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 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.