BSE Raport Preliminary Results 2018

Transcription

1 BSE Raport Preliminary Results 2018 CLUJ-NAPOCA 28 TH OF FEBRUARY 2019

2 12 Month Performance ,49 milion lei Operating Profit (EBITDA) with 30% more than in ,91 milion lei Net Profit, with 43% more than in ,28 milion lei Gross Turnover, with 13% more than in 2017 General Manager Statement 2018 was of top performance for both the building materials market and CEMACON. The results are the best in the company's history and the best in the sector, registering an operating profit of million lei, 30% higher than the same period of 2017, and a net profit of million lei, with 43% up from the end of was the year when the company achieved a record gross turnover of million lei, 13% higher than in Growth is due to agile business strategies, remarkable production performance, and the realization of ambitious investment projects worth more than 6 million euros over the past two years. The investments have led to the first production line of ceramic blocks filled with basalt wool in Romania and the lintel factory, both endowed with state-of-the-art technology. Thus, since 2018, Cemacon produces the only ceramic bearing blocks filled with basalt wool in Romania, as well as the best quality ceramic liners" said Liviu Stoleru, General Manager and Chairman of the Board of Administration CEMACON SA. The management model implemented at CEMACON proved to be a successful model, with the company increasing its turnover and operating profit more than 4 times over the last 9 years and imposing from the second competitor on the market, as the most innovative masonry maker in Romania; these aspects have determined that Dedeman, the world's largest entrepreneurial company, with knowledge in the building materials sector, to invest in the company and become a major shareholder in In the context of a solid financial position and liquidity available, in the fourth quarter, the company repaid in advance to the Romanian Commercial Bank, the entire balance of the credit of the Cemacon Real Estate subsidiary, amounting more than 3.7 million euros, thus finalizing one of the largest financial and operational restructuring in Romania, where the company fulfilled 100% of what it has assumed with the bank. "We have ended a year in which the assumed decisions have resulted in the best financial results of the past 10 years, which is why the company gained recognition for record financial performance and best return to investors in 2018 at the Inauguration Gala of 2019 Stock Exchange Year", added Liviu Stoleru, General Manager and Chairman of the Board of Directors of CEMACON SA. 2

3 Profit and loss account Preliminary Results for 2018 Net Turnover & EBITDA Evolution (mil LEI) Net Turnover EBITDA (% from Turnover) Compared to 2017, there is a growth in turnover, a 11% increase over the same period of the previous year, along with a significant increase in the EBITDA margin from 27% to 32%, the performance achieved both qualitative sales growth, and optimization at operational level. Stock variation records positive values as a result of the gap between the quantities produced and sold during the period. Operating expenses did not show any significant variations compared to the previous period, growth is marked by the pace of development of the company's activity. For the period ended December 31, 2018 CEMACON has an operating profit of 32,495,260 lei and a net profit of 18,916,807 lei. 3

4 31-Dec Dec vs vs 2017 LEI LEI LEI % Gross Turnover 111,280,984 98,776,323 12,504,661 13% Net Turnover 102,563,325 92,651,235 9,912,090 11% Sales revenues 102,560,563 92,650,361 9,910,202 11% Other operating revenues 1,186, , ,378 77% Other gains and losses (1,352,373) (54,807) (1,297,566) 2368% Change in inventories of FG & WiP 9,208,728 (402,159) 9,610, % Raw materials and consumables (22,912,842) (18,970,472) (3,942,370) 21% Personnel expenses (20,609,701) (16,350,228) (4,259,473) 26% Other operating expenses (36,585,160) (34,202,214) (2,382,946) 7% EBITDA 32,495,260 24,901,489 7,593,771 30% Depreciation and amortization expenses (8,411,373) (7,105,139) (1,306,234) 18% EBIT 24,083,887 17,796,350 6,287,537 35% Financial income 806,452 1,799,045 (992,593) -55% Financial expenses (2,589,923) (3,224,057) 634,134-20% Financial result (1,783,471) (1,425,012) (358,459) 25% Profit before tax 21,300,552 14,809,134 6,491,418 44% Tax expenses (2,383,745) (1,583,656) (800,089) 51% Profit after tax 18,916,807 13,225,478 5,691,329 43% * At the date of presentation of 2018 preliminary results no other elements of other comprehensive income were calculated ** The company calculates EBITDA as follows: EBITDA = Operating Profit + Depreciation Expenses + Financial Discounts Granted Impairment income of non-current assets Venituri Sales revenues din vanzari Alte Other venituri operating din revenues exploatare Alte Other castiguri gains and si pierderi losses Variatia Change in stocurilor inventories Revenues Structure % 8% 1% 92% 4

