ES-SYSTEM S.A. Warsaw, L i g h t I m p r e s s i o n s ES-SYSTEM LIGHT IMPRESSIONS

Transkrypt

1 S.A. L i g h t I m p r e s s i o n s Warsaw,

2 1. Realization of guidelines assumed for the year Realization of investments 3. Stable financial situation 4. Financial security and cost policy 5. Development strategy solid foundations 6. Projects Actual situation and projects

3 Objectives for the year 2008 realization Development and promotion of the brand: - Three new product programs: 3xS (SAVE ENERGY, SAVE TIME, SAVE MONEY), ES (ENERGY SAVING), ES-CLASSIC were prepared for launching in New, innovative and design-original lighting SYSTEMS (SYSTEM 6000, ES-MULTI, CLOUDS, LED FIXTURES) were launched - In the range of street lighting new series of BOYEN luminaires were launched and luminaires from series SL 100 were modernized Increase of export sale - Increase of sale on the EU markets and on markets of other highly developed countries realized - Strengthening brand by providing lighting for the most prestigious projects - Oslo Opera House, Terminal III of Changi Airport in Singapore which are the evidence of a scale and capabilities of New technologies and automation - Purchase of production lines, machinery, equipment and modern technologies of which most were activated (operators finished requested trainings) is completed in full and is being used for realization of current production - Works regarding production of tools and instrumentation for new machinery and technological line have been initiated - Second stage of the automation process of existing technologies and production lines have been started; completion expected in December Increase of production output by 25% 3

4 Objectives for the year 2008 realization Increase of productivity and effectiveness: - Quick increase of productivity and effectiveness influenced by realization of the investment plan - Increase of production capacity and actual improvement of products availability in relatively short time (for the basic program up to 24 hours) Setting in order infrastructure: - Building of new Logistic Centre on the premises of the production plant in Wilkasy - Building of new production hall (area of m²) in Wilkasy, implementation of new technologies - Building of a warehouse (area of m²) in Wilkasy - Modernization and renovation of production halls in Wilkasy - Extension of a production hall in Rzeszow by 500 m² Changes in work organization: - Introduction of uniform information platform in the mother Company (in remaining companies of the Capital Group this process should be finalized by June 30, 2009) - Change in stock management by activating Logistic Centre in Wilkasy 4

6 Investments of the funds received from the stock exchange status on Total investments (PLN) New production building, new warehouse and modernization of existing buildings ,22 Laboratory ENEC,EMC ,56 Other civil engineering objects ,08 Machines, equipment and devices for general purposes ,24 Specialist machines, equipment and devices ,63 Technical equipment ,55 Means of transportation ,27 Laboratory and warehouse equipment ,55 Intangible and legal values ,16 TOTAL ,26 6

7 Modernization of machines and equipment - examples Plastic processing Vacuum sublimation Automatic wiring and quality control line 7

8 Logistic Centre in Wilkasy COSTS OF CENTRE COMPLETION: Value of costs incurred up to now (own funds) - PLN ASSUMED YEARLY TURNOVER: PLN 150 mln ORGANIZATIONAL BENEFITS: reduction in delivery time to clients by at least 48 hours improvement in products availability reduction in transportation cost by 10 15% 8

9 New laboratory ENEC in Wilkasy Tightness test Thermic chamber Detail flammability test 9 Cost of building and equipping the laboratory PLN

11 sale increase despite weakening market Revenues from sales of products, goods and materials (in PLN thousand) + 4,92 % Influenced by high sale base in Postponing realization of investments due to the financial crisis ,36 % + 17,01 % + 12,51 % - 8,32 % I Q II Q III Q IV Q I-IV Q Maintaining sale growth in 2008 despite weakening investment market 11

