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Asseco Poland
Company Presentation
April, 2019
Asseco at a glance
Presence in over
50countries
Over
24,000highly commited
employees
6th
largest software & services
vendor in Europe
2,186mEUR
sales revenues in 2018
187mEUR
operating profit in 2018
1 bnEUR
market capitalization
• Founded in 1991
• The largest IT company in Poland and CEE
• Traded on the WSE, included in the WIG30 blue chip index
• International presence
3
Areas of Activity
• Banks
• Insurance companies
• Brokerage houses
• Investment funds
• Leasing companies
• Factoring companies
• Central administration
• Local administration
• Healthcare
• International organizations
• Social services
• Uniformed services
• Education
• Telecommunication
• Energy sector
• Utilities
• Gas sector
• Manufacturing, Trade and Services
• FMCG
• Multimedia
Finance Public Sector Enterprises
4
5
Successful expansion to new markets
• More than 65 successfulacquisitions since 2004
• Consistent growth on new markets thanks toacquired companies
• Experience in integrating knowledge of local markets, customer relations and innovative solutions
20122004 2005 2006 2007 2008 2009 2010 2011 2013 2014 2015
2004• Asseco enters to Central
European Market
2007-2009• Asseco expands in
Poland (Softbank and Prokom acquisitions)
• Expansion into markets in Western Europe, Scandinavia and South Eastern Europe
2016
2013-2014• Asseco expands
to Eastern Europe (Russia, Georgia, Kazakhstan)
• First steps in African market (Ethiopia, Nigeria)
2015-2016• Expansion in
Portuguese speaking countries (Exictos)
• Further expansion in Israel (Roshtov Software, TSG acquisitions)
2017-2018• Further
expansion in U.S. and Israeli markets (StoneRiver, Adaptic and Michpal Micro Computers acquisitions)
2017 2018
2010• Entrance into Israeli
and U.S. markets (Formula Systems)
Proprietary software
6
81%7%
12%
0%
9,329mPLN
Main focus: proprietary software and services
Figures in millions of PLN.
Proprietary software and services 7,502 +7% 6,987
Third-party software and services 677 +4% 653
Hardware and infrastructure 1,146 +9% 1,055
Other sales 4 +9% 3
Sales revenues 9,329 +7% 8,698
2018 %∆ 2017*
* Including the revenues in the Israeli market for the period non-consolidated by Asseco Group, i. e. August and September 2017.
7
Products adapted to different client needs
Dedicated solutions
Comprehensive solutions for
various sectors
Standard software packages
Cloud solutions
• Solutions designed to individual customer needs
• Solutions designed and developed for several large and medium-size customers
• Standard solutions for a large number of small and medium-size customers
• Standard solutionsavailable to customers in cloud
8
Federation model
9
The model comes from unique M&A’s approach
Federation model of growth
• Asseco Group is a group of quasi-independent subsidiaries
• Asseco usually buys more than 50% of equity but rarely 100%
• In principle we keep the people, managers and products after the acquisition
• Asseco is present in supervisory board or board of directors of acquired companies
10
Advantages of federation
Local expertise and experience
Knowledge of clients, environment, specifics
Locally well-known, trusted products
Local people with local language
Being „fair” to local government(taxes, employer)
Support entrepreneurship
Possiblesynergy effects
within the whole Asseco
Group
11
12
Our offices worldwide
The Asseco Group
Diversification
13
40%
38%
22%
Banking and Finance
General Business
Public Institutions
Strong top line diversification between businesses
11%: 10 biggest customers accounts for 11% of revenues
2018 %∆ 2017*
9,329mPLN
* Including the revenues in the Israeli market for the period non-consolidated by Asseco Group, i.e. August and September 2017.14
3,693 +8% 3,409
3,549 +3% 3,451
2,086 +14% 1,838
Sales revenues 9,329 +7% 8,698
Significant share of foreign markets in the Group’s revenues
83%17%
Foreign Domestic
9,329mPLN
15
Poland SEECE WE
% of total sales in 2018
Poland SEECE WE
0% 10% 20% 30% 40% 50%
Other
Africa
US
Israel
Europe CE 10%Poland 17% SEE 8% WE 11%
35 %
16 %
46 %
2 %
1 %
Revenues amounting to PLN 9.3 billion, by geographicalregions
599 575 638 705
2015 2016 2017 2018
1,993 2,111 2,233 2,592
2015 2016 2017 2018
16
Geographic divisionsDivision Description Key financials (2018) Revenue evolution (mPLN)
Poland
Ass
eco
Inte
rnat
ion
al
• The biggest IT player on the Polish market, strong position in banking and public sectors.
