ES-SYSTEM

ES-SYSTEM
Press release
Warsaw, February 27, 2008
FINANCIAL RESULTS OF THE ES-SYSTEM GROUP FOR THE YEAR 2008, GROWTH
PERSPECTIVES FOR THE YEAR 2009
1. MAINTAINING GROWTH OF REVENUES REGARDLESS OF NOTICEABLE
ECONOMIC SLOWDOWN IN THE SECTOR IN THE YEAR 2008.
Consolidated results of the ES-SYSTEM Group according
to MSSF
Q4 2008
Description (value in PLN thousand)
Revenues
Q4 2007
Q4 2008
vs. Q4
2007
Q1-Q4
2008
Q1-Q4 2008
vs.
Q1-Q4 2007
IQ1-Q4
2007
48 593
53 001
-8,32%
175 453
167 230
4,92%
Domestic sale
38 318
43 082
-11,06%
137 240
128 360
6,92%
Export sale
10 275
9 919
3,59%
38 213
38 870
-1,69%
4 930
5 540
-11,01%
18 132
16 064
12,87%
10,15%
10,45%
3 897
4 431
8,02%
8,36%
Operating Profit (EBIT)
Return on profit EBIT
Net profit
Return on net profit
10,33%
9,61%
14 316
12 410
8,16%
7,42%
-12,05%
15,36%
Maintaining positive dynamics of the sale’s growth in 2008.
Stagnation in the construction sector in the area of new commercial investments in
October and November of the last year related to difficulties in financing projects
negatively influenced results of the Q4 2008
o Company’s sales decreased 8,3% in the Q4 compare yoy to PLN 48,6 mln while
maintaining about 5% of the growth dynamics throughout the entire year 2008.
Revenues of the Group increasingly amounted to PLN 175,5 mln at the end of
December 2008
Increase of export sale in the Q4 by 3,6%, positive influence of the PLN’s weakening in
relation to EUR
o Export sale throughout the year 2008 had stayed at almost the same level as in
2007 (-1,69%) in the value approach in PLN mainly due to negative influence of
the exchange rate. In the contract approach the Company observed distinct
increase of the export activity. The number of export countries increased to 40
from 37 at the end of 2007. Uruguay, Iran and Belarus joined the group of
exporting markets.
REVENUES OF THE ES-SYSTEM GROUP IN 2008
+5%
In PLN thousands
180 000
160 000
140 000
PRIORITIES FOR 2009
Result of high reference level in Q4
2007
Investments hold on due to financial
crisis
120 000
Sustaining sales growth
above the growth for the
sector . Weakening of PLN
will have positive effect
on revenue generated
abroad.
100 000
80 000
+12,5%
+17%
+3,4%
-8,3%
60 000
167 230 175 453
40 000
20 000
0
36 315
37 535
2008
2007
IQ
36 976
43 265
2007
2008
II Q
40 938
2007
46 060
2008
III Q
www.essystem.pl
53 001
2007
48 593
2008
2007
IV Q
2008
I-IV Q
[email protected]
ES-SYSTEM S.A. z siedzibą w Krakowie, ul. Przemysłowa 2, 30-701 Kraków wpisaną przez Sąd Rejonowy dla Krakowa – Śródmieścia w Krakowie Wydział XI Gospodarczy KRS
do Rejestru Przedsiębiorców Krajowego Rejestru Sądowego pod numerem 0000113760, o numerze NIP 679-25-51-640 i numerze REGON 351610904, o kapitale akcyjnym
14.145.000, 21 zł (w całości wpłaconym), o zarządzie w składzie:
Prezes Zarządu – Bogusław Pilszczek, Wiceprezes Zarządu – Leszek Ciupiński, Wiceprezes Zarządu – Jacek Wysocki.
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ES-SYSTEM
2.
DOUBLE DIGIT GROWTH OF OPERATING PROFIT AND NET PROFIT
YOY IN 2008
Double digit growth of operating profit and net profit in 2008.
At the end of 2008 EBIT of the Group amounted to PLN 18,1 mln, increase of 12,9% yoy,
EBIT margin amounted to 10,3%, increase from 9,6% at he end of 2007.
Net profit accumulated at the end of December 2008 to PLN 14,3 mln, increase of 15,4% yoy,
net profitability at the level of 8,2%.
o Decline in results for the Q4 of 2008 resulted from stagnation in the sector
observed in October-November of the last year and was related to the collapse of
the financial markets. Additionally the net result was influenced by revaluation
write-offs on receivables for the total of PLN 1,15 mln.
NET RESULT OF THE ES-SYSTEM GROUP IN 2008
+15,36%
In PLN thousands
16 000
8,36%
8,16%
8,02%
7,42%
14 000
9%
8%
7%
12 000
6%
10 000
5%
-12,05%
8 000
12 410
14 316
4%
6 000
3%
4 000
2 000
2%
4 431
3 897
IV Q 2007
IV Q 2008
1%
0
0%
I-IV Q 2007
I-IV Q 2008
3. ES-SYSTEM GROWTH LOCOMOTIVE FOR THE LIGHTING SECTOR IN 2009
Maintaining growth rate above the market
The strategic goal of the Company’s Management Board for the year 2009 is to pursuit further growth
of the Company and improvement of its economic results. Scale and reached results will depend on
the depth of recession in the world economy, fierceness and range of changes of economic
phenomena difficult to foresee at present.
