BSE Report 1st Semester Results 2019Profit after tax 13,845,877 13,704,348 141,529 1% * At the time of presentation of the results for Semester 1 2019, no other comprehensive income

BSE Report

1st Semester

Results 2019

CLUJ-NAPOCA

August 14th 2019

Page 1 of 8

6 Month Performance 2019

22,08 million lei operational profit (EBITDA)

13,85 million lei Net Profit

73,71 million lei Net Turnover with 34% greater than 1st semester of 2018

General Manager Statement

After a first quarter of 2019 with a galloping demand that led to record sales in the ceramic blocks market, the second

quarter, influenced by the prolonged period of unfavorable weather of the construction works, brought a ceiling of

the requested quantities and even decreases in the market level of masonry.

In this context, at Cemacon we found commercial solutions so as to close the first semester with business results by

34% higher than in the previous year, under leadership conditions from the perspective of profitability in the sector.

The increased efficiency and productivity of the production facilities, including the new lintel plant opened at the end

of 2018, as well as the new products have contributed to reaching a very competitive EBITDA level.

The efforts of the last years of differentiation and premium positioning of the Evoceramic portfolio, as well as the

introduction of new and innovative products, firstly the suite of products with mineral wool, have allowed to maintain

a competitive price level and to balance the increased pressure at the cost level as a result of accelerating growth of

the price of gas, electricity and fuels together with the wages, that have both affected the sector.

The success in attracting non-reimbursable financing, with 3 projects in implementation at present, the most

significant of which is the implementation of a cogeneration plant on the industrial platform from Recea, allow us to

accelerate investments in efficiency, but also to develop strong programs for human resource in the company.

We are still engaged in development projects to enhance the competence and motivation of the organization to

perform at the highest level.

Page 2 of 8

Profit and loss Account – 6 Month Results 2019

In a good market context, the company recorded an 34% increase in turnover compared to the same period

of 2018 exceeding 73,700,000 lei. Compared to 2018, the share of revenues from ceramic blocks and

merchandise remained similar to that of the previous period.

Changes in inventory revenues recorded higher values than in the previous period due to the gap between

the quantities produced and sold in Semester 1 2019. The increase recorded for other operating income is

marked by the increase in the price of EUA certificates received free of charge. Amounts related to other

gains or losses represent the cancellation of provisions made in the previous year and also provisions made

during the current period.

Expenditure on raw materials and materials has grown by 21% as a result of the increase in the quantity

produced compared to the same period of the previous year, productivity marked by investments put into

operation in 2018 as well as by a generalized increase in the purchase price for raw materials, materials and

fuel generated by the current economic context.

Wage expenditures recorded a 23% increase over the previous year due to a 11% increase in the number of

employees compared to the same period in 2018. Operating expenses increased with 41% compared to the

previous period from last year, as a result of the increase in utility and transport expenses.

For the period ended June 30, 2019 CEMACON has an operating profit of 22,083,919 lei lei and a net profit

of 13,845,877 lei.

19.44

27.34

34.89

38.58 38.77

54.85

73.71

3.11 6.12

7.98 6.16

10.15

21.07 22.08

30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19

Net Turnover & EBITDA evolution (mil Lei)

Cifra de Afaceri Neta EBITDANet Turnover

Page 3 of 8

30-June-19 30-June-18 2019 vs 2018 2019 vs 2018

LEI LEI LEI %

Net Turnover 79,570,027 58,214,352 21,355,675 37%

Gross Turnover 73,709,233 54,854,740 18,854,493 34%

Sales revenues 73,708,402 54,853,177 18,855,225 34%

Other operating revenues 2,337,335 836,077 1,501,258 180%

Other gains and losses (6,289,433) 1,751,396 (8,040,829) -459%

Change in inventories of FG & WIP 1,754,610 1,682,569 72,041 4%

Raw materials and consumables (13,378,950) (11,095,191) (2,283,759) 21%

Personnel expenses (14,324,357) (11,614,629) (2,709,728) 23%

Other operating expenses (22,379,061) (15,878,487) (6,500,574) 41%

EBITDA 22,083,919 21,069,157 1,014,762 5%

Depreciation and amortization expenses (4,888,091) (3,796,742) (1,091,349) 29%

EBIT 17,195,828 17,272,415 (76,587) 0%

Financial income 999,421 89,743 909,678 1014%

Financial expenses (1,472,047) (1,164,727) (307,320) 26%

Financial result (472,627) (1,074,984) 602,358 -56%

Profit before tax* 16,067,828 15,663,186 404,642 3%

Income tax expenses (2,221,951) (1,958,838) (263,113) 13%

Profit after tax 13,845,877 13,704,348 141,529 1%

* At the time of presentation of the results for Semester 1 2019, no other comprehensive income and deferred tax items have been computed.

** EBITDA = Operating profit + Expenses with depreciation + Financial discounts granted - Income impairment of non-current assets

Revenues Structure S1 2019

Sales Revenue

Other Operational Income

Other Gains and Losses

Changes in Inventory

Page 4 of 8

Statement of financial position – Results 30th of June 2019

ASSETS 30-June-19 31-Dec-18 2019 vs 2018 2019 vs 2018

NON-CURRENT ASSETS LEI LEI LEI %

Property, plant and equipment 140,847,269 134,042,143 6,805,126 5%

Intangible 3,445,411 2,355,508 1,089,902 46%

Investments 45,200 200 45,000 22500%

Other non-current assets 339,625 108,893 230,732 212%

NON-CURRENT ASSETS TOTAL 144,677,505 136,506,744 8,170,761 6%

CURRENT ASSETS

Inventories 18,923,486 16,751,218 2,172,268 13%

Trade and other receivables 43,329,592 27,371,449 15,958,143 58%

Cash and cash equivalents 14,917,101 19,515,952 (4,598,851) -24%

CURRENT ASSETS TOTAL 77,170,179 63,638,619 13,531,560 21%

Assets classified as held for sale 1,277,495 1,277,495 - -

TOTAL ASSETS 223,125,179 201,422,858 21,702,320 11%

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 15,465,591 15,866,650 (401,059) -3%

Loans and borrowings 9,533,064 7,907,532 1,625,532 21%

Tax liability 638,722 - 638,722 100%

Provisions 10,156,869 5,527,445 4,629,424 84%

CURRENT LIABILITIES TOTAL 35,794,246 29,301,627 6,492,619 22%

NON-CURRENT LIABILITIES

Non-current trade and other liabilities - - - -

Loans and borrowings 40,477,833 39,499,833 978,000 2%

Grants received 1,179,784 1,007,553 172,231 17%

Deferred tax 1,127,086 1,127,086 0 0%

Provisions 2,072,959 2,043,025 29,934 1%

NON-CURRENT LIABILITIES TOTAL 44,857,663 43,677,497 1,180,165 3%

TOTAL LIABILITIES 80,651,908 72,979,124 7,672,784 11%

NET ASSETS 142,473,270 128,443,734 14,029,536 11%

EQUITY

Issued capital as per IFRS 59,779,702 57,067,443 2,712,260 5%

TOTAL EQUITY 142,473,270 128,443,734 14,029,536 11%

Page 5 of 8

The 6% increase in fixed assets as of 31 December 2018 is determined by the commissioning of assets acquired during

the period and partly offset by depreciation recorded during the period and the registration of EUA certificates as

intangible assets. Current assets have grown by 21% compared to the end of 2018.

Receivables increased by 58% as a result of the business activity carried out during the period (sales higher with 34%

than in the same period of the previous year); Cash and cash equivalents decreased by 24% as a result of the

operational and investment activity in the period.

Commercial debts declined by 3% as of December 31, 2018. Bank debts and loans recorded an increase as compared

to the end of 2018, as a result of contracted leases.Current corporate income tax liabilities increased significantly due

to positive financial results at the end of Semester 1 2019.

The increase in equity was generated by the capital increase approved by the AGEA decision as at 28.09.2018. The

company has issued current reports for each stage of this operation.

At the end of the period ended 30 June 2019, the net assets of the company recorded a 11% increase as compared to

the end of 2018, exceeding 142,400,000 lei.

Main Financial Ratios

Main Financial Ratios 30-June-19 30-June-18

1. Current liquidity indicator 2.19 2.56

2. Leverage indicator 35% 39%

3. Turnover speed for client debit items (days) 87 48

4. Turnover speed for total assets 51% 42%

9,542,676

7,092,299

116,243

10,225,678

8,597,180

100,628

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

Finished Goods and Merchandise Raw materials, Packaging and Materials Other

Comparative structure of inventories

31-Dec-18 30-Jun-19

Page 6 of 8

Consolidated Results of the CEMACON Group

Information on the presentation of the CEMACON SA Group:

CEMACON SA is a Romanian legal entity founded as a joint stock company based on Government Decision

no.1200/1991 with its registered office in Cluj-Napoca, Calea Turzii street, No. 178k, 1st floor, Cluj county. The

o pa y’s ai o je t of a tivity is Ma ufa ture of ri ks, tiles a d other o stru tio produ ts ade fro ur t lay .

SC CEMACON Real Estate Company was founded as a result of the agreement signed by SC CEMACON SA and the

Romanian Commercial Bank in order to take over part of the liabilities and assets, according to the reorganization

process. The individual financial statements of SC CEMACON Real Estate Company are prepared in accordance with

Order of the Minister of Public Finance 1802/2012.

The financial statements of the controlled branch have been prepared for the same reporting period as those of the

parent company, using the same accounting policies. The International Financial Reporting Standards (IFRS) have been

applied when preparing the consolidated financial statements.

