Asseco PolandSolutions for Demanding Business
www.asseco.pl/en
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Agenda
1
2
General Information
Our mission is to build the trustworthy and profitable global
IT company providing our customers with high quality
software and services
Company profile:
• The largest Polish IT company listed on WSE
• Among the TOP10 software producers in Europe
• Companies from Asseco Group are listed on WSE, TASE and NASDAQ
• Focused on selling proprietary software and services
• Strong financials with great track record
• 2010 net profit of PLN 415 m (USD 137 m)
• Positive cash position
• 10%-40% Dividend payout
3
Market Data and Stock Performance
45
55
65
75
2009-12-31 2010-03-31 2010-06-30 2010-09-30 2010-12-31
Asseco shares traded with 16% discount to
consensus target price***
Asseco Av.
16%
* - Year-end closing price; ** - Calculated for 2009 EPS = 5.47; DPS = 1.47 2010 EPS = 5.88; DPS = 1.80; *** - 2010 Asseco market share prices, figuresin PLN. Target prices from 12 Brockerage Houses; Discount calculated as yearly average consensus /66.56/ to yearly average share price /55.70/
2011/03/21 %∆ YE *’10
Share price52.25$17.63
-1.4%53.00$17.88
PEDividend yield**
8.893.4%
-8.7%13.3%
9.693.0%
Av. daily trade [tho]7,057$2,324
-26.0%9,532$3,139
Dividend policy 10%-40%
Shares outstanding 77.565.530
Shareholding structure
Adam Góral /CEO/ 10.4%
AVIVA OFE 10.1%
ING OFE 7.2%
PZU OFE 5.5%
Free Float 66.8%
Codes:
Bloomberg code ACP PW
Reuters code ACPP.WA
Warsaw Stock Exchange ACP
Publications:
Consolidated for the Q1 2011Standalone and Consolidated for the HY 2011
13 May 2011
26 August 2011
4
Consistent Growth and Dividend Policy
3.48
5.43 5.475.88
0.551.03
1.471.80
0
2
4
6
2007 2008 2009 2010F
Net profit and dividend* per share [PLN / USD]
EPS DPS
32.870.3
106.0139.6
160.9
321.6
373.4
415.1
0,0
150,0
300,0
450,0
2007 2008 2009 2010F
Nominal net profit and dividend [mln PLN / mln USD]
Dividend Net Profit
$137.0$126.2
$133.5
$58.2
$11.9$29.2
$35.8$46.0
Consistent growth of dividend and net profit on both nominal and ‚per share’ basis.Asseco dividend policy assumes paying out 10% to 40% of net profit as a dividend.Management recommended 1.8 PLN per share for the dividend for the year 2010.
Compound, three-year, annual growth rate (CAGR) of net profit equals31.1%. and compound annual growth rate (CAGR) on dividend paid out is expected (on management recommendations) to amounts at 60%. The three-year, compound growth rate of net profit and dividend calculated on per share basis equals 19.1% and 48.5% respectively.
$1.94
$1.94$2.25
$1.26
$0.20$0.43
$0.50$0.59
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379; 2008 0.3678; 2007 0.3614
5
European Presence
Shareholding: 51.96%
Shareholding: 46.47%
Shareholding: 85.00%Shareholding: 40.07%
Shareholding: 55.00%
Shareholding: 100.00%
Truffle 100 ranked Asseco 8th Europeansoftware vendor in 2010
Israel
75%
United
States13%
Other
12%
Formula Systems revenues split
6
Worldwide Perspectives
…going global with Formula Systems…
148
83 8060 55 55 45 43 33 33 32 25
0
40
80
120
160
No. of IT engineers per 10,000
citizens
In November 2010 Asseco Poland
acquired 50.19% stake in Formula
Systems holding.
Formula Systems operates in the most
innovative countries:
Israel, USA, Canada, UK, Japan, France,
Germany, India (through offices) and
many others (through resellers).
Product Offer – Software for Different Sectors
7
Financial Public administration General Business
Banks Government Telco
Insurance companies
Municipalities Utilities
Brokerage houses
Healthcare Power industry
Investment funds
International organisations
Gas industry
Leasing companies
Social securityManufacturing,trade and services
Factoring companies
Uniformed services
FMCG
Mortgagesavings
Education Multimedia
Selected References in Financial Sector
8
Selected References in General Business Sector
9
10
Board Of Directors
Polska
Israel
Central Europe
South EasternEurope
DACH
South Western Europe
NorthenEurope
Asseco Group Business Units
11
Ban
kin
gLeader:
Zbig
nie
w P
om
ianek
Pu
bli
cA
dm
inis
trati
on
Leader:
Radek L
evíč
ek
Healt
hcare
Leader:
Mare
k G
rac
.
