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SOCEP S.A. - SOCP

2018 Q1 report

Release Date: 5/15/2018 6:54:31 AM

IRIS Code: F8332

QUARTERLY REPORT

ON FINANCIAL STATEMENTS

COMPLYING TO C.N.V.M. REGULATION NO.1/2006

FOR THE FIRST QUARTER 2018

 

Report Date ………………………………... 14/05/2018

Name of Shares Issuer ……………………… SOCEP S.A.

Registered Office …………………………… Constanta, Incinta Port, Dana 34

Phone/fax …………………………………… 0374.416142 / 0241 693759

Fiscal Code …………………………………. RO 1870767

Company Number in the Trade Register …… J 13 / 643 / 1991

Subscribed Share Capital ………….………… 34,342,574.40 lei split in 343,425,744 registered dematerialized shares with a nominal value of 0.10 lei/share

Trading Market ……………………………… B.V.B., Standard category, symbol SOCP

 

SYNTHESIS OF ECONOMIC AND FINANCIAL INDICATORS

 

1.                 FINANCIAL AND ECONOMIC STATE

a) The main elements of the Balance Sheet and of the Profit and Loss Account, compared to the same time period of the previous year, are below listed:                                                                                    

 

ECONOMIC INDICATORS

UNIT

03/31/2017

03/31/2018

I.         TOTAL ASSETS

lei

166,621,976

184,849,484

1.1.

Fixed Assets

119,480,339

130,256,806

1.2.

Stocks

720,939

1,915,361

1.3.

Receivables

16,760,977

13,640,455

1.4.

Cash and Bank Accounts

29,209,689

38,542,356

1.5.

Accruals and prepaid expenses

450,032

494,506

1.6.

Short Term Investments

-

-

II.        TOTAL LIABILITIES

lei

166,621,976

184,849,484

2.1.

Shareholders’ Equity

134,825,178

148,026,874

2.2.

Total Debts

31,311,361

36,309,827

2.3.

Upfront Revenues

28,758

26,426

2.4.

Provisions

456,679

486,357

 

b) Profit and Loss Account

 

 

INDICATORS

UNIT

03/31/2017

03/31/2018

I.

TURNOVER

lei

15,256,098

20,649,823

II.

TOTAL REVENUES

15,929,485

21,648,441

III.

TOTAL EXPENSES

14,423,440

16,295,648

IV.

GROSS PROFIT

1,506,045

5,352,793

 

Following items are the assets with a minimum 10% share – out of total assets: buildings (21.87%), equipment and machinery (29.02%). Expense items with a minimum 10% share – out of net sales (turnover) are the personnel expense (32.93%), the external services expense (19.06%), the materials and supplies expense (10.01%) and the depreciation expenses (13.11%).

         At the end of first quarter 2018 company recorded provisions in a total amount of lei 486,357, as follows:

- Provisions for employees benefits                          = 480,573 lei

- Other types of provisions                                        =     5,784 lei.

Provision for employees benefits in an amount of 480,573 lei has been created for the bonuses granted to the employees at the retirement date – according to SOCEP Labor Contract (Contract Colectiv de Munca la nivel de societate) – meaning the equivalent of three basic wages.

 

c)          Financial and Economic Indicators

 

INDICATORS

CALCULATION PROCEDURE

RESULTS

03/31/2017

03/31/2018

1.

Current Ratio

Current Assets/Current Liabilities

5,32

4,78

2.

Indebtedness degree

Loan Capital

--------------------------- x 100

Equity Capital

 

Loan Capital

--------------------------- x 100

Committed Capital

 

17.01

 

 

 

14,54

17,17

 

 

 

14,65

3.

Rotation Speed of Customers’ debts

Customers’ Average Balance

------------------------ x 90

Turnover

 

 

87,26

 

50,29

4.

Rotation Speed of Fixed Assets

Turnover/Fixed Assets

0,13

0,16

 

 

 

2.                 BUSINESS ANALYSIS

2.1.     During the reported period the harbor cargo traffic increased with 65% compared to same period of previous year, meaning 393 thousand tons of cargo.  The benchmarking on different types of cargo is below listed:

 

 

TYPES OF CARGO

UNIT

03/31/2017

03/31/2018

I.         HARBOR CARGO TRAFFIC

thousand tons

604

997

1.1.

General Cargo

424

474

1.2.

Containerized Cargo

177

254

1.3.

Bauxite

3

269

II.        TOTAL NUMBER OF CONTAINERS

 

17,323

20,437

III.       TOTAL TEU-s

 

31,871

35,579

From the above mentioned benchmarking, it is noticeable a significant increase of bauxite in the share of general cargo. This type of cargo increased with 266 thousand tons, compared to same period of last year. Both containerized cargo and general cargo have increased, compared to first quarter of last year.

The benchmarking on different types of services has following results:

 

TYPES OF SERVICES

UNIT

03/31/2017

03/31/2018

I.         TOTAL TURNOVER

lei

15,256,098

20,649,823

1.1.

Handling Operation

14,158,812

17,899,280

1.2.

Storage Operation

938,955

2,589,904

1.3.

Other types of services

92,976

131,000

1.4.

Zona Sud Agigea

65,355

29,639

 

Within the total turnover, each service type maintained its share, compared to same quarter of last year. However, benchmarking shows a significant increase of both turnover and gross profit in 2018 compared to same period of 2017.

 

2.2.     Capital expenses until 03/31/2018 have aimed mainly purchasing of one mobile conveyer belt for our bulk cargo terminal and also one 50 tons hook beam for our container terminal.

In same respect, company is pursuing its investment policy by acquiring new equipment in order to improve productivity.

Capital expenses are also to be found in the Investment Program and have been paid from company resources and loans.

 

2.3.     For the near future there are no events, transactions or economic changes which might significantly alter operating revenues.

 

3.      SIGNIFICANT TRANSACTIONS                                                 

 

Not applicable.

           

           

4.      APPROVALS AND ANNEXES

 

          Present Report has been authorized for publication by the Management Board, on 05/14/2018. The explanatory notes are part of the individual financial statements.

          Annexes:

-    Statement of Financial Position on 03/31/2018

-    Statement of Comprehensive Income la 03/31/2018

-    Explanatory Notes to the Financial Statements on 03/31/2018.

The Individual Financial Statements as at 03/31/2018 are drawn up in accordance with International Financial Reporting Standards adopted by European Union and O.M.F.P. No.2844/2016, as amended and subsequently supplemented.

Financial Reports are not audited.



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