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COMPA S. A. - CMP

2018 Q3 report

Release Date: 11/15/2018 7:30:11 AM

IRIS Code: 5E918

To

FINANCIAL SUPERVISORY AUTHORITY      - Financial Instruments and Investments Sector

BUCHAREST STOCK EXCHANGE                 - Regulated market

 

QUARTERLY REPORT According to FSA Regulation No. 5/2018 (Annex 13) regarding issuers and operations with securities

Report date: 30.09.2018

Name of the issuing entity: COMPA S.A.

Social headquarters: No.8, Henri Coanda Str., Sibiu 550234

Phone/fax number: +40269 237878; +40269 212204

VAT no: RO788767

Registration number in the Trade Registry: J32 / 129 / 1991

Subscribed and paid share capital: 21.882.103,8 lei

Regulated Market on which the issued securities are traded: Bucharest Stock Exchange, Standard Category, symbol CMP

LEI Code: 315700EXV87GJDVUUA14

 

A.            Economic and financial indicators

INDICATOR

CALCULATION METHOD

RESULT

3rd Q, 2018

Current liquidity indicator 1)

Current assets / Current liabilities

2.01

Debt degree indicator 2)

Borrowed capital / Equity x100

13.54

Turnover of debit customers 3)

Average client balance / Turnover x90

62.41

Turnover of fixed assets 4)

Turnover / Fixed assets

1.53

1) Guarantees to cover current liabilities from current assets. The recommended and accepted value is approximately 2.

2) Expresses the effectiveness of credit risk management, revealing potential financing and liquidity problems,  influencing the honoring commitments:

                                Borrowed capital    = Credits over 1 year

                                Employed capital    = Borrowed capital + equity

3)  Expresses the effectiveness of the company in collecting its receivables, namely the number of days until the debtors pay their debt to the company.

4)Expresses assets management effectiveness by examining the turnover generated by a certain amount of fixed assets.

Analyzing the economic and financial activity as a whole, the level of recorded indicators for the first 9 months of the year 2018 we can state that the results registered by Compa during this period were quite good, ensuring the necessary premises for a high level of economic and financial result throughout the year 2018.

 

B.            Other information

B.1.        Presentation of important events that occurred during the relevant time period and the impact they have on the financial position of the issuer and its subsidiaries

The main events of the Group during the first 9 months of 2018 are as follows:

             The increase of goods production and turnover registered in the first 9 months of 2018 at COMPA S.A Sibiu was more than 7.6% as compared to the same period of the previous year. Turnover of affiliated companies also increased significantly over the first nine months of 2018, as compared to the first 9 months in 2017, as follows:

- 13.95% increase registered at RECASERV SRL Sibiu;

- 12.73% increase registered at TRANS CAS SRL Sibiu

-  8.33% increase registered at Compa IT SRL Sibiu;

             Within the mother company COMPA SA Sibiu, significant increases in manufactured goods production can be highlighted in the following areas:

- Production of mechanical-welded assemblies for lifting equipment and machines;

- Production of machined components

- Production of components for turbochargers

- Production of steering gear pinions.

There were registered some decreases in goods production at affiliated companies  during the first 9 months of 2018 at the following product types:

- Production of Common Rail injection systems

- Production of components for windscreen wipers;

In affiliated companies, increases are related to the types of benefits specific to each of the manufacturing profiles.

             A serious problem faced mainly by the parent company COMPA SA in the first nine months of 2018, a problem that also emerges in 4th Q 2018 is the acute shortage of workforce in almost all categories of staff. The highest fluctuations in staff were recorded for skilled and unskilled workers where the number of departures is significantly higher than in previous years.

             Ensuring personnel needs, especially qualified or highly qualified, requires enormous efforts and, above all, immense costs for the company with transport of staff from large distance and high training costs. Serious efforts and investment spending are made for increasing the degree of robotization of processes, especially for welding but not only.

             These unprecedented costs of staffing have to be offset by sustained efforts to reduce all cost categories of COMPA's parent company to maintain profitability for further development of the company.

Permanent reduction of all cost categories is the most important objective of COMPA's management, their efforts being focused primarily on engaging all COMPA staff for providing the necessary human resources for company development.

             The labor productivity indicator, one of the labor efficiency indicators, was made at COMPA's parent company in the first 9 months of 2018, 104% over the same period of the previous year.

Higher increases in labor productivity were recorded in the following areas of activity:

- 117.56% for the production of mechanical-welded subassemblies;

- 114.76% for stamped parts;

- 107.33% for production of injector body.

The investments made in COMPA's parent company in the first 9 months of 2018 amounted to 39.1 million lei, 48% higher than those registered in the same period of the previous year. Investment expenditures were mainly dedicated for purchasing of machinery and equipment for developing new production capacity for new projects and products in COMPA..

 

B.2.        General description of the financial position and performance of the issuer and its subsidiaries over the relevant time period

a)            Presentation of the Company's subsidiaries

Financial investments of the Company are shares held in affiliated entities.

