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Www.gk-kety.com.pl 1 H1 2003 Results: Above Target Higher Profit Guidance for 2003 September 2003.

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Presentation on theme: "Www.gk-kety.com.pl 1 H1 2003 Results: Above Target Higher Profit Guidance for 2003 September 2003."— Presentation transcript:

1 1 H Results: Above Target Higher Profit Guidance for 2003 September 2003

2 2 Current Busines Activities Flexible Packaging Extruded Products Aluminium Systems Additional Activities OthersThree Main Businesses 28%20%41%11% 89% INCOME FROM SALES

3 3 Recollection of the expansion strategy for Expansion of activity of the three core segments EPS - development of hard alloys and large sized products (press 4400 MN) FPS – new products based on thin aluminium foils ASS – new systems (fire resistant) 2.Maintaining the leading position on the Polish market through continuous improving the quality of the products manufactured and offering new products 3.Aggressive expansion of export to further diversify market risk and enhance capacity utilisation 4.Continued cost cutting program enabling profit growth centralization of administrative functions (accounting, finances) activities related with logistics and production 5.Further investment projects in new technology as well as analysis of acquisitions within the basic Segments 6.Dividend policy - pay out ratio of 50% of consolidated net profit

4 4 Overview of the Performance [mn PLN] Sales EBITDA EBIT Profit before tax Net profit Investment expenditures

5 5 Summary of the 2003 results [mn PLN]2Q 20032Q 2002Change Sales186,4137,535,6% EBITDA32,426,223,7% EBIT23,617,634,1% Profit before tax21,712,376,4% Net profit17,910,767,3% Investment expenditures 5,34,4 H1 2003H1 2002Change 353,1279,826,2% 60,549,123,2% 42,931,834,9% 40,724,367,5% 33,121,355,4% 9,615,2

6 6 Extruded Product Segment EPS sales [in PLN milion] 16% sales volume growth in H Segment's leading position on the market 40% growth of exports in H % growth of domestic sales in H Capacity utilisation at 75%–85% Further diversification of exports to markets other than Germany

7 7 EPS Exports Markets LITHUANIA 6% DENMARK 3% GERMANY 39% HOLLAND 7% CZECH REP. 8% ITALY 14% SLOVAKIA 4% OTHERS 14% USA 5%

8 8 Aluminium System Segment Segment's leading position on the market 50% growth of exports in H % growth of domestic sales in H Strong position in the Ukraine ASS sales [in PLN million]

9 9 ASS Exports Markets LITHUANIA 5% UKRAINE 33% BELARUS 5% HUNGARY 12% CZECH REP. 7% RUSSIA 31% SLOVAKIA 7%

10 10 Flexible Packaging Segment 14% sales volume growth in H Stabile position on the Polish market, sales growth by 6% in H % growth of exports in H Capacity utilisation at 70%–80% FPS sales [in PLN million]

11 11 FPS Exports Markets UKRAINE 8% BELARUS 5% OTHERS 6% HUNGARY 4% CZECH REP. 21% RUSSIA 36% KAZACHSTAN 7% LITHUANIA 7% ROMANIA 6%

12 12 Capital Group Stable domestic sales Increasing export Stable margins in each of the core business segments Effective tax rate continues below nominal Consolidated sales [in PLN million] Consolidated profit [in PLN million] Consolidated margins [in %]

13 13 Improvement in the working capital Stable receivables at still growing sales Further improvement of the receivables term structure ReceivablesInventory Sales +36% +6% +26%

14 14 Safe indebtedness ratio of the Capital Group Loan structure by currency - IIQ 03 Indebtedness [in PLN mn] Stable operating cash-flow Further decrease of debt of the Capital Group – net debt below 60 PLN million Safe currency structure of the debt Falling costs of debt – below 6% Stable operating cash flow

15 15 Higher Profit Guidance for 2003 [mn PLN] EChange Sales623,7710,013,8% EBITDA115,4130,012,6% Net Profit47,165,038,0%

16 16 Drivers of the Higher Guidance 1.Stronger sales – Flexpols effect on the consolidated sales 2.Stable margins 3.Lower financing costs 4.Effective tax rate continues below nominal (18 – 19% in 2003)

17 17 Flexpol Disinvestment 1.Huge investment needs – in excess of PLN 100 million 2.Products with low added value – raw material for flexible packaging 3.Low level of operational synergies with Kęty Group – less than 5% of the total output of Flexpol transferred to the Kęty Group Flexpol results

18 18 Summary LONG-TERM GROWTH PROSPECTS OF THE COMPANY VALUE 1.Consistent performance under the adopted strategy 2.Prospects of higher sales and profit figures 3.Stable operation cash-flow and improving debt ratios 4.Completed strategic investment plan 5.Prospects of substantial dividend payments for the shareholders EPS


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