SANTIERUL NAVAL ORSOVA S.A.

ANNUAL REPORT FOR FINANCIAL YEAR 2024

CONTENTS PAGE

Annual report of the board of directors 2 – 37

Remuneration report 38- 42

Statement of compliance with the Bucharest stock exchange corporate governance code 43 - 48

Statement of Financial Position 51 - 52

Statement of Comprehensive Income 53 - 54

Statement of Changes in Equity 55

Statement of Cash Flows 56– 57

Notes to Separate Financial Statements 58 – 123

Statement 124

Independent Auditors Report 125 -132

ȘANTIERUL NAVAL ORȘOVA S.A.

ANNUAL REPORT OF THE BOARD OF DIRECTORS ACCORDING TO LAW NO. 24/2017 AND THE ASF REGULATION NO. 5/2018 concerning the issuers of financial instruments and market operations AND OF THE MFP ORDER NO. 2844/12.12.2016 FOR THE FINANCIAL YEAR CONCLUDED ON 31.12.2024

Date of the Report: 12 th of March 2025

- Name of the trading company: ŞANTIERUL NAVAL ORŞOVA S.A.;

- Registered office: 4, TUFĂRI Street, ORŞOVA, MEHEDINŢI County;

- Telephone/fax:0252/362399 0252/360648;

- Single registration code issued by the Trade Register: RO 1614734;

- Registered number with the Trade Register: J25/150/03.04.1991;

- Code LEI: 254900UXAJ8TPIKLXG79

- Subscribed and paid capital: 28.557.297,5 lei

- Number of shares: 11.422.919 common shares, each of 2,5 lei ;

- Regulated market where the issued securities are traded: it is a company whose shares are traded on a regulated market, respectively it is listed in the Bucharest Stock Exchange, symbol: SNO

- The company is registered with ASF– Securities Record Office – with Certificate no. 111/02.03.1998, updated on 06.10.2008 further to the increase in share capital as a result of the merger.

The year 2024, marked by the challenges of inflation manifested in the general economic environment but also by the geopolitical developments determined by the war in Ukraine, ended with financial results close to the levels projected for this year, but we still note that the company's performance was superior to recent years.

1.1. Description of the company’s core business

a) Description of the company’s core business

The company "Șantierul Naval Orșova" S.A. has as its main object of activity the construction of river vessels (NACE code rev.2: 3011 "Construction of ships and floating structures"). This activity, down 9.29% compared to 2023 and carried out at the headquarters in Orsova, accounted for 76.75% of the turnover of 2024, the ships built being intended for intra-community deliveries.

In 2024, the activity with a large share in the turnover of the Agigea branch was that of river/sea ship repairs (55.18%). Of the 5 rooms in the branch's patrimony, rental solutions were found during 2024 for three of them, and the revenues from this activity accounted for 30.70% of the branch's turnover. The turnover achieved by the branch increased by 50.42% compared to the previous year, but its share in total turnover increased by 6.72% (from 13.45% in 2023 to 20.17% in 2024).

b) Stipulation of the setup date of Șantierul Naval Orșova SA

The company was established on the basis of Government Decision no. 19/10.01.1991, by transforming and taking over the patrimony of the former Orsova Shipyard, subordinated to the Ministry of Transport and Telecommunications.

It is registered at the Trade Register Office under no. J25/150/1991.

In 1998, through the sale of the shares held by the former FPS, the company became a company with fully private capital, domestic and foreign.

c) Description of any significant merger or reorganization of the company, subsidiaries or subsidiaries during the financial year

In 2024, no such events were recorded.

