Comelf SaBVB: CMF

Q 3 report 2024

Nov 14, 2024 at 8:02 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

Report on the third quarter 2024

Issued on: November 14, 2024

Company name: COMELF SA

Registered Office: Bistrita, str. Industry no. 4

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

VAT code with the Trade Register Office: 568656

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

Subscribed and paid-in share capital: 13,036,325.34 lei

Regulated market in which the issued securities are traded: BSE (Bucharest Stock Exchange)

1. Presentation of the important events that occurred during the relevant period of time and the impact that they have on the financial position of the issuer and its subsidiaries.

On April 18th, 2024, the AGOA approved the full distribution of the net profit for the year 2023, in the amount of 9.328.420 lei, for the payment of dividends to the shareholders of the company. From the total amount of 9.328.420 lei, the amount of 4.680.872 lei was distributed as interim dividends in the first semester of 2023, for the difference in the amount of 4.647.548 lei the payment started on September 16, 2024.

2. The general description of the financial position and of the performances of the issuer and of its subsidiaries related to the relevant time period.

The main indicators,	01.01.2024-	01.01.2023-	%
thousands of lei	30.09.2024	30.09.2023
Total operating income,	128925	140865	(11,940)
of which:
Revenues from	126940	139451	(12,511)
construction contracts
Profit/(Loss) for the	7078	7213	(135)
period
EBITDA	15412	14812	+600
Interest-bearing Loans	33950	38134	(4,184)
Average number of staff	599	632	(33)

The main indicators,	3rd	3rd QUARTER	%
thousands of lei	QUARTER	2023
	2024
Total operating income,	40446	46489	(6,043)
of which:
Revenues from	38945	45220	(6,275)
construction contracts
Profit/(Loss) for the	2324	2532	(208)
period
EBITDA	4755	5419	(664)
Interest-bearing Loans	33950	38134	(4,184)
Average number of staff	588	635	(47)

*The financial figures are unaudited and outline the individual results of Comelf SA, prepared in accordance with International Financial Reporting Standards (IFRS);

The operating revenues of COMELF SA amounted to 128,925 thousand LEI as at 30.09.2024, down (140,865 thousand LEI as at 30.09.2023) compared to the same period of the previous year. The decrease in revenues in the first 9 months of 2024 compared to the same period of the previous year was influenced by (i) the decrease in the selling price per ton of products by 6.45% due to: the decrease in the metal purchase price (ii) the decrease in physical volumes sold by 4.51%, as a result of the decrease in orders in the first part of the year, in the global economic context marked by a decrease in demand, especially in the earthmoving sector;
Operating expenses: the main expenses that adversely affected the company's profit were:
- Personnel expenses increased by 6.5% as a result of the indexation of salaries by 10% starting February 2024 in the context of 2023 inflation of 12.24% and the increase of the minimum wage from 3000 lei gross to 3700 lei starting July 2024. Staffing fluctuation in the first 9 months of 2024 was 13.2% down 1pp compared to 2023, with the premise not to exceed 2023 fluctuation by the close of the current fiscal year;
- Depreciation and amortization expense increased in absolute amount as a result of new capital expenditures placed in service in late 2023 and early 2024;
Profit for the period decreased insignificantly in the first 9 months of 2024 compared to the profit realized in the same period of the previous year, although, if we decrease the profit realized in 2023 by the amount of 1.010.987 lei, related to an outstanding debt, provisioned in a previous fiscal period, fully collected in January 2023, we obtain an increase in the profit for the activity of 2024.

