Leading Software House in CEE
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Leading Software House in CEE London, March 6th 2008 General information 2 Asseco Poland – basic info One of the largest IT company in Europe and the biggest software producer in CEE Fast growing and profitable listed subsidiaries Dynamic foreign expansion Leading position in Poland in every market segment Experience in implementation of the largest and most sophisticated IT projects Long list of implementations in large reputable financial & public institutions Projects in several countries in Europe 3 Stock & Shareholders PLN m EUR m Top 5 IT companies on WSE Market cap* 3 706 1 049 4000 Market cap.* Market cup – pro 3500 4 330 1 226 forma** 3000 Free float 1 760 498 2500 2000 Free float – pro forma 2 994 848 1500 Avg. daily turnover 5.0 1.4 1000 No. of shares before/ 51 090 384 500 and after merger 71 294 649 0 Asseco Prokom Comarch Asseco ABG * Data as on February 27th 2008 Poland Slovakia SPIN ** After merger, excluding treasury shares Shareholders structure - current Shareholders structure - post merger Adam Góral Free float Adam Góral 11.3% Treasury shares 47.5% 15.8% 16.3% Free float ING TFI 62.4% 5.8% Pioneer TFI Pioneer TFI Prokom Software 4.2% 5.9% 22.7% 4 Asseco flashback Merger with Prokom Software Merger with Reinforcement of Softbank regional footholds Niche software Start of CEE Software Development of CEE IT champion player Center development regional network 1991 - 2004 2004 - 2005 2006 - 2007 2008 Higher ambition level and new opportunities have ushered in new challenges 5 Asseco regional presence One of the largest IT Capital Group in Europe Regional network under Asseco name Over 8, 100 employees Leading position in several IT segments in CEE Software for financial sector and public administration Public software and exposure to Russia No 1 IT company in Slovakia Foundations for Asseco CIS Software and integration Top ranked Czech IT company FIBa Software: software for banking Net Consulting: integration and IT services Pexim: Software for banking Logos: authentication & security Automation & Productivity AG: ERP software producer Arbor Informatika: billing systems matrix42 AG: Lifecycle Management Software Two more targets to be acquired soon Uniquare Software Development: Software for financial services 6 Financial performance 7 Asseco financial overview Sales Net profit 3 500 300 Former Asseco Poland 3 105 Former Asseco Poland 252 3 000 Asseco Poland 250 Asseco Poland 2 500 2 821 200 163 233 2 000 150 1 500 1 283 7 100 77 1 000 833 590 751 56 446 218 335 34 500 108 50 23 24 101 482 533 498 12 43 345 13 32 0 0 10 2003 2004 2005 2006 2007 2008E 2003 2004 2005 2006 2007 2008E Source: 2003–2006 former consolidated Softbank and Asseco results adjusted by one-offs, 2007 – company quarterly report. Data in PLN m. 2008 - Forecast range of minimum to maximum taken from analysts forecasts Sales structure by products Sales structure by sectors Other 1% Outsourcing 10% Integration & TelC o 5% Enterprises Hardware 32% Banks and 24% financial Proprietary institutions software & 46% services 43% Third party software & services 17% Public adm. 22% Source: Company quarterly report. 8 Sales breakdown by regions 2005 2006 2007 10% 20% 38% 62% 90% 80% Domestic Foreign Domestic Foreign Domestic Foreign 2007 sales of foreign subsidiaries 3% 2% 21% Through acquisitions on the domestic and foreign markets the regional sales breakdown should remain stable 74% Slovakia & Czech South Eastern Europe Germany Lithuania 9 Mergers & Acquisitions 10 Merger with Prokom Software Merger targets Creation of CEE IT champion Broadening product range and diversification of domestic revenues No business overlaps Cost synergies, mostly from back-office and management structure simplification Merger progress 21.5 % stake in Prokom