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2017 Half-year financial results

Release Date: 8/11/2017 7:51:32 AM

IRIS Code: 97CC1

Report according to National Securities Commission Regulation no. 1/2006 (Annex 31) regarding issuers and operations with securities

Report date: 30.06.2017

Name of the issuing entity: COMPA S.A.

Social headquarters: Sibiu, no.8,Henri Coanda Street, postal code 550234

Phone number: +40 269 237878

Fax number: +40 269 212204; +40 269 237770

VAT Code: RO 788767

Registration number in the Trade Registry: J 32 / 129 / 1991

Subscribed and paid share capital: 21.882.103,8 RON

Regulated Market on which the issued securities are traded Bucharest Stock Exchange,  Standard Category, symbol CMP

The most important events that occurred in the first semester of 2017 are:

-                    Even though the growth rate of manufactured goods production and turnover achieved in the 1st H of 2017, over 12% compared to the corresponding period of the previous year (1st H of 2016) is lower than the one realized in the previous year; We still appreciate that this level of growth is quite high and is recorded after one year (2016) when the increases recorded for these indicators were over 33% compared to the previous year. We can highlight significant increases in the production of Bosch injection components, turbocharger components as well as welded parts and subassemblies.

-                    The 12th cell for the manufacturing of Bosch Rail components has been put into operation with an impact on the increase of production capacity in this type of product, with a high level of orders this year.

-                    The measures for cost reducing, achieved from improvement projects implementation in all areas of activity involving a significant number of people from the technical, production, quality and other departments, have been applied in 1st H of 2017 as well and will be continued during the year 2017. The development of improvement projects ensures both a positive impact on the achievement of the financial indicators of the company and stimulative gains for the employees participating in the elaboration and implementation of these projects.

-                    The process of transferring to COMPA additional operations that are currently being carried out by the customer and which ensure the integration of COMPA into the process of developing components from the Delphi injection system have begun.

-                    The investment program has been continued in the 1st H of 2017 by acquiring machinery and equipment designed to expand the production capacities needed to achieve the new products attributed to COMPA by the partners.

Analyzing the evolution of the main elements of the patrimony, we can specify the following:

-                    The value of fixed assets decreased at the end of the first half of the year 2017 by approximately 4.5 million RON compared to the level recorded at the end of 2016. This difference comes mainly from the group "Property, plant and equipment", where the value of outflows included in cost sem. I 2017 was significantly higher than the value of commissioning in this asset group.

-                    Current assets increased by 39.4 million RON (19.44%) compared to the balance of this group of assets at the end of 2016 (31.12.2016). The overwhelming weight of the increases (almost 36 million RON) was recorded in the "trade receivables" group where there is a low level of the collection of bills in the country 1st H 2017 as compared to the last part of 2016.

-                    The increase in commercial claims could be justified by the overall increase in the volume of turnover in the market 1st H 2017 versus second semester 2016 and in particular due to billing at a higher level in the last month of 1st H 2017 (June 2017), compared to the lower billable level in the last month of 2016 (December with lower sales).

-                    Trade receivables at the end of the sem. I 2017 are still higher than the end of the 1st H 2016 even considering the increase in turnover in the 1st H of 2017 compared to the 1st H 2016 approx. 12%. Increases in the value of current assets at the end of the 1st 2017 also recorded at stocks (1.8 million RON) as compared to the end of 2016, which is due to the increase in a larger proportion of the turnover.

-                    Less than a year's debt recorded at the end of 1st H 2017 are also higher by 11.7 million RON as compared to their level at the end of 2016. The weight of these debt increases is due to commercial debts which increased by 8.9 million RON, the increase is justified being below the level of the percentage Increase of the turnover of the 1st H 2017 compared to the same period of the previous year.

-                    The debts over one year recorded an increase of 1.1 million RON. A significant weight of these debts is held by the debts to banks, namely the credit line committed by COMPA at the end of the 1st H 2017. The value of debts to banks increased by 3 million RON, being influenced to a great extent by the non-collection of certain customers' bills, respectively by the increase in commercial debts at the end of the 1st 2017 compared to those recorded at the end of 2016.

-                    Capital positions, respectively Equity plus reserves increased by 22.1 million RON. This increase in the company's capital represents the net profit realized in the first half of 2017, remaining as a source of financing within the company's equity.

