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Stable growth of ASEE Group in 2023

The company published estimated 4Q and full-year 2023 financial results with double-digit growth of operating profit

Q4 2023 Highlights

  • Sales revenues of ASEE Group amounted to EUR 110.6 million, up 2%, and excluding hyperinflation accounting to EUR 112,9 million, up 8%
  • Operating profit of ASEE Group totaled EUR 14.1 million, up 8%, and excluding hyperinflation accounting to EUR 14.7 million, up 10%

    • EBIT of Payment solutions reached EUR 8.2 million, up 41%

  • EBITDA of ASEE Group amounted to EUR 18.9 million, up 4%, and excluding hyperinflation accounting to EUR 19.6 million, up 6%
  • Double-digit growth in net profit of ASEE Group which reached EUR 11.4 million, up 41%, and excluding hyperinflation accounting EUR 11.7 million, up 36%
  • Operating profitability of ASEE Group amounting to 12.7%

Full-year 2023 Highlights

  • Sales revenues of ASEE Group amounted to EUR 362.8 million, up 9%, and excluding hyperinflation accounting to EUR 363.4 million, up 9%
  • Operating profit of ASEE Group totaled EUR 49.9 million, up 9%, and excluding hyperinflation accounting to EUR 50.7 million, up 11%

    • EBIT of Payment solutions reached EUR 27.2 million, up 15%

  • EBITDA of ASEE Group amounted to EUR 69.5 million, up 5%, and excluding hyperinflation accounting to EUR 69.8 million, up 7%
  • Operating profitability of ASEE Group amounting to 13.8%
  • Double-digit growth of net profit of ASEE Group which reached EUR 46.2 million, up 11%, and excluding hyperinflation accounting EUR 41.7 million, up 14%
  • ASEE Group backlog for 2024 in M1 totaled EUR 199.8 million excluding hyperinflation accounting, up 7%

Warsaw, 15 February 2024: ASEE Group, (WSE: ASEECOSEE, ASE) has announced estimated fourth-quarter and full-year 2023 financial results according to which the company generated sales revenues, after adjusting for the accounting reporting effects in hyperinflationary conditions, amounting to EUR 112.9 million in Q4 and to EUR 363.4 million in 2023, up 8% and 9% respectively compared with a corresponding period of 2022.

The biggest increase in sales revenues in Q4 2023, compared with a corresponding period of the last year was generated by Dedicated solutions (up EUR 6.6 million) and amounted to EUR 46 million, followed by Payment solutions (up EUR 1.8 million) where sales revenues reached EUR 49.1 million. Banking solutions recorded small decline in sales revenues (down EUR 0.2 million) with revenues amounting to EUR 17.8 million.

The biggest increase in operating profit in Q4 2023, after adjusting for the accounting reporting effects in hyperinflationary conditions, was generated by Payment solutions (up EUR 2.4 million) and reached EUR 8.2 million, followed by Banking solutions where operating profit amounted to EUR 4.3 million (up EUR 0.4 million). Whereas operating profit of Dedicated solutions was down by EUR 1.4 million (-40%) in the same period.

Sales revenues of ASEE Group in 2023, after adjusting for the accounting reporting effects in hyperinflationary conditions, amounted to EUR 363.4 million, up EUR 31.5 million (9%) compared with 2022. The biggest sales revenues were generated by Payment solutions and reached EUR 166.5 million, up EUR 5.9 million (4%) compared with the last year, followed by Dedicated solutions where sales revenues totaled EUR 130.3 million in 2023, up EUR 17.7 million (16%) compared with a corresponding period of the last year. In the same period sales revenues of Banking solutions  amounted to EUR 66.6 million, up EUR 7.8 million (13%).

Operating profit of ASEE Group in 2023 amounted to EUR 49,9 million, up EUR 4.0 million EUR (9%), and after adjusting for the accounting reporting effects in hyperinflationary conditions to EUR 50.7 million, up EUR 5.1 million (11%). Whereas EBITDA grew from EUR 65.9 million to EUR 69.5 million (5%).

Better results of the ASEE Group in 2023 are primarily due to organic growth and to a lesser extent to completed acquisitions. Increasing the scale of operations in the Banking Solutions segment and changes in the business structure of the Payment Solutions segment contributed to the improvement in financial performance. In the Payment Solutions segment, revenue growth was recorded in eCommerce and Processing business lines as well as in lines targeting sales points directly, such as the independent network of payment terminals (IPD) and electronic fiscal cash registers (ECR). In the Banking Solutions segment, higher revenues were achieved by all three lines comprising the segment, with the highest growth coming from the line responsible for central banking systems and other software, mainly due to several large implementation projects carried out in 2023. – commented Piotr Jeleński, ASEE & Payten Group CEO. 

About ASEE

ASEE Group (WSE: ASEECOSEE, ASE) is one of the biggest IT companies in the area of production and implementation of its own software solutions and services in the region of South Eastern Europe, Turkey, Spain, Portugal, Andorra, Colombia, Peru, Dominican Republic, Slovakia and Czech Republic. The Company provides ICT solutions for various industry verticals including the financial sector, payment sector, public administration and telecoms. The company provides products and services within Payment business under Payten name. Since October 2009, the shares of ASEE Group have been listed on the Warsaw Stock Exchange. ASEE Group employs over 3,800 people in 23 countries. More than 10 banks out of the 15 largest ones in southeastern Europe are already clients of ASEE.

Contact:

Monika Perek, CMO

ASEE

Ul. Branickiego 13

02-972 Warszawa

Tel.: +48 22 574 86 38

monika.perek@asseco-see.com

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