Financial Statements of Asseco Poland S.A
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Asseco Poland S.A. Annual Report Annual Report for the year ended 31 December 2017 Financial Statements of Asseco Poland S.A. for the year ended 31 December 2017 FINANCIAL STATEMENTS OF ASSECO POLAND S.A. for the year ended 31 December 2017 FINANCIAL HIGHLIGHTS OF ASSECO POLAND S.A. ............................................................................................ 5 INCOME STATEMENT OF ASSECO POLAND S.A. ................................................................................................ 8 STATEMENT OF COMPREHENSIVE INCOME OF ASSECO POLAND S.A. .............................................................. 9 STATEMENT OF FINANCIAL POSITION OF ASSECO POLAND S.A. ..................................................................... 10 STATEMENT OF CHANGES IN EQUITY OF ASSECO POLAND S.A. ...................................................................... 12 STATEMENT OF CASH FLOWS OF ASSECO POLAND S.A................................................................................... 13 SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS ............................................................... 14 I. GENERAL INFORMATION............................................................................................................................... 14 II. BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS ......................................................................... 15 1. Basis for preparation ............................................................................................................................ 15 2. Compliance statement ......................................................................................................................... 15 3. Estimates .............................................................................................................................................. 15 4. Professional judgement ....................................................................................................................... 15 5. Changes in the accounting policies applied ......................................................................................... 16 6. New standards and interpretations published but not in force yet ..................................................... 17 7. Corrections of material errors .............................................................................................................. 22 III. SIGNIFICANT ACCOUNTING POLICIES ............................................................................................................ 23 1. Property, plant and equipment ............................................................................................................ 23 2. Intangible assets ................................................................................................................................... 23 3. Government grants .............................................................................................................................. 25 4. Borrowing costs .................................................................................................................................... 25 5. Impairment of non-financial assets ...................................................................................................... 25 6. Investments in subsidiaries and associates .......................................................................................... 26 7. Combinations of businesses under common control ........................................................................... 26 8. Financial assets ..................................................................................................................................... 26 9. Financial guarantee contracts .............................................................................................................. 28 10. Inventories ........................................................................................................................................... 28 11. Prepayments and accrued income ....................................................................................................... 28 12. Trade receivables ................................................................................................................................. 28 13. Interest-bearing bank loans and borrowings ....................................................................................... 29 14. Leases (Company as a lessee) .............................................................................................................. 30 15. Trade payables ..................................................................................................................................... 30 16. Transactions and items in foreign currencies ...................................................................................... 30 17. Provisions ............................................................................................................................................. 30 18. Provision for warranty repairs ............................................................................................................. 31 19. Revenues .............................................................................................................................................. 31 20. Revenues and costs related to the execution of implementation contracts ....................................... 32 21. Operating costs .................................................................................................................................... 34 22. Income tax and value added tax .......................................................................................................... 34 23. Earnings per share (basic and diluted) ................................................................................................. 35 IV. INFORMATION ON OPERATING SEGMENTS .................................................................................................. 36 V. EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS .............................................................................. 38 1. Sales revenues and operating costs ..................................................................................................... 38 2. Other operating income and expenses ................................................................................................ 39 3. Financial income and expenses ............................................................................................................ 40 4. Corporate income tax........................................................................................................................... 42 All figures in millions of PLN, unless stated otherwise 2 Financial Statements of Asseco Poland S.A. for the year ended 31 December 2017 5. Discontinued operations ...................................................................................................................... 45 6. Earnings per share ................................................................................................................................ 45 7. Information on dividends paid out ....................................................................................................... 45 8. Property, plant and equipment ............................................................................................................ 46 9. Intangible assets ................................................................................................................................... 48 10. Investments in subsidiaries and associates .......................................................................................... 53 11. Impairment testing of non-financial assets .......................................................................................... 56 12. Other financial assets ........................................................................................................................... 61 13. Prepayments and accrued income ....................................................................................................... 63 14. Long-term and short-term receivables ................................................................................................ 63 15. Implementation contracts .................................................................................................................... 65 16. Inventories ........................................................................................................................................... 66 17. Cash and cash equivalents ................................................................................................................... 66 18. Non-current assets held for sale .......................................................................................................... 66 19. Assets and liabilities of the Company Social Benefits Fund ................................................................. 66 20. Share capital and other components of equity .................................................................................... 67 21. Interest-bearing bank loans and debt securities issued ....................................................................... 68 22. Finance lease liabilities and other financial liabilities .......................................................................... 69 23. Provisions