Even if the financial statements of SC CEMACON Real Estate have been prepared in accordance with Order of the

Minister of Public Finance 1802/2012, the necessary adjustments have been made in order to reflect the accounting

policies of the parent company with a view to consolidating.

Consolidated Statement of financial position – Results 30th of June 2019

ASSETS 30-June-19 31-Dec-18 2019 vs 2018 2019 vs 2018

NON-CURRENT ASSETS LEI LEI LEI %

Property, plant and equipment 140,847,269 134,042,143 6,805,126 5%

Intangible 3,445,411 2,355,508 1,089,902 46%

Investments - - 0 0%

Other non-current assets 339,625 108,893 230,732 212%

NON-CURRENT ASSETS TOTAL 144,632,305 136,506,544 8,125,761 6%

CURRENT ASSETS

Inventories 18,923,486 16,751,218 2,172,268 13%

Trade and other receivables 24,796,500 8,279,124 16,517,376 200%

Cash and cash equivalents 15,235,562 19,523,400 (4,287,838) -22%

CURRENT ASSETS TOTAL 58,955,548 44,553,742 14,401,807 32%

Assets classified as held for sale 7,473,494 17,914,939 (10,441,445) -58%

TOTAL ASSETS 211,061,347 198,975,224 12,086,123 6%

Page 7 of 8

LIABILITIES 30-June-19 31-Dec-18 2019 vs 2018 2019 vs 2018

CURRENT LIABILITIES LEI LEI LEI %

Trade and other payables 15,475,024 15,936,959 (461,935) -3%

Loans and borrowings 9,533,064 7,907,532 1,625,532 21%

Tax liability 638,722 - 638,722 100%

Provisions 10,156,869 5,527,445 4,629,424 84%

CURRENT LIABILITIES TOTAL 35,803,680 29,371,936 6,431,744 22%


Non-current trade and other liabilities - - - 0%

Loans and borrowings 40,477,833 39,499,833 978,000 2%

Grants received 1,179,784 1,007,553 172,231 17%

Deferred tax 899,566 899,566 0 0%

Provisions 2,072,959 2,043,025 29,934 1%

NON-CURRENT LIABILITIES TOTAL 44,630,142 43,449,977 1,180,165 3%

TOTAL LIABILITIES 80,433,822 72,821,913 7,611,909 10%

NET ASSETS 130,627,526 126,153,311 4,474,215 4%

EQUITY

Issued capital as per IFRS 59,779,702 57,067,443 2,712,259 5%

TOTAL EQUITY 130,627,526 126,153,311 4,474,215 4%

Page 8 of 8

Consolidated Profit and Loss Account – Results 1st Semester 2019

30-June-19 30-June-18 2019 vs 2018 2019 vs 2018

LEI LEI LEI %

Sales revenues 73,708,402 54,853,177 18,855,225 34%

Other operating revenues 2,352,078 851,333 1,500,745 176%

Other gains and losses (14,978,468) 1,789,803 (16,768,271) -937%

Change in inventories of FG & WIP 1,754,610 1,682,569 72,041 4%

Raw material and consumables used (13,378,950) (11,095,223) (2,283,727) 21%

Personnel Expenses (14,370,483) (11,687,301) (2,683,182) 23%

Other operating expenses (22,439,119) (15,867,585) (6,571,534) 41%

EBITDA 13,303,444 21,061,018 (7,757,574) -37%

Depreciation and amortization expenses (4,888,091) (3,796,742) (1,091,349) 29%

EBIT 8,415,353 17,264,276 (8,848,923) -51%

Financial income 590,887 358,091 232,796 65%

Financial expenses (1,838,362) (1,603,142) (235,220) 15%

Financial result (1,247,475) (1,245,051) (2,424) 0%

Profit before tax 6,512,504 15,484,980 (8,972,476) -58%

Income tax expenses (2,221,951) (1,974,819) (247,132) 13%

Profit after tax 4,290,553 13,510,161 (9,219,608) -68%

* At the time of presentation of the results for Semester 1 2019, no other comprehensive income and deferred tax items have been computed.

** EBITDA = Operating profit + Expenses with depreciation + Financial discounts granted - Income impairment of non-current assets

***

The report, together with the related documents, can be consulted starting with 14 August 2019 at 18:00 at the company

headquarters in Cluj-Napoca, Calea Turzii street, No. 178k, 1st floor, Cluj county or electronically on the company's website:

www.cemacon.ro and on the Bucharest Stock Exchange website: www.bvb.ro

The results presented are prepared in accordance with IFRS and have a preliminary nature, and will be subject to financial auditing in

accordance with legal provisions.

CEMACON SA ranks second in the top of masonry manufacturers in Romania and is the market leader in Transylvania.

The company operates the most modern and largest manufacturing capacity in Romania with innovative, differentiated products that bring

added value to users, at very competitive production costs.

CEMACON SA is a company listed on the Bucharest Stock Exchange and mainly owned by institutional shareholders, Romanian and foreign

investment funds; the company management is professional, independent, having strong sector expertise.

http://www.cemacon.ro/

http://www.bvb.ro/

1

Cluj-Napoca

14th of August 2019

SC CEMACON SA

Fiscal Code 677858

Trade Registry Code J12/2466/2012

INDIVIDUAL FINANCIAL STATEMENTS UNAUDITED

FOR THE PERIOD ENDED 30 th June 2019

Prepared according to International Reporting Standards

2

Cuprins (Contents)

Situatia individuala a pozitiei financiare (Statement of individual financial position) .............................. 3

Situatia individuala a rezultatului global (Statement of individual comprehensive income) .................... 6

Situatia individuala a fluxului de numerar (Statement of individual cash flow) ..................................... 7

Situatia individuala a modificarilor de capital (Statement of individual changes in equity) .................... 9

1. Legal principals ........................................................................................................................................................ 10

2. Accounting policies .................................................................................................................................................. 10

3. Accounting estimates .............................................................................................................................................. 10

4. Revenues ................................................................................................................................................................. 10

5. Other operational revenues .................................................................................................................................... 11

6. Cheltuieli de exploatare ........................................................................................................................................... 11

7. Personnel expenses ................................................................................................................................................. 12

8. Financial income and expenses ............................................................................................................................... 12

9. Inventory.................................................................................................................................................................. 12

10. Commercial receivables and other receivables ..................................................................................................... 13

11. Share capital .......................................................................................................................................................... 14

12. Transactions with Affiliates ................................................................................................................................... 15

13. Cash and cash equivalents ..................................................................................................................................... 17

14. Adjustments of accounting errors ......................................................................................................................... 17

15. Other information .................................................................................................................................................. 17

16. Contingencies ........................................................................................................................................................ 18

CEMACON SA

Situatia individuala a pozitiei financiare (Individual statement of financial position)

pentru perioada incheiata la 30 Iunie 2019 (for the period ended 30 June 2019)

3

30-Jun-19 31-Dec-18

LEI LEI

ACTIVE (ASSETS)

Active imobilizate

Non-current assets

Imobilizari corporale 140,847,269

134,042,143

Property, plant and equipment

Investitii imobiliare - -

Investment property

Imobilizari necorporale 3,445,411 2,355,508

Intangible

Investitii in actiuni 45,200 200

Investments

Alte active imobilizate 339,625 108,893

Other non-current assets

144,677,505

136,506,744

Active circulante

Current assets

Stocuri 18,923,486 16,751,218

Inventories

Creante comerciale si similare 43,329,592 27,371,449

Trade and other receivables

Alte active financiare - -

Other financial assets

Numerar si echivalente numerar 14,917,101 19,515,952

Cash and cash equivalents

77,170,179 63,638,619

Active clasificate drept detinute în vederea vânzãrii 1,277,495 1,277,495

Assets classified as held for sale

TOTAL ACTIVE (TOTAL ASSETS) 223,125,179

201,422,858

CEMACON SA



4

30-Jun-19 31-Dec-18

LEI LEI

DATORII (LIABILITIES)

DATORII CURENTE

CURRENT LIABILITIES

Datorii comerciale si similare 15,465,591 15,866,650

Trade and other payables

Imprumuturi 9,533,064 7,907,532

Loans and borrowings

Subventii pentru investitii - -

Grants received

Datorii privind impozitul pe profit 638,722 -

Tax liability

Provizioane 10,156,869 5,527,445

Provisions

35,794,245 29,301,627

Datoriile incluse în grupurile destinate cedãrii

Liabilities directly associated with assets in disposal groups classified as held for sale

DATORII PE TERMEN LUNG


Datorii comerciale si similare - -

Non-current trade and other liabilities

Imprumuturi 40,477,833 39,499,833

Loans and borrowings

Subventii pentru investitii 1,179,784 1,007,553

Grants received

Impozit amanat 1,127,086 1,127,086

Deferred tax

Provizioane 2,072,959 2,043,025

Provisions

44,857,662 43,677,497

TOTAL DATORII (TOTAL LIABILITIES) 80,651,908 72,979,124

ACTIVE NETE (NET ASSETS) 142,473,270

128,443,734

CEMACON SA



5

30-Jun-19 31-Dec-18

LEI LEI

CAPITAL SI REZERVE (EQUITY)

Capital social cf IFRS 59,779,702 57,067,443

Issued capital as per IFRS

Beneficii acordate angajatilor in instrumente de

capitaluri proprii - 2,781,461

Benefits granted to employees in equity instruments

Impozit profit amanat (871,487) (871,487)

