Market News


SINTEZA S.A. - STZ

H1 2021 report

Release Date: 8/31/2021 6:15:13 PM

IRIS Code: 1CB38

 

 

 

HALF YEARLY REPORT

ACCORDING  TO THE REGULATION ASF NO.5/2018

REGARDING ISSUERS AND SECURITIES OPERATIONS

 

 

 

 

Date of report:                                                      30 JUNE 2021

Name of the company:                                       S.C. SINTEZA S.A

Headquarters:                                                      410605 Oradea,Borsului, road 35

Phone:                                                                  40 259 456 116

Fax:                                                                        40 259 462 224

Tax Identification Code:                                    67329

Number of registration in the

Commercial Register:                                       J/05/197/1991

Subscribed and paid capital:                             9.916.888,50 RON

Regulated market where the issued securities

are traded:                                                       BUCHAREST STOCK EXCHANGE

 

 

 

 

1.                    Analysis of the trade company's activity

 

1.1.                 Description of the trade company's basic activity

 

SINTEZA”- S.A. was established by Government Decision no. 1213/20.11.1990 from the “SINTEZA” Chemical Enterprise, it is registered in the Trade Register under no. J/05/197/1991, Tax ID no. RO 67329 and has the registered office in Sos. Borsului no. 35, Oradea, Bihor county.

During the year 2021 there have been no mergers or reorganisations of any kind.

 

1.1.1.   General evaluation elements

 

In the year 2021 the company has obtained the following indicators, according to the balance sheet:

 

1.    Total incomes20.177.255 lei of which:

-          net turnover: 20.254.031  lei, of which the amount of 18.557.620 lei represents the export sales;

-          incomes from stocks variation: : -223.715   lei;

-          other incomes: 522 lei

-          financial incomes: 146.417  lei;

 

 

2.    Total expenses19.061.682 lei, of which:

-          operating costs:       18.830.230 lei;

-          financial expenses:               231.452  lei;

 

3.    Net operational result: 1.115.573  lei;

 

4.    Liquidities at the end of the period: 193.383 lei equivalent          

 

1.1.2     Evaluation of the company's technical level

 

The company operates the industrial platform from Borsului Str.,  No. 35 and has obtained in 2021 an income of 481,706 lei from the activity of renting its available locations.

 

On this platform, Sinteza also operates the Benzoic Acid installation, modernized at the end of 2018, the product being mainly destined for the foreign market.

Following the investment works performed, which materialized in research, design, verification, procurement and execution of equipment, the restoration of the structural elements were improved the quality and capacity of the process of obtaining benzoic acid.

The manufactured organic synthesis products are intended for high technical industrial chemical applications, their use being in an increasing trend in the chemical industry.

 

The company analyses the opportunity of the development of the Industrial Park activity on the Borsului Str.,  No. 35  platform. and increasing the revenues from the operation of this industrial platform.

 

At the same time, the company intends to further develop its manufacturing at a high technical level, by expanding its product range.

 

The main products manufactured in the year 2021 , the incomes obtained from their sale and also other incomes, compared to the previous year are as follows:

 

Crt. no.

Products

30 JUN 2021

30 JUN 2020

lei

%

lei

%

1

Exploitation of the industrial platform

481.706

2,38

379.574

3,63

2

Organic synthesis manufacturings

19.772.325

97,62

10.076.156

96,37

 

Total

20.254.031

100,00

10.455.730

100,00

 

 

1.1.3.   Evaluation of the technical-material supply

 

The company acquires industrial technology from renowned companies in the field, both from inland and from abroad.

As for the acquisition of raw resources, materials, energy, the company acts freely on the competitive market.

 

 

1.1.4.   Evaluation of the sale activity

 

Sinteza S.A. sells the products manufactured on markets such as Europe, Turkey, Russia and Asia.

The company sells on the free competitive market, without significant dependencies upon a customer or a group of customers.

The company uses in the sale both the direct sale and the sale through distributors.

           

 

1.1.5.   Evaluation of the aspects related to the company's staff

 

In the year 2021 the average recorded number of staff members was 87 persons. Within the work relations there were no conflictual elements.

The company periodically organizes courses for professional training and intends the financing of some professional school classes of organic synthesis  operators/ chemists.

 

1.1.6                 Evaluation of the aspects related to the environmental impact

 

The company obtained all the authorisations and permits imposed by the legislation in the field. There is no major impact on the environment and there are no litigations related to the breach of the environmental protection legislation.

 

1.1.7                 Evaluation of the research and development activity

 

For the research-development activity, the company collaborates with research-development and technology transfer institutes for new products and technologies.

 

1.1.8                 Evaluation of the activity regarding the risk management

 

The company acts on the competitive market, being exposed from this point of view to normal risks. There is no major or significant exposure regarding prices or liquidity. The company implements the risk management system, the process covering the identification, analysis, management and monitoring of the risks to which it is exposed.

