AUTONOM SERVICES SA

INDIVIDUAL FINANCIAL STATEMENTS

Prepared in accordance with the Order of the Minister of Public Finance no.

2844/2016 for the approval of the Accounting Regulations in accordance with

International Financial Reporting Standards, with subsequent amendments and

clarifications

DECEMBER 31, 2024

AUTONOM AUTONOM SERVICES SA

INDIVIDUAL FINANCIAL STATEMENTS

Issued in accordance with the regulations OMFP nr.2844/2016

DECEMBER 31, 2024

Contents

Statement of profit and loss and other comprehensive income 3

Statement of financial position 4

Statement of changes in equity 5

Statement of cash flows 6

Notes to the individual financial statements 7 - 58

AUTONOM AUTONOM SERVICES SA

STATEMENT OF PROFIT AND LOSS AND OF

OTHER ITEMS OF COMPREHENSIVE INCOME

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

Notes 1 to 31 are an integral part of the financial statements.

Notes

2024

2023

Operating lease income

334,806,159

257,647,297

Additional services income

4.1

123,832,415

121,245,787

Rent-a-car income

116,286,157

120,736,954

Proceeds from sale of cars

27,779,236

36,570,496

Proceeds from sale of cars from rental fleet and rental

equipment

192,193,076

160,575,522

Other operating income

46,493,903

32,169,193

Total operating income

841,390,946

728,945,248

Fleet expenses

(165,963,193)

(139,059,651)

Cost of cars sold

(26,660,599)

(34,204,628)

Cost of cars from rental fleet sold and rental equipment

(145,597,689)

(117,238,990)

Employee benefit expenses

(74,374,396)

(61,509,129)

Administrative expenses

(8,838,052)

(7,636,493)

Amortization, depreciation and impairment of rental fleet and

equipment, net

14, 15

(244,149,928)

(218,213,912)

Amortization, depreciation and impairment of other fixed non-

current assets

(3,509,327)

(5,428,387)

Other operating expenditure

(40,478,076)

(38,271,596)

Other (losses)/gains – net

(5,034,521)

(8,714,643)

Total operating expenses

(714,605,781)

(630,277,430)

Operating profit

126,785,165

98,667,818

Financial costs

12.1

(72,672,323)

(64,769,085)

Financial income

12.2

7,965,598

5,825,787

Profit before tax

62,078,440

39,724,520

Income tax expense

(2,897,975)

(9,686,787)

Net profit for the financial year

59,180,465

30,037,733

Other comprehensive income

Total comprehensive income

59,180,465

30,037,733

Basic and diluted EPS

29.59

15.02

These individual financial statements on pages 3 through 58 have been approved by the Board of

Directors and were authorized for issue on 04/25/2025.

Mihaela Angela Irimia

Certified Public Accountant Huian

Angelica

Name

Name: Huian Angelica

President of the Board of Directors

Professional body no. 26325

AUTONOM AUTONOM SERVICES SA

STATEMENT OF FINANCIAL POSITION

AT DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

Notes 1 to 31 are an integral part of the financial statements.

Notes

December 31

2024

December 31

2023

Assets

Non-current assets

1,647,968,383

1,329,968,302

Intangible assets

258,453

350,259

Rental fleet and rental equipment

967,621,096

734,973,587

Right-of-use assets

613,849,092

552,578,475

Other property, plant and equipment

5,219,361

1,761,689

Investment properties

1,935,427

2,017,675

Trade receivables

539,019

532,317

Loans granted to related parties

58,545,935

37,754,299

Current assets

277,559,951

251,267,982

Inventories

19,992,017

14,908,659

Trade receivables

52,156,344

64,430,340

Other receivables and current assets

9,895,451

10,446,015

Prepayments

1,877,732

1,329,956

Cash and cash equivalents

193,638,407

160,153,012

Total assets

1,925,528,334

1,581,236,284

Equity and liabilities

Equity

Share capital

20,000,000

Other capital reserves

74,168,533

52,735,661

Retained earnings

182,400,417

144,652,824

Total equity

276,568,950

217,388,486

Long-term liabilities

1,164,745,488

868,205,438

Interest-bearing loans and borrowings

379,644,987

248,070,741

Bonds

386,285,140

237,733,924

Lease liabilities

342,722,221

326,185,573

Trade and other payables

3,904,849

6,329,031

Deferred income

27,031,678

20,774,083

Deferred tax liabilities

25,156,613

29,112,086

Current liabilities

484,213,896

495,642,360

Interest-bearing loans and borrowings

245,781,816

167,538,097

Bonds

99,300,592

Lease liabilities

178,035,030

162,513,515

Trade and other payables

42,374,821

50,194,840

Income tax liabilities

1,818,843

Provisions

582,863

Deferred income

15,620,523

15,512,452

Total liabilities

1,648,959,384

1,363,847,798

TOTAL EQUITY AND LIABILITIES

1,925,528,334

1,581,236,284

These individual financial statements on pages 3 through 58 have been approved by the Board of

Directors and were authorized for issue on 04/25/2025.

Mihaela Angela Irimia

Certified Public Accountant Huian

Angelica

Name

Name: Huian Angelica

President of the Board of Directors

Professional body no. 26325

AUTONOM AUTONOM SERVICES SA

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

Notes 1 to 31 are an integral part of the financial statements.

Share capital

Other capital

reserves

Retained

earnings

Total

equity

On January 1, 2024

20,000,000

52,735,661

144,652,824

217,388,486

Profit for the period

59,180,465

Establishment of other reserves for reinvested earnings (Note 23)

21,432,872

(21,432,872)

At December 31, 2024

20,000,000

74,168,533

182,400,417

276,568,950

Share capital

Other capital

reserves

Retained

earnings

Total

equity

On January 1, 2023

20,000,000

44,831,048

122,519,704

187,350,752

Profit for the period

30,037,733

Establishment of other reserves for reinvested earnings (Note 23)

7,904,613

(7,904,613)

At December 31, 2023

20,000,000

52,735,661

144,652,824

217,388,486

These individual financial statements on pages 3 through 58 have been approved by the Board of Directors and were authorized for issuance on 04/25/2025.

Mihaela Angela Irimia

Certified Public Accountant Huian Angelica

Name

Name: Huian Angelica

President of the Board of Directors

Professional body no. 26325

AUTONOM AUTONOM SERVICES SA

CASH FLOW STATEMENT

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

Notes 1 to 31 are an integral part of the financial statements.

These individual financial statements on pages 3 through 58 have been approved by the Board of

Directors and were authorized for issue on 04/25/2025.

Mihaela Angela Irimia

Certified Public Accountant Huian Angelica

Name

Name: Huian Angelica

President of the Board of Directors

Professional body no. 26325

Notes

2024

2023

Operating activities

Pre-tax profit

62,078,440

39,724,520

Adjustments to reconcile profit before tax to net cash flows:

Depreciation of other property, plant and equipment

3,509,327

5,428,387

Depreciation and impairment of rental fleet and rental equipment

14,15

244,149,928

218,213,912

Net foreign exchange differences

12.1

(500,300)

6,752,502

Loss/(gain) on disposal of rental fleet - own resources

(47,714,024)

(45,702,400)

Financial income

12.2

(7,965,598)

(5,825,787)

Interest expense

12.1

73,172,623

58,016,583

Changes in provisions, net

(93,157)

Changes in current assets allowances, net

5,034,520

8,877,040

Working capital adjustments:

(Increase)/decrease in trade receivables and prepayments

3,052,237

730,767

(Increase)/decrease in inventories

201,669

19,340,173

(Increase)/decrease in other receivables

7,125,577

4,866,881

Increase in deferred income

6,365,665

3,067,215

Increase/(decrease) in trade and other payables

(36,438,114)

(33,871,310)

Purchase of rental fleet and rental equipment

(456,185,233)

(351,725,815)

Amounts received for the disposal of rental fleet and rental equipment

195,825,836

187,556,943

Interest received

2,509,222

3,982,304

Interest paid

(71,191,087)

(56,267,352)

Income tax paid

(5,034,605)

(2,221,293)

Net cash flows from operating activities

(22,003,917)

60,850,113

Investing activities

Purchase of intangible assets

(123,295)

(226,798)

Purchase of other property, plant and equipment

(3,583,404)

(21,619,788)

Loans granted to related parties

(128,226,851)

(56,754,640)

Proceeds from loans granted to related parties

107,435,216

55,245,155

Net cash flows used in investing activities

(24,498,334)

(23,356,071)

Financing activities

Proceeds from long-term sale and leaseback transactions

33,291,186

Payment of lease liabilities

(176,011,867)

(140,241,854)

Proceeds from loans

466,101,800

176,351,302

Loan repayments

(258,595,491)

(106,963,187)

Redemption of bonds issued

(99,744,000)

Proceeds from bond issuance

149,313,000

Payment of bond issuance costs

(1,075,796)

Net cash flows used in financing activities

79,987,646

(37,562,553)

Net increase / (decrease) in cash and cash equivalents

33,485,395

(68,511)

Cash and cash equivalents at January 1

160,153,012

160,221,521

Cash and cash equivalents at December 31

193,638,407

160,153,012

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

1. CORPORATE INFORMATION

These individual financial statements are prepared by Autonom Services SA (the "Company" or the

"Company") and present the activity of the Company. The Company's individual financial statements have

been authorized for issue in accordance with the Directors' approval dated 24.04.2025.

Autonom Services SA is a private joint-stock company having as its main object of activity the renting and

leasing of cars and light road vehicles. The company's head office is in Piatra Neamt, strada Fermelor nr. 4,

with working points in multiple cities: Alba Iulia, Arad, Bacau, Baia Mare, Bistrita Nasaud, Botosani, Braila,

Brasov, Bucuresti, Buzau, Cluj, Constanta, Craiova, Deva, Drobeta Turnu Severin, Focsani, Galati, Iasi,

Miercurea Ciuc, Oradea, Otopeni, Piatra Neamt, Pitesti, Pipera-Voluntari , Ploiesti, Resita, Ramnicu Valcea,

Satu Mare, Sibiu, Slatina, Suceava, Targu Mures, Targoviste, Targu Jiu, Timisoara, Tulcea.

Autonom Services SA is controlled by Autonom International SRL and finally by Stefan Dan George and Stefan

Marius.

On June 30, 2018, Autonom Services SA took control of BT Operational Leasing SA ("BTOL", "Subsidiary"),

after completing the acquisition of 99.85% of the share capital. In 2020, Autonom Services SA became the

sole shareholder of BT Operational Leasing SA , holding 100% of the share capital. BTOL was previously a

member of Banca Transilvania Finance Company and was registered as a joint stock company in 2001. The

main activity of the Subsidiary was the renting and leasing of cars and light road vehicles and had its registered

office in Neamt, Piatra Neamt, str. Fermelor nr.4. On 01.01.2021 the merger by absorption of BT Operational

Leasing by Autonom Services SA was approved, the company BT Operational Leasing being deleted from the

Trade Register starting with 04.03.2021

On April 15, 2022, Autonom Services SA took control of Premium Leasing SRL ("Premium", "Subsidiary"),

after completing the acquisition of 100% of the share capital. Premium was previously a member of the financial

company Unicredit Bank, the main activity of the Subsidiary being the rental and leasing of cars and light road

vehicles, with headquarters in Bucharest, sector 1, Bdul. Expozitiei nr.2, and since 17.05.2022 the registered

office is in Neamt, Piatra Neamt, str. Fermelor nr.4. On 01.05.2022 the project of merger by absorption of

Premium Leasing SRL by Autonom Services SA was approved, the company Premium Leasing SRL being

struck off from the Trade Register starting with 10.10.2022.

On December 4, 2019, the Company issued corporate bonds in the amount of EUR 20 million which were

admitted to trading on the Main Market of the Bucharest Stock Exchange, segment Bonds, and traded under

the symbol AUT24E. The bonds have a nominal value of EUR 1,000, a maturity of five years and a fixed

interest rate of 4.45%, p.a. payable annually (see Note 18). They were paid on maturity on 08.11.2024.

On November 23, 2021, the Company issued corporate bonds in the amount of EUR 48 million which were

admitted to trading on the Main Market of the Bucharest Stock Exchange, segment Bonds, and which are

traded under the symbol AUT26E. The bonds have a nominal value of EUR 10,000, a maturity of five years

and a fixed interest rate of 4.11%, p.a. payable annually (see Note 18).

On November 26, 2024, the Company issued corporate bonds in the amount of EUR 30 million which were

admitted to trading on the Main Market of the Bucharest Stock Exchange, segment Bonds, and which trade

under the symbol AUT29E. The bonds have a nominal value of EUR 1,000, a maturity of five years and a fixed

interest rate of 6.14%, p.a. payable annually (see Note 18).

The number of employees of the Company as of December 31, 2024 was 545 (as of December 31, 2023 was 497).

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES

2.1. Basis of preparation

Statement of Compliance

The Company's individual financial statements have been prepared in accordance with the Order of the Minister of

Public Finance no. 2.844/2016 for the approval of the accounting regulations in accordance with International

Financial Reporting Standards as adopted by the European Union ("OMFP 2844/2016"), as amended.

OMFP 2844/2016 with subsequent amendments is in accordance with IFRS Accounting Standards, as adopted by

the European Union (EU), except for the provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates

on Functional Currency , the provisions of IAS 20 Accounting for Government Grants on the recognition of revenue

from green certificates, with the exception of IFRS 15 Revenue from Contracts with Customers in respect of revenue

from fees for connection to the distribution network and with the exception of IAS 12 Income Taxes in respect of the

treatment of the minimum tax on turnover as an income tax expense. These exceptions do not affect the compliance

of the Company's financial statements with IFRS Accounting Standards as adopted by the EU .

The individual financial statements are prepared on the historical cost basis, except for equity investments,

which are measured at fair value through profit and loss. The individual financial statements are presented in

Lei ("RON"), which is the Company's functional currency, except when otherwise stated..

Going concern

These individual financial statements are prepared on a going concern basis.

The Company recorded during 2024 a profit in the amount of RON 59,180,465 (2023: profit in the amount of RON

30,037,733), positive operating cash flows and net current liabilities in the amount of RON 206,653,945 (December

31, 2023: net current liabilities in the amount of RON 244,374,377).

The situation in which current liabilities exceed current assets is not unusual for companies in the motor vehicle

rental business because assets acquired for the purpose of rental to end customers are classified as fixed assets

(mainly "Rental fleet and rental equipment" and "Right to use assets") until the termination of the contract, when

they are reclassified as current assets ("Inventories") at their net book value (see note 2.3.8). In contrast,

liabilities related to the financing of these assets (mainly "Interest-bearing loans and borrowings" as well as

"Lease liabilities") have both a long-term liability component and a short-term liability component, relating to

amounts to be paid within up to one year, even if the financed assets are fully disclosed as fixed assets. The

Company also has operating leases in place for periods greater than one year, for which lease payments are to be

collected gradually until the leases are terminated (see Note 19). As of December 31, 2024, the Company had on

its balance sheet Cash and cash equivalents amounting to RON 193,638,407. Also, as at December 31, 2024, the

Company had unused availability on its credit facilities in the amount of RON 5,877,713 and Euro 30,398,883

(December 31, 2023: RON 19,239,869 and Euro 42,877,795) therefore being able to meet any unforeseen cash

needs. Management considers that it is appropriate to use the going concern principle in the preparation of the

financial statements. Management has based its assessment using detailed projections of the Company's cash

flows for the period to June 30, 2026, prepared using assumptions that include the estimated indirect impact of the

crisis generated by the war in Ukraine based on information available at the end of December 2024. These

projections take into consideration the Company's current available cash resources as of December 31, 2024, the

most recent projections of contracted operating revenues, anticipated additional operating revenues from new lease

contracts to be entered into during the period covered by the projections, as well as the funding of current contracted

liability and the current financial liability position as of the reporting date, investments in the rental fleet and other

commitments. Management has also projected an increase in profitability in the period through June 30, 2026. This

is based on fleet growth for both business divisions, renewal of maturing contracts at costs adapted to the new

market conditions, maintenance of acquisition costs and residual values for the fleet at the previous year's level,

and optimization of the workforce. In order to cover the estimated financing needs, in addition to the availability as

at December 31, 2024, the Company is in advanced negotiations for additional financing in the amount of 11.2

million Euro in 2025 and is about to start negotiations with leasing companies to supplement the existing ceilings.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

2.2 Legal merger of the parent company and the subsidiary

The individual financial statements comprise the financial statements of the Company and the absorbed

subsidiaries BT Operational Leasing (absorbed on January 1, 2021) and Premium Leasing (absorbed on May 1,

2022).

