k25CAPITOLUL 5PROIECTIA INDICATORILOR FIZICI SI VALORICI PE PERIOADA 2010 20195.1. FABRICA DE HARTII PENTRU CARTON ONDULATProdusUM2010201120122013201420152016201720182019fara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investHartie Schrenztone (total)14,90014,90017,50015,50017,50017,50017,50010,00017,50011,00017,50011,00017,50011,00017,50011,00017,50011,00017,50011,000livrari(to)6,0006,0007,0005,0007,0007,0007,0002,0007,0003,0007,0003,0007,0003,0007,0003,0007,0003,0007,0003,000pret unitar1.221.221.221.261.311.351.311.261.311.311.311.401.311.311.311.351.311.401.311.40venit(mii lei)7,2907,2908,5056,3009,1359,4509,1352,5209,1353,9159,1354,1859,1353,9159,1354,0509,1354,1859,1354,185chelt(mii lei)6,9256,9257,9605,7958,5008,3158,5002,2158,5003,4408,5003,6758,5003,4408,4003,5608,4003,6758,4003,675rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Hartie Flutingtone (total)20,00020,00018,50016,50018,50018,50018,50032,00018,50036,00018,50036,00018,50036,00018,50036,00018,50036,00018,50036,000livrari(to)8,0608,0609,0007,0009,0009,0009,00014,0009,00018,0009,00018,0009,00018,0009,00018,0009,00018,0009,00018,000pret unitar1.351.351.401.441.491.531.491.401.491.491.491.581.491.491.491.531.491.581.491.58venit(mii lei)10,88110,88112,55510,08013,36513,77013,36519,53013,36526,73013,36528,35013,36526,73013,36527,54013,36528,35013,36528,350chelt(mii lei)10,33510,33511,7509,27512,42512,10012,42517,15012,42523,50012,42524,90012,42523,50012,25024,20012,25024,90012,25024,900rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Hartie Testlinertone (total)12,00012,00012,00010,00012,00010,00012,00018,00012,00023,00012,00023,00012,00023,00012,00023,00012,00023,00012,00023,000livrari(to)4,8504,8508,0006,0008,0006,0008,0008,0008,00013,0008,00013,0008,00013,0008,00013,0008,00013,0008,00013,000pret unitar1.481.481.581.621.711.761.711.621.711.671.711.801.711.671.711.711.711.801.711.80venit(mii lei)7,2027,20212,6009,72013,68010,53013,68012,96013,68021,64513,68023,40013,68021,64513,68022,23013,68023,40013,68023,400chelt(mii lei)6,8406,84011,8008,90012,7009,25012,70011,40012,70019,04012,70020,55012,70019,04012,55019,56012,55020,55012,55020,550rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%TOTALtone (total)46,90046,90048,00042,00048,00046,00048,00060,00048,00070,00048,00070,00048,00070,00048,00070,00048,00070,00048,00070,000livrari(to)18,91018,91024,00018,00024,00022,00024,00024,00024,00034,00024,00034,00024,00034,00024,00034,00024,00034,00024,00034,000pret unitar1.341.341.401.451.511.531.511.461.511.541.511.651.511.541.511.581.511.651.511.65venit(mii lei)25,37325,37333,66026,10036,18033,75036,18035,01036,18052,29036,18055,93536,18052,29036,18053,82036,18055,93536,18055,935chelt(mii lei)24,10024,10031,51023,97033,62529,66533,62530,76533,62545,98033,62549,12533,62545,98033,20047,32033,20049,12533,20049,125rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Premise pentru intocmirea Proiectiilor pe perioada 2010 2019 :I. Fara Investitii- in 2010 indicatorii fizici au fost poiectati la nivelul celor realizati in anul 2009- cresterea capacitatii de productie cu 2,35% in 2011 si mentinerea constanta a acesteia pana in anul 2019 ca urmare atingerii capacitatii maxime actuale de productie- cresterea pretulului de livrare cu pana la 4,5% in 2011 fata de 2010 si cu peste 12,5% in 2012 fata de 2010, ca urmare a imbunatatirii calitatii produselor, apoi mentinerea lui constanta pana in anul 2019- optimizarea si eficientizarea costurilor de productie, prin