ING 12 th Annual EMEA Forum Asseco Capital Group Overview. Prague December 2 nd -3 rd 2009

Transcription

1 ING 12 th Annual EMEA Forum Asseco Capital Group Overview Prague December 2 nd -3 rd 2009

2 Agenda General Information Financial Highlights Acquisition Update Financial Appendix 2

3 General Information Who we are COMPANY PROFILE Leading IT company in CEE STOCK INFO mln PLN mln EUR Growing company with strong foundation Presence in 16 European countries over 8000 employees Diversified business profile Concentrated on proprietary software and services Market cap.* Free float Ave. daily turnover** No of shares * As on November 20th 2009 ** 3 month average SHAREHOLDERS Strong financials with great track record 2008 net earnings of PLN 322m Positive cash position Double digit EPS growth Free float approx. 55.5% Adam Góral 10.4% Treasury shares 12.0% ING OFE 7.2% Pioneer TFI >5% CU OFE BPH CU WBK 9.9% 3

4 General Information Asseco in Europe Consolidation process No. 1 in Central Europe Consolidation process No. 1 in Poland Consolidation process No. 1 in SEE 4

5 Business Structure in Poland Financial Sector Banks Insurance Companies Brokers Mutual, Hedge and Pension Funds General Business Sector Energy Gas Utilities Telecommunication Production and Trade Public Sector Social Insurances Central Administration Local Administration Heathcare General Business / ERP Hardware and Infrastructure 5

6 Asseco among Top European IT Companies Rank Company Country Software Revenues in 2008 (mln EUR) Total Revenues (mln EUR) 1 SAP DE , ,0 2 Sage UK 1 360, ,0 3 DASSAULT SYSTEMS FR 1 334, ,8 4 Software AG DE 718,2 720,6 5 Asseco Poland SA PL 432,0 792,4 6 Unit4 Agresso NL 393,6 393,6 7 Autonomy UK 362,0 362,0 8 Visma NO 360,4 360,4 9 Misys UK 350,4 700,7 10 SOPRA GROUP - AXWAY FR 312, ,5 Source: Ranking TOP100 EUROPEAN SOFTWARE VENDORS - Truffle 100, published on November 3rd 2009 by CXP 6

7 General Information Strategy BUSINESS High quality proprietary products and services Business diversification Complementary product offer INVESTMENTS Pan-European IT Group Strong regional structures Federation model FINANCIALS Double digit EBIT and EBITDA margins Low debt policy 20-40% dividend policy 7

8 Agenda General Information Financial Highlights Acquisition Update Financial Appendix 8

9 Financial Highlights 1-3Q 2009* Revenues Proprietary Software & Services % % 1177 I-IIIQ 2008 I-IIIQ 2009 I-IIIQ 2008 I-IIIQ 2009 EBITDA EBIT Net Profit +22% +39% % % % 279 I-IIIQ 2008 I-IIIQ 2009 I-IIIQ 2008 I-IIIQ 2009 I-III 2008 reported/adjusted I-III 2009 reported/adjusted * Data in PLN million; Net Profit adjusted for one-off transactions 9

10 Financial Highlights 1-3Q 2009 Revenues Structure BY PRODUCTS* BY MARKET SEGMENTS* Proprietary Software & Services 1,177 / 56% / +21% Banking & Finance 790 / 37% / 0% Third Party Software & Services 371 / 18% / -5% TOTAL 2,115 Hardware & Infrastructure 343 / 16% / -17% TOTAL 2,115 General Business 784 / 37% / +27% Outsourcing 129 / 6%/ +79% Telco 83 / 4% / +46% Other 12 / 1% / -20% Public Sector 541 / 26% / +5% * Data in PLN million / % share in total revenue in 1-3Q 2009 / % change in comparison to 1-3Q

11 Financial Highlights 1-3Q 2009 Regional Structure REVENUES* EBIT CONTRIBUTION** Poland 1,170 / 55% Poland 312 / 79% TOTAL 2,115 Slovakia, Czech, Austria 392 / 19% SEE 306 / 14% TOTAL 392 Asseco Poland 242/62% Asseco Business Solutions 18/5% ABG 40/10% Asseco Systems 7/2% Other 5/1% Adjustment -4/1% Slovakia, Czech,Austria 35 / 9% SEE 38 / 10% Germany 106 / 5% Germany 5 / 1% Other 141 / 7% Other 6 / 1% * Data in PLN million / % share in 1-3Q 2009 revenues ** Data in PLN million / % share in EBIT contribution in 1-3Q

12 Financial Highlights Other Information* FINANCIAL LIQUIDITY Asseco Poland Asseco Capital Group Long & short term bank loans (67,9) (171,8) Cash & cash equivalents 41,7 361,7 Net cash (26,2) 189,9 Receivables 151,1 501,2 Liabilities (79,3) (269,2) Inventories 2,3 66,2 Balance 47,9 488,1 including: ASEE 152,0 Asseco Slovakia 79,1 Asseco Poland - 41,7 ABS 38,3 ABG 5,1 Other 45,5 DIVIDENDS RECEIVED Dividend received by Asseco Asseco Slovakia 19,1 Combidata 6,6 ZUI Novum 1,2 Booked in 1Q 2009 ABG 25,0 Asseco Business Solutions 6,5 ADH Soft 0,2 Booked in 2Q 2009 TOTAL 58,7 * Data in PLN million; as on September 30th

