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PURCARI WINERIES PUBLIC COMPANY LIMITED - WINE

Financial Report as of September 30, 2018

Release Date: 11/15/2018 6:07:16 PM

IRIS Code: 054FF

  

 

 

 

Purcari Wineries Public Company Limited

 (Formerly Bostavan Wineries Ltd.)

 

 

Unaudited Consolidated Financial Information

 

30 September 2018

 


 


Name of the issuing entity: Purcari Wineries Public Company Limited

Social headquarters: 1 Lampousas Street, 1095 Nicosia, Cyprus

Fax number: +357 22 779939

Unique registration code: HE 201949

Registration number in the Trade Register: HE 201949

Share capital: 200,000 EUR

The regulated market on which the issued securities are traded: Bucharest Stock Exchange

 

 

Contents

I.            Unaudited Consolidated Statement of Financial Position as at 30 September 2018  3

II.          Unaudited Consolidated Statement of Profit or Loss for the period ended                 30 September 2018  4

III.         Financial Analysis  5

IV.         Important events 6

V.          Financial indicators  7

VI.         EBITDA Statement 8

 

 

Note: These financial statements have been prepared in accordance with the international reporting standards adopted by the European Union ("IFRS").

Base of Reporting: According to Regulation C.N.V.M. no. 5/2018 on Issuers and Operations with Securities and Law 24/2017 on Issuers of Financial Instruments and Market Operations; according to Section 10 of the Cyprus Transparency Requirements (Securities for Trading on Regulated Markets) Law of 2007 as amended

I.                   Unaudited Consolidated Statement of Financial Position as at 30 September 2018

 

 

 

30 September

2018 (unaudited)

 

31 December 2017

(audited)

 

 

 

 

 

 

 

82,178,524

 

72,709,746

 

 

 1,162,615

 

1,055,960

 

 

 1,384,450

 

1,270,157

Investments in associates

 

 

9,098,325

 

7,257,508

 

 

-

 

24,446

 

 

93,823,914

 

82,317,817

 

 

 114,102,623

 

78,807,488

 

 

 64,013,747

 

47,203,153

 

 

 17,359,393

 

21,428,215

 

 

 1,976,732

 

871,636

 

 

 172,345

 

65,362

 

 

197,624,840

 

148,375,854

 

 

291,448,755

 

230,693,671

 

 

 

 

 

 

 

 973,807

 

34,838

 

 

 122,754,153

 

123,685,006

 

 

 (2,447,487)

 

5,088,928

 

 

 15,916,980

 

8,916,387

 

 

(14,843,107)

 

(40,483,788)

 

 

122,354,346

 

97,241,371

 

 

11,856,168

 

11,194,576

Total equity

 

 

134,210,514

 

108,435,947

Liabilities

 

 

 

 

 

Loans and borrowings

 

 

 48,383,097

 

10,476,771

 

 

 1,620,483

 

702,807

 

 

 5,766,564

 

5,078,353

 

 

55,770,144

 

16,257,931

 

 

46,485,721

 

63,746,168

 

 

160,611

 

268,049

 

 

-

 

2,190,399

 

 

2,081,125

 

1,791,184

 

 

51,522,873

 

32,697,166

 

 

1,217,767

 

5,306,827

 

 

101,468,097

 

105,999,793

 

 

157,238,240

 

122,257,724

 

 

291,448,755

 

230,693,671

 

 

 

This Unaudited Consolidated Financial Information was approved by management on 15th of November 2018 and were signed on its behalf by:

 

Victor Bostan, CEO

 

Victor Arapan, CFO

 

 

 

II.                Unaudited Consolidated Statement of Profit or Loss for the period ended

30 September 2018                                                                                                                                    

 

 

 

30 September 2018

(unaudited)

 

30 September 2017

(unaudited)

 

 

 

 

 

 

 

113,341,860

 

94,585,800

 

 

(56,762,919)

 

(50,644,207)

 

 

56,578,941

 

43,941,593

 

 

 

 

 

 

 

184,461

 

170,504

 

 

(8,530,834)

 

(5,026,686)

 

 

(15,571,577)

 

(12,490,123)

 

 

(89,635)

 

(183,139)

 

 

32,571,356

 

26,412,149

 

 

 

 

 

 

 

72,767

 

119,870

 

 

(3,248,301)

 

(1,101,230)

 

 

(3,175,534)

 

(981,360)

 

 

 

 

 

 

 

1,578,428

 

819,690

 

 

 

 

 

 

 

