Presentation of financial data for the first half of 2010

1. ES-SYSTEM S.A.
L i g h t I m p r e s s i o n s
Presentation of the results for Q2 and 1st half of the year 2010
ES-SYSTEMLIGHT IMPRESSIONS
1

2. ES-SYSTEM Capital Group – financial data, status on June 30, 2010
NET REVENUE from sales: PLN 68 437 k – increase by 1.82% yoy
NET PROFIT: PLN 3 566 K – increase by 50.91% yoy
EBIT: PLN 3 636 k – increase by 8.34% yoy
Return on operational activities: 5.31% in comparison with 4.99% in the same period
of the previous year
ES-SYSTEMLIGHT IMPRESSIONS
of the previous year
Return on net sale: 0.34% in comparison with 3.52% in the same period of the
previous year
Status of cash at the end of period: PLN 29 615 k
2

3. Evaluation of the market situation
ES-SYSTEMLIGHT IMPRESSIONS
Speed up of construction and assembly production in June 2010 to near 10%
Expected further increase in the second half of the year but due mainly to a larger number of began
residential investments
Few per cent increase of the electro-technical market since April 2010
Concerns about the sustainability of the economic growth in the sector
3

4. 48 573
33 962 33 252
67 214
41 237
29 571
38 866
68 437
20 000
30 000
40 000
50 000
60 000
70 000
ES-SYSTEM – sales revenues
-
15,1%
-
12,93
%
+
16,88
%
+
1,82%
Revival in domestic and
international lighting
sector
ES-SYSTEMLIGHT IMPRESSIONS
4
33 962 33 252
29 571
0
10 000
IV Q 08/09 I Q 09/10 II Q 09/10 I-II Q 09/10
Distinct increase of sales in the Capital Group due to better situation in sector in Q2 2010
Increase of sales in infrastructure sector – investments subsided by EU funds

5. 36 797 38 298
26 062 26 104
52 765
31 892 35 552
24 360 28 404
52 166
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
55 000
60 000
IIIQ 08/09 IVQ 08/09 IQ 09/10 IIQ 09/10 I-IIQ 09/10
ES-SYSTEM – domestic and export sale
-
7,2%
-
13,3
%
+1,2
%
domestic sale
79,9%79,9%79,9%79,9% 75,3%75,3%75,3%75,3% 86,2%86,2%86,2%86,2%78,9%78,9%78,9%78,9% 76,7%76,7%76,7%76,7% 82,3%82,3%82,3%82,3% 78,5%78,5%78,5%78,5% 73,0%73,0%73,0%73,0% 77,6%77,6%77,6%77,6% 77,1%77,1%77,1%77,1%
-
6,5%
+
8,8%
Distinct increase of the sale
on the domestic market: mainly
in the sector of outdoor and
ES-SYSTEMLIGHT IMPRESSIONS
-2 000
1 000
4 000
7 000
10 000
13 000
16 000
IIIQ08/09 IVQ08/09 IQ 09/10 IIQ09/10 I-IIQ09/10
export sale
20,1%20,1%20,1%20,1% 24,7%24,7%24,7%24,7% 21,1%21,1%21,1%21,1% 13,8%13,8%13,8%13,8% 23,3%23,3%23,3%23,3% 17,6%17,6%17,6%17,6% 21,5%21,5%21,5%21,5% 22,4%22,4%22,4%22,4%26,9%26,9%26,9%26,9% 22,9%22,9%22,9%22,9%
+
12,8
%
-
44,7
%
-
34,0
%
+
46,4
%
+
4,2%
in the sector of outdoor and
commercial lighting
Maintained stable growth of sale
in the wholesale segment
Increase of the export sale:
(one of the growth factors –
completion of the shopping center
in Bulgaria – value about PLN 4.3 M.
High level of export orders for the
following months of the current year

6. ES-SYSTEM S.A. – structure of export countries and business partners
ES-SYSTEMLIGHT IMPRESSIONS
6
Diversification of export customers: more than 50 export countries, of which 80% are countries from the European Union

7. 4 987
9.82%
11.78%
8.39% 8.46%
8,00%
10,00%
12,00%
14,00%
3 000
4 000
5 000
ES-SYSTEM – operating result and return on operating profit: IQ09 – IIQ10
Operating profit EBIT
Return on operating profit (in %)
In PLN k
ES-SYSTEMLIGHT IMPRESSIONS
7
3 335
21
348
3 288
0.06%
1.18%
0,00%
2,00%
4,00%
6,00%
0
1 000
2 000
IQ09 IIQ09 IIIQ09 IVQ09 IQ10 IIQ10
• Increase of the operating profit:
- effect of increase of sales
- decrease of sales and administrative expenses by 5.1%
- result of financial activity
3 460