2.3 Summary of accounting policies material

The material accounting policies applied by the Company in the preparation of these individual financial

statements are set out below.

2.3.0 Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured

as the sum of the consideration transferred, which is measured at the acquisition date at fair value, and the

amount of any noncontrolling interest in the acquisition.

For each combination, the Company elects whether to measure the noncontrolling interest in the acquisition at fair

value or at the proportionate share of the amount recognized related to the identifiable net assets. Acquisition-

related costs are expensed as incurred and included in the income statement.

Goodwill is initially measured at cost (being the excess of the total consideration transferred and the amount

recognized for non-controlling interests and any other interests held over the net identifiable assets acquired and

liabilities assumed).

After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of

impairment testing, goodwill acquired in a business combination is, from the date of acquisition, allocated to each

cash-generating unit expected to benefit from the combination, regardless of whether other assets or liabilities are

allocated to those units.

2.3.1 Classification of current vs. non-current assets

The company presents assets and liabilities in the financial statement headings considering the current / non-

current classification. An asset is current when:

• It is estimated to be realized or intended to be sold or consumed in the normal operating cycle;

• The main purpose of holding is trading;

• It is expected to be realized within twelve months of the reporting period;

• Represents cash or cash equivalents, unless it is restricted to exchange or use to settle a liability for at

least twelve months after the reporting period.

All other assets are classified as non-current assets.

A liability is current when:

• It is estimated that it will be extinguished during the normal operating cycle;

• It is held primarily for trading purposes;

• Expires less than 12 months after the reporting period, or

• There is no unconditional right to postpone liability for at least 12 months after the reporting period.

The company classifies all other liabilities as long-term liability.

Deferred income tax assets and liabilities are classified as non-current assets or long-term liabilities.

2.3.2 Fair value measurement

Disclosures about the fair value of financial instruments and non-financial assets that are measured at fair value or

the circumstances in which fair values are disclosed are summarized in the relevant notes.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

The Company uses valuation techniques that are appropriate to the circumstances and for which there is sufficient

data for fair value measurement, maximizing the use of relevant observable inputs and minimizing the use of

unobservable inputs.

All assets and liabilities for which fair value is measured and disclosed in the financial statements are categorized

within the fair value hierarchy. This is described as follows, based on the lowest significant level for the entire fair

value measurement:

• Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 - Valuation techniques for which the lowest significant level for fair value is observable, either directly or

indirectly;

• Level 3 - valuation techniques for which the lowest significant level for fair value assessment is unobservable.

For assets and liabilities that are recognized at fair value in the financial statements on a recurring basis at the end

of each reporting period, the Company determines whether there are instances in which certain assets or liabilities

have transferred between levels defined by the fair value hierarchy (based on the lowest level of information that is

significant to the fair value measurement) at the end of each reporting period.

2.3.3 Revenue recognition

Revenues include vehicle rental income - operating lease, rent-a-car income, equipment rental income -

operating lease, income from services in addition to operating lease, sale of goods and other rental income.

A) Operating lease (vehicles and equipment), rent-a-car income and other operating leasing

income

Vehicle and equipment rental income

Operating lease income is recognized on a straight-line basis over the lease term, based on all contractual payments

divided by the number of months of the lease.

Rent-a-car income is recognized ratably over the period (number of rental days in the accounting period) during

which the vehicles are rented under the rental contract.

End of contract/termination fees consists of fees charged to customers on early termination of leases and is included

in this category of income.

Other operating lease income

Other operating lease income is recognized on a straight-line basis over the lease term.

B) Revenue from contracts with customers

Revenue from contracts with customers is recognized when control of goods and services is transferred to the

customer at an amount that reflects the consideration the Company expects to receive in exchange for those

goods and services. The Company has generally concluded that it is the principal in its revenue arrangements

because it typically controls the goods or services before transferring them to the customer.

Income from services additional to vehicle rental

Additional vehicle lease services include charges for repair and maintenance services, tire changes,

replacement car and insurance services and other contractual components. These services represent different

performance obligations and are generally recognized over the term of the contract based on monthly lease

payments as the vehicle is continuously with the customer and the service is continuously used or the customer

will have access to the service during the term of the contract, except for tire changes, which are recognized

at a certain point in time when the service is performed.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

Revenue from the sale of vehicles

Revenue from the sale of vehicles refers to cars purchased for resale and is recognized at the time when

control of the asset is transferred to the customer, usually upon delivery of the car.

Proceeds from sale of cars from rental fleet and rental equipment

Proceeds from sale of cars from rental fleet and rental equipment (operating leases and rental contracts) are

recognized at the time when control over the asset is transferred to the customer, usually upon delivery of the

vehicle.

The Company considers whether there are other promises in the contract that represent different performance

obligations, of which a proportion of the transaction price must be allocated (e.g. guarantees, loyalty points).

In determining the transaction price for the sale of goods, the Company considers the effects of variable

consideration, the existence of significant financing components, non-monetary consideration and

consideration payable to the customer (if any).

Trade receivables

A receivable represents the Company's right to a consideration that is unconditional (e.g. only the passage of

time is necessary before payment of the consideration is due). Trade receivables are unpaid current

receivables arising from operating leases or receivables arising from the sale of inventories.

Refer to the accounting policies on financial assets in section 2.3.12 Financial instruments - initial recognition

and subsequent measurement.

Contract liabilities

A contract liability is an obligation to transfer goods and services to a customer for which the Company has

received consideration (or part of the consideration is due) from the customer. If a customer pays consideration

before the Company transfers the goods or services to the customer, a contractual liability is recognized when

payment is made or payment is due (whichever is earlier). Contract payables are recognized as revenue when

the Company renders services or sells goods under a contract. For the Company, advances from customers

for motor vehicles to be sold are classified as contract payables in accordance with IFRS 15.

2.3.4 Foreign currencies

The Company's individual financial statements are presented in RON.

Transactions in foreign currency are converted into RON by applying the exchange rate prevailing on the

transaction date. Monetary assets and liabilities denominated in foreign currency at the year-end are translated

into RON at the exchange rate prevailing at that date. Realized or unrealized foreign exchange gains or losses

are recognized in profit or loss.

The main foreign currencies used by the Company are the EURO ("EUR", "EURO") and the US Dollar ("USD").

The RON - EUR and RON - USD exchange rates at December 31, 2024 and December 31, 2023 were:

December 31, 2024

December 31, 2023

RON - EUR

4.9741

4.9746

RON - USD

4.7768

4.4958

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

2.3.5 Tax

Current income tax

Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be

recovered or paid to the tax authorities. The tax rates and tax laws used in calculating the amounts are those

enacted or substantially enacted by the end of the reporting period in Romania, the country in which the

Company operates and generates taxable income.

Current income tax on items recognized directly in equity is recognized in equity and not in the income

statement. Management periodically evaluates tax returns for situations where the applicable tax rules are

subject to interpretation and establishes provisions when necessary.

Deferred profit tax

Deferred income tax is recognized using the balance sheet liability method on temporary differences between

the tax base of assets and liabilities in the financial statements and their net carrying amount for financial

reporting purposes at the reporting date.

Deferred income tax relating to items recognized outside the profit or loss account is recognized outside the

profit or loss account. Deferred income tax items are recognized, depending on the nature of the underlying

transaction, in other comprehensive income or directly in equity.

Sales taxes (VAT and similar taxes)

Revenues, expenses and assets are recognized net of tax except for the following:

• When a tax incurred on the acquisition of assets or services is not recoverable from the taxation authority, in

which case the tax is recognized in the acquisition cost of the asset or as part of the expense, as appropriate;

• Receivables and payables are shown with taxes included in the amount.

The net amount of tax recoverable from or payable to the tax authority is included in the amount of receivables

or payables in the statement of financial position.

2.3.6 Rental fleet, rental equipment and other property, plant and equipment

The rental fleet, rented equipment and other property, plant and equipment for own use are stated at

cost net of accumulated depreciation and accumulated impairment losses. Cost consists of the purchase

price and directly attributable costs. Assets subject to operating leases and rental contracts are

presented in the balance sheet according to the nature of the asset. Subsequent costs are included in

the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the Company and the cost

of the item can be measured reliably.

All repair and maintenance costs are recognized in the income statement as incurred.

Depreciation method

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:

Years

Rental fleet – Rental vehicles*

Rental equipment and machinery

3 - 10

Other furniture, furnishings, accessories and equipment

3 - 24

*The fleet is depreciated on a straight-line basis to their estimated residual values at the expected date

of disposal, after considering anticipated market conditions for the cars used.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

The residual values, useful lives and methods of depreciation of rental fleet, rental equipment and other

property, plant and equipment are reviewed at the end of each financial year or during the financial year if

necessary and adjusted prospectively.

An item of property, plant and equipment is derecognized when it is sold or when no future economic benefits

are expected from its use or sale.

Any gain or loss arising on the derecognition of an asset (calculated as the difference between the net proceeds

from the sale and the asset's remaining carrying amount) is included in the income statement when the asset

is derecognized.

Upon completion of the lease or rental contracts and once the Company obtains ownership of these assets

and Management decides to sell them, the relevant assets are reclassified as "Inventories" at net carrying

amount in accordance with IAS 16 paragraph 68A and the proceeds are recognized as revenue in accordance

with IFRS 15.

The depreciation policy for depreciable leased assets (under leases with an option to transfer ownership or

purchase option) is consistent with the Company's normal depreciation policy for similar assets.

2.3.7 Investment property

Investment property is initially measured at cost, including transaction costs. Subsequent to initial recognition,

investment property is carried at historical cost less accumulated depreciation and impairment.

Investment property is derecognized either when it has been sold (e.g. on the date when the recipient obtains

control) or when it is permanently retired or no future economic benefits are expected from its sale.

The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit

or loss in the period of derecognition. The consideration to be included in the gain or loss arising on

derecognition of investment property is determined in accordance with the requirements for determining the

transaction price in IFRS 15.

Transfers are made only to (or from) investment property where a change in use occurs. For a transfer from

investment real estate in the owner-occupied property category, the cost considered for subsequent accounting

is the net book value at the date of the change in use. If owner-occupied property becomes investment real

estate, the Company accounts for these properties in accordance with the policy stated in property and

equipment through the date of change in use.

2.3.8 Leases

The company assesses at the inception of the contract whether the contract is a lease or contains a lease,

i.e., whether the contract confers the right to control the use of an identified asset for a period in exchange for

consideration.

Company as tenant

The Company applies a unified recognition and measurement approach for all leases except for short-term

leases and low value asset leases - see below. The Company recognizes the liabilities arising from leases to

make lease payments and the right to use assets, which represents the right to use the underlying assets.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

• Right of use assets

The company recognizes right- of-use at the inception date of the contract (i.e. the date the underlying asset

is available for use).

The right-of-use assets are measured at cost less accumulated depreciation and impairment losses and is

adjusted for any remeasurement of lease liabilities.

The right-of-use cost includes the amount of lease liabilities recognized, the initial cost at the date of origination,

and lease payments made on or before the commencement date, less lease incentives received.

Unless the Company is reasonably certain that it will obtain ownership of the leased asset at the end of the

lease term, recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their

estimated useful life and the lease term. The depreciation period ranges from 1.5 to 4 years.

If the ownership of the leased asset (vehicles and equipment) is transferred to the Company at the end of the

lease or the cost reflects the exercise of the purchase option, then the right to use the asset (for vehicles and

equipment) is depreciated using the depreciation method and estimates used for similar assets held - see

paragraph 2.3.6.

Similar to the owned rental fleet, upon termination of the lease or rental contract and Management's decision

to sell the vehicles, the relevant assets in the right-of-use asset are reclassified to "Inventories" at their carrying

amount, in accordance with IAS 16 paragraph 68A, most often simultaneously with the time the vehicle

becomes the property of the Company.

Assets related to the right of use are subject to impairment, as disclosed in note 2.3.11. Please refer to the

accounting policies in the section Impairment adjustments on non-financial assets.

• Lease liabilities

At the inception of the lease, the Company recognizes lease liabilities measured at the present value of the

lease payments to be made over the lease term. Lease payments include fixed lease payments (including

fixed payments in the fund), less any lease incentives receivable, variable lease payments that depend on an

index or rate, and amounts expected to be paid under residual value guarantees

Lease payments also include the price for exercising a purchase option, if the Company is reasonably certain

to exercise the option, and the payment of lease termination penalties, if the lease term reflects Company's

exercise of a termination option.

Variable lease payments that do not depend on an index or rate are recognized as an expense in the period

in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses the marginal interest rate at the

inception date of the lease if the interest rate implicit in the lease is not readily determinable. After the

commencement date, the amount of the liabilities arising under the lease is increased to reflect the increase

in interest and reduced for lease payments made. In addition, the carrying amount of the lease liabilities is

remeasured if there is a modification, a change in the lease term, a change in the lease payments fixed in

substance or a change in the valuation to acquire the underlying asset.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

• Short-term rentals

The Company applies the exemption from recognition of short-term leases for motor vehicles (i.e., those leases

that have a lease term of 12 months or less from the inception date and do not contain an option to purchase).It

also applies the exemption from recognition of low value assets to leases of office equipment that are low

value. Lease payments for short-term leases and leases for low-value assets are recognized as expenses on

a straight-line basis over the lease term.

Company as lessor

Leases where the Company does not transfer substantially all the risks and rewards of ownership of an asset are

classified as operating leases. Initial direct costs incurred to negotiate and enter an operating lease are added to

the carrying amount of the leased asset and amortized over the lease term on the same basis as rental income.

Contingent rentals are recognized as income in the period in which they are earned.

The carrying amount of property and equipment held under operating leases and the short-term rental fleet is

amortized over the lease term or the useful life of the asset. Depreciation is recognized in the income statement.

Operating lease rates are recognized in the financial statements in full on a straight-line basis over the lease term.

The rates are classified and presented in the income category "Operating lease income" of the income statement

and other comprehensive income. The Company leases assets to its customers for terms normally ranging from

three to four years. In all cases, the leased assets are returned to the Company

• Sale of assets followed by leaseback transactions

No gain or loss is recognized on the sale of an asset followed by leaseback, the only accounting transactions

recorded are those related to the financing and the performance of the lease. The lease payments or revised

lease payments are determined in such a way that the seller-lessee recognizes neither loss nor gain on the

retained right of use.

2.3.9 Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of assets that take a

substantial period to get ready for use or sale are added to the cost of those assets. All other borrowing costs are

recognized in the income statement in the period in which they arise. Borrowing costs consist of interest and other

costs that an entity incurs in connection with the borrowing of funds

2.3.10 Intangible assets

Separately acquired intangible assets are measured on initial recognition at cost. The cost of intangible assets

acquired in a business combination represents their fair value at the acquisition date. After initial recognition,

intangible assets are carried at cost, net of accumulated amortization and accumulated impairment losses, if

any.

The useful lives of intangible assets are measured as definite or indefinite.