reducerea acestora cu 2%, ca efect al utilizarii optime a resurselor- cresterea rentabilitatii din exploatare cu 20% in 2011 fata de 2010, atingand pragul de 6%- cresterea rentabilitatii din exploatare cu pana la 20% in 2012 fata de 2011 si mentinerea acesteia la un nivel aproximativ constant pana in anul 2019II. Cu Investitii- scaderea capacitatii de productie in 2011 - 2012 ca urmare a lucrarilor de investitii efectuate- cresterea capacitatii de productie cu circa 20%- ciclicitatea pretului de livrare pe piata (la 2-3 ani)- cresterea rentabilitatii cu 30% in 2011 fata de 2010, respectiv cresterea acesteia cu 50% dupa atingerea capacitatii maxime, ajungand pana la 12% in perioada 2012 - 2019- migrarea sortimentala de la hartia Shrentz cu pret de livrare mai mic catre hartia Fluting si Testliner cu preturi de livrare mai mari, cu peste 25%, superioare calitativ- eficientizarea costurilor de productie prin scaderea pretului materiilor prime urmare a extinderii retelei proprii de colectare, cresterea productivitatii muncii- reducerea costurilor unitare de productie cu pana la 10%- cresterea eficientei energetice prin reducerea consumului de gaze naturale cui aproximativ 22% si a consumului de energie electrica cu circa 5%- cresterea exportului cu circa 15%

coPROIECTIA INDICATORILOR FIZICI SI VALORICI PE PERIOADA 2010 20195.2. FABRICA DE CARTON ONDULATProdusUM2010201120122013201420152016201720182019fara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investFormate plane din carton ondlivrari (to)23,70023,70023,70024,60023,70023,60023,70021,20023,70020,40023,70019,60023,70020,60023,70021,60023,70021,60023,70021,600pret unitar (lei/kg)1.531.531.531.521.531.471.531.361.531.291.531.251.531.261.531.281.531.281.531.28venit(mii lei)36,30936,30936,30937,51336,30934,64436,30928,87736,30926,33336,30924,41036,30926,03636,30927,66236,30927,66236,30927,662chelt(mii lei)34,50034,50034,12534,51033,75030,48533,75025,40033,75023,17033,75021,47033,75022,87533,40024,34033,40024,34033,40024,340rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Ambalaje din carton ondulatlivrari (to)4,3004,3004,3004,8004,3007,2004,30010,8004,30013,2004,30014,4004,30014,4004,30014,4004,30014,4004,30014,400pret unitar (lei/kg)2.142.142.142.142.142.142.142.142.142.142.142.142.142.142.142.142.142.142.142.14venit(mii lei)9,2199,2199,21910,2919,21915,4379,21923,1559,21928,3019,21930,8749,21930,8749,21930,8749,21930,8749,21930,874chelt(mii lei)8,7508,7508,6509,4608,55013,5808,55020,3758,55024,9008,55027,1508,55027,1508,50027,1508,50027,1508,50027,150rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%TOTALlivrari (to)28,00028,00028,00029,40028,00030,80028,00032,00028,00033,60028,00034,00028,00035,00028,00036,00028,00036,00028,00036,000pret unitar (lei/kg)1.631.631.631.631.631.631.631.631.631.631.631.631.631.631.631.631.631.631.631.63venit(mii lei)45,52845,52845,52847,80445,52850,08145,52852,03245,52854,63445,52855,28445,52856,91045,52858,53645,52858,53645,52858,536chelt(mii lei)43,25043,25042,77543,97042,30044,06542,30045,77542,30048,07042,30048,62042,30050,02541,90051,49041,90051,49041,90051,490rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Premise pentru intocmirea Proiectiilor pe perioada 2010 2019 :I. Fara Investitii- in 2010 indicatorii fizici au fost poiectati la nivelul celor realizati in 2009, cu mentinerea acestora la un nivel constant pana in 2019- optimizarea si eficientizarea costurilor de productie, ca efect al utilizarii optime a resurselor, acestea