The only merger operation, since the establishment of the company until now, took place in 2008. It is a merger by absorption: Societatea Şantierul Naval Orşova SA, jud. Mehedinţi being the absorbing company and the company Servicii Construcţii Maritime SA Agigea, county. Constanta, being the absorbed company. Following this merger, the main headquarters of the company remained in Orşova, and the former company from Agigea became a branch of the company Şantierul Naval Orşova SA. On this occasion, the company's share capital increased from RON 21,643,150 to RON 28,557,297.5, and the number of shares increased from RON 8,657,260 to RON 11,422,919, each share having a nominal value of RON 2.5/share. Since the merger and until the date of this report, the share capital and the number of shares have remained unchanged.

d) Description of assets acquisitions and/or sales:

Acquisitions and disposals of assets are described in paragraph 5.4 of this report, as well as in the NOTES to the 2024 financial statements, which are attached to this report.

e) Description of the main results of the company’s activity assessment:

1.1.1. General assessment elements for the period under review (year 2023):

• total income, out of which: 101.160.240 lei

▪ Agigea Branch 22.434.764 lei

• total costs 93.618.425 lei

▪ out of which Agigea Branch 16.775.322 lei

• gross profit, out of which: 7.541.815 lei

▪ Agigea Branch 5.659.442 lei

▪ Orsova headquarters 1.882.373 lei

• market share held:

▪ the production obtained at the headquarters addresses the market share of intra- community river ships, where the company holds a share of approximately 1 - 2%;

▪ the rental of ships (barges) through the branch was done during the last part of the year, within the country where the share is approximately 5%;

• as of 31.12.2024, the company’s available funds in accounts amounted to 10.955.209 Lei, out of which:

▪ 3.823.448 lei in the Lei account

▪ 7.125.266 lei in the foreign currency accounts

▪ 6.144 lei, petty cash

▪ 351lei other values

The main characteristics of the year 2024, compared with the previous years, could be shortly synthesized by:

• Maintaining low demand in the river vessel segment, on which our company operates; Even if an increase in the sale prices of ships was felt, this was as a consequence of the increase in the prices of raw materials and materials on the one hand, and of services on the other. Even under these conditions, the company managed to have its entire production capacity covered for 2024.

• An increase in the activity of the Agigea Branch compared to previous years, mainly as a result of the fact that greater attention was paid to the development of the ship repair activity (the revenues from the ship repair activity became preponderant in the turnover of the branch), but also to the revival of the salanda rental activity.

• The good name that the company has on the European builders' market has contributed to a good extent in obtaining new shipbuilding orders.

Further information and comments in relation to these indicators and the company's activity are presented in paragraph 4 of this report and in the NOTES to the financial statements, which are attached to this report.

1.1.2 The assessment of the technical level of the trading company

The company's object of activity is diversified, the two offices having different but complementary roles in achieving the objectives. Thus, the activities carried out include: the construction and intra- community delivery of river vessels (headquarters in Orșova), the rental of own barges in the intra and extra-EU space and repairs of ships belonging to third parties (Agigea branch). For shipbuilding, the

Orsova Shipyard offers customers a wide range of products. Currently, it is possible to build any type of river cargo ship (containers, fuel tanks, chemicals, food, pharmaceuticals), but also to build coastal ships and passenger ships.

The company's management has shown and continues to show a continuous concern for the modernization of production processes, by purchasing the most modern equipment specific to the naval field. Aware of the fact that the company must maintain a level of endowment corresponding to the current requirements, major investments have been made for the purchase of machines, equipment, modern equipment and work facilities for the construction of river vessels. Qualification and selection courses for employees were carried out, exchanges of experience in the country and abroad, as well as actions to modernize the existing equipment, both at the headquarters in Orsova and at the branch in Agigea. Also, competitive equipment specific to shipyards (80+25 ton electric cranes, plasma cutting machines, with numerical control, high definition, sandblasting/painting equipment, welding sources in a gas-protective environment) and IT equipment were purchased, together with the licenses and programs necessary for proper operation, high-performance ventilation systems.

If in 2013 and 2014 the modernization and expansion of the lifting and launching capacity of the Orsova slipway was carried out, the project for the repair and modernization of the Agigea slipway is currently in the completion phase.