12 double digit growth of the operating results and improvement of profitability from operations In PLN thousand ,45% ,15% 9,61% +12,87 % 10,33% 12,00% 10,00% ,00% ,01% ,00% 4,00% Operating profit EBIT Profitability (in %) IV Q 2007 IV Q 2008 I-IV Q 2007 I-IV Q ,00% 0,00% Maintaining double digit level of profitability in

13 double digit increase of net profit in 2008 and improvement of net profitability In PLN thousand +15,36 % ,36% 8,02% 7,42% 8,16% 9,00% 8,00% ,00% ,05% ,00% 5,00% 4,00% 3,00% Net profit Net profit ratio (in %) ,00% ,00% 0 IV Q 2007 IV Q 2008 I-IV Q 2007 I-IV Q ,00% 13

14 geographic diversification of sale In PLN thousand Beneficial influence of the exchange rate of Euro/PLN in the second half of % % 22% % 78% 19% 21% 81% 79% IV Q % IV Q % I-IV Q % I-IV Q 2008 Share of export sale Share of domestic sale 14

15 increase of the number of export countries and business partners EXPORT Export FOREIGN PARTNERS 6 COUNTRIES 2% OT TOTAL TURNOVER Other 28% Czech Rep. 15% Great Britain 15% FOREIGN PARTNERS OVER 52 COUNTRIES 22% OT TOTAL TURNOVER Austria 3% Denmark 3% Germany 4% Russia 4% Spain 5% Netherlands 5% Norway 6% Sweden 12% 15

16 the most important export markets in Q Q

17 sale IQ ,52% I Q Revenues from sales of products, goods and materials (in PLN thousand) 17

18 operating profit IQ09 tys. PLN ,25 % 9,82% 12,00% ,92% 10,00% 8,00% ,00% ,00% 2,00% I Q 2008 I Q ,00% Operating profit EBIT Profitability (in %) 18

19 net profit IQ tys. PLN ,37 % 9,19% 10,00% ,58% 9,00% 8,00% 7,00% ,00% ,00% 4,00% ,00% 500 2,00% 1,00% 0 I Q 2008 I Q ,00% Net profit Net profit ratio (in %) 19

21 high liquidity ratios and accessible cash Status on in PLN thousand / % State of cash and cash equivalents Short-term credits and loans Long-term credits and loans 302 Contingent liabilities (bank guarantees and securities) Equity debt ratio 30,50% Overall indebtedness ratio 23,37% Current liquidity ratio 2,98 Quick liquidity ratio 2,10 21

22 financial security Substantial discretionary cash flow Inconsiderable credit debt Liquidity ratios at a level higher than considered safe Insured all S.A. export receivables Restrictive and responsible policy in granting trade credits in domestic turnover Securities and exact punctual payments from clients 22

24 competitive position excellent market knowledge market prices even though not the most important low elasticity of demand weak zloty - chance for the export 16,2%-share in the prof. lighting market competitive quality of solutions weak zloty - superiority over importers our clients the biggest players on the market knowledge of employees -our competitive factor 24

25 priorities for 2009 PREPARED FOR SLOWDOWN IN THE SECTOR Operational efficiency Production flexibility Product and geographic diversification Stable financial position Financial security Rational cost policy Making use of advantages weak zloty, decrease in prices of materials 25

26 ENERGY SAVING idea Actions to propagate energy effective lighting technology Superior target: Counteracting to climate changes and lowering consumption of non-renewable resources by increasing energy efficiency Long-term strategies of the UE: 1. Limiting emission of greenhouse gases by 20% till Decrease of energy consumption by 20% till Increase of renewable energy share in the energy balance up to 20% till 2020 Role of the lighting sector in energy saving activities / directions: Energy efficiency in lighting is one of the fastest, most practical and cost effective ways of energy saving Applications of energy saving lighting may generate savings (in Europe, per year) at the level of 42,5 mln tons of CO 2 or EUR 17,5 mld in operating costs Modern, energy-effective lighting products can lower energy consumption even by 80%, with the life of modern products 15 times longer than the life of traditional substitutes 26