Deffered Tax

Actiuni proprii - -

Own Shares

Prime legate de emiterea de actiuni 253,004 144

Share premium

Ajustari din retratare - -

Translation adjustments

Rezerve din reevaluare aferente active destinate

vanzarii 1,139,240 1,139,240

Amounts recognised in other comprehensive income

and accumulated in equity relating to non-current

assets held for sale

Rezerve 26,530,108 25,726,716

Reserves

Rezultat reportat 55,642,704 42,600,217

Retained earnings

Interesele care nu controleaza - -

Non-controling interest

TOTAL CAPITALURI (TOTAL EQUITY) 142,473,270

128,443,734

Toate sumele sunt prezentate in lei, daca nu este specificat altfel / All amounts in Lei, if not otherwise stated

CEMACON SA

Situatia individuala a rezultatului global (Statement of individual comprehensive income)


6

30-Jun-19 30-Jun-18

LEI LEI

Venituri din vanzari

Sales revenues 73,708,402 54,853,177

Alte venituri din exploatare 2,337,335 836,077

Other operating revenues

Alte castiguri si pierderi (6,289,433) 1,751,396

Other gains and losses

Variatia stocurilor 1,754,610 1,682,569

Change in inventories of FG & WiP

Materii prime si consumabile (13,378,950) (11,095,191)

Raw material and consumables used

Cheltuieli de personal (14,324,357) (11,614,629)

Personnel Expenses

Amortizare si deprecieri (4,888,091) (3,796,742)

Depreciation and amortisation expenses

Cercetare si dezvoltare - -

Research and development

Alte cheltuieli din exploatare (22,379,016) (15,878,487)

Other operating expenses

Profit / (Pierdere) din exploatare 16,540,455 16,738,170

Profit / (Loss) from operation

Venituri financiare 999,421 89,473

Financial income

Cheltuieli financiare (1,472,047) (1,164,727)

Financial expenses

Rezultat financiar (472,627) (1,074,984)

Financial Result

Profit / (Pierdere) inainte de impozitare 16,067,828 15,663,186

Profit before tax

Cheltuieli cu impozite (2,221,951) (1,958,838)

Profit / (Pierdere) 13,845,877 13,704,348

Profit after tax

Total alte elemente ale rezultatului global - -

Total other elements of other comprehensive income

Total rezultat global 13,845,877 13,704,348

Comprehensive income total


CEMACON SA

Situatia individuala a fluxului de numerar (Statement of individual cash flow)


7

Fluxuri di activități de exploatare 30-Jun-19 30-Jun-18

Cash flow from operating activities LEI LEI

Î asări de la lie ți 65,117,059 60,630,377

Customer encashments

Plăți ătre furnizori (42,186,509) (31,543,095)

Supplier payments

Plăți ătre angajați (9,872,630) (6,506,269)

Payments to employees

Plăți impozite și taxe (7,637,439) (9,747,679)

Tax Payments

Impozit pe profit plătit (1,428,196) (763,314)

Income Tax Paid

Î asări di asigurări - -

Inssurance encashments

Plăți de asigurări (183,759) (231,271)

Insurrance payments

Do â zi plătite (1,155,960) (1,055,315)

Interest Paid

Alte î asări - -

Other Encashmants

Alte plăți - -

Other Payments

Trezoreria etă din activități de exploatare 2,652,566 10,783,434

Cash from operating activities

Fluxuri de trezorerie di activități de i vestiții

Cash flow from investing activities

Plăți pe tru a hizițio area de a țiuni - -

Payments for aquiring shares

Plăți pe tru a hiziționarea de imobilizări corporale (2,849,648) (7,362,090)

Payments for aquiring assets

Î asări di â zarea de i o ilizări corporale 957 28,437

Encashments from sold assets

Dobânzi încasate 91,238 74,886

Encashments from interest

Î pru uturi părți afiliate (170,000) (186,500)

Loans to affiliated parties

Î asări împrumuturi părți affiliate


-

-

CEMACON SA

Situatia individuala a fluxului de numerar (Statement of individual cash flow)


8

30-Iunie-19 30-Iunie-18

Dividende încasate - -

Encashments from dividends

Trezoreria etă din activități de i vestiție (2,927,453) (7,445,267)

Cash from investing activities

Fluxuri de trezorerie di activități de fi a țare

Cash flow from financing activities

Incasari din aport de capital 110,320 -

Encashments from share capital increase

Plata datoriilor aferente leasing-ului financiar (1,086,207) (957,658)

Payments for financial lease

Ra ursări credite (3,333,000) (2,666,400)

Dividends paid and bank interest paid

Trezoreria etă di activități de fi a țare (4,308,887) (3,624,058)

Cash from financing activities

Efectul diferentelor de curs (15,077) (16,385)

Effect of exchange rate changes

Creștere /scădere etă de numerar (4,598,851) (302,276)

Net increase/decrease in cash and cash equivalents

Nu erar și echivale te de u erar la începutul perioadei 19,515,952 34,498,549

Cash and cash equivalents at beginning of period

Nu erar și echivalente de numerar la sfârsitul perioadei 14,917,101 34,196,273

Cash and cash equivalents at end of period

CEMACON SA

Situatia individuala a modificarilor de capital (Statement of individual changes in equity)


9

Capital subscris si

ajustari

Prime de

emisiune

Rezerve din reevaluare

pt. active detinute spre

vanzare

Rezerve din

reevaluare Rezerve legale Alte rezerve

Rezultat

nedistribuit

Alte elemente

ale capitalurilor

proprii

Prima aplicare

a IAS29 Total

Issued capital and

adjustments Share Premium

Reevaluation reserves

for assets held for sale

Reevaluation

reserves Legal reserves

Other

reserves

Undistributed

result

Other capital

elements

1st application

of IAS 29 Total

31-Dec-17 20,613,371 54,850,347 1,139,240 13,661,138 2,279,805 5,958,418 20,536,937 904,693 (10,665,606) 109,278,343

Rezultatul global curent - - - - - - 18,917,343 - - 18,917,343

Current global result

Difere țe apitalizate afere te i pozitului a â at - - - - - - - 248,047 - 248,047

Differences related to Deffered TAX

Majorare de capital social 36,454,072 (36,454,072) - - - - - - - -

Increase in equity

Acoperire pierdere - (18,396,131) - - - - 7,730,525 - 10,665,606 -

Loss coverage

Alte elemente de capitaluri propri (beneficii angajati) - - - - - -

(757,234) 757,234 - -

Other share capital elements (employee benefits)

Rezer a di ree aluare realizată afere tă asărilor - - - (845,403) - - 845,403 - - -

Revaluation Reserve related to disposals

Constituire rezervaă legală - - - - 1,073,259 - (1,073,259) - - -

Legal Reserve - -

Alte rezerve - - - - - 3,599,498 (3,599,498) - - -

Other Reserves

31-Dec-18 57,067,443 144 1,139,240 12,815,735 3,353,064 9,557,916 42,600,217 1,909,974 - 128,443,734



Majorare de capital social 2,712,260 252,860 - - - - - (2,781,461) - 183,659

Increase in equity

Rezerve legale - - - - 803,391 - (803,391) - - -

Legal Reserve

30-Jun-19 59,779,703 253,004 1,139,240 12,815,735 4,156,455 9,557,916 55,642,703 (871,487) - 142,473,270

CEMACON SA

Note selectate la situatiile financiare individuale (Notes to individual financial statements)


10

1. Legal principals

The interim individual financial statements as at 30 June 2019 have been prepared in accordance with

IAS 34 Interim Financial Reporting.

The interim condensed individual financial statements as at 30 June 2019 included in this report are

unaudited and an external limited review by an auditor was not performed.

The interim condensed individual financial statements do not include all the information and

disclosures required in the annual financial statemets, and should be read in conjunction with the

annual individual financial statements as of December 31, 2018.

Selected explanatory notes are included to explain events and transactions that are significant to an

understanding of the changes in the fianancial position and performance of the company since the last

annual individual financial statements as at 31 December 2018.

2. Accounting policies

The accounting policies of the company are aligned with the international financial reporting standards

(IFRS). A detail of them can be found in the individual financial statements at 31 December 2018.

3. Accounting estimates

Entity make certain estimates and assumptions concerning the future. Estimates and judgements are

assessed continuously on the basis of the experience historical and other factors, including

expectations regarding future events deemed to be reasonable in the circumstances. In the future,

actual experience may differ from these estimates and assumptions.

4. Revenues

Sale revenues 30-Jun-19 30-Jun-18

Sales of finished goods 74,760,049 52,051,814

Sales of goods 4,601,464 5,945,401

Revenues from services rendered 207,683 215,573

Discounts granted (5,860,794) (3,359,612)

Total 73,708,402 54,853,177

All amounts are in lei, if it is not otherwise presented

The main income of the entity in the year 2019 were comprised of selling finished products 74.76

million lei, selling merchandise 4.60 million lei and services rendered 0.20 million lei, while the amount

of commercial and financial discounts has been of 5.86 million lei.

CEMACON SA



11

5. Other operational revenues

Other operational revenues are generated from activities that are not part of the general subject of

activity of the entity, which is why they are presented differently from income from sales.

Other operational revenues 30-Jun-19 30-Jun-18

Revenue from various services 831 1,564

Income from compensation 527,854 13,422

Income from subsidies for assets 99,581 37,821

Miscellaneous 1,709,068 783,270

Total 2,337,335 836,077


In the various categories, the income related to the receipt and revaluation of the debt at the date of

the compliance with the greenhouse gas certificates in the amount of 1.65 million lei, as well as

revenues from the sale of waste in the amount of 0.04 million lei. In 2010, the company received a

subsidy for investments amounting to 1.6 million lei, and in 2019 the company recognized as income

for these subsidies the amount of 0.099 million lei. Subsidy income is recognized as amortization of

the fixed assets it refers to. The recognized grant refers to the 15% grant from the amount of credit

received by the company from EBRD sources for the energy efficiency project started in 2009 with the

realization of the new brick factory in Recea.

