Electromagnetica S A : ELMA financial report Q III 2023

About this update from Electromagnetica Sa

Quarterly Report on September 30, 2023 ELECTROMAGNETICA SA CONTENTS: PAGE: SEPARATE QUARTERLY REPORT FOR THE 3RD QUARTER OF THE YEAR 2023 3 SEPARATE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 9-MONTH PERIOD ENDING ON SEPTEMBER 30, 2023 (UNAUDITED) INTERIM SEPARATED STATEMENT OF PROFIT OR LOSS AND OTHER CONPREHENSIVE INCOME 14 INTERIM SEPARATED STATEMENT OF FINANCIAL POSITION 15 INTERIM SEPARATED STATEMENT OF CASH FLOWS 16 INTERIM SEPARATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY I 17 EXPLANATORY NOTES 19 ECONOMIC AND FINANCIAL INDICATORS IN ACCORDANCE WITH ANNEX 13° OF THE FSA REGULATION 5/2018 28 1 ELECTROMAGNETICA SA SEPARATED QUARTERLY REPORT FOR THE 3RD QUARTER OF 2023 Separated financial results for the third quarter of the year 2023 (Q3 2023) compared to the third quarter of the year 2022 (Q3 2022) (unaudited) 2 Separated Quarterly Report Q3 2023 Highlights of the 3-month period ended on September 30, 2023 (Q3 2023) Following internal management reviews, it identified for certain sale contracts of finished products and provision of services, the existence of clauses giving the right of return for unused products through resale or implementation in various projects. Moreover, Electromagnetica acted as a depositary of the products purchased by these customers by drawing up custody records and managing stocks on the company's premises. For the Q3/2023 quarterly report, the above corrections were made in respect of the sale of finished goods which under the contractual terms had a right of return or right to keep in custody. Thus, the last three years have been restated by adjusting the results for the derecognition of net income from these sales. The impact was a decrease in the result by RON 486 thousand for the current year, respectively RON 3,020 thousand for 2021 and RON 1,905 thousand for 2022. At the same time, the company recognized in the financial statements the inventories from custodianships and returns. Following the impairment analysis of all stocks, value adjustments were made in the amount of RON 5,954 thousand. Also, following the analysis of receivables, suspicions of fraud were raised for a contract for the sale of telemanagement implementation services, a contract that Electromagnetica admitted to have been partially implemented. For this contract, a provision with impact on the current result in the amount of RON 2,520 thous...

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