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Presentation of results of Grupa Apator
Grupa ApatorStructure of Grupa Apator
Segmenty rynkuSegments
Employment
Grupa Apator in 2009 –
1 643 employees
Grupa Apator in 2010 –
1 743 employees
Increase by 100 employees
Dynamics 106,09%
329 persons employed for specified term
1,14
1,591,511,541,40 1,421,091,20
4,13
4,86
4,254,293,93
4,85
4,10 4,23
0%
100%
200%
300%
400%
500%
600%
2003 r. 2004 r. 2005 r. 2006 r. 2007 r. 2008 r. 2009 r. 2010 r.
Wskaźnik produktywności aktywów ogółem (Przychody ze sprzedaży ogółem / Aktywa ogółem)Wskaźnik wydajności płac (Przychody ze sprzedaży ogółem / Świadczenia na rzecz pracowników)
Productivity and efficiency
Ratio of productivity of assets in total (Revenues on sales in total/Total assets
Ratio of efficiency of earnings (Revenues on sales in total/Employee benefits
Revenues on sales per employee
106 000
200 946
288 820 292 606311 349
356 191
409 778
367 557
183
235
224
186
201
184
164
124
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
2003 2004 2005 2006 2007 2008 2009 2010100
150
200
250
Revenues on sales in total Revenues per employee
Takeover of
FAP Pafal,
Apator Kfap
Takeover
of Apator
Metrix
Takeover
of Apator Rector,
Apator Powogaz
Dynamics of sales in total
[%] 189,6 143,7 101,3 106,4 114,4 103,2 111,5
Revenues per employee according to segments
Metering segment
251 209278 054
40 000
80 000
120 000
160 000
200 000
240 000
280 000
320 000
2009 2010
Revenues - metering segment
Switchgear segment
113 151 124 238
40 00080 000
120 000160 000200 000240 000280 000320 000
2009 2010Revenues - switchgear segment
196
203 312333
Dynamics of revenues
♦Metering segment –
110,69%
♦ Switchgear segment –
109,80%
000’PLN 000’PLN
Share of export in revenues
88 224
56 265
25 85913 349
52 161
71 684
102 916110 311
25%
18%
13%13%
23%19%
28%27%
0
20 000
40 000
60 000
80 000
100 000
120 000
2003 2004 2005 2006 2007 2008 2009 20100%
5%
10%
15%
20%
25%
30%
Export Share of export in revenues
000’PLN
Main areas of export
734
423
5 14
6
5 79
2
6 10
29 08
811 9
36
33 0
12
3 76
2
3 39
6
3 05
9
613
678
739
990
1 22
1
1 43
7
1 91
7
1 92
6
1 96
0
1 99
1
2 27
0
2 43
8
2 79
8
2 87
5
1 36
6
1 19
6
1 95
3
1 51
4
1
4 63
1
1 11
6
2 48
9
2 89
5
2 27
2
5132
239
3 74
3
749
1 05
4
4 63
2
4 85
9
12 9
61
8 79
1
8 97
7
18 8
25
02 0004 0006 0008 000
10 00012 00014 00016 00018 00020 00022 00024 00026 00028 00030 00032 00034 00036 000
RussiaGerm
any
Hungary
DenmarkUkrai
neByelo
russia
SpainEgyp
tRoman
iaBulgari
aGeo
rgia
Italy
Lithuan
iaGrea
t Brit
ain
Czech
Repub
licAustri
aEthiopia
France
Turkey
ColombiaSerb
iaBelgium
Croatia
1-4Q2010 1-4Q2009
Sales in value over 500 000 PLN in 2010000’PLN
Export according to product
000’PLN
0
2 500
5 000
7 500
10 000
12 500
15 000
17 500
20 000
22 500
25 000
27 500
30 000
32 500
35 000
Russia
German
yHun
garyDen
markUkra
ineBye
loruss
iaSpa
inEgy
ptRom
ania
Bulgari
aGeo
rgiaIta
lyLit
huania
Great B
ritain
Czech
Repu
blicAus
triaEthiop
iaFranc
eTurke
yColo
mbiaSerb
iaBelg
iumCroa
tiaSale in value over 500 000 PLN in 2010
Metering equipment Switchgear