Intangible assets with finite useful lives are amortized on a straight-line basis over their economic useful lives

and assessed for impairment whenever there is an indication that the intangible asset is impaired. Amortization

periods are reviewed at least at each year-end.

Changes in the expected useful lives or the expected pattern of consumption of the future economic benefits

embodied in assets are accounted for by changing the amortization method or amortization period, as

appropriate, and are treated as changes in accounting estimates.

Software, licenses and similar assets are depreciated using the straight-line method over a period of three

years by the Company. Customer relationships are amortized over two and a half years.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

An item of intangible assets and any significant portion initially recognized are derecognized on disposal (e.g.

on the date when the recipient obtains control) or when no future economic benefits are expected from its use

or sale. Any gain or loss on derecognition of the asset (calculated as the difference between the net disposal

proceeds and the net carrying amount of the asset) is included in profit or loss.

2.3.11 Adjustments for impairment of non-financial assets

At each reporting date, the Company analyzes the net carrying amounts of property, plant and equipment

(leased fleet and equipment and other property, plant and equipment) and intangible assets, right-of-use

assets, investment property to determine whether there is any indication that these assets have suffered

impairment losses. If such indications exist, a formal recoverable amount calculation is performed, which is the

higher of value in use and fair value less costs to sell. The carrying amount is written down to recoverable

amount and the difference is recognized as an expense (impairment loss) in the statement of profit or loss and

other comprehensive income.

In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and asset-specific risks for

which future cash flows have not been adjusted. In determining fair value less cost to sell, an appropriate

valuation model is used. The Company bases its impairment calculations on detailed budgets and forecasts,

which are prepared separately for each of the Company's cash-generating units to which individual assets are

allocated. These budgets and forecast calculations generally cover a five-year period. A long-term growth rate

is calculated and applied to future project cash flows after the fifth year.

An impairment loss recognized for an asset in prior years is reversed if there has been a change in the

estimates used to determine the recoverable amount of the asset. An impairment loss is reversed only to the

extent that the carrying amount of the asset does not exceed the carrying amount that would have been

determined, net of depreciation or amortization, had no impairment loss been recognized.

Goodwill is tested for impairment annually and when conditions indicate that the carrying amount may be

impaired. Goodwill impairment is determined by estimating the recoverable amount of the cash-generating unit

("CGU") (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less

than its carrying amount, an impairment loss is recognized. Goodwill impairment losses cannot be reversed in

future periods.

2.3.12 Financial instruments

A financial instrument is any contract that creates a financial asset for one entity and a financial liability or

equity instrument for another entity.

i) Financial assets

Initial recognition and measurement

At the date of initial recognition, the Company classifies its financial assets as subsequently measured at

amortized cost, fair value through other comprehensive income or fair value through profit or loss.

The classification of financial assets depends both on the Company's business model for managing financial

assets and on the contractual characteristics of the cash flows related to financial assets.

Except for trade receivables that do not have a significant financing component or for which the Company has

applied the practical expedient, the Company initially measured financial assets at fair value plus, in the case

of assets that are not at fair value through profit or loss, transaction costs that are attributable to the acquisition

of the financial asset.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

Trade receivables that do not contain a significant financing component or for which the Company has applied

the practical cost are measured at the transaction price determined in accordance with IFRS 15.

In order to classify and measure a financial asset at amortized cost or fair value through other comprehensive

income, it must generate cash flows that are "principal and interest only payments (NPPD)" related to the

principal amount. This assessment is called the NPPD test and is performed at the instrument level.

The Company's financial asset management business model refers to how it manages its financial assets to

generate cash flows. The business model determines whether cash flows will result from the collection of

contractual cash flows, the sale of financial assets, or both.

The Company's financial assets consist solely of loans to related parties and trade receivables, cash and cash

equivalents.

Purchases or sales of financial assets that require delivery within a period prescribed by a regulation or market

convention (standard transactions) are recognized on the transaction date, i.e., the date on which the Company

commits to sell the asset.

Subsequent measurement

For subsequent measurement purposes, financial assets are classified into four categories:

• Financial assets at amortized cost (liability securities);

• Financial assets at fair value through other comprehensive income with recycling of accumulated gains

and losses (liability securities);

• Financial assets designated at fair value through other comprehensive income, without recycling

cumulative gains and losses on derecognition (equity instruments);

• Financial assets at fair value through profit and loss.

Financial assets at fair value through profit or loss

This category is the most relevant for the Company and represents loans granted to related parties and trade

and lease receivables.

The company measures financial assets at amortized cost if the following conditions are met:

• Financial assets are held within a business model with the objective of holding financial assets to collect

contractual cash flows;

yes

• The contractual terms of the financial asset give rise on the specified dates to cash flows that represent

only principal and interest payments of the principal amount outstanding.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted

in an active market. After initial recognition, these financial assets are subsequently measured at amortized cost

using the effective interest rate method, less impairment.

The amortized cost is calculated taking into account any discount or premium on acquisition and any fees and costs

that are an integral part of the effective interest rate.

Amortization based on the effective interest rate is included in the income statement under "Financial income".

Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

Derecognition

A financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is

derecognized when:

• The rights to receive cash flows from the asset have expired

• The company has transferred its rights to receive the cash flows arising from the asset or has assumed an

obligation to pay the cash flows received in full, without significant delay, to a third party, on a pass-through

basis and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the

Company has not transferred and has not retained substantially all the risks and rewards of the asset but has

transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a

commitment with identical cash flows, it assesses whether and to what extent it has retained the risks and

rewards of ownership.

If it has not transferred and retained substantially all the risks and rewards of the asset, but has not transferred

control of the asset, the asset is recognized in proportion to the Company's continuing involvement in the asset.

In this case, the Company also recognizes an associated liability. The transferred asset and associated liability

are measured on a basis that reflects the rights and obligations that the Company has retained.

The continuing involvement taking the form of a guarantee on the transferred assets is quantified at the lower

of the initial carrying amount of the asset and the maximum amount of consideration that the Company could

be required to repay.

ii) Impairment of financial assets

Information on impairment of financial assets is presented in the following notes:

• Risk management of financial instruments (Note 19)

• Trade receivables (Note 21)

The Company recognizes a valuation adjustment for expected credit losses on all liability securities that are

not held at fair value through the income statement.

Expected credit losses are based on the difference between the contractual cash flows due under the contract

and all cash flows the Company expects to receive, discounted at an approximation of the initial effective

interest rate. Expected cash flows will include cash flows from the sale of collateral held or other credit

enhancements that are an integral part of the contractual terms.

Expected credit losses are recognized in two stages: If there has not been a significant increase in credit risk

from the time of initial recognition, credit losses are measured at 12 months. The amount calculated at 12

months represents the credit loss resulting from events of default that may occur within the next 12 months. If

there has been a significant increase in credit risk since initial recognition, an impairment adjustment is required

to be measured over the life of the asset, representing an expected credit loss resulting from events of default

that may occur during the expected life of a financial asset.

For trade receivables the Company applies a simplified approach to the calculation of expected credit losses.

Accordingly, the Company does not track changes in credit risk but recognizes a value adjustment calculated

over the entire life of the expected credit losses at each reporting date. The Company has established a

provision matrix that is based on historical credit loss experience, adjusted for perspective factors specific to

borrowers and the economic environment.

Based on historical data on the collection of past due receivables over time, the Company determined a provisioning

matrix for receivables outstanding at the reporting date, adjusted these provisioning rates for debtor-specific factors

and applied this matrix to discount the provision for the expected loss on receivables.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

Provisioning rates are based on the analysis of actual collection of receivables, grouped by relevant criteria over

two recent time intervals, to conclude on the stability and relevance of the loss rates determined, as described

below.

The following steps have been applied to the determination of historical loss ratios on receivables:

- Identification of open, uncollected invoices at the beginning of each collection period

- For the above invoices, the determination of the outstanding amount at the end of each period analyzed

- Expected losses on receivables are determined as the amounts not collected at the end of a collection

interval, applying the assumption that the amounts collected after each interval analyzed can only

marginally improve the loss rate.

- Loss ratios on receivables are calculated for receivables grouped according to age, as the ratio between

the amounts outstanding at the end of the analysis interval and the amounts outstanding at the beginning

of the analysis period, for the same population of invoices.

- The 12-month average estimated loss percentage is used to determine the provisioning matrix at the

reporting date.

The company considers the credit risk of a financial asset to be significantly increased if its maturity is more than 90

days past due.

However, in some cases, the Company may consider a financial asset to be provisional when internal or external

information indicates that the Company is at risk of not receiving the outstanding contractual amounts in full before

considering any credit enhancements held by the Company. A financial asset is derecognized when there is no

reasonable expectation of recovering the contractual cash flows.

(iii) Financial liabilities

Initial recognition and measurement

Financial liabilities are classified on initial recognition as financial liabilities measured at amortized cost.

All financial liabilities are initially recognized at fair value and, in the case of financial liabilities measured at amortized

cost, net of directly attributable transaction costs.

The Company's financial liabilities include trade and other payables, as well as loans and credits.

Subsequent measurement

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and

borrowings are subsequently measured at amortized cost using the effective interest rate (EIR) method. Gains

and losses are recognized in the income statement when the liabilities are derecognized, as well as through

the EIR amortization process.

Amortized cost is calculated considering any discount or premium on acquisition and any fees and costs that

are an integral part of the effective interest rate. The amortization of RDE is included as financing costs in the

statement of profit or loss.

Trade and other payables

These amounts represent payables for goods and services provided to the Company prior to the end of the

financial year and not yet paid. All amounts are unsecured. Trade and other payables are shown as current

liabilities unless payment is not due within 12 months after the reporting period. They are initially recognized

at fair value and subsequently measured at amortized cost using the effective interest method.

Trade and other payables with a maturity of 12 months or less are not discounted.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

Derecognition

A financial liability is derecognized when the obligation due is debited, cancelled or expires.

When an existing financial liability is exchanged for another financial obligation from the same creditor on

substantially different terms or if the terms of an existing obligation are substantially modified, such exchange

or modification is treated as derecognition of the original liability and recognition of a new liability. The

difference between the respective carrying amounts is recognized in the statement of profit or loss.

2.3.13 Inventories

Inventories, which include motor vehicles for resale, spare parts, consumables and materials in the form of

small inventory items, are stated at the lower of cost or net realizable value. Upon termination of lease or rental

contracts, the relevant assets become the property of the Company and are reclassified from "Property, plant

and equipment - fleet" or "Right to use assets" to "Inventories" at carrying amount. The net realizable value is

estimated based on the selling price related to the normal activity less estimated costs to sell.

When inventories are sold, the carrying amount of those inventories is recognized as an expense and reported

as a component of cost of sales in the statement of comprehensive income in the period in which the related

revenue is recognized. The amount of any write-downs of inventories to net realizable value and all inventory

losses are recognized as an expense in the same component of the income statement and other

comprehensive income as consumption of that inventory in the period in which the write-down or loss occurs

in the line item "Other (loss)/gain - net".

2.3.14 Cash and cash equivalents

Cash, cash equivalents and short-term deposits in the statement of financial position comprise cash at bank

and in hand and short-term deposits.

For the purposes of the cash flow statement, cash and cash equivalents consist of cash and short-term

deposits with a maturity of less than three months that are subject to an insignificant risk of changes in value.

2.3.15 Prepayments

Prepayments are stated at cost less provision for impairment. A prepayment is classified as non-current when

the goods or services to which it relates are expected to be obtained after more than one year.

Prepayments incurred to acquire current assets are transferred to the carrying amount of the asset once the

Company has obtained control of the asset and it is probable that future economic benefits associated with the

asset will flow to the Company.

Prepaid expenses incurred to acquire tangible fixed assets are classified as other receivables and current assets.

Other prepaid expenses are written off through the profit and loss account when the goods or services to which they

relate are received. If there is any indication that the assets, goods or services that relate to a prepaid expense will

not be received, the carrying amount of the prepaid expense is written down accordingly and a corresponding

impairment loss is recognized in the income statement. At December 31, 2023, impairment tests have been

performed on the Company's property and assets.

2.3.16 Equity

Share capital

Ordinary shares are classified as equity. External costs directly attributable to the issuance of new shares are

presented as a deduction of equity from the proceeds. Any excess of the fair value of the price received over

the par value of the shares issued is recognized as share premium.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

Dividends

The Company recognizes a liability to make cash or non-cash distributions to equity holders when the

distribution has been authorized and, therefore, is no longer within the Company's discretion.

Under Romanian corporate law, a distribution is authorized when approved by the shareholders. A

corresponding amount is recognized directly in equity.

2.3.17 Provisions

Provisions are recognized when the Company has a current obligation (legal or constructive) as a result of a

past event, it is probable that an outflow of resources embodying economic benefits will be required to settle

the obligation and the amount of the obligation can be reliably estimated.

2.3.18 Employee benefits

During the normal course of business, the Company makes payments on behalf of its employees for pensions

(defined contribution plans), medical insurance, payroll taxes which are calculated in accordance with the

statutory rates in force during the year, based on gross salaries. Food allowances, travel expenses and

vacation allowances are also calculated in accordance with local legislation in force.

The cost of these payments is included in the statement of profit and loss and other comprehensive income

items in the same period as the related salary cost. Projected liabilities are recognized for holiday pay if there

are untaken holidays, according to local legislation.

The Company does not operate another pension or post-employment benefit plan and, accordingly, has no

pension obligations.

2.4. Changes in accounting policies effective January 1, 2024

The accounting policies adopted are consistent with those of the previous financial year, except for the

following amendments to International Financial Reporting Standards (IFRS), which were adopted by the

Company on January 1, 2024.

• IAS 1 Presentation of financial statements: classification of liabilities as current or non-current

(amendments).

• IFRS 16 Leases: Lease liabilities arising under a sale and leaseback (amendments).

• IAS 7 Statement of Cash Flows and IFRS 7 Presentation of Financial Instruments - Vendor

Financing Arrangements (Amendments).

The newly adopted IFRS and IFRS amendments have not had a material impact on the Company's

accounting policies.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

STANDARDS ISSUED BUT NOT YET IN FORCE AND NOT YET ADOPTED IN ADVANCE

Standards/Amendments which are not yet in force but have been approved by the European Union:

• IAS 21 The Effects of Changes in Foreign Exchange Rates: Non-Convertibility (Amendments).

The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with

early application permitted. The amendments specify how an entity should assess whether a currency

is convertible and how it should determine a spot exchange rate when convertibility is lacking. A

currency is considered to be convertible into another currency when an entity can obtain the other

currency within a time frame that permits a standard administrative delay and through a market or

exchange mechanism in which an exchange transaction would create enforceable rights and

obligations. If a currency is not convertible into another currency, an entity is required to estimate the

spot exchange rate at the measurement date. An entity's objective in estimating the spot exchange

rate is to reflect the rate at which an orderly exchange transaction would occur on the measurement

date between market participants under prevailing economic conditions. The amendments state that

an entity may use an observable exchange rate without adjustment or other estimation technique.

Management has assessed that applying the amendments will have no impact on the Company's

financial position or performance.

Standards/Amendments that are not yet in force and have not been approved by the European Union:

• Amendment to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in

Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and an

Associate or Joint Venture.

The Amendments address a recognized inconsistency between the requirements of IFRS 10 and IAS

28 regarding the sale or contribution of assets between an investor and an associate or joint venture.

The main consequence of the amendments is that a comprehensive gain or loss is recognized when

a transaction involves a business (whether included in a subsidiary or not). A partial gain or loss is

recognized when a transaction involves assets that do not constitute a business, even if those assets

are included in a subsidiary. In December 2015, the IASB postponed the effective date of this

amendment indefinitely pending the outcome of its equity method research project. The amendments

have not yet been endorsed by the EU. Management has assessed that application of the

amendments will have no impact on the Company's financial position or performance.

• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification

and Measurement of Financial Instruments (Amendments).

