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Asseco Poland – basic info
� Largest IT company in Poland and CEE
� Leader in development of software for banking, enterprises and public administration
� Leader of an international IT group
� Experienced in execution of the largest IT projects (Social Insurance Institution, PKO BP)
� Present in 15 European countries
� Stable financial standing
� Over 8 500 employees
Shareholders
Company profile Stock data
PLN m EUR m
Market cap. 4 350 1 322
Free float 2 271 690
Avg. daily turnover on WSE
16,4 5,1
No. of shares 71 292 980
Adam Góral
11,4%Treasury shares
16,4%
Other
approx.52,2%
ING TFI
>5%
Pioneer TFI
>5%ING OFE
>5%CU OFE BPH CU WBK
>5%
Source: WSE, as on September 1st 2008
2
Asseco in Europe
FIBa Software: software for banking
Net Consulting: integration and IT services
Pexim: Software for banking
Logos: authentication & security
Arbor Informatika: billing systems
Pexim Cardinfo: ATM, POS
Antegra: software for banking
Software and integration
Top ranked Czech IT company
Automation & Productivity: ERP software producer
matrix42: Lifecycle Management Software
Public software and exposure to Russia
Foundations for Asseco Eastern Europe
Software for financial sector and public administration
No 1 IT company in Slovakia
Uniquare Software Development: Software for financial services
� One of the largest IT Capital Group in Europe� Over 8 500 employees� Leading position in several IT segments
3
Asseco vs. European IT leaders
Market capitalization (EUR m)
2 810
2 447
2 403
1 322
1320
1 066
1058
992
940
821
262
178
5 868
0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000
SAP AG
CAP GEMINI SA
INDRA SISTEMAS SA
ATOS ORIGIN SA
LOGICACMG PLC
ASSECO POLAND SA
SOFTWARE AG
TEMENOS GROUP AG
DIMENSION DATA HOLDINGS PLC
MISYS PLC
TIETOENATOR OYJ
ALTEN
COMPUTACENTER PLC
COMARCH SA
46 760
Source: Bloomberg, as on September 1st 2008
4
502
1168
1H 2007 1H 2008
Consolidated results of Asseco Poland
6
15%17%EBIT
122%77,1171,2Net profit with minorities
15%15%Net
18%21%EBITDA
Margines
166%57,2151,8Net profit ex. minorities
158%77,5199,8EBIT
166%92,1245,1EBITDA
133%501,81168,3Revenues
change1H 20071H 2008PLN m
Revenues
133%
78
200
1H 2007 1H 2008
57
152
1H 2007 1H 2008
EBIT Net profit
158% 166%
188
395
1H 2007 1H 2008
Standalone results of Asseco Poland
7
26%31%Net
25%32%EBIT
27%35%EBITDA
Margins
150%48,6121,7Net profit
170%46,3124,9EBIT
174%50,5138,5EBITDA
110%187,6394,8Revenues
change1H 20071H 2008PLN m
Revenues
110%
46
125
1H 2007 1H 2008
49
122
1H 2007 1H 2008
EBIT Net profit
170% 150%
Financial results vs. consensus
1 283
2 917
0
500
1 000
1 500
2 000
2 500
3 000
3 500
2007 2008 consensus
Revenues
Net profit
163
294
0
50
100
150
200
250
300
350
2007 2008 consensus
443
237
0
50
100
150
200
250
300
350
400
450
500
2007 2008 consensus
EBIT
2008 – PLN m; market consensus of forecasts of 9 brokers
Revenues by products
Revenues by sectors
Enterprises
32%
Public adm.