EBITDA: although turnover decreased, EBITDA improved as a result of:
Optimization of raw materials and materials consumption;
Savings generated by own sources of electricity;
Tracking and minimizing the costs of third-party services;
The company's assets as at 30.09.2024 show that:

Fixed assets: decreasing, on the one hand, being influenced by the depreciation of existing fixed assets (cumulative effect at 30.09.2024: 5,903 thousand LEI), the sale of some fully written off equipment not used in the production flow and, on the other hand, by new investments in progress (7,300 thousand LEI, including advances to suppliers of fixed assets, i.e. 286 thousand LEI);
Current assets decreased by 14.50 % at 30.09.2024 compared to 31.12.2023, due to:

decrease in stocks of raw materials (-14%) in line with the orders actually launched in production, against the backdrop of falling raw material prices and in the context of optimising material purchases for the fourth quarter of 2024;
Work in progress decreased by 20%, as physical volumes contracted for the last quarter were slightly reduced, but also on the back of falling selling prices due to the evolution of the cost of raw materials;
Trade receivables decreased by 17%, at 30.09.2024, compared to the end of 2023 and on the background of the use of reverse factoring facilities with some customers and also on the background of lower invoiced value of products due to the decrease in the purchase price of raw materials;

(iv) Cash increased by 5,394 thousand lei, due to the use of reverse factoring facilities as a collection/payment solution for customers;

Equity decreased compared to 31.12.2023 with the amount related to the net profit realized in the period 01.01.2024-30.09.2024 (RON 7,078 thousand), decreased by the amount of net profit for 2023 (RON 9,328 thousand) fully allocated for dividend payment;
Interest-bearingloans as at 30.09.2024 decreased by the amount of instalments paid, due in the first three quarters of 2024, with no additional loans committed until the end of the third quarter of 2024. Available working capital at 30.09.2024 is 33.836.800 lei (31.12.2023: 36,812,040 lei);
Supplier payables decreased by 17% compared to December 2023 , all in line with due dates;
There are no outstanding debts to the state budget, social security budget and local budgets;

The report for the third quarter 2024 may be viewed on the company's website www.comelf.ro/Informatii la zi/, as well as in the link below.

General Manager,	Financial Manager,
eng. Cenușă Gheorghe	ec. Dana Tatar

COMELF SA Third Quarter Report

According to the FSA Regulation no. 5/2018 Annex no. 13

Issued on: 11/14/2024

Company name: COMELF SA

Registered Office: Bistrita, str. Industry no. 4

Phone/fax number: 0263234462 / 0263238092

VAT code with the Trade Register Office: 568656

Registration number with the Trade Register: J06/2/1991

Subscribed and paid-in share capital: 13,036,325.34 lei

Regulated market in which the issued securities are traded: Bucharest Stock Exchange

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.

1. Presentation of the important events that occurred during the relevant period of time and the impact that they have on the financial position of the issuer and its subsidiaries.

2. The general description of the financial position and of the performances of the issuer and of its subsidiaries related to the relevant time period.

B. Economic and financial indicators as at Q3 2024

Indicator Name	Calculation model	01.01-30.09.2024		01.01-30.09.2023
Current liquidity (general)	Current	1.20		1.24
	assets/Current
	liabilities (the
	recommended value
	for this indicator is
	around 2)
The current (general) liquidity as at 30.09.2024 is 1.24 and represents the coverage of current
liabilities by current assets held by the company.
Degree of indebtedness	Borrowed	-		4.83 %
	capital/Committed
	capital
debt collection time - Customers	Average customer	94	81
(days)	balance / Turnover X
	270
Turnover speed of fixed assets	Turnover / Fixed	1.66		1.90
	Assets
General Manager,	Financial Manager,
eng. Cenușă Gheorghe	ec. Dana Tatar

COMELF S.A.

