Asseco Business Solutions (ABS) H2 2023 earnings summary

Executive summary

• 2023 revenues grew 12.4% year-over-year to PLN 380.5M, with net profit up 11.4% to PLN 95.0M.

• EBITDA increased 10.9% to PLN 145.1M, and EBIT rose 8.6% to PLN 109.4M compared to 2022.

• The enterprise sector contributed 91% of 2023 revenues, with strong domestic and international growth.

Financial highlights

• Receipts from sales reached PLN 380.5M in 2023, up from PLN 338.5M in 2022.

• Q4 2023 net profit was PLN 29.2M, up 0.8% year-over-year; Q4 EBITDA rose 5.7% to PLN 41.4M.

• Cash at year-end 2023 was PLN 53.0M, with operating cash flow of PLN 109.3M.

• Profitability remained high: 2023 EBITDA margin at 38.1%, EBIT margin at 28.8%, net margin at 25.0%.

Outlook and guidance

• Backlog for 2024 covers 73.5% of 2023 sales, up from 71.3% coverage the prior year.

• Management recommends a 2024 dividend of PLN 2.60 per share, up from PLN 2.30 in 2023.