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solutions for demanding business
Asseco Group ResultsH1 2015
2Warsaw, 28 August 2015
solutions for demanding business
3
• More than PLN 3.3 billion in sales revenues for H1 2015
- an increase by 13%
• Dynamic expansion in foreign markets
• Streamlining of the Group’s organizational structure
and operations
Asseco Group in H1 2015
solutions for demanding business
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Consolidated financial highlights for H1 2015
PLN 3,305 mSales revenues
+13%
PLN 334 mEBIT
+13%
PLN 138 mNet profit
-25%
PLN 2,722 mProprietary software and services
+16%
PLN 464 mEBITDA
+11%
PLN 6,069 mOrder backlog for 2015
+16%
solutions for demanding business
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Asseco Group - Summary after H1 2015
Group sales revenues PLN 3,305 million
Polish market
PLN 763 m -6%
Israeli market
PLN 1,771 m +29%
Central European market
PLN 236 m +6%
Eastern European market
PLN 42 m
South Eastern European market
PLN 220 m 0%
Western European market
PLN 274 m +16%
5
-7%
Polish marketChanges in the organizational structure and more efficient use of the development potential of Asseco Group. Execution of existing contracts, lower sales in the public sector and infrastructure.
Israeli marketDynamic expansion of Sapiens and Matrix IT primarily in the U.S. market.
Central European market Positive effects of business diversification. Growing sales in the ERP segment.
South Eastern European marketContinued development in the sectors of payment and banking solutions. Higher revenues from proprietary software solutions.
Western European marketEconomic recovery contributes to higher sales in Spain. Stable situation in Germany and Denmark.
Eastern European marketGaining new significant contracts in the banking sector, implementation of existing projects.19% increase in rubles.
solutions for demanding business
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Revenue structure – higher share of foreign operations
77%
23%Sales revenuesPLN 3,305 m
+13%1,901 2,101
2,542
809812
763
H1 2013 H1 2014 H1 2015
Revenues from foreign operations* Revenues from Poland*
* Sales to external customers
+ 5 pp
y/y
solutions for demanding business
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Revenue structure – higher share of own products and services
2,222 2,3442,722
488 569
583
H1 2013 H1 2014 H1 2015
Proprietary software and services Third-party products and services*
82%18%
Sales revenuesPLN 3,305 m
+13%
* This category also includes other products and services
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Revenue structure – strong diversification into sectors
44%
35%
21% Sales revenuesPLN 3,305 m
+13%
+ 4 p.p.
r/r
1,045 1,1621,452
982 1,021
1,156684
731
697
H1 2013 H1 2014 H1 2015
General Business Banking and Finance Public Institutions
solutions for demanding business
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Contracts signed in H1 2015
Banking and Finance1,812
General Business2,159
Public Institutions
925
Number of contracts
signedin H1 2015 1
4,896
1) Asseco Group, excluding retail products. The figures include contracts, orders and annexes.