27 ENERGY SAVING idea propagating energy effective lighting technology Legal tools: 2005/32/EC UE Directive regarding eco-design of energy consuming equipment UE Regulations defining executive means for the Directive 2005/32/EC (publication in the Monitor UE ) - Describes requirements of energy effectiveness for lighting equipment - On those grounds minimal criteria will be introduced; based on that criteria the least efficient equipment will be withdrawn from the market 2006/32/EC UE Directive regarding effectiveness of the end use of energy and energy services. It is the base for educational actions, introduction of building energy efficiency certificates, green public orders, application of fiscal instruments 2002/91/EC Directive regarding energy efficiency of buildings National Action Plans for Rationalization of Energy Consumption Project of legal regulation regarding lighting plans New Lighting Design Legislation it should describe requirements for designing lighting installations 27

28 Schedule of coming into force of requirements for products (according to Regulation to the Directive 2005/32/EC): 1st stage till March 2010 withdrawal of halo-fosphorus T8 fluorescent tubes, T5 and T8 fluorescent tubes with coefficient Ra<80, two-pin plug-in CFL minimal Energy Effectiveness ratio for ballasts for fluorescent tubes class B2 and A3 max. stand-by power consumption for ballasts as well as for luminaires with fluorescent tubes -1W 2nd stage till March 2012 withdrawal of halo-fosphorus T10 and T12 fluorescent tubes, high pressure sodium and metal-halide (E27, E40, PGZ12) lamps below specified limits introduction of minimal Energy Effectiveness criterion for ballasts for HID lamps max. stand-by power consumption - for ballasts as well as for luminaires with fluorescent tubes - 0,5W luminaires for fluorescent lamps without build-in ballast and for HID lamps must be compatible with ballasts required in the 3rd stage 3rd stage till March 2017 withdrawal of metal-halide lamps 405W (E27, E40, PGZ12) below given limits and two-pin fluorescent lamps cooperating with inductive ballasts withdrawal of ballasts for fluorescent lamps class A1, B1, B2, A3, for CFL and two-pin fluorescent lamps all luminaires must be compatible with requirements for ballasts 28

29 ENERGY SAVING idea specific actions: new lighting system MONEY SAVINGS - Use less energy pay less! ENERGY SAVINGS -Low power consumption, energy saving lamps and high efficiency! TIME SAVINGS - Extremely short mounting time, and time is money! 29

30 where are we heading? BUSINESS ENVIRONMNET World financial crisis, Poland entering economic slowdown period. Prognosis of world economic growth - 0%, Polish - 1%. Unknown remains the limit of decrease of investment demand which in Poland relates mainly to housing. OPPORTUNITIES Technology development successive change of equipment in 5-6 year cycles EURO 2012 extra projects for the years ENERGY SAVING necessity to economize compelled by the law and economy Weakening of PLN chance for export Decrease in prices of raw materials better prices of supplies Problems of competitors - importers weak PLN limits import - financial problems of other companies related to the crisis. THREATS Growing crisis of the world economic system and its consequences for Poland Fierce, difficult to foresee changes of economic parameters, especially exchange rates Drastic limits of credit availability Delays in reforms Increase of unemployment and weakening of internal demand. 30

31 where are we heading? TODAY Solid foundations Leading position on the domestic market Renowned brand name Sound team of experts Investments effects Strengthening leader s position: M&A Strategy - constructing the strategy Research and development INCREASE OF - Production capacity - Effectiveness - Products quality - organic growth in Poland and abroad -utilizing all advantages in the time of crisis - analysis of markets and potential subjects - actions correlated with changes in the economic environment Design Quality Technological innovations The highest level of products 31

