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SINTEZA S.A. - STZ

2018 Q3 report

Release Date: 11/15/2018 7:21:50 AM

IRIS Code: 66B9A

  

         

       

               

 

QUARTERLY REPORT ACCORDING TO ASF REGULATION NO.5/2018

 

Report Data:                                                        30.09.2018

Name of issuing company:                              S.C.SINTEZA S.A

Headquarters:                                                     Oradea, 35 Borsului Road

Tel/Fax:                                                         0259456116; 0259444969, Fax: 0259462224

VAT Reg. No.:                                                     RO 67329

Reg.No.at Commerce Register:                       J05/197/1991

Share capital:                                                     9.916.888,50 LEI

      Regulated market where the issued securities are traded:  Bucharest Stock Exchange

    

            This Quarterly Report includes:

          

1)    The financial statements on 30/09/2018, prepared in accordance with International Financial Reporting Standards (IFRS).

                        - Statement of financial position at 30/09/2018 

                        - Statement of Comprehensive Income on 30/09/2018

2)  Notes to the financial statements ended 30/09/2018

3)    Economic and financial indicators specified in Appendix 30 B of  ASF Regulation No.5 / 2018.

 

                * Note that third quarter 2018 financial statements were not audited.

 

 SC "SINTEZA"  SA ORADEA informs the investors that Q3 REPORT is available for consultation at the company's headquarters in Oradea, Borsului Street No. 35, daily from 9 to 12,  on the company's website www.sinteza.ro ,as well as in link below, starting on 11/15/2018  at  09:00.

 

                                                  GENERAL MANAGER

                                                  COSMIN TURCU

                                     

         1. Financial statements at 30.09.2018:

Individual Financial Statements

30.09.2018

 

Indicator

INDIVIDUAL

CONSOLIDATED

31.12.2017

30.09.2018

31.12.2017

30.09.2018

Tangible assets

 

 

 

 

     Land and land improvements

13.971.880

13.510.050

13.971.880

13.510.050

      Building

15.495.896

14.273.793

15.495.896

14.273.793

      Technical installations and means of transport

14.573.186

14.326.681

14.702.368

14.280.091

      Furniture, office equipment

16.610

18.693

16.610

18.693

     Tangible assets under construction

6.595.283

5.372.357

6.228.499

5.372.357

      Advances for property and equipment

0

110.827

0

110.827

Intangible assets

 

 

 

 

      Development expenses

 

 

 

 

      Concessions, patents, licenses,  trademarks, similar rights and assets and other intangibles

553.146

510.127

553.146

510.127

Financial assets

 

 

 

 

      Shares in subsidiaries and other long term investments

26.444

26.984

29.238

29.884

Total Fixed assets

51.232.445

48.149.512

50.997.637

48.105.822

Current assets

 

 

 

 

Stocks

3.732.108

2.945.088

4.005.010

2.952.150

Trade receivables and other receivables

4.511.264

4.196.397

3.150.254

2.416.101

Prepaid expenses

343.402

439.041

343.402

439.041

Cash and cash equivalents

251.264

359.551

252.048

363.409

Assets classified as held for sale

4.164.340

4.150.012

4.164.340

4.150.012

Total Current assets

13.002.378

12.090.089

11.915.054

10.320.713

Total Assets

64.234.823

60.239.601

62.912.691

58.426.535

Equity

 

 

 

 

Capital

9.916.889

9.916.889

9.916.889

9.916.889

Share premium

 

 

 

 

Reserves

30.622.043

29.636.683

32.061.281

31.075.921

Result for the year

-5.595.140

-1.466.453

-6.015.232

-2.132.394

Earnings

11.864.110

7.479.852

9.514.485

5.077.025

Other components of equity

-540

-540

-540

-540

Minority interest

0

0

-2.270

-3.737

Total  Equity

46.807.362

45.566.431

45.474.613

43.933.164

Long term liabilities

0

 

 

 

Long term loans and other liabilities

1.037.734

1.367.176

1.037.734

1.367.176

Advance recorded revenue

 

 

 

 

Provisions

 

 

 

 

Deferred tax liabilities

4.540.257

4.336.861

4.540.257

4.336.861

Total Long Term Liabilities

5.577.991

5.704.037

5.577.991

5.704.037

Current liabilities

 

 

 

 

Short term loans

4.991.902

3.378.803

4.991.902

3.378.803

Trade payables and other liabilities, including derivatives

6.439.567

5.584.103

6.441.679

5.404.304

Advance recorded revenue

281.102

6.227

281.102

6.227

Provisions

136.899

0

145.404

0

Liabilities classified as held for sale

 

 

 

 