8. 3 120
3 764
2 893
3 465
9.19% 8.89%
7.02%
8.92%
2,00%
4,00%
6,00%
8,00%
10,00%
1 000
1 500
2 000
2 500
3 000
3 500
4 000
in PLN k
ES-SYSTEM – net profit
2 469
Net profit
Return on net profit (in %)
ES-SYSTEMLIGHT IMPRESSIONS
8
-757
101
-2.28%
0.34%
-4,00%
-2,00%
0,00%
2,00%
-1 000
-500
0
500
1 000
IQ09 IIQ09 IIIQ09 IVQ09 IQ10 IIQ10
• Increase of the net profit due to:
Sales increase,
Lower income tax expense (change of the tax regulations in the scope of qualifying
unpaid salaries and bad debt)

9. Domestic market in Q2 2010 and prospects for Q3
• Domestic market – growing since Q2 2010 on the wave of the economic growth in the investment sector
• In Q2 was noticed a gradual improvement in the construction sector: an increase in the construction and assembly
production nearly 10% yoy.
• Growth on the eletrotechnical market. In Q1 persisted declines in the sector, market growth from April of the current year.
• Revival of the construction and electrotechnical market transfered into improvement of the economic trend in the lighting
sector.
– Increase of the level of orders. Particular revival regards segments connected with infrastructural investments:
• Street and road lighting,
• Lighting for schools, hospitals, public facilities as the result of modernization of lighting in connection with the
ES-SYSTEMLIGHT IMPRESSIONS
• Lighting for schools, hospitals, public facilities as the result of modernization of lighting in connection with the
EU funds.
• A small upward tendency in the segment of office lighting.
– Growth consolidation in the segment of shopping centers.
• Situation in the sector in Q2 gives grounds for cautious optimism with regard to Q3-Q4 of the current year.
– Improvement of the condition of the lighting sector.
– Sales results at least at the level of 2009.
– Level of the Group’s orders in July of this year exceeded considerably levels reached in the same period of
2009.
– High level of investments in the area of municipal infrastucture fills with optimism.

10. Central Bank of Kuwait – planned completion of the project: end of 2010
ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Central Bank of Kuwait
• Location: Sharq, Kuwait City, Kuwait
• Area: 130 000m² of commercial area
• Investment value: USD 330 M
• Value of ES-SYSTEM contract: PLN 1 M (up-to-date)10

11. Shopping Center RUSE – planned completion of the project: Q3 2010
ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Real Estate Services Bulgaria
• Location: Lipnik Blvd, Rousse, Bulgaria
• Area: 36 000m², 3 levels, 160 boutiques, car park for 1200 cars
• Investment value: EURO 100 M
• Value of ES-SYSTEM contract: PLN 0.7 M11

12. Exemplary investment in progress – airport in Las Palmas
ES-SYSTEMLIGHT IMPRESSIONS
• Investor: Las Palmas de Gran Canaria Airport
• Value of ES-SYSTEM contract: EURO 80 k
12

13. Exemplary investment in progress – footbridges in Aarhus, 1st stage
ES-SYSTEMLIGHT IMPRESSIONS
• Investor: public funds of Aarhus
• Location: Nordhaven – Aarhus / Denmark
• Value of ES-SYSTEM contract: EURO 9 000 - 1st stage (completed)
EURO 20 000 - 2nd stage in 2011
13

14. Project under completion – QUATTRO BUSINESS – class A office building
(opening: September 2010)
ES-SYSTEMLIGHT IMPRESSIONS
• Investor: BUMA GROUP
• Location: Krakow, Poland
• Area: 12 000 m² - 1st of four stages
• Value of ES-SYSTEM: PLN 700 000
14

15. Exemplary investment in progress – modernization of the City Stadium
CRACOVIACRACOVIACRACOVIACRACOVIA , 1st stage, 1st stage, 1st stage, 1st stage
ES-SYSTEMLIGHT IMPRESSIONS
• Location: Błonia, Krakow
• Investment value: PLN 157 M
• Value of ES-SYSTEM contract: PLN 625 000
15

16. Exemplary investment in progress ---- EAST STANDEAST STANDEAST STANDEAST STAND TS WISŁA KrakowTS WISŁA KrakowTS WISŁA KrakowTS WISŁA Krakow
ES-SYSTEMLIGHT IMPRESSIONS
• Scope of delivery: interior and stands’ lighting
• Investor: Municipality Krakow
• Location: Krakow
• Capacity: 12 831 spectators
• Investment value: PLN 144 M
• Value of ES-SYSTEM contract: PLN 950 000
16