In 2024, at the main headquarters in Orșova, high-performance, automatic welding equipment was purchased, including a micro twin welding robot, a 47 ton crane, a belt cutting machine. Also, the process of repairing and modernizing the transport and lifting facilities continued.

At the Agigea branch, an industrial hydroblasting equipment was purchased and the modernization works at the launch slipway continued.

The long and fruitful collaboration with partners from the Netherlands can be attributed to the fact that the company has sought, in a very special way, to satisfy their requirements, by rigorously achieving the imposed quality standards. A special attention is paid to the execution of the finishes, especially in the aesthetic areas.

The implemented quality assurance system is able to cope with the most modern requirements, the company being certified by LLOYD'S REGISTER QUALITY ASSURANCE; During 2019, the company also obtained the Quality System Certification in accordance with the new DIN ISO 9001:2015 standard (certificate no. 10186440 in the field of "Construction and repair of ships and boats").

SANTIERUL NAVAL ORSOVA SA has at its disposal:

- A Quality Manual – revision 4/12.01.2015

- Procedures : - Documents control – revision 1/03.03.2011

• Registration Control – revision 1/27.05.2014

• Control of non-conform product – revision 2/ 12.01.2018

• Corrective actions – revision 2/12.01.2015

• Preventive actions – revision 2/12.01.2015

- Working instructions

• Purchased material/products’ acceptance

• Release from storages – revision 1/13.10.2012

• Testing the product provided by the Client – revision 1/13.01.2012

• Maintenance of the equipment– revision 1/08.11.2012

• - the geographical location is advantageous, both in the case of the headquarters in Orsova (city located on the banks of the Danube) and in that of the branch in Agigea (in the port of Constanta);

• - the possibilities of adapting to market requirements are increased, the status of medium- sized shipyard opening the prospect of business diversification;

• - pollution is within normal limits (pollution is not a disturbing factor);

• - the share of external deliveries and services in 2024 is over 75% of the turnover;

• - the company has qualified personnel, in accordance with the requirements of the technological process; we note, however, that there is a trend of increasing the average age of employees;

• - the endowment with specific fixed assets is at a reasonable level (comparable to that of other shipyards operating on the same segment); In this direction, the company started, many years ago, an investment program that aimed, on the one hand, at increasing the share of active fixed assets, and on the other hand, at replacing the means of production with a high degree of physical and moral wear and tear with much more efficient ones, likely to ensure a higher productivity; This strategy aimed to increase the flexibility and efficiency of fixed assets and to bring them to a technical and technological level that would allow the production of products that correspond to the standards imposed by external customers;

• - the marketing of ships involves the conclusion of direct contracts with the shipyards that arm the shipyards or with European seafarers;

• - stable clientele, composed of companies belonging to the intra-community area (Netherlands, Austria, Germany, Belgium);

• In 2024 there were no major changes in terms of the demand for new sea/river vessels, which is at an average level, and the latest information on the ship market shows that the current situation will be maintained in 2025, but also in the following years. In terms of shipbuilding, China holds 58% of the global market and is the largest builder, South Korea in second place with 37.02%, the difference of about 5% of the market being held by countries from Europe, Asia and the USA.

• That is why we believe that a future strategy must be realistically analyzed, in order to be able to find – further – pricing and financing policies that ensure the continuation of the activity in conditions of performance and competitiveness.

1.1.3 Assessment of the technical supply activity (domestic sources, foreign sources imports).

The year 2024 marked changes in terms of the main suppliers of raw materials and materials, Thus, in the second half of 2024, the Company, due to the interruption of the activity of the company Liberty Arcelor Mittal Galați, turned to a company from outside the EU for the purchase of raw materials. As in previous years, the material base was provided mainly by ISO certified suppliers in the country, according to European norms and standards. However, when, following the commercial analyses, the quality-price ratio was more favourable to imports or intra-community purchases, the company opted for this option; We refer especially to naval sheets, stainless steel sheets, pipes, profiles. As far as intra-community acquisitions are concerned, it is mainly about those materials that are not produced in the country or for which the customers of the contracted ships have imposed a certain quality standard; We exemplify such materials: laminates and paints for river/sea ships. The transport of the ships in Germany/Holland,

As there was a rhythmicity of supplies, the stocks of materials were always at an optimal level, which ensured the continuity of the activity, with no interruptions in the manufacturing process due to lack of raw materials and materials.

