Elektrotim S.a. · GPW:ELT

Elektrotim — FY2023 Earnings Presentation

33 slides from Elektrotim's earnings presentation, April 2024

  1. Slide 1: Investors' Conference Results for 2023

    ELEKTROTIM S.A. YOUR SAFETY IS OUR PRIORITY INVESTORS' CONFERENCE RESULTS FOR 2023 1

  2. Slide 2: Disclaimer

    DISCLAIMER This presentation has been prepared by ELEKTROTIM S.A. The presentation is for informational purposes only, aiming to provide information about the financial results achieved by ELEKTROTIM S.A. The content of this presentation cannot be considered and does not constitute a forecast of the

  3. Slide 3: Agenda

    AGENDA ▪ Key Events at ELEKTROTIM S.A. and ELEKTROTIM Capital Group in the Market Context ▪ Financial Results of ELEKTROTIM S.A. and ELEKTROTIM Capital Group ▪ Q&A 3

  4. Slide 4: Key Events at ELEKTROTIM S.A. and the Capital Group in the Market Context

    Key Events at ELEKTROTIM S.A. and the Capital Group in the Market Context 4

  5. Slide 5: Contracts 2023

    CONTRACTS 2023 ▪ Construction of traction substations in Knyszyn, Zduńska Wola, Rusiec, Łask, and Lublinek for PGE ENERGETYKA KOLEJOWA S.A. - contracts totaling 105 mPLN net ▪ Replacement of electrical disconnectors and busbars at electrolytic bath groups for KGHM Polska Miedź S.A. Głogów Copper Sme

  6. Slide 6: Contracts Executed in 2023

    CONTRACTS EXECUTED IN 2023 SALES AS OF DECEMBER 31, 2023 ▪ Construction of electronic security on the Polish-Belarusian border for the BORDER GUARD. Value: 106.2 mPLN ▪ Construction of traction substations in Zduńska Wola, Rusiec, Łask, and Lublinek for PGE ENERGETYKA KOLEJOWA S.A. Value: 81 mPLN ne

  7. Slide 7: Contracts After the Balance Sheet Date

    CONTRACTS AFTER THE BALANCE SHEET DATE Significant contracts signed after the balance sheet date worth over 330 mPLN ▪ Construction of state border security on the Bug River section in the Nadbużański Border Guard Branch for the State Treasury - Commander-in-Chief of the Border Guard for 227 mPLN ne

  8. Slide 8: Structure of the ELEKTROTIM Capital Group as of December 31, 2023

    STRUCTURE of the ELEKTROTIM Capital Group as of December 31, 2023

  9. Slide 9: ZEUS S.A. – Company Situation

    ZEUS S.A. – COMPANY SITUATION ▪ After the appointment of the new management board (May 2022) and supervisory board (July 2022), the company initiated the sale process. ▪ In July 2023, the key bidder withdrew from the transaction, and five other entities withdrew from acquiring the company between Au

  10. Slide 10: Current Plans and Operational Goals of ELEKTROTIM

    CURRENT PLANS AND OPERATIONAL GOALS OF ELEKTROTIM ▪ Company development in projects related to: ➢ Energy transformation ➢ Renewable energy projects ➢ Increasing Poland's security ➢ Municipal projects Continuation in areas: Railway and urban traction power supply and energy storage ▪ Stabilization in

  11. Slide 11: Market Environment Assessment – Positive Factors

    MARKET ENVIRONMENT ASSESSMENT POSITIVE FACTORS • Continuation of programs approved by the European Commission under the Cohesion Policy for the 2021-2027 perspective, with an allocation of 340 billion PLN • Unblocking of KPO funds for Poland - 268 billion PLN. Acceleration of plans related to the mo

  12. Slide 12: Market Environment Assessment – Positive Factors

    MARKET ENVIRONMENT ASSESSMENT POSITIVE FACTORS • Decreasing inflation rate, leading to a medium-term prospect of interest rate cuts • Strengthening of the Polish złoty – ELEKTROTIM is not an exporter, but it incurs some costs in foreign currencies, so a stronger złoty reduces cost pressure and incre