Other gains and losses 30-Jun-19 30-Jun-18

Income from the sale of assets 803 47,321

Expenses from the sale of assets (1,525) (7,635)

Revenue from the cancellation of provisions 5,019,058 3,479,615

From setting-up provisions (11,307,769) (1,767,905)

Gains and losses Total (6,289,433) 1,751,396


6. Operating expenses

Other operating expenses 30-Jun-19 30-Jun-18

Utilities 6,022,020 4,582,104

Repairs 848,340 668,428

Rent 368,791 375,786

Insurance 225,734 343,107

Personal training 140,471 26,936

Commissions 272,191 301,557

Advertising 3,459,590 809,368

Transport 6,821,261 5,410,974

Post and telecommunications 87,242 70,654

Other services provided by third parties 1,249,189 968,849

Taxes 853,852 856,902

Miscellaneous 2,030,378 1,463,823

Total 22,379,061 15,878,487


CEMACON SA



12

7. Personnel expenses

The structure and average number of employees is: 240.

Average number of employees 30-Jun-19 30-Jun-18

Administrative staff 70 65

Personnel in production 170 151

Total 240 216

8. Financial income and expenses

Financial Income 30-Jun-19 30-Jun-18

Income from interest 594,225 74,887

Other financial revenues 611 -

Exchange rate differences in income 404,584 14,856

Total 999,421 89,743


Financial Expenses 30-Jun-19 30-Jun-18

Interest costs (1,338,467) (1,131,115)

Other financial expenses - -

Exchange rate differences (133,580) (33,612)

Total (1,472,047) (1,164,727)


Financial expenses mainly consist of the following categories: expenses concerning interest 1.34

million lei, expenses relating to exchange rate differences related 0.13 million lei.

Financial revenues are revenues from interest income 0.59 million lei and from exchange rate

differences 0.40 million lei.

9. Inventory

Inventory 30-Jun-19 31-Dec-18

Raw materials and consumables 6,367,021 4,664,417

Packing 2,630,261 2,953,498

Adjustments (400,103) (525,616)

WIP 100,628 116,243

Adjustments - -

Billets and finished products 8,872,553 7,899,792

Adjustments (76,726) (39,796)

Merchandise 1,466,235 1,722,262

Adjustments (36,384) (39,582)

Total 18,923,486 16,751,218


CEMACON SA



13

The cost of inventories recognized in the income statement has the following structure:

Raw materials and consumables 30-Jun-19 30-Jun-18

Raw materials 5,894,750 2,711,177

Auxiliary materials 2,311,836 1,772,674

Packing 326,681 2,509,163

Merchandise 2,736,584 1,738,213

Inventory items 112,106 62,623

Other consumables 14,324 9,979

Miscellaneous 1,982,669 2,291,361

Total 13,378,950 11,095,189


Inventory Adjustments

Where necessary, adjustments are made for inventory items, physically or morally exploited. The net

realizable value is estimated on the basis of the selling price less the sales costs.

10. Commercial receivables and other receivables

Commercial receivables and other receivables 30-Jun-19 31-Dec-18

Trade receivables 26,116,595 7,599,652

Adjustments for trade receivables (1,576,098) (1,567,254)

Intragroup receivables 18,004,734 19,288,602

Adjustments for intragroup receivables (1,742,224) -

Claims to associates / shareholders - -

Employees - -

Tax - 793,755

Other receivables from the State Budget 437,535 529,960

Subsidies 271,812 -

Debtors and other receivables 24,834 10,890

Adjustments for other receivables - -

Interest to cash 649,335 146,348

Total financial assets other than cash,

classified as loans and receivables 42,186,523 26,801,953

Advance paid 1,143,069 569,496

Total 43,329,592 27,371,449


CEMACON SA



14

11. Share capital

On June, 30, 2019 the share capital structure is:

Structure of share capital 30-Jun-19 31-Dec-18

Number of authorized actions 505,653,533 buc 478,530,935 buc

Number of shares subscribed and paid 505,653,533 buc 478,530,935 buc

Number of subscribed and unpaid shares - -

The nominal value of an action 0.10 lei 0.10 lei

All shares of the company are common and have the same voting rights.

Capital structure movements in the year 2019 can be seen in the following table:

30-Jun-19 31-Dec-18

Number Value Number Value

Ordinary shares of 0.1 Lei each 478,530,935 buc 47,853,094 lei 113,990,218 buc 11,399,022 lei

Discounts by embedding losses - - - -

Emissions during the year 27,122,598 buc 2,712,259 lei 364,540,717 buc 36,454,072 lei

Acquisition of own shares - - - -

TOTAL 505,653,533 buc 50,565,353 lei 478,530,935 buc 47,853,094 lei

The shareholding structure on 31 December 2018 consists of:

Shareholder Shares Percent

S.C. DEDEMAN S.R.L. 200,126,326 41.8210%

BUSINESS CAPITAL FOR ROMANIA-OPPORTUNITY FUND

COOPERATIEF U.A. loc. AMSTERDAM NLD 157,915,191 33.0000%

PIF Industrial 84,315,847 17.6197%

alti actionari / others 36,173,571 7.5593%

TOTAL 478,530,935 100.0000% Source: DEPOZITARUL CENTRAL Data: 12/31/2018

As a result of the transactions on the capital market in 2019, the shareholding structure on 10 July

2019 is composed of:


S.C. DEDEMAN S.R.L. 370,819,888 73.3348%

PIF Industrial 84,315,847 16.6746%

Persoane fizice 46,118,438 9.1206%

Persoane juridice 4,399,360 0.8700%


CEMACON SA



15

12. Transactions with Affiliates

The company's affiliates in 2019 are:

▪ DEDEMAN SRL ith registered offi e i lo Ba ău, Str. Ale ei Tolstoi, r. , CUI , Nr.Ord.Reg.Co .: J / / – sig ifi a t shareholder;

▪ PIF INDUSTRIAL SRL ith registered offi e i lo Ba ău, Str. Ale ei Tolstoi, r. , CUI , Nr.Ord.Reg.Co .: J / / – shareholder;

▪ DEDEMAN AUTOMOBILE SRL– Mu i ipiul Ba ău, Strada Ale ei Tolstoi, Nr. , Judet Ba ău; Nr.Ord.Reg.Co .: J / / - o pa fro Dede a group;

▪ Busi ess Capital for Ro a ia Opportu it Fu d Cooperatief U.A., Ola da - CCI – sig ifi a t shareholder u til Ma , ;

▪ Ce a o Real Estate ith registered offi e i Jud. Salaj, Mu . Zalau, Str. Fa ri ii, Nr. , CUI RO ; % i estee of the o pa Ce a o SA; the group o sisti g of Ce a o SA a d

Ce a o Real Estate respe ti el , prepares o solidated fi a ial state e ts as at Ju e ;

▪ Orio Strateg Solutio Srl ith registered offi e i jud. Cluj, lo . Cluj-Napo a, str Artelor, r. ; CIF Ro ; R.C. J / / ; Preside t of Board of Dire tors Ce a o SA, Li iu-Io el Stoleru CEO Ce a o SA is the Dire tor of Orio Strateg Solutio Srl a d represe tati e of this e tit i the Board of Dire tors of Ce a o SA;

▪ Li iu-Io el Stoleru – Ge eral Ma ager a d Preside t of Board of Dire tors

▪ Sologo Da iel – Fi a ial Dire tor

▪ A a-Bar ara Bo ir a – e er of the Board of Dire tors

▪ Da a-Rodi a Beju – e er of the Board of Dire tors

▪ Dragos Pa al – e er of the Board of Dire tors

▪ Maria Ada – e er of the Board of Dire tors

CEMACON SA



16

Transactions with Affiliates (Continued)

Transactions with affiliated parties are summarized in the following table:

Sales Acquisitions

Affiliates 1 Jan – 30 June 2019 1 Jan – 30 June 2018 1 Jan – 30 June 2019 1 Jan – 30 June 2018

Dedeman SRL 7,614,588 5,882,982 88,186 99,189

Dedeman Automobile SRL - - - 77,228

Cemacon Real Estate - - 252,583 271,142

Total 7,614,588 5,882,982 340,769 447,559


Balances with affiliated parties are summarized in the following table:

Receivables from affiliated parties Debts to affiliated parties Given loans

Affiliates 30-Jun-2019 31-Dec-18 30-Jun-2019 31-Dec-18 30-Jun-2019 31-Dec-18

Dedeman SRL 300,319 - 10,282 342,771 - -

Dedeman Automobile SRL - - - -

Cemacon Real Estate 1,742,224 1,742,224 73,493 45,249 16,911,845 17,692,726

Total 2,042,543 1,742,224 83,774 388,020 16,911,845 17,692,726


CEMACON SA



17

13. Cash and cash equivalents

Cash and cash equivalents 30-Jun-2019 31-Dec-18

Available in the bank 14,849,217 19,515,653

Cash and cash equivalents 67,884 299

Total 14,917,101 19,515,952

On June 30, 2019 there are no financial instruments that generate exposure to credit risk. Cash

balances denominated in foreign currency at 30.06.2019 are not material.

14. Adjustments of accounting errors

During January-June 2019, the Company did not record corrections of accounting errors, related to the

previous years.