• 2nd largest region by revenues with stable operations.
Central Europe
South EasternEurope
Western Europe
Asseco International
Israeli market
• Management and development of the Asseco Group companies on foreign markets.
• Development of specialized companies operating in various sectors (Payments, ERP) and the cooperation with Asseco Poland in the areas of banking, healthcare and utilities.
• Extended offer of ERP solutions – Asseco is one of the leading ERP producers in Central Europe.
• Wide range of IT products and services for the industry sector.
• Group of entities offering integration services and software for the banking sector.
• Within the Group, ASEE is a competence center responsible for the payment segment.
• Equal focus on banking and finance as well as general business sector.
• Spanish, Portuguese and Scandinavian subsidiaries are key contributors.
• First steps in African market, mainly in Portuguese speaking countries (Angola, Mozambique).
EBIT non-IFRS(mPLN)
EBIT non-IFRS margin (%)
FCF mPLN(mPLN)
Cash conversion(%)
* Including the Israeli market revenues in the period non consolidated by the Asseco Group, i.e. in the period of August-September 2017.
238.5 17.6
285.4 11.0
164.1 13.5
77.3 11.5
54.7 7.8
523,4 9.7
• The Israeli market has the largest share in the Asseco Group total revenues and accounts for 55% of consolidated sales.
• Israeli companies operate globally and are present in Northern America, Europe, EMEA and Asia.
3,677 4,399 5,161 5,403
2015 2016 2017* 2018
1,6261,481 1,346 1,359
2015 2016 2017 2018
CAGR (5.8)%
292.8
285.4
141.1
96.7
54.5
350.5
122.7
100.0
86.0
125.2
99.6
67.0
801 905 1,005 1,213
2015 2016 2017 2018
487 571 571 670
2015 2016 2017 2018
Our M&A targets
Asseco is interested in companies that allow for increasing competences in specific sectors and for entering new geographical regions
Preferred sectors:
• Finance and banking
• ERP
• Healthcare
• Cyber security
We are interested in technological companies which:
• Generate profits
• Develop proprietary IT products
• Offer development prospects
• Offer engaged and motivated managementteams
• Offer attractive valuations
Start-ups offering technological products and experienced IT teams
Preferred geographical regions:
• Europe – all countries
• US – banking sector
17
Sapiens
Matrix IT
Magic Software
48.08%
49.21%
45.21%
Michpal
TSG
100.00%
50.00%
92.81%
Asseco Spain
70.32%
Asseco PST
69.40%
Asseco Lithuania
96.94%
PeakConsulting
70.00%
Asseco Denmark
55.00%
51.00%
Asseco Nigeria
Asseco SouthEastern Europe
51.06%
Asseco Central Asia
51.00%
Asseco Georgia
Asseco Kazakhstan
51.00%
51.00%
Asseco Enterprise Solutions
Asseco Central Europe
Asseco Data Systems
100.00%
Dahliamatic
SKG
Asseco Business Solutions
100.00%
100.00%
26.29%Asseco Poland
Asseco International
Formula Systems
100.0%
46.47%
Israeli market Polish market International markets
The Group’s key companies, share in capital. 18
Asseco Group’s structure
Eversoft
51.00%
Nextbank
60.80%
Long term growth
19
Our goal: long-term and stable growth
1. We rely on our proprietary software and related services.
2. We focus on the business needs of our customers.
3. We develop high cross-sector competences.
4. We employ the best programmers and IT specialists.
5. We cooperate with global suppliers of technology and IT solutions.
6. We build value for our shareholders and share successes in the form of dividends.
7. We are a socially engaged company supporting the development of the Polish economy.
The Asseco Group - European software producer established and developed by the Poles
20
Consistently strong financial performance (pro form*)
Revenue (PLN millions)
EBIT non-IFRS** (PLN millions)
Source: Company data
5,529 5,780 6,232 7,256 7,932 8,698 9,329
2012 2013 2014 2015 2016 2017 PF* 2018
756 698 738 848 883 8191,048
2012 2013 2014 2015 2016 2017 PF* 2018
* Including the results in the Israeli market for the period non-consolidated by Asseco Group, i.e. VIII-IX 2017** Non-IFRS figures including adjustments for: i) amortization charges on intangible assets recognized in purchase price allocation (PPA) as well as ii) for the costs of share-based payment transactions with employees (SBP).
