AEROSTAR S.A.
REPORT OF THE BOARD OF DIRECTORS
1 JANUARY - 31 MARCH , 2024
PERFORMANCE THROUGH PROFESSIONALISM!
Telephone/fax number: 004-0234 575070/004-0234572023.
9 Condorilor Street, Bacău 600302, Romania Website/email address www.aerostar.ro,aerostar@aerostar.ro
QUARTER I , JANUARY 1 - MARCH 31, 2024
Aerostar S.A. was successively named URA-1953, IRAv (Aircraft Repair Company)- 1970, IAv (Aircraft Company)- 1978, and under its current name, AEROSTAR S.A., has operated since 1991, when it was registered as a joint-stock company with full state capital at the Bacău Trade Register.
AEROSTAR's report was prepared in accordance with the reporting regulations in force in order to provide additional information to all stakeholders about the company's sustainable strategy and the progress it has made in its corporate processes.
The company's activities are carried out at its head office, which is located at 9, Condorilor Street, Bacău, postal code 600302.
Since January 2018, AEROSTAR has registered a secondary office, workplace in the perimeter of the International Airport Iași;
In 2023 a new workplace, secondary office was opened in the Municipality of Fetești;
The company's unique European company identification code (EUID) is ROONRC.J04/1137/1991 and the LEI code identifying it as a legal entity is 315700G9KRN3B7XDBB73;
The company's main activity is production. The company's main object of activity is 'Manufacture of aircraft and spacecraft' - CAEN code 3030;
Subscribed and paid-up share capital: RON 48.728.784;
Applicable accounting standards: the individual financial statements are prepared in accordance with the provisions of the International Financial Reporting Standards (IFRS), adopted by the European Union, the Accounting Law no. 82/1991, republished, as amended and supplemented, and are presented in accordance with the requirements of IAS1, Order 2844/2016 for the approval of the Accounting Regulations in compliance with the International Financial Reporting Standards.
The bases of preparation and presentation of the financial statements are presented in Note 3;
The company financial statements prepared for the First Quarter of 2024 are not accompanied by the independent financial auditor's report. They have been audited by the Company's internal auditor;
The AEROSTAR S.A. company is listed on the Bucharest Stock Exchange under the code ARS, and the record of shares and shareholders is kept, in accordance with the law, by S.C. Depozitarul Central S.A. Bucharest.
AEROSTAR S.A. | 1 |
EVENTS DURING THE REPORTING PERIOD
The following main events took place between 1 January and 31 March 2024:
18 January
Inauguration of the BLACK HAWK S-70 HELICOPTER MAINTENANCE CENTRE authorised by both the helicopter manufacturer - Sikorsky (part of Lockheed Martin group) and the National Military Aviation Authority.
22 February
AEROSTAR presented the preliminary financial results of 2023 in accordance with the applicable legal regulations;
1 March
Appointment as DIRECTOR GENERAL of Mr. Alexandru Filip following the retirement of Mr. Grigore Filip.
Appointment of Mr. Vîrnă Daniel as DIRECTOR OF LEGAL AND HUMAN RESOURCES DEPARTMENT.
Appointment of Mr. Popa Dan Mălin as DEPUTY DIRECTOR FOR VOCATIONAL TRAINING.
11 March
AEROSTAR published the current report convening the Ordinary General Meeting of Shareholders for 18 April 2024;
The convening notice, agenda, draft resolutions, materials subject to the approval of the OGM and the forms requested by AEROSTAR have been posted on the company's website www.aerostar.ro in the Investor Relations Section.
20 March
On this date, the annual negotiations between the Board of Directors of AEROSTAR S.A. and the Employees' Commission were finalised. Within the framework of the collective labour agreement for the year 2024-2025, the following employee benefit packages were adopted:
- Increases of 14% in the salary package;
- Annual holiday vouchers worth 500 lei;
- End of financial year, end of production year and performance bonuses;
- Partial reimbursement of inter-city transport costs incurred for employee travel;
- Annual leave between 23 and 28 working days depending on the number of years of service.
The provisions of the collective labour agreement will be applied starting with the salary rights for April 2024.
AEROSTAR S.A. | 2 |
EVENTS AFTER THE REPORTING DATE
18 April
At the Ordinary General Meeting the shareholders of AEROSTAR approved the following:
- Board of Directors' report and financial statements for 2023
- Financial auditor's report on the audit of the financial statements
- Discharge of the members of the Board of Directors and Executive Management
-
Distribution of the net result of the financial year 2023 (profit), i.e. the amount of
93.027.904,84 lei
distributions of reinvested profit to the legal reserve | 27.924.488,53 lei |
allocations to reserves | 33.125.151,81 lei |
distribution as dividends | 31.978.264,50 lei |
- The payment date for the dividends for the financial year 2023 is 30 May 2024. The gross dividend per share is 0,21 lei.
