UNCONSOLIDATED
ANNUAL REPORT
2025
Board of Administrators of
Farmaceutica REMEDIA S.A.
Farmaceutica REMEDIA S.A.
Registered office: Deva 330040, Nicolae Balcescu Bld. no 2 (former No. 43 Dorobantilor Street), Hunedoara County,
Telephone: + 40 254 223 260, Fax: +40 254 226 197
Branch office: Bucharest, 041836, sector 4, Bld. Metalurgiei 78, Telephone/fax: + 40 213 211 640
remedia@remedia.ro, www.remedia.ro
Trade Register J20/700/1991, TIN: RO2115198; Share capital: RON 9.548.082
IBAN: RO61 BTRL RONC RT00 G713 3302, Transilvania Bank, Bucharest
IBAN: RO33 RZBR 0000 0600 0266 5747, Raiffeisen Unirii, Bucharest
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
2 din 20
CONSOLIDATED ANNUAL REPORT
2025
Board of Administrator of
Farmaceutica REMEDIA S.A.
A. Name of the commercial company:
Farmaceutica REMEDIA S.A.
The total market value as of March 23, 2026, is
83,068,313 lei, based on a price of 0.87 lei per RMAH
share, as of the date of approval of this Report by the
Board of Directors (March 23, 2023)
Organized market on which securities are
traded
Bucharest Stock Exchange - Standard category
Subscribed share capital:
9.548.082Lei
Paid-up share capital:
9.548.082Lei
Registered office:
DEVA, Nicolae Balcescu Bld. no 2,
Tel. / Fax:
0254 223 260 / 0254 226 197
No. and date of registration
with the T.R.O.:
J20/700/25.07.1991
Tax Identification Number:
RO2115198
Securities:
RMAH shares (Reg. certificate No. AC-1470-
7/17.06.2021)
Type:
Dematerialized Nominative Common
Date of registration:
17.03.1997
Nominal value/share:
0.10 Lei
Position in the R.N.S.C. Register:
1636
Total number of shares:
95.480.820
R.N.S.C. code of shares:
16368
Date
Number of shares
Issue value (Lei)
Explanations
1
10.11.1999
3.370.107
337.010
Initial capital of the state, including
land contributed in kind
2
06.09.2001
1.500.000
150.000
Cash contribution of V.TARUS
RoAgencies
3
23.07.2003
42.402
4.240
Merger - capital of Ditafarm Trading
– acquired company
4
05.01.2006
5.696.471
569.647
Merger - capital of V.TARUS
RoAgencies – acquired company
5
21.12.2007
87.905.969
8.790.596
Capital increase – shareholders with
pre-emption right
6
04.05.2009
7.574.851
757.485
Capital increase – AHG Simcor
Industry S.R.L.
7
09.06.2021
- 10.608.980
- 1.060.898
Reduction of share capital -
repurchase of shares followed by their
cancellation
TOTAL
95.480.820
9.548.082
50,7
94,4
60,2
60
65
66,8
61,11
83,07
2019 2020 2021 2022 2023 2024 2025 2026
Market value (in millions of lei)
as of the date the report was approved by the Board of
Administrators
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
3 din 20
1. Activity analysis
1.1. Overview
On July 25th 1991, it was established as a commercial company with fully state-owned
capital by reorganization of Oficiul Farmaceutic Deva.
On October 13th 2000, V.TARUS RoAgencies S.R.L. acquired from FPS the majority of
shares (55,802 %) for 9.053.102.492 Lei (ROL) (equivalent to 369.665 USD, exchange
rate BNR LEU / USD: 2,4490). At that time Farmaceutica REMEDIA SA was operating
through 12 pharmacies.
On January 1, 2006, Farmaceutica REMEDIA S.A. merged by absorption with V.TARUS
RoAgencies S.R.L., resulting in a share capital of 10,608,980,000 lei (ROL), with
operations conducted through 25 pharmacies.
On January 1st 2006, Farmaceutica REMEDIA S.A. merged by absorption with V.TARUS
RoAgencies S.R.L. resulting in a share capital of 10.608.980.000 lei (ROL), the activity
being carried out through 25 pharmacies.
According to Law 95/2006, republished in August 2015, companies were prohibited from
carrying out, at the same time, wholesale and retail distribution of medicines. (Art. 800
paragraph 2). Therefore,
On January 1st 2016 Farmaceutica REMEDIA S.A. completed the transfer to
Farmaceutica REMEDIA Distribution & Logistics S.R.L., a new company, 100% owned, of
the wholesale distribution activities of medicines together with related activities (logistic
services, registration of pharmaceutical products, promotion and marketing of medicines,
etc.),
Farmaceutica REMEDIA S.A. kept the operation of the chain of 100 pharmacies and local
officines.
Following the change of the main activity object imposed by the above-mentioned
legislation, the company had to redeem from the market (in 2015) a number of 300.100
shares at a price established by an authorized evaluator.
In January 2025, Farmaceutica REMEDIA acquired a 24% share in Novoengrama SRL, a
company specialized in medical rehabilitation based in Cluj-Napoca.
In September 2025, Farmaceutica REMEDIA completed a share buyback transaction
carried out with the aim of implementing a Stock Option Plan. The number of shares
repurchased as of September 23, 2025, under the Public Tender Offer approved by the
ASF via Decision 841/August 28, 2025, and Amendment 888/September 11, 2025, is 954,
808 shares, representing 1% of the share capital. The total amount paid by Farmaceutica
REMEDIA was 811,586.80 Lei, at a repurchase price of 0.85 Lei per share.
1.2. Elements of general evaluation
14.843.465 Lei net turnover
6.126.494 Leí EBIDTA
7.067.745 Lei net profit,
Other operating income was also recorded (3.705.639 lei), consisting of income from real
estate investments in the amount of 1.684.430 lei, income from the sale of assets, and
other operating income of 2.021.209 lei.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
4 din 20
Financial income of 4.214.431 Lei was recorded, consisting mainly of dividends from
controlled and uncontrolled companies amounting to 3.574.370, bank interest – 627.655,
and foreign exchange differences of 12.406.
14.462.978 Lei - total costs (excluding corporate tax), of which:
• 14.360.331 Lei - Operating expenses, of which:
7.283.491 Lei - is the net cost of sold merchandise (including received commercial
discounts)
415.525 Lei – represents expenses for consumables, inventory items, energy,
and water
2.532.816 Lei – represents personnel expenses
1.937.721 Lei – represents depreciation and provisions
2.190.778 Lei – represents other operating expenses – including external services,
taxes and fees, and other expenses
• 102.647 Lei - Financial expenses, of which:
2.348 Lei – operational leasing interests (IFRS 16)
10.299 Lei – exchange rate differences
As of December 31, 2024, the company’s cash and cash equivalents (available in bank
accounts and on hand) totalled 15,469,401 lei. On the same date, Farmaceutica REMEDIA
SA and Farmaceutica REMEDIA Distribution & Logistics SRL had access to a multi-
currency credit line totalling 125 million lei, specifically 100 million lei at Banca
Transilvania and 25 million lei at BCR, used as of December 31, 2025 exclusively for
bank letters of guarantee for participation in tenders and for the proper performance of
contracts, as well as for payment guarantees for suppliers of goods.
1.3. Evaluation of company’s income
9.288.883 Lei - The net income from the sale of merchandise (63 % from the net turnover)
with the following allocation on distribution channels:
- 699.822 Lei - REMEDIA pharmacy
- 8.589.061 Lei – BD Rowa robots sales
5.554.582 Lei – From the activities with added value, of which:
- 4.875.681 Lei invoiced rents
- 678.021 Lei BD Rowa services
- 880 Lei other services
1.4. Evaluation of the sales and marketing activity
699.822 Lei (value without VAT) were the sales made in 2025 through REMEDIA phar-
macy in Hunedoara county.
315.790 Lei (excluding VAT), 63% of total sales, is the amount invoiced to the health in-
surance houses, the difference of 37% of total sales is represented by the share of cash
sales.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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Throughout 2025 they were pursued:
• To optimize inventory, inventory metrics have been introduced to track inventory age,
excess inventory, and the volume of perishable products;
• Training and adequate preparation of staff, change in management;
• Promotional campaigns to liquidate stocks with critical expiry date.
• Promotional campaigns for customer loyalty of REMEDIA pharmacies.
The share of sales by product category is shown in the graph below:
The structure of non-prescription versus prescription sales is shown in the chart below:
In 2021 Farmaceutica REMEDIA opened in Bucharest the first robotic pharmacy in
Romania, in partnership with BD Rowa. One year later, the pharmacy staff made known at
national level how the robot works, the contribution it brings to the pharmacy, plus the value
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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it brings to pharmacists, presenting the benefits to students of 3 pharmacy faculties, at
national level.
The REMEDIA Pharmacy at 78 Metalurgiei Street in Bucharest is the first automated
pharmacy in Romania. The implementation of the BD Rowa system revolutionizes
medication storage in the pharmacy, ensuring stable and quiet workflows, simple
processing of prescriptions and orders, improved medicine release capacity, and
automated inventory control, based on continuous stock assessment, guarantees data and
process security, and optimizes both warehouse space and pharmacy staff time, all to the
benefit of the patient.
In 2025, information campaigns targeting pharmacists were conducted through both
traditional marketing channels and participation in conferences, as well as via the social
media platforms Facebook and LinkedIn.
Remedia, in partnership with BD Rowa, offers design, installation, and commissioning
services for robotic systems for both open-circuit pharmacies and hospital-based
pharmacies.
Enhanced medication safety – 100% traceability of medications from stock intake to the
patient’s bedside, through barcode scanning and automated inventory management,
ensuring compliance with current regulatory requirements;
Efficiency and time savings - 33% less time spent by pharmacy staff as robots take over
repetitive logistical tasks, time that can be allocated to clinical or counseling activities;
Space optimization - 60% reduction in storage space through automated systems, which
ensure compact storage and maximize storage capacity, freeing up valuable space in the
pharmacy for other activities necessary for preparing unit doses of treatment.
Inventory management – 100% inventory accuracy, completed in a maximum of 1 hour;
efficient inventory management minimizes medication waste and ensures FEFO (First-In,
First-Out) product dispensing;
Reduced budget pressure – 16% reduction in dispensing errors, 15% cost reduction.
From an operational standpoint, integrating BD Rowa systems into the hospital pharmacy’s
workflow significantly optimizes medication management by automating critical stages:
receiving, storage, picking, and dispensing.
In practice, this automation reduces handling errors, increases inventory accuracy, and
eliminates losses caused by outdated stock or stock that does not match actual
consumption. Full traceability of pharmaceutical products, achieved through barcode
scanning and data integration into the hospital’s IT systems, provides a higher level of
control and compliance with European regulations on serialization and supply chain
security.
Single-dose medication dispensing solutions based on simple industrial concepts, tailored
to the specific needs of hospitals, ensure the rapid implementation of full single-dose
traceability, optimized inventory levels, high medication availability on the ward, and a
significant reduction in workload for both the pharmacy and the wards.
Overall, these technologies not only optimize logistics flows but also strengthen the
pharmacist’s role in the therapeutic process, transforming the hospital pharmacy into a
digital hub for safety, efficiency, and complete traceability in medication management.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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To date, REMEDIA has commissioned 25 robotic systems, with the first systems installed
in hospitals last year, both in Romania and Bulgaria. Once again, REMEDIA is a pioneer
in its field. In 2025, REMEDIA Pharmaceuticals commissioned 4 robots in independent
pharmacies, including in Romania’s first university pharmacy – Gaudeamus Pharmacy, an
innovative project, the pharmacy brings together education, research, and modern
pharmaceutical services in a space equipped with state-of-the-art technology: a pharmacy
robot, a classroom, a laboratory, and a consultation area, plus three additional robots in
national chain pharmacies.
To provide comprehensive medication traceability solutions for hospitals, REMEDIA has
partnered with Touch Point Medical Belgium, the manufacturer of Ethilog systems—
solutions for labeling, storage, and traceability of medication at the single-dose level all the
way to the patient's bedside.
REMEDIA pharmacies have been actively involved in flu vaccination programs by en-
suring an optimal supply of flu vaccines relative to the number of patients, and in the dia-
betes risk assessment campaign by informing patients and contributing to the prevention
and early detection of this condition, by providing both promotional and informational bro-
chures as well as risk questionnaires for patients
At the same time, the process of streamlining pharmacy operations continues through
management changes, reducing operating costs and rent, and even suspending or selling
locations that are not performing well.
Particular attention is given to improving process quality, monitoring GDPR procedures,
and securing information exchange to comply with EU Regulation 2016/679 on the protec-
tion of individuals with regard to the processing of personal data. Sales monitoring priori-
tizes guiding pharmacy staff toward increasing efficiency and patient retention by offering
related recommendations and health advice, in partnership with medical information and
guidance centers for patient health.
1.5 Evaluation of the goods aquisition
REMEDIA Pharmacy sourced its supplies primarily through the distributor Farmaceutica
REMEDIA Distribution & Logistic, with purchases made through this channel accounting
for over 95% of total purchases made in 2025. This approach resulted in improved availa-
bility of hard-to-find products at the pharmacy and faster delivery.
Throughout 2025, efficiency indicators and inventory turnover were closely monitored to
reduce the volume of perishable products and improve working capital.
The procurement planning strategy took the following requirements into account:
- ensuring product stock continuity;
- assessing storage times and stock levels for products in the portfolio;
- reducing the value of expired products.
Procurement planning was carried out by product category and manufacturer to ensure
product stock continuity and to concentrate procurement volume on strategic manufactur-
ers.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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As of December 31, 2025, the company’s inventory is as follows: 38% consists of goods
valued at 306,125 lei, and 62% consists of parts and components for BD Rowa robots,
valued at 490,405 lei.
1.6. Activities related to the human resourses of the society
At the end of 2025, Farmaceutica REMEDIA S.A. had a total of 15 employees, distributed
across the following categories of activity:
- pharmacy staff: 2 employees (13.33%);
- BD ROWA Service staff: 4 employees (26.67%);
- support and management services: 9 employees (60.00%).
In terms of educational level:
- higher education: 11 employees (73.33% of the total);
- post-secondary education: 1 employee (6.67% of the total);
- secondary education: 3 employees (20.00% of the total).”
Of the 11 employees with a college degree, 1 (12%) has a degree in pharmacy, 6 (35%)
in economics, 3 (18%) in engineering, and 1 (12%) in other fields.
In 2025, the voluntary turnover rate at Farmaceutica REMEDIA S.A. was 10.00%. Volun-
tary departures included a sales manager and a BD ROWA specialist.
The involuntary turnover rate for Farmaceutica REMEDIA S.A. staff was 10.00%, with no
major structural causes similar to those in 2024. The reduction in the number of employees
from 26 at the beginning of the year to 15 at the end was mainly due to the internal transfers
of 7 people to S.C. Farmaceutica REMEDIA Distribution & Logistics at the beginning of
2025, transfers that have no impact on the turnover rate calculated at the group level.
