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TMK - ARTROM S.A. - ART

2018 Q1 Report

Release Date: 4/26/2018 6:47:15 PM

IRIS Code: 4C1F7

 

102/ 304

from

26.04.2018

 

 

Separate and Consolidated Current Report

According to the Law No. 297/2004 regarding capital market, CNVM Regulation No. 1/2006 and BVB Code approved by CNVM Decision, no.2602/14.09.2006

 

Report date: 26.04.2018

Company’s name: TMK- ARTROM S.A. Slatina

Localization: Draganesti street, no. 30, Slatina, Olt

Phone/fax: +40249436862/ +40249434330

Registered at Trade Register: J28/9/1991

Unique Registration Code: RO1510210

Unique Identifier at European Level (EUID): ROONRC.J28/9/1991

LEI code: 315700M25SMOU44FAN52

Subscribed capital: 291.587.538,34 RON

Subscribed and paid capital: 291.587.538,34 RON

Regulated market on which issued securities are traded: Bucharest Stock Exchange Regulated market - Category Standard (market symbol ART)

 

Events to be reported: The finacial statements of first quarter of year 2018.

a)      Changes in leading company: it is not the case

b)      Acquisitions or alienations of assets: The Company and the Group are still in the investment process "Heat Treatment Complex", a project in amount of 35.2 million euro with equipment acquisitions from the SMS Group. On the 16th of February 2018 the official commissioning of the new heat-treatment line took place. This new equipment allows the company to increase the portion of the Premium products in the Company’s portfolio. The large scale investment project allows to perform heat-treatment operations with long pipes, which is quite rare in Europe. The annual capacity of the new line is over 160 thousand tones of pipes. Engineering works and equipment supply was realized by SMS Group, one of the global leaders in manufacturing equipment of metallurgical industry.

c)      Bankruptcy proceeding: it is not the case

d)      The economic and financial indicators mentioned in 30B Annex from CNVM Regulation 1/2006 obtained at 31.03.2018.

 

 

 

Separate

Consolidated

Indicators

Calculation formula

Result

Result

Current liquidity ratio

Current assets / Current liabilities

1,28

 

1,29

 

Indebtness indicator

 

Borrowed capital / Equity *100

 

39,86%

 

 

39,52%

 

Borrowed capital / Accrued capital *100

28,50%

 

28,33%

 

Rotation speed of debtors-clients

The average balance – clients / Turnover * 90

68

 

68

 

Rotation speed of non-current assets

Turnover / non-current assets

0,49

0,49

Note:

1)      It is offering the guarantee for coverage of the debts from current assets. The recommended value acceptable is about 2.

2)      It is expressing the efficacy of the credit risk management, showing the potential problems of financing, liquidity, with influences in respecting the assumed commitments.

3)      It is expressing the efficacy of the company in collecting its debts, respective the number of days until the date on which the debtors pay the debts to the company.

4)      It is expressing the efficacy of the immobilized assets, by checking the turnover generated by a certain quantity of assets.

 

 

Chief Executive Officer,                                Chief Economical and Accountancy Officer,                    

Eng. Adrian Popescu                                                           Ec. Cristiana Vaduva

 

 

102/ 305

from

26.04.2018

 

 

SEPARATE AND CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS AS AT 31st MARCH 2018

- unaudited -

 

Statement of financial position at 31 March 2018

 

 

 

Separate

 

Consolidated

 

 

31.03.2018

01.01.2018

 

31.03.2018

01.01.2018

 

 

RON

RON

 

RON

RON

ASSETS

           

Current assets

           

Cash and cash equivalents

 

7.609.346

10.825.193

 

10.063.894

11.608.847

Trade and other receivables

 

252.221.372

238.496.231

 

252.661.163

239.221.345

Inventories

 

230.932.353

238.083.714

 

230.983.490

238.134.851

Prepayments

 

60.048.615

66.350.475

 

60.405.423

66.452.911

Other current assets

 