The amendments are effective for annual reporting periods beginning on or after January 1, 2026.

Early adoption of the amendments related to the classification of financial assets and related

presentation requirements is permitted, with the option to adopt the other amendments at a later date.

The amendments clarify that a financial liability is derecognized on the 'settlement date' when the

obligation is settled, canceled, expires or meets other criteria for derecognition. They also introduce

an accounting policy option to derecognize financial liabilities settled by electronic payment systems

before the settlement date, if certain conditions are met. In addition, the amendments clarify how to

assess the contractual cash flow characteristics of financial assets with contingent environmental,

social and governance (ESG) and other similar contingent characteristics. Finally, the amendments

clarify the treatment of non-recourse receivables and contractually linked instruments and impose

additional disclosure requirements in accordance with IFRS 7 for financial assets and financial

liabilities with references to contingent events (including those related to ESG), as well as for equity

instruments measured at fair value through other comprehensive income. The amendments have not

yet been endorsed by the EU. Management has assessed that the application of the amendments will

have no impact on the Company's financial position or performance.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

2. MATERIAL ACCOUNTING POLICIES (continued)

• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts for

Factor-Dependent Electricity (Amendments).

The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with

early adoption permitted. They clarify how to apply the own-use requirements, allow hedge accounting

to be applied to contracts included within their scope, and introduce new disclosure requirements so

that investors can understand the impact of these contracts on a company's financial performance and

cash flows. The clarifications to the own-use requirements should be applied retrospectively, but the

guidance permitting hedge accounting should be applied prospectively to new designated hedging

relationships after the date of initial application. The amendments have not yet been approved by the

EU. Management has assessed that application of the amendments will have no impact on the

Company's financial position or performance.

• IFRS 18 Financial Statement Disclosures.

IFRS 18 introduces new disclosure requirements in the income statement. It requires an entity to

classify all income and expenses in the income statement into one of five categories: operating,

investing, financing, income tax and discontinued operations. These categories are supplemented by

requirements to present subtotals and totals for 'profit or loss from operating activities', 'profit or loss

before financing and income tax' and 'profit or loss'. The standard also requires the presentation of

management-defined performance indicators and includes new requirements for the aggregation and

disaggregation of financial information based on the identified "roles" of the primary financial

statements and notes. In addition, there are consequential amendments to other accounting

standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier

application permitted, Retrospective application is required in both annual and interim financial

statements. The standard has not been endorsed by the EU. In subsequent reporting periods,

management will review the requirements of this newly issued standard and assess its impact.

• IFRS 19 Non-publicly Accountable Subsidiaries: Disclosures

IFRS 19 permits non-publicly accountable subsidiaries to apply reduced disclosure requirements,

provided that the parent (either ultimate or intermediate) prepares publicly available consolidated

financial statements in accordance with IFRSs. Such subsidiaries shall comply with the recognition,

measurement and presentation requirements in other IFRSs. Unless otherwise specified, qualifying

entities that choose to apply IFRS 19 shall not be required to apply the disclosure requirements in

other IFRSs.

IFRS 19 is effective from January 1, 2027, with early application permitted. The standard has not been

endorsed by the EU. Management has assessed that the application of this standard will have no

impact on the Company's financial position or performance.

• Annual Improvements to IFRS Accounting Standards - Volume 11.

The IASB's annual improvements process is intended to address necessary, but not urgent,

clarifications and amendments to IFRS standards. In July 2024, the IASB issued Annual Improvements

to IFRS Accounting Standards - Volume 11, which are effective for annual reporting periods beginning

on or after January 1, 2026. This volume includes amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10

and IAS 7, aimed at clarifying wording, correcting minor unintended consequences and removing

conflicts between requirements in the standards. The standard has not been endorsed by the EU. In

subsequent reporting periods, management will review the requirements of this newly issued standard

and assess its impact.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

3. MATERIAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the Company's individual financial statements requires management to make judgments,

estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and

the accompanying disclosures of revenues, expenses, assets and liabilities and contingent liabilities. However,

the uncertainty surrounding these estimates and assumptions could result in a material future adjustment to

the carrying amount of assets or liabilities.

Due to the uncertainty inherent in all measurement processes, these estimates are continually revised.

Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future

periods affected.

RATIONALLY

In applying the Company's policies, management has utilized the following judgments, which have the most

significant effect on the amounts reported in the financial statements:

Classification of leases - Company as lessor

The Company has entered into lease agreements for its portfolio of vehicles. The Company has determined,

based on an evaluation of the terms and conditions of the agreements, such as lease terms that do not

constitute a significant portion of the economic life of the vehicles and the present value of the minimum lease

payments, which do not amount to the full fair value of the vehicle, that it retains all risks and rewards of

ownership of the vehicles and accounts for the contracts as operating leases.

The same reasoning applies to the portfolio of equipment contracts.

ESTIMATES AND ASSUMPTIONS

Key assumptions about the future and other significant causes of uncertainty in the estimates at the reporting

date that present a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are set out below. The Company has based its assumptions and

estimates on economic and market conditions at the date of the financial statements. However, existing

circumstances and assumptions regarding future developments may change as a result of market changes or

circumstances beyond the Company's control. These changes are reflected in the assumptions when they

occur.

Review of useful lives and residual value of assets in the car rental fleet

The basis for calculating the depreciation of an item of the Company's fleet of motor vehicles leased under an

operating lease is the acquisition cost less the estimated residual value, in combination with the estimated

useful life of the asset.

Management is required to assess the residual value and useful life of an asset at least at the end of each

financial year and assess whether specific impairment adjustments are necessary. Depending on the

outcome of these analyses, the changes are accounted for as a change in accounting estimates reflected by

prospective depreciation or as a specific impairment adjustment.

The determination of any impairment adjustment in respect of assets subject to operating leases (fleet of cars)

depends mainly on how the recoverable amount is affected by the residual value obtainable at the end of the

lease contract. These estimates could have a significant impact on the carrying amount of the value of assets

leased to customers (fleet of cars) and on the depreciation recognized in the income statement.

The Company closely monitors changes in the residual values used in operating leases, both for the Company-

owned fleet and for the fleet resulting from leases classified as right-of-use assets (those with transfer of

ownership or purchase option).

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

3. MATERIAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)

The residual values are estimated based on the sales value at the end of the contracts and are largely influenced

by the number of kilometers traveled by the vehicle, the manufacturer, the condition of the vehicle, as well as the

state of the used vehicle markets at the date the vehicles are sold, etc. The Company has reviewed the residual

values of its fleet used for leasing as of December 31, 2024, taking into account both internal and external

factors.

Similar estimates are made for vehicles acquired under leases (the Company as lessee) for which the

Company has the right to take title to the assets at the end of the lease term and intends to exercise such

right.

These right-of-use assets are amortized on a policy similar to that described above, with similar estimates of

residual value and estimated useful lives of the assets.

At December 31, 2024, the residual value is between 24% and 51% (December 31, 2023: 25% and 54%).

Adjustments for depreciation of vehicles in the rental fleet

In its annual assessment of indications of potential asset impairment, the Company considers both external and

internal sources of information. If there are indications for impairment, an analysis is performed to assess whether

the carrying amount of the asset (fleet of vehicles owned or presented as right-of-use) exceeds the recoverable

amount, the latter being the higher of fair value less costs to sell and value in use.

Fair value less costs to sell is calculated based on available market data from firm sales transactions, at market

value, for similar assets or observable market values less unavoidable costs of disposal activities.

Value in use is determined as the present value of the future cash flows expected to be derived from the cash-

generating object or cash-generating unit.

During 2023, the Company recorded a net impairment adjustment amounting to RON 11,028 thousand which

covers both its own fleet of cars and equipment for rental and vehicles acquired under lease contracts (right-of-use

assets).

During 2024, the Company recorded a net impairment adjustment amounting to RON 4,324 thousand covering the

rental equipment fleet.

For more details see Note 14.

Inventories - cars - net realizable value

Inventories are valued based on their net realizable value. These values are determined on the basis of data

available from arm's length, binding sales transactions for similar assets or observable market prices, less

incremental costs to dispose of the asset. After reclassification from property, plant and equipment or right of

use assets, impairment adjustments are recorded within 'Other gains/losses - net'.

Impairment losses on trade receivables

The measurement of the expected credit loss ratio for financial assets is an area that requires the use of complex

models and estimates of future economic conditions and trade credit behavior (e.g., the likelihood of giving rise to

customer default rates and resulting losses). Management judgment is required to apply appropriate estimates and

to establish rationale for the measurement of expected credit losses.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

3. MATERIAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)

Methodology and assumptions, including forecasts of future economic conditions, are periodically reviewed by

management. Details of the assumptions and estimation techniques used in measuring expected credit losses on

receivables are detailed in the "Credit Risk" section of Note 19. Impairment models are subject to annual review to

ensure that they remain current and fit for purpose and that utilization and performance continue to meet the

Company's standards.

4. INCOME

The breakdown of the Company's income by type of goods and services is included directly in the statement

of profit and loss and comprehensive income, where income from operating leases, income from services in

addition to operating leases (see also details in Note 4.1), income from the rental of motor vehicles, income

from the sale of goods and other operating income are presented separately (see also details in Note 5).

The company has a large portfolio of clients (there is no single client that has a share of 10 % or more of

revenues).

During 2024, revenues amounting to 16,169,155 RON were recorded from amounts previously recorded as

deferred revenue (2023: 14,925,526 RON).

The table below shows the Company's INCOME by geographical location of the customer:

2024

2023

Income from operating

leasing/rent a car from

additional services and

other operating income

Proceeds from

sale of vehicles

(from rental

fleet and rental

equipment)

Income from operating

lease/rent-a-

car/additional services

and other operating

income

Proceeds from

sale of vehicles

(from rental

fleet and rental

equipment)

Intern

616,588,083

198,523,917

529,188,927

152,682,494

External, of which:

4,830,551

21,448,395

2,610,303

44,463,524

Austria

388,414

690,546

304,185

516,866

Belgium

2,176,359

2,599

5,330,152

Bulgaria

97,162

1,454,247

1,283,128

Cyprus

Czech Republic

78,831

111,210

Germany

482,366

6,851,037

297,905

3,011,285

Denmark

Estonia

649,870

France

458,307

6,115,030

127,199

26,084,614

Greece

4,273

1,566,931

4,734,642

Croatia

111,275

79,850

Hungary

298,284

752,627

176,011

1,115,826

Ireland

1,995,518

1,154,208

Italy

303,171

35,271

319,134

Lithuania

35,065

155,777

Luxembourg

62,136

Latvia

9,832

Netherlands

188,228

25,297

Poland

233,059

295,443

Portugal

69,794

1,471,173

1,226,776

Spain

106,306

129,095

Sweden

76,972

39,732

TOTAL

OPERATING

INCOME:

621,418,634

219,972,312

531,799,230

197,146,018

The increase in turnover in the country is due to the increased base of assets used for rental from the

acquisition of new assets.

Outbound sales are mainly in the nature of new and second-hand car sales and are on a downward trend in

2024 compared to 2023, while services have recorded an increase of 85 %.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

4. INCOME (continued)

4.1 INCOME FROM ADDITIONAL SERVICES

2024

2023

Income from maintenance, repairs, insurance and tolls

100,304,256

96,996,629

Other contractual components

23,528,159

24,249,157

Total

123,832,415

121,245,787

Income from additional services is included in the total in Note 4.

5. OTHER OPERATING INCOME

2024

2023

Penalties

6,700,804

3,179,680

Income from car damage compensation

16,410,317

9,107,404

Income from subsidies received

151,618

Other income

23,201,677

19,471,335

Other rental income

181,105

259,155

Total

46,493,903

32,169,193

Other income relates to miscellaneous amounts rebilled to customers and fuel and miscellaneous rebilled to

affiliated companies

Other operating income is also included in the total in Note 4.

6. FLEET EXPENSES

2024

2023

Fuel

21,227,858

18,343,601

Spare parts

28,219,561

35,357,455

Repairs, maintenance and reconditioning

66,608,380

43,362,772

Fleet operating expenses

8,552,446

6,093,424

Insurance expenses

36,411,529

31,914,047

Other consumables expenses

682,987

359,090

Car registration and other fees

911,471

1.047,216

Car sanitization

2,626,727

2,272,265

Parking fees

722,234

309,781

Total

165,963,193

139,059,651

7. EMPLOYEE BENEFITS EXPENSES

2024

2023

Salaries

67,849,974

56,943,040

Social security contributions and other taxes

1,905,532

1,656,059

Meal tickets expenses

4,618,890

2,910,030

Total

74,374,396

61,509,129

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

8. ADMINISTRATIVE EXPENSES

2024

2023

Telecommunication expenses

649,790

464,177

Head office expenses

1,203,789

1,851,409

Sales and marketing expenses

2,362,094

1,912,904

Administrative offices rent

4,622,379

3,408,003

Total

8,838,052

7,636,493

9. OTHER OPERATING EXPENSES

2024

2023

Other third party services (Note 10)

19,977,090

15,876,627

Fees and taxes

3,546,967

9,791,942

Transportation of goods and personnel

1,235,595

792,709

Travel expenses

1,563,373

1,471,265

Bank and similar fees

1,673,904

1,253,937

Other taxes, duties and similar charges

8,435,967

7,050,932

Miscellaneous expenses

326,246

216,311

Donations and grants

3,369,003

1,581,303

Other expenses

349,931

236,569

Total

40,478,076

38,271,596

10. THIRD PARTY SERVICES EXPENSES

2024

2023

Training courses

1,701,440

2,536,499

IT services

4,409,985

3,010,180

Legal services

1,143,277

1,083,780

Medical services

419,106

280,323

Protocol

1,020,563

1,189,331

Human resources services

113,124

31,399

Audit and consultancy

2,087,092

1,522,271

Security

220,831

513,454

Other services

8,861,672

5,709,391

Total

19,977,090

15,876,627

11. OTHER (LOSSES)/GAINS - NET

2024

2023

Provisions for risks and charges, net

(93,157)

Trade receivables impairment (Note 21)

5,034,520

8,877,039

Total

5,034,520

8,714,643

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

12. FINANCE INCOME / COST

12.1. Finance cost

2024

2023

Interest for liabilities and loans

44,667,056

35,229,605

Interest for lease liabilities

28,505,567

22,786,979

Foreign exchange loss

(500,300)

6,752,502

Total finance cost

72,672,323

64,769,085

The change in interest expense from 2023 to 2024 considers the higher number of vehicles for which Autonom

Services SA has obtained financing as of December 31, 2024.

Foreign exchange losses relate to the fact that the entity has borrowings denominated in EUR and a large

balance of finance lease liabilities, the majority of which are denominated in EUR, which are remeasured to

the functional currency at the end of the period.

The table below shows the comparison between the average exchange rate EUR / RON and the spot rate in

the current period and in the comparative period of the previous year.

Exchange rate/Date

2024

2023

Spot

4.9741

4.9746

Variation

0.01%

0.55%

Average

4.9746

4.9465

Variation

0.57%

0.30%

12.2. Finance Income

2024

2023

Interest income

7,965,598

5,825,787

Total finance income

7,965,598

5,825,787

The change in interest income from 2023 to 2024 takes into account the actual calculation of interest on loans

granted to related parties as well as interest earned on deposits.