Analyzing the value of indicators included in the profit and loss account for the 1st H 2017 in comparison with the value of the same indicators from the 1st H 2016, we highlight the following:

-                      Turnover achieved here 1st H 2017 registered an increase of 12.03% compared to the corresponding period of the previous year. The main production sectors in the COMPA activity recorded increases in the volume of goods and turnover:

-                      Production and delivery of components for injection systems for trucks and vans, as well as for injection systems for cars

-                      Manufacture of welded parts and subassemblies for the manufacture of lifting machinery and equipment;

-                      Manufacture of components for turbochargers for Diesel engines

-                      Production of steering gear pinions.

-                      In the structure of operating costs, we can exemplify a more pronounced increase in costs with:

-          Depreciation of tangible assets as a result of the investments that have been put into operation in the last period;

-          Wage costs.

It is also possible to highlight cost reductions with:

- Interest on credit lines accessed;

- Utilities costs;

- Other external rendering by third parties.

-           Gross profit of RON 24.3 million realized in the first half of 2017, although it is significantly lower than the one obtained in the present 1st H 2016, however, exceeds the 22% level provided by the Income and Expenditure Budget 2017. The big profit in the land 1st  2016 was positively influenced by the sale (in the first half of 2016) of the share held by COMPA to the joint-stock company ThyssenKrupp Bilstein Compa, which resulted in a gain of more than 12 million RON which was reflected directly in gross and net profit per share. I 2016.

-           Facilities for tax relief on reinvested earnings were obtained during the 1st H 2017.

-           Last but not least, we should emphasize the persistent and aggressive concern of COMPA's management to implement cost-cutting measures included in the projects developed and applied in this respect at the level of the entire society.

Cash flow, as a whole, at the end of the 1st H 2017 was positive. A major impact on the generation of positive cash flow had it:

- Net profit for this period;

- Depreciation included in the cost of the period

A negative impact on cash flow had it:

- Increasing the value of receivables;

- Expenditure on investments

Analyzing the cash flow per semester as a whole, in 2017, it can be characterized as positive. Cash-generating factors (profit, depreciation) have had a positive impact during this period in securing the need for financial resources that have led to a low level of access to credit lines, despite the investments made and the increase in turnover for which Imposing additional resources.

The liquidity of a company is its ability to have the necessary funds to carry out its economic and financial activity, the ability to make payments on time to the state budget and to suppliers.

The current liquidity index of 1.79 achieved in the 1st H 2017 is a good liquidity index, (having a level similar to that recorded in the two semesters of 2016).

In the investment activity, funds were used for:

  • purchase of equipment;
  • modernization of existing equipment and installations;
  • improvements to some of the production facilities.

The necessary funds for the investment activity in the amount of 14,347,994 RON for the 1st H of 2017 were provided from own sources. The economic effects of purchasing new machinery and production lines are:

  • increase in labor productivity;
  • decrease in repair costs;
  • improvements in the technological flow;
  • increase in the quality of manufactured parts and decrease of scrap;
  • reduction of energy consumption;
  • improvement in the precision of part processing;
  • safety improvements of operational machinery;
  • cost reduction of non-quality;
  • increase in the efficiency of promptness.
  • Total revenue realized in the 1st H are almost 33 million RON higher than those realized in the 1st H 2016.

Analyzing in the structure, we can assume that the main contribution to the increase of this income had revenues from the sale of manufactured products, which grew by 47.2 million RON (14.9%)

Decreases in the value of income earned in the 1st H recorded all other types of income outside the income from the production sold, but the largest decreases were recorded at:

- Revenues from the sale of goods which decreased by 7.9 million RON. In here  1st H 2017 were fewer first-aid tools bought by COMPA and refurbished to the customer, 1st H 2016.

- Revenues from the production of tangible assets decreased by almost 1.4 million RON, as a result of the decrease in investments in machinery and equipment manufactured in COMPA.

In 1st H 2017, as in the past few years, our Company has had no cases of failure to comply with its financial obligations, delays in creditors' payment, and in particular of materials and equipment suppliers.

During the 1st H 2017, with an increase in turnover of about 12%, which could have attracted access to a similar level of the credit line, we can appreciate, however, that the long-term financial liabilities included and the credit lines have registered A decrease of about 15% (from 58.65 million RON on 30.06.2016 to 49.73 million RON on 30.06.2017).

For details, please consult the file in .pdf format.



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