Asseco South Eastern Europe S.a. · GPW:ASE
Asseco South Eastern Europe — IPO Roadshow (June 2009)
29 slides from Asseco South Eastern Europe's IPO roadshow presentation, June 2009
Slide 1: Asseco South Eastern Europe Investors presentation
June, 2009 Warsaw Asseco South Eastern Europe Investors presentation
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for use at the analyst presentation to be made on 19#24 June 2009. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation is not an ad
Slide 3: Executive summary
Executive summary SEE region Asseco SEE ! " # $% & ' IPO ' ! 3
Slide 4: South Eastern Europe – economy of opportunity
South Eastern Europe – economy of opportunity GDP in current prices per capita /in USD/ SEE potential comparable with Poland( PL /1990#2014/ and SEE /1999#2014 13 500 )* ( +,- ' 11 000 SEE level after 9 years 11 500 . / 80% higher 0 12 3 * 0 4 5 3 *6 9 000 9 500 # 0 ' ( flat PIT and CIT 77 000 highe
Slide 5: IT market in South Eastern Europe
IT market in South Eastern Europe estimated IT market growth CAGR about 10% … SEE … results in twice faster SEE software & services 2007 segment growth 2011 ? 21% 33% 11% 50% 7 68% 6 17% 5 hardware software hardware software services services 4 3 Poland Poland 2 1997 2008 1 19% 36% 0 46% 14% 1997 20
Slide 6: Building Asseco SEE Group
Building Asseco SEE Group '+ "+ C EUR 68,4m ! 0 8x net profit 2007 Swap agreements ' before IPO # . # (# 229 2.9 / --9C5. @ strong organisation Asseco management capabilities , #9 ' ! clear business units structure with single managers responsibility ! 1 : 9: 6 ' 9 + ? Acquisitions 2007 Acquisitions
Slide 7: Management team
8 & Piotr Jeleński 8 @3 @ @3 # @3 @3 87& Miljan Mališ Miodrag Mirčetić Dražen Pehar Calin Barseti Rafał Kozłowski C 7 7
Slide 8: Financial results
Financial results Revenue EBIT and Net Profit (pro#forma, EUR m) (pro#forma, EUR m) 120 16 EUR 15,1 15,2 2008 p#f figures 108,4 denominated calculated as: 14,1 business 14 13,3 2008 cons. # 1H cons. 100 models (vast + 1H p#f 89,2 majority of revenue and 12 cost in EUR) 80 10 57,7 59,6 60 8 6 40 4,1
Slide 9: Asseco South Eastern Europe – business units
Asseco South Eastern Europe – business units Revenue by business units in 2008 Revenue by sectors in 2008 Services Banking reflects IT market structure Public 6% 19% similar to PL late 1990’s 15% "dominant hardware General " banks & telcos most business advanced A uthenticat ion 4% " public almost o
Slide 10: Banking sector – early stage of development
Banking sector – early stage of development @ = ." . Strong growth prospects – banking assets per capita at 40% Polish level 9 0 " ( > 9 @ ) = ' 8 9 ! "# $ % # G 0 + 2 &' # ( $ ) % )* 10
Slide 11: Banking business unit
Banking business unit SEE core banking systems market share by assets ASEE 7% H = 7% market share in SEE in core IT systems by assets9 5. Other 35% In#house 23% 7 @ I#3; Aleri, Fidelity The only one in SEE player able to offer (Profile) 1% full scope of banking solutions Financial ZIS 1% Iflex 7% Te
Slide 12: Banking business unit growth concept
Banking business unit growth concept 15 largest banks in SEE assets largest regional banks G 4 Bank Group (EUR m) countries 3 ) + 522 @ A9 @ 8 9; 9 9 NLB Group (no.5) = + ) +- 5C? 8 9; 9 9 ! 9# GH@ 9 - ; ) 1 6 + -- # 9 @ A9 @ 9 8 9 J 9; 9 9 Komercijalna Banka (no.18) = 5 ) ) 1+6 C +-C @ 98 9$ 9$ 9;
Slide 13: Banking business unit – stable growth
Banking business unit – stable growth EUR m 2009 backlog* 13,9 sales 20,4 2008 backlog* 13,2 sales 12,5 2007 (# FE+ C + ? $ 15 C 6 13
Slide 14: Authentication business unit
Authentication business unit Revenue # authentication unit in 2008 Unique products used primarily in the banking sector Equipment and infrastructure H 90 30% Flexible business model – revenue based on number of users or fixed price Proprietary ' L #M = software and Third party 9 < ( software and ser
Slide 15: Authentication – opportunities
