Romanian Daily Report - March 13

Vrancart to issue bonus shares; VES Sighisoara – FY 2012 results

Vrancart to issue bonus shares
The paper and cardboard producer Vrancart (VNC) has a called an (E)GSM for April 17 (18), 2013. Among other topics, the shareholders will vote on the management’s proposal to increase the share capital with RON 6.8 mn by incorporating its reserves. Thus, the company will issue 68.2 mn bonus shares to shareholders registered on May 10, 2013. A shareholder will receive 8.5729 new shares for every 100 shares owned.


VES Sighisoara – FY 2012 results
The producer of enamel kitchenware VES Sighisoara (VESY) has reported its FY 2012 results under IFRS for the first time. Therefore, we are unable to comment on the quarterly figures. FY 2012 sales amounted to RON 28 mn, down 22% yoy while during the first nine months of 2012 its sales under RAS were also down 22% yoy. On the expenses side, labour costs dropped 23% yoy to RON 8.7 mn while material costs contracted 16% yoy to RON 14.3 mn. Operating result was profit of RON 2.5 mn, swinging from an operating loss of RON 4.0 mn one year ago. The main reason for this evolution was the booking of higher revenues from change in inventory. Net financial result was a loss of RON 1.6 mn compared a loss of RON 1 mn in 2011. All in all, VESY’s net result was a net profit of RON 0.9 mn, improving from a net loss of RON 5 mn one year ago. We remind that during the first nine months of 2012, under RAS, VESY posted a net loss of RON 2.7 mn.