solutions for demanding business Asseco Group Results H1 2013

Transcription

1

2 Asseco Group Results H Warsaw, 26 August

3 Consolidated Financial Highlights for H PLN 2,784 m Sales revenues +4% PLN 2,182 m Proprietary software and services +7% PLN 420 m EBITDA +1% PLN 328 m EBIT -2% PLN 180 m Net profit -8% PLN 5,176 m Order backlog for % 3

4 Stable Growth and Structure of Sales Revenues Foreign markets 71% 73% 77% 78% Poland 29% Sales revenues PLN 2,784 m +4% 67% 1,701 2,043 2, H H H H Sales of proprietary software and services (in PLN millions) Poland +6% Foreign markets +4% 4

5 Contracts Signed in H Banking and Finance 957 Public Administration 758 Number of contracts signed in H ,136 Enterprises 421 1) Asseco Group, excluding retail products. The figures include contracts, orders and annexes. 5

6 Key Challenges Consistent Implementation of the Strategy Organic growth Maintaining the operating margin at a stable level Continued cooperation with the key clients of Asseco Poland Investing in R&D of the most promising products of Asseco Group Expansion through acquisitions Focusing on Emerging Markets R-Style Softlab and Onyx Consulting (presently Asseco Georgia) the first step in building Asseco Eastern Europe Research and analysis of the African market: completed process of the Ethiopian market research visits of representatives of business and public administration of Ethiopia in Poland due-diligence of selected companies entering into negotiations with selected entities 6

7 Orange Group Vendors Consolidation 2 Asseco Poland has been chosen as a strategic partner of Telekomunikacja Polska and ORANGE under their VC2 program A significant increase in the scope of services provided to this client Asseco Poland will be responsible for the area of BSS FIX at Telekomunikacja Polska: CRM systems Billing EAI (Enterprise Application Integration) An additional agreement for full outsourcing of a billing system (fixed-line telephony) 7

8 Consolidated Orders Backlog for 2013 In comparison to order backlog presented in August 2012 Sales revenue +6% Proprietary software and services +10% Figures in PLN millions; Order backlog for 2012 as of 20 August 2012; ; Orders backlog for 2013 as of 16 August

9 Financial Information 8

10 Own Product Revenues Grow by 7%, EBIT Remains Stable (non-) H H Δ H non- H non- Δ non- Sales revenues 2, , % 2, , % Proprietary software and services 2, , % 2, , % Gross profit (loss) on sales % Gross profit margin 26% 27% -1 p.p. Distribution costs % General administrative expenses % Other operating activities % Operating profit % % Operating profit margin 12% 13% -1 p.p. 14% 14% -1 p.p. EBITDA % % EBITDA margin 15% 16% -1 p.p. 15% 16% -1 p.p. Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, as well as iii) for the costs of equity-settled employee payment transactions 9

11 Own Product Revenues Grow by 5%, EBIT Remains Stable (non-) Q Q Δ Q non- Q non- Δ non- Sales revenues 1, , % 1, , % Proprietary software and services 1, , % 1, , % Gross profit (loss) on sales % Gross profit margin 26% 26% -1 p.p. Distribution costs % General administrative expenses % Other operating activities % Operating profit % % Operating profit margin 11% 12% -1 p.p. 13% 14% -1 p.p. EBITDA % % EBITDA margin 14% 15% 0 p.p. 15% 15% -1 p.p. Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, as well as iii) for the costs of equity-settled employee payment transactions 10

12 Strong Growth in Revenues from Proprietary Software and Services Sales revenues Change H vs H Proprietary software and services Operating profit (non-) Operating profit margin (non-) H Change H vs H Polish market +6% +5% -1% 24% -1.6 p.p. Israeli market* +6% +11% 0% 9% -0.6 p.p. Slovak market -3% -2% -17% 14% -2.5 p.p. Balkan market -4% 0% -23% 9% -2.2 p.p. Other markets +7% +4% +64% 6% +2.0 p.p. Total +4% +7% -2% 14% -0.9 p.p. * Figures for 2012 include the financial results of Sapiens as from February Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, as well as iii) for the costs of equity-settled employee payment transactions 11

13 Reconciliation of Operating Profit and Net Profit H H Δ H non- H non- Δ non- Operating profit % % Interest expense Foreign currency transactions Other of which: results of transactions associated with company acquisitions regained control over Sapiens Int Pre-tax profit % % Income tax % % Share in profits/losses of associates % % Net profit % % Net profit attributable to shareholders of the parent company % % Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, iii) for the costs of equity-settled employee payment transactions, as well as iv) for the results of transactions associated with a business combination 12

14 Reconciliation of Operating Profit and Net Profit Q Q Δ Q non- Q non- Δ non- Operating profit % % Interest expense Foreign currency transactions Other of which: results of transactions associated with company acquisitions regained control over Sapiens Int Pre-tax profit % % Income tax % % Share in profits/losses of associates % % Net profit % % Net profit attributable to shareholders of the parent company % % Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, iii) for the costs of equity-settled employee payment transactions, as well as iv) for the results of transactions associated with a business combination 13

