Interim Condensed Consolidated Financial Statements of Asseco South Eastern Europe Group for the period of 3 months ended 31 March 2021
Quarterly Report
of Asseco South Eastern Europe Group
for the period of 3 months ended 31 March 2021
Present in | PLN 253 million |
23 countries | in sales revenues |
3,031 | PLN 31.7 million |
highly committed | in net profit for |
employees | Shareholders of the |
Parent Company |
Quarterly Report of Asseco South Eastern Europe Group for the period of 3 months ended 31 March 2021
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF ASSECO SOUTH EASTERN EUROPE GROUP
FINANCIAL HIGHLIGHTS.............................................................................................................................................................................. | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME .................................................... | 6 |
INTERIMCONDENSEDCONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................................................................................. | 7 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ...................................................................................................... | 9 |
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. | Compliance statement ............................................................................................................................................................. | 14 | |
2.3. | Functional currency and presentation currency....................................................................................................................... | 15 | |
2.4. | Professional judgement and estimates .................................................................................................................................... | 15 | |
2.5. | Accounting policies applied...................................................................................................................................................... | 15 | |
2.6. | New standards and interpretations published but not in force yet ......................................................................................... | 15 | |
2.7. | Changes in the presentation methods and in the comparable data ........................................................................................ | 16 | |
2.8. | Corrections of material errors.................................................................................................................................................. | 16 | |
III. ORGANIZATION AND CHANGES IN THE STRUCTURE OF ASSECO SOUTH EASTERN EUROPE GROUP, INCLUDING | |||
THE ENTITIES SUBJECT TO CONSOLIDATION.............................................................................................................. | 17 | ||
IV. | INFORMATION ON OPERATING SEGMENTS................................................................................................................ | 19 | |
V. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT AND LOSS .................................................... | 22 | ||
5.1. | Structure of operating revenues .............................................................................................................................................. | 22 | |
5.2. | Structure of operating costs..................................................................................................................................................... | 24 | |
5.3. | Other operating income and expenses .................................................................................................................................... | 24 | |
5.4. | Financial income and expenses................................................................................................................................................ | 25 | |
5.5. | Corporate income tax .............................................................................................................................................................. | 26 | |
5.6. | Earnings per share.................................................................................................................................................................... | 26 | |
5.7. | Information on dividends paid out........................................................................................................................................... | 26 | |
VI. | EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................... | 26 | |
6.1. | Property, plant and equipment................................................................................................................................................ | 26 | |
6.2. | Intangible assets ...................................................................................................................................................................... | 27 | |
6.3. | Right-of-use assets ................................................................................................................................................................... | 27 | |
6.4. | Goodwill................................................................................................................................................................................... | 28 | |
6.5. | Other financial assets............................................................................................................................................................... | 30 | |
6.6. | Prepayments and accrued income ........................................................................................................................................... | 31 | |
6.7. | Receivables and contract assets............................................................................................................................................... | 31 | |
6.8. | Inventories ............................................................................................................................................................................... | 32 | |
6.9. | Cash and cash equivalents ....................................................................................................................................................... | 33 | |
6.10. | Lease liabilities ......................................................................................................................................................................... | 33 | |
6.11. | Bank loans and borrowings ...................................................................................................................................................... | 34 | |
6.12. | Other financial liabilities .......................................................................................................................................................... | 35 | |
6.13. | Trade payables, state budget liabilities and other liabilities .................................................................................................... | 36 | |
6.14. | Contract liabilities .................................................................................................................................................................... | 37 | |
6.15. | Provisions................................................................................................................................................................................. | 37 | |
6.16. | Accruals.................................................................................................................................................................................... | 37 | |
6.17. | Related party transactions ....................................................................................................................................................... | 38 | |
VII. EXPLANATORY NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS............................................................ | 39 | ||
7.1. | Cash flows - investing activities ............................................................................................................................................... | 39 | |
