Ordinary General Shareholders Meeting of Apator SA Ostaszewo, 18th June 2012 Tytuł prezentacji (stopka) 1
Presentation includes selected issues from financial statements and reports of the Executive Board (consolidated and individual ones) Their complete content is available in Apator SA, Centre: Ostaszewo 57C, 87- 148 Łysomice and on the website of Apator SA: http://www.apator.com Ordinary General Shareholders Meeting of Apator SA 2
Consolidated results 2011 Tytuł prezentacji (stopka) 3
Vision of Grupa Apator Manner of performance: • acquisitions, • development of systems and products, • expansion into foreign markets Ordinary General Shareholders Meeting of Apator SA 4
Structure of Grupa Apator NEWIND Grupa Apator Since the 31st May 2011 Apator Metra Since the 1st January 2011 Ordinary General Shareholders Meeting of Apator SA 5
Acquisitions – 2011 Purchase by Apator Powogaz SA 100% shares for the amount of 9 900 000 PLN: Thermostats and capillaries, heat Metra Šumperk s.r.o. cost allocators, temperature sensors, manometers Purchase by Apator Rector Sp. z o.o. 60% shares for the amount of 1 043 000 PLN: Network developments, developments in the scope of: integrated systems, Newind sp. z o. o. integration of IT systems and their safety, software in business Ordinary General Shareholders Meeting of Apator SA 6
Total acquisitions Acquisitions in Grupa Apator in the period 2004 - 2011 (000' PLN ) 117 066 inflows 153 834 expenditures 0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 Return of expenditures in 76% Ordinary General Shareholders Meeting of Apator SA 7
Segments of Grupa Apator Ordinary General Shareholders Meeting of Apator SA 8
Markets of Grupa Apator Power Engineering Ordinary General Shareholders Meeting of Apator SA 9
Employment in Grupa Apator Employment at the end of the year (persons) 2010 2011 Dynamics 2011/2010 Grupa Apator, including: 1 743 1 922 110,3% - research and development 108 121 112,0% - sale 111 110 99,1% 10 Ordinary General Shareholders Meeting of Apator SA
Employment in Grupa Apator Entity 31.12.2010 31.12.2011 Change Dynamics Apator SA 413 446 33 108,0% Pafal SA 411 332 -79 80,8% Apator Metrix SA 276 292 16 105,8% Apator Mining sp. z o. o. 117 115 -2 98,3% Apator Control sp. z o. o. 56 57 1 101,8% Apator Rector sp. z o. o. 84 118 34 140,5% Newind Grupa Apator sp. z o. o. 0 28 28 0,0% Grupa Apator Powogaz 383 529 146 138,1% including: Apator Powogaz SA 322 356 34 110,6% Apator GmbH 3 5 2 166,7% Total Grupa Apator 1 743 1 922 179 110,3% 11 Ordinary General Shareholders Meeting of Apator SA
Performance of the forecast for consolidated results of Grupa Apator Original forecast Corrected forecast Performance Performance Description (000’PLN) for 2011 for 2011 2011 (%) Consolidated revenues on 480 000 538 000 537 019 99,82% sales Consolidated net profit 51 000 – 55 000 51 500 51 516 100,03% The forecast of financial results for 2011 includes the results of Grupa Apator activity of both the shareholders of parent entity and minority shareholders Making the forecast of net profit, revenues on sales of 600 000 shares in amount of 20 PLN per share were considered. In spite of lack of the inflows in sales in net amount of 9 315 000 PLN, the forecast has been performed. 12 Ordinary General Shareholders Meeting of Apator SA
Revenues on sales 000’ PLN 600 000 537 019 500 000 409 222 400 000 367 557 356 191 131% 311 349 111% 292 606 288 820 300 000 103% 114% 200 946 200 000 106% 101% 106 000 144% 100 000 190% 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 Ordinary General Shareholders Meeting of Apator SA 13
Sales structure of Grupa Apator 000’PLN 000’PLN Metering segment Switchgear segment 368 400 400 000 400 000 350 000 277 540 350 000 133% 300 000 300 000 250 000 250 000 200 000 200 000 139 133 124 054 150 000 150 000 112% 100 000 100 000 50 000 50 000 0 0 2010 2011 2010 2011 Structure of revenues on sales in 2011 Other sales 5% Switchgear segment 26% Metering segment 69% Ordinary General Shareholders Meeting of Apator SA 14
Domestic sales and export of Grupa Apator 000’PLN Domestic sales Export 600 000 537 019 500 000 409 222 193 718 400 000 104 002 300 000 200 000 343 301 305 220 100 000 0 2 010 2 011 Ordinary General Shareholders Meeting of Apator SA 15
