GREEN GROUP RESULTS

January 2020
 Executive summary January 2020
Green Group EBITDA in December is 975 K€ vs. Budget 1,362K€ (∆ -387k€).
January results vs. Budget are impacted by:
• -87K€ from Plastic ( -185 K€ GFI, +179 K€ GRT, -32K€ SB, +12K€ MK ,-46 K€ Lithuania,-21 K€ Slovakia);
• -51K€ from Collection;
• +30 K€ from WEEE;
• +79K€ from Glass;
• -192K€ from GRM;
• -167K€ from Eltex;

What went well in January:

• Plastic: - Actual sales were +26% vs.budget, based as well on approx. 1.390 to loaded of December and receipt on customer side beginning of January;
- Acquisition price of bottle (except cold wash) decrease in actual with 37 eur/to; variable cost of flakes produced decrease with 59 eur/to; however, the effect
is not seen in full, due to: lower usage of residual materials in recipes and the principle of the new consolidated report (initial stock at full cost vs. new
variable cost calculation)
• Glass: - Collected volumes of 3643 tons were with 82% higher than budget (+1643 tons); Cullet sales of 2849 tons is with 137% higher than the budget (
+1645 tons); In January we treated 4073 tons of glass, which were with 147% higher than budget (+2423 tons); In budget was planned 15 days for maintenance
but in January we reduced the number of days to five due to the repairs made at the end of 2019;
• GWEE: Production higher than budget +9% (299 to); Collection +11% (315 to) due to buy back campaigns from December; Price for fractions was higher than
expected

• What went wrong in January:

• Plastic: Average selling price of fiber decrease by -27 eur/to vs. budget, coming mainly from the price decreses in order to secure the capacity and to be in line
with the price market situation but also due to structure of fibers and customers;
- Accounting cost adjustments – due to de-stocking effect (transit qty from Dec), which was not in the budget;
• Glass: - In January reduced yield to 70 % vs 71% last month due to bad quality for glass waste.
• GWEE: Quantities declared to association for collection were smaller than budgeted -14% (403 to).
• Sigurec: Overall quantities lower than budgeted and previous month as a result of market conditions and due to lower quantities than budgeted from trading
activity.
• GRM: EBITDA of 144 k euro was 58% lower than the budget ( 144k euro vs. 340 k euro budgeted), due to lower than budgeted high-priced reported quantities.
Collected volumes of 2816 tons were with 21% lower than budget (-769 tons).
 Main KPIs

Green Group ian-20 YTD 2020

Operational performance Unit Actual Budget LY Var vs Bdg Var vs LY Actual Budget LY Var vs Bdg Var vs LY
GG_Waste collection tons 6,948 7,452 15,486 -7% -55% 6,948 7,452 15,486 -7% -55%
GT_Average bottles acquisition price EUR/ton 371 369 344 -1% 8% 371 369 344 -1% 8%
GFI_Sold Volume fiber tons 7,989 6,332 7,072 26% 13% 7,989 6,332 7,072 26% 13%
GFI_Average selling price fiber EUR/ton 1,070 1,097 1,104 -2% -3% 1,070 1,097 1,104 -2% -3%
GT & GFI_Survival margin for fiber EUR/ton 699 729 760 -4% -8% 699 729 760 -4% -8%
GT & GFI_Survival margin for strap EUR/ton 732 746 782 -2% -6% 732 746 782 -2% -6%
GWE_Survival margin EUR/ton 262 253 214 4% 23% 262 253 214 4% 23%
GLASS_Sales quantity ( all types) tons 2,884 1,210 475 138% 507% 2,884 1,210 475 138% 507%
GLASS_Survival margin EUR/ton 53 52 49 2% 9% 53 52 49 2% 9%
GT SB_Sales quantity ( all types) tons 165 301 301 -45% -45% 165 301 301 -45% -45%
GT SB_Survival margin EUR/ton 587 489 490 20% 20% 587 489 490 20% 20%

Green Group ian-20 YTD 2020

Financial performance Unit Actual Budget LY Var vs Bdg Var vs LY Actual Budget LY Var vs Bdg Var vs LY
Revenues [KEUR] 12,515 11,534 11,137 9% 12% 12,515 11,534 11,137 9% 12%
EBITDA [KEUR] 975 1,362 956 -28% 2% 975 1,362 956 -28% 2%
EBITDA margin [%] 8% 12% 9% -34% -9% 8% 12% 9% -34% -9%
Net Profit [KEUR] 2 20 -554 -91% -100% 2 20 -554 -91% -100%
NWC [KEUR] -6,220 -3,785 1,833 64% -439% -6,220 -3,785 1,833 64% -439%
NWC Days [no of days] -15 -10 5 51% -402% -15 -10 5 51% -402%
Net Debt [KEUR] 47,324 54,359 48,887 -13% -3% 47,324 54,359 48,887 -13% -3%
 EBITDA January 2020
January
2013 2014 2015 2016 2017 2018 2019 2020 Budget 2020
Plastic Division 422,896 850,655 929,489 1,047,023 1,009,320 674,895 1,006,191 704,524 791,510
WEEE Division 104,626 31,766 73,877 34,609 92,455 207,156 193,747 138,192 107,695
Glass 0 -23,459 -6,341 8,459 2,205 39,818 58,034 86,004 6,650
Collection -28,866 -29,075 -62,664 -98,202 -213,784 -263,192 -301,942 -101,990 -50,977
GRM 0 0 0 0 0 0 0 148,680 340,399
Current month
ELTEX 166,936
Total 498,656 829,887 934,363 991,889 890,196 658,677 956,030 975,410 1,362,213
Adj IFRS 16 -26,184 77,486
Adj Stock (PUP) 9,523 96,071
Consolidated 498,656 829,887 934,363 965,705 899,720 832,234 956,030 975,410 1,362,213
Plastic Division 422,896 850,655 929,489 1,047,023 1,009,320 674,895 1,006,191 704,524 791,510
WEEE Division 104,626 31,766 73,877 34,609 92,455 207,156 193,747 138,192 107,695
Glass 0 -23,459 -6,341 8,459 2,205 39,818 58,034 86,004 6,650
Collection -28,866 -29,075 -62,664 -98,202 -213,784 -263,192 -301,942 -101,990 -50,977
GRM 0 0 0 0 0 0 0 148,680 340,399
YTD
ELTEX 166,936
Total 498,656 829,887 934,363 991,889 890,196 658,677 956,030 975,410 1,362,213
Adj IFRS 16 0 0 0 -26,184 0 77,486 0 0 0
Adj Stock (PUP) 0 0 0 0 9,523 96,071 0 0 0
Consolidated 498,656 829,887 934,363 965,705 899,720 832,234 956,030 975,410 1,362,213
Plastic Division -86,986
WEEE Division 30,497
Glass 79,355
Collection -51,013
EBITDA - YTD
GRM -191,719
differ. Actual
ELTEX -166,936
VS Budget
Total -386,803
Adj IFRS 16 0
Adj Stock (PUP) 0
Consolidated -386,803
 Turnover January 2020

January
2014 2015 2016 2017 2018 2019 2020 Budget 2020
Plastic Division 8,884,025 10,332,672 8,501,158 8,627,209 10,982,224 8,956,070 9,890,903 8,325,831
WEEE Division 619,080 1,233,073 901,533 1,141,370 1,365,860 1,634,220 1,761,714 1,448,198
Glass 63 44,827 52,878 61,167 195,538 154,545 244,415 108,190
Collection 219,567 413,585 448,100 627,100 859,556 675,060 202,500 222,519
Current month GRM (Green Resources Management) 616,221 885,655
ELTEX 745,528
Total 9,722,735 12,024,158 9,903,669 10,456,846 13,403,178 11,419,895 12,715,753 11,735,921
ICO Adj -3,370,437 -3,820,558 -2,525,810 -2,576,279 -3,244,811 -287,431 -200,520 -201,868
Consolidated 6,352,298 8,203,600 7,377,859 7,880,567 10,158,367 11,132,464 12,515,234 11,534,053
Plastic Division 8,884,025 10,332,672 8,501,158 8,627,209 10,982,224 8,956,070 9,890,903 8,325,831
WEEE Division 619,080 1,233,073 901,533 1,141,370 1,365,860 1,634,220 1,761,714 1,448,198
Glass 63 44,827 52,878 61,167 195,538 154,545 244,415 108,190
Collection 219,567 413,585 448,100 627,100 859,556 675,060 202,500 222,519
YTD GRM (Green Resources Management) 0 0 0 0 0 0 616,221 885,655
ELTEX 0 0 0 0 0 0 0 745,528
Total 9,722,735 12,024,158 9,903,669 10,456,846 13,403,178 11,419,895 12,715,753 11,735,921
ICO Adj -3,370,437 -3,820,558 -2,525,810 -2,576,279 -3,244,811 -287,431 -200,520 -201,868
Consolidated 6,352,298 8,203,600 7,377,859 7,880,567 10,158,367 11,132,464 12,515,234 11,534,053
Plastic Division 1,565,073
WEEE Division 313,516
Glass 136,225
EBITDA - YTD Collection -20,018
differ. Actual GRM (Green Resources Management) -269,435
VS Budget ELTEX -745,528
Total 979,833
ICO Adj 1,348
Consolidated 981,181
 Net Profit January 2020