The main domestic suppliers of raw materials and materials, according to the value of the supplies and to their importance were:

• LIBERTY ARCELOR MITTAL GALATI: for medium and thick plates;

• DUCTIL Buzău: welding consumables;

• LINDE GAZ Timişoara: technical gases

• PENTAGON SRL TECUCI: grinding stones

• NIMFA COM SRL BUC.: pipes and various profiles

• COMTECH CO SLATINA pipes and different profiles

• DAMILA RM VALCEA steel pipes;

• MIRAS INTERNATIONAL TARGOVISTE different profiles;

• INOX METAL pipes and different profiles

• PLASMASERV welding consumable

• EURONERA DISTRIBUTION gloves, screens, safety goggles, filters

Just as during the previous years, the main foreign supplier of materials:

• JULIUS HANDELS GMBH from Austria for profiles and pipes,

• INTERCOM GROUP BG, for sheet metal

• MAKSTIL AD, for sheet metal

The subcontracting activity of specific operations continued in 2024, but at a higher level than in previous years. These collaborations were necessary for the proper development of the activity, referring to the activities of ship painting, metal construction, ship equipment components, ship transport, etc. Among the most important collaborating companies we list:

1. SCHIPBUILDING CONSTRUCT – for the metal construction activity;

2. BVE SHIPBUILDING – for ship repair activity;

3. ROMINEX PLANT – for the metal construction activity;

4. ECO STEEL SOLUTION SRL – for ship repair activity;

5. VIGILENT SECURITY – for security services;

6. BERG BANAT - for galvanizing.

1.1.4 Assessment of sales activity

The turnover, on total activity, increased by 0.29% compared to the previous year. In the structure, revenues from the shipbuilding activity decreased by 9.25%, while revenues from the ship repair activity increased - by 25.3% compared to 2023. The turnover achieved was, in particular, on account of external, intra-community deliveries and services for ships built in Orșova, and internal services for ship repair activity, from the Agigea branch. However, we note an increase, compared to 2023, in the revenues made

All 6 ships completed and delivered in 2024, from Orșova, were intended for delivery on the intra- community market.

Please see below a comparative statement for the last three years, expressed in percentage of total ship delivered in the intra-community space (according to IFRS 8):

In 2024, as in previous years, Rensen Driessen Shipbiulding B.V. held the first position in terms of delivery volume. Thus, for this company, the company completed and delivered 4 hulls and for the Gebr De Jonge company 1 hull was delivered.

The contractual payment conditions, for all these deliveries, were through the payment of initial advances from 10% to 70% and the insurance of the difference in payment through letters of credit, respectively the payment of the difference after the ships arrived at their destination.

As in previous years, the main concern of the Board of Directors and the executive management has been and will remain to find solutions so that the conclusion of commercial contracts is carried out at prices that ensure the profitability of the activity and with the guarantee of the payment of the price. This is also because in the new external conditions there can be rapid, unexpected changes, from one day to the next, on the market on which we operate.

In the new market conditions, the competition in this sector of activity is quite fierce because most of the orders come from the European Community, and the business partners have become more demanding in terms of the quality of the works. The company has a technical and technological level that meets these requirements and has a stable position among shipbuilders, which leads us to appreciate that it is capable of winning other contracts in relation to the competition.

The main competitors of the company in the ship construction and repair activity are, as in previous years:

- in the country - all shipyards

- abroad – especially the shipyards in China and Korea, and then Poland, Serbia, Turkey, Slovakia, the Czech Republic and Ukraine.