21
Consistent implementation of our dividend policy
33
70
100
140
170
200 216
241 250 250 250 255
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 *
PLN 1.92 billionin dividends paid
3.07 DY: 6.1%**
3.01DY: 5.9%
3.01DY: 5.0%2.90
DY: 6.3%2.60DY: 5.7%2.41
DY: 5.0%2.19
DY: 4.1%1.80
DY: 2.9%
1.47DY: 3.1%1.03
DY: 1.4%
0.55DY: 1.1%
* Management Board's recommendation regarding a dividend from the profit in 2018.** Dividend yield as at March 25, 2019. 22
3.01DY: 5.9%
The Management Board recommends the payment of a dividend in the amount ofPLN 254.8 million, i.e. PLN 3.07 per share.
(in mPLN)
Shareholder structure
Aviva Santander
Pension Fund15.04%
Adam Góral9.74%
PZU Pension Fund
5.16%
NN Pension Fund
5.03%
Other shareholders
65.03%
Stable and long term shareholders(including CEO)*
Number of shares and votes at GMS
Voting interest atGMS
Aviva Pension Fund 12,485,596 15.04%
Adam Góral* 8,083,000 9.74%
PZU Pension Fund 4,281,040 5.16%
NN OFE 4,171,121 5.03%
Other shareholders 53,979,546 65.03%
83,000,303 100%
23
Asseco Group’s results2018
24
Key events in the Asseco Group
1. Very good financial results of the Group – record-breakingrevenues and operating profit.
2. Dynamic growth in all business segments.
3. Pragmatic approach to innovation.
4. Recommendation of record dividend payment.
25
• Record revenues - over PLN 9.3 billion.
• Record operating profit – PLN 797 million (PLN 1.05 billion non-IFRS).
• High cash flows - FCF Asseco Group: 930 mPLN, Asseco Poland: 245 mPLN
• 85% of revenues from foreign markets.
• 80% of revenues from sales of proprietary software and services.
• 24,302 employees, including 21,047 in production departments.
The Asseco Group’s record-breaking results
26
Consolidated financial highlights for 2018(vs. 2017 pro forma figures*)
PLN 9,329 mSales revenues
+7%
PLN 1,048 mEBIT non-IFRS
+28%
PLN 371 mNet profit non-IFRS
+40%
PLN 7,502 mProprietary software and services
+7%
PLN 1,256 mEBITDA
+25%
27* Data including Formula Group results for August and September 2017.
Revenue structure – strong diversification into sectors
38%
40%
22%
Revenues
9,329 mPLN
2,513 2,829 3,128 3,451 3,549
2,214 2,6883,062
3,409 3,6931,5051,738
1,7421,838
2,086
2014 2015 2016 2017 PF* 2018
General Business Banking and Finance Public Institutions
28
* Data including Formula Group revenues for August and September 2017; reported results, i.e. excluding Formula Group revenues for August and September 2017 were as follows: General Business PLN 3,122 million, Banking and Finance PLN 3,040 million, Public Institutions PLN 1,668 million.
mPLN
1,536 1,626 1,481 1,346 1,359
2,9513,677 4,399 4,293
5,403
8691,752
1,9932,111
2,2332,592
2014 2015 2016 2017 2018
Asseco Poland Segment Formula Systems Segment
Formula Systems Segment VIII-IX 2017 Asseco International Segment
Significant share of foreign markets in the Group’s revenues
28%
15%
58%
Revenues
9,329mPLN
Data for 2014-2017 after taking into account changes in the structure of the Group, i.e. according to the structure of segments in 2018.Data do not include consolidation adjustments. 29
mPLN
Increase in the Group’s non-IFRS operating profit
27%
23%
50%1,048mPLN
30Data for 2014-2017 after taking into account changes in the structure of the Group, i.e. according to the structure of segments in 2018.Data do not include consolidation adjustments.
