Chimcomplex S A Borzesti : 1st Quarter Report and Financial Statements March 31 2023 16 mai 2023

To: The Bucharest Stock Exchange

Financial Supervisory Authority

Financial Instruments and Investments Sector

Quarterly report drawn up according to the provisions of article 130 of the ASF Regulation n.r.5/2018

According to current report

Date of report

Nameof the company

Registered office

Numberof telephone/fax

Website

Email

The unique registration code with the

Orc

Serial No nReg. Trade

Subscribed and paid-upshare capital

The main characteristics of securities

LEI code: 549300FCIHJZOG56WD36

Themarkethas regulated on which the securities issued are traded

The accounting standard applied:

Law no.24/2017 on issuers of financial instruments and market operations (Art.69)

ASF Regulation No. 5/2018 on issuers of financial instruments and market operations (Annex no.13)

May 15 , 2023

CHIMCOMPLEX SA Borzesti

Str. Industriilor, nr.3, Onesti, județ Bacău, România

0234/302100; 0234/302102

http://www.chimcomplex.com

[e-mail]

RO960322

J04/493/1991

304. 907. 851 lei

• Nominative, dematerialized shares, whose records are kept by the Central Depository SA Bucharest
• Nominal value, lei/share: 1 leu/share
• Number of shares: 304.907.851

BVB, standard category, symbol CRC

Order of the Ministerof Public Finance no. 2844/2016

A. Economic and financial indicators on and for the period ended on 31.03.2023 mentioned in Annex 13 of the ASF Regulation no. 5/2018

	Indicators	Calculation formula				31.03.2023
	Current liquidity indicator	Current assets				2.07
		Current liabilities
	Leverage ratio	Borrowed capitalx 100			37.9 1%
		Equity
		Borrowed capitalx 100			27.49%
		Capital hired
	Flow rotational speed	Average customer balancex 90			19 days
	(clients)	Turnover
	Rotational speed of fixed	Turnover				0,20
	assets	Fixed assets
CHIMCOMPLEX S.A. BORZESTI
Str. Industriilor nr. 3, Oneşti, jud. Bacău, Romania	Reg. Com. J04/493/1991, Unique Code 960322
Tel. [phone]; Fax: [phone]	Subscribed and paid-up share capital: 304907851 RON
Email: [e-mail]		Account: RO60BUCU1111215962132
Web: www.chimcomplex.com		ALPHA BANK BUCHAREST
		RO2021.055.061Q	EN2021.055.061E	RO2018.055.061

All analyzed indicators are positioned in the reference range considered optimal at the end of the reporting period.

B. Elements of general evaluation

• Income: Total revenues in the period January-March 2023 were 396,742 thousand lei, of which 390,074 thousand lei operating income and 6,667 thousand lei financial income.
• Costs: The total expenses recorded during January-March 2023 were 402.879 thousand lei, of which 387. 239 thousand lei operating expenses and 15,640 thousand lei financial expenses.
• Loss/Profit: On 31 March 2023 the company recorded an operating profit (operating result) of MDL 2,835 thousand. On the total activity, the net result was apercentage of 8,293 thousand lei.

				Lei
		31 March 2023		31 March 2022
Gross total result, showing	(6,137,283)	71.914.712
separately:
-operating result	2.835.320	75.977.113
-financial result	(8.972.603)	(4.062.401)
Corporate income tax	(2,155,651)	(11,939,299)
Net result		(8,292,934)		59.975.413

Starting with January 17, 2022, the shares of Chimcomplex SA Borzesti are freely traded on the Standard category of the Bucharest Stock Exchange, under the symbol of the CRC market, continuing their course on the capital market started in 1996 on the Aero Market.

As a result, the Company has drawn up the first individual financial statements at and for the year ended December 31, 2022, in accordance with the provisions of Order no. 2844/2016 for the approval of accounting regulations in accordance with the International Financial Reporting Standards applicable to companies whose securities are admitted to trading on a regulated market, as amended and supplemented ("OMFP 2844/2016"). These provisions are in line with the provisions of the International Financial Reporting Standards adopted by the European Union ("IFRS UE").

