November 2020, Monthly results

Financial
January 04, 2021

In November 2020 the companies in the economic group of Monbat AD have generated consolidated net sales revenues to the amount of BGN 27 714 thousand which represents a decrease of 17.00% compared to the consolidated net sales revenues from continuing operations generated in November, 2019.  

The consolidated data for the first eleven months of 2020 shows that the companies in the economic group of Monbat AD have generated consolidated net sales revenues to the amount of BGN 279 072 thousand which represents a decrease by 7.40% compared to the consolidated net sales revenues from continuing operations for the same period of 2019.

The generated net sales revenues from continuing operations for the first eleven months of 2020 in the amount of BGN 279 072 thousand are allocated as follows:

 

Production  

BGN  270 077  thousand

Products

BGN         961  thousand

Services

BGN      3 533  thousand

Others

BGN      4 501  thousand

 

The generated consolidated result before taxes of the companies in the economic group of Monbat AD for November 2020 is a profit of BGN 1 537 thousand, which represents a decrease by 1.70% compared to the consolidated result before taxes from continuing operations for the same period of 2019.

The consolidated data for the first eleven months of 2020 shows that the companies in the economic group of Monbat AD have generated profit before taxes to the amount of BGN 13 575 thousand, which represents a decrease by 11.30% compared to the generated consolidated profit before taxes from continuing operations for same period of 2019.

The consolidated EBITDA of the Group for November 2020 stands at BGN 3 668 thousand which represents an increase by 13.80% to the consolidated EBITDA from continuing operations for November 2019.

The consolidated data for the first eleven months of 2020 show that the companies in the economic group of Monbat AD have generated EBITDA to the amount of BGN 35 344 thousand which represents an increase of 4.10% compared to same period of 2019.

 

Notes:

1) Other revenues recognized in the comparable period January-November 2019 are adjusted with BGN 6,604 thousand. The value of the adjustment relates to recorded revenues in connection with fixed assets sold on sale and lease back arrangement, for which after review it has been concluded that the criteria stipulated in IFRS 15 for revenue recognition and respectively write-off of the carrying amount of the sale have not been met.

2) The revenues from sales of production in the comparable period January-November 2019 were adjusted by BGN 450 thousand. The adjustment represents a pro-rata accrual with respect to expected value of annual bonuses for volume discounts related to batteries sold to certain distributors.

3) The decrease in revenue in November 2020 compared to November 2019 as well as the decrease for the period January-November 2020 to the comparable period in 2019 is mainly driven by drop of non-core sales to third parties of antimony lead alloys and the lower levels of the lead LME index in November 2020 and for the period January-November 2020 versus the comparative periods in 2019. 

4) The drop in net profit before taxes for the period January-November 2020 versus the comparative period in 2019 is mainly attributable to: a) the increase in the depreciation expense of MONBAT AD on a consolidated basis compared to the previous period with a significant portion of the higher expenses in 2020 being attributable to depreciation deductions related to the adopted accounting policy with respect to the acquired investment property in July 2019; b) the increase of FX losses stemming mostly from the dollar weakening against the EUR with Monbat having receivables from one client in Middle East denominated in USD and the weakening of the Nigerian naira affecting the trade operation of the Group in Nigeria.