283 257 227 171 239
258 357 423317
52375197
225 230258
285
2014 2015 2016 2017 2018
Asseco Poland Segment Formula Systems Segment
Formula Systems Segment VIII-IX 2017 Asseco International Segment
mPLN
* In addition: consolidation adjustment resulting from transactions between sectors: -PLN 25.1 million,comparison to the pro forma 2017 data, i.e. including revenues of Formula Group for August and September 2017.
The Asseco Group in 2018 – geographical regions
1,359
5,403
2,592
9,329mPLN+7%
Asseco Poland segment
• The banking sector is the main growth driver in Poland. • Product development and entry into new markets.• Recovery in the public sector.
Formula Systems segment
• Very good results of Sapiens International.• The highest results of Magic Software in history.• Acquisitions on the American and Israeli markets.
Asseco International segment
• New projects in the public sector in Asseco Central Europe.• Increase of the stake in CEIT to 100% of shares (ACE).• Increase in foreign sales of Asseco Business Solutions.• Another record-breaking year for Asseco South Eastern Europe -
development in the payments sector.
31
Asseco Poland segment
Formula Systems segment
Asseco International segment
+1%
+5%
+16%
Sales revenues*
Banking and finance sector
2,2142,688
3,0623,409 3,693
2014 2015 2016 2017* 2018
Revenues (in mPLN) Formula Systems Segment VIII-IX 2017
2018 2017 PF* Change
Asseco Poland segment 473.9 442.5 +7%
Formula Systems segment 2,333.6 2,151.5 +8%
Asseco International segment 901.7 847.3 +6%
Asseco Group** 3,693.2 3,409.1 +8%
Revenues (mPLN)
* Data including Formula Group revenues for August and September 2017; reported results, i.e. excluding Formula Group revenues for August and September 2017 were as follows: 3,039.7 and change +21%.** Data including consolidation adjustment.
• Increase in sales of omnichannel solutions in Poland and adjustment of systems to new regulations.
• Strengthening of the position of Sapiens in the area of property and casualty (P&C) insurance solutions for customers in the US.
• Asseco SEE: development of the payments sector (Payten) and new acquisitions (Necomplus, Q1 2019).
32
General business sector
2,5132,829 3,128
3,451 3,549
2014 2015 2016 2017* 2018
Revenues (in mPLN) Formula Systems Segment VIII-IX 2017
• Significant increase in sales of ERP solutions in ABS and development of foreign sales.
• Positive impact of acquisitions carried out: Macrologic, CEIT, DWC Slovakia.
• Drop in revenues in Poland mainly due to the completion of some projects for the power and gas and telecommunication sectors.
2018 2017 PF* Change
Asseco Poland segment 334.7 396.4 -16%
Formula Systems segment 2,085.1 2,062.7 +1%
Asseco International segment 1,136.6 998.7 +14%
Asseco Group** 3,549.3 3,450.9 +3%
33* Data including Formula Group revenues for August and September 2017; reported results, i.e. excluding Formula Group revenues for August and September 2017 were 3,121.9 and the change was +14%.** Data including consolidation adjustment.
Revenues (in mPLN)
Public institutions sector
1,5051,738 1,742
1,838 2,086
2014 2015 2016 2017* 2018
Revenues (in mPLN) Formula Systems Segment VIII-IX 2017
• New significant contracts in the Czech Republic, Slovakia and Poland.
• Good prospects for development in the area of public procurement in Poland (the Social Insurance Institution - ZUS, the
Farmers' Social Security Fund - KRUS, local administration, The Agency for Restructuring and Modernisation of Agriculture
- ARMA, international organizations).
2018 2017 PF* Change
Asseco Poland segment 550.2 506.8 +9%
Formula Systems segment 984.0 947.1 +4%
Asseco International segment 553.9 386.9 +43%
Asseco Group** 2,086.1 1,837.8 +14%
34* Data including Formula Group revenues for August and September 2017; reported results, i.e. excluding Formula Group revenues for August and September 2017 were 1,667.7 and the change was +2%.** Data including consolidation adjustment.