NOTES TO THE IFRS-COMPLIANT INTERIM FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2024

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

STATEMENT OF FINANCIAL POSITION AT SEPTEMBER 30, 2024

	Nota	30.09.2024		31.12.2023
Assets
		60,281		60,281
Intangible assets	5	237,462		263,726
Tangible assets	5	76,505,406		75,025,009
Financial assets available for sale	6	-		-
Total non-current assets		76,803,149		75,349,016
Advance payments for tangible assets	7	747,626		1,033,263
Stocks	18,094,369		21,474,210
Receivables from contracts with customers	8	40,610,023		49,155,099
Trade receivables and other receivables	9	6,258,324		12,648,949
Current tax receivables	11	-		-
Cash and cash equivalents	13,017,283		7,623,636
Total Current Assets		78,727,625		91,935,157
Total Assets
	155,530,774		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	49,149,948		49,424,268
Reported outcome	12	1,133,783		1,190,100
Financial year outcome	25	7,077,890		9,328,420
Total Equity		79,210,217		81,791,384
Debts
Other loans and debts-leasing	13	-		66,771
Deferrend tax liabilities	22	5,258,775		5,211,782
Provisions for risks and expenses	21	249,196		249,196
Deferrend income liabilities	23	4,900,189		5,711,499
Total long-term debts		10,408,160		11,239,248
Overdrafts	13	33,836,800		36,812,040
Deferrend tax liabilities	22	180,356		279,601
The current other loans and liabilities - leasing	11	115,483		203,782
Commercial debts and other debts	14	29,365,600		34,652,136
Provisions for risks and expenses	21	806,419		1,009,742
Income recorded in advance	23	397,896		-
Deferrend tax liabilities	1,209,843		1,296,240
Total current debts		65,912,397		74,253,541
Total Debts
	76,320,557		85,492,789
Total equity and debts
	155,530,774		167,284,173

Cenusa Gheorghe,	Tatar Dana
General Manager	Economic Manager
	1

COMELF S.A.

NOTES TO THE IFRS-COMPLIANT INTERIM FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2024

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

PROFIT OR LOSS ACCOUNT SITUATION

AND OTHER ELEMENTS OF THE OVERALL RESULT

	Nota	30.09.2024	30.09.2023
Continuous operations
Revenues
Revenue from contracts with customers	15	119,638,770	131,275,327
Revenues from sales of goods		893,838	0
Other elements related to the turnover	16	6,407,529	8,175,020
Total revenues		126,940,137	139,450,347
Other revenues	16	1,985,241	1,414,487
Expenses
Raw material costs and other expenses		(52,411,273)	(68,980,721)
Electricity and water costs		(1,823,141)	(2,573,904)
Commodity expenses		(884,880)	-
Employment charges	17	(44,131,354)	(41,425,649)
Transport costs	18	(3,957,328)	(4,384,438)
Other expenses related to revenues	19	(9,219,136)	(8,246,676)
Cost depreciaton charge	5	(5,902,845)	(5,671,062)
Financial costs , net	25	(2,215,587)	(1,912,226)
Ajustments related to cirrent assets depreciation ,net	10	(30,463)	1,010,987
Provision costs for risks and expenses, net	21	33,802	201,370
Other expenses	19	(260,201)	(441,910)
Total expenses		(120,802,406)	(132,424,229)
Pre-tax profit		8,122,972	8,440,605
Profit tax	20	(1,045,082)	(1,227,200)
Profit from continuous operations		7,077,890	7,213,405
Profit from discontinuous operations		-	-
PROFIT OF THE PERIOD		7,077,890	7,213,405
Other comprehensive income
Items that can be reclassified to expenses and revenues	3	-	-
Value changes of securities available for sale
Total profit and loss account and other
comprehensive income
Outcome per share		-	-
From continuous and discontinuous operations
Outcome per basic share (lei per share)		7,077,890	7,213,405
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 IFRS-COMPLIANT INTERIM FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2024 (All amounts are expressed in LEI, unless otherwise indicated)

