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CEMACON SA - CEON

2017 Q3 report

Release Date: 11/8/2017 7:59:04 AM

IRIS Code: 4FC24

9 Month Performance - 2017  



31% operating profit (EBITDA) for first 9 months, compared to 21% from simmilar period in 2016

13,8 million lei Net Profit

74 million lei Net Turnover

 

General Manager Statement


  “First 9 months of the year were very dynamic in respect of consumption for ceramic bricks, with periods where demand has overcome the offer, especially in the 3rd Quarter. Cemacon grew through efficiency, utilizing both production facilities at maximum capacity.

Thus, for  a turnover similar to one obtained in the same period of 2016, we have found solutions to double our net profit obtaining 13.8 million lei, compared to similar period of 2016.

We have been consistent in the way that we have managed the Company’s resources and also have been consistent in the way we have approached our market. Operational optimization, organizational development and improving sales determined an EBITDA margin of 31% in the first 9 months of 2017 compared to the similar period of 2016 when EBITDA margin was 21%.

Our principal target for 2017 is to strengthen the company and increase the added value, we have all the premises to ensure our success.”

 

Profit and loss account - Results for 30th of September 2017


Compared to the same period of 2016 can be observed both a consolidation for the Net Turnover, registering an increase of 2%, and an important growth in Operating Profit EBITDA, from 21% to 31%. This performance was obtained through a qualitative sale and through optimizations in operational activities.

At the level of other operating revenues there were no significant changes compared to 2016, the main revenues being represented by the EUA certificates received free of charge. The significant increase in the other gains and losses position is mainly influenced by the cancellation of provisions made in previous periods. The counterpart of these provisions affects the line of other operating expenses so that the result of the current year is not influenced.

Changes in inventory record negative values ​​as a result for the gap between the quantities produced and sold during the period.

At the level of the operational expenditures there are no significant variations compared to the previous period.

For the period ended September 30, 2017 CEMACON has an Operating  Profit of 23,174,524 lei and a Net Profit of 13,868,932 lei

 

 

30-Sep-17

30-Sep-16

2017 vs 2016

2017 vs 2016

 

LEI

LEI

LEI

%

         

Net turnover

    73,993,876

    72,283,772

       1,710,104

2%

Gross turnover

    76,278,791

    74,933,777

       1,345,013

2%

         

Sale revenues

    73,993,255

    72,283,410

       1,709,845

2%

         

Other operating revenues

          544,041

          731,833

        (187,792)

-26%

Other gains and losses

       2,830,903

       1,157,738

       1,673,165

145%

Change in inventories of FG & WiP

    (2,318,704)

    (6,845,105)

       4,526,401

-66%

         

Raw material and consumables used

  (14,167,815)

  (14,044,730)

        (123,085)

1%

Personnel Expenses

  (12,551,239)

  (12,007,342)

        (543,897)

5%

Other operating expenses

  (25,155,917)

  (25,987,941)

          832,024

-3%

         

EBITDA

    23,174,524

    15,287,863

       7,886,661

52%

Depreciation and amortization expenses

    (5,187,363)

    (4,950,196)

        (237,167)

5%

         

EBIT

    17,987,160

    10,337,667

       7,649,494

74%

Financial income

             92,478

             84,909

               7,569

9%

Financial expenses

    (3,079,806)

    (3,304,434)

          224,628

-7%

Financial result

    (2,987,328)

    (3,219,525)

          232,197

-7%

         

Profit before tax

    14,999,833

       7,118,142

       7,881,691

111%

Tax Expense

    (1,130,901)

        (438,706)

        (692,195)

0%

Profit after tax

    13,868,932

       6,679,436

       7,189,496

108%

 

 

 


 *At the date of presentaion of 3rd Quarter results no other elements of other comprehensive income and deffered tax were calculated

 

 Statement of financial position – Results for 30th of September 2017


 


ASSETS

30-Sep-17

31-Dec-16

2017 vs 2016

2017 vs 2016

NON-CURRENT ASSETS

LEI

LEI

LEI

%

Property, plant and equipment

   118,604,688

   116,396,783

     2,207,905

2%

Intangible

           247,409

           334,207

         (86,798)

-26%

Investments

                   200

                   200

                     -  

0%

Other non-current assets

           120,352

           112,752

              7,600

7%

NON-CURRENT ASSETS TOTAL

   118,972,649

   116,843,942

     2,128,707

2%

CURRENT ASSETS

       

Inventories

       9,810,138

     10,942,409

   (1,132,271)

-10%

Trade and other receivables

     18,559,797

     11,076,927

     7,482,870

68%

Other financial assets

                8,405

           490,721

       (482,316)

