Quarterly Report • May 12, 2017
Quarterly Report
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according to Annex 31 to Regulation no. 1/2006 with subsequent modifications regarding the issuers and operations with securities
Date of the report: 31.03.2017
Name of the company: S.C. AEROSTAR S.A. BACAU
Registered headquarters: 9 Condorilor St.
Telephone number: 0234-575070
Sole registration number: 950531
Bacau Trade Register Number: J04/1137/1991
Share capital subscribed and paid: 48.728.784 lei
Regular market on which the issued shares are traded: BUCHAREST STOCK EXCHANGE (symbol "ARS")
The purpose of this interim report of the Board of Directors of AEROSTAR S.A. Bacau is to inform the investors with reference to the modifications in the position and performance of the company, which took place in the time period January-March 2017.
According to the common practice, the financial statements prepared for the date of 31 March 2017 are not accompanied by the report of the independent financial auditor.
The individual financial statements prepared for 31 March 2017 were audited by the internal auditor of the company AEROSTAR SA Bacau.
| MU | 31.03.2017 | 31.03.2016 | |
|---|---|---|---|
| Registered Capital | Thousand lei | 48.729 | 48.729 |
| Turnover | Thousand lei | 74.803 | 81.132 |
| • Export sales |
Thousand lei | 67.934 | 74.759 |
| Expenses for Investments | Thousand lei | 3.040 | 4.001 |
| Actual No of Employees, |
|||
| of which: | no. | 2.158 | 1.977 |
| • Own employees |
no. | 1.880 | 1.779 |
| • Employees attracted by |
no. | 278 | 198 |
| temporary manpower agent | |||
| Gross Profit | Thousand lei | 14.051 | 19.613 |
| Net Profit | Thousand lei | 11.065 | 16.693 |
| General Liquidity | - | 4,39 | 4,33 |
| Stock Exchange Symbol "ARS" |
31.03.2017 | 31.03.2016 |
|---|---|---|
| Number of shares | 152.277.450 | 152.277.450 |
| Market value per share at the end of the period (lei) |
3,440 | 2,660 |
| Stock Exchange Capitalization (lei) |
523.834.428 | 405.058.017 |
| Trading price during the period (minimum level /maximum level) (lei) |
3,25 / 3,56 | 2,24 / 2,79 |
During the first quarter 2017 the sales of AEROSTAR S.A. were in amount of 74.803 thousand lei, of which 67.934 thousand lei from export sales, to a wide diversity of customers, in a large number of different production programmes.
Aerostar sales were made on a global market of wide geographical spread both in the civil and defence fileds of activity.
The expenses for investments made in the timeperiod January-February 2017 amounted a total of 3.040 thousand lei, fully funded from Aerostar funds.
From this amount, 2.745 thousand lei was spent for the acquisition of technological equipment, hardware, measurement and control equipment, installations, for the completion of certain fitting-out improvement and modernizations of the work spaces for improved comfort of the employees (cafeteria, lockers rooms, etc) started during the previous year, 131 thousand lei for the acquisition of software licenses and 164 thousand lei for the development, further on, of the production management IT system.
During the first quarter 2017 in Aerostar there was an actual number of 2.158 employees, of whom 278 were attracted and made available by AIRPRO CONSULT S.R.L., which acts on the market as a temporary manpower agent.
AEROSTAR continued with the performance of professional development programmes for the employees by professional formation programmes.
AEROSTAR performs training for the employees in skills and competences which are not provided otherwise on the labour market.
During the first 3 months of the year 2017, a number of 850 employees attended various professional formation programmes.
The expenses with professional formation of the employees during the first quarter 2017 were in amount of 322 thousand lei.
The average union membership rate during the first quarter 2017 was 77,31%.
On the date of 22 March 2017 the negotiations were ended for a new collective labour agreement valid from 01 April 2017 to 31 March 2019.
During the first three months of this year, Aerostar maintained the certifications and approvals obtained from the certification bodies, from the customers or from other regulatory bodies.
Regarding the quality system, a monitoring audit was performed in Aerostar by the Romanian Civil Aeronautical Authority with a view to maintain the Part 145 approval, while other audits were performed by the customers.
Regarding the environment, an inspection was performed by the Environment Guard on the conformance with the Integrated Environment Authorization and for the validation audit to confirm the number of greenhouse effect gas (GES) certificates corresponding to the year 2016. At the same time, the certificates were handed in, to provide for the compliance with the applicable legislation in force.
Also, the procedure was initiated to renew the Integrated Environment Authorization and the revised GES Authorization 2013-2020 was obtained.
