Asseco South Eastern Europe Group Q3 2013 financial results
Asseco South Eastern Europe Group, (Asseco SEE, ASEE) published financial results for the 3 quarters of 2013.
Sales revenue of Asseco SEE Group reached EUR 76 million and are 2% lower than in the last year. The highest growth in 3 quarters 2013 was reported by operations in Macedonia, Turkey and Kosovo, where revenues increased by 26%, 21% and 8% respectively, compared to the last year. Great results in Macedonia and Kosovo are primarily the effect of a few major transactions in System Integration business unit. Growth in Turkey resulted mainly from increasing revenue from solutions dedicated to Internet Payment business (Payment Gateway), which went up by 15% compared to 3 quarters 2012, as well as consolidation of Sigma (acquired in September 2012).
In Q3 2013 ASEE continued positive tendency of growing revenue from the New Markets *, which surged by 24% year on year reaching EUR 10.2 million (after 3 quarters 2013).
Operating profit (EBIT) decreased by 22% yoy and amounted to EUR 6.8 million. This is primarily due to weaker results in Turkey, Serbia and Bosnia & Herzegovina as well as increased investments in internal reorganization of the Group which aim to improve the integration of operations and to increase ASEE efficiency.
“The results after three quarters show a continuation of the trend from the first half of the year - still not the best situation in the region and the weakness of the local financial market” - said Piotr Jeleński, CEO of Asseco South Eastern Europe Group.
Larger decrease in normalized net profit (adjusted by non-recurring items) (31%, EUR 5.6 million) was mainly due to higher withholding tax associated with dividend payments received by the holding company and higher taxes paid in Turkey as a result of greater income realized outside special economic zones.
As far as maintenance and outsourcing services are concerned, ASEE achieved EUR 25 million revenue in 3 quarters 2013, what translates to 10% growth year on year.
The company announced backlog value for the year 2013 - it currently amounts to EUR 97.17 million.
On October 23, 2013, Asseco South Eastern Europe S.A. bought Croatian company EŽ RAČUNALSTVO, which was created by the formal separation of business lines involved in the operation of POS payment terminals in Croatian company EPTA d.o.o. Main contracts with major customers and suppliers, as well as key employees and certain assets related to the transferred service contracts were transferred to the new company. The company EŽ RAČUNALSTVO currently employs 70 people that support 37 000 payment terminals.
"With this acquisition, the Croatian operations were strengthened in Payment business unit, in the area of payment terminal services, and we hope that this will allow us to increase our business both in Croatia and in the region" - said Piotr Jeleński.