Asseco South Eastern Europe (ASE) H1 2024 earnings summary

Executive summary

• ASEE Group reported sales revenues of PLN 764.7 million and net profit attributable to shareholders of PLN 87.0 million for the six months ended 30 June 2024, with operations spanning 23 countries and 3,957 employees.

• ASEE S.A. (the parent) posted net profit of PLN 56.8 million and revenues of PLN 82.4 million, mainly from dividends and IT services.

• The Group continued its expansion with acquisitions in India, UAE, and Ukraine after the reporting period.

Financial highlights

• Group sales revenues increased to PLN 764.7 million from PLN 755.6 million year-over-year.

• Net profit attributable to shareholders was PLN 87.0 million, down from PLN 92.0 million year-over-year.

• Operating profit for the Group was PLN 90.6 million, compared to PLN 103.7 million in the prior year.

• Basic and diluted EPS for the Group was PLN 1.68, down from PLN 1.77 year-over-year.

• ASEE S.A. reported net cash from operating activities of PLN 80.7 million, with cash and cash equivalents at period end of PLN 5.8 million.

Outlook and guidance

• Management sees no threat to going concern for at least 12 months from 30 June 2024.

• Recent acquisitions in India, UAE, and Ukraine are expected to positively impact future financial performance, with consolidation of results starting in H2 2024.