13. INCOME TAX

The major components of income tax expense for the years ended December 31, 2024 and December 31,

2023 are:

2024

2023

Current income tax:

(6,853,448)

Deferred tax:

On initial recognition and reversal of temporary differences

3,955,473

(9,686,787)

Income tax reported in the statement of profit and loss and

comprehensive income

(2,897,975)

(9,686,787)

A reconciliation between the tax expense and the product of book profit multiplied by Romania's domestic tax

rate for the years ending December 31, 2024 and December 31, 2023 is as follows:

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

13. INCOME TAX (continued)

2024

2023

Accounting profit before income tax

62,078,440

39,724,520

At the statutory income tax rate of 16%

(9,932,550)

(6,355,923)

(Non-deductible liabilities) / non-taxable income for tax calculation

802,718

(4,595,602)

Other tax exemptions

6,231,858

1,264,738

Income tax reported in the statement of profit and loss and

comprehensive income (liability)

(2,897,975)

(9,686,787)

Reconciliation of deferred income tax, net

2024

2023

January 1 - liability

(29,112,086)

(19,425,299)

Tax expense/credit during the period

recognized in profit or loss

3,955,473

(9,686,787)

December 31- liability

(25,156,613)

(29,112,086)

Deferred tax

Reconciliation of deferred income tax with the corresponding items in the statement of comprehensive

income:

Statement of financial position

Statement of comprehensive

income

December 31

2024

December 31

2023

2024

2023

Property, plant and equipment and right of use

of assets

(25,156,613)

(29,112,086)

(3,955,473)

9,686,787

Deferred income tax liability/(income)

(3,955,473)

9,686,787

Net deferred income tax liability

(25,156,613)

(29,112,086)

The company offsets tax assets and tax liabilities if and only if it has a legally enforceable right to offset current

tax assets and current tax liabilities, and deferred tax assets and deferred tax liabilities refer to income taxes

levied by the same tax authority.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

14. PROPERTY, PLANT AND EQUIPMENT

At December 31, 2024, the gross carrying amount of fully depreciated property, plant and equipment that were still in use is RON 145,191,654 (December

31, 2023: RON 129,821,292).

Land

Equipment and

furniture, and

other fixed

assets

Fleet and equipment for

rental

Tangible fixed

assets in

progress

Total

Cost

Balance at January 1, 2023

1,443,779

2,778,103

762,868,727

9,575,013

776,665,622

Additions

424,651

344,968,397

21,619,788

367,012,836

Transfer to inventories

142,560,261

Disposals/transfers

379,407

1,115,308

31,194,801

32,689,516

Balance at December 31, 2023

1,064,372

2,087,446

965,276,862

968,428,681

Additions

3,583,405

471,174,358

4,618,867

479,376,630

Transfer to inventories

161,723,043

Disposals/transfers

827,902

4,618,867

5,446,769

Balance at December 31, 2024

1,064,372

4,842,950

1,274,728,177

1,280,635,499

Accumulated amortization and accumulated depreciation and impairment

Balance at January 1, 2023

2,143,826

165,041,189

167,185,015

Depreciation expense

154,135

120,407,136

120,561,271

Impairment expense, net

11,413,025

Transfer to inventories

66,558,076

Disposals

907,831

Balance at December 31, 2023

1,390,130

230,303,275

231,693,406

Depreciation expense

125,732

144,468,937

144,594,669

Impairment expense, net

4,324,254

Transfer to inventories

71,989,387

Disposals

827,902

Balance at December 31, 2024

687,961

307,107,080

307,795,041,

Net book value as of December 31, 2023

1,064,372

697,316

734,973,587

736,735,275

Net book value as of December 31, 2024

1,064,372

4,154,989

967,621,097

972,840,458

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

14. PPROPERTY, PLANT AND EQUIPMENT (continued)

As of December 31, 2024, of the total rental fleet and rental equipment, RON 176,110 thousand represents

rental equipment, and RON 791,511 thousand represents cars from the rental fleet .

As of December 31, 2023, of the total rental fleet and rental equipment, RON 138,755 thousand represents

rental equipment and RON 596,219 thousand represents vehicles in the rental fleet.

Depreciation of property, plant and equipment

During 2023, following management's analysis, net impairment adjustments of RON 11,028 thousand were

recorded related to own rental equipment, vehicle and right-of-use assets as a result of the change in the

average trading prices of second-hand cars and equipment as well as the general market evolution. The

computer chip crisis has led to a fall in the production of new cars and hence in dealers' inventories and to

very long delivery times, for some manufacturers even more than 12 months. As a result, buyers have

turned to the second-hand market, with rising demand leading to a rise in prices, albeit less accelerated in

2023 than in 2022.

During 2024, following management's analysis, net impairment adjustments of RON 4,324 thousand were

recorded related to the rental equipment and assets related to the right of use as a result of the change in

the average trading prices of equipment and as a result of the general market evolution.

The summary of depreciation, amortization and impairment of non- current assets for years 2024 and 2023

is included in the following table:

2024

2023

Depreciation of rental fleet and rented equipment

144,468,937

120,407,136

Amortization of right-of-use assets (Note 15)

95,356,737

86,778,441

Adjustments for impairment of right-of-use of assets and rental fleet, net

4,324,254

11,028,335

Depreciation, amortization and adjustment for depreciation of rental fleet

and rental equipment

244,149,928

218,213,912

Depreciation of investment properties (Note 16)

82,249

82,250

Depreciation of the right-of-use assets for buildings (Note 15)

3,086,245

2,654,823

Depreciation of other assets

125,732

154,135

Impairment of other non-current assets (Note 17)

2,267,582

Depreciation of other non-current assets (Note 17)

215,101

269,595

Depreciation, amortization and impairment of other fixed assets

3,509,327

5,428,387

Total

247,659,255

223,642,300

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

15. RIGHT-OF-USE ASSETS

Below are the carrying amounts of the Company's right-of-use assets and right-of-use liabilities and

movements during the period:

Right-of-use assets

Lease

liabilities

Buildings

Current assets

fleet

Total

On January 01, 2023

4,942,689

474,901,038

479,843,727

429,721,446

Additions

14,338,006

188,325,585

202,663,591

Depreciation expense

(2,654,823)

(86,778,441)

(89,433,264)

Adjustments for impairment of the right-of-

use assets - net

(384,690)

Transfer to inventories (net)

(35,417,417)

Disposals

Interest expenses

22,786,979

Early lease terminations

(4,693,471)

Foreign exchange rates

1,249,376

Principal and interest payments

(163,028,833)

At December 31, 2023

16,625,872

535,952,604

552,578,474

488,699,088

Of which:

Current

162,513,515

Long-term

326,185,573

Right-of-use assets

Lease

liabilities

Buildings

Current assets

fleet

Total

On January 01, 2024

16,625,872

535,952,604

552,578,474

488,699,088

Additions

2,443,902

218,029,066

220,472,968

Depreciation expense

(3,086,245)

(95,356,737)

(98,442,982)

Adjustments for impairment of the right-of-

use assets -net

Transfer to inventories (net)

(49,818,278)

Disposals

Interest expenses

28,505,567

Early lease terminations

(10,941,093)

Foreign exchange rates

(1,461,844)

Principal and interest payments

(204,517,434)

At December 31, 2024

15,983,529

597,865,563

613,849,092

520,757,250

Of which:

Current

178,035,030

Long-term

342,722,220

At December 31, 2024 the pledged amounts in regard of fixed assets are 1,176,648,232 RON - remaining

value (December 31, 2023: 894,673,975 RON).

The Company recognized rental expenses from short-term leases in the amount of RON 6,617,635 (at

December 31, 2023: RON 2,455,645) under the line "Administrative expenses". There are no low value

asset leases and no variable lease payments for the period ended December 31, 2024.

At the termination of the leases, the vehicles registered as right-of-use assets become the property of the

Company and are used for the rental business or transferred to inventories for sale. Assets acquired under

leases are pledged to leasing companies.

Net amounts available under finance leases signed with financial leasing institutions at December 31,

2024 amount to EUR 11,078,086 (December 31, 2023: EUR 19,203,906).

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

15.RIGHT-OF-USE ASSETS (continued)

In December 2023 the new headquarters of Autonom in Piatra Neamt was completed. After the construction

was completed, the Management's decision was to sell the newly constructed building to the affiliated party

Stefan si Compania SRL, together with the related land for the amount of 31,194,801 RON. This decision

was based on the fact that the Group's real estate properties are already majority owned by Stefan si

Compania.The transaction was concluded after the property was appraised by an independent, ANEVAR

authorized appraiser, objectively reflecting the market value.

Between the two companies a long term lease contract was then signed, after the evaluation of the rental

rate by the independent appraiser, Autonom thus maintaining its full right of use of the building and the

related land. The ownership right related to this building is shown on the line entries in the above table. As

a result of this transaction, Autonom Services as a seller-lessee, in accordance with the amendments to

IFRS16 mentioned in Note 2, has recognized neither a gain nor a loss for the retained right of use.

16. INVESTMENT PROPERTIES

Investment

properties

Cost

On January 1, 2023

2,395,136

Additions

Disposals

At December 31, 2023

2,395,136

Additions

Disposals

At December 31, 2024

2,395,136

On January 1, 2023

295,212

Depreciation expense

82,250

Disposals

At December 31, 2023

377,462

Depreciation expense

82,247

Disposals

At December 31, 2024

459,709

Net book value

At December 31, 2023

2,017,675

At December 31, 2024

1,935,427

The fair value of investment properties at December 31, 2024, determined using the income approach, is

RON 2,399,747 for buildings (at December 31, 2023: RON 2,389,800). The fair value measurement is

classified in level 3 of the measurement hierarchy based on the assumptions used in the valuation

techniques.

Investment properties represents buildings leased to affiliated parties of the Company. Rental income from

investment properties is presented in Note 5 "Other operating income" under the caption "Other rental

income". Investment properties is depreciated on a straight-line basis over a period between 32-60 years.

The fair value of the investment properties was determined, by a certified independent appraiser, as of

December 31, 2023, using the income approach, with the most significant unobservable criteria being the

rent per square meter (ranging from EUR 10 to EUR 37) and the capitalization rate used of 11%.

The investment properties is pledged in favor of a bank as collateral for the financing received.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

17. INTANGIBLE ASSETS

Client

relationships

Licenses

and other

intangibles

Total

Cost

On January 1, 2023

2,267,582

2,067,581

4,335,163

Additions

226,796

Disposals

At December 31, 2023

2,267,582

2,294,376

4,561,961

Additions

123,294

Disposals

At December 31, 2024

2,267,582

2,417,671

4,685,253

Accumulated depreciation

On January 1, 2023

1,674,522

Depreciation expense

269,595

Impairment charges

2,267,582

Disposals

At December 31, 2023

2,267,582

1,944,117

4,211,702

Depreciation expense

215,101

Impairment charges

Disposals

At December 31, 2024

2,267,582

2,159,218

4,426,800

Net book value

At December 31, 2023

350,259

At December 31, 2024

258,453

In the period January 1 - December 31, 2023 the decrease in the gross value of intangible assets was RON

2,267,582, which represents the value of goodwill recorded at the merger with Premium Leasing for which an

impairment adjustment was recorded.

18. INTEREST-BEARING LOANS AND BORROWINGS

December 31, 2024

December 31, 2023

Long-term loans and borrowings

Long-term loans

379,644,987

248,070,741

Bonds - unsecured fixed rate

386,285,140

237,733,924

Subtotal

765,930,127

485,804,665

Current

Accrued interest for bonds

1,981,536

1,749,232

Bonds - unsecured fixed rate

99,300,592

Short-term loans and accrued interest

243,800,280

165,788,865

Subtotal

245,781,816

266,838,689

Total interest bearing loans and borrowings

1,011,711,943

752,643,354

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

18. INTEREST BEARING LOANS AND BORROWINGS (continued)

Bank

Type

Maturity

Balance in bank's

currency at

December 31,

2024

Currenc

Balance in RON at

December 31, 2024

Current

Non-current

Bank F

Car purchase line

31/08/2027

2,604,634

EUR

55,504,534

15,653,918

39,850,617

Bank F

Car purchase line

31/03/2030

8,554,075

EUR

Bank B

Credit for leasing operations

10/12/2028

14,719,864

EUR

73,218,075

28,759,650

44,458,425

Bank B

Credit line

10/12/2025

4,250,000

RON

4,250,000

Bank B

Credit line

10/12/2025

3,682,463

EUR

18,316,938

Bank C

Car purchase line

20/09/2029

18,747,998

EUR

93,254,414

30,293,675

62,960,739

Bank H

purchase line

28/11/2028

9,108,590

EUR

45,307,040

16,048,204

29,258,836

Bank D

Investment credit

84 months from the date of

signature of the contract, but no

later than 10/07/2025

259,259

EUR

1,289,580

Bank D

Multi-product facility

30/11/2030

11,066,054

EUR

55,043,660

20,012,524

35,031,136

Bank M

procurement line

01/05/2027

1,238,120

EUR

6,158,163

1,612,715

4,545,447

Bank E

procurement line

28/06/2028

6,637,334

EUR

33,014,764

8,823,320

24,191,444

Bank K

Car purchase line

18/10/2029

3,922,840

EUR

19,512,600

2,990,443

16,522,154

Bank O

Credit line

29/05/2026

66,953

EUR

333,029

235,080

97,950

5,979,284

29,741,558

16,099,705

13,641,853

Bank I

Credit line

29/03/2030

EUR

Bank G

Credit line

22/04/2030

11,682,791

EUR

58,111,373

23,049,369

35,062,004

Bank L

Credit line

10/06/2027

2,020,283

EUR

10,049,090

4,019,636

6,029,454

Bank P

Investment credit

22/12/2027

9,000,000

EUR

44,766,900

14,922,300

29,844,600

Bank R

Investment credit

07/12/2027

6,920,504

EUR

34,423,277

9,331,464

25,091,814

Bnaca J

Car credit line

01/07/2027

2,930,569

EUR

14,576,945

1,518,432

13,058,513

Subtotal :

RON

596,871,939

217,226,952

379,644,988

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

Bank

Type

Maturity

Balance in

bank's

currency at

December

31, 2024

Currency

Balance in

RON at

December 31,

2024

Current

Non-current

Bank E

Overdraft

28/06/2025

9,927,459

RON

9,927,459

Bank D

Overdraft

30/09/2025

8,144,592

RON

8,144,592

Bank J

Overdraft

31/01/2026

2,961,220

RON

2,961,220

Bank G

Overdraft

19/04/2026

5,540,056

RON

5,540,056

Interest rates Bonds

398,371

EUR

1,981,537

Bonds 26 AUT

23/11/2026

48,030,000

EUR

238,120,005

bonds 29 AUT

26/11 /2029

30,000,000

EUR

148,165,134

Subtotal :

RON

414,840,003

28,554,864

386,285,140

Grand total:

RON

1,011,711,943

245,781,816

765,930,127

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

18.INTEREST BEARING LOANS AND BORROWINGS (continued)

Bank

TYPE

Maturity

Balance in bank's

currency at December

31, 2023

Currency

Balance in RON

AT December 31,

2023

Current

Non-current

Bank F

Car purchase line

28/02/2025

116,961

RON

24,651,684

6,278,273

18,373,411

Bank F

Car purchase line

31/08/2027

3,544,375

EUR

Bank F

Car purchase line

31/03/2030

1,387,625

EUR

Bank B

Credit for leasing operations

11/10/2029

5,907,267

EUR

29,386,290

15,334,188

14,052,102

Bank B

Credit line

11/10/2024

4,250,000

RON

4,250,000

Bank B

Credit line

11/10/2024

3,021,460

EUR

15,030,555

Bank C

Car purchase line

23/08/2028

11,156,974

EUR

55,501,483

16,421,950

39,079,534

Bank H

purchase line

30/11/2028

7,426,168

EUR

36,942,216

11,298,719

25,643,497

Bank D

Investment credit

84 months from the date of signature

of the contract, but no later than

10/07/2025

703,704

EUR

3,500,644

2,210,934

1,289,710

Bank D

Multi-product facility

14/06/2029

7,715,902

EUR

38,383,527

13,661,130

24,722,396

Bank D

Multi-product facility

14/06/2029

1,249,505

EUR

6,215,787

1,003,658

5,212,129

Bank M

procurement line

05/06/2024

23,220

RON

23,220

Bank M

procurement line

28/11/2025

83,055

EUR

413,164

397,888

15,277

Bank E

Equipment line

02/10/2025

106,850

RON

106,850

Bank E

procurement line

28/06/2028

4,071,587

EUR

20,254,516

4,451,403

15,803,112

Bank K

Car purchase line

03/07/2028

2,050,979

EUR

10,202,798

1,758,885

8,443,914

Bank O

Credit line

29/05/2026

118,152

EUR

587,760

235,009

352,750

Bank I

Credit line

29/01/2027

3,855,555

EUR

31,589,845

16,937,442

14,652,403

Bank I

Credit line

29/01/2027

2,494,674

EUR

Bank G

Credit line

20/04/2029

5,408,935

EUR

26,907,286

11,972,288

14,934,998

Bank L

Credit line

10/06/2027

3,526,804

EUR

17,544,441

7,214,498

10,329,943

Bank N

Credit line

05/05/2028

3,703,291

EUR

18,422,389

8,028,224

10,394,165

Bank P

Investment credit

22/12/2027

12,000,000

EUR

59,695,200

14,923,800

44,771,400

Subtotal :

RON

399,609,656

151,538,914

248,070,741

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

Bank

Type

Maturity

Balance in bank's currency

at December 31, 2023

Currenc

Balance in RON at

December 31, 2023

Current

Non-current

Bank E

Overdraft

28/06/2024

9,946,237

RON

9,946,237

Bank G

Overdraft

19/04/2024

4,303,714

RON

4,303,714

Bank B

Interest rates

Bonds

351,633

EUR

1,749,232

AUT24E bonds

12/11/2024

20,000,000

EUR

99,300,592

Bonds AUT26E

23/11/2026

48,030,000

EUR

237,733,924

Subtotal :

RON

353,033,698

115,299,775

237,733,924

Grand total:

RON

752,643,354

266,838,689

485,804,665

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

18. INTEREST BEARINGS LOANS AND BORROWINGS (continued)

Unsecured corporate bonds

On December 4, 2019, the Company issued unsecured bonds of EUR 20 million. The bonds were issued

in Euro for five years, have a fixed interest rate of 4.45% and were paid at maturity on November 8, 2024.

