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SOCEP S.A. - SOCP

2020 Q1 report

Release Date: 5/15/2020 6:03:22 PM

IRIS Code: F1BC9

QUARTERLY REPORT

ON FINANCIAL STATEMENTS

COMPLYING TO A.S.F. REGULATION NO.5/2018

FOR THE FIRST QUARTER  2020

 

Report Date ………………………………...      05/15/2020

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

03/31/2019

03/31/2020

I.         TOTAL ASSETS

lei

196,479,859

357,337,877

1.1.

Fixed Assets

305,790,651

155,490,176

1.2.

Stocks

1,291,259

1,080,410

1.3.

Receivables

20,039,837

14,535,539

1.4.

Cash and Bank Accounts

30,059,400

24,867,238

1.5.

Accruals and prepaid expenses

156,730

506,496

1.6.

Short Term Investments

0

0

II.        TOTAL LIABILITIES

lei

196,479,859

357,337,877

2.1.

Shareholders’ Equity

176,025,500

163,878,563

2.2.

Total Debts

181,074,692

32,059,644

2.3.

Upfront Revenues

22,006

23,329

2.4.

Provisions

215,679

518,323

 

b) Profit and Loss Account

 

 

INDICATORS

UNIT

03/31/2019

03/31/2020

I.

TURNOVER

lei

17,991,895

18,071,217

II.

TOTAL REVENUES

18,948,122

19,760,018

III.

TOTAL EXPENSES

14,721,560

17,339,197

IV.

GROSS PROFIT

4,226,562

2,420,821

 

Following items are the assets with a minimum 5% share – out of total assets: buildings (9.04%), equipment and machinery (12.01%), assets under execution (11.90%). Expense items with a minimum 10% share – out of net sales (turnover) are the personnel expense (38.96%), the external services expense (14.38%), the materials and supplies expense (13.47%) and the depreciation expenses (19.37%).

          At the end of first quarter 2020 company recorded provisions in a total amount of lei 764,475 lei, as follows:

- Provisions for employees benefits                           = 548,796 lei

- Other types of provisions                                         =     5,784 lei.

- Other provisions for employees                               = 100,895 lei

- Other provision for litigation                                   = 100,000 lei

Provision for employees benefits in an amount of 548,796 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

03/31/2019

03/31/2020

1.

Current Ratio

Current Assets/Current Liabilities

3.37

2.72

2.

Indebtedness degree

Loan Capital

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

Equity Capital

 

Loan Capital

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

Committed Capital

 

12.49

 

 

 

11.10

92.27

 

 

 

47.99

3.

Rotation Speed of Customers’ debts

Customers’ Average Balance

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

Turnover

 

 

73.60

 

81.56

4.

Rotation Speed of Fixed Assets

Turnover/Fixed Assets

0.12

0.06

 

 

 

2.        BUSINESS ANALYSIS

2.1. During the reported period the harbor cargo traffic increased by 4.83%, 33 thousand tons compared to same period of previous year, meaning 273 thousand tons of cargo.  The benchmarking on different types of cargo is below listed:

 

 

TYPES OF CARGO

UNIT

03/31/2019

03/31/2020

I.         HARBOR CARGO TRAFFIC

thousand tons

683

716

1.1.

General Cargo

268

363

291

1.2.

Containerized Cargo

280

298

280

1.3.

Mineral products

135

55

153

II.        TOTAL NUMBER OF CONTAINERS

 

19,616

21,379

III.       TOTAL TEU-s

 

33,932

35,442

The structure by groups of goods shows an increase in the share of general goods, containerized goods and a decrease in the share of mineral products in total cargo traffic. The first two categories of goods registered an increase in absolute values compared to the same period last year, General Cargo by 35.44%, Containerized Cargo by 6.42%, whilw Mineral Products marked a decrease of 59.25%.

The benchmarking on different types of services has following results:

 

TYPES OF SERVICES

UNIT

03/31/2019

03/31/2020

I.         TOTAL TURNOVER

lei

17,991,895

18,071,217

1.1.

Handling Operation

13,878,501

16,392.149

1.2.

Storage Operation

3,929,621

1,502,541

1.3.

Other types of services

101,048

92,816

1.4.

South Agigea Area

82,725

83,711

 

In total turnover, there is a change in the share of all items compared to the same period of the previous year. Compared to the same period of 2019, the company registered a slight increase, of 0.44% of the turnover, on the background of the modification of its structure, as a result of the increase of the share of handling revenues, from 77% to 91% and the decrease of the share storage income, from 22% to 9%.

 

2.2. Capital expenses until 03/31/2020 have aimed mainly purchasing of pieces of equipment. However, the major ratio is represented by the planned starting of Grain Terminal investment.

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

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

2.3. For the near future there are no foreseeable events, transactions or economic changes which might significantly alter operating revenues, except for the fact that: on 03/05/2019 GSEM has approved in principle the merger by absorption of the company Casa de Expeditii PHOENIX SA.  SOCEP SA is to absorb mentioned entity located in Constanta, Incinta Port, Constanta County, number in the Trade Register J 13/703/1991, fiscal Code RO1878000, at its assessed value.

          Following this decision, the share capital will be increased from 34,342,574.40 to 35,399,149,149 by issuing new shares.

          At the date of the elaboration of the financial statements, they exercised their right of withdrawal from the company shareholders who hold a number of 7,768,732 shares, wich will be redeemed with a value of 4,087,906,78 lei.

          At the time of preparing the financial statements, there is a risk of affectimg the company’s activity, as a result of the global and national effects of the Covid 19 epidemic. The management of the company has implemented procedures to protect the employees, and is considering resource management measures in correlation with the evolution of the situation, so as to limit the impact on the financial results, as well as ensuring the continuity of the company’s activity.

 

 

3.      SIGNIFICANT TRANSACTIONS                                            

 

GSEM held on 01/06/2020 has approved the merger by absorption of the company Casa de Expeditii PHOENIX SA. SOCEP SA is to absorb, at its assessed value, the mentioned entity having following identification data: registered office in Constanta, Incinta Port, Constanta County; number in the Trade Register J 13/703/1991; fiscal Code RO1878000.

                  

                  

4.      APPROVALS AND ANNEXES

 

          Present Report has been authorized for publication by the Management Board, on 05/15/2020. The explanatory notes are part of the individual financial statements.

          Annexes:

-    Statement of Financial Position at 03/31/2020;

-    Statement of Comprehensive Income at 03/31/2020;

-    Statement of Cash Flows at 03/31/2020;

-    Statement of Equity changes at 03/31/2020;

-    Explanatory Notes to the Financial Statements on 03/31/2020.

The Individual Financial Statements as at 03/31/2020 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.

 

 

Starting on May 15-th 2020 – after 18:00 hours, The Financial Statements for the first quarter of 2020 are available on company website www.socep.ro, menu option „Investor – BVB (BSE) Reports –2020 - Quaterly”.

The Quaterly Report 2020 can be accessed at the link below:

 

GENERAL MANAGER,                                                             FINANCIAL MANAGER,

   Dorinel Cazacu                                                                        Cristian Ududec

 

 



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