Report for the Third Quarter of 2017
Issued on: 14.11.2017 Company Name: COMELF SA Registered Office: no. 4, Industriei str., Bistrita, Phone / fax number: 0263/234462; 0263/238092 Tax Identification Number: 568656 Unique Registration Code: J06/02/1991 Subscribed and Paid-up Share Capital: 13.036.325,34 lei Regulated Market on which the securities issued are transacted: B.V.B. (Bucharest Stock Exchange)
Main indicators, thousand
lei |
Quarter
III-
2017 |
Quarter
III-
2016 |
Δ % |
| Total operating revenues, of which: |
138.499 |
137.648 |
0,61 |
| Revenues from Manufacturing |
128.699 |
127.290 |
1,10 |
| Contracts |
|
|
|
Profit/(Loss)
for the interval |
3.488 |
4.409 |
(20,89) |
| EBITDA |
12.856 |
13.964 |
(7,94) |
| Interest-bearing loans |
37.657 |
40.678 |
(7,43) |
*The financial figures are not audited and represent the individual results for Comelf SA, filed according to International Financial Reporting Standards (IFRS);
- ❖ The Operating Revenues of COMELF S.A. have amounted to 138 million LEI in the Q3/2017, similar to those achieved in Q3/2016.
- ❖ The Revenues generated by our core activity have increased in Q3/2017 when compared to Q3/2016, based on the product structure for products sold in the first 9 months of 2017, with a higher average sale price/ton, considering the increased complexity of sold products.
- ❖ The Profit for this interval has been lower by 20,89% in Q3/2017 when compared to the similar period of previous year, the main factors that have had a negative influence on the profit have been:
- i) Raw-material price increase (averaging 100 EUR/ton) only partially compensated by the increase of sale-prices;
- ii) Lack of skilled personnel on the local labour market as well as migration of personnel generate additional costs due to low productivity of newly employed personnel, poorly skilled. Moreover, the evolution of minimum wages as well as the increasing wages in the public sector has put a pressure on the wage-expenses for the private companies creating a need to increase wages in order to keep the employees.
Critical Events for the first 9 months of 2017:
- ❖ On March 10th , 2017 the Extraordinary General Meeting of the Shareholders has approved the decrease of the Registered Capital by 543.179,86 LEI, by cancelling a number of 936.517 of its own shares available to it, thus the number of Registered Shares has been cut down to 22.476.423 shares, corresponding to a value of 13.036.325,36 LEI;
- ❖ On July 17th , 2017 Depozitarul Central has recorded in the Register of the issuer, COMELF SA, the decrease of the Registered Capital according to the EGMS Decision of March 10th , 2017;
- ❖ On October 25th , 2017 the Managing Board of COMELF SA has appointed Mr. Cenusa Gheorghe as General Manager of the Company;
The Report for the Third Quarter of 2017 may be viewed on our website www.comelf.ro/Informatii la zi/ ,as well as in the link below..