Cost level of Grupa Apator
6,7% 6,9%
14,9% 14,8%
6,1%
7,7%
6,5% 6,2% 5,8% 6,2%
12,5%13,5%
14,0%
12,3%12,7%
13,5%
5%
7%
9%
11%
13%
15%
17%
2003 2004 2005 2006 2007 2008 2009 2010
Share of sales costs in total revenues Share of overheads in total revenues
63,1%64,0%
66,8%67,1%
69,4%
59,9%
64,9%65,6%
56%
58%
60%
62%
64%
66%
68%
70%
72%
74%
2003 2004 2005 2006 2007 2008 2009 2010
Share of manufacturing costs of products sold in revenues on sales of products
Cost level –
cost by nature
Structure of costs by nature in 2010
Other costs; 6%
Material and energy
consumption44%
Amortization5%
Emploee benefits30%
Outsourcing15%
000’PLN
Outsourcing
Amortization 14 787
49 003
Material and energy consumption 142 948
1-4Q 2010
15 226
42 923
127 327
1-4Q 2009
97,12%
114,16%
112,27%
DynamicsCosts by nature
Outsourcing 20 016
Material and energy consumption 96 862
18 095
89 723
110,62%
107,96%
Total 323 616293 294 110,34%
44,49%
39,52%38,00%
36,96%39,11%
43,87%
39,56%38,54%
35%37%38%40%41%43%44%46%
2003 r. 2004 r. 2005 r. 2006 r. 2007 r. 2008 r. 2009 r. 2010 r.Udział zużycia materiałów i energii w przychodach ze sprzedaży produktówShare of material and energy consumption in revenues on sales of
products
Financial results of Grupa Apator
49 202
43 841 42 71941 034
48 213 48 996
30 210
18 246
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
55 000
60 000
2003 2004 2005 2006 2007 2008 2009 2010
Profit on sales
Dynamics
165,6
145,1
97,4
96,1
117,5
101,6
100,4
Financial results of Grupa Apator
40 59737 739
46 591
34 682
45 776
35 680
28 783
22 507
13 934
56 513
40 52644 049 42 817
50 120
17 202
44 505
10 000
20 000
30 000
40 000
50 000
60 000
2003 2004 2005 2006 2007 2008 2009 2010
NOPAT EBIT
61 378
22 028
38 124
49 167
56 775 55 623
70 45965 346
11 368
31 305
23 057
34 67337 645
45 557
34 958
51 392
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
2003 2004 2005 2006 2007 2008 2009 2010EBITDA Net profit
Profit margins
13,3%
12,0%
15,0%
17,2%
15,2%
14,6%
13,2% 13,5%
12,5%
8,5%
11,1%
17,4%
10,7%
15,8%
12,9%
6,5%
4%
6%
8%
10%
12%
14%
16%
18%
2003 2004 2005 2006 2007 2008 2009 2010Profit margin on sales Net profit margin
19,8%
17,9%
19,4%
17,0%
20,8%
19,0%
15,0%
17,8%
10%
15%
20%
25%
30%
2003 2004 2005 2006 2007 2008 2009 2010 EBITDA margin
Profitability of Grupa Apator vs sector
Net profitability on sales in 210
12,0%
6,8% 6,4%
0%
2%
4%
6%
8%
10%
12%
14%
Grupa Apator: data f or I-IV quarters of 2010 Other data: f or I-III quarters of 2010
Grupa Apator Industry in total Manufacturing of electrical equipment
Net profitability in 2010
9,2%
12,5%
5,9% 5,2%
0%
2%
4%
6%
8%
10%
12%
14%
Grupa Apator: data f or I-IV quarters of 2010 . Other data: f or I-III quarters of 2010
Grupa Apator Grupa Apator with share transactions excludedIndustry in total Manufacturing of electrical equipment
Profitability of Grupa Apator vs. economy
Profitability on sales
9,7% 7,8% 6,8% 6,4% 6,3% 5,5% 5,3% 4,9% 4,9% 2,4% 1,9%
19,8%
12,4% 12,0%
0%5%
10%15%20%25%
Mining
Information and communication
Grupa Apator*)
Manufacturing and provision with utility s...