15. Other information

Segment Reporting:

The company has a single reporting segment, represented by the production and marketing of building

bricks. The nature of the products in the range of the Company is similar, as well as their production

process. Also, the nature of the economic and legislative environment to which the Company is subject

is the same for all the production and marketing activities undertaken by the Company.The company

does not record significant sales on the foreign market that would meet the reporting criteria of a

distinct segment. The assets held by the Company are fully located within Romania and are used to

produce and market the products mentioned above. Also, all liabilities, respectively the results

recorded in the individual financial statements, are exclusively related to the only segment of the

Company's activity, represented by the production and marketing of building bricks.

Information on Company Presentation:

Cemacon SA is a Romanian legal person, founded as a joint stock company based on GD No.1200 /

1991 with headquarters in Cluj-Napoca, Calea Turzii street, No. 178k, 1st floor, Cluj county. The

company's main activity is "Manufacture of bricks, tiles and other construction products, from burned

clay".

Conversion bases used to express in national currency assets and liabilities, income and expenses

originally denominated in a foreign currency:

Main exchange rates used to convert foreign currency denominated balances into lei at 31 December

2018 and 30 June 2019 are:

Exchange rate

Foreign currency Abbreviation 30-Jun-19 31-Dec-18

Dolar SUA USD 4.1587 4.0736

Euro EUR 4.7351 4.6639

CEMACON SA



18

15. Other information (Continued)

Amendments:

Administrators do not have the right to subsequently amend the financial statements. The financial

statements together with the notes to the financial statements are authorized to be issued on August

14, 2019. It is not possible for the financial statements to be amended after they have been issued.

The semestrial financial statements were not audited.

16. Contingencies

Taxation

The Company considers that it has paid in full and in full all taxes, penalties, penalties and penalties,

insofar as this is the case.All amounts due to the State for taxes have been paid or recorded at the

balance sheet date. The fiscal system in Romania is undergoing consolidation and harmonization with

European legislation, with different interpretations of the authorities in relation to tax legislation,

which may give rise to additional taxes, fees and penalties. If the state authorities discover violations

of the legal provisions in Romania, they may, as the case may be: confiscation of the amounts in

question, imposition of additional tax obligations, application of fines, application of late payments

(applied to the actual payment amounts). Therefore, the fiscal sanctions resulting from violations of

the legal provisions may reach significant amounts to be paid to the state.In Romania, the fiscal

exercise remains open for verification for a period of 5 years.

Transfer price

In accordance with relevant tax legislation, the tax assessment of a transaction with affiliated parties

is based on the concept of market price for that transaction. Based on this concept, transfer pricing

needs to be adjusted to reflect market prices that would have been set between entities that do not

have an affiliate relationship and that act independently, based on "normal market conditions".

It is likely that transfer pricing checks will be carried out in the future by tax authorities to determine

whether those prices comply with the "normal market conditions" principle and that the taxpayer's

taxable base is not distorted.

Chief Executive Officer Chief Financial Officer

Stoleru Liviu Sologon Daniel

Signature ______________ Signature ______________

The information contained in this document are provided under IFRS (International Financial Reporting Standards). The company has made

every effort to ensure the information presented is complete, accurate and free of material errors. Where necessary, both the company and

management, used the professional judgment in conjunction with interantional financial reporting standards to present information in a

manner consistent with the specific activity of the business. Interpretation of information presented in this document must be made in

accordance with these standards. If there are gaps nor interpretations different from the mentioned regulations the provisions set out in

International Financial Reporting Standards (IFRS) will apply. The unaudited financial information set forth above is preliminary and subject

to adjustments and modifications. Adjustments and modifications to the financial statements may be identified during the course of the

audit work, which could result in significant differences from this preliminary unaudited financial information.

This document was translated from Romanian to English using automated translating software, for information purposes only. Cemacon SA

is not responsible for any translation errors or misinterpretation of information contained in this document. Reporting language is Romanian

and in case of misinterpretation the Financial Statements issued in Romanian shall apply.

1

Cluj-Napoca

14th of August 2019

SC CEMACON SA

Fiscal Code 677858

Trade Registry Code J12/2466/2012

CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED

FOR THE PERIOD ENDED 30 th June 2019 Prepared according to International Reporting Standards

2

Cuprins (Contents)

Situatia consolidata a pozitiei financiare (Consolidated statement of financial position) ......................................... 3

Situatia consolidata a rezultatului global (Consolidated statement of comprehensive income) .............................. 5

Situatia consolidata a fluxului de numerar (Consolidated statement of cash flow) ................................................. 6

Situatia consolidata a modificarilor de capital (Consolidated statement of changes in equity) ................................ 8

1. Legal principals .......................................................................................................................................................... 9

2. Accounting policies .................................................................................................................................................... 9

3. Accounting estimates ................................................................................................................................................ 9

4.Revenues .................................................................................................................................................................... 9

5. Other operational revenues .................................................................................................................................... 10

6. Operating expenses ................................................................................................................................................. 10

7. Personnel expenses ................................................................................................................................................. 11

8. Financial income and expenses ............................................................................................................................... 11

9. Inventory.................................................................................................................................................................. 11

11.Share capital ........................................................................................................................................................... 13

12. Transactions with Affiliates ................................................................................................................................... 14

13. Cash and cash equivalents ..................................................................................................................................... 16

14. Adjustments of accounting errors ......................................................................................................................... 16

15.Other information .................................................................................................................................................. 16

16.Contingencies ......................................................................................................................................................... 17

CEMACON SA

Situatia consolidata a pozitiei financiare (Consolidated statement of financial position)


3

ACTIVE (ASSETS) 30-Jun-19 31-Dec-18

Active imobilizate LEI LEI

Non-current assets Imobilizari corporale 140,847,269 134,042,143

Property, plant and equipment - -

Investitii imobiliare - -

Investment property - -

Imobilizari necorporale 3,445,411 2,355,508

Intangible - -

Investitii in actiuni - -

Investments - -

Alte active imobilizate 339,625 108,893

Other non-current assets 144,632,305 136,506,544

Active circulante Current assets

Stocuri 18,923,486 16,751,218

Inventories - -

Creante comerciale si similare 24,796,500 8,279,124

Trade and other receivables - -

Alte active financiare - -

Other financial assets - -

Numerar si echivalente numerar 15,235,562 19,523,400

Cash and cash equivalents 58,955,548 44,553,742

Active clasificate drept detinute în vederea

vânzãrii 7,473,494 17,914,939

Assets classified as held for sale

TOTAL ACTIVE (TOTAL ASSETS) 211,061,347 198,975,224

DATORII (LIABILITIES)

DATORII CURENTE

CURRENT LIABILITIES

Datorii comerciale si similare 15,475,024 15,936,959

Trade and other payables - -

Imprumuturi 9,533,064 7,907,532

Loans and borrowings - -

Subventii pentru investitii - -

Grants received - -

Datorii privind impozitul pe profit 638,722 -

Tax liability - -

Provizioane 10,156,869 5,527,445

Provisions - -

35,803,680 29,371,936

CEMACON SA

Situatia consolidata a pozitiei financiare (Consolidated statement of financial position)


4

30-Jun-19 31-Dec-18

DATORII PE TERMEN LUNG LEI LEI


Datorii comerciale si similare - -

Non-current trade and other liabilities - -

Imprumuturi 40,477,833 39,499,833

Loans and borrowings - -

Subventii pentru investitii 1,179,784 1,007,553

Grants received - -

Impozit amanat 899,566 899,566

Deferred tax - -

Provizioane 2,072,959 2,043,025

Provisions - -

44,630,142 43,449,977

TOTAL DATORII (TOTAL LIABILITIES) 80,433,822 72,821,913

ACTIVE NETE (NET ASSETS) 130,627,526 126,153,311

CAPITAL SI REZERVE (EQUITY)

Capital social cf IFRS 59,779,702 57,067,443

Issued capital as per IFRS - -

Beneficii acordate angajatilor in instrumente

de capitaluri proprii - 2,781,461

Impozit profit amanat (871,487) (871,487)

Actiuni proprii - -

Own Shares - -

Prime legate de emiterea de actiuni 253,004 144

Share premium - -

Rezerve din reevaluare aferente active

destinate vanzarii 5,355,495 5,355,495

Amounts recognised in other comprehensive

income and accumulated in equity relating to

non-assets held for sale - -

Rezerve 27,064,455 26,261,063

Reserves - -

Rezultat reportat 39,046,355 35,559,192

Retained earnings - -

Interesele care nu controleaza - -

Non-controling interest - -

TOTAL CAPITALURI (TOTAL EQUITY) 130,627,526 126,153,311


CEMACON SA

Situatia consolidata a rezultatului global (Consolidated statement of comprehensive income)


5

30-Jun-19 30-Jun-18

LEI LEI

Venituri din vanzari 73,708,402 54,853,177

Sales revenues

Alte venituri din exploatare 2,352,078 851,333

Other operating revenues

Alte castiguri si pierderi (14,978,468) 1,789,803

Other gains and losses

Variatia stocurilor 1,754,610 1,682,569

Change in inventories of FG & WiP

Materii prime si consumabile (13,378,950) (11,095,223)

Raw material and consumables used

Cheltuieli de personal (14,370,483) (11,687,301)

Personnel Expenses

Amortizare si deprecieri (4,888,091) (3,796,742)

Depreciation and amortisation expenses

Alte cheltuieli din exploatare (22,439,119) (15,867,585)

Other operating expenses

Profit / (Pierdere) din exploatare 7,759,980 16,730,031

Profit / (Loss) from operation

Venituri financiare 590,887 358,091

Financial income

Cheltuieli financiare (1,838,362) (1,603,142)

Financial expenses

Rezultat Financiar (1,247,475) (1,245,051)

