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CEMACON SA - CEON

2021 Annual report

Release Date: 4/29/2022 12:50:03 PM

IRIS Code: 3C5B2

12 Month Performance 2021

 


þ  74.72 milioane lei profit operational (EBITDA)

þ  Net turnover: 176 milioane lei

þ  84.22 milioane lei Numerar la finalul perioadei

 

Declaratia Directorului General

 

“We are confident at this moment, four months after the end of the best year in the history of CEMACON, that the new stage of development in which we have been part since last year will be a landmark of good practices for the Romanian local production.

 

I thank my colleagues from the CEMACON team for the results obtained, for their vision, performance and resilience in a period of important challenges and I am glad that I was able to come to their aid with projects in the area of ​​digitization and professionalization

 

I am confident that we have the resilience needed to keep us on an upward trend in 2022, but also that we have the innovation capacity to be one step ahead of the time.

 

We are focused on investments that produce modern, efficient, high quality, with minimal impact on the environment. We are concerned with providing our best solutions for achieving energy performance, which is why we have started an extensive process of product modernization in order to meet Nzeb standards. And we prioritize our commitment to bring added value to the Romanian economy, especially in the current geopolitical context”

 

Profit and loss Account – 12 Months Results 2021

 

The year 2021 brought many uncertainties at the macroeconomic and social level, it was a difficult year to anticipate with many challenges, especially in the area of resources. However, Cemacon managed to surpass the performance of 2019 with a record turnover of over 35 milion Euro and an EBITDA of over 15 milion Euro.

 

The factories operated at capacity, which allowed the fruiting of the entire production capacity and the projects implemented for the improvement and optimization of production also contributed to this result.

 

The increase in the area of operating income is influenced by the Certificates for greenhouse gas emissions received in December 2021, in the area of the other gains and losses the main difference is given by the reversal of provision, especially those related to receivables with Cemacon Real Estate with which Cemacon SA merged in 2021.

 

The increase in spending on raw materials is influenced both by additional volume produced in 2021 compared to 2020 and by the price increases that marked the second half of the year.

 

The main difference related to other operating expenses is generated both by energy and gas expenses which were influenced by significant increases in purchase prices, felt by all consumers, increases in some situations over 200%, and by the increase in the price of cerificates for greenhouse gas emissions which at the end of December broke the threshold of 90 eur/piece compared to January 2021 when they were trading at the price of 30 eur/piece.

 

In May 2021, Cemacon put into operation a cogeneration plant, a project financed from european funds thought the POIM 6.4 program, which operated throughout 2021 and brought significant savings in the area of energy and gas.

 

Thus, Cemacon closes the year 2021 with a record profit of over 11 milion Euros.

 

 

Profit and loss Account – 12 Months Results 2021

 

31-Dec-21

31-Dec-20

2021 vs 2020

2021 vs 2020

 

LEI

LEI

LEI

%

         

Gross Turnover

190,903,036

134,456,242

56,446,794

42%

Net Turnover

176,020,735

125,249,908

50,770,827

41%

Sales revenues

176,008,642

125,216,403

50,792,239

41%

Other operating revenues

9,582,675

3,601,200

5,981,475

166%

Other gains and losses

3,874,971

(1,816,529)

5,691,500

-313%

Change in inventories of FG & WIP

876,096

1,759,783

(883,687)

-50%

 

 

 

 

 

Raw materials and consumables

(29,843,988)

(22,031,384)

(7,812,604)

35%

Personnel expenses

(29,208,067)

(28,637,701)

(570,366)

2%

Other operating expenses

(59,874,808)

(39,835,492)

(20,039,316)

50%

EBITDA

74,722,091

40,151,547

34,570,544

86%

Depreciation and amortization expenses

(12,850,394)

(11,739,237)

(1,111,157)

9%

Income impairment of assets

-

-

-

0%

EBIT

58,565,126

26,517,043

32,048,083

121%

Financial Income

1,450,509

1,458,832

(8,323)

-1%

Financial Expenses

(1,135,629)

(2,597,302)

1,461,672

-56%

Financial result

314,880

(1,138,470)

1,453,350

-128%

 

 

 

 

 

Profit before tax*

58,880,006

25,378,573

33,501,433

132%

Income tax expenses

(4,029,057)

(2,843,339)

(1,185,718)

42%

Profit after tax

54,850,949

22,535,234

32,315,715

143%

Total other elements of other

Comprehensive income

17,228,069

62,480

(62,480)

 

Comprehensive income total

72,079,018

22,472,754

49,606,264

221%

 

EBITDA = Operating profit + Expenses with depreciation + Financial discounts granted - Income impairment of non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

Statement of financial position- Results 31 December 2021

31-Dec-21

31-Dec-20

2021 vs 2020

2021 vs 2020

 

LEI

LEI

LEI

%

NON-CURRENT ASSETS

 

 

 

 