Accomodation and restaurants
Industry in total
manufacturing of electrical equipment
Water supply and sewage management
Industrial processing
POLAND
Building industry
Service for properties
trade and repair of vehicles
Transport and storage
*) Grupa Apator: data f or I-IV quarters of 2010 . Other data: f or I-III quarters of 2010
,
Net profitability9,9%
6,7% 5,9% 5,8% 5,2% 4,7% 4,6% 4,0% 3,9%2,9% 1,9%
9,2%
13,1%
10,0%
12,5%
1%3%5%7%9%
11%13%15%
Mining
Grupa Apator*)
Information and communication
Manufacturing and provision with utility services
Grupa Apator**)
Accomodation and restaurants
Industry in total
Water supply and sewage management
manufacturing of electrical equipment
Industrial processing
POLAND
Service for properties
Budownictwo
Building industry
Trade and repair of vehicles
*) Grupa Apator: data f or I-IV quarters of 2010 . Other data: f or I-III quarters of 2010 **) Grupa Apator with the sales of 1 m shares excluded
Foreign trade balance and exchange rate differences
Eur exchange rate in 2009-2010
3,82 zł
3,92 zł
4,02 zł
4,12 zł
4,22 zł
4,32 zł
4,42 zł
4,52 zł
4,62 zł
4,72 zł
4,82 zł
4,92 zł
2 sty 2 lu
t2 m
ar2 kw
i2 m
a j2 c
ze 2 lip 2 sie2 wrz2 pa
ź2 l
is2 gr
u2 st
y2 lu
t2 m
ar2 kwi2 m
a j2 cz
e 2 lip
2 sie2 wrz2 p
aź 2 lis2 g
ru
EUR expressed in 000’PLN
USD expressed in 000’PLN
Currencies in total in 000’PLN
Foreign
trade balance
Import 43 213
58 420
Export 101 633
29 213
-23 129
6 084
74 247
36 064
110 311
1 821
773
2 594
Other currencies expressed in 000’PLN
Description (000’PLN)
Positive exchange rates differences
Negative exchange rates
8 644
11 210
I-IV quarters of 2010
Balance -2 566
Description
Derivatives
Performance date in 2011 3,8000
Total at 23.02.2011
Performance date in 2012 3,7000
3,7321
Performance date in 2013 3,7000
Average exchange
rate [PLN]
31 108
31 111
96 837
34 618
Value [000’EUR]
4,1033
4,1673
4,1376
4,2288
Average exchange
rate [PLN]
18 000
11 550
32 550
3 000
Value [EUR]
Exposure Hedging
Reversing entry of the positive evaluation of derivatives at th31st December 2009
The influence of derivatives on the results of Grupa Apator in 2010
Positive evaluation of derivatives at the 31st December 2010
-
815
2 012
000’PLN
Positive result of the performance of derivatives for 2010
Positive influence of derivatives on the result of 2010
4 007
5 204
Performance of the forecast
000’PLN
Revenues on net sales in total 400 000
Net profit
Forecast for 2010
from 50 000
Performance in 2010
51 392
102,4%
Performance ratio
102,8%
to 54 000 95,2%
409 778
Cele strategiczne do 2013 rokuStrategic objectives till 2013
Performance of the vision –
foreign markets
Grupa Apator exported to 60
countries
in 2010
Development of foreign markets
Germany and Western Europe markets
♦
The contract was concluded with THÜGA -
the company that performs collective orders of many local Stadtwerke
♦
Three year contract concluded for the delivery of gas meters for RWE
♦
Talks are held with E.ON
Development of foreign markets
Russia and Eastern Europe markets
Water meters
Heat meters
Electricity meters
Gas meters
Switchgear
♦
Legislation requirement of complete metering of water
♦
Legislation requirement of complete metering of heat
♦
Reduction of thefts and losses caused by consumers of electricity –
smart electricity meters
Legal base: „Federal law on saving of energy and the increase of power efficiency and introduction of changes in separate legislative acts of Russian
Federation”
dated 23.11.2009 No 261-FZ
In point 13 261-Ф3 in part „
metering of utility services”
it is said that all utility services being manufactured,sold or consumed are subject to obligatory metering.
