CEMACON SA
CONSOLIDATED FINANCIAL STATEMENTS
Submitted in accordance with
Order of the Minister of Public Finance
No 2844/2016 for the approval of Accounting Regulations in accordance with International Financial
Reporting Standards,
TO AND FOR THE YEAR ENDED
31 DECEMBER 2023
CONTENTS | PAGE |
INDEPENDENT AUDITOR'S REPORT | 1- 6 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 7-8 |
CONSOLIDATED FINANCIAL POSITION | 9-10 |
CONSOLIDATED CASH FLOW STATEMENT | 11 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 12-13 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 14-72 |
REPORT OF THE ADMINISTRATORS | 1-2 |
Note | Financial year ending 31 December 2023 | Financial year ending 31 December 2022 | |
Restated* | |||
Income from sales | 4 | 185.433.724 | 221.435.406 |
Sales revenues | |||
Other operating income | 5 | 21.237.035 | 11.489.841 |
Other gains and losses | 6 | -5.957.195 | 348.255 |
Change in inventories of FG & WiP | 10.086.005 | 10.962.415 | |
Raw materials and consumables | 15 | -32.848.859 | -40.303.581 |
Personnel Expenses | 8 | -48.053.921 | -38.846.840 |
Depreciation and amortisation expenses | -22.719.907 | -14.488.179 | |
Other operating expenses | 7 | -84.003.419 | -76.123.732 |
Profit from operation | 23.173.464 | 74.473.585 | |
Financial income | 9 | 6.498.958 | 5.080.371 |
Financial expenses | 9 | -4.678.461 | -1.590.951 |
Financial result | 1.820.497 | 3.489.420 | |
Share of profit of associated entities | |||
Income from associates | |||
Profit before tax | 25.080.383 | 77.963.005 | |
Tax benefits/(expenses)* | 10 | 1.079.820 | -6.313.031 |
Profit from continuing operations | 26.160.203 | 71.649.972 | |
Profit from discontinued operations, net of tax | - | - | |
Income tax expenses | |||
Net profit | 26.160.203 | 71.649.972 | |
Note | Financial year ending 31 December 2023 | Financial year ending 31 December 2022 | |
Other comprehensive income items that cannot be reclassified to the income statement | |||
Other comprehensive income | |||
Total other comprehensive income | 13.225.786 | -95.048 | |
Total overall result | 39.385.989 | 71.554.923 | |
Total comprehensive income | |||
Restated* See Note 34 Accounting presentation errors |
These financial statements were signed and approved on March 29, 2024 by:
General Director | Financial Director |
Sologon Daniel | Cojocaru-Lungu Bogdan |
Signature ______________ | Signature ___________ |
8 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ON 31 DECEMBER 2023
(all amounts are in RON, unless otherwise specified)
Notes | Balance at 31 December 2023 | Balance at 31 December 2022 | Balance on 1 January 2022 | |
Restated* | Restated* | |||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 13 | 367.435.054 | 203.699.307 | 156.211.126 |
Investment property | 15 | 8.885.960 | 8.885.960 | 8.885.960 |
Intangible | 14 | 18.463.910 | 1.131.377 | 1.555.775 |
Goodwill | 16 | 4.865.558 | - | - |
Right of use of leased assets | 32 | 15.607.366 | 17.026.366 | 18.496.865 |
Investments | 17 | 1.000 | 1.000 | 1.000 |
Other non-current assets | 822.662 | 554.017 | 411.127 | |
TOTAL Non-current assets | 416.081.510 | 231.298.027 | 185.561.853 | |
Current assets | ||||
Inventories | 19 | 37.406.837 | 22.579.885 | 13.075.235 |
Trade and other receivables | 20 | 39.407.393 | 50.248.650 | 17.064.942 |
Other assets | 18 | 27.335.449 | 16.612.591 | 11.330.612 |
Cash and cash equivalents | 21 | 88.044.885 | 133.909.885 | 84.223.350 |
TOTAL Current assets | 192.194.564 | 223.351.011 | 125.694.139 | |
TOTAL ASSETS | 608.276.073 | 454.649.038 | 311.255.992 | |
CURRENT LIABILITIES | ||||
Trade and other payables | 22 | 51.764.048 | 47.212.962 | 35.223.686 |
Other liabilities | 25 | 71.794 | - | - |
Loans and borrowings | 25 | 12.685.230 | - | - |
Obligations under leases | 32 | 2.319.811 | 2.546.188 | 2.733.143 |
Grants received | 29 | 3.460.812 | 766.040 | 621.092 |
- | ||||
Tax liability* | 9, 34 | 2.499.091 | 2.499.091 | 3.266.618 |
Provisions | 28 | 12.196.018 | 10.045.567 | 11.096.948 |
TOTAL CURRENT LIABILITIES | 84.996.805 | 63.069.848 | 52.941.487 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2023 (all amounts are in RON, unless otherwise specified)
Notes | Balance at 31 December 2023 | Balance at 31 December 2022 | Balance on 1 January 2022 | |
Restated* | Restated* | |||
NON-CURRENT LIABILITIES | ||||
Non-current trade and other liabilities | 22 | - | - | - |
Other liabilities | 25 | 6.357.251 | - | - |
Loans | 25 | 69.768.765 | - | - |
Obligations under leases | 32 | 5.547.838 | 7.492.682 | 9.588.752 |
Grants received | 29 | 16.175.142 | 6.735.832 | 6.885.531 |
Deferred tax* | 10 | 18.807.092 | 3.004.628 | 3.756.047 |
Provisions | 28 | 2.877.336 | 2.848.866 | 2.780.548 |
TOTAL LONG-TERM DEBT | 119.533.424 | 20.082.008 | 23.010.878 | |
