Income Statement Comelf S.A.

Stocks

CMF

ROCMBFACNOR6

Heavy Machinery & Vehicles

End-of-day quote Bucharest S.E. 2026-09-30			5-day change	1st Jan Change
4.100 ^RON	-3.30%		-4.21%	-0.97%

08-28	Comelf S.A. Reports Earnings Results for the Half Year Ended June 30, 2026	CI
05-15	Comelf S.A. Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: COMELF S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (RON)	2022 (RON)	2023 (RON)	2024 (RON)	2025 (RON)
Revenues	131M	158M	172M	157M	150M
Other Revenues, Total	8.67M	12.32M	10.61M	9.06M	11.24M
Total Revenues	139M	170M	183M	166M	161M
Cost of Goods Sold, Total	72.85M	92.89M	89.74M	72.21M	71.79M
Gross Profit	66.38M	76.97M	92.84M	94.12M	89.16M
Selling General & Admin Expenses, Total	48.45M	53.71M	62.19M	64.39M	63.68M
Depreciation & Amortization - (IS)	7.53M	7.65M	7.6M	8.23M	7.57M
Other Operating Expenses	7.24M	11.03M	11.36M	10.92M	11.56M
Other Operating Expenses, Total	63.22M	72.39M	81.16M	83.54M	82.8M
Operating Income	3.16M	4.57M	11.69M	10.58M	6.36M
Interest Expense, Total	-321K	-545K	-1.55M	-1.77M	-1.18M
Interest And Investment Income	23.08K	133	46.2K	20.29K	19.65K
Net Interest Expenses	-298K	-545K	-1.5M	-1.75M	-1.16M
Currency Exchange Gains (Loss)	-918K	-565K	-696K	-571K	-769K
Other Non Operating Income (Expenses)	2.37M	1.14M	1.13M	1.25M	991K
EBT, Excl. Unusual Items	4.31M	4.6M	10.62M	9.5M	5.42M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	371K	5.15K	14.35K	269K	45.18K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	4.68M	4.6M	10.64M	9.77M	5.47M
Income Tax Expense	397K	462K	1.31M	779K	678K
Earnings From Continuing Operations	4.29M	4.14M	9.33M	8.99M	4.79M
Net Income to Company	4.29M	4.14M	9.33M	8.99M	4.79M
Net Income - (IS)	4.29M	4.14M	9.33M	8.99M	4.79M
Net Income to Common Incl Extra Items	4.29M	4.14M	9.33M	8.99M	4.79M
Net Income to Common Excl. Extra Items	4.29M	4.14M	9.33M	8.99M	4.79M
Per Share Items
Net EPS - Basic	0.19	0.18	0.42	0.4	0.21
Basic EPS - Continuing Operations	0.19	0.18	0.42	0.4	0.21
Basic Weighted Average Shares Outstanding	22.48M	22.48M	22.48M	22.48M	22.48M
Net EPS - Diluted	0.19	0.18	0.42	0.4	0.21
Diluted EPS - Continuing Operations	0.19	0.18	0.42	0.4	0.21
Diluted Weighted Average Shares Outstanding	22.48M	22.48M	22.48M	22.48M	22.48M
Normalized Basic EPS	0.12	0.13	0.3	0.26	0.15
Normalized Diluted EPS	0.12	0.13	0.3	0.26	0.15
Dividend Per Share	0.07	0.18	0.42	0.25	-
Supplemental Items
EBITDA	10.69M	12.22M	19.29M	18.81M	13.93M
EBITA	3.29M	4.68M	11.93M	10.83M	6.58M
EBIT	3.16M	4.57M	11.69M	10.58M	6.36M
EBITDAR	11.06M	12.52M	19.52M	19.07M	14.28M
Total Revenues (As Reported)	139M	170M	-	-	-
Effective Tax Rate - (Ratio)	8.48	10.03	12.3	7.97	12.41
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	397K	462K	1.31M	779K	678K
Normalized Net Income	2.7M	2.87M	6.64M	5.94M	3.39M
Supplemental Operating Expense Items
Net Rental Expense, Total	373K	296K	231K	261K	350K
Imputed Operating Lease Interest Expense	27.9K	33.85K	72.81K	103K	95.84K
Imputed Operating Lease Depreciation	345K	262K	158K	158K	254K
Maintenance & Repair Expenses, Total	1.07M	1.38M	1.37M	1.38M	1.35M

