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CEMACON SA - CEON

Preliminary financial results 2017

Release Date: 2/15/2018 7:50:10 AM

IRIS Code: AFF5C

12 Month Performance - 2017  



24,9 milion lei Operating Profit (EBITDA), with 52% more than in 2016

 

13,2 milion lei Net Profit, with 58% more than in 2016

 

98,8 milion lei Net Turnover, with 8% more than in 2016

 

 

General Manager Statement


 

Through 2017 results, we have exceeded efficiency and profitability thresholds which were unanticipated a few years ago; operational profitability –EBITDA was in 2017 3 times higher than EBITDA from 3-4 years ago and net profit is 7 times greater than the one in 2009. 

These profitability performances have been achieved through efficiency in processes and implementation of solutions to increase productivity and reduce consumption. Another important factor was the commercial strategy used, which had an important role in harnessing the optimal product portfolio, including the new products launched in 2017 and those that have a differentiating role in the Evoceramic series. All of these elements happened in a favorable market context driven by a high demand for masonry materials and a good price range.

Considering the fact that the sold volumes were lower than 2016, constrained by achieving production capacity on both factories, and an increased sale of merchandise, the turnover grew by 8% reaching the gross value of 98,8 million lei, being twice as big than 4 years ago.

The business growth and profitability goals assumed for 2017 have been steadily secured and overtaken, with last quarter performance contributing significantly to this goal.

In 2017 the shareholder structure was consolidated and was the main factor that determined the start of several development projects that will contribute in short and medium term to keeping the upward trend of the business, both in size and profitability.

We are approaching 2018 with great confidence, continuing with the introduction of new products, with differentiation strategies and strengthening a partnership with distributors and ambitious business goals.

We aim to confirm profitability performance despite the widespread increase in energy and main input prices, taxes and labor costs higher than in 2016.”

 

Profit and loss account – Preliminary Results for 2017
Compared to 2016, there is a growth in turnover, that registers an 8% increase, toghether with a significant increase in EBITDA from 19% to 26%, performance achieved by both qualitative sales growth, and optimizations at operational level.

Inventory variation records negative values as a result of the gap between the quantities produced and sold during the period.

At the level of operational expenditures there are no significant variations compared to the previous period, growth is marked by the development of the business.

For the period ended December 31, 2017 CEMACON  has an Operating Profit of 24,885,906 lei and a Net Profit of 13,207,648 lei.

 

 

 

31-Dec-17

31-Dec-16

2017 vs 2016

2017 vs 2016

 

LEI

LEI

LEI

%

         

Gross Turnover

         98,776,323

      91,621,660

       7,154,663

8%

Net Turnover

         94,226,483

      86,992,221

       7,234,261

8%

         

Sales revenues

         94,225,609

      86,990,538

       7,235,071

8%

         

Other operating revenues

               668,804

        1,626,855

        (958,051)

-59%

Other gains and losses

               (83,434)

            (53,655)

          (29,779)

56%

Change in inventories of FG & WiP

             (402,159)

      (4,612,421)

       4,210,263

-91%

         

Raw materials and consumables

       (18,970,472)

   (17,511,860)

    (1,458,612)

8%

Personnel expenses

       (16,350,228)

   (15,188,928)

    (1,161,300)

8%

Other operating expenses

       (34,202,214)

   (34,895,413)

          693,199

-2%

         

EBITDA

         24,885,906

      16,355,116

       8,530,791

52%

Depreciation and amortization expenses

         (7,105,139)

      (6,711,192)

        (393,947)

6%

Income from Assets Depreciation

 

        4,653,447

   
         

EBIT

         17,780,767

      14,297,371

       3,483,397

24%

Financial income

           1,799,045

            480,147

       1,318,898

275%

Financial expenses

         (4,786,261)

      (4,433,742)

        (352,519)

8%

Financial result

         (2,987,216)

      (3,953,596)

          966,380

-24%

         

Profit before tax

         14,793,551

      10,343,775

       4,449,776

43%

Tax expenses

         (1,585,903)

      (1,985,962)

          400,059

0%

Profit after tax

         13,207,648

        8,357,813

       4,849,835

58%

*At the date of presentation of 2017 preliminary results no other elements of other comprehensive income and deffered tax were calculated