The price risk - there is a permanent monitoring of this risk considering the market on which the firm acts is a specialized one. In fact the company applies and will apply in the future policies for forming the sale price based on the raw material price (Minimum sale price  = Acquisition price + margin). We specify that resorting to this form of price setting is a usual practice on the specific market on which the company acts.;

The credit risk – the company has undergoing and will resort in the future as well to resources drawn especially for the financing of the investment objectives. The resource cost is negotiated and generally sized in connection to the reference rates on the financial market so as to be sustainable for the contractual deadlines. One also takes into account the potential variations of the interest rates;

The liquidity risk – there is a permanent preoccupation for maintaining the liquidity at a level above one. On 30.06.2021 this indicator had the value of 0.7; 

The cash flow risk is monitored daily through prognoses of encashments and weekly and monthly payments. The company applies the policy of the trade credit in the relation with the traditional customers and correlates the encashments deadlines with the deadlines of the payments (suppliers, banks, budgets, salaries).

 

 

1.1.9                 Elements of perspective regarding the trade company activity

 

The company has at the base of its strategy in the field of quality the satisfaction of the requirements and necessities of its customers and other concerned parties by offering on time quality products according to the requirements of the customers, regulation and environmental protection.

The improvements in Benzoic Acid quality and Company alignment to EU market
requirements, a market with higher margins, will support the Company’s
return to the area of operational profit in 2021.

The company's development plans take into account:

               • development of the industrial park project on the current platform of  the company

                • developing the product portfolio by collaborating with research and development institutions

                 • developing the client portfolio, focusing on those that can offer predictability, higher margins and more favorable payment terms

 


The Company will continue to run cash generation programs by renting and
selling assets which are not affecting the core business and by attracting
other funding. The amounts thus obtained, will be used to support the basic
activity through investments and working capital
.

 

1.1.10           Information regarding the internal control

 

Within Sinteza SA, the ensuring of the internal control aims at the internal control and internal audit activities. In the field of internal control, one followed the observance of the internal norms, of the decisions of the leading bodies and financing-accounting norms.

The internal audit is ensured by a contract for services with an independent office. The internal auditor evaluates by a systematic and methodical approach the processes of control and governing of the company and informs the general manager and managers on the significant aspects established by the audit report.

 

 

2            Tangible assets of the company

 

2.1         Placement and description

 

The company owns and manages the following assets:

a) Sos. Borsului no. 35 Platform - dedicated now to the manufacture of Benzoic Acid

b) Sos. Clujului Platform no.159 - meant for the rental or sale

c) Sludge dump – closed for operation and undergoing closing

 

           

2.2         Potential problems related to the ownership right

 

            The are no problems related to the ownership right.

 

 

3            The market of the securities issued by the company

 

The social capital of the company is 9.916.889 lei, divided in 66.112.590 shares with a nominal value of 0,15 lei/share. The shares are transacted on the Bucharest Stock Exchange, Standard category. On the date of 30.06.2021 the structure of the shareholding was the following:

 

F.I.I. BT Invest 1                                         33,8898 %

           Tibor Tincau                                                28,1346 %

                        PLATFORMA ROCA SA                          18,0000 %

Other natural and legal persons              19,9756  %

            Total :                                                        100,0000 %

 

The company did not acquire own shares and did not issue bonds.

 

4            Leadership of the trade company

 

On 30.06.2021 the company's Board of Directors was formed of:

Alexandru Savin                             - chairman

Cosmin Vasile Turcu                     - member

           Claudiu Sorin Pasula                      - member

 

and the company's executive leadership was formed of:

           Tudor-Ioan Stoia                              - general manager

           Robert  Paltin                                   - sales manager

           Adrian Bucurean                             - financial manager

 

None of the above were involved in litigations or administrative procedures related to the capacity to fulfil their duties.

 

 

5            Audit

 

We note that financial statements of the first half of 2021 were not subject to an audit report.

 

6.      Financial and accounting statement

The statement of the individual financial position 30.06.2021

INDICATOR

INDIVIDUAL

 

31.12.2020

30.06.2021

Tangible assets

 

 

Freehold land and land improvements

14,565,500

14,565,500

 Buildings

11,311,786

11,215,471

Technical installations and transport means

13,551,567

12,815,991

 Furniture, office automation equipments

50,821

46,781

Tangible assets in progress

1,636,674

1,445,277

Advance payments for tangible assets

 

 

Total of tangible assets

41,116,348

40,089,020

Intangible assets

   

Concessions, patents, licences, trademarks

163,469

183,155

Intangible assets in progress

59,855

8,841

Shares owned at branch offices and other fixed securities

30,966

106,556

Rights to use the assets leased

56,924

47,939

Total of intangible assets

41,427,562

40,435,511

 

 

 

Current assets

 

 

