Quarterly Report • Aug 13, 2021
Quarterly Report
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This is a free translation from Romanian, which is the official and binding version.
This Report of the Board of Directors is prepared in accordance with:
The main objective of the half-yearly report is to inform investors about the changes in the company's position and performance, which took place in the first half of 2021.
COMPA S.A. prepares individual financial statements in accordance with international IFRS financial reporting standards.
COMPA S.A. - prestigious brand of the Romanian automotive industry has gained its reputation over time due to the diversity and competitiveness of its products, especially in the field of cars and springs, qualities acquired in over 130 years of existence and high-performance activity..
1886 - The first official documentary attestation of the blacksmith's workshop Iózsef Datky (1844-1928), recognized as "Datky Iosif & Sons' Body Shop", which produced lamellar springs for carriages, forged parts, bards, axes, hammers, teslas, etc. . The workshop becomes a supplier of carriages for the Royal House of Vienna, and the recognition of the merits and quality of the products made was also proven by the participation in international exhibitions: Budapest (1896) and Paris (1898).
1920 - The beginning of the manufacture of springs for cars and wagons and the transformation of the blacksmith workshop into Elastic A Datky "being the first Romanian factory of springs and special smithy workshop.
1932 - The company "ELASTIC A.DATKY & Co" - the first spring and file factory - moves to the manufacture of files and spiral springs. The technology of manufacturing lamellar springs for trucks and cars has also been developed.
1948 - Nationalization of the factory and continuation of the activity under the name of the STATE ELASTIC ENTERPRISE which until 1960 produced files, springs and forged parts.
1961 - The Elastic Factory Sibiu specializes in the manufacture of: sheet springs; hot-rolled helical springs and cold-rolled helical springs.
1969 -- ESTABLISHMENT OF AUTO PARTS COMPANY Sibiu (IPAS) by merging two important companies from Sibiu, which, over time, had an independent individual course:
Sibiu Automecanica Factory, with an impressive history during its development, from an Arsenal of Sibiu Artillery that ensures the repair and manufacture of weapons for the defense of the Sibiu Citadel (before merger) and the production of car equipment, combining the experience of forerunners with new progress of the technology and management of those times;
Elastic Factory, with deep roots in the craft tradition of the fortress, being established in the nineteenth century as a blacksmith's workshop, which later developed into a body shop and finally, before the merger in 1969, in the spring and forged parts factory.
The unification of the two representative factories of Sibiu and the establishment of the SIBIU AUTO PARTS ENTERPRISE (IPAS) represents a crucial moment, laying the foundations, in Sibiu of a strong company in the automotive field, of an enterprise that would become one of the main suppliers of components for the manufacture of trucks and buses based on the license taken over by the Romanian State from the German company MAN.
The Auto Parts Enterprise has entered into a national development program, with major investments in the construction of halls and the acquisition of state-of-the-art machinery and equipment for that period. Within the company, there were assimilated in manufacturing and produced, as a result of the purchase of licenses from various companies in the European car industry:
1991 - Transformation of the AUTO PARTS COMPANY SIBIU, as a result of the change of the regime from December 1989, into a joint stock company, a company with full state capital, with the name of S.C.COMPA S.A.Sibiu.
1996 - Establishment by Compa, together with a company within the German concern KRUPP, of a joint venture - Krupp Bilstein Compa, for the manufacture of telescopic shock absorbers for car production
1997 -The company's shares are traded on the Bucharest Stock Exchange starting with June 12, 1997, under the symbol CMP. The securities issued by the company are traded in the Standard category of BVB.
1998 Establishment of the second joint venture - Krupp Compa Arcuri, for the manufacture of lamellar springs for trucks, vans and off-road vehicles.
1999 -The complete PRIVATISATION of COMPA, by taking over the main package of shares owned by the COMPA Employees Association (PAS). Privatization was the most radical form of restructuring. The change of ownership meant a complex and profound change in the performance of all the company's functions taken separately and as a whole.As such, the premises for the most profitable use of human, material and financial resources have been created.
2000 - The first affiliated company is established - Compa IT SRL, in the IT field, with full capital from COMPA.
2001 - The affiliated company TRANS CAS SRL is established, with predominant capital from COMPA, by transforming the existing Transport Base within the company, into a separate domestic and international transport company.
2004 - -The affiliated company RECASERV SRL is established, with a profile of public alimentation, realized by outsourcing the specific activities (canteen and microcantines from COMPA). Subsequently, it expanded its activity through catering and cleaning services.
2004-2018 - - Establishing collaborative partnerships with some of the most important companies in the automotive field in the world, as well as with non-auto companies, in order to make components intended mainly for the automotive industry worldwide.
During this period, rehabilitation works were carried out, especially of the halls and warehouses, requiring their modernization and bringing them to a level of operation under the conditions imposed by our business partners.
In order to ensure the production spaces at the level of the requirements and standards of these periods, important investment were made.
The overwhelming share of investment expenditures made from own sources but also from bank loans was mainly focused on financing the acquisition of new, stateof-the-art machines and equipment, in order to achieve automotive components at the level of complexity, technicality and quality. requested by the company's partners.
Compa continues to develop in a sustained rhythm, using high-performance technology and equipment..
2020-- Participation of COMPA S.A., as sole shareholder in the establishment of a limited liability company named Arini Hospitality SRL;
2021 - Establishment of the limited liability company named Arini Hospitality SRL
29.01.2021 - The Board of Directors approved the assignment to the affiliated company Arini Hospitality SRL of the Hotel Consulting Services Contract dated 17.01.2020 and the additional act dated 18.11.2020 concluded between Compa SA as Owner and AccorHotel Services Magyarorszag Kft Budapest as Consultant Hotel.
The results of the annual inventory (2020) of the company's patrimony were also approved, respectively the Registration of adjustments for the depreciation of receivables and stocks and the scrapping / transfer on costs of some:
It was also approved the resumption of revenues of debts prescribed and / or unrecognized by partners.
08.03.2021 The Board of Directors approved the convening of the General Meetings of Shareholders of COMPA S.A. (OGMS and EGMS) for 22.04.2021 the reference date was established and the agenda of the two meetings (OGMS and EGMS) was approved
22.04.2021 - The Ordinary General Meeting (OGMS) and the Extraordinary General Meeting of Shareholders (EGMS) were held in accordance with the legal regulations in force.
The OGMS meeting approved the individual and consolidated financial statements for the financial year 2020, based on the Annual Report for 2020 presented by the Board of Directors, accompanied by the Report of the financial auditor AUDITCONT S.R.L. and the distribution of the net profit related to the financial year 2020, as follows:
To cover losses from previous periods the value of 403,355 lei
for granting dividends to shareholders - the value of 2,803,856.15 lei with a gross dividend / share of 0.0132 lei, corresponding to a share with a nominal value of 0.1 lei;
The payment of dividends related to the financial year 2019 was made starting with June 9, 2021 through the Central Depository in accordance with the provisions of Art. 86 para. 5 of Law 24/2017 and art. 177 of the FSA Regulation no. 5/2018, in securities accounts or directly at BRD, as the case may be.
The shareholders entitled to receive the dividends distributed from the net profit realized from the financial year 2020 are those registered in the consolidated register of shareholders on 18.05.2021 - the date of registration (approved by the A.G.O.A. of 22.04.2021). "Ex date" was set for 17.05.2021.
A new Board of Directors was re-elected consisting of:
Ioan DEAC - administrator,
Ioan MICLEA - administrator,
MIrcea Florin MAXIM - administrator,
Nicolae BALTES - administrator and
Vlad Nicolae NEACSU - independent administrator,
elected for a term of 4 years starting with 26.04.2021.
The EGMS meeting approved the contracting of loans for investments, credit lines, leasing, letters of bank guarantee, and other banking financial products, with a total cumulative ceiling of EUR 40 million for 2021 and the establishment of movable and immovable guarantees with assets from the company's patrimony, as well as the power of attorney of the General Manager and the Economic Director, to represent the Company on the occasion of negotiating and signing credit agreements, guarantees and any other necessary documents.
At the same time, the appointment of the representative of COMPA S.A. was approved. in relation to the Managing Authority / Financing Authorities and for the empowerment of the person / persons to sign in the name and on behalf of the Company the financing contracts that will run from 2021 and further until the next EGMS of April 2022.
At another item on the agenda, it was approved to amend the articles of association of Compa S.A. by eliminating from point VIII the General Meeting of Shareholders the attributions of the Ordinary General Meeting provided at point 1 letter. g, h, i, j.
By open vote, it was approved the establishment of a secondary office - working point at the address in Sibiu, Bd. Victoriei no. 42-44, Jud. Sbiu. for the affiliated company ARINI HOSPITALITY S.R.L., company having its registered office in Sibiu, str. Henri Coanda no. 8, Jud. Sibiu, registered at the Registry Office attached to the Sibiu Tribunal under no. J / 77 / 19.01.2021, having a unique registration code no. 43581594.
28.04.2021 - The Board of Directors (newly elected) meeting in the first meeting elected its Chairman, Vice-Chairman and Audit Committee, as follows:
Ioan DEAC - administrator, chairman of the Board
Ioan MICLEA - administrator, vice-president of the Board
MIrcea Florin MAXIM - administrator,
Nicolae BALTES - administrator, chairman of the Audit Committee
Vlad Nicolae NEACSU - independent administrator, member of the Audit Committee
14.05.2021 - The Board of Directors analyzed and approved the financial statements for the first quarter of 2021 (individual and consolidated).
11.06.2021 The constitutive act updated at the affiliated company TRAN-CAS SRL is registered at the Trade Register, registering the decrease of its share capital from 1,500,000 lei to 750,000, in accordance with Hot. Extraordinary General Meeting of Shareholders of Compa SA from 12.11.2020 and of the Decision of the Extraordinary General Meeting of Trans-Cas SRL Associates from 12.01.2021.
Following this operation, Compa's holding in the share capital of TRANS-CAS decreases from 1,498,450 lei to 742,500 lei. The amount of 755,950 lei will be paid by TRANS-CAS SRL to COMPA in the next period.
21.07.2021 The Board of Directors convened the OGMS for 09.09.2021, for the approval of the Remuneration Policy for the members of the management structure and the EGMS on the same date, in order to contract by the affiliated company Arini Hospitality (in which Compa is the sole partner) a loan necessary to finance the state aid obtained through the financing agreement of 14.06.2021 issued by the Minister of Finance, as well as the guarantee by Compa (either as guarantor or co-debtor) of the bank loans requested by ARINI HOSPITALITY (in case the banks financiers will request this).
The Board of Directors presented and analyzed the situation of the company for the period April - June 2021. It also presented the situation regarding the payment of dividends, the payment approved by the OGMS decision of 22.04.2021.
In order to analyze the economic and financial situation for the first semester of 2021, we further present the following indicators:
| INDICATOR | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Fixed assets | 489,526,763 | 493,639,346 |
| Current assets | 175,643,343 | 273,381,882 |
| Debts less than one year | 69,486,608 | 155,858,741 |
| Debts over one year | 125,104,313 | 111,530,949 |
| Capital and reserves | 470,579,185 | 499,631,538 |
4.2. The situation of incomes and expenses in the period 01.01.2021-30.06.2021, compared to the same period last year
| INDICATOR | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Operating income | 241,507,923 | 376,568,637 |
| Operating expenses | 243,511,297 | 354,873,550 |
| Operating result | -2,003,374 | 21,695,086 |
| Financial income | 2,189,790 | 3,510,399 |
| Financial expenses | 4,226,979 | 4,363,332 |
| Financial result | -2,037,189 | -852,933 |
| Total income | 243,697,713 | 380,079,036 |
| Total expenses | 247,738,276 | 359,236,882 |
| Gross result | -4,040,563 | 20,842,153 |
| Tax | 14,504 | 3,419,489 |
| Net result | -4,055,067 | 17,422,664 |
| INDICATOR | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Net cash generated from operations | 53,590,483 | 11,816,257 |
| Net cash generated from investment activities | -55,852,480 | -14,993,117 |
| Net cash generated from financial activity | -2,656,640 | 3,998,103 |
| Net cash flow | -4,918,637 | 821,243 |
| Cash at the beginning of the period | 6,079,821 | 887,887 |
| Cash at the end of the period | 1,161,184 | 1,709,130 |
| INDICATOR | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Current liquidity | 2.52 | 1.75 |
| Degree of indebtedness | 0.21 | 0.18 |
| EBITDA | 21,923,571 | 42,864,713 |
Current liquidity = current assets / current debts
Degree of indebtedness = borrowed capital / capital engaged
EBITDA = net profit + interest expenses + tax expenses + depreciation and amortization expenses
The production activity within the parent company COMPA is organized on Profit Centers. These "profit centers" are in fact production sections / workshops where families of similar products are made from a constructive and technological point of view, equipped with machines and equipment specific to the realization of these products, being decentralized production units. The economic activity is organized in such a way that in each profit center the profit and loss account is elaborated monthly, a very important document for knowing the incomes and expenses so that by summing the profit and loss accounts of the Profit Centers the Profit and loss account is obtained. at the COMPA level.
There are also profit centers specialized in making a wide range of similar products in terms of manufacturing processes such as: forged products, products made by stamping, surface coatings (galvanizing, phosphating), heat treatments, etc., products designed more many customers. So, profit centers are structured to make certain types of products, regardless of the customer to whom they are delivered.
By decentralizing the activity, respectively organizing these production sections / workshops, on profit centers, the operations managers, those responsible for the profitable management of these production units were entrusted with multifunctional teams, sized with staff, respectively directly productive workers. and indirectly productive staff, support services, in areas such as: production, technical, quality, maintenance, logistics, improvement, training.
Operations managers, managers of the multifunctional management team have the obligation to achieve each product at the level of profitability included in the price negotiated with the business partner. The activity of the multifunctional teams of the profit centers is oriented in this direction: for the inclusion in the established standard costs, for the permanent reduction of the costs, for the obtaining of the planned profit of each manufactured product..
Machining Line Forging Line
COMPA manufactures a wide range of products and operates with various processes. Their grouping, in order to quantify the value of manufactured production both in the Annual Reports of the Board of Directors and for various statistical reports, etc., are based on a certain functional similarity of them, branches or industrial sectors, etc.
Thus, the organizational and logistical structure is coherent and can be understood by COMPA shareholders and investors, business partners, etc..
| PRODUCT CATEGORY | H1 2020 | Q 1 2021 |
|---|---|---|
| Name | Mii RON | Mii RON |
| Components for engine injection systems | 119.778 | 191.579 |
| Components for windshield wiper systems | 25.451 | 32.304 |
| Pinion steering gear | 14.407 | 18.510 |
| Turbo blower subassembly | 29.130 | 44.440 |
| Welded mechanical subassemblies | 13.945 | 19.632 |
| Non-auto products | 32.692 | 62.184 |
| COMPA TOTAL | 235.402 | 368.650 |
| PRODUCT CATEGORY | H1 2020 | Q 1 2021 |
|---|---|---|
| Name | % | % |
| Components for engine injection systems | 50,88 | 51,97 |
| Components for windshield wiper systems | 10,81 | 8,76 |
| Steering gear sprockets | 6,12 | 5,02 |
| Turbo blower subassembly | 12,37 | 12,05 |
| Welded mechanical subassemblies | 5,92 | 5,33 |
| Non-auto products | 13,89 | 16,87 |
| COMPA TOTAL | 100,00 | 100,00 |
The purchasing activity has developed continuously in recent years, with the development of the company. The company's focus on large customers in the automotive industry but also on those in the non-automotive industry, has led to a considerable expansion of the database of suppliers as well as an increase in the share of suppliers in imports, in total purchases. This is due to the high level of specialization required of suppliers.
Also, in the next period it is estimated that the value of semi-finished products in total
purchases will decrease, in favor of basic materials, largely due to the development of new processes in Compa for both the automotive and non-automotive sectors with a high degree of integration. for which most operations are performed internally.