1.1.5 Assessment of aspects related to employees / company staff

The most important resource of society is the human resource. The company's efforts to achieve and increase production in 2024 also entailed a greater need for manpower. Thus, given the fact that the average age of employees is high and the age structure is not balanced, the company has faced and continues to face a real risk related to personnel due to the departure from the company of employees who reach retirement age. The steps taken at the level of the executive management to recruit new qualified workers in the professions of welder and locksmith were to replace those who left, especially through retirement, but also to ensure the necessary workforce for the realization of the contracted production for 2024.

As far as the company's staff is concerned, we can conclude that:

• On the one hand, there is an aging phenomenon of salaried personnel that will continue in the coming period;

• On the other hand, there is a certain decrease in the degree of qualification of the newly hired personnel, especially in the basic trades (welders and locksmiths), which will lead to the outsourcing of some metal construction works in the future, as long as there is no competition for employment;

• We are still facing difficulties in filling the positions;

• And last but not least, it is an increase in labor force fluctuation.

In 2024, the number of staff decreased, by 2.08%, compared to 2023.

The average number of personnel performed for the entire year 2024 is 344 employees, compared to 337 employees in the previous year. The effective number on 31.12.2024 was 349 employees, of which 305 at the headquarters in Orşova and 44 at the Agigea Branch.

Of the total number, by sectors of activity as of 31.12.2024, the situation is as follows:

• 347 in industrial activity

• 1 in the canteen activity

• 1 in medical activity

In structure, the situation is as follows:

• 49 technical, economic, specialized and administrative staff, of which:

o 41 people in Orşova (of which 32 with higher education);

o 8 in Agigea (of which 5 with higher education).

• 6 foremen, of which 6 in Orşova;

• 294 workers, of which:

o 258 people in Orşova;

o 36 people in Agigea.

Another grouping of the staff structure, in terms of gender, is presented as follows:

• men – 305 persons (291 in the previous year);

• women – 44 persons (53 in the previous year).

During 2024, there were 84 new employees and 79 departures; The latter left through: retirements, termination of employment contracts for reasons related to the employee's person, expiration of the individual employment contract and with the agreement of the parties, the latter being the most common.

A permanent concern of the company's management was that of continuous professional improvement of the salaried staff, maintaining health, stimulating the staff, all of which had the effect of increasing the performance at work.

At the level of the company, two trade unions are legally constituted.

The degree of unionization of the workforce is 67.34%.

As for the employees' rights in the Collective Labor Agreement, they were negotiated in such a way as to ensure the profitability of the activity, but at the same time, a balance between the two parties. During 2024, there were no conflicting elements between employees and the company's management.

Other aspects regarding the company's employees/staff are presented in the NOTES to the financial statements, which are an integral part of this report.

1.1.6 Assessment of the impact of the company’s core business on environment

The environmental policy of Orsova Shipyard SA is based on the principles of precaution, prevention and correction of pollution at source. As a whole of the actions, documentation or programs that identify, describe and evaluate the possible significant effects on the environment, it is closely related both to the observance of the principles of the European directives on the respect and protection of the environment (EC Directive 2002/42/EC, SEA Directive 2001/42/EC, Habitats Directive 92/43/EC, Directive 2004/35/EC on liability for environmental damage and the DRM Directive), as well as the social and economic policy of society.

The company's environmental policy is adopted by the entire staff of the company, being periodically analyzed, in order to continuously adapt to the changes that may occur on environmental factors, given that the entire activity of the company is carried out in an area protected by law, in the area of the "Iron Gates" National Park.

Being aware of the importance of protecting the environment, in order to reduce the negative impact on it, the entire team of the company carries out its activity according to the following principles:

- compliance with the Romanian environmental legislation and alignment with the European Union Directives;

- mitigating the impact of the company's main activity on environmental factors;

- systematic assessment of accident risks and development of prevention measures.