  13. Slide 13: Market Environment Assessment – Negative Factors

    MARKET ENVIRONMENT ASSESSMENT NEGATIVE FACTORS • Lengthening decision-making processes regarding new investments • Low construction activity at the beginning of 2024 – a decline in construction and assembly production in Poland in the first months of 2024, with a decrease of 13.3% year-on-year in Ma

  14. Slide 14: Financial Results of ELEKTROTIM S.A. and the Capital Group

    Financial Results of ELEKTROTIM S.A. and the Capital Group 14

  15. Slide 15: Backlog and Acquired Orders of the Capital Group

    BACKLOG AND ACQUIRED ORDERS OF THE CAPITAL GROUP as of December 31, 2023, data in thousands PLN OVER 330 MILLION SIGNED IN Q1'24 OVER 330 MILLION Aqcuired orders SIGNED IN Q1'24 Backlog 800 600 558 Thousands 703 Thousands 700 500 600 500 400 326 327 329 368 291 400 331 300 321 300 227 200 200 100 10

  16. Slide 16: ELEKTROTIM S.A. Summary of 2023

    ELEKTROTIM S.A. SUMMARY OF 2023 532 mPLN Sales Revenue 78.9 mPLN Gross Profit on Sales 14.8% Record Gross Profit Margin 40.7 mPLN Net Profit 170 contracts in various stages of completion as of 31.12.2023

  17. Slide 17: Border Guard Contract from 2023 Settlement Status

    BORDER GUARD CONTRACT from 2023 SETTLEMENT STATUS TOTAL Remaining for future Settlement of the Border Guard Contract (net) Contract value 2022 2023 2022-2023 periods Sales (invoiced) 278 699 170 961 106 172 277 133 1 566 ▪ Invoices issued total a net value of 277.1 mPLN out of 278.8 mPLN of the cont

  18. Slide 18: Income Statement of ELEKTROTIM S.A.

    INCOME STATEMENT OF ELEKTROTIM S.A. 2023, data in thousands PLN Change in Position description Y 2022 Y 2023 Change % Dynamic growth at all levels of the income Sales 428 243 532 246 104 003 24% statement, driven by the scale of operations (leveraging operational and financial effects) Gross profit

  19. Slide 19: Consolidated Income Statement of the Capital Group

    CONSOLIDATED INCOME STATEMENT OF THE CAPITAL GROUP 2023, data in thousands PLN Change in Position description Y 2022 Y 2023 Change % Sales 505 599 546 947 41 348 8% Gross profit 67 484 76 117 8 633 13% Revenue growth along with gross profit on sales Gross profit margin 13,3% 13,9% 0,6pp compared to

  20. Slide 20: Consolidated Revenues of the Capital Group

    CONSOLIDATED REVENUES OF THE CAPITAL GROUP 2023, data in thousands PLN 600 000 546 947 505 599 500 000 532 246 400 000 428 243 300 000 ELEKTROTIM S.A. ELEKTROTIM S.A. 200 000 100 000 0 Y 2022 Y 2023 20

  21. Slide 21: Individual Revenues of ELEKTROTIM S.A. by Divisions

    INDIVIDUAL REVENUES OF ELEKTROTIM S.A. BY DIVISIONS 2023, data in thousands PLN 600 000 532 246 500 000 428 243 400 000 91 385 224 748 10 591 300 000 90 151 200 000 222 490 99 684 100 000 56 665 56 888 46 889 60 961 0 Y 2022 Y 2023 Industry and manufacturing Maintenance Special Traction Distribution

  22. Slide 22: Selected Items of Profit and Loss Statement ELEKTROTIM S.A.

    SELECTED ITEMS OF PROFIT AND LOSS STATEMENT ELEKTROTIM S.A. 2023, data in PLN thousands 90 000 78 890 80 000 70 000 60 000 52 775 53 893 50 000 40 737 40 000 29 519 30 000 23 085 20 000 10 000 0 Gross profit EBIT Net profit Y 2022 Y 2023 22

  23. Slide 23: Selected Data of the Capital Group Divided into Companies

    SELECTED DATA OF THE ELEKTROTIM CAPITAL GROUP DIVIDED INTO COMPANIES 2023, data in PLN thousands (without consolidation adjustments) Sales EBIT Gross net Net profit ELEKTROTIM S.A. 532 246 53 893 52 511 40 737 ZEUS S.A. 14 063 -22 091 -22 533 -23 502 OSTOYA-DataSystem Sp z.o.o. 3 267 444 344 300 23

