If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Monday, October 26, 2020 
Market Status: CLOSE
About us and Governance Investor Relations Contact
Advanced search

Market News


CEMACON SA - CEON

H1 2020 Report

Release Date: 8/31/2020 7:50:08 AM

IRIS Code: 9F1FC

BSE Report 1st Semester Results 2020

 

6 Month Performance 2020

 

þ  17,83 million lei operational profit (EBITDA)

þ  10,31 million lei Net Profit

þ  57,46 million lei Net Turnover

 

 

General Manager Statement


“Cemacon comes after a peak year of 2019, with record levels of profitability, turnover and loads of production capacity.

The pandemic effects, the isolation measures and the consequences of slowing down the economic activity also affected our activity, mainly in April and May. In the difficult to predict context of the emergency period, our decision was to carry out, at all 3 factories, extensive maintenance works, constantly postponed in recent years due to the high demand for masonry materials. These were auspicious, because at the resumption of production, which was after short periods of 1.5-2 months, productivity and quality were improved.

Currently, the activity is carried out normally, with all production capacities operational and operating at maximum potential. Revenues and deliveries were above last year's level, and the company's liquidity is very high.

We have successfully applied the sets of protection measures to prevent diseases and we have not had an impact from the health perspective of the pandemic. We have not made redundancies; we continue to invest in human resource development and we are engaged in development projects.

We carefully follow all the programs and support measures that come from the government and the European Commission during this period and we use everything that suits us as a specific field of activity.

We are in the advanced phase of implementing 3 projects with European non-reimbursable financing that will have an important impact on future profitability.

Month after month we manage, through the financial results obtained, to cancel the losses of the emergency period so that at the end of the year we can offer a good financial performance in the current context. "

 


Profit and loss Account – 6 Month Results 2020

In the period corresponding to the 1st Semester of 2020, the net turnover reached the threshold of 57.46 million lei. Compared to 2019, the share of revenues from ceramic blocks and goods remained similar.

 

The variation of inventories registers lower values than in the previous period as a result of the gap between the quantities produced and sold in Semester 1 2020. The amounts related to other gains or losses highlight the cancellation of the provisions established in the previous year.

 

Expenditures on raw materials and materials, as well as operating expenses decreased compared to the same period of 2019, as a result of the decrease in production activity during April-May 2020 when extensive maintenance works were carried out, for the first time in the last 5 years.

 

 

For the period ended June 30, 2020 CEMACON has an operating profit of 17,825,525 lei lei and a net profit of 10,310,465 lei.

 

 

30-Iun-20

30-Iun-19

2020 vs 2019

2020 vs 2019

 

LEI

LEI

LEI

%

         

Gross Turnover

            60,519,280

79,570,027

(19,050,747)

-24%

Net Turnover

            57,458,038

73,709,233

       (16,251,195)

-22%

 

 

 

 

 

Venituri din vanzari

            57,447,256

73,708,402

(16,261,146)

-22%

 

 

 

 

 

Other operating revenues

              2,766,336

              2,337,335

              429,002

18%

Other gains and losses

              3,290,166

           (6,289,433)

             9,579,599

-152%

Change in inventories of FG & WIP

              916,486

           1,754,610

             (838,124)

-48%

 

 

 

 

 

Raw materials and consumables

         (10,249,685)

 (13,378,950)

           3,129,265

-23%

Personnel expenses

         (18,377,796)

 (14,324,357)

           (4,053,439)

28%

Other operating expenses

        (18,612,600)

 (22,379,061)

           3,766,461

-17%

 

 

 

 

 

EBITDA

17,825,525

           22,083,919

           (4,258,393)

-19%

Depreciation and amortization expenses

(5,384,199)

         (4,888,091)

              (496,108)

10%

 

 

 

 

 

EBIT

11,795,964

           16,540,455

           (4,744,490)

-29%

Financial income

                  699,960

                 999,421

              (299,461)

-30%

Financial expenses

              (1,440,407)

           (1,472,047)

              31,641

-2%

Financial result

               (740,447)

               (472,627)

              (267,820)

57%

 

 

 

 

 

Profit before tax*

11,055,517

16,067,828

           (5,012,311)

-31%

Income tax expenses

(745,052)

(2,221,951)

            1,476,899

-66%

Profit after tax

10,310,465

13,845,877

           (3,535,412)

-26%

* At the time of presentation of the results for Semester 1 2020, no other comprehensive income and deferred tax items have been computed.

