥80%
≥85%
≥85%
7
Benefit Claims Analysis Index
Measures: the way the company analyses
claims received from potential clients
Formula : (Number of client claims
analysed/ Total number of claims
received monthly) * 100
Where
Total no. of claims = new client claims +
client claims with contract but with
additional claims (claims for which
(Additional Acts) will be drawn up)
5%
Monthly analysis report
drawn up by the Marketing-
Commercial
Service/Customer
Application
Register/Specific Customer
Application Analysis Form
105
106
∗ 100=99,06
≥95%
≥95%
≥95%
≥95%
8
Quality of Service Index
Measures: the quality of the service
provided in relation to the operation plans
drawn up on the basis of customer orders
Formula : (no. of operations executed/no.
of operations planned)*100
5%
Quality Management
Service Analysis Report
7414
7414
∗ 100=100%
≥98%
≥98%
≥98%
≥98%
9
Gradul de instruire anual al
personalului operational
Măsoară : gradul anual de instruire al
personalului operational.
Formula : (Numar personal operational
instruit / Numar personal operational)*100
5%
Half-yearly activity report of
the Human Resources
Service
80
80
∗100=100%
>90%
>90%
>90%
>90%
INDICATORI DE GUVERNANȚĂ 25%
11
Risk management
Measures: identification and management
of the company's risk profile
5%
Annual risk management
report prepared in
accordance with the OSSG
99
115
∗ 100=86,09%
≥80%
≥80%
≥80%
≥80%
72
Formula : (No. of risks of tolerable level /
No. of risks identified according to the Risk
Register at company level) *100
12
Degree of transparency in financial
reporting and corporate governance
Measures: level of institutional
transparency
Formula : ( no. reported requirements
/(no. reporting requirements under
financial calendar + no. reporting
requirements under art.51 GEO
109/2011)*100
20%
Current Reports and
Communications to BVE
and FSA and company
website
46
6+ 40
∗ 100=100%
100%
100%
100%
100%
73
10. SPONSORSHIPS
The sponsorship activity carried out by OIL TERMINAL is carried out in accordance with the provisions of
Law no.32/1994 on sponsorship, as amended and supplemented and within the approved Budget of
Revenues and Expenses.
In the income and expenditure budget for the year 2023, approved by the OGSM Resolution
no.15/29.09.2023, sponsorship expenses in the amount of 400,000 lei were approved and 396,895.60 lei
were realized, as follows:
Sponsorship expenses (lei)
Budget of
Revenues
and
Expenses
aproved
year 2023
Year 2023
Achievements
Achieved/
Budget of
Revenues
and
Expenses
(%)
Total Sponsorship expenses, of which:
400,000
396,895.60
99.22%
Medical and health sponsorship expenditure
160,000
160,000
100.00%
Sponsorship expenditure in education, teaching, social and
sport, of which:
160,000
20,000
156,895.60
20,000
98.06%
100.00%
- for sports clubs
80,000
80,000
100.00%
11. PROPOSAL OF THE MANAGEMENT BOARD
11.1. Approval of the audited financial statements as at 31.12.2023
The audited financial statements for the year 2023 will be presented to the Board of Directors for approval at
the OGSM on 26(29).04.2024.
The audited financial statements for the year 2023 comprise:
- Statement of financial position as at 31.12.2023
- Statement of comprehensive income as at 31.12.2023
- Statement of changes in equity as at 31.12.2023
- Cash flow statement as at 31.12.2023
- Notes to the financial statements at 31.12.2023
11.2. Approval of the distribution of the net profit for the financial year 2023
The proposal for the distribution of the net profit for 2023 will be submitted to the Board of Directors for approval
at the OGSM on 26(29).04.2024.
12. SIGNIFICANT TRANSACTIONS
12.1. Transactions with state-owned entities
During 2023, the Company has carried out transactions with state-owned entities (irrespective of
shareholding), invoiced during the period from 1 January to 31 December 2023, based on contracts concluded
in the current or previous year, as follows:
Customer
Amount
unpaid to
31 December
2022
Sales in the
period
01.01.2023-
31.12.2023
Settlements in
the period
01.01.2023-
31.12.2023
Amounts
outstanding at
31 December
2023
Agenția Română de Salvare a Vieții Omenești pe
Mare
109,669
649,016
649,660
109,025
ANRSPS UT 515
0
2,494,077
2,270,894
223,183
Chimcomplex
240,576
6,373,031
5,752,703
860,904
Conpet
0
238,383
238,383
0
C.N. Căi Ferate CFR
17,132
101,505
104,819
13,818
OMV Petrom
6,629,133
82,423,177
81,166,320
7,885,990
Rompetrol Downstream
3
0
3
0
Rompetrol Rafinare
319,411
3,606,963
3,610,297
316,077
SNTFM CFR MARFA SA
6,386
138,943
134,211
11,118
Societatea Națională de Radiocomunicații
939
33,995
34,612
322
UM 02133 Farul Roșu – Direcția Hidrografică
Maritimă
14,371
135,849
127,555
22,665
74
TOTAL
7,337,620
96,194,939
94,089,457
9,443,102
Supplier
Amount
unpaid to
31 December
2022
Purchases
during the
period
01.01.2023-
31.12.2023
Settlements in
the period
01.01.2023-
31.12.2023
Amounts
outstanding at
31 December
2023
Administrația Națională Apele Române -
Administrația Bazinală de Apă Dobrogea Litoral
0
14,235
14,235
0
Agenția de Protecție a Mediului
0
1,900
1,900
0
Agenția Natională de Cadastru și Publicitate
Imobiliară
0
890
890
0
Agenția Națională pentru Resurse Minerale
0
12,768
12,768
0
Asociația de Acreditare din România - RENAR
0
24,301
23,798
503
Asociația de Dezvoltare Durabilă a Județului
Constanța
0
25,000
25,000
0
Autoritatea de Siguranță Feroviară Română
0
51,909
50,744
1,165
Autoritatea de Standardizare din România
0
19,833
19,833
0
Autoritatea Feroviară Română - AFER
763
58,504
59,267
0
Autoritatea Națională de Reglementare în
domeniul Energiei - ANRE
0
2,500
2,500
0
Autoritatea Navală Română
0
19,704
19,704
0
Autoritatea Rutieră Română - ARR
0
2,816
2,816
0
Biroul Român de Metrologie Legală
0
50,240
50,240
0
Bursa de Valori
0
17,582
17,582
0
C.N.Căi Ferate CFR
3,843
93,410
88,984
8,269
Camera de Comerț și Industrie a României
0
154,185
154,185
0
Camera de Comerț, Industrie, Navigație și
Agricultură
0
27,765
27,765
0
Căpitania Zonală
0
2,933
2,933
0
Centrul Național de Calificare și Instruire
Feroviară - CENAFER
479
8,540
6,829
2,190
Ceronav
1,980
13,695
15,675
0
Compania Națională Administrația Porturilor
Maritime
44,993
4,899,681
4,867,398
77,276
Compania Națională de Administrare a
Infrastructurii Rutiere - CNAIR
0
24,375
24,375
0
Compania Națională pentru Controlul Cazanelor,
Instalațiilor de Ridicat și Recipientelor Sub
Presiune - CNCIR
0
51,224
36,654
14,570
Compania Poșta Română
0
118
118
0
Confort Urban
0
1,050
1,050
0
Conpet
0
3,687
3,687
0
Depozitarul Central
188
36,847
36,908
127
Engie România
1,430,669
9,810,471
9,564,798
1,676,342
INCD Insemex
0
74,048
74,048
0
Inspecția de Stat pentru Controlul Cazanelor,
Recipientelor sub Presiune și Instalațiilor de
Ridicat - ISCIR
0
3,550
3,550
0
Inspectoratul Județean în Construcții Constanța
0
385,059
385,059
0
Institutul Național de Cercetare-dezvoltare
Protecția Muncii Alexandru Darabonț
0
15,322
15,322
0
Iprochim
0
6,528
6,528
0
Monitorul Oficial
0
19,805
19,805
0
Oficiul de Cadastru și Publicitate Imobiliară
0
480
480
0
Oficiul Național al Registrului Comerțului de pe
lângă Tribunalul Constanța
0
10,315
10,315
0
OMV Petrom
989,363
6,746,950
7,736,313
0
OMV Petrom Marketing
0
24
24
0
Primăria Municipiului Constanța
0
759,133
759,133
0
RAJA
115,990
1,461,604
1,508,234
69,360
RNP Romsilva D.C.E.A.C.
15,173
17,552
15,172
17,553
Rompetrol Downstream
62,985
651,302
689,504
24,783
SNTFM CFR Marfa
0
2,142
2,142
0
Serviciul Public de Impozite,Taxe și alte Venituri
0
33
33
0
75
12.2. Transactions according to Order of the Minister Delegate for Energy no.704/18.08.2014
The transactions are presented in accordance with the provisions of OM no.704/2014 and EGSM Decision
no.11/24.10.2014 on the procurement of goods, services and works whose value is greater than the equivalent
in Lei of 500,000 Euro/purchase (for the procurement of goods and works), and 100,000 Euro/purchase (for
services), respectively, for contracts concluded in the period 01.01.2023 - 31.12.2023.
Procurement is carried out in accordance with the Internal Procurement Rules.
The situation for the period 01.01.2023 - 31.12.2023 is as follows:
Quarter I
No.
Contract
No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
06 / 32 /
26.01.2023
Planned, accidental
repairs and maintenance
of locomotives belonging
to Oil Terminal SA
Constanta
50221000-0 Repair and
maintenance services of
locomotives
România
Euroest SA
Unit prices - estimated
value of the contract is
1,743,357.00 lei
Services
2
23 / 58 /
13.02.2023
Planned overhauls and
accidental repairs to PSI
trucks
50111000-6 Fleet
management, repair and
maintenance services
Sirom Impex
SRL
Unit prices - estimated
value of the contract is
630.000,00 lei
Services
Quarter II
No.
Contract
No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
64 / 226 /
20.04.2023
Repaired diesel pipeline
DN 500 with connections
in CM1 and CM2
45231113-0 Pipeline
replacement works
Socum Trans
SRL
3,992,704.62 lei
Works
2
65 / 227 /
20.04.2023
Repaired diesel pipe CM1
from K1 to MIM - Port
Platform Section
45231113-0 Pipeline
replacement works
Talpac SRL
5,058,744.22 lei
Works
3
107 / 326 /
06.06.2023
Removal of slurry and
clogged soil from North
Platform Section, Port
Platform Section, South
Platform Section
90522200-4 Disposal of
contaminated soils
Oil Depol
SRL
Prețuri unitare - valoare
estimată a contractului
este de 800,000.00 lei
Services
4
108 / 327 /
06.06.2023
Cleaning of tanks T11,
T12, T13 in North Platform
Section
90913200-2 Tank cleaning
services
Partener
Project
Construct &
Serv 95 SRL
5,500,618.05 lei
Services
5
112 / 331 /
09.06.2023
Weed removal services in
North Platform Section,
South Platform Section,
North Platform Section
77312000-0 Weed
removal services
Astoria Prest
SRL
721,125.77 lei
Services
6
116 / 337 /
15.06.2023
Upgrading of tank B 18 in
South Platform Section
(execution)
45247270-3 Reservoir
construction work
Socum Trans
SRL
10,723,234.34 lei
Works
Third quarter
No.
Contract
No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
138 / 367 /
07.07.2023
Repair of CM2 diesel
pipeline in the area
between the K1 slipway -
Port Platform Section and
MIM bridge
45231113-0 Pipeline
replacement works
Talpac SRL
4,888,929.62 lei
Works
2
146 / 376 /
20.07.2023
Repair floating cover and
ferrule no.7 tank M21/S
45247270-3 Reservoir
construction works
Global Ports's
Services SRL
3,658,982.35 lei
Works
3
162 / 404 /
23.08.2023
Operational leasing
Combined vacuum car -1
piece
34144410-5 Vacuum
sewers
Center
Tea&Co SRL
1,564,650.00 lei
Services
4
168 / 411 /
31.08.2023
Periodic and accidental
repairs of railway lines
50225000-8 Railway
maintenance services
Tehno
Construct
SRL
3,422,400.00 lei
Services
Telecomunicații CFR
0
11,002
11,002
0
TOTAL
2,666,426
25,595,012
26,369,300
1,892,138
76
5
176 / 423 /
28.09.2023
Natural gas supply
09123000-7 Natural gas
Eye Mall SRL
Unit price - estimated
value of the contract is
8,414,664.80 lei
Supply
Fourth quarter
No.
Contract
No.
Name
CPV
Economic
operator
Contract value
(lei without VAT)
Contract
type
1
184 / 441 /
18.10.2023
Repaired PSI installation
of R31/S tank guns
45232150-8 Water supply
pipeline works
Socum Trans
SRL
2,765,999.25 lei
Works
2
201 / 468 /
07.11.2023
Repairs to petrol pipes
CB1, CB2, U1, pipes
Dn=350 mm, in the area
between K1 SP Port and
MIM bridge
45231113-0 Pipeline
replacement works
Talpac SRL
10,354,291.37 lei
Works
3
228 / 537 /
12.12.2023
Repairs to fire water
supply pipelines, lines 1, 2
- South Platform Section
45232150-8 Works for
water supply pipelines
Top Oil Inter
SRL
6,601,931.89 lei
Works
4
191 / 455 /
30.10.2023
Preparation of the project
"Dismantling/demolition,
reservation park Body A
(2C and 2D)
79930000-2 Specialist
design services
Ellis 92 SRL
540,000.00 lei
Services
5
229 / 538 /
12.12.2023
Electricity supply
65310000-9 Electricity
distribution
Engie
Romania SA
Prețuri unitare -
valoarea estimată a
contractului este de
7,738,250.00 lei
Supply
12.3. Transactions according to art.52 of GEO no.109/2011 as amended, of which:
12.3.1. Informing shareholders about transactions with directors or officers, employees,
controlling shareholders or a company controlled by them, pursuant to Article 52(3)(a) of
GEO 109/2011 as amended:
The Board of Directors of Oil Terminal SA, in accordance with Article 52 paragraph (3) letter a) of GEO
no.109/2011, informs the shareholders of any transaction concluded with directors or managers, employees,
shareholders who control the company or a company controlled by them, by making available to the
shareholders the documents reflecting the essential and significant data and information related to those
transactions.
Transactions are reported regardless of the amount.
Transaction period 01.01.2023 - 31.12.2023.
Transactions subject to GSM disclosure requirement.
77
12.3.1.1. Transactions with suppliers
No.
Legal act parties
Conclusion
date and act
number
Legal act
kind
Object description
Total value
(lei)
Mutual
receivables
Constituted
guarantees
Payment terms and
methods
Interests
and
penalties
1
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
36/
03.01.2023
Order
Issuance of free passage authorization for
39 vehicles (January-September 2023)
18,832.71
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 day
It’s not
necessary
2
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
39/
03.01.2023
Order
Issuance of authorization for free passage
in Constanta port, 8 PSI vehicles for the
period 01.01.2023-30.09.2023
66.72
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
3
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
47/
03.01.2023
Order
Issuance of authorization for free passage
in the port of Constanta, for vehicles and
SERME equipment, for the period
01.01.2023-30.09.2023
17,303.22
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
4
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
402/
12.01.2023
Expense
account
Issuing of authorization for free passage in
Constanta port - 7 Renault Arkana cars
58.38
It’s not
necessary
It’s not necessary
Achitat cu numerar la
casierie in data de
11.01.2023
It’s not
necessary
5
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
403/
12.01.2023
Expense
account
Issuing of authorization for free passage
Constanta port, 1 piece vehicle B 106 WSW
18.49
It’s not
necessary
It’s not necessary
Paid in cash on
11.01.2023
It’s not
necessary
6
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
404/
12.01.2023
Expense
account
Issuing authorization for free passage
Constanta port, 1 piece vehicle B 106 WSW
18.49
It’s not
necessary
It’s not necessary
Paid in cash on
11.01.2023
It’s not
necessary
7
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
415/
12.01.2023
Order
Ship information bulletin for the year 2023 -
subscription
1,120.05
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
8
Compania
Nationala
Administratia
492/
16.01.2023
Order
Access authorization for port platform
employees
569.65
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
78
Porturilor Maritime
SA Constanta
9
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
530/
16.01.2023
Order
Issuance, visas, port worker cards and
change of function on cards for certain
categories of employees in the Port
Platform Section for the year 2023
1,008.62
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
10
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
753/
20.01.2023
Order
Issuance of authorization for free passage
Constanta port CT 48 TER
582.54
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
11
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
1327/
02.02.2023
Order
Issuing of passbooks, visas and change of
function on passbooks for certain categories
of employees for 2023
100.11
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
12
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
1386/
03.02.2023
Expense
account
Issuance of authorization for free passage
Constanta port - 2 cars Dacia Dokker
16.68
It’s not
necessary
It’s not necessary
Paid in cash on
02.02.2023
It’s not
necessary
13
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
1693/
09.02.2023
Order
Issuance of free passage authorization in
Constanta port for 2 cars
438.50
It’s not
necessary
It’s not necessary
Plata cu OP in
termen de 30 zile
It’s not
necessary
14
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
1961/
17.02.2023
Order
Legitimatie access to port platform 1 piece
113.93
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
15
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
2142/
22.02.2023
Order
Extension of the validity of the work licenses
necessary for the activities carried out in the
Port Platform Section
19,976.73
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
16
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
2954/
16.03.2023
Expense
account
Issuance of authorization for free passage
in Constanta port - 1 vehicle Dacia Jogger
B102WZK
8.34
It’s not
necessary
It’s not necessary
Paid in cash on
15.03.2023
It’s not
necessary
17
Compania
Nationala
Administratia
2955/
16.03.2023
Expense
account
Issuance of authorization for free passage
Constanta port - 1 vehicle Dacia Jogger
B102WZK
8.34
It’s not
necessary
It’s not necessary
Paid in cash on
15.03.2023
It’s not
necessary
79
Porturilor Maritime
SA Constanta
18
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
3618/
03.04.2023
Order
CTE approval - for the demolition of the oil
tank gate house
1,594.57
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
19
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
3955/
10.04.2023
Order
Detection of faults on two medium voltage
cables, located in North I warehouse
between PT connections and PT 87
3,796.32
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
20
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
4119/
18.04.2023
Expense
account
Replaced cardboard free passage
Constanta Port for bus SERME B 111 WIX
8.34
It’s not
necessary
It’s not necessary
Paid in cash on
17.04.2023
It’s not
necessary
21
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
4239/
20.04.2023
Order
Authorization for free passage in Constanta
port for vehicle B 999 SRM, for the period
01.05.2023-30.09.2023
271.98
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
22
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
4710/
03.05.2023
Order
Detection of faults on two medium voltage
cables located in the North I depot between
PT connections and PT 87
2,936.45
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
23
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
5353/
18.05.2023
Expense
account
Issuance of authorization for free passage
Constanta port
9.92
It’s not
necessary
It’s not necessary
Paid in cash on
18.05.2023
It’s not
necessary
24
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
5521/
23.05.2023
Order
Issuing of port worker cards and visas for
certain categories of employees within S.P.
Port for 2023
104.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
25
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
5529/
23.05.2023
Expense
account
Issuing of free passage authorization in the
port of Constanta for the SERME CT 14
SRM dump truck
9.92
It’s not
necessary
It’s not necessary
Paid in cash on
16.05.2023
It’s not
necessary
26
Compania
Nationala
Administratia
5616/
24.05.2023
Order
CF extract, orthophoto plan and location
plan in the area, scale 1:500 for the building
in Constanta, cadastral number 256089
227.86
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
80
Porturilor Maritime
SA Constanta
27
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
6034/
08.06.2023
Order
Issuance of authorization for free passage
to the port of Constanta for vehicle SERME
with registration number B555SRM, for the
period 09.06.2023 - 30.09.2023
263.54
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
28
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
7875/
27.07.2023
Order
Services with PRAM car
12,419.82
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
29
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
8703/
24.08.2023
Expense
account
Issuing of authorization for free passage in
Constanta harbour for the vehicle PS. with
registration number B 102 TER
9.92
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
30
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
8808/
25.08.2023
Order
Issuance of authorization for free passage
in Constanta port for 40 cars of the
company
7,926.35
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
31
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
8819/
28.08.2023
Expense
account
Issuing of authorization for free passage in
Constanta port for 9 PSI vehicles
89.32
It’s not
necessary
It’s not necessary
Paid in cash on
25.08.2023
It’s not
necessary
32
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
8833/
28.08.2023
Order
External port security audit
3,891.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
33
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
8857/
28.08.2023
Order
Legitimation of access to the port platform -
4 pieces
542.31
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
34
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
8949/
30.08.2023
Order
Issuance of authorization for free passage
in Constanta port for the vehicle SERME
with registration number B999 SRM
219.25
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
35
Compania
Nationala
Administratia
9082/
04.09.2023
Order
Issuance of a free passage authorization for
19 SERME vehicles for the period
01.10.2023-31.12.2023
6,261.72
It’s not
necessary
It’s not necessary
Payment by PO in
term of 10 days
It’s not
necessary
81
Porturilor Maritime
SA Constanta
36
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
9390/
13.09.2023
Order
Issuance of authorization for free passage
in Constanta port for 1 vehicle with
registration number CT 2729 in the period
01.10.2023-31.12.2023
199.74
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
37
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
10092/
05.10.2023
Expense
account
Issuance of authorization for free passage
in Constanta port for 2 cars Hyundai Tucson
with registration number AG 033314 and
AG 033315
208.07
It’s not
necessary
It’s not necessary
Paid in cash on
03.10.2023
It’s not
necessary
38
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
10582/
18.10.2023
Expense
account
Issuance of authorization for free passage
Constanta port for 2 cars
9.92
It’s not
necessary
It’s not necessary
Paid in cash on
17.10.2023
It’s not
necessary
39
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
10669/
20.10.2023
Expense
account
Issuing of authorization for free passage in
Constanta port for AG035286
198.15
It’s not
necessary
It’s not necessary
Paid in cash on
20.10.2023
It’s not
necessary
40
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11070/
31.10.2023
Expense
account
Issuing authorization for free passage in
Constanta port for 2 cars
9.92
It’s not
necessary
It’s not necessary
Paid in cash on
30.10.2023
It’s not
necessary
41
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11192/
03.11.2023
Order
Legitimatier access to the port platform
113.93
It’s not
necessary
It’s not necessary
Payment by PO in
term of 3 days
It’s not
necessary
42
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11251/
06.11.2023
Order
Issuance of authorization for free passage
in the port of Constanta
240.34
It’s not
necessary
It’s not necessary
Payment by PO in
term of 10 days
It’s not
necessary
43
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11405/
09.11.2023
Expense
account
Issuance of free passage authorization for 1
car at Constanta port
9.92
It’s not
necessary
It’s not necessary
Achitat cu numerar la
caserie in data de
08.11.2023
It’s not
necessary
44
Compania
Nationala
Administratia
11683/
15.11.2023
Comanda
Issuance of authorization for free passage
in Constanta port - SERME (Manitou) - CT
2914 for the period 15.11.2023-31.12.2023
323.02
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
82
Porturilor Maritime
SA Constanta
45
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11804/
17.11.2023
Comanda
Access authorization to the port platform - 3
pieces
341.79
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
46
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
12387/
05.12.2023
Expense
account
Issuance of free passage authorization Port
Constanta - SERME (Manitou) CT 2914 for
05.12.2023
54.00
It’s not
necessary
It’s not necessary
Achitat cu numerar la
caserie in data de
05.12.2023
It’s not
necessary
47
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
12605/
11.12.2023
Expense
account
Issuance of free passage authorization Port
Constanta - SERME (Manitou) CT 2914 for
11.12.2023
54.00
It’s not
necessary
It’s not necessary
Achitat cu numerar la
caserie in data de
11.12.2023
It’s not
necessary
48
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
12868/
15.12.2023
Comanda
Release of the CTE permit for the objective
"Metallic piling between lines 3 and 4 at the
CF ramp -SP PORT
1,897.54
It’s not
necessary
It’s not necessary
Payment by PO in
term of 6 days
It’s not
necessary
49
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
10/
15.12.2023
la contractul
CNAPM
00093-IDP-
02/15.09.201
4
Additional
Act
Tariff increase
The estimated
value of the
contract for 12
months is
2,388,72 lei
It’s not
necessary
Performance
guarantee: the
equivalent in lei of 3
monthly rents
including the legal
VAT rate
10 working days from
the date of receipt of
the tax invoice
Penalties
0.10% for
each
calendar day
of delay.
50
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11/
15.12.2023
to contract
CNAPM
00093 - IDP -
01/
21.01.2015
Additional
Act
Tariff increase
The estimated
value of the
contract for 12
months is
10,332.00 lei
It’s not
necessary
Performance
guarantee: the
equivalent in lei of 3
monthly rents
including the legal
VAT rate
5 working days from
the date of receipt of
the tax invoice
Penalties
0.15% for
each
calendar day
of delay.
51
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
12/
15.12.2023
la contractul
CNAPM
00093 - IDP -
01/
21.01.2015
Additional
Act
Change the way invoices are sent via the
national e-invoice system
The estimated
value of the
contract for 12
months is
10,332.00 lei
It’s not
necessary
Performance
guarantee: the
equivalent in lei of 3
monthly rents
including the legal
VAT rate
5 working days from
the date of receipt of
the tax invoice
Penalties
0.15% for
each
calendar day
of delay.
83
52
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
11/
22.12.2023
la contractul
CNAPM
00093-IDP-
02/
15.09.2014
Additional
Act
Change of the way to send invoices via the
national e-invoice system
Estimated
contract value
for 12 months
is 2,388.72 lei
It’s not
necessary
Performance
guarantee : the
equivalent in lei of 3
monthly rents
including the legal
VAT rate
10 working days from
the date of receipt of
the invoice
Penalties
0.10% for
each
calendar day
late.
53
Compania
Nationala
Administratia
Porturilor Maritime
SA Constanta
1/
29.12.2023
la contractul
93/03/23.10.
2017
Additional
Act
Modification of the way of sending invoices
via the national e-invoice system
Estimated
value of the
contract for 12
months is
3,035,252.38
lei
It’s not
necessary
Performance
guarantee : the
equivalent in lei of 3
monthly rents
including the legal
VAT rate
10 working days from
date of receipt of
invoice
Penalties
0.10% for
each
calendar day
late.
54
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
53/
04.01.2023
Order
Issue of a 1-year vignette for Renault truck
with registration number CT-12-CKI
3,560.98
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
55
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
819/
25.01.2023
Order
Road toll for MAN tipper with registration
number CT 85 TEP
3,560.98
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
56
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
1827/
14.02.2023
Order
1-year vignette issue for van N1 with
registration number CT-42-SRM
470.69
It’s not
necessary
It’s not necessary
Payment by PO in
term of 1 day
It’s not
necessary
57
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
2015/
20.02.2023
Order
1 year vignette issue for the N3 Romprim
truck with registration number CT-10-FOC
3,530.16
It’s not
necessary
It’s not necessary
Payment by PO in
term of 1 day
It’s not
necessary
58
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
2485/
03.03.2023
Order
Issuance of a 1 year vignette for Dacia
Logan with registration number CT-06-WXZ
137.72
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
84
59
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
2840/
14.03.2023
Order
Issue of a 1-year vignette for Dacia Dokker
with registration numbers CT-01-BUF and
CT-18-SRM
275.44
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
60
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
3912/
10.04.2023
Order
Issuing of a 1-year vignette for Toyota Hilux
CT 75 ZSZ
399.21
It’s not
necessary
It’s not necessary
Payment by PO in
term of 3 days
It’s not
necessary
61
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
5458/
23.05.2023
Order
Issue of a 1-year vignette for MAN with
registration number CT-14-SRM
3,559.61
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
62
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
10350/
11.10.2023
Order
Port platform access authorisation
341.79
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
63
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
10366/
12.10.2023
Order
Toll for van Renault Kangoo CT 48 TER
477.59
It’s not
necessary
It’s not necessary
Payment by PO in
term of 1 day
It’s not
necessary
64
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
11334/
08.11.2023
Order
1-year vignette for the MAN - vacuum truck
with registration number CT 10 SRM
3,574.58
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
65
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
11447/
10.11.2023
Order
vignette for PRB Ford CT 01 SRE
476.61
It’s not
necessary
It’s not necessary
Payment by PO in
term of 13 days
It’s not
necessary
66
Compania
Nationala de
Administrare a
11954/
21.11.2023
Order
1 year vignette for Dacia LOGAN MCV with
registration number CT 01 TEP and Dacia
278.02
It’s not
necessary
It’s not necessary
Payment by PO in
term of 15 days
It’s not
necessary
85
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
DOKKER with registration number CT 02
TEP
67
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
12714/
13.12.2023
Order
1 year vignette issue for Dacia DOKKER
with registration number CT 47 NRD, Dacia
DOKKER with registration number CT 45
SRM and Dacia DOKKER with registration
number CT 46 SRM
417.69
It’s not
necessary
It’s not necessary
Payment by PO in
term of 8 days
It’s not
necessary
68
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
13050/
20.12.2023
Order
1 year vignette issue for RENAULT -self-
propelled truck- with registration number CT
12 CKI
3,580.20
It’s not
necessary
It’s not necessary
Payment by PO in
term of 1 day
It’s not
necessary
69
Compania
Nationala de
Administrare a
Infrastructurii
Rutiere SA - CNAIR
SA Bucuresti
13052/
20.12.2023
Order
1 year vignette issue for MAN - orange -
with registration number CT 85 TEP
3,580.20
It’s not
necessary
It’s not necessary
Payment by PO in
term of 1 day
It’s not
necessary
70
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
6456/
20.06.2023
Order
Technical inspection of the combustion and
automation system of the Clayton heating
plant - port and south platform section
4,000.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
71
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
6457/
20.06.2023
Order
Technical inspection in use, for interior
technical examinations, steam boilers type
Clayton - thermal power plants - south and
port platform section
6,576.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
72
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
7035/
03.07.2023
Order
ISCIR authorization for forklift CAT AG 0062
556.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
86
73
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
8504/
17.08.2023
Order
Technical inspection in view of ISCIR
reauthorization of compressor air cylinder
6,000.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
74
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
11273/
07.11.2023
Order
Technical verification for ISCIR
authorization for diesel fuel metering
installation degassers - 4 pieces
6,244.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
75
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
11356/
08.11.2023
Order
Technical inspection services for ISCIR
authorization MANITOU MRT 2660
MAN00000K01112485
3,663.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 15 days
It’s not
necessary
76
Compania
Nationala pentru
Controlul
Cazanelor,Instalatiil
or de Ridicat si
Recipientelor sub
Presiune – CNCIR
SA
11940/
21.11.2023
Order
Technical inspection for ISCIR
reauthorization of air compressor cylinder
1,411.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 15 days
It’s not
necessary
77
Compania
Nationala de Cai
Ferate CFR SA
Bucuresti
AA
nr.1/01.03.20
23-
ctr.263/986/
27.12.2022
Additional
Act
Increase in the value of the service for
contract No 263/986/27.12.2022
91.44
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
78
Compania
Nationala de Cai
Ferate CFR SA
Bucuresti
AA
nr.1/01.03.20
23-
ctr.264/987/
27.12.2022
Additional
Act
Increase in the value of the performance of
contract no. 264/987/27.12.2022
186.51
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
79
Compania
Nationala de Cai
AA
nr.1/01.03.20
Additional
Act
Increase in contract value No
265/988/27.12.2022
83.54
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
87
Ferate CFR SA
Bucuresti
23-
ctr.265/988/
27.12.2022
80
Compania
Nationala de Cai
Ferate CFR SA
Bucuresti
AA
nr.1/01.03.20
23-
ctr.266/989/
27.12.2022
Additional
Act
Increase in the value of services under
contract No 266/989/27.12.2022
154.89
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
81
Compania
Nationala de Cai
Ferate CFR SA
Bucuresti
AA
nr.1/01.03.20
23-
ctr.267/990/
27.12.2022
Additional
Act
Increase in the value of services provided
under contract no. 267/990/27.12.2022
1,821.52
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
82
Compania
Nationala de Cai
Ferate CFR SA
Bucuresti
11892/
20.11.2023
Order
Issuing of the C.T.E. notice - Modification by
demolition of the LFI owned by Oil Terminal
S.A., north warehouse, ramp 2B
627.99
It’s not
necessary
It’s not necessary
Payment by PO in
term of 30 days
It’s not
necessary
83
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
85/
05.01.2023
Order
Use of radio frequency spectrum for
maritime mobile service quarter IV- 2022
(licence MM-NAV 28/2014; MM-TRM
02/2014)
414.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
84
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
86/
05.01.2023
Order
Use of radio frequency spectrum for the
land mobile service for the period
01.01.2022 - 31.12.2022 (licence MT-PMR
0089/2017; MT-PMR 0090/2017 and MT-
PMR 0088/2017)
2,391.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 5 days
It’s not
necessary
85
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
3634/
04.04.2023
Order
Use of radio frequency spectrum for
maritime mobile service quarter I 2023
414.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
86
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
9674/
22.09.2023
Order
Use of radio frequency spectrum for
maritime service -trim III
414.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 6 days
It’s not
necessary
87
Autoritatea
Nationala pentru
Administrare si
Reglementare in
12845/
15.12.2023
Order
Use of radio frequency spectrum for
maritime service -trim IV
414.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 13 days
It’s not
necessary
88
Comunicatii-
ANCOM
88
Autoritatea
Nationala pentru
Administrare si
Reglementare in
Comunicatii-
ANCOM
13199/
27.12.2023
Order
Radio frequency spectrum usage for land
mobile service
2,391.00
It’s not
necessary
It’s not necessary
Payment by PO until
18.01.2024
It’s not
necessary
89
Administratia
Fondului de Mediu
617/
18.01.2023
Order
Contribution due to the Environmental Fund
for December 2022 - emissions of pollutants
into the atmosphere from stationary sources
48.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
90
Administratia
Fondului de Mediu
1966/
17.02.2023
Order
Contribution to the Environmental Fund for
January 2023
48.00
It’s not
necessary
It’s not necessary
Payment by PO in
term of 2 days
It’s not
necessary
91
Administratia
Fondului de Mediu
3080/
20.03.2023
Order
Contribution due to the Environment Fund
for February 2023 - emissions of pollutants
into the atmosphere from stationary sources
(thermal power plants)
52.00
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
92
Administratia
Fondului de Mediu
4149/
19.04.2023
Order
Contribution due to the Environment Fund
for March 2023 - emissions of pollutants into
the atmosphere from stationary sources
(Thermal power plants)
28.00
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
93
Administratia
Fondului de Mediu
5109/
12.05.2023
Order
Issue of the declaration on the obligations to
the Environmental Fund
35.00
It’s not
necessary
It’s not necessary
Payment by PO
within 7 days
It’s not
necessary
94
Administratia
Fondului de Mediu
6292/
16.06.2023
Order
Issuing of the statement of obligations to the
Environmental Fund
33.00
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
95
Administratia
Fondului de Mediu
7460/
13.07.2023
Order
Issuing of the declaration of obligations to
the environmental fund
13.00
It’s not
necessary
It’s not necessary
Payment with PO
within 6 days
It’s not
necessary
96
Administratia
Fondului de Mediu
8506/
17.08.2023
Order
Contribution due to the Environmental Fund
for July 2023 - emissions of pollutants into
the atmosphere from stationary sources
(thermal power plants)
5.00
It’s not
necessary
It’s not necessary
Payment with PO
within 5 days
It’s not
necessary
97
Administratia
Fondului de Mediu
11722/
16.11.2023
Order
Contribution due to the Environmental Fund
for October 2023 - emissions of pollutants
into the atmosphere from stationary sources
(thermal power plants)
16.00
It’s not
necessary
It’s not necessary
Payment by PO
within 4 days
It’s not
necessary
98
Administratia
Fondului de Mediu
12910/
18.12.2023
Order
Issuing of the declaration of obligations to
the Environmental Fund
14.00
It’s not
necessary
It’s not necessary
Payment with PO
until 19.12.2023
It’s not
necessary
99
Agentia pentru
Protectia Mediului
1446/
06.02.2023
Order
Issuance of environmental agreement for
the project: Abolition of the unloaders'
shelter building (control point building C24),
Workers' tool house (Foam house C26),
Pump house (Pump house C27 partial),
Toluene pump house (Pump house C28),
Fire house CS14 (Cabin C95), Foam house
(PSI house C8-C59)
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
89
100
Agentia pentru
Protectia Mediului
3282/
24.03.2023
Order
Dismantling ruin tank C65-C52, ruin tank
C66-C53, ruin tank C63-C50, ruin pump
house C64-C51, ruin pump house C60-C47
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
101
Agentia pentru
Protectia Mediului
3495/
30.03.2023
Order
Services concerning the approval procedure
for internal transport of hazardous waste
200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
102
Agentia pentru
Protectia Mediului
4486/
26.04.2023
Order
environmental agreement stage 2 according
to decision nr 157/03.04.2023 "dismantling
of ruin tank c65(c52), ruin tank C66(C53),
ruin tank c63(c50), ruin pump house
c64(c51), ruin pump house c60(c47)
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
103
Agentia pentru
Protectia Mediului
6161/
13.06.2023
Order
Annual Environmental Permit No.
343/13.09.2023 for Port Platform Section
100.00
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
104
Agentia pentru
Protectia Mediului
7018/
26.07.2023
Order
Initial environmental assessment for the
project "Demolition of the oil tank gate
house", located in Constanta county - SP
Port, Dana 69"
100.00
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
105
Agentia pentru
Protectia Mediului
7903/
28.07.2023
Order
Initial environmental assessment for the
project "Demolition of the oil tank gate
house", located in Constanta county - SP
Port, Dana 69
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
106
Agentia pentru
Protectia Mediului
8144/
04.08.2023
Order
Issuance of the annual visa for the
environmental authorization nr.
439/14.11.2023 - south platform section
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
107
Agentia pentru
Protectia Mediului
8276/
09.08.2023
Order
Environmental agreement - dismantling of
unloaders' shelter building, workers' tool
house, CS14 fire house, foam house
(payment of the fee for the registration
stage)
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
108
Agentia pentru
Protectia Mediului
8497/
17.08.2023
Order
Environmental agreement for the project
"Modification of LFI Oil Terminal - North
Depot - Ramp 1a", located in the county.
Caraiman street, nr.2, SP Nord 1, lot 1/1
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
109
Agentia pentru
Protectia Mediului
8932/
30.08.2023
Order
Tariff for the submission of documentation
in order to obtain the Environmental
Agreement for the investment objective
"Installation of loading of tankers CF line 1-
S.P. SUD".
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
110
Agentia pentru
Protectia Mediului
9372/
13.09.2023
Order
Issuance of the environmental permit for the
investment objective "Modernization of
reservoir T29S - South platform section"
100.00
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
111
Agentia pentru
Protectia Mediului
9406/
14.09.2023
Order
Issuing of the environmental agreement for
the investment objective "Commissioning of
the Crystal separator sp North
100.00
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
112
Agentia pentru
Protectia Mediului
9407/
14.09.2023
Order
Foam house dismantling (PSI Remiza) NI
11210294
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
90
113
Agentia pentru
Protectia Mediului
9570/
20.09.2023
Order
Contribution due to the environmental fund
for August 2023 - emissions of pollutants
into the atmosphere from stationary sources
(thermal power plants)
11.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
114
Agentia pentru
Protectia Mediului
9572/
20.09.2023
Order
Environmental agreement for the
investment objective "Installation of loading
of tankers CF line 1 SP South"
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
115
Agentia pentru
Protectia Mediului
9571/
21.09.2023
Order
Revision of the environmental permit for the
South Platform Section no.
343/13.09.20231.2023
250.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
116
Agentia pentru
Protectia Mediului
9602/
21.09.2023
Order
Revision of Environmental Authorisation for
South Platform Section No 439/14.11.2023
250.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
117
Agentia pentru
Protectia Mediului
9698/
25.09.2023
Expense
account
Tariff for the submission of documentation
in order to obtain the Environmental
Agreement for the investment objective
"Commissioning of the Crystal Separator -
NORTH Platform Section"
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
118
Agentia pentru
Protectia Mediului
9699/
25.09.2023
Expense
account
Tariff for the submission of documentation
in order to obtain the Environmental
Agreement for the investment objective
"Modernization of the T29S reservoir -
South Platform Section".
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
119
Agentia pentru
Protectia Mediului
9807/
27.09.2023
Order
Environmental impact assessment for the
project " modification of LFI Oil Terminal
North depot - Ramp I A
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
120
Agentia pentru
Protectia Mediului
10098/
05.10.2023
Order
Issuing of the Environmental Agreement for
the project : Desfiintare casa spuma, NI
11210651, located in Constanta , str.
Caraiman nr. 2, SP Sud, lot 1/1/1/1
100.00
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
121
Agentia pentru
Protectia Mediului
10270/
10.10.2023
Order
Tariff for the submission of documentation
in order to obtain the Environmental
Agreement for the investment objective "
Modernization of the reservoir T26S-SP
SUD
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
122
Agentia pentru
Protectia Mediului
12591/
11.12.2023
Order
Tariff for the submission of documentation
in order to obtain the Environmental
Agreement for the investment objective
"Modernization of the reservoir T26S
Section Platform SUD"
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
123
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
977/
27.01.2023
Expense
account
CF extract for the authentication of the real
estate mortgage contract
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
25.01.2023
It’s not
necessary
124
Agentia Nationala
de Cadastru si
1704/
10.02.2023
Expense
account
Obtaining the land register extract for the
land of 66.632 sqm
20.00
It’s not
necessary
It’s not necessary
Paid in cash on
09.02.2023
It’s not
necessary
91
Publicitate
Imobiliara
125
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
1830/
14.02.2023
Expense
account
Obtaining land register extract no.256089
(738.255,00 sqm) updated with the actual
situation, issued by OCPI
35.00
It’s not
necessary
It’s not necessary
Paid in cash on
13.02.2023
It’s not
necessary
126
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
4171/
19.04.2023
Expense
account
Land register extract
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
19.04.2023
It’s not
necessary
127
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
4243/
21.04.2023
Expense
account
Land register extract for authentication of
the mortgage maintenance agreement
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
26.04.2023
It’s not
necessary
128
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
4244/
21.04.2023
Expense
account
Registration in the land register of the
convention of maintenance of the real
estate mortgage
75.00
It’s not
necessary
It’s not necessary
Paid in cash on
26.04.2023
It’s not
necessary
129
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
4380/
24.04.2023
Order
Registration of a car pergola on lot 1/1/1/1
of the South Platform Section, with an area
of 738255 sq.m, and cadastral number
256089
1,234.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
130
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
5347/
18.05.2023
Expense
account
Notarial services - cadastral plan extract
from the orthophoto plan and land register
extract with OCPI visa with cadastral
number 255591
35.00
It’s not
necessary
It’s not necessary
Paid in cash on
18.05.2023
It’s not
necessary
131
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
5611/
24.05.2023
Expense
account
CF extract, orthophoto plan and zoning
plan, scale 1:500 for the building in
Constanta, cadastral number 256089
75.00
It’s not
necessary
It’s not necessary
Paid in cash on
22.05.2023
It’s not
necessary
132
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
5723/
26.05.2023
Expense
account
CF extract, orthophoto plan and zoning
plan, scale 1:500 for the building in
Constanta, cadastral number 214855
235.00
It’s not
necessary
It’s not necessary
Paid in cash on
23.05.2023
It’s not
necessary
133
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
5863/
31.05.2023
Expense
account
CF extract, orthophoto plan and zoning
plan, scale 1:5000 for the building in
Constanta, cadastral number 215382
75.00
It’s not
necessary
It’s not necessary
Paid in cash on
26.05.2023
It’s not
necessary
134
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
6179/
13.06.2023
Expense
account
Fee for the request of the land register
extract for information and of the cadastral
plan extract from the orthofoplan and
location plan approved by OCPI for the
objective: "Putting into operation Crystal
Separator - S.P.Nord"
80.00
It’s not
necessary
It’s not necessary
Paid in cash on
12.06.2023
It’s not
necessary
92
135
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
6196/
14.06.2023
Expense
account
Rate for the site plan approved by OCPI for
the object: "Putting into operation Crystal
Separator - S.P.Nord"
80.00
It’s not
necessary
It’s not necessary
Paid in cash on
12.06.2023
It’s not
necessary
136
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
6832/
28.06.2023
Expense
account
Extract of the land register and extract of
the cadastral plan from the orthophoto plan
approved by OCPI for the modernization of
the tank T29 S
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
27.06.2023
It’s not
necessary
137
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
6993/
30.06.2023
Expense
account
Zoning plan, scale 1:2000, with OCPI visa,
for the building with cadastral number
238837
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
29.06.2023
It’s not
necessary
138
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
7148/
05.07.2023
Expense
account
CF extract, orthophotoplan for the building
in Constanta, Cadastral No. 238837
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
04.07.2023
It’s not
necessary
139
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
7149/
05.07.2023
Expense
account
Extract CF, orthophotoplan for the building
in Constanta, Cadastral No. 255591
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
04.07.2023
It’s not
necessary
140
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
8416/
11.08.2023
Expense
account
CF extract, orthophotoplan for the building
in Constanta, Cadastral no. 255591
35.00
It’s not
necessary
It’s not necessary
Paid in cash on
10.08.2023
It’s not
necessary
141
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
8516/
17.08.2023
Expense
account
Notarial services - cadastral plan extract
from orthophotoplan and land register
extract for the building with cadastral
number 246756
35.00
It’s not
necessary
It’s not necessary
Paid in cash on
17.08.2023
It’s not
necessary
142
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
8517/
17.08.2023
Expense
account
Notarial services - cadastral plan extract
from orthophoto plan and land register
extract, for the building with cadastral
number 256089
35.00
It’s not
necessary
It’s not necessary
Paid in cash on
17.08.2023
It’s not
necessary
143
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
9291/
12.09.2023
Order
Removal of the building from the land in SP
Nord 2- body B
1,680.00
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
144
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
9956/
02.10.2023
Expense
account
Obtaining of the land register extract for the
buildings in Constanta Caraiman street no.2
Lot 1/2/2 with cadastral no. 238837 in
surface of 170818sqm, lot 1/2 with cadastral
no. 252530 in surface of 8837sqm,
Constanta port- dana 67 with cadastral no.