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

Balance as of January 01, 2024	13036325	8812271	30955944	2607265	15861059	10518520	81791384
Profit or loss account and other elements of the overall result
Profit or loss						7077890	7077890
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	0	0	-326.572	0	0	274.320	-52.252
Other equity items	0	0	52.252	0	0	0	52.252
Legal reserves established	0	0	0	0	0	0	0
Total profit or loss account and other elements of the overall
result	0	0	-274.320	0	0	7352210	7077890
Other elements retained result - correction of accounting errors	0	0	0	0		-330.637	-330.637
Other elements retained result - correction of accounting errors	0	0	0	0	0	-330.637	-330.637
Transactions with shareholders, registered directly in equity	0	0	0	0	`0	0	0
Contributions from and distributions to shareholders/employees	0	0	0	0	0	-9328420	-9328420
Total transactions with shareholders	0	0	0	0	0	-9328420	-9328420
Profit or loss account and other elements of the overall result
Balance as of September 30, 2024	13036325	8812271	30681624	2607265	15861059	8211673	79210217
								3

COMELF S.A.

NOTES TO THE IFRS-COMPLIANT INTERIM FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2024 (All amounts are expressed in LEI, unless otherwise indicated)

Continued on next page

		Adjustments	Differences
STATEMENT OF CHANGE OF EQUITY	Capital	of	and reserves	Reserves	Other	The Result	Total
		share	from
	Registered	capital	revaluation	legal	reserves	witheld	equity
Balance as of January 01, 2023	13036325	8812271	32423851	2607265	15861059	5503751	78244522
Profit or loss account and other elements of the overall result
Profit or loss						9328420	9328420
4. 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	0	0	-1747508	0	0	1467907	-279.601
Other equity items	0	0	279.601	0	0	-1639346	-1359745
Legal reserves established
Total profit or loss account and other elements of the overall
result	0	0	-1467907	0	0	9156981	7689074
Other items carried forward - correction of accounting errors			0	0	0	0	0

Other result items carried forward	0	0	0	0	0	0	0
Transactions with shareholders, registered directly in equity	0	0	0	0	0	0	0
Contributions from and distributions to shareholders/employees	0	0	0	0	0	-4142212	-4142212
Total transactions with shareholders	0	0	0	0	0	-4142212	-4142212
Balance as of December 31, 2023	13036325	8812271	30955944	2607265	15861059	10518520	81791384

COMELF S.A.

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

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

CASH FLOW STATEMENT

	30.09.2024	31-12-2023
Pre - tax profit	7,077,890	9,328,420
Depreciation of fixed assets	5,902,845	7,601,133
Cash operational brut	12,980,735	16,929,553
Workong Capital Variation		12,192,587
Variation receivables	-7,654,562
Variation stocks	-3,379,841	-13,544,728
Variation in other current assents	-6,625,620	8,269,417
Variation Income/Expenses in advances	-162,316	40,728
Variation suppliers	-4,161,943	-2,521,428
Variation customer advances	890,514	-264,812
Variation employees and assimilated	-1,331,329	2,408,041
Net operating Cash	26,200,316	9,585,864
Cash flow dfrom net investment	7,071,342	6,439,712
Debts change		-2,783,480
Variation of short-term loans	9,520
Variation of long-term loans	-2,984,760	-973,160
Variation of associated debts	-	-2,374
Variation of other liabilities	-	-
Variation of capitalluri	-10,760,087	-6,083,381
Cash flow from financing	-13,735,327	-9,842,395
Total chas variation between	5,393,647	-6,696,243
Initial Cash	7,623,636	14,319,879
Net Cash at end of period	13,017,283	7,623,636

Cenusa Gheorghe,	Tatar Dana
General Manager	Economic Manager

COMELF S.A.

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

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

OPIS NOTE

Reporting entity
Basics of preparation
Significant accounting policies
Significant risk management
Tangible and intangible assets
Financial assets available for sale
Inventories
Receivables from contracts with customers
Trade receivables and other receivables
Value adjustments
Cash and cash equivalents
Equity
Loans
Trade and other payables
Revenues from construction contracts
Other incomes

Staff costs
Shipping costs
Other operating expenses
Income tax
Provisions for risks and expenses
Deferred tax liabilities
Deferred income
Earnings per share
Financial elements
Contingent assets and liabilities
Affiliated parties
Capital commitments
Operational segment reporting
Approval of financial statements
Management statement

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