TOTAL LIABILITIES | 204.530.227 | 83.151.856 | 75.952.365 | |
NET ASSETS | 403.745.844 | 371.497.182 | 235.303.627 | |
CAPITAL AND RESERVES (EQUITY) | ||||
Issued capital | 30 | 102.745.391 | 102.745.391 | 59.779.702 |
Deferred Tax* | 9 | -5.211.899 | -3.508.324 | -3.603.372 |
Share premium | 30 | 21.735.848 | 21.735.848 | 253.004 |
Reserves | 31 | 140.606.602 | 97.996.664 | 74.475.423 |
Retained earnings* | 143.869.903 | 152.527.603 | 104.398.871 | |
TOTAL EQUITY | 403.745.844 | 371.497.182 | 235.303.628 | |
Restated* See Note 34 Accounting presentation errors |
These financial statements were signed and approved on March 29, 2024 by:
General Director | Financial Director |
Sologon Daniel | Cojocaru-Lungu Bogdan |
Signature ______________ | Signature ___________ |
10 |
CONSOLIDATED CASH FLOW STATEMENT
DIRECT METHOD | Financial year closed on 31-Dec-23 | Financial year closed on 31-Dec-22 |
Flows from operating activities | ||
Collections from customers | 236.410.376 | 251.585.867 |
Payments to suppliers | -134.376.352 | -123.734.501 |
Payments to employees | -33.361.038 | -26.213.071 |
Pay taxes and duties | -21.349.776 | -33.673.033 |
Income tax paid | -1.177.460 | -12.823.463 |
Insurance receipts | 61.891 | - |
Insurance payments | -1.131.822 | -678.693 |
Interest paid | -2.284.394 | - |
Other receipts-subsidies | 21.514 | 103.434 |
Short-term lease payments and low-value assets | -546.618 | -114.716 |
Net cash from operating activities | 42.266.321 | 54.451.824 |
Cash flows from investing activities | ||
Payments for acquisition of subsidiaries (see Note 3) | -107.078.005 | - |
Payments for the purchase of tangible fixed assets | -59.289.505 | -70.557.316 |
Proceeds from the sale of tangible fixed assets | 415.561 | 377.520 |
Interest received | 4.912.360 | 4.060.528 |
Other investment grants | 11.429.781 | 596.478 |
Net cash used in investing activities | -149.609.808 | -65.522.790 |
Cash flows from financing activities | ||
Proceeds from capital contribution | - | 64.448.533 |
Receipts from loans | 88.511.010 | - |
Loans to related parties | -17.565.503 | - |
Payment of capital lease liabilities | -2.831.431 | -3.547.974 |
Payment of finance-lease debts | -472.183 | -238.231 |
Loan repayments | -6.324.829 | - |
Guaranteed payment | -91.069 | - |
Net cash from financing activities | 61.225.995 | 60.662.328 |
Effect of exchange rate differences | 252.492 | 95.172 |
Net increase/(decrease) in cash | -45.865.000 | 49.686.534 |
Cash and cash equivalents at beginning of period | 133.909.885 | 84.223.350 |
Cash and cash equivalents at end of period | 88.044.885 | 133.909.885 |
251.585.867
These financial statements were signed and approved on March 29, 2024 by:
General Director | Financial Director |
Sologon Daniel | Cojocaru-Lungu Bogdan |
Signature ______________ | Signature ______________ |
11 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2023 (all amounts are in RON, unless otherwise specified)
Subscribed capital and adjustments | Share premium | Revaluation reserves | Legal reserves | Other reserves | Undistributed result | Other equity items | Total | |
31/12/2021 *Initial | 59.779.703 | 253.004 | 31.455.172 | 9.430.921 | 33.589.330 | 106.689.799 | -3.603.372 | 237.594.556 |
Correction of accounting errors* | - | - | - | - | - | -2.290.928 | - | -2.290.928 |
31/12/2021 *Restated | 59.779.703 | 253.004 | 31.455.172 | 9.430.921 | 33.589.330 | 104.398.871 | -3.603.372 | 235.303.629 |
Current overall result | - | - | - | - | - | 71.649.972 | - | 71.649.972 |
Share capital increase | 42.965.689 | - | - | - | - | - | 42.965.689 | |
Increase in share premium | - | 21.482.844 | - | - | - | - | - | 21.482.844 |
Constitution of legal reserve | - | - | - | 3.930.969 | - | -3.930.969 | - | - |
Other reserves | - | - | - | 19.590.272 | -19.590.272 | - | - | |
Diff. deferred taxes | - | - | - | - | - | - | 95.048 | 95.048 |
31/12/2022 *Restated | 102.745.392 | 21.735.848 | 31.455.172 | 13.361.890 | 53.179.602 | 152.527.603 | -3.508.324 | 371.497.183 |
These financial statements were signed and approved on March 29, 2024 by:
General Director | Financial Director |
Sologon Daniel | Cojocaru-Lungu Bogdan |
Signature ______________ | Signature ______________ |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2023 (all amounts are in RON, unless otherwise specified)
Subscribed capital and adjustments | Share premium | Revaluation reserves | Legal reserves | Other reserves | Undistributed result | Other equity items | Total | |
31/12/2022 *Restated | 102.745.392 | 21.735.848 | 31.455.172 | 13.361.890 | 53.179.602 | 152.527.603 | -3.508.324 | 371.497.183 |
Current overall result | - | - | - | - | - | 26.160.203 | - | 26.160.203 |
Revaluation reserves (1) | - | - | 11.522.211 | - | - | - | - | 11.522.211 |