The first interest coupon was paid on November 5, 2020.

In November 2021, the Company issued corporate bonds in the amount of EUR 48 million which were

admitted to trading on the Main Market of the Bucharest Stock Exchange, segment Bonds, and which are

traded under the symbol AUT26E. The bonds have a nominal value of EUR 10,000, a maturity of five years

and a fixed interest rate of 4.11%, p.a. payable annually.

This bond round includes a step-up adjustment mechanism. This adjustment mechanism is linked to a

certain level of CO2 emissions per vehicle (115.13 gCO2/km per vehicle) that must be achieved by

December 31, 2025 in order to maintain the 4.11% interest rate inclusive and for the final year. If the CO2

emissions level is above 115.13 gCO2/km on December 31, 2025, the Company will pay an interest rate of

4.41% for the last year (base level of 4.11% plus 0.30%). Within 4 months after the Performance

Observation deadline, the Company will have to prepare the emissions level report, which will be audited

by Sustainalytics.

On November 26, 2024, the Company issued corporate bonds in the amount of EUR 30 million which were

admitted to trading on the Main Market of the Bucharest Stock Exchange at the beginning of 2025, segment

Bonds, and which trade under the symbol AUT29E. The bonds have a nominal value of EUR 1,000, a

maturity of five years and a fixed interest rate of 6.14%, p.a. payable annually.

This round of bonds includes a step-up adjustment mechanism. This adjustment mechanism is linked to a

certain level of CO2 emissions per vehicle (96 gCO2/km per vehicle) to be achieved by December 31, 2028

in order to maintain the 6.14% interest rate inclusive and for the final year. In case the CO2 emission level

is above 96gCO2/km on December 31, 2028, the Company will pay an interest rate of 6.41% for the last

year (base level of 6.14% plus 0.30%). Within 120 days after the Performance Observation deadline, the

Company will have to prepare the emission level report, which will be audited by Sustainalytics.

Financial covenants on fixed rate unsecured bonds are calculated using financial information from the

Company's individual financial statements and include Interest Coverage Ratio, with a minimum of 4% and

Net Financial Liability/EBITDA which must be equal to or less than 4 for AUT26E bonds and AUT29E bonds.

Sustainability performance objective: to reduce the average CO2 emissions of the operational fleet by 25%

by 2025, medium-term objective, to reduce the average CO2 emissions of the passenger fleet by 30% by

2028 and 55% by 2030. The second sustainability objective is to increase the representation of women in

management positions, with the goal of at least 46% of leadership roles being held by women by 2030.

Financial covenants related to the bonds are measured annually and have been met as of December 31,

2023 and December 31, 2024.

Interest rate:

Interest rates for loans in local currency are ROBOR 1M and ROBOR 3M plus fixed margin negotiated with

banks. For loans denominated in foreign currency, EURIBOR 3M and EURIBOR 6M plus the fixed margin

negotiated with banks are used.

Covenants for interest-bearing loans and borrowings (other than bonds):

For the majority of the Company's credit agreements with banks, additional deeds were signed, so that all

the provisions related to the financial indicators are aligned with the provisions of the prospectus of the

bond issue, i.e. the indicators from the financial statements will be taken into account, namely the Interest

Coverage Ratio which must be at least 4 and Net Financial Debt/EBITDA, which must be maximum or

equal to 4.

Defaulting on the agreements would allow banks to demand immediate repayment of the loans.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

18. INTEREST BEARING LOANS AND BORROWINGS (continued)

At December 31, 2024 and at December 31, 2023, the indicators relating to the covenants in the loan agreements

signed with the banks for most of which the assessment is made annually at December 31 have been met.

Pledges:

With the exception of bonds, which are unsecured, all bank loans are secured by pledges on: property,

plant and equipment (Note 14), investment property (Note 16), cash and cash equivalents (Note 22) and

receivables (Note 21).

As at December 31, 2024, the Company had available undrawn credit facilities amounting to RON

5,877,713 and Euro 30,998,883 (December 31, 2023: RON 19,239,869 and Euro 42,877,795) and

therefore is able to meet any unforeseen cash needs.

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT

The principal financial liabilities of the Company comprise loans and borrowings, including leasing and trade

and other payables. The principal purpose of these financial liabilities is to finance the Company's

operations. The Company's financial assets consist of loans, trade and other receivables, cash and short-

term deposits arising directly from its operations, and long-term deposits to secure rent liabilities.

The Company is exposed to interest rate risk, foreign exchange risk, credit risk and liquidity risk. The

Company's management oversees the management of these risks. The Company's management shall

ensure that the activities by which the Company assumes financial risks are governed by appropriate

procedures and that financial risks are identified, quantified and managed in accordance with the

Company's risk appetite

Interest rate risk

The Company's operating income and cash flows from operations are significantly independent of changes

in market interest rates. Trade and other receivables and payables are non-interest bearing financial assets

and liabilities. Borrowings are usually exposed to interest rate risk through fluctuations in the market value

of long and short-term interest-bearing credit facilities. With the exception of the bonds issued by the

Company, interest rates on the Company's loans and borrowings are variable. Interest rates for the

Company's credit facilities are disclosed in Note 18. Changes in interest rates primarily affect loans and

borrowings primarily through changes in related cash flows (variable rate liability). Management's policy is

to use mainly variable rate financing. However, when obtaining new loans or borrowings, management

makes an assessment as to whether a fixed or floating rate would be more favorable to the Company over

the expected period to maturity.

Interest rate sensitivity

The table below demonstrates the sensitivity to a reasonable possible change in the interest rate. With all

other variables held constant, the Company's profit before tax and shareholders' equity are impacted by

the impact on floating rate borrowings as follows:

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT (continued)

Increase in

basis points

Effect on

profit before

tax

2023

(12,413,424)

RON

(187,470)

EUR

(12,225,955)

2024

(15,324,692)

RON

(48,278)

EUR

(15,276,414)

The company does not insure its interest rate risk.

The percentage point changes in interest rate assumed for the sensitivity rate analysis are based on the

current observable market environment. An equal decrease in the interest rate would have the same effect

but the opposite sign.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign

exchange rates mainly relates to the Company's financing activities, as the financing obtained by the

Company is denominated in EUR. The vast majority of the Company's revenues, expenses, trade and other

receivables and payables are denominated in RON. The Company monitors foreign exchange risk by

monitoring changes in the exchange rates of the currencies in which the Company's balances and payables

to third parties are denominated. The Company has no formal arrangements to mitigate the foreign currency

risk it faces.

The company holds the following foreign currency assets and liabilities.

December 31, 2024

Total in RON

equivalent

EUR

USD

GBP

HUF

RON

Trade receivables

52,156,344

2,802,770

362,383

48,991,191

Cash and cash

equivalents

193,638,407

127,772,064

699,379

65,166,935

Loans, bonds and

interest-bearing loans

1,011,711,943

1,006,884,110

4,827,833

Leasing liabilities

520,757,251

Trade liabilities

26,563,968

153,393

26,410,575

Contract guarantees

retained

8,366,368

416,710

7,949,658

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT (continued)

December 31, 2023

Total in

RON

equivalent

EUR

USD

GBP

HUF

RON

Trade receivables

64,430,340

3,841,317

1,361,042

59,227,982

Cash and cash

equivalents

160,153,012

72,647,105

5,652,132

2,621

81,851,129

Loans, bonds and

interest-bearing loans

752,643,354

733,896,372

18,746,982

Leasing liabilities

488,699,088

Trade liabilities

43,450,890

1,073,005

24,577

325

42,352,983

Contract guarantees

retained

7,997,883

417,633

7,580,250

Currency risk sensitivity

The table below demonstrates the sensitivity to a reasonably possible change in the exchange rate of the

EUR. The Company's exposure to exchange rate changes for all other currencies is not material. With all

other variables held constant, the Company's profit before tax and equity are affected as follows:

Change in

EUR

exchange rate

Effect on

pre-tax profit

December 31, 2023

(11,475,977)

December 31, 2024

(13,975,863)

Credit risk

Credit risk refers to the risk that a business partner may fail to fulfill its contractual obligations or experience

financial difficulties, resulting in a financial loss for the Company. The Company is exposed to credit risk

from operating activities (mainly trade receivables) and financing activities, including deposits with banks

and financial institutions. The Company's credit risk is primarily attributable to trade and other receivables

and balances due from banks. The carrying amount of trade and other receivables, net of allowance for

impairment (Note 21) plus loans granted to affiliated companies (Note 26) and balances with banks (Note

22) represent the maximum amount exposed to credit risk. Management believes that there is no significant

risk of loss to the Company except for the adjustments already recorded.

The Company invests cash and cash equivalents with reputable financial institutions. The Company had

only regular deposits with reputable banks, which have not experienced any difficulties in 2024 or up to the

date of approval of these individual financial statements. Among the banks with the largest assets on the

local market, the Company had open term or overnight deposits with BCR, OTP, Unicredit or Raiffeisen.

Loans granted to affiliated companies do not have significant exposure to credit risk as they include a loan

granted to the Company's shareholder, which is not in financial difficulty.

There is no significant concentration of credit risk with respect to trade and other receivables as the

Company has a large customer portfolio.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT (continued)

In order to identify credit risk exposure, the Company makes assessments of the financial positions of

counterparties. The Company has internal policies and procedures regarding the review and approval of

operating leases, differentiated by level of exposure.

The company has internal rules and procedures for monitoring the concentration of exposures by sector of

activity, by type of client, by type of asset financed, by geographical area, by risk category

Trade receivables

Customer credit risk is managed by each business unit in accordance with the Company's policies,

procedures and controls over credit risk management. The creditworthiness of a customer is based on the

collection history of that customer. Past due receivables and contract assets are constantly monitored and

collection or recovery plans are discussed with customers as soon as significant payments become past

due.

Receivables in relation to certain customers, for which, as a result of grouping according to specific risk

factors (such as the total number of days overdue and the number of overdue payments repeatedly

overdue) as well as the legal and juridical aspects identified, were analyzed individually. Based on historical

data on the collection pattern of overdue receivables over time, the Company determined a provisioning

matrix of the remaining receivables outstanding at the reporting date, segmented the population of

outstanding receivables based on similar characteristics related to the line of business and applied this

matrix to update the provision for the expected loss on receivables.

The provisioning rates are based on the analysis of the actual collection of the receivables to which these

general analysis criteria are applied, grouped by relevant criteria related to days overdue and type of

services invoiced.

Based on the internal history of how receivables in arrears are collected in an observation window, Autonom

has updated a matrix of provisioning rates for receivables outstanding at the reporting date. The observation

window applied was 12 months and 2 points in time were used to verify the stability of the historical rates,

including a point in time containing more recent data ...

Autonom has applied this matrix to update the provision for the expected loss on overdue receivables, while

for customers classified as litigious, the receivables outstanding at the reporting date have been fully

provisioned.

Provisioning rates are based on the analysis of the actual collection of receivables grouped according to

relevant criteria: number of days overdue and nature of the debt (related to RCA or commercial insurance)

The detailed analysis is described below.

The following steps have been applied to the determination of historical loss ratios on receivables:

• Identification of open invoices at the beginning of each 12-month observation window,

• Determination of the remainder to be collected at the end of each 12-month observation window,

in relation to the population of invoices determined in the previous step,

• The bad debt loss rates are calculated for each interval of days overdue, as the ratio between the

amounts outstanding at the end of the observation window and the amounts outstanding at the

beginning of the observation window, for the same population of invoices,

• The average percentage loss for two points in time is used to update the provisioning matrix,

• The provisioning matrix thus updated is applied to the receivables outstanding at the reporting date,

taking into account the same criteria for grouping the receivables used to determine the matrix.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT (continued)

The Company's customer database is homogeneous in terms of credit risk characteristics, therefore the

following criteria have been used for the segmentation of trade receivables:

• The grouping category (i.e. trade receivables and contract assets were analyzed in separate

segments for each entity based on a similar credit loss estimation methodology); and

• relevant seniority intervals.

• The calculation reflects the probability-weighted outcome, the time value in money and reasonable

and acceptable information that is available at the reporting date about past events, current

conditions and forecasts of future economic conditions. The Company holds no material

guarantees from customers. Furthermore, there are no credit enhancements obtained by the

Company that would materially alter the credit risk or affect the allowance reserved for credit risk.

In general, trade receivables are written off if they are overdue for more than one year and are not subject

to enforcement activity.

