Quarterly Report
of Asseco South Eastern Europe Group
for the period of 3 months ended 31 March 2024
Present in | PLN 367.1 million |
23 countries | in sales revenues |
3,939 | PLN 47.0 million |
highly committed | of net profit |
employees | for Shareholders of |
the Parent Company |
Quarterly Report of Asseco South Eastern Europe Group | ||
for the period of 3 months ended 31 March 2024 | ||
INTERIMCONDENSEDCONSOLIDATEDSTATEMENT OFPROFIT ANDLOSS ANDOTHERCOMPREHENSIVEINCOME | ||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | 12 | |
EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 13 | |
I. GENERAL INFORMATION | 13 | |
II. BASIS FOR THE PREPARATION OF INTERIM CONDENSED FINANCIAL STATEMENTS | 14 | |
2.1. | Basis for preparation | 14 |
2.2. | Impact of the geopolitical and macroeconomic situation on the Group's business operations | 14 |
2.3. | Compliance statement | 15 |
2.4. | Functional currency and presentation currency | 15 |
2.5. | Professional judgement and estimates | 15 |
2.6. | Accounting policies applied | 15 |
2.7. | New standards and interpretations published but not in force yet | 16 |
2.8. | Changes in the presentation methods and in the comparable data | 16 |
2.9. | Correction of errors | 20 |
2.10. | Accounting effects of Turkey's status as a hyperinflationary economy | 20 |
- ORGANIZATION AND CHANGES IN THE STRUCTURE OF ASSECO SOUTH EASTERN EUROPE GROUP,
INCLUDING THE ENTITIES SUBJECT TO CONSOLIDATION | 25 | |
IV. INFORMATION ON OPERATING SEGMENTS | 28 | |
V. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT AND LOSS | 31 | |
5.1. | Structure of operating revenues | 31 |
5.2. | Structure of operating costs | 33 |
5.3. | Other operating income and expenses | 34 |
5.4. | Financial income and expenses | 35 |
5.5. | Corporate income tax | 36 |
5.6. | Earnings per share | 36 |
5.7. | Information on dividends paid out | 36 |
VI. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 37 | |
6.1. | Property, plant and equipment | 37 |
6.2. | Intangible assets | 37 |
6.3. | Right-of-use assets | 38 |
6.4. | Goodwill | 38 |
6.5. | Other financial assets | 41 |
6.6. | Prepayments and accrued income | 42 |
6.7. | Receivables and contract assets | 43 |
6.8. | Inventories | 44 |
6.9. | Cash and cash equivalents | 44 |
6.10. | Lease liabilities | 45 |
6.11. | Bank loans and borrowings | 45 |
6.12. | Other financial liabilities | 47 |
6.13. | Trade payables, state budget liabilities and other liabilities | 48 |
6.14. | Contract liabilities | 49 |
6.15. | Provisions | 49 |
6.16. | Accruals and deferred income | 49 |
6.17. | Related party transactions | 50 |
VII. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 51 | |
7.1. | Cash flows - operating activities | 51 |
7.2. | Cash flows - investing activities | 51 |
7.3. | Cash flows - financing activities | 51 |
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
3
VIII. OTHER EXPLANATORY NOTES | 53 | |
8.1. | Off-balance-sheet liabilities | 53 |
8.2. Seasonal and cyclical business | 53 | |
8.3. | Employment | 54 |
8.4. Significant events after the reporting period | 55 | |
8.5. Significant events related to prior years | 55 | |
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR | ||
THE PERIOD OF 3 MONTHS ENDED 31 MARCH 2024 | 56 | |
I. FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE FIRST QUARTER OF 2024 | 57 | |
II. ANALYSIS OF FINANCIAL RATIOS | 60 | |
III. STRUCTURE OF THE STATEMENT OF CASH FLOWS | 61 | |
IV. INFORMATION ON GEOGRAPHICAL STRUCTURE OF FINANCIAL RESULTS | 63 | |
V. NON-RECURRING EVENTS WITH IMPACT ON OUR FINANCIAL PERFORMANCE | 65 | |
VI. AUTHORITIES OF ASSECO SOUTH EASTERN EUROPE S.A | 65 | |
VII. SHAREHOLDERS STRUCTURE OF ASSECO SOUTH EASTERN EUROPE S.A | 65 | |
VIII. OTHER INFORMATION | 66 | |
8.1. Issuance, redemption and repayment of non-equity and equity securities | 66 | |
8.2. Changes in the organizational structure of the Issuer's Group | 66 | |
8.3. Information on significant judicial proceedings | 66 | |
8.4. | Related party transactions | 66 |
