Comelf S.A.

Earnings Release • Aug 12, 2016

GRUP UZINSIDER

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

Raport pentru sem.I. 2016 conform Regulamentului CNVM nr.1 /2006 anexa 31

Raport privind rezultatele la 30.06.2016 Data raportului : 12.08.2016 Denumirea societatii comerciale : COMELF SA Sediul societatii : Bistrita , str. Industriei nr.4 Telefon / fax : 0263.234462 / 0263.238024 Cod unic de inregistrare la ORC : 568656 Numar de ordine in Registrul Comertului : J06 /2 /1991 Capitalul social subscris si varsat : 13.579.505 lei Piata reglementata pe care se tranzactioneaza valorile mobiliare emise : BVB

1. Situatia economico – financiara

1.1 Situatia pozitiei financiare

		lei
Denumirea indicatorilor	31.12.2015	30.06.2016
1. Active imobilizate	107.356.341	105.746.006
2. Active curente din care:	183.618.570	184.928.583
- Stocuri	7.211.418	5.066.608
- Creante	58.701.224	67.032.424
- Casa si conturi la banci	10.154.997	6.937.736
3. Datorii curente	73.092.875	79.783.191
4. Datorii pe termen lung	34.578.063	30.518.173
5. Provizioane pentru riscuri si cheltuieli	9.441.748	9.949.842
6. Capital social	13.579.505	13.579.505
7.Ajustari ale capitalului social	8.812.271	8.812.271
8. Rezerve	60.004.011	60.004.011
9. Rezultatul reportat	8.013.341	8.938.161
10.Rezultatul exercitiului	1.416.474	3.549.477
11. Capitaluri proprii	75.947.632	74.627.219

1.2 Situatia contului de profit sau pierderi

		lei
Denumirea indicatorilor	30.06.2015	30.06.2016
1. Cifra de afaceri	89.765.245	97.885.978
2. Venituri din exploatare	90.492.838	93.423.906
3. Cheltuieli de exploatare	85.252.434	88.237.190
4. Profit din exploatare	5.240.404	5.186.716
5. Venituri financiare	1.515.779	1.446.713
6. Cheltuieli financiare	2.790.004	2.284.393
7. Pierdere financiara	1.274.225	837.680
8. Venituri totale	92.008.617	94.870.619
9. Cheltuieli totale	88.042.438	90.521.583
10. Profit brut	3.966.179	4.349.036
11. Impozitul pe profit	50.970	799.559
12. Profitul net	3.915.209	3.549.477

2. Analiza activitatii societatii

In sem.I activitatea societatii s-a desfasurat continuu , pe un trend usor ascendent, in pofida dificultatilor determinate de cererea cu tendinta de diminuare de utilaje si echipamente energetice sau terasiere , pe piata externa.

Fata de perioada corespunzatoare a anului trecut , productia fizica inregistreaza o crestere cu 1% , obtinuta integral pe seama maririi productivitatii muncii cu 5%. Aceasta evolutie s-a reflectat in nivelul de realizare a principalilor indicatori , cresterea fiind de 2,5% la cifra de afaceri , 6,3% la productia vanduta si de 1,9% la venituri.

Profitul din primul semestru este cu 9,7% mai mare decat cel din anul precedent, ceea ce confirma preocuparea si rezultatele pe linia cresterii eficientei activitatii societatii.

In situatia pozitiei financiare de la 30 iunie se inregistreaza o scadere cu 1.610.335 lei a activelor imobilizate ca urmare a casarilor si a utilizarii garantiilor constituite pentru rascumpararea de actiuni proprii , conform hotararii AGEA.

Stocul de materiale s-a redus cu 2.144.810 lei fata de inceputul anului , ca urmare a masurilor luate pentru diminuarea stocurilor si intrucat s-a urmarit si realizat o mai buna corelare a comenzilor de aprovizionare cu stadile de executie si termenele de livrare , cat si folosirea materialelor din stoc .

Creeantele totale inregistreaza o crestere cu 8.331.200 lei ca urmare a faptului ca in sem. I s-a facturat un volum mare de produse , diminuandu-se stocul de produse finite.

Datoriile curente au crescut cu 5.690.316 lei fata de inceputul anului deoarece nu au fost compensate datoriile la buget cu creantele din TVA-ul de incasat de la ANAF.

