Asseco South Eastern Europe (ASE) H2 2023 earnings summary

Executive summary

• Standalone FY2023 revenue was PLN 135.1m, up from PLN 102.6m; operating profit reached PLN 106.2m and net profit PLN 81.6m.

• Higher dividend income and a PLN 10.8m impairment reversal on the Kosovo investment supported results, partly offset by a PLN 28.1m impairment charge on BS Telecom.

Financial highlights

• Holding activities revenue rose to PLN 123.5m from PLN 90.3m; IT services revenue was PLN 11.7m versus PLN 12.3m.

• Pre-tax profit was PLN 86.1m versus PLN 78.2m; net profit was PLN 81.6m versus PLN 71.2m.

• Operating cash flow was PLN 35.3m versus PLN 39.8m; investing cash flow was PLN 54.2m versus PLN 27.7m; financing outflow was PLN 80.5m versus PLN 63.4m.

• EPS was PLN 1.57, up from PLN 1.37; diluted EPS was also PLN 1.57.

Outlook and guidance

• Management recommended a FY2023 dividend of PLN 85.6m, or PLN 1.65 per share, on 15 February 2024.

• Unsatisfied or partly satisfied performance obligations carried PLN 7.8m of allocated transaction price: PLN 7.7m expected within one year and PLN 0.2m thereafter, primarily for 2025–2026.