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Financial results of Apator Capital Group in IVQ 2016
Warsaw, March 2017
Summary of the results of Apator Capital Group – 2016 vs 2015
2
-11 096 -8 804
+121 579
768 510
870 189
2015 Segmentpomiarowy
SegmentAPS
Non-Core 2016Metering APS segment segment
Revenues EBITDA
PLN ('000)
Significant increase of revenues at the level of 13,2% yoy owing to good sales results achieved in metering segment
Maintenance of the profit of EBITDA
-3 775 -20 120
+25 552
110 915 110 906
-1 666
2015 Segmentpomiarowy
SegmentAPS
Non-Core Kosztynieprzypis
2016Unallocated costs
Metering APS segment segment
Results of Apator Capital Group 2016 vs 2015
3
P&L with Apator Rector P&L with Apator Rector excluded
PLN ('000) 2016 2015 Δ yoy Sales 870 189 768 510 13,2%
Gross profit on sales 222 398 208 052 6,9% 25,6% 27,1%
Profit on sales 78 792 75 653 4,1%
9,1% 9,8%
EBITDA 110 906 110 915 0%
12,7% 14,4%
Net profit 64 121 62 841 2,0% 7,4% 8,2%
Summary: – improvement of results of Apator Capital Group yoy:
positive impact of metering segment (electricity, gas, water and heat) dynamic development on foreign markets
– impact of increase of asset on deferred income tax (PLN 8,4 m) – significant improvement of financial results (with AR excluded) – performance of initial forecast
2016 2015 Δ yoy
858 626 748 361 14,7%
240 455 212 390 13,2%
28,0% 28,4%
102 502 85 655 19,7%
11,9% 11,4%
133 150 119 434 11,5% 15,5% 16,0%
83 811 71 484 17,2%
9,8% 9,6%
4
PLN ('000) IQ 2016 IIQ 2016 IIIQ 2016 IVQ 2016 IQ 2015 IIQ 2015 IIIQ 2015 IVQ 2015 ΔIVQ16/15
Sales 197 778 222 543 207 828 242 040 180 909 183 599 191 584 212 418 13,9%
Gross profit on sales 51 549 56 897 46 155 67 797 51 424 50 501 49 933 56 194 20,6% 26,1% 25,6% 22,2% 28,0% 28,4% 27,5% 26,1% 26,5%
Profit on sales 18 545 21 619 10 274 28 354 19 666 15 809 20 403 19 775 43,4% 9,4% 9,7% 4,9% 11,7% 10,9% 8,6% 10,6% 9,3%
EBITDA 27 506 29 054 20 415 33 931 27 821 23 338 32 785 26 971 25,8%
13,9% 13,1% 9,8% 14,0% 15,4% 12,7% 17,1% 12,7%
Net profit 13 749 14 640 7 844 27 888 16 681 12 854 19 917 13 389 108,3%
7,0% 6,6% 3,8% 11,5% 9,2% 7,0% 10,4% 6,3%
Net profit with AR excluded 16 881 18 705 20 188 28 037 17 459 14 541 23 647 15 837 77,0%
8,7% 8,5% 9,6% 12,1% 9,9% 8,1% 12,6% 7,7%
Results of Apator Capital Group in quarters
Very good IVQ’16 Impact of adjustments on net result in IVQ’16 ( asset in plus, provisions in non-core segment in minus)
Sales 2016 vs 2015
APS segment
Increase by 22% yoy: – dynamic increase of export – gas meters
(UK Secure, Flonidan UK and NL), inductive electricity meters (Marocco, Belgium), water meters (UE)
– very good year in electricity metering business line
678 655 557 077
Decrease by 6% yoy: – switchgear business line – strengthening of
market position, increase of domestic sales and export
– control and supervisory business line – lump in power engineering – increase of competition, pressure on prices and margins
– ICT– delays in performance of the contracts
Decrease by 18% yoy: – decrease of orders from mining and
heavy industry sectors
139 940 148 744
48 728
Non Core
27 410 32 159
24 184 30 531
2016 2015
Górnicza Sterownicza
51 594 62 690
5
Metering segment PLN ('000)
230 940 174 905
225 100
166 843
222 615
215 329
2016 2015
Electricity Gas Water
89 923 75 055
39 402 53 856
10 615 19 833
2016 2015
Switchgear SSiN ICT
Mining Control
EBITDA 2016 vs 2015
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Increase of the profit (by 32%) and improvement of margin (up to 15,5%): – increase of volumes and sales value – positive changes in sales structure for
high margin solutions – improvement programme for the
effectiveness in Pafal
Decrease of the profit (by 67%) and reduction of margin (to 7%): – positive impact of results in switchgear
business line – negative impact of loss of Apator Rector
and worse results of Apator Elkomtech caused by the situation in power industry sector
Decrease of the profit (by 86%) and reduction of margin ( to 1,2%): – decrease of sales – provisions (receivables, development
projects )
104 865
79 313
2016 2015
9 880
30 000
2016 2015
APS segment Non Core Metering segment PLN ('000)