Legal reserves | - | - | - | 1.554.386 | - | -1.554.386 | - | - |
Other reserves | - | - | - | - | 29.533.341 | -29.533.341 | - | - |
Capitalised deferred tax differences | - | - | - | - | - | - | -1.703.575 | -1.703.575 |
Purchase price allocation adjustments (2) | - | - | - | - | - | -3.730.176 | - | -3.730.176 |
31-Dec-23 | 102.745.391 | 21.735.848 | 42.977.383 | 14.916.276 | 82.712.943 | 143.869.903 | -5.211.899 | 403.745.844 |
Restated* See Note 34 - Presentation accounting errors
(1) Revaluation reserves were reflected as a result of the revaluation of Euro Caramida's assets at the end of the year ended 31.12.2023.
(2) This difference represents the difference between the adjusted asset values resulting from the PPA report performed at the acquisition date and the resulting values at the acquisition date and the date of the IFRS adjusted financial statements.
These financial statements were signed and approved on March 29, 2024 by:
General Director | Financial Director |
Sologon Daniel | Cojocaru-Lungu Bogdan |
Signature ______________ | Signature ______________ |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2023 (all amounts are in RON, unless otherwise specified)
INFORMATION ON THE PRESENTATION OF THE GROUP:
Cemacon SA ("the Parent Company" or "the Company") is a Romanian legal entity, established as a joint-stock company on the basis of GD no.1200/1991 with registered office in Cluj-Napoca, Calea Turzii Street, no.178k, Hexagon Offices building, 1st floor, Cluj Napoca County. Cluj, ROMANIA. The company's main activity is "Manufacture of bricks, tiles and other construction products from fired clay".
In 2023 CEMACON SA acquired 100% of the share capital of EURO CARAMIDA S.A.., a ceramic blocks factory, having its main activity according to CAEN code 2332. The entity is located in Bihor county, Biharia commune, ROMANIA. The company, together with EURO CARAMIDA S.A., constitutes the Cemacon Group (or "the Group").
The acquisition was reported to the investing public through the current reports no. 6165/19.06.2023 and no.7416/27.07.2023 published on the website of the Bucharest Stock Exchange and on the website of CEMACON SA. As a result of the acquisition, EURO CARAMIDA S.A. became an affiliated part of CEMACON SA. The process of integrating the Biharia plant into the CEMACON Group is currently underway.
The Group prepares consolidated financial statements from 2023. They are available on the websitewww.cemacon.ro under the section "Shareholder Relations/Financial Statements".
The Group's consolidated financial statements are available on the Group's websitewww.cemacon.ro in the "Shareholder Relations/Financial Statements" section.
1. ACCOUNTING POLICIES
Basics of drafting
The principal accounting policies adopted in the preparation of the consolidated financial statements are listed below. The policies have been consistently applied for all years presented, unless otherwise stated.
The consolidated financial statements are presented in the national currency Lei, which is also the Group's functional currency.
Amounts are rounded to the nearest leu unless otherwise stated.
The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") and OMFP 2844/2016 applicable to publicly traded entities.
The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates. The preparation of financial statements in conformity with OMF 2844/2016 requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported income and expenses for the period. Although these estimates are made by the Company's management based on the best information available at the date of the financial statements, actual results may differ from those estimates.
Estimates and judgments are evaluated on an ongoing basis and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the current period and future periods, if the revision affects both the current period and future periods.
Estimates and reasoning are mainly used in:
- estimated goodwill impairment;
- revaluation of tangible fixed assets;
- determining and reviewing the useful life of certain intangible assets;
- leasing contracts;
- trade receivables.
These consolidated financial statements have been prepared on a going concern basis which assumes that the GROUP will continue in business for the foreseeable future. In order to assess the applicability of this presumption management analyses forecasts of future cash inflows. On the basis of these analyses, management believes that the Group will be able to continue in business for the foreseeable future and therefore the application of the going concern basis of accounting is justified.
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Cemacon SA published this content on 29 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2024 16:17:07 UTC.