255923- C 206
60.00
It’s not
necessary
It’s not necessary
Paid in cash on
29.09.2023
It’s not
necessary
145
Agentia Nationala
de Cadastru si
10279/
10.10.2023
Expense
account
Extract of the land register and orthophoto
plan for the building in Constanta, Caraiman
40.00
It’s not
necessary
It’s not necessary
Paid in cash on
10.10.2023
It’s not
necessary
93
Publicitate
Imobiliara
street, nr. 2, SP Nord2- Corp B, cadastral
number 215382
146
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
10281/
10.10.2023
Expense
account
Extract from the land register and
orthophoto plan for the building in
Constanta, str. Caraiman, nr 2, premises SP
Nord 2- Corp A, cadastral number 215416
30.00
It’s not
necessary
It’s not necessary
Paid in cash on
10.10.2023
It’s not
necessary
147
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
13139/
21.12.2023
Expense
account
Extract of the land register and cadastral
plan from the orthophotoplan approved by
OCPE for the objective of putting in place
the Crystal separator S.P. Nord
80.00
It’s not
necessary
It’s not necessary
Paid in cash on
18.12.2023
It’s not
necessary
148
Agentia Nationala
de Cadastru si
Publicitate
Imobiliara
13142/
22.12.2023
Expense
account
Fee for the request of the land register
extract for information and of the extract
from the cadastral plan on the
orthophotoplan approved by OCPI for the
objective "Modernisation of the T29S
reservoir South Platform Section
80.00
It’s not
necessary
It’s not necessary
Paid in cash on
18.12.2023
It’s not
necessary
149
Autoritatea Rutiera
Romana - ARR
728/
20.01.2023
Order
Certified copy of the goods transport licence
for the MAN tipper with registration number
AG 16 UOI
260.00
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
150
Autoritatea Rutiera
Romana - ARR
1816/
14.02.2023
Order
ARR database update and drivers reporting
41.00
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
151
Autoritatea Rutiera
Romana - ARR
3663/
04.04.2023
Order
Issue of a certified copy of the passenger
transport licence for bus mercedes B 111
WIX
260.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
152
Autoritatea Rutiera
Romana - ARR
4397/
24.04.2023
Order
Issue of a certified copy of the passenger
transport licence for bus Mercedes B 999
SRM
260.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
153
Autoritatea Rutiera
Romana - ARR
5210/
16.05.2023
Order
Issue of a certified copy of the goods
transport licence for van B108 HSE and CT
42 SRM
520.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
154
Autoritatea Rutiera
Romana - ARR
5221/
16.05.2023
Order
Change of registration number of MAN
tipper
117.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
155
Autoritatea Rutiera
Romana - ARR
5232/
16.05.2023
Order
Compliant copy of goods transport licence
for SERME CT 29 TER dump truck
260.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
156
Autoritatea Rutiera
Romana - ARR
6014/
08.06.2023
Order
Interbus control document for public road
passenger transport by occasional services
in national traffic
58.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
157
Autoritatea Rutiera
Romana - ARR
6080/
09.06.2023
Order
Issue of a certified true copy of the goods
transport licence for a van with registration
number B 555 SRM
260.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
158
Autoritatea Rutiera
Romana - ARR
7139/
05.07.2023
Order
Issue of a certified copy of the goods
transport licence for the MAN dumper with
registration number CT 14 SRM
260.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
159
Autoritatea Rutiera
Romana - ARR
9178/
06.09.2023
Order
Issue of a certified true copy of the goods
transport licence for MAN dumper truck with
520.00
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
94
registration number CT 10 SRM and CT 85
TEP
160
Autoritatea
Feroviara Romana-
AFER
134/
06.01.2023
Order
Re-certification as RSC-LFI traffic safety
officer, attended by 2 persons from CFU
station
1,947.07
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
161
Autoritatea
Feroviara Romana-
AFER
196/
09.01.2023
Order
Authorization of personnel for handling
telecommunication installations in stations,
current line, traffic regulator-RC and
authorization for insurance installations with
individual signal locks, crane and non-
centralized derailment shoe in which 1
person from CFU station participates
591.51
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
162
Autoritatea
Feroviara Romana-
AFER
649/
19.01.2023
Order
Granting of periodic extension visa to the
authorizations for handling of the insurance
installations with key locks and SBW block
and handling of telecommunication
installations in stations, current line,
circulation regulator-RC
1,377.55
It’s not
necessary
It’s not necessary
Payment by PO
within 5 days
It’s not
necessary
163
Autoritatea
Feroviara Romana-
AFER
1057/
30.01.2023
Order
Renewal of operating licence for locomotive
No 92 53 0 690042-2
1,176.73
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
164
Autoritatea
Feroviara Romana-
AFER
1139/
31.01.2023
Order
Renewal of operating licence for locomotive
No 92 53 0 810 736-4
1,179.56
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
165
Autoritatea
Feroviara Romana-
AFER
1232/
01.02.2023
Order
Authorisation for 1 person at CFU station for
handling station telecommunications
installations, current line, CR train protection
and authorisation for securing installations
with individual signal locks, crane and non-
centralised derailment shoe
589.77
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
166
Autoritatea
Feroviara Romana-
AFER
1504/
07.02.2023
Order
Release of Financial Cover for Civil Liability,
annex no.4/10.03.2022 to the licence for
performing railway shunting services only
no.LMF 012/12.03.2019
3,231.50
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
167
Autoritatea
Feroviara Romana-
AFER
1636/
09.02.2023
Order
Examination to ensure training, further
training, assessment of general/specific
professional competences and authorization
of staff with responsibilities in traffic safety,
attended by 1 person from CFU Station
586.80
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
168
Autoritatea
Feroviara Romana-
AFER
1956/
17.02.2023
Order
Renewal of operating licence for locomotive
No 92 53 0 810737-2
1,647.75
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
169
Autoritatea
Feroviara Romana-
AFER
2023/
20.02.2023
Order
Granting of the periodic endorsement on the
Single Safety Certificate No. OMF 2022004
17,149.73
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
95
for performing only railway shunting on
Romanian railways.
170
Autoritatea
Feroviara Romana-
AFER
2312/
28.02.2023
Order
Obtaining approval for the modification of
the industrial railway line belonging to Oil
Terminal SA Depozit Nord - Tarmac 1A,
indirectly connected to the railway network
at Palas station.
1,672.29
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
171
Autoritatea
Feroviara Romana-
AFER
3335/
27.03.2023
Order
Right of access to the European Vehicle
Register (REV) for the year 2023-2024, for
the rolling stock owned by Oil Terminal
(LDE and LDH 1250 hp)
2,633.88
It’s not
necessary
It’s not necessary
Payment by PO
within 5 days
It’s not
necessary
172
Autoritatea
Feroviara Romana-
AFER
5356/
18.05.2023
Order
Renewal of operating licence for locomotive
No 92 53 0 690 041-4
1,670.96
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
173
Autoritatea
Feroviara Romana-
AFER
9015/
01.09.2023
Order
Approval of the AFER technical
documentation for the dismantling of the
tracks 5 and 6, ramp 1A
4,942.02
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
174
Autoritatea
Feroviara Romana-
AFER
9987/
03.10.2023
Order
Approval of the AFER technical
documentation for the dismantling of the
lines 5 and 6 ramp 1A
3,978.57
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
175
Autoritatea
Feroviara Romana-
AFER
10467/
16.10.2023
Order
Renewal of the operating licence for
locomotive No 92 53 0 810738-0
1,985.37
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
176
Autoritatea
Feroviara Romana-
AFER
13044/
20.12.2023
Order
Renewal of operating licence for locomotive
92530690040-6
1,800.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
177
Autoritatea de
Siguranță Feroviară
Română-ASFR
5217/
16.05.2023
Order
Re-authorisation in ACAR function for an
employee of the Company
280.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
178
Autoritatea de
Siguranță Feroviară
Română-ASFR
5358/
18.05.2023
Order
Examination for authorisation for the
function of ACAR authorisation for SC
installation handling and handling of
telecommunication installations in stations,
current line, circulator-RC, attended by 1
person
377.96
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
179
Autoritatea de
Siguranță Feroviară
Română-ASFR
5360/
18.05.2023
Order
Granting of visa for the extension of the
authorisation for the function of wagon
handler in which 1 person participates
238.71
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
180
Autoritatea de
Siguranță Feroviară
Română-ASFR
5784/
29.05.2023
Order
Examination for the reauthorization of Voicu
Stefania Valentina for the function of acar
555.30
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
181
Autoritatea de
Siguranță Feroviară
Română-ASFR
5950/
07.06.2023
Order
Authorization for 1 person from CFU station
for the function of acar respectively
authorization for handling SC installation
376.79
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
96
individual signal locks, crane and non-
centralized derailment shoe
182
Autoritatea de
Siguranță Feroviară
Română-ASFR
6116/
12.06.2023
Order
Granting visa to 1 person in the position of
acar (Voicu) and extension of the
authorization for 1 person in the position of
chief shunter (Sandu)
475.85
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
183
Autoritatea de
Siguranță Feroviară
Română-ASFR
6535/
21.06.2023
Order
Extension of authorization in the acar
function for 2 persons in the CFU station
476.42
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
184
Autoritatea de
Siguranta Feroviara
Romana-ASFR
6795/
27.06.2023
Order
Verification of the documentation for the
railway shunting licence
4,480.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
185
Autoritatea de
Siguranta Feroviara
Romana-ASFR
7617/
19.07.2023
Order
Professional training course for the
extension of the RSMS certificate
2,591.97
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
186
Autoritatea de
Siguranta Feroviara
Romana-ASFR
7773/
25.07.2023
Order
Course for the extension of the
authorisation to exercise the function of
employee of movement (IDM) -1 person
236.60
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days of
issuing the tax
invoice
It’s not
necessary
187
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9069/
04.09.2023
Order
Course for obtaining the locomotive
engineer's licence - 1 pers
1,736.53
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
188
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9160/
06.09.2023
Order
Safety adviser in the transport of dangerous
goods by rail (CMP) course
10,425.03
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
189
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9813/
27.09.2023
Order
Re-certification in order to ensure the
training, further training and participation in
the authorisation and assessment
committees of staff with responsibilities in
traffic safety - Competence B
868.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
190
Autoritatea de
Siguranta Feroviara
Romana-ASFR
9815/
27.09.2023
Order
Re-certification to ensure the training,
further training and participation in
committees for the authorisation and
assessment of staff with responsibility for
road safety - Competence C
868.00
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
191
Autoritatea de
Siguranta Feroviara
Romana-ASFR
10654/
20.10.2023
Order
Re-certification as person in charge of
organising and conducting railway shunting
and traffic safety operations RM-OC.SC,
attended by 1 person from CFU Station
1,740.34
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
192
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11020/
30.10.2023
Order
Authorisation for handling installations for
keeping locomotives/engines in place in the
case of simplified driving (without assistant
driver), Authorisation for performing train
brake tests
1,043.06
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
97
193
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11022/
30.10.2023
Order
Authorisation to carry out train brake tests
521.53
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
194
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11173/03.11.
2023
Order
Re-certification as RSC-LFI, attended by 1
person from the CFU station
2,087.19
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
195
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11270/
07.11.2023
Order
Taking over the authorisation to exercise
the function of RSC-LFI Traffic Safety
Officer
521.88
It’s not
necessary
It’s not necessary
Payment with PO
within 7 days
It’s not
necessary
196
Autoritatea de
Siguranta Feroviara
Romana-ASFR
11514/
13.11.2023
Order
Examination to authorise CFU staff in the
function of steers, individual signal locks,
crane and non-centralised derailment shoe.
Handling of telecommunications from
stations, current line, shear regulator -RC
3,479.08
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
197
Agentia Nationala
pentru Resurse
Minerale
1822/
14.02.2023
Order
ANRM approval of the oil terminal
rehabilitation and modernization program in
2022 budget amendment
6,384.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
198
Agentia Nationala
pentru Resurse
Minerale
5491/
24.05.2023
Order
ANRM approval of the oil terminal
rehabilitation and modernization program in
2023
6,384.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
199
Autoritatea
Nationala de
Reglementare in
domeniul Energiei-
ANRE
2972/
16.03.2023
Order
ANRE authorization for 5 electricians within
the Mechanic-Electric Repair Operation
Section
1,250.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
200
Autoritatea
Nationala de
Reglementare in
domeniul Energiei-
ANRE
8768/
25.08.2023
Order
ANRE authorization grade I - 5 electricians,
grade II - 1 electrician within the Mechanic-
Electric Repairs Operation Section
1,500.00
It’s not
necessary
It’s not necessary
Payment with PO
within 8 days
It’s not
necessary
201
Autoritatea
Nationala de
Reglementare in
domeniul Energiei-
ANRE
8771/
25.08.2023
Order
Reauthorization ANRE grade II B - 1
electrician within the Section of Mechanic-
Electric Repairs Operation
125.00
It’s not
necessary
It’s not necessary
Payment with PO
Within 8 days
It’s not
necessary
202
Autoritatea
Națională pentru
Administrarea și
Reglementare în
Comunicații-
ANCOM
6523/
21.06.2023
Order
Use of radio frequency spectrum for
maritime mobile service quarter II- 2023
(licence MM-NAV 28/2014; MM-TRM
02/2014)
414.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
203
Autoritatea Navala
Romana-Constanta
1758/
17.02.2023
Decont
Extension of validity of seaman's book and
certificate of competency
264.76
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
16.02.2023
It’s not
necessary
98
204
Autoritatea Navala
Romana-Constanta
2264/
27.02.2023
Order
Inspection of transport lifeboat type 371 U
(Depol 1)
1,584.24
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
205
Autoritatea Navala
Romana-Constanta
2598/
07.03.2023
Order
ANR reauthorisation for 2023 - Port
Platform Section
15,000.00
It’s not
necessary
It’s not necessary
Paid with PO within
15 days of issuing
the tax invoice
It’s not
necessary
206
Autoritatea Navala
Romana-Constanta
7609/
19.07.2023
Decont
Extension of validity of seaman's book for
seafaring personnel
69.51
It’s not
necessary
It’s not necessary
Paid with cash at
cash desk on
14.07.2023
It’s not
necessary
207
Autoritatea Navala
Romana-Constanta
9898/
29.09.2023
Decont
Extension of validity of seaman's book and
issue of certificate of competency
168.04
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 07.09.2023
It’s not
necessary
208
Autoritatea Navala
Romana-Constanta
9899/
29.09.2023
Decont
Extension of seaman's book and
endorsement of seagoing service
19.77
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
07.09.2023
It’s not
necessary
209
Autoritatea Navala
Romana-Constanta
10039/
04.10.2023
Order
Annual technical inspection of the ship OTC
120
1,349.52
It’s not
necessary
It’s not necessary
Payment by PO
within 2 days
It’s not
necessary
210
Autoritatea de
Supraveghere
Financiara
2669/
10.03.2023
Order
FSA commission at the rate of 0.1 of the
value of the subscribed shares, according to
FSA regulation no.16/2014 on FSA
revenues
241,475.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
211
Autoritatea de
Supraveghere
Financiara
2908/
15.03.2023
Order
Issuance of the new Certificate of
Registration of Financial Instruments (CIIF)
500.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
212
Camera de Comert
si Industrie a
Romaniei
546/
17.01.2023
Order
Seminar on taxation issues for 5 persons
from the Accounting Department
1,550.00
It’s not
necessary
It’s not necessary
Paid with PO within 3
days of issuing the
tax invoice
It’s not
necessary
213
Camera de Comert
si Industrie a
Romaniei
653/
19.01.2023
Order
Information seminar on the changes to the
waste regime brought by Ord. 92/2021 by
LG 17/2023 for 4 people from Serv. CIPM
1,008.40
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days of
issuing the tax
invoice
It’s not
necessary
214
Camera de Comert
si Industrie a
Romaniei
678/
19.01.2023
Order
Participation in the economic mission
organized in Colombia from 26.02-
07.03.2023
37,335.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
215
Camera de Comert
si Industrie a
Romaniei
1155/
31.01.2023
Order
Extension of membership for 2023
5,000.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
216
Camera de Comert
si Industrie a
Romaniei
4089/
13.04.2023
Order
Interactive seminar "Force majeure and
fortuitous event - analysis and comparative
presentation".
201.68
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days of
issuing tax invoice
It’s not
necessary
217
Camera de Comert
si Industrie a
Romaniei
4092/
13.04.2023
Order
Conference "Insolvency of business
partners. How to manage it in the current
economic context"
235.30
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days of
issuing tax invoice
It’s not
necessary
218
Camera de Comert
si Industrie a
Romaniei
7456/
13.07.2023
Order
Economic mission
60,675.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days of
issuing tax invoice
It’s not
necessary
99
219
Camera de Comert
si Industrie a
Romaniei
7870/
27.07.2023
Order
Economic mission
53,815.00
It’s not
necessary
It’s not necessary
To be paid by
31.01.2024
It’s not
necessary
220
Camera de Comert
si Industrie a
Romaniei
10587/
18.10.2023
Order
Registration to the gala "National Top
Companies 2023, XXX edition"
1,100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
221
Camera de Comert,
Industrie, Navigatie
si Agricultura
CCINA
8240/
08.08.2023
Order
Vocational training course "Technician for
fire containment and extinguishing systems
and installations"
19,200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days of
issue of tax invoice
It’s not
necessary
222
Centrul Teritorial
Cenafer Constanta
706/
19.01.2023
Order
Authorization for 1 person from CFU station,
for handling telecommunication installations
in stations, current line, traffic regulator-RC
and authorization for insurance installations
with individual signal locks, crane and non-
centralized derailment shoe
240.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issue of tax invoice
It’s not
necessary
223
Centrul Teritorial
Cenafer Constanta
3799/
06.04.2023
Order
Reauthorization of a person in the position
of acar within Oil Terminal SA
120.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issue of tax invoice
It’s not
necessary
224
Centrul Teritorial
Cenafer Constanta
5508/
22.05.2023
Order
Authorization for 1 person to handle
telecommunication installations in stations,
current line, RC traffic regulator and
authorization for insurance installations with
individual signal locks, crane, non-
centralized derailing shoe
240.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
225
Centrul Teritorial
Cenafer Constanta
5615/
24.05.2023
Order
Authorisation for 1 person from the C.F.U.
station to handle telecommunications
installations in stations, current line, RC
traffic regulator and authorisation for
insurance installations with individual signal
locks, crane and non-centralised derailment
shoes.
240.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
226
Centrul Teritorial
Cenafer Constanta
147/377/
20.07.2023
Contract
Assessment for periodic confirmation of
general professional competence for
positions with responsibilities in traffic safety
(22 persons)
4,400.00
It’s not
necessary
It’s not necessary
Payment with PO
It’s not
necessary
227
Centrul Teritorial
Cenafer Constanta
9001/
31.08.2023
Order
Examination for the locomotive driver's
licence, attended by 1 person
150.00
It’s not
necessary
It’s not necessary
Payment with PO
within 5 days of
issuing tax invoice
It’s not
necessary
228
Centrul Teritorial
Cenafer Constanta
183/440/
17.10.2023
Contract
Professional development programme every
2 years
2,190.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days of
receipt of invoice
It’s not
necessary
229
Centrul Teritorial
Cenafer Constanta
11734/
16.11.2023
Order
Assessment for the authorisation of CFU
staff in the position of driver - 2 persons
960.00
It’s not
necessary
It’s not necessary
Payment with PO
until 31.01.2024
It’s not
necessary
100
230
Depozitarul Central
SA
89/
05.01.2023
Order
Consolidated list of holders of financial
instruments on 05.01.2023, the date set as
the reference date
504.20
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issue of tax invoice
It’s not
necessary
231
Depozitarul Central
SA
799/
20.01.2023
Order
Consolidated list of holders of financial
instruments on 23.01.2023, list of reference
rights OIL R01
504.20
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issue of tax invoice
It’s not
necessary
232
Depozitarul Central
SA
968/
27.01.2023
Order
Consolidated list of holders of financial
instruments as at 31.12.2022
504.20
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issue of tax invoice
It’s not
necessary
233
Depozitarul Central
SA
969/
27.01.2023
Order
Consolidated list of holders of financial
instruments as at 03.02.2023, day fixed as
reference date
504.20
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issue of tax invoice
It’s not
necessary
234
Depozitarul Central
SA
2057/
20.02.2023
Order
Consolidated list of holders of financial
instruments as at 03.02.2023, the reference
date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
235
Depozitarul Central
SA
3675/
04.04.2023
Order
Registration of corporate events
3,305.42
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
236
Depozitarul Central
SA
3815/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 31.03.2023, as
established as reference date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing the tax
invoice
It’s not
necessary
237
Depozitarul Central
SA
3850/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 04.04.2023, set as
reference date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing the tax
invoice
It’s not
necessary
238
Depozitarul Central
SA
3851/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 07.04.2023, established
as reference date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issue of tax invoice
It’s not
necessary
239
Depozitarul Central
SA
3852/
07.04.2023
Order
Consolidated list of holders of financial
instruments as at 13.04.2023, established
as reference date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
240
Depozitarul Central
SA
5176/
15.05.2023
Order
Consolidated list of holders of financial
instruments as at 19.05.2023, established
as reference date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
241
Depozitarul Central
SA
6622/
22.06.2023
Order
Consolidated list of holders of financial
instruments as at 30.06.2023, the reference
date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 7 days of
issuing tax invoice
It’s not
necessary
242
Depozitarul Central
SA
8228/
08.08.2023
Order
Consolidated list of holders of financial
instruments as at 17.08.2023, the reference
date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 7 days of
issuing tax invoice
It’s not
necessary
243
Depozitarul Central
SA
8811/
25.08.2023
Order
Consolidated list of holders of financial
instruments as at 21.08.2023, reference day
for the EGSM meeting 01(04).09.2023
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
101
244
Depozitarul Central
SA
8878/
29.08.2023
Decont
Renewal of the LEI Code
270.00
It’s not
necessary
It’s not necessary
It’s not
necessary
245
Depozitarul Central
SA
9627/
21.09.2023
Order
Consolidated list of holders of financial
instruments as at 18.09.2023, the day set
as reference date
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
246
Depozitarul Central
S.A.
10257/
09.10.2023
Order
Consolidated list of holders of financial
instruments as at 30.09.2023, for notes and
accounting reporting on shareholding
structure as at 30.09.2023
630.25
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
247
Directia Regionala
de Metrologie
Legala Constanta
218/
09.01.2023
Order
Evaluation of the metrological laboratory of
OIL Terminal by BRML in order to authorize
the metrological verification of liquid storage
tanks
5,492.17
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
248
Directia Regionala
de Metrologie
Legala Constanta
509/
16.01.2023
Order
Supervision of metrological checks of tanks
carried out by Comp. Metrology for the year
2023
9,000.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
249
Directia Regionala
de Metrologie
Legala Constanta
3323/
27.03.2023
Order
Calibration of liquid glass thermometer 0-50
c
180.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
250
Directia Regionala
de Metrologie
Legala Constanta
6688/
23.06.2023
Order
Verification of documentation after
expertise, according to HG 34/2012; HG
1045/2022, for thermal power plants - port
and south platform section
1,260.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days of
issuing tax invoice
It’s not
necessary
251
Directia Regionala
de Metrologie
Legala Constanta
9349/
13.09.2023
Order
Metrological calibration for dynamometer 0-
10 KgF in the metrology department
472.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
252
Directia Regionala
de Metrologie
Legala Constanta
10234/
09.10.2023
Order
Calibration of the molecular absorption
spectrophotometer in VIS type Odyssey DR
2500, HACH series 040400007563, located
in the Port Laboratory, at the following
wavelengths: 405nm, 512nm, 546nm,
670nm and 721nm.
487.50
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
253
Directia Regionala
de Metrologie
Legala Constanta
10458/
16.10.2023
Order
Evaluation of the OIL Terminal metrological
laboratory by B.R.M.L. in order to authorize
the metrological verification of liquid storage
tanks - on-site evaluation with additional
input from BRML technical expert.
1,065.61
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
254
Institutul National
de Metrologie
Bucuresti
998/
27.01.2023
Order
Calibration of CarePac Mettler Toledo AG
weight set, consisting of 2 standard weights:
10 g weight class F1 and 200 g weight class
F2
192.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
255
Institutul National
de Metrologie
Bucuresti
1220/
01.02.2023
Order
Calibration of the ultrasonic thickness gauge
from the Serv. CIPM
275.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
102
256
Institutul National
de Metrologie
Bucuresti
1586/
08.02.2023
Order
Calibration of electronic densimeter model
DMA 4500M, A.Paar Austria located in the
South laboratory at 15 degrees C and 45
degrees C
1,450.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
257
Institutul National
de Metrologie
Bucuresti
3332/
27.03.2023
Order
Calibration of digital densimeter model DMA
48, A.Paar Austria-1 piece and calibration of
electronic densimeters model DMA
4,900.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
258
Institutul National
de Metrologie
Bucuresti
3637/
04.04.2023
Order
Metrological calibration of measuring wheel
without logo, ballast wheel
390.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
259
Institutul National
de Metrologie
Bucuresti
4425/
20.04.2023
Order
Calibration of flow meter Krohne optiflux
5300
300.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
260
Institutul National
de Metrologie
Bucuresti
6799/
27.06.2023
Order
Calibration flow meter Krohne Optiflux 5300
350.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
261
Institutul National
de Metrologie
Bucuresti
7733/
24.07.2023
Order
Calibration spectrometer FT-IR model
Spectrum BX I Perkin Elmer-Laborator Port
750.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
262
Institutul National
de Metrologie
Bucuresti
7920/
28.07.2023
Order
Calibration of laboratory glassware - 13
pieces
11,700.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
263
Institutul National
de Metrologie
Bucuresti
7921/
28.07.2023
Order
Calibration of laboratory glassware - 19
pieces
9,949.50
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
264
Institutul National
de Metrologie
Bucuresti
8004/
01.08.2023
Order
Calibration of Stabinger vascometer model
SVM 3000/G2 Anton Paar at 20°C, 40° and
50° in the laboratory Port
4,350.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
265
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
1848/
14.02.2023
Order
Extension of the authorization for the
position of Technical Manager with Welding-
RTS for 1 person from Oil Terminal SA
150.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing the tax
invoice
It’s not
necessary
266
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
2348/
28.02.2023
Order
Authorization and re-authorization of
welders within the company, according to
technical prescription PT CR 1-2018
400.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
267
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
3188/
22.03.2023
Order
Extension of the validity of the RSVTI
authorization
150.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
268
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
3542/
31.03.2023
Order
Authorization and reauthorization of 6
welders within the company
2,300.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
269
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
4463/
25.04.2023
Order
Re-authorization for the function of welder
200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
103
270
ISCIR Romania-
Inspectia Teritoriala
Bucuresti
5619/
24.05.2023
Order
Authorization of a welder from the company
Oil Terminal SA
350.00
It’s not
necessary
It’s not necessary
Payment with PO
within 15 days of
issuing tax invoice
It’s not
necessary
271
Iprochim SA
214/
09.01.2023
Order
Annual technical inspection - ITA, for
dumper MAN - AG 16 VYE
981.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
272
Iprochim SA
5460/
19.05.2023
Order
Annual technical inspection (ITA) ADR for
the MAN dump body with number AG-16-
UOI
1,430.00
It’s not
necessary
It’s not necessary
Payment with PO
within 30 days
It’s not
necessary
273
Bursa de Valori
Bucuresti SA
942/
26.01.2023
Order
Maintenance of the shares issued by Oil
Terminal SA, for the period 30.01.2023 -
29.01.2024
14,775.00
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days of
issuing tax invoice
It’s not
necessary
274
Oficiul National al
Registrului
Comertului
01/
03.01.2023
Order
Publication of the completed convocation of
the OGSM on 16(17).01.2023
1,502.20
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
275
Oficiul National al
Registrului
Comertului
06/
03.01.2023
Order
Difference of payment for the publication of
the completed convocation of the OGSM on
16(17).01.2023
168.20
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
276
Oficiul National al
Registrului
Comertului
31/
03.01.2023
Expense
account
Registration of the decision of the Board of
Directors of Oil Terminal no.106/12.12.2022
122.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
02.01.2023
It’s not
necessary
277
Oficiul National al
Registrului
Comertului
71/
05.01.2023
Expense
account
Registration of the decision of the Board of
Directors of Oil Terminal Company
no.107/12.12.2022
122.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
04.01.2023
It’s not
necessary
278
Oficiul National al
Registrului
Comertului
144/
06.01.2023
Expense
account
Obtaining of a Certificate issued by the
Insolvency Proceedings Bulletin
30.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 05.01.2023
It’s not
necessary
279
Oficiul National al
Registrului
Comertului
716/
20.01.2023
Expense
account
Registration of OGSM resolutions adopted
during the meeting of 16.01.2023
896.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
19.01.2023
It’s not
necessary
280
Oficiul National al
Registrului
Comertului
756/
20.01.2023
Expense
account
Obtaining of a Certificate from the Court of
Constanta for the authorization of the
metrology laboratory
45.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 19.01.2023
It’s not
necessary
281
Oficiul National al
Registrului
Comertului
1471/
06.02.2023
Expense
account
Registration of the decision of the Board of
Directors nr.13/03.02.2023 at the
Commercial Registry Office of the
Constanta Court
128.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
05.02.2023
It’s not
necessary
282
Oficiul National al
Registrului
Comertului
1834/
14.02.2023
Expense
account
Certificate from the Commercial Registry
Office of the Court of Constanta
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
13.02.2023
It’s not
necessary
283
Oficiul National al
Registrului
Comertului
2141/
22.02.2023
Expense
account
Registration of the OGSM resolutions
adopted during the meeting of 16.02.2023
at the Trade Register Office
768.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
21.02.2023
It’s not
necessary
284
Oficiul National al
Registrului
Comertului
2585/
07.03.2023
Expense
account
Registration of the OGSM resolutions
adopted during the meeting held on
832.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 04.03.2023
It’s not
necessary
104
02.03.2023 at the Commercial Registry
Office of the Constanta Court
285
Oficiul National al
Registrului
Comertului
2842/
14.03.2023
Expense
account
Obtaining the Certificate of the Commercial
Registry Office from the Constanta Court
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
13.02.2023
It’s not
necessary
286
Oficiul National al
Registrului
Comertului
2950/
16.03.2023
Expense
account
Registration of the Decision of the Board of
Directors no.20 dated 10.03.2023 at the
Commercial Registry Office of the
Constanta Court
576.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
15.03.2023
It’s not
necessary
287
Oficiul National al
Registrului
Comertului
3584/
03.04.2023
Expense
account
Certificate from the Commercial Registry
Office of the Court of Constanta
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
02.04.2023
It’s not
necessary
288
Oficiul National al
Registrului
Comertului
4096/
13.04.2023
Expense
account
Registration of the Decision of the Board of
Directors nr.44/10.04.2023 and of the
Decision of the Board of Directors
nr.45/07.04.2023 at the Trade Register
Office of the Court of Constanta
256.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
12.04.2023
It’s not
necessary
289
Oficiul National al
Registrului
Comertului
4386/
24.04.2023
Expense
account
Issuance of the Certificate of the
Commercial Registry Office of the
Constanta Court
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
27.04.2023
It’s not
necessary
290
Oficiul National al
Registrului
Comertului
4404/
24.04.2023
Expense
account
Registration of EGSM resolutions adopted
during the meeting of 18.04.2023 at the
Commercial Registry Office of the
Constanta Court
768.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
18.04.2023
It’s not
necessary
291
Oficiul National al
Registrului
Comertului
4735/
04.05.2023
Expense
account
Registration of the Decision of the Board of
Directors no.55/28.04.2023 at the
Commercial Registry Office of the
Constanta Court
128.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
28.04.2023
It’s not
necessary
292
Oficiul National al
Registrului
Comertului
4894/
09.05.2023
Expense
account
Registration of the OGSM resolutions
adopted during the meeting of 27.04.2023
at the Commercial Registry Office of the
Court of Constanta
1,408.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
27.04.2023
It’s not
necessary
293
Oficiul National al
Registrului
Comertului
5044/
11.05.2023
Expense
account
Issuance of the Certificate of the
Commercial Registry Office of the Court of
Constanta
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
16.05.2023
It’s not
necessary
294
Oficiul National al
Registrului
Comertului
5427/
19.05.2023
Expense
account
Registration of the Decision of the Board of
Directors no.55 dated 28.04.2023 at the
Commercial Registry Office of the Court of
Constanta
128.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
09.05.2023
It’s not
necessary
295
Oficiul National al
Registrului
Comertului
5638/
25.05.2023
Expense
account
Registration of OGSM resolutions adopted
during the meeting of 27.04.2023 at the
National Trade Register Office of the
Constanta Court
1,152.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
04.05.2023
It’s not
necessary
105
296
Oficiul National al
Registrului
Comertului
6730/
26.06.2023
Expense
account
Certificate from the Register Office of the
Court of Constanta
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
29.06.2023
It’s not
necessary
297
Oficiul National al
Registrului
Comertului
6913/
29.06.2023
Expense
account
Registration of the Decision of the Board of
Directors no.72/19.06.2023 and of the
Decision of the Board of Directors
no.73/19.06.2023 at the Trade Register
Office of the Court of Constanta
256.00
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
298
Oficiul National al
Registrului
Comertului
7053/
03.07.2023
Expense
account
Certificate of the Commercial Registry
Office of the Court of Constanta
45.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
29.06.2023
It’s not
necessary
299
Oficiul National al
Registrului
Comertului
8767/
25.08.2023
Expense
account
Issuance of the Certificate of the
Commercial Registry Office of the Court of
Constanta
90.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
22.08.2023
It’s not
necessary
300
Oficiul National al
Registrului
Comertului
8983/
31.08.2023
Expense
account
Issuing of the Certificate of the Commercial
Registry Office of the Constanta Court
45.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 31.08.2023
It’s not
necessary
301
Oficiul National al
Registrului
Comertului
8985/
31.08.2023
Expense
account
Registration of the OGSM resolutions
adopted during the meeting of 28.08.2023
at the Commercial Registry Office of the
Constanta Court
384.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
31.08.2023
It’s not
necessary
302
Oficiul National al
Registrului
Comertului
9030/
01.09.2023
Order
Registration of the EGSM resolutions
adopted during the meeting held on
01.09.2023 at the Commercial Registry
Office of the Constanta Court
576.00
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
303
Oficiul National al
Registrului
Comertului
10091/
05.10.2023
Expense
account
Registration of the OGSM resolutions
adopted during the meeting held on
29.09.2023 at the Commercial Registry
Office of the Constanta Court
768.00
It’s not
necessary
It’s not necessary
Paid with PO on
04.10.2023
It’s not
necessary
304
Oficiul National al
Registrului
Comertului
12639/
12.12.2023
Expense
account
Basic certificate and provision of extended
information from the ONRC of the Court of
Constanta
65.00
It’s not
necessary
It’s not necessary
Paid with cash at
cash desk on
06.12.2023
It’s not
necessary
305
Primaria
Municipiului
Constanta
11/
03.01.2023
Order
Authorization of circulation on the road
network of Constanta for a period of one
year, for CT 10 SRM
12,085.20
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
306
Primaria
Municipiului
Constanta
13/
03.01.2023
Order
Authorisation for traffic on the road network
of Constanta municipality for a period of one
year, for AG 16 UOI
24,181.20
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
307
Primaria
Municipiului
Constanta
18/
03.01.2023
Order
Authorization to circulate on the streets of
Constanta for a period of one year, for the
van with number AG-16-VYE
24,181.20
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
308
Primaria
Municipiului
Constanta
22/
03.01.2023
Order
Authorization to circulate on the road
network of Constanta municipality for a
period of one year, for the vehicle with
number CT-85-TEP
12,085.20
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
106
309
Primaria
Municipiului
Constanta
837/
25.01.2023
Order
Judicial stamp duty in case
no.1974/118/2019, in which Oil Terminal is
the plaintiff in contradiction with Master
Chem Oil DMCC, for increase of claims
578.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
310
Primaria
Municipiului
Constanta
1081/
30.01.2023
Expense
account
Authorization to circulate on the road
network of Constanta for a period of 2
months, for Iveco bus AG 19 TER
450.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 26.01.2023
It’s not
necessary
311
Primaria
Municipiului
Constanta
1451/
06.02.2023
Order
Issuance of urbanism certificate for
dismantling of ruin tank C65-(C62), ruin tank
C66-(C53), ruin tank C63-(C50), ruin pump
house C64-(C51), ruin pump house C60-
(C47).
16.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
312
Primaria
Municipiului
Constanta
2230/
24.02.2023
Order
Judicial stamp duty for file
no.1974/118/2019
183.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
313
Primaria
Municipiului
Constanta
2277/
27.02.2023
Order
Payment order issued by Oil Terminal SA
for the recovery of the unpaid debt of the
client Dialand SRL.
200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
314
Primaria
Municipiului
Constanta
2476/
03.03.2023
Order
Judicial stamp duty for file
no.25144/212/2021
200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
315
Primaria
Municipiului
Constanta
2671/
10.03.2023
Order
Judicial stamp duty for the appeal against
the DGPL report no.010439
20.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
316
Primaria
Municipiului
Constanta
3777/
06.04.2023
Expense
account
Authorization of circulation on the street
network of mun. Constanta for bus
Mercedes Benz B 111 WIX
2,700.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 05.04.2023
It’s not
necessary
317
Primaria
Municipiului
Constanta
4025/
12.04.2023
Order
Judicial stamp duty in file no.
1974/118/2019
357.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
318
Primaria
Municipiului
Constanta
4385/
24.04.2023
Order
Legalization of Civil Judgment no.
689/13.03.2023 in file no. 6797/118/2022, in
order to open the file for enforcement
5.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
319
Primaria
Municipiului
Constanta
4898/
09.05.2023
Order
Issuance of urban planning certificate for
the demolition of the oil tank gate house
8.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
320
Primaria
Municipiului
Constanta
5321/
17.05.2023
Order
Issuance of town planning certificate for the
project :" Demolition of the cabin acar ramp
1A (gate cabin), foam house (building C20),
foam house (building C19), PCI shed
(building), PCI house (building C16)".
8.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
321
Primaria
Municipiului
Constanta
5322/
17.05.2023
Order
Issuance of urbanism certificate for the
project: "Demolition of brick toilet C77 and
ruins related to PSI-house C76".
8.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
107
322
Primaria
Municipiului
Constanta
5388/
19.05.2023
Order
Stamp duty in case 1974/118/2019
177.00
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
323
Primaria
Municipiului
Constanta
5497/
24.05.2023
Order
ANRM approval of the rehabilitation and
modernization program of the oil terminal in
2023
8.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
324
Primaria
Municipiului
Constanta
5726/
26.05.2023
Order
Issuance of urbanism certificate for the work
"Desfiintare casa espuma N1" - 112110651
8.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
325
Primaria
Municipiului
Constanta
5837/
30.05.2023
Order
Issuance of urban planning certificate for
the work of dismantling CFR line ramp -2B,
NI 11220156
79.70
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
326
Primaria
Municipiului
Constanta
5947/
07.06.2023
Order
Issuing of the urbanism certificate for the
objective of the installation of loading of
straw in tanks CF line 1 SP SUD
19.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
327
Primaria
Municipiului
Constanta
6173/
13.06.2023
Order
Stamp duty
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
328
Primaria
Municipiului
Constanta
6281/
15.06.2023
Expense
account
Fee for the submission of documents for
obtaining the Urban Planning Certificate for
the objective: "Putting into operation Crystal
Separator - S.P.Nord"
9.00
It’s not
necessary
It’s not necessary
Paid in cash at cash
desk on 15.06.2023
It’s not
necessary
329
Primaria
Municipiului
Constanta
6297/
16.06.2023
Order
judicial stamp duty
200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
330
Primaria
Municipiului
Constanta
6499/
21.06.2023
Order
Judicial stamp duty
20.00
It’s not
necessary
It’s not necessary
Payment with PO
within 5 days
It’s not
necessary
331
Primaria
Municipiului
Constanta
7046/
03.07.2023
Expense
account
Urbanism certificate for the objective of
modernization of the T 29 S tank
37.50
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
27.06.2023
It’s not
necessary
332
Primaria
Municipiului
Constanta
7141/
05.07.2023
Order
Fee for the issue of the urbanism certificate
for the project Desfiintare Casa spuma
(Remiza PSI), NI-11210294, located in SP
Nord, lot 1/1.
8.00
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
333
Primaria
Municipiului
Constanta
7180/
06.07.2023
Order
Stamp duty for file no. 1974/118/2019
20.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
334
Primaria
Municipiului
Constanta
7300/
10.07.2023
Order
Court stamp duty
5.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
335
Primaria
Municipiului
Constanta
7301/
10.07.2023
Order
Court stamp duty
5.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
108
336
Primaria
Municipiului
Constanta
7735/
24.07.2023
Order
Court stamp duty
5.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
337
Primaria
Municipiului
Constanta
7736/
24.07.2023
Order
Court stamp duty
5.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
338
Primaria
Municipiului
Constanta
8111/
03.08.2023
Order
Court stamp duty
20.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
339
Primaria
Municipiului
Constanta
8292/
09.08.2023
Order
Court stamp duty
200.00
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
340
Primaria
Municipiului
Constanta
8366/
10.08.2023
Order
Issuing of urban planning certificate for
"Modification LFI Oil Terminal S.P. Nord -
Ramp 1A
165.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
341
Primaria
Municipiului
Constanta
8458/
16.08.2023
Order
Stamp duty
1,762.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
342
Primaria
Municipiului
Constanta
8638/
22.08.2023
Expense
account
Obtaining the urban planning certificate for
the objective Modernisation of tank T25 SP
SUD
49.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
18.08.2023
It’s not
necessary
343
Primaria
Municipiului
Constanta
8827/
28.08.2023
Order
Issuing of building demolition authorization
(demolition of ruin tank C65, C53, C66,
C63, ruin pump house C64, ruin pump
house C47)
109.30
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
344
Primaria
Municipiului
Constanta
9118/
05.09.2023
Order
Issuance of authorization for the demolition
of buildings, according to the project
"modification of LFI Oil Terminal-Dep Nord -
Ramp 1A
650.14
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
345
Primaria
Municipiului
Constanta
10309/
11.10.2023
Order
Issuing of urbanism certificate for the work
"Demolition/removal of tank farm - Body B
(tank farm and service buildings)" located in
the North 2 platform section, Body B
1,230.19
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
346
Primaria
Municipiului
Constanta
10310/
11.10.2023
Order
Issuing of the urbanism certificate for the
work "Demolition/removal of the tank park -
Body A (tank park and service buildings)"
located in the north platform section 2, body
A
2,551.17
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
347
Primaria
Municipiului
Constanta
10868/
25.10.2023
Order
Judicial stamp duty - File no. 2507/1/2023
100.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
348
Primaria
Municipiului
Constanta
10730/
23.10.2023
Order
Issuing of building demolition authorization,
according to the project "Demolition of the
oil tank gate house".
169.19
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
109
349
Primaria
Municipiului
Constanta
12261/
29.11.2023
Order
Stamp duty in file no. 2007/118/2022/a4
20.00
It’s not
necessary
It’s not necessary
Payment with PO
within 3 days
It’s not
necessary
350
Primaria
Municipiului
Constanta
12324/
04.12.2023
Order
Judicial stamp duty
50.00
It’s not
necessary
It’s not necessary
Payment with PO
within 2 days
It’s not
necessary
351
Primaria
Municipiului
Constanta
12858/
15.12.2023
Order
1% of the value of the construction-
assembly works related to the tariff
regularization for the investment objective -
Ramp refurbishment CF for unloading of CF
storage and pumping tanks at SP Sud ships
108,423.84
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
352
Primaria
Municipiului
Constanta
12859/
15.12.2023
Order
1% of the value of the construction works,
including related installations for obtaining
the construction permit for the investment
objective - CF line 1 tankage loading facility
SP South
54,211.92
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
353
Primaria
Municipiului
Constanta
12874/
15.12.2023
Order
1% of the value of the construction works
related to the installation of the tariff for the
investment objective - Construction of
55.000 m3 capacity tank SP Sud
533,341.63
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
354
Primaria
Municipiului
Constanta
12858/
15.12.2023
Order
1% of the value of the construction-
assembly works related to the tariff
regularization for the investment objective -
Rehabilitation of the CF ramp for unloading
of CF tanker bales, storage and pumping to
ships SP Sud
108,423.84
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
355
Primaria
Municipiului
Constanta
12859/
15.12.2023
Order
1% of the value of the construction works,
including the related installations for
obtaining the construction permit for the
investment objective- CF line 1 SP Sud tank
loading facility
117,245.61
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
356
Primaria
Municipiului
Constanta
12847/
15.12.2023
Order
1% of the value of the construction works
related to the installation of the tariff for the
investment objective - Construction of
55.000 m3 capacity tank SP Sud
533,341.63
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
357
Primaria
Municipiului
Constanta
12875/
15.12.2023
Order
0.1% of the value of the construction and
erection works related to the tariff
regularization for the investment objective -
Construction of 55.000 m3 capacity tank SP
South
53,334.17
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
358
Primaria
Municipiului
Constanta
12876/
15.12.2023
Order
0.5% of the value of the construction works
related to the tariff adjustment for the
investment objective - Construction of
reservoir capacity 55.000 m3 SP South
266,670.82
It’s not
necessary
It’s not necessary
Payment with PO
within 4 days
It’s not
necessary
110
359
Primaria
Municipiului
Constanta
13140/
22.12.2023
Order
Regularization of the ISC quota for the
dismantling of the construction of the PCI
storage (Foam C15)
5.31
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
360
Primaria
Municipiului
Constanta
13206/
27.12.2023
Order
Issuance of authorization for the dismantling
of buildings, according to project 2022 - 498
"dismantling of unloaders shelter building
(control point building C24), workers tool
house (foam house C26), pump house
(pump house C27-partial), toluene pump
house (pump house C28), fire house CS14
(cabin C95), foam house (PSI house C8 -
C59)" located in the county. Constanta , SP
Nord1 premises
33.85
It’s not
necessary
It’s not necessary
Payment with PO
within 10 days
It’s not
necessary
361
Regia Autonoma
Monitorul Oficial
01/
03.01.2023
Order
Publication of OGSM convocation to be held
on 16(17).01.2023
1,262.35
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
362
Regia Autonoma
Monitorul Oficial
06/
03.01.2023
Order
Publication convocation OGSM to be held
on 16(17).01.2023
141.34
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
363
Regia Autonoma
Monitorul Oficial
377/
12.01.2023
Order
Publication of the notice of EGSM to be held
on 16(17).02.2023
1,414.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
364
Regia Autonoma
Monitorul Oficial
665/
19.01.2023
Order
Annual subscriptions to the Official Gazette,
Part IV, for the year 2023, in electronic
format
966.39
It’s not
necessary
It’s not necessary
Payment with PO
within 5 days
It’s not
necessary
365
Regia Autonoma
Monitorul Oficial
996/
27.01.2023
Order
Publication on 30.01.2023 in the Official
Gazette, Part IV and in a local newspaper of
the completed notice of the EGSM to be
held on 02(03).03.2023
1,414.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
366
Regia Autonoma
Monitorul Oficial
1872/
15.02.2023
Order
Publication of the notice of EGSM meeting
to be held on 02(03).03.2023
1,606.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
367
Regia Autonoma
Monitorul Oficial
2946/
16.03.2023
Order
Publication of the convocation of the EGSM
to be held on 18(19).04.2023
1,798.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
368
Regia Autonoma
Monitorul Oficial
3229/
23.03.2023
Order
Publication of the notice of EGSM to be held
on 27(28).04.2023
1,542.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
369
Regia Autonoma
Monitorul Oficial
3884/
10.04.2023
Order
Publication of the notice of EGSM to be held
on 27(28).04.2023
1,926.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
370
Regia Autonoma
Monitorul Oficial
7853/
27.07.2023
Order
Publication of the notice of EGSM to be held
on 28(29).08.2023
1,414.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
371
Regia Autonoma
Monitorul Oficial
7945/
31.07.2023
Order
Publication of the notice of EGSM to be held
on 01(04).09.2023
1,606.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
372
Regia Autonoma
Monitorul Oficial
12971/
19.12.2023
Order
Publication of the convocation of the EGM
to be held on 22(23).01.2024
1,414.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
373
Regia Autonoma
Monitorul Oficial
12978/
19.12.2023
Order
Difference payment for publication of EGSM
notice
9.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
374
Regia Autonoma
Monitorul Oficial
12980/
19.12.2023
Order
Difference payment for publication of EGSM
notice
9.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
111
375
Regia Autonoma
Monitorul Oficial
12972/
19.12.2023
Order
Publication of EGSM notice to be held on
22(23).01.2024
1,414.40
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
376
Regia Autonoma
Administrația
Patrimoniului
Protocolului de Stat
București (RAPPS)
12199/
28.11.2023
Expense
account
Issue of provisional authorisation - SML 727
generating set
13.00
It’s not
necessary
It’s not necessary
Paid by PO on
22.11.2023
It’s not
necessary
377
Asociația de
Standardizare în
România-ASRO
5116/
12.05.2023
Order
ASTM and ASRO reference standard for
specific test procedures performed in the
CCP-Laboratory office
13,131.87
It’s not
necessary
It’s not necessary
Payment with PO
within 5 days
It’s not
necessary
378
Ministerul
Transporturilor-
Directia Medicala
1877/
15.02.2023
Order
Annual visa for the Psychology Structure for
the psychologist of the company
652.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
379
Serviciul Public de
Impozite si Taxe
Constanta SPIT
66/
05.01.2023
Expense
account
Authorization to circulate on the road
network of Constanta for a period of one
year, for B 108 HSE
1,814.00
It’s not
necessary
It’s not necessary
Paid with cash at
cash desk on
04.01.2023
It’s not
necessary
380
Serviciul Public de
Impozite si Taxe
Constanta SPIT
91/
05.01.2023
Expense
account
Authorization to circulate on the streets of
Constanta for a period of one year, for CT
42 SRM
1,814.00
It’s not
necessary
It’s not necessary
Paid with cash at
cash desk on
04.01.2023
It’s not
necessary
381
Serviciul Public de
Impozite si Taxe
Constanta SPIT
2077/
21.02.2023
Expense
account
Issuance of Urbanism Certificate for the
project: "Abolition of ruin tank C65-(C52),
ruin tank C66-(C53), ruin tank C63-(C50),
ruin pump house C64-(C51), ruin pump
house C60-(C47)
8.00
It’s not
necessary
It’s not necessary
Paid with cash at
cash desk on
20.02.2023
It’s not
necessary
382
Serviciul Public de
Impozite si Taxe
Constanta SPIT
2327/
28.02.2023
Expense
account
Legalization of criminal sentences in file
no.24489/212/2012
10.00
It’s not
necessary
It’s not necessary
Paid in cash at the
cash desk on
27.02.2023
It’s not
necessary
383
Serviciul Public de
Impozite si Taxe
Constanta SPIT
6072/
09.06.2023
Expense
account
Authorization of circulation on the road
network of the Municipality of Constanta for
SERME van with registration number B 555
SRM
1,416.00
It’s not
necessary
It’s not necessary
Paid by PO on
08.06.2023
It’s not
necessary
384
Serviciul Public de
Impozite si Taxe
Constanta SPIT
6419/
19.06.2023
Expense
account
Issuance of a road traffic authorization for
the period 16.06.2023-31.12.2023 for the
vehicle with registration number CT 29 TER
4,194.00
It’s not
necessary
It’s not necessary
Paid by PO on
16.06.2023
It’s not
necessary
385
Serviciul Public de
Impozite si Taxe
Constanta SPIT
11317/
08.11.2023
Expense
account
Authorization to circulate on the street
network of Constanta Municipality, period
02.11.2023-04.11.2023 for the vehicle with
registration number B 697 SZS
112.00
It’s not
necessary
It’s not necessary
Paid by PO on
02.11.2023
It’s not
necessary
386
Serviciul Public de
Impozite si Taxe
Constanta SPIT
11380/
09.11.2023
Expense
account
Issuance of traffic authorization on the
street network of Constanta municipality,
period 05.11.2023-31.12.2023 for the
special vehicle with registration number B
697 SZS
2,015.00
It’s not
necessary
It’s not necessary
Purchased by PO on
03.11.2023
It’s not
necessary
112
387
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13300/
29.12.2023
Expense
account
Issuance of a traffic authorization on the
street network of Constanta municipality,
period 01.01.2024-31.12.2024 for motor
vehicle with registration number CT 42 SRM
2,063.00
It’s not
necessary
It’s not necessary
Paid with PO within 1
day
It’s not
necessary
388
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13301/
29.12.2023
Expense
account
Issuance of a traffic license for the period
01.01.2024-31.12.2024 for vehicle
registration number B 555 SRM
2,063.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
389
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13302/
29.12.2023
Expense
account
Issuing of a road traffic permit for the period
01.01.2024-31.12.2024 for vehicle
registration number B 108 HSE
2,063.00
It’s not
necessary
It’s not necessary
Payment with PO
within 1 day
It’s not
necessary
390
Serviciul Public de
Impozite si Taxe
Constanta SPIT
13303/
29.12.2023
Expense
account
Issuing of a traffic license for the period
01.01.2024-31.12.2024 for a vehicle with
registration number CT 29 TER
6,869.00
It’s not
necessary
It’s not necessary
Payment by PO
within 1 day
It’s not
necessary
12.3.1.2. Transactions with clients
No.
