March 6 (SeeNews) - (This is a refile of SeeNews story "Romania's ROCA Industry net loss deepens in 2022" of March 3 adjusting for missing details.)
Romanian construction materials holding ROCA Industry [BSE:ROC1], part of ROCA Investments, said that it booked a normalised net profit of 5.33 million lei ($1.1 million/1 million euro) in 2022.
The company's consolidated turnover came in at 263.1 million lei in 2022, ROCA Industry said in an unaudited annual financial report filed with the Bucharest Stock Exchange, BVB, last week. It did not give a comparative figure for 2021, as the holding company was established in September 2021 and the first two transactions within it were completed in the fourth quarter of the same year - 100% of Sarcom and 70% of Bico.
"However, these results cannot be consolidated in the full year 2021 result as Roca Industry took majority control in these companies at the end of 2021, therefore the impact of these companies in the consolidated result at Roca Industry level is zero," the company told SeeNews in a separate statement.
At the end of 2022, the holding owned (directly and indirectly) six productive companies and controlled two investment vehicles, Doorsrock4 and Nativerock1. All directly productive companies recorded profits in 2022. Four of the six companies were acquired last year - Terra in March, EED in May, Dial in September and Europlas in October.
In view of the consolidation principles, the period prior to companies’ entry into the holding company does not enter the consolidated financial statements, thus the consolidated net loss of 4.76 million lei reported for last year in the filing is an artificial one, ROCA Industry explained.
In 2023, the company aims to transfer its shares to the BVB's main market from the AeRO market, where they are currently traded. This year, ROCA Industry also plans three transactions, either at the level of the holding or at its companies, worth a total 20 million euro ($21.2 million), it added in its filing to the BVB, without elaborating further.
The holding turned to a consolidated positive EBITDA of 23 million lei last year, compared to a negative EBITDA of 839,110 lei in 2021.
The holding's total assets amounted to 463.3 million lei at the end of 2022, rising 50% from the year-earlier level.
"We believe that 2023 will be the year of consolidation for ROCA Industry. After 2022 in which we grew primarily through M&A, 2023 must be the year of "emerge stronger". We expect an unfavorable environment, at least in the first 2-3 quarters, and our main plans are focused accordingly," Ioan-Adrian Bindea, president of the board of directors at ROCA Industry, said in the filing to the BVB.
ROCA Industry is the first strategic project of ROCA Investments, which groups Romanian companies producing construction materials under the umbrella of a specialised holding.
ROCA Industry's shares last traded 0.84% lower at 9.48 lei as of 0911 CET on Friday on the BVB.
(1 euro=4.92012 lei)