Authentication # opportunities Cross selling in Asseco Group Market growth C 9+ internet banking users growth = awareness of the cyber fraud $ ; 9 0 ( mobile penetration approx similar level to CEE and EU# + 15 (slightly below 100%) - e#banking usage 2#4% compared to 12#15% in CEE $ and 20%+ in EU#1
Slide 16: Authentication business unit cross selling in Asseco Group
Authentication business unit cross selling in Asseco Group EUR m 2009 backlog* 4,4 sales 5,4 2008 backlog* 1,9 sales 4,1 2007 (# FE+ C + ? $ 15 C 6 16
Slide 17: ATM & POS business unit
ATM & POS business unit Revenue # ATM & POS unit in 2008 Low ATM saturation on majority SEE markets Outsourcing 13% Proprietary software and services 21% 8 $ %# " + , 0 ( Third party - . + . + , software and services 3% > "G ' ,# $ 9 4+ , Equipment and A , & 9 4+ 8 , infrastructure 63% More than 50%
Slide 18: ATM & POS business unit expansion
ATM & POS business unit expansion ATMs to be installed ATMs end 2007 ATM density * Target ATM density * to reach target density * ATMs installed in 2007 * & $' ( ) / !$% / !"# / / / / / other vendors’ ATMs * ( " + installed in 2007 / Wincor Nixdorf ATMs installed in 2007 $ ( ' +? + C( 9$ 9$ , , + ?(
Slide 19: ATM & POS business unit new markets
ATM & POS business unit new markets EUR m 2009 backlog* 9,4 sales 21,4 2008 backlog* 11,4 sales 14,4 2007 (# FE+ C + ? $ 15 C 6 19
Slide 20: General business & telco, integration business units
General business & telco, integration business units Revenue # GB & telco unit in 2008 H " * 8 $ Strong position within local authorities Outsourcing Proprietary 29% software and $ ( services 41% ; ' 0 $ 9 Equipment and 8;$ infrastructure 8% Third party (# software and services 22% 1 Revenue # integ
Slide 21: General business & telco, integration sales and backlog
General business & telco, integration sales and backlog General business & telco sales and backlog Integration sales and backlog EUR m EUR m 2009 2009 backlog* 0,9 backlog* 31,1 sales 3,4 sales 57,9 2008 2008 backlog* 2,3 backlog* 28,9 sales 4,3 sales 53,9 2007 2007 (# FE+ C + ? $ 15 C 6 21
Slide 22: Asseco SEE growth drivers
Asseco SEE growth drivers General business Banking Authentication ATM and telco Integration Serbia, B&H Macedonia Pexim Solutions Pexim Solutions Pexim Solutions organic growth /Macedonia/ Pexim Solutions Montenegro Antegra Antegra Pexim Cardinfo Logos Croatia Arbor Slovenia N/A Albania Kosovo Pexim
Slide 23: Asseco SEE acquisition targets
Asseco SEE acquisition targets Company Business & geographical scope Net 08 Net 09 Price P/E’09 target 1 Banking /core banking systems/ – Romania 1,4 1,4 target 2 Authentication /m#banking solutions/– Turkey 0,2 0,4 target 3 Banking, authentication and integration – Kosovo 1,2 1,2 & Albania target 4
Slide 24: Asseco SEE IPO
Asseco SEE IPO Shareholding pre#IPO & EBRD Transaction details Minority IPO Size: EUR 5m – EUR 10m shareholders (depending on price) 35.7% Shareholding post IPO & EBRD Reference Price: PLN 14 per share EBRD No of shares: Up to 10m* ACP 9.6% 64.3% Company lock#up: 180 days from the IPO closing ACP 51
Slide 25: Executive summary
Executive summary = # = 0 ( ! " # $% & ' = 0 &# 7$ 1 + 6 ' ! 25
Slide 26: Appendix
C1_tyo Cac c5 SOUTH EASTERN EUROPE Appendix
Slide 27: Asseco SEE Group – acquisition history
Asseco SEE Group – acquisition history Company Acquisition* Stake Price Net 07 P/E’07 Business & geographical scope Net Nov’06#Apr’07 70% 9,8 1,75 8,0x Integration – Romania Consulting FIBa Nov’06#Apr’07 70% 5,9 1,00 8,4x Banking – Romania Software Logos Jun’07#Dec’07 60% 7,4 1,18 10,5x Authenticati
Slide 28: Asseco SEE Group financial results
Asseco SEE Group financial results Financial results (EUR m) 1Q 2009 cons. 1Q 2008 p#f* 2008 p#f* 2007 pro#forma Net sales 25,3 22,5 108,4 89,2 EBITDA 4,0 4,3 16,2 16,2 EBIT 3,8 4,1 15,2 15,1 pre tax profit 3,4 4,1 15,4 15,3 net profit 3,0 3,6 14,1 13,3 fixed assets 112,3 92,4 102,6 current assets 3
Slide 29: ry Pa pee cf ce
ry Pa pee cf ce SOUTH EASTERN EUROPE
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