Datoriile pe termen lung au continuat sa scada ca urmare a rambursarilor la creditul bancar pentru investitii , angajat pentru cofinantarea programului POS-CCE .

La celelalte pozitii din situatia financiara nu se inregistreaza modificari semnificative.

In semestrul I s-au realizat investitii in echivalentul a 368.976 € si s-au rambursat 492.000 € la creditul de investitii.

Societatea n-a avut probleme de lichiditate in prima parte a anului si nu exista incertitudini cu privire la capacitatea de plata in partea a doua a anului.

In semestrul I s-au achitat 3.248 lei din dividendele cuvenite actionarilor pentru 2013 si 2014 care nu fusesera incasate de actionarii care nu au avut actualizate datele de identificare in Registrul actionarilor . Plata dividendelor aferente anului 2015 se face din 15 iulie 2016 conform hotararii AGOA si contractului incheiat cu Depozitarul Central . Detaliile privind plata dividendelor fac obiectul unui comunicat de presa transmis la B.V.B. si postat pe site-ul societatii www.comelf.ro la "informatii la zi".

3. Schimbari care afecteaza capitalul si administrarea societatii .

Societatea n-a fost in situatia de a nu-si respecta obligatiile financiare in perioada raportata . In data de 21 aprilie 2016 s-a desfasurat AGOA care a aprobat situatia pozitiei financiare,

situatia contului de profit si pierderi si repartizarea profitului net pe anul 2015.

S-a hotarat ca valoarea dividentelor pe anul 2015 sa fie de 2.341.294 lei din profitul nerepartizat in anii precedenti, astfel ca dividentul brut pe actiune este de 0,10 lei.

În perioada analizată s-au efectuat , în baza contractelor si comenzilor comerciale, următoarele tranzictii cu societăţi comerciale din cadrul Grupului UZINSIDER .

Societatea	U.M.	Vânzări	Cumpărări
	lei	-	497.096
UZINSIDER SA	echiv. €	-	110.466
UZINSIDER TECHNO SA	lei	12.086.843	833.675
	echiv. €	2.685.965	185.261
UZINSIDER GENERAL	lei	2.449	-
CONTRACTOR SA	echiv. €	544	-
24 Ianuarie SA	lei	4.667	-
	Ehiv. €	1037	-
PROMEX SA	lei	37.716	-
	echiv. €	8.382
TOTAL	lei	12.131.675	1.330.771
	echiv. €	2.695.928	295.727

Echivalarea in € s-a facut avand in vedere cursul mediu de 4,5 lei / € din semestrul I. Volumul tranzactiilor preconizate pe anul 2016 cu societatile comerciale din Grupul Uzinsider au fost comunicate prin Raport Curent conform Regulamentului CNVM 1/2006 la ASFsi la BVB in 18.01.2016

La derularea tranzactiilor ,conform contractelor , s-au practicat preturile de piata pentru produsele respective , acestea fiind destinate in principal pietei externe , unde concurenta este mare.

Drepturile si obligatiile partilor sunt stipulate in contracte si respectate cu strictete de fiecare parte.

ing. Dorin Stoian ec. Stefan Pop

Director general , Director economic ,

Report on the results on 30.06.2016 Date of report: 12.08.2016 Name of the company: COMELF SA Address: Bistrita , str. Industriei nr.4 Phone / fax : 0263.234462 / 0263.238024 ORC tax identification number: 568656 Order number at Trade Register: J06 /2 /1991 Share capital subscribed and paid: 13.579.505 lei Regulated market trading issued securities: BVB

1. The economical-financial statement

1.1. The financial position statement

	lei
Name of the indicators	31.12.2015	30.06.2016
1. Fixed assests	107.356.341	105.746.006
2. Current asstes	183.618.570	184.928.583
Stocks -	7.211.418	5.066.608
Receivables -	58.701.224	67.032.424
Till and bank accounts -	10.154.997	6.937.736
3. Current liabilities	73.092.875	79.783.191
4. Long term liabilities	34.578.063	30.518.173
	9.441.748	9.949.842
5. Risks and expenses provisions	13.579.505	13.579.505
6. Social capital	8.812.271	8.812.271
Adjustments of social capital 7.	60.004.011	60.004.011
8. Reservers	8.013.341	8.938.161
9. Reported result	1.416.474	3.549.477
Exercise result 10.	75.947.632	74.627.219
11. Equity