597
4 371
2016 2015
Investments and debt
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Increase of investments in net working capital by 14% yoy: – higher level of receivables caused by
significant increase of sales – increase of value of stock accompanying
the higher sales and related to preparation of export contracts (Ethiopia)
Investment in development continued: – automation of processes – increase of manufacturing capacity – products and technologies (ultrasonic
equipment, smart metering, cost optimization)
Increase of debt by 13% yoy: – financing of investments in working capital – support for Apator Rector – financing of investments in fixed assets
Safe level of debt – net debt/LTM EBITDA 1,6x – repayment of investment credits on time – meeting of convenants
42 917 42 493
2016 2015
172 385 152 204
31.12.16 31.12.15
Capex Net debt Net working capital
221 292 194 102
31.12.16 31.12.15
PLN ('000)
8
42+-- 0200 000
3…
Safe financial situation of Apator Capital Group: – operating cash flow – level of conversion of EBITDA to
cash under impact of investments on net working capital – investing cash flow – financing of development via capex,
repayment of instalments regarding GWi (GBP 0,9 m) – financial cash flow – dividend, service of investment loans
Analysis of cash flow
Cash flow PLN ('000)
42 384
22 038
+63 390 -42 068
-41 668
0
20 000
40 000
60 000
80 000
100 000
120 000
31.12.2015 Oper. Inv. Fin. 31.12.2016
Summary – performance of adjusted forecast for 2016
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Adjusted forecast of consolidated financial results for 2016 was performed.
Positive factors:
– good results in electricity, gas and switchgear business lines
– increase of export
– positive balance of the impact of exchange rates
– very good IV quarter in 2016
– increase of asset (by PLN 8,4 m) on deferred income tax owing to zone tax relief resulting out of operation in Pomeranian Special Economic Zone
Negative factors:
– loss of Apator Rector
– worse results in control and supervisory business line and non-core segment
PLN ('000) Forecast Performance Performance %
Sales 850 000 870 189 102%
Net profit 62 000 64 121 103%
Forecast of results of Apator Capital Group for 2017
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Key assumptions:
– organic increase of revenues
– improvement of trend in power industry
– no impact of possible acquisitions and divestments
– no negative impact of Apator Rector on the level of consolidated net result
– no single adjustments of non operating nature
– average exchange rates: 4,25 PLN/EUR; 4,00 PLN/USD; 5,20 PLN/GBP
PLN ('000) Forecast for 2017 Performance in 2016 Progress
Sales 900 000 – 950 000 870 189 103% - 109%
Net profit 75 000 – 80 000 64 121 117% - 125%
3 000
3 200
3 400
3 600
3 800
4 000
4 200
4 400
4 600
4 800
5 000
25
26
27
28
29
30
31
32
33
34
35Apator mWIG40
Share price, shareholding, dividend - 2016
11
– interim dividend – PLN 0,35 paid in December 2016.
– declaration of the second part of dividend – PLN 0,7 in July 2017.
average exchange rate - PLN 29,3; Capitalization at the end of 2016: PLN 1 bn
Share price Shareholding
Dividend from the profit in 2016 - PLN 1,05 per share:
In total PLN 34,8 m that is 44,8% of separate profit of Apator SA
39%
24%
6%
11%
15% 25%
39% 40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Share in votes Share in capital
5 natural persons Apator Mininig OFE Other
Jan 1
6
Feb
16
Mar
16
Ap
r 1
6
May
16
Jun
16
Jul 1
6
Au
g 1
6
Sep
16
Oct
16
No
v 1
6
Dec
16
Jan
17
Feb
17
OFP
12
20-years of Apator SA at Warsaw Stock Exchange
12
Increase of share price close to 1000% 24.04.1997 debut at Warsaw Stock Exchange
Extension of capital group and product portfolio – acquisition of 11 entities
Payment of dividend in amount of PLN 309 m
0
10
20
30
40
50
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
Apator SA WIG
0,0
0,3
0,6
0,9
1,2
1,5
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
dywidenda na 1 akcję z zysku za poszczególne lata dividend per share from the profit for particular years
13
Talent and passion
We support the social environment
Employees
Corporate Social Responsibility
