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ES-SYSTEM Presentation of data for Q3 2013
1. Presentation of the results
ES-SYSTEM
ES-SYSTEMLIGHT IMPRESSIONS
Presentation of the results
for the 3rd quarter of the year 2013
2. The lighting sector in comparison to the construction market
11,2
23,0 24,2
15,6
23,9
17,0 16,4
18,5 18,1
8,9
13,0 14,6
32,2
12,0
3,5
8,1 6,2
-5,1
-8,8
-5,0
-17,8
-3,6
-5,3
-24,8
-16,1
-11,4
-18,5
-23,1
-18,3
-5,2
-11,1
-4,8
I II III IV V VI VII VIII IX X XI XII
Changes in the construction and assembly output (yoy), 2011-2013 (in %)
ES-SYSTEMLIGHT IMPRESSIONS
Dynamics of the construction and assembly output yoy after the 1st half of 2013 decreased
by 21.5%, at the end of Q3 – decrease by 15.6%.
In September decrease yoy by 4.8%, increase by 9.4% in comparison to August 2013.
Lighting sector seasonally above the first half, but still under the pressure of a slow-down
in constructions. Sustaining contraction in sales (electro-technical wholesalers).
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-23,1
-27,5
2011 2012 2013
3. ES-SYSTEM Capital Group – financial data, status as of September 30, 2013
PLN 112 986 k – decrease by 2.87% yoy
PLN 3 135 k – increase by 1 245.49% yoy
PLN 3 087 k – increase by 317.73% yoy
PLN 9 133 k – increase by 39.48% yoy
NET REVENUES
NET PROFIT
EBIT
EBITDA
ES-SYSTEMLIGHT IMPRESSIONS
PLN 9 133 k – increase by 39.48% yoy
2.73% in comparison with 0.64% yoy
2.77% in comparison with 0.20% yoy
at the end of the period: PLN 16 611 k – increase by 13% yoy
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Return on operational
activities
Status of CASH
Return on net sale
4. 34 485
38 073
43 769
34 779
36 197
42 010
15 000
20 000
25 000
30 000
35 000
40 000
45 000
Increasing gross profit despite slight sales decrease
-
4.93%
+
0.85%
-
4.02%
ES-SYSTEMLIGHT IMPRESSIONS
0
5 000
10 000
I Q 12/13 II Q 12/13 III Q 12/13
The Group’s revenues for Q1-Q3 2013 amounted to PLN 112 986 k, a decrease
by 2.87%, result of postponements of projects in the domestic and export sales.
At the end of September 2013 the gross sale profit amounted to PLN 41.3 M,
an increase by 0.72% yoy.
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5. Acceleration of domestic sales despite postponements of investment projects
In Q1-Q3 2013 the Group’s sale in domestic market was at the level PLN 90.56 M, a decrease
by 1.48% yoy – slightly lower than the results of the same period in 2012.
The highest volume of the domestic sale in comparison with previous quarters of 2013. Few
projects in architectural and street lighting sectors postponed till Q4 2013.
The Group’s domestic sales in segments:
In Q3 2013 increases in architectural lighting segment (6% yoy), outdoor lighting at a similar
level, a decrease in industrial lighting by 9%..
ES-SYSTEMLIGHT IMPRESSIONS
level, a decrease in industrial lighting by 9%..
Considering three quarters of 2013 slight decreases in all three segments were recorded.
Sales to the wholesale channel in Q1-Q3 amounted to about PLN 41 M, constituting 37.5%
of the total sale and 45.6% of the domestic sale – the sale maintains at the same level yoy.
Very clear, 27% increase in emergency lighting in Q1-Q3 of the current year – derivative
of new implementations, especially LED and obtained certificates.
Sale of luminaires in LED technology in Q1-Q3 2013 constitutes about 14% of the total sales,
in comparison with 7% in 2012.