Property, plant and equipment

156,211,126

138,452,444

17,758,682

13%

Investment property

8,885,960

8,407,181

478,779

6%

Intangible

1,555,775

5,237,579

(3,681,804)

-70%

Rights of use assets

18,496,866

20,309,922

(1,813,057)

-9%

Investments

1,000

45,200

(44,200)

-98%

Other non-current assets

411,127

347,162

63,965

18%

NON-CURRENT ASSETS TOTAL

185,561,854

172,799,488

12,762,365

7%

 

 

CURRENT ASSETS

       

Inventories

13,075,235

18,314,302

(5,239,066)

-29%

Trade and other receivables

17,064,942

26,767,338

(9,702,396)

-36%

Other assets

11,330,612

-

11,330,612

100%

Cash and cash equivalents

84,223,350

51,314,569

32,908,781

64%

CURRENT ASSETS TOTAL

125,694,140

96,396,209

29,297,931

30%

 

TOTAL ASSETS

311,255,994

269,195,696

42,060,297

16%

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

35,223,687

20,260,545

14,963,142

74%

Loans and borrowings

-

10,167,693

(10,167,693)

-100%

Lease liabilities  

645,008

726,176

(81,168)

-11%

Obligations under finance leases

2,088,135

2,183,262

(95,127)

-4%

Grants received

621,092

114,072

507,020

444%

Tax liability

975,690

159,374

816,316

512%

Provisions

11,096,948

7,748,002

3,348,946

43%

CURRENT LIABILITIES TOTAL

50,650,560

41,359,125

9,291,435

22%

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

Non-current trade and other liabilities

-

-

-

0%

Loans and borrowings

-

21,363,341

(21,363,341)

-100%

Lease liabilities  

5,329,619

5,809,774

(480,156)

-8%

Obligations under finance leases

4,259,133

5,971,820

(1,712,687)

-29%

Grants received

6,885,531

2,808,666

4,076,865

145%

Tax liability

3,756,047

852,625

2,903,422

341%

Provisions

2,780,548

2,367,974

412,574

17%

NON-CURRENT LIABILITIES TOTAL

23,010,878

39,174,201

(16,163,323)

-41%

 

 

 

 

 

TOTAL LIABILITIES

73,661,438

80,533,326

(6,871,889)

-9%

 

 

 

 

 

NET ASSETS

237,594,556

188,662,370

   48,932,186

26%

 

 

 

 

 

EQUITY

 

 

 

 

Issued capital as per IFRS

59,779,702

59,779,702

-

0%

TOTAL EQUITY

237,594,556

188,662,373

   48,932,186

26%

 

The changes in the area of fixed assets were mainly generated by the assets put into operation in 2021, including the cogeneration plant, a project implemented through the POIM 6.4 program and by the certificates for greenhouse gas emissions received during the 4th allocation period.

Current assets increased mainly due to cash receipts from receivables, thus the cash position at the end of 2021 totals 84 milion lei.

There were no significant changes in the debt area, the main increase being influenced by the operational activity and the price increases felt in the market.

At the end of the period ended December 31, 2021, the company’s net assets increased by 26% compared to the end of 2020 exceeding the amount of 48.28 mil EUR.

 

Main Financial Ratios

 

Main Financial Ratios

31-Dec-21

1. Current liquidity indicator

                  2.48

2. Leverage indicator   

0%

3. Turnover speed for client debit items (days)

42

4. Turnover speed for total assets

103%

 

***

 


Statement of Changes in Equity-  31st December 2021

 

 

 Capital subscris si ajustari

 Prime de emisiune

 Rezerve din reevaluare aferente active detinute spre vanzare

 Rezerve din reevaluare

 Rezerve legale

 Alte rezerve

 Rezultat nedistribuit

 Alte elemente ale capitalurilor proprii

 Prima aplicare a IAS29

Total

 

 Issued capital and adjustments

Share Premium

Reevaluation reserve for HFS assets

 Reevaluation reserves

 Legal reserves

 Other reserves

 Undistributed result

Accumulated Other comprehensive income

 1st application of IAS 29

 

31-Dec-20

59,779,702

253,004

-

16,578,139

6,514,540

23,665,062

83,124,263

(1,252,337)

-

188,662,373

Rezultatul global curent

-

-

-

 

 

 

54,850,949

 

 

54,850,949

Current global result

 

 

 

 

 

 

 

 

 

 

Rezultat reportat din fuziune

 

 

 

 

 

 

(18,444,764)

-

-

(18,444,764)

Diferente capitalizate impozitului amanat

-

-

-

-

-

-

-

(2,351,035)

-

(2,351,035)

Capitalised differences related to deffered tax

 

 

 

 

 

 

 

 

 

 

Majorare capital social

-

-

-

-

-

-

-

-

-

-

Increase in equity

 

 

 

 

 

 

 

 

 

 

Acoperire pierdere

-

-

-

-

-

-

-

-

-

-

Loss coverage

 

 

 

 

 

 

 

 

 

 