January
2014 2015 2016 2017 2018 2019 2020 Budget 2020
Plastic Division 464,399 708,654 637,089 767,401 144,241 -161,076 121,160 -126,511
WEEE Division -24,318 29,104 -28,263 24,625 139,213 46,097 -39,088 -98,385
Glass -41,791 -14,411 -34,357 -32,234 4,054 56,465 52,460 -24,341
Collection -46,640 -88,964 -174,146 -455,721 -382,471 -494,005 -228,448 -149,603
GRM 0 0 0 0 0 0 95,832 278,665
Current month
ELTEX 140,226
Total 351,650 634,383 400,322 304,071 -94,962 -552,518 1,917 20,050
Adj IFRS 16 0 0 -26,184 0 -1,929 -1,929
Adj Stock (PUP) 0 0 0 9,523 96,071 0
Consolidated 351,650 634,383 374,138 313,594 -820 -554,447 1,917 20,050
Plastic Division 464,399 708,654 637,089 767,401 144,241 -161,076 121,160 -126,511
WEEE Division -24,318 29,104 -28,263 24,625 139,213 46,097 -39,088 -98,385
Glass -41,791 -14,411 -34,357 -32,234 4,054 56,465 52,460 -24,341
Collection -46,640 -88,964 -174,146 -455,721 -382,471 -494,005 -228,448 -149,603
GRM 0 0 0 0 0 0 95,832 278,665
YTD
ELTEX 166,936
Total 351,650 634,383 400,322 304,071 -94,962 -552,518 1,917 46,760
Adj IFRS 16 0 0 -26,184 0 -1,929 -1,929 0 0
Adj Stock (PUP) 0 0 0 9,523 96,071 0 0 0
Consolidated 351,650 634,383 374,138 313,594 -820 -554,447 1,917 46,760
Plastic Division 247,671
WEEE Division 59,298
Glass 76,802
Collection -78,845
EBITDA - YTD
GRM -182,833
differ. Actual
ELTEX -166,936
VS Budget
Total -44,843
Adj IFRS 16 0
Adj Stock (PUP) 0
Consolidated -44,843
Green Group Jan 2020 PL consolidated
Green Green Green
Green Green Bdg Jan
2020 Income statement - EUR Jan 2019 Group Group Group GRM Adj Jan 2020
Group Glass Group 2020
Plastic WEEE Collection
Total operational revenue 11,136,658 9,936,343 1,772,304 146,471 244,415 616,221 12,715,753 (200,520) 12,515,233 11,534,053
Raw material 5,073,988 3,177,171 830,476 11,683 4,019,330 (138,502) 3,880,827 4,864,124
Other consumable 588,981 1,057,527 174,891 4,592 22,752 1,259,762 (718) 1,259,043 768,322
Utility 849,985 851,268 28,587 23,394 23,365 926,614 (35,034) 891,580 787,020
Labor 1,306,906 1,014,397 238,168 52,990 23,340 1,328,895 1,328,895 1,307,431
Production overhead 762,313 338,882 73,644 21,132 23,884 457,542 (4,331) 453,211 512,977
Cost of merchaindise/ Provisions for products 389,796 131,493 3,432 75,067 416,076 626,068 626,068 1,199,761
Adjustment of stock - 711 acc 102,801 1,651,409 58,476 946 1,710,832 1,710,832 (635,388)
Total cost of good sold 9,074,771 8,222,147 1,407,675 177,175 105,970 416,076 10,329,042 (178,586) 10,150,457 8,804,249
Gross margin 2,061,887 1,714,196 364,629 (30,704) 138,445 200,145 2,386,711 (21,934) 2,364,777 2,729,803
Marketing overhead 40,412 27,063 4,171 31,234 31,234 35,126
Marketing salary 66,199 21,978 45,641 67,619 67,619 81,526
Transportation - sale 521,764 528,544 56,762 21,161 606,468 606,468 477,219
Total marketing expenses 628,375 577,585 106,574 21,161 705,320 705,320 593,871
General overhead 254,411 180,824 82,529 11,910 13,057 16,011 304,331 (21,934) 282,397 400,290
General salary 376,227 311,845 83,035 33,109 13,422 39,550 480,960 480,960 433,803
Total general expenses 630,638 492,669 165,564 45,019 26,479 55,560 785,292 (21,934) 763,357 834,093
IFRS16 adjustment 77,486 18,542 22,392 25,308 4,095 70,337 70,337 60,374
PUP adjustment 75,670 5,546 7,527 701 (4,801) 8,973 8,973
EBITDA 956,030 668,030 122,409 (49,714) 86,004 148,680 975,410 975,410 1,362,213
Depreciation 673,067 497,011 142,201 24,657 24,860 1,427 690,156 690,156 793,577
IFRS16 adjustment 77,486 17,867 20,983 24,803 3,806 67,459 67,459 58,495
EBIT 205,477 153,152 (40,775) (99,174) 61,144 143,447 217,795 217,795 510,141
FOREX ( income - expense ) (672,251) (24,991) (444) 1,124 (744) (58) (25,114) (25,114)
IFRS16 adjustment - interest (1,929) (1,228) (569) (832) (204) (2,833) (2,833) (1,879)
Interest ( income - expense ) (93,784) (87,215) (42,321) (20,268) (4,292) (88) (154,184) (154,184) (321,135)
Other financial (64,998) (33,377) (14,968) (2,710) (3,648) (47,180) (101,883) (101,883) (160,845)
Provision for investment/grants 73,038 52,432 15,700 68,132 68,132 13,559
Total financial P/L (759,923) (94,379) (42,602) (22,686) (8,684) (47,530) (215,881) (215,881) (470,301)
Gross profit (EBT) (554,446) 58,773 (83,377) (121,860) 52,460 95,917 1,914 1,914 39,840
Profit tax 19,791
Net profit (554,446) 58,773 (83,377) (121,860) 52,460 95,917 1,914 1,914 20,049
 Green Group Jan 2020_BS consolidated
Green Green Green
Green Green Bdg Jan-
2020 Balance Sheet - EUR Jan-2019 Group Group Group GRM Adj Jan-2020
Group Glass Group 2020
Plastic WEEE Collection
Cash equivalent 1,407,225 1,727,491 228,521 39,406 2,649 1,470,601 3,468,668 3,468,668 5,834,624
Trade receivable 15,588,584 9,468,186 3,330,240 204,608 139,231 987,272 14,129,537 (271,035) 13,858,503 12,983,499
Other receivable 9,294,169 5,226,324 295,808 57,813 126,733 456,884 6,163,562 6,163,562 7,547,565
Inventory - raw material 8,436,866 5,228,089 1,709,630 78,908 14,820 7,031,447 7,031,447 7,156,758
PUP adjustment 75,670 (245,203) (3,791) 1,408 5,179 (242,408) (242,408)
Inventory - finished goods 7,724,697 7,701,762 452,482 1,354 8,155,598 8,155,598 10,529,230
Inventory - others 6,950,838 6,298,138 566,332 158,724 7,023,194 7,023,194 6,338,329
Total stock 23,188,072 18,982,786 2,724,652 80,316 180,077 21,967,831 21,967,831 24,024,318
Total current assets 49,478,050 35,404,787 6,579,222 382,143 448,690 2,914,756 45,729,598 (271,035) 45,458,564 50,390,006
Long term investment 2,602,351 4,368,656 10,004 4,378,660 (3,683,294) 695,366 5,695,311
Loan to the subsidiary 7,000,519 1,228,653 8,229,172 (8,229,172) ()
Land 1,676,113 1,377,527 631,334 248,623 2,257,484 2,257,484 2,236,548
Building 26,082,312 21,691,289 5,703,763 916,388 28,311,440 28,311,440 29,056,387
Equipments, machine, others 77,091,077 67,365,524 14,683,607 5,310,756 2,474,908 72,040 89,906,834 89,906,834 89,357,068
Working in progress 1,786,786 6,941,134 435,489 4,446 5,125 49,501 7,435,695 7,435,695 7,619,608
Right-of-Use Asset 2,555,709 1,612,576 741,058 705,360 11,033 128,069 3,198,096 3,198,096 3,075,336
Depreciation for Right-of-Use Asset (1,007,322) (913,254) (504,434) (541,577) (11,033) (40,531) (2,010,829) (2,010,829) (1,973,642)
Accumulative depreciation (39,417,850) (31,317,445) (9,105,043) (3,870,965) (1,888,004) (12,334) (46,193,792) (46,193,792) (46,304,057)
Total fixed assets 68,766,825 66,757,351 12,585,774 1,608,020 1,757,040 196,745 82,904,929 82,904,929 83,067,247
Total assets 120,847,226 113,531,313 19,175,000 1,990,163 3,434,383 3,111,501 141,242,360 (12,183,501) 129,058,859 139,152,565
Capital 20,747,197 12,928,012 8,067,496 4,196,619 1,521,401 83,984 26,797,512 (4,196,619) 22,600,893 22,652,714
Reserve 14,775,680 12,801,607 227,495 8 141,512 16,744 13,187,365 13,187,365 13,171,042
P/L undistributed 5,948,933 12,931,629 1,957,476 (11,381,795) 913,826 1,290,159 5,711,295 461,698 6,172,993 6,727,217
P/L of the current year (554,446) 58,773 (83,377) (121,860) 52,460 95,917 1,914 1,914 20,050
Translation differences (5,110,567) (5,590,058) (1,171,235) (127,362) (74,750) (4,331) (6,967,736) 51,627 (6,916,109) (5,678,612)
Total equities 35,806,796 33,129,962 8,997,855 (7,434,390) 2,554,450 1,482,473 38,730,350 (3,683,295) 35,047,056 36,892,410
Trade payable 15,364,450 22,511,266 3,958,415 148,899 131,305 1,211,387 27,961,273 (271,034) 27,690,238 29,169,156
Other payable 19,381,865 8,838,901 750,037 627,022 134,727 112,280 10,462,966 10,462,966 12,897,002
Shareholder loan 377,635 7,851,537 8,229,172 (8,229,172) ()
Finance leases 1,571,533 699,876 235,782 164,110 87,453 1,187,221 1,187,221 1,439,114
Short term liabilities 12,899,033 13,360,019 165,707 13,525,727 13,525,727 12,108,571
Long term liabilities 35,823,548 34,991,289 4,855,276 632,985 613,901 52,200 41,145,651 41,145,651 46,645,588
Total liabilities 85,040,430 80,401,351 10,177,145 9,424,553 879,933 1,629,028 102,512,010 (8,500,206) 94,011,803 102,259,431
Total equities and liabilities 120,847,226 113,531,313 19,175,000 1,990,163 3,434,383 3,111,501 141,242,360 (12,183,501) 129,058,859 139,151,841
 Green Group Jan 2020_ CF Plastic Division
Green Group Consolidated Green Group Plastic Green Group Consolidated CASH FLOW Green Group Plastic
Jan 2020 Jan 2020 Jan 2020 Jan 2020
2020 Balance Sheet - EUR Operating activities
Actual Budget Actual Budget
Variances explanations:
Cash equivalent 1,727,491 2,024,417 Net profit 58,773 (126,511)
• Increase in Trade receivables as
Trade receivable 9,468,186 7,679,110 Depreciation 514,878 557,834
Other receivable 5,226,324 6,622,520 Other Non Monetary items (334,357)
a result of higher sales
Inventory - raw material 5,228,089 5,549,335 Interest 87,215 273,386
• Other receivable decrease from
PUP adjustment (245,203) VAT receivable balance in GFI
Inventory - finished goods 7,701,762 10,054,684 Trade receivable (866,916) 922,161 (compensated with other
Inventory - others 6,298,138 5,710,779 Other receivable 683,410 276,671 payables – social security
Total stock 18,982,786 21,314,798 Trade payable (231,700) 54,018 charges)
Total current assets 35,404,787 37,640,845 Other payable (2,895,837) (923,537) • Trade payable-payment of the
Long term investment 4,368,656 4,311,678 Inventory 2,311,516 213,428 delayed payments from end of
Loan to the subsidiary 7,000,519 7,648,836 Cash flow from operating activities (673,019) 1,247,451 Dec2019
Land 1,377,527 1,377,262 Investing activities • Other payables and stock is
Building 21,691,289 22,461,691 Purchase / sale fixed assests (474,509) 24,921
impacted by deferred income
Equipments, machine, others 67,365,524 66,240,959 Incresease /(Decrease ) FA suppliers & FA advances
booked in Dec 2019 for goods
Working in progress 6,941,134 7,004,713 Financial investment (744,477) (687,500)
