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Asseco is not slowing down - very good results in all operating segments after three quarters of 2020

After three quarters of 2020 Asseco generated PLN 8.7 billion in sales revenues, which is 13% more than in the corresponding period last year. The sales of proprietary IT products and services accounted for 80% of our revenues and amounted to PLN 7.0 billion. Consolidated operating profit amounted to PLN 853 million, which marks a 19% increase. Net profit attributable to the shareholders of the parent company increased by 12% to PLN 268 million. The Group strengthened in all operating segments, where it increased both revenues and profits.

After three quarters of this year, the non-IFRS operating profit exceeded PLN 1 billion and was 17% higher. In turn, non-IFRS net profit, after an increase of 12%, amounted to PLN 303 million.

Thanks to a consistently implemented development strategy, the Group improved its results in all operating segments. In the Formula Systems segment, after three quarters of 2020, sales increased by 14% to 5.5 billion PLN and operating profit by 28% to PLN 446 million. The sales of the Asseco International segment increased by 9% to PLN 2.2 billion and operating profit went up by 6% to PLN 252 million. The Asseco Poland segment generated revenues of PLN 1.0 billion, which is 12% more than in the same period last year, while operating profit was 23% higher and amounted to PLN 155 million. Foreign markets represented by the Formula Systems and Asseco International segments were jointly responsible for 88% of the Group's revenues.

Asseco's revenues are very well diversified by sectors. After three quarters of 2020, the general business sector accounted for 38% of total revenues, banking and finance – for 37% and public institutions – for 25%.

In the third quarter of 2020 alone, the Group recorded sales revenues of PLN 2.9 billion, which marks a 7% increase. Operating profit went up by 15% and amounted to PLN 299 million, while the net profit attributable to shareholders of the parent company amounted to PLN 91 million, i.e. 16% more than in Q3 2019.

Asseco's consolidated order backlog for 2020 is currently worth PLN 11.3 billion and is 12% higher than in the corresponding period last year.

We closed the first three quarters of 2020 with double-digit revenue and profit increases, which we consider to be a great success in times of high uncertainty associated with the pandemic worldwide. We consistently pursue a strategy of strong diversification of our business. We are developing both organically and through acquisitions. During the first 9 months of 2020, several new companies joined our Group, which will strengthen our position on international markets. The acceleration of digitization processes in companies results in increased demand for solutions in selected IT areas, which allows us to sign new contracts and build a solid backlog for the current year and subsequent quarters. However, we approach the future with moderate optimism. Due to uncertainty related to the general economic situation, we can observe caution of our business partners in undertaking new investment projects. However, I hope that we will come away unscathed from this difficult time, said Rafał Kozłowski, Vice President of the Management Board of Asseco Poland.

Non-IFRS figures include adjustments for the cost of amortization of intangible assets recognized under the combination settlement (PPA), the costs of share-based payment transactions with employees (SBP), the costs and financial revenues resulting from the transactions of purchase and sales of companies (M&A) and tax effects associated with them.


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