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Financial Results for Quarter 4
2007/2008
increasing the forecast financial results for financial year 2007/2008 and their implementation
making the financial year equal to the calendar year (resolution of EGMS)
executing the tender for MEN which the Company won - 37,000 computers and 3,000 servers were manufactured and delivered in 6 weeks
completing the 1st batch of the order for ZUS for delivery of 5,000 computers
concluding a distribution agreement with Sony Poland to distribute VAIO notebooks
entering into agreements concerning authorised distribution of household appliances and consumer electronics goods:- Panasonic- Horn (distributor of) Denon and Alpine brands- Jura – a Swiss manufacturer of coffee makers
opening of another SHOCK chain store in Ukraine (Zaporozhe)
KEY EVENTS IN Q4
2
RESULTS OF QUARTER 4
3
The value of sales revenue rose by 37.6% as compared to Q4 2006/2007
- with a concurrent drop in value of the PLN/USD exchange rate of 24.8 % July on July
- which means an increase in sales expressed in USD by 83.0%
- excluding tenders, distribution dynamics came to 16.3% - and expressed in USD 54.8%
Gross margin increased as compared to Q4 2006/2007 by 0.49 pp
Sales revenue (PLN M) Gross margin (%)
RESULTS OF QUARTER 4
4
Operating profit increased as compared to Q4 2006/2007 by 37.2%
Net profit rose as compared to the respective period of the previous year by 4.5%
Excluding the results of a one-off sale transaction of a real property in Wrocław from
Q4 2006/2007 – the net profit increased by 102%
Operating Profit (PLN M) Net Profit (PLN M)
FINANCIAL RATIOS
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Return on Equity increased by 3.7 pp
Return on Assets increased by 0.54 pp
* Ratios calculated on the basis of the net profit attained in 4 previous quarters
ROE (%*) ROA (%*)
DETAILED FINANCIAL DATA
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[PLN M]
Q4 2006/20
07Q4
20072008 ChangeQ1-4
2006/2007Q1-4
20072008 Change
Sales revenue422 991 582 047 37.0%
1 797 520
2 343 368 30.37%
Gross sales revenue 32 022 46 943 46.60% 118 060 185 202 56.87%
Gross sales margin 7.57% 8.06% 0.49 pp 6.57% 7.90% 1.33 pp
Cost of sales and marketing 21 010 33 092 57.51% 78 967 114 313 44.76%
Related to revenue 4.96% 5.69% 0.73 pp 4.39% 4.88% 0.49 pp
General administrative costs 7 862 8 421 7.11% 22 457 36 485 62.47%
Related to revenue 1.86% 1.45%- 0.41 pp
1.25% 1.56% 0.31 pp
Balance of remaining revenue and operating costs 6 894 8 355 21.19% 13 730 22 886 66.69%
Operating result 10 044 13 785 37.25% 30 366 57 290 88.66%
Net financial costs 614 2 470 302.28% 2 024 6 176 205.14%
Net result 8 115 8 479 4.49% 22 024 33 790 53.42%
Net result profitability 1.92% 1.46%- 0.46 pp
1.23% 1.44% 0.21 pp
IMPLEMENTATION OF FINANCIAL FORECASTS
Sales revenue (PLN M) Net Profit (PLN M)
The projected sales targets were met in 99.9%
The projected net result was attained in 100.6%
The effectiveness of sales and logistics increased:
The number of customers served rose by 11% as compared to
Q4
of the previous year (on average 9,062 customers per quarter)
The number of products offered by ACTION came to 18,096
items
The number of invoice items increased by 30% as compared to
quarter 4 of the previous year (on average 502,511 items per
month)
88% of sales transactions were executed online in comparison
to 82% in Q4 of last year
There were over 4.5 mln visits to I-serwis website descriptions
monthly
The number of packages dispatched from the warehouse rose
in Q4
of this year by 61.6% (on average 115,983 items per month)
FACTORS WHICH CREATE THE RESULT
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Further development of subsidiaries
Action Ukraina /Ukraine/
another SHOCK shop was opened in Zaporozhe on 28 June 2008
- area of 2000 sqm
another 2 shops in Vinnytsia and Donetsk are planned to be opened
by the end of 2009
SFERIS
re-branding of the chain completed in 80%
rental agreement concluded for another 5 locations
commercial activity on B2B market commenced
15%-increase in sales in base shops
8 new shops planned to be opened in the nearest future
20 partner shops to be included in the chain by the end of the year
IMPLEMENTING THE STRATEGY OF GROWTH
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Development of private brands
Participation in the execution of foreign tenders
Development of logistics
Related AV appliances markets
Market consolidation
STRATEGY FOR THE FOLLOWING YEARS
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THANK YOU FOR YOUR ATTENTION
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