Legal act parties
Act no. and
date
Legal act
kind
Object
description
Validity
period
Estimated
value
(VAT
excluded)
Mutual
receivables
Constituted
guarantees
Payment
terms and
methods
Interests and penalties
1
ANRSPS UT 515
BUCUREȘTI
și
OIL TERMINAL
CONSTANȚA SA
Ctr.
subsec-
vent no.2/
03.01.2023
to the
Framework
Agreement
for the
provision of
warehousing
services
no.4787/
07.12.2022
Framework
agreement
for the
provision of
storage
services No
4787/
07.12.2022
01.01.2023
-
31.12.2023
Fuel oil
storage
services
2,219,200
lei
No
No
20 calendar
days from the
date of issue
of the invoice,
with payment
order
Exceeding the payment
deadline shall result in
the payment by the
Depositor of late
payment penalties at the
level of those provided
for budgetary claims per
day of the amount due,
unless the parties agree
otherwise by mutual
consent
2
Agenția Română de
Salvare a Vieții
Omenești pe Mare
Constanța
Contract No
773 /
29.12.2023
Contract
01.01.2024-
30.04.2024
Electricity
refurbishment
Tariff billed
by the
utility
provider for
Oil
Terminal
-
-
30 days
based on
invoice
issued by Oil
Terminal
According to the Code of
Fiscal Procedure
3
C.N.C.F. CFR
SUCURSALA
REGIONALĂ DE CĂI
FERATE
Contract No
778 /
29.12.2023
Contract
01.01.2024-
31.12.2024
Electricity
refurbishment
Rate billed
by the
utility
provider for
Oil
Terminal
-
-
30 days
based on
invoice
issued by Oil
Terminal
In accordance with the
Code of Tax Procedure
113
4
S.N.T.F.M CFR
MARFĂ
SUCURSALA
MUNTENIA
DOBROGEA
Contract no.
754 /
23.12.2023
Contract
01.01.2024-
31.12.2024
Refurnizare
apă potabilă
Tariff billed
by the
utility
provider for
Oil
Terminal
-
-
30 days
based on
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
5
RADIOCOMUNICAȚII
SUC. DIRECȚIA
RADIOCOMUNICAȚII
Contract no.
777 /
29.12.2023
Contract
01.01.2024-
31.12.2024
Refurnizare
energie
electrică
Rate billed
by the
utility
provider for
Oil
Terminal
-
-
30 days
based on
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
6
UM 02133 Direcția
Hidrografică Maritimă
Contract no.
776 /
29.12.2023
Contract
01.01.2024-
31.12.2024
Refurnizare
energie
electrică
Rate billed
by the
utility
provider for
Oil
Terminal
-
-
30 days
based on
invoice
issued by Oil
Terminal
According to the Fiscal
Procedure Code
12.3.2. Informing shareholders about transactions concluded with another public undertaking or with the public supervisory authority, falling under Article
52(3)(b) of GEO no.109/2011 as subsequently amended and supplemented
The Board of Directors of Oil Terminal SA, in accordance with Article 52 paragraph (3) letter b) of GEO no.109/2011, informs the shareholders of any transaction
concluded by the public undertaking with another public undertaking or with the public supervisory authority, if the transaction has a value, individually or in a series
of transactions, of at least the equivalent in lei of 100,000 euro.
Transaction period 01.01.2023 - 31.12.2023
Transactions subject to the obligation to inform the GSM
12.3.2.1. Transactions with suppliers
No.
Legal act
parties
Act no. and
date
Legal act kind
Object description
Valoarea totală (lei)
Mutual
receivables
Constituted
guarantees
Payment terms
and methods
Interests and
penalties
1
RAJA SA
1 / 10.02.2023
Additional
Act
Increase in the tariff for
the provision of
drinking water supply
and sewerage services
Estimated contract
value for 12 months
1,132,470.00 lei
It’s not
necessary
It’s not
necessary
15 days from
the date of
issue of the
invoice
It’s not
necessary
2
RAJA SA
to Contract
No.247 / 856 /
09.12.2022
Additional
Act
Differentiated tariff
increase for risk grade
I for the provision of
drinking water supply
and sewerage services
Estimated contract
value for 12 months
1,132,470.00 lei
It’s not
necessary
It’s not
necessary
15 days from
the date of
issue of the
invoice
It’s not
necessary
114
3
RAJA SA
2 / 11.04.2023
Additional
Act
Increase in the tariff for
the provision of
drinking water supply
and sewerage services
Estimated contract
value for 12 months
1,356,806.80 lei
It’s not
necessary
It’s not
necessary
15 days from
the date of
issue of the
invoice
It’s not
necessary
12.3.2.2. Transactions with clients
No.
Legal act
parties
Act no. and
date
Legal act
kind
Object
description
Validity
period
Estimated
value
(VAT
excluded)
Mutual
receivables
Constituted
guarantees
Payment terms
and methods
Interests and penalties
1.
ANRSPS UT
515
BUCUREȘTI
și
OIL TERMINAL
CONSTANȚA
SA
Ctr.
subsec-
vent no.2/
03.01.2023
to the
Framework
Agreement
for the
provision of
warehousing
services
no.4787/
07.12.2022
Framework
agreement
for the
provision of
storage
services No
4787/
07.12.2022
01.01.2023
-
31.12.2023
Fuel oil
storage
services
2,219,200 lei
No
No
20 calendar
days from the
date of issue of
the invoice, with
payment order
Exceeding the payment
deadline shall result in the
payment by the Depositor
of late payment penalties
at the level provided for
budgetary claims per day
of the amount due, unless
the parties agree
otherwise by mutual
consent
12.4. Transactions according to art.234 paragraph 1 letter i) of FSA Regulation no.5/2018
Transactions according to Article 234 (1) (i) of FSA Regulation 5/2018:
Contracts concluded by the issuer with the same contractor, individually or cumulatively, whose value exceeds 10% of the net turnover or total revenue, as the case
may be, related to the last annual financial statements.
Transaction period 01.01.2023 - 31.12.2023
12.4.1. Transactions with suppliers
Not the case
12.4.2. Transactions with clients
No.
Legal act
parties
Act no.
and date
Legal act
kind
Validity period
Object
description
Estimated
value
Mutual
receivables
Constituted
guarantees
Payment
terms and
methods
Interests and
penalties
1.
OMV PETROM
SA
BUCUREȘTI
Service and
forwarding
contract No
35/C/2023
Contract
for
services
Unloading crude oil from
seagoing vessels and
delivery to Conpet for
01.01.2023
-31.12.2023
54,300,000
lei
No
No
30 calendar
days from
the date of
issue of the
Interest and late
payment penalties:
Late payment
115
and
forwarding
pumping to the refinery,
unloading/loading
gasoline, diesel, fuel oil
and chemical and
petrochemical products
from/into seagoing
vessels, river barges, CF
tank cars, tankers,
bunkering tanks, storage
of crude oil and
petroleum products,
blending diesel with
biodiesel.
invoice, with
payment
order.
interest of 0.02% for
each day late of the
amount not paid on
time and late
payment penalties
due for non-payment
of invoices on time of
0.01% for each day
late.
2.
OSCAR
DOWNSTREAM
SRL
MĂGURELE
Service and
forwarding
contract No
27/C/2023
Contract
for
services
and
forwarding
Unloading/loading diesel
oil from/into seagoing
vessels, river barges, CF
tankers, road tankers,
bunkering tanks, diesel
oil storage, blending
diesel oil with biodiesel.
01.01.2023
-31.12.2023
35,500,000
lei
No
No
30 calendar
days from
the date of
issue of the
invoice, with
payment
order.
Default interest of
0.02% for each day
late of the amount not
paid on time and late
payment penalties of
0.01% for each day
late.
3.
LITASCO SA
GENEVA
Service and
forwarding
contract No
71/C/2023
Contract
for
services
and
forwarding
Unloading of crude oil
from seagoing vessels
and delivery to Conpet
for pumping to refinery,
unloading/loading of
gasoline, diesel, fuel oil
and chemical and
petrochemical products
from/into seagoing
vessels, river barges, CF
tankers, tankers, storage
of crude oil and
petroleum products.
01.01.2023
-31.12.2023
55,850,000
lei
No
No
30 calendar
days from
the date of
issue of the
invoice, with
payment
order.
Default interest of
0.02% for each day
late of the amount not
paid on time and late
payment penalties of
0.01% for each day
late.
4.
EURONOVA
ENERGIES SA
GENEVA
Service and
forwarding
contract No
5/C/2023
Contract
for
services
and
forwarding
Unloading/loading diesel
oil from/into seagoing
vessels, river barges, CF
tank wagons, tankers,
bunkering tanks, diesel
oil storage.
01.01.2023
-31.12.2023
20,984,000
lei
No
No
30 calendar
days from
the date of
issue of the
invoice, with
payment
order.
Default interest of
0.02% for each day
late of the amount not
paid on time and late
payment penalties of
0.01% for each day
late.
116
13. STATEMENT OF CONFORMITY WITH CORPORATE GOVERNANCE
Corporate Governance Code provisions
Compliant
Non
compliant or
partially
compliant
Noncompliance’ reason
A.1. All companies must have a Board internal regulation including the
Board’ reference terms/responsibilities and the company’ top position,
applying, among others, Section A’ general principles.
Compliant
A.2. Provisions for interests conflicts management must be included in the
Board’ regulation. Anyway, the Board’ members must notify the Board on
any interests conflicts occured or that can occur and not take part to
discussions
( by nonpresentation included, when nonpresentation prevents the quorum
formation excluded) and from voting to adopt a decision regarding the matter
generating that interest conflict.
Compliant
A.3. Board of Directors or the Survey council must have at least five
members.
Compliant
A.4. The Board of Directors’ majority must not have an executive position.
At least Board
of Directors or Survey Council ’ one member must be independent for the
companies of standard category. For the companies of Premium category,
at least two nonexecutive
members of Board of Directors or Survey Council must be independent.
Each independent member of Board of Directors or Survey Council, if
necessary, must submit a statement when he is nominated to be appointed
or re appointed, and when any change of his status occurs, indicating
elements according to which hei s considered to be independent according
to his character and judgement and according to the following criteria:
A.4.1. he is not General/executive director of the company or of one
company controlled by this and didn;t have such a position in the latest five
years;
A.4.2. he is not an employee of the com pany or of one company controlled
by this and didn;t have such a position in the latest five years;
A.4.3. he doesn’t receive and didn’t receive additional remuneration or
other advantages from the company or from a compan y controlled by this,
besides that for the nonexecutive manager position;
A.4.4. is not or has not been employed by or does not have or has not had
during the previous year a contractual relationship with a significant
shareholder of the company, a shareholder controlling more than 10% of
the voting rights, or a company controlled by it;
Compliant
117
A.4.5. does not have and has not had in the previous year a business or
professional relationship with the company or a company controlled by it,
either directly or as a client, partner, shareholder, board member/director,
general manager/executive director or employee of a company if, by its
substantial nature, this relationship could affect its objectivity;
A.4.6. is not and has not been within the last three years the external or
internal auditor or a partner or salaried associate of the current external
financial auditor or internal auditor of the company or a company controlled
by it;
A.4.7. is not a managing director/executive director of another company
where another managing director/executive director of the company is a
non-executive director;
A.4.8. has not been a non-executive director of the company for more than
twelve years;
A.4.9. has no family relationship with a person in the situations referred to
in A.4.1. and A.4.4.
A.5. Other comitments and professional obligations relatively permanent
of a Board’ member, executive and nonexecutive positions in the Board
of other non profit companies and institutions included, must be disclosed
to shareholders and potential investors before nomination and during
his mandate.
Compliant
A.6. Any Board’ member must present information to Board regarding any
relation with a shareholder owing directly or indirectly shares representing
over 5% from the voting rights. This obligation refers to any kind of relation
that can affect the member position regarding matters decided by Board.
Compliant
A.7. Company must appoint a Board’ secretary, responsible to support
the Board’ activity.
Compliant
A.8. Statement regarding the corporate governance will inform if an
evaluation of the Board under the Chairman or the nomination committee
took place, ifit did, it will resume the key measures and the changes arisen
from this. The company must have a policy’ guide regarding the Board’
evaluation containing the evaluation process’ target, criteria, frequency.
Compliant
A.9. Statement regarding the corporate governance must contain
information regarding the Board and committees meetings number in the
latest year, the managers (in person or in absence) and a report of the
Board and commitees regarding these activities.
Compliant
A.10. Statement regarding the corporate governance must contain
information regarding the exact number of Board of directors or Survey
council’ independent members.
Compliant
B.1 Board must establishan audit commitee, where at least one member
must be independent nonexecutive manager. The members majority, the
Compliant
118
chairman included, must be proved having the appropriate trening for the
commitee’ positions and responsibilities. At least one member of the audit
committee must have a proved, appropriate audit or accountant
experience. For the companies of Premium category, the audit committee
must have at least three members and the majority of the audit committee
members must be independent.
B.2. The audit committee chairman must be an independent nonexecutive
member.
Compliant
B.3. According to its responsibilities, the audit committee must effect an
annual evaluation of the internal control system.
Compliant
B.4. Evaluation must have in view the internal audit position efficiency, the
risk management and internal control reports, presented by the Board’
audit committee, promptness and efficiency the executive management
solves the deficiencies and weaknesses identified after the internal control
and the presentation of relevant reports to Board.
Compliant
B.5. Audit committee must evaluate the interests conflicts regarding the
company and its’ branches’ transactions with the affiliated parties.
Compliant
B.6. Audit committee must evaluate the internal control system and the risk
management system’ efficiency.
Compliant
B.7. Audit committee must monitor the legal and the generally accepted
internal audit standards application. It must receive and evaluate the
internal audit team reports.
Compliant
B.8. Whenever the Code mentions reports and analyses initiated by the
Audit committee, these must be followed by periodic reports (at least
annually) or adhoc that must be submitted to the Board furtherly.
Compliant
B.9. No shareholder can have a preferential tratment than the other
shareholders regarding transactions and agreements concluded by the
company with shareholders and their affiliates.
Compliant
B.10. Board must adopt a policy providing that, any transaction of the
company with any of the companies it has strong connections, which value
is equal or larger than 5% of the company’ net assets (according to the
latest financial report) is approved by the Board after a compulsory opinion
of the Board’ audit committee and disclosed correctly to shareholders and
to potential investors, as these transactions are events being object of
reporting requirements.
Compliant
B.11. Internal audits must be effected by a structurally separated division
(internal audit department) of the company or by hiring a third party
independent entity.
Compliant
B.12. In view to achieve the internal audit department main functions, this
must report functionally to the Board through the audit comittee. For
Compliant
119
adminstrative reasons and in the management’ obligations to monitor and
reduce the risks, this must report directly to the general director.
C.1. The company must publish on its web site the remuneration policy and
include in the annual report a statement regarding the remuneration policy
implementation during the annual period being the analysis’ object. The
remuneration policy must be stated so that it allows to shareholders to
understand the principles and reasons according to which remuneration of
Board’ members, General Director and the Directorate’ members in dualist
system is made.
This must describe the process management way and the taking of
decisions regarding the remuneration, detail the executive management
remuneration components (such as salaries, annual bonuses, stimulents
on long term connected tos hares value, benefits in kind, retirement fees
and others) and describe the principles and presumptions of each
component (performance general criteria related to any form of variable
remuneration included). Additionally, the remuneration policy must mention
the contract period to the executive director and the notice period provided
in contract and the possible compensation for recalling without just cause.
The report regarding the remuneration must present the remuneration
policy for the persons identified in the remuneration policy during the
annual period being the the analysis’ object. Any main change occured in
the remuneration policy must be published on the company web site in due
time.
Compliant
D.1. The company must organize a service of Relationships with investors -
mentioning to audience the responsible person/persons or the
organizatorical entity. Besides the information imposed by legal provisions,
the company must include on its web site a section dedicated to
Relationships with investors, in Romanian and English, containing all
interest information for investors, including:
• D.1.1. Main corporative regulations: constitutive act, procedures
regarding shareholders general assemblies;
• D.1.2. The company’ management members’ professional CV,
other Board’ members’ professional commitments, including
executive and nonexecutive positions in boards of directors of non
profit companies and institutions;
• D.1.3. Current reports and periodic reports (trimester, semester
and annual) - at least those provided in item D.8 - including the
current reports with detailed information regarding the
noncompliance with the present Code;
• D.1.4. Information regarding the shareholders general assemblies:
day agenda and the informational stuff; Board’ members selection
Compliant
120
procedure; the reasons supporting the candidates proposals for the
Board selection, together with their professional CV; shareholders’
questions regarding the day agenda and trhe company’ answers,
the adopted decisions included;
• D.1.5. Informatio regarding the corporate events such as dividends
payment and other distributions payments to shareholders, or other
events leading to the shareholder’ rights getting or limitation,
including the limit terms and principles applied to these operations.
That information will be published ina term allowing to investors to
adopt investments decisions;
• D.1.6. Name and contact data of a person who can supply relevant
information, on request;
• D.1.7. The company’ presentations (for example presentations for
investors, those regarding trimester results, etc.), financial
situations (trimester, semester, annual), audit reports and annual
reports.
D.2. The company will have a policy regarding the annual distribution of
dividends or other benefits to shareholders, proposed by General Director
or by the Directorate and adopted by Board as a set of directives regarding
the net profit distribution, the company intends to follow. The annual policy
principles of distribution to shareholders will be published on the com pany’
web site.
Compliant
The dividends’ distribution is achieved according to
legal provisions.
D.3. The company will adopt a policy regarding the previsions, public or no
public ones. The previsions refer to quantified conclusions of some studies
regarding the overall impact settling of a series of factors for a future period
( so called hypotheses): by its kind, this projection has a high degree of
uncertainty, the effective results being able to differ significantly from the
initially presented previsions. Policy regarding previsions will settle the
frequency, the period taken into account and the previsions content. If
published, the previsions can be included only in annual, semester,
trimester reports. Policy regarding previsions will be published on the
company’ web site.
Partially
complies
There is no policy regarding the provisions.
D.4. Shareholders general assemblies regulations must not limit to
shareholders’ participation to general assemblies and their rights
exercising. The regulations changes will come into force, the earliest, since
the next shareholders general assembly.
Compliant
D.5. External auditors will be present to shareholders general assembly
when their reports are presented in those meetings.
Compliant
D.6. Board will present a brief appreciation on the internal control systems
and significant risks management and opinions on some matters decided
by the general assembly to the shareholders annual general assembly.
Compliant
121
D.7. Any specialist, adviser, expert or financial analist can participate to the
shareholders general assembly, according to a previous invitation from the
Board. The accredited journalists can participate to the shareholders general
assembly, if the Board’ Chairman decides otherwise excluded.
Compliant
D.8. Trimester and semester reports will include information in Romanian
and English regarding the key factors influencing changes in sales, the
operational profit, net profit and other relevant financial indicators, from a
trimester to another, from one year to another one.
Compliant
D.9. A company will organize at least two meetings/conferences with analists
and investors each year. The information presented will be published in the
section relationships with investors on the company’ web site on the
meetings/teleconferences.
NO
The measure is going to be implemented.
D.10. If a company supports different kinds of artistic and cultural expression,
sport activities, educational or scientific activities and it considers that their
impact on the company’ inovative and competitive character is a part of its
mission and development strategy, it will publish policy regarding its activity
in this field.
YES
Board of Directors’ Chairman,
Cristian Florin GHEORGHE
General Director, Financial Director,
Sorin Viorel CIUTUREANU Adriana FRANGU
OIL TERMINAL SA
2023
FINANCIAL SITUATIONS
FOR THE YEAR ENDED ON 31 DECEMBER 2023
Issued according to International financial reporting standards
Situation of financial position for the year ended on
31 December 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise)
Attached notes 1-42 are integral part of these financial situations Page 1/1
Note
Year ended on
31 december 2023
(audited)
Year ended on
31 december 2022
(audited)
ASSETS
FIXED ASSETS
Intangible assets
17
4,351,059
4,743,501
Tangible assets
15
616,066,424
521,780,338
Tangible assets in execution
16
108,116,513
44,326,678
Financial assets
18
908,030
908,030
Assets related to the rights to use leasing assets
17
8,463,422
4,855,450
Total fixed assets
737,905,448
576,613,997
CURRENT ASSETS
Stocks
19
2,152,804
1,614,465
Clients and assimilated accounts
20
35,544,838
33,354,918
Other receivables
21
3,269,833
3,620,987
Fees and taxes to be recovered
21
8,944,901
8,722,986
Cash and cash equivalents
22
45,256,216
41,764,411
Total current assets
95,168,592
89,077,767
TOTAL ASSETS
833,074,040
665,691,764
OWN CAPITALS AND DEBTS
OWN CAPITALS
Social capital
23
299,717,713
58,243,025
Other elements of own capitals
24
(30,119,878)
(28,177,237)
Reserves from reevaluation
25
233,240,022
221,877,506
Legal reserves
27
7,654,135
6,772,805
Other reserves
27
32,047,163
180,026,477
Surplus achieved from reevaluation reserves
26
12,066,963
11,648,008
Result reported without IAS 29
26
396,930
396,930
Current profit
13
14,292,764
11,604,223
Profit distribution
27
(4,691,016)
(2,071,211)
Total own capitals
564,604,796
460,320,526
DEBTS ON LONG TERM
Loans on long term
28
139,123,032
91,655,324
Other loans and assimilated debts
28
5,963,222
3,348,584
Debts regarding taxation on postponed profit
28
34,381,247
31,282,452
Total debts on long term
179,467,501
126,286,360
CURRENT DEBTS
Long-term loans – current part
28
20,574,599
11,888,167
Commercial debts
31
38,309,841
41,761,272
Debts regarding fees and taxes
32
10,134,111
8,890,793
Other current debts
33
4,350,187
4,086,379
Other loans and assimilated debts
33
2,337,928
1,580,759
Total current debts
75,706,666
68,207,370
TOTAL DEBTS
255,174,167
194,493,730
Provisions
34
13,084,919
10,716,637
Subventions for investments
35
210,158
160,871
TOTAL OWN CAPITALS AND DEBTS
833,074,040
665,691,764
The financial situations presented were issued by the company on 22.03.2024 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
State Ana Maria
Situation of overall result for the year ended on
31 December 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise)
Attached notes 1-42 are integral parts of these financial situations Page 1/ 1
Note
Year ended on
31 December 2023
(audited)
Year ended on
31 December 2022
(audited)
Revenues from services supplies
3
346,718,625
301,177,336
Revenues from residual products sale
4
3,184,831
1,436,416
Other revenues from operating
5
2,979,996
3,738,219
Material expenses
7
(14,655,258)
(16,567,874)
Utilities expenses
8
(14,585,412)
(15,752,584)
Employees expenses
9
(139,158,564)
(113,230,127)
Services supplies by third parties expenses
10
(18,355,024)
(12,257,221)
Amortization expenses
11
(20,507,129)
(20,396,420)
Other operating expenses
12
(118,755,606)
(111,753,528)
Result from operating
26,866,459
16,394,217
Financial revenues and expenses (net values)
6
(10,306,722)
(3,015,114)
Year gross result
16,559,737
13,379,103
Expenses on profit taxation
13
2,266,973
1,774,880
Year net result
14,292,764
11,604,223
Overall result’ other elements:
Elements not being reclassified for profit
and loss, from which:
14,205,228
84,783
Earnings from leased/scrapped real
estate’ reevaluation
25
1,575,108
523,420
Surplus from assets reevaluation
25
15,728,914
(523,420)
Debt regarding deferred tax
28
(3,098,794)
84,783
Total overall result
28,497,992
11,689,006
Result per share (lei/share)
40
0,009508
0,020069
Diluted result per share (lei/share)
40
0,011311
0,020069
The presented financial situations were issued by the company on 22.03.2024 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
State Ana Maria
Situation of cash flows for the year ended on
31 december 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise)
Attached notes 1-42 are integral part of these financial situations Page 1/1
Note
Year ended on
31 decembrie 2023
(audited)
Year ended on
31 decembrie 2022
(audited)
Cash flow from operating activity
Net profit
14,292,764
11,604,223
Regulations for non monetary elements
Amortization and regulations from fixed assets
impairment
11,5
20,507,129
20,396,420
Loss from fixed assets disposal
(72,189)
217,943
Net movement of regulations for current assets
5
(954,845)
249,187
Net movement of provisions for risks and expenses
2,368,282
(1,785,643)
Other regulations
2,232,653
(902,910)
Loss regarding interest rates
6
10,252,414
5,034,463
Profit/loss from exchange rate differences
6
54,506
(2,019,349)
Operational profit before other alterations in current
capital
34,387,950
21,190,111
Decrease/Increase in stocks value
19
(538,339)
423,080
Increase of receivables
20,21
(2,060,680)
(19,270,346)
Increases in commercial or other kind of debts value
31,32,33
(1,987,032)
25,890,575
Net interest rates (paid)
6
(10,252,414)
(5,034,463)
Net cash flow from operating activity
33,842,249
34,803,180
Cash flow used in investment activity
Tangible and intangible assets
16,17
(93,560,964)
(54,472,068)
Increases in long term assets value
18
-
(9,301)
Net cash flow used in investment activity
(93,560,964)
(54,481,369)
Cash flow from financing activity
Increase of long term loans and other assimilated loans
and debts
13,174,660
-
Paid dividends
28
70,564,878
45,964,271
Loans payments
(9,490,285)
(4,038,142)
Cash flow from financing activities
28
(11,038,931)
(6,216,399)
Net decrease of cash and cash equivalents
63,210,322
35,709,730
Cash and cash equivalents value at the year’ start
3,491,607
16,031,541
Cash and cash equivalents value at the year’ end
22
41,764,411
25,732,870
Cash flow from financing activity
22
45,256,018
41,764,411
The presented financial situations were issued by the company on 22,03,2024 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
State Ana Maria
OIL TERMINAL – Situation of change quity on 31 December 2023
(all amounts are expressed in lei (RON) if not mentioned otherwise (audited)
Attached notes 1-42 are integral part of these financial situations
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
representin
g
undistribute
d profit
Total own
capitals
Balance on 1 January
2023
58,243,025
(28,177,237)
221,877,507
6,772,805
11,648,008
180,026,477
396,930
-
11,604,223
(2,071,211)
-
460,320,527
Year net profit
14,292,764
14,292,764
Other elements of
overall result :
Surplus from the
revaluation of fixed
assets
17,304,022
17,304,022
Transfer of
reevaluation reserves
in reported result
(1,575,108)
1,575,108
-
Tax on deferred profit
(1,942,641)
(1,156,153)
-
(3,098,794)
Total period’ overall
result
-
(1,942,641)
15,728,914
-
418,955
-
-
-
14,292,764
-
-
28,497,992
Other elements
241,474,688
(4,366,399)
881,330
(147,979,314)
(9,533,012)
9,533,012
90,010,305
Other elements total
241,474,688
-
(4,366,399)
881,330
(147,979,314)
(9,533,012)
9,533,012
90,010,305
Dividends distribution
(9,533,012)
(9,533,012)
Profit distribution
(2,071,211)
(2,619,805)
-
(4,691,016)
Balance on 31
December 2023
299,717,713
(30,119,878)
233,240,022
7,654,135
12,066,963
32,047,163
396,930
-
14,292,764
(4,691,016)
564,604,796
For details regarding own capital, see notes: 13, 23, 24, 25, 26, 27.
The presented financial situations were issued by the company on 22.03.2024 and signed on its behalf by:
Chaiman of Board of Directors,
Gheorghe Cristian Florin
General Director,
Financial Director,
Chief of Accountant Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
OIL TERMINAL – Situation of change quity on 31 December 2022
(all amounts are expressed in lei (RON) if not mentioned otherwise (audited)
Attached notes 1-42 are integral part of these financial situations
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 2022
58,243,025
(8,821,595)
222,400,926
6,050,889
11,124,589
178,677,182
396,930
(19,440,425)
5,752,696
(1,526,141)
-
452,858,076
Year net profit
11,604,223
11,604,223
Other elements of
overall result :
Transfer of
reevaluation reserves
in reported result
(523,419)
523,419
-
Tax on deferred profit
(19,355,642)
19,440,425
84,783
Total period’ overall
result
-
(19,355,642)
(523,419)
-
523,419
-
-
19,440,425
11,604,223
-
-
11,689,006
Other elements
721,916
1,349,295
(4,226,555)
4,226,555
2,071,211
Other elements total
721,916
1,349,295
(4,226,555)
4,226,555
2,071,211
Dividends distribution
(4,226,555)
(4,226,555)
Profit distribution
(1,526,141)
(545,070)
0
(2,071,211)
Balance on 31
December 2022
58,243,025
(28,177,237)
221,877,507
6,772,805
11,648,008
180,026,477
396,930
-
11,604,223
(2,071,211)
-
460,320,526
For details regarding own capital, see notes: 13, 23, 24, 25, 26, 27.
The presented financial situations were issued by the company on 22.03.2024 and signed on its behalf by:
Chaiman of Board of Directors,
Gheorghe Cristian Florin
General Director,
Financial Director,
Chief of Accountant Dept,,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.1/ 72
1. General information and main activities
Oil Terminal is a joint stock company domiciled in Romania. The company's registered office is located on
Caraiman Street, nr.2, Constanta.
The company was established in accordance with the provisions of Law no.15/1990 and H.G. no.1200/1990,
having the legal form of a joint-stock company and was registered at the Commercial Register of Constanta
under no.J13/512/01.02.1991, with tax registration code RO2410163.
Oil Terminal has the LEI code: 315700QNENQ53MELTT73, which is the "Legal Entity Identifier".
Oil Terminal, with 125 years of experience in the field, occupies a strategic position in the Black Sea area, being
the largest oil terminal operator of petroleum products in the port of Constanta, whose basic activity includes the
provision of services related to the reception, loading, unloading of crude oil, petroleum products,
petrochemicals, liquid chemicals and other finished products or liquid raw materials for import, export and transit
(CAEN code 5224 - handling).
The Constanta oil terminal is located in south-eastern Europe, at the intersection of the shipping lanes between
Asia, Central and Western Europe and the Middle East.
❖ Climate issues
OIL TERMINAL pays particular attention to climate issues and their effects when providing a balanced and
comprehensive analysis of the development and performance of the company's business and financial position,
taking into account the following infrastructure issues:
Oil Terminal has 3 depots with a total storage capacity of approximately 1.3 million m
3
, of which:
- North Platform section, storage capacity of approximately 290,000 m
3
, used for storage of crude oil, fuel oil
and VGO.
- The Port Platform Section, located in Port berth 69, with a storage capacity of approximately 105,000 m
3
,
designed for the storage of petroleum products and chemicals.
- South Platform section, capacity about 910,000 m
3
, used for storage of crude oil, gasoline, diesel, fuel oil.
Depending on the specifics, each platform has the following infrastructure:
• tanks with capacities of between 1,000 m
3
and 55,000 m
3
, of metal construction, cylindrical, vertically located
- above ground, fitted with protective belts, fixed or floating covers and fire-fighting installations. Some of the
tanks are equipped with automatic measuring equipment of the radar type for measuring the height and
temperature of the stored product;
• loading/unloading capacity for petroleum and liquid chemical products consisting of ramps, internal railways
with a total length of approximately 30 km, equipped with loading/unloading facilities;
• loading facilities produced in tankers;
• transport pipelines for loading/unloading crude oil, petroleum products, petrochemicals, liquid chemicals and
oils to/from ships, with diameters between 100 mm and 1000 mm;
• pump boxes that can achieve flow rates between 300 m
3
/h - 2,500 m /h;
3
• canting for road tankers and rail tankers;
• computerised metering installations located in the immediate vicinity of diesel, petrol and crude oil
loading/unloading bays;
• laboratories equipped with equipment for carrying out specific physico-chemical analyses;
• dockside facilities for loading barge products (crude oil, diesel, gasoline, fuel oil) and bunkering light and
heavy fuel ships in all oil berths.
The oil terminal has in operation 7 operational berths in the Port of Constanta with depths between 12.50 - 17
m, allowing the operation of vessels with a capacity of up to 150,000 tdw. The berths are equipped with
hydraulically operated loading/unloading ship coupling facilities with diameters of 12" and 16" respectively.
Oil Terminal is interconnected with Romanian refineries through the transport company Conpet SA Ploiesti for
the transport of crude oil from the terminal to the refineries, on underground pipelines that are part of the national
transport system.
The oil terminal has connections to the national railway network, the road network and the Danube-Black Sea
canal.
Global warming currently poses two major problems for mankind:
-the need to drastically reduce greenhouse gas emissions in order to stabilise the level of greenhouse gas
concentrations in the atmosphere to prevent anthropogenic influence on the climate system and to enable
natural ecosystems to adapt naturally,
-the need to adapt to the effects of climate change, given that these effects are already visible and
unavoidable due to the inertia of the climate system, regardless of the outcome of actions to reduce
emissions.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.2/ 72
Given the centenary activity of the Oil Terminal Company, there is an impact on the environment related to both
historical pollution and current activity.
A basic concern of top management is to minimise issues with a negative impact on the environment, which is
why studies have been carried out over time to correctly assess historical pollution of environmental factors and
implement appropriate remediation solutions.
The company has included in its development strategy investment objectives with an impact on the environment
and implicitly on climate change mitigation and adaptation.
Oil Terminal manages its environmental impact with the aim of making efficient use of natural resources,
minimising the amount of waste generated and emissions to air, water and soil.
The company has developed and implemented plans to prevent and combat the impact on environmental factors
in the event of accidental spills and leaks of crude oil, petroleum products and petrochemicals.
Issues related to the impact of the company's core business on the environment
Due to the volume of petroleum and petrochemical products handled, OIL TERMINAL SA is subject to Law
no.59/2016 on the control of major accident hazards involving hazardous substances.
Compliance with the requirements of the permits implies compliance with the legal provisions, implementation
and maintenance of environmental and safety management systems, ensuring that all machinery and
installations of the site operate within the designed parameters, with compliance with the maintenance
programmes and constant concern for upgrading the installations.
Oil Terminal manages its environmental impact with the aim of making efficient use of natural resources,
minimising the amount of waste generated and emissions to air, water and soil. The company has developed
and implemented plans to prevent and combat the impact on environmental factors in the event of possible
accidental spills and leaks of crude oil, petroleum and petrochemical products.
Monitoring of environmental factors: water, air, soil, groundwater is currently being carried out in accordance
with the requirements of the Environmental Permits:
- for the environmental factor water: monitoring the indicators of wastewater discharged into the sewage system
of RAJA SA Constanta and the National Company for the Administration of Sea Ports SA Constanta, in order to
maintain their values within the limits imposed by the regulations in force. With the commissioning of the
wastewater treatment plant of the National Company for the Administration of Sea Ports, the influence of the
current activity on the natural outfall has been eliminated.
- for the environmental factor groundwater: measurement of its piezometric level and the height of the product
film, extracting, if necessary, by pumping/pumping the water with petroleum product.
- for the soil environmental factor: the indicators "petroleum product" and metals are monitored every six months.
Visual inspection of the installations is carried out continuously.
- for the environmental factor air: the VOC (volatile organic compounds) indicator value is monitored on the
perimeter of the South Platform Section where gasoline is stored, and the benzene and toluene indicators on
the perimeter of the three platform sections. In 2023, additional volatile organic compound concentration
determinations were conducted in residential areas adjacent to the North Platform Section. Oil Terminal SA has
VOC emission certificates and annual VOC emission calculations for gasoline storage facilities issued by
authorised companies in accordance with the legislation in force. Emissions from thermal power plants (dust,
carbon monoxide, sulphur oxides and nitrogen oxides) are monitored annually.
In the year 2023, the investment programme includes objectives with significant impact on the current
performance of the business and on the environment, as follows:
- investment/upgrading works (construction of tank 125 with a capacity of 55,000mc and related technological
installations in the South Platform Section, upgrading of tank B18 SP South);
- repair and maintenance works on petroleum products transport pipelines and tanks (repair and repositioning
of diesel oil pipeline section 1 from underground to above ground between MIM bridge and Port flap, repair and
repositioning of diesel oil pipeline section 2 from underground to above ground between MIM bridge and Port
flap, repair works on tanks R 21, 23 and 4 in SP South, cleaning works on hydrocarbon separator in SP North).
OIL TERMINAL communicates, whenever appropriate, to its employees and interested parties, the public
information prepared in accordance with Law no.59/2016 on the control of major accident hazards involving
dangerous substances and the public information prepared in accordance with GD no.878/2005 on public
access to environmental information.
The information is updated and communicated on the website www.oil-terminal.com/Comunicare and to the
media in the "SEVESO Public Information" section and in the "Environment" section and includes information
on operational safety measures and behaviour in the event of a major accident, risks to human health and the
environment, and the impact of the activity on environmental factors.
The company has its own specific acoustic alarm system in the event of a major accident (fire, explosion, toxic
dispersal, etc.) and, where appropriate, stakeholders will be further informed of the specific measures they need
to take to protect themselves.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.3/ 72
For all major accident scenarios that go beyond the site of the platform sections, neighbouring companies and
homeowners' associations that may be affected have been informed. The spatial planning areas resulting from
the scenarios contained in the Safety Reports have been submitted to the Dobrogea Emergency Situations
Inspectorate and the Municipality of Constanta and can be used as a database.
Oil Terminal responds, through its own specialised staff, to every complaint made by the population and
neighbours regarding the quality of the environment or other situations that could be caused by the company's
activity and participates in all investigations carried out by the authorities or other legal entities.
In order to minimise the impact on the environment, to limit the consequences of possible accidental events as
a result of carrying out the activity, the company has implemented the Integrated Environment, Health and Safety
at Work System, has updated the plans for the prevention of oil pollution, the general plan for the management
of waste from construction and/or dismantling activities, the programme for the prevention and reduction of the
quantities of waste generated from its own activity.
The implementation of the 14001/2015 standard - "Environmental Management Systems" has the objectives of
increasing environmental performance, meeting compliance obligations and achieving proposed environmental
objectives, as well as systematically improving environmental management.
Periodically, Oil Terminal's activity is audited internally/externally and verified through thematic or substantive
controls by environmental, water management or emergency authorities.
As at 31 December 2023 the Company has not identified any significant climate-related issues on the operations
carried out by OIL TERMINAL.
There is no indication of impairment of assets and there are no legal or constructive obligations to establish a
provision related to climate commitments at 31 December 2023.
❖ The competitive situation in the company's field of activity:
Domestically, Oil Terminal is the largest terminal in the port of Constanta for import and export of crude oil,
petroleum products and chemicals.
With regard to the whole sphere of oilfield services, the company's main competitors are:
- the terminal in the port of Midia
- terminals in Romanian Danube ports (Galati, Giurgiu and Drobeta Turnu Severin)
- Reni terminal
- port operators Chimpex and Frial for the export and import of liquid fertilisers or vegetable oils.
The work of the competitors mentioned consists of:
• The terminal at the port of Midia:
The terminal in the port of Midia exclusively serves the Rompetrol Rafinare refinery. Through the mono buoy
located 8.6 km off the Black Sea, ships are unloaded with crude oil needed for processing in the refinery, and
through the oil berths located in the port of Midia, ships are unloaded with other raw materials to feed the refinery
and with bio-components that are mixed with diesel and gasoline in proportions according to the legislation in
force. Ships/barges are also loaded with a maximum of 20 thousand tonnes of petrol and diesel for export. The
quantitative limitation is imposed by the maximum draught at berths. In 2023, crude oil and other raw materials
used for processing in the Petromidia refinery were unloaded at the Marine Midia Terminal and fuel for export
and import was loaded.
• Terminals in Romanian Danube ports (Galati, Giurgiu and Drobeta Turnu Severin):
The Danube terminals are used to load/unload gasoline, diesel, fuel oil and bioethanol from/to river barges:
- OMV Petrom and Petrotel Lukoil refineries load gasoline and diesel from CF tankers via the Drobeta Turnu
Severin terminal directly onto river barges unloading at Danube ports in Austria, Slovakia and Hungary.
Bioethanol unloading from barges loaded in Hungary is also carried out for the 2 refineries mentioned
above.
- During 2014, MOL built a new terminal in the port of Giurgiu where it unloads barges of gasoline and diesel
loaded on river barges at Oil Terminal, Rompetrol Rafinare and other Danube ports in Hungary and
Slovakia. A CF ramp for unloading gasoline and diesel from rail tanker wagons is also to be commissioned
at the Mol depot.
- small quantities of diesel oil and fuel oil, mainly arriving by tanker wagons from various operators, run
through the terminal at Galati. The depot has Russian type wide gauge rail lines connecting to Ukraine, so
it is no longer necessary to tranship wagons onto CFR type axles to be unloaded/loaded at this depot.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.4/ 72
• Reni Terminal:
This terminal is a competitor in terms of cargo turnover loaded at the port in Serbia. It has a small storage
capacity of about 5 thousand tonnes and the draught on the Danube allows the operation of small capacity
vessels up to 5-6 thousand tdw. For larger quantities, customers use the services of Oil Terminal.
• Export and import of liquid fertilizers and vegetable oils:
In the Port of Constanta there are two port operators that have tanks in operation: Frial with a capacity of 15,000
cubic meters and Chimpex with tanks of 20 thousand cubic meters. During 2016 and 2017, in line with market
demands, the two owners changed the destination of the tanks from liquid fertilizers to vegetable oils. The import
of urean was carried out by the company HGM Logistic. It was carried out due to the closure of the three urean
producing plants belonging to INTERAGRO.
❖ Management system
Since 13.05.2003, Bureau Veritas Romania has certified the management system implemented in OIL
TERMINAL, which is maintained until today and continuously improved in accordance with the requirements of
SR EN ISO 9001:2015. Since 2018, the company has been certified for Integrated Management System,
Quality, Environment, Health and Safety at Work.
The company holds a quality management certificate from Bureau Veritas Certification, valid until 13 May 2024,
with a recertification audit to be carried out in April 2024.
In accordance with the requirements of SR EN ISO/IEC 17025:2018, reaccreditation of laboratory tests was
carried out in 2021 by the National Body RENAR for 23 laboratory tests and the reaccreditation certificate was
obtained for a period of 4 years.