In
su
ran
ces
Leader:
Roni Al.-D
or
ER
PLeader:
Marc
us
Haller
Telc
o&
Uti
liti
es
Leader:
Paw
eł Piw
ow
ar
.
IT I
nfr
astr
uctu
re
Leader:
VACAT
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Agenda
12
13
Financial Results from Top to Bottom
2,787 3,050
3,237
2 000
2 500
3 000
3 500
2008 2009 2010
Consolidated Revenues
2Y CAGR 7.8%
$1,025$1,031
$1,066
1 591
1 975 2 068
1 000
1 500
2 000
2 500
2008 2009 2010
Proprietary software
2Y CAGR 14.0%
$585
$667 $681
592 646
695
250
400
550
700
2008 2009 2010
EBITDA
$218 $218$229
2Y CAGR 8.4%
494 526 569
250
400
550
700
2008 2009 2010
EBIT
2Y CAGR 7.3%
$182 $178$187 322
373 415
250
400
550
700
2008 2009 2010
Net Profit
2Y CAGR 13.6%
$118$126 $137
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379; 2008 0.3678
14
Consolidated Revenue2010 Product and Segment breakdown
64%
17%
18%1%
2010 %∆ 2009
Proprietary software and services2,068
$6814.7%
1,975$667
Third-party software and services558$184
8.1%516$174
Hardware and infrastructure592$195
9.4%541$183
Other sales 20 12.9% 18
Total Revenues3,238$1,066
6.1%3,050$1,031
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379
36%
32%32%
Banking and finance1,175
$3876.0%
1,108$374
Enterprises1,036
$341-9.4%
1,144$387
Public Institutions1,027
$33828.7%
798$270
Total Revenues3,238$1,066
6.1%3,050$1,031
15
Backlog for 2011(in comparsion to 2010 actuals)
3,238
1,952
935
0
1 000
2 000
3 000
2010 2011
Revenues
89%
$1,066
$643
$308 FS
2,068 1,494
819
0
1 000
2 000
3 000
2010 2011
Proprietary software
112%
$681$492
$270 FS
1,168 944
0
400
800
1 200
2010 2011
Revenues
81%
$385$311
813 684
0
400
800
1 200
2010 2011
Proprietary software
84%
$268$225
Figures in PLN millions & US Dollars millions; FX translations for: 2010 and 2011 0.3293
Consolidated for Asseco Group
For standalone Asseco Poland SA
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Agenda
16
17
Rationale for the transaction
Access to the international IT markets (USA,
Israel, Canada, Japan)
Access to one of the most innovative IT
market in Israel
Access to world-class IT specialists
Exchange of know-how between companies
of the Group
Complement Asseco’s offer with Formula
Systems products
Use of Formula Sytems’ distribution network
to sell Asseco’s products
Well performing financials
…milestone in entering global IT market…
$37$47
0
20
40
60
2009 2010
EBIT of Formula Systems
26.9%
/109//143/
Figures in US Dollars millions and PLN millions in brackets; FX translations for: 2010 and 2011 0.3293
18
Market Highlights
Formula Systems holding
Reuters code: FORT.TA, FORT.OBloomberg code: FORT TA, FORT US
Name Matrix IT Sapiens Magic
keyword One-stop-shop Insurance development
platform
Ownership 50.10% 71.60% 51.70%Net Profit ’10 $24m $6m $9m
Reuters code: MTRX.TA SPNS.TA, SPNS.O MGIC.TA, MGIC.O
Bloomberg code: MTRX TA SPNS TA, SPNS NY MGIC TA, MGIC US
0
5
10
15
20
2009-12-31 2010-03-31 2010-06-30 2010-09-30 2010-12-31
Quotations of Formula Systems holding [in USD]
Formula Systems Matrix Sapiens Magic
Formula Systems shareholding structure
Asseco Poland 50.19%
Clal Insurance 10%
Menora Mivtachim 9%
Free Float 31%
Formula Systems is a holding company
that has unique competences in
managing global IT companies.
Company established in 1985, listed on
Tel-Aviv Stock Exchange and Nasdaq
Global Market (since 1991), with total
market capitalization of USD 190m and
NAV amounting to USD 284.8 mln.
Total emloyment at Formula Systems of
5,200 people.