Grupa Apator –
leader on the market
Electricity meters and systems, including: 104
TOTAL
49
190
24
Value in m PLNCustomer
2010 –
2012
2010 –
2013
Period of the contract
The most important commercial contracts concluded by the companies in Grupa Apator in 2010
Subject
Energa-Operator SA
RWE Stoen Operator Sp. z o.o.
15 2010 Cechtar Sp. z o.o.
13 2010 –
2011 Linter Sp. z o.o. (target Marocco)
3 2010 –
2011 AB Rytu Skirstomieji Tinklai in Lithuania
Water meters,
including: 38
36
2
2011
2010
Teplovodomer SA
The Regional Government of Oromia Water Resources Bureau in Ethiopia
Gas meters, including: 33
33 2010 –
2012 Mazowiecka Spółka Gazownictwa Sp. z o.o.
Switchgear, including: 15
12
3
2010
2010
Apator Elektro SA
Kompania Węglowa SA
News in the offer
Metering equipment
Electricity meters Gas meters with remote read out system
Nubis -Industrial water meter
(high accuracy class)
Billing system for water supply systems
News in the offer
Switchgear
Group of products designed for power engineering
-
Higher category of utility
-
Products manufactured of flame retardant plastics
-
Wide range of accessories and designs
↓
RBK 00 / RBK 1 –
type compact fuse switch dissconnectors
ARS 00/100 → type vertical fuse switch disconnectors
Extension of the offer by services
Era of modern energy management in enterprises
Inventory –
construction and updating of IT data bases of the network property that is the recording of information about every element of the network taking into account its technical data and hierarchy in its structure
Prepayment system
Energa -
Power Supplier
introduces the service „Energy without risk”
into Smart Eco project
The service covers also the possibility of payable installation of prepayment metering-billing system on request of a consumer.
Since the moment of the introduction of the service „Energy without risk”
by Energa we
have delivered 4150 electricity meters
New products -
acquisition
Heat cost allocators Thermostats and capillariesTemperature sensors and
manometers
Metra Šumperk s.r.o.
?20112009
Acquisitions
Purchase by Powogaz SA of 100% of sharesfor the amount of 10 m PLN
Strategic rule concerning take over:The firms that can be in the area of interest must have significant advantage over competition on its area
activity in respect of share in the market or they are in possession of know-
how regarding niche or modern technologies or they have complementary offer to our one in respect of products being in the course of growth of the market.
20082008200520042004
+
?
Investments of the Company in 2004-2011
Total: FAP Pafal SA, Apator Metrix SA i Apator Kfap Sp. z o. o. (000'PLN)
40 670
51 401
30 000 32 000 34 000 36 000 38 000 40 000 42 000 44 000 46 000 48 000 50 000 52 000
Total expenditures
Receipts upto 2010
Total: Apator Powogaz SA i Apator Rector Sp. z o. o. (000'PLN)
27 713
93 490
0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 90 000 100 000
Total expenditures
Receipts upto 2010
Total: Apator TelemetriaSp. z o. o. i Apator Metra s.r.o. (000'PLN)
11 915
0 2 000 4 000 6 000 8 000 10 000 12 000 14 000
Total expenditures
Anticipation of trends
Activity in organizations
♦
Performance of „the first follower”
strategy
♦
Implementation of advance technologies that have been processed and they are currently implemented in high developed countries
♦
Establishment of co-operation with partners in respect of technology
Associations Of The Polish Firms That Settle Utility Services
Modern Centre of Manufacturing and Development of Apator S.A.
