Transcript Wyniki pierwszego kwartału 2008
Presentation of consolidated results of the Sygnity Group for Q4 2009 and 2009
Warsaw, 26 February 2010
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.
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Results for Q4 2009/Q4 2008 and 2009/2008
[in PLN thousand] Revenue Operating profit (loss) Net profit (loss) Q4 2009
164 327 11 342* 6 924
Q4 2008
334 075 28 350 19 609
2009
572 692 (94 802) (89 178)
2008
995 669 11 521 (1 329)
Factors influencing the results:
In Q4 2009: abandoning by the Clients execution of 2 projects (revenue of PLN 25 million) and a delayed launch of 3 projects (revenue of PLN 30) Year 2009: • decrease in orders: for infrastructure (nearly PLN 240 million) and for services and software (PLN 185 million) • • lack of new large projects related to banking, telecommunications and few projects related to the public market decrease in revenue and margins – aggressive savings programmes and Clients’ pressure to lower project valuations * Influence on the result amounting to PLN 2.9 million in relation to the sentence of the Court of Appeal in Łódź – project for ARMA 3
Revenue Q4 2009/Q4 2008 and 2009/2008 by sectors
Sector [in PLN thousand] Banking and finance General Business Public Utilities Others and exemptions Total Q4 2009
50 035 27 871 59 747 33 719 (7 045)
164 327 Q4 2008
96 819 57 154 135 759 42 216 2 127
334 075 2009
166 374 122 442 183 687 106 298 (6 109)
572 692 2008
277 030 205 648 420 630 92 361
995 669
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Sales structure Q4 2009/Q4 2008 and 2009/2008
Revenue [in PLN thousand] 350 000 300 000 250 000 200 000
25%
150 000
40 384
100 000
75%
50 000
123 943
0 Q4 2009
Products and services Goods and materials 122 475 211 600
Q4 2008
37% 63%
Revenue [in PLN thousand]
35%
1 000 000 800 000 0
19%
600 000
110 642
400 000 200 000
81% 462 050
2009
348 339 647 330
2008
65% Products and services
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Indebtedness
Loans [PLN million] Bonds Cash Indebtedness 31.03.2009
30.06.2009
30.09.2009
31.12.2009
22.02.2010
-25 -64 36
-53
-25 -70 39
-56
-40 -40 18
-62
-17 -51 72
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-11 -66 As of 31 December 2009, the
total indebtedness of the Sygnity Group
loans and issued bonds amounted to PLN
68 million.
due to bank As of 31 December 2009,
cash of the Sygnity Group
exceeded the balance of used bank loans and issued bonds by the amount of
PLN 4 million.
At present,
cash of the Sygnity Group
exceeds the balance of the used bank loans and issued bonds by the amount of
PLN 6 million
. 83
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Savings programme
Stage I (September – December 2009), the plan to reduce the costs by over PLN 20 million was executed through temporary:
Freezing of salaries and bonus systems Reducing the working time and unpaid holidays Reducing fixed monthly salaries
Stage II (Q4 2009 – Q1 2010): the plan to reduce the costs by minimum PLN 40 million within 12 months:
The undertaken decisions and executed measures will lower the costs within 12 months by PLN 30 million through, e.g. reduction of the employment by 350 persons The currently executed measures include: • closing unprofitable production lines • reducing employment • new, more effective procedures and processes within the new organization model 7
New organization of the Grupy Sygnity – from 1 February 2010
Fundamental solutions of the new model:
Concentrating sales and execution within 5 Business Divisions Single-person responsibility for the business (P&L) at the level of the Business Area (BA) and Division Centralization of purchases – coordination and strict control of utilization of the internal and external resources in project execution Division Offer Committee (Komitet Ofertowy Pionu) - active management of the sales process KPI for new managerial roles (Division Director, Business Area Director, PM, Sales Director) Close monitoring of investments in internal projects and new products Consistent accounting principles and a uniform IT system within finance and controlling
Fundamental objectives of the new model:
Stopping revenue erosion and increasing sales Higher economic and operating effectiveness of the Company
Business prospects 2010 (1)
Banking and finance:
Development of central banking systems (Profile, Flexcube) Revitalization of the electronic banking system Integration projects in banks and financial institutions Participation in consolidation of banks, e.g. AIG and Santander Consumer Bank Development of ERP solutions in banks
Public:
Crisis management and emergency systems for the public administration „Gate” projects executed in the regions (workflow, GIS, tourism, education, health) e.g. e Dolnośląskie Projects related to censuses (GUS) Cooperation with the Ministry of Labour and Social Policy (Syriusz system) Projects for the European Union and European Parliament ERP solutions for the central administration Development of a logistic system for Poczta Polska 9
Business prospects 2010 (2)
Utilities:
Preparation to Smart Metering – measurement of the consumption by recipients in order to communicate remotely with energy providers Development of the offer within passport systems for new market segments, e.g. electrical power engineering, gas industry, water supply companies, industry, railway Supplementing GIS systems and capital management systems with solutions compatible with ERP and SCAD systems – extending the offer onto new markets
General Business:
Development of cooperation with telecommunication operators (e.g. Sferia, PTC, Polkomtel) Continuation of cooperation with Lotos, enhancing the offer for the fuel industry Network and infrastructural projects 10
Backlog 2010
Sector [in PLN thousand]
Banking and finance Public General Business Utilities Other sales
Total Portfolio of orders in 2010
94 830 109 186 41 202 43 024 3 259
291 501
Backlog for the year 2009 in the analogical period of the previous year amounted to PLN 291.8 million.
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Objective 2010
Stopping sales erosion, increasing revenue Cost reduction, profitability increase Strenghtening the managerial team Completion of the Group’s consolidation by the end of 2010 Greater share of EU funds in co-financing of software development (PLN 10 million in 2009) …. less adrenaline for „the market”, greater predictability