Internal audits with qualified auditors and external audits of the above mentioned bodies are planned to ensure
compliance with the requirements of the management system.
In June 2021, an audit was conducted to assess the compliance of the Metrology Laboratory with the
requirements of SR EN ISO/IEC 17025:2018. Following the audit, the Metrology Laboratory obtained Re-
authorization for a period of 2 years.
On 20-21.04.2023, Surveillance Audit No.2 was carried out in accordance with the requirements of SR EN ISO
9001:2015 and on 24-25.04.2023, Surveillance Audit No.1 was carried out in accordance with the requirements
of SR EN ISO 14001:2015 and SR ISO 45001:2018.
In August 2023, the 2nd Surveillance Audit of Petroleum Products Testing Laboratories was conducted in
accordance with the requirements of SR EN ISO/IEC 17025:2018.
In October 2023, the documents for the reauthorization of the Metrology Laboratory for volume verifications in
accordance with the requirements of SR EN ISO/IEC 17025:2018 were submitted again. New documentation
had to be submitted because during the assessment period some of the standards were re-scaled and the
annexes of the certificates had to be redone.
In November 2016, AFER-ASFR verified the railway safety management system in order to assess it and issue
the railway safety authorisation for OIL TERMINAL, in accordance with Directive 2004/49/EC, transposed into
Law 55/2006. The verification of the system implemented in 2016 is carried out annually, based on its
documentation, issuing the Railway Operator Operating Authorisations.
As of December 24, 2019, based on AEO authorization no. RO AEOF 00000000224, the company has the
status of authorized economic operator for customs simplifications/safety and security, according to address
no.31426 dated 19.12.2019, sent by the Directorate General of Customs.
During the period 01.03.2023-04.05.2023, a reassessment of the compliance with the conditions and criteria for
obtaining the status of authorized economic operator and the AEOC/AEOS Authorization -
RO/AEOC/AEOS/00000000224/19.12.2019 was carried out by the Bucharest Regional Customs Directorate.
Following the reassessment, the Bucharest Regional Customs Directorate proposed maintaining the
authorization, given that OIL TERMINAL meets the conditions and criteria for granting AEO-Customs
Simplifications/Security and Safety status, and issued AUDIT REPORT no.48/1/DM/ZM/04.05.2023, registered
at Oil Terminal with no.5386/09.05.2023.
In order to meet the requirements of the Authorised Economic Operator, compliance with the requirements of
Integrated Management, Quality, Environment, Health and Safety at Work is maintained.
On 11.02.2022 the Ministry of Public Finance - National Agency for Tax Administration - General Directorate for
the Administration of Large Taxpayers - Commission for the Authorization of Operators of Products Subject to
Harmonized Excise Duty, issued the Authorization of Tax Warehouse No. RO 0070413DD02/03.02.2022 with
validity from 03.03.2022 until 01.03.2027, in the name of the authorized warehouseman OIL TERMINAL SA.
This authorisation permits the receipt, holding and dispatch, where applicable, of unleaded petrol under
suspension of excise duty.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.5/ 72
❖ The main services provided by the company are:
•
receipt, storage, conditioning and dispatch of crude oil, fuel oil, petroleum products, petrochemicals
and liquid chemicals for import, export and transit;
•
carrying out technical tests and analyses in its own laboratories for the products developed;
•
carrying out technical tests and analyses in its own laboratories for third parties;
•
carrying out repairs and maintenance on the installations and machinery in their possession;
•
renting own property;
•
wholesale of waste and scrap.
The turnover achieved in 2023 is 349,787,315 lei. Compared to the previous year, there was an absolute
increase of 47,108,337 lei.
The breakdown of the turnover achieved by products run in 2023 compared to 2022 is as follows:
Petroleum products lei
Year 2023
Year 2022
Crude oil
72,422,623
85,180,155
Diesel
201,588,670
151,674,507
Petrol
10,531,942
15,097,403
Fuel oil
27,929,818
16,864,344
Chemicals
23,953,556
22,130,507
Waste products
1,731,390
842,275
Other products and services
11,629,316
10,889,787
TOTAL
349,787,315
302,678,978
The main economic and financial indicators achieved by the company in 2023 compared to 2022 are as follows:
Indicator name
Year 2023
Year 2022
Current liquidity
1.26
1.31
Immediate liquidity
1.23
1.28
Turnover speed of customer flows (days)
35
33
Supplier credit turnover rate (days)
39
32
Turnover speed of fixed assets (rot)
0.47
0.52
Turnover speed of total assets (rot)
0.42
0.45
Return on capital employed (%)
3.70
3.21
Basic earnings per share (lei/share)
0.009508
0.020069
Interest cover indicator (no. of times)
2.51
3.46
Gross margin on sales (%)
4.73
4.42
The average number of employees was 996 on 31 December 2023 and 962 on 31 December 2022.
The structure of staff expenditure is as follows:
Indicator
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on salaries, meal vouchers and allowances
130,222,498
106,092,470
Expenditure on bonuses related to employee profit-sharing
1,059,224
469,618
Insurance and social protection expenditure
5,058,856
4,376,736
Insurance contribution for work - employees
2,757,637
2,222,095
Insurance contribution for work for persons other than employees
60,349
69,208
Staff expenditure
139,158,564
113,230,127
During 2023, the Company has carried out transactions with state-owned entities (irrespective of shareholding)
invoiced during the period from 1 January 2023 to 31 December 2023 under contracts concluded in the current
or previous year as follows:
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.6/ 72
Customer
Amount
unpaid to
31 December
2022
Sales during
the period
01.01.2023-
31.12.2023
Settlements in
the period
01.01.2023-
31.12.2023
Undisbursed
amounts to
31 December
2023
Agenția Română de Salvare a Vieții
Omenești pe Mare
109,669
649,016
649,660
109,025
ANRSPS UT 515
0
2,494,077
2,270,894
223,183
Chimcomplex
240,576
6,373,031
5,752,703
860,904
Conpet
0
238,383
238,383
0
C.N. Căi Ferate CFR
17,132
101,505
104,819
13,818
OMV Petrom
6,629,133
82,423,177
81,166,320
7,885,990
Rompetrol Downstream
3
0
3
0
Rompetrol Rafinare
319,411
3,606,963
3,610,297
316,077
SNTFM CFR MARFA SA
6,386
138,943
134,211
11,118
Societatea Națională de Radiocomunicații
939
33,995
34,612
322
UM 02133 Farul Roșu – Direcția Hidrografică
Maritimă
14,371
135,849
127,555
22,665
TOTAL
7,337,620
96,194,939
94,089,457
9,443,102
Supplier
Undisbursed
amounts at 31
December
2022
Purchases
during the
period
01.01.2023-
31.12.2023
Settlements in
the period
01.01.2023-
31.12.2023
Undisbursed
amounts at 31
December
2023
Administrația Națională Apele Române -
Administrația Bazinală de Apă Dobrogea
Litoral
0
14,235
14,235
0
Agenția de Protecție a Mediului
0
1,900
1,900
0
Agenția Natională de Cadastru și Publicitate
Imobiliară
0
890
890
0
Agenția Națională pentru Resurse Minerale
0
12,768
12,768
0
Asociația de Acreditare din România -
RENAR
0
24,301
23,798
503
Asociația de Dezvoltare Durabilă a Județului
Constanța
0
25,000
25,000
0
Autoritatea de Siguranță Feroviară Română
0
51,909
50,744
1,165
Autoritatea de Standardizare din România
0
19,833
19,833
0
Autoritatea Feroviară Română - AFER
763
58,504
59,267
0
Autoritatea Națională de Reglementare în
domeniul Energiei - ANRE
0
2,500
2,500
0
Autoritatea Navală Română
0
19,704
19,704
0
Autoritatea Rutieră Română - ARR
0
2,816
2,816
0
Biroul Român de Metrologie Legală
0
50,240
50,240
0
Bursa de Valori
0
17,582
17,582
0
C.N.Căi Ferate CFR
3,843
93,410
88,984
8,269
Camera de Comerț și Industrie a României
0
154,185
154,185
0
Camera de Comerț, Industrie, Navigație și
Agricultură
0
27,765
27,765
0
Căpitania Zonală
0
2,933
2,933
0
Centrul Național de Calificare și Instruire
Feroviară - CENAFER
479
8,540
6,829
2,190
Ceronav
1,980
13,695
15,675
0
Compania Națională Administrația Porturilor
Maritime
44,993
4,899,681
4,867,398
77,276
Compania Națională de Administrare a
Infrastructurii Rutiere - CNAIR
0
24,375
24,375
0
Compania Națională pentru Controlul
Cazanelor, Instalațiilor de Ridicat și
Recipientelor Sub Presiune - CNCIR
0
51,224
36,654
14,570
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.7/ 72
❖ Executive management of OIL TERMINAL in 2023:
Crt. no.
Full name
Function
1.
Viorel - Sorin CIUTUREANU
Director General
2.
Adriana FRANGU
Chief Financial Officer
3.
Marieta Elisabeta STAȘI
Development Director
4.
Gabriel DARABAN
Commercial Director
5.
Emil ROHAT
Technical Director
By Decisions no.106/12.12.2022 and no.107/12.12.2022, the Board of Directors of the Company appointed, on
the recommendation of the Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu as
provisional General Manager and Mrs. Adriana Frangu as provisional Financial Manager, as the term of office
of the General Manager and the Financial Manager expires on 01.01.2023. The term of office of the two
provisional directors appointed is 4 months, starting from 01.01.2023, in accordance with the provisions of Article
64 index 2 of GEO no.109/2011 on corporate governance of public companies.
By the Decision of the Board of Directors no.44/07.04.2023, the term of office of the provisional general manager
of Oil Terminal SA was extended, respectively, of Mr. Viorel Sorin Ciutureanu, by 2 (two) months from the date
of expiry of the mandate, respectively, for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.45/07.04.2023, the mandate of the provisional financial director of
Oil Terminal SA, i.e. Adriana Frangu, was extended by 2 (two) months from the date of expiry of the mandate,
i.e. for the period: 01.05.2023 - 01.07.2023.
By the Decision of the Board of Directors no.72/19.06.2023 Mr. Viorel Sorin CIUTUREANU was appointed as
General Manager of the company, to whom, in accordance with the provisions of art.35 of GEO no.109/2011,
the management of the company was delegated for a mandate of 4 years, starting from 20.06.2023 until
20.06.2027.
By Decision of the Board of Directors no.73/19.06.2023, Mrs. Adriana FRANGU was appointed, in accordance
with the provisions of GEO no.109/2011, as the company's Financial Director , and the term of office of the
Financial Director was set at 4 years, starting from 20.06.2023 until 20.06.2027.
Compania Poșta Română
0
118
118
0
Confort Urban
0
1,050
1,050
0
Conpet
0
3,687
3,687
0
Depozitarul Central
188
36,847
36,908
127
Engie România
1,430,669
9,810,471
9,564,798
1,676,342
INCD Insemex
0
74,048
74,048
0
Inspecția de Stat pentru Controlul Cazanelor,
Recipientelor sub Presiune și Instalațiilor de
Ridicat - ISCIR
0
3,550
3,550
0
Inspectoratul Județean în Construcții
Constanța
0
385,059
385,059
0
Institutul Național de Cercetare-dezvoltare
Protecția Muncii Alexandru Darabonț
0
15,322
15,322
0
Iprochim
0
6,528
6,528
0
Monitorul Oficial
0
19,805
19,805
0
Oficiul de Cadastru și Publicitate Imobiliară
0
480
480
0
Oficiul Național al Registrului Comerțului de
pe lângă Tribunalul Constanța
0
10,315
10,315
0
OMV Petrom
989,363
6,746,950
7,736,313
0
OMV Petrom Marketing
0
24
24
0
Primăria Municipiului Constanța
0
759,133
759,133
0
RAJA
115,990
1,461,604
1,508,234
69,360
RNP Romsilva D.C.E.A.C.
15,173
17,552
15,172
17,553
Rompetrol Downstream
62,985
651,302
689,504
24,783
SNTFM CFR Marfa
0
2,142
2,142
0
Serviciul Public de Impozite,Taxe și alte
Venituri
0
33
33
0
Telecomunicații CFR
0
11,002
11,002
0
TOTAL
2,666,426
25,595,012
26,369,300
1,892,138
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.8/ 72
The Managing Director and the Chief Financial Officer work on the basis of mandate contracts, while the
Development Director, the Technical Director and the Commercial Director are employed by the company on
the basis of individual employment contracts concluded for an indefinite period.
At the date of this report there are no shareholdings of the directors Sorin Viorel CIUTUREANU, Adriana
FRANGU, Marieta Elisabeta STAȘI, Emil ROHAT, Gabriel DARABAN in the share capital of the company.
The company is managed according to the unitary system of administration, with a Board of Directors
consisting of 7 non-executive administrators.
In 2023 the composition of the Board of Directors was:
No.
crt.
Full name
Function
Term of office during
the reference period
1.
GHEORGHE Cristian Florin
Chairman of the Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
2.
UNGUR Ramona
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
3.
ANDREI Ovidiu Aurelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
4.
TEȘELEANU George
Provisional Administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
5.
NICOLAE Emilian
Provisional Administrator Board of Directors
01.01.2023-27.04.2023
6.
LAZARIU Ciprian Dragos
Provisional Administrator Board of Directors
01.01.2023-27.04.2023
7.
MICU Ionut Stelian
Provisional administrator Board of Directors
Administrator Board of Directors
01.01.2023-27.04.2023
28.04.2023-27.04.2027
8.
MIȘA George Silvian
Administrator Board of Directors
28.04.2023-27.04.2027
9.
BODU Sebastian Valentin
Administrator Board of Directors
28.04.2023-27.04.2027
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.22/25.11.2022, it was approved
the extension of the term of office of the provisional directors of Oil Terminal SA, elected by the OGSM
Resolution no.14/29.07.2022, for two months from the date of expiry, i.e. for the period 04.12.2022 - 03.02.2023
inclusive, as follows:
1. Mr. Florin Cristian GHEORGHE - Chairman of the Board of Directors from 04.08.2022
2. Mrs Ramona UNGUR
3. Mr. Ovidiu Aurelian ANDREI
4. Mr George TEȘELEANU
5. Mr Emilian NICOLAE
6. Mr. Ciprian Dragoș LAZARIU
7. Mr Ionuț Stelian MICU
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/16.01.2023 the following were
adopted:
- election as provisional members of the Board of Directors of Oil Terminal SA, by cumulative voting method,
in accordance with the provisions of GEO no.109/2011 on corporate governance of public companies, with
subsequent additions and amendments, of the following persons:
1. Mr GHEORGHE Cristian Florin
2. Mrs UNGUR Ramona
3. Mr. ANDREI Aurelian Ovidiu
4. Mr. TEȘELEANU George
5. Mr NICOLAE Emilian
6. Mr. LAZARIU Dragos - Ciprian
7. Mr. MICU Ionuț Stelian
- approval of the term of office of the provisional administrators, for a period of 4 months, in accordance with
the provisions of art.64
1
, paragraph (5) of GEO no.109/2011 or until the end of the recruitment and selection
procedure provided for in GEO no.109/2011, if this takes place earlier than 4 months after the appointment
of the provisional administrators by the GSM, starting from 03.02.2023.
During the meeting of the Board of Directors held on 03.02.2023, the directors of the company elected as
Chairman of the Board of Directors, Mr. Gheorghe Cristian-Florin, in accordance with the provisions of Article
18 paragraph 5 of the articles of association and established the composition of the advisory committees that
will function within the Board of Directors, as follows:
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.9/ 72
• Audit Committee:
UNGUR Ramona - President
TEȘELEANU George - Member
LAZARIU Dragoș Ciprian - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - President
NICOLAE Emilian - Member
MICU Ionuț Stelian - Member
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.12/27.04.2023 the following
were adopted:
- approved the election as members of the Board of Directors of Oil Terminal SA, starting from 28.04.2023,
in accordance with the provisions of art.29 of GEO no.109/2011 of the following:
• Mr ANDREI Aurelian Ovidiu
• Mr GHEORGHE Cristian Florin
• Mrs UNGUR Ramona
• Mr MIȘA George Silvian
• Mr MICU Ionuț Stelian
• Mr TEȘELEANU George
• Mr BODU Sebastian Valentin
- the term of office of the elected members of the Board of Directors was approved for a period of 4 (four)
years, starting on 28.04.2023.
The Directors elected by the OGSM Resolution no.12/27.04.2023, meeting on 28.04.2023, elected, in
accordance with the provisions of Article 18 paragraph (5) of the Articles of Association, as Chairman of the
Board of Directors, Mr. Gheorghe Cristian Florin and established the composition of the advisory committees
that will function within the Board of Directors as follows:
• Audit Committee:
UNGUR Ramona - President
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - President
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Strategy and Development Committee
MICU Ionuț Stelian - President
UNGUR Ramona - Member
MIȘA George Silvian - Member
In accordance with the provisions of art.34 GEO no.109/2011 modified by Law no.187/2023, during the meeting
of the Board of Directors held on 28.07.2023, the directors of the company updated the composition of the
advisory committees operating within the Board of Directors, as follows:
• Audit Committee:
UNGUR Ramona - President
TEȘELEANU George - Member
GHEORGHE Cristian Florin - Member
• Nomination and Remuneration Committee:
ANDREI Aurelian Ovidiu - President
BODU Sebastian Valentin - Member
MICU Ionuț Stelian - Member
• Strategy and Development Committee
MICU Ionuț Stelian - President
UNGUR Ramona - Member
MIȘA George Silvian - Member
• Risk Management Committee
BODU Sebastian Valentin - President
ANDREI Aurelian Ovidiu - Member
TEȘELEANU George - Member
As at 31 December 2023 there are no advances and loans to non-executive managers or management.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.10/ 72
Oil Terminal as at 31 December 2023 is not part of a group, has no relationships with subsidiaries or associated
entities and has no shareholdings in other companies.
2. Significant accounting policy disclosures
The accounting policies applied in these individual annual financial statements are the same as those applied
in the Company's annual financial statements as of and for the year ended December 31, 2022, except for the
adoption of new standards effective January 1, 2023. The Company has not early adopted any other standards,
interpretations or amendments that have been issued but are not yet effective.
Significant accounting policies are described in note 2 and are consistently applied by the company in the
preparation of the financial statements.
2.1 Declaration of conformity
These individual financial statements of the Company have been prepared on the basis of accounting
regulations in accordance with International Financial Reporting Standards ("IFRS") approved by Order of the
Minister of Public Finance No. 2844/2016, as amended.
International Financial Reporting Standards ("IFRS") are standards adopted in accordance with the procedure
laid down in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on
the application of international accounting standards and include standards and interpretations endorsed by the
International Accounting Standards Board ("IASB"), International Accounting Standards ("IAS") and
interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").
These financial statements have been prepared on a going concern basis.
The financial year corresponds to the calendar year.
The financial statements as at and for the year ended 31 December 2023 have been audited.
2.2 a) Standards and amendments to standards issued by the International Accounting
Standards Board (IASB) and adopted by the European Union (EU) that are effective from 1 January 2023:
Subject
Requirements
Possible impact
on the financial
statements
IFRS 17 'Insurance
Contracts' and
Amendments to
IFRS 17
International Financial Reporting Standard (IFRS) 17
'Insurance Contracts' is introduced, which requires insurance
obligations to be measured at a present value of realisation
and provides a more uniform measurement and presentation
approach for all insurance contracts. IFRS 17 will result in
significant changes for many insurers, requiring adjustments to
existing systems and processes.
The standard sets out principles for the recognition,
measurement, presentation and disclosure of information
about insurance contracts within the scope of the standard.
The company
does not issue
contracts that are
subject to IFRS
17, so the
financial
statements have
not been affected
by this standard
as it is not
applicable to us.
Amendments to
IAS 1 "Presentation
of Financial
Statements":
Presentation of
accounting policies
In accordance with IAS 1 Presentation of Financial Statements,
an entity discloses significant accounting policy information.
Information about the measurement basis (or bases) used in
the preparation of financial statements is expected to be
significant accounting policy information. In February 2021 the
IASB published amendments to IAS 1, which changes the
disclosure requirements for accounting policies from
'significant accounting policies' to 'significant accounting policy
disclosures'. The amendments provide guidance on when
information about accounting policies can be considered
significant.
The adoption of
these
amendments did
not have a
significant impact
on the annual
financial
statements.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.11/ 72
Amendments to
IAS 8 - Accounting
Policies, Changes in
Accounting
Estimates and
Errors:
Definition of
accounting
estimates:
In February 2021, the IASB issued amendments to IAS 8,
which added the definition of accounting estimates to IAS 8.
The amendments also clarified that the effects of a change in
an input or measurement technique are changes in accounting
estimates, unless they result from the correction of prior period
errors.
Definition of accounting estimates: Accounting estimates are
monetary amounts in financial statements that are subject to
measurement uncertainty.
The adoption of
these
amendments did
not have a
material impact
on the annual
financial
statements.
Amendments to
IAS 12 "Income
Taxes":
Deferred tax on
assets and
liabilities arising
from a single
transaction
These amendments clarify how companies should account for
deferred taxes on transactions such as leases and
decommissioning liabilities and aim to reduce the diversity in
the reporting of deferred tax assets and liabilities related to
leases and decommissioning liabilities.
The amendments introduce an additional criterion for the initial
recognition exemption under IAS 12.15, whereby the
exemption does not apply to the initial recognition of an asset
or liability that, at the time of the transaction, gives rise to equal
taxable and deductible temporary differences.
Taxable temporary differences:
A deferred tax liability shall be recognised for all taxable
temporary differences, except to the extent that the deferred
tax liability arises from:
(a) initial recognition of goodwill; or
(b) the initial recognition of an asset or liability in a transaction
that:
(i) is not a business combination;
(ii) at the time of the transaction it affects neither
accounting profit nor taxable profit (tax loss); and
(iii) at the time of the transaction does not give rise to equal
taxable and deductible temporary differences
Temporary deductible differences:
A deferred tax asset shall be recognised for all deductible
temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible
temporary difference can be utilised, unless the deferred tax
asset arises from the initial recognition of an asset or liability in
a transaction that:
(a) is not a business combination;
(b) at the time of the transaction it affects neither accounting
profit nor taxable profit (tax loss); and
(c) at the time of the transaction does not give rise to equal
taxable and deductible temporary differences.
The adoption of
these
amendments did
not have a
significant impact
on the annual
financial
statements.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.12/ 72
Amendments to
IAS 12 "Income
Taxes:
International tax
reform - second
pillar rules"
International tax reform - second pillar model rules. The
amendments introduce a temporary exception to the
accounting for deferred taxes arising in jurisdictions
implementing the global tax rules and the disclosure
requirements for company exposure to corporate taxes arising
from the reform, particularly before the legislation implementing
the rules comes into force.
On 8 October 2021, the OECD/G20 Inclusive Framework on
Base Erosion and Profit Shifting (BEPS) reached agreement
on key elements of a reform of the international corporate tax
rules for multinational enterprises. This agreement is set out in
the declaration on a two-pillar solution to address the tax
challenges posed by the digitalisation of the economy, also
known as the October 2021 Declaration of the OECD/G20
Inclusive Framework on BEPS. The October 2021 Declaration
of the OECD/G20 Inclusive Framework on BEPS foresees a
two-pillar solution.
Pillar One consists of rules and mechanisms that will allow the
reallocation of taxing rights between jurisdictions where the
largest and most profitable multinational groups have a market
share and make a profit.
The second pillar essentially comprises minimum effective tax
rules for the largest multinational groups, designed to reduce
the scope for tax base erosion and profit shifting. The Pillar
also aims to ensure the payment of the overall minimum
corporate tax rate, agreed at 15%.
The financial
statements have
not been affected
by these
amendments.
2.2 b) New standards, amendments and interpretations that apply after 1 January 2024 and have
not been adopted earlier.There are amendments and interpretations that apply for annual periods beginning
on or after 1 January 2024 that have not been applied in the preparation of these financial statements.
Requirements to be applied in the future:
Subject
Requirements
Possible impact
on the financial
statements
Amendments to IAS
7 "Statement of Cash
Flows"
and IFRS 7 'Financial
instruments:
disclosures':
Supplier financing
agreements"
(applicable for
periods beginning on
or after 1 January
2024);
The amendments require entities to provide certain specific
information (qualitative and quantitative) on supplier financing
arrangements. The amendments also provide guidance on the
characteristics of supplier financing arrangements.
Entities will be obliged to provide certain specific information
(qualitative and quantitative) on supplier financing
arrangements. To meet this objective, an entity must provide
the following:
- terms and conditions of the agreements.
- at the beginning and end of the reporting period:
(i) the carrying amount of suppliers' financial liabilities and
the line items of financial liabilities in which they are
presented.
(ii) the carrying amounts and related line items of financial
liabilities disclosed in (i) for which suppliers have already
received payment from the financing providers.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.13/ 72
(iii) the range of payment due dates for both the financial
liabilities disclosed in (i) and comparable trade payables that
are not part of a vendor financing arrangement. Where the
ranges of payment due dates are wide, explanatory
information on these or additional ranges (e.g. stratified
ranges) should be disclosed.
- the type and effect of non-cash changes in the carrying
amounts of liabilities under the vendor financing arrangement,
for example the effect of business combinations, foreign
exchange differences or other transactions that do not require
the use of cash or cash equivalents.
Amendments to
IFRS 16 Leases:
Lease debt in a sale
and leaseback
agreement
(applicable for
annual periods
beginning on or after
1 January 2024)
The amendments to IFRS 16 require the seller-lessee to
subsequently measure lease liabilities arising from a leaseback
transaction in such a way that it does not recognise any gains
or losses on the retained right of use. The new requirements
do not prevent the seller-lessee from recognising in profit or
loss gains or losses on the partial or full termination of a lease.
The impact of the
first-time
application of
these
amendments is
being assessed
Amendments to
IAS 1 "Presentation
of Financial
Statements":
Classification of
liabilities as current
or long-term
(applicable at the
latest from the
commencement date
of the first financial
year starting on or
after 1 January 2024)
The amendments specify how a company should determine, in
the statement of financial position, liabilities and other liabilities
with an uncertain settlement date.
According to these amendments, those liabilities or other
liabilities must be classified as either current (due or potentially
due within one year) or long-term.
These amendments also improve the information that a
company should provide when its right to defer settlement of a
debt for at least twelve months is subject to restrictive
covenants.
As a result of the COVID-19 pandemic, the Council has
postponed by one year the effective date of the changes for
annual reporting periods beginning on or after 1 January 2024.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
Amendments to
IAS 1 "Presentation
of Financial
Statements":
Long-term debt
with commitment
clauses
(applicable at the
latest from the
commencement date
of the first financial
year starting on or
after 1 January 2024)
Following the publication of amendments to IAS 1 -
'Classification of Liabilities as Current or Long-Term', the IASB
amended IAS 1 in October 2022.
If an entity's right to defer is conditional on the entity's
compliance with specified conditions, those conditions affect
the existence of that right at the end of the reporting period if
the entity is required to comply with the condition at or before
the end of the reporting period and not if the entity is required
to comply with the conditions after the reporting period. The
amendments also provide clarification of the meaning of the
term 'settlement' for the purpose of classifying a liability as
current or non-current. The amendments address concerns
expressed by stakeholders about the effects of the
amendments to IAS 1- Classification of Liabilities as Current or
Non-tradable on the classification of liabilities with covenants.
Under the 2022 amendments, a commitment affects the
existence of the right to defer settlement to the end of the
reporting period if compliance with the commitment is required
by the end of the reporting period.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.14/ 72
Amendments to
IAS 21 The Effects of
Changes in Foreign
Exchange Rates:
Lack of exchange
possibilities
(applicable for
annual periods
beginning on or after
1 January 2025)
The amendments introduce requirements for assessing when a
currency is or is not exchangeable into another currency. The
amendments require an entity to estimate the spot exchange
rate when it concludes that a currency is not exchangeable into
another currency.
The changes mainly include the following:
- requirements for assessing when a currency is exchangeable
into another currency and when it is not.
- spot exchange rate estimation requirements when a currency
cannot be exchanged into another currency.
- additional disclosure requirements if an entity estimates spot
exchange rates because a currency cannot be exchanged into
another currency.
- application guidelines to help entities assess whether a
currency can be exchanged into another currency and to
estimate spot exchange rates when a currency is not
exchangeable.
The impact of
applying these
amendments for
the first time is
currently being
assessed.
2.3. Basis for evaluation
The financial statements are prepared at historical cost, except for property, plant and equipment, intangible
assets and assets relating to rights to use leased assets, other than assets under construction, which are stated
at revalued amount. Inventories are valued at the lower of cost and net realisable value. International Accounting
Standard IAS 29 - Financial Reporting in Hyperinflationary Economies was applied until 31 December 2003. As
from 1 January 2004 Romania's economy is no longer considered hyperinflationary. The company has ceased
to apply IAS 29 from this date.
The accounting policies set out below have been applied consistently for all periods presented in these financial
statements.
2.4. Functional and presentation currency
The financial statements are presented in Romanian lei (lei), which is also the company's functional currency as
defined by IAS 21 "The Effects of Changes in Foreign Exchange Rates".
In accordance with applicable accounting regulations, all amounts are rounded to the nearest leu.
2.5. Use of professional estimates and judgements
The preparation of financial statements in conformity with International Financial Reporting Standards ("IFRS")
requires management to make estimates, judgements and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses.
Estimates and assumptions are evaluated on an ongoing basis and are based on past experience and other
factors, including predictions of future events that are believed to be reasonable under the circumstances.
The results of these estimates form the basis of professional judgements about the carrying amounts of assets
and liabilities that cannot be obtained from other sources of information. Actual results may differ from the
estimated values.
The significant business judgements used by management in applying the Company's accounting policies and
the key sources of estimation uncertainty were the same as those applied to the 2022 financial statements.
In accordance with IAS 36, both property, plant and equipment and intangible assets are analysed at the balance
sheet date for indications of impairment. If there is an indication that an impairment loss has occurred the
company estimates the recoverable amount of the cash-generating unit or asset. Recoverable amount is the
higher of value in use and selling value less costs to sell. In most cases, the company estimates value in use.
The calculation of value in use is based on budgets and forecasts.
2.6. Assumptions
In the process of applying the Company's accounting policies, management has not made significant
assumptions, other than those involving estimates of provisions/adjustments for inventories, receivables,
litigation, employee benefit provisions, employee profit-sharing provisions, other provisions in relation to the
mandate contract representing the variable component for the non-executive administrators, General Director
and Financial Director, that have a material effect on the amounts in the financial statements.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.15/ 72
2.7 Accounting and reporting fundamentals in hyperinflationary economies
The valuation and reporting currency of the company is the Romanian Leu (leu).
IAS 29 - Financial Reporting in Hyperinflationary Economies requires financial statements of companies
reporting in the currency of a hyperinflationary economy to be prepared in terms of the currency unit current at
the balance sheet date and all amounts must be restated on those terms.
IAS 29 states that reporting operating profit or loss and financial position in local currency without restatement
for inflation is unhelpful because money loses its purchasing power so quickly that a comparison of the value of
transactions or other events that occurred at different times, even within the same reporting period, is wrong.
IAS 29 suggests that an economy should be considered hyperinflationary if certain conditions are met, one of
which is that the cumulative rate of inflation over a three-year period exceeds 100%.
Adjustments were made up to 31 December 2003 to reflect the application of IAS 29.
The application of IAS 29 to specific categories of transactions and balances in the financial statements is set
out below:
- Monetary assets and liabilities: monetary assets and liabilities have not been revalued for the purposes of
applying IAS 29 as they are already expressed in terms of the currency unit current at the balance sheet date.
- Non-monetary assets and liabilities and equity: in this category the equity components have been restated by
applying the inflation index from the month in which the equity components were originally recorded in the
financial statements to 31 December 2003.
As from 1 January 2004 the Company no longer applies the provisions of IAS 29 because the characteristics of
the economic environment in Romania indicate the end of hyperinflation.
2.8. Foreign currency transactions
Foreign currency transactions are converted into the company's functional currency using the exchange rate on
the day of the transaction.
Monetary assets and liabilities denominated in foreign currency at the balance sheet date are translated into the
functional currency at the exchange rate at the balance sheet date.
Exchange differences are recorded in the Statement of Comprehensive Income.
Non-monetary assets and liabilities, which are stated at historical cost in foreign currency, are translated using
the exchange rate at the transaction date.
As at 31 December 2023 and 31 December 2022 respectively, the official exchange rates used for the
conversion of foreign currency balances are :
Currency
Year ended
31 December 2023
Year ended
31 December 2022
1 SWISS FRANC
CHF
5.3666
5.0289
1 EURO
EUR
4.9746
4.9474
1 POUND STERLING
GBP
5.7225
5.5878
1 USD
USD
4.4958
4.6346
2.9 Tangible fixed assets
a) Overview
Property, plant and equipment held by the company are classified in the following categories of assets of the
same nature and similar uses :
- land
- construction
- technological equipment, measuring, controlling and regulating apparatus and installations and means of
transport
- other tangible assets
- tangible assets in progress.
The fair value of tangible assets has been determined on a going concern basis.
b) Recognition assessment
Tangible fixed assets are initially valued at acquisition cost (for those acquired for consideration), contribution
value (for those received as a contribution in kind when forming/increasing share capital) or fair value at the date
of acquisition (for those received free of charge).
The cost of an item of property, plant and equipment consists of the purchase price, including non-recoverable
import duties or purchase taxes, transport, handling, commission, notary fees, permitting and other non-
recoverable expenses directly related to the property, plant and equipment and any direct costs attributable to
bringing the asset to its place and condition.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.16/ 72
Tangible fixed assets in progress represent unfinished investments made in the enterprise. They are valued at
cost.
Tangible fixed assets in course of construction are classified as completed fixed assets after their acceptance,
putting into service or commissioning, as appropriate.
The cost of a self-constructed item of property, plant and equipment is determined using the same principles as
for a purchased asset.
The cost of self-constructed assets includes the cost of materials, direct salaries, the initial estimate, where
applicable, of directly attributable dismantling and removal costs and site restoration, and a share of indirect
costs.
When an asset has major components with different useful lives, these components are recorded as separate
assets.
The Company does not recognise in the carrying amount of an item of property, plant and equipment routine
repairs and routine maintenance, these costs are recognised as an expense when incurred.
Ongoing maintenance costs are primarily labour and consumable costs and may include the cost of small
components. The purpose of these costs is to carry out the repair and maintenance of the item of property, plant
and equipment.
c) Evaluation after recognition
For subsequent recognition, the revaluation model has been adopted in accordance with IAS 16 - Property,
Plant and Equipment.
After initial recognition, property, plant and equipment are presented in the statement of financial position at
revalued amount, determined on the basis of a valuation report prepared by an independent certified expert
ANEVAR.
Property, plant and equipment are stated in the statement of financial position at revalued amount less
accumulated depreciation and accumulated impairment losses, except for advances and property, plant and
equipment in progress which are stated at cost.
The value of the revalued asset is its fair value at the date of revaluation less any subsequent accumulated
depreciation and any accumulated impairment losses.
Revaluations must be made with sufficient regularity to ensure that the carrying amount is not materially different
from what would have been determined using the fair value at the balance sheet date.
Revaluations are carried out by ANEVAR certified independent valuers.
The revalued (surplus) value replaces the acquisition cost. The revaluation surplus is reflected in the accounts
in equity as 'revaluation surplus', unless the increase offsets a decrease from a previous revaluation of the same
asset previously recognised in profit or loss, in which case the increase is recognised directly in profit or loss.
Revaluation losses are recognised in profit or loss unless the decrease offsets a previous revaluation increase,
accumulated in equity as revaluation surplus, in which case the decrease is recognised in other equity, reducing
the revaluation surplus.
The revaluation surplus included in equity relating to an item of property, plant and equipment is transferred
directly to retained earnings when the asset is derecognised. This involves transferring the entire surplus when
the asset is retired or disposed of.
Transfers from revaluation surplus to retained earnings are not made through profit or loss.
As at 31 December 2023 the Company has revalued property, plant and equipment, intangible assets and assets
related to rights of use of leased assets.
The revaluation at fair value was recorded as at 31 December 2023, based on valuation reports prepared by an
authorised valuer, a full member of ANEVAR.
The frequency of revaluations depends on changes in the fair values of the revalued property, plant and
equipment. In the case of property, plant and equipment whose fair values do not change significantly, no
revaluation is required.
If an item of property, plant and equipment is revalued, all other assets in the group to which it belongs must be
revalued, unless there is no active market for it.
A group of property, plant and equipment comprises assets of the same nature and similar uses that are in the
operation of an entity. If the fair value of an item of property, plant and equipment can no longer be determined
by reference to an active market, the amount of the asset presented in the balance sheet shall be its revalued
amount at the date of the last revaluation less any cumulative value adjustments.
d) Subsequent expenditure
The company recognises in the net carrying amount of a tangible fixed asset the cost of a replaced component
if the recognition criteria are met: it is probable that future economic benefits associated with the asset will flow
to the company and the cost of the asset can be measured reliably.
Expenditure on repairs or maintenance of fixed assets incurred to restore or maintain the value of these assets
is recognised in the income statement at the date of expenditure.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.17/ 72
Amounts paid or payable, generated by operations that lead to an increase in the value and/or useful life, through
the modernisation of tangible fixed assets held, i.e. those operations that lead to a significant improvement in
the technical parameters, to an increase in the potential for generating economic benefits from them, are
capitalised (the book value of the asset in question is increased accordingly).
e) Depreciation
Depreciation is calculated at book value (acquisition cost or revalued amount) using the straight-line method,
over the estimated useful life of the assets, starting from the month following their commissioning and is included
monthly in the company's costs.
The useful lives of tangible fixed assets are in line with those set out in the "Catalogue on the classification and
normal useful lives of fixed assets" approved by H.G. no.2139/2004.
Depreciation expense for each period is recognised in profit or loss only if it is not included in the carrying amount
of another asset.
Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary
for it to function in the manner intended by management.
Depreciation of an asset ceases at the earliest date when the asset is classified as held for sale (or included in
a disposal group that is classified as held for sale) in accordance with IFRS 5 and at the date the asset is
derecognised.
Therefore, depreciation does not cease when the asset is not used or is retired, unless it is fully depreciated.
However, under use-based depreciation methods, depreciation expense can be zero when there is no
production.
Each part of an item of property, plant and equipment with a significant cost in relation to the total cost of the
item is depreciated separately.
The residual value and the useful life of an asset are reviewed at the date of the revaluation of the assets and,
where appropriate, at the date of the increase in value as a result of the modernisation of the assets.
If expectations differ from other previous estimates, the change(s) should be accounted for as a change in
accounting estimate in accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and
Errors.
Land does not depreciate. Depreciation of other tangible assets is calculated using the straight-line depreciation
method, allocating residual value costs in accordance with the related useful life.
f) Depreciation of tangible fixed assets
An asset is impaired when its carrying amount exceeds its recoverable amount.
At each reporting date, the company must check for indications of impairment of assets. If such indications are
identified, the company shall estimate the recoverable amount of the asset.
If the carrying amount of an asset is decreased as a result of a revaluation, this decrease shall be recognised in
profit or loss.
However, the reduction should be recognised in other comprehensive income only to the extent that the
revaluation surplus does not present a credit balance for that asset.
The reduction recognised in other equity reduces the amount accumulated in equity as revaluation surplus.
g) De-recognition
The carrying amount of an item of property, plant and equipment must be derecognised:
- the yield;
- when no future economic benefit is expected from its use or disposal.
The gain or loss arising from the derecognition of an item of property, plant and equipment shall be included in
profit or loss when the item is derecognised.
h) Public heritage
The company does not manage public assets but has concluded a concession agreement with the National
Agency for Mineral Resources in Bucharest (ANRM) for the exploitation of reservoirs, pipelines for the transport
of crude oil and petroleum products, pumping installations and other related installations and equipment,
approved by GD no.886/16.08.2002 for a period of 30 years.
Investments made by the company in the assets covered by the concession contract are capitalised and
depreciated over the minimum of the remaining life of the asset in question or the remaining life of the oil
agreement, and the value of the assets making up the public domain of the State is replenished after their full
depreciation.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.18/ 72
2.10. Intangible assets
a) Recognition and evaluation
For an asset to be recognised as an intangible asset, the company must demonstrate that the item meets the
following:
• the definition of an intangible asset, ie:
- is separable, i.e. it can be separated or divided by the entity and sold, transferred, licensed, leased or
exchanged, either individually or together with a corresponding contract, asset or liability;
- arises from contractual or other legal rights, regardless of whether those rights are transferable or
separable from the entity or from other rights or obligations;
• recognition criteria, respectively:
- it is likely that the future economic benefits expected to flow to the company from the asset;
- the cost of the asset can be assessed reliably.
An intangible asset should initially be measured at cost.
The cost of a separately acquired intangible asset is made up of:
- Its purchase price, including import duties and non-refundable purchase taxes, after deduction of trade
discounts and rebates;
- Any cost directly attributable to preparing the asset for its intended use.
For an intangible asset acquired free of charge, or for nominal consideration through a government grant, the
company initially recognises the asset at nominal value plus any expenditure directly attributable to preparing
the asset for its intended use.
Intangible assets, according to generally accepted regulations, cannot be acquired through exchanges of assets,
they are treated as special deliveries.
b) Recognition of expenses
Expenditure on an intangible item shall be recognised as an expense when incurred, unless it forms part of the
cost of an intangible asset that meets the recognition criteria.
Expenditure on intangible assets that was initially recognised as an expense is not included in the cost of
intangible assets at a later date.
Subsequent expenditure is capitalised only when it increases the value of the future economic benefits embodied
in the asset to which it relates. All other expenditure, including expenditure on goodwill and internally generated
brands, is recognised in profit or loss when incurred.
c) Evaluation after recognition
After recognition, an intangible asset is accounted for using the revaluation model, or the cost model if there is
no active market for the intangible asset, i.e. at its cost less any accumulated depreciation and any accumulated
impairment losses.
d) Depreciation
The software and licences used are depreciated over three years using the straight-line method .
2.11. Assets relating to rights of use of leased assets
The Company has adopted IFRS 16 "Leases" for the first time as of January 1, 2019.
IFRS 16 Leases replaces IAS 17 and establishes new requirements for accounting for leases. In lessee
accounting under IFRS 16, the 'operating lease' or 'finance lease' classifications in IAS 17 are removed and
there is a single model for recording leases. Under IFRS 16, the lessee is required to recognise the right of use
of the underlying assets and the lease liabilities and will recognise the depreciation of the right of use of the
underlying assets separately from the interest on the lease liabilities in the income statement.
The Company has applied IFRS 16 from 1 January 2019, using the modified retrospective method for transition,
without restating comparative amounts for the prior period presented.
As at 1 January 2019, the Company recognised assets in the form of rights of use of underlying assets in the
account "Assets related to rights of use of leased assets" and lease liabilities in the account "Other loans and
similar liabilities" arising from previous operating leases.
The rights to use the underlying leased assets are amortised on a straight-line basis over the lease term.
Interest expense is charged to the income statement over the lease term and is calculated on the remaining
balance of the lease liability for each period.
The interest rate was set by the Company based on what it would cost the entity to borrow in a market to use
the underlying asset.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.19/ 72
In the statement of financial position, the right of use of the underlying assets is shown in a separate line under
'non-current assets' and lease liabilities are shown under 'other loans and similar liabilities' broken down into
long-term liabilities and current liabilities.
When initiating a contract, the company assesses whether that contract is, or includes, a lease. A contract is, or
contains, a lease if that contract grants the right to control the use of an identified asset for a specified period of
time in exchange for a consideration.
Under IFRS 16 Leases, at the inception of the lease, the company, as lessee, recognises an asset for the right
to use the underlying asset.
The cost of the right-of-use asset includes the initial valuation of the liability arising under the lease, any lease
payments made on or before the commencement date, less any lease inducements received and any initial
direct costs incurred by the company as lessee.
The company determines the lease term as the irrevocable period of a lease, together with:
(a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option;
and
(b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that
option.
2.12. Impairment of assets
a) Non-financial assets
The carrying amounts of the Company's non-financial assets, other than deferred tax assets, are reviewed at
each reporting date for indications of impairment. If such indications exist, the recoverable amount of those
assets is estimated.
The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value
less costs to sell that asset or unit. A cash-generating unit is the smallest identifiable cash-generating unit that
independently of other assets and other groups of assets has the ability to generate cash flows. In determining
value in use, expected future cash flows are discounted using a pre-tax discount rate that reflects current market
conditions and risks specific to the asset.
An impairment loss is recognised when the carrying amount of the asset or its cash-generating unit exceeds the
estimated recoverable amount of the asset or cash-generating unit.
Impairment losses recognised in prior periods are assessed at each reporting date to determine whether they
have decreased or no longer exist. Impairment losses are reversed if there has been a change in the estimates
used to determine the recoverable amount.
The increased carrying amount of an asset, other than goodwill, resulting from the reversal of an impairment
loss shall not exceed the carrying amount (net) that would have been determined had no impairment loss been
recognised for the asset in prior years.
Taking into account some internal and external factors, the Company has analysed the net carrying amount
recorded at the balance sheet date for depreciable fixed assets to assess the possibility of impairment of these
assets, which may trigger the recording of an impairment adjustment.
b) Financial assets
Short-term receivables are not discounted. The recoverable amount of other assets is taken to be the higher of
fair value (less costs to sell) and value in use.
Estimating the value in use of an asset involves discounting estimated future cash flows using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Impairment losses on financial assets or a receivable carried at amortised cost are reversed if there has been a
change in the estimates used to determine recoverable amount.
2.13. Customers and similar accounts
Trade accounts receivable and similar accounts include invoices issued and not received at 31 December 2023
at the nominal value of the services rendered.
Trade accounts receivable and similar accounts are stated at realisable value.
The amount of receivables is stated at the value of the original invoices less the provision (impairment
adjustment) for doubtful debts.
The amount of provisions (impairment adjustments) is calculated as the difference between the carrying amount
and the recoverable amount.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.20/ 72
2.14. Stocks
The main categories of stocks are consumables and inventory items.
Inventories are valued at the lower of cost and net realisable value. The cost of inventories is determined on a
first-in, first-out (FIFO) basis and includes the expenditure incurred in acquiring the inventories, production or
processing costs and other costs incurred in bringing the inventories to their present form and location.
Net realisable value is the estimated selling price in the ordinary course of business less estimated costs to
complete the asset where applicable and expenses incurred in making the sale.
Value adjustments are recorded for deteriorated, slow-moving, physically or morally worn stocks, where
applicable.
2.15. Cash and cash equivalents
Cash and cash equivalents are stated in the balance sheet at cost.
For the purposes of the cash flow statement, cash and cash equivalents comprise cash at bank, cash in transit,
other short-term highly liquid financial investments with a maturity of 3 months or less and overdraft facilities.
Cash in foreign currency is revalued at the exchange rate at the end of the period.
2.16. Employee benefits
In the course of its business, the company makes payments on behalf of its employees to the state and social
security budgets in respect of: tax on income from salaries, individual social security contributions deducted from
insured persons, health insurance contributions deducted from insured persons.
All company employees are members of the state pension plan.
As at 31.12.2023 the Company has no other pension scheme in place and therefore has no pension obligations.
Short-term salary obligations due to employees are charged to the profit and loss account in the period in which
they are received.
