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Asseco Poland - CEE IT LeaderING Roadshow
Vienna, July 9th 2008
Agenda
� Introduction
� Major IT projects
� Financial activity
� Potential synergies
� Foreign operations
Asseco Poland – basic info
� Largest IT company in Poland and CEE
� Leader in development of software for banking and enterprises
� 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. 4 067 1 210
Free float 2 123 632
Avg. daily turnover on WSE
5,0 1,4
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 June 24th 2008
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 CIS
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
Asseco vs. European IT leaders
Market capitalization (EUR m)
2 716
2 555
2 006
1 210
1154
1 116
993
954
888
766
259
185
5 662
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
MISYS PLC
TIETOENATOR OYJ
DIMENSION DATA HOLDINGS PLC
ALTEN
COMPUTACENTER PLC
COMARCH SA
41 599
Source: Bloomberg, as on June 24th 2008
� Introduction
� Major IT projects
� Financial activity
� Potential synergies
� Foreign operations
Agenda
Co-operation with 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.
Project KSI 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.
Co-operation with PZU Group
� Under the existing agreement (dated on 08.2005) Assecoprovided 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.
� 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.
Projects for ARiMR
Projects for 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.
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.).
Agenda
� Introduction
� Major IT projects
� Financial activity
� Potential synergies
� Foreign operations
Financial results
1 283
2 982
0
500
1 000
1 500
2 000
2 500
3 000
3 500
2007 2008 consensus
Sales
Net profit
163
256
0
50
100
150
200
250
300
2007 2008 consensus
237
425
0
50
100
150
200
250
300
350
400
450
2007 2008 consensus
EBIT
2008 – market consensus of forecasts of 6 brokers
Sales by products
Sales 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
Backlog
14
2982
980
1709
848
0
500
1000
1500
2000
2500
3000
3500
Asseco Poland GK Asseco Poland
Consensus Backlog
3524
1160725
4000
500
1000
1500
2000
2500
3000
3500
4000
Asseco Poland GK Asseco Poland
Consensus Backlog
� Current backlog of Asseco is approx.
PLN 848 m (PLN 514 m from proprietary
software and services).
� Current backlog of Asseco Group is
approx. PLN 1,709 m (PLN 1,072 m
from proprietary software and services).
� Respectively backlog for 2009 is approx.
PLN 400 m (PLN 191 m from
proprietary software and services).
� Backlog of Asseco Group is approx. PLN
725 m (PLN 357 m from proprietary
software and services).
• Years 2008/2009 - market consensus of sales forecasts of 6 brokers• Company’s backlog – as on the presentation date, Capital Group as on April
2008
2009
-971,2
-459,3
-52,4
-266,4
-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
Capital increase of ACP for 10%,
disposal of COMP
+316 m +70 m
Payback of 100m from PI
+100 m
Disposal of ABG to 33%
+50 m
Payback the remaining part f rom PI and operational CF
+84 mPLN+130 mPLN
Debt pro-forma
� Debt forecast for Q4/08 – (52) m.
� CF from operations for Q3/Q4 of approx. 130 m.
� Non operational assets: Orłowo 40 m; office building (17 stycznia) 10 m,
Zeto 7 m, Combidata 46 m, treasury shares 680 m.
Agenda
� Introduction
� Major IT projects
� Financial activity
� Potential synergies
� Foreign operations
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
� 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.
� On the annual basis 79m was
reduced.
� Currently the business units of
Prokom are adjusted to the Asseco
business model.
� Potential benefits from the above
should fix the G&A expenses of
Prokom business on the level of
50m by the end of 2009.
Business structure in Poland
Banking
Public administration
Enterprises (key)
Enterprises Agriculture
Telco
Healthcare
Utilities
OptiX
Integration Prokom
Integration ABG
NATO, Police, Army
Insurances
Integration Asseco
Synergies after merger with ABG and transfer of assets to Asseco Systems
� 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. 700
people).
� Optimal employment of the level of 350-400 people, what
implicates potential further savings.
First product 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.
Agenda
� Introduction
� Major IT projects
� Financial activity
� Potential synergies
� Foreign operations
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
� IPO planned for the 3Q 2008
� Issue of approx. 25%
� Cash acquired for new acquisitions
� Further consolidation
SEE, Greece, South East
Asseco Group today
Asseco Poland, Asseco Business Solutions, Asseco Systems, ABG
Asseco Germany
Asseco Slovakia
Asseco South Eastern Europe
Sintagma (Asseco CIS)
Asseco Group in 2009
Asseco DACH
Asseco South Western Europe
Contact
25
Contact for investors:Bartłomiej DrywaTel: +48 (22) 878 63 33 Mob.: +48 691 991 072E-mail: [email protected]
Contact for media:Katarzyna DrewnowskaTel: +48 (22) 878 64 78Mob.: +48 609 132 648E-mail: [email protected]