AEROSTAR S.A. | 3 |
LINES OF BUSINESS
AEROSTAR's business focuses on increasing performance through the continuous improvement and professional development of its employees in the spirit of integrity, innovation and initiative. AEROSTAR focuses on meeting the requirements and expectations of its customers, while acting for continuous improvement at all levels. AEROSTAR operates in three business lines.
In civil aviation we supply aerostructures, components and assemblies to the global aviation industry.
We hold authorisations for the maintenance of commercial aircraft, and are currently authorised to carry out Type A, B, C and D work on Boeing 737 300-900 series, Boeing 737 MAX, Airbus 320 family, ceo & neo aircraft types, as well as on components.
We are a maintenance centre for F-16 aircraft belonging to the Romanian Army and a maintenance centre for Black Hawk S-70 helicopters belonging to the Ministry of Internal Affairs and we are part of the national defence industry in accordance with law 232/2016.
BUSINESS MODEL
AEROSTAR operates in the global market for aerospace and defence products and services as an independent company.
The company's management policy is focused on maintaining a solid capital base for continuous development in the context of global market and competitive edge through quality, capabilities, high level technologies for continuous and organized development and implicitly the achievement of strategic goals.
Committed to a sustainable future, the management has adopted an ambitious strategy and an integrated business model based on the process approach and RISK-based thinking.
AEROSTAR IS A NATIONAL MARKET LEADER AND INTEGRATED SUPPLIER IN THE GLOBAL SUPPLY CHAINS FOR THE GLOBAL AVIATION INDUSTRY.
AEROSTAR S.A. | 4 |
AEROSTAR'S EMPLOYEES
In the first quarter, Aerostar had 1862 employees.
We are committed to strengthening our culture and the diversity of our workforce by recruiting, retaining and professionally developing our employees, by developing partnerships to recruit young people for internships and studies.
TRAINING, EDUCATION, PROFESSIONAL DEVELOPMENT
During the reporting period, various training courses were organised for the company's employees, with priority given to meeting the training needs in the areas of interest for carrying out the company's production activities:
Number of participants in training programmes: 1128
Number of employees included in training programmes: 688
OCCUPATIONAL HEALTH AND SAFETY, WORKING CONDITIONS
AEROSTAR acts consistently to reduce the risks of accidents and illnesses and applies in its activity a set of internal rules and regulations that ensure compliance with the legal requirements. During the mentioned period there were no work accidents.
We are fully committed to ensuring the continuity of our business while protecting the health and safety of our colleagues.
EMPLOYEE BENEFITS
STARTING FROM 1 APRIL 2024, BENEFITS HAVE BEEN PROVIDED TO COVER THE DYNAMIC NEEDS AND SALARY PACKAGE INCREASES OF 14%.
0 | ||
1862 | 14% SALARY PACKAGE | WORK |
EMPLOYEES | INCREASES | ACCIDENTS |
AEROSTAR S.A. | 5 |
WE ARE CONSOLIDATING PROGRESS ON THE PROPOSED COMMITMENTS!
1. IMPROVEMENT OF ENVIRONMENTAL PERFORMANCE
Reducing the atmospheric emissions of greenhouse gases and emissions of volatile organic compounds;
Decreasingthe environmental impact by increasing waste recovery and educating all employees
to minimize waste generation in order to improve the environmental performance;
We respect the environment, nature and resources.
2. TOP EMPLOYER
Training the employees
in professional
development and supporting an inclusive culture where every employee can reach their full potential and contribute with our help, thus ensuring the
evolution of tomorrow's professions;
Improving the quality of life at the workplace,
ensuring our employees' health and safety and maintaining a thriving social dialogue;
We respect, support and guarantee equal, non-discriminatory
treatment through equal opportunities for all our employees.
3. COMMUNITY INVOLVEMENT AND DEVELOPMENT
Developing partnerships to recruit young people for internships and studies;
Improving professional and social integration.
Sponsorship in support of sport and culture.
4. OUR CUSTOMERS' SATISFACTION
Developing partnerships so that we represent a benchmark for our customers;
Strengthening our position as a strategic player in the civil and
military aviation industry and creating
sustainable added value;
We uphold the highest standard of professional ethics.
