Market News


CEMACON SA - CEON

H1-2021 report

Release Date: 8/31/2021 6:00:14 PM

IRIS Code: F9B05

 6 Month Performance 2021  


þ  31.07 milion lei operational profit (EBITDA)

þ  83.91 milion lei Net Turnover

þ  21.55 milion lei Net Profit

 

General Manager Statement


The construction materials sector is going through a period characterized by a high level of demand and increased liquidity in the market; the constraints come from the limitations of production capacity and from the significant price increases to the main elements that determine the cost of production - gas, electricity, fuels, wood, etc.

The negative influences from costs were felt rather in the second part of the semester, so the profitability after the first quarter is a record one.

Also, the company's liquidity and solvency are at very high levels even if the full early repayment of loans has been made and extensive investment projects have been carried out during this period.

In recent months, it has been possible to complete several investments with a direct impact on the efficiency of operational activity, the most relevant being the operation of a cogeneration plant, a project partially financed from European funds.

Other projects with grants are in various stages of implementation to ensure organic development for the coming years.

The financial results clearly show the performance of this year, the turnover being 48% over the previous year, and the profit growing more than double.

 

Profit and loss Account – 6 Month Results 2021

 

In the 1st Semester CEMACON SA, registered a record turnover of 83.92 milion lei, compared to similar periods in previous years.

The increase of 46% is due to a favorable market context and the improvement of consumption in the area of construction materials, thus creating the prospects of reaching the proposed budgetary target for 2021.

 

The operational activity was carried out normally without interruption or exceptional events in the second part of the 1st Semester, CEMACON, putting into operation one of the most modern cogeneration plants, purchassed through European funds, aspects that had a positive impact on the company’s results.

Variatia stocurilor inregistreaza valori mai mici fata de perioada precedenta, ca urmare a decalajului dintre cantitatile produse si cele vandute in Semestrul 1 2021 si al contextului de piata favorabil.

The variation of stocks registers lower values compared to the previous period, as a result of the gap between the quantities produced and those sold in Semester 1 2021 and the favorable market context.

 

Raw materials and materials and the operating expenses were up compared to the same period of 2020, from several perspectives; a general increase in purchase prices at the market level, which all players felt and had a direct impact on production costs. Compared to the previous period, when in April-May extensive maintenance works were done, the quantity produced was higher than last year, generating additional expenses proportional to the quantity produced.

 

For the period ended June 30, 2021 CEMACON has an operating profit of 31,074,624 lei and a net profit of 21,554,621 lei.

 

 

Profit and loss Account – 6 Month Results 2021

 

 

30-Iun-21

30-Iun-20

2021 vs 2020

2021 vs 2020

 

LEI

LEI

LEI

%

         

Gross Turnover

89,451,905

       60,519,280

28,932,625

48%

Net Turnover

83,918,901

       57,458,038

26,460,863

46%

Sales revenues

83,917,177

       57,447,256

26,469,921

46%

Other operating revenues

531,386

            2,766,336

(2,234,950)

-81%

Other gain and losses

434,396

          3,290,166

(2,855,770)

-87%

Change in inventories of FG & WIP

(1,171,676)

            916,486

(2,088,162)

-228%

 

 

 

 

 

Raw materials and consumables

(13,503,580)

       (10,249,685)

(3,253,895)

32%

Personnel expenses

(17,305,370)

       (18,377,796)

1,072,426

-6%

Other operating expenses

(23,393,546)

       (18,612,600)

(4,780,946)

26%

EBITDA

31,074,624

17,825,525

13,249,099

74%

Depreciation and amortization expenses

(6,262,529)

      (5,384,199)

(878,330)

16%

EBIT

23,246,258

11,795,964

11,450,294

97%

Financial income

1,071,421

            699,960

371,461

53%

Financial expenses

(775,075)

         (1,440,407)

665,332

-46%

Financial Result

296,346

        (740,447)

1,036,793

-140%

 

 

 

 

 

Profit before tax*

23,542,604

11,055,517

12,487,087

113%

Income tax expenses

(1,987,983)

(745,052)

(1,242,931)

167%

Profit after tax

21,554,621

10,310,465

11,244,156

109%

Total global result

21,554,621

10,310,465

11,244,156

109%

*At the time of presentation of the results for Semester 1 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 30th of June 2021