Thus, the total employee turnover rate for 2025 was 20.00%, significantly lower than in
2024 (72.71%), reflecting clear operational stabilization, improved employee retention, and
more efficient human resources management in the absence of major restructuring.
There is no employee union at Farmaceutica REMEDIA S.A. Employees have an em-
ployee representative who participates in the negotiation of the collective bargaining agree-
ment and represents employees in their dealings with the company.
73%
7%
20%
Categorii de studii
studii
superioare
studii post
liceale
studii medii
50%50%
Fluctuatie personal
Director vanzari
BD ROWA
Specialist vanzari
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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1.7. The impact of society's core business on the environment
Farmaceutica REMEDIA S.A. complies with all applicable environmental protection laws
and regulations.
There are no disputes regarding violations of environmental protection laws.
The company contributes to environmental protection through the selective collection of
waste generated by its own operations, for recycling in accordance with applicable legal
regulations. All REMEDIA pharmacies collect waste selectively.
Nationwide waste tracking and management services are outsourced to a specialized pro-
vider, which prepares the necessary documents and reports them centrally and on time to
the National Agency for Environmental Protection (via DJM) on the SIM online Waste Sta-
tistics digital platform (PRODDES).
In accordance with the EU Directives adopted in April 2019, Farmaceutica REMEDIA has
ceased purchasing plastic carrier bags and has introduced biodegradable or recyclable
bags, thereby implementing measures to reduce waste and comply with relevant legisla-
tion.
1.8. Qualiy activity
REMEDIA Pharmacies have implemented a quality management system to document
best practices for meeting patients’ needs and expectations in compliance with Pharmacy
Law No. 266/2008, as amended and supplemented, as well as all applicable legal provi-
sions issued by pharmaceutical regulatory authorities, and is ISO 9001:2015 certified by
RINA-SIMTEX OC. The management of Farmaceutica Remedia SA has allocated the nec-
essary funds to maintain certification status and improve the QMS.
For the year 2026, the company has set as its objective the implementation and certifica-
tion of the environmental management system in accordance with the ISO 14001:2015
standard, with a view to strengthening environmental protection practices and aligning with
international standards in the field.
In 2025, operational procedures for the reauthorization of pharmacies by the College of
Pharmacists were revised.
The policy regarding pharmaceutical service quality at REMEDIA Pharmacies consists of
dispensing medicines and other healthcare products of guaranteed quality, accompanied
by appropriate information and counseling for patients, while continuously improving ser-
vices for customers using BD Rowa automation solutions to ensure the highest level of
patient satisfaction.
1.9. Evaluation of the risk management activity
Assessment of Key Risks:
• Risk of non-collection of receivables: This risk is extremely low for sales to individu-
als, as over 63% of the amounts are settled by the County Health Insurance Funds
and OPSNAJ, institutions with regular and predictable payment schedules.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
10 din 20
• Sales of BD Rowa robots are straightforward and collected immediately, and for rent-
als, monthly follow-up on invoice payments is conducted;
• Cash flow risk: This is managed through cost control, but may be influenced by ex-
ternal factors (e.g., unexpected delays in CNAS settlements).
• Existing measures:
• Strict cost control: Keeping expenses within budgeted limits, ensuring a cash flow
surplus.
• Diversification of revenue sources:
o Sales of pharmaceutical robots: Growth opportunity in the technology market
o Expansion of the pharmaceutical robot segment to private clients and hospi-
tals.
o Rental income: Stable and recurring sources from leasing spaces, which miti-
gate cash flow volatility.
Farmaceutica REMEDIA is in a strong position thanks to guaranteed revenues through
pharmacy sales and CNAS collections and diversification through robots and rents. For
long term sustainability, it is essential to reduce the dependence on the public system and
strengthen the identified segments respectively the necessary technological development
in pharmacies, warehouses and hospitals.
Existing measures combined with diversification strategies (robots, rents) and conservative
expense management reduce vulnerability and will strengthen the company's position in
2026 and beyond.
1.10. Development and perspective activities of the society
After the finalization of the transfer of 21 pharmacies to FRDL, Farmaceutica REMEDIA
continues its development strategy by identifying and capitalizing on investment
opportunities in private healthcare companies. This strategic direction is aligned with the
trends of growth and diversification of private healthcare services, exploring strategic
partnerships and development projects aimed at supporting sustainable growth, adaptation
to market requirements, innovation and digitalization.
In this context, Farmaceutica REMEDIA has acquired a 24% stake in NOVOENGRAMA
SRL, a medical rehabilitation center in Cluj-Napoca that offers consultations, diagnostic
tests, and medical rehabilitation and recovery programs following accidents, surgeries, or
illnesses, using complex procedures and state-of-the-art technologies.
Remedia is the distributor for Romania, Bulgaria and Moldova of the American company
Becton Dickinson. The BD Rowa™ company, with more than 16,000 robots installed in
more than 60 countries, from Japan to Argentina, holds a market share of about 65%
globally and is currently the world leader in pharmacy, warehouse and hospital
automation solutions.
As a digital solution aimed at automating and optimizing pharmaceutical processes,
REMEDIA, in partnership with BD Rowa™, has, since the 2021 launch of the first Smart
Robot installed at the REMEDIA pharmacy located at 78 Metalurgiei Blvd. Metalurgiei No.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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78, Bucharest, has installed 25 (twenty-five) robotic systems in pharmacies and a hospital
in Romania, plus a hospital in Burgas, Bulgaria.
REMEDIA will expand its focus on the automation and optimization of pharmaceutical
processes and will continue to implement BD Rowa™ automation solutions in pharmacies,
warehouses, and hospitals by expanding, in partnership with TouchPoint Medical (TPM),
its portfolio of hospital workflow automation solutions to ensure digitalized medication
management.
TPM automation solutions ensure medication traceability and enhance the safety and
efficiency of medication management from the pharmacy to the patient’s bedside in
hospitals in Romania and Bulgaria.
REMEDIA provides installation, commissioning, and training for customers, as well as
service and maintenance for robotic equipment using its own teams, which are trained and
certified by the manufacturer BD Rowa. The professionalism of its technical team has
qualified REMEDIA to install 12 (twelve) automated systems in pharmacies across
Slovakia, Austria, Germany, Italy, and Israel.
REMEDIA is developing the platform www.pharma-automation.ro both to facilitate
communication with pharmacists and customers and to answer questions regarding the
benefits offered by robotic pharmacies, as well as to provide information on solutions
tailored to specific needs and options for digital transformation.
REMEDIA is developing online sales on the https://pharmastore.ro platform dedicated to
dermo-cosmetic products and dietary supplements—such as the Pharmacore, THS,
Pernaton, and Power Fish ranges—with a focus on customer satisfaction, ensuring easy
purchasing and fast navigation, diversifying the product portfolio, and securing online
transactions.
At the same time, social media campaigns have been launched to ensure easier access
to products, to inform customers about new products, promotions, and campaigns run by
the company, as well as the benefits of pharmacy automation processes using robots.
Starting in 2025, Farmaceutica REMEDIA has been the official distributor in Romania of
the DRILL-X equipment, manufactured by Synex Tech GmbH (Austria), used for
firefighting—the world’s first device to combine drilling and fire suppression in a single unit.
2. Fixed assets of the company
46.778.298 Lei represents Fixed Assets (at net book value) with the following breakdown:
45.868.066 Lei - Tangible Fixed Assets (land, buildings, equipment, vehicles,
commercial furniture, etc.)
130.449 Lei - Intangible Fixed Assets (software licenses)
779.782 Lei - Financial assets (equity interests in other companies, established
deposits, paid guarantees, long-term receivables).
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
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Within tangible assets, 99,5% consists of buildings and land. These are valued at market
value each year by a certified appraiser. The valuation at the end of 2025 showed a value
of 2.877.307 lei for these assets. (land + 634.723 lei, buildings + 2.242.583 lei).
3. Shares and shareholding
The shares issued by Farmaceutica REMEDIA SA were traded in 2025 on the regulated
market of the Bucharest Stock Exchange, Standard category.
Farmaceutica REMEDIA S.A. shares are registered shares with a value of 0,1 Lei/share,
in the number of 95.480.820 shares with the following synthetic ownership structure as of
31.12.2025, (information provided by the Central Depository):
Shareholders
No. of shares
Share from the share
capital (%)
Valentin-Norbert TARUS
76.914.408
80,55
Farmaceutica REMEDIA SA
1.777.433
1,86
Natural persons
16.020.939
16,78
Legal entities
768.040
0,81
Total
95.480.820
100
As of 31.12.2025 Farmaceutica REMEDIA SA had a total number of 3981 shareholders,
of which:
- natural persons hold a total of 97,33% of the share capital (of which 80,55% is held by
Mr. Valentin-Norbert TARUS)
- Legal entities hold a total of 2,67% of the share capital, of which 1,86% is held by
Farmaceutica REMEDIA SA.
According to the territorial criteria, in the top 5 counties where REMEDIA shareholders
come from are the following counties:
- Hunedoara: 1.843 shareholders
- Bucuresti: 584 shareholders
- Alba: 256 shareholders
- Cluj: 153 shareholders
- Timis: 83 shareholders
Over the last 3 years the number of REMEDIA shareholders has steadily increased, so
that while in 2021, at the reference date for the AGM on 15.04.2021, 2985 shareholders
were registered, at the end of 2025 a total of 3981 shareholders were registered with the
Central Depository.
The evolution of the number of shareholders over the last 3 years is shown in the following
graph:
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
13 din 20
In September 2025, Farmaceutica REMEDIA completed a share buyback transaction
carried out for the purpose of implementing a Stock Option Plan. The number of shares
repurchased as of September 23, 2025, under the Public Tender Offer approved by the
ASF via Decision 841/August 28, 2025, and Amendment 888/September 11, 2025, is 954.
808 shares, representing 1% of the share capital. The total amount paid by Farmaceutica
REMEDIA was 811.586,80 Lei, at a repurchase price of 0,85 Lei per share.
The company has no subsidiaries and has not issued bonds or other debt securities.
4. Dividends
For 2025, the Board of Administrators has proposed the distribution of 4.694.314 Lei, to
dividends, in order to grant a gross dividend of 0,05 lei/share.
Accordingly, the Board of Administrators proposed to distribute the net profit earned in
2025 in the amount of 7.067.745 Lei as follows:
- 4.694.314 Lei to dividends,
- 2.373.431 Lei to other reserves.
In the medium term, the company intends to maintain the policy of distributing up to 50%
of net profit to dividends.
The amount of dividends due (distributed from profit), paid and accrued (unpaid) is as
follows:
2020
2021
2022
2023
2024
2025
2026
Initial
ballance
209.353
117.155
327.582
379.265
436.551
500.463
557.676
Brotto
dividends
distribution
2.121.796
14.277.108
4.759.036
4.615.814
4.733.076
3.786.328
4.694.314
Tax on the
paid
dividends
104.900
711.866
237.353
368.491
379.164
379.122
Paid
dividends
2.109.093
13.354.815
4.470.000
4.190.037
4.290.000
3.350.000
2985
3219
3297
3299
3337
3314
3341
3395
3633
3972
3981
Evolution of the shareholders number
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
14 din 20
Dividends
to be paid
117.155
327.582
379.265
436.551
500.463
557.676
5. Management of Farmaceutica REMEDIA S.A.
During the financial year 2025, Farmaceutica REMEDIA S.A. was led by a Board of
Administrators with the following composition:
01.01.2025 – 30.04.2025
01.05.2025 – 31.12.2025
’’TARUS’’ - Valentin Norbert TARUS e.U.,
represented by dl. Valentin-Norbert
TARUS - Chairman
’’TARUS’’ - Valentin Norbert TARUS e.U.,
represented by dl. Valentin-Norbert
TARUS – Chairman
Cristian PLOCON
Cristian PLOCON
Lucian-Valentin CODREANU
Lucian-Valentin CODREANU
1. ‘’TARUS’’ - Valentin Norbert TARUS e.U.– Chairman of the Board of
Administrators represented by Valentin Norbert TARUS, executive director, non-
independent, member of the Audit Committee and Chairman of the Remuneration and
Nomination Committee for the period 15.04.2021-30.04.2026
In the 1990s he laid the foundation for the first companies in Romania specialized in
distribution, import, export, consulting and marketing of pharmaceutical products. In 2000
he acquired from FPS the majority of shares of Farmaceutica REMEDIA S.A., developing
a successful business with national coverage and integrated services: marketing and
distribution of medicines, as well as retail through the REMEDIA chain of pharmacies
(taken over in 2020 by Phoenix Group).
He studied Chemical Engineering - Technologies for Organic and Pharmaceutical
Substances at the Polytechnic Institute of Bucharest and completed postgraduate studies
in Foreign Trade, with a dissertation on world trade in medicines.
In the last 5 years he has served as a director in the trading company:
''TARUS'' - Valentin Norbert TARUS e.U., Leopold Moses G. 4/2/46.
He has not been associated with bankruptcy, receivership or liquidation proceedings in the
capacity of member of an administrative, management or supervisory body or general
partner. Has not been convicted of fraud within the last 5 years and has not had an official
public sanction pronounced against him. Has never been prevented by a court from acting
as a member of an administrative, management or supervisory body of an issuer or from
interfering in the management or conduct of the affairs of an issuer during the last 5 years.
As of 31.12.2025 he owned 76.914.408 shares, 80,55% of the shares of Farmaceutica
REMEDIA S.A
2. Cristian PLOCON member of the Board of Administrators, executive director, non-
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
15 din 20
independent, member of the Audit Committee, member of the Remuneration and
Nomination Committee for the period 01.05.2023-30.04.2026.
Graduate of the Academy of Economic Sciences, with a Bachelor's and Master's degree
in Financial Analysis from the same faculty. He is an economist with over 25 years of
experience in the field.
He has not been associated with bankruptcy, receivership or liquidation proceedings in the
capacity of member of an administrative, management or supervisory body or general
partner. Has not been convicted of fraud within the last 5 years and has not had an official
public sanction pronounced against him. Has never been prevented by a court from acting
as a member of an administrative, management or supervisory body of an issuer or from
interfering in the management or conduct of the affairs of an issuer during the last 5 years.
As of 31.12.2025, he held 46.270 shares in Farmaceutica REMEDIA S.A.
3. Lucian-Valentin CODREANU member of the Board of Administrators, non-
independent executive administrator, Chairman of the Audit Committee, Remuneration and
Nomination during 01.05.2024-30.04.2026.
Economist and a highly experienced senior executive with 25 years of leadership expertise
in private equity fund-owned organizations as well as multinational companies, serving in
various executive and non-executive roles on boards and advisory committees across all
pharmaceutical channels (manufacturers, distributors and retailers).
Previously, Lucian was an Operating Partner at Highlander Partners Romania, an
American private equity fund, was a shareholder of Labormed Pharma and Ecofarmacia
Network pharmacy chain. He also has extensive experience as former Commercial
Director of Terapia and Labormed Pharma, as well as former Managing Director of
Pharmafarm.