Total Current Liabilities

11.849.470

8.969.133

11.860.087

8.789.334

Total Liabilities

17.427.461

14.673.170

17.438.078

14.493.371

Total Equity and Liabilities

64.234.823

60.239.601

62.912.691

58.426.535

 

 

            GENERAL MANAGER                                                      FINANCIAL MANAGER          

            COSMIN TURCU                                                               CORINA ILIES    

 

Statement of comprehensive income, individual and consolidated

30.09.2018

 

 

   

INDICATOR

INDIVIDUAL

CONSOLIDATED

 

30.09.2017

30.09.2018

30.09.2017

30.09.2018

 
 

Continue activities

 

 

 

 

 

Revenue

19.339.543

20.629.322

18.934.543

20.330.816

 

Other incomes

84.293

3.210.000

84.293

3.210.261

 

Stock variations

-242.756

-888.786

-242.756

-888.786

 

Total operating income

19.181.080

22.950.536

18.776.080

22.652.291

 

 

 

 

 

 

 

Expenditure on stocks

11.379.147

12.491.860

11.463.919

12.763.495

 

Expenditure on utilities

2.088.826

2.366.476

2.088.826

2.366.476

 

Employee benefits expense

2.784.243

3.089.076

3.168.076

3.374.882

 

Depreciation and amortization of fixed assets

1.667.510

1.743.278

1.681.351

1.755.581

 

Wins / losses on disposal of property

75.183

1.976.152

75.183

1.976.152

 

Adjustment of current assets

0

0

0

84.823

 

Provisions

 

 

 

 

 

Other expenses

2.859.713

2.400.608

2.270.290

2.113.468

 

Total operating expenses

20.854.622

24.067.450

20.747.645

24.434.877

 

 

 

 

 

 

 

Result of operational activity

-1.673.542

-1.116.914

-1.971.565

-1.782.586

 

 

 

 

 

 

 

Financial income

265.522

185.602

265.522

185.602

 

Financial expenses

454.128

513.015

454.128

513.015

 

Net Financial Result

-188.606

-327.413

-188.606

-327.413

 

 

 

 

 

 

 

Result before tax

-1.862.148

-1.444.327

-2.160.171

-2.109.999

 

 

 

 

 

 

 

Current income tax expense

 

 

 

 

 

Deferred income tax expense

0

22.126

0

23.862

 

Income from deferred taxes

 

 

 

 

 

The result from continuing activities

-1.862.148

-1.466.453

-2.160.171

-2.133.861

 

Minority interest

 

 

 

1.467

 

Total comprehensive income for the period

-1.862.148

-1.466.453

-2.160.171

-2.132.394

 

                               

             

 

         

            GENERAL MANAGER                                                      FINANCIAL MANAGER          

            COSMIN TURCU                                                               CORINA ILIES    

 

 

 2. Notes to the financial statements ended 30/09/2018

 

The entity reported:

SC SINTEZA S.A. it is headquartered Oradea, Borsului Road No.35, Registration No. J  05/197/1991 T. It is a joint stock company and operates in Romania in accordance with Law No.31 / 1990 on commercial companies.

The activity of the Company is based on the production and marketing of basic organic chemical products - CAEN code 2014.

The Company's shares are listed on the Bucharest Stock Exchange, Standard category , with the indicative STZ.

On this, the company is owned by the following shareholders:

 

Crt. Iss.

Name

Percentage owned

1

F.I.I. BT Invest 1 administered by BT Asset Management S.A.

51,8898

2

Tincau Tibor

28,1346

3

Other shareholders

19,9756

 

Total

100,00

 

Evidence shares and shareholders is held according to the law, by SC Depozitarul Central S.A. Bucharest

 

Presentation of Financial Statements

The individual financial statements are presented in accordance with International Financial Reporting Standards requirements (IFRS).

 

Functional and presentation currency

The functional currency is the leu chosen. The financial statements are presented in RON.

 

Significant accounting policies

The Company organizes and manages financial accounting, according to the Accounting Law no. 82/1991, with subsequent amendments and IFRS

Financial accounting provides a chronological and systematic recording, processing, publish and maintain information about the financial position, financial performance and other information related to the work.

 

Transactions in foreign currencies

Operations in foreign currency are recorded in RON at the exchange rate on the date of the transaction.

At the end of each month, the liabilities in foreign currency are valued at the exchange rate of the currency market, announced by the National Bank of Romania in the last working day of the month in question.

 

Financial instruments

The company owns the non-derivative financial assets: trade receivables, cash and cash equivalents.

 

Tangible assets

Tangible assets are assets that:

 are held by a company for use in the production of goods or services, for rental to others or for administrative purposes; and

 are used over a period longer than one year.