-98%

Cash and cash equivalents

     32,937,917

     28,736,299

     4,201,618

15%

CURRENT ASSETS TOTAL

     61,316,258

     51,246,356

   10,069,901

20%

Assets classified as held for sale

       1,277,495

       1,277,495

                    -  

0%

TOTAL ASSETS

   181,566,401

   169,367,793

   12,198,608

7%

         

LIABILITIES

       

CURRENT LIABILITIES

       

Trade and other payables

     12,813,147

     11,859,442

         953,705

8%

Loans and borrowings

       7,430,492

       5,040,143

     2,390,349

47%

Tax liability

       1,130,901

             64,496

     1,066,405

1653%

Provisions

       1,780,840

       4,578,410

   (2,797,569)

-61%

CURRENT LIABILITIES TOTAL

     23,155,379

     21,542,490

     1,612,890

7%

         

NON-CURRENT LIABILITIES

       

Non-current trade and other liabilities

                       -  

                       -  

                     -  

0%

Loans and borrowings

     45,085,629

     48,787,282

   (3,701,653)

-8%

Grants received

       1,102,106

       1,158,837

         (56,731)

-5%

Deferred tax

       1,262,668

       1,262,668

                     -  

100%

Provisions

           666,716

           632,358

           34,358

0%

NON-CURRENT LIABILITIES TOTAL

     48,117,119

     51,841,145

   (3,724,026)

-7%

         

TOTAL LIABILITIES

     71,272,498

     73,383,635

   (2,111,136)

-3%

         

NET ASSETS

   110,293,902

     95,984,158

   14,309,744

15%

         

EQUITY

       

Share Capital

     20,613,371

     20,613,371

                      0

0%

TOTAL EQUITY

   110,293,902

     95,984,158

   14,309,744

15%


At fixed asset level, there was an increase of 2% as compared to 31 December 2016, the increase is registered as a result of the fixed assets acquired and commisioned during the period and compensated partially with depreciation recorded during the respective period.

Activele circulante au inregistrat o crestere de 20% fata de perioada incheiata la 31 Decembrie 2016, stocurile au scazut cu 10%, modificari survenite ca urmare a vanzarilor intamplate in perioada si aprovizionarii cu materii prime pentru sezonul 2018, asa cum se poate observa in graficul de mai jos. Creantele si numerarul ar crescut ca urmare a activitatii comerciale intense derulate in perioada.

Current assets recorded a 20% increase over the period ending December 31, 2016, inventory decreased by 10%, changes occurred as a result of sales made during the period and the supply of raw materials for the 2018 season, as can be seen in the chart below. Receivebles and cash would increase as a result of intense business activity during the period.

Commercial debts increased by 8% as of 31 December 2016 as a result of the operational activity carried out during the period.

Banking debts decreased by 2% as compared to the end of 2016, a change caused both by contracting financial leasing for implementing the approved investment program for 2017 and by the reduction of bank credit by repayment of principal and interest rates according to their maturity date,there were no delays in this process.

The share capital did not change, the increase from equity being generated by the result obtained during the period.

 

Main Financial Ratios


 

Main financial ratios

30-Sep-17

30-Sep-16

1. Current liquidity indicator

              2.70

              2.60

2. Leverage indicator   

52%

53%

3. Turnover speed for client debit items (days)

55

53

4. Turnover speed for total assets

62%

64%

 

 

Consolidated Results of the CEMACON Group


 

Information on the presentation of the CEMACON SA Group:

CEMACON SA is a Romanian legal entity founded as a joint stock company based on Government Decision no.1200/1991 with its registered office in Cluj-Napoca, no. 48 Dorobantilor Street, Silver Business Center building, 1st floor, Cluj county. The company’s main object of activity is “Manufacture of bricks, tiles and other construction products made from burnt clay”

SC CEMACON Real Estate Company was founded as a result of the agreement signed by SC CEMACON SA and the Romanian Commercial Bank in order to take over part of the liabilities and assets, according to the reorganization process.

The individual financial statements of SC CEMACON Real Estate Company are prepared in accordance with Order of the Minister of Public Finance 1802/2012.

The financial statements of the controlled branch have been prepared for the same reporting period as those of the parent company, using the same accounting policies.

The International Financial Reporting Standards (IFRS) have been applied when preparing the consolidated financial statements.

Even if the financial statements of SC CEMACON Real Estate have been prepared in accordance with Order of the Minister of Public Finance 1802/2012, the necessary adjustments have been made in order to reflect the accounting policies of the parent company with a view to consolidating.

