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SOCEP S.A. - SOCP

2022 Q1 Report

Release Date: 5/16/2022 6:11:20 PM

IRIS Code: 0807E

QUARTERLY REPORT

ON FINANCIAL STATEMENTS

COMPLYING TO A.S.F. REGULATION NO.5/2018

FOR THE FIRST QUARTER  2022

 

Report Date ………………………………...      05/16/2022

Name of Shares Issuer ………………………     SOCEP S.A.

Registered Office ……………………………    Constanta, Incinta Port, Dana 34

Phone/fax ……………………………………     0374.416142 / 0241 693759

Fiscal Code ………………………………….     RO 1870767

Company Number in the Trade Register ……     J 13 / 643 / 1991

Subscribed Share Capital ………….…………    35,399,149 lei split in 353,991,490 registered dematerialized shares with a nominal value of 0.10 lei/share

Trading Market ………………………………    B.V.B., Standard category, symbol SOCP

 

SYNTHESIS OF ECONOMIC AND FINANCIAL INDICATORS

 

1.        FINANCIAL AND ECONOMIC STATE

a) The main elements of the Balance Sheet and of the Profit and Loss Account, compared to the same time period of the previous year, are below listed:                                                                        

 

ECONOMIC INDICATORS

UNIT

03/31/2021

03/31/2022

I.         TOTAL ASSETS

lei

406,924,320

457,338,305

1.1.

Fixed Assets

376,065,469

413,775,827

1.2.

Stocks

1,024,558

1,073,530

1.3.

Receivables

16,127,261

18,546,094

1.4.

Cash and Bank Accounts

12,958,724

22,992,124

1.5.

Accruals and prepaid expenses

748,309

950,731

II.        TOTAL LIABILITIES

lei

406,924,320

457,338,305

2.1.

Shareholders’ Equity

186,464,868

195,318,441

2.2.

Total Debts

220,117,682

261,218,189

2.3.

Upfront Revenues

18,440

77,855

2.4.

Provisions

323,331

723,820

 

b) Profit and Loss Account

 

 

INDICATORS

UNIT

03/31/2021

03/31/2022

I.

TURNOVER

lei

16,230,154

26,464,119

II.

TOTAL REVENUES

17,462,940

27,528,531

III.

TOTAL EXPENSES

19,325,668

22,185,188

IV.

GROSS PROFIT

-1,862,728

5,343,343

 

Following items are the assets with a minimum 10% share – out of total assets: buildings (11.14%), equipment and machinery (13.24%), assets under execution (20.40%). Expense items with a minimum 10% share – out of net sales (turnover) are the personnel expense (30.37%), the external services expense (18.89%), the materials and supplies expense (12.48%) and the depreciation expenses (16.28%).

          At the end of first quarter 2022 company recorded provisions in a total amount of lei 723,819.98 lei, as follows:

- Provisions for employees benefits                           -  85,340.00 lei

- Other types of provisions                                         -  286,464.98 lei

- Other provisions for employees                               - 352,015.00 lei

The provision for employee benefits in the amount of 79,883 lei is constituted for the amounts to be granted to the company's staff, at the level of the second employment salary for each employee, received on the date of retirement, the provisions for unpaid rest leave represent the amounts by employees related to previous periods, and other provisions represent amounts being settled due to commercial disputes.

 

c)          Financial and Economic Indicators

 

INDICATORS

CALCULATION PROCEDURE

RESULTS

03/31/2021

03/31/2022

1.

Current Ratio

Current Assets/Current Liabilities

1.60

1.16

2.

Indebtedness degree

Loan Capital

--------------------------- x 100

Equity Capital

 

Loan Capital

--------------------------- x 100

Committed Capital

 

107.89

 

 

 

51.90

 

134.15

 

 

 

57.29

3.

Rotation Speed of Customers’ debts

Customers’ Average Balance

------------------------ x 90

Turnover

 

 

76.65

 

45.95

4.

