Comelf SaBVB: CMF

Financial statements H 1 2024

Aug 29, 2024 at 5:46 AM UTC · MarketScreener

	COMELF SA
	Registru comertului No.J/06/02/31.01.91
	Cont bancar: (Lei) RO 12INGB0024000040598911
GRUP UZINSIDER	(Euro) RO 58INGB0024000040590711
	Deschise la: ING BANK BISTRITA
	Societate cotata la Bursa de Valori Bucuresti

The report of the directors of COMELF SA according to ASF Regulation 5/2018, Annex 14

Issued on: August 29, 2024

Company name: COMELF SA

Registered Office: Bistrita, str. Industry no. 4

Phone/fax number: 0263/234462; 0263/238092

VAT code: 568656

Registration number with the Trade Register: J06/02/1991

Subscribed and paid-in share capital as of 6/30/2022: 13,036,325.34 lei

The main characteristics of the securities issued by the company: Dematerialized registered shares in the number of 22,476,423 with a nominal value of 0.58 lei/share

Regulated market in which the issued securities are traded:

Bucharest Stock Exchange

The Board of Directors of Comelf SA Bistrita, appointed by the General Assembly of

the shareholders prepared, for the period January-June 2024, the present report on the balance sheet

the profit and loss account, the statement of changes in shareholders' equity, the state of the cash flows, accounting policies and explanatory notes included in the individual financial statements semi-annual reports drawn up on 30.06.2024.
These financial statements are presented together with the Directors' Report and relate to:

Equity	RON 76,886,456
Turnover:	RON 76,657,207
Net result of the year-profit:	RON 4,754,129

I.1 Important events taking place between January and June 2024

On 18.04.2024, the OGMS was held, which approved the distribution of the profit
net related to the year 2023, of the amount of 9,328,420 lei for the payment of dividends to the company's shareholders, of which the amount of 4.680.672 lei was distributed according to the OGMS of 26.10.2023 and the payment of the difference, i.e. 4.647.548 lei will be paid starting with 16.09.2024;
On 18.04.2023, the OGMS approved the REB for the current year, the investment programme for 2023, the company's organisation chart and the maximum borrowing limit for the current year;

For the next 6 months of the financial year 2024, we have not identified any significant risks, only the current ones, related to the labour market, in particular regarding qualified staff.

I.2 Transactions between related parties in the period January-June 2024

The transactions with the companies within the group are carried out based on the framework commercial contracts in which the rights and obligations of each party are stipulated, the type of contract is also specified.

Business relations with affiliated parties are based on sale-purchase contracts, commission contracts and consultancy contracts.

Affiliated party	Activity	Description of the type of
business relation

Uzinsider SA

Uzinsider Techo SA

Uzinsider General Contractor SA

Promex SA

24 Ianuarie SA

Consulting services

Brokerage services

Sale of products (filter unit/turbine parts/diffusers)

Acquisition of electricity

Sale of products

Collaborations in the manufacture of subassemblies

Uzinsider SA is the majority shareholder of COMELF

Common shareholders-natural persons, common administrators

Common shareholding, common administrators

Uzinsider SA is the majority shareholder in both companies, joint administrators Uzinsider SA is the majority shareholder in both companies, joint administrators

The sales of goods and services to the affiliated parties are carried out at the prices of the contracts concluded for each order of the external costumers;
Purchases from related parties were made at the purchase value (in line with the market price) according to the contracts;

Sales at:	June	30,	Purchases	June	30,
2024		from:	2024

Uzinsider SA		-	Uzinsider SA		352,218
			Uzinsider
Uzinsider Techo SA	14,242,808	Techo SA		786,389
			Uzinsider
			General
Uzinsider General Contractor SA		-	Contractor SA	3,790,019
Promex SA		14,422	Promex SA		43,274
24 Ianuarie SA		16,539	24 Ianuarie SA		-

Total	14,273,769	Total	4,971,900

Transactions with related parties carried out in the first 6 months of 2024 are the traditional ones, there are no other special transactions, different from those carried out in previous years.

Review of the Company's activity:

Description of the basic activity of the Company:
The company operates based on the Commercial Companies Law no. 31/1990 (with subsequent

amendments and additions), the Capital Market Law no. 297/2004 and Law 24/2017 regarding issuers of financial instruments and market operations. According to article 6 of the Constitutive Act updated in July 2022, the object of activity of the Company is "Manufacturing machines and equipment for earthworks,

for power plants and environmental protection, equipment for lifting and transporting, including their subassemblies."

