Forecast of financial results

The forecast of consolidated financial results of Apator Group for 2019.

The forecast of consolidated financial results for 2019, published on March 1, 2019 in current report No. 13/2019, is as follows:

- consolidated revenues on sales in total: PLN 880 m - PLN 920 m,

- consolidated net profit: PLN 72 m - PLN 75 m.

The forecast for 2019 is based on the following main assumptions:

- main revenue increases assumed in the Gas segment and in the electricity metering line in the Electricity segment

- further improvement of results in Apator Rector and Apator Elkomtech

- significant increase in investment outlays y/y,

- average exchange rates: 4,20 PLN/EUR; 3,60 PLN/USD; 4,80 PLN/GBP.

Advancement of performance of the forecast	Forecast for 2019
Consolidated revenues on sale of products, merchandise and materials	880 000 - 920 000
Consolidated net profit	72 000 - 75 000

Year	Consolidated financial data (PLN '000 000)	Forecast	Adjustment	II adjustment	Performance	%
2018	sales revenues	850 - 880*			844,9*	99%
2018	net profit	65 - 70			71,3	110%
2017	sales revenues	900 - 950*	900 - 950*		918,2*	102%
2017	net profit	75 - 80	60 - 65		56,4	94%
2016	sales revenues	850	850		868,8	102%
2016	net profit	80	62		61,7	100%
2015	sales revenues	790	790		769,4	97%
2015	net profit	95	80		63,2	81%
2014	sales revenues	730 - 760			725,0	95% - 99%
2014	net profit	75 - 78			84,7	109% - 113%
2013	sales revenues	700 - 730			683,0	94% - 98%
2013	net profit	68 - 71			68,0	96% - 100%
2012	sales revenues	580	580	670	688,8	103%
2012	net profit	70 - 75	90 - 95	98	95,7	98%
2011	sales revenues	480	538		537,0	100%
2011	net profit	51 - 55	51,5		51,5	100%
2010	sales revenues	400	400		409,2	102%
2010	net profit	40	50 - 54		50,1*	93% - 100%

*) revenues from discontinued and continued operations