2. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM Capital Group – financial data, status on December 31, 2009
NET REVENUE from sales PLN 150 795 k – decrease by 14.04% yoy
NET PROFIT PLN 9 020 k – decrease by 36.56% yoy
EBIT PLN 11 803 k – decrease by 34.44 % yoy
Profitability from operations 7.83%, in comparison with 10.26% in the 2008 year
Return on net sale 5.98%, in comparison with 8.10% in the 2008 year
Status of FREE CASH at the end of the period PLN 28 095 k
2
3. 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
3
4. ES-SYSTEMLIGHT IMPRESSIONS
4
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 2009 below expectations and sales plans– decline in demand for products in Poland and abroad
due mainly to stagnation in investments
2008 2009
48 57346 06037 535 43 265
150 795
41 27342 34433 25233 962
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
I Q II Q III Q IV Q I-IV Q
-
9,52%
-
23,14
%
-
8,07%
-
15,1%
-
14,04
%
175 433
6. ES-SYSTEMLIGHT IMPRESSIONS
2001
•15 FOREIGN PARTNERS
•6 COUNTRIES
•2% OF TOTAL TURNOVER
2009
•97 FOREIGN PARTNERS
•53 COUNTRIES
•21% OF TOTAL TURNOVER
6
EXPORT
ES-SYSTEM S.A. – structure of export countries and business partners
New markets: Australia, Greece, Uruguay, Ireland, Georgia,
Marocco, Moldova
10 biggest export markets in 2009
7. 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
7
ES-SYSTEM – maintaining geographical diversification of sales
Share of the export sale
Share of the domestic sale
21%
22%
167 230
21% 78%
175 453
79%
23%
77%
PLN thousands
22%
79%
200920082007
150 795
12. ES-SYSTEMLIGHT IMPRESSIONS
12
Status on 2009 PLN k / % 31.12.2008 31.12.2009
State of cash flow and their equivalents 13 559 28 095
Short-term credits and loans Short-term credits
and loans
1 295 764
Long-term credits and loans 302 0
Contingent liabilities (bank guarantees and
warranties) 4 539 8 015
Equity debt ratio 30.57% 26.81%
Overall indebtedness ratio 23.41% 21.14%
Current liquidity ratio 2.96 3.42
Quick liquidity ratio 2.09 2.42
ES-SYSTEM – high ratios of liquidity and accessible cash
13. ES-SYSTEMLIGHT IMPRESSIONS
Evaluation of 2009
• Significant slow down in the construction sector – the largest decrease in the group of industry–warehouse buildings
(-19%) and public facilities (-17)
• Realization of diversification of the portfolio of clients on the domestic market, close cooperation with wholesale
buyers and intensification of activities in the area of promoting energy saving solutions
• Adaptation of the wholesale strategy for the export markets
• Financial security:
Cash flow at safe level in thousands PLN 28 095
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
Prospects for 2010
• Potential for further market growth in 2010 limited due to difficulties met by potential investors in accessing bank
finance which is reflected in the number of started investments (number of building permits issued in 2009 lower by
9% in comparison with 2008)
• Further geographical and segment diversification of activities:
– Domestic and export wholesale sale
– New areas of activity: industry and outdoor lighting
ES-SYSTEM – summary of 2009 and prospects for 2010
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14. ES-SYSTEMLIGHT IMPRESSIONS
Revenues analysis (in PLN k)
2008 2009 % yoy
ES-SYSTEM GK 175 433 150 795 -14,04
LENA GK 122 842 104 510 -14,92
LUG 60 569 60 439 -0,21
EBIT analysis (in PLN k)
2008 2009 % yoy
ES-SYSTEM GK 18 003 11 803 -34,44
LENA GK 6 556 2 911 -55,60
LUG 3 195 980- -130,67
Net profit analysis (in PLN k)
2008 2009 % yoy
ES-SYSTEM GK 14 218 9 020 -36,56
LENA GK 770- 1 241 261,17
LUG 940 2 409- -356,28
Results of Polish companies listed on the GPW
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15. ES-SYSTEMLIGHT IMPRESSIONS
Revenues analysis (in million EUR)
2008 2009 % yoy
Fagerhult Gr 256 225 -12,05
Zumtobel Gr 1 174 1 101 -6,24
Glamox Gr 179 197 9,74
EBIT analysis (in million EUR)
2008 2009 % r/r
Fagerhult Gr 25,190 9,636 -61,75
Zumtobel Gr 57,025 32,900 -42,31
Glamox Gr 16,462 13,940 -15,32
Net profit analysis (in million EUR)
2008 2009 % yoy
Fagerhult Gr 17,024 6,889 -59,53
Zumtobel Gr 13,307 3,500- -126,30
Glamox Gr 13,103 7,377 -43,70
Profitability analysis - net profit / revenue (in %)
2008 2009
Fagerhult Gr 6,7 3,1
Zumtobel Gr 1,1 0,3-
Glamox Gr 7,3 3,7
Results of European listed companies
Zumtobel – period from February 1, 2009 to January 31, 2010
Q4 08/09 – Q3 09/10
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16. ES-SYSTEMLIGHT IMPRESSIONS
The newest project – finishing stage – PORT ŁÓDŹ (opening end of March 2010)
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• Investor: Inter IKEA Centre Group A/S (IICG)
• Location: Lodz
• Commercial space: 120 000 m²
• Investment value: PLN 860M
• Value of ES-SYSTEM contract: PLN 4,6M
17. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Shopping Center
• Location: Katowice, A4, valley 3 Stawy
• Range: modernization of outdoor illumination, interior lighting at offer stage
• Value of the modernization: PLN 470 k
• Value of ES-SYSTEM contract (present stage): PLN 90 k
Exemplary project - modernization - Shopping Center „3 STAWY”
(finishing stage, return on investment within 1.5 year)
17
18. ES-SYSTEMLIGHT IMPRESSIONS
Exemplary investment - roads junction Goteborg, Sweden (2008 - 2011)
• Investor: Vägverket Region Väst
• Location: Goteborg, Sweden
• Total area: 9 000 m²
• Investment value: EUR 85,6M
• Value of ES-SYSTEM contract: EUR 948,5 k (1530 luminaires)
18
19. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Ministry of Justice
• Location: Lodz, ul. Dabrowskiego
• Total area: 9 000 m²
• Investment value: EUR 10M
• Value of ES-SYSTEM contract: PLN 0,6M
Exemplary project – District Court (opening June 2010)
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20. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: private (franchise)
• Location: Gdansk – Fish Market
• Investment information: 150 rooms, 700 m² recreation area, 1000 m² conference area
• Investment value: no data available
• Value of ES-SYSTEM contract: PLN 1M
Exemplary investment – Hotel HILTON (opening June 2010)
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21. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Plaza
• Location: Suwalki
• Area: 20 000 m²
• Investment value: PLN 140M
• Value of ES-SYSTEM contract: PLN 0,5M
Exemplary investment – CH Plaza Centers
21
22. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Gemini Holdings Sp. z o.o.
• Location: Tarnow, ul. 16 Pułku Piechoty
• Total area: 48 000 m².
• Value of ES-SYSTEM contract : PLN 0,5M
The newest domestic project – GEMINI JASNA PARK TARNOW
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23. ES-SYSTEMLIGHT IMPRESSIONS
• Investor: municipality of Gorzow,
• Location: Gorzow
• Area: concert hall with background area, multilevel parking, II stage music school
• Investment value: PLN 140M (I stage), PLN 40M (II stage)
• Value of ES-SYSTEM contract: PLN 900 k
The newest domestic project – Center of Artistic Education Gorzow
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