6 Month Performance 2022
þ 67.47 million lei EBITDA
þ Net Turnover: 123.43 million lei
þ 49.66 million lei Net Profit
General Manager Statement
The first half of the year was marked by geostrategic and macroeconomic instability, by cost increases in electricity, gas and raw materials, which were directly reflected in CEMACON's production cost.
However, the financial results clearly show the performance of this semester, the turnover being 47% above the similar period of the previous year, in conditions of very good profitability.
We are on schedule with the project of the new factory in Recea, where we will produce clinkerized apparent brick plates, and we are preparing for the implementation of a new renewable energy project, worth 1,052,856 Euros: the photovoltaic park "Cemacon Green Energy Farm".
We are currently at an inflection point, which will be followed by a stabilization of the construction materials sector, where demand and supply will be balanced, and proper urban development is expected to generate further economic growth.
We are concerned and proactive in identifying solutions to increase the energy independence of CEMACON's production units, also we are advancing with rapid steps towards a large-scale industrial hub in the Salaj area.
Profit and loss Account – 6 Month Results 2022
|
|
30-Iun-22
|
30-Iun-21
|
2022 vs 2021
|
2022 vs 2021
|
|
|
LEI
|
LEI
|
LEI
|
%
|
|
|
|
|
|
|
|
Gross Turnover
|
131,731,030
|
89,451,905
|
42,279,125
|
47%
|
|
Net Turnover
|
123,429,514
|
83,918,901
|
39,510,613
|
47%
|
|
Sales revenues
|
123,419,128
|
83,917,177
|
39,501,951
|
47%
|
|
Other operating revenues
|
11,173,438
|
531,386
|
10,642,052
|
2003%
|
|
Other gain and losses
|
7,862,077
|
434,396
|
7,427,681
|
1710%
|
|
Change in inventories of FG & WIP
|
2,798,029
|
(1,171,676)
|
3,969,705
|
-339%
|
|
|
|
|
|
|
|
Raw materials and consumables
|
(18,557,953)
|
(13,503,580)
|
(5,054,373)
|
37%
|
|
Personnel expenses
|
(23,047,026)
|
(17,305,370)
|
(5,741,656)
|
33%
|
|
Other operating expenses
|
(37,810,907)
|
(23,393,546)
|
(14,417,361)
|
62%
|
|
EBITDA
|
67,469,699
|
31,074,624
|
36,395,075
|
117%
|
|
Depreciation and amortization expenses
|
(6,960,848)
|
(6,262,529)
|
(698,319)
|
11%
|
|
Income Depreciation assets
|
-
|
-
|
-
|
0%
|
|
EBIT
|
58,875,938
|
23,246,257
|
35,629,680
|
153%
|
|
Financial income
|
214,010
|
1,071,421
|
(857,411)
|
-80%
|
|
Financial expenses
|
(358,357)
|
(775,075)
|
416,718
|
-54%
|
|
Financial Result
|
(144,347)
|
296,346
|
(440,692)
|
-149%
|
|
|
|
|
|
|
|
Profit before tax
|
58,731,592
|
23,542,604
|
35,188,988
|
149%
|
|
Income tax expenses
|
(9,070,752)
|
(1,987,983)
|
(7,082,769)
|
356%
|
|
Profit after tax
|
49,660,840
|
21,554,621
|
28,106,219
|
130%
|
|
Total other elements of the overall result
|
-
|
-
|
-
|
0%
|
|
Total global result
|
49,660,840
|
21,554,621
|
28,106,219
|
130%
|
*At the time of presentation of the results for Semester 1 2022, 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
The first semester of 2022 was marked by an accelerated increase in energy and natural gas costs, increases due to the impact of the start of the conflict between Ukraine and Russia. These price increases have spread to all economic sectors, generating a generalized inflationary effect. From the point of view of demand, the first semester of 2022 started beyond expectations and the demand for masonry was at a very good level, with CEMACON registering a turnover of over 123 million lei. Later, starting with May, demanded slowed down as a result of inflation and the increase in interest rates, having an impact on consumer incomes.
During the first semester of 2022, the operational activity took place normally, without interruption, with all operational production capacities and working at maximum potential.
Commissioning of the high-efficiency cogeneration plant, partially purchased through European funds, contributes to the operational efficiency of the production line at the Ceramic Block Factory in Recea.
Punerea in functiune a centralei de cogenerare de inalta eficienta, achizitionata partial prin fonduri europene contribuie la eficienta operationala a liniei de productie de la Fabrica de blocuri ceramice de la Recea.
Collections and deliveries were above last year’s level, and the company’s liquidity is very high.
For the period ended June 30, 2022 CEMACON has an EBITDA of 67,469,699 lei and a net profit of 49,660,840 lei.
