Preliminary report on 31.12.2020
Issued on: 22.02.2021
Company name: COMELF SA
Registered Office: no. 4, Industriei str., Bistrita
Phone / fax number: 0263/234462; 0263/238092
Unique registration code with the Trade Register Office: 568656
Reference number with the Trade Register: J06 / 02/1991
Subscribed and paid-in share capital: 13,036,325.34 lei
The regulated market on which the issued securities are traded: BSE
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The main indicators, thousands of lei
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In 2020
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In 2019
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Δ%
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Total operating income, of which:
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119302
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146319
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(18,50)
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Turn Over
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116010
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149263
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(22,30)
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Business revenues
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109455
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137170
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(20,30)
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Profit / (Loss) of the period
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2703
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2624
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3.00
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EBITDA
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11914
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11541
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3.20
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Interest-bearing loans
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33507
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36592
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(8,50)
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Average number of staff
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660
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794
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(16,90)
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*The financial figures are not audited and outline the individual results of Comelf SA, prepared in accordance with the International Financial Reporting Standards (IFRS);
v Operating income of COMELF SA decreased in 2020, compared to that achieved in 2019 by 18.50%, influenced mainly by the decrease of the income generated by the basic activity.
v Turn over recorded a sharper decline in 2020 compared to 2019. against the background of the Pandemic and the world economic situation, characterized mainly by uncertainty: (i) reduction of order volumes; (ii) postponement of delivery deadlines for orders already placed and partially manufactured, for periods of time longer than 3-6 months.
v Profit for the period: increased in 2020 compared to the one achieved in 2019, mainly influenced by:
-optimizing the usage of raw materials and materials.
-decreasing the expenses with the outsourcing suppliers.
The company's patrimony on 31.12.2020 highlights the fact that:
(i) the net value of fixed assets decreased by 7.60% due to the recording of their depreciation and the fact that the investments made in 2020 were not above the depreciation level.
(ii) current assets decreased by 8.80% on 31.12.2020 compared to 31.12.2019 influenced, on the one hand by the reduction of the amount of trade receivables (by 29.27%), amid the decrease in turnover but also by the trade receivables being collected after their due date, by the decrease of production under execution by 8.05% and on the other hand by the increase of stocks of raw materials and materials (by 23.40%) based on the firm orders existing in the portfolio on 31.12.2020 but also on an acquisition the importance of raw materials generated by the unexpected increase of their price on the market. The company's cash availability increased by 44%, at the end of 2020 compared to the end of the previous year, because of the optimization of the cash conversion cycle.
(iii) Equity increased to the value of 72,927 thousand lei on 31.12.2020 compared to 31.12.2019 because of the accumulation of the net result of 2020 on the one hand and on the other hand, from the net result of 2019, 1,500,000 lei to distributed for the payment of dividends which led to the decrease of equity. The company's solvency improves on 31.12.2020 to 51% from 46% as it was on 31.12.2019.
(iv) Debts to suppliers decreased on 31.12.2020 compared to 31.12.2019 (by 42%), amid the improvement of the company's cash available.
(v) The company's interest-bearing loans decrease up to 33.50 million lei on 31.12.2020 because of the repayment of a part of the working capital loan.
(vi) The working capital on 31.12.2020 is 32,564,113 lei (31.12.2018: 35,546,044 lei), of which the amount of 913,013 lei will be reimbursed in 3 months, in equal monthly instalments.
The preliminary yearly financial statements as of December 31st ,2020 will be uploaded on our website www.comelf.ro on February 22th, 2021,as well as in the link below.
General Manager, Economic Director,
eng. Cenusa Gheorghe ec. Dana Tatar