19
Group description
Leader in software development in
Israeli market. Matrix offer covers all
aspects of IT industry.
Outsourcing - from personnel
support system to management of
client’s selected business processes;
Professional Services – highly
qualified staff based on „Time and
Material” concept;
Software distribution – alliances
with global leading IT companies
offering such solutions as: CRM, BI;
Training – wide range of IT,
management and commerce training;
controls 80% of computer education
market;
Integration services and
infrastructure – full range of services
from IT infrastructure. hardware
installation through application
integration to technical support.
International company specializing in
IT solutions for the insurance industry
The flagship products are:
• RapidSureTM – IT solution for
property insurance and
• multi-module package Sapiens
InsightTM covering property
insurance, property and casualty
insurance management, billing,
claims management,
reinsurance management, risk
and closed-end insurance
products management, life and
pension management.
Sapiens also offers Sapiens eMergeTM
model-driven architecture sold as a
separate product but the technology is
also consistent with all insurance
solutions offered by the Company.
Global producer of development tools and
integration platform
Developing and selling technology and
application platforms supporting further
development and implementation of
software.
Providing consulting services in
infrastructure design, application
development and technology planning,
implementation services and personnel
support services.
Logistics solutions for airborne goods
shipping, covering all stages from
planning through order fulfilment to billing
and debt collection.
Flagship products:
uniPaaS – a platform for develompent
and launching software
iBOLT - a solution for the integration of
variety of application environments
running in an organization.
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Agenda
20
21
Banking and Insurance Divisions in Poland
Successes in 2010
Gaining contracts for the implementation of mobile systems at brokerage houses
Implementation of the def3000 system for IDEA Bank
Signing of the def3000 system maintenance agreements
Implementation of numerous modules for:
e-Banking
anti-money laundering
reporting
data backup
cash circulation monitoring
Renegotiation of contracts with cooperative banks
for use and maintenance of IT systems
Key Accounts
Bank PKO BP
PZU Insurance Group
Bank Ochrony Środowiska
Bank Gospodarki Żywnościowej
ING Bank
Getin Noble Bank
Deutsche Bank PBC
Allianz Bank
Cooperative Banking Group
22
Public Administration Division in PolandSuccesses in 2010
Concluding two 3-year agreements with the Social Insurance Institution for:
maintenance of their Comprehensive Information System worth PLN 400 million /USD 132 million/
development of their CIS worth PLN 240 million /USD 79 million/
Signing a 1-year agreement with the Agency for Restructuring and Modernization of Agriculture for maintenance of their agricultural subsidies system
Signing agreements with the National Healthcare Fund and many hospitals for implementation of IT systems at hospitals
Gaining a contract for construction of teletechnical installations at the Centennial Hall in Wrocław
Signing a contract for building a municipal broadband network in Elbląg
Key Accounts
Social Insurance Institution (ZUS)
Agency for Restructuring and Modernization of Agriculture
Ministry of Interior and Administration
National Healthcare Fund
Agricultural Social Insurance Fund
Central Statistical Office
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293
23
General Business Division in Poland
Successes in 2010
Gaining a 3-year contract from the Polish Telecom (Telekomunikacja Polska) for management of their Billing and Reporting applications
Extending the framework agreement with the Lotos Group
Implementation of billing systems for
PGNiG
Enion SA
Implementation of ERP systems for
Gigawat
Vattenfall
Tauron
PKN Orlen
Impel SA
Key Accounts
Telekomunikacja Polska
PTK Centertel
Lotos Group
PGE Dystrybucja
Energa
PGNiG
PKN Orlen
Tauron
Vattenfall
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Subsidiary Companies
Formula Systems Subsidiaries
Other Financial Information
Agenda
24
EBITDA EBIT
Other 13.0% 9.2%
SEE 12.8% 11.4%
CEE 16.5% 11.2%
Poland 28.3% 24.1%
Strong financials
25
1 649 1 697
594 518
432 449
375 421
0
1 200
2 400
3 600
2009 2010
Poland CEE SEE Other
3,085
14%
14%
17%
55%
3,050
+1.1%
14%
14%
17%
55%
Revenues*
490 480
75 85
60 58 24 55
0
250
500
750
2009 2010
Poland CEE SEE Other
650 678
+5.9%
8%
8%
13%
71%
EBITDA*
410 408
49 58 56 51 15 39
0
200
400
600
2009 2010
Poland CEE SEE Other
530556
+5.0%
7%9%10%
73%
EBIT*
Figures in PLN millions; values excluding intercompany transactions; other markets comprise Asseco DACH. Asseco South Western Europe and Asseco Northen Europe; USD figures are presented on the following slides *-values excluding Formula Systems figures.