Lucian has provided consultancy services for numerous projects in human and veterinary
pharmaceutical companies and has served on the Boards of Administrators of several
companies.
He has not been associated with bankruptcy, receivership or liquidation proceedings in the
capacity of member of an administrative, management or supervisory body or general
partner. Has not been convicted of fraud within the last 5 years and has not had an official
public sanction pronounced against him. Has never been prevented by a court from acting
as a member of an administrative, management or supervisory body of an issuer or from
interfering in the management or conduct of the affairs of an issuer during the last 5 years.
As of 31.12.2024, he did not hold any shares in Farmaceutica REMEDIA S.A.
As of December 31, 2025, the Company’s Board of Directors consists of 3 members, of
whom 0 are women (0%) and 3 are men (100%), and the gender composition of the Board
reflects a 0% representation of the underrepresented gender; although the minimum
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
16 din 20
gender balance targets set forth in Law No. 24/2017 have not yet been fully achieved, the
Company has integrated this objective into its policy for selecting Board members and
executive management, applies transparent and gender-neutral selection criteria, and
periodically monitors progress.
The executive management was ensured by a general manager that has in its
subordination departmental directors and managers. In the fiscal year 2025, the executive
management was provided by Mr. Valentin - Norbert TARUS.
The Board of Administrators, having reviewed the Audit Committee’s analysis of the
contractual relationship, the fee structure, the nature of the services provided, and the
formal declarations regarding the absence of any conflicts of interest, confirms that the
external financial auditor is independent of the company and that the objectivity and
impartiality of the audit engagement were not compromised during the reporting period.
6. Affiliated persons to the Farmaceutica REMEDIA S.A.
On the date of the report, the list of persons affiliated to the company Farmaceutica
REMEDIA S.A. is composed of:
• Valentin-Norbert TARUS - Austrian citizen
• ‘’TARUS’’ - Valentin Norbert TARUS e.U. – Austrian individual enterprise
• Farmaceutica REMEDIA Distribution & Logistics S.R.L.
• TARUS MEDIA S.R.L.
• IMOBILIARA MAGHERU S.R.L.
• PHARMA EXPERTSPEDITION SRL
• NOVOENGRAMA SRL
7. Corporate governance
During the 2025 fiscal year, Farmaceutica REMEDIA’s corporate governance structures
operated in accordance with the provisions of the Articles of Incorporation, internal
regulations, and the requirements applicable to issuers listed on the regulated market
administered by the Bucharest Stock Exchange (BVB), with the administration and
representation of the Company being exercised by the Board of Directors and the Chief
Executive Officer.
The Board of Directors is responsible for ensuring strategic leadership, overseeing
executive management, managing significant risks, and monitoring internal control
systems, with a view to supporting the Company’s long-term success and sustainability, in
the interest of the Company and its shareholders.
Farmaceutica REMEDIA respects the rights of all shareholders, ensuring their fair
treatment and submitting any changes to the rights attached to the issued securities to the
approval of the General Meetings, in accordance with the applicable legislative and
regulatory framework.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
17 din 20
Company’s website – www.remedia.ro - provides information and access conditions, in
Romanian and English languages, at the GMS documents, financial statements, current
reports to BSE, dividends, policies implemented in compliance with the provisions of the
Corporate Governance Code.
In 2025, Farmaceutica REMEDIA obtained, for the fifth consecutive year, the maximum
score, 10, for meeting the VEKTOR criteria, an assessment conducted by ARIR
(Association for Investor Relations at the Romanian Stock Exchange), which examines the
adoption of good practices in Corporate Governance and investor communication. This
result reflects the maintenance of a robust investor relations framework, based on the
provision of comprehensive, relevant, and accessible information, adherence to the
“comply or explain” principle, and the use of multiple channels of communication with the
market.
The “Investor Relations” section available at www.remedia.ro/investitori/ is regularly
updated, including throughout 2025, in accordance with the VEKTOR disclosure indicators
established by ARIR, in order to meet the information needs of shareholders and potential
investors.
In the context of integrating sustainability aspects into the strategy and business model,
within the “Corporate Governance” section, the ESG subsection includes information on
the company’s activities and performance in the Environmental, Social, and Governance
(ESG) areas, as well as non-financial/sustainability reports.
Farmaceutica REMEDIA SA has an ESG risk rating of 14.9, which ranks it second in the
pharmaceutical sector, placing it in the “low risk” category (range 10–19.99 points),
indicating a low level of uncontrolled ESG risk in terms of potential significant financial
impact.
The sustainability report is prepared in a separate document from the annual financial
report, in line with international sustainability reporting standards, and aims to highlight the
company's non-financial performance, including environmental, social responsibility,
corporate governance (ESG), community impact and climate change measures. This clear
separation between the financial report and the sustainability report ensures a detailed and
focused presentation of the key sustainability issues.
During the 2025 fiscal year, the Chairman of the Board of Directors convened 19 (nineteen)
meetings of the Board of Directors, held in accordance with the company's bylaws, during
which the main issues related to the company's strategy, operational and financial
performance, risk management, and compliance with applicable regulations were
discussed.
Members of the Board of Directors attended meetings in person, via remote
communication (telephone, teleconference), or via email, in compliance with the provisions
of the Articles of Incorporation and the Internal Regulations of the Board of Directors
regarding quorum, voting, and the documentation of deliberations.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
18 din 20
Following the meetings of the Board of Administrators, a total of 24 (twenty-four) decisions
were issued and communicated to the relevant departments for implementation and
fulfilment during 2024.
8. Accounting financial statement (consolidated statements)
Farmaceutica Remedia
Income Statement
dec.-25
dec.-24
(RON)
unconsolidated
unneconsolidated
Sales of goods
9,288,883
9,112,606
Discounts given
0
0
Net Sales
9,288,883
9,112,606
COGS
7,283,491
7,641,695
Discounts Received
0
-3,913
Net COGS
7,283,491
7,637,782
Gross Margin
2,005,392
1,474,824
Gross Margin (%)
21.59%
16.18%
Other Operating Revenues
9,260,221
8,888,455
Personnel
-2,532,816
-5,939,976
Other Operating Expenses
-2,606,303
-3,197,677
Total Operating Expenses
-5,139,119
-9,137,653
EBITDA
6,126,494
1,225,626
EBITDA Margin
65.96%
13.45%
Depreciation
-718,600
-1,686,312
Provisions - net
-1,218,850
0
Bad debts lost
-270
-133
EBIT
4,188,773
-460,818
EBIT Margin
45.09%
-5.06%
Financial Revenues
4,214,431
6,387,436
Financial Expenses
-50,467
-50,467
Financial income
4,111,784
6,336,969
EBT
8,300,557
5,876,151
EBT Margin
89.36%
64.48%
Tax on Profit
-1,232,812
0
Net Profit
7,067,745
5,876,151
Net Profit Margin
76.09%
64.48%
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
19 din 20
Farmaceutica Remedia
Balance Sheet(RON)
dec.-25
dec.-24
neconsolidat
neconsolidat
Total Assets
67,427,400
63,263,120
Cash
15,469,401
9,903,422
A/R (clients)
3,772,937
1,636,868
Inventory
796,530
817,278
Expenses in advance
115,420
195,037
Other Current Assets
494,814
598,653
Total Current Assets
20,649,102
13,151,257
Tangible Assets
45,868,066
44,375,638
Intangible Assets
130,449
80,812
Financial Investments
779,782
5,655,412
Total Long-Term Assets
46,778,298
50,111,863
`
A/P (suppliers)
700,592
1,528,062
Other ST payables
1,457,497
450,723
Payables to shareholders
557,676
500,464
ST Loans*
6,121
2,740
Current Liabilities
2,721,886
2,481,989
LT Loans*
24,358
30,479
Other LT liabilities
4,796,476
4,663,474
LT Liabilities
4,820,834
4,693,953
Provisions
344.971
0
Share capital
9,207,249
9,548,082
Reserves & others
43,264,713
40,662,945
Profit
7,067,746
5,876,151
Equity
59,539,707
56,087,178
Total Liabilities & Equity
67,427,400
63,263,121
The consolidated financial statements were audited by the independent financial
auditor.
According to Regulation of A.S.F.no. 5/2018 Annex 15
For financial year 01.01.2025 - 31.12.2025
Report of the Board of Administrators
20 din 20
9. Economic-financial indicators 2025
LIQUIDITY AND WORKING CAPITAL
31.12.2025
31.12.2024
Current liquidity
(Current assets/Current liabilities)
6,7
5,22
Current assets
20.533.682
12.956.220
Current liabilities
3.066.858
2.481.990
Degree of indebtedness
(Borrowed capital / Equity x 100)
0,00%
0,00%
Borrowed capital (including leasing)
0
0
Equity
59.539.707
56.087.178
Turnover speed of customer debits
(average customer balance/turnover *365)
88 days
54 days
Average customer balance
3.570.517
2.066.319
Net turnover
14.843.465
14.077.445
Turnover speed of liabilities
(average suppliers balance/cogs*365)
140 days
280 days
Average suppliers balance
2.276.494
5.867.241
Cost of merchandise sold
7.283.491
7.637.782
Turnover speed of stocks (average stock
balance/cogs * 365
18 days
89 days
Average stocks balance
352.468
1.859.340
Cost of merchandise sold
7.283.491
7.637.782
Turnover speed of fixed assets (turnover/fixed
assets)
0,31
0,28
Net turnover
14.843.465
14.077.445
Fixed assets
46.778.298
50.111.863
Gross profit margin (%)
(gross profit/net sales)
56%
42%
Gross profit
8.300.557
5.876.151
Net turnover
14.843.465
14.077.445
Note:
1)
Current liquidity - the level of the indicator reflects a good payment capacity and therefore a low risk for
creditors, certifying that the company is able to cover its short-term debts from receivables and cash on hand.
The indicator has evolved positively compared to the same period last year.
2)
The degree of indebtedness expresses the effectiveness of credit risk management, indicating potential
funding and liquidity problems, with an impact on the honouring of commitments. A value of 0% indicates that
the company has no funding or liquidity problems. In the calculation of this indicator, borrowed capital includes
both bank loans and finance lease liabilities.
3)
Turnover speed of customer debits expresses the effectiveness of the company in collecting its
receivables, i.e. the number of days until debtors pay their debts to the company. Given the dynamics of sales
and the specifics of debt collection in the distribution of medicines, we consider 72 days to be normal under
the given conditions.
4) Turnover speed of liabilities represents the average period in which suppliers are paid.
5) The value of the No. of storage indicator can be considered that it falls within the specifics of the activity.
6) Turnover speed of fixed assets expresses the effectiveness of the management of fixed assets, by
examining the turnover generated by a certain quantity of fixed assets.
Bucuresti, March 23, 2026 Board of Administrators,
Chairman
‘’TARUS’’ - Valentin Norbert TARUS e.U
1020 Viena, Leopold-Moses Gasse, 4/42/6, Austria
FN 349134h/23.07.2010
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
1
Cuprins :
pag
Statement of comprehensive income
2
Statement of financial position
4
Situation of changes in equity capital
6
Treasury flow situation
8
Explanatory notes to the financial statements
1
Information about the company
9
2
Basics of preparing financial statements
9
3
Significant accounting policies
13
4
Income from sales and other operating revenue
26
5
Material expenses
27
6
Expenditure on staff
27
7
Other operating expenditure
28
8
Net financial income
28
9
Income tax expenses
28
10
Tangible fixed assets and real estate investments
10.1 Tangible fixed assets
10.2 Investment property
30
11
Intangible assets
11.1 Software licences
11.2 Pharmacy licences
32
12
Financial assets at fair value
33
13
Stocks
33
14
Trade and other receivables
34
15
Cash and cash equivalents
35
16
Share capital
35
17
reserve
35
18
Dividend
36
19
Retained earnings
36
20
Profit distribution
36
21
Own actions
37
22
Leasing
37
23
Provisions
38
24
Commitment
38
25
Trade and other debts
39
26
Litigation
39
27
Presentation of related party transactions
39
28
Reporting by segments
40
29
Objectives and policies for financial risk management
41
30
Sources of uncertainty in estimates
44
31
Events after the reporting period
46
32
Economic and financial indicators
46
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
2
Farmaceutica REMEDIA SA
STATEMENT OF COMPREHENSIVE INCOME -
unconsolidated (Lei)
31.12.2025
31.12.2024
Net turnover
14.843.465
14.077.445
Income from the sale of goods
9.288.883
9.112.606
Commercial discounts granted
0
0
Income from services provided and rents
5.554.582
4.964.839
Income from real estate investments
1.684.430
1.320.831
Other operating income
2.021.209
2.602.785
OPERATING INCOME - TOTAL
18.549.104
18.001.061
Expenses with materials
7.699.017
8.224.928
Expenses regarding goods
7.283.491
7.641.695
Commercial discounts received
0
-3.913
Expenses with raw materials and consumables
252.723
367.447
Other expenses with materials (inventory objects)
27.245
33.942
Energy and water expenses
135.557
185.757
Expenses with personnel
2.532.816
5.939.976
Salaries and allowances
1.905.267
3.377.704
Expenses with insurance and social protection
80.271
159.170
Other personnel expenses
547.278
2.403.102
Amortisations and provisions
1.937.721
1.686.445
Amortisations
718.600
1.686.312
Net provisions
1.218.850
0
Losses from receivables
270
133
Other operating expenses
2.190.778
2.610.531
Expenses on external services
1.566.267
1.522.130
Expenses with other taxes, charges and assimilated
payments
533.543
766.540
Other expenses
90.968
321.861
OPERATING EXPENSES - TOTAL
14.360.331
18.461.880
OPERATING RESULT
4.188.773
-460.818
Financial income
4.214.431
6.387.436
Interest income
627.655
323.308
Income from exchange rate differences
12.406
382
Income from dividends
3.574.370
6.063.745
Advance payment discounts
0
0
Other financial income
0
0
Financial expenses
102.647
50.467
Interest expense
0
Operational leasing interest
2.348
42.122
Expenses from exchange rate differences
100.299
8.345
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
3
Discounts collected in advance
0
0
Other financial expenses
0
FINANCIAL RESULT
4.111.784
6.336.969
TOTAL INCOME
22.763.535
24.388.497
TOTAL EXPENSES
14.462.978
18.512.346
GROSS RESULT
8.300.557
5.876.151
Profit tax
1.232.812
0
TOTAL NET PROFIT of which distributable
7.067.745
5.876.151
Shareholders of the company
7.067.745
5.876.151
Minority interest
Other elements of comprehensive income
Revaluation of tangible assets
1.103.674
1.262.278
Tax related to other elements of comprehensive income
Minority interest
COMPREHENSIVE INCOME AFFERENT TO THE
PERIOD - TOTAL of which attributable:
8.171.419
5.876.151
Shareholders of the company
8.171.419
5.876.151
Minority interest
Earnings per share (in Lei)
- basic
0,0740
0,0615
- diluted
0,0740
0,0615
Chairman of the Board of Administrators
"TARUS" - Valentin Norbert TARUS e.U.
