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SOCEP S.A. - SOCP

2018 Q3 report

Release Date: 11/15/2018 6:00:10 PM

IRIS Code: 57C04

QUARTERLY REPORT

COMPLYING TO ASF REGULATION NO.5/2018

FOR THE THIRD QUARTER OF 2018

 

Report Date ………………………………...    11/15/2018

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

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

Phone/fax ……………………………………  0241 602242 / 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

09/30/2017

09/30/2018

I.         TOTAL ASSETS

lei

174,628,545

180,810,364

1.1.

Fixed Assets

123,670,691

126,671,006

1.2.

Stocks

1,876,329

1,862,498

1.3.

Receivables

13,665,735

13,348,473

1.4.

Cash and Bank Accounts

10,238,930

21,778,108

1.5.

Accruals and prepaid expenses

234,948

196,895

1.6.

Short Term Investments

24,941,913

16,953,384

II.        TOTAL LIABILITIES

lei

174,628,545

180,810,364

2.1.

Shareholders’ Equity

137,735,519

146,536,482

2.2.

Total Debts

36,402,635

33,761,305

2.3.

Upfront Revenues

33,712

26,220

2.4.

Provisions

456,679

486,357

 

b) Profit and Loss Account

 

 

INDICATORS

UNIT

09/30/2017

09/30/2018

%

I.

TURNOVER

lei

47,733,288

53,962,945

113.05

II.

TOTAL REVENUES

51,592,002

56,348,652

109.21

III.

TOTAL EXPENSES

46,527,365

46,874,534

100.74

IV.

GROSS PROFIT

5,064,637

9,474,118

187.06

 

Following items are the assets with a minimum 20% share – out of total assets: buildings (20.79%), various types of technical equipment (28.20%). Expense items with a minimum 10% share – out of net sales (turnover), are the personnel expense (36.39%), the external services expense (20.82%), the materials and supplies expense (10.84%) and the depreciation expenses (14.78%).

         At the end of third quarter 2018 company recorded provisions in a total amount of 486,357 lei, 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

09/30/2017

09/30/2018

1.

Current Ratio

Current Assets/Current Liabilities

4.67

4.47

2.

Indebtedness degree

Loan Capital

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

Equity Capital

 

Loan Capital

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

Committed Capital

18.87

 

 

 

15.87

15.13

 

 

 

   13.14

3.

Rotation Speed of Customers’ debts

Customers’ Average Balance

------------------------ x 270

Turnover

 

 

83.23

 

56.18

4.

Rotation Speed of Fixed Assets

Turnover/Fixed Assets

0.39

0.43

2.           BUSINESS ANALYSIS

2.1.     During the reported period the harbor cargo traffic increased by 22.76% compared to same period of previous year, meaning 519 thousand tons of cargo.  The benchmarking on different types of cargo is below listed:

 

 

TYPES OF CARGO

UNIT

09/30/2017

09/30/2018

%

I.    HARBOR CARGO TRAFFIC

thousand tons

2,280

2,799

122.76

1.1.

General Cargo

1,346

1,113

82.69

1.2.

Containerized Cargo

639

789

123.47

1.3.

Ore

295

897

304.07

II. TOTAL NUMBER OF CONTAINERS

 

64,432

60,837

106.48

III.     TOTAL TEU-s

 

100,794

102,603

101.79

From the above mentioned benchmarking, it is noticeable the significant increase in the share of ore. Compared to same period of last year, this type of cargo has increased by 204.07%. Also, the containerized cargo recorded a revival with an increase of 150 thousand tons meaning 23.47%. General cargo has decreased, compared to third quarter of last year.

The benchmarking on different types of services has following results:

 

TYPES OF SERVICES

UNIT

09/30/2017

09/30/2018

%

I.         TOTAL TURNOVER

lei

47,733,288

53,962,945

113.05

1.1.

Handling Operation

43,923,281

46,575,269

106.04

1.2.

Storage Operation

3,205,632

6,758,800

210.84

1.3.

Other types of services

374,279

465,982

124.50

1.4.

Zona Sud Agigea

230,096

162,894

70.79

 

Within the total turnover, each service type has increased significantly, compared to same period of last year. The company recorded a growth of 13.05% and the gross profit increased by 87.06%, compared to the January-September 2017.

2.2.     Capital expenses until 09/30/2018 have mainly aimed purchase of new equipment for the container terminal (50 tons lifting beam with hook), purchase of a new fuel distribution station and, also, purchase of two FORD vehicles. In same respect, company is pursuing its investment policy by acquiring new equipment in order to renew the machinery park, to improve productivity, such as: mobile belt conveyor, self-drilling platform.

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

 

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

3.    SIGNIFICANT TRANSACTIONS                                                   

 

            No events which could significantly influence the financial position and company performances have occurred.

 

4.      EVENTS OCCURRED AFTER THE REPORTING PERIOD

It is noticeable that, subsequently to financial statements preparation date, the SOCEP SA Supervisory Board took following decision concerning the SOCEP SA Executive Board structure:

 

            Appointment of Mr. Cristian Mihai Ududec - in the position of Financial Manager and as member of SOCEP SA Executive Board.

                       

5.    APPROVALS AND ANNEXES

 

     Present Report has been authorized for publication by the Executive Board, on 11/13/2018. The explanatory notes are part of the individual financial statements.

     Annexes:

-    Statement of Financial Position on 09/30/2018

-    Statement of Comprehensive Income la 09/30/2018

-    Explanatory Notes to the Financial Statements on 09/30/2018.

The Individual Financial Statements as at 09/30/2018 have been prepared 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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