The Management Board of Apator S.A. announcesthat adjustment of the forecast of consolidated net profit for 2015 was made.Decision was made based on the analysis of the results achieved by the entities of Apator Capital Group in the first half of the year and the assessment of the perspectives for the activity in the second half 2015

Pursuant to the forecast announced in current report no. 6/2015 dated 19thFebruary 2015 consolidated financial results were defined in the following:

- Consolidated revenues on sales: PLN 790 m;

- Consolidated net profit: PLN 95 m.

New forecast is as follows:

- Consolidated revenues on sales:PLN 790 m;

- Consolidated net profit:PLN 80 m. 

The adjustment of the forecast of consolidated net profit is the result of the following factors:

a) Deviation of the market exchange rate of USD from the exchange rate assumed in financial plan. The average exchange rate of USD in the first half of the current was PLN 3,69 instead of PLN 3,3 assumed in financial plan.  Strengthening of USD in relation to zloty has negative influence on performance of the plan related to financial result by the increase of manufacturing costs.

b) Decrease of the profitability of sales in electricity and gas metering lines was caused by the decrease of prices and/or increase of the manufacturing costs in the latter case mainly due to the strengthening of USD in relation to zloty.

c) Financial situation of Apator Rector caused by the delay in performance of long term key contracts. The delays in performance of the contracts have the influence among other things on: the increase of the cost of software written and also later invoicing of revenues than it was assumed in financial plan. Apator Rector had the net loss in the first half of the year.

d) Lower revenues on sales on the Russian market.

e) Financial situation of the entities doing non-core business caused by low sales.

f) Higher overheads than it was assumed due to the increased consulting services provided for acquisition processes and consolidation of costs of research and developments of Apator Miitors. 

Legal basis: § 5 para 1 point 25 and § 31para 2-4 of the Regulation of Minister of Finance dated 19th February 2009 regarding current and regular information being transferred by the issuers of securities and conditions to be considered as equivalent information required by law of the state not being the member of the EU (i.e. Dz. U. 2014.133).