by representative
Valentin – Norbert TARUS
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
4
Farmaceutica REMEDIA SA
STATEMENT OF FINANCIAL POSITION - unconsolidated
(Lei)
31.12.2025
31.12.2024
ASSETS
Fixed assets
46.778.298
50.111.863
Tangible assets
11.605.109
26.548.361
Real estate investments
34.234.480
17.795.204
Operational leasing assets
28.477
32.073
Software licences
130.449
80.812
Pharmacy licences
0
0
Participations held in group companies
602.200
602.200
Participations held in companies outside the group
130.286
5.916
Investments in jointly controlled entities accounted for using the
equity method
Deposits and guarantees paid
47.297
5.047.297
Current assets
20.533.682
12.956.220
Stocks
794.467
817.278
Advances granted for the purchase of inventories
2.063
Trade receivables
3.772.937
1.636.868
Other receivables
494.814
598.653
Cash and cash equivalents
15.469.401
9.903.422
Accrued expenses
115.420
195.037
TOTAL ASSETS
67.427.400
63.263.121
EQUITIES AND DEBTS
Equities
59.539.707
56.087.178
Share capital
9.548.082
9.860.311
Share premiums
757.485
757.485
Reserves
17.192.330
15.795.571
Revaluation reserves
29.140.569
24.711.065
Current result
7.067.746
5.876.151
Retained earnings
1.045.019
11.122
Retained earnings - retreatment
-340.833
-312.229
Profit distribution
0
0
Own shares
-1.316.108
-480.532
Losses related to the issuance, redemption, sale, free transfer or
cancellation of equity instruments
-107.727
-131.766
Employee benefits in the form of equity instruments
68.708
Other equity items
-3.515.563
Long-term debts
4.820.834
4.693.953
Debts from long term operational leasing
24.358
30.479
Provisions
Debts with deferred income tax
4.796.476
4.663.474
Current debts
3.066.858
2.481.990
Bank loans
0
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
5
Debts from financial leasing
0
Debts from operational leasing
6.121
2.740
Suppliers and other similar debts
700.592
1.528.062
Provisions
344.971
Current tax debts
470.324
Other short-term debts
1.289.262
951.188
Deferred income tax liabilities
255.588
Total debts
7.887.692
7.175.943
TOTAL EQUITIES AND DEBTS
67.427.400
63.263.121
Chairman of the Board of Administrators
"TARUS" - Valentin Norbert TARUS e.U.
by representative
Valentin – Norbert TARUS
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded as at 31.12.2025
6
STATEMENT OF CHANGES IN EQUITY (RON)
CAPITAL CHANGES
Share
Legal
Revaluation
Other
Issuance
Result
carried
Current
Own
TOTAL
capital
reserves
reserves
reserves
premiums
forward
result
shares
Balance at 01.01.2024
9,860,311
2,121,796
24,141,850
14,162,460
757,485
-301,106
4,374,862
-2,260,996
52,856,662
0
Transfer profit 2023 to retained earnings
4,374,862
-4,374,862
0
Profit distribution 2023 to dividends
-358,214
-4,374,862
-4,733,076
Profit distribution 2023 to other reserves
0
Profit distribution 2023 to legal reserve
0
Result 2024
5,876,151
5,876,151
Legal reserve 2024
0
Closing of account 129 (legal reserve
2023)
0
Disposals buildings + land
0
Revaluation of buildings and land
1,262,278
1,262,278
Deferred tax
0
Transfer reserves from funds
-823,533
0
-823,533
Purchase of own shares
1,780,464
1,780,464
Losses on gratuitous disposal of own
shares
-131,766
-131,766
Balance at 31.12.2024
9,860,311
2,121,796
25,404,128
12,980,713
757,485
-301,106
5,876,151
-612,298
56,087,178
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded as at 31.12.2025
7
STATEMENT OF CHANGES IN EQUITY (RON) - continued
CAPITALS CHANGES
Share
Legal
Revaluation
Other
Benefits
granted to
employees
Other
elements
Share
Retained
Current
Own
TOTAL
capital
reserves
reserves
reserves
in the form
of equity
instruments
of equity
premiums
earnings
result
shares
2025
Balance on 01.01.2025
9.860.311
2.121.796
25.404.128
12.980.713
757.485
-301.106
5.876.151
-612.298
56.087.178
0
Profit transfer 2024 to retained earnings
5.876.151
-5.876.151
0
Profit distribution 2024 to dividends
0
-
3.786.328
-3.786.328
Profit distribution 2024 to other reserves
2.089.823
-
2.089.823
0
Profit distribution 2024 to legal reserves
0
Result 2025
7.067.746
7.067.746
Legal reserve 2024
0
Account closure 129
0
Buildings + lands outputs
-189.731
-189.731
Revaluation of buildings and lands
1.103.674
1.103.674
Deferred tax
0
Transfer reserves from funds
0
0
0
Buy own shares
-811.537
-811.537
Losses from the free transfer of own shares
0
0
Deferred tax transfer from revaluation
reserves
3.515.563
-
3.515.563
0
Reserves – employee share plan (IFRS 2)
0
68.708
68.708
IFRS restatement
-312.229
-693.064
1.005.292
-1
Balance on 31.12.2025
9.548.082
2.121.796
29.140.570
15.070.534
68.708
-
3.515.563
757.485
704.186
7.067.746
-
1.423.835
59.539.707
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
8
STATEMENT OF TREASURY FLOWS (RON)
12/31/2025
Cash flows from operating activities
Collections from the sale of goods and from the provision of services
17.108.789
Other cash inflows
379.686
Payments to suppliers of goods and services
-11.628.752
Payments to and on behalf of employees (incl. taxes on salaries)
-2.185.836
Corporate tax payments
-140.973
Payments to other taxes and fees
-3.052.530
Paid interests
Collected interests (current account)
627.655
Other cash outflows
-167.296
Total operating cash flow
940.743
Cash flow from investment activities
Proceeds from the sale of long-term assets and financial investments
0
Collected interests (from deposits)
Collected dividends
3.574.370
Payments for the purchase of long-term assets
Total cash flow from investments
3.574.370
Cash flow from financing activities
Short-term loan withdrawals
0
Repayment of short-term loans
5.000.000
Net foreign exchange differences
-31.547
Funding received from shareholders
Repayments of long-term loans, including interest
Payments to shareholders (dividends)
-3.350.000
Payments of own shares
-567.587
Total cash flow from financing
1.050.866
Total cash flow
5.565.979
Cash at the beginning of the period
9.903.422
Cash at the end of the period
15.469.401
Farmaceutica REMEDIA S.A.
Chairman of the Board of Administrators
"TARUS" - Valentin Norbert TARUS e.U.
by representative
Valentin-Norbert TARUS
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
9
NOTE 1 COMPANY INFORMATION
Farmaceutica REMEDIA S.A. ("the Company") is a commercial company with registered
office in Deva, Bld. Nicolae Balcescu nr. 2 (formerly Str. Dorobantilor 43), Hunedoara
County, Romania.
On 25 July 1991, Farmaceutica REMEDIA S.A. was established as a commercial
company with full state capital, through the reorganization of the Deva Pharmaceutical
Office - established in 1957.
On 13 October 2000, V.TARUS RoAgencies S.R.L. acquired from FPS the majority of
shares (55,802 %).
On 01 January 2006, Farmaceutica REMEDIA S.A. merged by absorption with V.TARUS
RoAgencies S.R.L. Conform Legii 95/2006, republicata in August 2015, societatilor
comerciale le-a fost interzisa desfășurarea, in acelasi timp, de activitati de distributie en
gross si en detail de medicamente. (Art. 800 paragraful 2).
On January 1, 2016, Farmaceutica REMEDIA S.A. completed the transfer of the
distribution activities to Farmaceutica REMEDIA Distribution & Logistics S.R.L., a new
company, 100% owned, of the wholesale distribution activities of medicines, together with
related activities (logistic services, registration of pharmaceutical products, promotion and
marketing of medicines, etc.), Farmaceutica REMEDIA S.A. kept the operation of the chain
of pharmacies and local offices.
As a result of the change in the main object of activity imposed by the above mentioned
legislation, the company had to buy back from the market (in 2015) a number of 300,100
shares at a price set by an authorized appraiser.
During 2025 Farmaceutica REMEDIA S.A. did not participate in mergers.
In January 2025, Farmaceutica REMEDIA acquired a 24% share in Novoengrama SRL,
a company specialized in medical rehabilitation based in Cluj-Napoca.
In September 2025, Farmaceutica REMEDIA completed a share buyback transaction
carried out for the purpose of implementing a stock option plan. The number of shares
repurchased as of September 23, 2025, under the Public Tender Offer approved by the
ASF via Decision 841/August 28, 2025, and Amendment 888/September 11, 2025, is 954,
808 shares, representing 1% of the share capital. The total amount paid by Farmaceutica
REMEDIA was 811,586.80 Lei, at a repurchase price of 0.85 Lei per share).
NOTE 2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
Declaration of conformity
The company's financial statements have been prepared in accordance with the provisions
of Order no. 2844/2016 for the approval of the Accounting Regulations in accordance with
International Financial Reporting Standards (IFRS), as adopted by the European Union,
applicable to companies whose securities are admitted to trading on a regulated market,
with all subsequent amendments and clarifications.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
10
For all periods up to and including the year ended 31 December 2011, the company has
prepared financial statements in accordance with Romanian Accounting Standards (RAS).
The financial statements for the year ended 31 December 2012 are the first financial
statements prepared in accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
The financial statements as at 31.12.2025 were approved by the Board of Administratords
of the Company on 23.03.2026.
Basics of evaluation
The financial statements have been prepared on a historical cost basis except for buildings
and land which are valued at fair value (market value determined by an appraiser's
valuation). Historical cost is generally based on the fair value of the consideration given for
the assets.
The company presents in the financial statements at fair value all assets and liabilities for
which fair value measurement is required, the methods used to determine fair value being
inventory and revaluation (IFRS 13).
Thus, the buildings (included in the class Property, plant and equipment and investment
property) and land owned by the Company are valued annually by an independent chartered
appraiser, member of ANEVAR, with recent and relevant experience regarding the location
and category of the investment subject to valuation.
Since 2015, the revaluation method used has been the gross income multiplier method
(quantification of the present value of the anticipated future benefits produced to the owner
by leasing the property). The values were estimated on the basis of public market studies
and the correlation was made based on several criteria, the most important being the
number of inhabitants of the locality where the property is located.
Property, plant and equipment valuations have been classified at level 2 because their
values are comparable to similar values in the active market, are adjusted and are directly
observable - IFRS 13.93 (b).
The Company does not hold financial instruments that would require the use of other fair
value estimation methods.
During 2025 there were no events and circumstances that would lead to the recognition of
a significant impairment loss on property, plant and equipment.
Functional and presentation currency
The financial statements are presented in LEI (RON), which is the Company's functional
currency. All financial information is presented in LEI.
Principle of continuity of activity
The financial statements have been prepared on a going concern basis, which means that
the company will, for the foreseeable future, continue as a going concern without going into
bankruptcy, liquidation or significant curtailment.
Comparative situations
Certain amounts in the statement of financial position, statement of comprehensive income,
statement of statement of changes in equity and in the notes to the financial statements,
explanatory notes have been reclassified to ensure comparability between prior years and
the year current year.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
11
Professional estimates and reasoning
The preparation of IFRS financial statements requires management to use professional
judgement, estimates and assumptions that may affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. The underlying
estimates and assumptions are reviewed periodically. Revisions to accounting estimates
are recognised in the period in which the estimate was revised and in future periods affected.
The following are critical professional judgements/reasons that the Company's management
has made that have a significant impact on the amounts recognised in the financial
statements:
- Useful lives of non-current assets
- Deferred taxes
- Provisions
- Segment reporting
Changes in accounting policies
The Company's financial statements have been prepared in accordance with :
- Accounting Act No. 82/1991, republished and updated;
- the provisions of the Order of the Minister of Public Finance No. 2844/2016, approving the
Accounting Regulations in accordance with International Financial Reporting Standards,
applicable to companies whose securities are admitted to trading on a regulated market, as
subsequently amended and clarified.
These individual financial statements have been prepared in accordance with the
recognition, measurement and evaluation criteria in accordance with the International
Financial Reporting Standards, Interpretations and International Accounting Standards
(collectively referred to as "IFRS") issued by the International Accounting Standards Board
( "IASB") as adopted by the European Union ("adopted IFRSs").
The financial statements for the financial year ended on 31.12.2025 include the financial
position statement. Statement of comprehensive income, statement of cash flows, statement
of changes in equity and explanatory notes.
The main accounting policies applied to the preparation of the financial statements were
applied consistently.
The preparation of financial statements in accordance with adopted IFRS requires the use
of certain crucial accounting estimates. It also requires management to use judgment in the
process of applying the Company's accounting policies.
The areas that involve a higher degree of complexity and the application of these reasonings
or those in which assumptions and estimates have a significant impact on the financial
statements.
These provisions correspond to the requirements of the International Financial Reporting
Standards (IFRS), adopted by the European Union (EU). The effects of changes in
exchange rates, regarding the functional currency. For the purpose of preparing these
financial statements in accordance with the legislative requirements in Romania, the
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
12
functional currency of the Company is considered to be RON ("Romanian leu").
The management of the company considers it to be the functional currency, as defined by
IAS 21 - The effects of changes in foreign exchange rates
The new accounting regulations
Starting with 2023, the Company applied the IFRS 16 standard for all rental and
operational leasing contracts.
The following amendments to existing standards and new interpretations issued by the
International Accounting Standards Board (IASB) and adopted by the EU are in force for
the current period:
IFRS 17 Insurance contracts (including amendments to IFRS 17 from June 2020 and
December 2021) The company adopted IFRS 17 with all amendments for the first time in
2023. IFRS 17 establishes the principles for the recognition, measurement and presentation
of insurance contracts and replaces IFRS 4 Insurance contracts.
IFRS 17 outlines a general model, which is modified for insurance contracts with direct
participation features, described as the variable fee approach. The overall model is
simplified if certain criteria are met by measuring liability for remaining coverage using the
premium allocation approach. The general model uses current assumptions to estimate the
value, timing and uncertainty of future cash flows and explicitly measures the cost of that
uncertainty. It takes into account market interest rates and the impact of policyholders'
options and guarantees.
The company has no contracts that meet the definition of an insurance contract according
to IFRS 17.
Amendments to IAS 1, Presentation of financial statements
The company adopted the amendments to IAS 1 for the first time this year. The amendments
change the requirements of IAS 1 regarding the presentation of accounting policies. The
amendments replace the term "significant accounting policies" with "significant accounting
policy information". Accounting policy information is material when considered in conjunction
with other information included in an entity's financial statements that can reasonably be
expected to influence the decisions that primary users of the financial statements make on
the basis of them.
IAS 1 has also modified paragraphs to clarify that information regarding the accounting
policy of some insignificant transactions or events is not material and should not be
presented.
Accounting policy information may be material because of the nature of the transactions or
related events, even if the amounts are immaterial. However, not all accounting policy
information relating to significant transactions or events is itself material.