5 Statement of financial position Preliminary Results as at 31 Decembrie 2018 ASSETS 31-Dec Dec vs vs 2017 NON-CURRENT ASSETS LEI LEI LEI % Property, plant and equipment 134,042, ,601,156 12,440,987 10% Intangible 2,355, ,124 1,937, % Investments % Other non-current assets 108,893 1,039,555 (930,662) -90% NON-CURRENT ASSETS TOTAL 136,506, ,059,035 13,447,709 11% CURRENT ASSETS Inventories 16,751,218 10,798,030 5,953,188 55% Trade and other receivables 27,437,985 11,739,027 15,698, % Other financial assets Cash and cash equivalents 19,515,952 34,498,549 (14,982,597) -43% CURRENT ASSETS TOTAL 63,705,155 57,035,606 6,669,549 12% Assets classified as held for sale 1,277,495 1,277,495-0% TOTAL ASSETS 201,489, ,372,136 20,117,258 11% LIABILITIES CURRENT LIABILITIES Trade and other payables 15,866,650 13,026,584 2,840,066 22% Loans and borrowings 7,907,532 6,724,373 1,183,159 18% Tax liability - 106,946 (106,946) -100% Provisions 5,527,445 4,412,809 1,114,636 25% CURRENT LIABILITIES TOTAL 29,301,627 24,270,712 5,030,915 21% NON-CURRENT LIABILITIES Non-current trade and other liabilities % Loans and borrowings 39,499,833 44,254,596 (4,754,763) -11% Grants received 1,007,553 1,083,195 (75,642) -7% Deferred tax 1,194,157 1,539,770 (345,613) -22% Provisions 2,043, ,520 1,097, % NON-CURRENT LIABILITIES TOTAL 43,744,568 47,823,081 (4,078,513) -9% TOTAL LIABILITIES 73,046,195 72,093, ,402 1% NET ASSETS 128,443, ,278,343 19,164,856 18% EQUITY Share capital 57,067,443 20,613,371 36,454, % TOTAL EQUITY 128,443, ,278,343 19,164,856 18% 5

6 At fixed asset level, there was an increase of 11% as compared to 31 December 2017, the increase is recorded as a result of the commissioning of the fixed assets acquired during the period and partially compensated by the amortization recorded during the period. The value of other non-current assets is represented by guarantees to customers. Current assets have grown 12% over the period ending December 31, 2017, stocks have increased by 55% from the 2017 level, as can be seen in the chart below. The receivables recorded significant changes compared to the previous year due to the increase in intragroup receivables, in the context in which, in 2018, Cemacon SA fully repaid the credit from BCR for Cemacon Real Estate SRL in full. Also for this reason the cash fell by 43%. 12,000,000 Situatia Inventory comparativa Structure Comparison a stocurilor 10,000,000 9,542,676 8,000,000 7,092,299 6,780,683 6,000,000 4,000,000 3,955,347 2,000,000 - Finished Produse Goods finite, and semifabricate Merchandise si marfuri Materii Raw materials, prime, Packaging materiale and si ambalaje Materials 116,243 62,000 Altele Others 31-Dec Dec-17 Commercial debts increased by 22% as of 31 December 2017 as a result of the increase of the operational activity carried out during the period. Banking debts and loans recorded a decrease of 7.01% as compared to the end of 2017, a change caused both by the contracting of financial leasing for the implementation of approved investment programs for 2018 and by the reduction of the bank loan by repayment of interest rates and interest rates, interruptions or delays in this process. The share capital recorded changes compared to 2017, the increase of the share capital being generated by capitalization of the issue premiums of 36,454,072 lei. In AGEA dated the capital increase was approved by the partial capitalization of the issue premiums and the issuance of a maximum number of 364,540,717 new shares with a nominal value of 0.1 lei / share for the benefit of all shareholders registered in the Shareholders' Registry held by the Central Depository at the time of registration. 6

7 Main Financial Ratios Main Financial Ratios 31-Dec Dec Current liquidity indicator Leverage indicator 37% 47% 3. Turnover speed for client debit items (days) Turnover speed for total assets 82% 80% 7

