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ASBIS Group results for 2012

ASBIS Group results for 2012

Stronger market position and record-high revenues group achieved financial forecasts for Y2012 through increased revenues and dynamic growth in own brands

Limassol, Cyprus, February 27th, 2013 - ASBISc Enterprises Plc, a leading distributor of IT products in emerging markets of Europe, the Middle East and Africa, closed a successful Q4 2012 and Y2012. During the period the company strengthened its market position and significantly increased sales of its own brands. This resulted in record-high revenues in Y2012 of USD 1.745 billion, 17.73% higher than in Y2011. In Q4 2012 alone, the group generated revenues of USD 566.4 million, representing growth of 20.47% from Q4 2011.

Profitability was in line with forecasts. In 2012, NPAT grew by 59.84%, to USD 9.047 million, from USD 5.660 million in 2011. In Q4 2012 alone, NPAT was USD 4.442 million (lower than in Q4 2011, when it was USD 8.276 million because of the exceptional influence of the HDD segment in Q4 2011). Thus ASBIS delivered on its financial forecasts for Y2012 by exceeding the revenue target and with net profits in the upper range of its forecasts.

Siarhei Kostevitch, CEO and Chairman of ASBISc Enterprises Plc, commented: “This was a successful quarter since we were able to significantly increase our sales and profits despite economic turbulence. We finished Y2012 in line with our forecasts, being better at all levels than the prior year. The milestone of Q4 2012 was the strong growth of the high-margin own-brand business, which increased to a historical record of USD 69.7 million, compared to USD 32.9 million in Q4 2011. Thus our own brands’ contribution to total revenues grew to 12.31% in Q4 2012, compared to 7% in Q4 2011. We are focussing more and more on this area as we are achieving a competitive advantage here, differentiating us from traditional IT distribution companies.”

Kostevitch continued: “Our gross and net profitability reached very satisfactory levels, and we are confident that with the right re-balancing of our product portfolio and the right actions taken on operational efficiency, we should achieve even better results in the near future. The management team of the company remains committed to delivering robust results and maximizing shareholder value. Improvement in margins, profitability and cash-flow will be our main focus in 2013.”

 

Q4 2012

Q4 2011

Change

Revenues

566,397

470,157

+20.47%

Gross profit after currency movements

28,894

29,428

-1.81%

Gross profit margin

5.10%

6.26%

-18.50%

Administrative expenses

(6,721)

(6,281)

+7.02%

Selling expenses

(13,737)

(12,501)

+9.89%

Operating profit

8,436

10,647

-20.76%

EBITDA

9,254

11,465

-19.28%

Net profit

4,442

8,276

-46.33%

 

 

Q1–Q4 2012

Q1–Q4 2011

Change

Revenues

1,744,878

1,482,075

+17.73%

Gross profit after currency movements

85,468

81,250

+5.19%

Gross profit margin

4.90%

5.48%

-10.65%

Administrative expenses

(23,916)

(25,168)

-4.97%

Selling expenses

(41,332)

(40,421)

+2.25%

Operating profit

20,220

15,660

+29.11%

EBITDA

23.082

18,748

+23.11%

Net profit

9,047

5,660

+59.84%

 

For 2012, ASBIS forecasted revenues between USD 1.55 billion and USD 1.65 billion and NPAT from USD 7.5 million to USD 9.5 million.

 


Through four quarters of 2012, the company: 

    • generated revenue of USD 1,744,878,000, which is 5.75% higher than the upper range of the company’s financial forecast for 2012

    • delivered net profit after tax of USD 9,047,000, which is close to the upper range of the forecast NPAT and exceeds the lower range by 20.63%. 

The final information on 2012 results will be published on March 27, 2013, in the Annual Report for 2012, which will contain audited financial statements.  

Revenues derived from FSU countries grew by 11.02% in Q4 2012 and 14.68% in the twelve months of 2012 compared to 2011. However, at the same time ASBIS grew even faster in the CEE region (+22.99% in Q4 2012 and +19.42% in Y2012) and in Western Europe (+95.25% and +37.10% respectively).
Siarhei Kostevitch, CEO and Chairman of ASBISc Enterprises Plc, commented: “The results we achieved confirm that the strategy we adopted of broad geographic coverage of the company’s operations allows us to benefit from any positive changes in different markets. Country-by-country analysis confirms that even with the recent turbulence in the world economy, the company is able to deliver growing sales and profits. Revenues generated on our biggest market – Russia – grew significantly, by 13.28% in Q4 2012 compared to Q4 2011 and by 13.43% in the twelve months of 2012 compared to 2011.” 


Region

Q4 2012

Q4 2011

Change %

Former Soviet Union

224,619

202,318

+11.02%

Central and Eastern Europe and Baltic States

205,280

166,903

+22.99%

Middle East and Africa

58,466

56,898

+2.76%

Western Europe

60,583

31,029

+95.25%

Other

17,448

13,008

+34.13%

Total

566,397

470,157

+20.47%

 

Q4 2012

Q4 2011

 

Country

Sales

Country

Sales

1.

Russia

132,881

Russia

117,307

2.

Slovakia

66,449

Slovakia

58,637

3.

Ukraine

50,265

Ukraine

49,587

4.

Bulgaria

29,504

United Arab Emirates

29,000

5.

United Arab Emirates

28,485

Czech Republic

28,285

6.

United Kingdom

24,984

Kazakhstan

24,260

7.

Czech Republic

24,554

Bulgaria

14,038

8.

Belarus

20,516

Romania

12,662

9.

Kazakhstan

16,495

Saudi Arabia

10,681

10.

Lithuania

15,176

Croatia

9,103

11.

Other

157,089

Other

116,597

 

TOTAL

566,397

TOTAL

470,157

For additional information, please contact:

Daniel Kordel, ASBISc Enterprises PLC, Investor Relations
Tel. +357 99 633 793
Tel. +48 509 020 021
E-mail d.kordel@asbis.com

Costas Tziamalis, ASBISc Enterprises PLC, Investor Relations
Tel. +357 25 857 000E-mail costas@asbis.com 

Iwona Mojsiuszko, M+G
Tel. +48 22 625 71 40,
Tel. +48 501 183 386
E-mail iwona.mojsiuszko@mplusg.com.pl

 

ASBISc Enterprises Plc is based in Cyprus and specializes in the distribution of computer hardware and software, mobile solutions, IT omponents and peripherals, and a wide range of IT products and digital equipment. Established in 1990, the company has a presence in Central and  Eastern Europe, the Baltic States, the former Soviet Union, the Middle East, and North Africa, selling to 75 countries worldwide. The group distributes products of many vendors and manufactures and sells private-label products: Prestigio (external storage, leather-coated USB accessories, GPS devices, etc.) and Canyon (MP3 players, networking products and other peripheral devices). ASBIS has subsidiaries in 26 countries, more than 1,000 employees and 32,000 customers. The company’s stock has been listed on the Warsaw Stock Exchange since October 2007 under the ticker symbol “ASB” (ASBIS).

For more information, also visit the company’s website at www.asbis.com or investor.asbis.com

Disclaimer: The information contained in each press release posted on this site was factually accurate on the date it was issued. While these press releases and other materials remain on the Company's website, the Company assumes no duty to update the information to reflect subsequent developments. Consequently, readers of the press releases and other materials should not rely upon the information as current or accurate after their issuance dates.