Production cost includes direct costs related to the production assets such as direct materials, energy consumption for technological purposes, the costs of salaries, contributions and other legal related expenses, arising directly from the construction of property and equipment, costs of site preparation costs initial delivery and handling, installation and assembly costs, testing costs for the proper functioning of the asset, professional fees and fees paid in connection with the asset, the cost of designing products and obtain necessary permits;

 

Subsequent expenditure on a tangible asset is recognized:

 as an expense in the period in which they were incurred if they are considered repairs or purpose of these expenditures is to ensure continued use of the asset while maintaining the original technical parameters; or

 as part of the asset, as subsequent expenses, if the conditions to be considered investments on fixed assets.  

      Depreciation of tangible assets is calculated starting with next month

commissioning and until full recovery of their input.

The Company calculated and accounted for depreciation of tangible leased, rented or management location.

Land is not depreciated.

     

Intangible assets:

Within intangible assets include:

 up costs;

 development costs;

 concessions, patents, licenses, trademarks, rights and similar assets, except those created by society;

 goodwill;

 other intangible assets;

 advance payments for intangible assets;

 intangible assets in progress.

Amortization of intangible assets is allocated on a systematic basis over the best estimate of its useful life.

The method of amortization of intangible assets is a straight.

 

Items of stocks

Registration in inventory accounting entry shall be made after the transfer of risks and rewards.

Trade discounts granted by the supplier and included in the purchase invoice reduces the acquisition cost of

goods.

In determining the cost of production using standard cost method, taking into account normal levels of

materials and supplies, labor, efficiency and production capacity.

The levels considered normal consumption of material shall be reviewed within 12 months.

Revenue

Revenue represents increases in economic benefits, incurred during the year, which generated an increase

in equity in forms other than those expressing consideration enterprise's new owners.

Revenues are recognized on an accrual basis.

Expenditure

Company expenses are amounts paid or payable.

Accounting expenses take the kinds of expenses as follows:

Synthetic spending accounts covering multiple items with different tax deductibility regime develops

analytical, analytical so that each reflect specific content.

 

Debts of company

Debts evidenced by accounting company on behalf of third-party accounts. Accounting suppliers and other

liabilities take into categories and each person or entity.

Personal rights shall be accounted for retaining contributions

Income tax payment as a liability should be recognized to the extent unpaid.

Foreign currency debt rating and those with settlement in lei depending on the course of currencies is made

at the exchange rate of the National Bank of Romania, valid on the date of each financial year.

 

Commercial and financial discounts

Trade discounts granted by the supplier and included in the purchase invoice adjusted downwards

acquisition cost of goods.

Trade discounts to customers in order to reduce the amount of income adjusted for the transaction.

 

Contingent assets and liabilities

Contingent assets and liabilities is presented in the notes if the inflows are likely to arise economic benefits.

Events after the preparation of financial statements

Events after the balance sheet date are those events, favorable or unfavorable, that occur between the balance sheet date and the date the annual financial statements are authorized for issue. They are presented in the notes when considered significant.

 

Events or uncertainty factors that affect or could affect the company's activity

Business is affected by the global crisis of credit and liquidity constraints that led to a low level and difficult access to funds on the capital market.

Signaled contraction in the financial market, generated in part by developments in the euro zone lately, could affect the Company's ability to access new loans and refinance those already obtained in terms and conditions related to past transactions.

Also, borrowers Company may be affected by low levels of available liquidity, which could affect their ability to repay debt when due, which will have an impact on the ability to forecast cash flows.

The Company can not predict all the events that would impact on the financial sector and any effects that would interfere with the financial statements.

The Company can not estimate the effects on the financial statements of future decreases liquidity in the financial market, the devaluation of financial assets or credit market contraction or increasing currency volatility.

However, the Company believes that, in specific market conditions that works, characterized by a strong specialization of a small number of participants and their risk assessment and management can be achieved through daily monitoring of incoming and outgoing flows of cash and by making short-term forecasts net liquidity.

The Company is not subject to externally imposed capital requirements.

 

 

3. Economic and financial indicators

 

Current iss.

Indicator

Calculation

Result

1

Current  liquidity

Current Assets / Current Liabilities

1,35

2

Indebtedness percentage

Borrowed capital / Equity *100

 

Equity / Capital employed

* 100

3,00

 

97,09

3

The rotation speed of debits - clients

The average balance of clients /Turnover* 90

50,43

4

The rotation speed of fixed assets

Turnover/Fixed assets

0,43

 

As a result of the Extraordinary General Meeting of Shareholders of August 10, 2018, the Company concluded the following loans with BANCA TRANSILVANIA:

 

  - Investment loan worth € 480,000

  - extending and increasing the current credit line from € 700,000 to € 1,050,000

 

 

 

            GENERAL MANAGER                                                      FINANCIAL MANAGER          

            COSMIN TURCU                                                               CORINA ILIES    

 

 

 

 



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