In the general meeting of the shareholders held on 20 April 2017, AEROSTAR's shareholders approved the distribution of the net profit of the year 2016, that is the amount of 56.471.594,73 lei, as follows:
The distribution of the dividends for AEROSTAR's shareholders for the year 2016 will be made in accordance with the legal provisions applicable.
The costs for the distribution will be charged from each shareholder's net dividend.
Financial Position
| 31 March 2017 | 31 December 2016 | |
|---|---|---|
| ASSETS | ||
| Immobilized Assets | ||
| Tangible Immobilizations | 143.184 | 146.007 |
| Intangible Immobilizations | 1.735 | 1.689 |
| Investment Property |
6.361 | 6.499 |
| Financial Immobilizations | 200 | 202 |
| Total Immobilized Assets | 151.480 | 154.397 |
| Circulating Assets | ||
| Inventories | 66.568 | 50.272 |
| Commercial Receivables and other receivables | 53.396 | 42.749 |
| Cash and cash equivalent | 153.392 | 163.153 |
| Total Circulating Assets | 273.356 | 256.174 |
| Expenses in advance | 1.146 | 521 |
| Total Assets | 425.982 | 411.092 |
| COMPANY CAPITALS AND DEBTS | ||
| Capital and Reserves | ||
| Registered Capital | 48.729 | 48.729 |
| Current Result | 11.065 | 56.472 |
| Result carried forward |
104.012 | 56.331 |
| Other reserves | 68.835 | 67.833 |
| Debts /Receivables regarding the tax deferred | ||
| recognized on account of company capitals | (6.539) | (6.362) |
| Distribution of the profit of the period as legal | ||
| reserve | (1.003) | (9.095) |
| Total Company Capitals |
225.099 | 213.908 |
| Long term Debts | ||
| Subsidies for investments | 14.432 | 15.001 |
| Revenues registered in advance | 32 | 33 |
| Debts regarding the deferred tax profit | 4.266 | 3.804 |
| Total long term debts | 18.730 | 18.838 |
| Long term provisions | 70.625 | 71.448 |
| Current Debts | ||
| Commercial debts | 50.083 | 37.472 |
| Debt with tax on current profit | 2.398 | 2.215 |
| Other currents debts | 9.733 | 14.414 |
| Total Current Debts | 62.214 | 54.101 |
| Short term provisions | 49.314 | 52.797 |
| 31 March 2017 | 31 December 2016 | |
|---|---|---|
| Total Provisions | 119.939 | 124.245 |
| Total Debts | 80.944 | 72.939 |
| Total company capitals, debts and provisions | 425.982 | 411.092 |
| 31 March | 31 March | |
|---|---|---|
| 2017 | 2016 | |
| Revenues from sales | 74.803 | 81.132 |
| Other revenues | 917 | 517 |
| Revenues related to the cost of inventories of | ||
| products and production in progress |
13.698 | 5.619 |
| Revenues from the production of immobilizations | 66 | 155 |
| Total Revenues from Operations | 89.484 | 87.423 |
| Expenses | ||
| Expenses with materials | (35.469) | (34.935) |
| Expenses with employees' benefits | (27.217) | (22.285) |
| Expenses with amortization of immobilizations | (5.965) | (3.816) |
| Influence of adjustments related to current assets | (4.191) | (503) |
| Influence of adjustments related to provisions | 4.305 | 3.693 |
| Expenses related to external services | (6.195) | (8.179) |
| Other expenses | (533) | (568) |
| Total Operational Expenses |
(75.265) | (66.593) |
| Profit from Operations | 14.219 | 20.830 |
| Financial Revenues | 922 | 1.416 |
| Financial Expenses | (1.090) | (2.633) |
| Financial Loss | (168) | (1.217) |
| Profit before tax | 14.051 | 19.613 |
| Tax on current profit, deferred | (2.986) | (2.920) |
| Net Profit of the Period | 11.065 | 16.693 |
General Director, Finance-Accounting Director, GRIGORE FILIP DORU DAMASCHIN
Annex 30
| Indicator | Calculation Algorythm | Result |
|---|---|---|
| 1. Current Liquidity Indicator |
Current assets / |
4,39 |
| Current debts | ||
| 2. Endebtness Degree Indicator |
Capital borrowed |
0 |
| /Company Capital x 100 | ||
| 3. Rotation speed of customer debits |
Average customer balance/ | 62 |
| Turnover x 90 |
||
| 4. Rotation speed of immobilized assets |
Turnover / | 0,49 |
| Immobilized Assets |
GRIGORE FILIP DORU DAMASCHIN
General Director, Finance-Accounting Director,
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