In the context of market globalization - the need to align the market with stock prices for most products by obtaining a price index with 100% compliance with MEPS. (Management Engineering and Production Services price indicator on the metallurgical market, which provides price estimates).
Finding sources of supply to ensure the highest possible competitiveness of the prices of raw materials and supplied materials, stability and sustainability of the supply chain.
Market research and finding new supply solutions as well as the development of suppliers with whom there are collaborations in order to obtain the best price and quality level in the supplied products by collaborating only with certified suppliers. Compa monitors and evaluates on a monthly basis all suppliers whose products are incorporated or influence Compa products. This category includes a number of over 360 suppliers who are evaluated according to criteria related to the quality of the delivered products and logistical criteria..
Improving the performance of cutting tools (eg drills, reamers, cutters, inserts, etc.) is achieved by testing and implementing new and innovative solutions that reduce the cost per piece.
Establish a responsible supply chain by working with suppliers that respect COMPA's principles and vision in the field of quality, environment and health and safety at work by adhering to and implementing policies and regulations addressing these issues, by adhering to, certifying and aligning regulations / standards addressing these issues..
COMPA maintains and calls on its suppliers to take a proactive approach in managing environmental impact, social responsibility and adopting progressive labor, health and safety policies.
COMPA encourages and supports the local business environment through existing trade relations, existing contracts and new / future projects in which its partners are / will be involved. It prioritizes where possible business development with local partners and encourages its suppliers to do the same.
In the first 6 months of 2021, the marketing-sales activity was oriented on the extension and consolidation of the commercial relations with the existing partners and on the development of new businesses in the nonautomotive industry.
Efforts have also been made to maintain a competitive level of selling prices, in line with the evolving market for raw materials, especially steels, which is constantly growing.
The graph below shows the evolution of turnover of COMPA in the first half of the year 2020 - the first half of the year, as well as the evolution of the turnover in the non-automotive sector in the same periods where we recorded an increase of> 35%
The share held by the main COMPA customers in the turnover for the semester 1-2021 is highlighted in the following graph:
Development of new projects for non-automotive customers;
Strengthening trade relations with existing customers;
Promoting manufacturing processes by hot forging and ZnNi coatings, where Compa has free production capacity;
Assimilation of products with high added value;
Development of COMPA as an integrated supplier by using as many existing processes in the portfolio as possible.
COMPA considers that the human factor has a major influence on the achievements in society. The values and beliefs of human resources must be known and promoted for the formation and development of an organizational culture conducive to performance.
The following aspects are important and constitute development landmarks:
• the culture of the organization and the adherence of the staff to it as a somewhat unitary way of manifestation, thinking, feeling, way of being and perceiving values and beliefs, of responding to different attitudes and of using the same language.În ceea ce priveşte managementul capitalului uman, s-a pornit de la premiza că îndeplinirea obiectivelor strategice depinde în primul rând de factorul uman. Dezvoltarea firmei implică elemente care crează valoare pe termen lung şi care pot asigura performanţa viitoare a organizaţiei.
COMPA aims to ensure that the human resources policy is in line with the general objectives of the company, in line with the existing values in the organizational culture, adapted to the current socio-economic context, focusing mainly on:Asigurarea disponibilităţii şi continuităţii forţei de muncă prin păstrarea valorilor din organizaţie;
The main strategic axes pursued in the following years:
Reassessment of motivation strategies;
Digitization and efficiency of HR processes;
În sem.I 2021 au fost depuse 1237 oferte de angajare (CV-uri, cereri, scrisori de intenţie). Au participat la interviuri (interviu, probe de lucru, teste psihologice) în vederea ocupării posturilor vacante 950 persoane.
Dintre aceştia, 397 au fost angajaţi; 45 au fost respinşi din motive profesionale la interviu/probele de lucru, 30 au fost respinşi din alte motive (analfabetism, probleme de sănătate incompatibile cu condiţiile de lucru) şi un număr de 478 de persoane au renunţat la postul oferit din diferite motive (mediul de lucru, programul de lucru, salariu).
Following the negotiations, between the COMPA management and the unions, during the period between November 2020 and October 2021, a salary indexation of 2.70% was granted. Along with the indexation of the salary scale, the benefits deriving from it were also indexed (Christmas and Easter bonuses, holiday bonus, travel allowance, etc.).
During 2020, two additional acts to the applicable Collective Labor Agreement were concluded between the Administration and the unions, regarding the following aspects:
Meal vouchers were given to all employees throughout the year. There are labor relations between the management of the company and the employees within the limits of the Labor Code and of the Collective Labor Agreement.
Weekly, information and consultations take place between the management and the employees' representatives. Compared to previous years, relations have improved, the degree of understanding and communication has increased, the two sides participating in joint meetings. As a result, there were no periods of stagnation of the production process due to the onset of labor disputes.
In the context of the difficult labor market climate generated by the Covid-19 pandemic, COMPA has pursued a policy of increasing the adaptability of staff to the changes the company is going through. During this period, the company relied on the availability of employees to develop new skills as well as to take over additional responsibilities in case of restructuring certain activities..
COMPA consistently applies principles and rules of social responsibility that reflect the requirements of the standard SR ISO 26000: 2011, but also of customers:
• respecting and promoting an ethical behavior: honesty, fairness and integrity, as values that concern us, in relation to people and the environment;
• ensuring an organizational management as a way of leading and carrying out activities in an ethical and responsible manner;
• respect and promotion of human rights in the sense of recognizing the rights of all human beings, civil, political, economic, social and cultural rights;
• application of adequate work practices to ensure working conditions and social protection according to applicable legal standards and regulations;
• protecting the environment as a way to respond to current environmental challenges and as a commitment to apply and promote environmentally responsible practices, including by encouraging the development of green technologies;
• the application of fair practices as a way of ethical conduct in relations with other organizations and persons, respecting the applicable national and international laws and regulations;
• responsibility to customers and consumers to ensure their right to security of use, information, choice, expression, correction, education, in relation to products and services provided by our organization;
• involvement in the development of the community as a way of recognizing that we are part of the community, of the rights due to its members, but also of the elements of culture, religion, tradition and history or of the partnership with it.
The evolution of the average written number of staff in sem. I 2021 registered a decrease compared to the similar period of 2020, from 1999 employees to 1865 employees. This decrease occurred by correlating the number of staff with the temporarily reduced volume of activity due to the Coronavirus pandemic, with the mention that a large part of the staff was in Sem.1 2020 in technical unemployment.
At the end of Sem. 1 2021 there was an increase in the average written number of staff to a number of 1894 employees.
Throughout this period, the aim was to ensure the availability and continuity of the workforce by preserving the values of the organization.
The graph below shows the evolution of the average written number of staff by staff categories:
| H1 2020 | % | H1 2021 | % | |
|---|---|---|---|---|
| MDP (Directly productive workers) | 1283 | 64,18% | 1234 | 66,17% |
| MIP (Indirectly productive workers) | 285 | 14,26% | 234 | 12,55% |
| Economic technical staff | 431 | 21,56% | 397 | 21,29% |
| TOTAL | 1999 | 100,00% | 1865 | 100,00% |
It is found that although the average number of staff decreased, the proportions of the three categories of staff changed, increasing by 2% the share of directly productive workers (MDP), to the detriment of indirectly productive workers (MIP).
Labor productivity, calculated as a ratio between turnover and the average written number of staff recorded the following evolution:
| H1 2020 | H1 2021 | |
|---|---|---|
| Labor productivity (mii lei/pers.) | 178.90 | 207.87 |
At the end of H1 2021, labor productivity registered a cumulative value of 207.87 thousand lei / person, 16.2% higher than the value recorded for this indicator at the end of H1 2020.
Staff turnover, calculated as a ratio between the number of voluntary departures and the total number of employees, registered the following evolution during this period:
| H1 2020 | H1 2021 | |
|---|---|---|
| Fluctuation (%) | 7.55 | 10.29 |
Analyzing the evolution of staff turnover, an increase of this indicator was found, reason for which a series of measures were established in COMPA to remedy this situation, namely: reporting on the level of salaries and benefits in the area, qualification / requalification courses offered to employees, concluding apprenticeship contracts, granting rent allowances, providing transport for commuting employees, settling the value of transport for other employees, improving working conditions (air conditioning, noise reduction, social spaces, etc.).
The human resources policy COMPA also aims to transform society into an organization that "Continuously learns".
The continuous development of human capital through the formation of skills to support the company's development strategy is a priority for COMPA. The management of the company is aware of the advantages offered by highly qualified human resources, familiar with the requirements of the industrial environment quality requested by customers. Therefore, the continuous training of their own employees is a priority for the company's management.
COMPA, as a "learning organization", constantly provides development opportunities for all employees, uses learning to achieve company goals, ensures the permanent combination of individual performance with the performance of the organization, supports career development, determines people to identify with the organization . The objective of the training activity for 2021 is 30 hours of training / employee, increasing compared to 2020 when the target of this indicator was 29 hours / employee.
The training programs developed in COMPA aim to meet the needs of each employee. In order to achieve this objective, in 2005 the Vocational Training Center was established. The programs developed by the center aimed at qualifying / retraining employees in trades such as: machine tool operators with numerical control, welders, mechanical locksmiths, machine mechanics, toolmakers, metrologists, drills-threaders, etc. So far a number of 2837 people have acquired a qualification through this center.
For new employees who want to acquire a qualification or retrain, COMPA develops apprenticeship programs that allow them to easily integrate into new jobs, to obtain a recognized certification, to raise their level of knowledge, satisfaction of responsibility . Currently 9 COMPA employees follow these programs and at the end of the two years of study they will obtain the qualification of operator for numerically controlled machine tools. In the future we intend to increase the number of new employees who follow apprenticeship programs and who will obtain qualifications of level 2 (drill-threader) and level 3 (operator of machine tools with numerical control, mechanical locksmith, etc.)
In order to become more competitive in terms of productivity, quality, customer satisfaction, conservation of resources and the environment, investment in human capital will continue to increase, including by attracting European funds or other sources.
So far, COMPA has implemented or is implementing projects designed to develop the skills of its employees, projects that aim to facilitate the transition from school to active life of pupils and students..
The company's partnerships with technical and vocational university institutions in Sibiu date back to the 70s with the establishment of the Institute of Higher Education, currently the Faculty of Engineering "Hermann Oberth" and IPAS High School, now the Technological High School "Henri Coandă".
The proximity of university and vocational education institutions is part of COMPA's policy to train future generations of specialists, to develop the employment capacity of young people, facilitating the transition from school to active life through internship programs, masters, private scholarships and more. .
The partnerships are mainly aimed at involving COMPA in two areas related to improvement:
Theoretical training through contributions to the adaptation of the university curriculum and the adaptation of the curriculum in local development to the needs of the employer;
Practical training by ensuring the access of pupils and students to modern work environments, to highperformance technologies and equipment, to the knowledge and understanding of the processes developed on the production lines.
COMPA throughout its existence for over 135 years has been permanently based on vocational education being one of the companies that anticipated the need to implement the dual education system. The beginnings of dual education in COMPA was in 2005 with the commissioning of the Vocational Training Center, a modern technical platform equipped with numerically controlled machines and which was made available to the Technological High School "Henri Coandă", a high school with which we still have partnerships since its establishment.
Every year, a number of approximately 55 students attended the machine tool operator courses with numerical control and mechatronist who studied in a traditional educational system but with many dual elements: internships, laboratories, scholarships, various financial benefits. (payment of dormitory, meal, transport, school supplies) and job offers for all graduates.
The campaigns to promote the educational offer and the benefits brought by the dual education in which COMPA participated together with the "Henri Coandă" Technological High School in a sustained way materialized in the constant attraction of the students to the professional and technical education.
In COMPA, there are ongoing coordinated actions for the direction and control of the organization regarding risks in all areas and at all levels.
Regarding the activity of human resources, in the previous year the following risks were identified that could determine the non-fulfillment or defective fulfillment of the process of insurance with human resources:
temporary lack of qualified staff for certain activities, either due to lack of supply on the labor market and non-correlation of educational supply with labor market requirements, or due to emergencies (mass illnesses, quarantines, earthquakes, floods, etc.);
high staff turnover due, mainly, to the incomplete identification of employees' motivation needs and the salary not correlated with the local labor market;
competences of the staff below the level required for serving the job, due to the educational offer not correlated with the market requirements as well as due to the non-observance of the stages of the training process;
corruption in the process of staff recruitment, selection and employment.
The potential effects of the identified risks can be, mainly: delays in the activity of the workshops, respectively delays in the delivery of the products to the clients as well as inadequate quality of the works performed by the employees.
Therefore, for the risks with high criticality, ie with high probability of occurrence or with significant impact on the company's activity, a series of measures have been taken, such as:
Regarding the opportunities identified in the process of securing human resources, they are:
the existence of the COMPA Vocational Training Center, whose mission is to align with European training standards and which ensures professional qualification and retraining, the promotion of modern training techniques and methods as well as the development of the school-enterprise relationship. Training through the Vocational Training Center aims to reduce the integration period of new employees, the rapid accumulation of skills and experience, increase the performance of practical training, knowledge and adaptation to the industrial environment.
involvement in correlating the educational offer with the requirements of the labor market. COMPA, through the Management Director, is a member of the Local Committee for the Development of the Sibiu Social Partnership, a committee that deals with the administrative organization and policies in the field of vocational education and training. In this capacity, COMPA is actively involved in the development of annual schooling plans for vocational and technical education, in facilitating the conclusion of agreements for the practical training of students, promoting actions aimed at the transition from school to work, for socio-professional integration and in the elaboration and implementation of projects for the development of vocational and technical education at national / regional / county level;
Quality, environmental protection, health and safety at work are among the values we care about, being integrated into the long-term development strategy of our organization and are some of the aspects that represent us.
We are aware that both the quality of products and services, care for the environment, continuous improvement of working conditions and prevention of occupational hazards and involvement in the life of the community to which we belong, in full compliance with the requirements of applicable law, are essential for our success. .
By virtue of these things, for their implementation, the important directions in which we act are the following:
We have a firm commitment to the continuous improvement of technologies that allow the capture and reduction of the amount of gases emitted into the atmosphere
The best possible management of various types of waste is at the heart of our concerns to improve internal processes
Suntem angajați în continua perfecționare a proceselor noastre interne și a serviciilor asociate astfel încât sa asigurăm permanent o calitate cât mai ridicată a produselor cu impact direct asupra creșterii satisfacției clienților și reducerii impactului asupra mediului prin reducerea cantității de rebuturi si deșeuri generate.
We have an active involvement in community life by supporting initiatives related to education, sports and environmental protection.
Our organization is certified according to the following standards for management systems, with reference to quality, environment and health and safety at work:
The internal performance on compliance with the requirements of the standards, of the last three years (last certification cycle), resulting from the internal system audits, is presented below (no notable events occurred):
| Management system |
Target / objective | Achieved |
|---|---|---|
| IATF 16949:2016 | 92,5% | 93,8% |
| ISO 9001:2015 | 92,5% | 93,8% |
| ISO 14001:2015 | 95,0% | 95,6% |
| ISO 45001:2018 | 95,0% | 99,0% |
| Management system |
Target / objective | Achieved |
|---|---|---|
| IATF 16949:2016 | 92,5% | 96,2% |
| ISO 9001:2015 | 92,5% | 96,2% |
| ISO 14001:2015 | 95,0% | 95,0% |
| ISO 45001:2018 | 95,0% | 94,0% |
| Management system |
Target / objective | Achieved |
|---|---|---|
| IATF 16949:2016 | 92,5% | 96,2% |
| ISO 9001:2015 | 92,5% | 96,2% |
| ISO 14001:2015 | 95,0% | 95,0% |
| ISO 45001:2018 | 95,0% | 94,0% |
| Management system |
Target / objective | Achieved |
|---|---|---|
| IATF 16949:2016 | 93,0% | 95,4% |
| ISO 9001:2015 | 93,0% | 95,4% |
| ISO 14001:2015 | 95,5% | 94,0% |
| ISO 45001:2018 | 95,5% | 95,0% |
In April 2021, a third-party audit was performed to recertify COMPA S.A. on all four systems, for a new three-year cycle, with the aim of maintaining the current certification and extending it to new product categories. As a result, all four management systems were reconfirmed as effective and efficient, so they were recertified for a new 3 year cycle.
t the company level, the management of actions taken to protect the environment are monitored through an indicator called the global environmental performance indicator which is calculated based on environmental management performance (provides information on management efforts to influence the environmental performance of the organization) and of environmental operational performance (which provides information on the operational results of the environmental performance of the organization's activities).