Amendments to IAS 12 Income tax—deferred tax on assets and liabilities arising from a
single transaction
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
13
The amendments introduce a new exception to the initial recognition exemption. Under the
amendments, an entity does not apply the initial recognition exemption for transactions that
give rise to equal taxable and deductible temporary differences.
Depending on the applicable tax regulations, equal taxable and deductible temporary
differences may arise in a transaction that is not a combination and does not affect either
accounting profit or taxable profit.
According to the amendments to IAS 12, an entity must recognize the deferred tax asset
and liability, and the asset is recognized according to the recoverability criteria established
by IAS 12.
Amendments to IAS 8 Accounting policies, changes in accounting estimates and errors
The company adopted the IAS 8 amendments. The amendments replace the definition of a
change in accounting estimates with the definition of an accounting estimate. According to
the new definition, accounting estimates are "monetary values in financial statements that
are subject to measurement uncertainty." The definition of a change in accounting estimates
has been removed.
Amendments to IAS 1 Presentation of Financial Statements—classification of short-term
or long-term liabilities
The amendments to IAS 1 published in January 2020 only affect the presentation of liabilities
as short-term or long-term in the statement of financial position and not the amount or timing
of recognition of any asset, liability, income or expense, nor the information presented about
these items.
The amendments clarify that this short-term or long-term classification is based on the rights
that exist at the end of the reporting period and is not affected by the expectation that the
company can exercise the right to defer the payment of a debt and clarifies that the rights
exist certain contractual conditions are fulfilled at the end of the reporting period. The term
"payment" is clarified, namely the transfer of money, capital instruments, or other assets or
services.
NOTE 3 SIGNIFICANT INFORMATION REGARDING THE ACCOUNTING POLICY
Business combinations – IFRS 3
Business combinations are accounted for using the acquisition method. The acquirer
recognizes the acquired company's identifiable assets, liabilities and contingent liabilities at
their acquisition date fair values and also recognizes goodwill that is subsequently tested for
impairment rather than amortized. The direct costs of the acquisition are recognized directly
in the profit and loss account.Recunoasterea veniturilor
Revenue recognition
Revenues represent the gross inflow of economic benefits during the period generated
within the normal activities of an entity, in the form of inflows of assets or increases in the
value of assets, or decreases in liabilities, which result in increases in equity, other than
those obtained through contributions from the capital holders.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
14
REVENUE RECOGNITION IN ACCORDANCE WITH IFRS 15
Revenues are recorded when the significant risks and advantages of ownership of the
goods are transferred to the customer. The amounts representing the income do not
include the sales tax (VAT), but they include the commercial discounts granted. Financial
discounts granted to customers (discounts) reduce the value of the Company's revenues.
The Company recognizes revenues when their value can be reliably estimated, when it is
likely to produce future economic benefits for the entity, and when specific criteria have been
met for each of the Company's activities as described below. The amount of revenue is not
considered reliably assessable until all sales contingencies have been resolved. The
company bases its estimates on historical results, taking into account the type of client, the
type of transaction and the specific elements of each contract.
Revenues from the provision of services are recognized in the period in which they were
provided and in correspondence with the stage of execution.
Interest income is recognized periodically, proportionally, as the respective income is
generated, based on accrual accounting.
Revenues from the collection of rents and/or rights to use assets are recognized on the
basis of accrual accounting, according to the contract.
Dividends distributed to shareholders, proposed or declared after the date of the financial
statements, are recognized as dividend income when the shareholder's right to collect them
is established.
Revenues represent the gross inflow of economic benefits during the period generated
within the normal activities of an entity, in the form of inflows of assets or increases in the
value of assets, or decreases in liabilities, which result in increases in equity, other than
those obtained through contributions from the capital holders.
Revenues constitute increases in economic benefits recorded during the accounting period,
in the form of incomes or increases in assets or reductions in liabilities, which materialize in
increases in equity, other than those resulting from shareholders' contributions.
Fair value is the value at which an asset can be traded or a debt settled, between interested
parties and in good faith, in a transaction carried out under objective conditions.
Revenues are assessed according to IFRS 15 – Revenues from contracts with customers.
IFRS 15 establishes a five-step model to record revenue from contracts with customers:
• Step 1: Identifying the contract with a customer
• Step 2: Identification of payment obligations from the contract
• Step 3: Determining the transaction price
• Step 4: Allocation of the transaction price for the performance obligations in the
contract
• Step 5: Revenue recognition as the company fulfills a performance obligation
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
15
The company has concluded contracts with clients for the delivery of goods (robots) and
contracts for the provision of services (rents, and robot assembly and maintenance works).
The client is analyzed within the Control Dept. by accessing the data from the platforms that
offered this service, e.g. "List of companies" and by requesting credit reports from
specialized companies.
The company identifies the terms of payment and the rights of each party in what
concerns the goods and services, it is established that it has commercial content, and the
parties have approved the contract and undertake to fulfill the obligations according to the
payment terms for the goods and services transferred.
The company evaluates the goods or services promised in a contract with a customer and
identifies as a performance obligation each promise to transfer a distinct good or service to
the customer.
Performance obligations are explicitly stipulated in the contract.
The Company considers the terms of the contract and its usual business practices to
determine the transaction price.
The transaction price represents the amount of consideration to which the company expects
to be entitled in exchange for the transfer of the promised goods or services to the customer,
excluding VAT or other taxes.
For the purpose of determining the transaction price, the company assumes that the goods
or services will be transferred to the customer as promised under the existing contract and
that this contract will not be canceled, renewed or modified.
The individual (specific) selling price of a good or service is the price at which the good or
service would be sold separately. When it is not directly observable, it can be determined:
- by reference to the market price (adjusted market valuation approach);
- by adding a margin to the cost that the entity estimates to bear for the fulfillment of that
obligation.
In accordance with IFRS 15, revenue is recognized in the amount that reflects the
consideration to which an entity expects to be entitled in exchange for the transfer of goods
or services to a customer.
According to IFRS 15, revenues will be recognized when a customer obtains control over
the goods.
In the case of contracts with customers, the sale of goods and other goods (pharmaceutical
robots) is generally estimated to be the only performance obligation, revenue recognition
takes place at a point in time, when control of the asset is transferred to the customer,
namely upon delivery/ putting the goods into operation under the conditions stipulated in the
contract.
In the case of sales of goods, in the retail system directly to the physical customer, it is
estimated that the adoption of IFRS 15 will not have any impact on the Company's income
and profit or loss. They are registered at the time of sale to the client - natural person,
based on the tax receipt and the monthly Z report of the cash registers.
The income related to the goods - exclusively RX-type drugs, for which co-payment of the
good is provided through the contracts with CNAS, are recognized in the month in which
the patient took possession of the goods, based on the invoices drawn up to the Health
Centers. Interest income is recognized monthly using the effective interest method and is
included in the profit and loss account under financial income.
Dividend income is recognized when the shareholder's right to receive the payment has
been established.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
16
Recognition of expenses
Expenses represent the reduction of economic benefits recorded during the accounting
period in the form of outflows or decreases in the value of assets, or increases in liabilities
causing reductions in equity, other than those resulting from their distribution to
shareholders.
Currency conversions
In the financial statements, transactions in currencies other than the entity's functional
currency (RON) are recognized at the current exchange rate on the date of the transactions.
At the end of each reporting period, the monetary elements expressed in a foreign currency
are converted at the current rates (BNR) of that date.
Monetary assets and liabilities expressed in foreign currency on December 31, 2025 are
valued in RON using the exchange rate valid at the end of the financial year, respectively 1
EUR = 5,0985 RON; 1 USD = 4,3417 RON.
Exchange rate differences related to monetary elements are recognized in the profit and
loss account at the time of occurrence.
The non-monetary elements accounted for at fair value in a foreign currency are converted
at the current rates from the date on which the fair value was established. Non-monetary
items valued at historical cost in a foreign currency are not converted.
Government subsidies
Government subsidies are recognized when there is reasonable certainty that the subsidy
will be received and all related conditions will be met.
Capital subsidies, including non-monetary subsidies valued at fair value, are recognized
as investment subsidies and are recognized in the balance sheet as income in advance,
it is taken back to income as the expenses are recorded with the depreciation of the asset
or at the time of the sale of the asset.
The company did not benefit from government subsidies.
Taxes
Current profit tax
The profit tax for the current period is presented at the amount to be paid to the tax
authorities and is reported in the tax returns according to the legislation in force, the
percentage applied to the taxable profit being 16%.
Deferred profit tax – IAS 12
The elements regarding the deferred tax are recognized in correlation with the transaction
supporting other elements of the global result or, in the case of Farmaceutica REMEDIA
S.A. - directly in equity (IAS 12 – Recognition of deferred tax liabilities and receivables).
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
17
Deferred tax receivables and liabilities are offset if there is a legal right to offset current tax
receivables with current tax liabilities and deferred taxes refer to the same taxable entity and
the same fiscal authority.
Deferred tax liabilities are represented by the amounts of profit tax payable in future periods
regarding taxable temporary differences (point 5 of IAS12). These deferred tax liabilities are
established when:
• the accounting value of an asset exceeds its tax value;
• the accounting value of an obligation is lower than its tax value.
When calculating the deferred tax, the company takes into account the provisions of IAS 12.
Deferred tax assets and liabilities are recognized when the accounting value of an asset
or liability in the statement of financial position differs from the tax base.
Value added tax
The company applies two rates for calculating the value added tax, respectively 11% and
21% corresponding to the nature of the taxable base (eg for medicines the applicable rate
is 11%).
Starting with August 1, 2025, the standard VAT rate was increased from 19% to 21%, and
from 9% to 11%, respectively.
The net value of recoverable or payable VAT is included as part of receivables and payables
in the statement of financial position.
Tangible assets
For initial recognition, tangible assets are valued at cost, net of accumulated depreciation
and/or accumulated impairment losses, if applicable.
For the subsequent valuation, land and buildings are valued at fair value, from which the
accumulated depreciation of the buildings, as well as the recognized value losses at the
valuation date, are deducted. Valuations are performed with sufficient regularity to ensure
that the fair value of the revalued assets does not differ materially from the net book value.
A surplus from the revaluation is recorded in other elements of the global result and thus
credited to the reserve from the revaluation of the buildings, within the equity. However, to
the extent that it recovers a deficit from the revaluation of the same asset previously
recognized in the profit and loss account, the increase is recognized in the profit and loss
account. A revaluation deficit is recognized in the profit and loss account, if an existing
surplus recorded previously for the same asset, recognized in the asset revaluation reserve
(according to IAS 16), is not compensated. In addition, the accumulated depreciation on the
valuation date is eliminated from the accounting value of the asset and the net amount is
restated at the revalued value of the asset. Upon disposal, any remaining revaluation
reserve that refers to the respective asset to be sold is transferred to retained earnings.
The revaluation model for buildings and land and the cost-based model for the other classes
of tangible assets were used as the accounting method for tangible assets (starting with the
2011 financial year).
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
18
In the case of tangible assets to which the cost-based model was applied, the linear
depreciation method was used to calculate depreciation.
Assets under financial leasing (vans and cars) were restated according to IFRS 16.
The tangible assets owned by the company are subject to impairment tests to detect the
case where their accounting value cannot be fully recovered. When the accounting value of
an asset is greater than the recoverable amount, the asset is adjusted accordingly (IAS 36
– Depreciation of assets) by setting up a provision.
For new immobilized assets, such as installations, machines and measuring and control
devices, the useful lives were established taking into account the estimated level of use
based on the use of the asset's capacity.
The lifetimes used are the following:
Buildings and constructions 32 - 48 years
Equipment and installations 6 - 12 years
Means of transport 4 - 6 years
Computing technique 2 - 4 years
Furniture and office equipment 9 - 15 years
Current investments are amortized starting with the month following the moment of
commissioning.
The expenses for the maintenance and repairs of tangible assets are recognized in
the profit and loss account at the time they are made, and the improvements that lead to
the optimization of their exploitation and fall within the legal norms are capitalized.
Leasing contracts
(a) The company is the lessee
The company evaluates whether a contract is a leasing one, at the start date of the contract.
The company recognizes an asset from rights of use and a corresponding leasing liability,
referring to all leasing contracts in which it is a tenant, except for short-term or low-value
contracts (this is not the case).
The lease liability is initially valued at the present value of the lease installments that are
unpaid at the commencement date, using the default discount rate in the contract. If this
rate cannot be determined easily, the company uses the marginal lending rate.
The marginal lending rate depends on the term, currency and start date of the contract and
is determined based on information such as the government bond rate, specific adjustments
for country risk and credit risk.
The lease debt is subsequently measured by adding the interest amount and is reduced by
the payments made.
The company reassesses the lease liability (and makes a corresponding adjustment for the
right-of-use asset) when:
• The duration of the lease changes
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
19
• Lease payments change due to changes in an index or estimated payments, in which case
the lease liability is revalued by updating these changed payments with the same discount
rate.
• A leasing contract is modified and I do not consider it a separate lease, in which case the
lease debt is reassessed based on the new term, and the modified payments are updated
using the rate from the date of the modification
Right-of-use assets comprise the initial value of the corresponding leasing liability, minus
any initial direct costs. They are subsequently valued at cost less accumulated
depreciation and impairment losses.
The company applies IAS 36 to determine whether a right-of-use asset is impaired and
reflects any impairment loss as described in the property, plant and equipment policy.
The costs of indebtedness
Borrowing costs that are directly attributable to the acquisition, construction or production
of an asset are capitalized as part of the cost of that asset. All other costs of indebtedness
are expensed in the period in which they occur.
Borrowing costs represent interest and other costs borne by the Company for borrowing
funds.
The company has not entered into debt for the acquisition, construction or production of an
asset.
Real estate investments (IAS 40)
Real estate properties used partially or fully to obtain rental income were classified as "real
estate investments". In the case of properties partially used by the Company and partially
rented, the value of the real estate investment was determined proportionally to the area
allocated for renting to third parties as presented in NOTE 10. Real estate investments are
presented in the financial statements at fair value, reflecting the market conditions at the
end of the reporting period and do not include transaction costs that may be incurred in case
of sale (IAS 40).
Thus, the buildings classified as real estate investments, owned by the Company, are
evaluated annually by an authorized independent appraiser, member of ANEVAR, having
recent and relevant experience regarding the location and category of the real estate
investment subject to evaluation.
In 2025, the Company used the fair value measurement method for the revaluation of assets.
During the year 2025, there were no events and circumstances that would lead to the
recognition of a significant impairment loss of real estate investments.
Intangible assets
Intangible assets are initially valued at cost (IAS 38 – Intangible assets and IAS 36 –
Depreciation of assets). The useful lives of intangible assets are evaluated as being
determined or indefinite.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
20
Intangible assets with a determined useful life are amortized over their economic life and
are depreciated whenever there are indications of impairment of the intangible asset.
The amortization expense of this type of intangible assets is recognized in the profit and loss
account.
Intangible assets such as purchased software programs are amortized linearly over a period
of 1-3 years.