EBIT and EBITDA Margins in FY 2010
31%
26%
43%
61%21%
17%1%
26
Poland2010 Product and Segment Breakdown
2010 %∆ 2009
Proprietary software and services1,105
$364 -1.5%
1,123$379
Third-party software and services 383$126
-3.9%399$135
Hardware and infrastructure295$97
42.1%208$70
Other sales 5 -22.6% 7
Total Revenues1,799
$592 2.9%
1,750$591
2010 %∆ 2009
Banking and finance556$183
-19.4%689$233
Enterprises466$153
0.5%463$157
Public Institutions778$256
30.4%597$202
Total Revenues1,799
$592 2.9%
1,750$591
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379; values includes intercompany transactions withinAsseco Group – (PLN104mln) ($34mln); Excluding one month Formula Systems PLN153mln, $50mln
27%
41%
32%
88%
5%
7%
0%
27
Central Europe2010 Product and Segment Breakdown
2010 %∆ 2009
Proprietary software and services451$148
-10.7%505$171
Third-party software and services23$8
74.9%13$5
Hardware and infrastructure34
$11 -25.6%
45$15
Other sales 1 -9.1% 1
Total Revenues510$168
-9.9%566$191
2010 %∆ 2009
Banking and finance140$46
14.3%123$41
Enterprises207$68
-26.7%282$95
Public Institutions163$54
1.1%161$54
Total Revenues510
$168-9.9%
566$191
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379; values includes intercompany transactions withinAsseco Group – (PLN104mln) ($34mln); Excluding one month Formula Systems PLN153mln, $50mln
58%
30%
12%
36%
28%
36%0%
28
South Eastern Europe2010 Product and Segment Breakdown
2010 %∆ 2009
Proprietary software and services160$53
8.9%147$50
Third-party software and services126$41
7.0%117$40
Hardware and infrastructure53
$53-4.0%
169$57
Other sales 1 -25.2% 1
Total Revenues450
$1483.1%
434$148
2010 %∆ 2009
Banking and finance262$86
14.4%229$77
Enterprises135$44
-8.9%148$50
Public Institutions54
$18 -10.3%
60$20
Total Revenues450$148
3.1%437$148
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379; values includes intercompany transactions withinAsseco Group – (PLN104mln) ($34mln); Excluding one month Formula Systems PLN153mln, $50mln
23%66%
11%
63%
11%
26%0%
29
Rest of the Europe2010 Product and Segment Breakdown
2010 %∆ 2009
Proprietary software and services271$89
24.6%217$73
Third-party software and services48
$1634.7%
36$12
Hardware and infrastructure110$36
-13.3%126$43
Other sales 1 994.7% 0
Total Revenues430
$14213.4%
379$128
2010 %∆ 2009
Banking and finance98
$32 49.4%
66$22
Enterprises284$93
-0.7%286$97
Public Institutions48
$16 73.4%
28$9
Total Revenues430$142
13.4%379$128
Figures in PLN millions & US Dollars millions; FX translations for: 2010 0.3293; 2009 0.3379 ; values includes intercompany transactionswithin Asseco Group – (PLN104mln) ($34mln); Excluding one month Formula Systems PLN153mln, $50mln
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Subsidiary Companies
Formula Systems & its Subsidiaries
Other Financial Information
Agenda
30
31
Formula Systems Financials
Figures in USD millions /PLN millions in brackets/ US GAAP basis; FX translations for: 2010 0.3293; 2009 0.3379
$469 $550
0
200
400
600
2009 2010
Revenues+17.1%
/1,389/ /1,669/$37