delivered end of Dec and
Right-of-Use Asset 1,612,576 918,537 Cash flow from investing activities (1,218,986) (662,579)
Depreciation for Right-of-Use Asset (913,254) (402,256)
received beginning of Jan 2020
Accumulative depreciation (31,317,445) (31,385,942) Free Cash Flow (1,892,005) 584,872 by customers(1.5mEUR). The
Total fixed assets 66,757,351 66,214,965 revenue and the decrease in
Total assets 113,531,313 115,816,324 stock was recorder in Jan 2020.
Capital 12,928,012 12,930,840 • Stock is impacted additionally
Reserve 12,801,607 12,786,508 by decrease in flakes stock in
P/L undistributed 12,931,629 13,512,179 GT
P/L of the current year 58,773 (126,511) • CAPEX is mainly related to Lt
Translation differences (5,590,058) (5,759,047) and SK investments
Total equities 33,129,962 33,343,968
Trade payable 22,511,266 23,786,443
Other payable 8,838,901 10,811,201
Shareholder loan ()
Finance Leases 699,876 630,749
Short term liabilities 13,360,019 11,723,571
Long term liabilities 34,991,289 35,520,393
Total liabilities 80,401,351 82,472,357
Total equities and liabilities 113,531,313 115,816,324
 Green Group Jan 2020_ CF WEEE Division
Green Group Consolidated Green Group WEEE Green Group Consolidated CASH FLOW Green Group WEEE
Jan 2020 Jan 2020 Jan 2020 Jan 2020
2020 Balance Sheet - EUR Operating activities
Actual Budget Actual Budget
Variances explanations:
Cash equivalent 228,521 2,088,217 Net profit (83,377) (98,385)
• Trade receivables: switch to
Trade receivable 3,330,240 2,008,791 Depreciation 163,184 160,928
Other receivable 295,808 93,432 Other Non Monetary items (14,657)
Environ of quantities declared
Inventory - raw material 1,709,630 1,310,886 Interest 42,321 40,040
initially to Ecotic. The invoices
PUP adjustment (3,791) (credit and debit note were
Inventory - finished goods 452,482 460,582 Trade receivable (209,209) 1,112,241 issued in Jan 2020)
Inventory - others 566,332 425,152 Other receivable (36,197) 166,179 • Other receivables: expenses
Total stock 2,724,652 2,196,620 Trade payable (439,045) (1,031,671) paid in advance, invoices from
Total current assets 6,579,222 6,387,061 Other payable (113,390) 22,307 Untha 50% advance payment for
Long term investment 10,004 10,049 Inventory 274,819 802,851 knives reconditioning for Buzau
Loan to the subsidiary Cash flow from operating activities (415,552) 1,174,489 • Trade payables: postponed
Land 631,334 609,601 Investing activities
payments from December 2019
Building 5,703,763 5,674,398 Purchase / sale fixed assests (138,548) (216,517)
• In Jan 2020 were processed
Equipments, machine, others 14,683,607 14,451,162 Incresease /(Decrease ) FA suppliers & FA advances
cables acquired in 2019 (the
Working in progress 435,489 605,302 Financial investment (3) (48)
Right-of-Use Asset 741,058 661,827 Cash flow from investing activities (138,551) (216,565)
acquisitions were stopped in
Depreciation for Right-of-Use Asset (504,434) (431,013)
2020 except Telekom).
Accumulative depreciation (9,105,043) (8,905,279) Free Cash Flow (554,103) 957,924 Additionally 100 KEUR is related
Total fixed assets 12,585,774 12,665,998 to WEEE raw material -
Total assets 19,175,000 19,063,108 collection lower than
Capital 8,067,496 8,089,771 production in Jan with 479 to.
Reserve 227,495 241,014
P/L undistributed 1,957,476 1,936,339
P/L of the current year (83,377) (98,385)
Translation differences (1,171,235) (1,372,798)
Total equities 8,997,855 8,795,940
Trade payable 3,958,415 3,365,789
Other payable 750,037 885,734
Shareholder loan 377,635 880,741
Finance Leases 235,782 284,020
Short term liabilities
Long term liabilities 4,855,276 4,850,883
Total liabilities 10,177,145 10,267,168
Total equities and liabilities 19,175,000 19,063,108
 Green Group Jan 2020_ CF Glass Division
Green Group
Green Group GLASS Green Group Consolidated CASH FLOW Green Group GLASS
Consolidated
Jan 2020 Jan 2020 Jan 2020 Jan 2020
2020 Balance Sheet - EUR Operating activities
Actual Budget Actual Budget
Cash equivalent 2,649 2,698 Net profit 52,460 (24,341)
Trade receivable 139,231 277,566 Depreciation 24,860 25,000
Other receivable 126,733 89,569 Other Non Monetary items 36,970
Inventory - raw material 14,820 15,532 Interest 4,292 4,419
PUP adjustment 5,179 (26,989)
Inventory - finished goods 1,354 2,300 Trade receivable 138,335 (30,624)
Inventory - others 158,724 158,906 Other receivable (37,164) (275,796)
Total stock 180,077 149,749 Trade payable (11,315) (45,394)
Total current assets 448,690 519,582 Other payable 19,246 (57,146)
Long term investment Inventory (30,328) (58,884)
Loan to the subsidiary 1,228,653 1,050,189 Cash flow from operating activities 197,356 (462,767)
Land 248,623 248,551 Investing activities
Building 916,388 916,120 Purchase / sale fixed assests (517) (15,841)
Equipments, machine, others 2,474,908 2,474,183 Incresease /(Decrease ) FA suppliers & FA advances
Working in progress 5,125 5,124 Financial investment
Right-of-Use Asset 11,033 11,033 Cash flow from investing activities (517) (15,841)
Depreciation for Right-of-Use Asset (11,033) (11,033)
Accumulative depreciation (1,888,004) (1,862,595) Free Cash Flow 196,839 (478,608)
Total fixed assets 1,757,040 1,781,383
Total assets 3,434,383 3,351,154
Capital 1,521,401 1,521,401
Reserve 141,512 141,512
P/L undistributed 913,826 49,018
P/L of the current year 52,460 827,838
Translation differences (74,750) (75,487)
Total equities 2,554,450 2,464,282
Trade payable 131,305 142,620
Other payable 134,727 115,481
Shareholder loan
Finance Leases
Short term liabilities
Long term liabilities 613,901 628,770
Total liabilities 879,933 886,871
Total equities and liabilities 3,434,383 3,351,153
 Green Group Jan 2020_ CF GRM
Green Group
Green Group GRM Green Group Consolidated CASH FLOW Green Group GRM
Consolidated
2020 Balance Sheet - EUR
Jan 2020 Jan 2020
Operating activities
Jan 2020 Jan 2020 Variances explanations:
Actual Budget Actual Budget • Trade receivables level impacted by
Cash equivalent 1,470,601 1,615,815 Net profit 95,917 278,665
lower sales
Trade receivable 987,272 1,246,120 Depreciation 5,233 1,517
• Other payables: payment of the 2019
Other receivable 456,884 420,206 Other Non Monetary items 20,479
tax for PET target
Inventory - raw material Interest 88 94
• CAPEX level impacted by:
PUP adjustment
• Advances paid for 2 vehicles
Inventory - finished goods Trade receivable 258,848 (397,376)
• Right-of-Use Asset increase
Inventory - others Other receivable (36,678) 1,812
from including new office
Total stock Trade payable (4,566) 46,980
Total current assets 2,914,756 3,282,141 Other payable (462,881) (512,759)
rental contracts and car
Long term investment Inventory
rental contracts in IFRS 16
Loan to the subsidiary Cash flow from operating activities (123,562) (581,067)
computation;
Land Investing activities
Building Purchase / sale fixed assests (138,809) 300
Equipments, machine, others 72,040 72,021 Incresease /(Decrease ) FA suppliers & FA advances
Working in progress 49,501 Financial investment
Right-of-Use Asset 128,069 5,310 Cash flow from investing activities (138,809) 300
Depreciation for Right-of-Use Asset (40,531) (3,258)
Accumulative depreciation (12,334) (10,904) Free Cash Flow (262,370) (580,767)
Total fixed assets 196,745 63,169
Total assets 3,111,501 3,345,309
Capital 83,984 83,984
Reserve 16,744
P/L undistributed 1,290,159 (61,564)
P/L of the current year 95,917 1,347,988
Translation differences (4,331) (10,738)
Total equities 1,482,473 1,359,670
Trade payable 1,211,387 1,215,954
Other payable 277,987 740,869
Shareholder loan
Finance Leases 87,453 2,062
Short term liabilities
Long term liabilities 52,200 26,755
Total liabilities 1,629,028 1,985,639
Total equities and liabilities 3,111,501 3,345,310
 Green Group Jan 2020_ CF Collection
Green Group Green Group
Green Group Collection Green Group Consolidated CASH FLOW
Consolidated Collection
Jan 2020 Jan 2020 Jan 2020 Jan 2020
2020 Balance Sheet - EUR Operating activities
Actual Budget Actual Budget
Cash equivalent 39,406 31,692 Net profit (121,860) (149,603)
Trade receivable 204,608 186,364 Depreciation 49,460 106,792
Other receivable 57,813 47,854 Other Non Monetary items 139,616
Inventory - raw material 78,908 66,038 Interest 20,268 3,197
PUP adjustment 1,408 602
Inventory - finished goods Trade receivable (18,244) 38,018
Inventory - others Other receivable (9,959)
Total stock 80,316 66,640 Trade payable 18,636 100,269
Total current assets 382,143 332,550 Other payable (19,402) 158,090
Long term investment Inventory (13,569) (48,626)
Loan to the subsidiary Cash flow from operating activities 44,947 208,137
Land Investing activities
Building Purchase / sale fixed assests (2,980) ()
Equipments, machine, others 5,310,756 5,303,547 Incresease /(Decrease ) FA suppliers & FA advances
Working in progress 4,446 4,445 Financial investment
Right-of-Use Asset 705,360 705,361 Cash flow from investing activities (2,980) ()
Depreciation for Right-of-Use Asset (541,577) (528,376)
Accumulative depreciation (3,870,965) (3,830,477) Free Cash Flow 41,967 208,137
Total fixed assets 1,608,020 1,654,500
Total assets 1,990,163 1,987,050
Capital 4,196,619 4,068,081
Reserve 8 8
P/L undistributed (11,381,795) (9,069,137)
P/L of the current year (121,860) (2,323,843)
Translation differences (127,362) 10,918
Total equities (7,434,390) (7,313,973)
Trade payable 148,899 130,263
Other payable 627,022 646,424
Shareholder loan 7,851,537 7,703,028
Finance Leases 164,110 172,993
Short term liabilities
Long term liabilities 632,985 648,315
Total liabilities 9,424,553 9,301,023
Total equities and liabilities 1,990,163 1,987,050
 January 2020 Loan Covenants