Fiscal Period: December	2021 (RON)	2022 (RON)	2023 (RON)	2024 (RON)	2025 (RON)
Assets
Cash And Equivalents	7.56M	14.32M	7.62M	20.72M	9.18M
Total Cash And Short Term Investments	7.56M	14.32M	7.62M	20.72M	9.18M
Accounts Receivable, Total	55.56M	56.78M	49.16M	34.28M	39.53M
Other Receivables	3.86M	3.74M	12.55M	5.12M	11.27M
Total Receivables	59.42M	60.51M	61.71M	39.4M	50.8M
Inventory	11.68M	14.94M	21.47M	20.58M	24.83M
Other Current Assets, Total	722K	1.6M	1.13M	953K	1.25M
Total Current Assets	79.39M	91.37M	91.94M	81.65M	86.06M
Gross Property Plant And Equipment	157M	164M	166M	174M	181M
Accumulated Depreciation	-80.86M	-88.32M	-90.87M	-98.82M	-106M
Net Property Plant And Equipment	76.42M	76.03M	75.03M	75.54M	74.68M
Long-term Investments	-	-	-	-	-
Other Intangibles, Total	465K	455K	264K	339K	743K
Deferred Charges Long-Term	34.86K	59.86K	60.28K	60.28K	167K
Other Long-Term Assets, Total	-	-	-	220K	220K
Total Assets	156M	168M	167M	158M	162M
Liabilities
Accounts Payable, Total	23.79M	26.88M	24.36M	22.27M	27.73M
Accrued Expenses, Total	5.74M	7.63M	9.51M	6.42M	6.46M
Short-term Borrowings	34.32M	36.75M	37.03M	34.35M	35.14M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	236K	226K	204K	66.66K	-
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	1.71M	1.23M	1.3M	1.54M	2.5M
Deferred Tax Liability Current	336K	280K	280K	164K	113K
Other Current Liabilities	706K	596K	1.58M	1.76M	3.45M
Total Current Liabilities	66.84M	73.6M	74.25M	66.57M	75.4M
Long-Term Debt	-	3.96M	-	-	-
Long-Term Leases	494K	268K	66.77K	-	-
Unearned Revenue Non Current	4.66M	6.2M	5.71M	4.67M	4.73M
Pension & Other Post Retirement Benefits	105K	162K	249K	209K	167K
Deferred Tax Liability Non Current	8.76M	5.49M	5.21M	5.23M	5.12M
Other Non Current Liabilities	-	-	-	-	-1
Total Liabilities	80.86M	89.67M	85.49M	76.67M	85.42M
Common Stock, Total	13.04M	13.04M	13.04M	13.04M	13.04M
Retained Earnings	6.89M	8.11M	13.13M	9.6M	7.65M
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	55.52M	57.1M	55.63M	58.5M	55.77M
Total Common Equity	75.44M	78.24M	81.79M	81.14M	76.46M
Total Equity	75.44M	78.24M	81.79M	81.14M	76.46M
Total Liabilities And Equity	156M	168M	167M	158M	162M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	22.48M	22.48M	22.48M	22.48M	22.48M
ECS Total Common Shares Outstanding	22.48M	22.48M	22.48M	22.48M	22.48M
Book Value / Share	3.36	3.48	3.64	3.61	3.4
Tangible Book Value	74.98M	77.79M	81.53M	80.8M	75.72M
Tangible Book Value Per Share	3.34	3.46	3.63	3.59	3.37
Total Debt	35.05M	41.21M	37.3M	34.42M	35.14M
Net Debt	27.49M	26.89M	29.67M	13.69M	25.96M
Debt Equivalent Oper. Leases	2.99M	2.37M	1.85M	2.09M	2.8M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	11.09M	14.22M	9.88M	-	10.14M
Inventories - Work In Process, Total	-	-	10.96M	-	13.77M
Inventories - Finished Goods, Total	-	-	24.53K	-	561K
Inventories - Others	589K	720K	604K	-	360K
Land - (BS)	21.25M	21.25M	21.25M	21.25M	21.25M
Buildings, Total	40.59M	40.79M	42.36M	42.66M	44.06M
Machinery, Total	95.02M	95.91M	94.04M	100M	102M
Full Time Employees	647	636	633	593	556
Accumulated Allowance for Doubtful Accounts (Supple)	2.22M	2.22M	3.66M	2.81M	2.81M