solutions for demanding business
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General Business sector
Strong sales revenues of Israeli companies (Magic Software, Matrix IT)
Implementation of projects for key customers in Poland (Orange, Polkomtel, Tauron)
New orders in the area of mobile devices and software (Asseco Spain)
Development of the competence center for ERP systems in Central Europe (Asseco Solutions)
986 1,161 1,045 1,1621,452
H1 2011 H1 2012 H1 2013 H1 2014 H1 2015
Sales revenues (in PLN millions)
H1 2015 H1 2014 Change
Polish market 253.0 226.4 +12%
Israeli market 868.0 646.1 +34%
Central European market 106.8 100.3 +7%
South Eastern European market
37.9 35.9 +6%
Western European market 187.0 153.8 +22%
Eastern European market 0.9 0.7 +26%
Asseco Group 1,452.3 1,161.7 +25%
solutions for demanding business
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Banking and Finance sector
Growing sales in the insurance sector (Sapiens)
Improving results of the payment solutions segment in the region of South Eastern Europe
Execution of contracts and gaining new clients in the Russian market (R-Style)
Launching new projects and strengthening the leading position in the banking sector in Poland
783 884 982 1,021 1,156
H1 2011 H1 2012 H1 2013 H1 2014 H1 2015
Sales revenues (in PLN millions)
H1 2015 H1 2014 Change
Polish market 210.1 215.3 -2%
Israeli market 650.0 523.7 +24%
Central European market 43.7 36.9 +18%
South Eastern European market
167.3 151.6 +10%
Western European market 48.6 50.5 -4%
Eastern European market 40.2 44.4 -10%
Asseco Group 1,156.3 1,020.5 +13%
solutions for demanding business
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Public Institutions sector
Reinforcing our position in the sector of IT solutions for agriculture (KRUS, ARMA)
New implementations of Asseco Medical Management Solutions – the AMMS system is already
used by 170 hospitals
Gaining new contracts in Slovakia, weaker sales in the Czech Republic
Possible projects and tenders under the new EU financial perspective for the years 2014 – 2020
572 622 684 731 697
H1 2011 H1 2012 H1 2013 H1 2014 H1 2015
Sales revenues (in PLN millions)
H1 2015 H1 2014 Change
Polish market 303.5 372.6 -19%
Israeli market 252.7 206.7 +22%
Central European market 85.6 85.7 0%
South Eastern European market
15.2 32.8 -54%
Western European market 38.5 33.0 +17%
Eastern European market 1.1 0.0 -
Asseco Group 696.5 730.8 -5%
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In comparison to the order backlog presented in August 2014
Consolidated order backlog for 2015
5,228
6,069
2014 2015
Sales revenues
+16%
4,375 5,115
2014 2015
Proprietary software and services
+17%
Figures in PLN millions; Value of the order backlog for 2015 as at 21 August 2015 Value of the order backlog for 2014 as at 22 August 2014
solutions for demanding business
Streamlining of the Group’s organizational structure and operations:
Insseco and Sapiens
Asseco Western Europe
Asseco Data Systems
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solutions for demanding business
Sale of Insseco – upgrading Sapiens’ competence in the insurance sector
15
solutions for demanding business
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Organizational structure of Formula Systems
50.0% 50.0% 45.6%
IT market leader in Israel Second largest provider of software for the insurance industry
in the world
Global producer of application development platforms
* Excluding Insync Staffing (90%); market capitalization as at 26 August 2015
USD 310 million
USD 351 million
2010
2015
Mar
ket
cap
USD 51 million
USD 531 million
USD 90 million
USD 261 million
Formula Systems*
Matrix IT Sapiens Magic Software
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Sapiens – dynamic growth in the insurance industry
52.2
157.5
2010 2014
Sales revenues (USD m)
6.7
17.0
2010 2014
Operating profit (USD m)
16.2
80.5
2010 2014
Cash and financial assets (USD m)
50.7
531.0*
2010 2015*
Market cap (USD m)
361 employees
2010 2015
1288 employees
70+ customers
2010 2015
150+ customersFigures in compliance with US GAAP; *as at 26 August 2015
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Sapiens and Insseco
Products and Clients
Geographical expansion
Implementation support
Direct access to the know-how of the world’s second largest provider of software and IT services for the insurance industry
Sharing of Sapiens’ knowledge and experience gained with its global key customers, including PartnerRe, Euler Hermes, MetLife, Aegon
Ability to offer the highest quality solutions of Sapiens to other customers in Poland and the CEE region
Strengthening of the market position in Europe