ACTUAL ACTUAL ACTUAL ACTUAL PROPOSED BY THE CLUB

COVENANTS GREEN GROUP
oct-19 nov-19 dec-19 ian-20
NFD (net financial debt) 53,643,100 € 52,149,446 € 49,577,502 € 52,015,585 €
MAX 5.4x for testing date YE2018;
4,9x June 2019;4,25 Dec 2019; 3,5
EBITDA - last 12 months 15,570,019 € 15,344,858 € 14,467,340 € 14,486,720 €
afterwards
NFD/EBITDA = MAX 4,9 3.45 3.40 3.43 3.59

OWN CAPITAL (KPR) 35,868,093 € 36,431,057 € 35,248,361 € 35,476,712 €

MIN 30% pe toata durata
TOTAL ASSETS 128,929,614 € 131,268,431 € 132,282,449 € 129,488,515 € finantarii
OWN CAPITAL (KPR)/TOTAL ASSETS = MIN 30% 28% 28% 27% 27%

EBITDA + WC - Profit tax -Dividend - CAPEX not financed 16,068,097 € 14,686,273 € 14,311,715 € 14,852,952 €
Repayments of long term loans and interest paid 1.1x for H1 2019 and YE 2019,
in the last 12 months 11,240,809 € 10,364,755 € 9,448,537 € 9,675,088 € 1.25x going forward. Same period
calculation approach.
MIN 1,1 1.43 1.42 1.51 1.54

14
 CAPEX

CAPEX GREEN GROUP 2020 - EUR Budget 2020 Jan-2020

DIVISION COMPANY INVESTMENT TYPE Budget Purchase
GLASS Greenglass Maintenance € 594,556 € -
GLASS Greenglass Development € - € -
Total GLASS € 594,556 € -
WEEE GWE Maintenance € 1,324,924 € 92,737
WEEE GWE Development € 1,647,500 € -
Total WEEE € 2,972,424 € 92,737
PLASTIC GFI + GRT Maintenance € 500,000 € 35,536
PLASTIC GFI + GRT Development € 1,924,185 € 144,471
Total Plastic € 2,424,185 € 180,007
TOTAL CAPEX 2020 GREEN GROUP € 5,991,165 € 272,744
Plastic Division
January 2020
 Plastic Actual vs.budget 2020
What went well in January:
• Actual sales were +26% vs.budget, based as well on approx. 1.390 to loaded of December and receipt on
customer side by beginning of January;
• Acquisition price of bottle (except cold wash) decrease in actual with 37 eur/to; variable cost of flakes
produced decrease with 59 eur/to; however, the effect is not seen in full, due to: lower usage of residual
materials in recipes and the principle of the new consolidated report (initial stock at full cost vs. new
variable cost calculation)

• What went wrong in January:

• Average selling price of fiber decrease by -27 eur/to vs. budget, coming mainly from the price decreses in
order to secure the capacity and to be in line with the price market situation but also due to structure of
fibers and customers;
• Accounting cost adjustments – due to de-stocking effect (transit qty from Dec), which was not in the
budget;

17
 EBITDA Plastic Actual vs. Budget 2020

2,000.0
EBITDA PLASTIC

41 20 5 13 20 100
1,500.0 100 254
516
383
1,000.0

704
500.0
792

0.0

-500.0

18
 PLASTIC Actual vs.Budget 2020
PLASTIC UM Fiber Strap Rpet Flakes TP Other Plastic Actual vs.Budget
Actual vs.Budget 2020 January January January January January January 2020
Budget Actual Budget Actual Budget Actual Budget BudgetActual Budget Actual
Sales volume to 6,332 7,989 500 637 154 39 100 224 256 7,310 8,920 1,610
Selling price eur/to 1,097 1,070 1,115 1,103 1,130 1,151 743 1,061 1,042 -19
Revenues Eurk 6,949 8,551 557 702 174 44 74 7,755 9,297 1,542
Input price eur/to 602 602 532 488 642 590 416 577 577 1
Yield (flakes-finished product) eur/to 31.82 32.15 79.81 89.29 32 53 174 36 35 1
Conversion cost fiber,strap,rpet,other eur/to 152 165 164 158 49 55 53 144 159 -15
Contribution eur/to 312 271 339 368 407 452 100 374 333 303 271 -32
Contribution total Eurk 1,974 2,165 170 234 63 17 10 84 85 2,300 2,502 202
Direct fixed cost Eurk 816 821 36 38 24 20 877 879 -2
Direct fixed cost eur/to 129 103 72 59 158 528 0 120 99 21
Fixed cost flakes Eurk 827 820 79 92 67 14 18 992 926 66
Fixed cost flakes eur/to 131 103 158 145 438 361 182 136 104 32
Other items Eurk 360 8 -352
EBITDA Eurk 331 524 54 104 -29 -17 -8 84 85 792 704 -87
EBITDA eur/to 52 66 109 164 -189 -437 -82 374 333 108 79 -29

* Other item : changes stock, margin from other sales, IFRS 16.

19
 SALES analysis- Fiber

FIBER Current month FIBER Current month

Contribution impact Actual Actual vs.Budget Contribution impact Actual Actual vs.Budget Actual vs.Budget
SALES VOLUME Volum variation Impact SELLING PRICE+STUCTURE Selling price variation Impact Structure impact
to to eur eur/to eur/to eur eur
Fibre - White 2,624 700 149,632 Fibre - White 1,105 -40 -105,336 58,248
Fibre - Black 2,074 713 136,031 Fibre - Black 1,048 -43 -88,507 136,417
Fibre - Natural 868 230 40,294 Fibre - Natural 944 11 9,930 15,230
Fibre - Special (ex. mass dyed) 393 98 32,909 Fibre - Special (ex. mass dyed) 1,406 -41 -15,912 8,735
Fibre - Black BBC 1.7 789 19 74,131 Fibre - Black BBC 1.7 1,232 -26 -20,383 -67,098
Fibre - HCS 330 -74 30,031 Fibre - HCS 1,165 11 3,518 -50,985
Fibre S 911 -29 53,632 Fibre S 824 -34 -30,680 -59,933
Total 7,989 1,657 516,659 Total 1,070 -27 -247,370 40,614

* Quantity – actual sales of 7.989 to were +26% vs.budget , based as well on approx. 1.390 to loaded of December and receipt on
customer side by beginning of January; Compared to the end of the year most customers were claiming stocks and significant
drop in consumption , general impression is that 2020 starts on a more stable basis.

* Selling price – average price actual -27 eur/to vs. budget, coming mainly from the price decreses in order to secure the capacity
and to be in line with the price market situation but also due to structure of fibers and customers. Prices are stabilized on a
bottom level in virgin , but still seam at least stable. Pressure on prices will remain at least on short – medium period, as soon as
there is a significant unbalance between supply and demand in PSF, with too much stocks of fiber in the market that keep prices
at a low level generally.

20
 Sales analysis-Strap,Rpet
STRAP Unit ian-20 Variation Impact
BUDGET ACTUAL eur
SALES VOLUME to 500 637 137 46,372
SELLING PRICE eur/to 1,115 1,103 -12 -7,547

• Quantity STRAP : actual sales were +27% vs. budget , due to much higher demand from some segments of the market, as
wood industry, compared to January 2019;
• Selling price STRAP: actual average price -12eur/to vs. budget as an effect of mix on customer ( old and new) and structure
of products;
RPET Unit ian-20 Variation Impact
BUDGET ACTUAL eur
SALES VOLUME to 154 39 -116 -47,013
SELLING PRICE eur/to 1,130 1,151 21 809

• Quantity RPET : actual sales were -74% vs. budget due to the limited availability of raw material for the RPET. As generally
the demand per customer is high , we intend to promote more aggressively RPET after we succed to build up some buffer
stocks that would assure continuity in supply, as soon as we still do not have a good visibility in supply of raw material on
short term;
• Selling price RPET: actual selling price +21eur/to vs. budget;

