METALAC - AII Data Processing

May 14, 2013
Metalac - Serbia - Manufacturing
Semi-annual update
ØFX EURRSD 103.04 101.95 113.04
Statement of Earnings (m RSD) 2010
Operating Revenues 4,559 100% 5,167 100% 6,326 100%
Sales 4,571 100% 5,108 99% 6,257 99%
Growth - - 12% - 22% -
Change in Inventories -12 0% 59 1% 69 1%
Operating Expenses 3,959 87% 4,586 89% 5,571 88%
Growth - - 16% - 21% -
COGS 1,153 25% 1,413 27% 1,725 27%
Growth - - 23% - 22% -
Cost of Materials 1,281 28% 1,464 28% 1,726 27%
Growth - - 14% - 18% -
Salaries 940 21% 1,075 21% 1,320 21%
Growth - - 14% 0% 23% -
Depreciation and Amortization 211 5% 200 4% 236 4%
Other Operating Expenses 374 8% 434 8% 566 9%
EBITDA 811 18% 781 15% 991 16%
Growth - - -4% - 27% -
EBIT 600 13% 581 11% 755 12%
Growth - - -3% - 30% -
Financial revenues/expenses 1 0% 7 0% 56 1%
Com.
Size
2011
Com.
Size
2012
Gross Interest Expenses 48 1% 67 1% n/a n/a
FX Gains (Losses) 39 1% 9 0% n/a n/a
Other Non-Operating Revenues 94 2% 68 1% 44 1%
Other Non-Operating Expenses 197 4% 133 3% 209 3%
Net Income 465 10% 502 10% 585 9%
Growth - - 8% - 17% -
Source: Sinteza Research, Metalac
m RSD
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Sales and EBITDA
2010 2011 2012
Sales EBITDA Net Income
%
19%
17%
15%
13%
11%
9%
7%
5%
Margins
2010 2011 2012
EBITDA Margin EBIT Margin
Profit Margin
Com.
Size
SINTEZA INVEST GROUP | MTLC 2012 6