According to a report sent to the Bucharest stock exchange, Cemacon projects operating income of RON43.9 million and operating expenses of RON30.7 million in 2012. The company is planning for investments of RON1.05 million.
In 2011, Cemacon posted total revenue of RON44.2 million (up 4% on the year) and total expenses of RON51.3 million (up 19%).
The 2011 financial report and this year’s budget were approved Saturday by the shareholders. They also approved signing a consultancy contract in order to reduce its debt to lender BCR. The adviser would receive EUR5,000 upon contract signing, plus a fee of EUR300,000, granted for the reduction of the debt owed to BCR to EUR16 million. Under the plan, the bank might also be given a stake of up to 20% in the company.
Earlier, Cemacon’s general manager, Liviu Stoleru, said the company’s debt to BCR reaches some EUR26 million, from a loan taken for the construction of a plant.
The shareholders have also authorized the sale of certain assets (a platform, several apartments and a plot of land) to repay its banking loans, and the creation of guarantees for the tax authority to complete the restructuring of its debt to the state budget.
The company has a share capital of RON26.2 million, divided into 262.8 million shares, with a face value of RON0.1. The largest shareholder is brokerage firm SSIF Broker Cluj (BRK.RO), with a 12.8% stake.
Company shares traded Friday at RON0.038 per unit, down 0.5%. (EUR1=RON4.397)