Statement of financial position – Results 30th of June 2022
|
|
30-Iun-22
|
31-Dec-21
|
2022 vs 2021
|
2022 vs 2021
|
|
ASSTES
|
LEI
|
LEI
|
LEI
|
%
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
Property, plant and equipment
|
160,378,483
|
156,211,126
|
4,167,356
|
3%
|
|
Investment property
|
8,885,960
|
8,885,960
|
-
|
0%
|
|
Intangible
|
1,263,658
|
1,555,775
|
(292,117)
|
-19%
|
|
Rights of use assets
|
16,838,838
|
18,496,866
|
(1,658,028))
|
-9%
|
|
Investments
|
1,000
|
1,000
|
-
|
0%
|
|
Other non-current assets
|
415,730
|
411,127
|
4,602
|
1%
|
|
NON-CURRENT ASSETS TOTAL
|
187,783,668
|
185,561,854
|
2,221,815
|
1%
|
|
CURRENT ASSETS
|
|
|
|
|
|
Inventories
|
15,246,747
|
13,075,236
|
2,171,511
|
17%
|
|
Trade and other receivables
|
31,926,750
|
17,064,942
|
14,861,808
|
87%
|
|
Other receivables
|
15,510,196
|
11,330,612
|
4,179,584
|
37%
|
|
Cash and cash equivalents
|
101,359,481
|
84,223,350
|
17,136,131
|
20%
|
|
CURRENT ASSETS TOTAL
|
164,043,174
|
125,694,140
|
38,349,034
|
31%
|
|
TOTAL ASSETS
|
351,826,842
|
311,255,994
|
40,570,849
|
13%
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade and other payables
|
30,993,483
|
35,223,687
|
(4,230,204)
|
-12%
|
|
Loans and borrowings
|
-
|
-
|
-
|
0%
|
|
Lease liabilities
|
672,136
|
645,008
|
27,128
|
4%
|
|
Obligations under finance leases
|
1,784,942
|
2,088,135
|
(303,193)
|
-15%
|
|
Grants received
|
613,794
|
621,092
|
(7,298)
|
-1%
|
|
Tax liability
|
5,422,082
|
975,690
|
4,446,392
|
456%
|
|
Provisions
|
4,954,703
|
11,096,948
|
(6,142,245)
|
-55%
|
|
CURRENT LIABILITIES TOTAL
|
44,441,140
|
50,650,560
|
(6,209,420)
|
-12%
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
Non-current trade and other liabilities
|
-
|
-
|
-
|
0%
|
|
Loans and borrowings
|
-
|
-
|
-
|
0%
|
|
Lease liabilities
|
5,068,152
|
5,329,619
|
(261,467)
|
-5%
|
|
Obligations under finance leases
|
3,411,028
|
4,259,133
|
(848,105)
|
-20%
|
|
Grants received
|
6,579,343
|
6,885,531
|
(306,189)
|
-4%
|
|
Deferred tax
|
3,756,047
|
3,756,047
|
(0)
|
0%
|
|
Provisions
|
1,315,736
|
2,780,548
|
(1,464,812)
|
-53%
|
|
NON-CURRENT LIABILITIES TOTAL
|
20,130,305
|
23,010,878
|
(2,880,573)
|
-13%
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
64,571,446
|
73,661,438
|
(9,089,992)
|
-12%
|
|
|
|
|
|
|
|
NET ASSETS
|
287,255,395
|
237,594,556
|
49,660,840
|
21%
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Issued capital as per IFRS
|
59,779,702
|
59,779,702
|
-
|
0%
|
|
TOTAL EQUITY
|
287,255,395
|
237,594,556
|
49,660,839
|
21%
|
The fixed assets did not have significant changes during the period, the recorded values being related to the investments that were put into operation and wich are being implemented in 2022.
At the level of stocks and receivables, the changes are generated by the additional commercial activity, related to the period. CEMACON receivables are insured against the risk of non-collection, through a reputable insurer. Cash and cash equivalents remained at high levels, with a good collection amoung receivables.
The share capital did not undergo changes during the period and at the level of the capitals there was an increase in the carried forward result as a result of the operational performances of the period.
In the first semester, on 28.04.2022 occurred the Extraordinary General Meeting of the Company’s Shareholders which approved the increase of the share capital by an amount up to 42.980.550,3 lei.
At the end of the period ending on June 30, 2022 the company’s net assets show a 21% increase compared to the end of 2021, exceeding the amount of 287 million lei, thus CEMACON strengthens its financial position by adding surplus value.
Main Financial Ratios
|
Indicatori financiari relevanti
|
30-Iunie-22
|
|
1.Current liquidity indicator
|
3.82
|
|
2. Leverage indicator
|
0%
|
|
3. Turnover speed for client debit items (days)
|
34
|
|
4. Turnover speed for total assets
|
70%
|
***
The report, together with the related documents, can be consulted starting with 31 August 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 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