- integration of environmental considerations in the elaboration and adoption of the company's plans and programs;

- Superior capitalization of primary resources of raw materials and energy with effects on minimizing the quantities of waste, wastewater, pollutants in water, air and decreasing unit costs per ton of product;

- continuous improvement of environmental aspects, especially significant ones, based on environmental management programs, the action plan (an integral part of the environmental permit) having established targets, objectives, deadlines and responsibilities;

- increasing the degree of education in terms of environmental protection by ensuring the organizational framework and implementation of projects regarding wastewater disposal, waste storage (especially hazardous waste), soil protection;

The company has in operation a monitoring system of all environmental factors by authorities and specialized companies. The activity of collection and recovery, respectively disposal of waste resulting from production processes is carried out selectively, in strict compliance with the provisions of the mandatory provisions of G.E.O. 92/2021 on waste management records and for the approval of the list of waste, including hazardous waste, only through authorized companies, based on firm contracts.

The impact on the environment through the heating and hot water supply activity for the company's employees is insignificant, given the fact that the heating of our unit (the administrative center and the changing rooms) is done with the help of 8 (eight) power plants for hot water heating, with a power of 36 kw each, and one of 24 KW, of the ROMSTAL EKCO type. L1.

During 2024, the company has exactly complied with the obligations resulting from the Environmental Permit no. 21/27.02.2013, revised on 15.03.2024, valid up to date, endorsed by the National Agency for Environmental Protection Mehedinti for the period 27.02.2025 - 27.02.2026, fulfilling at the same time all the obligations imposed on it by the Water Management Authorization no. 68/01.11.2024, no event with a negative impact on the environment being reported (as evidenced by the control acts of the representatives of the environmental authorities, two during 2024, no pecuniary or coercive measure being ordered on their part).

1.1.7 Assessment of research and development activities

As in previous years, in 2024 the company did not record expenses with research and development activity, and for 2025 it does not intend to make such expenses, due to the fact that – further – the technical projects of the built ships are usually provided by customers or the projects that the company bought in previous years are used with the right to use for new constructions that will be carried out in the future.

1.1.8 Assessment of company activities regarding risk management

Starting from the specifics of the company's main activity, namely the construction of ships and floating structures, as well as the fact that the company's products are sold in the community space, a series of risks can be identified. At the moment, due to the competitive environment, the sudden changes at European and global level, it is normal that the degree of exposure (vulnerability) to risks is much higher than in past periods.

At the same time, society has felt and still feels the effects of the global economic and financial crisis.

Therefore, the list of potential sources of risk could include:

1. Market risk

2. Price risk

3. Currency risk

4. Environmental risk

5. Information security risk

6. Liquidity risk, etc.

As already shown, the decrease in the demand for ships accompanied by the reduction in sales prices, as a result of the global economic crisis, has directly affected the company's activity in recent years, including in 2024.

Taking into account the estimates/forecasts regarding the evolution of the exchange rate in 2024, the company has carried out currency risk hedging operations. These derivative operations were concluded at an exchange rate above the official one of the respective period, which determined that the favorable exchange rate differences recorded in 2024 from such operations were about 227 thousand lei.

Further, the company has paid special attention to ensuring better security of the information system and database, given that the vurnelabilities of the cyber system can create significant problems for companies.

Other risk management aspects (credit, foreign exchange, liquidity) are presented in the NOTES to the financial statements, which are attached to this report.

1.1.9 Perspectives on the company’s activity

The year 2025, analyzed both in terms of external factors related to the market and the geopolitical context, as well as internal factors (inflation, labor), is shaping up to be a difficult year.