7.2. | Cash flows - financing activities............................................................................................................................................... | 39 | |
VIII. OTHER EXPLANATORY NOTES .................................................................................................................................. | 40 | ||
8.1. | Off-balance-sheet liabilities ..................................................................................................................................................... | 40 | |
8.2. | Seasonal and cyclical business ................................................................................................................................................. | 40 |
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2021 (in thousands of PLN)
3
8.3. | Employment............................................................................................................................................................................. | 41 | |
8.4. | Significant events after the reporting period ........................................................................................................................... | 41 | |
8.5. | Significant events related to prior years .................................................................................................................................. | 41 | |
SUMMARY AND ANALYSIS OF THE FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE PERIOD | |||
OF 3 MONTHS ENDED 31 MARCH 2021 ........................................................................................................................ | 42 | ||
I. | FINANCIAL RESULTS OF ASSECO SOUTH EASTERN EUROPE GROUP FOR THE FIRST QUARTER OF 2021 ........................ | 43 | |
II. | CONSOLIDATED FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER OF 2021 (NON-IFRS) .............................................. | 45 | |
III. | ANALYSIS OF FINANCIAL RATIOS ............................................................................................................................. | 46 | |
IV. | STRUCTURE OF THE STATEMENT OF CASH FLOWS ..................................................................................................... | 47 | |
V. | INFORMATION ON GEOGRAPHICAL STRUCTURE OF FINANCIAL RESULTS................................................................... | 48 | |
VI. | IMPACT OF THE COVID-19 CORONAVIRUS PANDEMIC ON THE BUSINESS OF ASEE ...................................................... | 49 | |
VII. NON-RECURRING EVENTS WITH IMPACT ON OUR FINANCIAL PERFORMANCE ............................................................. | 50 | ||
VIII. GOVERNING BODIES OF ASSECO SOUTH EASTERN EUROPE S.A. ................................................................................ | 50 | ||
IX. | SHAREHOLDERS STRUCTURE OF ASSECO SOUTH EASTERN EUROPE S.A. ................................................................... | 51 | |
X. | OTHER INFORMATION............................................................................................................................................... | 52 | |
10.1. | Issuance, redemption and repayment of non-equity and equity securities ............................................................................. | 52 | |
10.2. | Changes in the organizational structure of the Issuer's Group ................................................................................................ | 52 | |
10.3. | Information on significant judicial proceedings ....................................................................................................................... | 52 | |
10.4. | Related party transactions ....................................................................................................................................................... | 52 | |
10.5. | Bank loans, borrowings, sureties, guarantees and off-balance-sheet liabilities....................................................................... | 52 | |
10.6. | Changes in the Group management policies............................................................................................................................ | 52 |
10.7. 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 .......................................................................... | 52 |
10.8. 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 ................................................................................................................................... | 52 | |
10.9. | Opinion on feasibility of the Management's financial forecasts for 2021 ................................................................................ | 52 |
10.10. | Information on monitoring of employee stock option plans.................................................................................................... | 52 |
10.11. | Factors which in the Management's opinion will affect the Group's financial performance at least in the next quarter........ | 53 |
10.12. | Other factors significant for the assessment of human resources, assets and financial position ............................................ | 53 |
INTERIM CONDENSED FINANCIAL STATEMENTS OF ASSECO SOUTH EASTERN EUROPE S.A. FOR THE PERIOD OF 3 | ||
MONTHS ENDED 31 MARCH 2021................................................................................................................................ | 54 | |
FINANCIAL HIGHLIGHTS............................................................................................................................................................................ | 55 | |
INTERIM CONDENSED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME .......................................................................... | 56 | |
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION ........................................................................................................................... | 57 | |
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY ............................................................................................................................ | 59 | |
INTERIM CONDENSED STATEMENT OF CASH FLOWS..................................................................................................................................... | 60 |
Asseco South Eastern Europe Group
Quarterly Report for the period of 3 months ended 31 March 2021 (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 2021 | 31 March 2020 | 31 March 2021 | 31 March 2020 | ||||||||||
PLN'000 | PLN'000 | EUR'000 | EUR'000 | ||||||||||
Sales revenues | 252,766 | 230,985 | 55,284 | 52,541 | |||||||||
Operating profit | 38,895 | 28,378 | 8,507 | 6,455 | |||||||||
Pre-tax profit | 40,387 | 28,122 | 8,833 | 6,397 | |||||||||
Net profit for the reporting period | 32,627 | 23,636 | 7,136 | 5,376 | |||||||||
Net profit attributable to Shareholders of the Parent | 31,711 | 23,547 | 6,936 | 5,356 | |||||||||
Company | |||||||||||||
Net cash provided by (used in) operating activities | 28,256 | (2,434) | 6,180 | (554) | |||||||||
Net cash provided by (used in) investing activities | (18,645) | (13,513) | (4,078) | (3,074) | |||||||||
Net cash provided by (used in) financing activities | (13,426) | (15,474) | (2,937) | (3,520) | |||||||||
Cash and cash equivalents at the end of period | 245,663 | 249,028 | 52,714 | 53,963 | |||||||||
(comparable data as at 31 December 2020) | |||||||||||||
Basic earnings per ordinary share for the reporting | |||||||||||||
period attributable to Shareholders of the Parent | 0.61 | 0.45 | 0.13 | 0.10 | |||||||||
Company (in PLN/EUR) | |||||||||||||
Diluted earnings per ordinary share for the reporting | |||||||||||||
period attributable to Shareholders of the Parent | 0.61 | 0.45 | 0.13 | 0.10 | |||||||||
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 2021 to 31 March 2021: EUR 1 = PLN 4.5721
o for the period from 1 January 2020 to 31 March 2020: EUR 1 = PLN 4.3963 - 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 2021: EUR 1 = PLN 4.6603
o exchange rate effective on 31 December 2020: EUR 1 = PLN 4.6148
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 2021 (in thousands of PLN)
5
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Asseco South Eastern Europe SA published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 09:06:04 UTC.