1.2 The situation of the profit or loss account

	lei
Denumirea indicatorilor	30.06.2015	30.06.2016
1. Turnover	89.765.245	97.885.978
2. Operating income	90.492.838	93.423.906
3. Operating expenses	85.252.434	88.237.190
4. Operating profit	5.240.404	5.186.716
5. Financial income	1.515.779	1.446.713
6. Financial expenses	2.790.004	2.284.393
	1.274.225	837.680
7. Financial loss	92.008.617	94.870.619
8. Total income	88.042.438	90.521.583
9. Total expenses	3.966.179	4.349.036
10. Gross profit	50.970	799.559
11. Tax profit	3.915.209	3.549.477

2. The analysis of the company's actvity

In the first semester, the company's activity was carried out continuously on a slightly upward trend, despite the difficulties caused by the reduced demand of energy or earthmoving machinery and equipment, on the external market. In comparison to the corresponding period last year, the physical production is growing by 1%, achieved entirely on account of the increasing labor productivity by 5%.

This trend was reflected in the level of achievement of the main indicators, the growth was 2.5% in turnover, 6.3% in sold production and 1.9% in revenue. Profit in the first semester is 9.7% higher than the previous year, which confirms the results on the line growth concern and efficiency of the company. In the statement of financial position on June 30th, a decrease by 1,610,335 lei is registered, of fixed assets due to disposal and utilization of the guarantees created for the redemption of own shares, according to the AGEA decision. The stocks of materials decreased by 2.144.810 million lei compared to the beginning of the year, following the measures taken to reduce inventories and because we aimed to achieve a better corelation of the supply orders , execution stages and delivery time, and also using the materials in stock.

The total receivables are growing with 8.331.200 million lei due to the fact that in the first semester it was billed a large number of products, decreasing the stock of finished products.

Current liabilities increased by 5,690,316 lei in comparison with the beginning of the year because the debts to the state budget were not offset with the VAT receivable cashed from ANAF. Long-term liabilities continued to decline as a result of reimbursements to the bank credit for investment, committed to co-financing the POS-CCE program. In the other positions of the financial situation there are not registered significant changes. In the first semester were made investments equivalent to € 368.976 and € 492.000 were repaid to the investment loan. The company never had liquidity problems in the first half of the year and there is no uncertainty about the ability to pay in the second half year. In the first semester were paid 3.248 lei in dividends to shareholders for 2013 and 2014 that had not been cashed by shareholders who did not have the identifying data updated in the shareholder register. Dividend payment for 2015 is from July 15, 2016 according to the decision AGOA and the contract with the Central Depository. Details of the dividend payments are subject to a press release sent to B.V.B. and posted on the company's website www.comelf.ro in "updates".

3. Changes affecting the capital and management of the company.

The company was not in a position to not respect its financial obligations in the reporting period.

On April 21st 2016 AGOA was held, which approved the statement of financial position, statement of global income and the distribution of net profit in 2015.

It was decided that the total amount of dividends in 2015 to be 2.341.294 lei from the undistributed profit in previous years, therefore the gross dividend is of 0.10 lei per share.

In the period under review, the following transactions were conducted, based on commercial contracts and orders, with companies within UZINSIDER Group.

Company	Currency	Sales	Purchases
UZINSIDER SA	lei	-	497.096
	echiv. €	-	110.466
UZINSIDER TECHNO SA	lei	12.086.843	833.675

	echiv. €	2.685.965	185.261
UZINSIDER GENERAL	lei	2.449	-
CONTRACTOR SA	echiv. €	544	-
	lei	4.667	-
24 Ianuarie SA	Ehiv. €	1037	-
	lei	37.716	-
PROMEX SA	echiv. €	8.382
TOTAL	lei	12.131.675	1.330.771
	echiv. €	2.695.928	295.727

The € equivalence was made considering the average of 4.5 lei / € in the first semester.

The expected number of transactions for 2016 with the companies of the Group Uzinsider were communicated by a current report according to CNVM Regulation 1/2006 ASF and to the BVB on 18.01.2016

To conduct transactions under contracts, there were charged the market prices for these products, which are intended mainly for the external market, where competition is high.

The rights and obligations of the parties are stipulated in contracts and strictly adhered to by each party.

eng. Dorin Stoian econ. Stefan Pop

General manager , Economic director,