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Annual Review 2012

Your world, our light

LUG S.A. Capital Group is among the leading manufacturers of lighting fixtures. LUG Company is active in professional lighting segment – specializes in the production of industrial and decorative luminaires for interior and exterior illumination of buildings.

LUG evolved from small local business to the international group, which creates innovative products and projects in the area of lighting technology, generates over 100 million zloty revenues per year and operates on 52 markets.

LUG Company designs and supplies lighting fixtures that are environmentally friendly throughout the life cycle. For this purpose, range of LUG products is constantly replenished by luminaries, whose fundamental objective is energy efficiency.

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The Management Board of LUG S.A. is made up of top-class managers, enthusiasts with very extensive experience in the lighting industry. Performing their functions, Members of the Management Board follow the principles laid down in the Good Practices of Companies Listed in the Alternative Trading System, Management Board Regulations, and LUG S.A. Statute.

In implementing the company’s strategy, the Management Board is supported by the Supervisory Board composed of leaders in various areas of business who supervise all of the company’s operations.

LUG S.A. Capital Group is thus managed and supervised by committed professionals, in compliance with the principles of transparency and corporate governance.

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A Letter from the President of LUG S.A. Management Board

"2012 has been a good year for LUG S.A. Capital Group in many ways. We have invested a lot of energy in increasing our presence on the international lighting market, and our efforts have delivered a 50-percent share of exports in our sales structure, as well as completion of the registration process of our new foreign representative offices – in Paris and the United Arab Emirates.” Our global expansion in 2012 has also been reflected in the establishment of a new subsidiary, LUG do Brazil Ltda., which has become our gateway into the South American market."

Ryszard Wtorkowski,
President of LUG S.A. Management Board

A Letter of the President
[ 768 kb PDF ]

Specialization and professionalism in the Group

LUG was first established in 1989 as a civil law partnership. Today LUG is a strong capital group of specialised companies delivering a range of business functions in the professional lighting industry.

The Group’s parent company is LUG S.A., performing management and control functions with respect to other Group members. Since November 2007, LUG S.A. has been listed on the NewConnect market administered by the Warsaw Stock Exchange (Giełda Papierów Wartościowych S.A.).

LUG S.A. Capital Group also includes the following subsidiaries: LUG Light Factory Sp. z o.o., LUG GmbH, LUG do Brazil Ltda. and TOW LUG Ukraina.

[ 767 kb PDF ]
  • Who are we
  • Management
  • A Letter from the President
  • Capital Group
[ 9 MB PDF ]

LUG in 2012

  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December

Site Acquisition for a New Plant

In January 2012, LUG Light Factory purchased a 2.4ha estate in Lubuski Industry and Technology Park in Nowy Kisielin, where it is planning to build a plant manufacturing electronic components. The area is part of the Kostrzyń-Słubice Special Economic Zone.

Commercial Representative Office in the United Arab Emirates

LUG S.A. Capital Group has completed the registration of a LUG Light Factory Sp. z o.o. trade office in the Ajman Free Zone. The office is located within the economic zone in Ajman, near Dubai, United Arab Emirates.

Golden Website 2012 Finals

LUG S.A.’s website and its investor relations have been appreciated by the jury, who selected the company from among the 54 issuers which made it to Stage Two.

Flash DQ Brand Debut

In April 2012, during LIGHT+BUILDING, the biggest trade fair in the lighting industry held in Frankfurt am Main, LUG presented a new brand of its exclusive lighting fixtures. Flash DQ is a new line of lighting solutions targeted at architects and designers looking for a synergy between supreme quality and sophisticated design. The brand’s debut was a great success.

Business Swallow 2012

LUG Light Factory received the Business Swallow 2012 statuette, symbolising the Economic Award of the President of Zielona Góra. The company was presented the award in recognition of the fact that its activities not only take international markets by storm, but also contribute to the development of Zielona Góra and local communities.

Expansion on the Brazilian market

In June 2012, LUG S.A. Capital Group celebrated the completed registration procedure of its new subsidiary, LUG do Brazil - Artigos de Iluminação Ltda. (LUG do Brazil Ltda.) began the process of expansion on the Brazilian market and development of its operations throughout South America.

Dividend for LUG S.A. Shareholders

The General Meeting of LUG S.A. Shareholders adopted a resolution on the distribution of the first dividend since the company was listed on the stock exchange. In accordance with the resolution, a dividend of PLN 0.01 per share was paid out on 11 October 2012.

TOP PICK on the NewConnect Market

In the second issue of the TOP PICK report, Infinity8 analysts identified LUG S.A. as one of the three most interesting companies in the Alternative Trading System. The company gained recognition for its dynamic performance, innovativeness of its products, and plans for building a new production plant.