Involvement of experienced Polish experts in the implementation of projects across Europe
Support in software development and testing by IT specialists working in Poland
solutions for demanding business
Asseco Western Europe
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solutions for demanding business
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Organizational structure of Asseco in Western Europe
Asseco Poland
85% 55% 70% 81.34%81.34%45%100%
Asseco South Western Europe
Asseco DACH
Asseco Danmark
Peak Consulting Group
CodeConnexion (Private) Limited
SintagmaAsseco Lietuva
Necomplus
Asseco Spain
65%
70.32%
Matrix 42
97.2%
* Asseco DACH holds 14.99% of its own shares in treasury, Asseco Poland is consolidating Asseco DACH at the level of 99.995%
solutions for demanding business
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Organizational structure of Asseco in Western Europe
Asseco Poland
65% 97.2% 55% 81.34%45%70%70.32%
Asseco Spain
Necomplus Matrix42Asseco
Danmark
Peak Consulting
Group
CodeConnexion (Private)
Limited Sintagma
Asseco Lietuva
81.34%
Asseco Western Europe
100%
Asseco Western Europe
Sales revenues (PLN m)*
498.6EBIT (PLN m)*
36.8Net profit*
22.7Average workforce*
930* Figures for 2014
solutions for demanding business
Asseco Data Systems
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Organizational structure of Asseco in Poland
Asseco Poland
Asseco Systems
ADH Soft
100% 100%100% 46.47% 49% 100%51%60%100%
Combidata ZUI OtagoAsseco
Business Solutions
Postdata SKG ZUI Novum Sigilogic
CK Zeto Łódź
PI Zeto Bydgoszcz
UnizetoTechnologies
100%
100%
100%
solutions for demanding business
Goal
Asseco Data Systems S.A. (combining 6 Polish subsidiaries of Asseco Group) to commence its operating activities from 4 January 2016
→ ADH SOFT
→ CK ZETO Łódź
→ COMBIDATA
→ ZUI OTAGO
→ PI ZETO Bydgoszcz
→ UNIZETO Technologies
Asseco Data Systems S.A.
It will be the company resulting from the transformation of Asseco Systems S.A.
It will be the legal successor of all the above-mentioned entities
It will be registered in Gdynia (but its offices will remain at their existing locations)24
solutions for demanding business
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Strong expertise and many years of experience in the IT sector
Sales revenues (PLN m)
236.1EBIT (PLN m)
30.8Average workforce
884Locations
10
Pro forma plans for 2015
Proprietary applications – standard and customer-tailored software; programming services
Applications and data processing for ZUS and KRUS
ICT Infrastructure solutions
Data Processing Centers
Trainings and platforms for human capital management and e-learning
Electronic signature and security certificates
Mass print-outs and e-mailing
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Asseco Data Systems is a provider of IT products, services and solutions based on proprietary and third-party software, services and ICT infrastructure.
Operating in 10 locations, ADS serves local clients, including enterprises as well as local government organizations and institutions
Asseco Data Systems – brief company profile 1/2
Our offering supplements sectoral solutions provided by Asseco Poland to large companies, corporations and central public institutions
A
A
A
AA
AA
A
A
• It produces standard software packages for local administration, leasing companies as well as dedicated IT systems for customers on the national level
A
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ADS has unique competence in the area of e-document management and is the largest electronic signature center operating in Poland; moreover, it provides mass print-out and e-mailing services
It is a leading provider of training services and web-based platforms for human capital management and e-learning
It provides ICT infrastructure solutions and data processing services
It offers outstanding IT sector expertise along with decades of hands-on experience gathered by nearly a thousand of IT experts and specialists
ADS is a reliable partner in the creation, development and maintenance of information systems and provision of specialized services
Asseco Data Systems – brief company profile 2/2
We combine the flexibility of a local firm with the potential of a large organization
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Organizational structure
ANDRZEJ DOPIERAŁA
Trainings
Human Capital Management
Social InsuranceLocal
AdministrationData Centers
Software and Programming
Services
Mass E-Mailing
Leasing Companies
Electronic Signature
Infrastructure
Marketing
Legal Department
Accounting, Finance,
Controlling
HR
IT
EU Projects
Administration
Quality Management,
Auditing ...