8 Consolidated Results of CEMACON Group Information on the presentation of the CEMACON SA Group: CEMACON SA is a Romanian legal entity founded as a joint stock company based on Government Decision no.1200/1991 with its registered office in Cluj-Napoca, no. 48 Dorobantilor Street, Silver Business Center building, 1st floor, Cluj county. The company s main object of activity is Manufacture of bricks, tiles and other construction products made from burnt clay. SC CEMACON Real Estate Company was founded as a result of the agreement signed by SC CEMACON SA and the Romanian Commercial Bank in order to take over part of the liabilities and assets, according to the reorganization process. The individual financial statements of SC CEMACON Real Estate Company are prepared in accordance with Order of the Minister of Public Finance 1802/2012. The financial statements of the controlled branch have been prepared for the same reporting period as those of the parent company, using the same accounting policies. The International Financial Reporting Standards (IFRS) have been applied when preparing the consolidated financial statements. Even if the financial statements of SC CEMACON Real Estate have been prepared in accordance with Order of the Minister of Public Finance 1802/2012, the necessary adjustments have been made in order to reflect the accounting policies of the parent company with a view to consolidating. Consolidated Profit and Loss account Preliminary Results for 31 st December 2018 ASSETS 31-Dec Dec vs vs 2017 NON-CURRENT ASSETS LEI LEI LEI % Property, plant and equipment 134,042, ,601,156 12,440,987 10% Intangible 2,355, ,124 1,937, % Investments % Other non-current assets 108,893 1,039,555 (930,662) -90% NON-CURRENT ASSETS TOTAL 136,506, ,058,835 13,447,709 11% CURRENT ASSETS Inventories 16,751,218 10,798,030 5,953,188 55% Trade and other receivables 8,345,660 10,664,137 (2,318,477) -22% Other financial assets % Cash and cash equivalents 19,523,400 34,526,889 (15,003,489) -43% CURRENT ASSETS TOTAL 44,620,278 55,989,056 (11,368,779) -20% Assets classified as held for sale 17,914,939 19,238,703 (1,323,764) -7% TOTAL ASSETS 199,041, ,286, ,166 0% 8

9 LIABILITIES CURRENT LIABILITIES 31-Dec Dec vs vs 2017 Trade and other payables 15,936,959 14,203,788 1,733,171 12% Loans and borrowings 7,907,532 6,724,373 1,183,159 18% Tax liability - 106,946 (106,946) -100% Provisions 5,527,445 4,412,808 1,114,637 25% CURRENT LIABILITIES TOTAL 29,371,936 25,447,915 3,924,021 15% NON-CURRENT LIABILITIES Non-current trade and other liabilities % Loans and borrowings 39,499,833 61,473,144 (21,973,311) -36% Grants received 1,007,553 1,083,195 (75,642) -7% Deferred tax 966,637 1,312,250 (345,613) -26% Provisions 2,043, ,520 1,097, % NON-CURRENT LIABILITIES TOTAL 43,517,049 64,814,109 (21,297,060) -33% TOTAL LIABILITIES 72,888,985 90,262,024 (17,373,039) -19% NET ASSETS 126,152, ,024,569 18,128,206 17% EQUITY Share capital 57,067,443 20,613,371 36,454, % TOTAL EQUITY 126,152, ,024,569 18,128,206 17% 9

10 Consolidated Profit and Loss account Preliminary Results for 31 st December Dec Dec vs vs 2017 LEI LEI LEI % Sale revenues 102,560,563 92,655,538 9,905,025 11% Other operating revenues 1,108, , ,792 68% Other gains and losses (1,321,189) (29,851) (1,291,338) 4326% Change in inventories of FG & WiP 9,208,728 (402,154) 9,610, % Raw material and consumables used (22,912,874) (18,975,996) (3,936,878) 21% Personnel Expenses (20,761,326) (16,468,059) (4,293,267) 26% Other operating expenses (36,674,224) (34,230,161) (2,444,063) 7% EBITDA 32,207,780 24,769,968 7,437,812 30% Depreciation and amortization expenses (8,411,373) (7,105,139) (1,306,234) 18% EBIT 23,796,407 17,664,829 6,131,578 35% Financial income 820,618 1,692,797 (872,179) -52% Financial expenses (3,334,912) (4,284,012) 949,101-22% Financial result (2,514,294) (2,591,215) 76,921-3% Profit before tax 20,282,250 13,511,405 6,770,845 50% Tax Expense (2,402,091) (1,377,733) (1,024,358) 74% Profit after tax 17,880,159 12,133,672 5,746,487 47% *At the date of presentation of 2018 preliminary results no other elements of other comprehensive income were calculated ** The company calculates EBITDA as follows: EBITDA = Operating Profit + Depreciation Expenses + Financial Discounts Granted Impairment income of non-current assets 10