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6. Export sales finalizing projects with Q4 in mind, more and more LED solutions
2012 2013
7 405 6 833
8 769 8 397
8 239
7 198
Export sales of the ES-SYSTEM Capital
Group in k PLN
Q3
Q2
Q1
Sweden 20%
Russia 16%
Germany 6%
Czech
Austria 5%
France 4%
Ukraine 4%
Denmark 3%
Other 26%
Export sales of the ES-SYSTEM Capital Group
in Q1-Q3 2013
ES-SYSTEMLIGHT IMPRESSIONS
In Q1-Q3 2013 the Group recorded the export sale at the level PLN 22.4 M, a decrease by 8.13% yoy.
Decrease in Q3 by 13% yoy – derivative of postponements in settling two large projects in Q4: shopping malls in
Frankfurt and Kassel.
Sweden and Russia still the Group’s main export markets.
Almost threefold accumulative increase from 6% to 15.5% yoy of the share of LED luminaires in the export sales.
The biggest sales of LED technology for projects in Sweden, Germany, Austria, Czech Republic and the
Netherlands.
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2012 2013 Czech
Rep. 6%Hungary 6%
Great Britain
5%
7. Profit taking from contracts and cost optimization improve operating result
-615
705 649
-429
1 107
2 409
-500
0
500
1 000
1 500
2 000
2 500
+
57.02
%
+
271.19
%
ES-SYSTEMLIGHT IMPRESSIONS
-1000
-500
I Q 12/13 II Q 12/13 III Q 12/13
In Q3 2013 the Group’s operational profit amounted to PLN 2.41 M, an increase by 271.2% yoy.
Operational profit: 5.73%.
In Q1-Q3 2013 the Group’s EBIT increased by 317.7% yoy to the level PLN 3.1 M. Result of:
Higher gross margin on sale.
Lower sales and general administration costs: in Q1-Q3 a decrease by PLN 2.2 M (5.5% yoy).
Additionally:
Financial operations after Q3 2013 brought improvement of the revenues from the operating activities by
PLN 353 k in comparison with PLN 311 k in 2012.
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8. Net profit in Q3 2013 higher than in Q3 2012
581 410
1 259
2 088
0
500
1 000
1 500
2 000
2 500
+
116.70
%
+
409.3
%
ES-SYSTEMLIGHT IMPRESSIONS
-758
-212
-1 000
-500
0
I Q 12/13 II Q12/13 III Q12/13
Accumulatively at the end of Q3 2013 the Group’s net profit amounted to PLN 3.1 M
(increase by 1245.5% yoy); return on net sale at the level 2.8% in comparison with 0.2% yoy.
Lowering effective tax rate due to making profits by subsidiaries (especially ES NT
operating in the Special Economic Zone)
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9. ES-SYSTEM – prospects for Q4 of the year 2013
Started and continued projects in Q3 and Q4 should bring increases in the domestic
and export markets.
Settlement of three malls in: Frankfurt, Kassel and Budapest.
The Group’s aim for 2013 is to at least maintain results for 2012.
ES-SYSTEMLIGHT IMPRESSIONS
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10. Implementation of the strategy – optimization and restructuring in production
November 4, 2013 – Management Board’s decision on carrying out the merger of
subsidiaries ES-SYSTEM Wilkasy and ES-SYSTEM Rzeszów
Aims of the merger:
reduction of costs through the optimization of the use of assets in production
processes,
simplification and improvement of management efficiency,
ES-SYSTEMLIGHT IMPRESSIONS
simplification and improvement of management efficiency,
elimination of duplicate support functions,
concentration of the production on the newest and most innovative LED
technologies, which are replacing traditional lighting solutions.
10101010
11. Examples of domestic projects completed in Q3 2013
• Krakow Technology Park
• Shopping mall Amber Gallery - Kalisz
• West Gate, Kielce Trade Fair
• Dialogue Centre - Łódź
• Border crossing in Siemianowka
• Modernization of the community road 541 – Iława-Lubawka
• ICHOT The Heritage Center of Cathedral Island – Poznań
• Modernization of cold storage hall Yago - BłonieCentrum of Onkology - Kalisz
• Shopping mall Metamorfoza Gallery (railway station) - Katowice
• Knowledge Transfer Center of the John Paul II Catholic University of Lublin
• Housing development Marvipol - Bielany – Warsaw
• Street luminaires for the Polish State Railways
ES-SYSTEMLIGHT IMPRESSIONS
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