3 Month Performance 2022
þ 24.54 milion lei operational profit (EBITDA)
þ Net Turnover: 57.80 million lei (11.6 million Euros)
þ Net Profit: 16.51 milion lei
General Manager Statement
The beginning of 2022 comes as an important confirmation of the strategic decision taken a few years ago. We are impressed by the impact that the implementation of a cogeneration plant within the industrial platform we have in Salaj County has brought to CEMACON. This has led to a significant optimization of energy consumption and costs, with the cogeneration plant replacing 100% of the methane gas consumption of the burners related to the ceramic block dryer and approximately 60% of the factory's electricity consumption. And at the same time, the carbon footprint was reduced by 2,700 tons of CO2 / year, representing the equivalent of the annual emissions of 900 houses in Salaj.
We will reinvest most of our profits in what will soon prove to be a benchmark for industrial production in terms of energy efficiency and renewable energy standards in line with the EU's green strategy. This is a new factory for the production of cladding elements for facades, an investment of over 12 million euros that CEMACON started last year.
Analyzing the financial data we are satisfied to see a doubling of production volumes in the last 5 years and we are pleased that the market for construction materials is constantly growing, despite the many challenges we face nationally and internationally. It is a positive signal for the Romanian economy and for those eager to invest and develop sustainably locally.
Profit and loss Account – 3 Months Results 2022
The turnover corresponding to Quarter 1 is worth 57.80 million lei.
The operational activity was carried out normally, without interruptions, which was also seen in the company's results for the first quarter.
Expenditure on raw materials and materials as well as operating expenses increased significantly compared to the same period in 2021, due to the increase in purchase prices, a general increase in the market, which has a direct impact on the cost of production.
The main difference related to other operating expenses is generated both by energy and gas expenses, which are marked by significant increases in purchase prices, and by certificates for greenhouse gas emissions, which remain at the threshold of 90 eur / piece compared with the first quarter of 2021 when they were trading at the price of 30 eur / piece.
For the period ended March 31, 2022 CEMACON has an operating profit of 24,545,301 lei and a net profit of 16,518,675 lei.
Profit and loss Account – 3 Months Results 2022
|
|
31-Mar-22
|
31-Mar-21
|
2022 vs 2021
|
2022 vs 2021
|
|
|
LEI
|
LEI
|
LEI
|
%
|
|
|
|
|
|
|
|
Gross Turnover
|
61,331,140
|
38,287,790
|
23,043,350
|
60%
|
|
Net Turnover
|
57,796,964
|
35,870,629
|
21,926,335
|
61%
|
|
Sales revenues
|
57,791,771
|
35,870,629
|
21,921,142
|
61%
|
|
Other operating revenues
|
80,902
|
51,685
|
29,218
|
57%
|
|
Other gains and losses
|
444,403
|
(532,806)
|
977,209
|
-183%
|
|
Change in inventories of FG & WIP
|
1,492,183
|
(256,597)
|
1,748,780
|
-682%
|
|
|
|
|
|
|
|
Raw materials and consumables
|
(9,064,364)
|
(6,034,811)
|
(3,029,553)
|
50%
|
|
Personnel expenses
|
(8,309,545)
|
(7,511,451)
|
(798,094)
|
11%
|
|
Other operating expenses
|
(18,762,697)
|
(9,958,384)
|
(8,804,313)
|
88%
|
|
EBITDA
|
24,545,301
|
12,348,656
|
12,196,646
|
99%
|
|
Depreciation and amortization expenses
|
(3,418,997)
|
(3,020,971)
|
(398,026)
|
13%
|
|
Income impairment of assets
|
-
|
-
|
-
|
0%
|
|
EBIT
|
20,253,657
|
8,607,294
|
11,646,363
|
135%
|
|
Financial income
|
89,921
|
454,491
|
(364,569)
|
-80%
|
|
Financial expenses
|
(176,235)
|
(569,454)
|
393,219
|
-69%
|
|
Financial result
|
(86,314)
|
(114,965)
|
28,650
|
-25%
|
|
|
|
|
|
|
|
Profit before tax*
|
20,167,344
|
8,492,331
|
11,675,013
|
137%
|
|
Income tax expenses
|
(3,648,669)
|
(1,309,052)
|
(2,339,617)
|
179%
|
|
Profit after tax
|
16,518,675
|
7,183,279
|
9,335,396
|
130%
|
|
Total other elements of
other comprehensive income
|
-
|
-
|
-
|
0%
|
|
Comprehensive income total
|
16,518,675
|
7,183,279
|
9,335,396
|
130%
|
* At the time of presentation of the Quarterly results for 2021, no other comprehensive income and deferred tax items have been computed.
