Somocer Publishes 2023 Financial Statements: Revenue Down 12.2%
The long-awaited financial statements of Somocer for the 2023 exercise have finally been published. The company's revenue totaled 88,679 MTND, a 12.2% decrease compared to 2022.
The local market relatively resisted, recording sales of 49,345 MTND, but exports plummeted by 47.1% to 8,311 MTND.
Despite this decline, purchases of consumed supplies only decreased by 0.7% to 60,681 MTND. Non-stocked purchases drove this trend (10,076 MTND compared to 2,444 MTND the previous year). The reduction in personnel costs (-6.7%, to 10,987 MTND) and other operating expenses (-13.6%, to 8,278 MTND) was not enough to preserve the operating result of the previous year, which fell from 5,452 MTND in 2022 to 0,895 MTND in 2023.
Financial charges reached 11,865 MTND, exceeding the EBITDA of the exercise (11,439 MTND). Somocer's loans amount to 59,319 MTND, in addition to 17,102 MTND in bank loans. This is without forgetting other financial liabilities of 44,884 MTND, including 19,700 MTND in financing credits, 8,386 MTND in loans with less than a year's maturity, and 3,500 MTND in treasury bills.
The company also recorded ordinary losses of 2,538 MTND, mainly consisting of contractual penalty fees and customs penalties. This resulted in net losses of 11,906 MTND. The reported results will swing into negative territory after the allocation of the result by the Ordinary General Assembly. The company's equity remains positive at 64,956 MTND.
Meanwhile, Somocer was subject to a customs audit in 2024, following which a sum of 84 million dinars was claimed. As of the date of the financial statements, the company had justified an amount of 75.5 million dinars to the customs authorities. Provisions for risks and charges were constituted in 2023 to cover the losses that the company will likely incur as a result of this audit. It is worth noting that the company was already subject to a customs audit in 2022, which resulted in an agreement with the customs services for the payment of a sum of 3.7 million dinars, fully provisioned.
Furthermore, as part of the tax amnesty, Somocer agreed on March 19, 2024, to a payment schedule with the tax authorities for an amount of 46,189 MTND, benefiting from the waiver of penalties of 0.443 MTND.
At the consolidated accounts level, the net result of the group stood at -24,763 MTND, confirming the company's difficulties. The stock is heavily sanctioned by the market, posting losses of -35.6%. The sky is full of clouds for the ceramic specialist.