♦
Total area of the new structure will be about 16.000 m2, including manufacturing area about 12.000 m2
♦
Expected increase of employment at new location –
minimum 100 persons including mainly in manufacturing area
♦
Expected reserve for new investment is 5.700 m2
Optimization of processes
♦
Manufacturing of meters in one centre in Apator SA
♦
Reorganization of FAP PAFAL
♦
Processing of plastics in one centre
♦
Automation of manufacturing processes
♦
Implementation of CRM system common for entire Grupa
Apator
Forecast of consolidated financial results for 2011
Net profitod 51 000
Revenues on net sales in total
do 55 000
480 000
Forecast for 2011
51 392
409 778
Performance in 2010
99,2%
107,0%
117,1%
Dynamics
Revenues and export planned
Export of Grupa Apator planned for 2011
45 340
16 860 12 793 11 321 11 289 9 283 5 076 5 040 4 140 2 934 2 749 2 708 2 197 2 161 1 515 1 2500
5 00010 00015 00020 00025 00030 00035 00040 00045 00050 000
Russia
Fran
ce,D
enmark
,Ben
elux
Africa
German
y,Aus
triaUkra
ine,B
yelor
ussia
Czech
Rep
ublic
,Slov
akia,
Hunga
ryMidd
le Ea
st an
d Asia
Spain,
Portug
al
Baltic
Countr
ies
Bulgari
a
Roman
iaStat
es of
form
er Yu
gosla
via Italy
Turke
yGre
at Brita
in, Ire
land
Mexico
,Sou
th Ameri
ca
110 311
409 778
480 000
142 000
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
500 000
2010 Forecast 2011Revenues on net sales in total Export
Share of export in total sales
27%
30%
000’PLN
000’PLN
Revenues and export planned according to segments
Metering segment
89 213
346 000
278 054
119 000
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
2010 Forecast for 2011 Revenues on net sales in total Export
Share of export
Switchgear segment
21 098
124 238 129 000
23 000
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
2010 Forecast for 2011 Revenues on net sales in total Export
Share of export
17%18%
32%
34%
000’PLN
000’PLN
Udział
w kapitale spółki Apator
Share price of Apator SA
Since 2011 Apator is quoted in WIGdiv
dividend index
Share price of Apator S.A. since the first quotation till 31.12.2010 versus sWIG80 index
0 PLN
5 PLN
10 PLN
15 PLN
20 PLN
25 PLN
30 PLN
Apr
-97
Sep
-97
Feb
-98
Jul-9
8
Dec
-98
Apr
-99
Sep
-99
Feb
-00
Jul-0
0
Nov
-00
Apr
-01
Sep
-01
Feb
-02
Jul-0
2
Dec
-02
May
-03
Oct
-03
Mar
-04
Jul-0
4
Dec
-04
May
-05
Oct
-05
Feb
-06
Jul-0
6
Dec
-06
May
-07
Oct
-07
Feb
-08
Jul-0
8
Dec
-08
May
-09
Oct
-09
Mar
-10
Jul-1
0
Dec
-10
1 100
5 100
9 100
13 100
17 100
21 100
Share price of Apator SA sWIG 80
Dividend policy
1 003 1 607 3 554
9 765
31 633
23 229
36 088 35 618 34 607
21 333
41 555
980 1 5003 509 5 454
12 834
22 460
28 235
17 64712 275
17 553 21 064
05 000
10 00015 00020 00025 00030 00035 00040 00045 000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Forecastfor 2010
Dividend Net profit of Apator SA
♦ annual payment of dividend in value of
75% net profit of
Apator SA
♦ declared dividend changes in case of the performance of the investment
♦ annual payment of advance payment
Declared payment of dividend from the profit in 2010
♦
Advance payment towards dividend from the profit in
2010 was paid in gross amount of
0,25 PLN per share in December
2010
♦
Declaration of payment of the second part of dividend in gross amount of
0,35 PLN per share (July 2011)
♦
Ultimate decision on the amount and the date of payment of the second part of dividend from the profit in 2010 will be made at General Shareholders Meeting on the 20th June 2011
Responsible business
Ethics
Employees Society
Ecology
Strategy of the sponsor – „YoungTalent”
„CSR - ground for knowledge transfer and creation of
common ventures socially responsible”” – project being
performed with Nicolaus Copernicus University
Thank you for your attention
Revenues on sales 367 557 111,49%
1-4Q2010 Dynamics1-4Q2009