In recent years there are notable performances in this field, the level of the indicator being 97.5% in 2018, 97.6% in 2019. In 2020 there was a decline, its value being 93.92% , due to the difficult international situation caused by the Coronavirus pandemic. The situation has re-entered the normal phase starting with 2021 so the IGM calculated in the first semester of 2021 is 98.95%
The evolution of the global environmental performance indicator in the last 4 years is presented in the graph
below:
It is also worth mentioning that in the first half of 2021 there were no penalties for non-compliance with environmental compliance obligations
Risk management is an activity that must be performed by each economic agent, permanently to make immediate decisions, at which time the potential risks must be analyzed as well as the measures designed to mitigate their effects..
It is an important field of COMPA's activity and therefore from the bidding process all the risks that may arise are analyzed, such as:
During H1 2021, the level of credit lines committed through the contracts concluded with the two banks (ING Bank and BRD Groupe Societe Generale) were accessed below 50% of the contracted level. The repayment of the investment loan has started
There was a positive situation generated by the fact that the company's own resources, from the depreciation of the machines and equipment included in the price, as well as by the net profit obtained, were not used in full. The surplus of resources was used to repay the credit lines, while also ensuring a lower access to the contracted credit lines, throughout the year.
Under these conditions, during 2021 there were no risks related to loans contracted with banks.
And in H1 2021 this risk category was not felt in the activity of COMPA. Measures have been taken at the level of the company's management to increase the solvency level, eliminating any risk related to entering solvency.
The current liquidity of the company was monitored month by month, the decision makers being permanently informed of the evolution of this indicator.
The measures taken for this purpose in COMPA to reduce and even eliminate the risk of insolvency were:
ensuring a high degree of profitability despite our customers' request to reduce prices every year due to the increase in labor productivity and the effects of the pandemic;
increasing the level of business by assimilating new products in manufacturing;
analysis and evaluation of the partners to whom offers are sent, eliminating the situation of entering the business with companies with a high degree of risk and offering mainly to prestigious companies, without financial risks;
delivery to new or lesser-known customers, only on the basis of payment instruments provided at the time of delivery (CEC, promissory note) or even advance payment.
During H1 2021 there were no moments with very high volatility on the foreign exchange market. The COMPA company has a surplus of currency (Euro) because most deliveries are made in the European Union, as well as credit lines are also denominated in foreign currency. There were no foreign exchange risks with a major impact on the company's financial activity..
Without an objective in this regard, during H1 2021 the level of investments was lower than in previous years.
Therefore, the financial resources to support the process of development and renewal of machinery and equipment were not fully consumed, some of these resources were used to repay the lines of credit contracted for working capital.
In this situation, this risk did not manifest itself at all. Knowing the trends of changing the structure of car production in the future, by reducing the share of diesel cars, it is necessary to analyze very well the areas of investment in the future, investment spending and resource provision must be focused for those future projects especially on car component manufacturing. on gasoline, hybrid or electric.
The theft phenomena from COMPA's patrimony were almost completely eliminated.
The entrance and exit control measures on the company's gates, supported by a system and an extensive network of surveillance cameras, had positive effects in combating the risk of theft.
In the investment activity, funds were used for:
The funds necessary for the development of the investment activity in the amount of 14,993,116 lei on H1-2021 were provided from own sources and from European funds. The economic effects through the purchase of new equipment and technological lines are:
The technical and research-development function in COMPA has as main objective the development of new products being deeply involved in actions of definition and adoption of the most efficient, technological processes so that the price offers presented by COMPA are as attractive as possible to win. as many projects as possible.
In this activity there are important requests for quotations for products specific to the manufacturing profile of COMPA. In this context, the concerns of recent years are aimed at offering non-diesel or even non-automotive products, to ensure a portfolio of new products, diversified, less vulnerable to profound changes in recent times, in the automotive field and beyond.
These are the reasons why COMPA focused its concerns, and for the execution of complex components in the field of machine tool manufacturing. The business partnership with one of the main players in the machine tool industry - DMG Mori is a good start in order to enter this market of non-automotive products. The transition to the realization of complex products in the field of machine tools, respectively to the manufacture of booths for numerically controlled machines delivered to machine tool manufacturers, (products with high added value) is a positive element, promising in business development in this new field for COMPA.
During Sem.12021, the assimilation in manufacturing of the new products for which the necessary production capacities were ensured was continued, with an impact on production in the following years as well.
Among these products we mention:
Valves for steering systems
Nut head and Nozzle for EURO 7 injectors
Nut head Nozzle Euro 7
There are other new products with the prospect of manufacturing these in the medium and long term in the field, such as sprockets for steering boxes, mechanically-welded subassemblies, stamped-stamped parts, springs, etc..
A R&D Center has been set up in Compa since 2019, laying the foundations for the realization of products that will complete the range of products of a high technical and qualitative level.
Also, in this Research-Development Center, new projects and processes are carried out with applicability both within the company, but also projects with advanced technology that can be made available to other companies.
The evolution of research and development expenditures in H1 2021, compared to H1 2020 is presented below:
| INDICATOR | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Research and development expenses | 6.68 | 7.71 |
| Turnover | 235.51 | 368.25 |
| Weight (row 1 / row 2) x 100 | 2.84 | 2.09 |
We mention that these R&D Expenses include:
applied research expenses incurred within the Research Center realized from European funds and from COMPA own resources.
the costs of developing new products, the costs of constructive and technological design, including those costs of monitoring new products and processes, until the transition to their mass production.
expenses incurred by specialists in the technical field of COMPA, which performs technological design operations in order to develop price quotations, including those quotations that for various reasons do not result in a nomination of the company by customers.
The company's shares have been traded since June 1997 on the regulated market administered by the Bucharest Stock Exchange. The nominal value of a share is 0.10 lei.
The main characteristics of the issued securities: 218,821,038 registered shares, ordinary, of equal value, fully paid, issued in dematerialized form and highlighted by registration in the Register of Shareholders managed by Depozitarul Central S.A. Bucharest. COMPA is registered with the ISIN code ROCMPSACNOR9, CMP stock symbol, in the Standard category.
The privatization of COMPA opened important perspectives and the opportunity for the company's development.
After 2020, COMPA's main objective was to establish partnerships with prestigious companies in the automotive industry, a field in which it had the necessary expertise.
In this context, collaboration relations were started and established with the companies Krupp, Piroux, Honeywell - Garrett, Bosch, Delphi, Koyo (today Jtekt) Fuji Kiko, Douglas, etc., for which COMPA became a supplier of components.
COMPA was equipped with machines and equipment with a high degree of physical and moral wear. It was necessary to carry out a long-term development program for the rehabilitation of existing halls and especially for the purchase of state-of-the-art machinery and equipment.
Therefore, annually the company COMPA has made significant investment expenditures both from its own sources and from loans to finance this development program. This was the reason why COMPA has not distributed dividends for 15 years, the net profit being distributed exclusively for the development of the company.
In the OGMS meeting of 22.04.2021, the amount of 2,803,856.15 lei was approved for the distribution of dividends, with a gross dividend per share of 0.0132 lei
In the financial year 2019, the OGMS at the proposal of the Board of Directors approved the redemption program of its own shares, amounting to 3.89 million lei.
Starting with 13.08 2020, the Company started the redemption program of its own shares, in accordance with EGMS decision 18 and 19 of 27.04.2020.
A number of 6,407,697 shares were repurchased in a total value of 3,825,709.95 lei, resulting in a loss related to the repurchase of own shares amounting to 3,184,940.25 lei.
Shareholders / investors can obtain information about COMPA and the main events on the website www.compa.ro
COMPA intends to ensure the rights of shareholders to participate in General Meetings directly or by representation by providing them with special / general powers of attorney, ballot papers by mail, other useful information, to have a fair treatment, regardless of their holdings.
In relation to the capital market, the company fulfilled all the reporting obligations that flowed from the legal provisions by publishing the mandatory continuous and periodic reports in the electronic system of the Financial Supervision Authority and the Stock Exchange as well as on the company's website.
According to the provisions of the Corporate Governance Code, the continuous and periodic information was disseminated simultaneously, both in Romanian and in English..
COMPA has not been unable to meet its financial obligations.
There were no major transactions entered into by the company with the persons with whom it acts in concert or in which these persons were involved during the relevant period of time..
The parent company COMPA prepares and publishes consolidated financial statements in accordance with the applicable accounting regulations, for the financial year ended 31.12.2020.
In this context, the parent company COMPA has control, respectively the share of its participations in the share capital of the affiliated companies is higher than 50% in the following affiliated entities.:
In the Ordinary General Meeting of Shareholders of 22.04.2021, the Board of Directors was revoked and a new one was elected, at the request of significant shareholders, for a term of four years consisting of the following members:
| NAME AND FIRST NAME | FUNCTION |
|---|---|
| DEAC Ioan | Administrator Chairman . / CEO |
| MICLEA Ioan | Administrator Vice President / CFO |
| MAXIM Mircea Florin | Administrator |
| BALTEŞ Nicolae | Administrator./ Chairman of the Audit Board |
| NEACŞU Vlad- Nicolae | Administrator / Audit Committee Member |
Mr. Ioan DEAC - the president of the Board of Directors and Mr. Ioan MICLEA - vice president of the Board of Directors, also holds executive positions within COMPA, respectively General Manager (CEO) and Economic Director (CFO)
Ioan DEAC - Engineer - Bachelor's Degree in Machine Building Technology - Cluj Polytechnic Institute - Faculty of Mechanics.
Ioan MICLEA - Economist - Bachelor's Degree in Economics - Babes Bolyai University Cluj Napoca.
Mircea Florin MAXIM - Engineer - Bachelor's Degree in Economic Engineering - University of Agronomic Sciences and Veterinary Medicine Bucharest.
Nicolae BALTEŞ - Economist - Bachelor's Degree in Economics, specialization Finance-accounting - Bucharest Academy of Economic Studies, Faculty of Finance-Accounting.
Vlad Nicolae NEACŞU - Diploma in Management - Bucharest Academy of Economic Studies. management College
| NAME AND FIRST NAME | FUNCTION |
|---|---|
| DEAC Ioan | Chairman . / CEO |
| MICLEA Ioan | Vice President / CFO |
| FIRIZA Ioan | Director Organizational Management and HR |
| BĂIAŞU Dan-Nicolae | Commercial Director |
| ACU Florin-Ştefan | Technical Director |
| MUNTENAŞ Bogdan-Vasile | Logistics Director |
| ŢUICU Liviu-Laurenţiu | Quality - Environment Director |
| HERBAN Dorin - Adrian | Director Management Systems and Improvement |
| ŢUŢUREA Mihai | Production Director |
| FIRIZA Sorin Ioan | DeputyProduction Director |
| DRAGOMIR Marius C-tin | Chief Maintenance Engineer |
In accordance with the updated Law no. 31/1990, the Audit Committee comprises members who have the necessary specialized knowledge in the field of financial audit and accounting. The Audit Committee, composed of two members of the Board of Directors, provided support to COMPA's governing bodies in terms of internal control and financial reporting. The two members of the Audit Committee are: Mr. Nicolae BALTEŞ - chairman and Mr. Vlad Nicolae NEACŞU member.
During H1 2021, the company COMPA did not carry out major transactions either with the affiliated companies within the Group of which it is part or with other companies holding participations in the share capital of the company COMPA.S.A.
Entities affiliated to COMPA S.A. Sibiu were formed over time, as a result of the need to outsource from COMPA S.A. of specific activities such as: software design, domestic and international car transport, public catering, etc., outsourcing carried out to streamline these activities as well as to benefit from some facilities granted by the state to certain activities (IT activity; transport licenses, etc. .).
Most transactions, contracts with these affiliates represent the provision by COMPA (owner of special and specific facilities), utilities such as: electricity, heat, drinking water, telephone services, compressed air, space rental and equipment necessary for the activity as well as contracts for the supply of goods and services.
On the other hand, these affiliates provide to COMPA goods and services which constitute their object of activity and for which outsourcing has been imposed.
The relations took place in commercial terms of the free market, their price being agreed by negotiation, within the levels practiced on the market.
The transactions performed in the first 6 months of 2021 with the affiliated companies are highlighted in the table below:
| realized on No. Data Penalties Seller Buyer Contract object 30.06.2021 contract contract (per day) RON (excl VAT) |
Payment term |
|---|---|
| Space rental 4 01.06.2006 COMPA SA COMPA-IT SRL 10,800 0.02% |
60 days |
| Fixed assets for rent 1 01.06.2006 COMPA SA COMPA-IT SRL 480 0.02% |
60 days |
| Supply and distribution - 01.01.2005 COMPA SA COMPA-IT SRL 1,938 0.02% of thermal energy |
60 days |
| Electricity supply - 01.01.2005 COMPA SA COMPA-IT SRL 3,553 0.02% |
60 days |
| Drinking and industrial - 01.01.2005 COMPA SA COMPA-IT SRL 1,952 0.02% water supply |
60 days |
| Provision of telephone 15 08.01.2007 COMPA SA COMPA-IT SRL 488 0.02% services |
60 days |
| Provision of materials comenzi - COMPA SA COMPA-IT SRL 948 0.02% ocazionale and services |
60 days |
| 6 01.06.2006 COMPA SA TRANS CAS SRL Space rental 87,000 0.02% |
60 days |
| 3 01.06.2006 COMPA SA TRANS CAS SRL Fixed assets for rent 60,000 0.02% |
60 days |
| Electricity supply - 01.02.2005 COMPA SA TRANS CAS SRL 4,562 0.02% |
60 days |
| Supply and distribution - 01.02.2005 COMPA SA TRANS CAS SRL 30,463 0.02% |
60 days |
| No. contract |
Data contract |
Seller | Buyer | Contract object | Value realized on 30.06.2021 RON (excl VAT) |
Penalties (per day) |
Payment term |
|---|---|---|---|---|---|---|---|
| of thermal energy | |||||||
| - | 01.02.2005 | COMPA SA | TRANS CAS SRL | Drinking and industrial water supply |
6,045 | 0.02% | 60 days |
| 16 | 08.01.2007 | COMPA SA | TRANS CAS SRL | Provision of telephone services |
4553 | 0.02% | 60 days |
| 7003 | 08.01.2007 | COMPA SA | TRANS CAS SRL | Sale of materials and finished products |
12,274 | 0.02% | 60 days |
| 7004 | 08.01.2007 | COMPA SA | TRANS CAS SRL | Cardan repair, metrology, other services |
3,410 | 0.02% | 60 days |
| 5 | 01.06.2006 | COMPA SA | RECASERV SRL | Space rental | 0 | 0.02% | 60 days |
| 2 | 01.06.2006 | COMPA SA | RECASERV SRL | Fixed assets for rent | 0 | 0.02% | 60 days |
| - | 01.01.2005 | COMPA SA | RECASERV SRL | Supply and distribution of thermal energy |
0 | 0.02% | 60 days |
| - | comenzi ocazionale |
COMPA SA | RECASERV SRL | Provision of materials and services |
1,511 | 0.02% | 60 days |
| 32 | 21.12.2020 | COMPA SA | ARINI HOSPITALITY SRL |
Space rental | 4,413 | 0.02% | 60 days |
| 39A | 19.01.2021 | COMPA SA | ARINI HOSPITALITY SRL |
Active transfer | 678146 | 0.02% | 60 days |
| ocazional | COMPA SA | ARINI HOSPITALITY SRL |
Re-invoicing expenses | 0 | 0.02% | 60 days | |
| 2011 | 15.11.2005 | COMPA-IT SRL |
COMPA SA | Software and maintenance services |
1,208,660 | 0.02% | 60 days |
| 715 | 16.07.2009 | TRANS CAS SRL |
COMPA SA | Provision of domestic and international transport services of goods and persons |
7,317,401 | 0.02% | 60 days |
| - | 01.07.2004 | RECASERV SRL |
COMPA SA | Provision of kitchen catering services, buffet bar. Protocol. Special food |
83,252 | 0.02% | 60 days |
| - | 01.03.2006 | RECASERV SRL |
COMPA SA | Cleaning and sorting services |
451,783 | 0.02% | 60 days |
| Receivables from COMPA S.A. from | lei |
|---|---|
| TRANS C.A.S. S.R.L. | 851,280 |
| COMPA-IT S.R.L. | 3,492 |
| RECASERV S.R.L. | 0 |
| ARINI HOSPITALITY S.R.L. | 2,635 |
| Debts to be paid by COMPA S.A. by: | lei |
|---|---|
| TRANS C.A.S. S.R.L. | 4,206,137 |
| COMPA-IT S.R.L. | 926,538 |
| RECASERV S.R.L. | 344,547 |
| ARINI HOSPITALITY S.R.L. | 0 |
in accordance with the provisions of art. 30 of the Accounting Law no. 82/1991
The separate interim financial report was prepared on 30.06.2021 for:
| Entity | COMPA S.A. |
|---|---|
| County | 32 Sibiu |
| Registered office | Sibiu, No. 8, Henri Coandă street, Sibiu County, postal cod 550234 |
| Registration number in the Trade Registry Property form |
J32/129/1991 34 Companies stock |
| Predominant activity (CAEN code and class name) |
2932 - Manufacture of other parts and accessories for motor vehicles |
| VAT No | RO 788767 |
Having the quality of Economic Director, according to art. 10 paragraph (1) of the Accounting Law no. 82/1991, I assume the responsibility for the preparation of the half-yearly financial reports on 30.06.2021 and I confirm the following:
a) The accounting policies used in preparing the half-yearly financial reports are in accordance with the applicable accounting regulations.
b) The half-yearly financial reports provide a true and fair view of the financial position, financial performance and other information relating to the activity carried out.
c) The legal person carries out its activity in conditions of continuity.