scazand in 2019 cu peste 3%- cresterea rentabilitatii din exploatare cu 20% in 2011 fata de 2010, atingand pragul de 6%- cresterea rentabilitatii din exploatare cu pana la 20% in 2012 fata de 2011, ca urmare a atingerii capacitatii maxime actuale de productie si mentinerea acesteia aproximativ constanta pana in 2019II. Cu Investitii- investititiile se vor realiza doar din sursele proprii ale societatii- cresterea capacitatii de productie cu peste 20%- cresterea rentabilitatii cu 30% in 2011 fata de 2010, respectiv cresterea acesteia cu 50% dupa atingerea capacitatii maxime, ajungand pana la 12% in perioada 2012 - 2019- migrarea sortimentala prin cresterea ponderii ambalajelor din carton ondulat in total livrari cu pana la 40%- cresterea mai rapida a indicelui de crestere a veniturilor fata de indicele de crestere a cheltuielilor, fapt ce conduce la cresterea rentabilitatii- eficientizarea costurilor de productie prin scaderea pretului materiilor prime ca urmare a efectuarii investitiilor la Fabrica de Hartie, avand in vedere faptul ca 80% din hartiile utilizate in procesul defabricatie provin de la aceasta Fabrica

higPROIECTIA INDICATORILOR FIZICI SI VALORICI PE PERIOADA 2010 20195.3. FABRICA DE HARTII IGIENICO-SANITAREProdusUM2010201120122013201420152016201720182019fara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investSemifabricat (1strat)livrari (to)13,83013,83013,83010,00013,83010,00013,8309,00013,8309,00013,8309,00013,8309,00013,8309,00013,8309,00013,8309,000pret unitar (lei/kg)1.601.601.601.601.601.601.601.601.601.601.601.601.601.601.601.601.601.601.601.60venit(mii lei)22,12822,12822,12816,00022,12816,00022,12814,40022,12814,40022,12814,40022,12814,40022,12814,40022,12814,40022,12814,400chelt(mii lei)20,15020,15020,20014,08019,91513,60019,91512,25019,91512,25019,91512,25019,91512,25019,91512,25019,91512,25019,91512,250rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%Semifabricat (2straturi)livrari (to)5285285281,2005282,0005282,5005282,5005282,5005282,5005282,5005282,5005282,500pret unitar (lei/kg)2.042.042.042.042.042.042.042.042.042.042.042.042.042.042.042.042.042.042.042.04venit(mii lei)1,0791,0791,0792,4521,0794,0861,0795,1071,0795,1071,0795,1071,0795,1071,0795,1071,0795,1071,0795,107chelt(mii lei)9859859802,1559703,4709704,3259704,3259704,3259704,3259704,3259704,3259704,325rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%Role Hig (1strat)livrari (to)6,2406,2406,2406,0006,2405,5006,2405,5006,2405,5006,2405,5006,2405,5006,2405,5006,2405,5006,2405,500pret unitar (lei/kg)2.502.502.502.502.502.502.502.502.502.502.502.502.502.502.502.502.502.502.502.50venit(mii lei)15,60015,60015,60015,00015,60013,75015,60013,75015,60013,75015,60013,75015,60013,75015,60013,75015,60013,75015,60013,750chelt(mii lei)14,20014,20014,25013,20014,00011,67514,00011,67514,00011,67514,00011,67514,00011,67514,00011,67514,00011,67514,00011,675rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%Role Hig (2straturi)livrari (to)1,7401,7401,7402,2001,7403,5001,7404,5001,7404,5001,7404,5001,7404,5001,7404,5001,7404,5001,7404,500pret unitar (lei/kg)3.303.303.303.303.303.303.303.303.303.303.303.303.303.303.303.303.303.303.303.30venit(mii lei)5,7425,7425,7427,2605,74211,5505,74214,8505,74214,8505,74214,8505,74214,8505,74214,8505,74214,8505,74214,850chelt(mii lei)5,2255,2255,2106,3755,1509,8005,15012,6005,15012,6005,15012,6005,15012,6005,15012,6005,15012,6005,15012,600rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%Minijumbo (1strat)livrari (to)1101101001,2001101,2001101,2001101,2001101,2001101,2001101,2001101,2001101,200pret unitar (lei/kg)3.753.754.133.753.753.753.753.753.753.753.753.753.753.753.753.753.753.753.753.75venit(mii lei)4134134134,5004134,5004134,5004134,5004134,5004134,5004134,5004134,5004134,500chelt(mii lei)3753753753,9603703,8253703,8253703,8253703,8253703,8253703,8253703,8253703,825rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%Minijumbo (2straturi)livrari (to)4504504501,8004502,6404503,6004503,6004503,6004503,6004503,6004503,6004503,600pret unitar (lei/kg)6.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.506.50venit(mii lei)2,9252,9252,92511,7002,92517,1602,92523,4002,92523,4002,92523,4002,92523,4002,92523,4002,92523,4002,92523,400chelt(mii lei)2,6602,6602,65010,2952,62514,5852,62519,8752,62519,8752,62519,8752,62519,8752,62519,8752,62519,8752,62519,875rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%TOTALlivrari (to)22,89822,89822,88822,40022,89824,84022,89826,30022,89826,30022,89826,30022,89826,30022,89826,30022,89826,30022,89826,300pret unitar (lei/kg)2.092.092.092.542.092.702.092.892.092.892.092.892.092.892.092.892.092.892.092.89venit(mii lei)47,88747,88747,88756,91247,88767,04647,88776,00747,88776,00747,88776,00747,88776,00747,88776,00747,88776,00747,88776,007chelt(mii lei)43,59543,59543,66550,06543,03056,95543,03064,55043,03064,55043,03064,55043,03064,55043,03064,55043,03064,55043,03064,550rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%Premise pentru intocmirea Proiectiilor pe perioada 2010 2019 :I. Fara Investitii- in 2010 indicatorii fizici au fost poiectati la nivelul celor realizati in 2009, cu mentinerea acestora la un nivel constant pana in anul 2019- optimizarea si eficientizarea costurilor de productie, ca efect al utilizarii optime a resurselor, acestea scazand in anul 2019 cu circa 2%- cresterea rentabilitatii din exploatare cu peste 10% in 2012 fata de 2010, atingand pragul de 10%, ca urmare a atingerii capacitatii maxime actuale de productie- mentinerea rentabilitatii din exploatare constanta pana in anul 2019II. Cu Investitii- cresterea capacitatii de productie cu pana la 20%, dupa finalizarea investitiilor, respectiv dupa anul 2013, ca urmare a atingerii vitezei de functionare a masinii de pana la 450 m/min, indiferent de gramaj- cresterea rentabilitatii cu peste 30% in 2011 fata de 2010, respectiv cresterea acesteia cu peste 50% dupa atingerea capacitatii maxime, ajungand pana la 15% in perioada 2012 - 2019- reducerea costului de achizitie al maculaturii cu cel putin 15% fata de preturile pietei, datorita extinderii si modernizarii retelei proprii de colectare- cresterea mai rapida a indicelui de crestere a veniturilor fata de indicele de crestere a cheltuielilor, fapt ce conduce la cresterea rentabilitatii- diversificarea gamei sortimentale, prin introducerea de noi produse in oferta societatii, atingand circa 18% in anul 2019 in total livrari

TOTAL5.4. PROIECTIA SINTETICA A INDICATORILOR FIZICI SI VALORICI PE PERIOADA 2010 2019FabricaUM2010201120122013201420152016201720182019fara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investfara invcu investHartie pentru carton ondulatVenituri (mii lei)25,37325,37333,66026,10036,18033,75036,18035,01036,18052,29036,18055,93536,18052,29036,18053,82036,18055,93536,18055,935Cheltuieli (mii lei)24,10024,10031,15023,97033,62529,66533,62530,76533,62545,98033,62549,12533,62545,98033,20047,32033,20049,12533,20049,125rentabilitate5%5%7%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Carton