A provision is made for bonuses that are legally expected to be paid as a result of short-term employee services,
if they can be reasonably measured.
The Company has recorded a provision for retirement benefits. The present value of the retirement benefit
obligation is determined by an independent actuary.
The company establishes a fund for employee profit-sharing in accordance with the provisions of Government
Ordinance no.64/30.08.2001.
2.17. Corporation tax
Income tax expense includes current and deferred tax.
Income tax is recognised either in profit or loss for the period or outside profit or loss, in other comprehensive
income or directly in equity.
a) Recognition of debts and claims relating to current tax
The income tax liability for the reporting period and prior periods is recognised to the extent that it is not paid.
If the amounts paid in respect of the current period and prior periods exceed the amounts due in respect of those
periods, the excess is recognised as a recoverable amount.
The benefit of a tax loss that can be carried forward for the purpose of recovering prior period income tax is
recognised as a recoverable amount.
Income tax liabilities (assets) relating to the current and prior periods are valued at the amount to be
paid/recovered to the tax authority using the tax rate and legal regulations applicable at the balance sheet date.
For the financial year ended 31 December 2023 the corporate income tax rate under the Tax Code was 16%.
b) Recognition of deferred tax assets and liabilities
Deferred income tax is determined using the balance sheet method for those temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is determined using the tax rates that are expected to apply to temporary differences on
their reversal, based on legislation in force at the reporting date.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.21/ 72
The main temporary differences arise from movements in the fair value of assets, provisions for employee
benefits and impairment of fixed assets.
Deferred tax relating to the fair value of available-for-sale investments that are recognised directly in equity is
also credited or charged to equity and subsequently recognised in the income statement, together with the
deferred gain or loss.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary difference can be utilised.
In determining the amount of current and deferred tax, the Company considers the impact of uncertain tax
positions and the possibility of additional tax and interest charges. This assessment is based on estimates and
assumptions and may involve a number of judgments about future events. New information may become
available, thereby causing the Company to change its judgment regarding the accuracy of its estimate of existing
tax liabilities; such changes in tax liabilities have an effect on tax expense in the period in which such
determination is made.
2.18. Provisions
Provisions are liabilities that are uncertain in terms of timing or amount.
Provisions are recognised when the company has a present legal or constructive obligation as a result of past
events and it is probable that an outflow of resources will be required to settle the obligation.
A reliable estimate of the amount of this obligation must also be possible. If the company expects partial or full
reimbursement of the expenditure required to settle a provision (e.g. through insurance contracts) it will have to:
- recognise a reimbursement only if it is certain that the reimbursement will be made if the company meets its
obligations and the amount recognised as reimbursement will not exceed the provision;
- recognise the amount repaid as a separate asset.
In the statement of comprehensive income, the expense relating to a provision may be disclosed after deducting
the recognised amount of the reimbursement.
Provisions are reviewed at the end of the reporting period and adjusted to reflect the current best estimate.
The amount recognised as a provision is the best estimate at the balance sheet date of the costs required to
settle the current obligation.
The best estimate of the costs required to extinguish the current debt is the amount that the Company would
reasonably pay to extinguish the obligation at the balance sheet date or to transfer it to a third party at that time.
If the outflow of resources embodying economic benefits is no longer probable, the provision should be reversed.
Provisions are not recognised for costs that are incurred in carrying on the business in the future.
The Company records provisions for onerous contracts in situations where the benefits expected to be derived
from a contract are less than the unavoidable expenses associated with meeting the contractual obligations.
Provisions for risks and charges are recognised when the company has a legal or constructive obligation as a
result of past events, when an outflow of resources embodying economic benefits is required to settle the
obligation, and when a reliable estimate can be made of the amount of the obligation.
The company will record as "other provisions for risks and charges" the amounts necessary to set up the profit-
sharing fund for the current year for the granting of incentives to employees, directors and managers working
under the mandate contract.
After the approval by the General Meeting of Shareholders of the annual financial statements, prepared for the
year in which the profit from which the incentives are granted was realised, the provision is cancelled and the
employee profit-sharing expense is recorded.
2.19. Quota
Contingent liabilities and contingent assets are not recognised in the statement of financial position and
statement of comprehensive income. They are disclosed in the notes to these financial statements unless the
possibility of an outflow of resources embodying economic benefits is remote.
Contingent liabilities are disclosed where an outflow of resources embodying economic benefits is possible
rather than probable.
A contingent asset is not recognised in the accompanying financial statements but is disclosed when an inflow
of economic benefits is probable.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.22/ 72
2.20. Revenue recognition
The revenue recorded by the company is accounted for according to its nature (operating and financial).
Income from the provision of services
Revenue from the rendering of services is recognised in the period in which they are rendered and in line with
the stage of completion. In accordance with IFRS 15 - Revenue from Contracts with Customers, the amount of
the transaction price that is allocated to a performance obligation is recognised in revenue when (or as) a
performance obligation is satisfied.
The terms of the contract and standard business practices are taken into account to determine the transaction
price. The transaction price is the amount of consideration to which the company expects to be entitled in
exchange for the transfer of promised goods or services to a customer, not including amounts collected on
behalf of third parties
Revenue should be measured at the fair value of the consideration received or receivable.
If the transaction is financial in nature, fair value is determined by discounting all future receivables using an
implied interest rate, with the difference from the carrying amount being interest income.
When the outcome of a transaction involving the rendering of services cannot be estimated reliably, revenue
shall be recognised only to the extent of the recognised recoverable expenses.
Amounts collected on behalf of third parties, such as sales taxes, goods and services taxes, value added taxes
are not economic benefits generated for the company and do not result in increases in equity. They are therefore
excluded from income.
Similarly, in the case of an agency agreement, gross inflows of economic benefits include amounts collected on
behalf of the agency that do not result in increases in the company's equity. Amounts collected on behalf of the
mandate are not income. Instead, income is represented by the amount of commissions.
Revenue from the provision of services is recorded in the accounts as it is earned. The provision of services
includes the execution of works and any other operations which cannot be considered as supplies of goods.
The stage of completion of the work shall be determined on the basis of the statements of work accompanying
the invoices, acceptance reports or other documents attesting to the stage of completion and acceptance of the
services provided.
Recognition also requires that the economic benefits associated with the transaction are likely to flow to the
company, the final status of the transaction at the end of the period and the costs incurred for the transaction
and the costs to complete the transaction can be measured reliably.
Income from the transfer of goods
Revenue from the transfer of goods is recognised in the accounts on the basis of the contracts concluded. In
recognising such revenue, account is taken of the period to which the revenue relates and the contractual
penalties for failure to pay contractual obligations on time.
Financial income and expenditure
Financial income comprises interest income on invested funds, foreign exchange gains and other financial
income.
Interest income is recognised in profit or loss on an accrual basis, using the effective interest method, pro rata
over the relevant period of time, based on the principal and the effective rate over the period to maturity or over
shorter periods, if the transaction costs are linked to this period, when it is determined that the company will
earn such income.
Financial expenses represent the amount of interest on borrowings, foreign exchange losses, changes in the
fair value of financial assets and impairment losses on financial assets. All borrowing costs are presented on an
effective interest basis
The expense arising from liabilities under the lease is recognised within finance costs. Interest expense is
recognised in the income statement over the lease term and is calculated on the remaining balance of the lease
liability for each period. This will result in higher expenses at the start of the lease
Grants
Grants for assets, including non-monetary grants at fair value, are recorded in the accounts as investment grants
and recognised in the balance sheet as deferred income.
Deferred income is recognised in the profit and loss account to the extent that depreciation expense is
recognised or on the disposal of assets. Grants that compensate the company for expenses incurred are
recognised in the income statement on a systematic basis in the same periods in which the expenses are
recognised.
Determining fair value
The company's accounting policies require the determination of fair value for both financial and non-financial
assets and liabilities. Fair value has been determined using the methods shown below. Additional information,
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.23/ 72
where appropriate, about the assumptions made in determining fair value is disclosed in the notes specific to
the asset and liability concerned.
The Company has revalued property, plant and equipment at 31 December 2023. The revaluation at fair value
was recorded on the basis of Valuation Reports prepared by an authorised valuer, a full member of ANEVAR.
The frequency of revaluations depends on changes in the fair values of the revalued property, plant and
equipment. In the case of property, plant and equipment whose fair values do not change significantly,
revaluations are not required.
If an item of property, plant and equipment is revalued, all other assets in the group to which it belongs must be
revalued, unless there is no active market for it. A group of property, plant and equipment comprises assets of
the same nature and similar uses that are in the operation of an entity. If the fair value of an item of property,
plant and equipment can no longer be determined by reference to an active market, the amount of the asset
presented in the balance sheet shall be its revalued amount at the date of the last revaluation less any cumulative
value adjustments.
2.21. Earnings per share
In accordance with IAS 33 'Earnings per share', earnings per share is calculated by dividing profit or loss
attributable to shareholders by the weighted average number of ordinary shares for the reporting period.
The weighted average number of shares outstanding during the year is the number of shares at the beginning
of the period, adjusted by the number of shares issued, multiplied by the number of months the shares were
outstanding during the year.
Dilution is a reduction in earnings per share or an increase in loss per share resulting from the assumption that
convertible instruments are converted, or that ordinary shares are issued after certain specified conditions are
met. The purpose of earnings per share is similar to that of basic earnings per share, namely to measure the
interest of each ordinary share in the performance of the entity.
2.22. Revaluation reserves
Revaluations are carried out with sufficient regularity so that the carrying amount does not differ materially from
that which would be determined using the fair value at the balance sheet date.
The Company revalued property, plant and equipment as follows: 31 December 2003, 31 December 2007, 31
December 2010, 31 December 2012, 31 December 2013, 31 December 2014, 31 December 2015, 31 December
2017, 31 December 2019, 31 December 2021 and 31 December 2023.
The difference between the revaluation value and the net book value of property, plant and equipment is
presented, depending on its nature (appreciation/depreciation), either in the revaluation reserve as a separate
item in equity or in the profit and loss account.
If the result of the revaluation is an increase over the net book value, then this is treated as follows: as an
increase in the revaluation reserve shown within equity, if there has been no previous decrease recognised as
an expense in respect of that asset, or as income offsetting the expense against the previously recognised
decrease in that asset.
If the result of the revaluation is a decrease in the net book value, this is treated as an expense for the full
amount of the write-down when no amount relating to that asset (revaluation surplus) is recorded in the
revaluation reserve, or as a decrease in the revaluation reserve by the minimum of the amount of that reserve
and the amount of the write-down, and any uncovered difference is recorded as an expense.
The revaluation surplus included in the revaluation reserve is transferred to retained earnings when this surplus
represents a realised gain. The gain is deemed to be realised when the asset for which the revaluation reserve
was created is derecognised.
No part of the revaluation reserve may be distributed, directly or indirectly, unless it represents an actual realised
gain.
As from 1 May 2009, reserves from the revaluation of fixed assets carried out after 1 January 2004, which are
deducted in the calculation of taxable profit by means of tax depreciation or expenditure on assets disposed of
and/or scrapped, are taxed at the same time as the deduction of tax depreciation, i.e. when these fixed assets
are written off.
2.23. Legal reserves
The legal reserves shall be constituted in the proportion of 5% of the gross profit recorded at the end of the year
until the total legal reserves reach 20% of the nominal share capital paid up in accordance with the legal
provisions. These reserves are deductible in the calculation of corporation tax and are not distributable until the
liquidation of the company.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.24/ 72
2.24. Reporting by business segments
A segment is a distinct component of the Company that provides certain products or services (business
segment) or provides products and services in a certain geographical environment (geographical segment) and
is subject to different risks and rewards than the other segments.
Oil Terminal has one reportable segment, namely the provision of services relating to the receipt, storage,
conditioning and dispatch of crude oil, fuel oil, petroleum, petrochemical and liquid chemical products for import,
export and transit.
2.25. Subsequent events
The financial statements reflect events after the year-end, events that provide additional information about the
Company's position at the reporting date, or those that indicate a possible breach of the going concern principle
(events that result in adjustments).
Events after the year-end that are not adjusting events are disclosed in the notes when they are considered
material.
2.26. Dividend
Dividends are recognised as a liability in the period in which their distribution is approved.
The distribution of dividends is made after the approval of the annual financial statements.
2.27. Comparative information
The statement of financial position for the year ended 31 December 2023 is comparable with the statement of
financial position for the year ended 31 December 2022.
3. Income from provision of services
Year ended
31 December 2023
Year ended
31 December 2022
Income from the provision of services
344,106,984
298,604,671
Income from goods use lease
1,329,248
1,077,911
Income from miscellaneous activities
1,282,393
1,494,754
Total income from services rendered
346,718,625
301,177,336
The total revenue realised in the amount of 355,985 thousand lei is up by 12% compared to the level approved
for 2023 and by 15.2% compared to 2022.
Realised operating income shows an increase of 12% compared to the budgeted level, due to the revenue
from services rendered which has a share of 98.4% in turnover and an increase of 16.2% compared to the level
achieved in 2022.
The increase in benefit revenues in 2023 was based on the following economic situation:
Initially, in 2023 the BVC was approved by OGSM Resolution no.4/16.02.2023, later by OGSM Resolution
no.15/29.09.2023 its rectification was approved, mainly due to the increase of income from services rendered
above the approved level due to the Black Sea-Ukraine conflict crisis and deliveries to the Republic of Moldova.
It should be noted that, compared to the revenue planned in the approved budget, due to the context generated
by the conflict in Ukraine, additional revenue not foreseen in the initially approved Physical Programme was
generated from the provision of services, referred to as contingency revenue.
Thus, as of 31.12.2023, the realized revenue is 27,840 thousand lei and represents 73.5% of the planned
revenue overrun (37,892 thousand lei).
4. Revenue from the sale of waste products
Year ended
31 December 2023
Year ended
31 December 2022
Revenue from the sale of waste products
(recovered product type A)
1,731,390
842,275
Revenue from the recovery of other waste
1,337,299
659,367
Income related to costs of stocks of products
116,142
(65,226)
Total revenue from sales of residual products
3,184,831
1,436,416
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.25/ 72
5. Other operating income
Year ended
31 December 2023
Year ended
31 December 2022
Income from adjustments for trade and other receivables
1,413,930
287,343
Impairment losses on trade and other receivables
(470,001)
(472,633)
Net adjustments for receivables
943,929
(185,290)
Income from the production of fixed assets
854,233
697,476
Penalty income
2,076,166
461,612
Proceeds from the sale of tangible fixed assets
72,189
26,630
Income from the reversal of provisions
3,085,667
3,409,158
Expenditure on provisions
(5,453,949)
(1,623,515)
Net adjustments for provisions
(2,368,282)
1,785,643
Income from stock adjustments
207,189
13,086
Expenditure for the write-down of inventories
(196,273)
(76,983)
Net adjustments for inventory write-downs
10,916
(63,897)
Income from revaluation of fixed assets
125,504
-
Other operating income
1,265,341
1,016,045
Total other operating income
2,979,996
3,738,219
6. Financial income and expenditure
Year ended
31 December 2023
Year ended
31 December 2022
Interest income
724,310
394,765
Income from exchange rate differences
892,982
3,811,334
Other financial income
70,555
7,266
Total financial income
1,687,847
4,213,365
Expenditure on interest paid
(10,533,486)
(5,116,902)
Exchange rate expenses
(966,336)
(1,791,487)
Leasing interest expense
(443,237)
(312,326)
Other financial charges
(51,510)
(7,764)
Total financial expenditure
(11,994,569)
(7,228,479)
Net financial results
(10,306,722)
(3,015,114)
7. Material expenses
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on ancillary materials
6,660,698
8,217,583
Fuel expenditure
2,122,412
2,263,702
Expenditure on packaging materials
188,277
106,847
Spare parts expenditure
1,440,208
1,500,837
Expenditure on other consumables
1,098,105
1,221,312
Expenditure on inventories
3,107,198
3,228,689
Expenditure on non-stored materials
38,360
28,904
Total expenditure on materials
14,655,258
16,567,874
8. Expenditure on utilities
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on electricity consumption
7,054,707
8,706,826
Expenditure on gas consumption
5,627,732
5,621,533
Expenditure on water consumption
1,902,973
1,424,225
Total expenditure on utilities
14,585,412
15,752,584
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.26/ 72
9. Staff expenditure
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on allowances Administrative Board
1,475,320
1,626,192
Expenditure on directors' allowances under mandate
contract*
1,205,714
1,449,356
Expenditure related to staff salary entitlements
120,986,294
98,284,105
of which: executive directors**
1,119,774
961,080
Expenditure on bonuses related to profit-sharing
1,059,224
469,618
Expenditure on meal vouchers
6,555,170
4,732,817
Expenditure on social security contributions***
139,707
116,672
Other expenditure on insurance and social protection
4,919,149
4,260,064
Insurance contribution for employees
2,757,637
2,222,095
Insurance contribution for work for persons other than
employees
60,349
69,208
Total staff expenditure
139,158,564
113,230,127
* gross amounts granted for the General Manager and Finance Director, representing the gross fixed monthly
compensation for the period 01.01.2023-31.12.2023, and for the period 01.01.2022-31.12.2022 include both the
gross fixed compensation and the variable component for the year 2021, according to the mandate contracts.
** amounts represent gross amounts awarded to 3 executive directors as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Gross amount
1,119,774
961,080
Social security contributions
279,947
239,159
Health insurance contributions
111,977
95,665
Income tax
73,991
63,871
*** The company is obliged to pay 8% of the social security contribution for special working conditions in both
2023 and 2022.
Expenditure on salaries and related contributions recorded as at 31 December 2023 compared to 31 December
2022 is as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on salaries*
74,876,570
61,383,608
Expenditure on social insurance contributions and
insurance contributions for work
2,957,693
2,407,975
Total expenditure on salaries and related
contributions
77,834,263
63,791,583
*The line "Salaries and wages" does not include bonuses and allowances for employees or for members of the
Board of Directors and directors with a mandate (General Director, Financial Director).
In accordance with the provisions of the Collective Labour Agreement in force, the company has granted the
following bonuses and allowances to employees: retirement bonuses, bonuses, loyalty bonuses, marriage
allowances, holiday and treatment tickets, including related transport, gifts to employees, gifts to minor children,
childbirth, funeral and serious illness allowances, meal vouchers, bonuses in accordance with the Collective
Labour Agreement and other bonuses (hospitalisation and dormitory allowances).
The employee bonus obligations are as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Retirement bonuses
1,245,825
883,537
Benefits
30,751,137
24,495,842
Other bonuses
475,229
417,669
Total employee bonus obligations
32,472,191
25,797,048
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.27/ 72
The employee bonus obligations are as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Non-taxable rest and treatment tickets and related
transport
2,625,679
2,630,866
Taxable rest and treatment tickets and related transport
507,384
-
Gifts for employees and minor children
996,365
667,200
Childbirth aids
208,510
57,520
Funeral aids
366,650
307,390
Aid for critical illness and other health services
214,561
597,088
Meal vouchers
6,555,170
4,732,817
Bonuses under the Collective Labour Agreement
7,476,905
5,824,515
Loyalty bonuses
5,881,604
4,792,468
Aid for marriage
112,450
181,650
Hospitalisation aid
-
199,265
Dormitory helpers
137,928
105,551
Afterschool aids
28,646
-
Expenditure on bonuses related to profit-sharing
1,059,224
469,618
Total employee bonus obligations
26,171,076
20,565,948
Employees
The actual number of employees evolved as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Staff with higher education, of which:
185
173
Managerial staff
34
34
Staff with secondary/gymnasium education, of which:
865
846
Qualified staff
791
769
Total number of employees
1,050
1,019
The average number of employees was 996 on 31 December 2023 and 962 on 31 December 2022.
Director General, Chief Financial Officer and members of the Board of Directors
The expenses related to the mandate contracts paid by the Company to the General Director, Financial Director
and Board members are detailed below:
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure related to directors' contracts
1,205,714
1,449,356
Expenditure related to contracts with administrators
1,475,320
1,626,192
Total expenditure related to mandate contracts
2,681,034
3,075,548
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.5/04.04.2018 7 members of the
Board of Directors were elected, in accordance with the provisions of GEO no.109/2011, as amended and
supplemented for a term of 4 years, i.e. until 01.04.2022.
From 01.04.2022 until 27.04.2023 the provisional non-executive administrators were elected on the basis of the
following OGSM resolutions: no.7/01.04.2022, no.14/29.07.2022, no.22/25.11.2022 and no.1/16.01.2023.
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.12/27.04.2023 7 members of
the Board of Directors of Oil Terminal S.A. (non-executive administrators) were elected, with a term of office of
4 (four) years, starting from 28.04.2023, in accordance with the provisions of art.29 of GEO no.109/2011.
The composition of the Board of Directors is presented in Note 1.
On 02.07.2018, the selection procedure for the company's General Manager and Chief Financial Officer was
completed, in accordance with the provisions of GEO 109/2011 on corporate governance of public companies,
as amended and supplemented. Based on the recommendation of the Nomination and Remuneration
Committee, the Board of Directors of the company, appointed on 02.07.2018 the General Director Mr. Viorel
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.28/ 72
Sorin Ciutureanu and the Financial Director Mrs. Adriana Frangu, for a term of office of the two directors of 4
years, starting from 02.07.2018 until 01.07.2022.
From 01.07.2022 until 01.07.2023 by decisions of the Board of Directors, on the recommendation of the
Nomination and Remuneration Committee, Mr. Viorel Sorin Ciutureanu was appointed as provisional General
Manager and Mrs. Adriana Frangu as provisional Financial Manager, in accordance with the provisions of art.64
2
of GEO no.109/2011 on corporate governance of public companies:
On 19.06.2023, the selection procedure for the General Manager and the Chief Financial Officer of the Company
was completed, in accordance with the provisions of GEO no.109/2011 on the corporate governance of public
companies, as amended.
Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the
company appointed on 19.06.2023 the General Director and the Financial Director for a term of office of 4 years,
starting 20.06.2023 until 20.06.2027.
The remuneration of the members of the Board of Directors and of the non-executive administrators is
determined by the General Meeting of Shareholders within the structure and limits provided for in Article 37(2)
of GEO no. 109/2011, and consists of a fixed gross monthly remuneration and a variable component.
The remuneration of the directors with a mandate contract is established according to Article 38 paragraph (2)
of GEO no.109/2011 by the Board of Directors and cannot exceed the level of the remuneration established for
the executive members of the Board of Directors, being composed of a fixed gross monthly remuneration and a
variable component.
The indemnities related to the mandate contracts for the members of the Board of Directors, amounting to
1,475,320 lei and the indemnities related to the mandate contracts for the directors, amounting to 1,205,714 lei,
refer to the gross fixed indemnity granted during the period 01.01.2023-31.12.2023. No variable component was
granted for 2022.
By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.13/28.08.2023 the following
were adopted:
- The financial and non-financial performance indicators resulting from the Management Plan of Oil Terminal
S.A. were approved. The KPIs that will be annexed to the non-executive administrators' mandate contract were
approved.
- The amount of the variable component of the non-executive administrators' remuneration was approved at
12 gross fixed monthly allowances for each year of office.
- The form and content of the Deed of Amendment concluded with the non-executive administrators of the
company was approved.
- Remuneration limits for directors with a mandate contract assimilated to executive directors have been set
as follows:
1. the limits of the gross fixed monthly allowance: between 5 and 6 times the average gross monthly earnings
over the previous 12 months for the activity carried out in accordance with the company's main activity, at class
level according to the classification of activities in the national economy, as communicated by the National
Institute of Statistics prior to the appointment.
2. variable (gross) component limits: between 11 and 12 gross fixed monthly allowances per year of service.
10. Expenditure on services provided by third parties
Year ended
31 December 2023
Year ended
31 December 2022
Expenditure on miscellaneous services received from third
parties, of which:
*
17,371,231
11,612,150
Total expenditure statutory auditor's fee
87,715
68,730
Postage and telecommunications charges
380,163
338,700
Expenditure on banking services
89,076
73,317
Expenditure on commissions and fees
514,554
233,054
Total expenditure on services provided by third parties
18,355,024
12,257,221
* By the resolution of the Ordinary General Meeting of Shareholders no.6/16.02.2023 the appointment of
Transilvania Audit & Fiscality S.R.L. as statutory financial auditor of Oil Terminal Company was approved with
a contract duration of 3 years respectively for the financial years 2023, 2024 and 2025.
Fees are set on the basis of the contract concluded between the 2 parties. All fees paid relate to:
- Statutory audit services of the annual financial statements prepared in accordance with the Order of the
Ministry of Public Finance No. 2844/2016 approving the Accounting Regulations in accordance with International
Financial Reporting Standards, for the financial years ending 31 December 2023, 31 December 2024 and 31
December 2025.
- review services for the Simplified Interim Financial Statements prepared as at 31 March (relating to Quarter
I), 30 June (relating to Quarter II) and 30 September (relating to Quarter III) for the following financial years: year
2023, year 2024 and year 2025.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.29/ 72
- other additional reports upon request, as appropriate, in accordance with the provisions of Law 24/2017,
Article 144 of Regulation 5/2018 on issuers of financial instruments and market operations, as amended and
supplemented, and Article 11 of Regulation (EU) No 537/2014 of the European Parliament and of the Council
of the European Union of 16 April 2014 on specific requirements for statutory audit of public-interest entities and
repealing Commission Decision 2005/909/EC; "Supplementary report to the Audit Committee: (1) Statutory
auditors or audit firms carrying out statutory audits of public-interest entities shall submit a supplementary report
to the audit committee of the audited entity (...)".
By the resolution of the Ordinary General Meeting of Shareholders no.3/05.03.2020 the appointment of
Transilvania Audit & Fiscality S.R.L. as statutory financial auditor of Oil Terminal was approved for a contract
period of 3 years, respectively for the financial years 2020, 2021 and 2022.
The fees were established on the basis of the contract concluded between the 2 parties. All fees paid relate to:
- Statutory audit services of the annual financial statements prepared in accordance with the Order of the Ministry
of Public Finance No.2844/2016 approving the Accounting Regulations in accordance with International
Financial Reporting Standards, for the financial years ending 31 December 2020, 31 December 2021 and 31
December 2022.
- review services for the Simplified Interim Financial Statements prepared as at 31 March (relating to Quarter I),
30 June (relating to Quarter II) and 30 September (relating to Quarter III) for the following financial years: 2020,
2021 and 2022.
- related services for the preparation of a report of agreed procedures for the first and second half of 2020, 2021
and 2022, based on the provisions of art.144 letter B paragraph (4) of Regulation no.5/2018 of the A.S.F.,
regarding transactions reported according to art.82 of Law no.24/2017 (legal acts with a value of more than
50,000 euro concluded by OIL TERMINAL S.A. with directors, employees, controlling shareholders).
11. Depreciation of fixed assets
Year ended
31 December 2023
Year ended
31 December 2022
Amortisation of intangible assets
213,121
266,354
Depreciation of fixed assets related to entitlements
of use of leased assets
2,175,020
2,051,883
Depreciation of tangible fixed assets, of which:
18,118,988
18,078,183
Construction and building improvements
12,644,374
13,123,177
Technical installations, technological equipment
5,269,833
4,757,527
Furniture and other fixed assets
204,781
197,479
Total depreciation of fixed assets
20,507,129
20,396,420
12. Other operating expenditure
Year ended
31 December 2023
Year ended
31 December 2022
Repair expenditure
75,174,421
70,816,719
Maintenance costs
13,453,156
17,906,657
Royalty expenses
13,698,699
11,804,215
Expenditure on rents and management rentals
3,801,764
3,738,352
Expenditure on insurance premiums
2,293,457
315,133
Expenditure on studies and research
1,135,000
765,900
Expenditure on staff training
469,124
319,474
Advertising and publicity expenditure
135,415
117,645
Protocol expenses
735,834
182,454
Staff transport costs
397,850
412,450
Travel expenses
685,038
403,401
Expenditure on other taxes and duties
3,880,254
3,562,651
Losses on receivables
-
352,889
Expenditure on sponsorship
396,896
274,837
Expenditure on damages, fines and penalties
1,622,207
514,208
Other operating expenditure
889,182
280,203
Trade discounts received
(12,691)
(13,660)
Total other operating expenditure
118,755,606
111,753,528
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.30/ 72
13. Current and deferred income tax
The company's current and deferred income tax for 2023 and 2022 is determined at a statutory rate of 16%.
Current income tax
Income tax recognised in the income statement:
Year ended
31 December 2023
Year ended
31 December 2022
Current tax expenditure
2,266,973
1,774,880
Total income tax expense
2,266,973
1,774,880
The company has recorded income tax expenses on current operations as well as on revaluation differences
transferred on depreciation expense during the year which are taxable in the calculation of income tax.
In 2023 and 2022 the company did not record any deferred tax income or expense.
As at 31 December 2023, the company records a gross profit of 17,626,598 lei and a net profit of 15,359,625
lei.
Following the recording on 31 December 2023 of the provision for risks and charges related to employee profit-
sharing in the amount of 1,066,861 lei, gross profit becomes 16,559,737 lei and net profit 14,292,764 lei.
For the year 2023, the tax profit calculated in accordance with the provisions of Law no.227/2015 on the Tax
Code, as amended, is 19,149,518 lei.
The income tax calculated on the taxable profit is in the amount of 3,063,923 lei , reduced to 2,266,973 lei due
to the recording of sponsorship expenses in the amount of 396,895 lei and the 15% reduction of the income tax
due according to GEO no.153/2020, in the amount of 400,055 lei.
The reconciliation of the effective tax rate for the years 2023 and 2022 is as follows :
Year ended
31 December 2023
Year ended
31 December 2022
Profit before income tax
16,559,737
13,379,103
Profit before income tax (excluding sponsorship expense)
16,956,633
13,653,940
Corporation tax at the statutory rate of 16%.
2,713,061
2,184,630
Effect of non-deductible expenditure
1,315,147
459,345
Taxation of revaluation reserves
619,862
475,626
Effect of non-taxable income
(801,502)
(593,534)
Deductions from the legal reserve
(141,013)
(115,507)
Reinvested profit
(641,631)
(227,250)
Sponsorship exemptions
(396,896)
(274,837)
Income tax reduction according to GEO no.153/2020
(400,055)
(133,593)
Total income tax expense
2,266,973
1,774,880
Corporation tax deferred
Year ended
31 December 2023
Year ended
31 December 2022
34,381,247
31,282,452
TOTAL deferred income tax
34,381,247
31,282,452
Deferred taxes payable and recoverable are calculated on the basis of taxable and/or deductible temporary
differences, determined for assets and liabilities as the difference between the carrying amount of the asset
and/or liability and the amount attributed for tax purposes. The Company recognises deferred tax on an expense
or income basis, except for tax arising from an event recognised directly in equity.
As at 31 December 2023, the deferred income tax on equity increased by 3,098,795 lei compared to the previous
year, representing:
- Deferred income tax written off recognised in equity, related to revaluation reserves transferred to retained
earnings, representing realised revaluation surplus, related to assets sold/leased and rights of use of leased
assets written off upon termination of lease contracts, in the amount of (956,723) lei.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.31/ 72
- deferred income tax recorded in 2023, recognised in equity under retained earnings, relating to revaluation
reserves transferred to retained earnings, in the amount of 1,156,154 lei.
- 2,899,364 lei deferred income tax on own capital, related to revaluation reserves for the year 2023 when
recording the revaluation of fixed assets.
14. Information by segment
Oil Terminal has only one reportable segment, namely the provision of services relating to the receipt, storage,
conditioning and dispatch of crude oil, fuel oil, petroleum, petrochemical and liquid chemical products for import,
export and transit.
Total income from services rendered
Year ended
31 December 2023
Year ended
31 December 2022
∆%
Services relating to the reception, storage, conditioning
and dispatch of crude oil, fuel oil,
petroleum
products
,
petrochemicals and liquid chemicals
344,106,984
298,604,671
15
Main external customers:
Client name
Country
Year ended
31 December 2023
Year ended
31 December 2022
∆%
Litasco
Switzerland
48,152,109
61,939,061
(22)
Euronova Energies
Switzerland
38,185,231
29,848,125
28
Vitol
Switzerland
12,700,220
6,899,339
84
Mol PLC
Hungary
9,849,109
8,823,548
15
Maddox
Switzerland
6,462,343
12,043,113
46
Ivict Europe GMBH
Germany
3,627,317
3,332,531
9
Cantarell
Cyprus
2,783,305
-
-
Island Petroleum
Cyprus
2,666,295
2,574,285
6
Alpha Element
Switzerland
2,383,392
1,576,251
51
Norwind Trade
Switzerland
1,857,729
579,577
221
Oil Terminal's main customers:
Client name
Country
Year ended
31 December 2023
Year ended
31 December 2022
Invoiced
value
%
Invoiced
value
%
OMV Petrom
Romania
70,048,425
20.00
60,554,764
19.96
Oscar Dowstream
Romania
63,197,823
18.04
48,242,689
15.91
Litasco
Switzerland
48,152,109
13.75
61,936,061
20.42
Euronova Energies
Switzerland
38,185,231
10.90
29,848,125
9.84
Mol Romania Petroleum Products
Romania
22,886,977
6.53
19,136,315
6.31
Socar Petroleum
Romania
13,955,622
3.98
8,028,788
2.65
Vitol
Switzerland
12,700,221
3.63
6,899,339
2.27
Mol PLC
Hungary
9,849,109
2.81
8,823,548
2.91
Maddox
Switzerland
6,462,343
1.84
12,043,113
3.97
Vitaro Energy
Romania
6,314,684
1.80
1,707,182
0.56
15. Tangible fixed assets
Gross values
Land
Construction
Technical
installations
and machinery
Other plant,
machinery
and furniture
Total
Balance at 31 December 2022
324,149,984
183,022,362
32,127,954
1,007,379
540,307,679
Transfers from assets under
construction
14,980,888
8,134,808
243,272
23,358,968
Inventory gains in the nature of
fixed assets
-
85,870
-
-
85,870
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.32/ 72
Depreciation taken over from the
financier
-
-
869,919
-
869,919
Accumulated depreciation
cancelled
-
(25,672,556)
(11,270,963)
(397,125)
(37,340,644)
Revaluation surplus, recorded
on reserves
71,996,393
-
-
-
71,996,393
Revaluation surplus recorded on
capital
13,133,864
4,062,811
516,029
16,355
17,729,059
Revaluation surplus taken to
profit and loss account
-
53,981
65,740
1,169
120,890
Reductions from outgoing
-
(902,180)
(149,490)
(10,040)
(1,061,710)
Balance at 31 December 2023
409,280,241
175,631,176
30,293,997
861,010
616,066,424
Depreciation
Land
Construction
Technical
installations
and machinery
Other
plant,
machinery
and furniture
Total
Balance at 31 December 2022
-
13,092,969
5,237,215
197,157
18,527,341
Depreciation in 2023
-
12,644,374
5,269,833
204,781
18,118,988
Cancellation of accumulated
depreciation
(25,672,556)
(11,270,963)
(397,125)
(37,340,644)
Depreciation taken over from the
financier
-
869,919
869,919
Cumulative depreciation of
outputs
-
(64,787)
(106,004)
(4,813)
(175,604)
Balance at 31 December 2023
-
-
-
-
-
Net value
Balance at 31 December 2022
324,149,984
169,929,393
26,890,739
810,222
521,780,338
Balance at 31 December 2023
409,280,241
175,631,176
30,293,997
861,010
616,066,424
Property, plant and equipment is presented in the annual financial statements at revalued amount less
depreciation and impairment adjustments in accordance with IAS 16 - Property, Plant and Equipment and IAS
36 - Impairment of Fixed Assets.
At 31 December 2023 the net value of tangible fixed assets increased by 94,286,086 lei compared to the end of
2022, as follows:
➢ start-ups from tangible assets in progress, increase of 23,358,968 lei
➢ inventory gains of fixed assets, increase of 85,870 lei
➢ registration of difference in value of land in the area of 254,261.325 sq.m, and land in the area of 129,334.70
sq.m, according to the Valuation Report prepared for the purpose of increasing the share capital, increasing
71,996,393 lei
➢ revaluation surplus, increase of 17,849,949 lei
➢ disposals of tangible fixed assets at remaining value, reduction of 886,106 lei
➢ depreciation of tangible fixed assets in 2023, reduction of 18,118,988 lei
As at 31 December 2023, the company has recorded the revaluation of tangible fixed assets based on the
valuation reports prepared by an authorised valuer, a full member of ANEVAR. The frequency of revaluations
depends on changes in the fair values of the revalued property, plant and equipment. In the case of tangible
fixed assets whose fair values do not change significantly, no revaluation is required.
The fair value resulting from the valuation reports, evidenced by the revalued amount method, is presented as
follows:
➢ land
➢ construction
➢ technical installations and machinery
➢ other plant, machinery and furniture
409,280,241 lei
175,631,176 lei
30,293,997 lei
861,010 lei
The company owns the following land:
➢ land with an area of 951,386.79 sqm, registered according to the title deed series MO3
no.3285/19.11.1996, located in the South Platform Section, worth 82,618,157 lei, registered in the share
capital in July 1997;
➢ land with an area of 413,413.16 sq.m., acquired during 2003 on the basis of the title deed series MO3
no.8448/16.04.2003, located in the North Platform Section, worth 58,824,645 lei, registered in the share
capital in July 2003;
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.33/ 72
➢ the land purchased in 2004 according to the sale-purchase contract no.181/20.01.2004 concluded with
the Constanta City Hall, with an area of 243,912.70 sqm located in the North Platform Section, worth
37,712,443 lei;
➢ land with an area of 254,261.325 sq.m, acquired during 2011 on the basis of the title deed series MO3
no.11703/02.02.2011, located in the North Platform Section, worth 152,535,174 lei, registered in the
share capital in March 2023;
➢ land with an area of 129,334.70 sq.m., acquired during 2011 on the basis of the title deed series MO3
no.11704/02.02.2011, located in the North Platform Section, worth 77,589,822 lei, registered in the
share capital in March 2023.
16. Tangible fixed assets in course of construction
Assets under construction, amounting to 108,116,513 lei, represent unfinished investments as at 31 December
2023, of which:
Assets under construction
Investments
according to OIL
TERMINAL
programme
Investments made
for goods in the
public domain*
Total
Balance at 31 December 2022
43,163,604
1,163,074
44,326,678
Increases during the year
86,577,631
571,172
87,148,803
Transfers to fixed assets
(21,875,379)
(1,483,589)
(23,358,968)
Balance at 31 December 2023
107,865,856
250,657
108,116,513
* Assets under construction from investment expenditure on goods in the public domain of the State
The total amount of investment expenditure recorded in 2023 is 93,093,113 lei, representing:
- 87,148,803 lei investment expenditure on tangible fixed assets
- 594,382 lei investment expenditure for intangible assets
- 5,352,928 lei fixed assets related to the rights of use of leased assets.
The main investment objectives achieved in 2023 are:
• Refurbishment of CF ramp for unloading fuel oil from CF tankers, storage and pumping to ships, in the
South Platform Section
• Construction of a 55,000 cubic metre capacity tank in the South Platform Section
• Upgrading of the two-stream crude oil metering system - Port Platform Section (own infrastructure and
infrastructure according to Petrolier Agreement)
• Modernization of the Commercial Directorate building
• Modular container (8 pcs)
• Sanitary container (2 pcs)
• Dacia Dokker Laureate (2 pcs)
• Electric central heating (4 pcs)
• PC RYZEN (29 PCS)
• UPS (5 pcs)
• Laptop (5 pcs)
• Multifunction printer (1 pc)
• Dumper MAN TGS 26 TO
• Special PSI car (1 piece)
• Motor compressor (1 piece)
• Submersible pump (1 piece)
• Hydraulic pick (1 piece)
• Baler (1 piece)
• Universal milling machine (1 piece)
• Industrial universal lathe (1 piece)
• Access system P1 and P2 - SP-SUD
• SP-NORD access system
• Breathing apparatus (14 pieces)
• Refrigerated laboratory bench (1 piece)
• Automatic equipment for determining the flash point (1 piece)
• Sampling equipment (8 pcs)
• Multi-purpose loader with telescopic arm (1 piece)
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.34/ 72
• Three-phase welding inverter (2 pcs)
• UV fluorescence sulphur analyser with autosampler (1 piece)
• Fuel distribution pump (2 pcs)
• Fuel oil pump (1 piece)
• Verical pump for residues (1 piece)
• Tank AD-BLUE
17. Intangible assets and assets relating to rights to use leased assets
a. Intangible assets
Gross values
Concessions
Other intangible
assets
Total
Balance at 31 December 2022
4,315,592
687,697
5,003,289
Increases from acquisitions
-
594,382
594,382
Revaluation surplus reversed to profit and
loss account
-
14
14
Revaluation surplus reversed on capital
-
43,284
43,284
Accumulated depreciation cancelled
(3,962)
(468,948)
(472,910)
Impairment losses reversed on capital
(revaluation reserves consumed)
(817,000)
-
(817,000)
Balance at 31 December 2023
3,494,630
856,429
4,351,059
Depreciation and amortisation
Concessions
Other intangible
assets
Total
Balance at 31 December 2022
2,040
257,748
259,788
Depreciation in 2023
1,921
211,200
213,121
Cancellation of accumulated depreciation
(3,961)
(468,948)
(472,909)
Balance at 31 December 2023
-
-
-
Net value
Balance at 31 December 2022
4,313,552
429,949
4,743,501
Balance at 31 December 2023
3,494,630
856,429
4,351,059
Intangible assets recorded in the Company's accounting records consist of related software/licenses purchased
from third parties, the concession for the operation of reservoirs, pipelines for the transport of crude oil and
petroleum products, pumping installations and other related installations and equipment, concluded with the
National Agency for Mineral Resources, other concessions representing Oil Terminal's internet domain
registration ("oilterminal.ro" and "oilterminal.com") and other intangible assets representing OIL TERMINAL
trademarks.
Following the analysis as at 31 December 2012 of the concession contract approved by H.G. no.886/16.08.2002,
it was found that the conditions for recognition of the concession as an intangible asset according to IAS 38 -
Intangible Assets and the clarifications provided by IFRIC 12 are met. As at 31 December 2012, based on the
valuation report prepared by an authorised appraiser, a full member of ANEVAR, the intangible asset
"concession" was recognised at fair value of 3,034,941 lei, recorded in the accounts with indefinite useful life, in
accordance with paragraph 88 of IAS 38 - Intangible Assets and therefore not subject to amortisation.
As at 31 December 2023 the company revalued its intangible assets based on a valuation report prepared by
an authorised valuer, a full member of ANEVAR. The frequency of revaluations depends on changes in the fair
values of the revalued intangible assets.
The fair value at 31 December 2023 for intangible assets is as follows:
➢ Concession Oil Agreement
3,479,000 lei
➢ other concessions - trademarks
15,630 lei
➢ related software/licenses
856,429 lei
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.35/ 72
b. Fixed assets relating to rights to use leased assets
Gross values
Assets related to rights
of use of leased assets
Balance at 31 December 2022
6,692,950
Increases from acquisitions
5,352,928
Increases from valuation closing
69,220
Revaluation surplus reversed to profit
and loss account
4,601
Revaluation surplus reversed on capital
348,679
Reductions from outgoing
(1,248,294)
Accumulated depreciation cancelled
(2,756,662)
Balance at 31 December 2023
8,463,422
Depreciation and amortisation
Assets related to rights
of use of leased assets
Balance at 31 December 2022
1,837,500
Depreciation in 2023
2,175,020
Cumulative depreciation of outputs
(1,255,858)
Cancellation of accumulated
depreciation
(2,756,662)
Balance at 31 December 2023
-
Net value
Balance at 31 December 2022
4,855,450
Balance at 31 December 2023
8,463,422
As from 1 January 2019, the Company has applied IFRS 16 "Leases", the standard that replaced IAS 17
"Leases" and all interpretations (SIC/IFRIC) issued in application of IAS 17, resulting in the recognition of the
right of use of the underlying assets as an intangible asset in the account "assets related to the right of use of
leased assets" and a liability in the account "other loans and similar liabilities" arising from leases.
The major changes introduced by IFRS 16 'Leases' relate to the accounting at the lessee (user) level for the
right to use the underlying leased asset, i.e. the recognition in the balance sheet of assets and liabilities relating
to rights and obligations under leases. The right of use of the underlying asset is amortised on a straight-line
basis over the lease term. The Company has recognized, as of January 1, 2019, an expense for the amortization
of the right of use of assets and an interest expense related to the liability arising from the lease contract. The
interest rate was determined by the Company based on what it would cost the entity to borrow in a market to
use the underlying asset.
At 31 December 2023 the company revalued the assets related to the rights of use of the leased assets.
The revaluation at fair value was recorded as at 31 December 2023 based on a Valuation Report prepared by
a chartered appraiser, a full member of ANEVAR. The frequency of revaluations depends on changes in the fair
values of the assets related to the rights of use of the revalued leased assets. If the assets relating to the rights
of use of the leased assets do not change significantly, no revaluations are required.
The Company is a lessee (user) under 12 operating leases, described in note 29.
18. Financial fixed assets
Year ended
31 December 2023
Year ended
31 December 2022
Other non-current receivables
908,030
908,030
Total financial fixed assets
908,030
908,030
As at 31 December 2023, the company records fixed receivables in the amount of 908,030 lei, representing:
•
Performance guarantee representing a bank guarantee letter in the amount of 1,100 lei in favour of
the National Company for the Administration of Sea Ports;
•
Performance guarantee paid in the amount of 906,930 lei in favour of the National Company for the
Administration of Sea Ports.
During 2023 there were no changes in the amounts of guarantees granted.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.36/ 72
19. Stocks
Year ended
31 December 2023
Year ended
31 December 2022
Auxiliary materials
1,780,714
1,491,052
Fuels
131,814
42,085
Packaging materials
13,325
1,094
Spare parts
72,964
23,158
Other consumables
50,555
13,633
Materials in the nature of inventory items
154,070
42,177
Waste products
3,266
64,586
Consumables in stock
-
1,500
Adjustments for consumables
(53,558)
(64,820)
Adjustments for materials of an inventory nature
(346)
-
Total stocks
2,152,804
1,614,465
Non-moving stocks outstanding as at 31 December 2023 amounted to 53,904 lei, down 10,916 lei from the
previous year. Adjustments for impairment of materials have been made for these stocks as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Balance adjustments for inventory write-downs at
1 January 2023
64,820
923
Constitutions in year
196,273
76,983
Reversals in year
(207,189)
(13,086)
Balance adjustments for inventory write-downs
on 31 December 2023
53,904
64,820
20. Customers and similar accounts
Year ended
31 December 2023
Year ended
31 December 2022
Customers invoices issued, receivable
35,544,012
33,348,358
Uncertain and disputed customers
4,542,682
5,486,611
Customers invoices to be drawn up
826
6,560
Impairment adjustments on trade receivables
( 4,542,682)
(5,486,611)
Total clients
35,544,838
33,354,918
The situation of customers, invoices issued to be received amounting to 35,544,012 lei, outstanding as at 31
December 2023, is classified by age as follows:
•
Receivables not past due
31,869,955 lei
•
Customer receivables overdue between 1 - 30 days
3,597,935 lei
•
Customer receivables overdue between 31 - 60 days
76,122 lei
Doubtful customers recorded as at 31 December 2023 totalled 4,542,682 lei, down from 31 December 2022 by
943,929 lei. For doubtful customers, the company has made adjustments for impairment of trade receivables
for the total amount of the receivable including VAT.