Vicepresident & CFO,
Ioan MICLEA
(all amounts are expressed in lei, unless otherwise specified)
| Note | 30.06.2021 | 31.12.2020 | |
|---|---|---|---|
| Assets | |||
| Fixed assets: | |||
| Tangible fixed assets | 4,1 | 408.706.341 | 417.180.412 |
| Real estate investments | 4,2 | 53.312.788 | 68.319.588 |
| Intangible assets | 5 | 8.904.583 | 8.672.020 |
| Other receivables (Subsidies and settlements from joint | |||
| operations) | 6 | 730.215 | 1.224.822 |
| Other fixed assets | 7 | 118.459 | 117.439 |
| Financial investments | 20 | 20.715.500 | 1.768.450 |
| Deferred tax receivables | 10 | 1.151.459 | 1.745.106 |
| Fixed assets - total | 493.639.346 | 499.027.837 | |
| Current assets: | |||
| Stocks | 8 | 110.599.061 | 91.495.293 |
| Trade and other receivables | 6 | 159.385.084 | 139.114.757 |
| Other receivables (Subsidies and settlements from joint | |||
| operations) | 6 | 1.688.607 | 2.193.152 |
| Cash and cash equivalents | 9 | 1.709.130 | 887.887 |
| Current assets - total | 273.381.882 | 233.691.089 | |
| Total Assets | 767.021.228 | 732.718.926 | |
| Equity : | |||
| Capital issued | 11 | 21.882.104 | 21.882.104 |
| Share capital adjustments | 11 | -640.770 | -185.428 |
| reserves | 11 | 371.958.522 | 374.127.963 |
| Reserve adjustment | 23.122.057 | 23.122.057 | |
| Reported result | 11 | 65.886.960 | 65.483.604 |
| The current result | 11 | 17.422.664 | 13.919.766 |
| Distribution of profit | |||
| Equity - total | 11 | 0 499.631.538 |
-10.712.555 487.637.511 |
| Debts | |||
| Long debts : | |||
| Financial debts | 12 | 83.349.084 | 80.817.900 |
| Advance income (advance income, subsidies) | 13 | 28.046.219 | 29.202.849 |
| Provisions | 14 | 135.645 | 135.645 |
| Long debts - total | 111.530.949 | 110.156.394 | |
| Current debts: | |||
| Financial debts | 12 | 14.222.647 | 12.118.166 |
| Trade and similar debts; | 13 | 113.909.629 | 98.789.732 |
| Debts from contracts with clients | 13 | 8.855.569 | 3.408.686 |
| Other debts | 13 | 13.092.150 | 13.047.416 |
| Current tax liabilities | 10 | 1.562.695 | 894.988 |
| Advance income (advance income, subsidies) | 13 | 4.216.051 | 6.666.033 |
| Current debts - total | 155.858.741 | 134.925.021 | |
| Total debts | 267.389.690 | 245.081.415 | |
| Total equity and debts | 767.021.228 | 732.718.926 |
(all amounts are expressed in lei, unless otherwise specified)
| Nota | 30.06.2021 | 30.06.2020 | |
|---|---|---|---|
| Incomei | 15 | 368.249.013 | 235.513.230 |
| Oyher Income | 15 | 8.319.624 | 5.994.693 |
| Total Income | 376.568.637 | 241.507.923 | |
| Variation of stocks of finished products and production in | |||
| progress | 16 | 797.122 | -6.035.742 |
| Raw materials and consumables used | 16 | -240.212.832 | -143.279.968 |
| Expenses with employee benefits | 17 | -72.396.736 | -52.462.489 |
| Depreciation and amortization expenses | 4,5,16 | -21.384.997 | -25.419.780 |
| Services provided by third parties | 16 | -17.148.440 | -12.219.745 |
| Other expenses | 16 | -4.527.668 | -4.093.574 |
| Total expenses | -354.873.550 | -243.511.297 | |
| Operating result | 21.695.086 | -2.003.374 | |
| Financial income | 18 | 1.308 | 7.093 |
| Financial expenses | 18 | -637.562 | -544.354 |
| Other financial gains / losses | 18 | -216.678 | -1.499.927 |
| Net financing costs | -852.933 | -2.037.189 | |
| Profit before tax | 20.842.153 | -4.040.563 | |
| (Expenses) / Deferred income tax income | 10 | -734.844 | -14.504 |
| Current income tax expense | 10 | -2.684.645 | 0 |
| Net profit for the period | 17.422.664 | -4.055.067 | |
| Other elements of the overall result: | |||
| Of which other items of comprehensive income that will not | |||
| be subsequently reclassified to profit or loss: | |||
| Income tax related to other elements of the overall result | |||
| 10 | 141.197 | 147.044 | |
| Other income from comprehensive income, net of tax | 141.197 | 147.044 | |
| Total overall result for the year | 17.563.861 | -3.908.023 | |
| Unbound result on basic / diluted stock | 19 | 0,08 | -0,02 |
(all amounts are expressed in lei, unless otherwise specified)
| Equity element | Share capital |
Share capital adjustments |
Legal reserves |
Legal reserves adjustments |
Reserve reevaluare |
Other reserves |
Other reserves adjustments |
Reported result |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance at 01.01.2020 |
21.882.104 | 0 | 4.376.421 | 22.679.066 | 83.891.130 | 271.841.113 | 442.991 | 69.374.383 | 474.487.208 |
| Profit of the year | 13.919.766 | 13.919.766 | |||||||
| Other elements of the overall result, of which: | 0 | 0 | 0 | 0 | 0 | -584.035 | 0 | 0 | -584.035 |
| Losses related to the redemption of own shares | -874.303 | -874.303 | |||||||
| Income tax related to other elements of the overall result |
290.268 | 290.268 | |||||||
| Profit distribution | 0 | 14.603.334 | -14.603.334 | 0 | |||||
| Balance at 31.12.2020 |
21.882.104 | -185.428 | 4.376.421 | 22.679.066 | 83.891.130 | 285.860.412 | 442.991 | 68.690.815 | 487.637.511 |
| Element al capitalului propriu | Share capital |
Share capital adjustments |
Legal reserves |
Legal reserves adjustments |
Reserve reevaluare |
Other reserves |
Other reserves adjustments |
Reported result |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance at01.01.2021 | 21.882.104 | -185.428 | 4.376.421 | 22.679.066 | 83.891.130 | 285.860.412 | 442.991 | 68.690.815 | 487.637.511 |
| Profit of the year | 17.422.664 | 17.422.664 | |||||||
| Other elements of the overall result, of which: | 0 | 0 | 0 | 0 | 0 | -2.169.439 | 0 | 0 | -2.169.439 |
| Losses related to the redemption of own shares | -2.310.636 | -2.310.636 | |||||||
| Income tax related to other elements of the overall result |
141.197 | 141.197 | |||||||
| Transactions with shareholders, registered directly in equity, of which: |
0 | -455.342 | 0 | 0 | 0 | 0 | 0 | -2.803.856 | -3.259.198 |
| Repurchase of own shares | -455.342 | -455.342 | |||||||
| Profit distribution 2020 on dividends | 0 | -2.803.856 | -2.803.856 | ||||||
| Balance at30.06.2021 | 21.882.104 | -640.770 | 4.376.421 | 22.679.066 | 83.891.130 | 283.690.973 | 442.991 | 83.309.623 | 499.631.538 |
(all amounts are expressed in lei, unless otherwise specified)
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Cash flows from operating activities: | ||
| Profit before tax | 17.422.664 | -4.040.563 |
| Depreciation and amortization expenses | 21.384.997 | 25.419.780 |
| (Increases) / Decreases in stocks | -19.103.768 | 17.948.271 |
| (Increases) / Debt decreases | -19.272.195 | 65.720.983 |
| Increases / (Debt decreases) | 21.279.221 | -49.568.516 |
| Adjust other non-monetary items | -9.894.662 | -1.889.472 |
| Net cash generated from operations | 11.816.257 | 53.590.483 |
| Cash flows from investment activity: | ||
| Acquisitions of tangible assets and real estate investments | -14.269.864 | -54.533.505 |
| Acquisitions of intangible assets | -723.253 | -1.318.975 |
| Net cash generated from investment activities | -14.993.117 | -55.852.480 |
| Cash flows from financial activity | ||
| (Increases) / Decreases in bank loans | 4.635.665 | -2.112.286 |
| Interest rates | -637.562 | -544.354 |
| Net cash generated from financial activity | 3.998.103 | -2.656.640 |
| Net cash generated from total activity | 821.243 | -4.918.637 |
| Cash and cash equivalents at the beginning of the period | 887.887 | 6.079.821 |
| Cash and cash equivalents at the end of the period | 1.709.130 | 1.161.184 |
(all amounts are expressed in lei, unless otherwise specified)
COMPA is a joint stock company, headquartered in Sibiu. str.Henri Coandă no.8. CP 550234
The main activity according to CANE is 2932 - Manufacture of other parts and accessories for motor vehicles and motor vehicles.
COMPA S.A. it has been 100% privatized since September 1999.
The company is listed on the stock exchange, the shares are traded on the Bucharest Stock Exchange since June 1997, and are currently traded on the Standard category, CMP symbol.
By Government Decision no. 1296 / 13.12.1990 the company became Societatea Comercială COMPA S.A. coming from the Sibiu Auto Parts Company (I.P.A.Sibiu). I.P.A.Sibiu was founded in 1969 by the unification of two units:
Uzina Elastic and Uzina Automecanica Sibiu. Since 1991 COMPA has been organized in factories / workshops set up by product families as cost centers that over time have become profit centers in order to decentralize and facilitate the establishment of joint ventures.
The separate financial statements have been prepared in accordance with the International Financial Reporting Standards adopted by the European Union and with the Order of the Minister of Public Finance no. 2844/2016 The company adopted the reporting according to IFRS starting with the financial statements of 2012.
The individual financial statements have been prepared based on the principle of business continuity, which means that the Company will be able to operate under normal conditions..
The individual financial statements have been prepared based on historical cost. except for certain property, plant and equipment that is measured at revalued amount or fair value as explained in the accounting policies. The historical cost is generally based on the fair value of the consideration given in exchange for the assets.
The individual financial statements are presented in Romanian lei (RON). rounded to the nearest value. this being the functional currency of the Company.
The preparation of individual financial statements in accordance with IFRSs adopted by the European Union involves the use of estimates by management. judgments and assumptions affecting the application of accounting policies as well as the reported value of assets. debts. income and expenses. Estimates and judgments are generally based on historical information and any other sources considered representative of the situations encountered. Actual results may differ from these estimates.
Estimates and assumptions are reviewed periodically. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in future periods if they are affected.
Changing estimates does not affect previous periods and is not a correction of an error.
Information on critical judgments in the application of the Company's accounting policies. whose effect is significant on the amounts recognized in the financial statements are included in the notes on:
Tangible and intangible assets are depreciated over their useful lives. The management of the Company uses professional reasoning in determining the useful life. and the evidence used to determine it includes the technical specifications of the equipment. information from the commercial contracts that the company has concluded with customers. history of products sold. market information related to the company's products and the adaptability of the equipment.
Intangible and tangible fixed assets are analyzed to identify whether they show indications of impairment at the date of the financial statements. If the net book value of an asset is greater than its recoverable amount. an impairment loss is recognized in order to reduce the net carrying amount of the asset to its recoverable amount. If the reasons for recognizing the impairment loss disappear in the following periods. the net book value of the asset is increased to the level of the net book value. which would have been determined if no impairment loss
had been recognized. Evidence that can cause a depreciation includes a decrease in utility for society. excessive physical wear and tear. the emergence of new production technologies.
Deferred tax assets are recognized as an asset. to the extent that it is probable that there will be a taxable profit from which the losses can be covered. The Company's management uses professional judgment in determining the amount of deferred tax assets that can be recognized as assets.
The management's decisions are based on information from the commercial contracts that the Company has concluded with the clients. forecasts related to the car market and car components.
Provisions are recognized when the Company has a current legal or implied obligation arising from a past event. it is likely that an outflow of resources incorporating economic benefits will be required to settle the obligation and a reliable estimate of the value of the obligation may be achievable. The amount recognized as a provision is the best estimate of the expense required to settle the current obligation at the end of the reporting period.
The valuation for impairment of receivables is performed individually and is based on management's best estimate of the present value of the cash flows expected to be received. The company reviews its trade and other receivables at each date of the financial position. to assess whether to record a impairment loss in the income statement. In particular, the professional judgment of management is necessary for estimating value and for coordinating future cash flows when impairment losses are determined. An impairment loss is recognized if the carrying amount of an asset or a cash-generating unit exceeds its estimated recoverable amount. These estimates are based on assumptions about several factors. and the actual results may be different. leading to future changes in adjustments.
When the fair value of financial assets and liabilities reflected in the statement of financial position cannot be measured on the basis of prices quoted in active markets. their fair value is measured using valuation techniques. including the updated cash flow model. The assumptions in these models are taken from available market information. but when it is not possible. reasoning is required to determine fair value. Rationale includes determining assumptions such as credit risk and volatility.
The separate financial statements have been prepared in accordance with International Financial Reporting Standards adopted by the European Union ("EU").
The significant accounting policies applied by the Company are those presented in the Financial Statements concluded on 31.12.2020 and have not changed during the interim report
The evolution of tangible assets from January 1, 2021 to June 30, 2021 is as follow::
| Explanations | Book value at la 30.06.2021 |
Book value at 01.01.2021 |
|---|---|---|
| Lands | 43.848.700 | 43.848.700 |
| Constructions | 83.171.260 | 86.092.732 |
| Equipment and vehicles | 237.269.831 | 212.928.875 |
| Other tangible assets | 488.487 | 516.779 |
| Explanations | Book value at la 30.06.2021 |
Book value at 01.01.2021 |
|---|---|---|
| Corporal immobilizations taking course | 43.928.063 | 73.793.326 |
| Total | 408.706.341 | 417.180.412 |
Tangible assets representing "Tangible fixed assets in progress" are measured at historical cost.
