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Results of the IVQ in line with expectations

Results of the IV Q 2004 Change of development strategy of flexo printing in Grupa Kęty Registration of Metalplast Deutschland GmbH Warsaw, February 2005. Results of the IVQ in line with expectations. Extruded Product Segment.

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Results of the IVQ in line with expectations

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  1. Results of the IV Q 2004 Change of development strategy of flexo printing in Grupa Kęty Registration of Metalplast Deutschland GmbH Warsaw, February 2005

  2. Results of the IVQ in line with expectations

  3. Extruded Product Segment • Domestic sales went up by 5 % - particularly in construction, interior design and transport segments. • Export sales went up by 26 % compared with IVQ of the previous year • Further growth of export sales in hard alloys (above 22%) particularly on the Great Britain and USA markets • Capacity utilisation level of 80–85%

  4. EPS Export Markets DENMARK 3% ENGLAND 7% GERMANY 38% LITHUANIA 3% CZECH REP. 10% SLOVAKIA 1% HOLLAND 3% ITALY 15% AUSTRIA 2% USA 5% OTHERS 13%

  5. Aluminium System Segment • Further growth of export sales- above 50% • Continuation of work at new system window with hidden sash MB-70US • Continuation of work at winter gardens system– fulfil the patent the treatments • Investigating system MB-45 for the structures on the Germany market • Prepare for theinvestigating wall MB-SR50 by Hungarian institute EMO in Budapest

  6. ASS Exports Market RUSSIA 30% BELARUS 4% UKRAINE 26% LITHUANIA 8% CZECH REP. 12% SLOVAKIA 4% HUNGARY 14% OTHERS 2%

  7. Flexible Packaging Segment • Sales to domestic customers went up by 11% ( particulary food concentrates ) • Systematic growth of export sales to the previous year’s levels • Building process of the new production facility in Alupol came to an end (flexo printing and metalised products) • Capacity utilisation level of 75–80%

  8. FPS Exports Markets LATVIA 2% RUSSIA 7% BELARUS 15% UKRAINE 16% LITHUANIA 3% CZECH REP. 31% HUNGARY 12% SLOVAKIA 2% GERMANY 3% USA 6% OTHERS 1%

  9. Capital Group Consolidated sales in Polish zloty(million] • Growth in demand from both domestic and international customers was the key driver of sales growth during the quarter • Increasing EBIT margins and net profit owing to achieving effects of economy of scale and lower provisions for overdue receivables Consolidated margins [%] Consolidated profit in Polish zloty (million)

  10. Growing value of inventories resulted from growth of aluminium price and increase metal purchases Continuous improvement of the controlling system of the receivables +25% Working capital management Sales +10% +4% Inventories Receivables Trade payables +7% -21%

  11. Safe indebtedness ratio of the Capital Group • Growth of the Group's debt resulted from financing of inventories and drop in payables • Having considered the available cash the net debt above 55 PLN million • Safe financing structure • Stable operating cash flow Indebtedness in Polish zloty (million) Loan structure by currency – IH 04

  12. Revised strategy of flexo development in Flexible Packaging Segment

  13. Flexible Packaging Segment – new production plant Market environment • Growing demand for flexible packaging – growth ratio above Poland’s GDP • Possibility to broaden product porfolio and add new customers • Improving supplier’s status for ‘old’ customers • Optimalisation of manufacturing equipment

  14. Flexible Packaging Segment – new production plant Project characteristics • New manufacturing and warehousing facility – total ca. 5’000 sqm • Total capex 56 million PLN: 80% spent in 2004, 20% spent in 2005 • Location – new plant in special economic zone within existing company Alupol • Financing – mostly with Alupol funds • Production profile – single and multi-layered printed laminates using new technology in Kęty’s FPS • Planned sale – ca. 60 million PLN to achieve within three years after production start-up

  15. Flexible Packaging Segment – new production plant Present status • Manufacturing and warehousing facility commissioned in November 2004 • New production equipment installed: • Flexographic printing press • Vacuum metallising machine • Flexo printing plates preparation equipment • Production started (all three lines) in January 2005 • Capex to date – ca. 20.5 million PLN

  16. KĘTY TYCHY ACQUISITION Gravure printing (center) Lamination (back up) Al. foil Gravure printing cylinders Flexo printing (back up) Gravure printing (back up) Lamination (center) Metallisation PE film Flexo printing plates Flexo printing (center) Lamination (center - back up) Revised flexo strategy – business model

  17. Revised flexo strategy – action plan

  18. Revised flexo strategy - explanation

  19. Transaction plan

  20. New company planned results vs. 2005 budgetary estimates

  21. Registration of Metalplast Deutschland GmbH

  22. Aluminium Systems Segment

  23. Metalplast-SPB - Petersburg Metalplast-RUS Metalplast-DW -Władywostok Metalplast-Bielsko SA Metalplast-Ukraina Metalplast-Zalur Current model of distribution network of ASS

  24. Aluminium Systems Segment – new distribution facility Project description • Equity - 25 000 EURO • Localisation – Düsseldorf (Germany) • Business goal – to organize an efficient distribution network of aluminium architectural systems on German market • Forecasted sales in 2005 – ca. 1 000 000 EURO

  25. THANK YOUWarsaw, February 2005

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