Ordinary General Shareholders Meeting€¦ · Krzysztof Kwiatkowski Member of Supervisory Board...
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www.apator.com 1 Ordinary General Shareholders Meeting 22nd June 2015
Transcript of Ordinary General Shareholders Meeting€¦ · Krzysztof Kwiatkowski Member of Supervisory Board...
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Ordinary General Shareholders Meeting 22nd June 2015
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Presentation includes selected issues from financial statements
and Management Board reports (separate and consolidated
ones).
Complete content of the financial statements is available since 30th April 2015:
» on the website of Apator SA
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» And in original in Apator SA, Centre, the address:
Ostaszewo 57C, 87-148 Łysomice, Poland
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Consolidated financial statement for 2014 22nd June 2015
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Structure of Apator Capital Group in 2014
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Structure of Apator Capital Group in 2015
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Financial results of Apator Capital Group in 2014
*) 2013 - results on continued activity (Newind excluded)
PLN ('000) 2013* 2014 Change y/y Forecast 2014
Performance of
the forecast Forecast 2015
Sales 659 499 724 994 109,9% 730 000 – 760 000 99,3% - 95,4% 790 000
Gross profit on sales 199 628 217 189 108,8%
Margin 30,3% 30,0%
Profit on sales 88 805 101 863 114,7%
Margin 13,5% 14,1%
EBITDA 107 035 130 784 122,2%
Margin
16,2% 18,0%
Net profit 69 023 84 688 122,7% 75 000 – 78 000 112,9% - 108,6% 95 000
Margin 10,5% 11,7% 10,3% 12,0%
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90 907
69 382
11 433 5 940
13% 9%
0
20 000
40 000
60 000
80 000
100 000
2013 2014
Non core segment
Sprzedaż EBITDA
454 385
516 367
75 740 90 549
17% 18%
0
100 000
200 000
300 000
400 000
500 000
600 000
2013 2014
Metering segment
Sprzedaż EBITDA
114 207
139 245
23 807
38 045
21% 27%
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
2013 2014
Grid segment
Sprzedaż EBITDA
659 499
724 994
107 035 130 784
16% 18%
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
800 000
2013 2014
Apator Capital Group
Sprzedaż EBITDA
PLN ‚000
PLN ‚000 PLN ‚000
PLN ‚000
16% 18% 17% 18%
21% 27% 13% 9%
Sales Sales
Sales Sales
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15 264
6 261
90 907
69 382
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
Sales 2013 Mining Control Sales 2014
Non core segment
47 660
11 689
114 207
139 245
10 933
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
Sales 2013 Ap. Łącz. EKT ICT Sales 2014
Sales – grid segment
45 501
2 542 13 939 454 385
516 367
250 000
300 000
350 000
400 000
450 000
500 000
550 000
Sales 2013 Woda Gaz Energia Sales 2014
Sales –metering segment
21 525
25 038 61 982
659 499
724 994
250 000
350 000
450 000
550 000
650 000
750 000
850 000
Sales 2013 Metering Grid Non-Core Sales 2014
Sales pursuant to segments
-14% -32% -24%
Change 2014/2013
Change 2014/2013
7% 2% 39% 14%
Change 2014/2013
PLN ‚000
14% 22% -24% 10%
PLN ‚000
PLN ‚000 PLN ‚000
Change 2014/2013
-15% N.A. -32% 22%
Sales 2013 Water Gas Energy Sales 2014
Sales 2013 Switchgear EKT ICT Sales 2014
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Structure of revenues 2013
Results adjusted by exclusion of revenues of Newwind;
Segments and business lines
Structure of revenues 2014
High increase of share in sales of electricity meters; Decrease of non-core;
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5 494
107 035
14 239
14 810 130 784
86 481
106 400
20 554
24 384
195
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
EBITDA 2013 Metering Grid Non-Core koszty nieprzypis EBITDA 2014
EBITDA - Apator Capital Group
PLN ‚000
EBITDA Margins
18% 16% 18% 27% 9%
EBITDA 2013 Metering Grid Non-Core Unallocated costs EBITDA 2014
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Summary 2014
Factors that have positive impact on financial results:
Good economic trend on Polish market – increase practically in all business lines;
Good financial results of Elkomtech S.A. – consolidation since II Q 2014;
Improvement of profitability in line of metering of water and heat, switchgear and also metering of gas
(GWI UK included);
Very good results of sales in line of metering of electricity;
Factors that have negative impact on financial results:
Failure performance of financial plan by CT line due to the delay in performance of significant contracts
and the increase of the cost of software;
Failure performance of financial plan by non-core entities caused by external factors (difficult situation in
mining – Apator Mining) and internal ones (interruptions in contracting and change of Management
Board – Apator Control);
Significant decrease of prices and pressure on margins in lines of metering of electricity and gas;
Increase of USD exchange rate that has the impact on the increase of prices of materials since the
second half 2014;
Conflict between Russia and Ukraine and its impact on economy environment in Russia – devaluation of
rouble, decrease of import competition particularly in line of switchgear;
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Summary 2014
Important events:
Adoption of new strategy for 2014 - 2019;
Operationalization of strategy – taking the initiatives for 2014 in all lines/entities;
Take over of Elkomtech S.A. – confirmation of new business model (since IIQ 2014),
commencement of business and organizational integration;
Extension of Management Board of Apator S.A. by CFO ( Piotr Nowak) and adoption of
development plan for financial divisions in Capital Group of Apator;
Development of smart systems and solutions:
– Electricity metering: development of open technologies like PRIME (by their own) and OSGP (in cooperation with Echelon/NES). Participation in consortium performing Smart City Wrocław project (350 thousands smart electricity meters in the system) towards Tauron Dystrybucja;
– Gas metering: further development of smart gas meters destined to the British market –
submission of the offers for pilot projects;
Elaboration of development plan for German market;
Performance of financial plan and market forecast.