1.067.131

1.067.612

 

1.067.131

1.067.612

 

 

551.878.817

554.823.225

 

555.181.101

556.485.566

 

 

         

Assets classified as held for sale

 

416.959

-

 

416.959

-

 

 

         

Non-current assets

 

         

Intangible assets

 

1.876.164

1.965.398

 

1.893.361

1.973.616

Property, plant and equipment

 

610.040.863

606.665.435

 

610.208.153

606.854.804

Financial assets

 

1.216.749

1.134.686

 

1.212.721

1.130.659

Deferred tax asset

 

-

-

 

-

68.780

Other non-current assets

 

4.388.694

4.225.686

 

4.418.034

4.255.909

 

 

617.522.470

613.991.205

 

617.732.269

614.283.768

Total assets

 

1.169.818.246

1.168.814.430

 

1.173.330.329

1.170.769.334

 

 

         

LIABILITIES

 

         

Current liabilities

 

         

Trade and other payables

 

176.058.571

217.413.772

 

174.897.986

215.353.950

Advances from customers

 

1.796.975

4.211.020

 

1.796.975

4.211.020

Provisions and accruals

 

6.056.920

6.939.141

 

6.235.146

7.461.547

Interest-bearing loans and borrowings

 

247.146.461

210.483.727

 

247.146.461

210.483.727

Finance lease liability

 

347.694

360.797

 

347.694

360.797

Total current liabilities

 

431.406.621

439.408.457

 

430.424.262

437.871.041

 

 

         

Non-current liabilities

 

         

Interest-bearing loans and borrowings

 

171.482.991

169.444.772

 

171.482.991

169.444.772

Finance lease liability

 

929.331

1.012.594

 

929.331

1.012.594

Deferred tax liability

 

34.447.073

34.540.322

 

34.448.514

34.540.322

Provisions and accruals

 

387.504

227.281

 

387.504

227.281

Employee benefits liability

 

3.098.913

3.034.324

 

3.098.913

3.034.324

Other long-term liabilities

 

87.401

729.080

 

87.401

729.080

Total Non-current liabilities

 

210.433.213

208.988.373

 

210.434.654

208.988.373

Total liabilities

 

641.839.834

648.396.830

 

640.858.916

646.859.414

 

 

 

 

 

 

           

EQUITY

 

         

Capital and reserves

 

         

Share capital, from which:

 

291.587.538

291.587.538

 

291.587.538

291.587.538

 - Subscribed and paid share capital

 

291.587.538

291.587.538

 

291.587.538

291.587.538

Other items of equity

 

(804.074)

(804.074)

 

(804.074)

(804.074)

Legal and other reserves

 

50.830.846

50.830.846

 

50.830.846

50.830.846

Retained earnings

 

178.803.290

145.747.924

 

182.271.494

146.036.119

Foreign currency translation reserve

 

-

-

 

(55.938)

24.115

Profit of the year

 

7.560.812

33.055.366

 

8.641.547

36.235.376

Total equity

 

527.978.412

520.417.600

 

532.471.413

523.909.920

Total liabilities and equity

 

1.169.818.246

1.168.814.430

 

1.173.330.329

1.170.769.334

 

Statement of comprehensive income at 31 March 2018

 

 

 

Separate

 

Consolidated

 

 

31.03.2018

31.03.2017

 

31.03.2018

31.03.2017

 

 

RON

RON

 

RON

RON

Turnover

 

300.698.187

222.010.583

 

301.459.902

224.290.239

    Sales of goods

 

300.568.685

221.911.649

 

300.744.690

222.931.313

    Rendering of services

 

129.502

98.934

 

715.212

1.358.926

Cost of sales

 

(254.954.555)

(184.447.898)

 

(254.952.783)

(185.311.700)

Gross profit

 

45.743.632

37.562.685

 

46.507.119

38.978.539

 

 

         

Selling and distribution expenses

 

(25.616.047)

(18.028.804)

 

(23.982.916)