Stanisław Jentczak
Paweł Barchwic
Robert Kobylański
Jarosław Jastrzębski
Daniel Lala
Andrzej Dopierała
Karol Cieślak
solutions for demanding business
Financial information
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solutions for demanding business
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Solid growth in revenues and operating profit
Figures in PLN millions
Non-IFRS figures including adjustments for: i) income recognized in purchase price allocation, ii) amortization charges on intangible assets recognized in purchase price allocation as well as iii) for the costs of share-based payment transactions with employees
H1 2015 H1 2014 Δ Q2 2015 Q2 2014 Δ
Sales revenues 3,305.1 2,913.0 +13% 1,713.1 1,499.1 +14%
Proprietary software and services 2,722.3 2,343.9 +16% 1,400.4 1,201.4 +17%
Gross profit (loss) on sales 803.7 708.2 +13% 414.8 357.4 +16%
Gross profit margin 24.3% 24.3% 0 pp 24.2% 23.8% +0.4 pp
Selling costs -213.4 -180.6 +18% -112.9 -94.7 +19%
General and administrative expenses -247.4 -229.7 +8% -127.0 -110.2 +15%
Other operating activities -9.3 -2.6 - -5.8 -2.0 -
Operating profit 333.6 295.3 +13% 169.1 150.5 +12%
Operating profit margin 10.1% 10.1% 0 pp 9.9% 10.0% -0.2 pp
Operating profit non-IFRS 377.1 344.6 +9% 191.4 173.9 +10%
Operating profit margin non-IFRS 11.4% 11.8% -0.4 pp 11.2% 11.6% -0.4 pp
EBITDA 463.7 418.1 +11% 234.7 213.0 +10%
EBITDA margin 14.0% 14.4% -0.3 pp 13.7% 14.2% -0.5 pp
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Solid growth in revenues and operating profit
Q2 2015 / Change Q2 2015 vs. Q2 2014
Sales revenues**Proprietary software
and services**Operating profit
(non-IFRS)
Polish market 407.2 -5% 339.7 +4% 67.8 -13%
Israeli market 893.7 +29% 782.3 +27% 87.7 +52%
Central European market 121.2 +9% 110.2 +15% 12.3 -24%
South Eastern European market 121.8 +1% 71.4 +7% 14.0 +35%
Western European market 146.7 +21% 76.8 +7% 6.2 -33%
Eastern European market 24.4 -16% 22.3 -15% 3.7 +127%
Asseco Group* 1,713.1 +14% 1,400.4 +17% 191.4 +10%
Non-IFRS figures including adjustments for amortization charges on intangible assets recognized in purchase price allocation, for the costs of share-based payment transactions with employees, as well as for financial results recognized in accounting for mergers and acquisitions
* Figures after consolidation eliminations�** Revenues generated in individual markets include sales to external customers as well as inter-segment sales
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Solid growth in revenues and operating profit
H1 2015 / Change H1 2015 vs. H1 2014
Sales revenues**Proprietary software
and services**Operating profit
(non-IFRS)
Polish market 766.6 -6% 655.2 +1% 137.8 -14%
Israeli market 1,770.8 +29% 1,537.4 +27% 175.1 +48%
Central European market 236.1 +6% 211.1 +14% 26.4 -9%
South Eastern European market
220.4 0% 135.7 +9% 23.9 +30%
Western European market 274.1 +16% 148.5 +9% 11.2 -35%
Eastern European market 42.2 -7% 38.3 -8% 4.8 +890%
Asseco Group* 3,305.1 +13% 2,722.3 +16% 377.1 +9%
Non-IFRS figures including adjustments for amortization charges on intangible assets recognized in purchase price allocation, for the costs of share-based payment transactions with employees, as well as for financial results recognized in accounting for mergers and acquisitions
* Figures after consolidation eliminations�** Revenues generated in individual markets include sales to external customers as well as inter-segment sales
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Reconciliation of operating profit and net profit
H1 2015 H1 2014 Δ Q2 2015 Q2 2014 Δ
Operating profit 333.6 295.3 +13% 169.1 150.5 +12%
Interest expense -14.2 -14.2 -8.6 -8.6
Foreign currency transactions -13.6 -2.3 -13.1 -1.3
Other 2.5 28.2 -2.5 2.2
of which: gain/loss on transactions associatedwith company acquisitions
-0.7 0.9 1.3 3.7
reversal of allowance for a loan granted to Matrix42 Inc by Matrix42 AG
5.4
reversal of allowance for receivables/commercial papers of PI