$47
0
16
32
48
2009 2010
EBIT+26.9%
/110//143/
$19 $18
0,0
16,0
32,0
48,0
2009 2010
Net Profit
-3.7%
/56.5/ /55.8/
75%
13%
12%
2010 %∆ 2009
Israel$413
/1,254/12.1%
$368/1,090/
United States$73/222/
88.0%$39/115/
Other Markets$64/193/
2.2%$62/184/
Total$550
/1,669/17.1%
$469/1,389/
32
Matrix IT
$384 $430
0
150
300
450
2009 2010
Revenues12.1%
/1,136/ /1,306/
$31 $37
0,0
12,5
25,0
37,5
2009 2010
EBIT17.5%
/92//112/ $23 $24
0,0
12,5
25,0
37,5
2009 2010
Net Profit
4.9%
/68/ /73/
63% 10%
14%
10%-3%
2010 %∆ 2009
IT services$287/872/
12.9%$254/752/
Software products distribution$48
/146/1.2%
$47/139/
Hardware and infrastructure$63
/191/20.0%
$53/157/
Training and customization$44
/134/10.0%
$40/118/
Adjustments. ($12) 13.0% ($11)
Total Revenues$430
/1,306/12.1%
$384/1,136/
Figures in USD millions /PLN millions in brackets/ IFRS basis; FX translations for: 2010 0.3293; 2009 0.3379
33
Sapiens International
$46 $52
0
20
40
60
2009 2010
Revenues
+14.3%
/136/ /158/$5
$7
0,0
2,5
5,0
7,5
2009 2010
EBIT25.7%
/15//21/ $4
$6
0,0
2,5
5,0
7,5
2009 2010
Net Profit
46.4%
/12//18/
100%
0%
0%
0%
2010 %∆ 2009
Proprietary software and services$52
/158/14.3%
$46/136/
Third-party software and services 0 N/D 0
Hardware and infrastructure 0 N/D 0
Other sales 0 N/D 0
Total Revenues$52
/158/14.3%
$46 /136/
Figures in USD millions /PLN millions in brackets/ US GAAP basis; FX translations for: 2010 0.3293; 2009 0.3379
34
Magic Software
$55
$89
0
30
60
90
2009 2010
Revenues+60.0%
/163/
/270/ $6
$9
0
3
6
9
2009 2010
EBIT49.9%
/18/
/27/ $6
$9
0
3
6
9
2009 2010
Net Profit51.8%
/18//27/
51%
2%
0%
47%
2010 %∆ 2009
Proprietary software and services45
/137/7.2%
40/118/
Third-party software and services 1 24.1% 1
Hardware and infrastructure 0 N/D 0
Other sales 43/131/
207.714
/41/
Total Revenues89
/270/60.0%
55 /163/
Figures in USD millions /PLN millions in brackets/ US GAAP basis; FX translations for: 2010 0.3293; 2009 0.3379
General Information
Financial Highlights
Acquisition of Formula Systems
Business Outlook
Appendix
Subsidiary Companies
Formula Systems Subsidiaries
Other Financial Information
Agenda
35
3,237.7
3,050.3
2,786.6
1,282.4
248.1147.1110.3
0
1 200
2 400
3 600
2010200920082007200620052004
Revenues
1991 – establishing of COMP Rzeszów.
2004 – IPO on the Warsaw Stock Exchange.
2004 – the first foreign acquisition (Slovak
company – AssetSoft).
2007 – the Company merges with the WSE-
listed Softbank.
2007 – commencement of an intensive
expansion into the markets of Germany and
South Eastern Europe.
2008 – take-over of Prokom Software.
The subsequent merger brings significant
cost reductions and improved efficiency.
2009 – investments in companies of the
West and North European markets.
2010 – further reinforcement of the Group's
market position in West Europe.
Consolidation of companies operating in the
same geographical regions and streamlining
of the Group's organizational structure.
4th quarter of 2010 – Asseco Group
becomes a global IT player owing to
the acquisition of Formula Systems,
the largest IT company in Israel.