In the next period, the Company pursues the development by continuing the strategic investment program started in the previous year and aims to streamline and stability from the energy point of view.

The investment plan for the current year approved on April 27, 2023 in the Ordinary General Meeting of Shareholders (OGMS) mainly includes new works, modernizations and refurbishments, as follows:

• Chp 49.5MW Cogeneration plantis on the industrial platform of Rm. Vâlcea for the production of electricity, steam and hot water;
• Chp108 MWe cogeneration plant for district heating in the municipality of Rm. Vâlcea - ensuring the thermal energy, of quality and at a reasonable price, necessary for the supply of the population of the municipality of Rm. Vâlcea;
• Photovoltaic power plants of 7 MWe and 8 MWe for the production and use of electricity from renewable sources, respectively, solar energy;

CHIMCOMPLEX S.A. BORZESTI

Str. Industriilor nr. 3, Oneşti, jud. Bacău, Romania Tel. [phone]; Fax: [phone]

Email: [e-mail]

Web: www.chimcomplex.com

Reg. Com. J04/493/1991, Unique Code 960322 Subscribed and paid-up share capital: 304907851 RON Account: RO60BUCU1111215962132

ALPHA BANK BUCHAREST

RO2021.055.061Q EN2021.055.061E RO2018.055.061

• Modernization and increase of capacity installi Electrolysis e with membranes with producation of green hydrogen;
• Modernization and increase of capacity equipment of Special Polyols, Oxoalcohols, Inst conversion of PDO to DOTP;
• Refurbishment of liquefied gas deposits and flammable liquids by increasing the storage capacity for the main raw materials and increasing the degree of safety in operation.

2. Presentation of the financial results for the first quarter of 2023

In accordance with the data in the company's financial communication calendar and respecting the provisions of the legislation specific to the capital market in terms of the reporting ofthe countries of the capital market and the shareholders, CHIMCOMPLEX SA Borzesti informs all those interested and the individual quarterly financial statements concluded for the date of 31.03.2023, in accordance with the Order minister of public finance no. 2844 of 2016, for the approval of the Accounting Regulations on the individual annual financial statements, with subsequent amendments, in force. Maintenance of quarterly financial statements are not audited.

These financial results present the financial situation related to the activity carried out by the company in the period I 2023 (3 months 2023) compared to the first quarter 2022 (3 months 2022) :

					Th. lei
No.	Indicators	3 MONTHS	3 MONTHS	Differences	%
Crt.	economic and financial	2023	2022	thousands
		thousands lei	thousands lei	lei
0	1	2	3	4 = 2 - 3	5=4/3*100
1	Turnover	425.371	604.990	-179.618	-29,69
2	Total revenue	396.742	603.987	-207.245	-34,31
	-operating income	390.074	601.704	-211.630	-35,17
	-financial income	6.667	2.282	4.385	192,13
3	Total expenditure	402.879	532.072	-129.193	-24,28
	-operating expenses	387.239	525.727	-138.488	-26,34
	-financial expenses	15.640	6.345	9.295	146,50
4	Gross result	-6.137	71.915	-78.052	-108,53
	-operating result	2.835	75.977	-73.142	-96,27
	-financial result	-8.973	-4.062	-4.910	*
5	Income tax expense	2.156	14.169	-12.014	-84,79
6	Income from deferred tax	0	2.230	-2.230	-100,00
7	Net result	-8.293	59.975	-68.268	-113,83

CHIMCOMPLEX S.A. BORZESTI

Str. Industriilor nr. 3, Oneşti, jud. Bacău, Romania Tel. [phone]; Fax: [phone]

Email: [e-mail]

Web: www.chimcomplex.com

Reg. Com. J04/493/1991, Unique Code 960322 Subscribed and paid-up share capital: 304907851 RON Account: RO60BUCU1111215962132

ALPHA BANK BUCHAREST

RO2021.055.061Q EN2021.055.061E RO2018.055.061

Turnover fell by 29.69% compared to the first quarter of 2022, caused by the decrease in the quantities sold by the company, amid a reduction in demand in the European market.