already acquired Extraordinary Shareholders Meeting approval Awaiting for the registration 11 Asseco in Poland after merger Asseco Poland Banking Insurance Public administration Integration Novum ADH Soft Combidata Cooperative Banks Leasing Software IT Trainings Asseco Business Solutions ABG ERP Public administration (ARiMR) E-learning Telecom, utilities Outsourcing Army, police Telecom Healthcare Anica Asseco Systems DrQ Optix Mobile Integration Banking Integration 12 Regional network development strategy Federation of IT companies Delegation of responsibilities Promotion of individual management teams accountability Integration of acquisition targets Projects in advanced stage scheduled for prompt completion Focus on markets with established footholds: Slovakia / Czech Republic / Austria Romania / Serbia / Croatia / B&H / Montenegro Germany Lithuania Close monitoring of integration progress and financial performance 13 Future acquisitions Asseco now Poland, Slovakia, Czech, Romania, Germany, Austria, Lithuania, Serbia, Croatia, B&H, Macedonia, Montenegro, Albania, Bulgaria Asseco in 2009-2010 UK, Ireland, Spain, Portugal, France, Switzerland, Netherlands, Belgium, Italy 14 Asseco vs. European IT leaders Market Capitalization (EUR mn) SAP AG 41 430 C AP GEMINI SA 5 509 INDRA SISTEMAS SA 2 987 ATOS ORIGIN SA 2 355 LOGIC AC MG PLC 2 055 SOFTWARE AG 1 455 ASSEC O POLAND SA 1226 DIMENSION DATA HOLDINGS PLC 1 065 TEMENOS GROUP AG-REG 1 010 MISYS PLC 987 TIETOENATOR OYJ 917 ALTEN 688 C OMPUTAC ENTER PLC 370 UTIMAC O SAFEWARE AG 156 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 EUR mn Source: Bloomberg data as of 27 February 2008 Note: Asseco Poland SA pro forma post merger market cap. Prokom’s stake in Asseco excluded from the combined market capitalization. 15 Executive summary 16 Asseco fulfills market expectations CEE IT champion Ranked in top 10 listed IT companies in Europe Estimated market cap. of EUR 1.2 billion Outstanding growth of financial results Estimated 2008 net profit of EUR 65 million Unquestionable know-how and workforce potential (over 8 ,1 00 employees) Well diversified business - complex offer for various market segments: financial, public administration, industries and utilities Exposure to Poland, Slovakia, Czech Republic, Romania, Germany, Austria, Lithuania, Serbia, Macedonia, B&H and Croatia Further expansion to UK, Ireland, Spain, Portugal, Italy, Netherlands, Belgium and other… 17 Appendix 18 Post merger group structure ASSECO POLAND ABG SPIN 43 % 48% ASSECO SLOVAKIA ASSECO 54 % 93% ASSECO BUSINESS SOLUTIONS SOUTH EASTERN EUROPE 100 % 93% ASSECO ASSECO SYSTEMS GERMANY 49 % 61% POSTDATA SINTAGMA 83 % COMBIDATA POLAND 51 % NOVUM 19 Profitability – market ranking Ranked by EBIT margin Ranked by net profit margin 20% 15% 15% 10% 10% 5% 5% 0% 0% Prokom Asseco Poland Asseco Slovakia ABG Sygnity Asseco Poland Asseco Slovakia Prokom ABG Sygnity -5% -5% -10% -10% Ranked by EBIT value Ranked by net profit value 250 300 250 200 200 150 150 100 100 50 50 0 0 Asseco Poland Prokom Asseco Slovakia ABG Sygnity Prokom Asseco Poland ABG Asseco Slovakia Sygnity -50 -50 -100 -100 20 Market overview – CEE IT market Poland 3 131 Fastest growing in 2007 Czech Rep. 2 081 Poland +10.2% Hungary 1 900 Slovakia +8.6% Slovakia 626 Romania 613 Czech Rep. +6.6% Croatia 521 Slovenia 465 Serbia 311 Bulgaria 276 B&H 78 Macedonia 50 EU PL CZ HU SK RO CR SL SR BG B&H MK 15 Value in EUR m 3,131 2,081 1,900 626 613 521 465 311 276 78 50 Per capita in 100 238 189 137 35 130 228 37 41 28 31 749 EUR As % of GDP 1.9% 2.7% 2.4% 2.2% 1.5% 1.4% 2.2% 1.5% 1.8% 1.6% 1.3% 3.2% 21 Contact data Contact for investors: Contact for media: Bart łomiej Drywa Katarzyna Drewnowska Tel: +48 (22) 878 63 33 Tel: +48 (22) 878 64 78 Kom.: +48 503 180 255 Kom.: +48 609 132 548 E-mail: [email protected] E-mail: [email protected] 22.