569.0525.5
494.3
236.6
47.330.219.5
415.1373.4
321.6
160.9
52.923.914.40
200
400
600
2010200920082007200620052004
EBIT
Net Profit
Historical Performance of Asseco
36
Figures in PLN millions
37
Successful Mergers in Poland
• General administrative expenses in 2010 were reduced to 39% of such expenses incurred by individual companies before the merger
• Selling expenses in 2010 accounted for 73% of such expenses incurred by individual companies before the merger
• Total administrative and selling expenses in 2010 were reduced to 47% of such expenses incurred by companies operating separately
Effects of mergers of Asseco Poland, in mPLN
Total expenses
Selling expenses
General administr. expenses
Indiv
idual
com
panie
s
befo
re m
erg
ers Asseco 2006 23.6 5.3 18.3
Softbank 2006 37.4 6.6 30.7
Prokom 2007 195.8 47.0 148.8
ABG 2009 54.9 13.0 41.9
Expenses before mergers 311.7 72.0 239.7
Expenses of Asseco after mergers (2010)
145.3 52.3 93.0
Synergy effects 166.4 19.7 146.7
Synergy effects (%) -53% -27% -61%
Figures in PLN millions
38
Financial Results of Subsidiaries
For 12 months ended 31 December 2010in thousands of PLN
Sales revenues
2010
Sales revenues
2009
Operating profit 2010
Operating profit 2009
Net profit for the year
2010
Net profit for the year
2009
Asseco Central Europe Group 519,033 573,121 57,998 61,662 38,987 47,292
Asseco South Eastern Europe Group
503,153 436,654 55,113 55,745 47,659 38,276
Asseco DACH Group 160,787 144,747 13,886 (361) 11,855 3,793
Asseco South Western Europe Group
172,187 156,568 5,397 5,318 8,996 2,989
Asseco Northern Europe 81,539 98,651 10,252 12,008 8,044 9,053
Asseco Business Solutions SA 168,587 156,196 35,778 26,758 30,092 22,427
Combidata Polska Sp. z o.o. 84,476 48,050 21,412 8,153 17,011 6,161
Asseco Systems SA 311,024 222,488 15,419 21,542 6,971 24,696
ZUI Novum Sp. z o.o 23,404 20,850 3,936 3,437 3,238 2,776
ZUI OTAGO Sp. z o.o 11,666 9,544 3,118 4,231 2,585 3,582
ADH-Soft Sp. z o.o. 7,571 6,428 1,604 1,296 1,309 915
Other 49,726 40,038 4,010 515 2,025 392
Total 2,093,153 1,913,335 227,923 200,304 178,772 162,352
Figures in thousands of PLN, pro-forma figures.
39
Consolidated Profit and Loss Account
in thousands of PLN 2010 2009
Sales revenues 3,237,733 3,050,252 6%
Gross profit on sales 1,076,749 1,043,085 3%
Selling expenses (226,586) (220,793) 3%
General administrative expenses (288,072) (302,290) -5%
Other operating income 25,215 29,014 -13%
Other operating expenses (18,343) (23,506) -22%
Operating profit 568,963 525,510 8%
Financial income 55,592 79,060 -30%
Financial expenses (127,593) (87,609) 46%
Result on dilution of shares in the subsidiary company n/d (4,173) -
Pre-tax profit 496,962 512,788 -3%
Share in profits of associated companies 2,035 1,608 27%
Net profit for shareholders ofAsseco Poland
415,099 373,365 11%
mPLNACP, AS, Alatus 1,498.1ABS 168.6Formula 152.6ACE 509.6ASEE 450.3 Other 562.5Adjustment -104.0
mPLN ACP, AS, Alatus 345.6ABS 35.8Formula 19.5ACE 64.7ASEE 51.1Other 66.5Adjustment -14.2
mPLN ACP, AS, Alatus* 350.0ABS 14.0Formula 4.3ACE 15.1ASEE 23.0Other 43.9Adjustment* -35.1
*adjusted by dividends
mPLNInterest -9.3Currency transactions -0.6Debt notes PI 21.0Write-down Gladstone -9.4Write-d. Asseco Spain -41.6Write-down ACE -14.5Cost of acquisitions -10.8Other -6.9
Figures in thousands of PLN
40
in thousands of PLN 31 December 2010 31 December 2009
Non-current assets 5,440,9964,458,344 22%
of which:
Intangible assets2,813,215 2,639,854 7%
Goodwill arising from consolidation 2,173,718 2,178,972 0%
Current assets 2,455,810 1,287,417 91%
of which:
Trade accounts receivable1,016,284 569,402 78%
Cash 842,176 342,788 146%
Total assets 7,901,248 5,748,456 37%
in thousands of PLN 31 December 2010 31 December 2009
Shareholders’ equity 5,839,443 4,351,316 34%
Non-current liabilities 628,342 468,947 34%
of which:
Bank loans and debt securities227,121 30,552 643%
Long-term financial liabilities 115,177 121,011 -5%
Current liabilities 1,443,463 926,213 56%
of which:
Bank loans and debt securities108,140 102,082 6%
Trade accounts payable 457,008 282,226 62%
Financial liabilities 52,405 27,479 91%
Total shareholders’ equity and liabilities 7,901,248 5,748,456 37%
PLN’000AcquisitionsNegative foreign exchange
differencesWrite-downs
PLN’000Increase in liabilities due to
put option (Statlogics)Decrease in finance lease
commitmentsDecrease in liabilities due to
acquisition of shares
PLN’000Increase in debt due to
construction of new headquarters – Wilanów (expenditures incurred in Q1 2010)
Consolidated Balance Sheet
Figures in thousands of PLN
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