Global Insider 02/2010 - Seco-Warwick

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2/2010 FIRST HALF YEAR - RESULTS. HIGH SPIRITS PREVAIL DESPITE LOSS. SECO/WARWICK Group ended the first halfyear with revenues of PLN 65 million (approx. $22,706,800 USD) and net loss of PLN 3,8 million (approx. $1,327,500 USD). Despite the loss, it is worth emphasizing, that there has been a remarkable sales increase (income in the second quarter was 77% higher than in the second quarter of 2009), profitability improvement (at that time the net profit was USD 191 thousand, compared to losses in the same quarter of last year) and the recordbreaking portfolio of orders. The peak backlog level, which came to USD 49 million in the end of June, gives us a solid base for income in the second half of the 2010 and at the beginning of 2011. The overall result of the Group is that the SECO/WARWICK S.A. sales are at the level of USD 12,21 million. SWSA ended the first halfyear with slight revenue and has secured an order portfolio worth USD 21,57 million (at the end of 2009 order portfolio was worth USD 7 million). SECO/WARWICK Allied India and Retech Systems LLC managed quite well during tough market conditions, ending the half-year with minimal income. These companies have built an impressive order portfolio: Seco/ Warwick Allied India - USD 24,64 million at the end of June and Retech Systems - USD 29,39 million at the end of July. Elterma has recorded an increase of sales in the midyear of 2010. In the first half-year, the company has received orders for the total value of USD 16,07 million and generated revenue of USD 7,21 million, compared to 5,6 million last year. Although the execution of the orders has caused gradual improvement in the results, at the end of June/ Elterma recorded a net loss of over USD 0,7 million. SECO/WARWICK Corp. closed the first halfyear of 2010 with net loss of USD 1,07 million, despite a sales increase to the value of USD 5,6 million in June of this year, compared to USD 4,6 million last year. In the first-half of 2010, the company has received orders for the total value of USD 11,07 million and the backlog at the end of June was USD 9,1 million. We present the results of SECO/WARWICK Group for the second quarter of 2010 with satisfaction, as they reflect a progressive improvement of the Group's economic situation and market growth. The dynamic increase in the order portfolio since the end of 2009 becomes visible in terms of income, which has decidedly improved in the past quarter. As we promised to the exchange investors, the Group has also regained its profitability. Despite difficult and long-lasting slowdown of the world's economy, the Group systematically executed the development strategy, investments and dynamic business activities. Our consistency and determination has started to deliver positive effects, and this will be even more evident at the end of 2010. Presented backlog includes Seco/Warwick S.A., Elterma, Seco/Warwick Corporation (USA) and SW Retech Transformation of the Group's sales structure within 2008-2010, according to industries. JUST IN Seco Warwick Allied Pvt. Ltd., India has recently received a 7.5 million USD order from Hindalco for supply of Seven Vertical Soaking Pit furnaces for heating Aluminium Slabs/Ingots for their Can body stock manufacturing project at Hirakud, Sambalpur - Orissa plant. The furnaces are electrically heated with maximum charge temperature of 600 deg C. The furnaces will be designed for holding 8 nos. ingots per furnace, maximum furnace holding capacity of 128 MT. Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group, the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia. 8 Poland SECO/WA • USA • RWICK China • POLSKA India • Russia
2/2010 HIGH BACKLOG MAINTAINED THANKS TO NEW CONTRACTS From the end of August until the end of September, the SECO/WARWICK Group has signed contracts for a total value of over PLN 37 million (approx. $13,214,000 USD). The most significant contracts include: a contract signed by Elterma for delivery of four high-volume stations for fire resistance testing for Gildia S.A., worth USD 4.65 million and the contract signed by SECO/WARWICK S.A. Retech Team for delivery of two vacuum arc furnaces to China, worth USD 2,6 million. The total value of contracts signed by SECO/ WARWICK S.A. within the above mentioned period amounts to USD 7,32 million. Elterma has signed contracts worth USD 4,65 million and SECO/WARWICK Corporation - USD 1,25 million. These contracts will be executed in 2011. Below we present description of the remaining contracts we have signed: The Aluminum Team has signed further contracts with Romanian companies operating within aviation industry, for the total value of USD 1,27 million. The first contract is for modernization of four coil annealing furnaces for Vimetco Alro company. The second contract is for delivery of a travelling log homogenization furnace for UAC (Universal Alloy Corporation). CAB Team has received an order for a continuous line for automotive heat exchangers brazing. The rated capacity is 160 heat exchangers per hour. The customer is one of the leading automotive components manufacturers and the investment is dedicated to the Brazilian market. The contract is worth around USD 2,04 million. In September 2010, the Vacuum Team has received two orders for vacuum furnaces for a total value of USD 1,43 million. The first order was from a domestic customer from the Institute of Aviation - the furnace ordered will be used for research and development and will be dedicated to complex brazing processes, primarily for jet engine subassemblies. The second customer is a Hungarian Flame Spray company, which specializes in production of gas turbine's vanes used in power generators. It is the third furnace ordered by this company. "The end of the third quarter is another period when we managed to secure many good contracts. We are particularly pleased with the SECO/WARWICK S.A. contract for the continuous line for automotive heat exchangers soldering for one of the leading automotive components manufacturers, as it is a good indication of the expected return of investments within the automobile market." - said Leszek Przybysz, President, SECO/WARWICK S.A. Management Board. Travelling log homogenization furnace Vacuum brazing furnace THE INDIAN NATIONAL RUPEE (INR) IS THE OFFICIAL CURRENCY OF INDIA On 05th March 2009, the Indian government announced a contest to create a symbol for the Rupee. During the 2010 Union Budget, Finance Minister Pranab Mukherjee mentioned that the proposed symbol would reflect and capture the Indian ethos and culture. Five symbols had been short listed, and the Cabinet finally selected the definitive symbol on 15th July 2010. The design of the new symbol is by Udaya Kumar, a student of the Industrial Design Centre (IDC) at the Indian Institute of Technology Bombay (IITB). The symbol is a perfect blend of the Indian Devanagari script ' (which represents Rupaiah) and the Roman script capital 'R' without the stem, to appeal to both Indian as well as International audiences. The parallel lines at the top (with white space between them) make an allusion to the tricolor Indian flag, with two lines at the top and white space in-between, and also depict an equality sign which symbolizes the nation's desire to reduce economic disparity. The Indian government will try to adopt the symbol within six months in the country, and globally within 18 to 24 months. Prior to this, the most commonly-used symbols for the rupee have been Rs., Re. or Poland • USA • China • India • Russia 9
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