Financial results of Apator Capital Group

Transkrypt

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 Apator SA 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

2 The presentation includes some issues selected from financial statements and management reports (separate and consolidated). Full content of the reports is available from 3th April 214:»in electronic version on the website of Apator SA hard copy at Apator SA, Centrum, Ostaszewo 57C, Łysomice 14,3% 9,4% 1,2% 1,9%

3 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%. Consolidated financial statement for 213

4 Significant events in 213 and performance of the forecast» Increase of adjusted revenues and expansion into foreign markets» Increase of profitability» Changes in the makeup of Executive Board and Supervisory Board of Apator SA» The process of acquisition of Elkomtech SA (preliminary purchase agreement)» The process of updating of development strategy for of Apator group» Sale of Newind sp. z o. o.» Acquisition of shares of Inda d. o. o. by GWi Ltd. 14,3% 9,4% 1,2% 1,9% Performance of the forecast 213 Lower limit Performance Consolidated revenues on sale of products, goods and materials ,71% Net consolidated profit ,18%

5 Structure of Apator Capital Group Sold in May 213 Purchased in September 213 Employment at 31 st December 212: 1992 persons Employment at 31 st December 213: 25 persons

6 129,% 12,8% Results of Apator Capital Group for 213 Sales Revenues on sales reported at similar level of 212 (increase by 2,3%), slightly below the lower limit of the forecast (2,3%). 8 Revenues on sales (PLN ) High rate of growth of revenues form export 29% (CAGR 6 Y - 27,6%). 8 Home Export (PLN ) % 45% 41% 47% ,3% 9,4% 1,9% 14,3% 1,1% 9,7% 1,6% raportowane reported oczyszczone adjusted reported rap. 212 reported rap. 213 adjusted ocz. 212 adjusted ocz. 213 Home Export share of export Revenues on sales adjusted (excluding Newind) increase by 12,2%. Decrease of domestic sales by 13 % distorted by Newind. The domestic sales is similar year to year when Newind is excluded.

7 Results of Apator Capital Group for 213 Export Key markets: meters: CIS, CEE, Germany, Africa switchgear: CIS, Germany, Turkey, former states of Yugoslavia Geographical range The share of export in total revenue in 213 (212): - meters: 4,1% (3,8%) - switchgear: 5,3% (5,2%) Main countries for export (PLN ) Russia Denmark Germany Ethiopia Czech Republic Turkey Ukraine Morocco Key countries and product lines: Russia water, heat and gas meters, switchgear; Denmark gas meters with destination to the Dutch market; Germany electricity meters and gas meters., switchgear; Ethiopia water and heat meters; Czech Republic water and heat meters; Turkey water, heat and gas meters, switchgear; Ukraine water, heat and gas meters, switchgear; Morocco electricity meters;

8 Results of Apator Capital Group for 213 Segments Metering segment growing share in revenues on total sales (mainly export) 212 r. Other 2% Switchgear 26% Pozostała Other 1% 1% Switchgear 25% Łącznikowy 25% 213 r. Home 59% Home 53% kraj 53% Export 41% eksport 47% Export 47% Meters 72% Pomiarowy Meters 74% Business lines with the highest growth rates in 213 metering of water, heat and gas

9 Results of Apator Capital Group for 213 Result on sales Increase of the result on net sales reported by 14,3% and on net sales adjusted by 18%. Improvement in profitability. Result on sales (PLN ) adjusted 212 adjusted 213 other 4% switchgear 22% other % switchgear 2% 11,6% 13,% 12,9% 13,6% meters 74% 17,4% meters 8% reported adjusted Factors affecting the improvement in profitability: increase in volumes (operating leverage), changes in the assortment (high-margin products), cost reduction (decrease in prices of raw materials, automation and improvement of production processes).

10 Results of Apator Capital Group for 213 EBITDA and net profit Decrease of EBITDA reported (by 7,8%). The result distorted by sale of the real estate (PLN 21 m gross in 212) and Newind. EBITDA (PLN ) Net profit reported was lower by PLN 27 m (27,8%) in relation to 212, but above the lower limit of the forecast (PLN 68 m). Net profit (PLN ) 17,4% 15,7% 15,8% 16,4% 14,3% 9,4% 1,9% 14,3% 1,1% 9,7% 1,6% reported adjusted reported adjusted EBITDA adjusted increased by 15,8%. The reasons are such as in the case of the result on sales. Increase in depreciation by PLN 2.5 m. Net profit adjusted (for real estate, tax asset and Newind) higher by 21,9%. The improvement in net profit margin from 9,7% to 1,6%.

11 Results of Apator Capital Group for 213 working capital and debt Increase of investment in working capital by PLN 28.4 m (3%). Increase of share from 14.2% to 18.2% in relation to annual revenues. Low level of net debt (,37x EBITDA 213). Increase of net debt by PLN 27 m. Net working capital (PLN ) Debt (PLN ) Net debt Gross debt Changes in net working capital: -higher receivables (by PLN 26.7 m) mainly in Rector by PLN 12,6 m settlement of long-term contracts, -higher liabilities by PLN 3 m mainly due to buyout of outstanding shares in Rector PLN 17,9 m, - decrease in trade payables by PLN 13.8 m. The difference in net debt y/y is mainly due to change in cash and cash equivalents (decrease by PLN 25.5 m). The level of credits is higher by 2.8% (mainly Rector increase by PLN 6 m y/y)

12 Results of Apator Capital Group for 213 Investments and cash flow Lower investment expenditure due to completion of investment in Ostaszewo. Level 1,1 x annual amortization pursuant to historical trend. Balance of operating cash flow lower than in 212: lack of single events; increase of investments in working capital. Capex (PLN ) Cash flow (PLN ) sty-13 Oper. Inw. Fin. gru-13 Main areas: Apator S.A. (PLN 12,5 m) Powogaz Group (PLN 3,5 m), Apator Metrix (PLN 3,3 m). Cash used: Capex (PLN 22,8 m) and dividend for 212 (PLN 41,7 m)

13 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%. Information for investors 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%.

14 Share price and shareholders of Apator S.A. High, positive correlation with mwig 4 index. Large share of open pension funds in the shareholding of Apator SA Share price of Apator S.A. Shareholders of Apator S.A. 1,15 max annual average average capitalization 213 = PLN 1.88 m. Share in voting (%) Share in capital (%) Share price in the range from 28,1 to 41,6; average 32,9. Decrease of shares of Apator Mining redemption of 2 million own shares.

15 Declared payment of dividend from the profit in 213 Dividend per share (PLN) Dividend and net profit (PLN ) dividend - net profit The share of dividend in net profit of Apator SA: 212: 66%, 213: 39%. Decrease of the dividend by 57% y/y: - expenses related to the acquisition of 1% shares of Elkomtech SA, - acquisition of remaining 3% shares of Apator Rector sp. z o.o.

16 Thank you for your attention