 

 

Statement of financial position – Preliminary Results as at 31 December 2017


 

ASSETS

31-Dec-17

31-Dec-16

2017 vs 2016

2017 vs 2016

NON-CURRENT ASSETS

LEI

LEI

LEI

%

Property, plant and equipment

        121,601,156

   116,396,783

         5,204,373

4%

Intangible

                 418,124

           334,207

               83,917

25%

Investments

                         200

                   200

                         -  

0%

Other non-current assets

             1,039,555

           112,752

             926,803

822%

NON-CURRENT ASSETS TOTAL

        123,059,034

   116,843,942

         6,215,092

5%

CURRENT ASSETS

       

Inventories

           10,798,030

     10,942,409

           (144,379)

-1%

Trade and other receivables

           11,752,070

     11,076,927

             675,143

6%

Other financial assets

                            -  

           490,721

           (490,721)

-100%

Cash and cash equivalents

           34,498,549

     28,736,299

         5,762,250

20%

CURRENT ASSETS TOTAL

           57,048,649

     51,246,356

         5,802,293

11%

Assets classified as held for sale

            1,277,494

       1,277,495

                       (1)

0%

TOTAL ASSETS

        181,385,177

   169,367,793

       12,017,384

7%

         

LIABILITIES

       

CURRENT LIABILITIES

       

Trade and other payables

           13,026,581

     11,859,442

         1,167,139

10%

Loans and borrowings

             6,724,373

       5,040,143

         1,684,230

33%

Tax liability

                 109,193

             64,496

               44,697

69%

Provisions

             4,441,435

       4,578,409

           (136,974)

-3%

CURRENT LIABILITIES TOTAL

           24,301,582

     21,542,490

         2,759,092

13%

         

NON-CURRENT LIABILITIES

       

Non-current trade and other liabilities

                            -  

                       -  

                         -  

0%

Loans and borrowings

           44,254,596

     48,787,282

       (4,532,686)

-9%

Grants received

             1,083,195

       1,158,837

             (75,642)

-7%

Deferred tax

             1,539,770

       1,262,668

             277,102

22%

Provisions

                 945,520

           632,358

             313,162

0%

NON-CURRENT LIABILITIES TOTAL

           47,823,081

     51,841,145

       (4,018,063)

-8%

         

TOTAL LIABILITIES

           72,124,664

     73,383,635

       (1,258,971)

-2%

         

NET ASSETS

        109,260,513

     95,984,158

       13,276,355

14%

         

EQUITY

       

Share capital

           20,613,371

     20,613,371

                         -  

0%

TOTAL EQUITY

        109,260,513

     95,984,158

       13,276,353

14%


At the fixed asset level, there was an increase of 5% as compared to 31 December 2016, the increase is registered as a result of the commissioning of the fixed assets acquired during the period and partly compensated with the depreciation recorded during the period. The value of other non-current assets is represented by guarantees to customers.

Current assets increased by 11% compared to the end of December 31, 2016, stocks remained at the 2016 level, with changes only regarding  the stock category, as can be seen in the chart below. The receivables did not show significant changes compared to the previous year, and the cash increased by 20% as a result of the commercial activity and the revenues realized during the period.

Commercial debts increased by 10% as of 31 December 2016 as a result of the increase in the operating activity during the period.

Banking debts and loans decreased by 5.3% as compared to the end of 2016, change caused both by the contracting the financial leasing for implementing the approved investment programs for 2017 and by the reduction of  bank credit by repayment of principal and interest rates according to their maturity date, with no interruptions or 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

31-Dec-17

31-Dec-16

1. Current liquidity indicator

              2.40

              2.44

2. Leverage indicator   

47%

53%

3. Turnover speed for client debit items (days)

42

50

4. Turnover speed for total assets

80%

78%

 

Consolidated Results of 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 – Preliminary Results for 31st December 2017


 