30,974,250

 

26,250,479

 

 

 

 

 

 

 

(5,333,569)

 

(4,171,552)

 

 

25,640,681

 

22,078,927

 

 

 

 

 

 

 

 

 

 

 

 

22,796,723

 

19,238,230

 

 

2,843,958

 

2,840,697

 

 

25,640,681

 

22,078,927

 

 

 

 

 

 

                 

III.             Financial analysis

In 9M 2018, the net sales of Purcari group grew by +20% year-on-year, reaching RON 113.3 million. Romanian market remained the largest growth driver, with an increase of +32% year-on-year, accounting for 38% share of total revenue.  In terms of product mix, the company continued the premiumization trend, with Purcari, Crama Ceptura and Bardar brands growing by 22%, 27%, 30% year-on-year respectively, faster than Bostavan (15% year-on-year).


Gross margin grew by circa 3 pp compared to the same period last year, reaching 50%, and leading to Gross Profit increase of 29% year-on-year. Margin was positively impacted by improving product mix and pricing, while MDL appreciation impacted gross margin negatively.

In 9M 2018, SG&A grew by +37%, driven, amongst other factors, by expenses timing differences versus 2017. Effect to be normalized over entire FY2018, during which SG&A are expected to growth 11-13% year-on-year. Other factors, such as MDL appreciation and public listing costs recorded in 2018, also adversely impacted SG&A in the nine months of 2018.


Operational Profit increased with +23%, compared with the previous period, being positively influenced by gross profit growth and negatively by administrative and commercial expenses, which will be normalized for the entire 2018 year.


Adjusted EBITDA reached RON 39.5 million, growing by +26% compared to the same period last year. EBITDA margin is at 35%, growing by +2pp, compared to 33% in 9M 2017.


In 9M 2018, the Group improved its general liquidity ratio, from 1.40 to 1.97.


The gearing ratio of the group is 41% (D/E). The low leverage ratio indicates that financial risk in Group’s operations is low, and it continues to utilize equity resources for growth.

 

IV.             Important events

At 04 January 2018 the company increased its authorized share capital to 200.000 EUR divided into 20.000.000 ordinary shares with nominal value of 0,01 EUR each, by making subdivision and issue of fully paid bonus shares, made out of the share premium reserve.

As at 11 January 2018 the Company has been transformed into a public company and its shares started being traded at Bucharest Stock Exchange on February 15, 2018.

 

V.                Financial indicators

   

Period

Item, RON

 

30 September 2018

 

31 December 2017

             

Liquidity ratio

           

Current Assets

 

  197,624,840

1.95

 

       148,375,854

1.40

Current liabilities

 

  101,468,097

   

       105,999,793

 
             

Gearing ratio

           

Debt

 

    94,868,818

71%

 

         74,222,939

68%

Equity

 

  134,210,514

   

       108,435,947

 
             

Debt

 

    94,868,818

41%

 

         74,222,939

41%

Total Capital Employed

 

  229,079,332

   

       182,658,886

 
             

Receivables Turnover, days

           

Receivables

 

    64,013,747

152

 

         47,203,153

135

Annualized Net Sales/360

 

        419,785

   

          350,318

 
             

Non-current Assets turnover

           

Annualized Net Sales

 

  151,122,480

1.6

 

         126,114,400

1.5

Non-current Assets

 

    93,823,914

   

          82,317,817

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

VI.             EBITDA

 

Indicator

 

 

30 September    2018

(unaudited)

 

30 September 2017

(unaudited)

 

Adjusted  EBITDA

EBITDA

 

 

        39,492,348

 

       31,336,383

 

 

 

 

 

 

 

Non-recurring G&A expenses related to IPO

 

 

 

(918,424)

 

-

     

 

 

 

 

EBITDA

EBITDA

 

 

38,573,923

 

31,336,383

 

 

 

 

 

 

 

Less: depreciation

   

 

(4,365,199)

 

(4,043,289)

Less: amortization

   

 

(58,940)

 

(61,255)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Result from operating activities

   

 

34,149,784

 

27,231,839

 

 

 

 

 

 

 

Less: net finance costs

   

 

(3,175,534)

 

(981,360)

 

 

 

 

 

 

 

Earnings Before Income Taxes

EBT

 

 

30,974,250

 

26,250,479

 

 

 

 

 

 

 

Less: income tax

   

 

(5,333,569)

 

(4,171,552)

 

 

 

 

 

 

 

Profit for the period

   

 

25,640,681

 

22,078,927

                 

 



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