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COMPA S. A. - CMP

2018 Q1 financial results

Release Date: 5/14/2018 7:30:10 AM

IRIS Code: CCDED

 

TO

FINANCIAL SUPERVISORY AUTHORITY       - Financial Instruments and Investments Sector

BUCHAREST STOCK EXCHANGE                     - Regulated market

 

QUARTERLY REPORT

according to National Securities Commission Regulation no. 1/2006 regarding issuers and operations with securities

Report date: 31.03.2018

Name of the issuing entity: COMPA S.A.

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

Phone: +40269 237 878; Fax number : +40269 237 770

VAT no: RO788767

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

European Unique Identifier (EUID): ROONRC.J32/129/1991

Subscribed and paid share capital: 21.882.103,8 lei

Value of share 0.1 RON

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

LEI Code: 315700EXV87GJDVUUA14

 

A.            IMPORTANT EVENTS PRESENTATION

A1.         Important events which took place between 01.01.2018 - 31.03.2018 with impact on the financial position of the company

During Q1 of 2018 there were no special events to be highlighted in the activity of company COMPA. Nevertheless, one can mention the following:

-                    - continuation of a positive trend in manufactured goods production and in turnover with an increase amounting to 6.5%;

-                    - sustained growth in production of welded assemblies for lifting equipment and machines type Haulotte; 

-                    - continuation of the cost reduction program by introducing a system of improving projects which motivate the personnel by financial incentives, percentages of the savings obtained as a  consequence of the implementation of project;

-                    - continuation of the process of investing in new generation of machines and equipment for developing the existing production capacities and for production of new products;

-                    - one of the serious issues that the company is facing lately is the lack of qualified staff, a very high fluctuation in labor force ( as a consequence of the major investments made in Sibiu- Sebes area which request highly qualified labor force);

-                    - jobs , especially in the field of welding processes have been analyzed for introducing robots instead of welding operators- a qualification most in- demand in Sibiu area.

 

A2.         Presentation of financial and economic position of the company

a)            Asset and liability balance sheet

While analyzing and comparing the 31.03.2017 economic and financial situation with the 31.03.2016 analysis, we present the main assets and liabilities in the balance sheet.

INDICATOR

31.03.2017

31.03.2018

Degree of accomplishment (%)

Fixed  assets

359.170.835

356.515.778

99,26

Current asset

231.312.231

258.904.999

111,93

Debts of less than one year

135.136.608

136.231.132

100,81

Debts over a year

78.467.291

59.111.640

75,33

Capital and reserve

376.879.167

420.078.006

111,46

Having analyzed the the evolution of the balance sheet recorded on the 31.03.2018 compared to the situation recorded during the same period of the previous year, the following can be highlighted:

-                    - Fixed assets are approximately the same as compared to the same period of last year, with a slight decrease; during this period, the outputs recorded by depreciation, in particular machinery and equipment, were higher than commissioning;

-                    - Current assets increased by 11.9%, mainly due to the increase of trade receivables, by increase of the share of production (according to negotiated contracts, the payment of invoices is made after a larger number of days). In this context, we can nominate the relationship with Honeywell, with increase in turnover, the invoices issued by this client being paid after more days than the average existing in COMPA;

-                    - Debts of less than one year, especially trade debts, had a lower growth trend (75%) compared to the increase in turnover, respectively a positive impact on the financial activity and the financial flow of the company;

-                    - The debts over one year registered a significant decrease, their level being on 31.03.2018 of about 75% of the level of debts registered one year ago (31.03.2017);

       - The value of equity and reserves increased by more than 11%, mainly through the distribution of net profit to the company's development funds..

 

b)            Statement of revenue and expenditure (RON)

INDICATOR

31.03.2017

31.03.2018

Grade accomplishment (%)

Turnover, of which:

187.148.468

199.312.494

106,5

    export

149.737.667

157.423.698

105,1

Other revenues

2.310.942

1.348.299

58,3

Total operating income

189.459.410

200.660.793

105,9

Changes in inventories

7.415.482

2.773.159

37,4

Material costs

109.847.896

115.270.602

104,9

Energy costs

6.621.354

7.028.234

106,1

Labor costs

30.250.110

33.188.876

109,7

Amortization

10.422.691

9.814.044

94,2

Other operating expenses

12.484.505

14.692.039

117,7

Total operating expenses

177.042.038

182.766.954

103,2

Operational result

12.417.372

17.893.839

144,1

Interest expense

149.811

101.696

67,9

Other financial charges

2.779.667

1.013.777

36,5

Total financial expenses

2.929.478

1.115.473

38,1

Interest revenue

65

297

456,9

Other revenues

2.678.858

1.065.194

39,8

Total financial income

2.678.923

1.065.491

39,8

Financial result

-250.555

-49.982

19,9

Total income

192.138.333

201.726.284

105,0

Total expenses

179.971.516

183.882.427

102,2

Gross result

12.166.817

17.843.857

146,7

Current income tax

1.323.432

2.630.392

 

Deferred income tax

190.053

-90.064

-47,4

Net result

10.653.332

15.303.529

143,7

 Analyzing the indicators in the Profit and Loss Account at the end of Q1 of 2018 we can highlight:

-           -        The increase in turnover by 6.5% as compared to Q1 2017. Major production increases are registered in the production of mechanical-welded subassemblies, in particular for Haulotte, the increase in the production of pinions for JTEKT and the increase in the production of turbocharger components for Honeywell;

-      Gross and net profit increased by more than 40% compared to Q1 2017 by implementing process improvements projects  which bring incentives also for the staff involved in their implementation.

 

B.            INDICATORI ECONOMICO-FINANCIARI / ECONOMIC AND FINANCIAL INDICATORS

INDICATOR

CALCULATION METHOD

RESULT

1.                   Current liquidity indicator

Current assets / Current liabilities

1,90

2.                   Debt degree indicator

Borrowed capital / Equity x100

12,34

3.                   Turnover of debit customers

Average client balance / Turnover x90

62,00

4.                   Turnover of fixed assets

Turnover / Fixed assets

0,56

 As a whole, the activity on Q1 and especially the degree of profitability had a remarkable evolution which ensures the premises for the implementation of the provisions in the 2018 budget.

 The Separate Interim Financial Report for the Q1 2018 can be found by accessing the below link.

 

 



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