Financial results of Apator Capital Group in 1Q2014

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Janusz Cieślik
5 lat temu
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I. Wyniki GK Apator za rok 213 - Podsumowanie Raportowane przychody ze sprzedaży na poziomie 212 (wzrost o 1,5%), nieznacznie (3%) poniżej dolnego limitu prognozy giełdowej.

1 I. Wyniki GK Apator za rok Podsumowanie Raportowane przychody ze sprzedaży na poziomie 212 (wzrost o 1,5%), nieznacznie (3%) poniżej dolnego limitu prognozy giełdowej. Raportowany zysk netto niższy o PLN 27 m (28%) w porównaniu do 212 roku, lecz na poziomie dolnego limitu prognozy giełdowej (PLN 68 m). Przychody PLN Zysk netto PLN ,3% 14,3% 1,2% 9,4% 9,4% 1,2% 1,9% 1,9% raportowane oczyszczone raportowane oczyszczone Przychody ze sprzedaży działalności kontynuowanej (bez Newind) wzrost o 11,3%. Zysk netto oczyszczony z wpływu zdarzeń jednorazowych (sprzedaż ziemi, aktywo podatkowe) i Newind wyższy o 2%. Poprawa marży zysku netto z 9,7% do 1,5%. Financial results of Apator Capital Group in 1Q214

2 I. Results of Apator Capital Group in 1Q214 sales Decrease of revenues on sales by PLN 14,5 m (8,7%). Comparable structure of revenues share of export in total revenues - 47,6% and 47,8% respectively in 1Q 213 and in 1Q 214. Revenues in PLN Home export in PLN Q Q Q Q 214 Home Export 1 Q Q 214 Adjusted revenues on sales comparable quarter to quarter impact of Newind on results of 1Q213 (PLN 14,7 m). Decrease of share of export (from 52% to 48%): No sales on Dutch market in 1Q214; Increase of home sales by 9%

3 I. Results of Apator Capital Group in 1Q214 result on sales and EBITDA Increase of result on sales by PLN 2,4 m (13,6%) and profitability by 2,5% Increase of EBITDA by PLN 4,5 m (2,1%) and profitability of EBITDA by 4,2% Result on sales in PLN EBITDA in PLN ,4% 12,9% 11,6% 12,9% 1 13,4% 17,6% 14,8% 17,6% Q Q 214 Profitability growth factors: growth of profitability of gross sales and decrease of sales costs. 1 Q Q 214 Profitability growth factors: same like in case of result on sales; other operating activity (Pafal: PLN 1,1 m sales of building, sales of injection moulding machines to cooperating firm)

4 I. Results of Apator Capital Group in 1Q214 net profit, forecast Increase of net profit by PLN 3,2 m (24,7%). Increase of profitability by 2,8% Net profit in netto PLN Performance of the annual forecast in PLN Parameter Forecast 214 Performance in 1Q 214 Progress % Sales ,1% - 2,9% Net profit ,7% - 21,6% Lapse of time: 25% 8 6 7,7% 1,6% 8,6% 1,6% 4 9,6% 2 Performance of the forecast after 1Q 14 is slower than the lapse of time. Factors: worse results in the first quarter like in the past ; later dates of decisions on winners of tenders (electricity meters); consolidation of Elkomtech since 2Q Q Q 214 Currently there is no threat to the performance of the forecast. Net growth profitability factors: better results based on activity and single revenues on other operating activity. Adjustment due to increase of financial costs.

5 I. Results of Apator Capital Group in 1Q214 working capital and debt Decrease of working capital in relation to by PLN 1 m (8,3%) mainly due to decrease of receivables Secure level of debt. Net debt:,9x LTM EBITDA. Net working capital in PLN Debt in PLN Net debt Gross debt Shares of working capital in revenues on LTM sales decreased in relation to the previous quarter Increase of gross debt by PLN 98,8 m caused by the loan taken for the purchase of shares of Elkomtech (PLN 98,4 m)

6 I. Results of Apator Capital Group in 1Q214 investments and cash flow Increase of investment expenditure by 4,6 m (124%) Strong operating cash flow, decrease of working capital, increase of investment expenditure acquisition of Elkomtech. Capex in PLN Cash flow in PLN Jan14 Oper. Inv. Fin. Mar Q Q Main areas: Apator (PLN 3,8 m e.g. meter test equipment, moulds and tools for new products), Apator Metrix (PLN 2,7 m e.g.: climatic chamber, moulds and tools for samrt gas meters). Increase of investment expenses (future ones included buyout of Apator Rector, dividend) hedged by long term loan. High value of cash at the end of the period.

7 I. Sales of Apator Capital Group in 1Q214 segments and business lines 1Q 213 9% 11% 3% 6% 11% 3% 21% 3% 27% 8% Switchgear Electricity Gas Water ICT Control eqp. Mining eqp. 1Q % 5% 7% 1% 5% 18% 33% 78% 1% 22% Switchgear Electricity Gas Water ICT Control eqp. Mining eqp.

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Financial results of Apator Capital Group I. Wyniki GK Apator za rok 213 - Podsumowanie Raportowane przychody ze sprzedaży na poziomie 212 (wzrost o 1,5%), nieznacznie (3%) poniżej dolnego limitu prognozy giełdowej. Raportowany zysk netto niższy