Operating result in the first quarter of 2023 fell to RON 2,835 thousand, compared to 75,977 thousand in the first quarter of 2022, mainly due to high costs for raw materials and utilities, in particular with electricity and gas-intensive sections and has reduced costs, including the availability of staff. However, the decrease in revenues was faster than the reduction in the costs of raw materials and utilities, negatively affecting the operational profitability.

The net financial result was negative in the first 3 months of 2023, respectively 8.973 thousand compared to 4,062 thousand in the first 3 months of 2022, mainly as a result of higher interest expenses determined by the loans contracted in the last 12 months but and under the influence of the increase in the variable interest rate margin, i.e. EURIBOR.

Therefore, the loss before tax in the first quarter of 2023 was in the amount of 6,137 thousand lei, compared to the first quarter of 2022 when a gross profit of 71 was obtained. 915 mi lei.

In the first quarter of 2023 the company produced and delivered three categories of products:

• Polyols - polyethers with a share of 44% in total sales;
• Chlorosodic products with a share of 51% in total sales, of which liquid and solid soda with a share of 40% in total sales;
• Oxo products - alcohols with a share of 3% in total sales.

In the period January-March 2023 compared to the same period of last year, the structure of the products in the turnover has changed, increasing the share of caustic soda, due to the much improved selling prices:

CHIMCOMPLEX S.A. BORZESTI

Str. Industriilor nr. 3, Oneşti, jud. Bacău, Romania Tel. [phone]; Fax: [phone]

Email: [e-mail]

Web: www.chimcomplex.com

Reg. Com. J04/493/1991, Unique Code 960322 Subscribed and paid-up share capital: 304907851 RON Account: RO60BUCU1111215962132

ALPHA BANK BUCHAREST

RO2021.055.061Q EN2021.055.061E RO2018.055.061

The evolution of sales, by geographical area, in the period January-March 2023 compared to the same period of the year 2022, are shown below:

	FIRST QUARTER 2023		FIRST QUARTER 2022
	-Lei-	%	-Lei-	%
Europe	400.154.297	94,07	550.727.290	91,03
Asia-Pacific	559.667	0,13	5.061.983	0,84
Middle East	24.094.496	5,66	45.339.513	7,49
Africa	24.883	0,01	852.261	0,14
America	538.079	0,13	3.008.607	0,50
TOTAL	425.371.421	100,00	604.989.655	100,00

Balance sheet items at 31.03.2023 compared to the beginning of 2023:

	31-Mar-23	01-Jan-23
ACTIVE	thousands lei	thousands lei
Fixed assets	2,131,814	2.085.951
Current assets	743.080	778.660
Total assets	2,874,894	2.864.611
EQUITY AND LIABILITIES
Total equity	1,824,501	1.832.794
Long-term debts	691.588	643.205
Current liabilities	358,805	388.611
Total equity and liabilities	2,874,894	2.864.611

• Compared to December 31, 2022, fixed assets increased by 45. 863 thousand lei, up to 2,131. 814 thousand lei, mainly from the increase of the investments carried out for the cogeneration plant;
• Current assets have decreased mainly due to the decrease in stocks, commercial receivables, advances to suppliers;
• The equity decreased by 8,293 thousand lei as a result of the net loss generated in the current period;
• The long-term debts as at March 31, 2023 increased by 48,383 thousand lei compared to the value as of December 31, 2022, mainly through the uses of the investment loans contracted from UBS Swizerland and Garanti Bank for the financing of cogeneration and trigeneration plants from Rm. Vâlcea.

CHIMCOMPLEX S.A. BORZESTI

Str. Industriilor nr. 3, Oneşti, jud. Bacău, Romania Tel. [phone]; Fax: [phone]

Email: [e-mail]

Web: www.chimcomplex.com

Reg. Com. J04/493/1991, Unique Code 960322 Subscribed and paid-up share capital: 304907851 RON Account: RO60BUCU1111215962132

ALPHA BANK BUCHAREST

RO2021.055.061Q EN2021.055.061E RO2018.055.061