8.5. Bank loans, borrowings, sureties, guarantees and off-balance-sheet liabilities | 66 | |
8.6. Changes in the Group management policies | 66 |
8.7. Agreements concluded by the Group and Company with its management personnel providing for payment of
compensations if such persons resign or are dismissed from their positions | 66 |
8.8. Information on the agreements known to the Issuer which may result in future changes of the equity interests held by the
existing shareholders and bondholders | 66 | |
8.9. | Opinion on feasibility of the Management's financial forecasts for 2024 | 67 |
8.10. | Information on monitoring of employee stock option plans | 67 |
8.11. | Factors which in the Management's opinion will affect the Group's financial performance at least in the next quarter | 67 |
8.12. | Other factors significant for the assessment of human resources, assets and financial position | 67 |
INTERIM CONDENSED FINANCIAL STATEMENTS OF ASSECO SOUTH EASTERN EUROPE S.A. FOR THE PERIOD | ||
OF 3 MONTHS ENDED 31 MARCH 2023 | 68 | |
FINANCIAL HIGHLIGHTS | 69 | |
INTERIM CONDENSED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME | 70 | |
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION | 71 | |
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY | 73 | |
INTERIM CONDENSED STATEMENT OF CASH FLOWS | 74 |
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
4
Financial Highlights
Asseco South Eastern Europe Group
3 months ended | 3 months ended | 3 months ended | 3 months ended | |||||||||
31 March 2024 | 31 March 2023 | 31 March 2024 | 31 March 2023 | |||||||||
PLN'000 | PLN'000 | EUR'000 | EUR'000 | |||||||||
Sales revenues | 367,056 | 380,064 | 84,945 | 80,857 | ||||||||
Operating profit | 47,458 | 49,806 | 10,983 | 10,596 | ||||||||
Pre-tax profit | 57,787 | 57,399 | 13,373 | 12,211 | ||||||||
Net profit for the reporting period | 48,586 | 46,826 | 11,244 | 9,962 | ||||||||
Net profit attributable to Shareholders of the Parent | 47,010 | 45,138 | 10,879 | 9,603 | ||||||||
Company | ||||||||||||
Net cash provided by (used in) operating activities | (4,426) | 43,615 | (1,024) | 9,279 | ||||||||
Net cash provided by (used in) investing activities | (13,633) | (16,372) | (3,155) | (3,483) | ||||||||
Net cash provided by (used in) financing activities | (32,026) | (10,380) | (7,412) | (2,208) | ||||||||
Cash and cash equivalents at the end of the period | 259,649 | 313,112 | 60,371 | 72,013 | ||||||||
(comparable data as at 31 December 2023) | ||||||||||||
Basic earnings per ordinary share for the reporting | ||||||||||||
period attributable to Shareholders of the Parent | 0.91 | 0.87 | 0.21 | 0.19 | ||||||||
Company (in PLN/EUR) | ||||||||||||
Diluted earnings per ordinary share for the reporting | ||||||||||||
period attributable to Shareholders of the Parent | 0.91 | 0.87 | 0.21 | 0.19 | ||||||||
Company (in PLN/EUR) |
The selected financial data disclosed in these interim condensed consolidated financial statements have been translated into euros (EUR) in the following way:
-
Items of the consolidated statement of profit and loss and consolidated statement of cash flows have been translated into EUR at the arithmetic average of mid exchange rates as published by the National Bank of Poland and in effect on the last day of each month. These exchange rates were as follows:
o for the period from 1 January 2024 to 31 March 2024: EUR 1 = PLN 4.3211
o for the period from 1 January 2023 to 31 March 2023: EUR 1 = PLN 4.7005 - The Group's cash and cash equivalents as at the end of the reporting period and the comparable period of the previous year have been translated into EUR at the mid exchange rates as published by the National Bank of Poland. These exchange rates were as follows:
o exchange rate effective on 31 March 2024: EUR 1 = PLN 4.3009
o exchange rate effective on 31 December 2023: EUR 1 = PLN 4.3480
In this report, all figures are presented in thousands of Polish zlotys (PLN), unless stated otherwise.