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

 

 

Statement of financial position – Results 30th of June 2020

 

 

30-Jun-20

31-Dec-19

2020 vs 2019

2020 vs2019

ASSETS

LEI

LEI

LEI

%

NON-CURRENT ASSETS

 

 

 

 

Property, plant and equipment

                132,019,853

131,986,455

33,398

0%

Investment property

                    8,202,483

8,202,483

                      -  

0%

Intangible

                    5,320,399

4,750,087

         570,312

12%

Rights of use assets

                  21,024,316

22,081,760

   (1,057,444)

-5%

Investments

                          45,200

45,200

                      -  

0%

Other non-current assets

                        347,165

339,627

           7,538

2%

NON-CURRENT ASSETS TOTAL

166,959,416

167,405,612

      (446,196)

0%

CURRENT ASSETS

       

Inventories

             19,108,713

20,307,951

   (1,199,238)

-6%

Trade and other receivables

             37,262,213

49,205,783

(11,943,570)

-24%

Cash and cash equivalents

             35,483,843

17,663,070

   17,820,773

101%

CURRENT ASSETS TOTAL

91,854,769

87,176,804

     4,677,965

5%

 

TOTAL ASSETS

 

258,814,185

 

254,582,416

 

4,231,769

 

2%

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

             24,173,210

21,623,217

   2,549,993

12%

Loans and borrowings

               7,373,741

7,823,481

(449,740)  

-6%

Lease liabilities

                   886,700

916,882

        (30,182)

-3%

Obligations under finance leases

               2,291,372

2,189,889

         101,483

5%

Grants received

                     99,905

99,911

(6)                 

0%

Tax liability

               797,463

989,652

      (192,189)

-19%

Provisions

               3,620,350

9,091,664

   (5,471,314)

-60%

CURRENT LIABILITIES TOTAL

39,242,742

42,734,696

   (3,491,954)

-8%

NON-CURRENT LIABILITIES

 

 

 

 

Non-current trade and other liabilities

-

-

                      -  

0%

Loans and borrowings

             26,447,141

27,941,650

(1,494,509)

-5%

Lease liabilities

               6,055,800

6,326,946

     (271,146)

-4%

Obligations under finance leases

               7,006,576

7,831,473

 (824,897)

-11%

Grants received

                   840,754

893,569

        (52,815)

-6%

Deferred tax

                   555,530

555,530

                    -  

0%

Provisions

               2,290,520

2,233,892

          56,628

3%

NON-CURRENT LIABILITIES TOTAL

43,196,320

45,783,060

   (2,586,740)

-6%

 

 

 

 

 

TOTAL LIABILITIES

82,439,061

88,517,756

  (6,078,695)

-7%

 

 

 

 

 

NET ASSETS

176,375,124

166,064,660

   10,310,464

6%

 

 

 

 

 

EQUITY

 

 

 

 

Issued capital as per IFRS

59,779,702

59,779,702

-

0%

TOTAL EQUITY

176,375,124

166,064,660

   10,310,464

6%

 

 

Fixed assets, reported as of December 31, 2019, did not change significantly - these are determined by the recording of their depreciation, as well as by the registration of EUA certificates as intangible assets.

Current assets increased by 5% compared to the end of 2019.

Bank debts and loans decreased compared to 2019, by repaying installments and interest. Following the application of the IFRS 16 standard, the company recognized the leasing debt related to the lease agreements, corroborated with the increase of assets.

At the end of the period ended June 30, 2020, the company's net assets register an increase of 6% compared to the end of 2019, exceeding the amount of 176 million lei.

 

Main Financial Ratios

 

Main Financial Ratios

30-Jun-20

1. Current liquidity indicator

                  2.34

2. Leverage indicator   

19%

3. Turnover speed for client debit items (days)

130

4. Turnover speed for total assets

36%

 

 

 

 

***

The report, together with the related documents, can be consulted starting with 31 August 2020 at 09:00 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 standards and are preliminary, and will be subject to financial audit according to legal provisions.

***

CEMACON SA is the largest producer of ceramic blocks with Romanian capital and 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.

 

 

This document was translated from Romanian to English using automated translating software, for information purposes only. Cemacon SA is not responsible for any translation errors or misinterpretation of information contained in this document. Reporting language is Romanian and in case of misinterpretation the Financial Statements issued in Romanian shall apply


 

 



 Print

Information provided by IRIS, the news platform of the Bucharest Stock Exchange.

______________________

Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


©2016 Bucharest Stock Exchange. All rights reserved