Societe de Realizations Mecaniques SA: Financial report first half 2023 – October 4, 2023 at 11:22 AM
Économie

Societe de Realizations Mecaniques SA: Financial report first half 2023 – October 4, 2023 at 11:22 AM

SRM

Anonymous society

With a capital of 32,000,000 dirhams

Headquarters: Route d’El Jadida, KM 14, rural municipality of Ouled Azzouz

Province of Nouaceur

FINANCIAL REPORT FIRST HALF YEAR 2023

SRM specializes in the distribution of capital goods in the construction and industrial sectors. In each of the two divisions, SRM’s strategy is to offer its customers complete or turnkey solutions, including consultancy and pre-sales solutions, equipment and support (after-sales service and spare parts).

1. SITUATION AND ACTIVITY OF THE COMPANY

The first half of 2023 was characterized by:

  • Regression of the market, especially of the industry
  • Delay in investment decisions among most economic players (industry or construction)
  • Very high inflation over the past 3 years with an impact on our sales prices
  • Production times still very long at manufacturers
  • Difficulties in obtaining financing from financial institutions

In this context, our turnover decreased to Kdhs 126,068 compared to Kdhs 147,319 last year;

Gross margin produced decreased by 18.7% to Kdhs 28,531 compared to Kdhs 35,078 in 2022.

A more detailed analysis by division will allow us to better assess the results presented to you.

Department of Industry

Turnover: Dhs88 million

Gross margin: 23 Kdhs

During this first half of 2023, the turnover of the Industry division decreased by approximately 18% compared to 2022.

Financial report, first half, fiscal year 2023

Page 1/4

I- Machine activity:

Machine turnover decreased by 33% compared to last year and reached a value of 46 MDHS. This decrease is mainly explained by the high invoicing during the first half of 2022 following the delivery of machines related to the order book recorded in 2021, strongly influenced by the very long delivery period.

II-Spare parts activity:

Turnover increased by 38% to 28 MDHS. This increase is mainly explained by the commercial performance of the department.

.

III- After-sales service activity:

After-sales activity saw a decline of 26% compared to the previous financial year. This decrease is mainly explained by the exceptional invoicing in the first half of 2022 from the port department.

Construction division:

Turnover: 38 million dirhams

Gross margin: 5 million dirhams

During this first half of 2023, the division’s turnover experienced a slight decrease of 4%.

I- Machine activity:

Revenue recorded an increase of 7% to 26 million dirhams in the first half of 2023, and MB increased by 17%.

II- Spare parts activity:

Turnover from the Spare Parts activity fell by 16%, mainly due to the delay in certain projects in the first half of the year.

III-After-sales service:

After-sales service activity fell 47% to Dhs1.5 million. This decrease is mainly caused by the expiry of a certain number of maintenance contracts.

2. ECONOMIC AND FINANCIAL RESULTS

For the first half of 2023:

Financial report, first half, fiscal year 2023

Page 2/4

  • Turnover amounted to Kdhs 126,068 compared to Kdhs 147,319 last financial year;
  • Total operating income amounts to Kdhs 127,523 compared to Kdhs 151,681 last financial year.
  • Operating expenses for the year amounted to Kdhs 133,160, compared to Kdhs 151,040 the previous year.
  • The operating result amounts to -5,637 Kdhs compared to 642 Kdhs last financial year.
  • Taking into account a financial result of – 3,432 Kdhs against -2,628 Kdhs for the previous financial year, the current result for the financial year amounts to -9,069 Kdhs compared to -1,987 Kdhs for the previous financial year.
  • Taking these elements into account, the result for the financial year results in a pre-tax deficit of
    • 8,994 Kdhs against an amount of -1,067 Kdhs for the previous financial year.
  • Taking these elements into account, the net result for the financial year amounts to a deficit of -9,314,272.49 dhs compared to an amount of -1,814,997.52 for the previous financial year.
    3. PRESENTATION OF SUMMARY:

The summary statements for the financial year from June 30, 2023 that we submit for approval have been drawn up in accordance with the presentation rules and evaluation modalities provided for by the applicable regulations.

The presentation rules and evaluation methods used are identical to those of the previous year.

4. SITUATION OF THE COMPANY ON THE DATE OF THIS REPORT

Turnover fell by 15% to 165 million dirhams at the end of August.

5. OUTLOOK Market situation:

The market situation at the time of writing this report is down almost 14% for the industrial division (more specifically forklifts) and 17% for construction equipment. The results for the second half of the year will nevertheless be much better than the first half of the year and the year 2022, thanks to the order book.

Outlook:

In this context and at the time of preparing this report, we have a billable amount of 80% compared to the budget. We remain positive about achieving our 2023 targets.

6. RECEIVABLES AND DEBTS SITUATION. We present you the status of progress:

Financial report, first half, fiscal year 2023

Page 3/4

In K MAD

Pay

Not due

<

30 days

< 60 days

< 90 J

<

120 days

> 120 days

External customer claims

91,047,601

31,074,641

15

950 488

6,766,735

2,393,858

2

200 207

32,661,672

Inter-group claims

68,060,676

9,101,607

1

582,973

1,476,635

1,985,177

1

656 552

52,257,732

Total creditors

-17,433

Totals

159,090,843

40,176,248

17

533 461

8,243,370

4,379,035

3

856 759

84,919,403

100%

25%

11%

5%

3%

2%

53%

We present you the debt situation:

In K MAD

Pay

Not due

< 30 days

< 60 days

< 90 J

< 120 J

> 120 days

Debts External customers

66,897,274

36,550

346

7,226

482

4,747,729

1,989,671

1,949,961

14,433

085

Debt between groups

5,017,018

1,856

272

2,522

202

610 061

20,843

1,655

5

986

Total accounts receivable

-23,898,851

Totals

48,015,441

38,406

618

9,748

683

5,357,790

2,010,514

1,951,616

14,439

071

100%

53%

14%

7%

3%

3%

20%

Financial report, first half, fiscal year 2023

Page 4/4

Hi, I’m laayouni2023