Rotation Speed of Fixed Assets

Turnover/Fixed Assets

0.04

0.06

 

 

2.        BUSINESS ANALYSIS

          2.1.    During the reported period the harbor cargo traffic increased by 9.45%, 71 thousand tons compared to same period of previous year.  The benchmarking on different types of cargo is below listed:

 

TYPES OF CARGO

UNIT

03/31/2021

03/31/2022

I.         HARBOR CARGO TRAFFIC

thousand tons

748

819

1.1.

General Cargo

359

478

1.2.

Containerized Cargo

222

337

1.3.

Mineral products

167

4

II.        TOTAL NUMBER OF CONTAINERS

 

21,379

21,078

III.       TOTAL TEU-s

 

35,442

34,214

 

The structure by groups of goods shows an increase in the share of general goods, containerized goods and a decrease in the share of mineral products in total cargo traffic. The first two categories of goods registered an increase in absolute values compared to the same period last year, General Cargo by 33.15%, Containerized Cargo by 51.66%, while Mineral Products marked a decrease of 97.60%.

The benchmarking on different types of services has following results:

 

TYPES OF SERVICES

UNIT

03/31/2021

03/31/2022

I.         TOTAL TURNOVER

lei

16,230,154

26,464,119

1.1.

Handling Operation

15,387,678

22,890,015

1.2.

Storage Operation

621,614

2,364,477

1.3.

Other types of services

159,139

1,080,312

1.4.

South Agigea Area

61,722

129,314

 

In total turnover, a relative constancy has been noticed in the share of all items compared to the same period of the previous year. Compared to the same period of 2021, the company registered a increase, of 63.06% of the turnover, as a result of the increase of the handling revenues, with 48.76%, and the decrease of the storage income, with 312.31%.

 

2.2. Capital expenses until 03/31/2022 have aimed mainly purchasing of pieces of equipment. However, the major ratio is represented by the continuation of Grain Terminal investment.

In same respect, company is pursuing its investment policy by acquiring new equipment in order to improve productivity.

Capital expenses are to be found in the Investment Program and have been paid from company’s own resources.

 

2.3. For the near future there are no foreseeable events, transactions or economic changes which might significantly alter operating revenues,.

       At the time of preparing the financial statements, there is a risk of affectimg the company’s activity, as a result of the global and national effects of the Covid 19 epidemic. The management of the company has implemented procedures to protect the employees, and is considering resource management measures in correlation with the evolution of the situation, so as to limit the impact on the financial results, as well as ensuring the continuity of the company’s activity.

 

3.      SIGNIFICANT TRANSACTIONS                                            

 

          There are no significant transactions in the analyzed period.

                                    

4.      APPROVALS AND ANNEXES

 

          Present Report has been authorized for publication by the Management Board, on 05/16/2021. The explanatory notes are part of the individual financial statements.

          Annexes:

-    Statement of Financial Position at 03/31/2022;

-    Statement of Comprehensive Income at 03/31/2022;

-    Statement of Cash Flows at 03/31/2022;

-    Statement of Equity changes at 03/31/2022;

-    Explanatory Notes to the Financial Statements on 03/31/2021.

The Individual Financial Statements as at 03/31/2022 are drawn up in accordance with International Financial Reporting Standards adopted by European Union and O.M.F.P. No.2844/2016, as amended and subsequently supplemented.

Financial Reports are not audited.

 

General Manager                                                       Financial Manager

Dorinel Cazacu                                                         Cristian-Mihai Ududec

 

 

Report for the first quarter of 2022, ended on March 31st, 2022 is availabil starts on May 16th 2022, 18:00 hours, in following forms:

 

-          uploaded on company website, within „Relationship with the investors” – BSE (BVB) Reports – Quarterly”section, or http://www.socep.ro/rapoarte-bvb.htm

 

-          The First Quarter Report for the first 2022 can be consulted at the link below:

 



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