COMELF is a production company in the field of machine building industry and its object of activity is the manufacture of equipment for power plants and environmental protection, metal structures in the field of renewable energy (source: water, wind and sun), earthmoving machines and equipment or sub-assemblies equipment for lifting and transport equipment, including components therefor. Manufacturing is carried out in 6 production halls, with a total area of 80,824 sqm, equipped with machinery, installations, machine tools for mechanical processing, laboratories and utility networks for the production processes.

COMELF S.A. does not own shares in other companies and does not have any branches.

b). The economic-financial situation

Presentation of an analysis of the current economic-financial situation compared to the same period last year:

a) Balance sheet elements of COMELF SA:

RON	June 30, 2024	December 31, 2023
ASSETS
Non-current Assets	77,436,329	76,382,279

Total Current Assets, of which:	87,759,979	90,740,151
Inventories	19,890,618	21,565,966
Commercial and similar receivables	49,434,224	61,550,549
Cash and short-term deposits	18,435,137	7,623,636

Total Assets	165,196,308	167,122,430

Advance expenses	701,398	161,743

Equity and debt
Total share capital, of which:	76,886,456	81,791,384
Registered capital	13,036,325	13,036,325
Share capital adjustments	8,812,271	8,812,271
Other equity items	(4,561,618)	(4,568,781)
Reserves	53,948,282	53,993,049
Reported result	897,067	1,190,100
The result of the period	4,754,129	9,328,420

Total Long-term liabilities, of which:	10,748,756	11,239,248
Long-term bank loans	-	-
Lease liabilities	-	66,771

Provisions for risks and expenses	249,196	249,196
Debts on deferred taxes	5,303,940	5,211,782
Subsidies for investments_long-term	5,195,620	5,711,499
portion

Total Current Liabilities, of which:	77,864,598	74,253,541
Trade payables	40,653,913	34,652,136
Interest-bearing bank loans	34,839,700	36,812,040
Lease liabilities	163,310	203,782
Provisions for risks and expenses	817,552	1,009,742
Subsidies for investments_short-term	1,209,843	1,296,240
portion
Debts on deferred taxes	180,280	279,601

Advance income	397,896

Total equity and Liabilities	165,897,706	167,284,173

b) COMELF SA profit and loss account:

RON	June 30, 2024	June 30, 2023

Income	88,118,301	95,123,322

Operational result	6,911,676	6,667,745
EBITDA	10,656,786	9,393,471
Financial result	(1,503,119)	(1,236,146)
Profit before tax	5,408,557	5,431,599

Income tax expense	654,428	750,727
Profit for the financial year	4,754,129	4,680,872

Number of shares	22,476,423	22,476,423
Earnings per share	0.212	0.208

COMELF SA revenues amounted to RON 88 million in H1/2024 compared to RON 95 million in H1/2023, down by 7%, on the back of the decrease in sales price due to the fall in metal prices correlated with the increase in average wages on the back of inflation and the evolution of the minimum wage. Of the total revenue of 95 million lei realized in H1 2023, 1 million lei represents revenue from the reversal of the provision for sundry debtors, which is not related to the current activity and is not included in the revenue of 2024.

COMELF SA's expenses decreased, compared to the first semester of 2023, in a higher proportion (8%) compared to the evolution of revenues, influenced by the decrease in the cost of raw materials (18%), by the increase in personnel expenses due to inflation and the increase in the minimum wage (7%), in the context of a decrease in the average number of staff by 4%, utility costs, both due to the decrease in the purchase price of electricity but also as a result of own production of electricity from renewable sources, and the decrease in service costs (in particular transportation costs, partnerships).

The gross result of the company was maintained, compared to H1 2023, given that in the first semester of 2023, a direct profit from the reversal of provision in the amount of 1 million RON was recorded, while the profit for the first semester of 2024, is generated by the operational activity, so EBITDA recorded an increase of 13% (1.263.316 RON).

2. Review of the Company's activity:

2.1. Presentation and analysis of trends, items, events or uncertainty factors that affect or could affect the company's liquidity compared to the same period last year.

Comelf SA was at no time unable to meet its financial obligations during the period under review and we estimate that there will be no events or factors affecting the liquidity of the company until the end of the financial year.

2.2 Presentation and analysis of the effects on the company's financial situation of all capital expenditures, current or anticipated, compared to the same period last year.

Capital expenditure for H1 2024 was RON 2.9 million (H1 2023 = RON 1.8 million). Capital expenditure was financed from own sources.

2.3. Presentation and analysis of events, transactions, economic changes that significantly affect income from core business. Indication of the extent to which revenues have been affected by each item identified. Comparison with the corresponding period last year.

