Vrancart Balance Sheet

Financials in millions RON. Fiscal year is January - December.

Millions RON. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	1.8	1.85	2.82	3.56	2.37	5.56
Cash & Short-Term Investments	1.8	1.85	2.82	3.56	2.37	5.56
Cash Growth	-56.12%	-34.65%	-20.77%	50.45%	-57.38%	123.65%
Accounts Receivable	92.23	92.81	74.41	104.97	101.93	71.84
Other Receivables	7.74	5.88	11.36	15.63	4.1	1.21
Receivables	99.96	98.7	85.77	120.6	106.03	73.05
Inventory	104.19	85.38	76.63	81.37	72.16	53.01
Prepaid Expenses	3.53	1.29	1.05	4.48	1.12	0.87
Restricted Cash	-	-	-	1.88	-	-
Other Current Assets	-	19.73	19.73	-	-	-
Total Current Assets	209.48	206.94	186.01	211.9	181.67	132.5
Property, Plant & Equipment	607.02	639.49	552.11	425.2	336.37	314.68
Long-Term Investments	-	-	-	-	0.04	0.04
Goodwill	8.53	8.53	8.53	8.53	8.53	8.53
Other Intangible Assets	4.92	2.49	3.79	5.11	5.85	6.79
Other Long-Term Assets	1.09	9.05	24.59	38.26	2.04	1.22
Total Assets	831.04	866.5	775.01	689	534.49	463.76
Accounts Payable	61.8	71.29	56.6	69.92	73.69	39.42
Accrued Expenses	6.4	11.01	12.76	14.4	8.56	8.92
Short-Term Debt	132.25	72.94	63.61	20.87	30.49	37.72
Current Portion of Long-Term Debt	-	49.6	79.06	47.67	40.82	28.99
Current Portion of Leases	6.01	8.71	9.32	7.72	5.86	4.01
Current Income Taxes Payable	1.18	0.89	0.09	0.68	-	0.97
Current Unearned Revenue	5.91	7.32	2.33	2.71	2.88	2.99
Other Current Liabilities	9.23	1.57	2.79	2.03	1.67	1.55
Total Current Liabilities	222.8	223.34	226.57	166.01	163.97	124.56
Long-Term Debt	153.46	156.81	140.96	164.23	96.96	82.02
Long-Term Leases	13.3	22.99	21.98	16.35	17.87	10.57
Long-Term Unearned Revenue	76.19	77.81	13.14	11.74	9.62	12.85
Pension & Post-Retirement Benefits	0.92	0.92	0.44	0.44	0.42	0.45
Long-Term Deferred Tax Liabilities	11.22	12.87	13.89	14.77	5.13	5.5
Other Long-Term Liabilities	0.01	0.44	0.49	0.1	0.02	0.02
Total Liabilities	477.89	495.18	417.47	373.63	293.99	235.98
Common Stock	201.01	201.01	169.12	120.34	120.36	103.17
Additional Paid-In Capital	0.84	0.84	0.78	0.66	-	-
Retained Earnings	54.3	68.96	86.68	91.02	4.69	9.65
Comprehensive Income & Other	97	100.51	100.97	103.35	115.45	114.96
Total Common Equity	353.15	371.32	357.55	315.37	240.51	227.78
Minority Interest	-0	-0	-0	-0	-0	0
Shareholders' Equity	353.15	371.32	357.54	315.37	240.51	227.78
Total Liabilities & Equity	831.04	866.5	775.01	689	534.49	463.76
Total Debt	305.02	311.06	314.92	256.84	191.99	163.31
Net Cash (Debt)	-303.23	-309.21	-312.09	-253.27	-189.62	-157.75
Net Cash Per Share	-0.15	-0.17	-0.23	-0.20	-0.18	-0.12
Filing Date Shares Outstanding	2,010	2,010	1,691	1,203	1,032	1,032
Total Common Shares Outstanding	2,010	2,010	1,691	1,203	1,032	1,032
Working Capital	-13.32	-16.41	-40.56	45.89	17.7	7.93
Book Value Per Share	0.18	0.18	0.21	0.26	0.23	0.22
Tangible Book Value	339.71	360.3	345.24	301.73	226.13	212.46
Tangible Book Value Per Share	0.17	0.18	0.20	0.25	0.22	0.21
Land	-	20.06	20.06	19.16	16.41	16.24
Buildings	-	177.39	144.5	110.9	95.97	82.42
Machinery	-	555.41	343.66	289.82	274.7	260.9
Construction In Progress	-	20.32	146.1	67.77	47.72	21.94

Source: S&P Global Market Intelligence. Standard template. Financial Sources.