Extraordinary General Meeting of Shareholders

On 28 September 2012, the Extraordinary General Meeting of Shareholders voted on a resolution concerning a reverse split of the Issuer’s stock. The Shareholders unanimously adopted the reverse split programme proposed by LUG S.A. Management Board.

Trade representation in France

LUG Light Factory finalised the formal procedure of registering its trade representation in Paris, the capital of France. As a result, the business activities of LUG S.A. Capital Group have legally been established as part of its strategy of expansion on European markets.

LUG S.A. Reverse Stock Split

In November 2012, LUG performed a reverse stock split resulting in an increase in the nominal value per share and a proportional reduction in their number. A Knowledge Centre was launched for shareholders and investors, providing detailed information concerning the process.


In December 2012, LUG S.A. Capital Group purchased a new production line for SMD assembly which will enable the manufacture of LED components already in 2013. In the spring of 2013, work began at the existing LUG plant to add an extension of 700m2.



  • FORECASTS 2013
  • Graph

    Revenue from sales



    LUG S.A. Capital Group closed the year 2012 with a revenue of PLN 101.96 million – a result 8 percent higher than a year ago, and 31 percent higher than in 2010.

  • Graph

    Revenue structure by source


    LUG S.A. Capital Group has consistently been increasing the share of imports in its sales volume – from 33 percent in 2009 up to 50 percent in 2012. This trend will continue in the years to come.

  • Graph

    Revenue structure by fixture segment


    In 2012, the structure of sales by fixture segment was similar to that in previous years. The majority of revenue comes from the sale of indoor illumination, and nearly ¼ from outdoor fixtures.

  • Graph

    Revenue structure by geography


    In 2012, half of LUG S.A. Capital Group’s revenue came from sales on foreign markets. The main markets on which the Company operates are the countries of Western, Central and Eastern Europe, where 44% of its revenue is generated.

  • Graph

    Gross profit from sales


    In 2012, gross profit from sales displayed an upward trend. The level of PLN 28.22 million achieved in 2012 was higher y/y by PLN 0.5 million.

  • Graph




    In 2012, the operating profit was PLN 2.89 million. EBIT was critically affected by the fears of crisis which had a negative impact on the lighting industry in Poland.

  • Graph




    In 2012, the operating profit after depreciation amounted to PLN 6.17 million, and was lower by 32.66 percent than the year before, but higher by 16.63 percent than in 2010.

  • Graph

    Net profit



    Despite the harsh market conditions, LUG S.A. Capital Group generated a net profit of PLN 3.05 million. The company’s net profitability in 2012 amounted to 2.99 percent.

  • Graph

    Revenue from sales


    Forecasts based on the portfolio of projects and development directions anticipate an 8 percent increase in revenue from sales in 2013. This will mainly be achieved in export markets.

  • Graph



    The forecast for 2013 predicts improved profitability and an operating profit of PLN 5.3 million, representing an increase of 69 percent year to year.

  • Graph



    According to the forecast for 2013, operating profit increased by depreciation will demonstrate positive dynamics at the level of 38 percent y/y, exceeding PLN 8.8 million in 2013.

  • Graph

    Net profit


    In 2013, LUG S.A. Capital Group expects to generate a net profit of PLN 3.6 million and thus improve last year’s results by 19 percent.

  • Graph



    Employment at LUG S.A. Capital Group increased in 2012 by 50 persons y/y. As on 31 December 2012, the company created a total of 429 jobs.

  • Graph

    Employment by gender


    LUG S.A. Capital Group places special emphasis on balanced participation of men and women in its employment structure. The principle of gender balance is also promoted in the company’s management and supervisory bodies.

LUG result
Excel data
[ 39.5 kb XLS ]

business environment

The share of lighting in total global electricity consumption


Electricity consumed for lighting:


The key drivers for development of general lighting sector is energy efficiency. Currently lighting is responsible for 19 percent of total global electricity use and individual segments of objects spend from 15 to 50 percent electricity consumption for lighting. It creates a huge potential for energy-efficient systems and LED technology.

The major market segment of global lighting industry: 2010 v. 2020


Source: "Lightin the way: Perspectives on the global lighting market", McKinsey & Company, 2011r.

General lighting is the dominant market segment, with total market revenues of approximately EUR 52 billion in 2010, which represents close to a 75 percent share of the total lighting market. This is expected to rise to some EUR 88 billion by 2020 – approximately 80 percent of the total lighting market.

European sector of general lighting
in 2010 and 2020


Source: "Lightin the way: Perspectives on the global lighting market", McKinsey & Company, 2011r.