33 Selected projects completed in Poland in 2008 Project Location Number of systems Number of luminaires Office Building Platinum B Warsaw Cardinal Stefan Wyszynski University Warsaw Office Centre GTC Globis Wroclaw Psychiatric Hospital Milicz Campus of the Jagiellonian University Cracow Office Building GTC Edison Cracow COMARCH Cracow A. Frycz Modrzewski Krakow University College Cracow Supermarkets chain Carrefour Express Entire Poland Hotel Lider Cracow CERI Lodz Museum of the Arts Lodz Malta Office Poznan Logistic and Investment Centre Clip Swarzedz Agata Furniture show-room Katowice District Court Katowice

34 Selection of foreign projects completed in 2008 Project Location Country Number of luminaires Number of systems Aeroflot Office Center Moscow Russia Msll of Plovidiv Plovdiv Bulgaria Klinika Prezydencka Moscow Russia Opera Oslo Norway WAL-MART 24 cities UK Hotel Madrid Spain City Inspection Dept. Amsterdam The Netherlands CFR CLUJ Cluj-Napoca Romania Com. Center Andares Call Center Guadalajara Mexico Banco de Santander Queretaro Mexico Aquapark Cestlice Praha Czech Rep Nazareth Mall Jerusalem Israel AL GHUNAIM HEADQUATER Kuwait Kuwait Spiral Office builiding Budapeszt Budapest Hungary Universitaet Wien Wien Austria

35 Shopping Malls Project Location Country Number of luminaires Galeria Bałtycka Gdańsk Poland Galeria Espark Eskisehir Turkey CH Forum Gliwice Poland CH Plaza Rybnik Poland CH Plaza Sosnowiec Poland Fokus Park Rybnik Poland Fokus Park Bydgoszcz Poland CH Port Rumia Rumia Poland 750 Pasaż Grunwaldzki Wrocław Poland CH Polimeni Słupsk Poland CH KLIF Gdynia Poland

36 Projects Muzeum Romantyzmu - Opinogóra Pirelli Pekao Real Estate - Warszawa The Chimney Pot - Warszawa 36

37 Projects Holel Hotel Olympic Olympic - Ustroń - Ustroń Holel MDM - Warszawa Lowe GGK Nefryt - Warszawa Uniwersytet Kardynała Wyszyńskiego - Warszawa 37

38 Projects Fitness Club - Moskwa Hotel Wienna - Praga Santander Call Center - Meksyk Biurowiec Orchard - Ostrava 38

39 Projects Most Uniwersytecki - Wrocław 39 Focus Park - Bydgoszcz Focus Park - Rybnik

41 Rynek krajowy i eksportowy w I kwartale 2009r. Rynek budowlany kryzys gospodarczy - narastające problemy w sektorze budowlanym, szczególnie w budownictwie mieszkaniowym sezonowość w branży pogłębiona dodatkowo przedłużającym się okresem zimowym produkcja budowlano - montażowa: w styczniu 09 spadek w stosunku do grudnia 08 o 62,1% i wzrost w stosunku do stycznia 08 o 7,4% w lutym 09 wzrost w stosunku do stycznia 09 o 17,2% i wzrost w stosunku do lutego 08 o 1,9% w marcu 09 wzrost w stosunku do lutego 09 o 15,1% i wzrost w stosunku do marca 08 o 1,2% przegrupowanie sił sprzedażowych, stymulacja sprzedaży w kanale hurtowym umocnienie pozycji w obszarze sprzedaży do dystrybucji (duże sieci hurtowe) rozwój oferty energooszczędnych rozwiązań oświetleniowych ES-CLASSIC ekspansja na nowe rynki zagraniczne o mniejszej zależności od kryzysu, np. Indie, Urugwaj, Iran wzrost sprzedaży eksportowej w ujęciu miesiąc do miesiąca w I kw r. 41

