Asseco South Eastern Europe Group 2012 financial results

Sales revenue of Asseco SEE Group reached EUR 24,2 million.

Sales revenue of Asseco SEE Group reached EUR 24,2 million, dropping by 4% yoy. Results of Turkish and Macedonian operations showed the highest growth rate, increasing by 37% and 59% respectively compared to the last year. Turkey achieved impressive results mainly thanks to the revenue increase from solutions dedicated to Internet Payment business (Payment Gateway), which grew by 31% yoy as well as consolidation of Sigma (acquired in September 2012). Higher sales in Macedonia were mainly a result of hardware supply transactions in System Integration.

In Q1 2013 ASEE continues a positive tendency in revenue from the New Markets*, which surged by 19% year on year reaching EUR 3.6 million.

"The increase in revenue from the New Markets confirms the right direction of ASEE strategy to stimulate sales of the Group's products in new geographies. This is our concept to achieve growth at a time of economic downturn” - said Piotr Jeleński, CEO of Asseco South Eastern Europe Group.

Operating profit (EBIT) decreased by 20% yoy and amounted to EUR 2.4 million. Operating profitability in Q1 2013 reached 10,8%. Lower profitability is primarily due to increased investments in internal reorganization of the Group starting from Q2 2012, which aims to improve the integration of operations and to increase ASEE efficiency. Group EBIT was also impacted by weaker performance of subsidiaries in Romania and Croatia. Normalized net profit (adjusted by one-offs) decreased by 35% to EUR 1.9 million. This is mainly due to higher withholding tax associated with dividend payments received by the holding company during the first quarter. 

As far as maintenance and outsourcing services are concerned, ASEE achieved EUR 8.3 million revenue in Q1 2013, what translates to 13% growth year on year. Higher recurring revenue improves security and predictability of the daily business. 

The company announced backlog value for the year 2013 - it currently amounts to EUR 67.25 million.

*New markets are understood as new geographies for existing products and all geographies for a new products.