Titles held are accounted for at cost and comprise the following:

Company that holds the securities

Social headquarters

% of share capital

Securities Value

Main activity

 (according to CAEN)

COMPA IT S.R.L.

Sibiu, No.8, Henri Coanda Str., Sibiu county

100.00

200,000

6201 “Activities of achieving custom software”

TRANS CAS S.R.L.

Sibiu, No.12, Henri Coanda Str., Sibiu County

99.00

1,498,450

4941 “Freight transport by road”

RECASERV S.R.L.

Sibiu, No.51, Henri Coanda Str., Sibiu County

70.00

70,000

5629 “Other types of activities”

TOTAL

   

1,768,450

 

 

COMPA I.T. S.R.L Company

The purpose of establishing was design and implementation of an Integrated Informational System for the parent company complying with the existing international standards and ensuring the requirements imposed by the company’s organization form on profit centers, as well as assurance of a computer network within the entire company COMPA.

By implementing the integrated system within the parent company, company Compa-IT ensures the operation of this system at high parameters elaborates reports and presents new features of the system in order to make the most of the opportunities this complex and competitive system can offer.

Social headquarters

Sibiu, No.8, Henri Coanda Streed, Sibiu County

Recording no. in the Trade Register  

J32/17/2001,

Fiscal Code (VAT No)

CUI 13656016

The main activity

6201 "Activities of achieving custom software

Share capital (RON)

200.000

Sole shareholder

COMPA S.A

Administrator

ACU Florin-Stefa


TRANS
C.A.S. S.R.L. Company

The company was intended for outsourcing the transport activity, initially existing within the company COMPA, with the purpose of extending and developing this distinctive activity from the profile of the company COMPA. Part of these vehicles is propriety of parent company COMPA SA, hired, and parts of them are propriety of company TRANSCAS SRL.

TRANS C.A.S. S.R.L. currently holds a total of 60 vehicles, of which a significant share is represented by Mercedes tractor trailers, with payload capacity exceeding 20 tones dedicated for the transport of raw materials and finished products for both COMPA and for external customers.

An overwhelming share in the transports of company TRANS C.A.S. is represented by international transport of goods, almost all over Europe.

Social headquarters

Sibiu, No.12, Henri Coanda Street , Sibiu county

Recording in the Trade Register Office  

J32/633/2002

Fiscal Code(VAT No)

CUI 14836511

The main activity object

4941 “Freight transport by road”

Share capital, of which:

1.500.000 lei

Shareholders: COMPA S.A. Sibiu

1.498.450 lei

           Maxim Mircea Florin and Mihaila Daniela

        1.550 lei

Administrator

MAXIM Mircea Flori

 

RECASERV S.R.L.Company

The purpose of establishing the company was outsourcing within the parent company (COMPA S.A.) of some activities different from the main business activities such as catering and canteen achieved by operating the canteens inside the company COMPA.

By setting the company RECASERV SRL with activity field catering – there were provided conditions for developing this activity by adding secondary services (catering and cleaning services).

Social headquarters

Sibiu, 51 Henri Coanda Street, Sibiu County

Recording no. in the Trade Register  

J32/704/2004

Fiscal Code (VAT No)

CUI 164408228

The main activity

5629 “Other types of activities”

Share capital, of which:

100.000 lei

Shareholders: COMPA S.A. Sibiu

70%

                Boros Daniela (individual person)

30%

Administrator

BOROS Daniela

 

b).           General description of the financial position and performance of the Company and its subsidiaries for the period 01.01.2018-30.09.2018

COMPA S.A. parent company 

Indicator name

UM

September 30, 2018

September 30, 2018

Degree of accomplishment %

Fixed assets

RON

359,587,433

373,943,549

103.99

Current assets

RON

232,664,349

265,038,009

113.91

Debts of less than one year

RON

129,670,993

131,833,300

101.67

Debts longer than one year

RON

65,992,830

68,663,478

104.05

Capital and reserves

RON

396,587,959

438,484,779

110.56

Turnover

RON

531,859,604

572,367,472

107.62

Gross profit

RON

34,438,445

36,794,330

106.84

Net profit

RON

30,234,547

32,983,977

109.09

 

COMPA-IT S.R.L. – Subsidiary Company

Denumire indicator

UM

September 30, 2018

September 30, 2018

Degree of accomplishment %

Fixed assets

RON

0

72,195

 - 

Current assets

RON

771,960

805,607

104.36

Debts of less than one year

RON

150,292

211,670

140.84

Capital and reserves

RON

621,668

666,132

107.15

Turnover

RON

1,289,535

1,397,000

108.33

Gross profit

RON

28,833

57,196

198.37

Net profit

RON

23,131

47,002

203.20

 

TRANS-CAS S.R.L Subsidiary Company

Denumire indicator

UM

September 30, 2018

September 30, 2018

Degree of accomplishment %

Fixed assets

RON

3,607,760

2,656,522

73.63

Current assets

RON

5,323,627

6,130,369

115.15

Debts of less than one year

RON

2,690,133

2,828,943

105.16

Debts longer than one year

RON

1,416,550

811,128

57.26

Capital and reserves

RON

4,824,704

5,146,820

106.68

Turnover

RON

13,321,817

15,017,268

112.73

Gross profit

RON

252,892

228,835

90.49

Net profit

RON

207,663

193,429

93.15

 