21
 Purchase-bottle Actual vs. budget
Bottle procurement - volume 2020 January January Act.vs.Bg Bottle procurement - price January January Act.vs.Bg
Budget Actual 2020 Budget Actual 2020
Own collection tons 406 423 17 own collection EUR/ tone 324 331 -7
3rd parties tons 1,724 1,658 -66 3rd parties EUR/ tone 382 272 109
Serbia tons 300 39 -261 Serbia EUR/ tone 395 514 -120
Macedonia tons 400 272 -128 Macedonia EUR/ tone 519 522 -3
Lithuania tons 665 1,026 361 Lithuania EUR/ tone 377 393 -16
Slovakia tons 0 371 371 Slovakia EUR/ tone 0 214 -214
Other near markets tons 1,820 946 -874 Other near markets EUR/ tone 389 342 47
External markets tons 2,137 1,382 -755 External markets EUR/ tone 315 341 -26
PET Bottle Transparent tons 2,617 2,032 -585 Price average-total EUR/ tone 369 332 37
PET Bottle Blue tons 566 349 -217 PET Bottle Transparent EUR/ tone 404 342 62
PET Bottle Colour tons 468 337 -131 PET Bottle Blue EUR/ tone 395 300 95
PET Bottle Mixt tons 3,800 3,400 -400 PET Bottle Colour EUR/ tone 287 225 62
Total procurement tons 7,452 6,118 -1,333 PET Bottle Mixt EUR/ tone 351 340 11

• Purchase price was lower with 37 EUR / ton compared to the budget .January ‘20 total PET waste purchase (bottles,
preforms and regrinds of bottle and preforms) reached 6.100 tons (except Ekolumi input), with around 1.300 tons less
compared to the budget. There were around 500 tons which were rolled-over by the shipping lines from January to
February ’20.
• Domestic purchase of 2.091 tons was sensible equal to the budget (2% less) and this helped the total average purchase
price of January. 87 EUR / ton lower were the prices compared to the budget, following the trend of December price
decreases;
• External market reached 4.000 tons, lower than the budget with approx. 1.300 tons. A lower purchase price with 12 EUR /
ton was resulted (356 vs 368 EUR / ton). Lower speed of external market will probably need some price correction in some
markets where we target higher market share.

22
 Cost analysis – input
January budget January actual
Input recipes by flakes type UM FIBER % STRAP RPET TOTAL FIBER % STRAP RPET TOTAL
Input price eur/to 602 532 642 598 602 488 590 594
QTY consumed flakes to 5,816 90% 621 529 6,966 5,873 91% 725 109 6,707
Flakes clear to 2,285 39% 529 2,814 2,363 40% 11 109 2,482
Flakes blue to 956 16% 956 1,248 21% 1,248
Flakes color to 127 2% 127 199 3% 199
Flakes mixt to 2,448 42% 621 3,069 2,064 35% 714 2,779
QTY consumed OTHERS to 671 10% 671 573 9% 573
Fiber waste to 394 394 224 224
Granules to 236 236 143 143
Miniflakes to 27 27 99 99
Regranulated flakes+miniflakes to 14 14 106 106
Total Qty consumed to 6,487 100% 621 529 7,637 6,446 100% 725 109 7,280

• Fiber consumption – different structure of recipies actual vs. budget : flakes mixt 35% actual vs. 42% budget and lower
consumption of residual materials 10% budget vs.9% actual;

23
 Variable cost flakes -location
Variable cost UM January budget Total January Actual Total Act vs.Bg
FLAKES GRT-RO SB SK LT GRT-RO SB SK LT
Input price eur/to 420 301 286 403 369 317 292 356 47
Flakes clear eur/to 439 353 0 431 393 436 364 390 41
Flakes blue eur/to 478 293 0 437 395 358 242 366 71
Flakes color eur/to 321 0 0 321 347 241 276 342 -21
Flakes mixt eur/to 379 258 286 359 314 283 223 300 59
YIELD 1.42 1.35 1.30 1.44 1.69 1.28
Flakes clear eur/to 184 123 179 173 303 102 168 11
Flakes blue eur/to 201 102 179 175 249 68 157 23
Flakes color eur/to 135 0 135 153 167 77 149 -14
Flakes mixt eur/to 159 90 86 147 139 197 62 128 18
Conversion cost eur/to 53 70 61 55 52 221 56 0 57 -2
Chemicals eur/to 15 3 14 14 11 17 2 10 4
Packaging eur/to 7 12 10 8 7 12 12 8 0
Utilities: eur/to 30 55 37 33 33 160 39 37 -4
Energy eur/to 23 26 21 24 35 25 -4
Thermal energy eur/to 7 4 6 9 0 8 -2
Energy kwh/to 293 285 258 301 266 289 -30
Thermal energy kwh/to 235 235 207 285 0 236 -29
Recoverable eur/to 0 0 0 0 0 0
Tools eur/to 0 21 1 -1
Other eur/to 0 11 4 1 -1
Variabil cost eur/to 647 477 433 622 578 874 422 0 563 59
Flakes clear eur/to 676 546 664 618 960 522 617 47
Flakes blue eur/to 731 466 673 622 828 366 579 94
Flakes color eur/to 508 0 508 553 629 409 544 -36
Flakes mixt eur/to 591 418 433 561 506 701 342 484 77
Production to 6,182 856 142 7,180 5,503 166 972 0 6,641 -539
Flakes clear to 2,759 285 0 3,044 2,112 97 379 2,588 -455
Flakes blue to 1,025 285 0 1,310 1,099 29 255 1,383 73
Flakes color to 408 0 0 408 717 2 46 765 357
Flakes mixt to 1,990 286 142 2,418 1,574 38 292 1,904 -514

24
 Cost analysis- fiber conversion cost

FIBER: January budget Total January actual Total Actual vs.budget

Conversion cost UM BZ IS IL BZ IS IL
FIBER: eur/to 163 160 134 151 194 156 169 178 -27
Chemicals eur/to 62 78 51 65 70 73 68 71 -6
Packaging eur/to 12 10 11 11 13 11 11 11 0
Utilities: eur/to 85 66 71 73 105 76 90 88 -15
Energy eur/to 41 38 47 42 49 42 56 49 -7
Gas eur/to 36 26 22 27 49 32 32 36 -9
Water eur/to 8 2 2 4 7 2 2 3 0
Energy kwh/to 523 467 584 522 589 501 674 584 -61
Gas kwh/to 1 1 1 1 1 1 1 1 0
Water mc 5 2 1 2 5 1 2 2 0
Recoverable eur/to 0 0 0 0 1 8 2 4 -4
Tools eur/to 4 5 1 3 7 4 1 4 0
Production to 1,458 2,484 2,214 6,156 1,456 2,475 2,178 6,110 -46

* Conversion cost of fiber which has an exceeding of 27 eur/to linked with production restart and small orders that fragmented
production process.

25
 Cost analysis- fiber conversion cost
FIBER: January budget January actual
Conversion cost UM BZ IS IL BZ IS IL
Conversion cost fiber WHITE: 138 122 127 175 127 147
Chemicals eur/to 37 40 44 52 45 46
Packaging eur/to 12 10 11 13 11 11
Utilities: eur/to 85 66 71 105 76 90
Recoverable eur/to 0 0 0 1 8 2
Tools eur/to 4 5 1 7 4 1
Conversion cost fiber Black: 188 165 0 210 163 181
Chemicals eur/to 86 83 86 81 79
Packaging eur/to 12 10 13 11 12
Utilities: eur/to 85 66 105 76 90
Recoverable eur/to 0 0 1 8 2
Tools eur/to 4 5 7 4 1
Conversion cost fiber Natural: 123 95 94 149 0 0
Chemicals eur/to 22 13 11 29
Packaging eur/to 12 11 11 13
Utilities: eur/to 85 67 71 101
Recoverable eur/to 0 0 0 1
Tools eur/to 4 5 1 7
Conversion cost fiber Special: 322 347 275 293 0 0
Chemicals eur/to 224 265 193 169
Packaging eur/to 10 11 10 13
Utilities: eur/to 85 67 71 105
Recoverable eur/to 0 0 0 1
Tools eur/to 4 5 1 7
Conversion cost fiber S: 132 105 0 158 109 145
Chemicals eur/to 32 23 31 27 44
Packaging eur/to 11 10 13 10 11
Utilities: eur/to 85 66 108 76 90
Recoverable eur/to 0 0 1 8 2
Tools eur/to 4 5 7 4 1
Conversion cost fiber HCS: 153 0 0 180 0 0
Chemicals eur/to 51 56
Packaging eur/to 12 14
Utilities: eur/to 85 105
Recoverable eur/to 0 1
Tools eur/to 4 7
Conversion cost fiber BBC 1.7 0 209 0 0 209 0
Chemicals eur/to 128 127
Packaging eur/to 11 11
Utilities: eur/to 66 76
Recoverable eur/to 0 8
Tools eur/to 5 4
26
 Cost analysis- STRAP,RPET-conversion cost
Conversion cost UM January Act. Vs.Bg
Budget Actual
STRAP eur/to 164 158 6
Chemicals eur/to 33 29 3
Packaging eur/to 57 58 -2
Utilities: eur/to 74 70 4
Energy eur/to 74 70 4
Energy kwh/to 970 892 78
Recoverable eur/to 0 0 0
RPET eur/to 49 55 -6
Chemicals eur/to 2 3 -1
Packaging eur/to 14 10 3
Utilities: eur/to 34 42 -8
Energy eur/to 34 42 -8
Energy kwh/to 440 440 0
Recoverable eur/to 0 0

• -13 keur impact yield. In actual yield increased with 31 eur/to . Strap registered an exceeding of 9 eur/to due to increase
consumption norm 1.15 budgeted vs. 1.18 actual ( material consumption for restart of production) . Rpet also has an
exceeding of 21 eur/to due to increase consumption norm 1.05 budgeted vs. 1.09 actual (several malfunctions on extruder
lines according to production explanation);

