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Presentation of consolidated results of the Sygnity Group for Q3 2009
Warsaw, 13 November 2009
2
Disclaimer
This presentation has been prepared solely for information purposes. It is not an
advertisement or an offer of securities in public circulation. The information sources
used in it are considered by Sygnity reliable and precise, however, there is no
guarantee that the information is exhaustive and that it fully reflects the factual
circumstances. The presentation may contain future statements which pose an
investment risk or a source of uncertainties, and may considerably differ from factual
results. Sygnity SA shall not be held liable for the effects of decisions made based on
this presentation. All liability is borne by the user of this presentation. The
presentation is subject to protection pursuant to the Copyright and Neighbouring
Rights Act. Copying, publishing or dissemination of the presentation requires a prior
written consent of Sygnity SA.
3
Results for Q3 2009/Q3 2008 and Q1-Q3 2009/Q1-Q3 2008
Factors influencing the results:
Definitely lower sales and margins resulting from the economic downturn in majority of sectors
*One-off events influencing the operating result:
• in Q3 2009 proceeds from the sale of KPG at the level of PLN 1.3 million (in Q3 2008 from the sale of ZPC at the level of PLN 12.3 million – contract with the NFZ)
• in Q3 2009 change by PLN 4.7 million of the balance of the provisions created towards contractual penalties related with the projects (PLN 3.1 million) and doubtful receivables write-offs (PLN 1.6 million)
[PLN ‘000] Q3 2009 Q3 2008 Q1-Q3 2009 Q1-Q3 2008
Revenues 126 841 180 574 408 365 661 594
Operating profit (loss)* (4 620) 9 031 (106 144) (16 829)
Net profit (loss) (3 738) 3 728 (96 102) (20 938)
4
Revenues in Q3 2009/Q3 2008 and Q1-Q3 2009/Q1-Q3 2008 by sectors
Sector
[PLN ‘000]Q3 2009 Q3 2008 Q1-Q3 2009 Q1-Q3 2008
Public 46 815 46 969 123 940 284 871
Banking and finance 38 010 65 191 116 339 180 210
Utilities 17 760 22 082 72 579 50 145
Telco-Industry 25 330 48 123 94 571 148 495
Others and exclusions (1 074) (1 791) 936 (2 127)
Total126 841 180 574 408 365 661 594
Factors influencing the results:
Revenues in the public sector were comparable in Q3 2009 with those generated in Q3 2008, whereas in the other sectors a decrease was recorded
Lack of infrastructural orders primarily in the banking and finance and public sectors
5
Sales structure in Q3 2009 vs Q3 2008
110,481
16,360
143,510
37,064
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Q3 2009 Q3 2008
Goods andmaterialsProducts andservices
Revenues[PLN ‘000]
87%
21%
79%
13%
6
Indebtedness
[PLN ‘000 000] 31.03.2009 30.06.2009 31.08.2009 30.09.2009 at present
Loans -25 -25 -47 -40 -25
Bonds -64 -70 -39 -40 -44
Cash 36 39 21 18 32
Net indebtedness -53 -56 -65 -62 -37
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Savings program
Stage I (September – December 2009): cost reduction by PLN 15 million
Reducing the number and costs of subcontractors
Employment reduction
Freezing temporarily salaries and bonus systems
Reducing temporarily the working time and unpaid holidays
Reducing temporarily fixed monthly salaries
Stage II (Q4 2009 – Q1 2010): cost reduction by at least PLN 40 million within 12 months
Changes in the capital Group’s structure
Closing unprofitable production lines
Abandoning certain activities
Employment reduction
The Company has already executed the measures included in Stage II, which will result in cost reduction by PLN 20 million in 2010.
8
Change program
Expected results: new organizational structure higher enterprise profitability lower operating costs increased flexibility of the company in relation to changing market needs
Change program
Budgeting and controllingExecution
Sales
Personnel costs Non-personnel costs
IT tools
Purchases
9
Backlog 2009
Sector [PLN ‘000]
Portfolio of orders in 2009
Banking and finance 152 129
Public 154 102
Telco-Industry 117 784
Utilities 95 225
Other sales 2 110
Total 521 350
Orders for the years 2010-2011 amount to PLN 241 million (PLN 164 million in 2010)