Fiscal Period: December	2021 (RON)	2022 (RON)	2023 (RON)	2024 (RON)	2025 (RON)
Net Income	4.29M	4.14M	9.33M	8.99M	4.79M
Depreciation & Amortization - CF	7.4M	7.54M	7.36M	7.98M	7.35M
Amortization of Goodwill and Intangible Assets - (CF)	127K	108K	245K	256K	221K
Depreciation & Amortization, Total	7.53M	7.65M	7.6M	8.23M	7.57M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-	-	-7.49K	-	-
Change In Accounts Receivable	-12.97M	-725K	-12.19M	14.88M	-5.25M
Change In Inventories	-4.33M	-3.26M	13.54M	898K	-4.26M
Change In Accounts Payable	11.58M	3.09M	-2.52M	-2.09M	5.46M
Change in Unearned Revenues	-45.9K	-47.59K	-40.73K	14.81K	-49.65K
Change in Other Net Operating Assets	-3.99M	-2.28M	-6.13M	4.98M	-6.53M
Cash from Operations	2.06M	8.58M	9.59M	35.9M	1.73M
Capital Expenditure	-	-	-	-	-
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-3.96M	-7.79M	-6.44M	-	-
Other Investing Activities, Total	-	-	-	-	-7.27M
Cash from Investing	-3.96M	-7.79M	-6.44M	-	-7.27M
Short Term Debt Issued, Total	1.63M	2.42M	-	-	2.59M
Long-Term Debt Issued, Total	-	3.96M	-	367K	196K
Total Debt Issued	1.63M	6.38M	-	367K	2.79M
Short Term Debt Repaid, Total	-	-	-2.78M	-2.99M	-
Long-Term Debt Repaid, Total	-629K	-125K	-976K	-	-
Total Debt Repaid	-629K	-125K	-3.76M	-2.99M	-
Other Financing Activities, Total	-2.37M	-284K	-6.08M	-11.29M	-8.79M
Cash from Financing	-1.37M	5.97M	-9.84M	-13.91M	-6M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-8.89M	-
Net Change in Cash	-3.28M	6.76M	-6.7M	13.1M	-11.54M
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	-	-	-	-	-
Levered Free Cash Flow	-1.39M	9.28M	7.08M	32.25M	2.43M
Unlevered Free Cash Flow	-1.19M	9.62M	8.05M	33.36M	3.16M
Change In Net Working Capital	10.69M	893K	6.86M	-18.51M	8.38M
Net Debt Issued / Repaid	999K	6.25M	-3.76M	-2.62M	2.79M