Operating authorizations for pharmacy activity (pharmacy licenses) are included in the
category of indefinite-lived intangible assets. According to the legislation in force, the
number of these authorizations is limited according to several criteria, the most important
of which is the demographic criterion. Operating authorizations are valued at purchase
cost, have an infinite useful life, are transferable (have a price) and do not depreciate. In
some cases, the costs generated by the purchase of pharmacy licenses were capitalized.
Financial instruments
Financial assets
Financial assets are classified, upon initial recognition, for the purpose of subsequent
evaluation at amortized cost, fair value through Other comprehensive income and fair value
through profit or loss.
The classification of financial assets at initial recognition depends on the characteristics of
the contractual cash flows of the financial assets and on the Company's business model
regarding their management.
The Company's business model regarding the management of financial assets is
established by groups of assets and not for each individual asset or at the level of the entire
entity and refers to the way in which they manage their financial assets to generate cash
flows. The business model determines whether cash flows will result from the collection of
contractual cash flows, from the sale of financial assets, or from both activities.
According to the economic model, the Company measures financial assets at amortized
cost if the following conditions are simultaneously met:
- The financial asset is held within a business model with the objective of holding financial
assets to collect contractual cash flows and;
- The contractual terms of the financial asset give rise to cash flows on the specified dates
that represent exclusively payments of the principal and the interest related to the principal
payment amount
Financial assets are represented by loans, trade receivables and other receivables, cash
and cash equivalents.
The entity does not own a portfolio of tradable financial assets. The company holds majority
shares in one company and minority shares in two other companies. These financial assets
are not listed on a regulated market and are presented at purchase value without being
revalued.
Cash and cash equivalents are liquid in the short term and can be found in cashiers, current
bank accounts and deposits with a maturity of less than one year.
For more information on receivables, see Note 14 - Trade receivables and other receivables.
Financial debts
Financial liabilities are classified into two categories:
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
21
• valued at amortized cost and
• valued at fair value through profit or loss for the period
All financial liabilities are valued at amortized cost (such as trade debts, loans from the issue
of bonds, bank loans with a standard interest rate, etc.), with the exception of financial
liabilities valued at fair value through the profit or loss of the period, the category of which
includes:
• those held for the purpose of being traded issued for the purpose of being redeemed in a
short period of time
• those in the form of derivative financial instruments that were not included in the category
of hedging operations (interest rate swaps, commodity and currency forward contracts,
commodity and currency options, etc.
• those for which the entity chose the fair value valuation option because:
o an accounting inconsistency of assessment or recognition is eliminated or
significantly reduced (accounting mismatch) and thus the relevance of the published
information is improved
o a group of liabilities or liabilities and assets is managed and valued at fair value in
accordance with a documented risk management or investment strategy (and information
about the group is provided to key management personnel (KMP Key Management
Personnel)
At the time of initial recognition, a financial instrument is valued at fair value to which
trading costs are added, except for financial instruments valued at fair value through profit
or loss for which trading costs are recognized in the profit or loss of the period and are
accounted for as expenses. The amortized cost of a financial liability is determined as
follows:
1 the initially accounted amount
2 debt repayments
3.+/- cumulative amortization of the difference between the initial amount and the
maturity amount calculated based on the effective interest method
The company has jointly opened a multi-currency credit line worth 11 million euros, mainly
used by FRDL for the issuance of participation/good performance guarantee letters issued
in favor of clients and for working capital.
There is also at the Company's disposal a line of credit, SME type with guarantees from
the state fund, which is currently being used.
The main policies regarding financial instruments and risk management are presented in
NOTE 29.
Inventories
The stock of goods (pharmaceutical and parapharmaceutical products) represents over
99.6% of the total stocks of the Company. In the accounting situations, the stocks of goods
are highlighted at the input cost, which includes, in addition to the purchase price, import
taxes, transport and, when applicable, the discounts received. Inventories are valued at the
end of the period at the lower of cost and net realizable value (IAS 2 – Inventories).
From 2011 certain future discounts are included in the cost of stored goods. The net
realizable value is the estimated selling price under the normal operation of the business,
less the estimated costs of completion and selling costs.
Within the own pharmacies, stocks of drugs and parapharmaceutical products are shown at
retail price (purchase price + commercial surcharge + VAT).
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
22
Stocks being mostly represented by drugs managed strictly on the basis of manufacturing
batches (according to the legislation in force), when leaving management, the FEFO method
(first expired, first out) is used, and in the case of the existence of two batches with the same
term expiration, the FIFO (first in, first out) method is used.
Determining the actual quantities in stock is done using the permanent inventory method.
The company periodically inventories stocks to determine if they are damaged, have slow
movement or if the net realizable value has decreased, making the necessary adjustments
if necessary.
The company does not hold stocks of goods pledged in the account of debts.
Information on stocks is presented in NOTE 13 (IAS 2.36 – Stocks – presentation of
information).
Provisions
A provision is recognized if, following a previous event, the Company has a present
obligation, legal or implied, which can be reliably estimated and which will generate an
outflow of economic benefits for its settlement (IAS 37 – Provisions, contingent liabilities and
contingent assets).
The expense related to any provision is presented in the profit and loss account.
Provisions are reviewed at each balance sheet date and adjusted to reflect management's
best current estimate in this regard. If an outflow of resources is no longer probable for the
settlement of an obligation, the provision is reversed to income.
Provisions for litigation are recognised when management estimates that cash outflows will
be required as a result of adverse litigation. The Company did not have significant risk of
cash outflows as a result of litigation.
The Company has provisions for impairment of current assets (goods, debtors and uncertain
customers) and for risks and charges (cash shortage).
Provisions for doubtful customers are recognised based on the analysis of balances older
than 6 months. Provisions are made for customers in insolvency or with a low probability of
collection. When the loss becomes certain (decision of the judge to strike off the Commercial
Register) the uncollected balances are recognised as costs and, at the same time, the
previously established provision is reversed.
A statement of the company's provisions is given in NOTE 23.
The company has not made a provision for the claw back tax as it is not legally obliged to
bear the amount of the claw back tax on costs, as it does not produce pharmaceutical
products.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
23
Employee benefits (IAS 19)
a) Pension plan
All employees of the Company are included in the Romanian State Pension Plan, some of
the employees also contribute to private pension plans (pillar II or III).
In this context, the Company makes payments to the Romanian State on behalf of its
employees.
The Company does not have any other pension plan or post-retirement benefit plan other
than those mentioned above.
The Company's contributions to the Pension Plan of the Romanian State are charged on a
monthly cost basis, in the month for which these contributions are due.
Employees who retire for the age limit will receive an allowance equal to 2 gross salaries,
based on the last gross salary of the employee in the month of retirement. The allowance is
granted only to employees who retire from the company.
b) Other employee benefits
All employees on an 8-hour work contract are entitled to meal vouchers according to current
legislation.
Also, in accordance with the Collective Labour Agreement, all employees benefit from fixed
bonuses at Easter and Christmas, as well as holiday bonuses.
Also in accordance with the Individual Labour Contract, employees who are individually
dismissed receive an indemnity equal to the last gross salary if they have a seniority of 1 to
3 years, 2 gross salaries if they have a seniority of 3 to 6 years and 3 gross salaries if the
seniority exceeds 6 years. In the case of collective redundancies, the compensation is
similar to that for individual redundancies.
Politica Societatii pentru alte beneficii ale angajatilor pe termen lung este sa recunoasca
castigurile si pierderile in perioada in care apar in cadrul contului de profit si pierdere.
In September 2025, Farmaceutica REMEDIA completed a share buyback transaction
carried out for the purpose of implementing a Stock Option Plan. The number of shares
repurchased as of September 23, 2025, under the Public Tender Offer approved by the ASF
via Decision 841/August 28, 2025, and Amendment 888/September 11, 2025, is 954, 808
shares, representing 1% of the share capital.
The stock option plan for the allocation of free shares was launched in December 2025,
providing a valuable opportunity for certain employees and members of the Company’s
management, as well as those of certain affiliated legal entities, to be rewarded for their
contribution to the company’s success.
c) Annual bonuses of managers and members of the Board of Administrators
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
24
Directors and members of the Board of Administrators of the Company benefit from annual
bonuses based on mandate contracts (depending on the achievement of certain
performance indicators) or decisions of the Board of Administrators.
Dividend
Distribution of dividends to the Company's shareholders is recorded in the financial
statements in the year in which they were approved by the General Meeting of Shareholders,
and are therefore not recognised as a liability at the end of the reporting period. The
calculation and recognition of dividends are performed in accordance with IAS 10 - Events
after the Reporting Period.
The company does not distribute cumulative preferential dividends.
The dividend situation is presented in NOTE 18.
Affiliated parties
Parties are considered related when one party has the ability to control or significantly
influence the other party, through ownership, contractual rights, family relationships or
otherwise. Related parties also include major shareholders of the company, members of
management, members of the Board of Administrators and their family members, parties
with whom they jointly control other companies, post-employment benefit plans for company
employees.
Details of related party transactions are disclosed separately in NOTE 27.
Equity capital
Equity capital shows the shareholders' right to the company's assets after deducting all
debts. They comprise: capital contributions, capital premiums, reserves, retained earnings
and profit or loss for the financial year.
Capital contributions
Farmaceutica REMEDIA S.A. was established in 1991 as a wholly state-owned commercial
company. In 2006, the Company merged with V.TARUS RoAgencies SRL. In 2007 the
Company increased its capital by subscribing shares. In 2009 the company was listed in
category a- II - of the BVB.
Evolution of share capital:
Date
Number of
shares
Value
of issue (Lei)
Explanations
1
10.11.1999
3.370.107
337.010,70
Initial state capital,
including land contributed in
kind
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
25
2
06.09.2001
1.500.000
150.000,00
Cash contribution to
V.TARUS RoAgencies
3
23.07.2003
42.402
4.240,20
Merger - capital of
Ditafarm Trading - absorbed
company
4
05.01.2006
5.696.471
569.647,10
Merger - capital of
V.TARUS RoAgencies -
absorbed company
5
21.12.2007
87.905.969
8.790.596,90
Capital increase -
shareholders with pre-
emptive rights
6
04.05.2009
7.574.851
757.485,10
Capital increase - AHG
Simcor Industry S.R.L.
7
09.06.2021
- 10.608.980
- 1.060.898,00
Reduction of share
capital - repurchase of shares
followed by their cancellation
TOTAL
95.480.820
9.548.082,00
As the valuation made at the date of the merger of the two companies eliminated any
revaluation surplus that arose in previous periods and any further increase in share capital
was made after 31 December 2003, share capital was not adjusted for inflation in
accordance with IAS 29 - Financial Reporting in Hyperinflationary Economies.
Reported result
The accounting profit remaining after the distribution of the 5% share to the legal reserve,
up to 20% of the share capital, is taken to retained earnings at the beginning of the financial
year following that for which the annual financial statements are drawn up, from where it is
distributed to the other legal purposes.
The distribution of profit is made in the following financial year, as approved by the AGM.
Reserves
The company presents in the financial statements in the category reserves amounts
representing legal reserve, reserve from revaluation of owned buildings and land and
reserve from net profit of previous years as fund at the disposal of the company.
Earnings per share
The company presents earnings per share by dividing the profit or loss attributable to
shareholders by the number of shares. The statement of earnings per share is presented in
the Statement of Comprehensive Income.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
26
Segment reporting (IFRS 8)
The segmentation of the Company's activities is done mainly by business lines and detailed
by geographic regions as shown in NOTE 28.
The calculation takes into account the risks and rewards directly and indirectly attributable
to each segment.
Given the specific nature of the goods distributed and services offered by the company, a
correlation between geographical regions and customers is not relevant.
Accounting errors
The correction of material misstatements relating to prior years does not result in a change
to the financial statements for those years. In the case of errors relating to previous
financial years, the correction of such errors does not entail any adjustment to the
comparative information presented in the financial statements. Any impact on the
comparative information relating to the financial position and financial performance, i.e.
change in financial position, is disclosed in the notes to the financial statements and
adjusted in retained earnings during the year.
NOTE 4 SALES AND OTHER OPERATING REVENUES
Operating income is generated from sales of goods - mainly medicines and
parapharmaceutical products, as well as from services rendered and rents, as shown
below:
description
2025
2024
NET TURNOVER, of which :
14,843,465.00
14.077.445
Income from sale of goods, of which:
9,288,883.00
9.112.606
- Remedia pharmacy sales
699,822.00
8.189.156
- BD ROWA robot sales
8,589,061.00
923.450
- hospital distribution
- warehouse distribution
- other distribution channels
Trade discounts granted
Income from services rendered and
rents, of which :
5,554,582.00
4.964.839
- logistics and warehousing
services
- rents
4,876,561.00
4.141.280
- BD Rowa services
855.167
- other services
678,021.00
1.392
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
27
Other operating income
description
2025
2024
Compensation
5,720
7.316
Sales of tangible assets
789,876
1.588.918
Reconciliation of accounts payable
Other income
1,225,613
2.327.382
Income from the revaluation of tangible
assets
1,684,430
TOTAL
2,021,209
5.573.817
NOTE 5 MATERIAL EXPENDITURE
Description
2025
2024
Cost of goods*
7,283,491
7.637.782
Utilities
135,557
185.757
Fuels
136,872
211.736
Spare parts
31,516
73.628
Consumable materials
84,335
82.083
Inventory items
27,245
33.942
TOTAL
7,699,016
8.224.928
* net amount obtained by adjusting for discounts received
NOTE 6 STAFF EXPENDITURE
Staff expenditure has the following component:
Description
2025
2024
Gross salaries and allowances
1,905,267
3.377.704
Insurance and social protection
expenditure
0
16.616
Insurance contribution for work
42,863
75.945
Other expenditure on insurance and
social security
37,408
66.609
Other staff expenditure
1,985,538
2.403.102
Renumeration expenses on equity
instruments
68,708
1.648.698
PFA/PFI
360,000
380.000
Disability Fund
0
33.924
Meal/coupon voucher
118,570
340.480
TOTAL
2,532,816
5.939.976
The costs (including taxes) for the remuneration in 2025 of the Board of Administrators
and the Director General amounted to a total of 515.000 lei.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
28
NOTE 7 OTHER OPERATING EXPENSES
Description
2025
2024
Repairs
105,933
119.010
Rentals
99,885
85.458
Insurance
84,961
78.289
Post and telecommunications
37,754
56.741
Travel and transport
241,777
111.974
Advertising
1,947
16.850
Protocol
91,434
47.069
Donations and sponsorships
Other taxes and duties
533,543
766.540
Bank fees
115,577
112.616
Other services provided by third parties
786,999
894.123
Other operating expenditure
90,968
321.861
TOTAL
2,190,778
2.610.531
NOTE 8 NET FINANCIAL INCOME
Description
2025
2024
Interest income
627,655
323.308
Interest expenses
-2,348
-42.122
Diff.course income
12,406
382
Course expenses
-100,298
-8345
Discount advance
payments
Discount cash in advance
Dividends received
3,574,370
6.063.746
Result
4,111,785
6.336.969
NOTE 9 INCOME TAX EXPENSE
The influence of non-deductible costs, non-taxable income (including reversals of
provisions) and tax benefits was taken into account in the calculation of corporate income
tax.