The economic-financial operations related to first half of 2024 were correctly registered, based on legally prepared documents. The obligations stipulated by the law have been fulfilled, regarding the correct and up-to-date organization and management of accounting, regarding compliance with accounting principles, accounting rules and methods provided by the regulations in force.

The obligations towards the state and local budget, towards the special funds were correctly established and the transfers were made in accordance with the legal provisions.

It is also worth mentioning that the income, expenses and individual financial result related to the first six months of 2023 are faithfully reflected in the profit and loss account (income statement).

3. Changes affecting company capital and management

Description of cases where the company was unable to meet its financial obligations during the period in question:
Not applicable.
Description of any change in the rights of holders of securities issued by the company:

Not applicable.

4. Significant transactions

In the case of issuers of shares, information on major transactions entered into by the issuer with persons with whom it acts in concert or in which such persons have been involved during the relevant time period:

Not applicable

5. ANNEXES

A copy for the following documents is attached to this report:

the balance sheet, as of 30.06.2024;
the declaration of the General Manager of Comelf SA regarding the assumption of responsibility for the preparation of the financial and accounting statements related to the 1st half-year/2024;
the shareholding structure, on 30.06.2024;

6. REMARK: The half-yearly financial statements for the six months ended on June 30th 2024 have not been audited or reviewed by an independent auditor, as this is not a legal or statutory requirement.

Annexes:

Shareholder structure on the reference date June 30th, 2024:

	Number of shares	% ownership
Uzinsider SA	18,189,999	80.9292 %
Other shareholders	4,286,424	19.0708 %
Total	22,476,423	100 %

Management structures:

As of June 30, 2024, the management of COMELF SA was composed of the following:

Members of the Company's Board of Directors: Savu Constantin Chairman
Babici Emanuel member Mustata Costica member Sofroni Vlad member Parvan Cristian member
Members of the Executive Management of the Company:

Cenusa Gheorghe General Manager
Pop Mircea	Deputy General Manager Business Operation
Oprea Paul Cristian Deputy General Manager Technical and Production

Tatar Dana Finacial Manager

Serban Marcela Raw Material Procurement Manager

Jurje Valeriu Quality Manager

Tatar Eugen	Factory Executive Manager
Viski Vasile Factory Executive Director
Campian Cosmin Factory Executive Manager

Management statement

According to the best information available, we confirm that the individual financial statements, for the half year 1/2024, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit and loss account of Comelf SA, as required by applicable accounting standards.

We also confirm that the operating performance situation and the information presented in this report give a true and fair view of the main events that occurred during the first six months of 2024 and their impact on the financial statements.

Chairman of the Board of Directors-eng. Savu Constantin

General Manager-eng. Cenușă Gheorghe

Financial Manager-ec. Tatar Dana

The unaudited financial statements as of 30.06.2024, together with the Report of the Board of Directors, are published on the company's website www.comelf.roin the "Up-to-date information" section.

The financial statements and the respective reports were also sent to BSE and FSA, and can be consulted ,as well following the link below.

COMELF S.A.

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2024 IN ACCORDANCE WITH IFRS

(All amounts are expressed in lei, unless otherwise indicated)

STATEMENT OF FINANCIAL POSITION AT June 30, 2024

	Nota	30 June, 2024		31 decembrie 2023
Assets		60,281	60,281

Intangible assets	5	307,594	263,726
Tangible assets	5	73,974,881	75,025,009
Financial assets available for sale	6	-		-
Total non-current assets		74,342,756		75,349,016
Advance payments for tangible assets		3,093,573	1,033,263
Stocks	7	19,756,091	21,474,210
Receivables from contracts with customers	8	42,456,068	49,155,099
Trade receivables and other receivables	9	7,814,081	12,648,949
Current tax receivables		-	-
Cash and cash equivalents	11	18,435,137		7,623,636
Total Current Assets		91,554,950		91,935,157
Total Assets
	165,897,706		167,284,173
Share capital	12	13,036,325	13,036,325
Share capital adjustments	12	8,812,271	8,812,271
Other elements of equity	12	-	-
Reserves	12	49,386,664	49,424,268
Reported outcome	12	897,067	1,190,100
Financial year outcome	25	4,754,129		9,328,420
Total Equity		76,886,456	81,791,384
Debts
Other loans and debts-leasing	13	-	66,771
Deferrend tax liabilities	22	5,303,940	5,211,782
Provisions for risks and expenses	21	249,196	249,196
Deferrend income liabilities	23	5,195,620		5,711,499
Total long-term debts		10,748,756		11,239,248
Overdrafts	13	34,839,700	36,812,040
Deferrend tax liabilities	22	180,280	279,601
The current other loans and liabilities - leasing	11	163,310	203,782
Commercial debts and other debts	14	40,653,913	34,652,136
Provisions for risks and expenses	21	817,552	1,009,742
Income recorded in advance		397,896	-
Deferrend tax liabilities	23	1,209,843		1,296,240
Total current debts		78,262,494		74,253,541
Total Debts
	89,011,250		85,492,789
Total equity and debts
	165,897,706		167,284,173

Cenusa Gheorghe	Tatar Dana
General Manager	Economic Manager
	1

COMELF S.A.