Data relating to revenues for January and partially for February and also stock of orders for realization
in February and March indicate growth potential for the Company in the first quarter of 2009 as a result
of undertaken actions related to realization of anti-crisis program. Considering deepening world crisis
the Company cannot foresee situation in the business environment for further quarters of 2009.
Positive influence on the results of the Company in 2009 may have weakening of our currency in
relation to EUR. Independently of macroeconomic situation in Poland and in the world the
ES-SYSTEM Management Board associates high expectations with export sales. Further geographic
diversification will allow for maximization of revenues in times of slowdown in the sector. Within the
range of Company’s interest are new export countries: India, Saudi Arabia, Australia, France and
Moldavia.
The Company observes stable double digit sales growth dynamics in the range of innovative and
energy saving lighting solutions. Facing changes in the UE regulations in the area of energy saving
the Management Board expects significant sales growth of products from that range in the year 2009.
www.essystem.pl
[email protected]
ES-SYSTEM S.A. z siedzibą w Krakowie, ul. Przemysłowa 2, 30-701 Kraków wpisaną przez Sąd Rejonowy dla Krakowa – Śródmieścia w Krakowie Wydział XI Gospodarczy KRS
do Rejestru Przedsiębiorców Krajowego Rejestru Sądowego pod numerem 0000113760, o numerze NIP 679-25-51-640 i numerze REGON 351610904, o kapitale akcyjnym
14.145.000, 21 zł (w całości wpłaconym), o zarządzie w składzie:
Prezes Zarządu – Bogusław Pilszczek, Wiceprezes Zarządu – Leszek Ciupiński, Wiceprezes Zarządu – Jacek Wysocki.
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ES-SYSTEM
Facing the world economic crisis ES-SYSTEM presents stable financial condition, good
competitive position and demonstrates high financial security.
Investments realized in the year 2007-2008 are excellent base for quick reaction to changes
occurring on the market, enable fast implementation of new, competitive products and
realization of evolutionary plans, especially in modern, innovative technologies.
Those factors in the Management Board’s opinion will have positive effect on the business
situation of the Company in the current year. The Management Board of the Company sees the
present situation as a chance for further consolidation of the Company’s position on the
domestic and foreign markets.
Selected projects completed by ES-SYSTEM in the quarter 4 of 2008:
Poland
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Opera House in Cracow (R)
Gallery of the XX Century Art - Zakopane (R)
Office Centre Kazimierz - Cracow (D)
Polplast - Myslenice (R)
Wyspianski Hotel - Cracow (R)
Production Halls of Hispano-Suiza - Sedziszow (R)
Production Plant BAKALAND - Janow Podlaski (R)
Cement Plant Ozarow, exterior lighting (R)
Production Plant MTU - Jasionka (D)
Shopping Centre MARINO - Wroclaw (R)
SEA TOWERS - Gdynia (R)
Polish Security Printing Works (R)
ALLIANZ Banks (D)
City Hall Warsaw Bielany (R)
Building of the Polish Academy of Science - Warsaw (R)
Warehouse hall and office part Develey - Warsaw (D)
National Defense University - Rembertow (D)
The Chancellery of the Prime Minister (R)
Abroad
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Cihelna (brickyard) Hevlin - phase 2 - Hevlin, Czech Rep. (R)
General Directorate for National Roads and Motorways - Brno, Czech Rep. (R)
Marks & Spencer (emergency lighting) - Brno, Kosice, Trencin – Czech Rep. and Slovakia (R)
Verdura International GOLF & SPA Resort (emergency lighting) - Sciacca, Sicily, Italy (R)
Casa Hoedt - Punta del Este, Uruguay (R)
Office Building Tirreno Power - Rome, Italy (R)
Avriopoint administration centre and Sochorova resort residential home - Brno, Czech Rep. (D)
Craig Studio (office) and Bell Tea (tea house) - Auckland, New Zealand (R)
Office Centre Aeroflot - Moscow, Russia (R)
Mall of Izgrev - Bulgaria (R)
Office Building Mina Abdulla Facilities - Kuwait (R)
(R) – realized
(D) – during realization
Additional information:
Anna Przyczyna
Administrative Office of ES-SYSTEM S.A.
Tel. +48 (12) 295 80 39
e-mail: [email protected]
ES-SYSTEM S.A. is the largest Polish company in the lighting sector in the section of professional lighting technology for constructions: general,
architectural, residential, industrial, specialist and exterior. The Company forms specialized Capital Group with its own three production plants.
The Group determines direction of the branch’s development in the areas of innovatory technological solutions, energy saving and design. For the
last few years ES-SYSTEM has been recording a double digit increase in income along with distinct improvement of profitability ratios at the same
time. Development strategy of the Group assumes strengthening the position of the national leader in the sector and dynamic increase in export
sales on the EU market and other highly developed countries.
www.essystem.pl
[email protected]
ES-SYSTEM S.A. z siedzibą w Krakowie, ul. Przemysłowa 2, 30-701 Kraków wpisaną przez Sąd Rejonowy dla Krakowa – Śródmieścia w Krakowie Wydział XI Gospodarczy KRS
do Rejestru Przedsiębiorców Krajowego Rejestru Sądowego pod numerem 0000113760, o numerze NIP 679-25-51-640 i numerze REGON 351610904, o kapitale akcyjnym
14.145.000, 21 zł (w całości wpłaconym), o zarządzie w składzie:
Prezes Zarządu – Bogusław Pilszczek, Wiceprezes Zarządu – Leszek Ciupiński, Wiceprezes Zarządu – Jacek Wysocki.
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