15 Generated Cash Flows Asseco Group Asseco Poland H H H H CFO CAPEX Free cash flow Cash conversion* 80% 62% 79% 32% * Free cash flow / non- EBIT Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, as well as iii) for the costs of equity-settled employee payment transactions 14

16 Stable Liquidity Position (Asseco Poland) As at 30 June 2013 ST LT Cash and financial assets Debt and finance lease: Bank loans Assets serving as bank loan collateral* Finance lease liabilities Net cash (ST) 89.7 Net operating assets (ST) Available bank loan facilities Figures in PLN millions * The book value of real estate serving as security for a bank loan: PLN million; the amount of loan secured with real estate: PLN million 15

17 Appendix 16

18 Consolidated Sales Revenues by Products and Sectors H % H % Proprietary software and services 2, % 2,043 2,784 11% 11% Third-party software and services % 294 Hardware and infrastructure % 324 Other sales % 6 Sales revenues 2, % 2,667 35% Banking and Finance % % 2,784 39% Enterprises 1, % 1,161 Public Institutions % 622 Sales revenues 2, % 2,667 Figures in PLN millions 17

19 Financial Results of Subsidiaries* Sales revenues Operating profit Net profit H H H H H H Poland** Asseco Poland Asseco Business Solutions Other Consolidation eliminations Formula Group 1, , Matrix IT Magic Software Sapiens Int Asseco Central Europe Group Asseco South Eastern Europe Group Western Europe Other * Financial results for the periods consolidated by Asseco Poland. ** Net profit excluding dividends to be recognized as income of Asseco Poland. 18

20 Own Product Revenues Grow by 7%, EBIT Remains Stable (non-) 9.1: costs of equity-settled employee payment transactions 39.9: amortization charges on intangible assets recognized from a business combination 9.1: costs of equity-settled employee payment transactions 37.3: amortization charges on intangible assets recognized from a business combination 12.5: costs of equity-settled employee payment transactions 12.5: costs of equity-settled employee payment transactions H H non- H adjustment adjustment H non- Δ Δ non- Sales revenues 2, , , , % +4% Proprietary software and services 2, , , , % +7% Gross profit (loss) on sales % Gross profit margin 26% 27% -1 p.p. Distribution costs % General administrative expenses % Other operating activities % Operating profit % -2% Operating profit margin 12% 14% 13% 14% -1 p.p. -1 p.p. EBITDA % 0% EBITDA margin 15% 15% 16% 16% -1 p.p. -1 p.p. Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, as well as iii) for the costs of equity-settled employee payment transactions 19

21 Own Product Revenues Grow by 5%, EBIT Remains Stable (non-) 4.6: costs of equity-settled employee payment transactions 19.9: amortization charges on intangible assets recognized from a business combination 4.6: costs of equity-settled employee payment transactions 20.0: amortization charges on intangible assets recognized from a business combination 6.5: costs of equity-settled employee payment transactions 6.5: costs of equity-settled employee payment transactions Q Q non- Q adjustment adjustment Q non- Δ Δ non- Sales revenues 1, , , , % +3% Proprietary software and services 1, , , , % +5% Gross profit (loss) on sales % Gross profit margin 26% 26% -1 p.p. Distribution costs % General administrative expenses % Other operating activities % Operating profit % -3% Operating profit margin 11% 13% 12% 14% -1 p.p. -1 p.p. EBITDA % -1% EBITDA margin 14% 15% 15% 15% 0 p.p. -1 p.p. Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, as well as iii) for the costs of equity-settled employee payment transactions 20

22 Reconciliation of Operating Profit and Net Profit H H non- H adjustment adjustment H non- Operating profit % -2% Interest expense Foreign currency transactions Other Δ Δ non- of which: results of transactions associated with company acquisitions regained control over Sapiens Int Pre-tax profit % -8% Income tax % +8% Share in profits/losses of associates % +16% Net profit % -12% Net profit attributable to shareholders of the parent company % -4% Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, iii) for the costs of equity-settled employee payment transactions, as well as iv) for the results of transactions associated with a business combination 21

23 Reconciliation of Operating Profit and Net Profit Q Q non- Q adjustment adjustment Q non- Operating profit % -3% Interest expense Foreign currency transactions Other Δ Δ non- of which: results of transactions associated with company acquisitions regained control over Sapiens Int Pre-tax profit % -10% Income tax % +16% Share in profits/losses of associates % +400% Net profit % -14% Net profit attributable to shareholders of the parent company % -6% Figures in PLN millions Non- figures include adjustments: i) for income recognized from a business combination, ii) for amortization charges on intangible assets recognized from a business combination, iii) for the costs of equity-settled employee payment transactions, as well as iv) for the results of transactions associated with a business combination 22

24 Thank you 23

25