During 2023, the Company recorded adjustments for impairment of trade and other receivables as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Depreciation adjustment balance as at 1 January
2023
5,486,611
5,215,983
Constitutions in year
470,001
472,630
Reversals in year
(1,413,930)
(202,002)
Impairment adjustment balance at
31 December 2023
4,542,682
5,486,611
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.37/ 72
21. Other receivables and prepaid expenses
Year ended
31 December 2023
Year ended
31 December 2022
Sundry debtors
701,297
1,400,132
Suppliers - debtors for services rendered
135,000
-
Impairment adjustments for sundry debtors
(602)
(602)
Prepaid expenses
186,514
78,378
Other claims
2,247,624
2,143,079
Total other receivables
3,269,833
3,620,987
Taxes to be recovered
Year ended
31 December 2023
Year ended
31 December 2022
Corporate tax
4,543,554
2,981,745
VAT to be recovered
4,401,347
5,741,241
Total taxes to be recovered
8,944,901
8,722,986
22. Cash and cash equivalents
Year ended
31 December 2023
Year ended
31 December 2022
Available in lei, in current accounts with banks
17,075,017
11,039,754
Cash in foreign currency on current accounts with
banks
28,158,206
30,686,172
Other values
6,454
26,571
Available in cash
16,539
11,914
Total cash and cash equivalents
45,256,216
41,764,411
There are no restrictions on cash accounts.
23. Share capital
No. of shares
Share capital
Statutory share capital
2,997,177,132
299,717,713
Total share capital
2,997,177,132
299,717,713
The subscribed and paid-up share capital as at 31 December 2023 is 299,717,713.20 lei, divided into
2,997,177,132 shares, at a par value of 0.1 lei/share. Each share entitles its holder to one vote.
The subscribed and paid-up share capital registered as at 31.12.2022, amounting to 58,243,025.30 lei
(582,430,253 shares) was increased by 241,474,687.90 lei representing a number of 2,414,746,879 new
shares, with a nominal value of 0.10 lei/share, as a result of the completion of subscriptions on 8 March 2023,
in accordance with the "Simplified Prospectus for the increase in share capital with contribution in kind and in
cash of Oil Terminal SA" approved by the Financial Supervisory Authority (ASF) by Decision no. 46/17.01.2023.
By the EGSM Decision No 4/21.03.2022 approved the share capital increase by contribution in kind and in cash
up to the maximum amount of 382,910,843 lei by issuing a maximum of 3,829,108,430 new shares with a
nominal value of 0.10 lei/share, at the issue price of 0.10 lei/share, the subscription right being manifested in
accordance with the "Simplified Prospectus for the share capital increase with contribution in kind and in cash
of Oil Terminal SA" approved by the Financial Supervisory Authority (ASF) by Decision no.46/17.01.2023.
During the period 23.01.2023 - 08.03.2023, Oil Terminal shareholders have subscribed and paid, in order to
keep their share in the share capital, a cash contribution in the amount of 13,174,659.70 lei, representing a
number of 131,746,597 shares at the subscription value of 0.10 lei/share.
The share capital increase established in accordance with the law and the EGSM Decision no.4/21.03.2022
ended on 08.03.2023, date established by ASF Decision no.46./17.01.2023, and the contribution in kind
subscribed and paid by the Romanian State through the MINISTRY OF ENERGY is 228,300,028.20 lei, i.e. a
number of 2,283,000,282 shares, with a nominal value of 0.1 lei/share, representing the value of the land for
which certificates of ownership were issued, value established by the valuation report no.155/2021, drawn up
by MAPPS - Master Appraisal SRL (J40/7308/2004 and CUI 16400917), namely:
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.38/ 72
➢ land with an area of 254,261.325 sq.m, located in Constanta county, Caraiman street no.2, registered in
the CF no.215416 kept by OCPI, with cadastral number 215416, according to the certificate of attestation
of the right of ownership of land series M03 no.11703/02.02.2011, value 151,325,519.26 lei;
➢ land with an area of 129,334.70 sqm, located in Constanta county, Caraiman street no.2, registered in the
CF no.215382 kept by OCPI, with cadastral number 215382, according to the certificate of attestation of
the right of ownership of land series M03 no.11704/02.02.2011, worth 76,974,508.94 lei.
The existing subscribed and paid-up share capital as at 31.12.2022 was increased by 241,474,687.90 lei,
representing a number of 2,414,746,879 new shares with a nominal value of 0.10 lei/share, of which:
- cash contribution of 13,174,659.70 lei, representing 131,746,597 shares at a par value of 0.10 lei/share;
- the contribution in kind subscribed and paid by the Romanian State through the Ministry of Energy, in the
amount of 228,300,028.20 lei, respectively, a number of 2,283,000,282 shares, with a nominal value of 0.1
lei/share.
The subscribed and paid-up share capital, resulting after the increase of 241,474,687.90 lei, becomes
299,717,713.20 lei: (58,243,025.30 lei + 241,474,687.90 lei) divided into 2,997,177,132 shares (299,717,713.20
lei /0.1 lei / share).
By Decision no.6522/14.03.2023, the Commercial Registry Office of the Constanta Court admits Oil Terminal's
application for an increase of the share capital and updated Articles of Association.
The Financial Supervisory Authority has issued the Certificate of Registration of Financial Instruments number
AC-1829-3/29.03.2023 related to the registration of the share capital increase based on the EGSM Decision
no.4 of 21.03.2022. On 04.04.2023, the Central Depository SA registered the increase in the company's share
capital.
The Extraordinary General Meeting of Oil Terminal approves the Report on the share capital increase, validates
and approves the operations carried out for the share capital increase, according to the Resolution
no.4/18.04.2023.
The shareholding structure as at 31 December 2023 compared to 31 December 2022, according to data
provided by the Central Depository, is as follows:
Shareholders at 31 December 2023
Number of shares
Total value
nominal
Ownership %
The Romanian State through the Ministry of Energy
2,630,258,255
263,025,826
87.76
Legal entities
83,355,005
8,335,500
2.78
Individuals
283,563,872
28,356,387
9.46
Total capital
2,997,177,132
299,717,713
100
Shareholders at 31 December 2022
Number of shares
Total value
nominal
Ownership %
The Romanian State through the Ministry of Energy
347,257,973
34,725,797
59.62
Dumitrescu Andrei Sebastian
101,108,021
10,110,802
17.36
Legal entities
49,166,889
4,916,689
8.44
Individuals
84,897,370
8,489,737
14.58
Total capital
582,430,253
58,243,025
100
OIL TERMINAL SA is a company listed on the Bucharest Stock Exchange.
The shares traded at 0.1270 lei/share (closing price) on 29 December 2023 and at 0.1610 lei/share (closing
price) on 30 December 2022.
The amount of unpaid dividends 31 December 2023 is 626,867 lei, of which individuals 602,190 lei and legal
entities 24,677 lei.
24. Other equity items
Year ended
31 December 2023
Year ended
31 December 2022
Deferred tax recognised on equity, of which:
(33,154,819)
(31,212,178)
Deferred income tax recognised in equity on
revaluation reserves
(33,225,093)
(31,282,452)
Income tax deferred for tax relief
70,274
70,274
"Other equity items*
3,034,941
3,034,941
Total other equity
(30,119,878)
(28,177,237)
* "Other equity items" include the counterpart of the recognition of the intangible asset "oil concession
agreement", approved by H.G. no.886/2002.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.39/ 72
As at 31 December 2023, deferred income tax recognised on equity increased compared to the previous year
by the amount of 1,942,641 lei, of which:
- (956,723) lei decrease - related to revaluation reserves transferred to retained earnings, representing surplus
from revaluation of fixed assets, for fixed assets sold/cashed in year 2023.
- 2,899,364 lei increase - deferred income tax on own capital, related to revaluation reserves for the year 2023
when recording the revaluation of fixed assets.
25. Revaluation reserves
Year ended
31 December 2023
Year ended
31 December 2022
Reserves from revaluation of tangible fixed assets,
intangible assets and rights of use of leased assets
233,240,022
221,877,506
Total revaluation reserves
233,240,022
221,877,506
As at 31 December 2023 the revaluation reserve increased compared to the previous year by the amount of
11,362,516 lei, representing the revaluation surplus.
As at 31 December 2023, reserves from the revaluation of fixed assets comprise :
➢
revaluation reserve relating to tangible fixed assets of 232,167,916 lei;
➢
the revaluation reserve relating to intangible assets, representing rights established by the oil concession
agreement for the exploitation of reservoirs, pipelines for the transport of crude oil and petroleum products,
pumping installations and other installations and equipment related thereto, concluded with the National
Agency for Mineral Resources Bucharest, approved by GD no.886/2002, in the amount of 444,059 lei;
➢
the revaluation reserve relating to intangible fixed assets representing licences, amounting to 170,434 lei;
➢
revaluation reserve on assets related to rights of use of leased assets, amounting to 457,613 lei.
26. Retained earnings
a. Retained earnings representing realised surplus on revaluation reserves
Year ended
31 December 2023
Year ended
31 December 2022
Retained earnings representing realised surplus on
revaluation reserves
12,066,963
11,648,008
Total realised surplus from revaluation reserves
12,066,963
11,648,008
The revaluation surplus realised on revaluation reserves was formed by writing off the revaluation difference
relating to fixed assets to retained earnings on derecognition.
During the year 2023 there was a realised surplus from revaluation reserves in the amount of 418,955 lei, so
that the retained earnings representing the realised surplus from revaluation reserves in the balance at 31
December 2023 is 12,066,963 lei.
b. Retained earnings arising from first-time adoption of IAS, less IAS 29
Year ended
31 December 2023
Year ended
31 December 2022
Retained earnings from first-time adoption of IAS, less
IAS 29
396,930
396,930
Total retained earnings from first-time adoption of
IAS, less IAS 29
396,930
396,930
Retained earnings arising from the first-time adoption of IAS, less IAS 29, as at 31 December 2023 is 396,930
lei and is unchanged from 31 December 2022. The amount of 396,930 lei represents restatements from the first-
time adoption of IAS, less IAS 29, for the year 2000, in accordance with Order No 94/2001 approving the
Accounting Regulations harmonised with Directive IV of the European Economic Communities and International
Accounting Standards.
For the year 2000 the balance sheet items prepared in accordance with Order of the Minister of Finance No.
403/1999 approving the Accounting Regulations harmonised with the Fourth Directive of the European
Economic Communities and International Accounting Standards have been restated in accordance with Order
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.40/ 72
No. 94/2001 approving the Accounting Regulations harmonised with the Fourth Directive of the European
Economic Communities and International Accounting Standards.
27. Legal reserves, other reserves and profit distribution
a. Legal and other reserves
Year ended
31 December 2023
Year ended
31 December 2022
Legal reserves
7,654,135
6,772,805
Other reserves, of which:
32,047,163
180,026,477
Reserves from distributed profits to constitute own
source of financing as per GSM resolutions
23,748,898
23,748,898
Reserves from tax relief
8,008,401
4,198,715
5,494 sqm of land*
289,864
289,864
Land recognised against reserves for which title deeds
were obtained in 2011
-
151,789,000
Total reserves
39,701,298
186,799,282
* Land in the area of 5,494 sq.m, recognized on account of reserves, in the amount of 289,864 lei, representing
the difference of land resulting from the updating of the cadastral documentation carried out in 2015, for the land
in the area of 951,386.79 sq.m, registered according to the title deed series MO3 no.3285/19.11.1996, located
in the South Platform Section.
The legal reserves increased compared to the previous year in the amount of 881,330 lei, representing the legal
reserve distributed from the net profit of the year 2023, in accordance with OG no.64/2001, with subsequent
amendments and additions, Company Law no.31/1990 with subsequent amendments and additions and OMFP
no.2844/2016 with subsequent amendments and additions.
Compared to the previous year, the "Other reserves" account shows a decrease of 147,979,314 lei,
representing:
➢ cancellation of the value of land recognized on account of reserves, for which title deeds were obtained in
2011, in the amount of 151,789,000 lei, and for which the procedure for increasing the share capital was
completed on 08.03.2023 thus:
- land with an area of 254,261.3 sq.m, acquired during 2011 on the basis of the property title deed series
MO3 no. 11703 /02.02.2011, located in the North Platform Section, worth 100,611,000 lei;
- land with an area of 129,334.70 sqm acquired in 2011 on the basis of the property title deed series MO3
no. 11704/02.02.2011, located within the North Platform Section in the amount of 51,178,000 lei.
For these 2 plots of land, the procedure for increasing the share capital, provided for by HG.834/1991,
was completed in March 2023. The share capital increase, established in accordance with the law and
the EGSM Decision no.4/21.03.2022, was completed on 08.03.2023, date established by ASF Decision
no.46/17.01.2023.
By Decision no.6522/14.03.2023, the Commercial Registry Office of the Constanta Court admits Oil
Terminal's application for an increase of the share capital and updated Articles of Association.
➢ tax incentives in the amount of 3,809,686, according to art.22 of Law no.227/2015 on the Tax Code, as
amended, from the distribution of the net profit of 2023 according to OG no.64/2001 and OMFP no.2844/2016
b. Profit sharing
Year ended
31 December 2023
Year ended
31 December 2022
Profit distribution, of which:
(4,691,016)
(2,071,211)
Legal reserves
(881,330)
(721,916)
Other reserves representing tax relief
(3,809,686)
(1,349,295)
From the net profit of the year 2023, a profit distribution of 4,691,016 lei was recorded, representing:
➢ 881,330 lei legal reserve.
According to the provisions of art.1, paragraph (1), letter a) of OG no.64/2001 in conjunction with the provisions
of art.183 paragraph (1) of Law no.31/1990 on companies, republished, with subsequent amendments and
additions, "From the company's profit, at least 5% shall be taken each year to form the reserve fund, until it
reaches at least one fifth of the share capital". The legal reserve constituted before the distribution of the net
profit for 2023 is 6,772,805 lei (2.26% of the share capital).
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.41/ 72
Accounting profit before corporate income tax = 17,626,598 lei.
Legal reserve 5% of gross profit = 17,626,598 x 5% = 881,330 lei.
➢ 3,809,686 lei other reserves, representing tax incentives provided by law.
According to the provisions of Article 1, paragraph (1), letter a) of the OG no.64/2001 in conjunction with Article
22 paragraph (1) and paragraph (5) of the Law no.227/2015 on the Tax Code, as subsequently amended and
supplemented, the profit invested in technological equipment, electronic computers and peripheral equipment,
cash register, control and billing machines and appliances, in software, as well as for the right to use software,
produced and/or purchased, including under financial leasing contracts, and put into operation, used for the
purpose of carrying out the economic activity, is exempt from tax. Tangible assets to which the tax exemption
applies are those referred to in subgroup 2.1, respectively in class 2.2.9 of the Catalogue on the classification
and normal operating life of fixed assets, approved by Government decision.
The profit invested in 2023 is 4,010,196 lei.
The legal reserve of 5% of the tax-exempt profit is 4,010,196 lei x 5% = 200,510 lei.
The invested profit allocated to reserves is 3,809,686 lei. (4,010,196 lei - 200,510 lei = 3,809,686 lei).
28. Long-term debt
As of 31 December 2023, the Company records total debts of 255,174,167 lei.
Depending on the due date, total liabilities are as follows:
Net value
Value
contractual
< 12 months
1- 5 years
> 5 years
Trade and other current liabilities
42,660,028
42,660,028
42,660,028
-
-
Taxes and duties payable
10,134,111
10,134,111
10,134,111
-
-
Loans
159,697,631
196,753,866
20,574,599
64,144,470
74,978,562
Other loans and similar debts
(leasing debts)
8,301,150
8,301,150
2,337,928
5,963,222
-
TOTAL
220,792,920
257,849,155
75,706,666
70,107,692
74,978,562
Other debts:
Deferred income tax liabilities
34,381,247
TOTAL
34,381,247
a.
Long-term loans
Year ended
31 December 2023
Year ended
31 December 2022
Contract no.1870/02.08.2017 Bancpost (taken over by
Banca Transilvania through Additional Act
no.1/09.01.2019)
12,269,606
15,615,862
Minus current part
(3,346,256)
(3,346,256)
Contract no. 201810290206/29.10.2018 BCR
16,052,570
18,401,726
Minus current part
(2,544,920)
(2,349,157)
Contract no. 20200914051/15.09.2020 BCR
30,180,869
30,698,516
Minus current part
(3,364,706)
(776,471)
Contract no. 2022022309/25.02.2022 BCR
101,194,586
38,827,387
Minus current part
(11,318,717)
(5,416,283)
Total long-term loans
139,123,032
91,655,324
The long-term loans reported are generated by the following contracts mentioned below:
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
1. Contract no.1870
of 02.08.2017 -
Bancpost, taken over
by Banca
Transilvania
lei
02.08.2027
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
12,269,606
15,615,862
On 02.08.2017, the company signed with Bancpost an investment credit agreement to finance the investment
objectives "R34/S reservoir modernization" located in the South Platform Section and "Aboveground laying of
crude oil pipelines (T1 and T2)", in the amount of 26,770,050 lei, with a repayment term until 02.08.2027 and a
grace period until 02.08.2019.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.42/ 72
Oil Terminal has provided Bancpost with the following guarantees:
a)
Mortgage on the building "intravilan land, with an area of 66,632 sq.m" (part of the lot with S=951,387
sq.m), located in Constanta municipality, Constanta county, South Platform Section, Movila Sara, identified
with cadastral number 246756, registered in the Land Register with no.246756 of Constanta, together with
the existing buildings on it, as follows:
- tank R22 - 11222512 - C1 - 2362 sqm
- tank R24 - 11222860 - C2 - 2362 sqm
- tank R26 - 11222873 - C3 - 2362 sqm
- foam tank house - 11210589 - C4 - 42 sqm
- foam tank house - 11210590 - C5 - 36 sqm
- foam tank house - 11210591 - C6 - 30 sqm
b)
Movable hypothec on current accounts opened with Bancpost.
In 2017 the amount of 21,294,730 lei was drawn from the credit facility, and in 2018 the remaining 5,475,320 lei
was drawn from the credit facility, bringing the total approved credit to 26,770,050 lei.
By the Additional Deed no.1/09.01.2019 signed with Banca Transilvania, the company took note of the fact that
on 28.12.2018, following a merger process, all the rights and obligations assumed by Bancpost SA (absorbed
company) by the credit agreement no.1870/02.08.2017 were transferred to the assets and liabilities of Banca
Transilvania (absorbing company).
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
2. Contract
no.201810290206 of
29.10.2018 - BCR
lei
27.10.2028
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
16,052,570
18,401,726
On 29.10.2018, the company signed with BCR an investment credit agreement to finance the investment
objectives "Modernization of tank T30/S" located in the South Platform Section and "Purchase of skids for fiscal
measurement of petroleum products", in the amount of 23,716,665 lei, with a repayment term until 27.10.2028
and a grace period until 29.10.2020.
By the additional act no.1/07.01.2020 the amount of the loan granted initially was decreased by the amount of
225,099 lei, resulting in a loan amount of 23,491,566 lei and the loan repayment schedule was modified, the last
loan repayment instalment being on 27.10.2028.
Oil Terminal has constituted the following guarantees in favour of BCR:
a)
Mortgage on the building "intravilan land, with an area of 60,394 sq.m" (part of the lot with S=951,387
sq.m), located in Constanta municipality, Constanta county, South Platform Section, Depozit IV South
Movila Sara, identified and registered in the Land Register of Constanta with cadastral number 246755,
together with the existing buildings on it, as follows:
- tank R35 - 11223089 - C1 - 2937 sqm
- tank R25 - 11222861 - C2 - 2362 sqm
- tank R23 - 11222859 - C3 - 2362 sqm
- foam house - 11210627 - C4 - 36 sqm
- foam house building - 11210625 C5 - 35 sqm
b)
Movable hypothec on current accounts opened with BCR.
By the Supplementary Deed no.2/24.03.2021 the interest rate is modified, i.e. the interest rate becomes variable
according to the evolution of the three-month ROBOR index plus the applicable margin.
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
3. Contract
no.20200914051 of
15.09.2020 - BCR
lei
13.09.2030
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
30,180,869
30,698,516
On 15.09.2020 the company signed with BCR an investment credit agreement for financing the investment
objective "Modernization of the T31/S tank" located in the South Platform Section, in the amount of 31,058,821
lei, with a repayment term until 13.09.2030 and a grace period of 36 months.
On 15.01.2021, an additional deed no.1 to the credit agreement no.20200914051/ 15.09.2020 was signed with
BCR, modifying the guarantees provided in the original form of the agreement.
Oil Terminal has constituted the following guarantees in favour of BCR:
a) Mortgage on the building "land with an area of 170.818 sq.m", lot 1/2/2 (part of the lot with S=243.912,70
sq.m), located in Constanța municipality, Constanța county, Caraiman Street no.2, North Platform
Section, identified with cadastral number 238837, together with the existing buildings on it, as follows:
- tank - 11223524 - C10 - 831 sq.m
- tank T6N - 11221615 - C19 - 835 sqm
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.43/ 72
- tank T9N - 11222069 - C20 - 803 sqm
- tank T7N - 11221614 - C21 - 832 sqm
- tank T10N - 11122070 - C22 - 802 sqm
- tank T18N - 11222356 - C23 - 821 sqm
- tank T19N - 11222357- C24 - 866 sqm
- tank T20N - 11222358 - C25 - 828 sqm
- cloakroom -11110025 - C27+ C28 - 255 sqm
b) Mortgage on the building "land with an area of 8.837 sq.m", (part of the lot with S=804.360 sq.m), located
in Constanta municipality, Constanta county, Caraiman Street no.2, South Platform Section, identified
with cadastral number 252530, together with the existing buildings on it, as follows:
- R20 tank -11222603 - C2 - 823 sqm
- tank R21 -11222604 - C1 - 823 sqm
c) Movable hypothec on current accounts opened with BCR.
On 29.06.2022, an additional deed no.2 was signed with BCR to the loan agreement no.20200914051/
15.09.2020, which amended the loan amount to 30,698,516 lei, following the decrease of the initial amount of
31,058,821 lei by 360,305 lei.
In December 2023, the mortgage on the building with cadastral number 238837-C15 - Remiza PCI foam centre,
with inventory number 11210245, with an area of 29 sqm, which has used up its useful life and has been
approved for decommissioning, following the agreement with BCR no.351/10.03.2022, is cancelled.
A total of 30,698,516 lei was drawn from the credit facility as follows:
- year 2020: value 8,829,864 lei
- year 2021: value 15,905,960 lei
- 1st semester 2022: amount 5,962,692 lei
Creditor
Currency
Deadline
Reimbursement
Interest
Guarantee
Balance at
31.12.2023
Balance at
31.12.2022
4. Contract no.
2022022309 of
25.02.2022 - BCR
lei
24.02.2037
monthly
instalment
3-month
ROBOR
plus
margin
Mortgage and
chattel
mortgage on
the account
101,194,587
38,827,387
On 25.02.2022 the company signed with BCR an investment credit agreement for financing the investment
objective "Construction of a 55,000 m
3
capacity reservoir" in the South Platform Section, in the total amount of
98,429,274 lei, of which :
- credit A, in the amount of 82,713,676 lei for the financing of the investment objective "Construction of a 55,000
cubic meter capacity reservoir", maturing on 24.02.2037.
- credit B, in the amount of 15,715,598 lei for the payment of VAT related to the financing of the investment
objective "Construction of a 55,000 cubic meter capacity reservoir", due on 24.02.2026.
On 25 February 2022, the movable mortgage contract no.2022022309/1 is signed, by which Oil Terminal has
constituted in favour of BCR the following guarantees:
a) Movable hypothec on present and future bank accounts opened with the Lender by the Borrower;
b) Movable hypothec on all rights arising from insurance contracts concluded for the insurance of goods
provided as security, to be concluded in the case of insurance policies whose insured value exceeds EUR
5,000,000 (or the equivalent of this amount in foreign currency), calculated per insurance policy. This
movable mortgage will be taken out only if there are or will be insurance policies with an insured value in
excess of EUR 5,000,000. The movable mortgage will be taken out after completion of the construction
built on the credit.
On 10.03.2023, the Additional Deed No.1 is signed amending the provisions of Clause 12 (turnover) of the credit
agreement No.2022022309 of 25.02.2022.
On 27.05.2022, Supplementary Deed No.2 is signed amending the provisions of Clause 11 (transaction
guarantees) of the credit agreement No.2022022309 of 25.02.2022.
On 24 August 2022, the real estate mortgage contract no.1890/24.08.2022 was signed, by which Oil Terminal
constituted in favour of BCR the following guarantees:
a) Mortgage on the land with an area of 11,688 sq.m, (part of the lot with S=951,386 sq.m), located in
Constanta, Caraiman Street no.2, Lot 1/1/1/2, Depozit IV Sud Movila Sara, Constanta County,
registered in the Land Register with cadastral number 256090.
b) Mortgage on the reservoir that is under construction on the land of 11,688 sq.m, located in Constanta,
Caraiman Street no.2, Lot 1/1/1/2, Depozit IV Sud Movila Sara, Constanta County, registered in the
Land Register with cadastral number 256090.
On 28.12.2022, the Additional Act no.3 to the credit agreement no.2022022309 of 25.02.2022 is signed, by
which the credit A for financing the investment objective "Construction of 55,000 m
3
capacity reservoir" is
amended from 82,713,676 lei to the amount of 97,305,659 lei, and the credit B for VAT payment related to the
financing of the investment objective "Construction of 55,000 m
3
capacity reservoir" is amended from 15,715,598
lei to the amount of 18,488,075 lei.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.44/ 72
Up to 31 December 2023 the amount of 89,875,870 lei was drawn from the credit facility under credit A and
16,665,574 lei from credit B. From credit B, an amount of 5,346,857 lei has been repaid to the bank.
b.
Deferred income tax liabilities
Year ended
31 December 2023
Year ended
31 December 2022
Deferred income tax liabilities
34,381,247
31,282,452
Total deferred income tax
34,381,247
31,282,452
As at 31 December 2023, the deferred income tax on equity increased by 3,098,795 lei compared to the previous
year, representing:
- Deferred income tax written off recognised in equity, related to revaluation reserves transferred to retained
earnings, representing realised revaluation surplus, related to assets sold/leased and rights of use of leased
assets written off upon termination of lease contracts, in the amount of (956,723) lei.
- deferred income tax recorded in 2023, recognised in equity under retained earnings, relating to revaluation
reserves transferred to retained earnings, in the amount of 1,156,154 lei.
- 2,899,364 lei deferred income tax on own capital, related to revaluation reserves for the year 2023 when
recording the revaluation of fixed assets.
The deferred income tax reconciliation is as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Corporation tax postponed to 1 January 2023
31,282,452
31,367,235
Corporate income tax deferred to 31 December
2023
34,381,247
31,282,452
Change in deferred income tax
3,098,795
(84,783)
Of which, deferred income tax liability
recognised in equity
3,098,795
(84,783)
c.
Other loans and similar liabilities arising from leasing contracts
The Company is a lessee (user) under a number of 12 operating leases described in note 29.
As from 1 January 2019, the Company has applied IFRS 16 "Leases", which replaced IAS 17 "Leases" and all
interpretations (SIC/IFRIC) issued in application of IAS 17.
As of January 1, 2019, the Company recognized the right of use of the underlying assets under the leases in
the account "Assets related to the right of use of leased assets" and a liability in the account "Other loans and
similar liabilities" arising from the leases.
The liability recorded in the "other loans and similar liabilities" account arising from leasing contracts is as follows:
Year ended
31 December 2023
Year ended
31 December 2022
Other loans and similar debts
8,301,150
4,929,343
Minus current part
(2,337,928)
(1,580,759)
Total other loans and similar liabilities,
long-term
5,963,222
3,348,584
29. Liabilities relating to leasing obligations
The company is a lessee (user) under the following operating leases:
1.
Contract 153/392/18.11.2019 concluded with Center Tea & CO SRL having as object:
Operating lease for PSI MAN TGS - 1 piece.
The duration of the contract is 57 months from the date of delivery of the goods
2.
Contract no.25/42/10.02.2020 concluded with Center Tea & CO SRL having as object:
Operating Lease for Caterpillar DP50CN Diesel Power Tiller - 1 pcs;
The duration of the contract is 57 months from the date of delivery of the goods.
3.
Contract no.116/278/14.09.2020 concluded with Center Tea & CO SRL having as object:
Operational leasing Dacia Logan Stepway - 8 pcs;
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.45/ 72
Operating lease of Ford Transit DCAB specialized dump truck - 1 piece ;
The duration of the contract is 57 months from the date of delivery of the goods.
4.
Contract 40/82/09.02.2021 concluded with Center Tea & CO SRL having as object:
Operating lease for CAT M314 wheeled excavator with attachments - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
5.
Contract 104/243/14.06.2021 concluded with Center Tea & CO SRL having as object:
Operating lease for SUV Hyundai New Santa Fe 2.2 CRDI Luxury - 1 pcs.
The duration of the contract is 36 months from the date of delivery of the goods.
6.
Contract 138/346/06.10.2021 concluded with Energopetroleum Top Service SRL having as object:
Operating lease for Volkswagen T-Cross Life - 5 pcs.
Operating lease for Volkswagen Multivan T7 - 1 pcs.
Operating lease for Volkswagen Touareg V6 Hybrid - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
7.
Contract 117/420/27.06.2022 concluded with Center Tea & CO SRL having as object:
Operational lease for Dacia Duster Comfort Blue DCII15 4WD - 1 pcs.
Operating lease for Skoda Superb Ambition - 2 pcs.
Operational lease for Dacia Jogger - 2 pcs.
Operating lease for Mercedes Benz Intouro - 1 piece.
The duration of the contract is 57 months from the date of delivery of the goods.
8.
Contract 184/719/07.10.2022 concluded with Center Tea & Co SRL having as object:
Operating lease for Kia Ceed - 1 pcs.
Operating lease for Piaggio Porter Np 6 -Pick UP - 1 pcs.
Operating lease for Piaggio Porter Np 6 -Van - 1 pcs.
Operating lease for Mercedes Benz Sprinter Tourer - 1 pcs.
Operational leasing for Mercedes Benz Sprinter Doka - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
9.
Contract 209/767/14.11.2022 concluded with Center Tea & Co SRL having as object:
Operating lease for Renault Arkana Rs Line - 7 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
10.
Contract 252/874/16.12.2022 concluded with Center Tea & Co SRL having as object:
Operating lease for PSI water and foam truck - 1 piece.
The duration of the contract is 57 months from the date of delivery of the goods.
11.
Contract 75/287/10.05.2023 concluded with Center Tea & Co SRL having as object:
Operating lease for SUV Hybrid - 3 pcs.
Operating lease for SUV M1 - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
12.
Contract 162/404/23.08.2023 concluded with Center Tea & Co SRL having as object:
Operational lease for Combined Emptying Special - 1 pcs.
The duration of the contract is 57 months from the date of delivery of the goods.
The major changes introduced by IFRS 16 'Leases' relate to the accounting at the lessee (user) level for the
right to use the underlying leased asset, i.e. the recognition in the balance sheet of assets and liabilities relating
to rights and obligations under leases. The right of use of the underlying leased asset is amortised on a straight-
line basis over the lease term.
On 1 January 2019, the Company recognised the right of use of the underlying assets as an intangible asset in
the account "assets related to the right of use of leased assets" and a liability in the account "other loans and
similar liabilities" arising from lease contracts.
Effective January 1, 2019, the Company recognized an asset right-of-use amortization expense and an interest
expense related to the debt arising from the lease.
The interest rate was set by the company based on what it would cost the entity to borrow in a market to use
the underlying asset.
The depreciation expense related to the rights of use of the leased assets, recorded in 2023, amounts to
2,175,020 lei and the interest expense related to the debt arising from the lease contracts, recorded in 2023,
amounts to 443,238 lei.
In the cumulative period to 31 December 2023, the following asset movements related to the rights of use of
leased assets have occurred:
• On 16 January 2023 the asset related to the right of use for the underlying asset of the lease contract
no.277/507/21.12.2017, representing 1 piece Minibus Daily 70C18HP, was derecognised.
• On February 08, 2023 the company recognized the right of use of the underlying asset representing 2
pieces of Dacia Jogger in the amount of 175,258 lei and a debt in the amount of 175,258 lei, under the
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.46/ 72
leasing contract no.117/420/27.06.2022 concluded with Center Tea & Co.
• On 16 March 2023 the company recognized the right to use the underlying asset - 1 piece Mercedes
Benz Intouro in the amount of 833,043 lei and a debt in the amount of 833,043 lei under the leasing
contract no.117/420/27.06.2022 concluded with Center Tea & Co.
• On 01 April 2023 the asset related to the right of use of the underlying asset of the lease contract
no.277/507/21.12.2017, representing 1 piece of MAN TGS dumper truck, was derecognised.
• On 01 April 2023 the company recognized the right to use the underlying asset representing 1
Mercedes Benz 317 CDI Sprinter Tourer in the amount of 357,013 lei and a debt in the amount of
357,013 lei under the leasing contract no.184/719/07.10.2022 concluded with Center Tea & Co.
• On 06 April 2023 the asset related to the right of use of the underlying asset of the lease contract
no.277/507/21.12.2017, representing 1 piece of PSI special vehicle, was derecognised.
• On May 29, 2023 the company recognized the right to use the underlying asset representing 1 piece
Mercedes Benz 515 CDI Sprinter Doker in the amount of 320,471 lei and a debt in the amount of
320,471 lei under the leasing contract no.184/719/07.10.2022 concluded with Center Tea & Co.
• On July 27, 2023 the company recognized the right to use the underlying asset representing 1 piece
of PSI water and foam special vehicle in the amount of 2,331,673 lei and a debt in the amount of
2,331,673 lei under the leasing contract no.252/874/16.12.2022 concluded with Center Tea & Co.
• On October 3, 2023 the company recognized the right to use the underlying asset representing 2
Hyundai Tucson units in the amount of 240,443 lei and a debt in the amount of 240,443 lei under the
leasing contract no.75/287/10.05.2023 concluded with Center Tea & Co.
• On 18 October 2023 the company recognized the right to use the underlying asset - 1 piece Hyundai
Tucson in the amount of 240,114 lei and a debt in the amount of 240,114 lei under the lease contract
no.75/287/10.05.2023 concluded with Center Tea & Co.
• On 23 October 2023 the company recognized the right to use the underlying asset representing 1
piece of the Mercedes Atego Combined Special-purpose vehicle in the amount of 1,556,326 lei and a
debt in the amount of 1,556,326 lei under the leasing contract no.162/404/23.08.2023 concluded with
Center Tea & Co.
As at 31 December 2023, the Company has revalued the assets related to the rights of use of the leased assets.
The revaluation at fair value was recorded as at 31 December 2023, based on a Valuation Report prepared by
a chartered appraiser, a full member of ANEVAR.
The fair value of the rights of use of the leased assets at 31.12.2023 compared to 31.12.2022 is as follows:
Contract no.
Object operating lease
Classification
code
according to
H.G. nr.
2139/2004
Value of assets
relating to the
rights of use of
assets leased at
31 December 2023
Value of assets
relating to the
rights of use of
assets leased at
31 December 2022
277/507/21.12.2017
AA2/15.01.2019
Center Tea
Special PSI car
2.1.24.3
-
377,918
Minibus 32+1 - Iveco Daily
2.3.2.1.2
-
179,875
Dumper truck
2.3.2.2.3
-
167,420
Autovidanja
2.3.2.2.3
-
489,344
153/392/18.11.2019
Center Tea
MAN TGS PSI Special
2.1.24.3
462,714
981,382
25/42/10.02.2020
Center Tea
Caterpillar Diesel Motor
Grader
2.3.6.8.1
105,322
247,619
116/278/14.09.2020
Center Tea
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Dacia Logan Stepway
2.3.2.1.1
18,225
37,109
Ford Tranzit specialised
tipper van
2.3.2.2.1
45,693
101,439
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.47/ 72
40/82/09.02.2021
Center Tea
CAT M314 wheeled
excavator with attachments
2.1.20.1
434,744
797,603
104/243/14.06.2021
Center Tea
Hyundai New Sante FE 2.2
CRDI 202CP SUV
2.3.2.1.1
27,046
105,472
138/346/06.10.2021
Energopetroleum Top
Service
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen T-Cross Life
2.3.2.1.1
52,515
79,288
Volkswagen Multivan T7
2.3.2.1.2
214,221
334,186
Volkswagen Touareg V6
Hybrid
2.3.2.1.1
240,552
367,527
117/420/27.06.2022
Center Tea
Dacia Duster Comfort Blue
DCII15 4WD
2.3.2.1.1
91,927
117,576
Skoda Superb Ambition
2.3.2.1.1
131,844
161,768
Skoda Superb Ambition
2.3.2.1.1
-
162,014
Dacia Jogger
2.3.2.1.1
77,702
-
Dacia Jogger
2.3.2.1.1
77,702
-
Mercedes Benz Intouro
2.3.2.1.2
722,064
-
184/719/07.10.2022
Center Tea
Kia Ceed
2.3.2.1.1
98,387
120,570
Piaggio Porter NP 6-Pick UP
2.3.2.1.1
111,872
139,775
Piaggio Porter NP 6-Van
2.3.2.1.1
109,866
137,973
Mercedes Benz 317 CDI
Sprinter Tourer
2.3.2.1.2
310,906
-
Mercedes Benz 515 CDI
Sprinter DokeR
2.3.2.2.1
289,645
-
209/767/14.11.2022
Center Tea
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
Renault ArkanA RS Line
2.3.2.1.1
120,996
144,311
252/874/16.12.2022
Center Tea
Special PSI car
2.1.24.3
1,837,755
-
75/287/10.05.2023
Center Tea
Hyundai Tucson
2.3.2.1.1
202,659
-
Hyundai Tucson
2.3.2.1.1
202,659
-
Hyundai Tucsin
2.3.2.1.1
204,033
-
162/404/23.08.2023
Center Tea
Vidanja Combined Special
2.1.24.3
1,208,762
-
TOTAL
8,463,422
6,692,950
The carrying amount of the right-of-use assets at 31 December 2023 by class of underlying asset is as follows:
Classification code according to H.G. nr.2139/2004
Fair value of assets
relating to rights of use
of leased assets
(lei)
2.1.20.1
Machinery and equipment for digging and land preparation. Diggers,
rakes, bulldozers, backhoes, trenchers, pit diggers and scarifiers.
434,744
2.1.24.3
Fire-fighting machinery, equipment and installations
3,509,231
2.3.2.1.1
Means of passenger transport - passenger cars
2,831,596
2.3.2.1.2
Means of passenger transport - minibuses
1,247,191
2.3.2.2.1
Means of transport - trucks, vans and fixed platform trucks
335,338
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.48/ 72
2.3.6.8.1
Other transport and lifting machinery, plant and equipment - electric
and fork-lift trucks
105,322
The total cash outflows related to leasing contracts during 2023 are in the total amount of 2,944,694 lei, of which,
VAT in the amount of 470,161 lei.
The situation of future minimum lease payments as at 31 December 2023 is as follows:
Future
payments
up to 1 year
(lei)
Future
payments
between 1 - 2
years (lei)
Future
payments
between 2 - 3
years (lei)
Future
payments
between 3 - 5
years (lei)
Contract 153/392/18.11.2019 Center Tea&Co SRL
270,583
183,117
-
-
Contract 25/42/10.02.2020 Center Tea&Co SRL
77,467
19,626
-
-
Contract 116/278/14.09.2020 Center Tea&Co SRL
116,777
56,970
-
-
Contract 40/82/09.02.2021 Center Tea&Co SRL
201,611
212,679
49,640
-
Contract 104/243/14.06.2021 Center Tea&Co SRL
23,157
-
-
-
Contract 138/346/06.10.2021 Energopetroleum
Top Service
234,297
247,160
224,555
-
Contract 117/420/27.06.2022 Center Tea&Co SRL
263,953
278,444
293,731
245,687
Contract 184/719/07.10.2022 Center Tea&Co SRL
219,581
230,262
242,534
222,822
Contract 209/767/14.11.2022 Center Tea&Co SRL
207,341
217,159
228,451
150,551
Contract 252/874/16.12.2023 Center Tea&Co SRL
394,583
415,583
438,397
601,178
Contract 75/287/10.05.2023 Center Tea&Co SRL
106,449
113,923
123,732
203,010
Contract 162/404/23.08.2023 Center Tea&Co SRL
222,129
244,725
265,796
453,490
Total
2,337,928
2,219,648
1,866,836
1,876,738
30. Short-term loans - description short-term loans
Contracts on short-term loans are:
Creditor
Currency
Deadline
Reimbursement
Interest
31.12.2023
31.12.2022
1. Credit agreement no.
20201029058/29.10.2020
(Facility for issuing a letter of
guarantee) concluded with
BCR SA
lei
28.02.2027
full
repayment at
maturity
3-month
ROBOR
plus
margin
35,464,066
35,464,066
By Credit Agreement no.20201029058/29.10.2020 BCR granted Oil Terminal a non-revolving credit facility in
the amount of 35,464,066 lei in order to issue a letter of guarantee in favour of the National Agency for Tax
Administration, for the purpose of obtaining the authorization for a tax warehouse, for which the following
guarantees were constituted:
a) Mortgage on the land of 20,000 sqm, located in the South Platform Section, registered in the land register
no.244347 Constanța, identified with cadastral number 244347, and the buildings erected on it:
- reservoir R36, capacity 50,000 m
3
, identified with cadastral number 244347-C9 (inventory number
11223318), with an area of 2,859 m
2
;
- reservoir R37, capacity 50,000 m
3
, identified with cadastral number 244347-C10 (inventory number
11223319), with an area of 2,859 m
2
.
b) Movable hypothec on the borrower's bank accounts with the lender
c) Movable hypothec on all rights arising from insurance contracts concluded for the insurance of goods
provided as security
d) Movable hypothec on claims arising from contracts with Mol Romania Petroleum Products and Maddox.
On 16.12.2020, the Additional Deed no.1 to the credit agreement no.20201029058/29.10.2020 BCR is signed,
modifying the chattel mortgage and supplementing it with a chattel mortgage on the receivables resulting from
the contracts concluded with Mol Romania Petroleum Products and Maddox. On 30 October 2020 Banca
Comercială Română sent to the National Agency for Tax Administration the bank guarantee letter
no.G084724/832 in the amount of 17,262,501 lei valid until 31.12.2020.
On 17.12.2020, Amendment No.1 to the Bank Guarantee Letter No.G084724/832 is signed, extending the
validity until 31.03.2021, all other provisions of the guarantee letter remain unchanged.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.49/ 72
On 25.02.2021, Amendment no.2 to the Bank Guarantee Letter no.G084724/832 is signed, whereby the value
of the guarantee letter is decreased by the amount of 1,039,772 lei and the new value of the guarantee letter is
16,222,729 lei. The validity of the letter of guarantee has been extended until 30.06.2021. On 10.03.2021 the
Company submitted to the National Tax Administration Agency the amendment no.2 to the Bank Guarantee
Letter no.G084724/832.
On 22.06.2021, Amendment No.3 to Bank Guarantee Letter No. G084724/832 is signed, extending the validity
of the guarantee letter until 31.12.2021. On 24.06.2021 the Company submitted to the National Tax
Administration Agency Amendment No. 3 to the Bank Guarantee Letter No. G084724/832.
On 13.12.2021, Amendment no.4 to the Bank Guarantee Letter no.G084724/832 is signed, whereby the validity
of the guarantee letter in the amount of 16,222,729 lei was extended until 30.06.2022. On 20.12.2021 the
Company submitted to the National Tax Administration Agency Amendment No. 4 to the Bank Guarantee Letter
No. G084724/832.
On 01.02.2022, the National Agency for Tax Administration issued Decision no.41/01.02.2022, setting the
amount of the guarantee for the tax warehouse in conjunction with the provisions of Decision no.15/28.02.2019,
at the level of 6,924,529 lei.
On 16.02.2022, Amendment no.5 to the Bank Guarantee Letter no.G084724/832 is signed, whereby the value
of the guarantee letter is reduced by the amount of 9,298,200 lei, and the new value of the guarantee letter is
6,924,529 lei, valid until 30.06.2022. On 22.02.2022 the Company submitted to the National Tax Administration
Agency Amendment No.5 to the Bank Guarantee Letter No.G084724/832.
On 20.06.2022, Amendment no.6 to the Bank Guarantee Letter no.G084724/832 is signed, extending the validity
of the guarantee letter until 31.10.2025. On 29.06.2022 the Company submitted to the National Tax
Administration Agency Amendment No.6 to Bank Guarantee Letter No.G084724/832.
On 17.02.2023, the National Agency for Tax Administration issued Decision no.33/17.02.2023, setting the
amount of the guarantee for the tax warehouse in conjunction with the provisions of Decision no.15/28.02.2019,
at the level of 13,416,517 lei.
On 14.03.2023, Deed of Amendment No. 2 was signed amending the Drawdown Period starting on 29.10.2021
(exclusive) and ending on 31.12.2023 (inclusive).
On 15.03.2023, Amendment no.7 to the Bank Guarantee Letter no.G084724/832 is signed, by which the value
of the guarantee letter is increased by the amount of 6,491,988 lei, and the new value of the guarantee letter is
13,416,517 lei, valid until 31.10.2025. On 22.03.2023 the Company submitted to the National Tax Administration
Agency Amendment No.7 to the Bank Guarantee Letter No.G084724/832.
On 21.09.2023, Deed of Amendment No.3 was signed amending the Drawdown Period starting from 31.12.2023
(exclusive) and ending on 31.12.2024 (inclusive) and the Maturity Date 26.02.2027.
On 08.02.2024, Deed Addendum No.4 was signed changing the Maturity Date to 28.02.2027.
Creditor
Currency
Deadline
Interest
Guarantee
31.12.2023
31.12.2022
2.Contract no.
20190419032 of
19.04.2019 BCR
lei
unlimited until
the date of
discharge
ROBOR
at 3 months
plus margin
Mortgage, chattel
mortgage and
chattel mortgage
on account
9,887,533
9,887,533
The company OIL TERMINAL S.A. has obtained, as of 17.05.2019, the Authorization to use the global guarantee
number ROCGURODRVGL0-2019 - EQN53778, in accordance with the provisions of Decision
no.145/25.06.2018 issued by the General Customs Directorate of Galati and Order no.2671/2017 issued by the
President of ANAF and the Authorization for storage of goods under the customs warehousing procedure
number ROCW1RODRVGL0-201-VC53780. By address no.5582/SRV/21.05.2020 MFP- ANAF-DGRV Galați -
Customs Regulations Service communicated to Banca Comerciala Romana the approval of the revocation of
the guarantor's commitments given that the company OIL TERMINAL has obtained on 24.02.2020 the guarantee
exemption for carrying out customs warehousing operations, following the obtaining of the status of authorized
economic operator (authorization ROAEOF00000000224/24.12.2019).
According to the said address, the guarantor remains liable for payment of any debt arising during the customs
operation to which the undertaking relates and which commenced before the effective date of the revocation of
the guarantee, even if the demand for payment is made after the revocation.