ASSETS

31-Dec-17

31-Dec-16

2017 vs 2016

2017 vs 2016

NON-CURRENT ASSETS

LEI

LEI

LEI

%

Property, plant and equipment

   121,601,156

   116,396,783

         5,204,373

4%

Intangible

           418,124

           334,207

               83,917

25%

Investments

                       -  

                       -  

                         -  

0%

Other non-current assets

       1,039,555

           112,752

             926,803

822%

NON-CURRENT ASSETS TOTAL

   123,058,834

   116,843,742

         6,215,092

5%

CURRENT ASSETS

       

Inventories

     10,798,030

     10,942,408

           (144,378)

-1%

Trade and other receivables

     11,209,549

       9,489,074

         1,720,475

18%

Other financial assets

                       -  

           490,721

           (490,721)

-100%

Cash and cash equivalents

     34,526,889

     29,957,212

         4,569,677

15%

CURRENT ASSETS TOTAL

     56,534,468

     50,879,415

         5,655,053

11%

Assets classified as held for sale

    19,238,703

    19,238,703

                       (0)

0%

TOTAL ASSETS

   198,832,005

   186,961,860

       11,870,145

6%

LIABILITIES

 

 

CURRENT LIABILITIES

       

Trade and other payables

     14,736,154

     12,856,779

         1,879,375

15%

Loans and borrowings

       6,724,373

       5,040,143

         1,684,230

33%

Tax liability

           109,193

             64,496

               44,697

69%

Provisions

       4,441,435

       4,578,409

           (136,974)

-3%

CURRENT LIABILITIES TOTAL

     26,011,155

     22,539,827

         3,471,328

15%

         

NON-CURRENT LIABILITIES

       

Non-current trade and other liabilities

                       -  

 -

                         -  

0%

Loans and borrowings

     61,473,144

     65,567,579

       (4,094,435)

-6%

Grants received

       1,083,195

       1,158,837

             (75,642)

-7%

Deferred tax

       1,518,173

       1,241,071

             277,102

22%

Provisions

           945,520

           632,358

             313,162

50%

NON-CURRENT LIABILITIES TOTAL

     65,020,033

     68,599,845

       (3,579,812)

-5%

         

TOTAL LIABILITIES

     91,031,188

     91,139,671

           (108,483)

0%

         

NET ASSETS

   107,800,817

     95,822,189

       11,978,629

13%

         

EQUITY

       

Share capital

     20,613,371

     20,613,371

-

0%

TOTAL EQUITY

   107,800,817

     95,822,189

       11,978,628

13%


 

Consolidated Profit and Loss account – Preliminary Results for 31st December 2017

 

31-Dec-17

31-Dec-16

2017 vs 2016

2017 vs 2016

 

LEI

LEI

LEI

%

         

Sale revenues

    94,230,786

    87,057,054

     7,173,732

8%

         

Other operating revenues

          683,403

       1,290,641

       (607,238)

-47%

Other gains and losses

          (83,434)

       2,502,738

   (2,586,172)

-103%

Change in inventories of FG & WiP

        (402,154)

    (4,612,421)

     4,210,267

-91%

         

Raw material and consumables used

  (18,975,996)

  (17,578,720)

   (1,397,276)

8%

Personnel Expenses

  (16,468,059)

  (15,196,168)

   (1,271,891)

8%

Other operating expenses

  (34,230,161)

  (35,719,533)

     1,489,372

-4%

         

EBITDA

    24,754,385

    17,743,591

     7,010,794

40%

Depreciation and amortization expenses

    (7,105,139)

    (6,711,192)

       (393,947)

6%

Income from Assets Depreciation

 

       4,653,447

   

EBIT

    17,649,246

    15,685,845

     1,963,401

13%

Financial income

       1,692,797

          793,195

         899,602

113%

Financial expenses

    (5,846,216)

    (5,426,470)

       (419,746)

8%

Financial result

    (4,153,420)

    (4,633,275)

         479,855

-10%

         

Profit before tax

    13,495,827

    11,052,571

     2,443,256

22%

Tax Expense

    (1,585,903)

    (2,116,212)

         530,309

-25%

Profit after tax

    11,909,924

       8,936,359

     2,973,565

33%

 At the date of presentaion of 2017 preliminary results no other elements of other comprehensive income and deffered tax were calculated


***

The report and the related documents can be consulted as of 15th of February 2018, 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 accesing 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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