(17.425.275)

Advertising and promotion expenses

 

(139.891)

(66.448)

 

(149.015)

(67.724)

General and administrative expenses

 

(9.640.648)

(8.154.649)

 

(10.601.971)

(8.951.398)

Research and development expenses

 

(25.423)

(23.954)

 

(25.423)

(23.955)

Other operating expenses

 

(889.912)

(1.013.264)

 

(889.912)

(1.016.448)

Other operating income

 

118.359

100

 

118.359

100

Income from operations

 

9.550.070

10.275.666

 

10.976.241

11.493.839

Foreign exchange (loss) / gain, net

 

1.410.112

(240.464)

 

1.410.112

(240.464)

Finance income

 

531

950

 

531

193

Finance costs

 

(2.001.450)

(1.737.432)

 

(2.001.450)

(1.737.432)

Profit before tax

 

8.959.263

8.298.720

 

10.385.434

9.516.136

Income Tax

 

(1.398.451)

(1.238.681)

 

(1.743.887)

(1.671.467)

Profit for the year

 

7.560.812

7.060.039

 

8.641.547

7.844.669

             

Other comprehensive income - which can be reclassified in profit or loss

           

Foreign currency translation

 

-

-

 

(80.053)

9.669

Other comprehensive income (loss) for the year, net of tax

 

-

-

 

(80.053)

9.669

Total comprehensive income for the year, net of tax

 

7.560.812

7.060.039

 

8.561.494

7.854.338

             

Average number of shares

 

116.170.334

116.170.334

 

116.170.334

116.170.334

Earnings per share

 

0,07

0,06

 

0,07

0,07


Statement of changes in equity at 31 March 2018

 

Separate

Share capital

Legal reserves

Other reserves

Retained earnings

Other elements of equity - from applying IAS 19

Total equity

 

RON

RON

RON

RON

RON

RON

For three-month period ended as at 31 March 2018

         
             

As at 1 January 2018

       291.587.538

    16.839.532

     33.991.314

     178.803.289

               (804.073)

       520.417.600

Profit of the period

                       -

                   -

                    -

         7.560.812

                           -

          7.560.812

Total comprehensive income

                       -

                   -

                    -

         7.560.812

                           -

          7.560.812

At 31 March 2018

       291.587.538

    16.839.532

     33.991.314

     186.364.101

               (804.073)

       527.978.412

 

 

 

 

 

 

 

For three-month period ended as at 31 March 2017

         
             

As at 1 January 2017

       291.587.538

    15.184.422

       2.591.058

     178.803.289

               (840.114)

       487.326.193

Profit of the period

                       -

                   -

                    -

         7.060.039

                           -

          7.060.039

Total comprehensive income

                       -

                   -

                    -

         7.060.039

                           -

          7.060.039

At 31 March 2017

       291.587.538

    15.184.422

       2.591.058

     185.863.328

               (840.114)

       494.386.232

 

Statement of changes in equity at 31 March 2018 (continued)

 

Consolidated

Share capital

Legal reserves

Foreign currency translation reserve

Other reserves

Retained earnings

Other elements of equity - from applying IAS 19

Total equity

 

RON

RON

RON

RON

RON

RON

RON

For three-month period ended as at 31 March 2018

           
               

As at 1 January 2018

291.587.538

16.839.532

24.115

33.991.314

182.271.494

(804.073)

523.909.920

Profit of the period

-

-

-

-

8.641.547

-

8.641.547

Other comprehensive income / (loss) for the period, net of tax

-

-

(80.053)

-

-

-

(80.053)

Total comprehensive income

-

-

(80.053)

-

8.641.547

-

8.561.494

At 31 March 2018

291.587.538

16.839.532

(55.938)

33.991.314

190.913.041

(804.073)

532.471.414

 

 

 

 

 

 

 

 

For three-month period ended as at 31 March 2017

           
               

As at 1 January 2017

291.587.538

15.184.422

31.980

2.591.058

179.091.484

(840.114)