Alte elemente de capitaluri propri (beneficii angajati)

-

-

-

-

-

-

-

-

-

-

Accumulated Other comprehensive income (employee benefits)

 

 

 

 

 

 

 

 

 

 

Rezerva din reevaluare

-

-

-

14,877,033

-

-

-

-

-

14,877,033

Reevaluation reserve

 

 

 

 

 

 

 

 

 

 

Constituire rezerva legala

-

-

-

-

2,916,380

-

(2,916,380)

-

-

-

Legal reserve

 

 

 

 

 

 

 

 

 

 

Alte rezerve

-

-

-

-

-

9,924,268

(9,924,268)

-

-

-

Other reserve

                   

31-Dec-21

59,779,702

253,004

-

31,455,172

9,449,076

33,589,330

106,689,799

(3,603,372)

-

237,594,556


Statement of Cash Flow- Results for 31st December 2021

 

31-Dec-21

31-Dec-20

Fluxuri din activitati de exploatare

LEI

LEI

Cash flow from operating activities

 

 

Incasari de la clienti

209,398,690

173,319,698

Customer encashments

 

 

Plati catre furnizori

(80,704,732)

(66,983,505)

Supplier payments

 

 

Plati catre angajati

(20,917,275)

(20,458,072)

Payments to employees

 

 

Plati impozite si taxe

(27,672,332)

(23,486,533)

Tax Payments

 

 

Impozit pe profit platit

(2,660,352)

(3,314,043)

Income Tax Paid

 

 

Incasari din asigurari

-

-

Inssurance encashments

 

 

Plati de asigurari

(701,309)

(625,065)

Insurrance payments

 

 

Dobanzi platite

(303,940)

(1,516,992)

Interest Paid

 

 

Alte incasari

289,651

1,359,141

Other Encashmants

 

 

Alte plati

-

-

Other Payments

 

 

Plati ctr. leasing pe termen scurt si active de valoare mica

(99,145)

(122,902)

Payments for short term leasing contracts and low value assets

 

 

 

 

 

 

Trezoreria neta din activitati de exploatare

76,629,256

58,171,727

Cash from operating activities

 

 

     

Fluxuri de trezorerie din activitati de investitii

   

Cash flow from investing activities

 

 

Plati pentru achizitionarea de actiuni

-

-

Payments for aquiring shares

 

 

Plati pentru achizitionarea de imobilizari corporale

(12,764,943)

(17,665,057)

Payments for aquiring assets

 

 

Incasari din vanzarea de imobilizari corporale

124,209

95,350

Encashments from sold assets

 

 

Dobanzi incasate

843,733

207,089

Encashments from interest

 

 

Credite catre parti afiliate

-

(100,000)

Loans to affiliated parties

 

 

Alte incasari – subventii pentru investitii

4,099,797

1,957,261

Other encashments

 

 

 

Trezoreria neta din activitati de investitie

(7,697,204)

(15,505,357)

Cash from investing activities

 

 

 

Statement of Cash Flow- Results for 31st December 2021 (continued)

 

 

 

31-Dec-21

31-Dec-20

Fluxuri din activitati de exploatare

LEI

LEI

Cash flow from operating activities

   

Fluxuri de trezorerie din activitati de finantare

   

Cash flow from financing activities

   

Incasari din aport de capital

 

 

Encashments from share capital increase

 

 

Incasari din imprumuturi

 

 

Encashments from loans

 

 

Plata datoriilor aferente leasing-ului financiar - capital

(3,721,471)

(3,817,091)

Payments for financial lease

 

 

Plata datoriilor aferente leasing-ului financiar-dobanda

(774,352)

(1,001,731)

Payments for financial lease - interest

 

 

Rambursari credite

(31,531,035)

(4,187,615)

Dividends paid and bank interest paid

 

 

Incasari garantie achizitionare actiuni

-

-

Encashments from share purchase

 

 

Plata garantie achizitionare actiuni

 

(7,541)

Payment for share purchase

 

 

 

Trezoreria neta din activitati de finantare

(36,026,858)

(9,013,978)

Cash from financing activities

 

 

 

Efectul variatiilor cursului de schimb

3,583

(893)

Effect of exchange rate changes

 

 

 

Crestere /scadere neta de numerar

32,908,779

33,651,499

Net increase/decrease in cash and cash equivalents

 

 

 

Numerar si echivalente de numerar la inceputul perioadei

51,314,569

17,663,070

Cash and cash equivalents at beginning of period

 

 

 

Numerar si echivalente de numerar la sfarsitul perioadei

84,223,350

51,314,569

 

 

The report, together with the related documents, can be consulted starting with 29 April 2022 at 15:00 at the

company headquarters on Calea Turzii Street, no. 178K, Hexagon Offices, Cluj-Napoca or electronically on the

company's website: www.cemacon.ro and on the Bucharest Stock Exchange website: www.bvb.ro

 

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; the company management is professional, independent, having strong sector expertise.

 



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