13 Financial Highlights 1-3Q Results + Order Backlog for 4Q 2009* Revenues (cons.)* 102%** Proprietary Software & Services (cons.)* 111%** backlog backlog Revenues (ind.)* Proprietary Software & Services (ind.)* +111% 99%** % 118%** backlog backlog * Data as on November 10th 2009; data in PLN million ** % in comparision to 2008 full year results 13

14 Financial Highlights Headcount* BY REGIONS BY TYPE Poland 4,561 / 57% Management 122 / 1.5% Slovakia, Czech, Austria 1,857 / 23% IT Support 905 / 11% TOTAL 8,052 SEE 894 / 11% Germany 297 / 4% Other 273 / 3% Spain 170 / 2% TOTAL 8,052 Sales 623 / 8% Back Office 974 / 12% Other 129 / 1.5% Software Development / 66% * As on September 30th 2009 / % share in total headcount 14

15 Agenda General Information Financial Highlights Acquisition Update Financial Appendix 15

16 Acquisition Update M&A Policy ASSECO POLICY Federation model Management commitment Continuation of subsidiaries strategies Operations based on solid and transparent basis ASSECO OPPORTUNITIES New distribution channels Cross selling and software development initiatives Exchange of know-how and technology POTENTIAL TARGETS S&M companies Software/client oriented Reliable management Profitable MEMBERSHIP OPPORTUNITIES Partnership in a strong international group Strong financial capacity Recognized brand Human potential of aprox employees 16

17 Recent Acquisitions Asseco Poland OTAGO Purchase of 95% Total transaction costs of PLN 26m Software for municipal sector New competences in Asseco Group 2008 annual results: revenues PLN 8m, NP PLN 3.3m 17

18 Recent Acquisitions Asseco Northern Europe IT PRACTICE A/S Purchase of 51.65% + option for additional 3.35% Total and max. transaction costs of DKK 73.7m (approx. PLN 41m) Top level IT consulting Main clients: Nykredit, PBS, Nordea, NovoZymes, Experian, JP Morgan Chase & Co, ING Bank 84 people, 2008 annual results: revenues DKK 127m, NP DKK 18m Minorities to be SWAP ed to Asseco Northern Europe stake 18

19 Recent Acquisitions Asseco South Western Europe TERMINAL SYSTEMS SA Purchase of 85% stake Total transaction costs of EUR 3.95m Software for transportation companies New competences in Asseco Group Main client IBERIA 19 people, 2008 annual results: revenues EUR 2.2m EUR, NP EUR 0.8mR Minorities to be SWAP ed to Asseco South Western Europe stake 19

20 Acquisition Update Further Development Plans Open negotiations : 1 Scandinavian comp. software/services 2 Italian comp. software/services/integration 3 Spanish comp. ERP/services/integration 1 Swiss comp. software/services Further acquisitions within the Group: Asseco Central Europe 2 Hungarian comp. software/services Asseco South Eastern Europe 1 Romanian comp. software/services 1 Croatian comp. integration 1 Turkish comp. software/services 20

21 Agenda General Information Financial Highlights Acquisition Update Financial Appendix 21

22 Financial Appendix Consolidated Income Statement in PLN thousands 1-3Q Q 2008 Sales revenues % Gross profit on sales % Selling expenses ( ) ( ) +12% General administrative expenses ( ) ( ) +12% Other operating income % Other operating expenses (7 082) (6 961) +2% Operating profit % Financial income % Financial expenses (71 358) ( ) -57% Share in profits of associated companies % Gain (loss) on disposal and dillution of shareholdings in associated companies (3 153) % Pre tax profit % Net profit for the shareholders of Asseco Poland % EPS (in PLN) % 22

23 Financial Appendix Consolidated Balance Sheet in PLN thousands Fixed assets 4 312, ,0 1% including: Intangible asstes 2 729, ,7 4% Goodwill from consolidation 1 077, ,8-11% Current assets 1 243, ,6-14% including: Trade accounts receivable 471,7 629,9-25% Cash and short term deposits 361,7 451,8-20% Total assets 5 555, ,6-3% in PLN thousands Shareholders equity 4 266, ,8 13% Long-term liabilities 393,7 802,6-51% including: Interest-bearing bank credits, loans and debt securities 36,9 88,5-58% Long-term financial liabilities 219,2 578,3-62% Current liabilities 895, ,2-22% including: Interest-bearing bank credits, loans and debt securities 134,9 103,8 30% Trade accounts payable 188,1 219,0-14% Financial liabilities 98,3 113,9-14% Total shareholders equity and liabilities 5 555, ,6-3% 23

24 Financial Appendix Margins Analisys Asseco Capital Group 1-3Q Q Gross margin 35% 35% 35% 34% EBITDA margin 22% 21% 21% 21% Operating profit margin 19% 18% 18% 18% Net profit margin (with minorities) 15% 15% 15% 15% Net profit margin (after minorites) 13% 12% 12% 12% Asseco Poland 1-3Q Q Gross margin 45% 46% 45% 43% EBITDA margin 39% 37% 35% 33% Operating profit margin 34% 33% 32% 30% Net profit margin 37% 30% 29% 24% 24