By Credit Agreement no.20190419032/19.04.2019, Banca Comerciala Romana (BCR) granted Oil Terminal a
non-revolving revocable credit facility in the amount of 8,000,000 lei for the purpose of issuing a Guarantee
Instrument, i.e. a global guarantee in favour of the Regional Customs Directorate of Galati.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.50/ 72
The following securities were created by the chattel mortgage contract no.20190419032/1 dated 19.04.2019:
- movable mortgage for the vessel for depollution of the harbour basin (inventory no. 24000083);
- chattel mortgage for Clayton SE 604 G saturated steam generator (inventory no. 22224140);
- chattel mortgage on any bank account opened by the company;
- chattel mortgage on receivables arising from contracts with its main trading partners
By additional deed no.1 to the movable mortgage contract no.20190419032/1 signed on 20.06.2019 the
following additional guarantees were constituted:
- Clayton SE 604 G saturated steam generator (inventory no. 22224141);
- Clayton SE 604 G saturated steam generator (inventory no. 22224142);
- TVCI surveillance system (inventory no. 36000378);
By additional deed no. 1/20.06.2019 to contract no. 20190419032/19.04.2019, Banca Comercială Română
(BCR) granted Oil Terminal a revocable non-revolving credit facility in the amount of 9,887,533 lei for the
purpose of issuing a Guarantee Instrument, i.e. a global guarantee in favour of the Regional Customs Directorate
of Galati.
On 15.01.2021, the following additional guarantees were established by the Real Estate Mortgage Contract
no.672 authenticated under number 37/15.01.2021:
•
Mortgage on the 19,900 sq.m of land registered in the land register no.214853 Constanța, identified with
cadastral number 214853 and the buildings located on the land:
- building annex to the sports complex building with cadastral number 214853-C1 (inventory number
11111220), in the area of 14 sqm;
- football pitch with cadastral number 214853-C2, with an area of 7,359 sq.m;
- the 100 sq.m. grandstand skeleton with cadastral number 214853-C3;
- sports complex and bowling alley with cadastral number 214853-C4 (inventory number 11210720), with an
area of 651 sqm;
- building attached to the sports complex with cadastral number 214853-C5 (inventory number 11111219),
with an area of 19 square meters;
- tennis court with cadastral number 214853-C6, with an area of 536 sq.m;
- car parking for the administrative building with cadastral number 214853-C7, (inventory number 11111062)
with an area of 1,165 sq.m;
- Caraiman office no. 2 with cadastral number 214853-C11, (inventory number 11110042) with an area of
198 sqm;
- Centennial monument with cadastral number 214853-C12 (inventory number 11223657) with an area of 33
square meters;
On 19.01.2021, the Additional Deed no.2 to the Credit Agreement no. 20190419032/ 19.04.2019 is signed
amending the guarantees.
On 19.01.2021, the real estate mortgage contract no.48 is signed, supplementing the collaterals of the loan
no.20190419032/19.04.2019 with the mortgage on the tank RW1 R29, capacity 10.000 m
3
, (inventory number
11111160) with an area of 655 sqm. Located in the Port Platform Section, Dana 67 Port Constanta Enclosure,
cadastral number 222953-C261.
In 2019, the company issued two letters of guarantee in favour of the Galati Regional Customs Directorate in
the amount of 9,887,533 lei, as follows:
- Guarantee letter no.G076482/803/22.04.2019, issued by Banca Comercială Română, in the amount of
8,000,000 lei;
- Guarantee letter no.G076661/820/10.05.2019, issued by Banca Comercială Română, in the amount of
1,887,533 lei.
The bank guarantee letters issued in favour of the Galati Regional Customs Directorate, in the amount of
9,887,533 lei, were issued in order to comply with the provisions of ANAF President's Order no.2671/2017 and
Decision no.145/25.06.2018 issued by the Galati General Customs Directorate.
On 24.09.2020, Oil Terminal returned to Banca Comerciala Romana the bank guarantee letters
no.G076482/803/22.04.2019 and no.G076661/820/10.05.2019 received from MF - ANAF- DGRV Galați.
31. Trade debts
Year ended
31 December 2023
Year ended
31 December 2022
Supplier obligations for goods and services
37,887,402
37,675,811
Obligations of collaborators
-
47,385
Suppliers of unused invoices
422,439
4,038,076
Total trade payables
38,309,841
41,761,272
Suppliers outstanding at 31 December 2023, amounting to 38,309,841 lei, are overdue; the company has no
outstanding suppliers at 31 December 2023.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.51/ 72
32. Taxes and duties payable
Year ended
31 December 2023
Year ended
31 December 2022
Current oil royalty obligations
4,176,497
3,531,517
Current liabilities to the social security budget
4,633,845
4,112,228
Current liabilities to the state budget
1,323,757
1,247,000
Current liabilities to the local budget
12
48
Total taxes and duties
10,134,111
8,890,793
33. Other current liabilities
Other current payables outstanding as at 31 December 2023 totalled 6,688,115 lei, of which 2,337,928 lei
related to leasing contracts.
a) Other current liabilities
Year ended
31 December 2023
Year ended
31 December 2022
Obligations relating to staff
3,310,121
3,296,027
Dividend payment
626,867
584,140
Creditor customers
29,427
23,155
Various creditors
383,772
183,057
Total other current liabilities
4,350,187
4,086,379
b) Other current liabilities - operating leases
Year ended
31 December 2023
Year ended
31 December 2022
Other loans and similar debts
2,337,928
1,580,759
Total other loans
2,337,928
1,580,759
34. Provisions
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
10,716,637
12,502,279
Constitutions during the year
5,453,949
1,623,516
Reversals during the year
(3,085,667)
(3,409,158)
Balance at end of period
15,744,208
10,716,637
Provisions in balance as at 31 December 2023 total 15,744,208 lei, an increase of 5,027,571 lei compared to
31 December 2022, of which:
a) Provisions for litigation
As at 31 December 2023, the company records provisions for litigation in the amount of 477,914 lei:
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
1,109,879
1,865,446
Constitutions during the year
120,622
28,384
Reversals during the year
(752,587)
(783,921)
Balance at end of period
477,914
1,109,879
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.52/ 72
Provisions for litigation are made for the following cases:
Third party name
Explanation
Value (lei)
ANAF - Regional General Directorate of Public Finance
Galati
File 6586/212/2022
500
Balkan Energy SHA
File 23580/212/2023
1.962
DG Petrol SRL
File 4206/2/2015
187.963
Directorate General Local Police
File 31881/212/2022
584
Dumitrescu Andrei Sebastian
File 2007/118/2022/A4
20
Dumitrescu Andrei Sebastian
File 2730/118/2023/A1
50
Eco Petroleum
Case 7556/212/2014
15.595
Elvimex Trans Group
Case 2639/212/2013
1.352
Iasar Ana, Iasar Tair, Iasar Doina, Iasar Sevinci, Iasar Islam,
Iasar Esan, Iasar Giulgean, Iasar Sabria
Case 11403/212/2011
90.000
Master Chem Oil DMCC
File 1974/118/2019
24.277
Master Chem Oil DMCC
File 7729/118/2019
7.841
MFP ANAF DGRFP
File 166/118/2018
1.050
MFP ANAF DGRFP
Case 4456/118/2018
32.811
Oil Prod
Case 2380/118/2013
2.220
Poenaru and others
Case 24489/212/2012
20
The City Hall of Constanta, through the Mayor - General
Directorate of Local Police - Office of Recording of Minutes
File 6637/212/2023
770
Rottco Consult
File 1571/93/2018
200
Silk Road Petroleum
Case 8944/212/2015
631
Staar Rating SRL
Case 18250/212/2016
109.597
Sucala Alina Elena
File 24561/212/2021
320
Sucala Alina Elena
File 6875/118/2021
150
Management regularly reviews the state of ongoing litigation and, in consultation with its legal
representatives, decides whether it is necessary to record provisions for the amounts involved or to disclose
them in the financial statements. Based on the information available, management considers the following to be
significant pending litigation:
1. File no.11403/212/2011, pending before the Constanta District Court, in which the plaintiffs Iasar Ana, Iasar
Tair, Iasar Doina, Iasar Sevinci, Iasar Islam, Iasar Esan, Iasar Ghiulgean and Iasar Sabria request that the
defendants Oil Terminal S.A., Oil Prod SRL, Eco Petroleum S.A. be ordered to pay material damages in the
amount of 30,000 lei and moral damages in the amount of 60,000 lei. By the Decision of 26.06.2013 the court
suspended the case by right under Article 36 of Law no.85/2006, due to the insolvency of Oil Prod SRL.
Insolvency case no.3437/118/2013 with term on 11.03.2024 at the Court of Constanta. A provision of 90,000 lei
was set up for this file.
2. File no.166/118/2018, pending before the Court of Constanta, plaintiff Oil Terminal S.A. in contradiction with
ANAF - Regional General Directorate of Public Finance Galati - Commission for the Authorization of Operators
of Products Subject to Harmonized Excise Duty - through the Trustee County Administration of Public Finance
Constanta. Oil Terminal S.A. filed on 11.01.2018 an application to the Constanța Court requesting the
suspension of the effects of the Decision no.2/21.12.2017 which ordered the revocation of the Fiscal Warehouse
Authorisation no.RO0070413DD02/22.10.2015, until the court of first instance pronounces on the annulment of
the Decision no.2/21.12.2017. By Judgment no.419/15.03.2018 the Constanța Court ordered the suspension of
Decision no.2/21.12.2017 issued by the National Agency for Tax Administration - Regional Directorate General
of Finance Galati - Commission for the authorisation of operators of products subject to harmonised excise
duties, pending the decision of the court of first instance. By Decision no.854/20.06.2018, the Court of Appeal
of Constanta rejected the appeal filed by ANAF as unfounded. The case file is file no.4456/118/2018 on the
Constanta Court with term 09.05.2023. Adjourns the ruling to 06.06.2023. Admit the request. Summary: Rejects
the plea of lack of legal standing of DGRFP Galați - Commission for the Authorisation of Operators of Excisable
Products. The application is granted. Annuls Decision No 2/21.12.2017 and Decision No 002/16.02.2018. With
right of appeal within 15 days of communication. The request for appeal shall be submitted to the Court of
Constanta. Document: Decision no.744/2023 of 06.06.2023. An appeal has been lodged by ANAF. Appeal
lodged by the Constanta Customs Authority. Deadline: 14.12.2023. Pronouncement: dismiss the appeals as
unfounded. Definitive. Judgment not notified. A provision of 1,050 lei has been made for this case.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.53/ 72
3. File no.4456/118/2018, pending before the Court of Constanta, plaintiff Oil Terminal S.A. in contradiction with
ANAF - Regional General Directorate of Public Finance Galati - Commission for the Authorization of Operators
of Products Subject to Harmonized Excise Duties.
On 24.07.2018, Oil Terminal S.A. filed an administrative appeal with the Constanta Court requesting the
annulment of Decision no.2/21.12.2017 and Decision no.002/16.02.2018, by which ANAF - Regional General
Directorate of Public Finance Galati - Commission for the Authorization of Operators of Products Subject to
Harmonized Excise Duties ordered the revocation of the Fiscal Warehouse Authorization number
RO0070413DD02 issued on 22.10.2015. The next court date is set for 09.05.2023. Adjourned to 06.06.2023.
Admit the application.
Summary: Dismisses the plea of lack of locus standi of DGRFP Galați - Commission for the Authorisation of
Operators of Excisable Products. The application is granted. Annuls Decision No 2/21.12.2017 and Decision No
002/16.02.2018. With right of appeal within 15 days of communication. The request for appeal shall be submitted
to the Court of Constanta. Document: Decision no.744/2023 of 06.06.2023. An appeal has been lodged by
ANAF. Appeal lodged by the Constanta Customs Authority. Deadline: 14.12.2023. Pronouncement: dismiss the
appeals as unfounded. Definitive. Judgment not notified. A provision of 26,644 lei has been made for this case.
4. File no.4206/2/2015*, pending before the Bucharest Court of Appeal, by which the plaintiff DG Petrol SRL, a
company in bankruptcy, through the judicial liquidator Fineco Insolvency SPRL, filed on 29.01.2020 at the
Bucharest Court of Appeal an administrative appeal requesting the annulment of the Decision no.1/05.01.2015,
by which ANAF - Regional Directorate for Excise and Customs Operations Bucharest established the obligation
to pay the amount of 3,759,256 lei for the plaintiff DG Petrol SRL.
At the hearing on 10.06.2020, the applicant DG Petrol SRL filed a request for a guarantee claim against Oil
Terminal S.A. asking the court to issue a judgment ordering the defendant Oil Terminal S.A. to pay the sum of
3,759,256 lei.
Oil Terminal S.A. filed a statement of defence within the legal time limit, in which it pleaded the objection of
inadmissibility of the request for a guarantee, the objection of lateness of the request for a guarantee, and on
the merits of the case, it requested that the request for a guarantee be rejected as unfounded. By the Judgment
delivered on 23.09.2020, the court of first instance, i.e. the Bucharest Court of Appeal, rejected the claim for a
guarantee filed by the claimant DG Petrol SRL against Oil Terminal S.A. as inadmissible. The plaintiff DG Petrol
SRL appealed and the Bucharest Court of Appeal, on 02.12.2020, pursuant to Article 64 paragraph 4 of the Civil
Procedure Code, suspended the proceedings. The judgment may be appealed for the duration of the
suspension. The case has been resumed and the deadline for judgment is 19.10.2023. Summary of the decision:
The Bucharest Court of Appeal, by judgment No 1621/2023, allowed the applicant's application. Dismisses the
application for a guarantee by OIL TERMINAL SA. The judgment is not final and may be appealed. An appeal
was lodged on 26.02.2024 by the Ministry of Public Finance, on 27.02.2024 by the Romanian Customs Authority,
on 29.02.2024 by the National Tax Administration Agency. A provision of 187,963 lei was established for this
file.
5. File no.1974/118/2019, pending before the Constanta Court, creditor Oil Terminal S.A. and debtor Master
Chem OIL DMCC. On 02.12.2020, the court connects case no.7729/118/2019 to case no.1974/118/2019 and
stays the ruling on the suspension until the resolution of case no.3068/118/2018. On 16.12.2020, the court
suspends the case until the final resolution of case no.3068/118/2018 pending before the Court of Appeal of
Constanța, with the right to appeal during the suspension. Oil Terminal S.A. has filed a request to resume the
proceedings and to increase the claims.
At the deadline of: 09.06.2023 - Judgment: adjourned to 22.06.2023.
Summary: Admit the plea of inadmissibility raised by the defendant Master Chem Oil DMCC, in respect of the
period 28.09.2018-13.05.2021. Dismisses as inadmissible the claim for damages brought by the plaintiff Oil
Terminal SA against the defendant Master Chem Oil DMCC in respect of the period 28.09.2018-13.05.2021.
Dismisses as unfounded the plea of inadmissibility of the claim for damages brought by the applicant OIL
TERMINAL SA against the defendant Master Chem Oil DMCC, in respect of the period from 13 May 2021 to 28
April 2023. Admit, in part, the action brought by the applicant Oil Terminal SA against the defendant Romanian
Customs Authority through the Regional Customs Directorate Bucharest. Orders the defendant Romanian
Customs Authority through the Bucharest Regional Customs Directorate to pay the applicant the sum of RON
2,253,845.33, equivalent to USD 536,965.09, as compensation consisting of expenses related to the storage of
the cutter stock petroleum product for the period 28.09.2018 - 13.05.2021. Admit, in part, the action brought by
the plaintiff Oil Terminal SA against the defendant Master Chem Oil DMCC. Orders the defendant Master Chem
Oil DMCC to pay the applicant the sum of 449,099.17 lei, equivalent to 99,858.46 USD, as compensation
consisting of expenses relating to the storage of the cutter stock petroleum product for the period 13.05.2021-
28.04.2023. Orders the defendants to pay to the plaintiff Oil Terminal S.A. the costs of the proceedings
corresponding to the claims to which they have been obliged, as follows: - orders the defendant Master Chem
Oil DMCC to pay the sum of 4,992.46 lei in respect of stamp duty and the sum of 2,989.80 euro in lei equivalent
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.54/ 72
at the BNR exchange rate on the date of actual payment as lawyer's fees. - order the defendant Romanian
Customs Authority, through the Bucharest Regional Customs Directorate, to pay to the applicant the sum of
25,064.53 lei in respect of stamp duty and the sum of EUR 15,010.20 in RON equivalent at the BNR exchange
rate on the date of actual payment as lawyer's fees. With appeal within 30 days of notification. Decision No
724/2023 of 22.06.2023. An appeal was lodged by Master Chem Oil DMCC and the Romanian Customs
Authority. Deadline: 10.04.2024. A provision in the amount of 24,277 lei has been established for this case.
6. File no.7729/118/2019, pending before the Constanta Court, creditor Oil Terminal S.A, debtor Master Chem
Oil DMCC. Action for claims by which the creditor Oil Terminal S.A. requests the court to pronounce a judgment
by which the debtor Master Chem Oil DMCC is obliged to pay the amount of USD 16,872.02 (72,261.63 lei)
representing the value of the cutter stock storage. Subsequently, Oil Terminal S.A. filed a request for an increase
of the claims to the total amount of 423,625.51 lei (97,913.72 USD). By the Judgment of 02.12.2020, the court
ordered the connection of case no.7729/118/2019 to case no.1974/118/2019, pending before the Court of
Constanta. A provision of 7,841 lei has been established for this case.
7. File no.3656/118/2020, pending before the Constanta Court, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for annulment of the EGSM Decision no.4/12.06.2020 by which the
shareholders have determined the termination of the applicability of the Extraordinary General Meeting of
Shareholders Decision no.6/10.10.2016, have determined the increase of the share capital of Oil Terminal S.A.
with the value of the two lands in the area of 254.261,325 sqm and 129.334,70 sqm respectively., object of the
certificates of attestation of the right of ownership series MO3, no.11703/02.02.2011 and series MO3,
no.11704/02.02.2011 and approved the formulation of a request to the judge - delegate of the ONRC for the
appointment of one or more experts for the valuation of the two lands to be included in the process of the capital
increase of the company.
By the Judgment of 16.06.2021, pursuant to Article 412 (1) (1) NCPC, the court finds that the case has been
suspended by operation of law following the death of the plaintiff until the introduction of the heirs. With appeal
for the duration of the suspension. Time limit for the stay: 01.02.2023. At the deadline of 01.02.2023, the court
admitted the plea of time-bar of the main claim and the related applications for legal action brought by the plaintiff
Dumitrescu Sebastian Valentin against the defendants OIL TERMINAL S.A. and the applications for leave to
intervene. The case is dismissed as time-barred. Orders the intervener Dumitrescu Andrei Sebastian to pay the
sum of 10,266.62 lei - legal costs - in favour of the defendant company Oil Terminal S.A. An appeal may be
lodged with the Court of Appeal of Constanța within 5 days of the judgment. Dumitrescu Sebastian Andrei
appealed. Deadline: 06.12.2023. On 14.12.2023 the ICCJ orders the transfer of the case from the Court of
Appeal Constanta to the Court of Appeal Bucharest. On 29.04.2024 the Bucharest Court of Appeal by
Judgement 86//29.02.2024 admits the appeal. Sets aside in its entirety the civil judgment under appeal and
refers the case to the Giurgiu Court for further proceedings.
8. File no.3656/118/2020/a1, pending before the Constanta Court, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Presidential order requesting the suspension of the registration of the EGSM
Decision no.4/12.06.2020 until the conclusion of Case no.3656/118/2020.
By the Judgment of 16.06.2021, pursuant to Article 412 paragraph 1, item 1 NCPC, the court finds that the case
has been suspended as of right following the death of the plaintiff until the introduction of the heirs. With appeal
for the duration of the suspension. Time limit for reopening the proceedings and for the time-bar: 23.11.2022.
Deadline for the stay: 01.02.2023. At the deadline of 01.02.2023, the court admitted the exception of the time-
barring of the main claim and the related applications for legal action brought by the plaintiff Dumitrescu
Sebastian Valentin, against the defendants Oil Terminal S.A. and the applications for intervention. The case is
dismissed as time-barred. Orders the intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei -
legal costs - in favour of the defendant company Oil Terminal S.A. An appeal may be lodged with the Court of
Appeal of Constanța within 5 days of the judgment. Deadline: 14.06.2023. Judgment on 29.06.2023: Appeal
allowed. Sets aside the civil judgment under appeal in its entirety and remits the case for further proceedings to
the Court of Constanța. Final. Deadline: 25.10.2023. On 26.10.2023, the Court of Constanța by Judgement
no.1122/Annuls, as untimely, the application for main intervention made by the company Rometta Impex S.A.
Rejects in its entirety, as unfounded, the related applications for legal action made by the plaintiff Dumitrescu
Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu Sebastian Valentin) against the
defendant company Oil Terminal SA. Dismisses in their entirety, as unfounded, the applications for leave to
intervene made by Dumitrescu Andrei Sebastian against the defendant company Oil Terminal S.A. Orders the
intervener Dumitrescu Andrei Sebastian to pay the sum of 10,266.62 lei - costs - in favour of the defendant
company Oil Terminal S.A. The judgment is not final. With appeal, within 5 days from the pronouncement
Document: Judgment no.1122/2023 of 26.10.2023. Appeal filed on 26.11.2023 by Dumitrescu Andrei Sebastian.
9. File no.4049/118/2020, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A., Mapps Master Appraisal SRL. Request for the recusal of the appraiser Mapps
Master Appraisal SRL, appointed by the ORC by resolution no.16280/07.07.2020, pronounced in case
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.55/ 72
no.60751/06.07.2020. The next trial date has been set for 26.05.2021. By the Decision of 16.06.2021, pursuant
to Article 412 (1) NCPC, the court finds that the case has been suspended by operation of law due to the death
of the plaintiff until the introduction of the heirs in the case. With appeal for the duration of the suspension. On
13.10.2022, the Court of Constanta, by decision no.455/2022, declared the claim time-barred. Summary: Admit
the plea that the joint applications for a writ of summons brought by the plaintiff Dumitrescu Sebastian Valentin
against the defendants Oil Terminal S.A., Mapps Master Appraisal S.R.L. and the National Trade Registry Office,
represented by the Director of the Trade Registry Office of the Constanta Court - Luiza Mardare, and the
applications for intervention brought by Dumitrescu Andrei Sebastian and Rometta Impex S.A. are time-barred.
With appeal to the Court of Appeal Constanța, within 5 days of the ruling, the appeal application to be filed with
the Court of Constanța. On 18.10.2022, the plaintiff Dumitrescu Sebastian Valentin filed an appeal. Deadline for
appeal: 14.06.2023. Judgment on 29.06.2023: Appeal allowed. Sets aside the civil judgment under appeal in its
entirety and remits the case for further proceedings to the Constanța Court. Final.
Annuls, as untimely, the application for intervention filed by Rometta Impex S.A. Admit the plea of lack of general
jurisdiction of the courts, as regards the resolution of the joint applications for legal action, filed by the plaintiff
Dumitrescu Andrei Sebastian (legal successor of the deceased plaintiff Dumitrescu Sebastian Valentin against
the defendants Oil Terminal S.A., MAPPS - Master Appraisal S.R.L. and the National Trade Registry Office
through the Director of the Trade Registry Office of the Court of Constanța and the application for leave to
intervene made by Dumitrescu Andrei Sebastian. Declares that the Commercial Registry Office of the Court of
Constanta has jurisdiction to hear and determine the applications. Dismisses the complaint registered in case
no. 5264/118/2020 of the Constanța Tribunal and sets the trial date for 28 March 2024.
10. File no.6919/118/2020, pending before the Court of Constanta, plaintiff Dumitrescu Sebastian Valentin,
defendant Oil Terminal S.A. Action for a declaration of absolute nullity of the updated articles of incorporation of
Oil Terminal S.A. By Judgment no.87/27.01.2021 the court of first instance rejected the application as
unfounded. The plaintiff filed an appeal, and at the trial date of 27.09.2021, the Court of Appeal of Constanta
suspended the trial until the introduction of the heirs of the plaintiff-appellant Dumitrescu Sebastian Valentin.
The judgment may be appealed during the suspension. Deadline for appeal: 08.06.2022 Civil decision
no.219/08.06.2022 Admit the application for a stay of proceedings. Declares the appeal out of time. Dismisses
as inadmissible the application of the heir Dumitrescu Andrei Sebastian to introduce the case. Appeal within 5
days of the judgment. On 15.06.2022 the heirs of the deceased Dumitrescu Sebastian Valentin lodged an
appeal. On 04.10.2022 the High Court of Cassation and Justice admitted the appeal. Orders that the case be
retried. Deadline: 07.06.2023. Decision: Delay the disposal of the case. Orders that the case be removed from
the case-file and referred to the Bucharest Court of Appeal, the court to which the case was transferred.
Deadline: 22.09.2023: Decision: Dismisses the appeal as unfounded. With appeal within 30 days of
communication.
11. File no.4558/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian, in contradiction with Oil Terminal S.A., the Romanian State through the Ministry of Public Finance,
the Romanian State through the Ministry of Energy and the Ministry of Energy, requests the Court of Constanta
the following:
- to establish the existence of a preferential right to purchase from the defendant Ministry of Energy a number
of shares necessary to maintain the shareholding in the share capital of the defendant Oil Terminal S.A.
- to oblige all the defendants to respect the right of preference set out in paragraph 1 from the date of registration
of the increase in the share capital of Oil Terminal S.A.
By judgment dated 09.12.2021, the Constanța Court admitted the application for suspension of the proceedings
filed by the defendant company Oil Terminal S.A. against the plaintiff Dumitrescu Andrei Sebastian and the
defendants State of Romania, represented by the Ministry of Finance, represented by the General Regional
Directorate of Public Finance Galați - County Administration of Public Finance Constanța. On the basis of Article
413(1)(1)(1) of the Code of Civil Procedure, suspends the proceedings until the final settlement of the case
registered with the Constanța Court under number 4150/118/2020. The judgment has been appealed. Settled
on 16.02.2023 Dismisses the application. Admit the plea of inadmissibility of part I of the application. Dismisses,
as inadmissible, the application for a declaration of the existence of a preferential right, brought by the plaintiff
Dumitrescu Andrei Sebastian - in contradiction with the defendants Oil Terminal S.A, the Romanian State,
represented in the proceedings by the Ministry of Finance, represented by the Regional General Directorate of
Public Finance Galați - County Administration of Public Finance Constanța, and the Ministry of Energy. The plea
of lack of interest in the formulation and support of the second head of the application is granted. Dismisses, as
devoid of interest, the claim brought by the plaintiff Dumitrescu Andrei Sebastian against the defendants Oil
Terminal S.A., the Romanian State, represented in the proceedings by the Ministry of Finance, represented by
the Regional Directorate General of Public Finance Galați - County Administration of Public Finance Constanța,
and the Ministry of Energy, for an order that the defendants respect the right of preference. Orders the plaintiff
to pay the sum of 762.14 lei - costs (fees of the chosen lawyer) - in favour of the defendant company Oil Terminal
S.A. With appeal, to the Court of Appeal Constanța, within 30 days of communication, the appeal application to
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.56/ 72
be filed with the Court of Constanța. Decision no.151/2023 of 16.02.2023. Final by non-appeal. Application for
enforcement for recovery of costs. File BEJ Ulman no.907/2023.
12. File No 7054/118/2021, pending before the Court of Constanta, applicant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., Ministry of Economy, Entrepreneurship and Tourism
Application by the shareholder Dumitrescu Andrei Sebastian to the Court of Constanta for a declaration of partial
absolute nullity of the OGSM Decision no. 2/26.04.2021, with regard to Article 1. by which the shareholders of
Oil Terminal S.A. approved "the financial statements for the year 2020, prepared in accordance with International
Financial Reporting Standards (IFRS), comprising: statement of financial position, statement of comprehensive
income, statement of changes in equity, statement of cash flows, notes to the financial statements, based on
the Report of the Board of Directors and the Report of the independent financial auditor". On 18.10.2022, the
Constanta Court rejected the claim made by Dumitrescu Andrei Sebastian as unfounded. The judgment may be
appealed within 30 days of its communication. Appeal filed by Dumitrescu Andrei Sebastian on 13.03.2023.
Deadline: 20.03.2024.
13. Case no.7838/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., Romanian State through the Ministry of Economy, Entrepreneurship and Tourism.
Application by the shareholder Dumitrescu Andrei Sebastian to the Court of Constanta for a declaration of partial
absolute nullity of the Directors' Report for the first half of 2021, concluded on 30.06.2021. On 05.01.2022 the
plaintiff makes a supplementary application requesting:
1. annul in its entirety Decision CA No 70/10.08.2021.
2. the absolute annulment in its entirety of the OGSM Decision no.14/29.12.2021.
The case is due to be heard on 26.10.2022. Adjourns the case to 09.11.2022. Rejects as unfounded the
objection of unlawfulness of the M03 certificate no. 11703/02.02.2011 issued for the land of 254,261.33 sq.m.
located in the North Platform Section, as well as the objection of unlawfulness of the M03 certificate no.
11704/02.02.2011 issued for the land of 129,334.70 sq.m. located in the North Platform Section. Dismisses, as
unfounded, the application brought by the applicant Dumitrescu Andrei Sebastian. Appeal within 30 days of
notification. The appeal was lodged on 13.03.2023. Time limit: 20.03.2023.
14. File no.8452/118/2021, pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. and the Roman State through the Ministry of Energy.
Application for a writ of summons by which the shareholder Dumitrescu Andrei Sebastian requests the Court of
Constanta to order "the partial absolute nullity of the following corporate acts:
1. updated articles of association (memorandum and articles of association) authenticated under
no.631/12.05.1997 by B.N.P. Victoria Badea, main claim, not assessable in money;
2. the by-laws (articles of incorporation) updated according to the Decision no.2 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A. dated 28.07.2000, ancillary end of the claim, non-valuable in
money;
3. the by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 29.03.2001, ancillary end of the claim, non-valuable in
money;
4. the by-laws (articles of incorporation) updated according to the Extraordinary General Meeting of
Shareholders of Oil Terminal S.A., dated 31.07.2001, accessory end of the claim, non-valuable in money;
5. the by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 11.06.2003, accessory end of the claim, not assessable
in money;
6. the by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 22.12.2004, ancillary end of the claim, non-valuable in
money;
7. the by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 05.03.2007, ancillary end of the claim, non-valuable in
money;
8. the articles of association (articles of incorporation) updated in accordance with Resolution No. 2 of the
Extraordinary General Meeting of Shareholders, dated 06.03.2009, ancillary end of the claim, not assessable
in money;
9. the by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 04.03.2010, accessory end of the claim, not assessable
in money;
10. by-laws (articles of association) updated according to the Decision no.2 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 02.08.2010, ancillary end of the claim, non-valuable in money;
11. by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 24.11.2011, ancillary end of the claim, non-valuable in money;
12. by-laws (articles of association) updated according to the Decision no.l of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 17.08.2012, ancillary head of claim, non-valuable in money;
13. by-laws (articles of association) updated according to the Decision no.3 of the Extraordinary General Meeting
of Shareholders of Oil Terminal S.A., dated 04.07.2013, ancillary end of the claim, non-valuable in money;
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.57/ 72
14. by-laws (articles of association) updated according to the Decision no.10 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 24.10.2014, ancillary end of the claim, non-valuable in
money;
15. by-laws (articles of association) updated according to the Resolution No.ll of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 19.06.2017, accessory end of the claim, non-valuable
in money;
16. the by-laws (articles of association) updated according to the Decision no.28 of the Extraordinary General
Meeting of Shareholders of Oil Terminal S.A., dated 29.10.2018, accessory end of the claim, not assessable
in money" and
17. the restoration of the parties to their previous situation,
18. finding that Oil Terminal S.A. has a total share capital of 43,615,149.50 lei divided into 436,151,495 shares,
each with a nominal value of 0.1 lei, accessory end of the claim, non-valuable in money,
19. the finding that the Romanian State, through the Ministry of Energy, is a shareholder in Oil Terminal S.A.
with 200,979,215 shares, each with a nominal value of 0.1 lei and a total value of 20,097,921.5 lei,
representing 46.08% of the entire share capital, ancillary claim not assessable in money.
20. order the defendants to pay the costs.
The case had a deadline of 19.05.2022. By judgment of 30.06.2022 the court rejected as unfounded the claim
for damages brought by the plaintiff Dumitrescu Andrei Sebastian, against the defendants Oil Terminal SA and
the Romanian State through the Ministry of Energy. Appeal within 30 days of notification. The company Oil
Terminal submitted a request for the costs of the proceedings to be added to the order. The request formed the
file no.8452/118/2021/a1. At the hearing on 17.08.2022, the Court of First Instance granted the application
brought by Oil Terminal against the defendant Dumitrescu Andrei Sebastian. Orders the defendant to pay to the
applicant the sum of 17,850 lei in respect of costs in case no. 8452/118/2021, consisting of lawyers' fees. With
right of appeal within 30 days of notification. By Civil Decision no.8, rendered on 01.03.2023, the Court of Appeal
of Constanta rejected as unfounded the appeal filed by Dumitrescu Andrei Sebastian, ordering him to pay to the
respondent Oil Terminal SA the sum of 5,950 lei, as costs of the appeal. The judgment is final. Dumitrescu
appealed to the High Court of Cassation and Justice . Deadline: 05.12.2023: Ruling: Suspends the judgment of
the appeal filed by the defendant Dumitrescu Andrei Sebastian against civil decision no. 7/2023 of 01 March
2023, rendered by the Court of Appeal Constanța - Second Civil, Insolvency and Litigation Section with
Professionals and Companies, pursuant to the provisions of Article 413 para. (1), item 1 of the Code of Civil
Procedure until the resolution of the appeal lodged against civil decision no. 8/2023 of 1 March 2023, delivered
in case no. 8452/118/2021. Final. In case 8452/118/2021 Dumitrescu appealed to the High Court of Cassation
and Justice on 12.10.2023. At the present date, the case has not been set for trial.
15. File no.2007/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM decision
no.4/21.03.2022. The following files have been attached to this file: 2010/118/2022, 2011/118/2022,
2014/118/2022, 2018/118/2022, 2022/118/2022, 2029/118/2022. The case is due to be heard on 03.10.2023:
the case is adjourned until the final decision in case 7054/118/2022. With appeal for the duration of the stay.
Appeal lodged by Oil Terminal S.A. on 20.11.2023. Court of Appeal Constanța to be heard on 03.04.2024.
16. File no.2010/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
17. File no.2011/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A.. Action for absolute annulment of the EGSM Decision No 4/21.03.2022. Connected
to file no.2007/118/2022.
18. File no.2014/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
19. File no.2018/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
20. File no.2022/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.58/ 72
21. File no.2025/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. Connected to file no.2007/118/2022.
22. File no.2008/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. The case has a deadline of 15.06.2023. Adjourn the case. Cyclically reassigned in accordance
with Decision no.4/03.04.2023 of the President of the Court of Constanța. No trial date.
23. File no.2009/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. In pronouncement. Judgment. Dismisses as unfounded the claim brought by the plaintiff
Dumitrescu Andrei Sebastian against the defendant Oil Terminal SA. With right of appeal to be lodged with the
Court of Constanța, 2nd Civil Section, within 30 days of communication. Appeal lodged by the plaintiff
Dumitrescu Andrei Sebastian on 15.12.2022. At the trial date of 29.03.2023, the Court rejects the appeal as
unfounded. Final. Document: Judgment no.34/2023 of 29.03.2023.
24. File no.2013/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application to the Court of Constanta by which the shareholder Dumitrescu Andrei
Sebastian requests the Court of Constanta to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. The case is due to be decided on 10.10.2023.The decision is postponed to 04.12.2023:
Solution: Rejects the request for legal action as unfounded. With right of appeal within 30 days from the
communication of the judgment. An appeal was lodged by Dumitrescu Andrei Sebastian on 07.02.2024.
25. File no.2016/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM decision
no.4/21.03.2022. In pronouncement. Judgment: Rejects as unfounded the claim brought by the plaintiff
Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be lodged with
the Court of Constanța, Civil Section II, within 30 days of communication. Appeal lodged by the plaintiff
Dumitrescu Andrei Sebastian on 06.12.2022. At the term of 05.04.2023 the Court of Appeal Constanța removed
the case from the register and referred it to the Court of Appeal Bucharest. At the deadline of 24.11.2023:
Pronouncement: orders the Constitutional Court to rule on the exception of unconstitutionality of the provisions
of art.12 of Law no.137/2002, by reference to art.1 paragraph (3) and art.1 paragraph (5) of the Romanian
Constitution, exception invoked by the appellant-claimant Dumitrescu Andrei Sebastian by the notes of the
hearing submitted on 9.11.2023. Dismisses the appeal as unfounded. There is no appeal against the decision
on the plea of unconstitutionality and the appeal is final.
26. File no.2017/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. In pronouncement. Judgment. Dismisses as unfounded the application filed by the plaintiff
Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be lodged with
the Court of Constanța, 2nd Civil Section, within 30 days of communication. Appeal lodged by the plaintiff
Dumitrescu on 06.12.2022. Deadline: 31.03.2023. Take note that the High Court of Cassation and Justice
ordered the case to be adjourned by decision no.775/29.03.2023. Removes the case from the register and
orders its submission to the Bucharest Court of Appeal. No appeal. Document: Final decision of the Council
Chamber 2/2023 of 31.03.2023. Deadline at the Bucharest Court of Appeal: 12.05.2023. Pronouncement:
Dismisses the appeal as unfounded. Definitive.
27. File no.2019/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM decision
no.4/21.03.2022. To be pronounced on 15.03.2022. Judgment. Dismisses as unfounded the claim brought by
the plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
lodged with the Court of Constanța, 2nd Civil Section, within 30 days of communication. Appeal lodged by the
plaintiff Dumitrescu Andrei Sebastian on 07.12.2022. On 29.03.2023 Dismisses the appeal as unfounded.
Definitive. Document: Judgment no.35/2023 of 29.03.2023. Deadline at the Bucharest Court of Appeal:
11.05.2023. Pronouncement: Dismisses the appeal as unfounded. Definitive.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.59/ 72
28. File no.2020/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment. Dismisses as unfounded the claim brought by
the plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
lodged with the Court of Constanța, 2nd Civil Section, within 30 days of communication. On 21.11.2022 I
received a copy of SC no.494/2022. Appeal lodged by the plaintiff Dumitrescu on 07.12.2022. On 05.04.2023
the Court of Appeal of Constanta pronounced the following decision: Resume the case. Removes the case from
the Court of Appeal Constanta and forwards it to the Court of Appeal Bucharest, in accordance with the transfer
order of 04.04.2023, issued by the High Court of Cassation and Justice in case no.555/1/2023. Deadline for the
Bucharest Court of Appeal: 11.05.2023. Pronouncement: Dismisses the appeal as unfounded. Definitive.
29. File no.2021/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment. Admit the petitioner Dumitrescu Andrei
Sebastian's request for referral to the Constitutional Court of Romania. The Constitutional Court of Romania is
seised to rule on the exception of unconstitutionality invoked by the applicant Dumitrescu Andrei Sebastian with
regard to Article 12 of Law no.137/2002 by reference to Article 1 paragraph 3 and Article 1 paragraph 5 of the
Romanian Constitution. Orders the formation of the associated file no.2021/118/2022/a1 with the object of
referring the matter to the Constitutional Court. No appeal. Dismisses as unfounded the application brought by
the applicant Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With a right of appeal to
be lodged with the Court of Constanța, Civil Division II, within 30 days of communication. Pronounced in public
sitting of 03.11.2022, by making the solution available to the parties through the court registry. Appeal brought
by the plaintiff Dumitrescu on 07.12.2022. The case is scheduled for trial on 29.03.2023. Solution: Admit the
objection of inadmissibility of the grounds of appeal relating to the opinion of the court on the objection of
unconstitutionality of the provisions of Article 12 of Law 137/2002. Within the limits of the investment, thus
established: Dismisses the appeal as unfounded, Final. Judgment no.36/2023 of 29.03.2023. File transmitted
to the Bucharest Court of Appeal. Deadline:04.05.2023 - Dismisses the appeal as unfounded. Final.
30. File no.2023/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment: Rejects as unfounded the claim brought by the
plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be filed
with the Court of Constanța, Civil Section II, within 30 days of communication. On 21.11.2022 I received a copy
of SC no.496/2022. Appeal filed by the claimant Dumitrescu on 06.12.2022. The case is due for trial on
29.03.2023. Decision: dismiss the appeal as unfounded. Final.
31. File no.2024/118/2022 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for a writ of summons by which the shareholder Dumitrescu Andrei
Sebastian requests the Constanta Court to order the absolute annulment of the EGSM Decision
no.4/21.03.2022. To be pronounced on 03.11.2022. Judgment. Dismisses as unfounded the claim brought by
the plaintiff Dumitrescu Andrei Sebastian against the defendant SC Oil Terminal SA. With right of appeal to be
lodged with the Court of Constanța, 2nd Civil Section, within 30 days of communication. On 21.11.2022 I
received a copy of SC no.497/2022. Appeal filed by the plaintiff Dumitrescu on 07.12.2022. The case is due for
trial on 26.05.2023. By Order of 31.03.2023: Adjourns the trial to 31.03.2023. Take note that the High Court of
Cassation and Justice, by its Judgment No. 777/29.03.2023, ordered the case to be adjourned. Removes the
case from the register and orders its referral to the Bucharest Court of Appeal: No appeal. Deadline: 11.05.2023
- Dismisses the appeal as unfounded. Notes that the parties have reserved the right to apply separately for costs
of the appeal. Final.
32. File No 1926/118/2022 pending before the Court of Constanta, applicant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for leave to intervene by which the applicant Dumitrescu Andrei
Sebastian requests the court:
- Non-registration of the mentions concerning the Resolution of the Extraordinary General Meeting of
Shareholders Oil Terminal S.A. no.4 of 21.03.2022 in the Commercial Register,
- Forwarding of the file concerning the registration of the entries on the Resolution of the Extraordinary General
Meeting of Shareholders Oil Terminal S.A. no.4 of 21.03.2022 in the Commercial Register to the Court of
Constanta,
- To settle the application to intervene on the merits of the case in order not to register in the Commercial
Register the entries concerning the Resolution of the Extraordinary General Meeting of Shareholders of Oil
Terminal S.A. no.4 of 21.03.2022.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.60/ 72
At the deadline of 12.05.2022 Dumitrescu Sebastian Andrei modifies the whole subject matter of the case and
formulates an application for intervention against the OGSM Decision no.3/23.02.2022, after which he files an
application for waiver of the proceedings. At the deadline of 16.06.2022, by Decision no.303, the court finds that
the petitioner Dumitrescu Andrei-Sebastian has waived the application to intervene on the Decision of the
General Meeting of Shareholders of Oil Terminal S.A. no.3/23.02.2022, an application made in contradiction
with the respondents: Oil Terminal S.A., the Trade Register Office of the Constanta Court, the Romanian State
through the Ministry of Energy.
33. File no.2035/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A.. Presidential Order by which the plaintiff Dumitrescu Andrei Sebastian requests the
court to suspend the EGSM Decision no.4/21.03.2022, until the resolution of the case concerning the absolute
nullity of the EGSM Decision no.4/21.03.2022.
By Judgment no.477/18.04.2022, the court rejects as unfounded the application for a writ of summons,
concerning a Presidential Order, filed by the plaintiff Dumitrescu Andrei Sebastian, against the defendant Oil
Terminal S.A. The judgment may be appealed within 5 days of its pronouncement. Dumitrescu Sebastian Andrei
has lodged an appeal and by Judgment No 269/24.06.2022 the appeal is dismissed as unfounded. The judgment
is final.
34. File no.1483/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for a declaration that the EGSM Decision no.4/21.03.2022 is no longer
applicable. At the deadline of 20.09.2022, by Judgment no.979/202, the Court of Constanța admits the plea of
inadmissibility of the claim. Dismisses the action brought by the plaintiff Dumitrescu Andrei Sebastian against
the defendant Oil Terminal S.A. for a declaration of the termination of all legal effects of the Decision of the
Extraordinary General Meeting of Shareholders Oil Terminal SA no. 4/12.06.2020, as inadmissible. With appeal
within 30 days from communication. Appeal has been lodged. Deadline: 26.05.2023. Deadline: 10.04.2023 -
Summary solution: Decision: Take note that the High Court of Cassation and Justice, by decision
no.801/04.04.2023, ordered the case to be transferred to a different trial. Removes the case from the register
and orders that it be referred to the Bucharest Court of Appeal. No appeal. Delivered by making the decision
available to the parties through the court registry on 10.04.2023. Document: Final decision of the Council
Chamber 5/2023 of 10.04.2023. Summary judgment: The appeal is allowed. Annuls the civil judgment and remits
the case for further proceedings to the Calarasi Court. With appeal within 30 days of communication. The appeal
is lodged with the Bucharest Court of Appeal. Document: Judgment no.914/2023 of 09.06.2023.Deadline at
Călărași Court: 09.04.2024.
35. File no.3305/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Presidential order by which Dumitrescu Andrei Sebastian requests:
- Suspension of the execution of the Decision of the Extraordinary General Meeting of Oil Terminal SA
no.4/21.03.2022, until the resolution of the Case no.7838/118/2021, having as object the partial absolute nullity
of the Directors' Report for the first half of 2021, concluded on 30.06.2021, which was the basis for the action to
increase the share capital of Oil Terminal SA ordered by the Decision of the Extraordinary General Meeting
no.4/21.03.2022. Order the defendant Oil Terminal SA to pay the costs.
At the hearing on 15.06.2022, Dumitrescu Andrei Sebastian applied for recusal of the panel. The Order orders
that the request be referred to the Chief Judge of Civil Division II, in order to order the necessary measures to
resolve the procedural incident. At the deadline of 17.08.2022, the Constanța Court rejects as unfounded the
request for suspension of the execution of the OGSM Decision no.4/21.03.2022. With appeal within 5 days of
the ruling. An appeal was lodged by Dumitrescu Sebastian Andrei on 22.08.2022. Judgment No 376/2022 of
26.10.2022. Dismisses the appeal as unfounded. Final judgment.
36. File No 4100/118/2022 pending before the Constanta District Court, claimant Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A., requesting:
1. A declaration that the Decision of the Ordinary General Meeting of Shareholders of Oil Terminal SA
no.7/01.04.2022, main claim not assessable in money, is null and void in its entirety;
2. As a result of the acceptance of point 1 above, a declaration that the Decision of the Board of Directors on
the appointment of the intermediary authorised by the Financial Supervisory Authority to draw up the
proportionate offer prospectus, namely Prime Transaction SA, as it appears from the notice published by the
defendant on the website of the Bucharest Stock Exchange on 11.05.2022, is null and void in its entirety;
3. Order the defendant to pay the costs.
By the OGSM Resolution no.7/01.04.2022 the shareholders of the company decided to elect as provisional
administrators Messrs Cristian Florin Gheorghe, Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu and
Emilian Nicolae. Action notified on 17.06.2022. Statement of defence lodged on 30.06.2022. Court date
09.11.2022. Deadline: 18.01.2023 - for re-doing the summons procedure. The case is due for trial on
15.02.2023. In the course of the ruling. The court adjourns the case to 01.03.2023. Dismisses as unfounded the
plea of lack of interest - plea raised by the court of its own motion. Dismisses as unfounded, in the civil case
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.61/ 72
concerning the action for annulment of the decision of the A.G.O.A. and the decision of the Board of Directors,
the application brought by the plaintiff Dumitrescu Andrei Sebastian against the defendant OIL Terminal S.A.