Fiscal Period: December	2021 (RON)	2022 (RON)	2023 (RON)	2024 (RON)	2025 (RON)
Profitability
Return on Assets	1.32	1.76	4.36	4.07	2.49
Return on Total Capital	1.82	2.49	6.12	5.64	3.51
Return On Equity %	5.78	5.39	11.66	11.04	6.08
Return on Common Equity	5.78	5.39	11.66	11.04	6.08
Margin Analysis
Gross Profit Margin %	47.68	45.31	50.85	56.58	55.4
SG&A Margin	34.8	31.62	34.06	38.71	39.56
EBITDA Margin %	7.68	7.2	10.56	11.31	8.65
EBITA Margin %	2.36	2.76	6.54	6.51	4.09
EBIT Margin %	2.27	2.69	6.4	6.36	3.95
Income From Continuing Operations Margin %	3.08	2.44	5.11	5.41	2.97
Net Income Margin %	3.08	2.44	5.11	5.41	2.97
Net Avail. For Common Margin %	3.08	2.44	5.11	5.41	2.97
Normalized Net Income Margin	1.94	1.69	3.64	3.57	2.1
Levered Free Cash Flow Margin	-1	5.46	3.88	19.39	1.51
Unlevered Free Cash Flow Margin	-0.85	5.66	4.41	20.06	1.97
Asset Turnover
Asset Turnover	0.93	1.05	1.09	1.02	1.01
Fixed Assets Turnover	1.78	2.23	2.42	2.21	2.14
Receivables Turnover (Average Receivables)	2.71	2.8	4.01	3.77	4.06
Inventory Turnover (Average Inventory)	7.66	6.98	3.18	3.43	3.16
Short Term Liquidity
Current Ratio	1.19	1.24	1.24	1.23	1.14
Quick Ratio	1	1.02	0.93	0.9	0.8
Operating Cash Flow to Current Liabilities	0.03	0.12	0.13	0.54	0.02
Days Sales Outstanding (Average Receivables)	134.59	130.14	91.11	97.08	89.97
Days Outstanding Inventory (Average Inventory)	47.67	52.3	114.89	106.56	115.44
Average Days Payable Outstanding	85.12	96.19	122.73	119.65	138.82
Cash Conversion Cycle (Average Days)	97.14	86.25	83.26	83.99	66.59
Long Term Solvency
Total Debt/Equity	46.46	52.66	45.6	42.42	45.96
Total Debt / Total Capital	31.72	34.5	31.32	29.78	31.49
LT Debt/Equity	0.65	5.4	0.08	-	-
Long-Term Debt / Total Capital	0.45	3.54	0.06	-	-
Total Liabilities / Total Assets	51.74	53.4	51.11	48.59	52.77
EBIT / Interest Expense	9.86	8.39	7.56	5.96	5.38
EBITDA / Interest Expense	33.33	22.42	12.48	10.61	11.79
(EBITDA - Capex) / Interest Expense	33.33	22.42	12.48	10.61	11.79
Total Debt / EBITDA	3.28	3.37	1.93	1.83	2.52
Net Debt / EBITDA	2.57	2.2	1.54	0.73	1.86
Total Debt / (EBITDA - Capex)	3.28	3.37	1.93	1.83	2.52
Net Debt / (EBITDA - Capex)	2.57	2.2	1.54	0.73	1.86
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.3	21.99	7.49	-8.9	-3.23
Gross Profit, 1 Yr. Growth %	5.22	15.95	22.84	1.37	-5.26
EBITDA, 1 Yr. Growth %	42.54	14.38	57.79	-2.47	-25.96
EBITA, 1 Yr. Growth %	2.55K	42.35	154.96	-9.21	-39.25
EBIT, 1 Yr. Growth %	-7.34K	44.65	155.65	-9.5	-39.87
Earnings From Cont. Operations, 1 Yr. Growth %	58.56	-3.35	125.2	-3.62	-46.75
Net Income, 1 Yr. Growth %	58.56	-3.35	125.2	-3.62	-46.75
Normalized Net Income, 1 Yr. Growth %	1.32K	6.65	130.97	-10.56	-42.95
Diluted EPS Before Extra, 1 Yr. Growth %	58.33	-5.26	130.57	-3.62	-47.5
Accounts Receivable, 1 Yr. Growth %	36.4	2.2	33.95	-30.27	15.33
Inventory, 1 Yr. Growth %	58.98	27.87	-38.68	-4.18	20.69
Net Property, Plant and Equip., 1 Yr. Growth %	-4.86	-0.51	-1.33	0.69	-1.14
Total Assets, 1 Yr. Growth %	9.77	7.43	-0.38	-5.66	2.58
Tangible Book Value, 1 Yr. Growth %	3.62	3.75	4.81	-0.9	-6.29
Common Equity, 1 Yr. Growth %	3.45	3.72	4.53	-0.8	-5.77
Cash From Operations, 1 Yr. Growth %	-80.95	316.49	11.74	274.5	-95.22
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-116.4	-769.35	-23.65	355.35	-92.6
Unlevered Free Cash Flow, 1 Yr. Growth %	-113.73	-911.26	-16.3	314.45	-90.66
Dividend Per Share, 1 Yr. Growth %	0	176.31	125.18	-40	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.62	21.65	14.51	-1.04	-6.11