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
5
Interim Condensed Consolidated Statement of Profit and Loss and Other Comprehensive Income
Asseco South Eastern Europe Group
STATEMENT OF PROFIT AND LOSS | 3 months ended | 3 months ended | ||||||
31 March 2023 | ||||||||
31 March 2024 | ||||||||
(restated) | ||||||||
Note | PLN'000 | PLN'000 | ||||||
Operating revenues | 5.1 | 367,056 | 380,064 | |||||
Cost of sales | 5.2 | (269,535) | (280,322) | |||||
Allowances for trade receivables | 5.2 | (1,532) | (1,318) | |||||
Gross profit on sales | 95,989 | 98,424 | ||||||
Selling costs | 5.2 | (24,082) | (24,225) | |||||
General and administrative expenses | 5.2 | (24,449) | (24,533) | |||||
Net profit on sales | 47,458 | 49,666 | ||||||
Other operating income | 5.3 | 475 | 722 | |||||
Other operating expenses | 5.3 | (489) | (582) | |||||
Share of profits of associates and joint ventures | 14 | - | ||||||
Operating profit | 47,458 | 49,806 | ||||||
Financial income | 5.4 | 16,826 | 12,169 | |||||
Financial expenses | 5.4 | (6,492) | (4,570) | |||||
Impairment loss on financial instruments | (5) | (6) | ||||||
Pre-tax profit | 57,787 | 57,399 | ||||||
Corporate income tax | 5.5 | (9,201) | (10,573) | |||||
(current and deferred tax expense) | ||||||||
Net profit for the reporting period | 48,586 | 46,826 | ||||||
Attributable to: | ||||||||
Shareholders of the Parent Company | 47,010 | 45,138 | ||||||
Non-controlling interests | 1,576 | 1,688 | ||||||
Basic and diluted consolidated earnings per share | ||||||||
for the reporting period, attributable to shareholders | 5.6 | 0.91 | 0.87 | |||||
of the Parent Company (in PLN) | ||||||||
OTHER COMPREHENSIVE INCOME | ||||||||
Net profit for the reporting period | 48,586 | 46,826 | ||||||
Components that may be reclassified to profit or loss | (16,512) | (7,588) | ||||||
Net gain/loss on valuation of financial assets | 77 | 2 | ||||||
Exchange differences on translation of foreign | (16,589) | (7,590) | ||||||
operations | ||||||||
Components that will not be reclassified to profit or | - | - | ||||||
loss | ||||||||
Actuarial gains/losses | - | - | ||||||
Total other comprehensive income | (16,512) | (7,588) | ||||||
TOTAL COMPREHENSIVE INCOME attributable to: | 32,074 | 39,238 | ||||||
Shareholders of the Parent Company | 30,464 | 37,568 | ||||||
Non-controlling interests | 1,610 | 1,670 |
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
6
Interim Condensed Consolidated Statement of Financial Position
Asseco South Eastern Europe Group
31 March 2024 | 31 December 2023 | 31 March 2023 | |||
ASSETS | Note | (restated) | (restated) | ||
PLN'000 | PLN'000 | PLN'000 | |||
Non-current assets | |||||
Property, plant and equipment | 6.1 | 141,295 | 137,030 | 138,883 | |
Intangible assets | 6.2 | 78,675 | 84,138 | 57,545 | |
Right-of-use assets | 6.3 | 44,846 | 46,037 | 43,189 | |
Investment property | 465 | 474 | 540 | ||
Goodwill | 6.4 | 875,391 | 877,195 | 797,518 | |
Investments accounted for using the equity | 196 | 252 | 169 | ||
method | |||||
Other receivables | 6.7 | 7,202 | 7,274 | 7,866 | |
Deferred tax assets | 12,862 | 12,375 | 12,785 | ||
Other financial assets | 6.5 | 2,013 | 2,021 | 2,401 | |
Prepayments and accrued income | 6.6 | 2,629 | 3,087 | 1,856 | |
1,165,574 | 1,169,883 | 1,062,752 | |||
Current assets | |||||
Inventories | 6.8 | 76,309 | 97,872 | 74,105 | |
Prepayments and accrued income | 6.6 | 54,900 | 53,904 | 54,744 | |