Description
2025
2024
total income
23,572,463.05
24.388.497
total expenditure (excluding income tax)
16,034,392.69
18.512.346
gross accounting result
7,538,070.36
5.876.151
deductions
718,600.00
1.686.312
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
29
non-taxable income
5,258,800.31
7.384.576
non-deductible expenses
3,016,908.97
2.165.540
Tax result
4,577,579
-1.029.197
corporate tax
732,412.64
-164.672
Tax reductions
15,197.00
income-like items
854,298.00
tax on income-like items
136,687.68
0
total current income tax
853,903.32
Deferred income tax
378.907
total current income tax
1.232.810
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded as at 31.12.2025
30
NOTE 10 TANGIBLE ASSETS AND REAL ESTATE INVESTMENTS
Note 10
Tangible assets and real
estate Investments
Lands
Buildings
Real estate
Technical
Equipment
Furniture
Assets
related
Assets
Advances
for
and other
investments
installations
and
vehicles
to the right
of use
in
progress
fixed
constructions
and cars
of leased
assets
assets
Total
as at 31 December 2024
6,030,370
18,973,246
17,795,204
587,023
2,842,307
1,425,205
35,970
911,577
48,600,902
0
inflows
832,600
2,226,165
-16,536
2,595
1,338,759
0
308,386
4,691,969
transfers
1,333,798
0
1,333,798
outflows
1,460,961
0
0
206,857
1,667,818
as at 31 December 2025
6,862,970
19,738,450
17,778,668
589,618
2,842,307
1,430,166
35,970
1,013,106
50,291,255
NOTE 10 TANGIBLE ASSETS AND REAL ESTATE INVESTMENTS (continuation)
Accumulated amortisation
Buildings and
other
constructions
Technical
installations and
vehicles
Leasing
assets
Furniture
Real estate
investments
Total
as at 31 December 2024
717
3,029,717
3,897
1,190,935
4,225,266
amortization of the year
214
161,467
3,596
32,645
197,922
cumulative amortisation
0
afferent to outflows
0
0
0
as at 31 December 2025
931
3,191,184
7,493
1,223,580
4,423,188
* excluding real estate investments
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
31
10.2 REAL ESTATE INVESTMENTS (RON)
City
Adress
Surface
area Inch.
Surface
area
Total sqm
VAT-free rent
revalued
value on
31.12.2024 -
lei-
% of rented
area
Value of real estate
investments
mp
-EUR-
ABRUD
Str.Piata Eroilor nr 6 ap i
163.71
163.71
837.23
238,447
100%
238,447
ARAD
Str.Voinicilor nr 38 bl 245 ap
25
73
73
1576.8
633,846
100%
633,846
Str. Zorilor nr 1 bl 280 sc C nr
4
164.2
297
1794.06
794,408
100%
794,408
ALBA IULIA
Str.Nicolae Titulescu bl 280
130.77
1365
794,503
100%
794,503
BAITA
50
50
69,777
100%
69,777
BLAJ
Str.Piata 1848 nr 21
201.67
201.67
1196.04
425,681
100%
425,681
DEVA
str. Pta Victoriei nr 3
336
2,891,670
100%
2,891,670
48
1147.1
152
3072.6
70
66
1652.38
SF.STEFAN str. 22 Dec
60
167.4
569
1,241,418
100.00%
1,241,418.00
88
1674.45
19
239.21
SF. MARIA, str. Mihai
Eminescu nr 13A
109
150
2152.87
1,219,323
100.00%
1,219,323.00
41
500
64
64
500
235,102
100.00%
235,102.00
REMEDIA DEPOZIT, str
Dorobantilor nr. 43
1300
3576,2
8582.77
0
0.00%
0.00
2261
15
50
PARTE LOCAL DEVA
42
330
93
776,647
100.00%
776,647.00
spatiu gol
288
Str Horea nr 5
154
154
625.9
598,038
100%
598,038.00
KOGALNICEANU
141
141
300
332,360
100%
332,360.00
APARTAMENT DRAGAN
33.9
33.9
79,852
100%
79,852.00
DOBRA
Str 1 DECEMBRIE BL 4
106
166
538.27
227,391
Str.. 1 DECEMBRIE BL 4
60
170.7
100.00%
227,391.00
HATEG
SF. TREIME, Ovidiu
Densuseanu
51
355
540.55
1,284,424
100.00%
1,284,424.00
56
625.9
125.68
1435.25
55
586.07
60
LIBER
HATEG
PIATA UNIRII
35
93
280
125,528
100.00%
125,528.00
HUNEDOARA
STR VIORELE NR 6
115
239
1716.44
1,021,991
100.00%
1,021,991.00
124
600
Bdul 1848 nr 7
0
185
SPATIU GOL
389,521
389,521.00
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
32
Str.Republicii nr 10 bl D8
95.25
95.25
1320.45
597,014
100.00%
597,014.00
PETROSANI
STR TIMISOAREI
142
183
470,245
100.00%
470,245.00
ILIA
MIHAI VITEAZU
185
185
SPATIU GOL
203,867
100.00%
203,867.00
JIDVEI
PERILOR NR 2
40
SPATIU GOL
39,156
100.00%
39,156.00
CLUJ
STR FAGULUI NR 1
205
205
1884.53
973,495
100,00%
973,495.00
SIMERIA
SF. ANDREI
30
305
264.852
892,654
100.00%
892,654.00
94.37
735.7
36
227.016
24
190.4
5
110
16
130
33
227.016
66
LIBER
COSMIFARM
51
131,052
100.00%
131,052.00
BUCURESTI
GARSONIERA DR TABEREI
192,613
100.00%
192,613.00
GARSONIERA DR TABEREI
192,613
100.00%
192,613.00
APARTAMENT DR TABEREI
281,348
100.00%
281,348.00
GARSONIERA DR TABEREI
204,795
100.00%
204,795.00
PAVILION
1200
6,137,562
100.00%
6,137,562.22
HALA
2500
10,248,473
100.00%
10,248,472.66
PERIS
SPATIU COMERCIAL
122
300
289,727
100.00%
289,727.00
TOTAL
11367.55
4172.93
39811.554
34,234,541
34,234,541
NOTE 11 INTANGIBLE ASSETS (RON)
SOFTWARE LICENSES
Cost
Amortization
Net value
on 1 January 2024
548,111
472,105
76,006
entries
13,933
Transfers
Exits
9,126
on 31 December 2024
562,044
481,231
80,813
entries
75,000
25,363
Transfers
Exits
on 31 December 2025
637,044
506,594
130,450
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
33
PHARMACY LICENSES
Cost
Amortization
Net value
on 01 January 2024
178,255
0
0
Entries
Transfers
Exits
178,255
0
on 31 December 2024
0
0
0
Entries
0
Transfers
Exits
0
on 31 December 2025
0
0
0
NOTE 12 FINANCIAL ASSETS AT FAIR VALUE
Name
Value
Group company shares
602,200
of which:
FRDL(SIBMEDICA)
2,800
Pharma Expertspedition
599,400
Company's shareholdings
outside the group
130,286
of which:
Share capital Pharma
Expertspedition
600
EUROM BANK
2,413
BODY FARM
2,903
NOVOENGRAMA
124,370
Deposits and guarantees paid
47,297
* Companies over which Farmaceutica REMEDIA S.A. has no control and does not influence
decisions.
NOTE 13 STOCKS
The stock of goods (pharmaceutical and parapharmaceutical products) represents more
than 54% of total stocks Farmaceutica REMEDIA S.A.
DescrIption
31-Dec-25
31-Dec-24
Goods in warehouses/BD ROWA
649.469
466.345
Goods in pharmacies
427.679
522.807
Adjustments
0
0
Other stocks
0
0
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
34
Commercial markup
-89.444
-120.975
Non-deductible VAT goods
-56.787
-40.417
Advances granted for purchases
2.063
0
Adjustments for the depreciation
of current assets
-136.451
0
TOTAL
796.530
827.760
NOTE 13 STOCKS (continuation)
Name
Sold on 01.01.2025
entries
exits
Sold on 31.12.2025
Debit
Credit
Debit
Credit
Materials
Inventory
objects
Goods in
robots
307,281
6,886,945
6,703,821
490,405
Goods in
pharmacies
522,807
753,470
848,598
427,679
Goods in
storage/BD
ROWA
159,064
0
159,064
Other
Goods
0
0
Commercial
markup
120,975
161,227
192,758
89,444
Provisions
for
impairment
of goods
0
Non-
deductible
VAT goods
50,900
85,557
79,670
56,787
Advances
granted for
purchases
0
0
2,063
0
2,063
Adjustments
for
impairment
of current
assets
0
0
136,451
0
136,451
Total
1,110,127
50,900
8,025,713
7,824,847
1,079,212
282,682
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
35
NOTE 14 TRADE AND OTHER RECEIVABLES
DescrIption
31-dec-2025
31-dec-2024
31-dec-2023
COMMERCIAL RECEIVABLE:
3,772,937
1,636,868
4,260,102
commercial receivable
7,805,179
4,940,662
7,563,895
adjustments for commercial
receivables
-4,032,242
-3,303,794
-3,303,794
intra-group receivable
OTHER RECEIVABLE:
494,814
598,653
459,956
Sick leave to recover
37,543
82,043
28,540
Corporate tax
0
242,606
242,606
Litigation costs to be recovered
relating to pending litigation
38,972
38,972
38,972
related to pending litigation
Other receivable
418,299
235,032
149,838
NOTE 15 CASH AND CASH EQUIVALENTS
31 Dec 2025
31 Dec 2024
31 Dec 2023
Bank accounts in RON
15,404,422
9,811,570
7,784,903
Foreign currency bank accounts
44,511
75,082
108,575
cash in the money register RON
20,468
16,770
88,238
Other values
0
0
1000
Total cash and cash equivalents
15,469,401
9,903,422
7,982,716
NOTE 16 SHARE CAPITAL
31-Dec-2025
Shareholders
No. of shares
Percentage of share capital
(%)
Valentin-Norbert TARUS
76.914.408
80,55
Farmaceutica REMEDIA
1.777.433
1,86
Natural persons
16.020.939
16,78
Legal entities
768.040
0,81
Total
95.480.820
100,00
NOTE 17 RESERVES
31-Dec-25
31-Dec-24
Legal reserves
2,121,796
2,121,796
Other reserves
15,070,534
13,673,776
Revaluation reserves
29,140,569
24,711,065
Corp. immobilizations
TOTAL
46,332,900
40,506,637
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
36
The nature and purpose of each reserve within equity are described below.
Legal reserves: according to Law 31/1990, at the end of each financial year, at least 5%
shall be deducted from the accounting profit, before determining the income tax, from which
non-taxable income shall be deducted and expenses related to such non-taxable income
shall be added, until it reaches one fifth of the subscribed and paid-up share capital or of the
assets, as the case may be, according to the organization and operation laws.
Fixed asset revaluation reserves: when the carrying amount of a tangible asset increases
as a result of revaluation, then the increase must be recognised in other comprehensive
income and accumulated in equity as a revaluation surplus. Revaluation reserves may not
be distributed and may not be used to increase share capital.Other reserves include
reserves representing tax relief as well as reserves set up from profits in previous years.
NOTE 18 DIVIDENDS
The evolution of dividends distributed and paid in the last 6 years is presented as follows:
2020
2021
2022
2023
2024
2025
2026
Initial sale
209.353
117.155
327.582
379.265
436.551
500.463
557.676
Gross
dividends
distributed
2.121.796
14.277.108
4.759.036
4.615.814
4.733.076
3.786.328
4.694.314
Dividend tax
paid
104.900
711.866
237.353
368.491
379.164
379.122
Dividends
paid
2.109.093
13.354.815
4.470.000
4.190.037
4.290.000
3.350.000
Dividend
payment
117.155
327.582
379.265
436.551
500.463
557.676
The statement of retained earnings from prior years for Farmaceutica REMEDIA SA as of
December 31, 2025, is as follows:
Lei
Other reserves
Carried-forward result
Farmaceutica REMEDIA SA
15.019.933
NOTE 19 RETAINED EARNINGS
2025
2024
2023
Sold out first year
11.122
11.123
448.687
Transfer profit 2024
5.876.151
0
3,260,692
Profit distribution 2024
-5.876.151
0
-3.550.211
Accounting corrections
-1
-148,045
IFRS Restatement
Reserves representing the realized surplus from
revaluation reserves
693.064
Sold end of year
704.186
11.122
11.123
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
37
NOTE 20 PROFIT DISTRIBUTION
As of 31.12.2025, the Company recorded a net profit of 7.067.745 Lei, which is proposed for
distribution as follows:
• dividends: 4.694.314 Lei
• other reserves: 2.373.431 Lei
NOTE 21 OWN SHARES
In 2015, as a result of the change in the main object of activity required by Law 95/2006,
republished in August 2015 (art. 800 para. 2), the Company had to buy back from the market a
number of 300,100 shares at a price set by an authorized appraiser.
On 02.03.2023, Farmaceutica REMEDIA SA completed a share buyback operation carried out
for the purpose of a Stock Option Plan. The number of shares repurchased on 02.03.2023,
according to ASF Decision 122/08.02.2023 is 2,864,425 shares, representing 3% of the share
capital. Total number of shares subscribed in the operation: 2,864,425 shares, representing
100% of the Offer. The total amount paid by Farmaceutica REMEDIA was 2,148,319 Lei.
Repurchase price: 0.75 Lei per share.
In April 2024, Farmaceutica REMEDIA SA finalized the Stock Option Plan operation, started in
2023, which resulted in the allocation and free transfer of 2,341,900 shares to 184 REMEDIA
employees. A total of 522,525 shares remained undistributed as a result of failure to comply with
the conditions of the Stock Option Plan at the end of the 12-month vesting period.
In September 2025, Farmaceutica REMEDIA completed a share buyback transaction carried
out for the purpose of implementing a Stock Option Plan. The number of shares repurchased as
of September 23, 2025, under the Public Tender Offer approved by the ASF via Decision
841/August 28, 2025, and Amendment 888/September 11, 2025, is 954,808 shares,
representing 1% of the share capital. The total amount paid by Farmaceutica REMEDIA was
811,586.80 Lei, at a repurchase price of 0.85 Lei per share
As a result, at December 31, 2025, Farmaceutica REMEDIA holds a total of 1.777.433 own
shares, representing 1.86% of the share capital.