Stocks

1,245,776

1,061,973

Trade receivables and other receivables

3,114,944

4,369,698

Accrued expenses

205,042

179,773

Cash and cash equivalent

32,503

193,383

Assets classified as being held for sale

2,853,111

2,853,111

Total of current assets

7,451,376

8,657,938

Total of assets

48,878,938

49,093,449

Shareholders’ equities

 

 

Share capital

9,916,889

9,916,889

Share premiums

 

 

Reserves

27,587,348

27,587,348

Result of the year

-5,170,629

1,115,573

Result carried forward

-760,411

-5,931,040

Other elements of shareholders’ equities

-540

-540

Minority interests

 

 

Total of shareholders’ equities

31,572,657

32,688,230

Long-term liabilities

 

 

Long-term loans and other liabilities

402,404

348,891

Deferred income

   

Provisions

 

 

Deferred tax liabilities

3,532,726

3,532,726

Total of long-term liabilities

3,935,130

3,881,617

Current liabilities

 

 

Short-term loans

5,577,315

4,885,276

Trading liabilities and other liabilities, including derivatives

7,609,242

7,502,754

Deferred income

78,298

29,276

Provisions

106,296

106,296

Liabilities classified as being held for sale

 

 

Total of current liabilities

13,371,151

12,523,602

Total of liabilities

17,306,281

16,405,219

Total of shareholders’ equities and liabilities

48,878,938

49,093,449

The statement of the consolidated financial position 30.06.2021

 

INDICATOR

CONSOLIDATED

 

31.12.2020

30.06.2021

Tangible assets

 

 

Freehold land and land improvements

14,565,500

14,565,500

 Buildings

11,311,786

11,215,471

Technical installations and transport means

13,551,567

12,815,991

 Furniture, office automation equipments

50,821

46,781

Tangible assets in progress

1,636,674

1,445,277

Advance payments for tangible assets

 

 

Total of tangible assets

41,116,348

40,089,020

Intangible assets

 

 

Concessions, patents, licences, trademarks

163,469

183,155

Intangible assets in progress

59,855

8,841

Shares owned at branch offices and other fixed securities

33,866

109,456

Rights to use the assets leased

56,924

47,939

Total of intangible assets

41,430,462

40,438,411

 

 

 

Current assets

 

 

Stocks

1,249,447

1,065,644

Trade receivables and other receivables

1,337,223

2,591,977

Accrued expenses

205,042

179,773

Cash and cash equivalent

54,639

213,006

Assets classified as being held for sale

2,853,111

2,853,111

Total of current assets

5,699,462

6,903,511

Total of assets

47,129,924

47,341,922

Shareholders’ equities

 

 

Share capital

9,916,889

9,916,889

Share premiums

   

Reserves

29,026,586

29,026,586

Result of the year

-5,225,158

1,084,634

Result carried forward

-3,850,961

-9,076,118

Other elements of shareholders’ equities

-540

-540

Minority interests

-4,018

-4,092

Total of shareholders’ equities

29,862,798

30,947,359

Long-term liabilities

 

 

Long-term loans and other liabilities

402,404

348,891

Deferred income

 

0

Provisions

 

0

Deferred tax liabilities

3,532,726

3,532,726

Total of long-term liabilities

3,935,130

3,881,617

Current liabilities

 

 

Short-term loans

5,577,315

4,885,276

Trading liabilities and other liabilities, including derivatives

7,568,487

7,492,098

Deferred income

78,298

29,276

Provisions

107,896

106,296

Liabilities classified as being held for sale

 

 

Total of current liabilities

13,331,996

12,512,946

Total of liabilities

17,267,126

16,394,563

Total of shareholders’ equities and liabilities

47,129,924

47,341,922

 

 

The financial statements on 30.06.2021 are drawn up in accordance with the provisions of the Ordonnance of the Ministry of Public Finances no. 881/2012, Ordonnance of the Ministry of Public Finances 2844/2016 and of the Ordonnance of the Ministry of Public Finances 10/2019, that are applicable to the trading companies whose securities are traded on a regulated market.

 

The management of the company is not informed on the events that might put into question the future continuity of the exploitation, an assertion that is based on the fact that the operation line has been updated and it will entail the quantitative and qualitative increase in the production of benzoic acid, as well as the existence of contracts that will ensure the retail of the production.

 

SINTEZA  SA ORADEA informs the investors that S. I 2021 REPORT is available for consultation at the company's headquarters in Oradea, Borsului Street No. 35, daily from 9 to 12,  on the company's website www.sinteza.ro ,as well as in link below, starting on 08/31/2021  at  19:00.

 

PRESIDENT OF THE BOARD OF DIRECTORS

ALEXANDRU SAVIN     

 



 Print

Information provided by IRIS, the news platform of the Bucharest Stock Exchange.

______________________

Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


©2016 Bucharest Stock Exchange. All rights reserved