Report for Q1 / 2018
Date of report : 14.05.2018
Company name : COMELF SA
Registered office : Bistrita, str. Industriei nr. 4
Phone / fax number : 0263/234462 ; 0263/238092
Tax identification number at the Trade Register Office : 568656
Order number at the Trade Register : J06/02/1991
Subscribed and paid-up share capital : 13.036.325,34 lei
The regulated market on which the issued securities are admitted to trading : B.S.E.
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Main indicators, thousand lei
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Q1- 2018
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Q1- 2017
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Δ %
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Total operating revenues, of which:
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38.730
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47.454
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(20,00)
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Revenues from construction contracts
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34.974
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42.297
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(17,00)
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Profit/(Loss) of the period
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614
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1.209
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(49,18)
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EBITDA
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4.400
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2.385
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(45,79)
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Interest-bearing loans
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40.571
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39.425
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2,91
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*The financial figures are not audited and represent Comelf SA individual results drawn up according to the International Financial Reporting Standards (IFRS);
v The operating revenues of COMELF SA amounted to 39 million LEI in Q1/2018, lower by 20% compared to those achieved in Q1/2017, evolution mainly due to the decrease of revenues related to the core activity. This decrease is influenced, on the one hand, by the manufacturing structure, which different, much more complex both technically and as number of components that make up a finished product, and on the other hand, by the staff fluctuation and lack of the qualification of new hired personnel.
v The profit of the period was lower by 49,18% in Q1 2018 compared to the one achieved in the same period of the previous year, the main factors that had a negative impact on the evolution of the profit being the following:
i) the price increase of the raw materials compensated only partially by the increase of the sales price;
ii) the labour cost in the context of staff fluctuation, in general, but mostly the lack of qualified personnel on the labour market. These two major causes oblige the company to make maximum use of existing personnel, including the use of overtime paid according to the Labour Code but also to use time and resources for the qualification of newly recruited personnel, who achieve a satisfactory productivity level after a minimum of 3 months from employment;
iii) costs to third-party services that are relatively fixed costs and which, in the event of a decrease in production and in the related turnover, lead to a profit reduction;
iv) the financial outcome in Q1/ 2018 for COMELF SA remained negative, being mainly influenced by the differences generated by the evolution of the exchange rate;
The company’s assets as of 31.03.2018 points out the following:
(i) The net value of fixed assets decreased as a result of their amortization and of the fact that the new investments made in the first quarter 2018 (119 thousand lei) did not cover the level of depreciation;
(ii) The current assets increased by 3% as of 31.03.2018 as compared to 31.12.2017, due to the increase of trade receivables (+ 12%) and other receivables;
(iii) The equity increased compared to 31.12.2017 by the amount of net profit achieved in Q1/2018;
(iv) The interest-bearing loans of the company increased from 39 million lei as of 31.12.2017 to 41 million lei as of 31.03.2018, mainly due to the increase in the working capital loan required to support the operational activity and also due to financial resources used to pay the damages in the DIICOT file;
(v) The working capital as of 31.03.2018 is 37.255.200 lei (31.12.2017: 32.617.900 lei);
(vi) The increase in receivables is balanced by the increase in debts to suppliers;
The Report for the First Quarter of 2018 may be viewed on our website www.comelf.ro/informatii la zi ,as well as in the link below.
General Manager, Financial Manager,
Eng. Cenusa Gheorghe Ec. Dana Tatar