22%
Banks and
financial institutions
46%
Other 1% Outsourcing
10%
TelCo 5%
Proprietary
software & services 43%
Third party
software & services 17%
Integration &
Hardware 24%
Source: Company annual report for 2007
8
-971,2
-459,3
-57,3
-246,3
-354,8
-319,2
-183,3-110,4
-1 100,0
-1 000,0
-900,0
-800,0
-700,0
-600,0
-500,0
-400,0
-300,0
-200,0
-100,0
0,0
Q3/2007 Q4/07 Q1/08 Q2/08 Q4/08
ACP capital increase for
10%, disposal of COMPPLN +316m PLN +70m
PLN 100m repaiment from
Prokom Investments
Disposal of ABG to
the level of 33%PLN +50m
Repaiment from Prokom
Investments and operational cash flow
PLN +84m PLN+130m
Debt pro-forma
� Forecasted debt level for Q4/08 – PLN (57)m and includes new planned acquisitions
� Cash flow from operations in Q3 and Q4 estimated at PLN 130m
� Non operative assets: real estates (Orłowo 40 mln, Warsaw office PLN 10m, Zeto PLN 7m, Combidata PLN 20m) and treasury shares PLN 660m
9
Post mergers cost synergies
Done (79 m)
Planned (63 m)
Marketing
28 m
HR
18 mln
Office space
4 m
Advisors, transport and others
13 m
Marketing
26 m
HR
23 m
Office space
4 m
Advisors, transport and others
26 m
� Ex-Prokom G&A expenses in 2007
amounted to PLN 187m, including
restructuring costs of 20m and costs
attributable to costs of products sold of 35m
� Potential benefits from the above should fix
the G&A expenses of ex-Prokom business
on the level of 50m by the end of 2009
� 100% share in ABG Group from Q4 2008
� Clear competences split within the capital group
� Potential profits from the increase of the effectiveness of software development in ABG
� Asseco Systems as a dedicated integrator for Asseco Group
� Estimation of real needs and eventual restructuring of Asseco Systems
(currently integration assets of approx. 600 people)
� After first calculations, optimal employment on the level of 430 people, what implicates
potential further savings
Merger with Prokom Software
Merger with ABG
12
Product development and sales synergies
� Empirium (matrix42) to be implemented in Asseco Group
� Empirium already offered through Pexim, Arbor, Net Consulting, Anica,
Asseco Poland
� Pexim - Antegra – close co-operation, prices up
� Pexim - Net Consulting – first sale, use of discounts of Net Consuting
� Pexim – Pexim Cardinfo – better positioned to partners and vendors
� Pexim – Logos – Antegra – product portfolio integration, use of Logos
experience in the field of IT security systems
� Asseco Poland – Logos – upcoming sales of Logos products for Polish banks
� Asseco Poland – Asseco Slovakia – development of IT solution dedicated to
insurance sector (country independent), potential sales of StarCARD to Polish
banks
13
Foreign expansion policy
� Asseco principles:
� Development of strong group of companies able to compete with
large international IT leaders
� Federation model
� Continuation of subsidiaries strategies
� Joint interest in long term value creation
� Operations based on solid and transparent basis
� Advantages
� Partnership in a strong international group
� Strong financial capacity
� Recognized brand
� Human potential – over 8500 employees
� Long list of certificates, products and references
� Access to new markets through existing sale network
16
Upcoming IPO of Asseco SEE
� 7 companies in portfolio
� Expected net income of EUR 14 million
� One of the fastest growing IT markets in Europe
(population of approx. 57 million people)
� Dominant position in the region
� Ready for IPO
� Issue of approx. 25%
� Cash acquired for new acquisitions
� Further consolidation
SEE, Greece, South East
17
Asseco Group today
Asseco Poland, Asseco Business Solutions, Asseco Systems, ABG
Asseco Germany
Asseco Slovakia
Asseco South Eastern Europe
Sintagma (Asseco Eastern Europe)
18
Agenda
� Introduction
� Financial activity
� Potential synergies
� Foreign operations
� Appendix
� Major projects & customers
� Product offer & references
20
Major projects & customers - PKO BP
� Implementation, development and service of proprietary software(ZORBA, CESAR, CEKOR, PROMAK) and third party software and services (ALNOVA)