Trade receivables | 6.7 | 180,618 | 299,114 | 207,028 | |
Contract assets | 6.7 | 117,386 | 95,104 | 113,102 | |
Corporate income tax receivable | 6.7 | 4,088 | 2,693 | 1,365 | |
Receivables from the state and local budgets | 6.7 | 5,080 | 5,044 | 5,358 | |
Other receivables | 6.7 | 89,112 | 79,663 | 26,180 | |
Other non-financial assets | 8,107 | 2,952 | 12,147 | ||
Other financial assets | 6.5 | 1,399 | 1,174 | 385 | |
Cash and bank deposits | 6.9 | 259,649 | 313,112 | 306,031 | |
796,648 | 950,632 | 800,445 | |||
TOTAL ASSETS | 1,962,222 | 2,120,515 | 1,863,197 | ||
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
7
Interim Condensed Consolidated Statement of Financial Position
Asseco South Eastern Europe Group
31 March 2024 | 31 December 2023 | 31 March 2023 | |||
EQUITY AND LIABILITIES | Note | (restated) | (restated) | ||
PLN'000 | PLN'000 | PLN'000 | |||
Equity | |||||
(attributable to shareholders of the Parent | |||||
Company) | |||||
Share capital | 518,943 | 518,943 | 518,943 | ||
Share premium | 38,826 | 38,826 | 38,826 | ||
Transactions with non-controlling interests | (35,226) | (34,877) | (34,315) | ||
Other capitals | 954 | 717 | 83 | ||
Exchange differences on translation of foreign | (215,495) | (198,872) | (85,869) | ||
operations | |||||
Retained earnings | 837,677 | 790,667 | 711,607 | ||
1,145,679 | 1,115,404 | 1,149,275 | |||
Non-controlling interests | 7,950 | 7,810 | 8,384 | ||
Total equity | 1,153,629 | 1,123,214 | 1,157,659 | ||
Non-current liabilities | |||||
Bank loans and borrowings | 6.11 | 42,965 | 54,124 | 41,102 | |
Lease liabilities | 6.10 | 29,795 | 29,724 | 26,656 | |
Other financial liabilities | 6.12 | 176,809 | 174,055 | 91,990 | |
Deferred tax liabilities | 8,895 | 9,340 | 7,165 | ||
Provisions | 6.15 | 3,858 | 3,906 | 3,554 | |
Deferred income | 6.16 | 1,550 | - | - | |
Contract liabilities | 6.14 | 10,985 | 10,690 | 7,668 | |
Other liabilities | 6.13 | 47 | 47 | 62 | |
274,904 | 281,886 | 178,197 | |||
Current liabilities | |||||
Bank loans and borrowings | 6.11 | 47,054 | 51,610 | 63,946 | |
Lease liabilities | 6.10 | 16,417 | 17,704 | 18,501 | |
Other financial liabilities | 6.12 | 45,857 | 58,928 | 60,839 | |
Trade payables | 6.13 | 98,133 | 214,561 | 123,497 | |
Contract liabilities | 6.14 | 137,838 | 158,114 | 143,014 | |
Corporate income tax payable | 6.13 | 17,422 | 15,275 | 12,521 | |
Liabilities to the state and local budgets | 6.13 | 28,230 | 50,849 | 24,120 | |
Other liabilities | 6.13 | 100,228 | 102,856 | 35,268 | |
Provisions | 6.15 | 5,344 | 6,688 | 4,263 | |
Deferred income | 6.16 | 664 | 2,407 | 2,794 | |
Accruals | 6.16 | 36,502 | 36,423 | 38,578 | |
533,689 | 715,415 | 527,341 | |||
TOTAL LIABILITIES | 808,593 | 997,301 | 705,538 | ||
TOTAL EQUITY AND LIABILITIES | 1,962,222 | 2,120,515 | 1,863,197 | ||
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
8
Interim Condensed Consolidated Statement of Changes in Equity
Asseco South Eastern Europe Group
Exchange | Retained | Equity | ||||||||||||||||||||||
Transactions with | differences on | attributable to | ||||||||||||||||||||||
earnings and | Non-controlling | |||||||||||||||||||||||
Share capital | Share premium | non-controlling | Other capitals | translation of | shareholders of | Total equity | ||||||||||||||||||
current net | interests | |||||||||||||||||||||||
interests | foreign | the Parent | ||||||||||||||||||||||
profit | ||||||||||||||||||||||||
