Asseco South Eastern Europe Group 2012 financial results

Asseco South Eastern Europe Group, (Asseco SEE, ASEE) published financial results for 2012.

Asseco South Eastern Europe Group, (Asseco SEE, ASEE) published financial results for 2012. 

Sales revenue of Asseco SEE Group reached EUR 111 million, remaining on the same level as in 2011. Results of Turkish operations showed the highest growth rate in 2012 and were up by 25% comparing to the last year. Impressive results in Turkey were mainly due to the increase in revenues from solutions dedicated to Internet Payment business (Payment Gateway), which grew by 35% yoy. Consolidation of Sigma (Turkish company acquired in September 2012) contributed to outstanding results reported by this country. Offsetting these positive trends were declining revenues in Romania and Croatia what negatively affected 2012 results of ASEE Group.

It is worth to emphasize that sales of Own Solutions in 2012 amounted to EUR 51 million, resulting in 5% increase compared to 2011. As a result of this growth, Own Solutions stand for 47% of total Group revenue, increasing the share of higher value added products in ASEE sales structure. At the same time ASEE managed to maintain positive trend in revenue from the New Markets *, which reached EUR 13 million in 2012, after 53% growth year on year.

"The focus on increasing sales in New Markets remains top priority for ASEE in 2013 and in subsequent years. This year we would like to further improve the dynamic of this growth, based on new mechanisms implemented as a result of Sales reorganization to stimulate cross-selling within ASEE Group"- said Piotr Jeleński, CEO of Asseco South Eastern Europe S.A. "Another important goal for 2013 and subsequent years, is to unify and promote ASEE Group product portfolio, with particular emphasis on selected solutions with the greatest potential for international growth" - he added.

As far as maintenance and outsourcing services are concerned, ASEE achieved EUR 30.7 million revenue in 2012, what translates to 10% growth over the last year. Higher recurring revenue improves security and predictability of the daily business.

Operating profit (EBIT) decreased by 5% yoy and amounted to EUR 12.6 million. Normalized net profit (adjusted by one-offs) decreased by 4% to EUR 11.3 million. This is primarily due to increased investments in internal reorganization of the Group, which aims to improve the integration of operations and to increase ASEE efficiency.

Operating profitability in 2012 reached 11,4% and was comparable to the profitability in 2011.

The company announced backlog value for the year 2013 - it amounts to EUR 55 million.

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