Prime costs 239 129 113,59%
Gross profit on sales 128 428 107,57%
Sales costs 24 584 114,29%
409 778
271 628
138 150
28 098
Overheads 54 848 110,94%60 850
Profit on sales 48 996 100,42%49 202
Result on
other operating activities 960 -333,65%-3 203
Share in profits of entities consolidated by equity method 164 360,98%592
Profit on operating activities -
EBIT 50 120 92,96%46 591
000’PLN
Results of Grupa Apator Profit and loss account (1/2)
1-4Q2010 Dynamics1-4Q2009
Profit before tax 38 673 164,68%
Net profit per shareholders of parent entity 30 094 160,60%
Net profit per minority shareholders 1 211 252,77%
EBITDA
Income tax 7 368 166,84%
Net profit 31 305 164,17%
65 346 93,93%
63 685
48 331
3 061
12 293
51 392
61 378
Result on financing activities, including: -11 447 249,33%17 094
000’PLN
-
result on derivatives -5 794 189,82%5 204
Results of Grupa Apator Profit and loss account (2/2)
1-4Q2010 1-4Q2009
306 347
-
tangible fixed assets 97 620
-
goodwill of subsidiaries
Fixed assets, including: 161 671
-
intangibles 3 209
49 446
376 231
99 318
175 504
3 723
60 043
-
inventories 54 789
-
short term receivables
-
assets due to deferred income tax 8 089
144 676
72 470
63 286
8 180
200 727
113 304
-
cash and its equivalents 10 23417 147
Long term liabilities 54 202
Short term liabilities
306 347
Equity 179 571
72 574
58 980
376 231
212 940
104 311
Current assets, including:
TOTAL ASSETS
TOTAL LIABILITIES
000’PLN
Results of Grupa Apator Balance sheet
1-4Q2009
Income tax paid -6 020
Net cash from operating activities
10 375
45 928
Receivables from investing activities 2 090
Profit before tax 38 673
Expenditures from financing activities -39 123
Cash from financing activities
Cash from investing activities -32 493
Receivables from financing activities 15 791
-23 332
Expenditures from investing activities -34 583
Adjustments to
operating activities
Increase/decrease of cash -9 897
Cash at the beginning of the period 20 335
Cash at the end of the period 10 438
000,PLN 1-4Q2010
-11 488
-4 033
33 129
3 524
63 731
-46 067
-23 619
43 154
-2 913
-27 143
6 597
10 438
17 035
Amendments to working capital 2 900-15 081
Results of Grupa Apator Cash flow account
1-4Q2009
gross profit on sales / revenues on net sales in total 34,94%
profit on sales / revenues on net sales in total 13,33%
Gross profit on sales margin
net profit / revenues on net sales in total
net profit / equity
net profit / assets
operating profit after tax (NOPAT) / capital employed
operating profit EBIT + amortization / revenues on net sales in total
8,52%
17,43%
10,22%
16,21%
17,78%
Profit on sales margin
Net profit margin
ROE
ROA
ROIC ( ROCE )
EBITDA margin
1-4Q2010
33,71%
12,01%
12,54%
24,13%
13,66%
12,98%
14,98%
Results of Grupa Apator Profitability ratios
1-4Q2010 1-4Q2009
current assets -
inventories / short term liabilities 1,24
total liabilities / balance sum 41,38%
1,32
43,40%
Quick fluidity ratio
equity / outside capital 141,64%130,41%
Debt rate
Outside capital / equity ratio
Results of Grupa Apator Fluidity and debt ratios
1-4Q2010 1-4Q2009
12 month net profit / weighted
average number of shares 1,10
equity / number of shares 6,30
1,74
7,22
Net profit per share (PLN)
market price of a share at the end of the period / 12 month net profit per share in the period
market price of a share at the end of the period * number of shares
equity
average market price of a share / book value per share
price share at the end of the period
14,49
558 553
11,02
674 055
179 571
3,11
212 940
3,17
15,9119,20
Book value per share (PLN)
P/E ratio
Market value (000’PLN)
Book value (000’PLN)
Market value/book value ( P / BV )
Price share at the end of the period (PLN)
Results of Grupa Apator Market ratios
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