FINANCIAL

CONTROL AND
AUDIT

CÎRLIG GEORGE
POPA TEODORA IULIA
 1. DESCRIPTION OF COMPANIES
The companies we chose for the Financial Control and Audit project are: Transilvania
Constructii SA and Impact Developer and Contractor SA. The companies have been chosen from
the BVB list of companies, mainly because of the transparency and the ease to access the
financial data.

Transilvania Constructii S.A.

They are a property investment and development company that focuses on achieving market
leading returns by operating and developing high yielding properties. Their emphasis is on Cluj-
Napoca real estate market, a market with potential and high yielding development opportunities
in commercial property and residential buildings. Transilvania Constructii is listed on Bucharest
Stock Exchange Market providing a greater transparency to shareholders and partners.
Their core activities are operating and developing industrial property, developing residential
apartment buildings and construction.

 History
The company was created in 1990 after the division of “Trustul de Constructii Cluj” a large
construction company created in the 1950s. In 1999 the company was privatized. In 2003 the
development of TRC Park Transilvania began. Between 2003 and 2013 Transilvania Constructii
was involved in major civil constructions projects ranging from warehouses to apartment and
office buildings to stadiums and hotels. Residential Project development of 110 apartments
started in 2010 and was completed in 2012. Starting 2014 the strategy of the company focused
on developing its industrial portfolio and becoming a regional player in the industrial real estate
sector.

 Strategy
Transilvania Constructii main strategy is to carefully mix investment and development activity to
increase company value.
Our purpose is to achieve a steady income stream that covers all of costs and generate high
yields from all our investments and developments. In order to accomplish this we follow a
cautious and disciplined procedure in selecting properties. Our focus is on industrial estates and
residential developments.
We are constantly extending or modernizing our properties to ensure a low vacancy rate. Tenants
needs are most important, that is why we work closely with our tenants to suit their needs of
expanding, relocating and re-gearing leases.

 Board of directors
Mircea Timofte - Chairman of the Board
Andrei Timofte - Member of the Board, CEO
Alin Fetita (MBA) - Board member
 Impact Developer and Contractor S.A.

The Company was founded in 1991 by public subscription, and, in 1996, it was listed on the
Bucharest Stock Exchange in Romania. In 2006 the company's shares were promoted to the first
tier on the BSE, the Company thus becoming the first representative of the real estate
development and construction industry in Romania, being listed in this category.

 Mission
The customer is at the heart of our business and our mission is to provide premier real estate
products developed accurately, professionally and in strict compliance with the industry quality,
environmental and occupational health and safety standards.
The principles related to the business are:
Constantly increase customers’ satisfaction
Collaboration and effective communication
Compliance with legal and regulatory requirements
Improving the management quality
Increasing environmental performance
Improving working conditions
Strategic partnerships with suppliers
Involving process owners

 Certification
Our customers benefit from quality services, guaranteed by the most competent
authorization: ISO 9001 * ISO 14001 * OHSAS 18001

 Board of directors
Iuliana Mihaela Urda – President of the BD
Gabriel Vasile – Member of the Board
Ruxanra Alina Scarlat – Member of the Board
Daniel Pandele – Member of the Board
Liviniu Dumitru Beze – Member of the Board

2. BUCHAREST STOCK EXCHANGE - INFORMATION

Both companies are listed on the Bucharest Stock Exchange market
THE SHARE CAPITAL CHANGES

Transilvania Construstii SA

Impact Developer and Constructor SA

THE SHAREHOLDER STRUCTURE

Transilvania Constructii SA

Impact Developer and Constructor SA

TRADING DATA

Transilvania Constructii SA
Impact Developer and Constructor SA
 3. FINANCIAL STATEMENTS
Annual financial information – Financial reports are based on Ministry of Finance regulation,
applicable to individual financial statements.

Transilvania Constructii SA
Impact Developer and Constructor SA
 4. Conclusion
Why to invest/ not to invest in Transilvania Constructii SA?
 SC Transilvania Constructii SA is a listed company and its shares are admitted to trading
on Bucharest Stock Exchange, standard category, with the trading symbol COTR.
 The Register of Shareholders is kept by Depozitarul Central SA Bucharest.
 The company’s share capital is of RON 26,391,783.
 The capital is divided into 799,751 ordinary shares, with a nominal value of RON
33/share;
Why to invest/ not to invest in Impact Developer and Constructor SA?
 The value of the issue – a maximum of 25 million EUR or equivalent;
 The term / maturity – maximum 7 years;
 Corporate, unsecured, non-convertible into shares, admitted to transaction on a regulated
market.
 Investments related to operational activity;
 Development of existing projects and any other real estate projects according with
Company Article of Incorporation;
 Partial/total reimbursement of company’s bank loans.
 On 10th July 2017, the Company offered for subscription 120 bearer series A secured
bonds, each with a nominal value of EUR 100,000 and a total nominal value of EUR 12
mil, issued in documentary form, to two investments funds managed by Credit Value
Investments Sp. z o. o. (CVI), who accepted the Offer on the same date.
 On November 6th, 2017, Company informed investors that it had mandated BT Capital
Partners S.A., Swiss Capital S.A. and BRK Financial Group S.A. to act as intermediaries
on a new issue of EUR-denominated bonds with a maturity of 5 years, bonds to be listed
on the Bucharest Stock Exchange. The funds obtained will be used to fund new projects.
The bonds subscribed during BVB public offering were of EUR 12,5 mil.