42 Perspektywy dla rynku krajowego i eksportowego w II kwartale 2009r. Rynek krajowy: - wyczekiwanie w obszarze dużych inwestycji w powierzchnie biurowe (niektóre inwestycje wstrzymane na nieokreślony okres czasu) - w realizacji inwestycje w obszarze centrów handlowych (mają finansowanie nawet jeśli są na bardzo wstępnym etapie) - w realizacji inwestycje małe i bardzo małe (modernizacje szkół, lokalnych obiektów sportowych, siedzib urzędów i władz samorządowych) - presja na cenę i poszukiwanie najtańszych rozwiązań (potencjalny spadek marży sprzedaży) - dobra współpraca na rynku dystrybucji (utrzymanie poziomu obrotów w IQ z 2008 i dobre prognozy na IIQ) - na koniec IIQ powinny się pojawić pierwsze symptomy poprawy sytuacji (odrabianie zaległości) Rynek eksportowy: - realizacja portfela zamówień (wartości ok 8,5 mln. zł) złożonych w IQ 2009 znaczący wzrost w porównaniu do kwartałów poprzednich (o 15% w odniesieniu do IQ 2008) 42

43 Selected projects planned in Poland in III Q 2009 PROJECT Value in PLN Galeria Jurajska Częstochowa (dostawy opraw II IV kwartał) Park Postępu Warszawa (dostawy opraw II IV kwartał) Kompleks biurowy New City (inwestor ECI) Warszawa ul. Marynarska, (dostawy III-IV kwartał) Wojdyła Business Park - Wrocław Sąd Okręgowy - Łódź (dostawy III/IV kw.) Malta Office Park - Poznań Galeria Nowy Świat - Rzeszów Galeria Rumia - Gdańsk Textorial Park kompleks biurowy - Łódź (dostawy II/IV kw.) Budynek biurowy ASSECO - Rzeszów Hala produkcyjna Phoenix Contact - Nowy Tomyśl Kompleksowa modernizacja oświetlenia ulicznego - Wydminy, woj. warmińsko-mazurskie 3,0 mln 2,5 mln 2,3 mln 800 tyś. 740 tyś. 700 tyś. 600 tyś. 600 tyś. 410 tyś. 400 tyś. 350 tyś. 250 tyś.

44 Planowane realizacje Aarhus Harbour Inwestor: władze lokalne Aarhus Położenie: Półwysep Jutlandzki, wybrzeże morskie Powierzchnia I etapu: m2. Do oświetlenia I fazy ( ) użyte zostanie 480 szt. opraw w 6 typach (indywidualnie zaprojektowanych) wartość Euro. 44

45 Planowane realizacje Kompleks obiektów magazynowych «Южные Врата» Inwestor: Giffels Management Russia Położenie: 30 km na Południe od Moskwy Powierzchnia całości: m2; na działce o pow. 104 ha. Powierzchnia I fazy (oddanie do użytku II kwartał 2009): m2. Do oświetlenia I fazy użyte zostanie 2000 szt. COSMO4 różnych typów wartość euro EXW. Kolejne fazy obiektu mają być realizowane kolejno, po oddaniu I części w maju rozpoczną się prace nad II. Szacowana wielkość dostaw dla kolejnych magazynów to szt. COSMO różnych typów.

46 Thank you S.A. ul. Przemysłowa 2, Kraków tel.: (12) fax : (12)

47 Presentation was prepared by S.A. ( Company"). Data and information presented on individual slides do not constitute complete nor coherent financial analysis or commercial offer of the Company. They serve only publication purposes. Comprehensive description of operations and financial state of. S.A. is available from the Company s web site - the chapter Investor Relations. This presentation was not verified by any outside auditor. All presented facts and information were based on sources acknowledged by the Company as reliable and verified. The Company reserves the right to change presented data and information in convenient time without previous notice. Presentation and used in it slides may contain statements referring to the future, however, they cannot be recognized as prognosis or guarantees for the future results of the Company. Expectations of the Board of Directors arise from current knowledge, awareness or opinions of the S.A. Board of Directors and are determined by series of factors which may cause the future results to considerably differ from statements presented in this document. It is suggested to search assistance of a professional financial adviser in case of interest in investing in any securities issued by S.A. 47