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OLTCHIM S.A. RM. VALCEA - OLT

2017 Q3 report

Release Date: 11/13/2017 8:06:02 AM

IRIS Code: 026C5

Registration no:12417/13.11.2017

 

COMMUNIQUE

concerning the results achieved by Oltchim SA during January – September and in Q3- 2017

 The company OLTCHIM SA continues the upward trend of previous periods, achieving the best results from the current business since the insolvency procedure in January-September 2017, without taking into account the impact in 2015 of the scriptic profit due to the debt cancellation according to the plan reorganization.

 Main financial indicators achieved during January-September 2017:

- Turnover of 716 million lei (equivalent to 157.4 million euro);

- Gross profit of 55 million lei (equivalent to 12.2 million euro);

- Net result of  40 million lei (equivalent to  8.8 million euro);

- EBITDA of  96 million lei (equivalent to EUR 21.1 million euro);

 The comparative summary of financial results during January-September and the third quarter of 2017 is presented below:

th lei

Indicators

9 months

2017

9 months

2016

%

Q3

2017

Q3

2016

%

Q2

2017

%

0

1

2

     3=1/2

4

5

6=4/5

7

8=4/7

Turnover

716,305

555,095

129.0

236,093

176,957

133.4

258,459

91.3

Total income

723,830

564,900

128.1

244,593

185,246

132.0

265,507

92.1

-operating income

721,543

562,757

128.2

243,987

184,797

132.0

264,735

92.2

-financial income

2,286

2,143

106.7

606

449

135.0

772

78.5

Total expenses

668,402

542,577

123.2

225,820

187,317

120.6

239,084

94.5

-operating expenses

664,724

538,675

123.4

225,021

185,681

121.2

237,593

94.7

-financial expenses

3,679

3,903

94.3

799

1,637

48.8

1,491

53.6

Gross Profit/Loss

55,427

22,323

248.3

18,773

-2,073

*

26,423

71.0

- operating profit/loss, of which:

56,820

24,083

235.9

18,966

-885

*

27,143

69.9

- amortization cost

39,089

40,104

97.5

15,976

14,150

112.9

14,095

113.3

- financial profit/loss

-1,392

-1,760

*

-193

-1,188

*

-719

*

EBITDA (operation + amortization)

95,908

64,186

149.4

34,942

13,265

263.4

41,237

84.7

Tax on profit

15,496

6,171

*

6,548

375

*

6,292

*

Taxes specific to certain activities

25

0

*

0

0

*

25

*

Net Profit/Loss

39,906

16,152

247.1

12,226

-2,448

*

20,106

64.0

Main indicators - 9 months 2017 compared to 9 months 2016

 The results from the current business, during January-September 2017 compared to the results of the same period 2016, have improved, thus:

-        Gross profit increased by 33 million lei, respectively by 148%, compared to the same period of 2016;

-        Turnover increased by 161 million lei, respectively by 29% compared to the same period of the last year;

-        EBITDA increased by 32 million lei, respectively by 49% against the similar period of the last year;

Turnover from sales of finished goods increased during the period January-September 2017 compared to the same period last year by 156 million lei and 29% respectively, being driven by both the increase in the quantities of finished products sold and the increase in sale prices as a result of the increase in international quotations for marketed products.

Export and intra-Community sales in the first nine months of 2017 worthed 122 million euro and accounted for 77 % of total turnover. Intra-Community imports and acquisitions in the amount of only € 21 million have resulted in a positive external balance of € 101 million.

A positive contribution to the evolution of economic results is also the continuation of revampings, of overhauls with direct effect both in increasing the quantities produced and improving the quality of the products.

 The total value of investments made between January and September 2017 is 8.9 million lei. The sources of financing used for the investments achieved were only own sources.

Main indicators - Q3 2017 compared to Q2 2017

 Compared to the second quarter of this year, the company achieved declining earnings in the third quarter as a result of the holiday period on foreign markets, given that Oltchim SA operates mainly in these markets (about 77% of turnover). Another event with an unfavorable impact was the interruption of production in the last decade of August, when scheduled annual general overhaul works were completed, the following installations being completely shut down: membrane electrolysis for 9 days, propylene oxide and polyether polyols for 14 days, oxo-alcohols for 11 days.

 The influence of these two events led to decreases over the previous quarter, thus:

-         Decrease in turnover by 22 million lei and 9% respectively;

-         Decrease of the gross total result by 7.6 million lei and 29% respectively;

-        Decrease in EBITDA by 6.3 million lei and 15% respectively.

Main indicators – Q3 2017 compared to Q3 2016

 The results achieved from the current business in the third quarter of 2017 compared to the same quarter of 2016 are better, thus:

-       Gross profit improved by 20.8 million lei compared to the third quarter of 2016 when there was a loss;

-        Turnover increased by 59.1 million lei, or by 33% compared to the third quarter of 2016;

-        EBITDA increased by 21.7 million lei, or by 163% compared to the same period last year.

In the third quarter of 2017, the increase in sales of finished products compared to the same period in 2016 was driven both by the increase in the quantities sold, particularly for the main polyol-polyether product group and by the increase in sale prices.

The financial results of the company during the 9 months period 2017 certify the upward trend and economic stability reached, Oltchim becoming a profitable company and a solid and trustworthy partner.

The quarterly report for the period January - September 2017 is available and can be viewed in electronic form on the OLTCHIM SA website at www.oltchim.ro, in Investor Relations-Financial Information as well as in the link below.

 Additional information may be requested 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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