487.646.368

Profit of the period

-

-

-

-

7.844.669

-

7.844.669

Other comprehensive income / (loss) for the period, net of tax

-

-

9.669

-

-

-

9.669

Total comprehensive income

-

-

9.669

-

7.844.669

-

7.854.338

At 31 March 2017

291.587.538

15.184.422

41.649

2.591.058

186.936.153

(840.114)

495.500.706


Statement of cash flows at 31 March 2018

 

 

 

Separate

 

Consolidated

Indirect method

 

1 January - 31 March 2018

1 January - 31 March 2017

 

1 January - 31 March 2018

1 January - 31 March 2017

 

 

RON

RON

 

RON

RON

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Profit / (Loss) before tax

 

8.959.263

8.298.720

 

10.385.434

9.516.136

Plus / minus adjustments for:

 

         

Depreciation and amortisation

 

10.939.547

10.429.945

 

10.956.712

10.447.363

Increase / (reversal) of provisions

 

(721.998)

(1.029.925)

 

(1.051.633)

(988.821)

Increase / (reversal) of allowances for current assets

 

(157.335)

(1.322.384)

 

(157.335)

(5.509)

Exchange rate differences for financing activities

 

(2.010.340)

(115.259)

 

(2.010.340)

(326.431)

Variation of retirement benefits

 

84.340

74.226

 

84.340

74.226

Result from disposal of non-current assets

 

289.234

419.073

 

289.234

419.073

Interest and related expenses

 

2.577.588

1.593.114

 

2.577.588

1.593.872

Exchange rate differences for cash and cash equivalents

 

-

-

 

(92.736)

9.737

Plus / minus adjustments for changes in working capital related to operating activities:

 

         

Decrease / (increase) in inventories

 

6.734.402

(26.114.558)

 

6.734.402

(26.114.558)

Decrease / (increase) in trade and other receivables and prepayments

 

(8.839.228)

13.275.266

 

(9.077.797)

9.412.484

(Decrease) / increase in payables (except banks)

 

(24.807.497)

(6.546.794)

 

(23.908.261)

9.091.992

less:

 

         

Interest paid

 

(2.534.824)

(1.463.007)

 

(2.534.824)

(1.466.400)

Income tax paid

 

-

-

 

(7.556)

(13.658)

Total inflows / (outflows) from operating activities (a)

 

(9.486.848)

(2.501.583)

 

(7.812.772)

11.649.506

CASH FLOWS FROM INVESTING ACTIVITIES

 

         

Amount received from disposal of non-current assets

 

9.483

29.368

 

9.483

29.368

Purchase of tangible and intangible assets

 

(34.310.645)

(43.652.313)

 

(34.313.827)

(58.763.183)

Interest received

 

531

950

 

531

193

Total inflows / (outflows) from investing activities (b)

 

(34.300.631)

(43.621.995)

 

(34.303.813)

(58.733.622)

CASH FLOWS FROM FINANCING ACTIVITIES

 

         

Loans received

 

154.195.539

66.318.480

 

154.195.539

64.835.135

Repayment of loans

 

(113.526.639)

(29.139.300)

 

(113.526.639)

(27.441.392)

Repayment of finance leases (amortisation)

 

(97.268)

(50.788)

 

(97.268)

(50.786)

Total inflows / (outflows) from financing activities (c)

 

40.571.632

37.128.392

 

40.571.632

37.342.957

Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)

 

(3.215.847)

(8.995.186)

 

(1.544.953)

(9.741.159)

Cash and cash equivalents at beginning of period

 

10.825.193

16.771.796

 

11.608.847

18.076.998

Cash and cash equivalents at end of period

 

7.609.346

7.776.610

 

10.063.894

8.335.839

 

Chief Executive Officer,                                                                                               Chief Economical and Accountancy Officer,                    

 Eng. Adrian Popescu                                                                                                          Ec. Cristiana Vaduva

 



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