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OLTCHIM S.A. RM. VALCEA - OLT

Preliminary financial results 2017

Release Date: 2/15/2018 7:42:00 AM

IRIS Code: 04F96

 

 

 

 
Registration no:1787/15.02.2018
To,
Bucharest Stock Exchange

Financial Supervisory Authority

Financial Instruments and Investments Sector

Current report according to N.S.C Regulation no.1/2006

Date of report:  February 15, 2018

Name of the company: Oltchim S.A. Rm. Valcea

Fax number: 0250/735030/736188

Phone number: 0250/701200

Unique Registration Code:RO1475261

Trade Register Number: J38/219/1991

European Unique Identifier (EUID): ROONRCJ38/219/1991

LEI Code: 254900KXPD2OOC2LLX56

Subscribed and paid up capital: 34,321,138.30 lei

Regulated market where the issued securities are traded: BSE, Standard Category, market symbol OLT

Event to be reported:

 The preliminary financial results  for 2017

According to the company financial reporting calendar and in compliance with the provisions of the capital market specific legislation on reporting to capital market institutions and shareholders, OLTCHIM SA will bring to the attention of all concerned the individual annual financial statements, preliminary for the year 2017, drawn up in line with International Accounting Standards (IFRS). We mention that the Preliminary Financial Statements are not consolidated at the level of the group and are not audited.

Pending approval of the final form of the financial statements for 2017 could have a non-monetary impact on the financial results of Oltchim SA, the yields of the revaluation of assets to establish their fair value at December 31, 2017, operation in progress at the date of this report.

The comparative analysis of the 2017 preliminary financial indicators with those achieved in the previous year:

thousand lei

Crt.

No.

Economic-financial indicators

2017

 preliminary

2016

 

Balance

%

0

1

2

3

4 = 2 - 3

5=2/3*100

1

Turnover

969,854

754,823

+215,032

+28%

2

Total income

1,004,506

831,060

+173,445

+21%

 

-operating income

1,001,172

826,952

+174,220

+29%

 

-financial income

3,334

4,108

-775

-19%

3

Gross result

65,468

34,808

+30,660

+88%

 

-operating result

66,691

35,758

+30,933

+86%

 

-financial result

-1,223

-950

-273

-

4

Net result

45,642

26,053

+19,588

+75%

5

EBITDA

131,647

75,326

+56,321

+75%

 

The analysis of the above data shows a continuation of the positive evolution of the main economic and financial indicators (EBITDA, turnover, gross result, net result), the activity of the company rising each year after 2013, respectively after the company entered the insolvency proceedings.

The increase in turnover in 2017 compared to 2016 by 28% and the significant increase in profitability in 2017 as compared to the previous year confirms the economic and financial stability reached by the company.

The company OLTCHIM SA continues the upward trend of previous periods, obtaining in 2017 the best results since the entry into insolvency proceedings, without taking into account the influence of the scriptic profit, driven by the cancellation of the debts according to the reorganization plan, in 2015.

These results were possible by combining several factors, among which:

·          Recovery of sales markets and constant increase of the quantities sold, especially for the products obtained in the Oxo-alcohol plant;

·          Refurbishments and capital overhauls carried out at the main process plants, namely: Membrane electrolysis, Oxo-alcohols;

·          The favorable market situation of chlor-alkali products in the last quarter of 2017 as a direct consequence of the decrease in the quantities of finished products available on the markets subsequently to the shutdown of some pollutant production facilities in the European Union.

In 2017, the company capitalized 77% of its turnover to export and intra-Community market, up from 73% in 2016.

 The value of export and intra-Community deliveries in the amount of 163 million EUR exceeds 5 times the value of intra-Community imports and acquisitions, amounting to only 31 million EUR, resulting in a positive net external balance of 132 million EUR.

Preliminary Financial Statements 2017 and Explanatory Notes are available and can be viewed in electronic form on the OLTCHIM SA website at www.oltchim.ro, in the Investor Relations section - Financial Information as well as in the link below.

Legal  Administrator,

ROMINSOLV SPRL

 

Legal  Administrator,

BDO BUSINESS RESTRUCTURING SPRL       

 

 Special Administrator,

 Bogdan Stanescu

Deputy General Manager,

Victor Avram

 

Economic Manager,

Alin Smeu

 

 



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