RECASERV S.R.L.- Subsidiary Company 

Denumire indicator

UM

September 30, 2018

September 30, 2018

Degree of accomplishment %

Fixed assets

RON

158,447

145,717

91.97

Current assets

RON

460,461

584,847

127.01

Debts of less than one year

RON

134,773

189,395

140.53

Capital and reserves

RON

484,135

541,169

111.78

Turnover

RON

1,349,112

1,537,264

113.95

Gross profit

RON

118,040

81,135

68.74

Net profit

RON

81,918

65,699

80.20

From the analysis of the assets included in the Group's balance sheet for the first 9 months of 2018, as well as the indicators in the profit and loss account, compared to the level recorded in the first nine months of 2017, the following points are highlighted:

a)                   Regarding items in the balance sheet concluded for the first 9 months 2018

             Fixed assets increased for COMPA's parent company by almost 4% as at 30.09.2018 compared to the same period of the previous year, as a result of a higher increase in commissioning by new investments compared to the outflows recorded from the depreciation of these assets.

Fixed Assets, however, had a downward trend in affiliated companies:

-          91.97% registered in the affiliated company RECASERV SRL on 30.09.2018 as compared to 30.08.2017

-          73.63% registered in the affiliated TRANSCAS SRL on 30.09.2018 compared to the same period of the previous year (30.08.2017)

             Current assets have seen a growing trend among all companies within the Group. The increase in current assets is due to the fact that all the companies within the Group recorded during this period an increase in turnover as follows:

-               In the parent company COMPA SA the current assets increased by 13.9% on 30.09.2018 compared to the same period of the previous year 2017

-               In the affiliated companies the evolution of this patrimony element on September 30, 2018 versus 30.09.2017 was the following:

-                    104.36%  to Compa IT SRL

-                    115.15%  at TRANSCAS SRL

-                    127.01%  at RECASERV SRL

             Debts of less than one year were recorded as at September 30, 2018 compared to September 30, 2017, experienced the following evolution:

-                    101.67% at the parent company COMPA SA

-                    140.84% at the affiliated company Compa IT SRL

-                    105.16% at the affiliated company TRANSCAS SRL

-                    140.53% at the affiliated company RECASERV SRL

The upward trend of these liabilities dedicated for financing the current assets is similar to the increase in turnover registered by each of the companies within the Group.

             The debts over one year recorded by the companies within the Group on 30.09.2018 compared to the same period of the previous year (30.09.2017) had the following evolution:

-          Regarding the parent company COMPA SA the debts over one year had an increase of 4.05% on 30.09.2018 compared to the same period last year (30.09.2017).

This increase is due to the fact that credit lines committed to financing banks have been accessed to a larger extent as a result of a 7.62% increase in turnover of the first 9 months of 2018 compared to the same period of 2017).

 

b)                  The indicators included in the profit and loss account at 9 months - 2018

             Turnover and operating income, recorded in the first 9 months of 2018, had a positive development in both the parent company COMPA, which has the overwhelming share in these indicators within the Group and its affiliated companies. The increase in turnover achieved during the first nine months of 2018 compared to the level of the same period of 2017 is as follows:

-         107.62% at the parent company COMPA SA

-         108.33% at the affiliated company Compa IT SRL

-         112.73% at the affiliated company TRANSCAS SRL

-         113.95% at the affiliated company RECASERV SRL

The achievements recorded in the first 9 months offer the prerequisites for continuing the positive results in the evolution of turnover throughout the year 2018.

             Gross profit for the first 9 months of 2018 compared to the corresponding period of 2017 registered the following evolution for the companies within the Group:

-         106.84% at the parent company COMPA SA

-         198.37% at the affiliated company Compa IT SRL

-           90.49% at the affiliated company TRANSCAS SRL

-           68.74% at the affiliated company RECASERV SRL

             The net profit for the first 9 months of 2018 had a similar evolution to that of the gross profit obtained in 2018 as compared to the one recorded in 2017 for the first nine months.

Consequently, the achievements of this indicator for the first 9 months of 2018 compared to the first 9 months of the previous year 2017, within the Group companies, have the following evolution:

-         109.09% at the parent company COMPA SA

-         203.20% at the affiliated company Compa IT SRL

-           93.15% at the affiliated company TRANSCAS SRL

-           80.20% at the affiliated company RECASERV SRL

The overwhelming share of the results of the parent company COMPA in the Group's net profit influences the net profit of the Group as a whole, so that even if two of the affiliated companies did not reach the profit level of the first 9 months of 2017, influences are totally insignificant within the Group.

As a conclusion with regard to the results for the first 9 months of 2018 as compared to those recorded for the first 9 months of 2017 is that these results are positive, despite significant increases in labor cost and other cost categories (utilities, machinery and equipment, materials, etc.)

The Interim Financial Report for the 3rd Q 2018 can be found by accessing the below link.

 

 



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