European lighting sector is characterized by:
- an international reputation
- high level of innovation
- fragmentation
- approximately 150 000 employes
- European general lighting sector revenues of EUR 16 (2010r.)

Schedule of phase-out conventional bulbs


All over the world the traditional energy-consuming light bulbs are being phased out in favor of new, efficient and environmentally friendly lighting technology. In addition, Europe is positively driven by the objectives of the strategy "Europe 2020", such as improving energy efficiency by 20% by 2020.

LED lighting shares in global general lighting sector [EUR billions]


Source: "Lightin the way: Perspectives on the global lighting market", McKinsey & Company, 2011r.

LED lighting is the most energy-efficient, versatile and fastest growing technology in the lighting industry. It is based on light-emitting materials semiconductor devices that convert electrical energy into light.

Potential energy savings using LED technology


Source: "Lighting the clean revolution. The rise of LEDs and what it means for cities", The Climate Group, June 2012.

LEDs achieve the expected 50-70 percent energy savings, and reach up to 80 percent savings when coupled with smart controls.

LUG around the world

  • Capital
    LUG S.A.
  • LUG
  • LUG
    in Poland
  • LUG around
    the world
  • LUG sales
Capital Group LUG S.A. operates based on five specialized subsidiaries.
LUG S.A. LUG Light Factory Sp. z o.o. LUG GmbH LUG do Brazil Ltda. T.O.W. LUG Ukraina
LUG is among the leading international manufacturers of professional luminaries.
markets of operations
branches in Poland
international commercial offices
LUG headquarters is in Zielona Góra. The company has also a network of regional offices in the major Polish cities.









LUG cooperates with the best architectural studios and implement the most prestigious lighting projects around the world through its representative offices.






Sao Paulo

The strategy of the LUG SA Capital Group involves expanding into foreign markets and to increase the share of exports in sales revenues.
50 / 50
Domestic and export shares
in total revenues
export growth 2012/2011
growth in domestic sales 2012/2011
World map

Zielona Góra

LUG Light Factory Sp. z o.o.

ul. Gorzowska 11, 65-127 Zielona Góra

Tel. +48 68 45 33 200 | Fax +48 68 45 33 201 |



Warszawa LUG Light Factory Office

al. Jana Pawla II 11 pok.605, 00-828 Warszawa

Tel. +48 68 45 33 208 | Fax +48 68 45 33 209



Germany LUG Gmbh

Westhafenstrasse 1

13353 Berlin, Deutschland



France LUG Light Factory Ltd. Office

66 ave. Champs-Elysées

75008 Paris, France

Tel. +33 602 189 016 | GSM +48 503 158 119

United Kingdom


England LUG Light Factory Ltd. Office

Building 3 Chiswick Park

566 Chiswick High Road

W4 5YA London, UK

Tel. +44 208 899 6090 | DDI +44 208 899 6091 | Mob. +44 792 792 1618



UAE LUG Light Factory Ltd. Office

Branch in United Arab Emirates

(BFC) Ajman Free Zone Authority

Building C1, Office # C1-1312E

PO Box # 21152 Ajman Free Zone, U.A.E.

Mob. +971 50 1157242


Sao Paulo

LUG do Brazil Artigos de iluminação Ltda

Rua Fidêncio Ramos, 223, 3

Andar – Vila Olimpia

São Paulo, 04551-010, Brasil

Mob. +971 50 1157242


  • portfolio
  • projects
  • events
  • awards
      • Image


        The LUG brand is the basic product line of LUG S.A. Capital Group.

        LUG lighting fixtures are used in the professional segment for outdoor and indoor illumination of public buildings, industrial facilities, architectural structures, and other projects.

      • Image

        Flash DQ

        Flash DQ is a synonym of sophisticated lighting for sophisticated people.

        The Flash DQ brand is targeted at architects, interior and lighting designers looking for a synergy between high-quality workmanship, unique design and state-of-the-art technology.

      • Image

        LUG & LED

        LED fixtures are a technologically advanced lighting solution offered by LUG.

        Lighting fixtures based on the LED technology enable designers and architects to implement the most technologically advanced illumination projects, taking into account energy efficiency and cost-in-use considerations.

      • Image

        University Library in Katowice

        The modern, 4-storey building of the Main Library of Jan Kochanowski University has been illuminated with LUG lighting fixtures.
        At subsequent stages of the investment project, illumination has also been installed at the Centre for Arts Education and the main building.

      • Image

        Arena Ostróda

        "Arena Ostróda" Warmia and Mazury Fair and Conference Centre is a 3-storey exhibition facility with exceptional functionalities.
        Their achievement has been possible due to the employment of modern technologies, including energy-saving lighting solutions provided by LUG.

