Semi Annual Report for the First Half of 2017
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Semi-Annual Report on Operations of Asseco Group for the period of six months ended June 30, 2017 Present in 54 countries 22,431 mPLN 4,162 highly committed in sales revenues employees 113 mPLN th mPLN 6 in net profit for the 7,449 shareholders of the in order backlog for 2017 largest software parent company vendor in Europe Semi-Annual Report on Operations of Asseco Group for the period of six months ended June 30, 2017 MANAGEMENT REPORT ON OPERATIONS OF ASSECO CAPITAL GROUP for the period of six months ended June 30, 2017 GENERAL INFORMATION ON ASSECO GROUP .............................................................................. 4 COMPANY'S AUTHORITIES ............................................................................................................................. 4 Management Board ............................................................................................................................................................ 4 Supervisory Board .............................................................................................................................................................. 6 ASSECO GROUP .......................................................................................................................................... 7 STRATEGY AND DIRECTIONS OF DEVELOPMENT................................................................................................... 7 INFORMATION TECHNOLOGY MARKET AND ITS FUTURE OUTLOOK ........................................................................... 9 ORGANIZATIONAL STRUCTURE OF ASSECO GROUP ............................................................................................. 11 Federation model ............................................................................................................................................................. 11 Structure of Asseco Group ............................................................................................................................................... 11 TARGET MARKETS, BUSINESS SECTORS AND PRODUCT PORTFOLIO OF ASSECO GROUP ................................................. 16 Target markets by geographical regions .......................................................................................................................... 16 Operations by sectors ....................................................................................................................................................... 16 Product portfolio of Asseco Group ................................................................................................................................... 21 MAJOR EVENTS WITH IMPACT ON FINANCIAL PERFORMANCE OF ASSECO CAPITAL GROUP IN 2016 ................................ 22 Polish market .................................................................................................................................................................... 22 Israeli market .................................................................................................................................................................... 23 Central European market ................................................................................................................................................. 24 South Eastern European market ...................................................................................................................................... 24 Western European market ............................................................................................................................................... 24 Eastern European market ................................................................................................................................................. 25 FINANCIAL INFORMATION OF ASSECO GROUP ................................................................................................... 26 Financial results ................................................................................................................................................................ 26 Cash flow .......................................................................................................................................................................... 30 Statement of financial position ........................................................................................................................................ 30 OTHER INFORMATION .............................................................................................................. 32 Non-recurring events with impact on our financial performance .................................................................................... 32 Significant events with impact on Asseco Group operations after December 31, 2016 .................................................. 32 Opinion on feasibility of investment plans ....................................................................................................................... 32 Asseco Poland S.A. in the capital market ......................................................................................................................... 32 Shareholder structure ...................................................................................................................................................... 33 Discussion of significant risk factors and threats ............................................................................................................. 35 Opinion on feasibility of the Management Board financial forecasts for 2017 ............................................................... 38 Changes in the Capital Group management policies ........................................................................................................ 38 Agreements concluded by the Capital Group with its management personnel providing for payment of compensations if such persons resign or are dismissed from their positions ........................................................................................... 38 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 ..................................................................................................................... 38 Changes to equity relationships ....................................................................................................................................... 38 Related party transactions ............................................................................................................................................... 38 Bank loans, borrowings, sureties and guarantees ............................................................................................................ 38 Monitoring of employee stock option plans .................................................................................................................... 39 Information on judicial proceedings where the value in dispute exceeds 10% of the amount of equity ........................ 39 3 Semi-Annual Report on Operations of Asseco Group for the period of six months ended June 30, 2017 GENERAL INFORMATION ON ASSECO GROUP COMPANY’S AUTHORITIES Managament Board Adam Góral President of the Management Board responsible for the development vision and strategy of Asseco Group. PrzemysławBorzestowski Vice President of the Management Tadeusz Dyrga Board Vice President of the Management Board responsible for Public Administration and Agriculture Division, the Office responsible for Social Insurance for Protection of Non Public Division and Systems Maintenance Information and the Office for Division. Infrastructure Projects. Rafał Kozłowski Krzysztof Groyecki Vice President of the Management Vice President of the Management Board Board Chief Financial Officer responsible responsible for Healthcare Division. for Finance Division of Asseco Group, and Logistics Department. 4 Semi-Annual Report on Operations of Asseco Group for the period of six months ended June 30, 2017 Paweł Piwowar Marek Panek Vice President of the Management Vice President of the Management Board Board responsible for Energy and Gas responsible for Development Industry Division, Division of Asseco Group, and EU Telecommunications and Media Projects Office. Division, and Enterprises Division. Zbigniew Pomianek Vice President of the Management Board Przemysław Sęczkowski Vice President of the Management responsible for Commercial Banks Board Division, PKO BP Division, Cooperative Banks Division, Business responsible for Public and Investor Intelligence and Capital Market Relations Department, and Division, Compliance and Risk Marketing Department. Management Department, and Maintenance and Development of Back Office Systems Department. During the period of 6 months ended June 30, 2017, the Company’s Management Board was composed of the following persons: Management Board Period of service Adam Góral 01.01.2017 – 30.06.2017 Przemysław Borzestowski 01.01.2017 – 30.06.2017 Tadeusz Dyrga 01.01.2017 – 30.06.2017 Krzysztof Groyecki 01.01.2017 – 30.06.2017 Rafał Kozłowski 01.01.2017 – 30.06.2017 Marek Panek 01.01.2017 – 30.06.2017 Paweł Piwowar 01.01.2017 – 30.06.2017 Zbigniew Pomianek 01.01.2017 – 30.06.2017 Przemysław Sęczkowski 01.01.2017 – 30.06.2017 Robert Smułkowski 01.01.2017 – 28.03.2017 5 Semi-Annual Report