NOTA 22 LEASING
Right of use assets:
Buildings (RON)
Cost:
On 31 December 2023
816,080
Entries
Exits 2025
-780,110
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
38
At 31 December 2025
35,970
Accumulated depreciation:
On 31 December 2023
148,396
Depreciation 2024
67,133
Amortization of 2024 exits
-211,632
Accumulated depreciation as of December 31, 2024
3,897
depreciation 2025
3.596
Net value:
At 31 December 2025
28.477
The Company has recognised the following categories under "Right-of-use assets":
- Lease agreements for the premises where pharmacies operate
NOTE 23 PROVISIONS
Name of provision
Balance at
the
beginning of
the financial
year
Transfers
Balance at the
end of the
financial year
in cont
PROVISIONS FOR RISKS AND
CHARGES :
0
344.971
344.971
Other provisions for risks and expenses
0
344.971
0
344.971
NOTE 24 COMMITMENTS
The company has a multi-currency working capital credit line with BANCA TRANSILVANIA.
The credit line can also be used by FRDL
Objective
Line of credit - working capital
financing
Amount
125.000.000 LEI
100.000.000 LEI BT
25.000.000 LEI BCR
Expired
09 April 2027 BT
29 May 2026 BCR
Guarantees
Real estate collateral on real estate
of the company
Balance at 31 December 2025
LC used 31.12.2025
0 LEI
LC restricted 31.12.2025 for SGB only
0 LEI in FR
95.169.149 LEI BT, in FRDL
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded
as at 31.12.2025
39
17.500.000 LEI BCR, in FRDL
LC to be used 31.12.2025
4.830.851 LEI BT
7.500.000 LEI BCR
As at 31.12.2025, the amount drawn from the credit line relates to letters of guarantee of
participation and performance. The amounts relating to the letters of guarantee are non-
interest bearing and are only recorded off-balance sheet and are not a payable.
NOTE 25 TRADE AND OTHER PAYABLES
Description
31-Dec-25
31-Dec-24
suppliers, of which :
700,592
1,528,062
suppliers of goods
561,720
1,389,190
real estate suppliers
138,872
138,872
other current liabilities, of which :
2.366.266
951,189
salaries and related taxes
67,645
96,522
dividend
577,676
500,464
VAT payable
253,570
71,144
other taxes and charges
725.912
other creditors
741.463
283,059
December 2025 salaries and related taxes were settled in January 2026.
"Other creditors" represent guarantees paid by tenants and management staff.
NOTE 26 LITIGATION
The company is involved in litigation as a plaintiff, mainly for the recovery of commercial
amounts from customers whose debts are overdue.
NOTE 27 DISCLOSURE OF RELATED PARTY TRANSACTIONS
The transactions consisted of sales and purchases of goods, as well as the provision of services,
as follows:
object of the
contract
year of
contract
sales
REMEDIA
REMEDIA
purchases
Customer
balance
Supplier
balance
partner
Farmaceutica
Remedia
D&L SRL
Sale of
goods/auto,
rental of
premises
2015
2016
4,931,275
626,825
1,122,250
39,020
For transactions with related parties, no guarantees are given on receivables or payables.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements concluded as at 31.12.2025
40
NOTE 28 Reporting on activity segments
Remedia
BD Rowa
Rents for
Provided
TOTAL *
farmacies
Robots
spaces/auto
services
2025
Net turnover
699.822
9.267.081
4.875.681
880
14.843.464
Income from the sale of goods
699.822
8.589.060
9.288.882
Commercial discounts granted
0
0
0
0
Income from services provided and
rents
0
678.021
4.875.681
880
5.554.582
Other operating revenues
0
3.705.639
3.705.639
OPERATING REVENUES -
TOTAL
699.822
9.267.081
4.875.681
3.706.519
18.549.103
0
Expenses with goods
579.670
6.703.821
0
0
7.283.491
Expenses regarding goods
579.670
6.703.821
0
0
7.283.491
Commercial discounts received
0
0
0
0
Gross margin from sales of
goods
120.152
1.885.239
0
0
2.005.391
0
Other operating costs
683.396
1.711.109
4.681.662
672
7.076.840
Direct costs
148.745
1.247.755
956.730
0
2.353.230
Logistics costs
0
0
0
0
Promotion costs
0
0
0
0
Indirect costs
534.651
463.354
3.724.932
672
4.723.610
OPERATING EXPENSES -
TOTAL
1.263.066
8.414.930
4.681.662
672
14.360.331
0
Operating result
-563.244
852.151
194.019
3.705.847
4.188.772
Financial result
4.111.784
Gross result
8.300.556
Profit tax
1.232.812
Net profit
7.067.745
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
41
NOTE 29 OBJECTIVES AND POLICIES FOR FINANCIAL RISK MANAGEMENT
Financial risk management
The company is exposed to a number of financial risks such as:
- Capital risk
- Market risk (which includes currency risk, interest rate risk and price risk)
- Credit risk
- Liquidity risk
The Companies' management oversees the management of these risks and, through
the measures taken, seeks to minimise any adverse effects that could affect the
Companies' financial results.
Capital risk
Management's objectives in managing the Company's capital include:
- Continuity of the Company's business
- Optimal sizing of capital to reduce its cost.
The Company's capital comprises short-term and long-term debts, which include loans,
debts to suppliers, etc., and shareholders' equity comprising share capital, reserves,
current result and retained earnings. The Company may revise its capital structure on a
regular basis through the means at its disposal (payment of dividends to shareholders,
issue of new shares, sale of assets to reduce debt, etc.).
The main indicator on the basis of which the Company monitors capital is the gearing
ratio calculated as the ratio of borrowed capital (from banking and leasing institutions)
to equity. The situation of the indicator "debt ratio" as at 31.12.2025 is as follows:
31.12.2025
31.12.2024
Borrowed capital
0
0
Equity capital
59.539.707
56.087.178
Degree of
indebtedness
0%
0%
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
42
Market risk
Market risk is the risk that the fair value of an instrument's future cash flows will fluctuate
due to changes in market prices. There are four types of market price risk: interest rate
risk, currency risk, commodity price risk and other price risk, such as equity price risk.
Financial instruments affected by market risk include loans and borrowings, deposits, trade
receivables and payables.
Foreign exchange risk
The Company's exposure to foreign currency risk is exclusively given by monetary items
such as trade receivables, trade payables and foreign currency loans.
The company was mainly exposed to foreign currency risk on payments to leasing
companies as well as on purchases made in foreign currencies. In 2024 the company
made foreign currency purchases totaling 241,024 eur.
Given that the proportion of foreign currency debt/receivables is very small, reasonable
exchange rate fluctuations will not have a significant effect on future financial statements.
With the obligation of major international manufacturers to sell medicines in lei (in spring
2009), the currency risk has decreased significantly.
Monetary assets and liabilities denominated in foreign currency at the reporting date are
presented as follows:
Description
31/12/2025
31/12/2024
EURO
USD
EURO
USD
Trade receivables
5.710
784
Trade debts
96.061
0
17.935
190
Bank credits
0
0
0
0
Financial leasing
0
0
0
0
Interest rate risk
The Company does not hold any significant interest-bearing assets and income and cash
flows are not materially affected by changes in market interest rates.
The company has only one multi-currency credit line open for which the interest rate is
calculated according to the ROBOR or EURIBOR 3-month rate, depending on the currency
used. In view of the Company's very low level of indebtedness, it is estimated that
reasonable fluctuations in interest rates will not have a significant effect on future financial
statements.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
43
Price risk
The company mainly markets ethical medicines whose maximum price is set by the
Romanian authorities. These prices are updated annually in accordance with the legislation
in force.
Lately, there is a pressure from the competition, which is countered by price reductions and
diversification and improvement of service quality.
In order to compensate for price reductions, the policy adopted by the Company is to obtain
additional discounts from suppliers by carefully selecting them in conjunction with stock
optimization.
Credit risk
Credit risk is the risk of financial loss to the Company that arises if a customer fails to meet
its contractual obligations. The Company is mainly exposed to credit risk arising from sales
to customers.
In the current market conditions in Romania, drug distribution is based on credit. Due to the
transfer of the engross sales activities to FRDL, the risk of non-collection of receivables has
largely disappeared. The settlement term with the health insurance companies was in 2025
about 90 days.
To counter the risk of non-collection of receivables and cash flow management of
Farmaceutica REMEDIA S.A. has taken a number of measures such as:
- More frequent analysis of the debits and financial situations of the clients
- Hiring additional staff in the control departments with increased tasks in terms of stock
management, initiating and pursuing legal action against debtors and debt recovery.
- Strict cost control with positive impact on cash flow.
Capital expenditures will be incurred strictly on the basis of the Investment Budget and within
the limits of available cash, without affecting operational activity.
On the other hand, the difficulties faced especially by independent pharmacies create
market opportunities to find new forms of collaboration, acquisitions and mergers.
Liquidity risk
Liquidity risk arises from the Company's management of working capital and funding
expenses and repayments on its borrowing instruments.
The Company's policy is to ensure that it will always have sufficient cash to meet its payment
obligations when due. In order to achieve this objective, cash (or line of credit) is maintained
to meet payment needs. The Company has sufficient liquid resources to meet its obligations
in all reasonable expected circumstances.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
44
The Company's debts (trade and other payables, loans, finance leases) are classified by the
Company's management into short-term debts (due in less than 12 months) and medium-
and long-term debts (due within 13 to 48 months).
The breakdown of debts by maturity 0 - 12 months, respectively 13 - 48 months is
presented accordingly in the Statement of Financial Position ("current liabilities",
respectively "long-term liabilities").
Bank liquidities
A significant amount of the Company's cash and cash equivalents is held in banks in the
form of deposits or cash at sight. The Company works mainly with Raiffeisen Bank, Banca
Transilvania and the State Treasury. The commercial and credit conditions offered by the
banks with which the Company has open bank accounts are periodically analysed by the
management of the financial accounting department.
Operational risk
Operational risk is the risk of direct or indirect losses arising from a wide range of causes
associated with the Company's processes, personnel, infrastructure and external factors,
such as those arising from legal and regulatory requirements and generally accepted
standards of organisational behaviour. Operational risks arise from all of the Company's
operations.
The primary responsibility for developing control tools related to operational risk rests with
the Company's management. The directions for the development of operational risk
management standards are:
- development of business continuity plans
- alignment with regulatory and legal requirements
- periodical analysis of the operational risk to which the Company is exposed
and adaptation of procedures and controls to prevent identified risks
- identification of operational losses while generating proposals to remedy the
causes that led to them
- preventing the risk of litigation
- mitigating risks, including through the use of insurance where appropriate
- professional development and training
NOTE 30 SOURCES OF ESTIMATION UNCERTAINITY
The preparation of the Company's financial statements requires management to make
estimates and assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities and the accompanying notes and to disclose contingent liabilities at
the end of the reporting period.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
45
These estimates and assumptions result in uncertainty that may cause a material future
adjustment to the carrying amounts.
The assumptions and other sources of estimation uncertainty disclosed in accordance with
IAS 1 relate to estimates that require management to make the most difficult, subjective
and complex judgements.
The following are critical professional judgments/reasons that the Company's management
has made that have a significant impact on the amounts recognized in the financial
statements:
o Useful lives of non-current assets (NOTE 3)
o Deferred taxes (NOTE 3)
o Provisions (NOTE 23)
o Segment reporting. In allocating revenues and expenses to the various segments,
the Company relies on estimates and assumptions that reflect the size of the
operations and their relationship to each business segment (NOTE 28).
o Cost of goods sold by FR and sourced from FRDL, which requires the creation of
impairment adjustments.
In the case of provisions for the depreciation of goods, as a principle, the value of expired
goods existing at the balance sheet date is taken into account, to which is added the value
of goods in stock at the balance sheet date and which are expected to expire in the next 6
months, taking into account the average monthly sales of the last quarter of the year for
which the balance sheet was closed.
Considering that the main sources of the uncertainty of the estimates (risk of non-
collection of receivables, depreciation of stocks, other expenses) were foreseen by the
management and appropriate provisions were recorded, we consider that there is no
significant risk that the accounting value of the assets and liabilities will change
fundamentally in the next financial year.
Evaluation of the objectives, policies and procedures of the capital management
entity
The company's policy is to include the following in its own capital:
- share capital: 95,480. 820 shares * 0.01 ron/share = 9,548,082 ron
- emission premiums
- legal reserves and other reserves
- current result
- reported result
- own actions
The company was not subject to externally imposed provisions regarding the
capital in 2025.
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
46
NOTE 31 EVENTS AFTER THE REPORTING PERIOD
As of the date of this report, Farmaceutica REMEDIA has not experienced any events that
have had a significant impact on the company’s operations.
NOTE 32 – ECONOMIC - FINANCIAL INDICATORS
LIQUIDITY AND WORKING CAPITAL
31.12.2025
31.12.2024
Current liquidity
( Current assets / Current liabilities )
6,7
5,22
Current assets *
20.533.682
12.956.220
Current liabilities *
3.066.858
2.481.990
Degree of indebtedness (Borrowed capital /
Equity x 100)
0,00%
0,00%
Borrowed capital * (including leasing)
0
0
Own capital *
59.539.707
56.087.178
Turnover speed of customer debits (average
customer balance/turnover*365)
88 days
54 days
Average customer balance *
3.570.517
2.066.319
Net turnover *
14.843.465
14.077.445
Turnover speed of liabilities (average balance
suppliers/cogs*365)
140 days
280 days
Average supplier balance *
2.276.494
5.867.241
Cost of goods sold - net
7.283.491
7.637.782
Turnover speed of stocks (average stock
balance/cogs * 365
18 days
89 days
Average stock balance
352.468
1.859.340
Cost of goods sold - net
7.283.491
7.637.782
Turnover speed of fixed assets (turnover/fixed
assets)
0,31
0,28
Net turnover *
14.843.465
14.077.445
Fixed assets *
46.778.298
50.111.863
Gross profit margin (%)
(gross profit/net sales)
56%
42%
Gross profit *
8.300.557
5.876.151
Net turnover *
14.843.465
14.077.445
Notes:
1)
Current liquidity - the level of the indicator reflects a good ability to pay, therefore a reduced risk for
creditors, certifying that the company is able to cover its short-term debts on account of receivables and cash
availability.
2)
The degree of indebtedness expresses the effectiveness of credit risk management, indicating potential
financing and liquidity problems, with influences in honoring the assumed commitments. In the calculation of
this indicator, the borrowed capital includes both bank loans and financial leasing debts.
3)
Turnover speed of customer debits expresses the effectiveness of the company in collecting its debts,
respectively the number of days until the date when the debtors pay their debts to the company. Considering
the dynamics of sales and the specifics of the collection of receivables in the distribution of medicines, we
consider that the value of the indicator is a normal one, under the given conditions.
4)
The Turnover speed of liabilities represents the average period in which suppliers are paid.
5
) The value of the indicator No. of days of storage can be considered as falling within the specifics of the
Farmaceutica REMEDIA S.A. – unconsolidated financial statements
concluded as at 31.12.2025
47
activity.
6)
Turnover speed of fixed assets expresses the effectiveness of fixed asset management, by examining
the turnover generated by a certain amount of fixed assets.
7)
Gross profit margin indicates the profitability of the company. A high margin suggests a good ability to
generate profit from sales
Board of Administrators,Chairman
"TARUS" - Valentin Norbert TARUS e.U.
By representative
Valentin-Norbert TARUS