Financial Result

Profit / (Pierdere) inainte de impozitare 6,512,504 15,484,980

Profit before tax

Cheltuieli cu impozite (2,221,951) (1,974,819)

Profit / (Pierdere) 4,290,553 13,510,161

Profit after tax

Total alte elemente ale rezultatului global - -

Total other elements of other comprehensive income

Total rezultat global 4,290,553 13,510,161

Comprehensive income total

Toate sumele sunt prezentate in lei, daca nu este specificat altfel / All amounts in Lei, if not otherwise state

CEMACON SA

Situatia consolidata a fluxului de numerar (Statement of consolidated cash flow)


6

Fluxuri di activități de exploatare 30-Iunie-19 30-Iunie-18

Cash flow from operating activities LEI LEI

Î asări de la lie ți 65,357,656 60,814,101

Customer encashments

Plăți ătre furnizori (42,470,651) (31,757,730)

Supplier payments

Plăți ătre angajați (9,902,662) (6,547,920)

Payments to employees

Plăți impozite și taxe (7,762,888) (9,851,899)

Tax Payments

Impozit pe profit plătit (1,428,196) (763,314)

Income Tax Paid

Î asări di asigurări - -

Inssurance encashments

Plăți de asigurări (183,759) (234,716)

Insurrance payments

Do â zi plătite (1,155,960) (1,055,315)

Interest Paid

Alte î asări - -

Other Encashmants

Alte plăți - -

Other Payments

Trezoreria etă din activități de exploatare 2,453,540 10,603,207

Cash from operating activities

Fluxuri de trezorerie di activități de i vestiții

Cash flow from investing activities

Plăți pe tru a hizițio area de a țiuni - -

Payments for aquiring shares

Plăți pe tru a hiziționarea de imobilizări corporale (2,849,648) (7,362,090)

Payments for aquiring assets

Î asări di â zarea de i o ilizări corporale 340,957 1,383,386

Encashments from sold assets

Dobânzi încasate 91,238 74,886

Encashments from interest

Î pru uturi părți afiliate - -


Î asări împrumuturi părți affiliate


-

-

CEMACON SA

Situatia consolidata a fluxului de numerar (Statement of consolidated cash flow)


7

30-Iunie-19 30-Iunie-18

Dividende încasate - -

Encashments from dividends

Trezoreria etă din activități de i vestiție (2,417,452) (5,903,818)

Cash from investing activities

Fluxuri de trezorerie di activități de fi a țare

Cash flow from financing activities

Incasari din aport de capital 110,320 -

Encashments from share capital increase

Plata datoriilor aferente leasing-ului financiar (1,086,207) (957,658)

Payments for financial lease

Ra ursări credite (3,333,000) (4,032,094)

Dividends paid and bank interest paid

Trezoreria etă di activități de fi a țare (4,308,887) (4,989,752)

Cash from financing activities

Efectul diferentelor de curs (15,039) (16,385)

Effect of exchange rate changes

Creștere /scădere etă de numerar (4,287,838) (306,748)

Net increase/decrease in cash and cash equivalents

Nu erar și echivale te de u erar la începutul perioadei 19,523,400 34,526,889

Cash and cash equivalents at beginning of period

Nu erar și echivalente de numerar la sfârsitul perioadei 15,235,562 34,220,141

Cash and cash equivalents at end of period

CEMACON SA

Situatia consolidata a modificarilor de capital (Statement of consolidated changes in equity)


8

Capital subscris si ajustari

Prime de emisiune

Rezerve din reevaluare pt. active

detinute spre vanzare

Rezerve din reevaluare

Rezerve legale

Alte rezerve

Rezultat nedistribuit

Alte elemente ale

capitalurilor proprii

Prima aplicare a

IAS29 Total

Issued capital and

adjustments Share Premium

Reevaluation reserves for assets

held for sale

Reevaluation reserves

Legal reserves

Other reserves

Undistributed result

Other capital elements

1st application of IAS 29

Total

31-Dec-17 20,613,371 54,850,347 5,629,211 14,195,447 2,279,845 5,958,418 14,258,842 904,694 (10,665,606) 108,024,569



Diferențe capitalizate aferente impozitului amânat - - - - - - - 248,047 - 248,047

Differences related to Deffered TAX

Majorare de capital social 36,454,072 (36,454,072) - - - - - - - -

Increase in equity

Acoperire pierdere - (18,396,131) - - - - 7,730,525 - 10,665,606 -

Loss coverage

Alte elemente de capitaluri propri (beneficii angajati) - - - - - - (757,234) 757,234 - -

Other share capital elements (employee benefits)

Rezerva din reevaluare realizată aferentă casărilor - - (273,716) (845,403) - - 1,119,119 - - -

Revaluation Reserve related to disposals

Constituire rezervaă legală - - - - 1,073,259 - (1,073,259) - - -

Legal Reserve - -

Alte rezerve - - - - - 3,599,498 (3,599,498) - - -

Other Reserves

31-Dec-18 57,067,443 144 5,355,495 13,350,044 3,353,104 9,557,916 35,559,189 1,909,975 - 126,153,311



Majorare de capital social 2,712,260 252,860 - - - - - (2,781,461) - 183,659

Increase in equity

Rezerve legale - - - - 803,391 - (803,391) - - -

Legal Reserve

30-Jun-19 59,779,703 253,004 5,355,495 13,350,044 4,156,495 9,557,916 39,046,351 (871,487) - 130,627,526

CEMACON SA

Note selectate la situatiile financiare consolidate (Notes to consolidated financial statements)


9

1. Legal principals

The interim consolidated financial statements as at 30 June 2019 have been prepared in accordance

with IAS 34 Interim Financial Reporting.

The interim condensed consolidated financial statements as at 30 June 2019 included in this report are

unaudited and an external limited review by an auditor was not performed.

The interim condensed consolidated financial statements do not include all the information and

disclosures required in the annual financial statemets, and should be read in conjunction with the

annual individual financial statements as of December 31, 2018.

Selected explanatory notes are included to explain events and transactions that are significant to an

understanding of the changes in the fianancial position and performance of the company since the last

annual consolidated financial statements as at 31 December 2018.

2. Accounting policies

The accounting policies of the group are aligned with the international financial reporting standards

(IFRS). A detail of them can be found in the consolidated financial statements at 31 December 2018.

3. Accounting estimates

The Group make certain estimates and assumptions concerning the future. Estimates and judgements

are assessed continuously on the basis of the experience historical and other factors, including

expectations regarding future events deemed to be reasonable in the circumstances. In the future,

actual experience may differ from these estimates and assumptions.

4.Revenues

Sale revenues 30-Jun-19 30-Jun-18

Sales of finished goods 74,760,049 52,051,814

Sales of goods 4,601,464 5,945,401

Revenues from services rendered 207,683 215,573

Discounts granted (5,860,794) (3,359,612)

Total 73,708,402 54,853,177


The main income of the Group in 2019 were comprised of selling finished products 74.76 million lei,

selling merchandise 4.60 million lei and services rendered 0.20 million lei, while the amount of

commercial and financial discounts has been of 5.86 million lei.

CEMACON SA



10

5. Other operational revenues

Other operational revenues are generated from activities that are not part of the general subject of

activity of the Group, which is why they are presented differently from income from sales.

Other operational revenues 30-Jun-19 30-Jun-18

Revenue from various services 10,085 16,818

Income from compensation 533,344 13,422

Income from subsidies for assets 99,581 37,821

Miscellaneous 1,709,068 783,272

Total 2,352,078 851,333


In the various categories, the income related to the receipt and revaluation of the debt at the date of

the compliance with the greenhouse gas certificates in the amount of 1.65 million lei, as well as

revenues from the sale of waste in the amount of 0.04 million lei. In 2010, the Group received a subsidy

for investments amounting to 1.6 million lei, and in 2019 the company recognized as income for these

subsidies the amount of 0.099 million lei. Subsidy income is recognized as amortization of the fixed

assets it refers to. The recognized grant refers to the 15% grant from the amount of credit received by

the company from EBRD sources for the energy efficiency project started in 2009 with the realization

of the new brick factory in Recea.

Other gains and losses 30-Jun-19 30-Jun-18

Income from the sale of assets 1,753,213 1,402,271

Expenses from the sale of assets (10,442,970) (1,324,178)

Revenue from the cancellation of provisions 5,019,058 3,479,615

From setting-up provisions (11,307,769) (1,767,905)

Gains/losses Total (14,978,468) 1,789,803


6. Operating expenses

Other operating expenses 30-Jun-19 30-Jun-18

Utilities 6,022,020 4,582,104

Repairs 850,680 668,428

Rent 156,536 147,936

Insurance 229,427 348,734

Personal training 140,471 26,936

Commissions 273,513 326,789

Advertising 3,459,590 809,368

Transport and logistics 6,821,261 5,410,974

Post and telecommunications 87,242 70,654

Other services provided by third parties 1,461,852 1,127,955

Taxes 906,147 883,886

Miscellaneous 2,030,378 1,463,823

Total 22,439,118 15,867,585 All amounts are in lei, if it is not otherwise presented

CEMACON SA



11

7. Personnel expenses

The structure and average number of employees is: 242.

Average number of employees 30-Jun-19 30-Jun-18

Administrativ staff 72 66

Personnel in production 170 151

Total 242 217

8. Financial income and expenses

Financial income 30-Jun-19 30-Jun-18

Income from interest 185,691 74,886

Other financial revenues 611 -

Exchange rate differences in income 404,584 283,205

Total 590,887 358,091


Financial expenses 30-Jun-19 30-Jun-18

Interest costs (1,338,467) (1,286,252)

Other financial expenses - -

Exchange rate differences (499,894) (316,890)

Total (1,838,361) (1,603,142)


Financial expenses mainly consist of the following categories: expenses concerning interest 1.338 mil

lei, expenses relating to exchange rate differences related 0.5 mil lei.