27
 Cost analysis-total fixed cost

January budget January actual

UM FIBER FLAKES STRAP RPET FIBER FLAKES STRAP RPET
Fixed cost total BZ IS IL GRT-RO SB MK SK LT GRT-RO GRT-RO BZ IS IL GRT-RO SB MK SK LT GRT-RO GRT-RO
Employment-production Eurk 138 201 136 345 0 56 61 26 10 143 181 146 340 56 9 58 0 29 9
Direct Eurk 88 153 88 224 56 61 22 10 89 129 88 215 56 9 58 24 9
Indirect Eurk 50 49 48 122 4 53 51 58 125 5 0
Employment Comercial +G&A Eurk 120 91 72 21 147 111 11 3 58
Total employment Eurk 258 201 136 436 0 0 128 83 26 10 290 181 146 451 66 12 116 0 29 9
Employment: eur/to 177 81 61 67 0 0 150 582 48 16 199 73 67 78 401 52 119 0 48 32
Repairs & Maintenance: Eurk 34 40 25 191 0 26 32 10 14 38 32 23 152 13 4 29 0 9 12
Repaires Eurk 2 3 2 13 0 0 1 1 3 1 0 9 7 1 0
R&M - Spares, consumables, lubricants,
energy, tools Eurk 26 31 19 140 8 12 7 10 33 21 20 117 13 4 1 8 3
Other production services Eurk 6 7 4 38 19 20 2 3 2 10 3 26 21 0 9
Repairs & Maintenance: eur/to 23 16 11 30 0 0 31 225 19 22 26 13 11 26 76 16 30 0 14 43
FIXED cost-production Eurk 34 40 25 191 0 0 26 32 10 14 38 32 23 152 13 4 29 0 9 12
FIXED cost-production eur/to 23 16 11 30 0 0 31 225 19 22 26 13 11 26 76 16 30 0 14 43
FIXED cost -G&A +Comercial Eurk 121 59 16 19 111 51 8 11 13
FIXED cost -G&A +Comercial eur/to 83 0 0 9 0 0 19 130 0 0 76 0 0 9 46 51 14 0 0 0
FIXED cost total Eurk 414 242 161 686 0 0 171 133 36 24 439 213 169 655 87 26 158 0 38 20
FIXED cost total eur/to 284 97 73 106 0 0 199 937 67 38 302 86 78 114 523 120 163 0 62 75
Production to 1,458 2,484 2,214 6,466 856 142 540 648 1,456 2,475 2,178 5,765 166 220 972 613 271

28
 Fixed cost -Employment
Fixed cost January budget January actual Act.vs.Bg
EMPLOYMENT
UM GRT GFI SK LT Total GRT GFI SK LT SB MK Total
Employment-production Eurk 382 475 128 83 1,068 378 469 116 - 66 12 1,041 27
No 545 656 53 37 1,291 531 629 77 - 120 21 1,378 (88)
Cost /empl. 700 725 2,420 2,270 828 712 746 1,506 554 548 755 72
Direct Eurk 256 328 56 61 702 248 307 58 56 9 678 24
Indirect Eurk 126 147 72 21 366 130 163 58 11 3 363 3
Direct No 384 465 29 32 910 376 453 50 111 16 1,006 (97)
Indirect No 161 191 24 5 381 155 176 27 9 5 372 9
Employment -comercial & G&A Eurk 91 120 211 111 147 - - - - 258 (47)
No 76 97 - - 173 84 112 - - - - 196 (23)
Cost /empl. 1,194 1,239 - - 1,219 1,321 1,317 1,318 (99)
Comercial Eurk 22 17 39 30 17 47 (8)
Tesa Eurk 32 49 81 28 69 97 (16)
Management Eurk 36 55 91 53 61 114 (23)
Comercial No 14 11 25 24 16 40 -15
Tesa No 42 61 103 45 69 114 -11
Management No 20 25 45 15 27 42 3
Total employment Eurk 472 596 128 83 1,279 489 617 116 - 66 12 1,299 (20)
No 621 753 53 37 1,464 615 741 77 - 120 21 1,574 (111)
Cost /empl. 761 791 2,420 2,270 874 795 832 1,506 554 548 826 48

29
 Cost analysis-fixed cost G&A and Comercial

January budget January actual Act.vs.Bg

Fixed cost G&A + Comercial UM GRT GFI SK LT Total GRT GFI SK LT SB MK Total
G&A+comercial expenses Eurk 59 121 16 19 215 51 111 13 - 8 11 195 20
Services: Eurk 37 66 16 19 137 32 54 4 8 11 108 29
Security servicies Eurk 9 33 42 9 29 - 37 5
Audit servicies Eurk 2 3 5 1 0 2 4
Legal servicies +consulting Eurk 7 1 8 11 13 24 (16)
Medical servicies Eurk 1 1 2 - 2
Comercial servicies Eurk 3 7 9 2 2 4 5
IT servicies Eurk 2 1 3 2 1 3 0
Waste collection services Eurk 2 2 3 1 4 (2)
Other servicies Eurk 12 19 31 4 8 4 16 15
Spares, consumables, lubricants Eurk 6 12 18 3 17 - 20 (2)
Rent expenses Eurk 3 15 18 3 15 1 19 (0)
Insurance expenses Eurk 5 5 10 5 5 1 11 (1)
Protocol and publicity expenses Eurk 1 1 3 1 1 1 3 (0)

Phone and communication expenses Eurk 2 3 4 2 3 0 5 (1)

Travelling and reception costs Eurk 5 1 6 3 1 0 4 1
Tax expenses Eurk 1 17 18 1 15 4 20 (2)
Other Eurk - 1 - 2 4 (4)
Total Eurk 59 121 16 19 215 51 111 13 - 8 11 195 20
Greenweee
January 2020
 Main drivers January vs. Budget
• Production - over with +9% (+299 to),more WM (+200to) and CRT(54to). In Campia Turzii (-17 to -2%)due to shredder engine
problems (changed twice) and electricity interruption due to weather; in Buzau production was over the budget with +13% +317
to, although there were some technical problems with dust/plastic exhaust which caused higher maintenance expenses.

• Collection – is over budget +11% (+315 to) due to increase of waste coming from retail (+169 to), Altex probably campaign from
December (+321 to) and decrease of own collection (-286 to).

• Turnover over budget with 19% (+273 k eur) Sales of fractions increase +26% (+35 eur/tone treated) impact +124 k eur
significant impact of price increase coming PCB, engines(due to quality), cooper and iron.

• OTR fee – lower than budget -9% (-20 eur/to) impact -67 k eur due to structure collection declared to OTR, lower that real
collection.

• Input price for weee – higher than budget with +5eur/to (+3%), impact -17k eur.

• Fixed cost – total +29 k eur under budget: -14k eur higher maintenance expenses , +14 k eur lower general expenses, +27 k eur
lower prod logistic rent heating, +0,8 k eur lower salary expenses.

32
 Key Performance Indicators WEEE- 01.2020 Actual Buget
GWE without sigurec
GREENWEEE-without Sigurec Variation Variation
KPI-GWE UOM Actual Budget Var Var 01.2020 01.2020
01.2020 01.2020 um % Fixed Cost 609,616 638,333 -28,717 -5%
Production [MT] MT 3,664 3,338 326 10%
out of: 0
WEEE MT 3,537 3,288 249 8%
Employment Cost Eur 360,373 361,192 -819 0%
CABLE MT 127 50 77 154%
Collection [MT] MT 3,147 2,843 304 11% per 334 343 -9 -3%
WEEE MT 3,109 2,793 315 11% eur/per 1,079 1,053 26 2%
CABLE MT 39 50 (11) -23%
Repairs & Maintenance Eur 114,245 100,693 13,553 12%
Selli ng Price Euro / MT 470 434 36 8%
Fixed Cost (Prodn & Logistics) Eur 85,318 112,804 -27,486 -32%
WEEE fraction Euro / MT 237 202 35 17%
WEEE fee Euro / MT 201 221 (20) -9% SGA Expenses Eur 49,679 63,644 -13,965 -28%
CABLE Euro / MT 1,364 1,124 240 21%
RM Input price Euro / MT 216 182 34 19%
WEEE Euro / MT 176 170 5 3%
CABLE Euro / MT 1,331 922 409 44%
Revenues from Associations Euro / MT 201 221 (20) -9%
Survival Margin Euro / MT 254 252 2 1%
WEEE Euro / MT 262 252 9 4%
CABLE Euro / MT 33 202 (169) -83%
Variable Conversion Cost Euro / MT 42 35 7 19%
WEEE Euro / MT 42 36 7 19%
CABLE Euro / MT 43 27 16 58%
Fixed Cost & Others Euro / MT 166 191 (25) -13%
WEEE Euro / MT 167 186 (20) -11%
CABLE Euro / MT 154 504 (350) -70%
EBITDA / MT Euro / MT 108 25 83 325%
WEEE Euro / MT 129 31 98 322%
CABLE Euro / MT (20) (329) 308 -94%
EBITDA Euro M 108 85 23 27%
EBITDA Margi n % 6% 6% 0% 7%
Total Fixed Cost Euro M 610 638 (29) -4%
Other Income/(Expenses) Euro M 166 191 (25) -13%
Manpower No.s 334 343 (9) -3%
to/pers 11 10 1 13%

33
EBITDA Bridge – Jan.2020 vs. Budget

34
 Sales 2020
TURNOVER GREENWEEE WITHOUT SIGUREC
Turnover by fraction ian-20 ian-20 ian-20
BUDGET ACTUAL VARIATION
ACTUAL 2019 eur to eur/to eur to eur/to eur % to % eur/to %
Aluminium Weee 87,133 116 750 96,639 129 748 9,506 11% 13 11% -2 0%
Cooper Weee 92,799 23 4,111 116,871 28 4,188 24,072 26% 5 24% 77 2%
Iron 242,932 1,431 170 273,375 1,492 183 30,443 13% 61 4% 13 8%
Plastic 50,980 476 107 49,938 454 110 -1,041 -2% -22 -5% 3 3%
PCB 88,774 95 936 145,364 105 1,380 56,590 64% 10 11% 444 47%
Engines 68,102 109 622 102,784 156 658 34,683 51% 47 43% 36 6%
Batteries 21,900 31 709 17,434 23 752 -4,467 -20% -8 -25% 43 6%
Lamp #DIV/0! 4,708 21 226 4,708 #DIV/0! 21 #DIV/0! #DIV/0! #DIV/0!
Other weee 10,882 106 103 29,090 129 226 18,208 167% 23 22% 123 120%
WEEE Fractions- Total 663,500 2,387 278 836,202 2,538 330 172,702 26% 150 6% 52 19%
TRATARE 263,243 3,288 80 325,808 3,541 92 62,565 24% 252 8% 12 15%
COLECTARE 347,176 2,793 124 378,763 2,390 158 31,587 9% -403 -14% 34 27%
TRANSPORT 116,856 2,793 42 5,798 136 42 -111,058 -95% -2,657 -95% 1 2%
WEEE -Treatment services 727,275 3,288 221 710,368 3,588 198 -16,907 -2% 299 9% -23 -10%
Aluminium Cable 0 0 #DIV/0! #DIV/0! 0 #DIV/0! 0 #DIV/0! #DIV/0! #DIV/0!
Cooper Cable 55,739 12 4,847 168,618 34 5,031 112,879 203% 22 191% 184 4%
Other Cable 469 3 188 4,750 33 144 4,281 913% 31 1222% -44 -23%
Cable - Total sales 56,208 14 4,015 173,368 67 2,604 117,160 208% 53 376% -1,411 -35%
Cable - Total treatment: out of: 56,208 50 1,124 173,368 127 1,363 117,160 208% 77 154% 239 21%
Aluminium cable 0 0 #DIV/0! 0 37 0 0 #DIV/0! 37 #DIV/0! #DIV/0! #DIV/0!
Cooper Cable 55,739 50 1,115 173,368 90 1,927 117,629 211% 40 80% 813 73%
Total Greenweee 1,446,983 5,690 254 1,719,938 6,192 278 272,955 19% 502 9% 23 9%
Other 1,215 #DIV/0! 1,326 22 61 111 9% 22 #DIV/0! #DIV/0! #DIV/0!
Grand Total 1,448,198 5,690 255 1,721,264 6,214 277 273,066 19% 524 9% 22 9%

