Electromagnetica Turnover Drops 12% in 2019, to RON256M

Electromagnetica Bucuresti (ELMA.RO), which makes electrical equipment and produces electricity, posted a turnover of RON256 million in 2019, down 12% on the year, while its profit declined 6.9%, to RON4.4 million, it said in its preliminary earnings report Friday.

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It said its turnover was impacted by lower electricity supply activity amid unstable legislation and the effect of tax decree 114/2018.

Electromagnetica shareholders approved in April 2019 the distribution of RON2.7 million as dividends for 2018.

Long-term debt increased marginally influenced by the increase in lease liabilities related to previous operating leases following the adoption of IFRS 16 as of 1 January 2019 and the decrease in deferred tax liability. Current liabilities grew 4% due to the effect of the 54% drop in provisions and of the 9% increase in trade payables.

The PAS Electromagnetica employees association holds 25.3% in the company, while regional investment fund SIF Oltenia (SIF5.RO) owns 26.1%.

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