 

Consolidated Statement of financial position – Results for 30th of September 2017


 

ASSETS

30-Sep-17

31-Dec-16

2017 vs 2016

2017 vs 2016

NON-CURRENT ASSETS

LEI

LEI

LEI

%

Property, plant and equipment

   118,604,688

   116,396,783

         2,207,905

2%

Intangible

           247,409

           334,207

             (86,798)

-26%

Investments

                       -  

                       -  

                         -  

0%

Other non-current assets

           120,352

           112,752

                  7,600

7%

NON-CURRENT ASSETS TOTAL

   118,972,449

   116,843,742

         2,128,707

2%

CURRENT ASSETS

       

Inventories

       9,810,138

     10,942,408

       (1,132,270)

-10%

Trade and other receivables

     17,490,411

       9,489,074

         8,001,337

84%

Other financial assets

                8,405

           490,721

           (482,316)

-98%

Cash and cash equivalents

     33,036,258

     29,957,212

         3,079,046

10%

CURRENT ASSETS TOTAL

     60,345,212

     50,879,415

         9,465,797

19%

Assets classified as held for sale

    19,238,703

    19,238,703

                        -  

0%

TOTAL ASSETS

   198,556,364

   186,961,860

       11,594,504

6%

LIABILITIES

       

CURRENT LIABILITIES

       

Trade and other payables

     13,492,936

     12,856,779

             636,157

5%

Loans and borrowings

       7,430,492

       5,040,143

         2,390,349

47%

Tax liability

       1,130,901

             64,496

         1,066,405

1653%

Provisions

       1,780,840

       4,578,409

       (2,797,569)

-61%

CURRENT LIABILITIES TOTAL

     23,835,169

     22,539,827

         1,295,342

6%

         

NON-CURRENT LIABILITIES

       

Non-current trade and other liabilities

 

 

                         -  

0%

Loans and borrowings

     62,080,248

     65,567,579

       (3,487,331)

-5%

Grants received

       1,102,106

       1,158,837

             (56,731)

-5%

Deferred tax

       1,241,071

       1,241,071

                         -  

100%

Provisions

           666,716

           632,358

               34,358

0%

NON-CURRENT LIABILITIES TOTAL

     65,090,141

     68,599,845

       (3,509,704)

-5%

         

TOTAL LIABILITIES

     88,925,308

     91,139,672

       (2,214,362)

-2%

         

NET ASSETS

   109,631,056

     95,822,189

       13,808,866

14%

         

EQUITY

       

Share Capital

     20,613,371

     20,613,371

                        (0)

0%

TOTAL EQUITY

   109,631,056

     95,822,189

       13,808,868

14%


 Consolidated Profit and loss account - Results for 30th of September 2017


 

 

30-Sep-17

30-Sep-16

2017 vs 2016

2017 vs 2016

 

LEI

LEI

LEI

%

         

Sale revenues

    73,998,432

    72,283,410

     1,715,022

2%

         

Other operating revenues

          605,951

          827,734

       (221,783)

-27%

Other gains and losses

       2,855,859

       1,156,060

     1,699,799

147%

Change in inventories of FG & WiP

    (2,318,702)

    (6,845,101)

     4,526,399

-66%

         

Raw material and consumables used

  (14,173,339)

  (14,044,759)

       (128,580)

1%

Personnel Expenses

  (12,631,538)

  (12,013,417)

       (618,121)

5%

Other operating expenses

  (25,200,570)

  (26,485,439)

     1,284,869

-5%

         

EBITDA

    23,136,093

    14,878,488

     8,257,605

56%

Depreciation and amortization expenses

    (5,187,363)

    (4,950,196)

       (237,167)

5%

         

EBIT

    17,948,729

       9,928,292

     8,020,438

81%

Financial income

          369,029

          764,380

       (395,351)

-52%

Financial expenses

    (3,818,800)

    (3,916,390)

           97,590

-2%

Financial result

    (3,449,771)

    (3,152,010)

       (297,761)

9%

         

Profit before tax

    14,498,959

       6,776,282

     7,722,677

114%

Tax Expense

    (1,130,901)

        (438,706)

       (692,195)

0%

Profit after tax

    13,368,058

       6,337,576

     7,030,482

111%

·         At the date of presentaion of 3rd Quarter results no other elements of other comprehensive income and deffered tax were calculated

 

The report and the related documents can be consulted as of 8th of November 2017, 8:00, at the company’s headquarters on No. 48 Dorobantilor Street, Cluj-Napoca or electronically on the company’s website: www.cemacon.ro   and on the website of the Bucharest Stock Exchange: www.bvb.ro and in the link below

 


 *The results presented are prepared in accordance with IFRS and have a preliminary nature, and will be subject to financial auditing in accordance with legal provisions.

 CEMACON SA ranks second in the top of masonry manufacturers in Romania and is the market leader in Transylvania.

The company operates the most modern and largest manufacturing capacity in Romania with innovative, differentiated products that bring added value to users, at very competitive production costs.

CEMACON SA is a company listed on the Bucharest Stock Exchange and mainly owned by institutional shareholders, Romanian and foreign investment funds; the company management is professional, independent, having strong sector expertise

 



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