35
Sigurec
January 2020
 SIGUREC Collection Overview Jan 2020
EBITDA Budgeted -70 KEUR , Achieved -128 KEUR with the main influence from:

 Overall margin (-13 KEUR: positive impact from higher selling and acquisition prices than budgeted
+13 KEUR, off-set by -28 KEUR negative impact from lower quantities than budgeted);
 Lower operational costs (negative influence of -47 KEUR, out of which salaries -25 KEUR, +19 KEUR
from fixed costs and -4KEUR from variable costs, due to delays in the restructuring plan);
 Lower quantities than budgeted by 25% (-28 KEUR); Quantities overall were lower due to market
conditions, to lower than budgeted quantities from trading activity.

 Total collection cost Budgeted 437 Eur/to vs 483 Eur/to achieved, as a result of:
• Positive impact from lower acquisition costs (+18 Eur/to);
• Positive impact from EPR revenues received for materials with traceability (+5 Eur/to), off-set by:
• Higher operational costs than budgeted, mainly from salaries and repairs and maintenance costs,
from delays in restructuring plan (-70 Eur/to).

 EPR revenues (Overall Budgeted 156 KEUR vs 5 KEUR achieved) were lower than budgeted due to:
• Changes in legislation, so that EPR revenues were received only for very small quantities, collected
from industrial suppliers, and not from population.

37
EBITDA Sigurec Jan 2020

38
Collection Cost Jan 2020 (EUR/to)

39
Greenglass
January 2020
 Main drivers January vs. Budget
• Collection
• Collected volumes of 3643 tons were with 82% higher than budget (+1643 tons);
• TWM volumes of glass waste represented 1% ( 24 tons);
• Raw material acquisition cost for glass waste at 3 euro/mt influenced by 75 tons for subsidy collected at 115
euro/mt and 3568 tons of glass waste collected at 1 ron/mt.

• Production
• In January we treated 4073 tons of glass, which were with 147% higher than budget (+2423 tons);
• In budget was planned 15 days for maintenance but in January we reduced the number of days to five due to the
repairs made at the end of 2019;

• Sales
• Cullet sales of 2849 tons is with 137% higher than the budget ( +1645 tons);
• Main clients for cullet were:
• BA GLASS RO 70% of total sale (1987 tons vs. 737 tons budgeted);
• BA GLASS BG 30% of total sale ( 862 tons vs. 467 tons budgeted).

• Financials
• EBITDA of 91 euro was higher than the budget with 84k euro ( 91k euro vs. 7 k euro budgeted);
• IPR & certificates& processing influence in EBITDA was 54k euro, +25k euro higher than budget (29k euro).

41
Greenglass – EBITDA & Net profit

42
 Greenglass – sales by client

Greenglass Actual January 2019 Actual January 2020 Budget January 2020 Variance vs LY (K€) Variance vs budget (K€)

Sales - DAP Volume Mix Price Total (K€) Volume Mix Price Total (K€) Volume Mix Price Total (K€) Volume Mix Price Volume Mix Price
BA GLASS RO 170 100% 67 11 400 63% 67 27 180 52% 67 12 31 (16) (0) 10 5 (0)
BA GLASS BG - 0% 85 - 235 37% 85 20 167 48% 85 14 - 20 (0) 12 (6) 0
O-I Manufacturing - 0% - - - 0% - - - 0% - - - - - - - -
Others - 0% - - - 0% - - - 0% - - - - - - - -
Flint cullet 170 100% 67 11 635 100% 73 47 346 100% 75 26 31 4 (0) 22 (1) (0)
BA GLASS RO 282 100% 55 16 1,587 72% 55 88 558 65% 56 31 107 (35) (0) 49 8 (0)
BA GLASS BG - 0% 67 - 627 28% 73 46 300 35% 73 22 4 42 - 35 (11) 0
O-I Manufacturing - 0% - - - 0% - - - 0% - - - - - - - -
Others - 0% - - - 0% - - - 0% - - - - - - - -
Colour cullet 282 100% 55 16 2,214 100% 60 134 858 100% 62 53 111 7 (0) 84 (3) (0)
Total Glass 452 60 27 2,849 63 180 1,204 66 79 142 11 (0) 105 (4) (0)

43
Greenglass – contribution by client

Contribution Contribution
January 2020 Qty (to) Price DAP ( € ) Transport ( € ) Price (ex-works)
margin ( € ) margin ( % )
BA GLASS RO 400 67 2 65 23 23%
BA GLASS BG 235 85 20 65 22 13%
O-I Manufacturing - - - - - 0%
Others - - - - - 0%
Flint cullet 635 73 9 65 23 37%
BA GLASS RO 1,587 55 2 53 11 46%
BA GLASS BG 627 73 20 53 11 18%
O-I Manufacturing - - - - - 0%
Others - - - - - 0%
Colour cullet 2,214 60 7 53 11 63%
Total Glass 2,849 63 7 56 14 100%

44
Greenglass - KPI

Greenglass UM January 2020 YTD January 2020

2019 Actual Budget Variance vs B 2019 Actual Budget Variance vs B
Glass collection TO 3,079 3,643 2,000 1,643 82% 3,079 3,643 2,000 1,643 82%
TWM (packaging glass) TO 1,128 24 - 24 #DIV/0! 1,128 24 - 24 #DIV/0!
OWN (packaging glass+ other glass) TO 1,951 3,619 2,000 1,619 81% 1,951 3,619 2,000 1,619 81%
Acquisition cost Eur/To 8.8 3.0 4.6 (1.6) -35% 8.8 3.0 4.6 (1.6) -35%

Glass processed TO 871 4,073 1,649 2,423 147% 871 4,073 1,649 2,423 147%
Finished products- cullet TO 582 2,850 1,204 1,646 137% 582 2,850 1,204 1,646 137%
Yield % 67% 70% 73% -3.0% -3.0% 67% 70% 73% -3.0% -3.0%

Cullet sales TO 452 2,849 1,204 1,645 137% 452 2,849 1,204 1,645 137%
Cullet stock TO 129 3 250 (247) -99% 129 3 250 (247) -99%
Selling price (ex-works) Eur/To 58 56 57 (0.7) -1% 58 56 57 (0.7) -1%

IPR & certificates& processing k Eur 67 54 29 25 87% 67 54 29 25 87%

Raw material cost Eur/To (31) 4 5 (0) -8% (31) 4 5 (0) -8%

Variable cost Eur/To 27 17 21 (3) -16% 27 17 21 (3) -16%

Fixed cost k Eur 79 60 60 1 1% 79 60 60 1 1%

EBITDA k Eur 16 91 7 84 1266% 16 91 7 84 1266%

EBITDA margin % 11% 37% 6% 31.0% 31.0% 11% 37% 6% 31.0% 31.0%

45
EBITDA bridge 2020 YTD Actual vs Budget

46
Glass PL January YTD Summary

Green Glass UM BUDGET Eur/to Actual Eur/to ∆

Collection TO 2,000 3,643 1,643
Yield 73% 70%

Glass processed TO 1,649 4,073 2,423

Glass sales TO 1,204 2,849 1,645
Sales- DAP € 65.6 € 63.3 -2.3 €

Transportation for sales € 9.0 € 7.4 -1.6 €

Sales ( ex-works ) € 56.6 € 55.9 -0.7 €

Total income from sales (ex-works) EUR 68,115 159,272 91,156

Total income from services EUR 28,830 53,807 24,977

Variable cost EUR 30,593 € 25.4 62,008 € 21.8 -3.6 €

Raw material cost 5,772 € 4.8 12,629 € 4.4 -0.4 €

Utilities 7,929 € 6.6 23,365 € 8.2 1.6 €

Waste to landfill 13,001 € 10.8 19,215 € 6.7 -4.1 €
Transport to landfill 2,650 € 2.2 7,687 € 2.7 0.5 €
Fuel expenses - equipments 1,132 € 0.9 2,415 € 0.8 -0.1 €
Other cost 500 € 0.4 331 € 0.1 -0.3 €
Other income -by products -391 € (0.3) -3,635 € (1.3) -1.0 €

Contribution (finished products) € 31.2 € 34.1 3.0 €

Fixed cost EUR 59,703 60,265 562

Employment Cost EUR 43,205 36,761 -6,444
Repairs & Maintenance EUR 5,863 16,986 11,123
General Expenses EUR 10,634 6,517 -4,117

EBITDA € 6,650 € 90,805 € 84,156

47
Greenglass – January cost breakdown
Fixed cost Actual Budget ∆ ∆%
Employment Cost 36,761 43,205 (6,444) -15%
Labor - production 23,340 28,518 (5,178) -18%