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Performance of strategy of Apator Capital Group after 2014
Strategic objectives 2014 – 2019 Performance after 2014
Change in business model
Split into segments: metering and automation of power
grid operation
Extension of automation of power grid operation segment
by supervisory control systems – take over of Elkomtech
Counterbalance of business model
Target level of revenues over PLN 1,5 bn (annual
average increase 15,1%) Revenues: PLN 725 m, increase by 10%
Annual average growth rate of EBITDA in the range
10% - 15% EBITDA: PLN 131 m, increase by 22%
Over 60% revenues from foreign markets Share of export: 45% - no threat for the objective in spite of
difficult situation in Russia
50% EBITDA from electricity distribution sector 36% EBITDA from electricity distribution sector
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Separate financial statement for 2014 22nd June 2015
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Makeup of Management Board and
Supervisory Board of Apator SA in 2014
Jerzy Kuś Member of Management Board Metering Equipment and Systems Director.
Andrzej Szostak Chief Executive Officer Managing Director
Tomasz Habryka* Member of Management Board Chief Operation Officer
Mariusz Lewicki Deputy Chairman of Supervisory Board
Danuta Guzowska Member of Supervisory Board
Krzysztof Kwiatkowski Member of Supervisory Board
Janusz Marzygliński Member of Supervisory Board
Marcin Murawski Member of Supervisory Board
Janusz Niedźwiecki Chairman of Supervisory Board
Management Board Supervisory Board
Piotr Nowak – since 1st July 2014 Member of Management Board Chief Financial Officer
*) on 31st March 2015 Tomasz Habryka resigned from the Member of Management Board of Apator SA
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Financial results of Apator SA in 2014
PLN ('000) 2013 2014 Change y/y
Sales 167 862 186 205 110,9%
Gross profit on sales 47 811 51 760 108,3%
Margin 28,5% 27,8%
Profit on sales 13 985 16 299 116,5%
Margin 8,3% 8,8%
EBITDA 23 700 24 890 105,0%
Margin 14,1% 13,4%
Net profit 51 300 48 998 95,5%
Margin 30,6% 26,3%
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Summary 2014
Factors that have the impact on financial results:
Very good sales results in line of metering of electricity – performance of PGE and Tauron’s tenders ;
Considerable decrease of prices and pressure on margins in line of metering of electricity.
Decrease of sales of switchgear on foreign markets due to economy and political situation in Russia –
taking the initiative aiming to alleviate negative effects of difficult situation on Russian market (increase
of domestic sales, restrain increase of fixed costs);
Important events:
Extension of the makeup of Management Board of Apator SA by Chief Financial Officer – Piotr Nowak –
restructuring of financial division;
Accession to international organizations - OSGP Alliance, G3 – PLC Alliance and ESMIG;
Commencing business integration between lines; switchgear, ICT and supervisory and control;
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18 Investor Relations
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Share price in PLN
Steady, long-term shareholders;
Shareholders
3 000
3 100
3 200
3 300
3 400
3 500
3 600
3 700
3 800
30
32
34
36
38
40
42
44
02
-01
-20
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02
-02
-20
14
02
-03
-20
14
02
-04
-20
14
02
-05
-20
14
02
-06
-20
14
02
-07
-20
14
02
-08
-20
14
02
-09
-20
14
02
-10
-20
14
02
-11
-20
14
02
-12
-20
14
02
-01
-20
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Apator mWIG40
Shareholders of Apator SA
39%
24%
6%
11%
32% 54%
22%
11%
Udział w głosach Udział w kapitale
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
5 osób fizycznych Apator Mining
Akcjonariusze instytucjonalny Pozostali
Share in voting Share in capital
5 non corporate shareholders
Institutional shareholders Other
Positive correlation with mWig40; Average price of share in 2014 – PLN 37; Capitalization at 31.12.2014: PLN 1,2 bn, EV/EBITDA: 10x
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Dividend per share (PLN)
Share of dividend in net profit of Apator SA: • 2014 – 54% • 2013 – 39%
Declaration of dividend payment from the profit in 2014
Dividend and net profit (PLN’000)
Payment of second part of dividend: PLN 0,5: • Right to dividend payment – 30th June 2015 • Payment – 14th July 2015
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21 Thank you for your attention