Revenues (in mPLN)
Financial information2018
35
Revenues and operating result of the Asseco Group
Figures in millions of PLN.*Data including Formula Group results for August and September 2017.**Non-IFRS figures including adjustments for amortization charges on intangible assets recognized in purchase price allocation (PPA) as well as for the costs of share-based payment (SBP) transactions with employees.
2018 2017 PF* Δ Q4 2018 Q4 2017 PF* Δ
Revenues 9,328.6 8,697.8 +7% 2,650.3 2,411.6 +10%
Proprietary software and services 7,502.1 6,986.6 +7% 2,050.0 1,857.0 +10%
EBITDA 1,256.3 1,001.1 +25% 354.2 279.6 +27%
EBITDA margin 13.5% 11.5% +2 p.p. 13.4% 11.6% +1.8 p.p.
Operating profit non-IFRS** 1,048.5 818.7 +28% 301.7 237.0 +27%
Operating profit marginn non-IFRS 11.2% 9.4% +1.8 p.p. 11.4% 9.8% +1.6 p.p.
PPA & SBP** -251.7 -206.8 +22% -63.6 -78.6 -19%
Operating profit 796.8 611.9 +30% 238.1 158.3 +50%
Operating profit margin 8.5% 7.0% +1.5 p.p. 9.0% 6.6% +2.4 p.p.
36
37
Reconciliation of operating profit and net profit
2018 2017 Δ Q4 2018 Q4 2017 Δ
Operating profit non-IFRS* 1,048.5 743.4 +41% 301.7 237.7 +27%
Operating profit 796.8 584.8 +36% 238.1 158.4 +50%
Interest expense -45.9 -40.7 -11.8 -14.8
Foreign currency transactions 36.3 -39.2 10.0 -3.2
Other -13.1 271.6 1.3 -14.7
of which: gain/loss on transactions associated with company acquisitions
-15.5 -23.4 -4.0 0.9
gain/loss on transactions associated with company sales 9.0 313.3 8.7 -5.6
dividends paid to non-controlling shareholders -6.0 -5.0 -2.5 0.0
Pre-tax profit 774.0 776.5 -0% 237.5 125.7 +89%
Income tax -182.3 -122.0 +49% -56.9 -10.2 +458%
effective tax rate 23.6% 15.7% +7.8 p.p. 24.0% 8.1% +15.8 p.p.
Share of profits/losses of associates 2.0 -37.7 - 3.8 2.8 36%
Net profit 593.7 616.8 -4% 184.4 118.3 +56%
Net profit attributable to shareholders of the parent company 333.3 466.6 -29% 98.0 68.0 +44%
Net profit attributable to shareholders of the parent company non-IFRS*
371.4 265.3 +40% 101.7 74.6 +36%
Figures in mPLN*Non-IFRS figures including adjustments for: the cost of amortization of intangible assets recognized under the combination settlement (PPA), the costs of share-based payment transactions with employees (SBP), the costs and financial revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them.
+359.0: result due to loss of control over the Formula Group before tax and less transaction costs
-40.9: write-down on deferred payment from the sale of shares in R-Style Softlab and result on salesudziałów w R-Style Softlab oraz wynik na sprzedaży
-4.8: other transactions
-80.1: write-down on goodwill allocated to the Public Administration segment-15.8: write-down on investment in Sintagma-2.1: write-down on investment in Asseco Georgia-1.1: write-down on investment in Asseco Kazakhstan-0.9: write-down on investment in Asseco Nigeria
+76.2: revaluation of Formula Systems shares to fair value+0.5: other transactions
-39.7: write-down on investment in R-Style Softlab’s associated entity
+2.0: other
Financial results of regions and subsidiaries*Sales revenues Operating profit non-IFRS**
Net profit – contribution toAsseco Poland non-IFRS**
2018 2017 PF 2018 2017 PF 2018 2017
Asseco Poland Segment 1,358.8 1,345.7 238.5 170.5 171.6 103.2
Asseco Poland (without dividends) 893.3 861.2 192.5 131.5 154.8 64.0
Asseco Data Systems 350.6 357.5 31.5 15.2 23.8 9.3
Other companies 168.5 205.4 24.3 24.0 10.7 4.1
adjustments -53.5 -78.5 -9.8 -0.2 -17.8 25.8