General salary 13,422 14,687 (1,265) -9%

Repairs & Maintenance 16,986 5,863 11,123 190%
General Expenses 6,517 10,634 (4,117) -39%
Travel & accomodation - 50 (50) -100% • Total Fixed cost 1%
(158) -63%
Consumables 92 250 higher than budget
Fuel expenses 325 371 (46) -12%
317 54%
mainly driven by the
Insurance 901 585
Maintenance 629 797 (168) -21% increase R&M partially
Legal - 50 (50) -100% offset by the decrease
Taxes 942 937 5 1% in employment cost
Protocol 50 50 (0) 0%
and G&A.
Marketing - - - 0%
Rent - 31 (31) -100%
Services - 835 3,509 (4,344) -124%
Security 3,294 3,050 244 8%
SSM 301 300 1 0%
Small inventory 619 50 569 1138%
Telephone&Internet&Postage 198 305 (107) -35%
Contribution to associations - 300 (300) -100%
Total fixed cost 60,265 59,703 562 1%

48
Top suppliers
Glass waste suppliers - YTD January 2020 Tons Share in total Glass waste suppliers - YTD January 2019 Tons Share in total
TERRA BLUE CONTRACT SRL 647 18% GREENTECH S.A. 590 19%
REMAT ACTIV 4R SRL 309 8% GREENWEEE INTERNATIONAL S.A. 451 15%
GREEN KRAFT SRL 250 7% LEMATEC TRADE INTER. IMPEX SRL 349 11%
GREEN PC AMBALAJE S.R.L. 172 5% URSUS BREWERIES SA 152 5%
ECOREC PROD EXPERT IMPEX SRL 130 4% ECOREC PROD EXPERT IMPEX SRL 141 5%
ECO TROPY SRL 107 3% RETIM ECOLOGIC SERVICE SA 117 4%
RETIM ECOLOGIC SERVICE SA 97 3% REMAT ACTIV 4R SRL 98 3%
MUSTATA CONSTRUCT SRL 89 2% REMAT ILFOV SRL 90 3%
ASOCIATIA DE DEZVOLTARE INTERCOMUNITARA "ECO SIBIU 89 2% TOTAL WASTE MANAGEMENT S.R.L. 87 3%
TERRA PYM MAGAZIN SRL 83 2% REMAT VEST SA 69 2%
RITMIC COM SRL 79 2% STANOIU SRL 69 2%
FCC ENVIRONMENT ROMANIA SRL ( A.S.A SERVICII ) 77 2% EXPERT RECYCLING SRL 58 2%
SARA TRANS LOGISTICS SRL 76 2% QUADRANT - AMROQ BEVERAGES SRL 47 2%
URSUS BREWERIES SA 75 2% MONDOREK SRL 46 2%
3R GREEN SRL 67 2% FERCOMEXIM SRL 44 1%
TEGA SA 61 2% MUSTATA CONSTRUCT SRL 43 1%
TOP FABDEN COLECT SRL 53 1% PRO RECICLARE SRL 42 1%
RECYCLES TRANSYLVANIA SRL 49 1% 3R GREEN SRL 41 1%
NEW-RECYCLING S.R.L. 49 1% INDUSTRIAL PROCES PAPER SRL 41 1%
PHOENIX DISTRIBUTION SRL 46 1% SIONE PLASTIC 26 1%
Other - 55 suppliers 1038 28% Other - 34 suppliers 477 16%

• Main supplier of glass waste in 2020 is TERRA BLUE CONTRACT with 647 tons;
• TWM volumes of glass waste represents 1% from total volumes collected (24 tons) ;
• Glass waste for subsidy in 2020 represented 2% (75 tons ) at 115 euro/tons (average from YTD Jan 2020).
• In 2020, 3568 tons of glass waste was collected at 1 ron/tons.

49
Greenglass – Stock and Capex
Greenglass UM January 2020
stock evolution Opening Input Output Closing ∆

Raw material TO 5,217 3,643 3,926 4,934 -5%

Flint cullet TO - 635 635 - 0%
Colour cullet TO 1 2,215 2,214 3 107%
Waste TO 624 1,142 1,121 645 3%
By products TO 35 17 35 17 -52%
Aluminium TO 14 3 - 17 18%
Steel TO 21 13 33 0 -99%
Plastic TO 0 1 2 0 -97%

Spent to
Capex Budget date Balance
Motostivuitor 16,500 € - € - 16,500 €
Pereti despartitori pentru
platforma depozitare ( 3 ziduri de 34,500 € - € - 34,500 €
min 30 m /buc)
Upgrade sortator K9-2, K9-4 20,000 € - € - 20,000 €

Ciclon Dryer + conducta aspiratie

48,890 € - € - 48,890 €
din dryer pana la ciclon
Radiatoare recuperator caldura (
21,000 € - € - 21,000 €
2 buc)
Incarcator frontal 180,000 € - € - 180,000 €
Snec de rezerva 125,000 € - € - 125,000 €
Imbracare cu tabla perete beton
9,500 € - € - 9,500 €
produs finit
Duster (2 buc) 28,000 € - € - 28,000 €

Platforma betonata 75,000 € - € - 75,000 €

Cauciucuri Vola (4 buc) 25,000 € - € - 25,000 €

Instalare hidranti 5,000 € - € - 5,000 €
Other 6,166 € - € - 6,166 €

Total 2019 594,556 € - € - 594,556 €

50
Glass - debt and cash

51
52
GREEN RESOURCES MANAGEMENT S
January 2020
Executive summary GRM Jan 2020

Traceability Services
Collected volumes of 2816 tons were with 21% lower than budget (-769 tons).

Revenues
Reported quantities by clients of 5731 tons were lower with 27% than budget (-2158 tons).

Recycled objective
Estimated global objective for January of 49% , as we still await traceability for quantities of Steel and
Aluminum recycled .
PET minimal objective is hard to achieve, as the legislation change in delayed.

Financials

• EBITDA of 144 k euro was 58% lower than the budget ( 144k euro vs. 340 k euro budgeted), due to decrease in high
priced reported quantities.
 FINANCIAL INFORMATION
2019 Income statement - EUR

Estimated Jan Jan realised

Green Group-Green Resources Management Difference
(Euro) (Euro)

Total operational revenue 885,655 616,221 (269,435)

Total operational expenses 487,641 416,076 (71,565)
Other consumable - - -
Gross margin 398,015 200,145 (197,870)
General overhead 16,812 16,011 (801)
General salary 40,904 39,550 (1,354)
Total general expenses 57,716 55,560 (2,155)
EBITDA 340,299 144,585 (195,714)
Depreciation 1,420 1,427 6
EBIT 338,879 143,158 (195,721)
FOREX ( income - expense ) - (58) (58)
Interest ( income - expense ) (94) (88) 6
Expenses with financial discounts (60,120) (47,180) 12,940
Provision for investment -
Total financial P/L (60,214) (47,326) 12,888
Gross profit (EBT) 278,665 95,832 (182,833)
Profit tax -
Net profit 278,665 95,832 (182,833)
 DETAILED EBITDA VARIATION

Qty Bdg [tons] Qty Actual [tons] Sell Bdg Sell Actual Var Qty Estimated turnover Actual turnover Var tunover %

Reported qty GLASS 1,715 795 126.77 € 123.25 € -921 217,472.05 € 97,972.72 € - 119,499.32 € -55%
PET 1,047 807 185.39 € 157.36 € -240 194,150.28 € 127,001.55 € - 67,148.74 € -35%
PLASTIC 1,289 1,226 101.61 € 100.56 € -62 130,948.89 € 123,314.67 € - 7,634.22 € -6%
PAPER 2,484 1,962 85.77 € 87.42 € -522 213,051.33 € 171,506.65 € - 41,544.68 € -19%
ALUMINIUM 108 62 182.13 € 161.90 € -46 19,604.11 € 10,023.93 € - 9,580.18 € -49%
STEEL 284 188 104.36 € 106.47 € -97 29,670.87 € 19,987.94 € - 9,682.93 € -33%
WOOD 961 691 84.04 € 92.93 € -270 80,757.92 € 64,195.17 € - 16,562.75 € -21%
other services - - - - - € 2,218.27 € 2,218.27 € 100%
GLOBAL 7,888 5,731 -2158 885,655.45 € 616,220.90 € - 269,434.55 € -30%

Collected qty GLASS 606 483 144.15 € 145.84 € -123 87,320.83 € 70,394.51 € - 16,926.32 € -19%
PET 119 116 240.40 € 223.95 € -3 28,502.97 € 25,927.39 € - 2,575.59 € -9%
PLASTIC 398 390 143.71 € 140.01 € -8 57,136.30 € 54,604.86 € - 2,531.44 € -4%
PAPER 1,702 1,170 100.19 € 99.45 € -532 170,489.37 € 116,320.21 € - 54,169.16 € -32%
ALUMINIUM 20 0 284.90 € 219.15 € -20 5,801.06 € 32.87 € - 5,768.19 € -99%
STEEL 84 - 100.50 € - € -84 8,454.81 € - € - 8,454.81 € -100%
WOOD 657 658 112.72 € 105.71 € 0 74,066.05 € 69,512.56 € - 4,553.49 € -6%
3,585 2,816 -769 431,771.40 € 336,792.40 € - 94,979.00 € -22%

Confirmation costs 52,083.00 € 75,092.01 € 23,009.01 € 44%

Romcontrol services 3,786.00 € 4,191.48 € 405.48 € 11%
Office Materials 382.08 € 254.25 € - 127.83 € -33%
Company Cars expenses 416.67 € 382.86 € - 33.81 € -8%
Car rent 666.67 € 669.67 € 3.00 € 0%
Fuel Company Cars 933.33 € 827.18 € - 106.15 € -11%
Rent and utilities 2,178.96 € 2,127.15 € - 51.81 € -2%
Insurance 372.46 € 251.42 € - 121.04 € -32%
Private health insuransce 148.75 € 149.42 € 0.67 € 0%
Protocol 312.50 € 64.23 € - 248.27 € -79%
Marketing expenses 300.00 € 300.07 € 0.07 € 0%
Transportation 20.83 € - € - 20.83 € -100%
Travel allowance and accomodation 937.50 € 412.80 € - 524.70 € -56%
Communications (UPC, Vodafone, Orange, Romtelecom, Postal charges) 291.67 € 550.82 € 259.15 € 89%
bank commissions 135.42 € 136.93 € 1.51 € 1%
other taxes 10.42 € 68.16 € 57.74 € 554%
other services 9,704.65 € 9,815.70 € 111.05 € 1%
Salaries 40,903.83 € 39,549.65 € - 1,354.18 € -3%

EBITDA 340,299.31 € 144,584.70 € - 195,714.61 € -58%