ES-SYSTEM

ES-SYSTEM
Press release
Warsaw, August 26, 2010
FINANCIAL RESULTS OF THE ES-SYSTEM GROUP FOR THE FIRST HALF OF 2010
GROWTH OF DOMESTIC AND EXPORT SALES
EXPECTANCY OF FURTHER MARKET GROWTH IN THE SECOND HALF OF 2010
Item Description (value in PLN thousand)
Revenue from sales of products, goods and
1.
materials
1st half of
2010
1st half of
2009
Change
2010 to 2009
68 437
67 214
1.82%
2.
Gross profit from sales
25 713
25 598
0.45%
3.
Operating profit (EBIT)
3 636
3 356
8.34%
4.
Return on profit EBIT
5.31%
4.99%
6.
Gross profit
4 387
3 932
11.57%
7.
Net profit
3 566
2 363
50.91%
8.
Return on net profit
5.21%
3.52%
GROWTH OF DOMESTIC AND EXPORT SALES
Revenues from sales of the Capital Group after the first half of 2010 were higher by 1.82% yoy.
Domestic sale increased by 1.15% yoy to the level of PLN 52.8 MM, whereas export sales increased
by 4.15% yoy to the level of PLN 15.7 MM. Increase of the Group’s revenues is due mainly to the
improvement of the situation in the sector observed since April of this year. Q1 the Group closed with
the decrease of sales but Q2 brought considerable increase of demand for products of ES-SYSTEM.
In Q2 of this year the Group’s sales amounted to PLN 38.9 MM that is 16.9% increase yoy. Domestic
sale increased by 8.81%, and export sale increased by 46.36% in comparison with the same period of
2009. Considerable increase of export sale in Q2 2010 resulted among others from completing two
shopping centers in Bulgaria (sales value about PLN 4.35 MM). Currently the Group sales its products
to 50 countries; majority of products, that is about 80% are sold for the projects in EU countries.
Kuwait with the prestigious project of lighting the Central Bank of Kuwait joined the group of 10 biggest
export markets.
Sales structure – country/abroad in the first half of 2010
1st half of
2010
Item Item description (value in k PLN)
1st half of
2009
Change
2010 to 2009
1.
Sales sum
68 438
67 214
1.82%
2.
Domestic sale
52 765
52 166
1.15%
3.
Export sale
15 673
15 048
4.15%
4.
Share of the domestic sale in the total sale
77.10%
77.61%
5.
Share of the export sale in the total sale
22.90%
22.39%
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, Członek Zarządu Tomasz Budzyński.
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ES-SYSTEM
Sales structure – country/abroad in Q2 2010
Item Item description (value in k PLN)
Q2 2010
Q2 2009
Change
II to II
1.
Sales sum
38 866
33 252
16.88%
2.
Domestic sale
28 404
26 104
8.81%
3.
Export sale
10 462
7 148
46.36%
4.
Share of the domestic sale in the total sale
73.08%
78.50%
5.
Share of the export sale in the total sale
26.92%
21.50%
STRENGHTENING THE POSITION IN FUTURE SEGMENTS OF THE LIGHTING MARKET
The strategy of clients’ portfolio diversification and intensification of actions in the area of promoting
energy saving lighting solutions allowed increasing sales and market share. The Group has recently
been focused on sales in segments less affected by the crisis or areas where growth potential was
noted, for example infrastructure investments to a great degree financed from the EU funds. In Q2 of
this year in the area of the architectural lighting, constituting 50% of the total turnover of ES-SYSTEM,
in comparison with the same period in the previous year an increase by 13% was noted. In case of the
outdoor lighting, the second largest group of ES-SYSTEM products (20% share in the sales structure)
was also noted an increase at the level of 13%, and in the area of the industrial lighting (18% share at
present in the total turnover) an increase by 10% was noted in Q2.
1
Selected domestic projects of ES-SYSTEM in Q2 2010:
•
•
•
•
•
•
•
•
•
•
•
Lublin’s Coal Bogdanka – explosion-proof luminaires (Z)
Biology and Environmental Protection Faculty – Lodz University (Z)
Plaza Suwałki (Z)
Offices GTC Łódź – building A and building B (Z/T)
Vattenfall Distribution Poland modernization of street lighting in Zabrze (T)
Wilanow Technology Park Office Bilingd Pol-Aqua (T)
Reinhold Silesia - Katowice – PKP CARGO (T)
Buma Quattro Business Park - Krakow (T)
Stadium TS Wisła – East stand - Krakow (T)
Office Building Ericpol - Krakow (T)
Hospital – Gynecology and Obstetrics Ward - Bochnia (T)
Selected export projects of ES-SYSTEM S.A. in Q2 2010:
•
•
•
•
•
•
•
•
•
1
Airport in Las Palmas, Spain (Z)
Shopping Centre in Ruse, Bulgaria (Z)
Office building the Hub, Prague, Czech Rep. (Z)
Central Bank of Kuwait (Z/T)
Shopping Center SERDIKA, Sofia, Bulgaria (Z/T)
Shops of the supermarket chain ASDA, Great Britain (Z/T)
Eden Park Arena, Auckland, New Zealand (T)
University clinic Motol, Prague, Czech Rep. (T)
Shopping Center Chomutov (Obchodni Centrum Chomutovka) (T)
(Z) – finished, (T) – during completion, (Z/T) – partially finished
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, Członek Zarządu Tomasz Budzyński.
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ES-SYSTEM
PROFIT INCREASE AND IMPROVEMENT OF MARGIN
The operational profit after the first half of 2010 increased by 8.34% to the level of PLN 3.6 MM. In Q2
of this year the operational profit increased few times and amounted to PLN 3.3 MM in comparison
with PLN 21 k in the same period of 2009. At the end of June of the current year the Group reached
the profitability EBIT at the level 5.31% in comparison with 4.99% in the same period of 2009. Increase
of the Group’s operational profit is a derivative of better sales results. In the discussed period sales
costs and general administrative costs decreased by 5.1% yoy.
In the first half of 2010 the net profit amounted to PLN 3.6 MM and was higher by 50.91% than the
result for the same period of the previous year. Return on net sales reached the level 5.21% in
comparison with 3.52% in 2009. The reasons of a considerable improvement of the net profit in the
period of the first half of 2010 is the increase of the Group’s sale and in consequence increase of the
gross profit by 11.6% yoy. Additionally the Group noted smaller burdening of the profit with the income
tax, on which the greatest influence had the change of tax qualification of bad debt allowance of the
subsidiary ES-SYSTEM EAST Kazakhstan and reduction of deferred income tax expense.
EXPECTANCY OF FURTHER MARKET GROWTH IN THE SECOND HALF OF 2010
The Management Board hopes that the second half of 2010 will bring further improvement of the
situation in the lighting sector. One of the Company’s expectations is further growth of sale in the
segment of outdoor lighting due to infrastructural investments and architectural lighting in Poland.
Within the export sale ES-SYSTEM plans to complete few large projects, among others: in Great
Britain, Spain, Denmark and Austria and further development of the wholesale sale. Considering
potential investments, the Management Board expects that the Group’s sales at the end of December
2010 will be at least at the level of sale from 2009. The Management Board will do all possible to use
the nearest quarters to better the efficiency and to maintain building the Company’s position in Poland
and abroad.
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. 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, Członek Zarządu Tomasz Budzyński.
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