Financial revenues are revenues from interest income 0.185 mil lei, exchange rate differences 0.404

mil lei.

9. Inventory

Inventory 30-Jun-19 31-Dec-18

Raw materials and consumables 6,367,021 4,664,417

Packing 2,630,261 2,953,498

Adjustments (400,103) (525,616)

WIP 100,628 116,243

Adjustments - -

Billets and finished products 8,872,553 7,899,792

Adjustments (76,726) (39,796)

Merchandise 1,466,235 1,722,262

Adjustments (36,384) (39,582)

Total 18,923,486 16,751,218


CEMACON SA



12

The cost of inventories recognized in the income statement has the following structure:

Raw materials and consumables 30-Jun-19 30-Jun-18

Raw materials 5,894,750 2,711,177

Auxiliary materials 2,311,836 1,772,674

Packing 326,681 2,509,163

Merchandise 2,736,584 1,738,213

Inventory items 112,106 62,623

Other consumables 14,324 10,013

Miscellaneous 1,982,669 2,291,361

Total 13,378,950 11,095,223


Inventory Adjustments

Where necessary, adjustments are made for inventory items, physically or morally exploited. The net

realizable value is estimated on the basis of the selling price less the sales costs.

10. Commercial receivables and other receivables

Commercial receivables and other receivables 30-Jun-19 31-Dec-18

Trade receivables 26,169,909 7,652,722

Adjustments for trade receivables (3,367,824) (1,616,757)

Intragroup receivables - -

Adjustments for intragroup receivables - -

Claims to associates / shareholders - -

Employees - -

Tax - 794,393

Other receivables from the State Budget 553,700 864,503

Subsidies 271,812 -

Debtors and other receivables 24,834 11,087

Adjustments for other receivables

-

Interest to cash - -

Total financial assets other than cash, classified

as loans and receivables 23,652,431

7,705,948

Advance paid 1,144,069 573,176

Total 24,796,500 8,279,124


CEMACON SA



13

11.Share capital

On June, 30, 2019 the share capital structure is:

Structure of share capital 30-Jun-19 31-Dec-18

Number of authorized actions 505,653,533 buc 478,530,935 buc

Number of shares subscribed and paid 505,653,533 buc 478,530,935 buc

Number of subscribed and unpaid shares - -

The nominal value of an action 0.10 lei 0.10 lei

All shares of the company are common and have the same voting rights.

Capital structure movements in the year 2019 can be seen in the following table:

30-Jun-19 31-Dec-18

Number Value Number Value

Ordinary shares of 0.1 Lei each 478,530,935 buc 47,853,094 lei 113,990,218 buc 11,399,022 lei

Discounts by embedding losses - - - -

Emissions during the year 27,122,598 buc 2,712,259 lei 364,540,717 buc 36,454,072 lei

Acquisition of own shares - - - -

TOTAL 505,653,533 buc 50,565,353 lei 478,530,935 buc 47,853,094 lei

The shareholding structure on 31 December 2018 consists of:


S.C. DEDEMAN S.R.L. 200,126,326 41.8210%

BUSINESS CAPITAL FOR ROMANIA-OPPORTUNITY FUND

COOPERATIEF U.A. loc. AMSTERDAM NLD 157,915,191 33.0000%

PIF Industrial 84,315,847 17.6197%

alti actionari / others 36,173,571 7.5593%


As a result of the transactions on the capital market in 2019, the shareholding structure on 10 July

2019 is composed of:


S.C. DEDEMAN S.R.L. 370,819,888 73.3348%

PIF Industrial 84,315,847 16.6746%

Persoane fizice 46,118,438 9.1206%

Persoane juridice 4,399,360 0.8700%


CEMACON SA



14

12. Transactions with Affiliates

The Group consisting of Cemacon SA and Cemacon Real Estate respectively, prepares consolidated

financial statements on 30 June 2019; Cemacon Real Estate is based in Jud. Salaj, Mun. Zalau, Str.

Factory No. 1, CUI RO 32604048; The company is 100% owned by Cemacon SA.

The Group's affiliates in 2019 are:

▪ DEDEMAN SRL ith registered offi e i lo Ba ău, Str. Ale ei Tolstoi, r. , CUI , Nr.Ord.Reg.Co .: J / / – sig ifi a t shareholder;

▪ PIF INDUSTRIAL SRL ith registered offi e i lo Ba ău, Str. Ale ei Tolstoi, r. , CUI , Nr.Ord.Reg.Co .: J / / – shareholder;

▪ DEDEMAN AUTOMOBILE SRL– Mu i ipiul Ba ău, Strada Ale ei Tolstoi, Nr. , Judet Ba ău; Nr.Ord.Reg.Co .: J / / - o pa fro Dede a group;

▪ Busi ess Capital for Ro a ia Opportu it Fu d Cooperatief U.A., Ola da - CCI – sig ifi a t shareholder u til . . ;

▪ Orio Strateg Solutio Srl ith registered offi e i jud. Cluj, lo . Cluj-Napo a, str Artelor, r. ; CIF Ro ; R.C. J / / ; Preside t of Board of Dire tors Ce a o SA, Li iu-Io el Stoleru CEO Ce a o SA is the Dire tor of Orio Strateg Solutio Srl a d represe tati e of this e tit i the Board of Dire tors of Ce a o SA;

▪ Li iu-Io el Stoleru – Ge eral Ma ager a d Preside t of Board of Dire tors

▪ Sologo Da iel – Fi a ial Dire tor

▪ A a-Bar ara Bo ir a – e er of the Board of Dire tors

▪ Da a-Rodi a Beju – e er of the Board of Dire tors

▪ Dragos Pa al – e er of the Board of Dire tors

▪ Maria Ada – e er of the Board of Dire tors

CEMACON SA



15

Transactions with Affiliates (Continued)

Transactions with affiliated parties are summarized in the following table:

Sales Acquisitions

Affiliates 1 Jan – 30 Iun 2019 1 Jan – 30 Iun 2018 1 Jan – 30 Iun 2019 1 Jan – 30 Iun 2018

Dedeman SRL 7,614,588 5,882,982 88,186 99,189

Dedeman Automobile SRL - - - 77,228

Total 7,614,588 5,882,982 88,186 176,417


Balances with affiliated parties are summarized in the following table:

Receivables from affiliated parties Debts to affiliated parties Given loans

Affiliates 30-Iun-2019 31-Dec-18 30-Iun-2019 31-Dec-18 30-Iun-2019 31-Dec-18

Dedeman SRL 300,319 - 10,282 342,771 - -

Dedeman Automobile SRL - - - - - -

Total 300,319 - 10,282 342,771 - -


CEMACON SA



16

13. Cash and cash equivalents

Cash and cash equivalents 30-Iun-2019 31-Dec-18

Available in the bank 15,166,826 19,522,796

Cash and cash equivalents 68,737 604

Total 15,235,562 19,523,400

On June 30, 2019 there are no financial instruments that generate exposure to credit risk. Cash

balances denominated in foreign currency at 30.06.2019 are not material.

14. Adjustments of accounting errors

During January-June 2019, the Group did not record corrections of accounting errors, related to the

previous years.

15.Other information

Segment Reporting:

The Group has a single reporting segment, represented by the production and marketing of building

bricks. The nature of the products in the range of the Group is similar, as well as their production

process. Also, the nature of the economic and legislative environment to which the Group is subject is

the same for all the production and marketing activities undertaken by the Group. The Group does not

record significant sales on the foreign market that would meet the reporting criteria of a distinct

segment. The assets held by the Group are fully located within Romania and are used to produce and

market the products mentioned above. Also, all liabilities, respectively the results recorded in the

individual financial statements, are exclusively related to the only segment of the Group 's activity,

represented by the production and marketing of building bricks.

Information on Company Presentation:

Cemacon SA is a Romanian legal person, founded as a joint stock company based on GD No.1200 /

1991 with headquarters in Cluj-Napoca, Calea Turzii street, No. 178k, 1st floor, Cluj county. The

company's main activity is "Manufacture of bricks, tiles and other construction products, from burned

clay".

Conversion bases used to express in national currency assets and liabilities, income and expenses

originally denominated in a foreign currency:

Main exchange rates used to convert foreign currency denominated balances into lei at 31 December

2018 and 30 June 2019 are:

Exchange rate

Foreign currency Abbreviation 30-Jun-19 31-Dec-18

Dolar SUA USD 4.1587 4.0736

Euro EUR 4.7351 4.6639

CEMACON SA



17

15.Other information (continued)

Amendamente:

Administrators do not have the right to subsequently amend the financial statements. The financial

statements together with the notes to the financial statements are authorized to be issued on August

14, 2019. It is not possible for the financial statements to be amended after they have been issued.

The semestrial financial statements were not audited.

16.Contingencies

Taxation

The Group considers that it has paid in full and in full all taxes, penalties, penalties and penalties,

insofar as this is the case. All amounts due to the State for taxes have been paid or recorded at the

balance sheet date. The fiscal system in Romania is undergoing consolidation and harmonization with

European legislation, with different interpretations of the authorities in relation to tax legislation,

which may give rise to additional taxes, fees and penalties. If the state authorities discover violations

of the legal provisions in Romania, they may, as the case may be: confiscation of the amounts in

question, imposition of additional tax obligations, application of fines, application of late payments

(applied to the actual payment amounts). Therefore, the fiscal sanctions resulting from violations of

the legal provisions may reach significant amounts to be paid to the state. In Romania, the fiscal

exercise remains open for verification for a period of 5 years.