Set out below is information about the credit risk exposure of the Company's trade receivables and contract

assets (excluding unbilled receivables) using a provision matrix:

Trade receivables

Number of days outstanding

December 31, 2024

Current

1 - 30

31 - 60

61 - 90

91 - 120

over 120

Total

Estimating the loss rate due to

credit risk

3.14%

8.43%

21.11%

24.35%

39.83%

89.10%

Gross book value - third

parties

25,620,075

11,296,391

4,149,764

3,580,118

1,751,251

48,298,536

94,696,134

Gross book value - related

parties

805,101

5,582

264

949

811,961

Total gross book value

26,425,176

11,301,973

4,150,028

3,580,183

1,751,251

48,299,485

95,508,095

Expected credit losses

830,286

952,983

875,988

871,712

697,540

43,036,611

47,265,119

Trade receivables

Number of days outstanding

December 31, 2023

Current

1 - 30

31 - 60

61 - 90

91 - 120

over 120

Total

Estimating the loss rate due to

credit risk

2.78%

8.79%

40.36%

35.54%

49.84%

73.79%

Gross book value - third

parties

20,245,097

15,206,478

3,854,842

2,617,719

1,327,348

49,341,719

92,593,203

Gross book value - related

parties

2,549,010

101,920

95,985

158,133

288,787

618,547

3,812,381

Total gross book value

22,794,107

15,308,398

3,950,828

2,775,851

1,616,134

49,960,266

96,405,584

Expected credit losses

633,558

1,345,170

1,594,395

986,463

805,560

36,865,452

42,230,599

Liquidity risk

The Company has adopted a prudent financial liquidity management approach, based on the assumption

that sufficient cash and cash equivalents are maintained and that future funding will be available from the

secured funds under the lines of credit. The table below summarizes the contractual maturities of the

financial debt, including principal payments and estimated future interest payments under the commercial

contracts, as of December 31, 2024 and December 31, 2023 based on undiscounted contractual payments.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT (continued)

December 31, 2024

demand

Less than

3 months

3 - 12

Monday

1 - 5

years

Total

Interest-bearing loans and

borrowings

100,669,656

150,619,306

835,789,019

1,087,077,981

Lease liabilities

9,382,628

39,444,189

151,148,081

369,564,452

569,539,350

Trade and other payables

10,202,855

24,051,224

8,120,743

3,904,849

46,279,671

Total:

19,585,483

164,165,069

309,888,130

1,209,258,320

1,702,897,002

December 31, 2023

demand

Less than

3 months

3 - 12

Monday

1 - 5

years

Total

Interest-bearing loans and

borrowings

68,251,093

105,186,581

596,418,207

769,855,881

Lease liabilities

10,963,293

38,901,513

123,422,111

342,181,877

515,468,795

Trade and other payables

3,347,895

21,034,751

20,737,095

6,329,031

56,523,871

Total:

14,311,188

128,187,357

249,345,787

944,929,115

1,341,848,547

As at December 31, 2024, the Company had available undrawn credit facilities amounting to RON

5,877,713 and Euro 30,398,883 (December 31, 2023: RON 19,239,869 and Euro 42,877,795) and therefore

was able to meet any unforeseen cash needs.

The undiscounted lease payments to be received annually based on the maturity analysis are as follows

(currently no amounts are scheduled to be received for more than 5 years):

December 31, 2024

Within one

year

1-2 years

2-3 years

3-4 years

older than

4 years

Total

Total:

440,211,577

358,916,367

249,535,029

136,920,483

29,841,431

1,215,424,886

December 31, 2023

Within one

year

1-2 years

2-3 years

3-4 years

older than

4 years

Total

Total:

343,629,263

269,826,911

194,328,430

98,770,176

24,795,198

931,349,978

Capital management

Capital includes equity attributable to equity holders of the Company.

The primary objective of the Company's capital management is to ensure that it maintains a good credit

rating and healthy capital ratios to sustain its business and maximize shareholder value.

The Company manages its capital structure and makes changes to it in accordance with changes in

economic conditions and the requirements of financial covenants. In order to maintain or adjust the capital

structure, the Company may adjust the payment of dividends to shareholders, return capital to shareholders

or issue new shares.

The company may monitor capital using an indicator of leverage which is net debt divided by total capital

plus net debt - See Note 27.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

19. FINANCIAL INSTRUMENTS RISK MANAGEMENT (continued)

The purpose of the Company's capital management is, among other things, to ensure that it meets its

financial covenants under the loan agreements, which define certain capital structure requirements. Refer

to Note 18 for financial ratios related to financial commitments in effect at December 31, 2024 and

December 31, 2023.

Fair values

The Company has no financial instruments carried at fair value in the statement of financial position except

for investments in equity instruments (which are no longer carried in the balance at December 31, 2023

and at December 31, 2024, respectively).

Finance lease

liabilities

Current loans

Non-current

loans

Total

Balance at January 1, 2024

488,699,087

266,838,689

485,804,665

1,241,342,441

Drawings

220,472,968

214,094,217

223,452,720

658,019,905

Bond issuance (AUT29)

149,313,000

Transaction costs - bonds

(AUT29)

(1,075,796)

Bond redemption (AUT24)

(99,744,000)

Interest expenses

28,505,567

19,189,690

25,477,366

73,172,623

Early lease terminations

(10,941,093)

Payments

(176,011,867)

(164,236,558)

(94,358,934)

(434,607,358)

Interest paid

(28,505,567)

(19,189,690)

(23,495,830)

(71,191,087)

Overdraft

28,554,864

Exchange rate movements

(1,461,844)

274,604

812,935

(374,305)

Balance at December 31, 2024

520,757,251

245,781,816

765,930,127

1,532,469,194

Finance lease

liabilities

Current loans

Non-current

loans

Total

Balance at January 1, 2023

429,721,446

110,351,267

565,651,615

1,105,724,328

Drawings

202,663,591

122,478,410

39,622,940

364,764,941

Matured bonds

99,300,592

(99,300,592)

Interest expenses

22,786,979

16,361,446

18,868,158

58,016,583

Early lease terminations

(4,693,471)

Payments

(140,241,854)

(82,884,796)

(24,078,391)

(247,205,041)

Interest paid

(22,786,979)

(14,612,215)

(18,868,158)

(56,267,352)

Overdraft

14,249,951

Exchange rate movements

1,249,376

1,594,033

3,909,093

6,752,502

Balance at December 31, 2023

488,699,087

266,838,689

485,804,665

1,241,342,441

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

20. INVENTORIES

December 31,

2024

December 31,

2023

Cars for sale

17,987,185

12,702,158

Tires inventories

2,004,832

2,206,501

Total stocks

19,992,017

14,908,659

Inventories consist primarily of cars for sale and the proceeds from these sales are pledged under the

leases the Company has in place with leasing companies.

Inventories of new tires are stored for the purpose of retrofitting to vehicles purchased during 2025.

The carrying amount of inventories for which value adjustments have been made at December 31, 2024

is RON 0 (December 31, 2023: RON 0).

21. TRADE AND OTHER RECEIVABLES, CURRENT ASSETS AND PREPAYMENTS

Trade receivables

December 31, 2024

December 31, 2023

Trade receivables

94,696,134

92,593,203

Trade receivables from related parties

811,961

3,812,381

Impairment adjustments for trade receivables

(47,265,120)

(42,230,599)

Unbilled receivables

3,913,369

10,255,355

Trade receivables, net

52,156,344

64,430,340

Guarantees – non-current

539,019

532,317

Total

52,695,363

64,962,657

Other receivables and current assets

VAT and other taxes

124,272

3,838,685

Advances to suppliers

6,269,446

6,149,132

Other receivables

3,501,733

457,198

Total

9,895,451

10,446,015

Prepayments

1,877,732

1,329,956

The terms and conditions relating to related party transactions are described in Note 26. Other receivables

include interest to be collected in amount of RON 2,305,403 in regard of loan granted to Autonom

International.

Trade receivables are not interest-bearing and 70 - 80% are due within 10 - 40 days and for the difference

of 20 - 30% the maturity is more than 40 days.

Allowance for expected credit losses

Total

On January 1, 2023

33,353,559

Provision for expected credit losses

10,450,675

Unused amounts reversed

(1,573,636)

At December 31, 2023

42,230,598

On January 1, 2024

42,230,598

Provision for expected credit losses

10,736,840

Unused amounts taken over

(5,702,320)

At December 31, 2024

47,265,119

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

22. CASH AND CASH EQUIVALENTS

December 31,

2024

December 31, 2023

Cash at banks RON

56,063,693

69,940,167

Overnight/banking deposits RON

8,901,507

15,897,014

Cash at banks (foreign currency)

28,944,506

71,399,162

Overnight/bank deposits (foreign currency)

99,482,000

1,207,186

Cash on hand RON

113,124

95,932

Cash on hand (foreign currency)

44,966

40,757

Other cash equivalents

88,611

1,572,794

Total

193,638,407

160,153,012

Except for the amount of RON 123,146, all cash accounts are collateralized in favor of banks (the remaining

amount of cash accounts not collateralized in favor of banks at December 31, 2023 is RON 60,087).

23. ISSUED CAPITAL AND CAPITAL RESERVES

The shareholding structure at December 31, 2024 and December 31, 2023 is as follows:

Shareholders

Number of

Value (RON)

Stefan Dan George

20,000

200,000

Stefan Marius

20,000

200,000

Autonom International

1,960,000

19,600,000

Total:

2,000,000

20,000,000

100

The amount of authorized capital as of December 31, 2024 was RON 20,000,000 (December 31, 2023:

RON 20,000,000) representing 2,000,000 shares (December 31, 2023: 2,000,000 shares). All shares are

nominal, subscribed and fully paid as of December 31, 2024. All shares have the same voting rights and a

nominal value of RON 10/share (December 31, 2023: RON 10/share). The shares of Autonom International

are also held by the two shareholders of Autonom Services SA (Stefan Dan George and Stefan Marius,

each holding 50% of the shares of Autonom International).

Capital reserves and profit distribution

For the year ending December 31, 2024, the Board of Directors has proposed the following distribution of

the Company's net profit for approval by the General Meeting of Shareholders:

- The creation of tax reserves in accordance with the legal regulations on income tax exemption for

investments in the amount of RON 21,432,872 as at December 31, 2024 (December 31, 2023:

RON 7,904,613). These reserves cannot be distributed.

- The remaining profit will be allocated to retained earnings.

Other capital reserves

Increases in "Other capital reserves" relate to the constitution of the legal reserve and the constitution of

the reserve for tax facilities on reinvested profits. The reserve for reinvested profit tax facility is not

distributable. The Company does not intend to distribute the reserves in the balance as of December 31,

2024. The legal reserve is constituted in accordance with the provisions of the Romanian Law on

Commercial Companies, which stipulates that 5% of the annual accounting profit be transferred to the legal

reserve, until the balance of this reserve reaches 20% of the share capital of an entity.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

24. TRADE AND OTHER PAYABLES

December 31, 2024

December 31, 2023

Trade liabilities for goods or services

17,155,281

15,203,331

Liabilities from the acquisition of fixed assets

7,895,610

23,274,421

Unpaid invoices

150,227

1,471,330

Trade and other payables to related parties

1,362,850

3,501,808

Wage and other employee-related liabilities

4,350,601

1,208,121

Social insurance contributions and employee tax liabilities

2,088,692

1,706,980

VAT and other taxes payable

3,346,317

316,220

Advances from customers

1,563,725

1,843,778

Deposits for rents and guarantees, of which:

8,366,368

7,997,883

Current proportion

4,461,518

1,668,851

Non-current proportion

3,904,849

6,329,031

Total. of which:

46,279,670

56,523,872

Total trade and other current liabilities

42,374,821

50,194,840

Total trade and other non-current liabilities

3,904,849

6,329,031

As of December 31, 2024 and December 31, 2023, respectively, advances from customers represent amounts

invoiced in advance or amounts collected in advance with a payment order, settled within one year with invoices

for services rendered. They represent contractual payables as defined by IFRS 15

Terms and conditions of the above financial liabilities:

• Commercial liabilities are non-interest bearing and are normally paid within 30 days;

• The terms and conditions relating to related party transactions are described in Note 26.

25. COMMITMENTS AND CONTINGENCIES

Taxation

All amounts due from the state authorities for taxes have been paid or accrued at the balance sheet date. The

Romanian tax system is going through a consolidation process and is being harmonized with European

legislation. At the level of the tax authorities there may be different interpretations of the tax legislation which

may result in additional taxes and penalties to be paid. Should the state authorities discover violations of the tax

laws and related regulations, this may lead to: confiscation of the amounts, additional tax liabilities may also be

imposed; fines and penalties (which are applied on the total outstanding amount). As a result, the tax penalties

resulting from violation of the legal provisions may result in a significant amount payable to the State. The

Company believes that it has timely and fully paid all applicable taxes, penalties and interest to the extent

applicable.

The Romanian tax authorities have carried out checks on the calculation of corporate income tax for Autonom

Services SA until March 31, 2011. In Romania, the tax year remains open for audits for a period of 5 years.

Transfer prices

Romanian tax legislation includes the "market value" principle, according to which transactions between related

parties must take place at market value. According to this concept, transfer prices should be adjusted to reflect

the market prices that would have been established between unrelated companies. It is likely that transfer pricing

audits will be carried out in the future to assess whether the transfer pricing policy complies with the principle of

objective market value and therefore there are no distortions that could affect the taxable base of the Romanian

taxpayer.

Commitments to purchase goods

At December 31, 2024, the Company has commitments for the purchase of vehicles and equipment amounting

to EUR 22.9 million for vehicles and EUR 5.7 million for equipment (at December 31, 2023: commitments

amounting to EUR 30.3 million for vehicles and EUR 2.9 million for equipment).

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

26. RELATED PARTY DISCLOSURES

During the period January 1, 2024 through December 31, 2024 and January 1, 2023 through December

31, 2023, respectively, the Company had transactions with the following related parties:

Related party

Country of

registration

Nature of the relationship

Nature of transaction

ELS Retail SRL

Romania

entity under common control

Sale/Purchase of goods and services

Stefan Autoservice SRL

Romania

entity under common control

Sale/Purchase of goods and services

Stefan and Company SRL

Romania

entity under common control

Sale / Acquisition of goods and services,

loans granted

Autonom International SRL

Romania

shareholder

Sale / Acquisition of goods and services,

loans granted

Autonom Hungary KFT

Hungary

entity under common control

Sale/Purchase of goods and services

VMS (Vehicle Management Solution)

Romania

entity under common control

Sale / Acquisition of goods and services,

loans granted

Carcentric SRL

Romania

entity under common control

Sale/Purchase of goods and services

Autonom Assistance SRL

Romania

entity under common control

Sale/Purchase of goods and services

Clockwise SRL

Romania

entity under common control

Sale / Acquisition of goods and services,

loans granted

3D Clean Services SRL

Romania

entity under common control

Sale/Purchase of goods and services

Autonom Protect SRL

Romania

entity under common control

Sale/Purchase of goods and services

MGA Alpha Protect SRL

Romania

entity under common control

Sale/Purchase of goods and services

Millenium Insurance Broker SA

Romania

entity under common control

Sale/Purchase of goods and services

ATM Ventures SRL

Romania

entity under common control

Sale/Purchase of goods and services

Autonom Leasing IFN SA

Romania

entity under common control

Sale/Purchase of goods and services

Blue Technology SRL

Romania

entity under common control

Sale/Purchase of goods and services

Autonom Car Protect SRL

Romania

entity under common control

Sale/Purchase of goods and services

Upstage Detailing SRL

Romania

entity under common control

Sale/Purchase of goods and services

Autonom Risk Consultants SRL

Romania

entity under common control

Sale/Purchase of goods and services

Autonom Protect R&D SRL

Romania

entity under common control

Sale/Purchase of goods and services

MGA Gamma Protect SRL

Romania

entity under common control

Sale/Purchase of goods and services

RA24 SRL

Romania

entity under common control

Sale/Purchase of goods and services

The following table provides the total amount of transactions that were carried out with related parties during

the relevant period:

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

26. RELATED PARTY DISCLOSURES (continued)

Sales to

affiliated

parties

Purchases

from related

parties

Amounts owed

by related

parties

Amounts owed

to related

parties

Related party

2024

Autonom International SRL

ATM Ventures

VMS (Vehicle Management Systems)

Stefan and Company SRL

Stefan Autoservice SRL

Carcentric SRL

Autonom Assistance

ELS Retail SRL

Clockwise SRL

Autonom Hungary KFT

Autonom Protect SRL

MGA Alpha Protect SRL

MGA Beta Protect SRL

3D Clean Services SRL

Millenium Insurance Broker (M.I.B.) SA

Autonom Leasing IFN SA

Blue Technology SRL

Autonom Car Protect SRL

Upstage Detailing SRL

80,200

30,129

5,538,352

6,040,425

101,133

524,056

7,079,077

20,514

1,642

1,004,397

50,445

667

473

226,430

20,402

2,110,889

4,202

14,680

4,676,551

24,208,730

545,229

2,596,004

1,513,490

102,935

3,874,113

336,850

33,569

1,787,317

6,234

2,305,403

234,617

541

6,895

69,773

271

(914)

271

474

498,692

800

402,853

347,425

5,910

364,135

14,777

23,267

45,297

(31,773)

3,706

187,854

Autonom Risk Consultants SRL

5,764

Autonom Protect R&D SRL

MGA Gamma Protect SRL

RA24 SRL

1,254

Total

22,855,161

39,681,020

3,116,823

1,362,850

The Company also has balances amounting to RON 14,699,402 (31 December 2023: RON 18,519,930)

related to lease liabilities that are related to related parties (see Note 15).