The company has chosen for the valuation of tangible assets of land and construction nature the model of revaluation at fair value.
In the fair value hierarchy, the revaluation of the company's buildings and land at fair value is classified as level 2 data.
The valuation technique used in the fair value measurement of level 2 is the price comparison method. Prices comparable to nearby buildings and constructions are adjusted according to specific characteristics, such as the size of the property, etc. The most important entry date for this valuation method is the price per square meter.
There were no transfers between the level at which the fair value measurements are classified during 2021.
Depreciation of all property, plant and equipment is determined by the straight-line method.
The fixed assets acquired from third parties in 2021 amounted to 7,817,849 lei, and the value of those realized under own management was 4,600,312 lei.
Fixed assets decreased in 2021 through depreciation and scrapping. The scrapped fixed assets were fully depreciated and had an inventory value of 1,784,142 lei.
The evolution of real estate investments from January 1, 2021 to June 30, 2021 is as follows:
| Explanations | Book value at 30.06.2021 |
Book value at 01.01.2021 |
|---|---|---|
| Real estate investments | 50.130.384 | 58.429.296 |
| Real estate investments under construction | 3.182.404 | 9.890.292 |
| Total | 53.312.788 | 68.319.588 |
Real estate investments are valued at fair value. A gain or loss generated by a change in the fair value of the investment property is recognized in profit or loss for the period in which it occurs.
Fixed assets "Real estate investments in progress" are valued at historical cost.
In 2021, the company ARINI HOSPITALITY SRL was established, with a 100% Compa ownership. Real estate investments in book value of 8,298,912 lei, as well as real estate investments in execution in book value of 8,052,078 lei constituted a contribution in kind to the share capital of the newly established company.
The real estate investments in progress were also diminished by sale to the newly established company. The book value of the sold real estate investments was 507,512 lei. Real estate investments increased in 2021 through acquisitions from third parties - 1,844,832 lei and through own execution - 6,971 lei.
The intangible assets held by the Company represent computer programs and software licenses and research and development expenses that have met the conditions to be capitalized.
Their evolution was as follows:
| Explanations | Book value at 30.06.2021 |
Book value at 01.01.2021 |
|---|---|---|
| Research and development expenses | 4.573.153 | 4.714.181 |
| Software and software licenses | 4.331.430 | 3.957.839 |
| Total | 8.904.583 | 8.672.020 |
Intangible assets increased in 2021 through acquisitions from third parties - 723,253 lei. Intangible assets were reduced in 2021 by depreciation.
Their depreciation is determined by the straight-line method.
The situation of other receivables held by the Company is as follows:
| Explanations | Book value at 30.06.2021 |
Book value at 01.01.2021 |
|---|---|---|
| Trade receivables | 142.947.489 | 129.289.280 |
| Advances paid to suppliers | 10.960.364 | 6.416.008 |
| Receivables related to staff | 19.821 | 42.388 |
| Receivables in connection with the consolidated state budget and the local budget |
2.437.310 | 1.967.499 |
| Different debitors | 1.050.735 | 691.320 |
| Prepayments | 1.969.365 | 708.262 |
| Subsidies receivable (European funds projects, subsidies for staff costs) |
2.418.822 | 3.417.974 |
| Total | 161.803.906 | 142.532.731 |
Receivables in foreign currency are valued in lei at the official exchange rate of the NBR on 30.06.2021
The situation of the adjustments for the depreciation of customer receivables is presented as follows:
| Sold la 01.01.2021 | 138.064 |
|---|---|
| Adjustments created in H1 2021 | 1.486 |
| Reverse adjustments in H1 2022 | -87.428 |
| Sold la 30.06.2021 | 52.122 |
The situation of the adjustments for the depreciation of the uncollected debtors is presented as follows::
| Sold la 01.01.2021 | 647.331 |
|---|---|
| Adjustments created in H1 2021 | 88.482 |
| Reverse adjustments in H1 2022 | 0 |
| Sold la 30.06.2021 | 735.813 |
The Company's commercial policy requires the recording of impairment adjustments for receivables exceeding 365 days, except for those receivables registered with partners to which the Company is also indebted, the debts registering approximately the same seniority as uncollected receivables..
Creantele imobilizate detinute de Societate nu au inregistrat modificari fata de inceputul anului 2021.
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Customs guarantee for customs clearance at the headquarters |
103.000 | 103.000 |
| Other guarantees | 15.459 | 14.439 |
| Total other assets | 118.459 | 117.439 |
Structura stocurilor detinute de Societate este prezentata in tabelul de mai jos:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Raw materials | 48.347.837 | 33.050.785 |
| Packaging materials | 28.232.575 | 25.155.961 |
| Semi-finished parts and production in progress | 24.014.110 | 23.703.476 |
| Finished goods and merchandise | 10.004.539 | 9.585.072 |
| Total stocks | 110.599.061 | 91.495.294 |
Disponibilitatile banesti si echivalentele de numerar se prezinta astfel:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Conturi bancare in RON | 1.526.906 | 596.592 |
| Conturi bancare in valuta | 166.741 | 281.573 |
| Echivalente de numerar | 496 | 171 |
| Casa in RON | 14.987 | 9.551 |
| Total disponibilitati banesti si echivalente | 1.709.130 | 887.887 |
The Company owns domestic and foreign currency accounts at the following banks: BRD Groupe Société Générale, BCR, RBS Bank, ING Bank, Treasury
The tax for the current Company profit is determined based on the statutory profit, and adjusted for nondeductible expenses and non-taxable income at a rate of 16%.
On June 30, 2021 and June 30, 2020, the income tax consists of:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Current income tax expense | -2.684.645 | 0 |
| Deferred income tax expense / income | -734.844 | -14.504 |
| Total profit / income / specific tax | -3.419.489 | -14.504 |
The shareholding structure on 30.06.2021 is as follows:
| Explanations | Number of Shares | % of total share capital |
|---|---|---|
| Deac Ioan | 41.585.887 | 19,0045 |
| Miclea Ioan | 41.042.480 | 18,7562 |
| Romanian and foreign shareholders (individuals / legal) | 136.192.671 | 62,2393 |
| Total number of shares | 218.821.038 | 100,0000 |
The Company's shares have a nominal value of 0.1 RON / share. Since June 1997, the Company's shares are traded on the Bucharest Stock Exchange, and since July 2001 it is listed on the standard category.
The Compa's equity includes the following:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Subscribed and paid-in capital | 21.882.104 | 21.882.104 |
| Own actions | -640.770 | -185.428 |
| Losses related to the redemption of own shares | -3.184.939 | -874.303 |
| Revaluation reserves | 83.891.130 | 83.891.130 |
| Legal reserves | 4.376.421 | 4.376.421 |
| Adjustment of legal reserves | 22.679.066 | 22.679.066 |
| Other non-distributable reserves - redemption of own shares | 3.890.000 | 3.890.000 |
| Other reservations | 288.631.704 | 288.631.704 |
| Adjust other reserves | 442.991 | 442.991 |
| Current and deferred income tax recognized on account of equity | -5.645.792 | -5.786.989 |
| Retained earnings representing the surplus realized from revaluation reserves |
57.804.936 | 57.804.936 |
| Reported result | 0 | 0 |
| Deferred income from the first adoption of IAS, less IAS 29 | 29.144 | 29.144 |
| Retained earnings from the transition to IFRS, less IAS 29 | 8.611.538 | 8.611.538 |
| Deferred income from changes in accounting policies | 89.693 | 89.693 |
| Reported result from the correction of accounting errors | 0 | -403.355 |
| Deferred income from the first adoption of IAS 29 | -648.352 | -648.352 |
| Profit this year | 17.422.664 | 13.919.766 |
| Distribution of profit | 0 | -10.712.555 |
| Total equity | 499.631.538 | 487.637.511 |
On 27.04.2020, the GMS approved a plan for the redemption of its own shares in the amount of 3,890,000 lei. The maximum pecuniary value allocated to the program: 3,890,000 lei, excluding brokerage commissions and other acquisition costs.
The payment of the repurchased shares will be made, according to the provisions of art.1031 of law 31/1990, from the distributable profit of the Group, entered in the financial statement for 2019. Duration of the program: 18 months from the date of publication of the decision in the Official Gazette of Romania part IV.
Purpose: The shares will be redeemed for free distribution to the members of the Group's management. Until 30.06.2021, 6,407,697 shares were redeemed, as follows::
Long-term and short-term financial debts are as follows:
| EUR | |||
|---|---|---|---|
| Institutie de credit | Tip imprumut | 30.06.2021 | 01.01.2021 |
| BRD GROUP SOCIETE | Credit line for production | 2.472.809 | 1.745.991 |
| GENERALE-ROMANIA | |||
| BRD GROUP SOCIETE | Investment credit | 7.161.823 | 7.500.000 |
| GENERALE-ROMANIA | |||
| ING BANK-SIBIU | Credit line for production | 3.274.558 | 2.339.742 |
| ING BANK-SIBIU | Investment credit | 6.895.492 | 7.500.000 |
| Total financial debts | 19.804.683 | 19.085.733 |
| LEI | |||
|---|---|---|---|
| Institutie de credit | Tip imprumut | 30.06.2021 | 01.01.2021 |
| BRD GROUP SOCIETE | Credit line for production | 12.182.791 | 8.501.927 |
| GENERALE-ROMANIA | |||
| BRD GROUP SOCIETE | |||
| GENERALE-ROMANIA | Investment credit | 35.284.152 | 36.520.500 |
| ING BANK-SIBIU | Credit line for production | 16.132.767 | 11.393.139 |
| ING BANK-SIBIU | Investment credit | 33.972.023 | 36.520.500 |
| Total financial debts | 97.571.731 | 92.936.066 |
The financial debts in foreign currency are valued in lei at the official exchange rate of the BNR from 30.06.2021.
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Suppliers | 113.105.790 | 98.637.142 |
| Advances received from customers | 803.840 | 152.590 |
| Debts from contracts with clients | 8.855.569 | 3.408.686 |
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Debts related to staff | 6.808.534 | 5.336.914 |
| Debts to the general consolidated state budget and the local budget |
5.503.506 | 7.446.794 |
| Current income tax liabilities | 1.562.695 | 894.988 |
| Dividends Payment | 289.217 | 0 |
| Various creditors | 490.892 | 263.708 |
| Advance income | 1.128.514 | 2.043.773 |
| Subsidies for investments from AMPOSDRU and AMPOSCEE contracts |
31.100.925 | 33.783.636 |
| Inventory surpluses of the nature of fixed assets | 32.832 | 41.473 |
| Total trade and other payables | 169.682.314 | 152.009.704 |
Debts in foreign currency are valued in lei at the official exchange rate of the NBR on 30.06.2021
In 2021, the company did not constitute an additional provision for guarantees granted to customers and for employee benefits, considering that there were no changes compared to the existing situation on 01.01.2021.
Compa revenues structure is as follows:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Total turnover, of which: | 368.249.013 | 235.513.230 |
| Revenues from sales of finished products | 359.150.001 | 229.083.835 |
| Revenues from services | 1.314.937 | 1.255.521 |
| Income from sale of goods | 6.565.176 | 4.083.143 |
| Income from other activities (rent, sales of materials, waste, semi-finished products, packaging) |
528.466 | 515.579 |
| Revenues from subsidies related to turnover (projects and partnership contracts for AMPOSDRU projects) |
690.433 | 575.152 |
| Other operating income | 8.319.624 | 5.994.693 |
| Total operating income | 376.568.637 | 241.507.923 |
Other operating income consists of::
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Income from the production of fixed assets | 4.607.184 | 3.457.139 |
| Income from investment grants (projects and partnership contracts for AMPOSDRU and AMPOSCEE projects) |
2.655.102 | 2.339.249 |
| Other operating revenues | 1.057.338 | 198.305 |
| Total - Other operating income | 8.319.624 | 5.994.693 |
The Compa's management regularly evaluates its activity in order to identify the activity segments for which information must be reported separately.
The group operates in Romania. The income of the Group presented above is entirely attributed to the country of residence.
Fixed assets, other than financial instruments, deferred tax receivables, post-employment benefits receivables and rights resulting from insurance contracts are located in Romania in their entirety. The Group does not have such fixed assets located in other countries.
The operating expenses depending on their destination, made in the first 6 months of 2021 and 2020 are presented in the table below:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Material expenses | 227.081.659 | 131.633.888 |
| Stock differences | -797.122 | 6.035.742 |
| Energy and water expenses | 13.131.172 | 11.646.079 |
| Expenses with employee benefits | 72.396.736 | 52.462.489 |
| Value adjustments on fixed assets | 21.382.920 | 25.755.004 |
| Value adjustments on current assets | 2.077 | -335.224 |
| Expenses with services provided by third parties | 17.148.440 | 12.219.745 |
| Expenses with other taxes, fees and similar payments | 2.218.108 | 2.019.834 |
| Other operating expenses | 2.309.560 | 2.073.740 |
| Total operating expenses | 354.873.550 | 243.511.297 |
Employee benefit expenses include salaries, allowances and social security contributions. Short-term benefits are recognized as an expense as the services are provided.
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Salaries and allowances | 70.984.440 | 59.707.239 |
| Government subsidies for employee spending | 0 | -8.397.372 |
| Expenses with insurance and social protection | 1.412.296 | 1.152.622 |
| TOTAL | 72.396.736 | 52.462.489 |
In the context of the COVID-19 pandemic, in H1 2020 Compa benefited from the subsidy granted by the government to cover the expenses with the technical unemployment indemnity paid to its employees. This subsidy was in the amount of 7,023,348 lei. In June 2020, for the employees whose contracts were reactivated, Compa fulfilled the conditions for requesting the subsidy representing 41.5% of the basic salaries corresponding to the hours provided for these employees. The value of the subsidy was 1,374,024 lei.
In 2021, the company no longer benefited from facilities to cover salary expenses.
The structure of financial losses (gains) is presented below:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Earnings from exchange rate differences related to monetary items expressed in foreign currency |
-1.439.384 | -1.370.996 |
| Interest losses | -636.255 | -537.262 |
| Other financial gains | 1.222.706 | -128.931 |
| Total losses / gains | -852.933 | -2.037.189 |
The calculation of earnings per share for H1 2021 and H1 2020 can be summarized as follows:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Number of shares at the beginning of the year | 218.821.038 | 218.821.038 |
| Shares issued during the year | 0 | 0 |
| Number of shares at the end of the period | 218.821.038 | 218.821.038 |
| Net profit | 17.422.664 | -4.055.067 |
| Earnings per share (RON per share) Basic / diluted: | 0,0796 | -0,0185 |
The affiliated entities of COMPA SA are the following:
| Affiliated parties | % hold | Holding value |
Object of activity |
|---|---|---|---|
| COMPA IT SRL | 100,00 | 200,000 | Custom software development activities |
| TRANS CAS SRL | 99,00 | 742,500 | Road transport of goods |
| RECASERV SRL | 70,00 | 70,000 | Event catering activities |
| ARINI HOSPITALITY SRL | 100,00 | 19,703,000 | Hotels and other similar accommodation facilities |
The company ARINI HOSPITALITY SRL was founded in January 2021, which will carry out hotel activity, as a result of the development of the construction project of the Ibis-Mercure hotel complex.