  24. Slide 24: Single Entity Balance Sheet of ELEKTROTIM S.A. - Assets

    SINGLE ENTITY BALANCE SHEET OF ELEKTROTIM S.A. - ASSETS 2023, data in PLN thousands Change in Postion description 31.12.2022 31.12.2023 Change % Non-current assets including: 28 057 32 799 4 742 17% Intangible assets 104 158 54 51% Goodwill 2 396 2 396 - 0 0% Tangible fixed assets 12 088 12 793 705

  25. Slide 25: Single Entity Balance Sheet of ELEKTROTIM S.A. - Liabilities

    SINGLE ENTITY BALANCE SHEET OF ELEKTROTIM S.A. - LIABILITIES 2023, data in PLN thousands Postion description 31.12.2022 31.12.2023 Change Change in % Equity 91 497 117 117 25 620 28% Liabilities and provisions for liabilities 148 740 139 011 - 9 729 -7% Long-term liabilities 7 515 16 320 8 805 117%

  26. Slide 26: Single Entity Cash Flow Statement of ELEKTROTIM S.A.

    SINGLE ENTITY CASH FLOW STATEMENT OF ELEKTROTIM S.A. 2023, data in PLN thousands 79 mPLN of available credit limits to utilize. 26

  27. Slide 27: Consolidated Cash Flow of the ELEKTROTIM Group

    CONSOLIDATED CASH FLOW OF THE ELEKTROTIM GROUP 2023, data in PLN thousands 79 mPLN of available credit limits to utilize. 27

  28. Slide 28: Liquidity Ratios of the ELEKTROTIM Group

    LIQUIDITY RATIOS OF THE ELEKTROTIM GROUP 2,0 1,6 1,6 1,5 1,5 1,5 1,0 0,5 0,0 -0,3 -0,5 -0,5 -1,0 Current ratio Quick ratio Net financial debt 31.12.2022 31.12.2023 28

  29. Slide 29: Dividend Policy

    DIVIDEND POLICY Dividend from the profit of 2022: A dividend totaling 14,974.5 thousand PLN, i.e., 1.50 PLN per share, was paid on July 28, 2023. This was the first dividend since 2017. Dividend from the profit of 2023 – proposal to the General Meeting of Shareholders of ELEKTROTIM S.A.: On April 23

  30. Slide 30: Sources of Financing for the ELEKTROTIM Group

    SOURCES OF FINANCING FOR THE ELEKTROTIM GROUP GUARANTEE LIMITS as of December 31, 2023 – OVER 220 mPLN insurance - 222,400 thousand PLN Utilization 84,639 thousand PLN Insurance - 6,000 thousand EUR Utilization 2,810 thousand EUR Bank - 42,000 thousand PLN Utilization 13,917 thousand PLN LEASING as

  31. Slide 31: Selected Financial Indicators of ELEKTROTIM S.A.

    SELECTED FINANCIAL INDICATORS OF ELEKTROTIM S.A. 40% 34,8% 35% 30% 25,2% 25% 20% 15,9% 15% 14,0% 9,6% 10% 6,7% 5% 0% ROA ROE 31.12.2021 31.12.2022 31.12.2023 Record-breaking 35% Return on Equity (ROE) – a result of financial and operational leverage. Significant improvement in working capital utiliz

  32. Slide 32: Change in the Stock Price of ELEKTROTIM S.A. vs. WIG_BUD

    CHANGE IN THE STOCK PRICE OF ELEKTROTIM S.A. vs. WIG_BUD for the period from January 01, 2023, to April 24, 2024. ELT WIG_BUD ELEKTROTIM S.A. 360% Number of shares 9 983 009 mCap (24.04.2024) 232.60 mln PLN P/E (24.04.2024) 5.5 310% P/BV (24.04.2024) 2.12 Change 1R 141.50% 260% Change 2l 263.61% Cha

  33. Slide 33: Thank you

    ELEKTROTIM S.A. Stargardzka 8 54-156 Wroclaw tel. (+48 71) 352 13 41 tel. (+48 71) 351 40 70 e-mail: sekretariat@elektrotim.pl www.elektrotim.pl Thank you 33

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