Committed to a sustainable future, through the proposed objectives and commitments, our company channels its efforts into achieving its main goal of increasing sustainability by associating profitability with responsibility, increasing value in the short, medium and long term and thus increasing the company's performance.
AEROSTAR S.A. | 6 |
KEY FIGURES
UM | 31.03.2024 | 31.03.2023 | |
Share capital | k lei | 48.729 | 48.729 |
Turnover | k lei | 155.309 | 124.702 |
• Export sales | k lei | 127.989 | 102.869 |
• Export share of turnover | % | 82% | 82% |
Actual number of staff | no. | 1862 | 1.823 |
Gross profit (before tax) | k lei | 29.213 | 33.077 |
Net profit | k lei | 25.133 | 30.089 |
Investment expenditure | k lei | 4.170 | 5.542 |
from own resources |
ECONOMIC AND FINANCIAL INDICATORS
Indicators | 31.03.2024 | 31.03.2023 |
General liquidity | 6.84 | 7,73 |
Debt ratio indicator | 0 | 0 |
Flow rate rotation speed - customers | 47 | 49 |
Turnover rate of fixed assets | 0.69 | 0,54 |
General solvency ratio | 9.64 | 11,39 |
Financial rate of return | 0.04 | 0,06 |
Net profit rate | 16,18% | 24,13% |
Net cash | 97.964 k lei | 84.531 k lei |
Cash flow | 270.418 k lei | 255.489 k lei |
AEROSTAR S.A. | 7 |
PERCENTAGE OF BUSINESS IN SALES
From the turnover of 155.309 thousand lei achieved in the first quarter of 2024, the company sold products and services worth 27.321 thousand lei on the domestic marketand the equivalent of 127.988 thousand lei on the foreign market.
Comparative evolution of sales by business lines (thousand lei)
80.000
70.000
60.000
50.000
40.000
30.000
20.000
10.000
Manufacture of aviation | Maintenance of | Defence systems:aero, | Other products and |
products | commercial aircraft | terrestrial and naval | services |
Comparative evolution of sales by market (thousand lei)
2024 2023
2024
2023
ROMANIA | EUROPE | ASIA | AFRICA | SUA & CANADA |
AEROSTAR IS ROMANIA'S LEADING COMPANY IN AEROSPACE AND DEFENCE AND A SUPPLIER TO THE GLOBAL SUPPLY CHAINS OF THE MAJOR AVIATION PLAYERS.
AEROSTAR S.A. | 8 |
BOARD OF DIRECTORS
AEROSTAR's Board of Directors was elected for a period of four years at the General Meeting of Shareholders held on July 9, 2020. The election was carried out by secret ballot, with the new term of office lasting four years from July 11, 2020 to July 10, 2024.
On 31.03.2024, AEROSTAR's Board of Directors had the following structure:
FILIP GRIGORE - President of the Board of Directors
DAMASCHIN DORU - Vice-president of the Board of Directors
TONCEA MIHAIL NICOLAE - Member
DOROȘ LIVIU CLAUDIU - Member
VÎRNĂ DANIEL - Member
EXECUTIVE - OPERATIONAL MANAGEMENT
In relation to AEROSTAR's organisation and management system, the management structure at operational level ensures the management of activities on the basis of a divisional organisation, based on management centres for production, auxiliary activities and functional activities.
Executive management is provided by the General Director and the Financial Director. The management structure at executive-operational level is completed by the other division and directorate directors.
On 31.03.2024, the executive-operational management had the following composition:
Filip Alexandru General Director
Damaschin Doru Financial-Accounting Director
Rogoz Vasile Laurențiu Director of Quality Department
Vîrnă Daniel Director Legal and Human Resources Department Cristea Andra Director Logistics Division
Buhai Ovidiu Director of Defence Systems Division Iosipescu Șerban Director of Aeronautical Products Division Veleșcu Ioan - Dan Director of MRO Civil Aviation Division
Branche Cătălin Bogdan Director of Utilities and Infrastructure Division
ORGANISATION OF THE COMPANY
AEROSTAR carries out its business using the joint resources of the organisation in an integrated way. The divisional structure maintains the principles of organisation and use of resources in a unified, competitive and integrated manner. This organisation has ensured the development of capabilities for the implementation of new civil aviation and defence programmes, as well as the investments required for this purpose. The company is managed as a unitary system.
AEROSTAR S.A. | 9 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Aerostar SA published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 05:02:09 UTC.