Gross Profit, 2 Yr. CAGR %	-6.95	10.45	18.27	11.59	-2
EBITDA, 2 Yr. CAGR %	6.5	27.68	34.34	24.05	-15.03
EBITA, 2 Yr. CAGR %	20.74	514.2	90.51	52.15	-25.73
EBIT, 2 Yr. CAGR %	24.68	923.59	92.3	52.11	-26.23
Earnings From Cont. Operations, 2 Yr. CAGR %	27.8	23.8	47.54	47.32	-28.36
Net Income, 2 Yr. CAGR %	27.8	23.8	47.54	47.32	-28.36
Normalized Net Income, 2 Yr. CAGR %	20.68	289.36	56.95	43.73	-28.56
Diluted EPS Before Extra, 2 Yr. CAGR %	27.57	22.47	47.8	49.07	-28.87
Accounts Receivable, 2 Yr. CAGR %	3.57	18.06	-5.94	-3.36	-10.32
Inventory, 2 Yr. CAGR %	40.67	42.58	35.58	-23.35	7.54
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.16	-2.71	-0.92	-0.32	-0.23
Total Assets, 2 Yr. CAGR %	0.44	8.59	3.45	-3.06	-1.63
Tangible Book Value, 2 Yr. CAGR %	2.41	3.68	4.28	1.92	-3.63
Common Equity, 2 Yr. CAGR %	2.29	3.58	4.12	1.83	-3.31
Cash From Operations, 2 Yr. CAGR %	-57.2	-10.92	115.73	104.56	-57.55
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-61.68	4.76	126.07	86.46	-41.48
Unlevered Free Cash Flow, 2 Yr. CAGR %	-64.9	5.55	160.58	86.25	-37.3
Dividend Per Share, 2 Yr. CAGR %	0	66.23	149.44	16.24	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.15	5.7	16.73	6.11	-1.78
Gross Profit, 3 Yr. CAGR %	-6.07	0.13	13.75	12.34	5.66
EBITDA, 3 Yr. CAGR %	6.12	9.06	37.02	20.74	4.44
EBITA, 3 Yr. CAGR %	21.46	27.55	358.17	48.81	12.03
EBIT, 3 Yr. CAGR %	37.26	31.01	544.61	49.58	11.63
Earnings From Cont. Operations, 3 Yr. CAGR %	15.03	16.43	51.12	28.01	4.94
Net Income, 3 Yr. CAGR %	15.03	16.43	51.12	28.01	4.94
Normalized Net Income, 3 Yr. CAGR %	10.21	15.81	227.15	30.12	5.63
Diluted EPS Before Extra, 3 Yr. CAGR %	14.9	15.52	51.23	28.16	5.27
Accounts Receivable, 3 Yr. CAGR %	-2.16	3.11	6.47	-14.87	2.51
Inventory, 3 Yr. CAGR %	16.68	36.27	42.97	20.76	-10.83
Net Property, Plant and Equip., 3 Yr. CAGR %	-5.84	-4.31	-2.25	-0.38	-0.6
Total Assets, 3 Yr. CAGR %	-1.87	2.72	5.52	0.32	-1.21
Tangible Book Value, 3 Yr. CAGR %	1.67	2.86	4.06	2.52	-0.9
Common Equity, 3 Yr. CAGR %	1.6	2.77	3.9	2.46	-0.77
Cash From Operations, 3 Yr. CAGR %	-42.62	-8.62	-3.93	159.27	-41.39
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-11.2	-0.57	-5.72	185.5	-36.05
Unlevered Free Cash Flow, 3 Yr. CAGR %	-18.45	-0.03	-2.3	204.17	-30.96
Dividend Per Share, 3 Yr. CAGR %	2.19	40.32	83.92	55.13	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-4.82	-0.76	3.56	2.95	7
Gross Profit, 5 Yr. CAGR %	-6.82	-3.42	3	4.19	7.16
EBITDA, 5 Yr. CAGR %	-6.09	-1.31	16.62	14.83	13.18
EBITA, 5 Yr. CAGR %	-7.93	6.1	45.42	36.87	121.28
EBIT, 5 Yr. CAGR %	-6.47	10.02	57.08	39.07	170.85
Earnings From Cont. Operations, 5 Yr. CAGR %	1.31	4.39	27.07	27.93	12.11
Net Income, 5 Yr. CAGR %	1.31	4.39	27.07	27.93	12.11
Normalized Net Income, 5 Yr. CAGR %	-1.13	4.27	26.95	26.26	78
Diluted EPS Before Extra, 5 Yr. CAGR %	2.25	3.9	27.07	27.93	11.84
Accounts Receivable, 5 Yr. CAGR %	-2.28	0.04	-3.69	-7.93	-0.6
Inventory, 5 Yr. CAGR %	5.77	15.41	23.9	28.36	27.58
Net Property, Plant and Equip., 5 Yr. CAGR %	-5.71	-4.67	-3.9	-2.74	-1.45
Total Assets, 5 Yr. CAGR %	-3.03	-0.11	0.23	0.37	2.6
Tangible Book Value, 5 Yr. CAGR %	1.11	2.14	2.7	2.48	0.91
Common Equity, 5 Yr. CAGR %	0.98	2	2.6	2.39	0.95
Cash From Operations, 5 Yr. CAGR %	-31.44	-9.32	-2.54	26.14	-30.71
Levered Free Cash Flow, 5 Yr. CAGR %	-16.07	-12.98	29.05	27.86	-22.09
Unlevered Free Cash Flow, 5 Yr. CAGR %	-20.14	-12.56	29.79	28.22	-18.18
Dividend Per Share, 5 Yr. CAGR %	-16.57	20.68	46.03	30.14	-