      • Image

        "Poland-East" Science and Technology Park

        "Poland-East" Science and Technology Park in Suwałki is one of the most important investment projects in Northeastern Poland over the last few years.
        The facility employs intelligent building technology solutions. The entire Park has been illuminated by LUG.

      • Image

        Footbridge in Rzeszów

        The innovative, round-design footbridge at Cieplińskiego Avenue in Rzeszów is the first facility of its kind in Poland.
        The footbridge is suspended nearly 6 m above ground level. The modern fixtures illuminating this exceptional structure have been supplied by LUG.

      • Image

        Marina Port

        Marina Port is a unique place in downtown Wrocław. Situated on an island, between two historic bridges, it is part of the old-town atmosphere created by the architectural jewels that surround it.
        The exceptional feel of the place is enhanced by LED lighting fixtures provided by LUG.

      • Image

        Czajka Sewage Treatment Plant

        The redevelopment and modernisation of the Czajka Sewage Treatment Plant in Warsaw is one of the largest infrastructural projects of its kind.
        LUG has contributed to successful completion of the investment project by supplying approx. 3,000 industrial lighting fixtures.

      • Image

        Light + Building 2012

        April 2012

        The most prestigious lighting exhibition in Europe – Light + Building 2012 in Frankfurt am Main, Germany.

        Flash DQ brand premiere and debut of LED brand solutions.

      • Image

        LUX LIVE 2012

        November 2012

        The UK’s number one lighting exhibition – LUX LIVE 2012 in London.

        LUG’s unique design and modern lighting solutions were acclaimed by both architects and designers.

      • Image

        Łódź Design Festival 2012

        October 2012

        Poland’s most important international design event and review of achievements of the Polish design industry.

        LUG presented its Flash DQ lighting fixtures.

      • Image

        LUG do Brazil

        April 2013

        Grand opening of the headquarters and showroom of modern lighting solutions offered by LUG in Sao Paulo, Brasil.

        The gala at LUG do Brasil’s headquarters was attended by distinguished guests from the world of architecture, industry and diplomacy.

      • Image

        GOOD DESIGN 2012

        A competition organised by the Institute of Industrial Design

        First Prize for lighting fixture HB 886 in the "Public Space" Category

      • Image

        Business Swallow 2012

        Economic Award of the President of Zielona Góra

        In recognition of the contribution of LUG S.A. Capital Group to the development of Zielona Góra.

      • Image

        First Prize at the International Fair of Lighting Equipment LIGHT

        First Prize for lighting fixture HB 443 in the "Best Product" Category

        Second Prize at the International Fair of Lighting Equipment LIGHT

        Second Prize in the "Best Exhibition Stand" Category



Strategic goal:
Development in line with the idea of energy efficiency and reduction of CO2 emissions

  • R&D Competences

  • Product

  • Technology

  • Business Model

  • Markets and Segments

  • Flash DQ Brand

R&D Competences

Synergy of knowledge, research and trend tracking

  • Financial outlays 2013: approx.
    PLN 2.4 million


Capacity for creativity and innovation

  • New projects 2012: 16
  • Customisation 2012: 593


Youth and experience of our staff

  • Age average: 36 years
  • Post-vocational education: 70%
  • In-house training 2012: 2000 hrs
  • International team


The development of LUG S.A. Capital Group’s offer is based on:

  • LED products
  • Energy-saving lighting systems


Objective 2016:

  • 40% share of LED products in LUG’s sales structure


Technological development in the years 2013-2016:


  1. Expansion of the existing plant and prompt start of the
    manufacturing of electronic components
    Completion date: 2013
    Investment value: approx.
    PLN 2.5 million


  2. Construction of a new plant dedicated to LED technology
    Completion date: 2015
    Investment value: approx.
    PLN 5 million (1st stage)

Business Model

Market trend 2013-2016:

  • Departure from simple sales of fixtures towards comprehensive consultation and sales services


Objectives 2013-2016:

  • LUG consultation and sales centres in the most promising markets: Germany, Russia, France, Great Britain, Middle East, Brazil, Ukraine and Poland

Markets and Segments

Strategic markets:

  • Europe, Russia, Brazil, Poland


Strategic segments:

  • LED, Street lighting, Retail, Office, Hospitality, Healthcare, Education


Objective 2013-2016:

  • Increase in revenue from exports: +100%
  • Increase in revenue from domestic sales: +30%

Flash DQ Brand

Development of Flash DQ brand and new products:

  • New prototypes
  • LED technology
  • High efficiency
  • Supreme quality
  • Elegant design


Objective 2016:

  • 30% share in export sales
  • 10% share in domestic sales
One page strategy
[ 2.8 mb PDF ]
Press release
[ 450 kb PDF ]