Sales to

affiliated

parties

Purchases

from related

parties

Amounts owed

by related

parties

Amounts owed

to related

parties

Related party

2023

Autonom International SRL

ATM Ventures

VMS (Vehicle Management Systems)

Stefan and Company SRL

Stefan Autoservice SRL

Carcentric SRL

Autonom Assistance

ELS Retail SRL

Clockwise SRL

Autonom Hungary KFT

Autonom Protect SRL

MGA Alpha Protect SRL

3D Clean Services SRL

Millenium Insurance Broker (M.I.B.) SA

Autonom Leasing IFN SA

Blue Technology SRL

Autonom Car Protect SRL

Upstage Detailing SRL

17,413

60,646

4,079,176

2,040,469

248,401

373,674

10,713,488

23,775

957,784

145,601

51,692

233,035

13,798

1,280

11,010

3,821,586

18,965,600

540,673

1,896,129

2,312,478

177,468

120,500

393

7,100

1,873,449

68,724

11,622

56,610

12,410

1,739,915

30,254

18,054

(2,351)

409

3,284

870,617

1,426,577

67,679

779,527

236,773

129,458

(12,460)

305

3,332

Total

19,005,149

27,841,927

3,812,381

3,501,808

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

26. RELATED PARTY DISCLOSURES (continued)

December 31, 2024

December 31

2023

Loan carrying amount

Autonom International SRL

58,545,935

37,754,299

Total

58,545,935

37,754,299

Beginning in July 2023, the interest rate on the loan granted by the Company to the parent company,

Autonom International SRL, was increased to 6% per annum on the balance due. During the year, the initial

balance as at January 1, 2024 in the amount of RON 37,754,299 was repaid in full and additional loans in

the amount of RON 128,226,851 were granted. A further amount of RON 69,680,916 has been repaid. The

book value of the loan is approximately the same as the fair value

Compensation of key management personnel of the Company:

2024

2023

Current employee benefits

1,737,423

1,559,035

Total compensation of key management staff

1,737,423

1,559,035

The amounts presented in the table are the amounts recognized as expenses during each reporting period.

27. EBITDA AND OTHER NON-IFRS RATIOS

EBITDA is one of the key performance indicators monitored by Management and calculated as shown in

the table below

Additionally, the Company presents below two other performance indicators: Interest Coverage Ratio

(calculated as EBITDA/ Total Interest Expense) and Gearing Ratio (calculated as Net Financial

Debt/Equity) as these may prove useful to potential investors.

EBITDA is reconciled to the statement of comprehensive income as follows:

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

27. EBITDA AND OTHER NON-IFRS RATIOS (continued)

December 31,

2024

December 31

2023

Interest-bearing loans and borrowings, including bond interest

625,426,803

415,608,838

Bonds

386,285,140

337,034,516

Lease liabilities

520,757,251

488,699,088

Cash and cash equivalents

193,638,407

160,153,012

Net financial liabilities

1,338,830,787

1,081,189,430

Net financial debt/EBITDA

3.58

3.35

Equity

276,568,950

217,388,486

Net financial liabilities/Equity

4.84

4.97

28. EARNINGS PER SHARE

2024

2023

Profit attributable to ordinary equity holders of the parent entity

59,180,465

30,037,733

Number of ordinary shares

2,000,000

Basic and diluted earnings per share (RON/share)

29.59

15.02

There are no dilutive instruments to be considered.

Note

2024

2023

Net profit

59,180,465

30,037,733

Adjustments to reconcile net profit to EBITDA:

Financing costs minus financial income

12.1

12.2

64,706,725

58,943,298

Income tax expenses

2,897,975

9,686,787

Depreciation, amortization and impairment of non-current assets

247,659,255

223,642,299

EBITDA

374,444,420

322,310,117

Interest expenses

73,172,623

58,016,583

Interest coverage ratio

5.12

5.56

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

29. AUDITOR'S FEES

The Company's auditor is Ernst & Young Assurance Services SRL.

The fee for the audit of the individual annual financial statements as at December 31, 2024 of Autonom

Services SA prepared in accordance with OMF 2844/2016 was EUR 130,000 (excluding VAT).

Non-audit services have also been performed in the amount of EUR 60,000 (excluding VAT).

30. SUBSEQUENT EVENTS

In 2024, Autonom Services continued its development strategy by signing new loan agreements and

advanced discussions with lenders, thus strengthening its position on the market and preparing for future

initiatives.

By extending the existing loan contracts, Autonom has obtained the necessary financial resources to

support its investment and development plans. These investments can be directed to various areas,

including the expansion of the fleet of vehicles, modernization of infrastructure and equipment or

diversification of the services offered to customers.

Also, being in advanced discussions with two other lenders for additional facilities totaling EUR 11.2 million,

Autonom is demonstrating its commitment to long-term growth and expansion. These discussions may be

related to broad projects such as expanding operations into new markets, diversifying the product portfolio

or investing in new and innovative technologies.

In March 2025, Company’s shareholders approved the share capital increase by RON 80 million, through

the capitalization of retained earnings, thus strengthening the capital base without resorting to external

sources of financing. This decision underlines the Company's management's confidence in the

sustainability of the business model in the long term and in the Company's ability to generate consistent

profits in the future. At the same time, the measure supports a more solid financial structure, to the benefit

of shareholders as well as investors and long-term expansion plans.

Overall, these funding initiatives reflect investors' confidence in Autonom Services' growth prospects and

its ability to generate long-term value.

31. OTHER ASPECTS

In June 2024, Fitch Ratings made the decision to maintain its 'B+' Long-Term Issuer Default Rating (IDR)

for Autonom Services. More importantly, Fitch revised the Company's outlook from stable to positive, in the

context of Autonom's good profitability in 2023, underpinned by a business model with limited reliance on

short-term rentals, good asset quality and an experienced management team. In addition, the moderate

exposure to travel and air traffic based businesses has helped to reduce vulnerability to future lockdowns

and declines in international travel.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

31. OTHER ASPECTS (continued)

Revenue growth was reflected in all of our core business lines, reinforcing the robust foundation of our

business. At the same time, we marked a 16% increase in EBITDA, a clear sign that our ability to generate

profit before all expenses remains strong and ensures the viability of our investment strategies.

The Operational Leasing division continued its positive evolution, with a 21% growth in 2024, compared to

2023, recording revenues of RON 458.6 million. Traditionally, our main customers for operational leasing

are small and medium-sized companies, but we are also seeing increasing demand from large customers

due to the growing awareness and confidence of customers in our mobility solutions. At the same time, we

have enjoyed the renewal of collaborations with important customers in areas such as distribution, industry,

financial services, partnerships that prove the attractiveness of the full service offered by Autonom.

In 2024, revenues from vehicle rental amounted to RON 116.3 million, marking a slight decrease of 3.6%

compared to the previous year (RON 120.7 million in 2023). The average fleet rental ratio remained at a

high level of 86%, reflecting remarkable stability similar to the previous year's performance.

The 2024 strategy has focused on profitability, stability and customer quality, taking a prudent approach to

managing the associated replacement service in order to ensure the sustainability of financial ratios even

in the event of external challenges.

The Company continued to prioritize customer satisfaction monitoring by implementing an advanced

methodology for collecting and processing feedback. Over 95% of customers were very satisfied or satisfied

in 2023. The majority of contracts with corporate customers are for a 12-month term with annual renewals,

and operating leases average 51 months.

A strategic focus has been placed on the development of replacement services, a segment with great

potential due to changes in the MTPL legislation. Corporate services continue to dominate short-term

business, accounting for around 85% of the total. The significant contribution of this segment mitigates the

effects of seasonality and supports efficient fleet utilization.

It is management's position that the measures currently adopted will ensure going concern and therefore

the going concern principle remains applicable for these financial statements (see note 2.1 "Going

concern").

The ongoing military conflict

In the context of the conflict between Russia and Ukraine, which started on February 24, 2022, various

sanctions have been imposed against Russia, including financing restrictions on certain Russian banks and

state-owned companies, as well as personal sanctions. against a number of individuals. Given geopolitical

tensions, since February 2022 there has been an increase in financial market volatility and exchange rate

depreciation pressure.

These events are expected to continue to affect activities in various sectors of the economy, resulting in

further increases in energy prices and an increased risk of supply chain disruptions. The Company has no

direct exposures to related parties and/or key customers or suppliers in those countries.

From an operational point of view, energy and fuel purchases for the Company's fleet are mainly made on

the domestic market; the availability, sourcing and delivery of resources could be influenced by the

dynamics of the conflict in the region.

The consequences of the ongoing conflict in Ukraine, the European energy crisis and resulting regulatory

measures and other economic disruptions currently being observed, as well as other regulatory

interventions, and the magnitude and duration of their economic impact cannot be reliably estimated at this

stage. The Company is responding to the situation with specific measures to safeguard its economic

stability. As events are ongoing, the long-term impact may affect cash flows and profitability. However, as

of the date of these financial statements, the geopolitical context caused by the ongoing conflict in Ukraine

does not have a material adverse impact on the financial statements as of December 31, 2024.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

31. OTHER ASPECTS (continued)

Macroeconomic context

Global and regional economic conditions, i.e. the economic context at national, regional and international

level that could negatively influence the Company's activity refer to factors such as: inflation, recession,

changes in fiscal and monetary policy, tighter borrowing, higher interest rates, new or increasing tariffs,

currency fluctuations, increase in the price of raw materials (electricity, natural gas), etc.

Even for an entity as solid as Autonom, with increased bargaining power, the extended economic conditions

have had a notable impact. We ended the year with a net profit of RON 59 million, compared to RON 30

million recorded the previous year, this increase mainly attributable to increased operational efficiency, the

renewal of operating leases at discounted costs and the optimization of the rent-a-car division preparing us

to make 2025 another very good year. Total expenses in 2024 amounted to RON 714.6 million, up by 13%,

with the most notable increases recorded for employee benefits expenses (+19%), influenced by salary

adjustments and team growth, and fleet expenses (+30% compared to 2022), driven by higher costs for

cars, car parts and labor.

We devote special attention to the company's cash resources and liquidity, maintaining a solid capital

reserve and consistently reinvesting all profits back into the business. With a prudent and strategic

approach, we are prepared to navigate the large financial turmoil that may arise in the future.

The year 2024 was marked by spillover effects from the continuing war in Ukraine and persistent inflationary

pressures that reached a significant level both globally and locally, in the context of a global economic

slowdown.

At the local level, the latest figures on Romania's GDP dynamics showed an economic growth of 0.9% in

2024, below the expectations of the European Commission and the International Monetary Fund. GDP

grew by 0.7% in the fourth quarter of 2024 compared with the same period in 2023.

From the unemployment rate perspective, Romania ended 2024 with an unemployment rate of 5.3%, with

the number of unemployed reaching 435,600, down from 444,000 in the same period of the previous year.

The annual inflation rate in December 2024 compared to December 2023 was 5.1%. The average rate of

change in consumer prices over the past 12 months (January 2024 to December 2024) compared with the

previous 12 months (January 2023 to December 2023) was 5.6%.

The Consumer Price Index in January 2025 compared to December 2024 was 101.10%. The annual

inflation rate in January 2025 compared to January 2024 was 5.4%. The average rate of change in

consumer prices over the last 12 months (February 2024 to January 2025) compared with the previous 12

months (February 2023 to January 2024) was 5.8%, according to the NSO.

The National Bank of Romania announced at the beginning of the year that the annual inflation rate will

remain on a downward trajectory, but at a slower pace compared to 2023. The initial increase in inflation

was driven by the increase and introduction of indirect taxes and duties in order to further fiscal

consolidation, while the subsequent decline in the inflation rate was influenced by supply-side factors, such

as disinflationary base effects and downward corrections in agri-food commodity prices and oil prices, as

well as the downward dynamics of import prices.

The Company's income or may be affected by particular movements in global financial markets. The

Company's income or the value of its assets may be affected by specific movements in global financial

markets.

The Company regularly reviews its exposure to interest rates and currency fluctuations. As at the date of

these financial statements, the Company believes that the impact of these changes would not affect its

ability to continue as a going concern, with appropriate measures taken to mitigate potential risks with a

material impact on the Company's income or assets.

AUTONOM AUTONOM SERVICES SA

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDING DECEMBER 31, 2024

All amounts are in RON, unless otherwise specified

31. OTHER ASPECTS (continued)

Climate aspects

Autonom applies a structured approach to identifying, assessing, and managing material impacts, risks, and

opportunities (IROs) using quantitative and qualitative input parameters to ensure a comprehensive evaluation

of sustainability-related factors.

To ensure compliance with regulatory requirements, Autonom aligns its assessment process with EU

Taxonomy, CSRD Directive, ESRS Standards, and Fit for 55 regulations, which serve as the foundation for

identifying legal and sustainability obligations in the European Union. These frameworks guide the evaluation of

transition risks, compliance costs, and regulatory impacts on fleet operations, ensuring that sustainability-related

risks are accounted for in strategic decision-making. Additionally, evolving climate policies and industry-specific

legislation are continuously monitored to assess potential financial and operational implications.

Stakeholder engagement is a key driver in the identification and assessment of material impacts. Through

consultations with investors, customers, employees, suppliers, and other relevant stakeholders, Autonom

gathers insights into the most pressing ESG-related concerns and expectations. The Double Materiality

Assessment (DMA) plays a pivotal role in this process, integrating input from questionnaires, interviews, and

workshops to validate material topics and their associated risks. This stakeholder-driven approach ensures that

social, environmental, and governance priorities are aligned with business strategy while also addressing

reputational risks and emerging opportunities.

Financial and economic data also play a critical role in evaluating material impacts and risks. Cost-benefit

analyses and financial statements provide insights into the potential economic implications of sustainability risks,

allowing for a structured assessment of capital expenditures, revenue impact, and operational cost changes.

Additionally, fleet transition costs, energy price volatility, and asset depreciation trends help determine the

financial materiality of sustainability-related decisions and seize opportunities.

Environmental and climate data are essential in assessing both physical and transition risks. GHG emission

calculations (Scope 1, 2, and 3) allow for the quantification of climate impact, ensuring that Autonom’s fleet

electrification strategy is aligned with carbon intensity reduction targets. Furthermore, climate risk scenario

modeling supports long-term planning for sustainability investments and risk mitigation strategies.

To benchmark performance and identify best practices, Autonom incorporates industry benchmarks and peer

comparisons.

The sustainability report for the current year can be consulted on the Company's website, in the Sustainability

section and provides additional information regarding Company’s strategy on climate aspects.

In preparing the financial statements, Management has considered the impact of climate change.

These considerations did not have a material impact on the financial reporting rationale and estimates, but the

Company's business plan and estimated cash flow projections for the coming years take into account the

anticipated costs and capital investments required to increase the share of green vehicles in the operating fleet.

These individual financial statements on pages 3 through 58 have been approved by the Board of Directors

and were authorized for issue on 04/25/2025.

Mihaela Angela Irimia

Certified Public Accountant Huian Angelica

Name

Name: Huian Angelica

President of the Board of

Directors

Professional body no. 26325