 

30-Iun-21

31-Dec-20

2021 vs 2020

2021 vs 2020

ASSTES

LEI

LEI

LEI

%

NON-CURRENT ASSETS

 

 

 

 

Property, plant and equipment

138,794,393

138,452,444

341,949

0%

Investment property

8,407,181

8,407,181

-

0%

Intangible

4,088,261

5,237,579

(1,149,318)

-22%

Rights of use assets

19,385,100

20,309,922

(924,822)

-5%

Investments

45,200

45,200

-

0%

Other non-current assets

402,949

347,162

55,787

16%

NON-CURRENT ASSETS TOTAL

171,123,084

172,799,488

(1,676,404)

-1%

 

 

CURRENT ASSETS

       

Inventories

12,572,457

18,314,302

(5,741,845)

-31%

Trade and other receivables

29,316,929

26,767,338

2,549,591

10%

Cash and cash equivalents

48,163,141

51,314,569

(3,151,428)

-6%

CURRENT ASSETS TOTAL

90,052,526

96,396,209

(6,343,683)

-7%

 

TOTAL ASSETS

 

261,175,610

 

269,195,697

 

(8,020,087)

 

-3%

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

21,352,188

20,260,545

1,091,643

5%

Loans and borrowings

-

10,167,693

(10,167,993)

-100%

Lease liabilities    

624,320

726,176

(101,856)

-14%

Obligations under finance leases

2,267,634

2,183,262

84,372

4%

Grants received

562,831

114,072

448,759

393%

Tax liability

678,931

159,374

519,557

326%

Provisions

5,789,112

7,748,002

(1,958,890)

-25%

CURRENT LIABILITIES TOTAL

31,275,014

41,359,125

(10,084,111)

-24%

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

Non-current trade and other liabilities

-

-

-

0%

Loans and borrowings

-

21,363,341

(21,363,341)

-100%

Lease liabilities     

5,577,954

5,809,774

(231,819)

-4%

Obligations under finance leases

5,201,340

5,971,820

(770,480)

-13%

Grants received

5,683,707

2,808,666

2,875,041

102%

Deferred tax

852,625

852,625

(0)

0%

Provisions

2,367,974

2,367,974

0

0%

NON-CURRENT LIABILITIES TOTAL

19,683,600

39,174,200

(19,490,600)

-50%

 

 

 

 

 

TOTAL LIABILITIES

50,958,615

80,533,326

(29,574,711)

-37%

 

 

 

 

 

NET ASSETS

210,216,994

188,662,373

21,554,621

11%

 

 

 

 

 

EQUITY

 

 

 

 

Issued capital as per IFRS

59,779,702

59,779,702

-

0%

TOTAL EQUITY

210,216,994

188,662,373

   21,554,621

11%

 

Intangible fixed assets recorded a decrease as a result of changes in intangible assets represented by EUA certificates used to comply with 2020 and delays in the allocation of 2021 certificates, a temporary decrease.

At the level of stocks and receivables, the changes are generated by the additional commercial activity, related to the period. The receivables of Cemacon SA being insured against the risk of non-collection, through a reputable insurer.

Cash and cash equivalents remained high, with good debt collection.

The share capital did not undergo any changes during the period and at the level of the capitals there was an increase of the result carried forward as a result of the operational performances during the period.

At the end of the period ended June 30, 2021 the company’s net assets register an increase of 11% compared to the end of 2020, exceeding the amount of 210 milion lei.

Main Financial Ratios

 

Indicatori financiari relevanti

30-Iunie-21

1.Current liquidity indicator

                  2.88

2. Leverage indicator  

0%

3. Turnover speed for client debit items (days)

57

4. Turnover speed for total assets

52%

 

***

The report, together with the related documents, can be consulted starting with 31 August 2021 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 standards and are preliminary, and will be

subject to financial audit according to legal provisions.

***

This document was translated from Romanian to English using automated translating software, for information purposes only. Cemacon SA is not responsible for any translation errors or misinterpretation of information contained in this document. Reporting language is Romanian and in case of misinterpretation the Financial Statements issued in Romanian shall apply

 



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