2. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM Capital Group – financial data, status on September 30, 2009
NET REVENUE from sales PLN 109 558 k – decrease by 13.64% yoy
NET PROFIT PLN 6 127 k – decrease by 41.19% yoy
- in 3rd quarter: decrease by 19.64% yoy
EBIT PLN 8 343 k – decrease by 36.81 % yoy
- in 3rd quarter: decrease by 13.34% yoy
Profitability from operations 7.62%, in comparison with 10.41% in the analogous
period of 2008
- in 3rd quarter: 11.78%
Return on net sale 5.59%, in comparison with 8.21% in the analogous period of 2008
- in 3rd quarter: 8.89%
Status of FREE CASH at the end of the period PLN 24 507 k, increase by 80.74% in
comparison with the analogous period of 2008
3. ES-SYSTEMLIGHT IMPRESSIONS
3
126 860
46 060
37 535
43 265
109 558
42 34433 25233 962
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
110 000
120 000
130 000
I Q II Q III Q I-III Q
ES-SYSTEM – sale decrease on the weakening investment market
Revenues from sales of
products, goods and materials
(in PLN thousands)
2008 2008 2008 200920092009
• Stagnation in construction investment sector, crisis on financial markets, slowdown of economical
growth in Poland and recession on world markets
• Growing competition in the sectors of investments and wholesale – pricing pressure
• Sale in three quarters of 2009 below expectations and sales plans– decline in demand for products
in Poland and abroad mainly because of stagnation in investments
In comparison with the results of first half of the year the results in 3rd quarter may be a signal of stabilization
in the luminaires sector.
2008 2009
5. ES-SYSTEMLIGHT IMPRESSIONS
Evaluation of the market situation – return of the seasonal trends in sales
Natural effect of the seasonal trends in the lighting sector – alleviated in the period of economic boom
in construction sector
Changes in the construction-assembly production, 2008-2009 yoy
6. ES-SYSTEMLIGHT IMPRESSIONS
6
13 202
8 343
3 3352 971 4 476
21
5 755
4 987
7,62%
10,41%
7,92%
9,82%
10,35%
0,06%
11,78%
12,49%
-500
500
1 500
2 500
3 500
4 500
5 500
6 500
7 500
8 500
9 500
10 500
11 500
12 500
13 500
IQ08 IQ09 IIQ08 IIQ09 IIIQ08 IIIQ09 I-IIIQ08 I-IIIQ09 0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
ES-SYSTEM – decrease of the operating results and return on operating profit
despite of cost reduction
Operating profit EBIT
Return on profit (in %)PLN thousands
• Sequence of worse sales results and stagnation on commercial investments market in 2nd quarter,
in 3rd quarter improvement of profitability because of the better situation on the market
• Wholesale realized at lower margins
13 202 8 343
5 755 4 987
7. ES-SYSTEMLIGHT IMPRESSIONS
7
6 127
10 419
3 7644 684
-757
3 266
2 469
3 120
8,21%
5,59%
8,89%
10,17%
-2,28%
7,55%
9,19%
6,58%
-2 000
0
2 000
4 000
6 000
8 000
10 000
12 000
IQ08 IQ09 IIQ08 IIQ09 IIIQ08 IIIQ09 I-IIIQ08 I-IIIQ09
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
PLN thousands
ES-SYSTEM – decrease of net profit in Q3 of 2009
2 469
2 421
Net profit
Return on net profit (in %)
IN „-” IN „+”
Deferred income Positive result on
tax expense financial activity
(nearly PLN 800 000) (better by nearly PLN 400 000)
8. ES-SYSTEMLIGHT IMPRESSIONS
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
180 000
200 000
1 2 3
8
ES-SYSTEM – maintaining geographical diversification of sale
Share of the export sale
Share of the domestic sale
109 558
23%
23%
22%
167 230
21%
23%
78%
175 453
79%
23%
77%
PLN thousands
22%
77%
I-III Q 200920082007
9. ES-SYSTEMLIGHT IMPRESSIONS
9
2001
•15 FOREIGN PARTNERS
•6 COUNTRIES
•2% OF TOTAL TURNOVER
SEPTEMBER OF 2009
•97 FOREIGN PARTNERS
•53 COUNTRIES
•23% OF TOTAL TURNOVER
EXPORT
ES-SYSTEM S.A. – structure of export countries and business partners
Great Britain
12%
Lithuania
10%
Bulgaria
8%
Czech Republic
7%
Austria
7%
Spain
6%
Norway
6%
Germany
5%
Denmark
5%
The Netherlands
4%
Other
30%
10 biggest export markets, Jan-Sept 2009
New markets: Australia, Greece, Uruguay, Ireland
10. ES-SYSTEMLIGHT IMPRESSIONS
10
Status on September 30, 2009 PLN k / %
State of cash flow and their equivalents 24 507
Short-term credits and loans 685
Long-term credits and loans 0
Contingent liabilities (bank guarantees and warranties) 6 362
Equity debt ratio 26.41%
Overall indebtedness ratio 20.89%
Current liquidity ratio 3.45
Quick liquidity ratio 2.44
ES-SYSTEM – high ratios of liquidity and accessible cash
11. ES-SYSTEMLIGHT IMPRESSIONS
11
Cash flow at safe level
Liquidity ratios at a level higher than considered as safe
ES-SYSTEM S.A. export receivables are insured in KUKE
Restrictive and responsible policy in granting trade credits in
domestic turnover
Securities and exacting punctual payments from clients
ES-SYSTEM – financial security
12. ES-SYSTEMLIGHT IMPRESSIONS
• Portfolio of present orders – possibility of sales increase in Q4 of 2009
• Development of wholesale and lighting systems modernization strategies – showing
first positive symptoms of implemented changes and new marketing strategies
• First symptoms of economic growth on the export market. Increase of orders values
since June in every month
• Potential of further market growth in 2010 is still limited by investors’ difficulties in
access to bank financing
ES-SYSTEM – perspectives for the next quarters
13. ES-SYSTEMLIGHT IMPRESSIONS
• Location: Tsarigradsko Shose Boulevard, centre of Sofia
• Total area: 55 000 square meters of commercial space and 60 000 square meters of office space
• Value of ES-SYSTEM contact: PLN 1.3 mln
• Completed: November 2009
The newst completed project – HERMES PARK in Sofia, Bulgaria
14. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Roland Investments Sp. z o.o.,
• Location: Kraków (post-industrial area in district Kraków Podgórze)
• Commercial space: 91 000 square meters
• Investment value : PLN 1.4 bln
• Value of ES-SYSTEM contract: PLN 3 mln
The newest almost completed project (November 2009) – Bonarka City
Center