The transactions carried out with the companies in which COMPA holds participations were the following (the amounts include VAT):
| Explanations | 30.06.2021 | 30.06.2020 | ||
|---|---|---|---|---|
| Companies in which it holds securities |
Purchases of goods and service |
Sales of goods and services |
Purchases of goods and service |
Sales of goods and services |
| TRANS C.A.S S.R.L. | 8.707.707 | 245.724 | 5.503.767 | 254.886 |
| COMPA IT S.R.L. | 1.438.305 | 23.613 | 1.288.175 | 21.893 |
| RECASERV S.R.L. | 629.114 | 1.511 | 533.034 | 28.306 |
| ARINI HOSPITALITY SRL | 0 | 812.245 | 0 | 0 |
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| TRANS C.A.S S.R.L. | 851.280 | 157.742 |
| COMPA IT S.R.L. | 3.492 | 3.191 |
| RECASERV S.R.L. | 0 | 16.819 |
| Explanations | 30.06.2021 | 30.06.2020 | |
|---|---|---|---|
| TRANS C.A.S S.R.L. | 4.206.137 | 3.364.835 | |
| Company | COMPA IT S.R.L. | 926.538 | 806.028 |
| RECASERV S.R.L. | 344.547 | 397.650 | |
| ARINI HOSPITALITY SRL | 0 | 0 |
| NAME | FUNCTION |
|---|---|
| DEAC Ioan | Chairman & CEO |
| MICLEA Ioan | Vice president / CFO |
| MAXIM Mircea Florin | Administrator |
| BALTEŞ Nicolae | Chairman of the Audit Committee |
| NEACŞU Vlad- Nicolae | Member of the Audit Committee |
| NAME | FUNCTION |
|---|---|
| DEAC Ioan | Preşedintele CA / Director General |
| MICLEA Ioan | Vice preşedintele CA / Director Economic |
| FIRIZA Ioan | Director Management organizaţional şi RU |
| BĂIAŞU Dan-Nicolae | Director Comercial |
| ACU Florin-Ştefan | Director Tehnic |
| MUNTENAŞ Bogdan-Vasile | Director Logistică |
| ŢUICU Liviu-Laurenţiu | Director Calitate – Mediu |
| HERBAN Dorin - Adrian | Director Sisteme de management şi îmbunătăţire |
| ŢUŢUREA Mihai | Director Coordonator Producţie |
| FIRIZA Sorin Ioan | Director Adj.Producţie |
| DRAGOMIR Marius C-tin | Inginer Şef Mentenanţă |
Chairman & CEO, Vice president / CFO.
Ioan DEAC Ioan MICLEA
This is a free translation from Romanian, which is the official and binding version.
COMPA S.A. Sibiu, whose SHARES are admitted to trading on the regulated market of the Bucharest Stock Exchange, applies the International Financial Reporting Standards (IFRS) starting with 2012.
In accordance with the accounting regulations in accordance with the 7th Directive of the European Economic Community, COMPA S.A. Sibiu (parent company) meets the conditions according to point 12. Based on point 3 of these regulations, the consolidated annual financial statements have been prepared.
The set of accounting registration rules of the economic-financial operations for the preparation, approval and statutory audit of the consolidated annual financial statements of the companies are provided in the "Accounting regulations compliant with IFRS" approved by OMFP 2844/2018.
All these normative acts constituted the necessary legal basis for the elaboration of the consolidated financial statements of the Group
The consolidated objective of the COMPA Group has as main objective the information of the investors and business partners of the parent company, as well as of the affiliated companies.
According to the legal regulations, the preparation of the consolidated financial statements is carried out by the entity hereinafter referred to as the parent company, which holds participation titles in another entity, called the subsidiary or affiliated company.
In this context, the company COMPA S.A. Sibiu in its capacity as parent company has control, respectively the share of its participations in the share capital of the affiliated companies is higher than 50% in the following affiliated entities.:
| COMPA I.T. S.R.L. | 100,00 % |
|---|---|
| TRANS C.A.S. S.R.L. | 99,00 % |
| RECASERV S.R.L. | 70,00 % |
| ARINI HOSPITALITY SRL | 100,00 % |
COMPA S.A. Sibiu, the parent company, exercises an effective power, having a dominant influence, respectively it has control over the Group companies. Given the accounting regulations as well as the existing recommendations in this field, the consolidation method used with these companies is the "Global Integration Method".
This chapter was presented in detail in the separate report for H1 2021, but we consider it necessary and appropriate that certain episodes in the history of the parent company be highlighted in the consolidated H1 2021 Report.
1886 - The Jozsef Datky blacksmith's workshop is officially certified, where lamellar springs were produced for the carriages of the time but also for some parts and tools obtained by forging.
The workshop was developed so that the products made in this family business were found at international exhibitions in the Austro-Hungarian Empire (Vienna and Budapest).
1948 - It is the year in which private companies, such as the predecessor Uzina Elastic, profiled at that time in the manufacture of sheet springs, helical springs wrapped hot or cold, were nationalized as a result of the installation in Romania of the communist regime..
1969 - The Automobile Parts Enterprise (IPAS) is established, by merging two large companies, which operated in Sibiu that year, respectively:
Sibiu Automecanica Plant, which in turn had an impressive history, from an arsenal of Artillery, which ensures the repair and manufacture of weapons necessary for the defense of the Sibiu Fortress, to the construction of car equipment with advanced technology at the time of merger;
Elastic Sibiu Plant, with a craft tradition since the founding of the Datky Workshop, which it has permanently developed, making at the time of merging a varied and diversified range of lamellar springs for the manufacture of vehicles made in Romania and a wide range of springs helical, hot and cold wrapped, intended for the entire rolling stock industry (locomotives, wagons), of the machine building industry from all over Romania.
1991 - The Automobile Parts Enterprise (IPAS) is transformed into S.C.COMPA S.A.Sibiu, as a result of the political and economic framework created by the transition of Romania from a communist totalitarian state to a state with a market economy.
1999 - It is the year of the privatization of the parent company, S.C.COMPA S.A. by purchasing the majority stake of the State Property Fund (FPS). This historical stage ensures the premises for the development in conditions of competitiveness and profitability of the company, for the development of business partnerships with representative companies from the world industry, on the principles of equality and competence, of fair competition.
2000 - The foundations are laid for the establishment of the COMPA Group by transforming the IT Service, which operated within the parent company with the activity of software design and internal network administration, into a separate company, S.C.Compa IT S.R.L., with full capital COMPA. As a result of the establishment of this company in an economic unit with predominant activity in information technology (IT), the premises for the development of this sector of activity were created both for the realization of an integrated IT system of COMPA but also for software for other companies in outside the Compa Group.
2001 - The second affiliated company S.C.TRANS C.A.S. S.R.L. Sibiu, a limited liability company, with a predominant COMPA contribution, resulted from the transformation of the existing Transport Base within the parent company, into a separate company specialized in domestic and international road transport. By setting up this company specialized strictly in the transport activity, the conditions for its development were created, which provide transport services, not only for the parent company, but also for other companies in Romania and in Europe.
The company has developed a lot since its establishment, investing in the acquisition of mainly heavy trucks (TIR) used for transporting raw materials and materials from suppliers and transporting finished products, both for COMPA and for various companies in Romania but more resembles companies in Europe.
2004 - The third affiliated company is established, respectively RECASERV S.R.L., by transforming the activity of the COMPA canteen into a separate company in which the COMPA company holds the control position, being the majority associate.
2021 - The fourth affiliated company is established, respectively ARINI HOSPITALITY S.R.L., which will carry out hotel activity, by building the Ibis-Mercure hotel complex..
| Social headquarters | No.8, Henri Coandă Street, Sibiu |
|---|---|
| Registration no. in theTrade | |
| Register | J32/129/1991, |
| Fiscal Code (VAT Code) | RO 788767 |
| The main activity | 2932 - Manufacture of other parts and accessories for motor vehicles |
| Share capital (RON) | 21.882.103,8 |
| Deac Ioan - Chairman & CEO |
|
| Miclea Ioan - - Vice president & CFO |
|
| Board of Directors | Maxim Mircea Florin - Administrator |
| Balteş Nicolae - Audit committee President/ administrator |
|
| Neacşu Vlad Nicolae - Audit committee member/ administrator |
Form of ownership: COMPA S.A. is a company with 100% private capital. It was privatized in September 1999, by buying the majority stake in the Compa Sibiu Employees Association (PAS), which became the company's main shareholder.
In 2018, the Compa Sibiu Employees Association (PAS) was dissolved, the shares being transferred to the members of the association, depending on the number of shares held and purchased by each.
As presented in detail in the Individual Annual Report 2020, the parent company is organized on Profit Centers, integrated units without legal personality with a decentralized activity, structured to make products for a single customer or to make similar products for several customers, such as: Forging, Heat treatment, Galvanization, Pressed - stamped parts, mechanical - welded subassemblies.
The financial investments of the parent company COMPA, which consist of participation titles and shares, in the other 3 affiliated companies, as follows:
| COMPA holds titles / equity shares : |
Social headquarters | The value of titles held by COMPA |
% ownership |
|---|---|---|---|
| COMPA I.T. S.R.L. | Sibiu, 8 Henri Coandă, Sibiu county | 200,000 | 100.00 |
| TRANS .C.A.S. S.R.L. | Sibiu, 12 Henri CoandăSibiu county | 1,498,450 | 99.00 |
| RECASERV S.R.L. | Sibiu, 51 Henri CoandăSibiu county | 70,000 | 70.00 |
| ARINI HOSPITALITY S.R.L. | Sibiu, 8 Henri Coandă, Sibiu county | 19.703.000 | 100.00 |
| TOTAL | 20,715,500 |
The management of the parent company COMPA, as well as of the entire Compa Group is ensured by the Board of Directors elected by the Ordinary General Meeting of Shareholders, for a period of 4 years.
The purpose of the establishment was to design and implement an integrated IT system for the parent company, to the existing international standards and to ensure the requirements imposed by the organization of profit centers of the company COMPA, as well as to ensure a computer network of computers extended throughout the company COMPA.
By implementing the integrated system in the parent company, COMPA-IT ensures the operation of this system at higher parameters, prepares reports and presents the new facilities of the system in order to capitalize at the highest possible level of opportunities that this very complex system can offer. competitive.
| Social headquarters | Sibiu, No.8, Henri Coandă Streed, Sibiu County |
|---|---|
| Recording no. in the Trade Register | J32/17/2001, |
| Fiscal Code (VAT) | CUI 13656016 |
| The main activity | 6201 - Computer programming activities |
| Share capital (RON) | 200,000 |
| Sole shareholder | COMPA S.A |
| Administrator | Acu Florin-Ştefan |
The reason for setting up the company was to outsource the car transport activity initially existing within the COMPA company, in order to expand and develop this activity different from the activity profile of the COMPA company.
TRANS C.A.S. S.R.L. currently owns a number of over 60 vehicles, of which a significant share is held by Mercedes-type trailer trucks, with a capacity of over 20 tons payload, intended for the transport of materials and finished products for both COMPA and other customers.
The overwhelming share of TRANS C.A.S. it is owned by international freight transport in almost all of Europe.
| Sediul social | Sibiu, Str.Henri Coandă Nr.12 |
|---|---|
| Nr.înregistrare în Registrul Comerţului | J32/633/2002 |
| Cod Unic de înregistrare | CUI 14836511 |
| Obiectul principal de activitate | 4941 "Transporturi rutiere de mărfuri" |
| Capital social, din care: | 1.500.000 lei |
| Acţionari: COMPA S.A.Sibiu | 1.498.450 lei |
| Maxim Mircea Florin şi Mihăilă Daniela | 1.550 lei |
| Administrator | Maxim Mircea Florin |
In June 2021, according to the Decision of the Extraordinary General Meeting of Shareholders of Compa SA from 12.11.2020, as well as the Decision of the Extraordinary General Meeting of Trans-Cas SRL Associates of 12.01.2021, the share capital of Trans-CAS SRL was decreased from 1,500,000 lei , at 750,000 lei.
The holding of Compa SA in the share capital of this affiliated company decreased from 1,498,450 to 742,500 lei.
The value of 755,950 lei, representing the share held by Compa from the decrease of the share capital will be returned to Compa by Trans-CAS in the next period.
The purpose of setting up the company was to outsource from the parent company COMPA S.A. of some activities different from its main activity profile, activities such as: public catering made through the canteen and the micro-canteens that operate inside the COMPA company.
By establishing RECASERV S.R.L. the conditions for the development of this activity were ensured by supplementing with secondary services: catering and cleaning services.
| Social headquarters | Sibiu, 51 Henri Coandă StreetSibiu County |
|---|---|
| Recording no. in the Trade Register | J32/704/2004 |
| Fiscal Code (VAT Code) | CUI 164408228 |
| The main activity | 5629 Other food service activities |
| Share capital, of which: | 100.000 RON |
| Shareholders: COMPA S.A.Sibiu | 70% |
| Boroş Daniela (individual person) | 30% |
| Administrator | BOROŞ Daniela |
The purpose of setting up the company was to outsource from the parent company COMPA S.A. of activities different from its main activity profile, activities such as: Hotels and other similar accommodation facilities.
| Social headquarters | Sibiu. Str.Henri Coandă Nr.8 |
|---|---|
| Recording no. in the Trade Register | J32/77/2021 |
| Fiscal Code (VAT Code) | CUI 43581594 |
| The main activity | 5510 Hoteluri şi alte facilităţi de cazare similare |
| Share capital (RON) | 19.703.000 lei |
| Sole shareholder | 100% |
| Administrator | Băiaşu Dan-Nicolae |
19.01.2021 – is registered at the Trade Register the company ARINI HOSPITALITY SRL, in which the company COMPA SA is the sole partner.
11.06.2021 – is registered at the Trade Register The constitutive act updated at the affiliated company TRAN-CAS SRL, registering the decrease of its share capital from 1,500,000 lei to 750,000 in accordance with the decision of the Extraordinary General Meeting of Shareholders of Compa SA from 12.11.2020 and the decision. Extraordinary Meeting of Trans-CAS SRL Associates from 12.01.2021
| 30.06.2021 | 30.06.2020 | |||
|---|---|---|---|---|
| Companies in which it holds securities |
Purchases of goods and service |
Sales of goods and services |
Purchases of goods and service |
Sales of goods and services |
| TRANSCAS S.R.L. | 8,707,707 | 245,724 | 5,503,767 | 254,886 |
| COMPA IT S.R.L. | 1,438,305 | 23,613 | 1,288,175 | 21,893 |
| RECASERV S.R.L. | 629,114 | 1,511 | 533,034 | 28,306 |
| ARINI HOSPITALITY R.R.L. | 0 | 812,245 | 0 | 0 |
The relations took place in commercial terms of the free market, their price being agreed by negotiation, within the levels practiced on the market..
The main balance sheet elements and their evolution in the first half of 2021, compared to 31.12.2020, are presented below:
| Indicator | 31.12.2020 | 30.06.2021 |
|---|---|---|
| FIXED ASSETS | 498,646,738 | 493,205,048 |
| CURRENT ASSETS | 235,719,119 | 291,769,395 |
| DEBTS LESS THAN ONE YEAR | 131,068,513 | 153,381,572 |
| DEBTS OVER A YEAR | 110,328,247 | 126,555,839 |
| CAPITAL AND RESERVES | 492,969,097 | 505,037,032 |
The situation of income and expenses on 30.06.2021 compared to the same period last year is as follows:
| Indicator | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Operating result | -2,370,273 | 21,805,361 |
| Financial result | -2,042,663 | -846,867 |
| Gross result | -4,412,936 | 20,958,494 |
| Tax | 32,091 | 3,467,250 |
| Net result | -4,445,027 | 17,491,244 |
The statement of cash flows is summarized below
| Indicator | 30.06.2020 | 30.06.2021 |
|---|---|---|
| Net cash generated from operations | 52,672,438 | 14,253,825 |
| Net cash generated from investment activities | -55,852,480 | -15,162,813 |
| Net cash generated from financial activity | -2,868,734 | 3,656,387 |
| Net cash flow | -6,048,776 | 2,747,399 |
| Cash at the beginning of the period | 8,961,682 | 2,250,970 |
| Cash at the end of the period | 2,912,906 | 4,998,369 |
| Indicator | 30.06.2020 | 30.06.2021 | |
|---|---|---|---|
| Turnover | 236,968,445 | 369,996,664 | |
| Net profit | -4,445,027 | 17,491,244 | |
| Investment volume | 55,852,480 | 15,162,813 | |
| Current liquidity | 2.66 | 1.90 | |
| Degree of indebtedness | 0.21 | 0.20 |
| INDICATORS | COMPA-06.2020 | Grup-06.2020 | COMPA-06.2021 | Grup-06.2021 |
|---|---|---|---|---|
| Fixed assets | 489,526,763 | 489,498,855 | 493,639,346 | 493,205,048 |
| Current assets | 175,643,343 | 178,267,358 | 273,381,882 | 291,769,395 |
| Equity | 470,579,185 | 475,414,461 | 499,631,538 | 505,037,032 |
| Long-term debt | 125,104,313 | 125,325,748 | 111,530,949 | 126,555,839 |
| Current debts | 69,486,608 | 67,026,004 | 155,858,741 | 153,381,572 |
| Operating result | -2,003,374 | -2,370,273 | 21,695,086 | 21,805,361 |
| The financial result | -2,037,189 | -2,042,663 | -852,933 | -846,867 |
| Gross profit | -4,040,563 | -4,412,936 | 20,842,153 | 20,958,494 |
| Income tax expense | 14,504 | 32,091 | 3,419,489 | 3,467,250 |
| Net profit for the period | -4,055,067 | -4,445,027 | 17,422,664 | 17,491,244 |
__________________________________________________________________________________________
The consolidated half-yearly financial reports were prepared on 30.06.2021 for::
Entity: COMPA S.A.
