244 luliu Ma niu Bd. District 6 PostalCode 061126 Bucha rest- Roma nia Tel.: (+4) 021 434 07 41 Fax: (+4) 021434 09 21; (+4) 021 434 31 65
Trade Registry Code J40/533/1991
Fisca l Registration Code R03156315 Sole Registration Code 3156315 Fully Paid Share Capital 36.944.247,50 RON
www.tu rbomeca n ica.ro; e-mail:office@turbomeca n ica.ro
Our Reference: 215 Date: 20/07/2016
Subject:REPORT OF THE BORD OF ADMINISTRATION OFTMB FOR JUNE 2016
TURBOMECANICA SA is a Romanian legal entity with legal form of open joint stock company according to the Constitutive Act and applicable regulations, entirely privately owned, whose shares are listed on the Bucharest Stock Exchange.
Its field of activity is exclusively manufacturing and, according to the classification of activities in the national economy, its main object of activity is the Manufacturing of engines, mechanical assemblies and equipment for aircraft -NACE CODE 3030.
The Company carries out its activity in a highly competitive environment according to the widely recognised principles of corporate governance, in accordance with Romanian legislation, the legislation of the European Union and international practices, supplying on domestic and foreign markets products and services both in the field of defence and civil aviation.
The company has a long history of start-ups; it has experienced diversifications and developments, but also restructures, falls, searches, new beginnings, but however, throughout all this time, it has never stopped operating in the aviation and defence industry
The results will be included in the financial statements of the year 2016 ,prepared in accordance with International Financial Reporting Standards (IFRS).Some of the elements are listed below:
30 JUNE 2016 | 30 JUNE 2015 | |
Revenues | 26.037.174 | 20.493.441 |
Other gains and loss | 1.140.375 | (1.308.182) |
Change in inventories of finished goods and work in progress | 8.140.010 | 3.576.047 |
Raw materials and consumables used | (13.783.445) | (6.495.694) |
Employee benefits expense | (11.696.880) | (9.810.328) |
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Depreciation and amortization expense | (2.820.785) | (2.694.124) |
Finance cost, net | 1.333.869 | (1.755.566) |
Other operating expenses | (3.139.435) | (2.898.073) |
Gross profit/Profit before tax | 5.210.882 | (892.479) |
Income tax expense/ benefit | 1.075.568 | |
Net profit | 4. 1 35.314 | (892.479) |
The informational content of Revenues and Expenses point out some indicators which characterized our activity in terms of the volume and the rentability.
The entity realised operating revenues in amounte of 34.177.183 and operating expenses in amount of 30.896.182.
The largest share of this revenue was made from specific productive activities of production profile of the company.
Ifwe analyze the evolution of operating revenues we notice an increase compared to the same period of the previous year (30.06.2015)by 41 %, the company recorded net profit of
4.135.314 RON, at the end First Quarter.
Statement of financial position: | 31DECEMBER | |
30 JUNE 2016 | 2015 | |
ASSETS | ||
Fixed assets | ||
Property, plant and equipment, net | 56.904.396 | 55.047.738 |
Intangible assets, net | 8.594.906 | 8.930.542 |
Other assets | 1.000 | 1.000 |
Total fixed assets | 65.500.301 | 63.979.280 |
Current assets | ||
Inventory | 32.622.553 | 23.951.055 |
Trade receivables | 5.276.941 | 2.250.180 |
Other receivables and prepayments | 1.248.316 | 2.396.696 |
Cash and bank balances | 144.809 | 7.118.858 |
Noncurrent assets classified as held for sale | 10.550.484 | 10.638.705 |
Total current assets | 49.843.103 | 46.355.494 |
Total assets
115.343.405 110.334.774
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Shareholder equity and liabilities Shareholder equity | ||
Share Capital | 1.024.571.055 | 1.024.571.055 |
Reserves | 79.863.123 | 80.140.683 |
Retained earnings | (1.064.089.724) | (1.068.502.598) |
Own shares | (451.294) | |
Total shareholder equity | 39.893.159 | 36.209.140 |
Long term liabilities | ||
Borrowings LT | 4.905.781 | 4.905.781 |
Deferred tax liabilities | 3.862.833 | 3.862.833 |
Provisions LT | 968.649 | 968.649 |
Other liabilities LT | 3.478.902 | 3.474.291 |
Total liabilities TL | 13.216.165 | 13.211.554 |
Current liabilities | ||
Short term loans | 11.798.737 | 4.145.741 |
Borrowings ST | 44.032.452 | 44.518.895 |
Income tax expense/benefict | 605.400 | 431.310 |
Provisions ST | 1.943.334 | 2.558.999 |
Deferens income | 332.247 | 515.658 |
Other liabilities ST | 3.521.911 | 8.743.477 |
Total current liabilities | 62.234.080 | 60.914.080 |
Total liabilities | 75.450.245 | 74.125.634 |
Total shareholder equity and liabilities | 115.343.405 | 110.334.774 |
Share capital of the entity is inamount of 39.893.159.
Accounting wasorganized in accordance with the Order of MFP no.1286/2012 for the approval of accounting regulationsin accordance withInternational Financial Reporting Standards applicable to companies whosesecurities are admitted totrading on aregulated market,published in theOfficial Gazette, Part I no.687 of 10.04.2012 andAccounting Law no. 82/1991 with subsequent amendments.
All documents regarding economic and financial operations are recorded correctly every day. Economic and financial operations wererecorded based on financial document and posts submitted in the correct accounting statementof assets,liabilities and equitycorrespond to the data recorded in the books brought into line with the real situationof property items
State budget have been correctlyregistered ,paid and reflected inthe balance sheet.We specifythat the Financial Statements at 30June 2016are unaudited financial.
PRESIDENT OF THEBOARD OF ADM-·GENERAL DIRECTOav'
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Turbomecanica SA published this content on 20 July 2016 and is solely responsible for the information contained herein.
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