ondulatVenituri (mii lei)45,52845,52845,52847,80445,52850,08145,52852,03245,52854,63445,52855,28445,52856,91045,52858,53645,52858,53645,52858,536Cheltuieli (mii lei)43,25043,25042,77543,97042,30044,06542,30045,77542,30048,07042,30048,62042,30050,02541,90051,49041,90051,49041,90051,490rentabilitate5%5%6%8%7%12%7%12%7%12%7%12%7%12%8%12%8%12%8%12%Hartie igienico-sanitaraVenituri (mii lei)47,88647,88647,88656,91247,88667,04647,88676,00747,88676,00747,88676,00747,88676,00747,88676,00747,88676,00747,88676,007Cheltuieli (mii lei)43,59543,59543,66550,06543,03056,95543,03064,55043,03064,55043,03064,55043,03064,55043,03064,55043,03064,55043,03064,550rentabilitate9%9%9%12%10%15%10%15%10%15%10%15%10%15%10%15%10%15%10%15%TOTALVenituri (mii lei)118,787118,787127,074130,816129,594150,877129,594163,049129,594182,931129,594187,226129,594185,207129,594188,363129,594190,478129,594190,478Cheltuieli (mii lei)110,945110,945117,590118,005118,955130,685118,955141,090118,955158,600118,955162,295118,955160,555118,130163,360118,130165,165118,130165,165rentabilitate7%7%7%10%8%13%8%13%8%13%8%13%8%13%9%13%9%13%9%13%EBITDA (mii lei)14,44214,44216,08419,41117,23926,79217,23928,55917,23930,93117,23931,53117,23931,25218,06431,60318,06431,91318,06431,91366006600660066006600660066006600660066006600660066006600660066006600660066006600Premise pentru intocmirea Proiectiilor pe perioada 2010 2019 :I. Fara Investitii- in anul 2010 indicatorii fizici au fost poiectati la nivelul celor realizati in anul 2009- optimizarea si eficientizarea costurilor de productie, ca efect al utilizarii optime a resurselor, acestea scazand in anul 2019 cu pana la 5%- cresterea rentabilitatii din exploatare cu peste 10% in 2012 fata de 2010, ca urmare a atingerii capacitatii maxime actuale de productie si mentinerea acesteia aproximativ constanta pana in anul 2019- cresterea preturilor de livrare, ca urmare a imbunatatirii calitatii produselorII. Cu Investitii- cresterea capacitatii de productie cu pana la 20% dupa finalizarea investitiilor, respectiv dupa anul 2013, pana la atingerea capacitatii maxime proiectate- dublarea rentabilitatii din exploatare, ajungand in anul 2019 la peste 13%, ca urmare a cresterii mai accelerate a indicelui de crestere a veniturilor fata de indicele de crestere a cheltuielilor- reducerea costului de achizitie al maculaturii cu cel putin 15% fata de preturile pietei, datorita extinderii si modernizarii retelei proprii de colectare- reducerea costurilor unitare de productie cu pana la 10%- migrarea sortimentala de la produse cu preturi de livrare mai mici catre produse cu preturi de livrare mai mari, cu peste 25%, superioare din punct de vedere calitativ- diversificarea gamei sortimentale, prin introducerea de noi produse in oferta societatii, in concordanta cu cerintele pietei- cresterea exportului cu circa 15%- cresterea eficientei energetice prin reducerea consumului de gaze naturale cui aproximativ 22% si a consumului de energie electrica cu circa 5%- diminuarea cheltuielilor financiare, respectiv a costurilor cu dobanzile, pe masura rambursarii creditelor bancare, va conduce la cresterea valorica a profitului brut al societatii in perioada 2013 - 2019- indicele EBITDA se va dubla in perioada 2012 - 2013, iar pana in anul 2019 va creste pana la valoarea de 31 mil lei- cresterea semnificativa a situatiei economico-financiare a firmei va conduce la dublarea valorii pe piata a actiunilor in urmatorii 5 ani