As regards the prospects of the company's activity, the following are shown:

- The company has over 31 years of experience in the field of construction and repair of river vessels; they are executed at the level of quality standards imposed by foreign customers, and the name of the company is already well known by Western European shipbuilders;

- The company's activity will continue to be influenced by the uncertainties regarding the demand on the markets in which we operate;

- Currently, the company has concluded contracts for 2025 that partially ensure the coverage of the production capacity at the main headquarters. The negotiations that are currently underway, for the signing of new contracts, give us the perspective of continuing the activity in the following year;

- As regards the Agigea Branch, at the end of 2024 there were five hydroclap barge vessels in its patrimony, vessels that are described in item 2.1 b of this report; In 2024, three ships were leased, but it is estimated that new lease contracts will be concluded in 2025 as well, given that there is demand on the domestic market. At the same time, the branch has the necessary equipment and capacities to be able to execute ship constructions and repairs, the ship repair activity being increasing compared to previous years;

- Taking into account the concluded contracts, the production structure and the evolution of salary costs and those with raw materials and materials, the company has based its Income and Expenditure Budget for 2025 on a volume of revenues at a higher level than that achieved in 2024.

- Efforts will be continued to find new sources of income at the branch level but also to reduce production costs so that the company becomes more competitive;

- Also, after carrying out technical and opportunity analyses, the company aims for 2025 to carry out an investment program consisting mainly of:

o Completion of the works on the modernization of the launch slipway in Agigea, respectively the replacement of the feather trolleys, which will lead to increased safety of ship lifting- launching operations;

o Purchase of welding equipment, especially for the Orsova headquarters;

o IT equipment, software update

o Purchase of gas exhaust system

o Purchase of a numerical control saw for cutting pipes and profiles

o Modernization of technological platforms and interior roads

o Modernization of the buildings in the branch's patrimony

o Modernization and sanitation of production halls, administrative and social spaces

o Purchase of roller press for ship shell forming

o Stamp Acquisition

o oPurchase of means of transport for people (car/minibus)

2. COMPANY’S FIXED ASSETS

2.1 The land and the most important buildings and production equipment owned by the company are located, on the one hand, at the main headquarters in Orşova (4 Tufări Street, Orşova, Mehedinţi County), and another part at the headquarters of the branch in Agigea Commune, Constanta South Port Premises, Constanta County.

In 2024, there were no significant changes in their composition, the largest investment expenses were those related to the repair, replacement and modernization of the existing ones, as we have shown.

a) In Orsova, the company owns, at the administrative head-office, a total surface amounting to 85.790 sm, confirmed through excerpts of Land Register.

The fixed assets at the headquarters in Orşova are mainly formed of:

- The fixed assets existing at the headquarters in Orşova are mainly made up of:

- a 1,800 t launch slipway with ten wires on a length of 100 linear meters, with the help of which ships with a maximum length of 135 linear meters and a width of 15 linear meters can be launched, and which was modernized in 2014.

- a technological platform that allows the simultaneous assembly of 5 river vessels as well as the execution of sections and blocks related to shipbuilding;

- 5 80+25 t portal cranes purchased in recent years for the assembly platform, 2 16-ton portal cranes together with 2 magnetic sleepers for sheet metal handling at the sheet metal warehouse and the sandblasting station and one 5-ton Portal crane, purchased in 2019; they provide more safety and have led to an increase in labor productivity by replacing existing cranes that were physically and morally worn;

- 1 OMNIMAT coordinate cutting machine based on computer programs and 4 with OMNICUT plasma, put into operation in 2007, respectively 2009, 2018 and 2021;

- Hydraulic sheet bending press, purchased in 2017

- Compressors (4 pieces) type ACU 9L8 from HAFI and a screw compressor;

- an automated horizontal painting sandblasting line purchased in 2009 for sheets up to 3000 mm wide;

- buildings, warehouses, material warehouses, administrative pavilion;

- cranes of 10 - 50 tons, welding and painting equipment, sheet metal rolling machine, 2 hydraulic presses for bending profiles of 200 tons for shaping the profiles at the retreat areas (stern, bow), etc.

b) At the Agigea Branch, the company owned, until the end of 2024, the ownership of a plot of land, located in Constanta, with an area of 210 sqm, on which a building is built, where until 2009