Asseco Poland - CEE IT Leader UniCredit Emerging Europe Conference. Istanbul, September 4 th 2008

Transcription

1 Asseco Poland - CEE IT Leader UniCredit Emerging Europe Conference Istanbul, September 4 th 2008

2 Agenda Introduction Financial activity Potential synergies Foreign operations Appendix 1

3 Asseco Poland basic info Company profile 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 employees Stock data PLN m Shareholders EUR m Market cap Free float Avg. daily turnover on WSE 16,4 5,1 No. of shares Source: WSE, as on September 1st 2008 Other approx.52,2% Adam Góral 11,4% Treasury shares ING OFE CU OFE BPH CU WBK >5% >5% 16,4% ING TFI >5% Pioneer TFI >5% 2

4 Asseco in Europe One of the largest IT Capital Group in Europe Over employees Leading position in several IT segments Software for financial sector and public administration No 1 IT company in Slovakia Public software and exposure to Russia Foundations for Asseco Eastern Europe Software and integration Top ranked Czech IT company Automation & Productivity: ERP software producer matrix42: Lifecycle Management Software Uniquare Software Development: Software for financial services 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 3

5 Asseco vs. European IT leaders Market capitalization (EUR m) 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 C OMPUTAC ENTER PLC COMARCH SA Source: Bloomberg, as on September 1st

6 Agenda Introduction Financial activity Potential synergies Foreign operations Appendix 5

7 Consolidated results of Asseco Poland Revenues PLN m 1H H 2007 change 1168 Revenues 1168,3 501,8 133% 133% EBITDA 245,1 92,1 166% EBIT 199,8 77,5 158% 502 Net profit with minorities 171,2 77,1 122% Net profit ex. minorities 151,8 57,2 166% 1H H 2008 Margines EBITDA 21% 18% EBIT Net profit 152 EBIT Net 17% 15% 15% 15% % 166% H H H H

8 Standalone results of Asseco Poland Revenues PLN m 1H H 2007 change 395 Revenues EBITDA 394,8 138,5 187,6 50,5 110% 174% 110% EBIT 124,9 46,3 170% 188 Net profit 121,7 48,6 150% Margins EBITDA 35% 27% 1H H 2008 EBIT Net 32% 31% 25% 26% EBIT 125 Net profit % 150% H H H H

9 Financial results vs. consensus Revenues Revenues by sectors consensus Banks and financial institutions 46% Enterprises 32% EBIT consensus Net profit consensus Public adm. 22% Revenues by products Integration & Hardware 24% Third party software & services 17% Other 1% Outsourcing 10% TelCo 5% Proprietary software & services 43% 2008 PLN m; market consensus of forecasts of 9 brokers Source: Company annual report for

10 Debt pro-forma 0,0-100,0-200,0-300,0-400,0-500,0-600,0 Q3/2007 Q4/07 Q1/08 Q2/08 Q4/08-110,4-183,3 PLN 100m repaiment from Prokom Investments -459,3 Disposal of ABG to the level of 33% PLN +50m -319,2-354,8-246,3 Repaiment from Prokom Investments and operational cash flow PLN +84m PLN+130m -57,3-700,0-800,0-900, ,0-971,2 AC P capital increase for 10%, disposal of COMP PLN +316m PLN +70m ,0 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

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12 Agenda Introduction Financial activity Potential synergies Foreign operations Appendix 11

13 Post mergers cost synergies Merger with Prokom Software 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 Office space 4 m Planned (63 m) Advisors, transport and others 13 m HR 18 mln Marketing 28 m Done (79 m) Advisors, transport and others 26 m Office space 4 m Marketing 26 m HR 23 m Merger with ABG 100% share in ABG Group from Q 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 12

14 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

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16 Agenda Introduction Financial activity Potential synergies Foreign operations Appendix 15

17 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

18 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

19 Asseco Group today Asseco Poland, Asseco Business Solutions, Asseco Systems, ABG Asseco Germany Asseco Slovakia Asseco South Eastern Europe Sintagma (Asseco Eastern Europe) 18

20 Asseco Group in 2009 Asseco DACH Asseco South Western Europe 19

21 Agenda Introduction Financial activity Potential synergies Foreign operations Appendix Major projects & customers Product offer & references 20

22 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

23 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

24 Major projects & customers PZU Group Under the existing agreement (dated on ) Asseco provided the service, modification and development services to CSI INSURER (wealth insurances) and FKX (finance and accounting system). Agreement expires 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

25 Major projects & customers - ARiMR 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 24

26 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

27 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

28 Product offer Proprietary software Systems for banks Systems for enterprises Systems for insurances Systems for utilities Systems for public administration Systems for healthcare Systems for telecoms Systems for uniform services Systems for agriculture (ARiMR) Third party software Hardware and integration e-learning Outsourcing 27

29 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

30 Contact Contact to PR & IR: Katarzyna Drewnowska Tel: +48 (22) Mob.: Contact to IR: Bartłomiej Drywa Tel: +48 (22) Mob.: