Report on the third quarter of 2018
Report date: 14.11.2018
Company Name: COMELF SA
Registered Office: Bistrita, no. 4, Industriei str.
Telephone/fax number: 0263/234462 ; 0263/238092
Unique Registration Code at the Trade Registry Office: 568656
Registration number in 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 traded: B.V.B. (Bucharest Stock Exchange)
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The main indicators, thousands of lei
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01.01.2018-30.09.2018
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01.01.2017-30.09.2017
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Δ %
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Total operating revenues, out of which:
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114,110
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138,499
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(17,61)
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Revenue from construction contracts
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104,163
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128,699
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(19,06)
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Profit / (Loss) of the period
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2,031
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3,488
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(41,77)
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EBITDA
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8,537
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12,856
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(33,60)
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Interest-bearing loans
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37,310
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37,657
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(0,9)
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The main indicators, thousands of lei
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IIIrd Quarter-2018
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IIIrd Quarter-2017
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Δ %
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Total operating revenues, out of which:
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36,536
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43,079
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(15,19)
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Revenue from construction contracts
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33,696
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40,615
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(17,04)
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Profit / (Loss) of the period
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732
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1,031
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(28,97)
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EBITDA
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2,939
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4,040
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(27,26)
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* The financial figures are not audited and represent the individual results of Comelf SA, prepared in accordance with International Financial Reporting Standards (IFRS);
v The operational revenues of COMELF SA amounted to RON 114 million as at 30.09.2018, down from the same period of the previous year. In terms of their evolution in Q3/2018 compared to Q3/2017, there was an improvement in their level (15.19% reduction) compared to the first nine months (17.61% reduction);
v Income generated by the Company's core business dropped to 104 million LEI on September 30, 2018 compared to 129 million ROL on 30 September 2017, with the main causes being: (i) the structure of products sold in the first 9 months of 2018, with an average sales price/ton of product lower by 3%, specific to the product groups manufactured and sold; (ii) the decrease of the direct productive staff by 15% 9 months 2018 compared to the first 9 months of 2017.
At the quarterly level, the evolution of the revenues generated by the core activity shows a slight improvement, as mentioned in the case of operational revenues, the decrease is 17.04%, comparing the quarterly data against a 19.06% decrease of the period from the beginning of the financial year to 30.09.
v The profit of the period was lower in the first nine months of the year 2018 compared to the one achieved in the same period of the previous year by 41.77%, the main factors that had unfavourable influence on the profit evolution were:
i) Additional salary costs to maintain staff directly involved in the manufacturing in the context of high staff fluctuations, in a market strongly influenced by lack of qualified staff (welders, fitters, machining operators, etc.). Also, the evolution of the minimum wage, as well as the increase in salaries in the state-owned companies and institutions, put pressure on the wage costs of private companies, given the need to apply the salary increases necessary to maintain the employees;
ii) Fixed expenses (insurance, maintenance, taxes and other third-party services), which, although decreased in absolute amount, their percentage evolution is above the evolution of operational revenues, which leads to the value decrease of the profit;
iii) current utilities prices;
v The profit achieved in the third quarter of 2018 is lower than in the third quarter of 2017, but it has a positive evolution when compared to the previous periods;
The report for the third quarter of 2018 can be found on the company's website www.comelf.ro/Informatii la zi / , as well as in the link below.