County: 32 Sibiu
Address: Sibiu locality, Henri Coandă street, no. 8, CP 550234
Trade register number: J 32/129/1991
Form of ownership: 34 Joint stock companies
Predominant activity
(code and name CAEN class): 2932 - Manufacture of other parts and accessories for motor vehicles and their engines
__________________________________________________________________________________________
Registration Number: RO788767
Having the quality of Economic Director, according to art.10 paragraph (1) of the Accounting Law no.82 / 1991, I assume the responsibility for the preparation of the consolidated half-yearly financial reports on 30.06.2021 and I confirm the following:
a) The accounting policies used in preparing the half-yearly financial reports are in accordance with the applicable accounting regulations.
b) The half-yearly financial reports provide a true and fair view of the financial position, financial performance and other information relating to the activity carried out.
c) The legal person carries out its activity in conditions of continuity.
Vice-Chairman / CFO,
Ioan MICLEA
Consolidated statement of financial position for - 30.06.2021 (all amounts are expressed in RON, unless otherwise specified
| Nota | 30.06.2021 | 31.12.2020 | |
|---|---|---|---|
| Fixed assets | |||
| Tangible fixed assets | 4.1. | 430.901.140 | 420.652.107 |
| Intangible assets | 4.2. | 9.075.092 | 8.672.020 |
| Real estate investments | 5 | 51.235.588 | 66.242.388 |
| Other receivables (Subsidies and settlements from joint | |||
| operations) | 6 | 730.215 | 1.224.822 |
| Other fixed assets | 7 | 123.112 | 121.233 |
| Deferred tax receivables | 11 | 1.139.901 | 1.734.168 |
| Fixed assets- total | 493.205.048 | 498.646.738 | |
| Current assets: | |||
| Stocks | 8 | 110.752.494 | 91.644.187 |
| Trade and other receivables | 6 | 159.434.656 | 139.630.810 |
| Other receivables (Subsidies and settlements from joint | 6 | ||
| operations) | 16.583.876 | 2.193.152 | |
| Cash and cash equivalents | 9 | 4.998.369 | 2.250.970 |
| Current assets - total | 291.769.395 | 235.719.119 | |
| Total assets | 784.974.443 | 734.365.856 | |
| Equity: | |||
| Capital issued | 11 | 21.882.104 | 21.882.104 |
| Share capital adjustments | 11 | -705.680 | -250.338 |
| reserves | 11 | 375.954.921 | 367.435.461 |
| Reserve adjustment | 11 | 23.150.986 | 23.151.094 |
| Reported result | 11 | 67.058.409 | 66.530.853 |
| Current result | 11 | 17.490.675 | 14.060.074 |
| Minority interests | 11 | 205.617 | 159.849 |
| Equity - total | 505.037.032 | 492.969.097 | |
| Long-term debts: | |||
| Datorii financiare | 12 | 83.478.706 | 80.989.753 |
| Venituri in avans ( venituri in avans, subventii ) | 13 | 42.941.488 | 29.202.849 |
| Provizioane | 14 | 135.645 | 135.645 |
| Long-term debts - total | 126.555.839 | 110.328.247 | |
| Current debts: Financial debts |
12 | 14.318.319 | 12.506.659 |
| Trade and similar debts; | 13 | 109.992.303 | 93.954.615 |
| Other debts | 13 | 14.414.667 | 13.610.672 |
| Debts from contracts with clients | 13 | 8.855.569 | 3.408.686 |
| Current tax liabilities | 10 | 1.584.663 | 921.847 |
| Advance income (advance income, subsidies) | 13 | 4.216.051 | 6.666.033 |
| Current debts - total | 153.381.572 | 131.068.513 | |
| Totaldebts | 279.937.411 | 241.396.759 | |
| Total capitaluri proprii si datorii | 784.974.443 | 734.365.856 | |
(all amounts are expressed in RON, unless otherwise specified)
| Nota | 30.06.2021 | 30.06.2020 | |
|---|---|---|---|
| Income | 15 | 369.996.664 | 236.968.445 |
| Other incomes | 15 | 7.693.798 | 6.044.096 |
| Total income | 377.690.462 | 243.012.541 | |
| Variation of stocks of finished products and production in | |||
| progress | 16 | 797.720 | -6.008.006 |
| Raw materials and consumables used | 16 | -242.337.810 | -144.884.786 |
| Expenses with employee benefits | 17 | -75.156.423 | -54.910.296 |
| Depreciation and amortization expenses | 4.1;4.2;5,16 | -21.662.249 | -25.854.668 |
| Services provided by third parties | 16 | -13.538.623 | -9.532.288 |
| Other expenses | 16 | -3.987.716 | -4.192.771 |
| Total expenses | -355.885.100 | -245.382.814 | |
| Operating result | 21.805.361 | -2.370.273 | |
| Financial income | 18 | 1.318 | 7.097 |
| Financial expenses | 18 | -644.226 | -559.157 |
| Other financial gains / losses | 18 | -203.958 | -1.490.602 |
| Net financing costs | -846.867 | -2.042.663 | |
| Profit before tax | 20.958.494 | -4.412.936 | |
| (Expenses) / Deferred income tax income | 10 | -734.844 | -14.504 |
| Current income tax expense | 10 | -2.732.406 | -17.587 |
| Net profit for the period, of which: | 17.491.244 | -4.445.027 | |
| Attributable to non-controlling interests | -1.119 | -13.706 | |
| Attributable to the mother society | 17.492.363 | -4.431.321 | |
| Other elements of the overall result: | |||
| of which, other items of comprehensive income that will | 140.577 | 143.482 | |
| not be subsequently reclassified to profit or loss: | 10 | ||
| Other income from comprehensive income, net of tax | 140.577 | 143.482 | |
| Total overall result for the year, of which: | 17.631.821 | -4.301.545 | |
| Attributable to non-controlling interests | 20 | -1.120 | -13.709 |
| Attributable to the mother society | 20 | 17.632.941 | -4.287.836 |
| Consolidated result per basic / diluted share | 0,08 | -0,02 |
(all amounts are expressed in RON, unless otherwise specified)
| Equity element | Share capital |
Adjustments of share capital |
Losses related to treasury shares |
Legal reserves |
Adjustments to legal reserves |
Revaluation reserves |
Other reserves |
Adjustments to other reserves |
Retained earnings |
Totally attributable to the company's shareholders |
llThings that do not control |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 01.01.2020 | 21.882.104 | -64.910 | -45.961 | 4.949.124 | 22.679.066 | 83.891.130 | 275.313.947 | 472.028 | 70.443.869 | 479.520.397 | 192.048 | 479.712.445 |
| Profit of the year | 14.060.074 | 14.060.074 | -32.197 | 14.027.877 | ||||||||
| Other elements of the overall result, of which: |
0 | 0 | 0 | 0 | 0 | 0 | 288.506 | 0 | 0 | 288.506 | 288.506 | |
| Transactions with shareholders, registered directly in equity, of which: |
0 | -185.428 | -874.303 | 11.005 | 0 | 0 | 3.902.013 | 0 | -3.913.016 | -1.059.729 | -2 | -1.059.731 |
| Repurchase of own shares |
-185.428 | 0 | -185.428 | -185.428 | ||||||||
| Losses related to own shares |
-874.303 | -874.303 | -874.303 | |||||||||
| Profit distribution | 11.005 | 3.902.013 | -3.913.016 | 2 | -2 | 0 | ||||||
| Balance at 31.12.2020 | 21.882.104 | -250.338 | -920.264 | 4.960.129 | 22.679.066 | 83.891.130 | 279.504.466 | 472.028 | 80.590.927 | 492.809.248 | 159.849 | 492.969.097 |
| Equity element | Share capital |
Adjustments of share capital |
Losses related to treasury shares |
Legal reserves |
Adjustments to legal reserves |
Revaluation reserves |
Other reserves |
Adjustments to other reserves |
Retained earnings |
Totally attributable to the company's shareholders |
llThings that do not control |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 01.01.2021 |
21.882.104 | -250.338 | -920.264 | 4.960.129 | 22.679.066 | 83.891.130 | 279.504.466 | 472.028 | 80.590.927 | 492.809.248 | 159.849 | 492.969.097 |
| Profit of the year | 17.490.675 | 17.490.675 | -1.119 | 17.489.556 | ||||||||
| Other elements of the overall result, of |
0 | 0 | - 2.310.636 |
0 | 0 | 0 | 0 | 0 | 0 | -2.310.636 | -2.310.636 |
| Equity element | Share capital |
Adjustments of share capital |
Losses related to treasury shares |
Legal reserves |
Adjustments to legal reserves |
Revaluation reserves |
Other reserves |
Adjustments to other reserves |
Retained earnings |
Totally attributable to the company's shareholders |
llThings that do not control |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| which: | ||||||||||||
| Losses related to the redemption of own shares |
- 2.310.636 |
0 | 0 | 0 | ||||||||
| Transactions with shareholders, registered directly in equity, of which: |
0 | -455.342 | 0 | 1.224 | 0 | 0 | 10.828.872 | -108 | -13.532.518 | -3.157.872 | 45.768 | -3.112.104 |
| Repurchase of own shares |
-455.342 | 0 | -455.342 | -455.342 | ||||||||
| Transfer reserves to the result |
-108 | -108 | -108 | |||||||||
| Profit distribution | 1.224 | 10.828.872 | -13.532.518 | -2.702.422 | 45.768 | -2.656.654 | ||||||
| Balance at 30.06.2021 |
21.882.104 | -705.680 | - 3.230.900 |
4.961.353 | 22.679.066 | 83.891.130 | 290.333.338 | 471.920 | 84.549.084 | 504.831.415 | 205.617 | 505.037.032 |
(all amounts are expressed in RON, unless otherwise specified)
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Profit before tax | 20.958.494 | -4.412.936 |
| Adjustments for non-monetary items: | ||
| Depreciation and amortization expenses | 21.662.249 | 25.854.668 |
| Adjust other non-monetary items | 1.480.970 | -20.186.189 |
| Operating profit before other changes in working capital | 44.101.714 | 1.255.543 |
| (Increases) / Decreases in stocks | -19.108.307 | 17.950.543 |
| (Increases) / Debt decreases | -33.690.963 | 83.604.629 |
| Increases / (Debt decreases) | 22.951.381 | -50.138.277 |
| Net cash generated from operations | 14.253.825 | 52.672.438 |
| Cash flows from investment activity | ||
| Acquisitions of tangible assets | -14.439.560 | -54.533.505 |
| Acquisitions of intangible assets | -723.253 | -1.318.975 |
| Net cash generated from investment activities | -15.162.813 | -55.852.480 |
| Cash flows from financial activity | ||
| (Increases) / Decreases in financial debts | 4.300.613 | -2.309.577 |
| Interest rates | -644.226 | -559.157 |
| Net cash generated from financial activity | 3.656.387 | -2.868.734 |
| Net cash generated from total activity | 2.747.399 | -6.048.776 |
| Cash and cash equivalents at the beginning of the period | 2.250.970 | 8.961.682 |
| Cash and cash equivalents at the end of the period | 4.998.369 | 2.912.906 |
((all amounts are expressed in RON, unless otherwise specified)
COMPA is a joint stock company, based in Sibiu, str. Henri Coandă no.8, CP 550234
Field of activity of the company: design, production and marketing of components for the manufacture of cars, transport vehicles, buses, trailers, tractors, wagons, locomotives and various industrial equipment, services and technical assistance.
The main object of activity, according to the CAEN code is 2932 "Manufacture of other parts and accessories for motor vehicles and motor vehicles"
COMPA S.A. is 100% privatized since September 1999. The company is listed, the shares are traded on the Bucharest Stock Exchange in the Standard category, CMP symbol.
By Government Decision no. 1296 / 13.12.1990, the company became S.C.COMPA S.A., coming from the Sibiu Auto Parts Company (I.P.A.Sibiu). I.P.A. Sibiu was founded in 1969 by unifying two units: Uzina Elastic and Uzina Automecanica Sibiu.
Since 1991, COMPA has been organized in factories / workshops, set up by product families as cost centers, which over time have become profit centers, in order to decentralize and facilitate the establishment of joint ventures.
Financial investments COMPA S.A. as a parent company, representing participation titles held in shares or shares in commercial entities are presented in the table below:
| The company in which COMPA holds the securities |
Social headquarters | The value of securities held by COMPA |
% in share capital |
|---|---|---|---|
| COMPA I.T. S.R.L. | No.8, Henri Coandă, Sibiu | 200,000 | 100.00 |
| TRANS .C.A.S. S.R.L. | No.12, Henri Coandă, Sibiu | 742,500 | 99.00 |
| RECASERV S.R.L. | No 51,.Henri Coandă Sibiu | 70,000 | 70.00 |
| ARINI HOSPITALITY SRL | No.8, Henri Coandă, Sibiu | 19,703,000 | 100,00% |
| TOTAL | 20,715,500 |
Conducerea societăţii COMPA a fost asigurată de un Consiliu de Administraţie format din:
The consolidated interim financial report has been prepared in accordance with the International Financial Reporting Standards adopted by the European Union ("EU") and with the Order of the Minister of Public Finance no. 2844/2016.
The Group has adopted IFRS reporting since the 2012 financial statements.
The significant accounting policies applied by the Group are those presented in the Financial Statements concluded on 31.12.2020 and have not changed during the interim report.
The evolution of tangible assets from January 1, 2021 to June 30, 2021 is as follows:
| Explanations | Book value at 30.06.2021 | Book value at 01.01.2021 |
|---|---|---|
| Lands | 52.983.700 | 43.848.700 |
| Constructions | 93.816.460 | 88.169.934 |
| Equipment and vehicles | 238.577.429 | 210.075.798 |
| Explanations | Book value at 30.06.2021 | Book value at 01.01.2021 |
|---|---|---|
| Other tangible assets | 488.487 | 519.619 |
| Corporal immobilizations taking course | 45.035.064 | 78.038.056 |
| Total | 430.901.140 | 420.652.107 |
Tangible assets representing "Tangible fixed assets in progress" are measured at historical cost. The group chose for the valuation of tangible assets of the nature of lands and constructions the model of revaluation at fair value.
In the fair value hierarchy, the revaluation of buildings and land of the group at fair value is classified as level 2 data. The valuation technique used in the fair value valuation of level 2 is the method of comparing prices. Prices comparable to nearby buildings and constructions are adjusted according to specific characteristics, such as the size of the property, etc. The most important entry date for this valuation method is the price per square meter.
There were no transfers between the level at which the fair value measurements are classified during 2021. Depreciation of all tangible fixed assets is determined by the straight-line method.