** EBITDA = Operating profit + Expenses with depreciation + Financial discounts granted - Income impairment of non-current assets
Statement of financial position – Results 31 March 2022
|
|
31-Mar-22
|
31-Dec-21
|
2022 vs 2021
|
2022 vs 2021
|
|
|
LEI
|
LEI
|
LEI
|
%
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
Property, plant and equipment
|
154,564,852
|
156,211,126
|
(1,646,274)
|
-1%
|
|
Investment property
|
8,885,960
|
8,885,960
|
-
|
0%
|
|
Intangible
|
1,382,345
|
1,555,775
|
(173,430)
|
-11%
|
|
Rights of use assets
|
18,050,325
|
18,496,866
|
(446,541)
|
-2%
|
|
Investments
|
1,000
|
1,000
|
-
|
0%
|
|
Other non-current assets
|
415,730
|
411,127
|
4,603
|
1%
|
|
NON-CURRENT ASSETS TOTAL
|
183,300,211
|
185,561,854
|
(2,261,643)
|
-1%
|
|
CURRENT ASSETS
|
|
|
|
|
|
Inventories
|
13,792,322
|
13,075,236
|
717,086
|
5%
|
|
Trade and other receivables
|
24,668,587
|
17,064,942
|
7,603,645
|
45%
|
|
Other assets
|
4,320,229
|
11,330,612
|
(7,010,383)
|
-62%
|
|
Cash and cash equivalents
|
94,552,128
|
84,223,350
|
10,328,778
|
12%
|
|
CURRENT ASSETS TOTAL
|
137,333,265
|
125,694,140
|
11,639,125
|
9%
|
|
TOTAL ASSETS
|
320,633,477
|
311,255,994
|
9,377,483
|
3%
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade and other payables
|
25,706,951
|
35,223,687
|
(9,516,736)
|
-27%
|
|
Lease liabilities
|
658,806
|
645,008
|
13,798
|
2%
|
|
Obligations under finance leases
|
1,920,732
|
2,088,135
|
(167,403)
|
-8%
|
|
Grants received
|
616,906
|
621,092
|
(4,186)
|
-1%
|
|
Tax liability
|
4,624,359
|
975,690
|
3,648,669
|
374%
|
|
Provisions
|
12,158,640
|
11,096,948
|
1,061,692
|
10%
|
|
CURRENT LIABILITIES TOTAL
|
45,686,395
|
50,650,560
|
(4,964,165)
|
-10%
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
Non-current trade and other liabilities
|
-
|
-
|
-
|
0%
|
|
Lease liabilities
|
5,240,775
|
5,329,619
|
(88,844)
|
-2%
|
|
Obligations under finance leases
|
3,830,519
|
4,259,133
|
(428,614)
|
-10%
|
|
Grants received
|
6,732,057
|
6,885,531
|
(153,474)
|
-2%
|
|
Deferred tax
|
3,756,047
|
3,756,047
|
-
|
0%
|
|
Provisions
|
1,274,453
|
2,780,548
|
(1,506,095)
|
-54%
|
|
NON-CURRENT LIABILITIES TOTAL
|
20,833,851
|
23,010,878
|
(2,177,027)
|
-9%
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
66,520,245
|
73,661,439
|
(7,141,194)
|
-10%
|
|
|
|
|
|
|
|
NET ASSETS
|
254,113,230
|
237,594,557
|
16,518,673
|
7%
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Issued capital as per IFRS
|
59,779,702
|
59,779,702
|
-
|
0%
|
|
TOTAL EQUITY
|
254,113,230
|
237,594,556
|
16,518,674
|
7%
|
|
|
|
|
|
|
|
|
|
|
Current assets increased by 9% compared to the end of 2021.
Receivables increased by 45% as a result of the commercial activity carried out during the period (sales by 61% higher than in the similar period of the previous year). Cash and cash equivalents increased by 12% to 94,552,128 lei.
At the level of debts, there is a decrease of 10%, mainly due to the area of commercial debts.
At the end of the period ended March 31, 2022, the company's net assets register an increase of 7% compared to the end of 2021, exceeding the amount of 254 million lei.
Main Financial Ratios
|
Main Financial Ratios
|
31-Mar-22
|
|
1. Current liquidity indicator
|
3.01
|
|
2. Leverage indicator
|
0%
|
|
3. Turnover speed for client debit items (days)
|
31
|
|
4. Turnover speed for total assets
|
33%
|
***
The report, together with the related documents, can be consulted starting with 16 May 2022 at 18:00 at the company headquarters on Calea Turzii Street, no. 178K, Hexagon Offices, Cluj-Napoca or electronically on the company's website: www.cemacon.ro and on the Bucharest Stock Exchange website: www.bvb.ro
***
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; the company management is professional, independent, having strong sector expertise.