� New projects: Centralized Calculation System (SSR), Distrust Transaction and Fraud Location Monitoring Software (AMTF)
� ZSI implementation should be finished as planed in 2010
� We prepared such operational plan for this business unit, to maintain its high effectiveness
21
Major projects & customers – ZUS
� Basing on the agreements signed in December 2007 Asseco executes the project of exploitation and maintenance of KSI ZUS and modifies the system according to the ZUS requirements (general agreement valid till the end of 2010)
� Further steps:
� Start of exploitation of new system applications
� Modernization of operating systems
� Technological development of infrastructure
� Replacement of exploited elements of infrastructure
� System adaptation to the organizational changes in ZUS
� Development of Service Center
22
Major projects & customers – PZU Group
� Under the existing agreement (dated on 08.2005) Asseco provided the service, modification and development services to CSI INSURER (wealth insurances) and FKX (finance and accounting system). Agreement expires 09.2008
� In the current year Asseco signed several agreements regarding among others parameterization of CSI INSURER or integration of CSI INSURER with CSI SLS (PZU solution)
� Continuation of co-operation under the existing projects
� Co-operation with Asseco Slovakia, regarding the development of the successor of INSURER system for PZU
23
� Maintenance and modifications of Support system for handling Structural
Funds
� Development of homestead register
� Land identification system development
� Maintenance and modifications of Integrated Management and Control
System IACS (subcontractor of HP)
� Further co-operation in the field of maintenance and modifications of IACS
system
� Development of remaining systems supporting processes controlled by
ARiMR
Major projects & customers - ARiMR
24
Major projects & customers - banking sector
� Dynamic development of commercial bank department in 2008 and good
perspectives for further years
� def3000 implementation for Allianz Bank Polska
� Co-operation with existing clients such as Deutsche Bank, BGŻ, Postal Bank, BOŚ i GBW
� Five large projects planned, based on the implementation of def3000 for
large international and local financial institutions
� 4 local
� 1 international
25
Major projects & customers - telco sector
� Maintenance of SERAT billing system at TP SA. (several years
perspective)
� Portal type solutions (external, internal, sales support, etc.) for the
majority of telecommunication operators
� E-commerce systems
� New billing system for TP SA based on BRM Oracle technology,
developed in the co-operation with Accenture
� Rollout of the above solutions to PTK Centertel
� Several additional services for mobile operators (high ways toll
payments, mobile telemetric, etc.)
26
Product offer
� Proprietary software
� Systems for banks
� Systems for enterprises
� Systems for insurances
� Systems for utilities
� Systems for publicadministration
� Systems for healthcare
� Systems for telecoms
� Systems for uniform services
� Systems for agriculture(ARiMR)
� Third party software
� Hardware and integration
� e-learning
� Outsourcing
27
Chosen references
� Banking sector
� PKO BP, Allianz, BNP Paribas,
Commerzbank, Deutsche
Bank, DnBNord, Erste, Fortis,
ING, Intesa, KBC, Raiffeisen,
Rabobank, Societe Generale,
Unicredit
� Insurance sector
� Allianz, Eureko, Intesa, KBC
� FCMG
� Cadbury, Heineken, Henkel,
Kraft, Mars, Nestle, Unilever
� Enterprises
� Daimler, Siemens,
Volkswagen, Bioton
� Telco
� Deutsche Telecom, France
Telecom
� Utilities
� E.ON, RWE
� Public administration
� Social Insurance Institution,
Ministry of Internal Affairs
and Administration
28
Contact
29
Contact to IR:Bartłomiej DrywaTel: +48 (22) 878 63 33 Mob.: +48 691 991 072E-mail: [email protected]
Contact to PR & IR:Katarzyna DrewnowskaTel: +48 (22) 878 64 78Mob.: +48 609 132 648E-mail: [email protected]