Presentation of financial data for the year 2010

1. ES-SYSTEMLIGHT IMPRESSIONS
Presentation of the results for the year 2010
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2. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM CAPITAL GROUP – the most important financial data, status
on 31.12.2010
 NET REVENUES from sales: PLN 162 303 k – increase by 7.63% yoy
 NET PROFIT: PLN 10 984 k – increase by 21.77% yoy
 EBIT: PLN 13 108 k – increase by 11.06% yoy
 Operating profitability: 8.08% in comparison with 7.83% in the same period of the
previous year
 Net return on sales: 6.77% in comparison with 5.98% in the same period of the
previous year
 CASH at the end of the period: PLN 10 554 k
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3. ES-SYSTEMLIGHT IMPRESSIONS
Situation on the constructions market in 2010
 Increase of the construction and assembly output in December by 38.8% in comparison with
November 2010 and by 12.3% in comparison with December 2009.
 Due mainly to the increase of production in the group of companies involved in building
(29.6%) and companies dealing with specialist works (11%)
 Dynamics of the construction output for 2010 – 3.5%
 Mainly due to the results of the last four months of the year
 Despite second consecutive year of decline in fixed assets investments
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4. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM – revenues from sales for the Capital Group in 2010
33 962 33 252
42 344 41 237
29 571
38 866
45 409
48 457
0
10 000
20 000
30 000
40 000
50 000
Q1 09/10 Q2 09/10 Q3 09/10 Q4 09/10
-
12.93
%
+
16.88
%
+
7.24%
+
17.51
%
 Recovery in the construction industry reflected in the condition of the electrotechnical sector (+10%)
and thus in the lighting sector (+4%)
 Increase of the domestic sale by 5.8% yoy, export sale increase by 14.5% yoy
 Fulfilled strategy of clients’ portfolio diversification, cooperation with wholesalers and promotion of
energy saving luminaires
 Increase of sale to wholesalers in the domestic market by 57.4% in comparison with 54.2% in
2009
4

5. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM – export sale
 Increase of export share in the Group’s sales: 22% share at the end of 2010 in comparison with
21% in 2009
 Export sale with lower margin in comparison with average margin of the domestic sale due to
EURO / PLN exchange rate
 Level of export orders at the end of December five times higher than in December 2009
5

6. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM – export markets
 More than 55 countries in the Group’s portfolio at the end of 2010
 Including new markets: Uzbekistan, Saudi Arabia, Japan
 Share of the largest export markets comparable with 2009
 Increase of the share of the EU countries in the Group’s export
 The biggest potential of increase in 2011: Austria, Spain, Sweden, Kuwait
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7. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM – operating result 2009 v. 2010
3 335
21
4 987
3 460
348
3 288
4 586
4 886
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Q1 09/10 Q2 09/10 Q3 09/10 Q4 09/10
-
89.57
%
-
8.04%
+
41.21
%
 Increase of the operating result in the Group yoy by 11.06% to the level PLN 13.1 million
 Rise in costs: 5% (wages fund, participation in fair )
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8. ES-SYSTEMLIGHT IMPRESSIONS
9,82%
0,06%
11,78%
8,39%
1,18%
8,46%
10,10%
10,08%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
Q1 09/10 Q2 09/10 Q3 09/10 Q4 09/10
ES-SYSTEM – analysis of operating profitability EBIT: 2009 / 2010
2009
2010
 Systematic improvement of the profitability of the Group in 2010 from 1.2% in Q1 to 10% at the
end of the year
 The Group closed the year 2010 with the operating profitability at the level 8.08% in comparison
with 7.83% in 2009
 Rise in costs: 5% (wages fund, participation in fair )
8

9. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM – net profit 2009 v. 2010
3 120
-757
3 764
2 893
101
3 465 3 556
3 862
-1 000
-500
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Q1 09/10 Q1 09/10 Q3 09/10 Q4 09/10
-
96.76
%
-
5.53%
+
33.49
%
 Net profit of the Group at the end of 2010 at the level PLN 11 million, that is 21.8% increase yoy,
derivative of a better profit on operating and financial activities
 Decrease on income tax expense
- changing the tax classification of the revaluation allowance for the uncollectible receivables from ES
SYSTEM EAST
- Changing the qualification of unpaid wages benefits
- Lower income tax expense due to changes in the balance of exchange rate differences
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10. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM – analysis of return on net profit: 2009 / 2010
9,19%
-2,28%
8,89%
7,02% 5,98%
0,34%
8,92%
7,83%
7,97%
6,77%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
Q1 Q2 Q3 Q4 Year
2009
2010
 Systematic improvement of the return on net profit of the Group in 2010 from 0.34% in Q1 to
6.77% at the end of the year
 The Group closed the year 2010 with the return on net profit at the level 6.77% in comparison with
5.98% in 2009
10

11. ES-SYSTEMLIGHT IMPRESSIONS
ES-SYSTEM Capital Group – prospects for 2011
 Prognosis of the increase of the construction and assembly output in 2011 at 10%
level.
 In the second half of 2011 construction sector will have to compete with considerably
higher comparative base. High dynamics may be maintained only in case of starting
big projects or efficient continuation of projects in progress.
 Slightly positive dynamics in the area of issued building permits – about 3% in
comparison with 2009.
 Cautious optimism in connection with recovery in the cubature constructions and
greater number of large engineering projects.
 Beginning of 2011 with portfolio of orders higher by 25% yoy
 Anticipation of further dynamic growth of sales abroad
 At least maintaining the domestic sales rate.
 Margins level depending mostly on demand for dedicated products, outdoor lighting,
LED emergency lighting and EURO exchange rate.
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12. ES-SYSTEMLIGHT IMPRESSIONS
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Analysis of revenues (In PLN k)
2007 2008 % r/r 2009 % yoy 2010 % yoy
ES-SYSTEM
Capital Group 167 230 175 433 4.91 150 795 -14.04 162 303 7.63
LENA GK 138 940 122 842 -11.59 104 510 -14.92 97 423 -6.78
LUG 59 682 60 569 1.49 59 457 -1.84 81 224 36.61
Analysis of EBIT (in PLN k)
2007 2008 % yoy 2009 % yoy 2010 % yoy
ES-SYSTEM
Capital Group 16 064 18 003 12.07 11 803 -34.44 13 108 11.06
LENA GK 9 479 6 556 -30.84 2 911 -55.60 4 910 68.67
LUG 3 421 3 195 -6.61 - 812 * 2 220 *
Analysis of net profit (in PLN k)
2007 2008 % yoy 2009 % yoy 2010 % yoy
ES-SYSTEM
Capital Group 12 410 14 218 14.57 9 020 -36.56 10 984 21.77
LENA GK 6 631 -770 -111.61 1 241 * 3 939 217.41
LUG 2 946 940 -68.09 - 2 355 * 1 564 *
ES-SYSTEM Capital Group – competition analysis