28.1
Pre-tax profit 308.2 306.9 0% 144.9 142.8 +1%
Income tax -76.1 -65.9 +15% -39.2 -30.3 +29%
Share of profits/losses of associates -0.2 1.5 -113% 0.0 0.7 -100%
Profit/loss from discontinued operations* 0.0 9.6 -100% 0.0 8.9 -100%
Net profit 231.9 252.1 -8% 105.7 122.1 -13%
Net profit attributable to shareholders of the parent company
138.0 183.2 -25% 60.4 86.6 -30%
Figures in PLN millions
* 2014: net profit of Slovanet Group along with the gain on disposal of Slovanet by ACE Group
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Explanation of changes in net profit
Figures in PLN millions
Change in EBIT
Attributable to shareholders of
Asseco
Attributable to minority interests
Polish market -22.3 -21.3 -0.9
Other markets +60.6 +15.4 +45.2
Asseco Group +38.3 -5.9 +44.2
138,0
-24,9
-8,4
+38,3 -44,2
-6,0
183,2
149,9
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solutions for demanding business
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Generated cash flows
Asseco Group Asseco Poland
H1 2015 H1 2014 H1 2015 H1 2014
CFO 388.1 379.7 96.9 122.8
CAPEX* -90.2 -107.1 -20.3 -11.4
Free cash flow** 297.9 272.6 76.5 111.5
Cash conversion*** 79% 79% 72% 88%
Figures in PLN millions
* Excluding investments in investment property, net of grants received
** CFO + CAPEX
*** Free cash flow / non-IFRS EBIT
Non-IFRS figures including adjustments for amortization charges on intangible assets recognized in purchase price allocation, for the costs of share-based payment transactions with employees, as well as for financial results recognized in accounting for mergers and acquisitions
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Stable liquidity position (Asseco Poland) As at 30 June 2015
ST LT
Cash and financial assets 60.1 89.7
Debt and finance lease: -93.1 20.9
Bank loans -74.6 -83.5
Assets serving as bank loan collateral* 197.9
Finance lease liabilities -18.5 -93.5
Net cash (ST) -33.0
Inventories + ST receivables – ST liabilities** 418.8
Net operating assets (ST) 385.8
Available bank loan facilities 520.0
Figures in PLN millions
* The book value of real estate serving as bank loan collateral
** Inventories + short-term receivables + short-term prepayments – short-term liabilities excluding bank loans and finance lease liabilities
solutions for demanding business
Thank you
37
www.inwestor.asseco.pl
solutions for demanding business
Legal disclaimer
The contents of this presentation are copyright protected and constitute proprietary information. The texts,graphics, photographs, sound, animations and videos, as well as their layout in the presentation are protected underthe Act on copyright and related rights as well as by other applicable regulations. Any unauthorized use of anymaterials contained in this presentation may constitute an infringement of copyright, trademark or other laws.Materials available in this presentation may not be modified, reproduced, disclosed or performed in public,distributed or used for other public or commercial purposes, unless it is expressly agreed in writing by Asseco PolandS.A. Copying for commercial use, distribution, modification or acquisition of the contents of this presentation bythird parties is strictly prohibited. This presentation may include references to product and service offerings of thirdparties. The terms and conditions for the use of third-party products and services are defined by such entities.Asseco Poland S.A. will in no way be responsible or liable for the conditions or consequences of using such third-party products and services. The data and information contained herein constitute general information only.This presentation has been prepared with the use of Inscale company products.
The name and logo graphic of Asseco Poland S.A. are registered trademarks. Any use of these trademarks shallrequire prior express consent of Asseco Poland S.A.
2013 © Asseco Poland S.A.
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