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Thursday, August 24, 2017 
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OLTCHIM S.A. RM. VALCEA - OLT

2017 H1 financial results

Release Date: 8/10/2017 7:43:22 AM

IRIS Code: D7514

No. registration: 8871/10.08.2017

 

 

Significant increases in economic and financial results

 in the first half and second quarter of 2017

 

Despite the difficult conditions, OLTCHIM SA continues the positive series of operational and financial performances registered during the insolvency period, being the fifth consecutive year in which the results reported for the first semester show a growth.

 The turnover in the first half of this year is 105.8 million euro (480 million lei), representing an increase of 2.21 times over that achieved in the first half of 2013 (the time when the company entered insolvency proceedings). 

Also, the net result in the first half of 2017 registered an upward trend compared to the first half of 2013, respectively, from a loss of 33.6 million euro to a profit of 6.1 million euro.

 The results achieved in the first half of 2017 and second quarter 2017 show that the measures envisaged in the reorganization plan approved by the creditors to streamline the company have been successfully implemented. Compared to the provisions of the reorganization plan, cumulated for the 26 month period after approval, EBITDA is better by 21.6 million euro (26-month cumulated EBITDA of 36.3 million euro compared to 14. 7 million euro - provisions).

 The turnover in the first half of 2017 of 480.2 million lei (equivalent to 105.8 million euro) increased by 27% compared to the first half of 2016. Also in the second quarter of 2017 it increased by 24% compared to the same period last year and by 16% against the turnover achieved in the first quarter of this year. The positive evolution of this indicator occurred on the background of the quantitative increase in the sales of finished products (chlor- alkali, oxo-alcohols and polyether polyols) supported by market demand as well as increased sales prices.

 Gross profit of 36.6 million lei (equivalent to 8.1 million euro) increased significantly by 50% compared to the first half of last year. Also, the gross profit recorded in the second quarter of 2017 surpassed by 43% the result in the second quarter of 2016 and by 158% over the first quarter of this year. 

The operational result EBITDA of this semester recorded an increase by approximately 20% over the first half of 2016, reaching the equivalent of 13.4 million euro (60.9 million lei) . In the second quarter of this year, the increase in this indicator was significant, ie by 31% compared to the second quarter of 2016 and by 109% compared to the first quarter of 2017. 

We point out that these growth results were obtained even though the main raw materials and utilities from the production process saw significant price increases in the first half of 2017 compared to the first half of 2016, respectively, for propylene (the main raw material) by 50% dnd for electricity by 6%. 

The value of export and intra-Community sales during January-June 2017 is 82 million euro, representing 78% of the turnover. 

The company has a positive external balance of 67.7 million euro, the value of imports and intra-Community acquisitions being only 14.3 million euro. 

In this half of the year, Oltchim SA contributed to the Romanian consolidated budget with the amount of 39 million lei, from the VAT to be recovered and from the payments made with a payment order managing to recover the full amount of the current debts related to the first half 2017 (taxes and duties related to salaries and profit tax) and to reduce by 5.9 million lei the debts accrued to the state budget in the first part of the insolvency period (2013-2014).                                                                                                                                            

The full version of the Half Year Report 2017 is available on the OLTCHIM SA website at www.oltchim.ro, in the Investor Relations / Financial Information section as well as in the link below.

The financial statements completed on June 30, 2017 were not audited. 

Further information can be obtained by phone 0250/701665, fax 0250/735030 or e-mail oltchim@oltchim.com. 

Judicial Administrator

ROMINSOLV SPRL

 

 Judicial Administrator

 BDO BUSINESS RESTRUCTURING SPRL           

 

 

Special Administrator

Bogdan Stanescu

 

 

Deputy General Manager

Victor Avram

 

 

 

Economic Manager

    Alin Smeu 

 

 



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