operations | Company | |||||||||||||||||||||||
PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | ||||||||||||||||
As at 1 January 2024 | 518,943 | 38,826 | (34,877) | 717 | (198,872) | 790,667 | 1,115,404 | 7,810 | 1,123,214 | |||||||||||||||
(restated) | ||||||||||||||||||||||||
Net profit for the reporting period | - | - | - | - | - | 47,010 | 47,010 | 1,576 | 48,586 | |||||||||||||||
Other comprehensive income | - | - | - | 77 | (16,623) | - | (16,546) | 34 | (16,512) | |||||||||||||||
for the reporting period | ||||||||||||||||||||||||
Total comprehensive income | - | - | - | 77 | (16,623) | 47,010 | 30,464 | 1,610 | 32,074 | |||||||||||||||
for the reporting period | ||||||||||||||||||||||||
Share-based payment transactions | - | - | - | 160 | - | - | 160 | - | 160 | |||||||||||||||
with employees | ||||||||||||||||||||||||
Transactions with non-controlling interests | ||||||||||||||||||||||||
(including contingent financial liabilities to | - | - | (349) | - | - | - | (349) | (1,314) | (1,663) | |||||||||||||||
non-controlling shareholders (put options)) | ||||||||||||||||||||||||
Dividend | - | - | - | - | - | - | - | (156) | (156) | |||||||||||||||
As at 31 March 2024 | 518,943 | 38,826 | (35,226) | 954 | (215,495) | 837,677 | 1,145,679 | 7,950 | 1,153,629 | |||||||||||||||
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
9
Interim Condensed Consolidated Statement of Changes in Equity
Asseco South Eastern Europe Group
Exchange | Retained | Equity | ||||||||||||||||||||||||
Transactions with | differences on | attributable to | ||||||||||||||||||||||||
earnings and | Non-controlling | |||||||||||||||||||||||||
Share capital | Share premium | non-controlling | Other capitals | translation of | shareholders of | Total equity | ||||||||||||||||||||
Note | current net | interests | ||||||||||||||||||||||||
interests | foreign | the Parent | ||||||||||||||||||||||||
profit | ||||||||||||||||||||||||||
operations | Company | |||||||||||||||||||||||||
PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | PLN'000 | ||||||||||||||||||
As at 1 January 2023 | 518,943 | 38,826 | (35,692) | (77) | (78,304) | 666,469 | 1,110,165 | 8,515 | 1,118,680 | |||||||||||||||||
Net profit for the reporting period | - | - | - | - | - | 199,964 | 199,964 | 7,966 | 207,930 | |||||||||||||||||
Other comprehensive income for the reporting | - | - | - | 152 | (120,568) | - | (120,416) | (944) | (121,360) | |||||||||||||||||
period | ||||||||||||||||||||||||||
Total comprehensive income for the reporting | - | - | - | 152 | (120,568) | 199,964 | 79,548 | 7,022 | 86,570 | |||||||||||||||||
period | ||||||||||||||||||||||||||
Share-based payment transactions with employees
Transactions with non-controlling interests (including contingent financial liabilities to non-controlling shareholders (put options))
- | - | - | 642 | - | - | 642 | - | 642 |
- | - | 815 | - | - | - | 815 | 1,371 | 2,186 |
Dividend | 5.7 | - | - | - | - | - | (75,766) | (75,766) | (9,098) | (84,864) | ||||||||||||||
As at 31 December 2023 | 518,943 | 38,826 | (34,877) | 717 | (198,872) | 790,667 | 1,115,404 | 7,810 | 1,123,214 | |||||||||||||||
(restated) | ||||||||||||||||||||||||
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2024 (in thousands of PLN)
10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Asseco South Eastern Europe SA published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 08:49:02 UTC.