Action SA (WAR:ACTN)

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ACTION S.A. is one of the largest IT distributors and computer hardware manufacturers in Poland. The Company was established in 1991 and has been listed at the Warsaw Stock Exchange (GPW) since 2006. It is also a member of the Association of Stock Exchange Issuers (SEG). "Parkiet", a renowned Polish stock exchange daily, ranked ACTION S.A. among the best debutants of 2006. It still remains one of the most dynamically developing players of the IT industry listed at GPW. From the very start, the Company follows the rules of Corporate Governance.

Its operations are aimed to ensure that the forecasts presented to shareholders are met. Over the entire financial year 2007/2008, the Company is to generate nearly 2.3 billion zloty revenue and plans to attain a net profit of 30.5 million zloty. That will allow improving the profit margin from 1.23% in 2006/2007 to 1.35% and shall mean an annual increase of the sales revenue by over one fourth as well as an almost 40 per cent net profit improvement.

A distributor for more than 250 manufacturers, ACTION S.A. sells products of the largest global vendors as well as several ranges of its private brands: Actina, ActiveJet (such as desktop PCs, servers, monitors, notebooks, MP3 players or power supply units).

ACTION is also the owner of a.pl, an ecommerce site which sells a variety of categories of goods online, including food, stationery and office equipment, pet products, consumer electronics and wine, a total to 12,000 different items on offer today.

As one of the market leaders in IT distribution, the ACTION S.A. Group is also the largest manufacturer and the primary supplier of high-performance servers in Poland. Clusters of servers of a huge computing power are usually purchased by academic institutions, such as technical universities or computing and networking centres. The customers of the ACTION S.A. Group include both retailers and corporate buyers. The Company has a long history of successful participation in public tenders for large-scale computer hardware deliveries.

The Group also includes Sferis, a popular computer equipment retail chain, which has recently started offering Orange mobile telephony services. At present, Sferis (PTR) is a subsidiary of ACTION and runs 56 of its own shops. The target size of the chain is 250 shops, a hundred of which is to offer mobile products and services, as planned until 2012. Construction of a franchise chain is to begin early next calendar year. The future plans for Sferis include its introduction to the stock exchange.

In addition, ACTION S.A. co-operates with a chain of associated independent computer shops associated under the brand of SFK (Solidna Firma Komputerowa - 'Reliable Computer Firm').

The ACTION S.A. Group has been active on the rapidly growing Ukrainian market for almost four year now and continues to develop its white goods and consumer electronics business there, which has already brought encouraging results in the recent quarters. In the second half of 2008 two megastores of the Shock chain were opened in Kharkov and in Rovno, which extended the commercial base of the Company in Ukraine to 16 locations.

As an undoubtedly vital development for a distributor, a new warehouse was built and commissioned for Action in Zamienie near Warsaw in 2007. The new warehouse has an area of 4,500 sqm, which increased the total storage area used by the Company to 11,500 sqm. However, the fast pace of its growth requires a further expansion of warehouse facilities. A new storage level is to be added to the original warehouse, increasing the existing space by another 6,500 sqm and doubling its efficiency. The dispatch part of the warehouse is going to be upgraded soon as well, contributing another 2,500 sqm of new area.

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