Transfer price

In accordance with relevant tax legislation, the tax assessment of a transaction with affiliated parties

is based on the concept of market price for that transaction. Based on this concept, transfer pricing

needs to be adjusted to reflect market prices that would have been set between entities that do not

have an affiliate relationship and that act independently, based on "normal market conditions".

It is likely that transfer pricing checks will be carried out in the future by tax authorities to determine

whether those prices comply with the "normal market conditions" principle and that the taxpayer's

taxable base is not distorted.

Chief Executive Officer Chief Financial Officer

Stoleru Liviu Sologon Daniel

Signature ______________ Signature ______________

The information contained in this document are provided under IFRS (International Financial Reporting Standards). The company has made

every effort to ensure the information presented is complete, accurate and free of material errors. Where necessary, both the company and

management, used the professional judgment in conjunction with interantional financial reporting standards to present information in a

manner consistent with the specific activity of the business. Interpretation of information presented in this document must be made in

accordance with these standards. If there are gaps nor interpretations different from the mentioned regulations the provisions set out in

International Financial Reporting Standards (IFRS) will apply. The unaudited financial information set forth above is preliminary and subject

to adjustments and modifications. Adjustments and modifications to the financial statements may be identified during the course of the

audit work, which could result in significant differences from this preliminary unaudited financial information.

This document was translated from Romanian to English using automated translating software, for information purposes only. Cemacon SA

is not responsible for any translation errors or misinterpretation of information contained in this document. Reporting language is Romanian

and in case of misinterpretation the Financial Statements issued in Romanian shall apply.

Calea Turzii nr.178K, Etaj 1,

Cluj-Napoca, România, PO: 400491

Tel. +40 364 711 030 / Fax. +40 264 704 050

E-mail. [email protected] Web: www.cemacon.ro

Report of the Board of Directors for the consolidated

summary interim financial statements at 30.06.2019

prepared in accordance with Annex 14 of the ASF

Regulation no. 5/2018 - Non-Audited

Report date - 14.08.2019

mailto:[email protected]


1. Major eve ts that took pla e i the first half of 9; the risks o sidered y the o pa y

1.1. Major events that took place in the first half of 2019

In the first half of the year the company implemented part of the investments approved by the

General Meeting of Shareholders, investments that mainly led to the increase of the quality of

the products. This increase in quality, coupled with the increased demand on the construction

materials market, has generated a sustained increase in sales, properly reflected in the

company's revenues and implicitly in profit. Also a positive impact on the revenues, which was

reflected in the profit made, also had the improvement of the price of the commercialized

products.

The optimization of the production processes as a result of the investment implementation,

has resulted in both an increase in productivity and a partial diminution of the impact of the

constant increases of price on energy and gas, fact also reflected in the financial statements of

the first semester of this year.

The transactions with related parties for the first half of 2019 did not have a significant impact

on the economic and financial position of the company.

In accordance with Art. 82 of Law 24/2017, were reported to ASF and BVB, the transactions for

which it was estimated that they will exceed the value threshold of 50,000 Euro until

30.06.2019 and are available on both the BVB website, www.bvb. ro, CEON symbol as well as

on the company's website, www.cemacon.ro. Details regarding transactions with related

parties can be found in chapter 4 of this report.

1.2. Risks considered by the companyThe main risks and uncertainties that the company

analyzes for the next six months are:

a) The context of the national economic environment: The internal economy presented mixed

evolutions in the first semester of 2019, the favorable climate in the sphere of consumption

being counterbalanced by the accumulation of macroeconomic imbalances and by the

restriction of the investment activity.

b) Increased inflation and depreciation of the ron.

c) The uncertainties generated by the frequent changes of the fiscal and legislative framework

d) Increasing the costs with the labor force generated by the applicable legislative changes from

January 2019

The basic activity was carried out under normal conditions, without registering exceptional

situations. The obligations stipulated by the law, regarding the correct organization and

management of the accounting, regarding the observance of the accounting principles,

regarding the compliance with the accounting rules and methods provided by the regulations

in force, have been fulfilled.

The individual and consolidated financial statements of the company have been prepared in

accordance with the International Financial Reporting Standards adopted by the European

Union ("IFRS"), in force at the company's half-yearly reporting date, June 30, 2019.

2. Fi a ial status 2.1. I a fa ora le arket o te t, the o pa registered a et tur o er i rease of %

o pared to the si ilar period of , e eedi g the threshold of illio lei. Reported i , the share of re e ues fro era i lo ks a d goods re ai ed si ilar.

Revenues Structure S1 2019

Sales Revenue

Other Operational Income

Other Gains and Losses

Changes in Inventory

Bank debts and loans recorded a 5% decrease as compared to the end of 2017, a change caused

both by the contracting of financial leasing for the implementation of the approved investment

programs for 2019.

2.2. Presentation and analysis of trends, elements, events or uncertainty factors that affect or

could affect the liquidity of the issuer, compared to the same period last year.

At the time of writing this report, no factors were identified that could affect the liquidity of

the company compared to last year.

2.3. Presentation and analysis of the effects on the financial situation of the issuer of all capital

expenditures, current or anticipated (specifying the purpose and sources of financing these

expenditures), compared to the same period last year.

For 2019, the company continues its development plan according to the investment plan

approved within the General Meeting of Shareholders from 26.04.2019. The effects of the

investments were caught within the Income and Expenditure Budget for 2019, published on

the company's website.

On June 30, 2019, the Company considers that there are no significant deviations from the

initial estimates.

2.4. Presentation and analysis of events, transactions, economic changes that significantly

affect the revenues from the basic activity. Specify the extent to which the incomes of each

identified element were affected. Comparison with the corresponding period of last year.

During the period January-June 2019, there were not recorded in the activity of the company

events that significantly affect the revenues from the basic activity. The economic and financial

situation of the company on 30.06.2019 compared to 30.06.2018 is summarized in the tables

below:

Main financial ratios 30-Jun-19 30-Jun-18

1. Current liquidity indicator 2.19 2.56

2. Leverage indicator 35% 39%

3. Turnover speed for client debit items (days) 87 48

4. Turnover speed for total assets 51% 42%

3. Cha ges affe ti g the issuer's apital a d a age e t

. . Des riptio of ases i hi h the o pa as u a le to eet its fi a ial o ligatio s duri g that period:

Not e essar .

. . Des riptio of a ha ge regardi g the rights of the holders of se urities issued the o pa :

O . . , the E traordi ar Ge eral Meeti g of Shareholders, appro ed the i rease of share apital, i t o stages, ith the a ou t of , , lei, fro the le el of , , . lei, to the a i u le el of , , lei issui g a u er of , , o shares, i order to fi a e the o pa 's a ti it a d to o pe sate the dire t de ts. The apital i rease operatio e t through all the legal steps regardi g the registratio a d allo atio of shares.

O . . , the Cluj Trade Register Offi e issued the ertifi ate of registratio of e tio s regardi g the e tio o. regardi g the registratio i the ONRC re ords of the e share apital a ou ti g to , , . lei. O . . , the Fi a ial Super isor Authorit

19.44

27.34

34.8938.58 38.77

54.85

73.71

3.11 6.12

7.98 6.16

10.15

21.07 22.08

30-Jun-13 30-Jun-14 30-Jun-15 30-Jun-16 30-Jun-17 30-Jun-18 30-Jun-19

Net Turnover & EBITDA Evolution (mil Lei)

Net Turnover EBITDA

issued the ertifi ate of registratio of se urities o. AC- - , related to the e u er of shares resulti g fro the registratio of the apital i rease. O . . , the Ce tral Depositor registered i the a ou ts of the e titled shareholders the e l issued shares.

4. Sig ifi a t tra sa tio s

In the first half of 2019, were reported according to art. 82 of Law 24/2017, the transactions

with significant potential impact, in particular those for which the company estimated at the

reporting date the possibility of exceeding the value of 50,000 Euro.

In the table below are presented details of transactions with affiliated parties for the period

01.01.2019 - 30.06.2019:

Type Sales Services Loans granted

Affiliated

Part 1 Jan - 30 June 2019 1 Jan - 30 June 2019 1 Jan - 30 June 2019

Dedeman

SRL 7,614,588 88,186 -

Dedeman

Automobile - - -

Cemacon

Real Estate - 252,583 170,000

Liviu Ionel Stoleru

Chairman of the Board

Calea Turzii nr.178K, Etaj 1,

Cluj-Napoca, România, PO: 400491

Tel. +40 364 711 030 / Fax. +40 264 704 050

E-mail. [email protected] Web: www.cemacon.ro

Page 1 of 1

Statement

The undersigned Stoleru Liviu - as Chief Executive Officer of Cemacon SA, I declare under my own

responsibility that according to our knowledge, the half-yearly financial statement, prepared in

accordance with the accounting standards applicable to our company, provides a fair and true

image to assets, financial position, profit and loss account of Cemacon SA and that the half-yearly

report (made up of the Individual Financial Statements and Consolidated Financial Statements)

prepared on June 30, 2019, presents fairly and completely informations about Cemacon SA. The

Company's financial statements have been prepared taking into account the fact that Cemacon

SA operates in continuity.

Chief Executive Officer

Liviu Stoleru

mailto:[email protected]


Documents

BSE Report 1st Semester Results 2019Profit after tax 13,845,877 13,704,348 141,529 1% * At the time of presentation of the results for Semester 1 2019, no other comprehensive income