11 Consolidated Statement of Changes in Equity Preliminary Results for 31 st December 2018 Capital subscris si ajustari Issued capital and adjustments Prime de emisiune Rezerve din reevaluare aferente active detinute spre vanzare Reevaluation reserve for HFS assets Rezerve din reevaluare Rezerve legale Alte rezerve Rezultat nedistribuit Alte elemente ale capitalurilor proprii Accumulated Other comprehensive income Prima aplicare a IAS29 1st application of IAS 29 Share Premium Reevaluation reserves Legal reserves Other reserves Undistributed result 31-Dec-17 20,613,371 54,850,347 5,629,211 14,195,447 2,279,845 5,958,418 14,258, ,694 (10,665,606) 108,024,569 Rezultatul global curent ,880, ,880,159 Current global result Diferente capitalizate impozitului amanat , ,047 Capitalised differences related to deffered tax Majorare capital social 36,454,072 (36,454,072) Increase in equity Acoperire pierdere - (18,396,131) ,730,525-10,665,606 - Loss coverage Alte elemente de capitaluri propri (beneficii angajati) Accumulated Other comprehensive income (employee benefits) Rezerva din reevaluare realizata aferenta vanzarilor Reevaluation reserve related to sales Constituire rezerva legala (757,235) 757, (273,716) (845,403) - - 1,119, ,069,906 - (1,069,906) Legal reserve Alte rezerve ,599,498 (3,599,498) Other reserve 31-Dec-18 57,067, ,355,495 13,350,044 3,349,751 9,557,916 35,562,006 1,909, ,152,775 Total 11

12 Consolidated Statement of Cash Flow Preliminary Results for 31 st December Dec Dec-17 Fluxuri din activitati de exploatare LEI LEI Cash flow from operating activities Incasari de la clienti 129,006, ,965,919 Customer encashments Plati catre furnizori (68,481,406) (61,779,599) Supplier payments Plati catre angajati (11,583,003) (8,848,857) Payments to employees Plati impozite si taxe (20,301,228) (16,580,754) Tax Payments Impozit pe profit platit (3,341,600) (1,195,397) Income Tax Paid Incasari din asigurari 113,183 - Inssurance encashments Plati de asigurari (661,225) (570,284) Insurrance payments Dobanzi platite (3,668,870) (1,692,991) Interest Paid Alte incasari - - Other Encashmants Alte plati - - Other Payments Trezoreria neta din activitati de exploatare 21,082,370 19,298,037 Cash from operating activities Fluxuri de trezorerie din activitati de investitii Cash flow from investing activities Plati pentru achizitionarea de actiuni - - Payments for aquiring shares Plati pentru achizitionarea de imobilizari corporale (14,168,445) (8,347,858) Payments for aquiring assets Incasari din vanzarea de imobilizari corporale 1,751, ,297 Encashments from sold assets Dobanzi incasate 287,580 51,886 Encashments from interest Credite catre parti afiliate - - Loans to affiliated parties Dividende incasate - - Encashments from dividends Trezoreria neta din activitati de investitie (12,129,664) (8,121,675) Cash from investing activities 12

13 Consolidated Statement of Cash Flow Preliminary Results for 31 st December 2018 (continued) 31-Dec Dec-17 Fluxuri din activitati de exploatare LEI LEI Cash flow from operating activities Fluxuri de trezorerie din activitati de finantare Cash flow from financing activities Incasari din aport de capital 73,339 - Encashments from share capital increase Incasari din imprumuturi - 985,220 Encashments from loans Plata datoriilor aferente leasing-ului financiar (2,175,296) (1,582,835) Payments for financial lease Rambursari credite (22,553,109) (5,040,370) Dividends paid and bank interest paid Incasari garantie achizitionare actiuni 940,419 - Encashments from share purchase Plata garantie achizitionare actiuni (179,639) (940,418) Payment for share purchase Trezoreria neta din activitati de finantare (23,894,286) (6,578,403) Cash from financing activities Efectul variatiilor cursului de schimb (61,909) (28,282) Effect of exchange rate changes Crestere /scadere neta de numerar (15,003,489) 4,569,677 Net increase/decrease in cash and cash equivalents Numerar si echivalente de numerar la inceputul perioadei 34,526,889 29,957,212 Cash and cash equivalents at beginning of period Numerar si echivalente de numerar la sfarsitul perioadei 19,523,400 34,526,889 Cash and cash equivalents at end of period ** The report and the related documents can be consulted as of 28th of February 2019, 8:30, at the company s headquarters on No. 48 Dorobantilor Street, Cluj-Napoca or electronically on the company s website: and on the website of the Bucharest Stock Exchange: *** The results presented are prepared in accordance with IFRS and have a preliminary nature, and will be subject to financial auditing in accordance with legal provisions. CEMACON SA ranks second in the top of masonry manufacturers in Romania and is the market leader in Transylvania. The company operates the most modern and largest manufacturing capacity in Romania with innovative, differentiated products that bring added value to users, at very competitive production costs.cemacon SA is a company listed on the Bucharest Stock Exchange and mainly owned by institutional shareholders, Romanian and foreign investment funds; the company management is professional, independent, having strong sector expertise. 13