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2024 IN ACCORDANCE WITH IFRS

(All amounts are expressed in lei, unless otherwise indicated)

PROFIT OR LOSS ACCOUNT SITUATION

AND OTHER ELEMENTS OF THE OVERALL RESULT

	Nota	30 iunie 2024	30 iunie 2023
Continuous operations
Revenues
Revenue from contracts with customers	15	81,739,643	87,905,266
Revenues from sales of goods		893,303	0
Other elements related to the turnover		4,362,373	5,627,911
Total revenues		86,995,319	93,533,177
Other revenues	16	999,805	696,405
Expenses
Raw material costs and other expenses		(36,664,245)	(46,198,613)
Electricity and water costs		(1,657,488)	(2,251,082)
Commodity expenses		(884,370)	-
Employment charges	17	(29,301,201)	(27,494,235)
Transport costs	18	(2,799,529)	(3,125,009)
Other expenses related to revenues	19	(5,620,218)	(5,538,355)
Cost depreciaton charge	5	(3,937,316)	(3,765,414)
Financial costs , net	25	(1,503,119)	(1,236,146)
Ajustments related to cirrent assets depreciation ,net	8	(826,250)	1,010,987
Provision costs for risks and expenses, net	21	818,456	28,701
Other expenses	19	(211,287)	(228,817)
Total expenses		(82,586,567)	(88,797,983)
Pre -tax profit		5,408,557	5,431,599
Profit tax	20	(654,428)	(750,727)
Profit from continuous operations		4,754,129	4,680,872
Profit from discontinuous operations		-	-
PROFIT OF THE PERIOD		4,754,129	4,680,872
Other comprehensive income
Items that will not be reclassified to expenses and revenues
Value changes of the used assets as a result of
revaluation ,net of tax		-	-
Items that can be reclassified to expenses and revenues
Value changes of securities available for sale	3
Total profit and loss account and other
comprehensive income
Outcome per share		-	-
From continuous and discontinuous operations
Outcome per basic share (lei per share)		4,754,129	4,680,872
Diluted outcome per share (lei per share)
Din operatiuni continue
Outcome per basic share (lei per share)	24	0.21	0.21
Diluted outcome per share (lei per share)	24	0.21	0.21

Cenusa Gheorghe,	Tatar Dana ,,
General Manager	Economic Manager
	2

COMELF S.A.

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2024 IN ACCORDANCE WITH IFRS (All amounts are expressed in LEI, unless otherwise indicated)

STATEMENT OF CHANGE OF EQUITY

Balance as of January 01, 2024

Profit or loss account and other elements of the overall result Profit or loss

Other elements of the overall result

Net change in the fair value of available-for-sale financial assets Changes in the value of the assets used

Movements in the profit or loss account and other elements of the overall result

Differences from the revaluation achieved transferred to the retained result-current year

Other equity items

Legal reserves established

Total profit or loss account and other elements of the overall result

Other elements retained result - correction of accounting errors

Transactions with shareholders, registered directly in equity Contributions from and distributions to shareholders/employees Total transactions with shareholders

Profit or loss account and other elements of the overall result Balance as of June 30, 2024

	Adjustments	Differences
Capital	of	and reserves	Reserves	Other	The Result	Total
Social	share	from	legal	reserves	witheld
	revaluation
	capital				equity

13,036,325	8,812,271	30,955,944	2,607,265	15,861,059	10,518,520	81,791,384
					4,754,129	4,754,129

0	0	-44,767	0	0	37,604	-7,163
0	0	7.163	0	0	0	7.163
0	0	0	0	0	0	0
0	0	-37.604	0	0	4,791,733	4,754,129
0	0	0	0		-330.637	-330.637
0	0	0	0	0	-330.637	-330.637
0	0	0	0	`0	0	0
0	0	0	0	0	-9,328,420	-9,328,420
0	0	0	0	0	-9,328,420	-9,328,420

13,036,325	8,812,271	30,918,340	2,607,265	15,861,059	5,651,196	76,886,456

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Comelf S A: Report regarding dividends payment for FY2023 EnAug 27, 2024

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