Dismisses as unfounded the plaintiff's claim for costs. The judgment is subject to appeal only, within 30 days of
its communication. The application for appeal shall be lodged with the Court of Constanța - Second Civil Section,
under penalty of nullity, and shall be dismissed by the Court of Appeal of Constanța. The decision was decided
in chambers and pronounced on 15.03.2023, the decision being made available to the parties through the court
clerk's office, in accordance with Article 396 paragraph 2 of the republished Code of Civil Procedure. Document:
Decision of the Council Chamber No 111/2023 of 15.03.2023. Deadline: 27.06.2023 - Removes the case from
the register and forwards it to the Bucharest Court of Appeal. Deadline: 24.11.2023: Ruling: dismiss the appeal
as unfounded. Final.
37. File no.2603/118/2022 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Application for intervention against the registration of the OGSM Decision
no.7/01.04.2022 by which the shareholders of the company decided to elect as provisional administrators
Messrs: Cristian Florin Gheorghe, Aurelian Ovidiu Andrei, Ramona Ungur, George Teșeleanu and Emilian
Nicolae. Judgement deadline 01.11.2022. A new time-limit was granted for service of the application to
discontinue the proceedings. Deadline: 05.12.2022- Adjourned to 20.12.2022. Judgment under Article 406(1) of
the New Code of Civil Procedure. Takes note of the waiver of the proceedings by the application for intervention
no.55.727/07.04.2022 as supplemented by the intervener Dumitrescu Andrei Sebastian against the defendants
Oil Terminal S.A., the Romanian State through the Ministry of Energy (as majority shareholder) and the Ministry
of Energy (as representative of the majority shareholder) and Andrei Aurelian Ovidiu, Gheorghe Cristian Florin,
Nicolae Emilian, Teșeleanu George and Ungur Ramona. Admit the request for registration of the petitioner Oil
Terminal SA registered under no.55666/07.04.2022 at the Commercial Registry Office of the Court of Constanta.
Orders the registration in the Commercial Register of the entries contained in the OGSM Decision of Oil Terminal
S.A. no.7/01.04.2022 regarding the provisional administrators and the publication of the decision in the Official
Gazette of Romania-Part IV after the finality of the present decision, at the expense of the holder of the request.
With appeal within 30 days of communication. The application for appeal shall be filed with the court whose
decision is being appealed, namely the Court of Constanta. No appeal has been lodged.
38. File no.18250/212/2016 pending before the Constanta Court, plaintiff Staar Rating SRL, defendant Oil
Terminal SA, Action for contractual liability 16,411.20 lei, representing fixed compensation, 82,056 lei
representing variable compensation, legal penalty interest and court costs. Deadline: 04.05.2023 - Judgment.
Written submissions were submitted at the hearing. Adjournment of judgment to 19.05.2023. Decision: Partial
admission of the application for interim measures brought by the applicant Staar Rating SRL against the
defendant Oil Terminal SA. Orders the defendant to pay to the applicant the sum of 16,411.20 lei as a fixed
allowance due for the exercise by the applicant of the function of director of the defendant. Dismisses as
unfounded the head of claim seeking an order that the defendant pay the variable allowance. Orders the
defendant to pay the applicant the sum of 6,845.71 lei by way of statutory penalty interest on the fixed allowance
for the months of March, April, May and June 2016 calculated up to the date of the expert's report - 07.12.2022.
Grant the expert's request to increase the fee by the amount of 1,000 lei and order the applicant to pay the
difference in the fee. Orders the defendant to pay the applicant's legal costs and expenses in the sum of 1,283.91
lei as the stamp duty for the admissible claims and 2,000 lei as the final expert's report fee. With right of appeal
within 30 days from the communication, to be filed at the Constanta Court. Document: Judgment no.4921/2023
of 19.05.2023. A provision of 109,597 lei has been made for this case.
39. File no. 2009/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. Action for annulment of the entirety of the EGSM Decision no.4/21.03.2022 .
At the deadline of 13.10.2022 Pronouncement. Adjourns the case to 20.10.2022. Adjourns to 03.11.2022
Judgment. Dismisses as unfounded the application brought by the applicant Dumitrescu Andrei Sebastian
against the defendant OIL TERMINAL SA. With right of appeal within 30 days of communication. Appeal lodged
by Dumitrescu on 15.12.2022. Deadline: 15.03.2023 - Pronouncement. Adjourned to 29.03.2022 - Dismisses
the appeal as unfounded. Final.
40. File no. 1673/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Complaint against the resolution of the ORC
director 494/10.02.2023. On 08.11.2023 - Pronouncement: Dismiss the application. Summary ruling: Admit the
plea of lack of interest raised in the statement of defence. Dismisses the complaint lodged by the petitioner
Dumitrescu Andrei Sebastian against the defendants Commercial Registry Office of the Court of Constanța and
Oil Terminal SA, as lacking interest. With right of appeal within 30 days of communication. No appeal was
lodged until 06.02.2024.
41. File no.898/118/2023 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian, defendant
Oil Terminal S.A. The subject matter of the case is - Action for annulment of administrative act, certificate of
attestation of private ownership of land series M03 no.11703/02.02.2011 and M03 no.11704/02.02.2011.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.62/ 72
At the hearing on 21.09.2023 - judgment: Dismiss the application as untimely. With appeal. An appeal has been
lodged. Deadline: 27.03.2024.
42. File no.2872/118/2023 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Action for annulment of the OGSM Decision
no.4/18.04.2023. Deadline: 05.03.2024 - ruling. Postpones the ruling to 19.03.2024.
43. File no.2730/118/2023 pending before the Constanta Court, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is - Application for a declaration of nullity of the
Decision of the Board of Directors no.9/20.01.2023.
At the deadline of 05.10.2023: Ruling: Based on Article 413 paragraph 1, item 1 of the Code of Civil Procedure;
Suspends the case until the final resolution of cases no.3656/118/2020 and no.2013/118/2022 of the Constanța
Court. With separate appeal for the duration of the stay.
44. File no.2699/118/2023 pending before the Court of Constanta, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject matter of the case is a declaration of nullity of the Decision of the Board
of Directors no.6/16.01.2023. Deadline: 05.12.2023: decision. Adjourns the ruling until 18.12.2023 - Decision:
Dismisses the application. Summary: Admit the plea of inadmissibility. Dismiss the application as inadmissible.
With right of appeal within 30 days of notification.
45. File No 521/2/2023 pending before the Bucharest Court of Appeal, plaintiff Dumitrescu Andrei Sebastian,
defendant Oil Terminal S.A. The subject-matter of the case is: annulment in its entirety of decision No
46/17.01.2023 issued by the ASF, main claim not assessable in money; annulment in its entirety of the simplified
prospectus relating to the share capital increase with contribution in kind and in cash of Oil Terminal SA,
accessory claim not assessable in money and order the defendants to pay the costs. At the hearing on
12.02.2024 - judgment: Dismisses the application. Summary: Dismisses the objections of inadmissibility and
lack of locus standi as unfounded. The plea of lack of locus standi of the defendant Viorel Sorin Ciutureanu is
upheld and the claim against him is dismissed as being brought against a person without locus standi. Dismisses
the remainder of the application as unfounded. Orders the applicant to pay to the defendant Prime Transaction
S.A. the sum of 3,300 lei by way of costs (lawyer's fees). With a right of appeal within 15 days of notification.
46. File no.575/2/2023 pending before the Bucharest Court of Appeal, applicant Dumitrescu Andrei Sebastian.
The subject matter of the case is a request for suspension of the execution of the ASF Decision
no.46/17.01.2023 until the final settlement of the case no.521/2/2023. Deadline: 08.02.2023 - Pronouncement.
Decision: Dismiss the action brought against the defendant Ciutureanu Viorel Sorin, as being brought against a
person without locus standi. Dismisses the plea of inadmissibility of the action as unfounded. Dismisses the plea
of lack of locus standi as unfounded. Dismisses the application for stay of execution as unfounded. Orders the
applicant to pay to the defendant Prime Transaction SA the sum of 2,500 lei by way of legal costs, consisting of
lawyers' fees. The judgment is not final and may be appealed against within 5 days of its notification. Appeal
brought by Prime Transaction SA and Dumitrescu Andrei Sebastian. At the hearing on 17.01.2024, the appeal
was dismissed.
b) Provisions for employee benefits
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
8,547,534
8,915,012
Constitutions during the year
1,607,177
535,938
Reversals during the year
(1,273,856)
(903,416)
Balance at end of period
8,880,855
8,547,534
The provision for employee benefits, in balance as at 31 December 2022, was partially reversed during 2023
with the granting of rights to employees on retirement, at which date income from the reversal of provisions was
recorded in the amount of 1,273,856 lei.
As of 31 December 2023, the company records provisions for employee benefits in the amount of 8,880,855
lei, an increase of 333,321 lei compared to the previous year.
This provision was recorded on the basis of the Actuarial Report on the value of the provision for employee
retirement benefits, prepared by S.C. RCOR.RO SRL on the basis of the service contract concluded with Oil
Terminal. According to the Collective Labour Contract in force, the company must pay to the employees at the
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.63/ 72
time of retirement a benefit equal to a certain number of salaries, depending on the length of service in the
company.
The main actuarial assumptions used to calculate the amount of the provision for employee retirement benefits
as at 31 December 2023 were as follows:
- Employee mortality is modelled with the same table provided by the National Institute of Statistics mortality
tables;
- employee turnover rate is constant over time, calculated by age and gender, established by modelling the
data provided by the company for the last years since 2000;
- The morbidity rate is constant over time, calculated by age and gender, incorporated in the mortality table
used.
- the rate of salary growth is constant over long periods of time and a 1% increase has been assumed each
year;
- The discount rates are those provided by the European Insurance and Occupational Pensions Authority
(EIOPA) for Romania, without taking volatility into account;
- the plan is unfunded by the entity and employees or third parties, except for early retirement, where the
decision is influenced by the decision of the authorities.
c) Other provisions for employee profit-sharing
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
1,059,224
469,618
Constitutions during the year
1,066,861
1,059,224
Reversals during the year
(1,059,224)
(469,618)
Balance at end of period
3,726,150
1,059,224
As at 31 December 2023, the Company recorded a provision for staff profit-sharing from the net profit of 2023
in the amount of 1,066,861 lei, an increase compared to the previous year, based on the provisions of OG
no.64/2001 on profit sharing in companies with wholly or majority state-owned capital, as subsequently amended
and supplemented, OMFP no.144/2005 on the approval of the Specifications for determining the amounts
subject to profit sharing and OMFP no.418/2005 on some accounting specifications applicable to economic
agents.
As at 31 December 2022, the company recorded a provision for staff profit-sharing in the amount of 1,059,224
lei, based on the provisions of OG no.64/2001 on profit-sharing in companies with wholly or majority state-owned
capital, with subsequent amendments and additions, OMFP no.144/2005 on the approval of the Specifications
for determining the amounts subject to profit-sharing and OMFP no.418/2005 on some accounting specifications
applicable to economic agents.
In June 2023, the Company recorded the payment obligation representing the employees' profit sharing for
2022, based on the Decision of the Ordinary General Meeting of Shareholders no.9/27.04.2023, which approved
the distribution from the net profit for 2022 of the employees' profit sharing in the amount of 1,059,224 lei. As a
result, the provision set up for employee profit-sharing was cancelled in the amount of 1,059,224 lei and the
employee profit-sharing for 2022 was paid to the employees.
d) Other provisions related to the mandate contract
Other provisions in relation to the mandate contract represent the variable component for the non-executive
administrators, the General Director and the Financial Director
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
-
1,252,203
Constitutions during the year
2,659,289
-
Reversals during the year
-
(1,252,203)
Balance at the end of the year
2,659,289
-
The provision amounting to 2,659,289 lei, established as at 31 December 2023, represents the variable
component for the non-executive administrators of the Board of Directors, the General Director and the Financial
Director, relating to 2023, including the labour insurance contribution.
In the first half of 2022, after the approval of the General Shareholders' Meeting of Oil Terminal, according to
the Decision no.9/27.04.2022, the provision set up in the amount of 1,252,203 lei was cancelled, recording
income from the cancellation of the provision concomitantly with the granting of the variable component related
to 2021, according to the approved mandate contracts.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.64/ 72
35. Grants
Year ended
31 December 2023
Year ended
31 December 2022
Balance at the beginning of the year
160,871
110,669
Constitutions during the year
87,090
119,660
Consumed during the year
(37,803)
(69,458)
Balance at end of period
210,158
160,871
The amount of 210,158 lei remaining in the balance at 31 December 2023 represents inventory gains of 209,744
lei in the nature of fixed assets, not depreciated, and advance income of 414 lei.
36. Cash flow information
Net cash flow from operating activities as at 31 December 2023 is 33,842,249 lei, down from 31 December 2022
by 960,931 lei.
Cash flow from investing activities mainly includes payments for investments in fixed assets amounting to
93,560,964 lei as at 31 December 2023 and payments for investments in fixed assets amounting to 54,472,068
lei as at 31 December 2022.
Cash flow from financing activities is represented by cash inflows from long-term borrowings and cash outflows
representing payments on long-term borrowings.
The financing flow as at 31 December 2023 is 63,210,322 lei, an increase of 27,500,592 lei compared to the
same period last year. For the year 2023, cash inflows from loans are recorded in the amount of 67,193,071 lei,
up from the previous year by 21,882,007 lei, and payments representing repayments of long-term loans are in
the amount of 11,038,931 lei in 2023 compared to 6,216,399 lei recorded in 2022.
Dividend payments in 2023 amounted to 9,490,285 lei and 4,038,142 lei in 2022.
37. Risk management
Macroeconomic environment
In 2023, the Company operated in a macroeconomic environment resulting from a context marked by continued
Russian aggression against Ukraine and the persistence of the energy crisis, with record inflation rates and
tightening financial conditions, amid high uncertainty, high pressure on energy prices, eroding household
purchasing power, a weaker external environment and tighter financing conditions.
In a difficult economic environment, the company ended the year 2023 with a turnover of 349,787,315 lei, an
increase of 47,108,337 lei compared to 2022 and 35,392,314 lei compared to the level approved in the amended
Income and Expenditure Budget.
Compared to the revenues planned in the approved budget, due to the context of the conflict in Ukraine,
additional revenues not foreseen in the originally approved physical programme, called contingency revenues,
were generated from the provision of services.
As of 31.12.2023, the realized revenue is 27,840 thousand lei and represents 73.5% of the planned revenue
overrun (37,892 thousand lei).
The impact of the contingent income in the amount of 27,840 thousand lei in the gross result of the year is 1,278
thousand lei, calculated at a gross profit rate (Gross profit/ Total income x 100) achieved of 4.59%.
The company believes that the current macroeconomic environment may pose a significant challenge in the
future:
-
for some traditional customers - the impossibility of continuing business following the adoption of a
restrictive EU regulation on the origin of some goods from Russia; the main customers are financially
strong companies that could explore substitution options, such as investing in their own capacity or
choosing alternative channels for their handling/storage needs.
-
for society - negative impact on liquidity due to the risk of non-recovery of benefits subject to the restrictive
EU regulation during its application; impossibility to estimate the duration and intensity of economic
changes caused by the 3 multiple crises (economic, post-COVID, energy, military conflict in Ukraine);
price increases caused by the multiplication of economic crises.
As at 31 December 2023 there is no indication of impairment of assets and there are no legal or constructive
obligations to make an additional provision related to macroeconomic issues.
The Company has implemented and developed a risk management process that facilitates the efficient and
effective achievement of its objectives, leading to the reduction of risks as far as possible without unduly affecting
the competitiveness and flexibility of the Company's business.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.65/ 72
The company is exposed through its operations to the following risks:
-
Capital risk
-
Credit risk
-
Foreign exchange risk
-
Liquidity risk
-
Risks associated with the achievement of defined objectives
-
Price risk
-
Interest rate risk
a. Capital risk
Oil Terminal SA continually manages capital to ensure optimal resource utilisation in relation to risk exposure
and to maximise shareholder returns.
The capital employed structure is made up of shareholders' equity which includes: share capital, other equity
items, retained earnings representing revaluation surplus, retained earnings representing retained profit,
retained earnings resulting from the first-time application of IAS less IAS 29, legal reserves, revaluation reserves,
other reserves, retained earnings from correction of accounting errors, profit for the year and profit distribution
as presented in the Statement of Changes in Equity and liabilities including long-term borrowings presented in
note 28.
Capital risk management is an integral part of business management within the company and relates to the
ongoing review of the company's leverage.
The gearing ratio calculated as the ratio of short-term debt to equity was 0.134 at 31 December 2023 and 0.148
at 31 December 2022.
The company's management reviews the capital structure as well as the company's risk reports. The review
shall cover including the cost of capital and the risks associated with each category of capital.
b. Credit risk
Credit risk is the risk of financial loss to the Company that arises if a client or counterparty to a financial
instrument fails to meet its contractual obligations.
The Company is mainly exposed to credit risk arising from the provision of services to customers.
Annually, the contents of framework contracts for the provision of services for crude oil and other liquid petroleum
products (diesel, gasoline, biodiesel blending with diesel) are approved by Order of the National Agency for
Mineral Resources. In these contracts, the commercial conditions for the provision of services by the company
to customers are clearly set out:
-
payment for services performed within a maximum of 30 days;
-
calculation of additional charges (penalties and interest for late payment) for failure by customers to pay
within the contractual time limits;
-
in certain well-defined situations, contractually, revenue is collected in advance;
-
in the event of non-payment of invoices within the period stipulated in the contract, the company has the
right of retention on the goods in transit, up to the amount due by the customer.
c. Foreign exchange risk
Foreign exchange risk arises when the Company enters into transactions denominated in a currency other than
their functional currency. Foreign exchange risk depends on external decision factors, i.e. the NBR's policy on
the evolution of exchange rates over a given period of time.
The company's exposure to foreign exchange risk expressed in lei is as follows:
31 December 2023
Value lei
Value Euro
Value USD
Value GBP
Cash and cash equivalents
28,158,206
5,655,099
5,458
317
External customers
6,070,949
1,220,389
-
-
Net exposure in the statement of financial
position
34,229,155
6,875,488
5,458
317
Oil Terminal operates with foreign currency for external customers and is exposed to changes in the exchange
rate of the euro against the Romanian leu.
d. Liquidity risk
Liquidity risk arises from the company's management of working capital and financing expenses
and principal repayments on its credit instruments.
The Company's policy is to ensure that it will always have sufficient cash to meet its financial obligations to third
parties (suppliers of materials and services, employees, banks, state financial institutions, etc.) when these
obligations become due.
To achieve this goal, the company has taken the following measures:
-
monitoring of collections within the contractual deadline;
-
maintaining a cash balance to meet payment needs;
-
drawing up a weekly cash-flow.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.66/ 72
By implementing the above measures, the company has sufficient liquid resources to meet its obligations in all
reasonable expected circumstances.
Liquidity ratios provide assurance that current liabilities are covered by current assets.
Current liquidity is the ratio of current assets to current liabilities, which at 31 December 2023 was 1.26 compared
to 1.31 at 31 December 2022.
Immediate liquidity (acid test) is a ratio of current assets less current inventories and current liabilities, the value
of this indicator being 1.23 at 31 December 2023 compared to 1.28 at 31 December 2022.
e. Risks associated with the achievement of defined objectives
As of 31.12.2023, the Company continued the implementation, maintenance and development of the managerial
internal control system, through the action directions of the Managerial Internal Control System Development
Programme for the year 2023, having as regulatory basis the provisions of the S.G.G. Order no.600/2018 on
the approval of the Managerial Internal Control Code of Public Entities, as well as the provisions of the
Government Ordinance no.119/1999 on internal/managerial control and preventive financial control,
republished, with subsequent amendments and additions.
According to the risk analysis and assessment carried out as at 31 December 2023, a total of 115 risks have
been identified, analysed, assessed and are currently being managed, both for the specific
objectives/activities/processes of the company's divisions and for the objectives of the partial strategies derived
from the company's development strategy, as follows:
▪ 99 "tolerable" level risks - 86.09% weighting;
▪ 15 "high tolerance" level risks - weight 13.04%;
▪ 1 "low tolerance" level risk - weight 0.87%;
▪ 0 "intolerable" level risks - 0% share
From the critical analysis of the revised Company-wide Risk Register as at the reference date 31 December
2023, it is noted that, at the current risk assessment and half-yearly reporting stage, compared to the previous
assessment period and in relation to the approved risk tolerance level, the trend and evolution of the risks
retained for management showed the following directions:
• increase in the total number of risks retained for management through the company-wide risk register, i.e. a
total of 115 risks are managed through the centralised company-wide risk register at the risk assessment
and reporting date of 31 December 2023, compared to 114 risks managed at 30 June 2023, as a result of
the introduction of a new risk by one of the company structures;
• an increase in the number of risks classified as "tolerable", i.e. as at 31 December 2023 a total of 99 risks
were managed at the "tolerable" level, compared to 98 risks at the previous assessment as at 30 June 2023,
as a result of the reduction of the residual risk exposure of this risk, i.e. its move from a lower tolerance class
to the "tolerable" tolerance class;
• maintaining constant the number of risks classified at the tolerance level "high tolerance", i.e. at 31 December
2023, managing a number of 15 risks at the level "high tolerance", as identified and managed at the previous
evaluation on 30 June 2023;
• maintaining constant the number of risks classified at the "low tolerance" level, i.e. at 31 December 2023,
managing 1 risk at the "low tolerance" level, as was found and managed in the previous assessment which
was recorded on 30 June 2023;
• no risks have been identified as being classified as "intolerable".
The evolution and trend of the residual risk exposure of the 115 risks retained for management by the Risk
Register closed on 31 December 2023, compared to the evolution of the residual risk exposure recorded in the
previous risk assessment carried out on 30 June 2023, is as follows:
• 113 risks keep their residual risk exposure constant compared to the previous assessment;
• as at 31 December 2023, compared to the previous valuation performed as at 30 June 2023, there were no
risks with an increased residual risk exposure;
• as at 31 December 2023, compared to the previous assessment made on 30 June 2023, one risk has shown
a reduction in residual risk exposure, moving up from a lower tolerance class to the tolerance class 'tolerable'
compared to the previous assessment;
• on 31 December 2023, a new risk was introduced for management through risk documentation by one of the
company's structures;
• As at 31 December 2023, no risks have been proposed for removal from the risk register.
For the proper management of risks, the heads of the company's functional structures, under the direct
coordination of the hierarchical senior management and the SCIM Monitoring Committee, have adopted and
implemented risk strategies and internal control measures deemed appropriate, timely and effective, based on
analyses, monitoring, assessments and risk documentation discussed within their risk management teams, with
the aim of leading to the elimination of causes and ensuring that risks that could influence the non-achievement
of defined objectives are kept under control, as well as to be able to manage the prerequisites for keeping risk
exposure strictly within the risk tolerance level and risk tolerance limits approved by the company's management.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.67/ 72
f. Price risk
The company's exposure to price risk is monitored through management accounting and costing activity, which
includes the following:
-
how the company's production expenditure is formed;
-
the grouping and behaviour of expenditure in relation to its drivers and character;
-
pre-determining the level and structure of costs for each individual service and for the whole planned
service;
-
current analytical recording of production expenditure by management period and calculation of the
indicators required by the calculation methods used at a given time;
-
Comparative analysis of the level and structure of production costs and, therefore, of the costs calculated
on their basis, serving to optimise decisions in the process of managing the value side of performance.
Costing is the basis for setting the company's service charges and is the main tool for prospecting, identifying
and mobilising the company's internal reserves.
Regular monitoring of the cost dynamics per conventional tonne of product ensures a balance between the
average cost per tonne of product and the average revenue realised on the same unit of measure, so that the
services provided are efficient and add value.
g. Interest rate risk
In order to manage interest rate risk, the company's debts are continuously monitored in terms of maturity and
the customer collection policy ensures the necessary resources to pay the debts.
Operating cash flows are affected by changes in interest rates, mainly due to long-term borrowings.
The Company has significant long-term borrowings with variable interest rates that expose it to cash flow risk.
The analysis of the change in interest rate risk on variable rate loans described in note 28 is as follows:
Balance as at 31 December
(lei)
Effect of 1% change in interest rate (lei)
Variable rate loans
2023
2022
2023
2022
159,697,631
103,543,491
1,374,376
647,726
For the year 2023, it appears from the internal risk analysis (estimated for an effect of a 1% change in the floating
interest rate) that no interest rate risk hedging is required and no financial instruments have been used to hedge
interest rate risk.
38. Extra balance sheet items
As at 31 December 2023 the Company has the following recorded in off-balance sheet accounts:
a. Stocks of crude oil, petroleum products, chemicals, owned by Oil Terminal customers, shown as
tangible assets received in custody or safekeeping;
b. Stocks of inventories of goods given up for use, amounting to 11,695,972 lei;
c. Public assets received under management, concession and rent - represent public assets according to
the oil concession agreement for the exploitation of reservoirs, pipelines for the transport of crude oil
and petroleum products, pumping installations and other installations and equipment related to them,
concluded between the National Agency for Mineral Resources and Oil Terminal, in the amount of
59,775,951 lei;
d. Other off-balance sheet items representing fixed assets approved for scrapping in the process of being
dismantled, amounting to 1,494,879 lei;
e. Other off-balance sheet assets with historical value, amounting to 26,000 lei;
f. Guarantees and guarantees received representing performance bonds, amounting to 23,892,887 lei
g. Fixed assets rented, amounting to 320,892 lei;
h. Other off-balance sheet items: the value of assets received under lease, amounting to 8,463,422 lei;
i. Other off-balance sheet items: sources of financing of investments and investment expenditure
amounting to 53,029 lei;
j. Contingent assets, amounting to 192,968 lei;
k. Contingent liabilities of 387,560 lei;
l. Guarantees and guarantees granted, amounting to 69,764,681 lei;
m. Other off-balance sheet items: petroleum products handed over by the authorities, amounting to 85
lei;
n. Other off-balance sheet items: disability fund 2,258 lei
o. Interest payable on leasing contracts, 1,294,387 lei.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.68/ 72
39. Proposed distribution of the annual result
As at 31 December 2023, the company records a gross profit of 17,626,598 lei and a net profit of 15,359,625
lei.
Following the recording on 31 December 2023 of the provision for risks and charges related to employee profit-
sharing in the amount of 1,066,861 lei, gross profit becomes 16,559,737 lei and net profit 14,292,764 lei.
The proposed distribution of net profit for 2023 takes into account the following:
➢ Accounting Law no.82/1991 republished, art.19, paragraph (3), with subsequent amendments and additions;
➢ Company Law no.31/1990, republished, with subsequent amendments and additions;
➢ Law no.227/2015 on the Fiscal Code, as amended and supplemented ;
➢ O.G. no.64/2001 on the distribution of profits of national companies, national companies and companies with
full or majority state capital, as well as autonomous companies, with subsequent amendments and additions,
approved by Law no.769/2001;
➢ Memorandum on "Mandating State representatives in the General Meeting of Shareholders/Board of
Directors, as appropriate, in national companies, national companies and companies with full or majority
state capital, as well as in autonomous companies, with a view to taking the necessary measures for the
distribution of at least 90% of the net profit for the year 2023 in the form of dividends/payments to the state
budget", approved at the Government meeting of 07.03.2024, communicated by the Ministry of Energy -
Directorate for the Administration of Energy Holdings with address no.220683/20.03.2024;
➢ Income and expenditure budget for 2023 approved by resolution of the Ordinary General Meeting of
Shareholders no.4/16.02.2023, amended by resolution of the Ordinary General Meeting of Shareholders
no.15/29.09.2023;
➢ MFP Order no.144/2005 approving the "Specifications for determining the amounts subject to profit
distribution according to OG no.64/2001 on the distribution of profits to national companies, national
companies and commercial companies with full or majority state capital, as well as autonomous companies;
➢ MF Order no.418/2005 on some accounting specifications applicable to economic agents.
The net profit of 15,359,625 lei we propose to allocate to the following uses:
a) Legal reserves: 881,330 lei
(art.1 paragraph (1) letter a) of OG no.64/2001 and art.183 paragraph (1) of Law no.31/1990)
According to the provisions of Article 183 of Company Law no.31/1990 , republished, with subsequent
amendments and additions, "At least 5% of the company's profits shall be taken each year to form the reserve
fund, until it reaches at least one fifth of the share capital".
The legal reserve set up before the distribution of the net profit for 2023 is 6,772,805 lei (2.26% of the share
capital). Accounting profit before corporate income tax = 17,626,598 lei.
Legal reserve 5% of gross profit = 17,626,598 x 5% = 881,330 lei.
b) Other reserves representing tax incentives provided by law: 3,809,686 lei
(Art.1(1)(b) of OG no.64/2001 and Art.22(1) of Law no.227/2015)
According to Article 22(1) of Law no.227/2015 on the Tax Code, as amended, "the profit invested in technological
equipment, electronic computers and peripheral equipment, cash register, control and billing machines and
appliances, in software, as well as for the right to use software, produced and/or acquired, including under
financial leasing contracts, and put into operation, used for the purpose of carrying out economic activity, is
exempt from tax. The tangible assets to which the tax exemption applies are those referred to in subgroup 2.1,
respectively in class 2.2.9 of the Catalogue on the classification and normal operating lives of fixed assets,
approved by Government decision". The profit invested in 2023 is 4,010,196 lei.
The tax-free profit allocated to reserves is 3,809,686 lei (4,010,196 - 4,010,196 lei x 5% = 4,010,196 - 200,510
= 3,809,686).
c) Covering accounting losses from previous years:
This is not the case
c¹) Establishing own sources of financing for projects co-financed by external loans:
This is not the case
d) Other allocations provided for by law:
This is not the case
e) Employee profit-sharing: 1,066,861 lei
(art.1 paragraph 1 letter e) of OG no.64/2001)
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.69/ 72
In accordance with the OG no.64/2001 on the distribution of profits in national companies, national companies
and companies with full or majority state capital, as well as autonomous companies, approved with amendments
by Law no.769/2001, with subsequent amendments and additions, Oil Terminal SA may grant employees profit-
sharing up to 10% of net profit, but no more than the level of an average monthly basic salary achieved at the
level of the economic agent in the reference financial year, because it has committed itself and established
through the income and expenditure budget the obligation of profit-sharing.
Given that the level of the maximum employee profit-sharing fund, the calculation of which took into account the
average monthly basic salary earned, is higher than the level of the 10% share of net profit remaining after
deduction of the amounts distributed, the employee profit-sharing fund is 1,066,861 lei.
[15,359,625 lei net profit - (881,330 lei legal reserve + 3,809,686 other reserves representing tax incentives)] x
10% = 1,066,861 lei
According to the MFP Order no.418/06.04.2005 on some accounting specifications applicable to economic
agents, the employees' profit-sharing is reflected in the accounts by setting up a provision for risks and expenses
at the level of the gross amounts due to employees.
As a result, the company recorded the amount of 1,066,861 lei in the account "Other provisions for risks and
charges".
Following the recording of the provision for risks and expenses, the gross profit becomes 16,559,737 lei
(17,626,598 lei - 1,066,861 lei), the income tax in the amount of 2,266,973 lei remains unchanged, as the
provision is non-deductible for tax purposes, and the remaining net profit is 14,292,764 lei.
f) Dividends due to shareholders: 9,601,748 lei
(art.1 para.(1) letter f) of OG no.64/2001) and
(Memorandum approved at the Government meeting of 07.03.2024 and communicated by the Ministry of Energy
- Directorate for Administration of Energy Holdings with address no.220683/20.03.2024)
In accordance with the provisions of Article 1(1)(f) of the Governmental Ordinance no.64/2001 on the distribution
of profits of national companies, national companies and companies with full or majority state capital, as well as
autonomous companies, approved by Law no.769/2001, as subsequently amended and supplemented, "a
minimum of 50% of the profits shall be distributed to the state or local budget, in the case of autonomous
companies, or dividends, in the case of national companies and companies with full or majority state capital", in
conjunction with the Memorandum approved at the meeting of the Government on 7 March.2024 on "Mandating
the State representatives in the General Meeting of Shareholders/Board of Directors, as the case may be, in
national companies, national companies and companies with full or majority state capital, as well as in
autonomous companies, with a view to taking the necessary measures for the distribution of at least 90% of the
net profit for 2023 in the form of dividends/payments to the state budget", communicated by the Ministry of
Energy - Directorate for the Administration of Energy Holdings with address no.220683/20.03.2024, the
Company proposes dividends representing 90% of the net profit remaining after the distribution of the legal
reserve under Law no.31/1990 and the reserve representing tax incentives under Law no.227/2015, as follows:
[15,359,625 lei net profit - (881,330 lei legal reserve + 3,809,686 other reserves representing tax incentives)] x
90% = 9,601,748 lei.
g) Other reserves constituting own source of financing: 0 lei
(art.1 paragraph (1) letter g) of OG no.64/2001)
In accordance with the provisions of Article (1) paragraph (1) letter g) of the Governmental Ordinance no.64/2001
on the distribution of profits of national companies, national companies and companies with full or majority state
capital, as well as autonomous companies, approved by the Law no.769/2001, as subsequently amended and
supplemented, "the profit not allocated to the destinations referred to in points a) to f) shall be allocated to other
reserves and shall constitute its own source of financing, and may subsequently be redistributed in the form of
dividends or payments to the state or local budget, in the case of autonomous companies".
Remaining net profit to be distributed = [15,359,625 lei net profit - (881,330 lei legal reserve + 3,809,686 lei other
reserves representing tax incentives + 1,066,861 lei employee profit-sharing + 9,601,748 lei dividends)] = 0 lei.
40. Earnings per share
As of December 31, 2023 and December 31, 2022, earnings per share are:
Year ended
31 December 2023
Year ended
31 December 2022
Profit for the financial year
14,292,764
11,604,223
Other comprehensive income:
Items not to be reclassified to profit or loss, of which :
14,205,228
84,783
Gains on revaluation of real estate sold/rented
1,575,108
523,420
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.70/ 72
Surplus on revaluation of fixed assets
15,728,914
(523,420)
Deferred tax liability
(3,098,794)
84,783
Total overall result
28,497,992
11,689,006
Number of ordinary shares at end of period
2,997,177,132
582,430,253
Number of ordinary shares at beginning and end of
period (weighted average number of ordinary shares)
2,519,534,892
582,430,253
Basic earnings per share (lei/share)
0.009508
0.020069
Diluted earnings per share (lei/share)
0.011311
0.020069
The subscribed and paid-up share capital existing as at 31.12.2022, in the amount of 58,243,025.30, was
increased following the completion on 8 March 2023 of the subscriptions in accordance with the "Simplified
Prospectus for the increase of the share capital with contribution in kind and in cash of Oil Terminal SA" approved
by the Financial Supervisory Authority (ASF) by Decision no.46/17.01.2023, with 241,474,687.90 lei,
representing a number of 2,414,746,879 new shares, with a nominal value of 0.1 lei/share, of which:
- cash contribution of 13,174,659.70 lei, representing 131,746,597 shares at a par value of 0.1 lei/share;
- the contribution in kind, subscribed and paid by the Romanian State through the Ministry of Energy, in the
amount of 228,300,028.20 lei, i.e. a number of 2,283,000,282 shares with a nominal value of 0.1 lei/share.
The subscribed and paid-up share capital, resulting after the increase of 241,474,687.90 lei, becomes
299,717,713.20 lei (58,243,025.30 lei + 241,474,687.90 lei) divided into 2,997,177,132 shares (299,717,713.20
lei/ 0.1 lei/share).
Calculation of basic earnings per share (lei/share):
31 December 2023
31 December 2022
- overall result
28,497,992
11,689,006
- number of ordinary shares at the end
of the period
2,997,177,132
582,430,253
- basic earnings per share (lei/share)
28,497,992
2,997,177,132
=0.00950828
11,689,006
582,430,253
=0.02006937
Calculation of diluted earnings per share (lei/share):
31 December 2023
31 December 2022
- overall result
28,497,992
11,689,006
- weighted average number of ordinary
shares
2,519,534,892
582,430,253
- diluted earnings per share (lei/share)
28,497,992
2,519,534,892
=0.01131081
11,689,006
582,430,253
=0.02006937
Calculation of weighted average number of ordinary shares for the period from 1 January 2023 to 31 December
2023 in accordance with International Accounting Standard (IAS) 33 "Earnings per share":
Date
Number of
shares
01.01.2023
Balance at the beginning of 2023
582,430,253
14.03.2023
Issuance of new shares by contribution in kind
2,283,000,282
14.03.2023
Issuance of new shares for cash
131,746,597
14.03.2023
Total issuance of new shares
2,414,746,879
31.12.2023
Balance at 31 December 2023
2,997,177,132
Weighted average common stock calculation:
(582,430,253x72 days/364 days)+(2,997,177,132x292 days/364 days)=2,519,534,892
2,519,534,892
In accordance with Article 111 paragraph (2) letter a) of the Company Law no.31/1990, republished, as amended
and supplemented and Article 12 paragraph (3) letter a) of the Articles of Association, the company will propose
for approval at the Ordinary General Meeting of Shareholders which will approve the distribution of profits and
the gross dividend for the year 2023 a gross dividend per share for the financial year 2023 in the amount of
0.00320360 lei/share.
The proposed gross dividend per share of 0.00320360 lei/share results from the amount of gross dividends
proposed to be distributed from the net profit of 2023 in the amount of 9,601,748 lei based on a total number of
2,997,177,132 shares .
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.71/ 72
41. Contingent assets and liabilities
As at 31 December 2023 the Company has contingent assets amounting to 192,968 lei, representing pending
litigation.
As at 31 December 2023, the company is involved in 96 pending litigations, of which in 28 litigations it is a
plaintiff or contesting party and in 68 litigations it is a defendant.
For a total of 21 litigations the Company has established provisions for litigations described in Note 34.
As at 31 December 2023, the Company records contingent liabilities of 387,560 lei.
42. Subsequent events
I. Tax warehouse permit - updating the amount of the security
On 18.01.2024, the Ministry of Finance, Regional Customs Directorate Bucharest issued decision
no.16/18.01.2024, which set the amount of the updated guarantee for the fiscal warehouse authorization for
gasoline storage at the value of 34,212,379 lei, compared to the previous value of 53,666,067 lei, set by decision
no.33/17.02.2023.
Taking into account the Decision no.15/28.02.2019 of the Regional Commission for the authorization of
operators of products subject to harmonized excise duties Galati, decision by which Oil Terminal SA benefits
from a reduction of 75% of the value of the guarantee, the updated guarantee to be provided by Oil Terminal for
the tax warehouse is 8,553,094.76 lei. The deadline for providing the guarantee is 30 working days from the
date of notification of the decision.
Please note that on 20.02.2024, Amendment no.8 to the Bank Guarantee Letter no.G084724/832 was
signed, whereby the value of the guarantee letter is reduced by the amount of 4.863.422 lei, the new guaranteed
value being 8.553.094,76 lei, with the extension of the validity term until 28.02.2027.
II. Resolutions of the General Meeting of Shareholders of 22.01.2024:
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.1/22.01.2024 was adopted:
- approval of the guarantee structure (the amount of which does not exceed 20% of the total fixed assets, less
receivables) related to the long-term investment loan in the amount of 120,955,930.28 lei (excluding VAT).
• By the Resolution of the Extraordinary General Meeting of Shareholders (EGM) no.1/22.01.2024 was
adopted:
- approval of the contracting of a long-term investment loan in the amount of 120,955,930.28 lei (excluding VAT)
for:
- Construction of tank 30P from SP Port, capacity 10.000 m
3
- Modernization of tank T29S, current capacity 50.000 m
3
- Modernization of tank T26S, current capacity 31,500 m
3
.
III. Decisions of the General Meeting of Shareholders of 23.02.2024:
• By the Resolution of the Ordinary General Meeting of Shareholders (OGSM) no.2/23.02.2024 the Income
and Expenditure Budget for 2024 was approved.
IV. Identification of a partnership for the construction of a bitumen terminal
OIL TERMINAL SA informs shareholders that the evaluation of the submitted bids has been completed.
We remind you that by the deadline of 20.12.2023, 7 companies out of 8 registered submitted bids, namely: 1)
Socar Petroleum S.A, 2) Takida Terminal S.R.L., 3) Frial S.A., 4) OMV Petrom S.A., 5) Vitaro Energy S.R.L, 6)
Trafigura Pte Ltd, 7) Euronova Energies S.A.
In the meeting held on 23.02.2024 the Board of Directors endorsed the Report of the procedure prepared by the
Evaluation Committee and convened the EGSM meeting to be held on 28(29).03.2024 requesting:
- approving the start of negotiations with the first-placed bidder (Euronova Energies S.A.) with a view to
establishing a partnership for the construction of a bitumen terminal.
- requesting the administrative and executive management to negotiate the legal conditions and to formulate
the final proposal on how to implement the partnership, to be submitted for approval to a subsequent GSM.
V. Convening by the Board of Directors of the Company, meeting on 23.02.2024, of an Extraordinary
General Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the amendment of the Articles of Association of Oil Terminal SA, as proposed in the Annex to
the Notice of EGSM
2. Approval to start negotiations with Euronova Energies to establish a partnership for the construction of a
bitumen terminal. Mandate the administrative and executive management to negotiate the legal terms and
conditions and to formulate the final proposal on how the partnership should be implemented, to be
submitted to a subsequent GSM for approval.
Notes to the financial statements for the year ended
31 December 2023
(all amounts are expressed in lei (RON) unless otherwise specified)
Page.72/ 72
VI. Convening by the Board of Directors of the Company, meeting on 23.02.2024, of an Ordinary General
Meeting of Shareholders on 28(29).03.2024, with the following agenda:
1. Approval of the purchase by the company of legal advisory, assistance and/or representation services
in the field of commercial law.
The notes numbered 1 to 42 are an integral part of the financial statements as at 31.12.2023, were issued by
the company on 22.03.2024 and signed on its behalf by :
Chairman of the Board of Directors,
Gheorghe Cristian Florin
Director General,
Financial Director,
Head of Accounting,
Ciutureanu Viorel-Sorin
Frangu Adriana
State Ana Maria
Declaration of OIL TERMINAL SA Constanta’ Board of Directors
OIL TERMINAL SA Constanta’ Board of Directors hereby states that it takes
responsibility for the preparation of financial situations on and for the financial year ended on
31.12.2023.
OIL TERMINAL SA Constanta’ Board of Directors confirms the following with respect
to financial situations on and for the financial year ended on 31.12.2023:
a) Accounting policies used for the preparation of annual financial situations are
according to applicable accounting regulations;
b) Annual financial situations provide an accurate view of the financial position,
financial performance and other information related to the carried out activity;
c) The company carries out its activity in continuity conditions.
This declaration is according to the provisions of art. 30 of Accounting Law no. 82/1991
republished, with subsequent amendments and additions.
Chairman of Board of Directors,
Gheorghe Cristian Florin
General Director, Financial Director,
Ciutureanu Viorel-Sorin Frangu Adriana
ANNEX No 4.3
to the instructions
The company Oil Terminal S.A.
No. 17 / 22.01.2024
General Director,
Ciutureanu Sorin Viorel
REPORT
on the system of internal management control as at 31 December 2023
Pursuant to the provisions of Article 4 para. (3) of Government Ordinance No. 119/1999 on
internal/managerial control and preventive financial control, republished, as amended, the undersigned
Ciutureanu Sorin Viorel, as General Manager of Oil Terminal S.A., declare that Oil Terminal S.A. has an
internal managerial control system whose design and implementation allow the management and, where
appropriate, the Board of Directors to provide reasonable assurance that public funds managed for the
purpose of achieving general and specific objectives have been used in a legal, regular, effective, efficient
and economic manner.
This statement is based on a realistic, fair, comprehensive and reliable assessment of the company's
internal management control system, formulated on the basis of its self-assessment.
The management internal control system includes self-monitoring mechanisms and the implementation
of measures to increase its effectiveness is based on risk assessment.
In this case, I mention the following:
- The Monitoring Committee is operational;
- The programme for the development of the management internal control system is implemented and
updated annually;
- The risk management process is organised and monitored;
- Documented procedures are developed for 100% of all inventoried procedural activities;
We mention that the operation of developing and updating the documented procedures is carried out on the
basis of the Program of development of the internal management control system of Oil Terminal S.A.
approved annually.
- The performance monitoring system is established and evaluated for the company's objectives and
activities by means of performance indicators.
Based on the results of the self-assessment, I assess that on 31 December 2023, the internal
management control system of Oil Terminal S.A. complies with the standards contained in the Code of
Internal Management Control.
From the analysis of the reports on the management internal control system sent to the authorising officer
. . .----- . . . . . . . (principal/secondary) appropriations by authorising officers . . . .----- . . . . . . (secondary
and/or tertiary) creditors, directly subordinate/coordinating/subordinating authority, it follows that:
- ..... (no. ) entities have the system compliant; Not applicable.
- ..... (no. ) entities have partially compliant system; Not applicable.
- ..... (no. ) entities have limited partially compliant system; Not applicable.
- ..... (no. ) entities have non-compliant system. Not applicable.
I would like to point out that the statements contained in this report are formulated by assuming
managerial responsibility and are based on the data, information and findings recorded in the documentation
related to the self-assessment of the internal management control system held within Oil Terminal S.A..
Statement of persons responsible within
OIL TERMINAL S.A. Constanta
The undersigned: Gheorghe Cristian Florin, as Chairman of Board of Directors,
Ciutureanu Viorel-Sorin, as General Director and Frangu Adriana, as Financial Director, we
declare on our own responsability, to our knowledge :
➢ The annual financial statements on the date of and for the financial exercise ended
on 31
st
of December 2023, issued according to the applicable accounting standards
(International Financial Reporting Standards), provide an image accurate and
compliant with the reality of assets, obligations, financial position, profit and loss
account of Oil Terminal SA;
➢ The Report of the Board of Directors for the financial year ended on 31
st
of December
2023, issued according to the provisions of art. 65 of Law 24/2017 regarding
financial instruments issuers and market operations, republished, in conjunction with
the provisions of art. 126 para. (1) of the Financial Supervisory Authority’
Regulation no. 5/2018 regarding financial instruments issuers and market operations,
art. 56 of GEO 109/2011 regarding corporate governance of public enterprises
approved by Law 111/2016, with subsequent amendments and additions and MPF’
Order no. 2844/2016 for the approval of accounting Regulation compliant with
International Financial Reporting Standards, with subsequent amendments and
additions, includes an accurate analysis of the development and performance of Oil
Terminal SA, as well as a description of main risks and uncertainties specific to the
activity carried out.
The present statement complies with the provisions of art. 65 para. (2) of Law no. 24/2017
regarding financial instruments issuers and market operations and of art. 223 para. (1) letter
c) of Financial Supervisory Authority’ Regulation no. 5/2018 regarding financial
instruments issuers and market operations.
Chairman of Board of Directors,
Gheorghe Cristian Florin
General Director Financial Director,
Ciutureanu Viorel-Sorin Frangu Adriana