Fixed assets decreased in 2021 through depreciation and scrapping. The scrapped fixed assets were fully depreciated and had an inventory value of 1,784,142 lei.
Evolutia investitiilor imobiliare de la 1 ianuarie 2021 Ia 30 iunie 2021 este urmatoarea:
| Explanations | Book value at 30.06.2021 | Book value at 01.01.2021 |
|---|---|---|
| Real estate investments | 48.053.184 | 56.352.095 |
| Real estate investments under construction | 3.182.404 | 9.890.293 |
| Total | 51.235.588 | 66.242.388 |
Real estate investments are valued at fair value. A gain or loss generated by a change in the fair value of the investment property is recognized in profit or loss for the period in which it occurs. Fixed assets "Real estate investments in progress" are valued at historical cost.
In 2021, the company ARINI HOSPITALITY SRL was established, with a 100% Compa ownership. Real estate investments in book value of 8,298,912 lei, as well as real estate investments in execution in book value of 8,052,078 lei constituted a contribution in kind to the share capital of the newly established company. The real estate investments in progress were also diminished by sale to the newly established company. The book value of the sold real estate investments was 507,512 lei.
Imobilizarile necorporale detinute de Grup reprezinta programe informatice si licente soft. Evolutia acestora a fost urmatoarea:
| Explanations | Book value at 30.06.2021 | Book value at 01.01.2021 |
|---|---|---|
| Establishment expenses | 169.296 | |
| Research and development expenses | 4.573.153 | 4.714.181 |
| Computer programs and software licenses | 4.332.643 | 3.957.839 |
| Total | 9.075.092 | 8.672.020 |
The situation of other receivables held by the Group is as follows:
| Explanations | Book value at 30.06.2021 | Book value at 01.01.2021 |
|---|---|---|
| Trade receivables | 143.271.964 | 129.625.642 |
| Advances paid to suppliers | 10.960.421 | 6.416.065 |
| Receivables related to staff | 30.199 | 52.766 |
| Receivables in connection with the consolidated state budget and the local budget |
2.715.021 | 2.028.242 |
| Different debitors | 392.010 | 736.562 |
| Prepayments | 2.065.041 | 771.533 |
| Subsidies receivable (European funds projects, subsidies for staff costs) |
17.314.091 | 3.417.974 |
| Total | 176.748.747 | 143.048.784 |
The situation of the adjustments for the depreciation of customer receivables is presented as follows:
| Sold on 01.01.2021 | 138.064 |
|---|---|
| Adjustments made in H1 2021 | 1.486 |
| Reverse adjustments in H1 2022 | -87.428 |
| Sold on 30.06.2021 | 52.122 |
Situatia ajustarilor pentru deprecierea debitorilor neincasati se prezinta astfel:
| Sold on 01.01.2021 | 647.331 |
|---|---|
| Adjustments made in H1 2021 | 88.482 |
| Reverse adjustments in H1 2022 | 0 |
| Sold on 30.06.2021 | 735.813 |
The Group's commercial policy requires the recording of impairment adjustments for receivables exceeding 365 days, except for those receivables registered with partners to which the Company is also indebted, the debts registering approximately the same seniority as uncollected receivables.
Receivables in foreign currency are valued in lei at the official exchange rate of the BNR on 30.06.2021
The fixed assets held by the Group are as follows:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Customs guarantee for customs clearance at headquarters |
103.000 | 103.000 |
| Other guarantees | 18.698 | 18.233 |
| Total other assets | 20.112 | 121.233 |
The structure of the stocks held by the Group is presented in the table below:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Raw materials | 48.348.955 | 33.052.002 |
| Materials and packaging | 28.380.215 | 25.297.807 |
| Semi-finished products and production in | 24.014.110 | 23.703.476 |
| progress | ||
| Finished products and goods | 10.009.214 | 9.590.902 |
| Total stocks | 110.752.494 | 91.644.187 |
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Bank accounts in RON | 3.762.028 | 973.609 |
| Currency bank accounts | 1.187.184 | 1.216.097 |
| Cash equivalents | 915 | 590 |
| Petty cash | 22.555 | 60.674 |
| Currency | 25.687 | |
| Total cash and cash equivalents | 4.998.369 | 2.250.970 |
The group holds accounts in lei and foreign currency at the following banking institutions: BRD GROUP SOCIETE GENERALE, ING BANK, TREZORERIE
The Group's profit / current income tax is determined on the basis of the statutory profit, adjusted with nondeductible expenses and non-taxable income, at a rate of 16% for 6 months 2021 and 6 months 2020
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Current income tax expense | -2.728.500 | -11.642 |
| Expenditure on micro-enterprise income tax | -3.906 | -5.945 |
| Expenditure / Deferred income tax | -734.844 | -14.504 |
| Total specific profit / income tax | -3.467.250 | -32.091 |
The shareholding structure on 30.06.2021 is as follows:
| Explanations | Number of Shares | % of total share capital |
|---|---|---|
| Deac Ioan | 41.585.887 | 19,0045 |
| Miclea Ioan | 41.042.480 | 18,7562 |
| Explanations | Number of Shares | % of total share capital |
|---|---|---|
| Romanian and foreign shareholders (individuals / legal) | 136.192.671 | 62,2393 |
| Total number of shares | 218.821.038 | 100,0000 |
The Company's shares have a nominal value of 0.1 RON / share. Since June 1997, the Company's shares are traded on the Bucharest Stock Exchange, and since July 2001 it is listed on the standard category.
The Group's equity includes the following:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Subscribed and paid-in capital | 21.882.104 | 21.882.104 |
| Own actions | -705.680 | -250.338 |
| Losses related to the redemption of own shares |
-3.230.901 | -920.264 |
| Revaluation reserves | 83.891.130 | 83.891.130 |
| Legal reserves | 4.961.353 | 4.960.129 |
| Adjustment of legal reserves | 22.679.066 | 22.679.066 |
| Other non-distributable reserves - redemption of own shares |
3.890.000 | 3.890.000 |
| Other reservations | 286.443.339 | 275.614.466 |
| Adjust other reserves | 471.920 | 472.028 |
| Profit this year | 17.490.675 | 14.060.074 |
| Reported result | 67.058.409 | 66.530.853 |
| Minority interests | 205.617 | 159.849 |
| Total equity | 505.037.032 | 492.969.097 |
On 27.04.2020, the GMS approved a plan for the redemption of its own shares in the amount of 3,890,000 lei. The maximum pecuniary value allocated to the program: 3,890,000 lei, excluding brokerage commissions and other acquisition costs.
The payment of the repurchased shares will be made, according to the provisions of art.1031 of law 31/1990, from the distributable profit of the Group, entered in the financial statement for 2019. Duration of the program: 18 months from the date of publication of the decision in the Official Gazette of Romania part IV.
Purpose: The shares will be redeemed for free distribution to the members of the Group's management. Until 30.06.2021, 6,407,697 shares were redeemed, as follows::
Long-term and short-term financial debts are as follows: EUR
| Credit institution | Loan type | 30.06.2021 | 01.01.2021 |
|---|---|---|---|
| BRD GROUP SOCIETE GENERALE-ROMANIA |
Credit line for production |
2.472.809 | 1.745.991 |
| BRD GROUP SOCIETE | Investment credit | 7.161.823 | 7.500.000 |
| Credit institution | Loan type | 30.06.2021 | 01.01.2021 |
|---|---|---|---|
| GENERALE-ROMANIA | |||
| ING BANK-SIBIU | Credit line for production |
3.274.558 | 2.339.742 |
| ING BANK-SIBIU | Investment credit | 6.895.492 | 7.500.000 |
| IMPULS-Leasing Romania I.F.N. SA |
Financial leasing contracts |
45.729 | 115.545 |
| Total financial debts | 19.850.412 | 19.201.277 | |
| Lei | |||
| Credit institution | Loan type | 30.06.2021 | 01.01.2021 |
| BRD GROUP SOCIETE GENERALE-ROMANIA |
Credit line for production |
12.182.791 | 8.501.927 |
| BRD GROUP SOCIETE GENERALE-ROMANIA |
Investment credit | 35.284.152 | 36.520.500 |
| ING BANK-SIBIU | Credit line for production |
16.132.767 | 11.393.139 |
| ING BANK-SIBIU | Investment credit | 33.972.023 | 36.520.500 |
| IMPULS-Leasing Romania I.F.N. SA |
Financial leasing contracts |
225.294 | 560.346 |
| Total financial debts | 97.797.025 | 93.496.412 |
The financial debts in foreign currency are valued in lei at the official exchange rate of the BNR from 30.06.2021.
The statement of trade payables and other payables is as follows:
| Explanations | 30.06.2021 | 01.01.2021 |
|---|---|---|
| Suppliers | 109.943.316 | 93.800.637 |
| Advances received from customers | 804.937 | 153.979 |
| Debts from contracts with clients | 8.855.569 | 3.408.686 |
| Debts related to staff | 7.068.490 | 5.534.208 |
| Debts to the general consolidated state budget and the local budget |
5.816.038 | 7.812.755 |
| Current income tax liabilities | 1.584.663 | 921.847 |
| Dividends Payment | 289.217 | 0 |
| Various creditors | 484.971 | 263.708 |
| Advance income | 1.128.514 | 2.043.773 |
| Subsidies for investments from AMPOSDRU and AMPOSCEE contracts |
45.996.194 | 33.783.636 |
| Inventory surpluses of the nature of fixed assets | 32.832 | 41.473 |
| Total trade and other payables | 182.004.741 | 147.764.702 |
Debts in foreign currency are valued in lei at the official exchange rate of the NBR on 30.06.2021.
In 2021, the Group did not constitute an additional provision for guarantees granted to customers and for employee benefits, considering that there were no changes compared to the existing situation on 01.01.2021.
Group revenues structure is as follows:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Total turnover, of which: | 369.996.664 | 236.968.445 |
| Revenues from sales of finished products | 359.115.560 | 229.034.877 |
| Revenues from services | 3.266.686 | 2.792.074 |
| Income from sale of goods | 6.551.318 | 4.227.044 |
| Income from other activities (rent, sales of | ||
| materials, waste, semi-finished products, | 372.667 | 339.298 |
| packaging) | ||
| Revenues from subsidies related to turnover | ||
| (projects and partnership contracts for | 690.433 | 575.152 |
| AMPOSDRU projects) | ||
| Other operating income | 7.693.798 | 6.044.096 |
| Total operating income | 377.690.462 | 243.012.541 |
Other operating income consists of:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Income from the production of fixed assets | 4.607.184 | 3.457.139 |
| Income from investment grants (projects and partnership contracts for AMPOSDRU and AMPOSCEE projects) |
2.655.102 | 2.339.249 |
| Other operating revenues | 431.512 | 247.708 |
| Total - Other operating income | 7.693.798 | 6.044.096 |
The Group's management regularly evaluates its activity in order to identify the activity segments for which information must be reported separately.
The group operates in Romania. The income of the Group presented above is entirely attributed to the country of residence.
Fixed assets, other than financial instruments, deferred tax receivables, post-employment benefits receivables and rights resulting from insurance contracts are located in Romania in their entirety. The Group does not have such fixed assets located in other countries.
The operating expenses depending on their destination, made in the first 6 months of 2021 and 2020 are presented in the table below:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Material expenses | 229.206.638 | 133.167.433 |
| Stock differences | -797.720 | 6.008.006 |
| Energy and water expenses | 13.131.171 | 11.646.079 |
| Expenses with employee benefits | 75.156.423 | 54.910.296 |
| Value adjustments on fixed assets | 21.660.172 | 26.189.892 |
| Value adjustments on current assets | 2.077 | -335.224 |
| Expenses with services provided by third parties |
13.538.623 | 9.603.560 |
| Expenses with other taxes, fees and similar payments |
2.299.575 | 2.097.269 |
| Other operating expenses | 1.688.141 | 2.095.503 |
| Total operating expenses | 355.885.100 | 245.382.814 |
Employee benefit expenses include salaries, allowances and social security contributions. Short-term benefits are recognized as an expense as the services are provided.
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Salaries and allowances | 73.677.109 | 62.316.659 |
| Government subsidies for employee spending |
0 | -8.617.551 |
| Expenses with insurance and social protection |
1.479.314 | 1.211.188 |
| TOTAL | 75.156.423 | 54.910.296 |
The structure of financial losses (gains) is presented below:
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Earnings from exchange rate differences related to monetary items expressed in foreign currency |
-1.418.462 | -1.346.890 |
| Interest losses | -642.909 | -552.061 |
| Other financial gains | 1.214.504 | -143.712 |
| Total losses / gains | -846.867 | -2.042.663 |
The calculation of earnings per share for H1 2021 and H1 2020 can be summarized as follows
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| Number of shares at the beginning of the year | 218.821.038 | 218.821.038 |
| Shares issued during the year | 0 | 0 |
| Number of shares at the end of the period | 218.821.038 | 218.821.038 |
| Net profit | 17.492.363 | -4.445.027 |
| Earnings per share (RON per share) Basic / diluted: |
he affiliated entities of COMPA SA are the following:
| Affiliated parties | % hold | Holding value |
Object of activity |
|---|---|---|---|
| COMPA IT SRL | 100,00 | 200.000 | Custom software development activities |
| TRANS CAS SRL | 99,00 | 742.500 | Road transport of goods |
| RECASERV SRL | 70,00 | 70.000 | Event catering activities |
| ARINI HOSPITALITY SRL | 100,00 | 19.703.000 | Hotels and other similar accommodation facilities |
The company ARINI HOSPITALITY SRL was founded in January 2021, which will carry out hotel activity, as a result of the development of the construction project of the Ibis-Mercure hotel complex.
In June 2021, according to the Decision of the Extraordinary General Meeting of Shareholders of Compa SA from 12.11.2020, as well as the Decision of the Extraordinary General Meeting of Trans-Cas SRL Associates of 12.01.2021, the share capital of Trans-CAS SRL was decreased from 1,500,000 lei , at 750,000 lei. The holding of Compa SA in the share capital of this affiliated company decreased from 1,498,450 to 742,500 lei.
The value of 755,950 lei, representing the share held by Compa from the decrease of the share capital will be returned to Compa by Trans-CAS in the next period.
The transactions carried out with the companies in which COMPA holds participations were the following (the amounts include VAT):
| Explanations | 30.06.2021 | 30.06.2020 | |||
|---|---|---|---|---|---|
| Companies in which it holds securities |
Purchases of goods and service |
Sales of goods and services |
Purchases of goods and service |
Sales of goods and services |
|
| TRANSCAS S.R.L. | 8.707.707 | 245.724 | 5.503.767 | 254.886 | |
| COMPA IT S.R.L. | 1.438.305 | 23.613 | 1.288.175 | 21.893 | |
| RECASERV S.R.L. | 629.114 | 1.511 | 533.034 | 28.306 | |
| ARINI HOSPITALITY SRL | 0 | 812.245 | 0 | 0 |
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| TRANS C.A.S. SRL | 851.280 | 157.742 |
| COMPA-IT SRL | 3.492 | 3.191 |
| RECASERV SRL | 0 | 16.819 |
| ARINI HOSPITALITY SRL | 2.635 | 0 |
| Explanations | 30.06.2021 | 30.06.2020 |
|---|---|---|
| TRANS C.A.S. SRL | 4.206.137 | 3.364.835 |
| COMPA-IT SRL | 926.538 | 806.028 |
| RECASERV SRL | 344.547 | 397.650 |
| ARINI HOSPITALITY SRL | 0 | 0 |
| NAME | FUNCTION |
|---|---|
| DEAC Ioan | Chairman & CEO |
| MICLEA Ioan | Vice president / CFO |
| MAXIM Mircea Florin | Administrator |
| BALTEŞ Nicolae | Chairman of the Audit Committee |
| NEACŞU Vlad- Nicolae | Member of the Audit Committee |
Chairman & CEO, Vice president / CFO.
Ioan DEAC Ioan MICLEA
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