Formula Systems Segment 5,402.7 5,161.4 523.4 392.3 47.0 32.4
Matrix IT 3,185.0 3,024.8 242.9 219.3 21.7 25.9
Magic Software 1,030.2 983.3 141.1 130.6 11.3 15.2
Sapiens Int. 1,049.5 1,024.9 134.8 46.1 11.6 4.9
Other companies 155.9 148.6 4.7 -2.1 2.4 -13.3
adjustments -17.9 -20.2 0.0 -1.7 0.0 -0.2
Asseco International Segment 2,592.2 2,232.9 285.4 257.7 151.4 131.3
Central European Market 1,213.0 1,005.0 164.1 133.7 87.2 75.3
South Eastern European Market 670.3 570.9 77.3 67.0 34.3 29.6
Western European Market 705.2 638.2 54.7 57.9 38.5 27.7
Eastern European Market 6.6 17.4 0.2 -0.3 1.6 -0.7
Other companies 4.6 2.7 -11.3 -1.5 -10.4 -1.5adjustments -7.4 -1.3 0.4 0.9 0.2 1.0
Consolidation adjustment -25.1 -42.2 1.1 -1.8 1.4 -1.6
Asseco Group 9,328.6 8,697.8 1,048.5 818.7 371.4 265.3
38
Figures in mPLN*Results of segments in 2018 and 2017 according to the structure as at 31.12.2018; data 2017 - pro forma, i.e. including Formula Group for August and September 2017. **Non-IFRS figures including adjustments for: the cost of amortization of intangible assets recognized under the combination settlement (PPA), the costs of share-based payment transactions with employees (SBP), the costs and financial
revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them.
Figures in mPLN.*Excluding investments in investment properties, less financing.**CFO+CAPEX.*** Free cash flow / EBIT non-IFRS.
Cash generated
Asseco Group
Asseco
Poland
Segment
Formula
Systems
Segment
Asseco
International
Segment
CFO 1,177.8 354.4 426.1 395.7
CAPEX* -247.5 -61.6 -75.6 -110.3
Free cash flow** 930.3 292.8 350.5 285.4
Cash conversion ratio*** 89% 123% 67% 100%
39
Balance sheet
40
mPLNAs at
31 December2018
Non-current assets
Property, plant and equipment 828.4
Intangible assets 1,994.2
Investment property 21.0
Goodwill 4,248.9
Investments valued using equity method 111.5
Long-term receivables 127.5
Deferred income tax assets 83.6
Other non-financial assets 0.1
Long-term financial assets 175.1
Long-term prepayments and accrued income 59.2
7,649.5
Current assets
Inventories 94.3
Prepayments and accrued income 168.5
Trade receivables 2,432.7
Contract assets 214.3
Corporate income tax receivable 47.6
Receivables from the state and local budgets 37.3
Other receivables 38.9
Other non-financial receivables 9.0
Financial assets 139.3
Cash and short-term deposits 1,800.5
4,982.4
Non-current assets classified as held for sale 10.9
TOTAL ASSETS 12,642.8
mPLNAs at
31 December2018
Equity(attributable to shareholders of the Parent Company)
5,717.7
Non-controlling interests 1,945.6
Total equity 7,663.3
Non-current liabilitiesInterest-bearing bank loans, borrowing and debt securities 1 082.9 Long-term finance lease liabilities 32.1 Long-term financial liabilities 180.3 Deferred income tax liabilities 411.8 Long-term provisions 67.9 Long-term deferred income 43.3 Long-term contract liabilities 32.3 Long-term accrued expenses 1.5Other long-term liabilities 13.1
1,865.2
Current liabilitiesInterest-bearing bank loans, borrowing and debt securities 581.6 Finance lease liabilities 28.9 Financial liabilities 199.7 Trade payables 938.2 Contract liabilities 451.1 Corporate income tax payable 73.7 Liabilities to the state and local budgets 204.8 Other liabilities 314.3 Provisions 39.6 Deferred income 7.8 Accruals 274.6
3,114.3
Total liabilities 4,979.5 TOTAL EQUITY AND LIABILITIES 12,642.8
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2018 © Asseco Poland S.A. 41