Share of export in revenues of Grupa Apator 000’ PLN 250 000 193 718 200 000 150 000 104 002 102 916 186% 88 224 101% 100 000 117% 71 684 123% 56 265 52 161 127% 50 000 25 859 108% 202% 194% 13 349 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 13% 13% 18% 19% 23% 25% 28% 25% 36% Share of export in revenues of Grupa Apator Ordinary General Shareholders Meeting of Apator SA 16
12 000 16 000 20 000 24 000 28 000 32 000 36 000 40 000 44 000 4 000 8 000 000’ PLN Ordinary General Shareholders Meeting of Apator SA Main areas of export Russia 0 31 705 Denmark 41 810 6 102 Germany 24 696 Czech Republic 11 622 19 049 Export of Grupa Apator according to the countries with 1 960 16 476 Hungary performance of sales over 2,5 m PLN in 2011 9 088 9 307 Ukraine 5 792 Lithuania 8 290 2 270 7 132 Egypt 3 396 Bulgaria 5 773 2 875 5 025 Spain 3 762 Slowenia 4 958 185 4 020 Belgium 678 4 014 Georgia 2 798 3 638 Italy 2 438 3 575 Turkey 1 221 3 464 Belarus 5 146 Romania 3 384 Great Britain 3 059 2010 3 203 Sierra Leone 1 991 3 061 2011 2 2 529 17
Financial results of Grupa Apator 000’ PLN Profit on sales of Grupa Apator Net profit of Grupa Apator 68 878 80 000 70 000 48 996 48 213 48 142 60 000 43 841 42 719 51 516 41 034 50 000 45 557 30 210 37 645 40 000 36 280 34 958 34 673 31 301 18 246 30 000 23 057 20 000 11 368 10 000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 Ordinary General Shareholders Meeting of Apator SA 18
Expenses by function 000’PLN 2010 2011 400 000 +36,3% 337 410 350 000 300 000 232 862 250 000 200 000 150 000 +7,4% -7,9% +9,1% 100 000 66 008 61 459 38 844 30 445 50 000 34 278 27 915 0 Cost of products and Cost of goods and Sales costs Overheads services sold materials sold Ordinary General Shareholders Meeting of Apator SA 19
Costs in Grupa Apator Share of overheads in revenues in total Share of sales costs in revenues in total 18% 16% 14,9% 15,0% 14,0% 13,5% 13,5% 14% 12,7% 12,5% 12,3% 12,3% 12% 10% 8% 7,7% 6% 6,8% 6,7% 6,5% 6,2% 6,2% 6,1% 5,8% 5,7% 4% 2003 2004 2005 2006 2007 2008 2009 2010 2011 Share of consumption of materials and energy in revenues on sales of products Share of manufacturing costs of products sold in revenues on sales of products 75% 69,4% 68,3% 67,1% 66,8% 70% 65,6% 64,9% 64,2% 65% 59,9% 60% 63,1% 55% 50% 45% 40,4% 38,5% 44,5% 44,3% 40% 43,3% 39,6% 35% 39,1% 38,0% 37,0% 30% 2003 2004 2005 2006 2007 2008 2009 2010 2011 Ordinary General Shareholders Meeting of Apator SA 20
Expenses by nature Employees benefits 27% Other costs 4% Depreciation 4% Outsourcing 16% Consumption of materials and energy 49% Expenses by nature 2010 2011 Dynamics Depreciation 14 623 16 775 115% Material and energy 146 887 219 049 149% consumption Outsourcing 53 520 69 219 129% Employees benefits 97 023 118 670 122% Other costs 15 647 17 959 115% Total 327 700 441 672 135% Ordinary General Shareholders Meeting of Apator SA 21
Hedging of currency exposure 1. Foreign trade balance 2010 2011 Dynamics Value in 000’ PLN 36 064 94 212 161,2% 2. Influence of hedging transactions on net result Description 2010 2011 *) Reversing entry of evaluation of hedging transactions from - 815 - 2 012 previous year Evaluation of hedging transactions at the end of the year 2 012 - 1 265 Result of performance of hedging transactions for the year 4 015 2 473 Influence of hedging transactions on net result 5 212 - 804 *) In 2011 hedging accounting was introduced. Negative evaluation of hedging transactions in amount of: -4.991 000 PLN was presented in equity. 3. Natural hedging Ordinary General Shareholders Meeting of Apator SA 22
Hedging transactions Hedging transactions at 31.12.2011 Exposure assumed Hedging Exchange Average Forwards rate Degree of 000’ EUR 000’EUR exchange rate assumed hedging PLN/EUR PLN/EUR Performance in 2012 27 311 4,30 15 750 4,15 58% Performance in 2013 30 318 4,10 7 900 4,27 26% Total 57 629 4,31 23 650 4,19 41% Hedging transactions at 15.06.2012 Exposure assumed Hedging Exchange Average Forwards rate Degree of 000’ EUR 000’ EUR exchange rate assumed hedging PLN/EUR PLN/EUR Performance in 2012 26 478 4,30 9 340 4,25 35% Performance in 2013 26 312 4,10 8 800 4,33 33% Performance in 2014 28 323 3,90 3 000 4,55 11% Total 81 113 4,31 21 140 4,31 26% Ordinary General Shareholders Meeting Apator SA 23
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