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Management Report on Operations of Asseco Poland S.A

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Management Report on Operations of Asseco Poland S.A ASSECO POLAND S.A. Annual Report for the year ended 31 December 2014 45.7 mPLN of income tax paid in Poland in 2014 1,321 mPLN 2,967 in sales revenues highly committed for 2014 employees th 290.3 mPLN 215.8 mPLN 6 in net profit of dividends largest software for 2014 paid out for 2013 vendor in Europe Report on Operations of Asseco Poland S.A. for the year ended 31 December 2014 PRESIDENT’S LETTER 3 Report on Operations of Asseco Poland S.A. for the year ended 31 December 2014 PRESIDENT’S LETTER with state-of-the-art solutions for online banking and security. We have high hopes for our new banking and finance products, namely UFE (Universal Front End) and CBP (Customer Banking Platform). These systems make it easy to implement the strategy of omni-channel banking which is currently very popular among financial institutions. In response to the needs of capital market institutions, we developed innovative solutions to enable mobile trading. We have been pretty successful in the public institutions sector as well. Despite amendments to some of our ongoing contracts and a limited number of new tenders in this sector, we managed to achieve our target results. Last year we expanded our cooperation with such important clients as the Agricultural Social Insurance Fund (KRUS) and the Agency for Restructuring and Modernization of Agriculture (ARiMR). We recorded a significant growth in the medical sector, where more than 130 healthcare centers have already implemented our latest system AMMS (Asseco Medical Management Solutions). We have successfully completed the implementation of our earlier projects, including the Subcarpathian Medical Information System. Asseco’s development and experience have been well recognized by the market. We are constantly the largest IT company in Poland. We hold a high 40th position in the Rzeczpospolita 500 List of the largest companies operating in Poland. Asseco advanced in the ranking of the biggest firms in Central and Eastern Europe as prepared by Deloitte and Dear Shareholders, also won recognition in the International Champion competition organized by PwC. For Asseco Poland, the past year was a period of many challenges and continuing efforts for the development Thanks to our solid fundamentals and improving of our business. Hence, it is a great pleasure to inform financial results, we were once again able to share our you that we managed to achieve our goals set for 2014. success with the company’s shareholders by distributing PLN 215.8 million in dividends in 2014. Net profit increased from PLN 280.3 million in 2013 to PLN 290.3 million for the full year. The company’s I am proud to emphasize that we are one of the leaders profitability improved and the margins of profit of the Polish capital market that pay out dividends on a stabilized at a higher level. regular basis, having spent more than PLN 830 million for that purpose during the past five years alone. During the past year, we made a good progress in the general business sector. In the telecommunications The success of Asseco would not be possible without the market, we further developed our cooperation with ongoing commitment of all of our employees and the strategic customers and began the implementation of trust of our customers. On behalf of the whole new projects. We also strengthened our position in the management team, I would like to express our genuine energy market. This industry appreciated the quality of gratitude to all the people that support the development solutions and services offered by Asseco Poland, and in of Asseco. particular our new product called AUMS (Asseco Utility Management Solutions). With best regards, We are pleased with our position in the banking and finance sector. In 2014, we continued to develop IT Adam Góral systems for our key clients and launched new solutions President of the Management Board, and functionalities. Moreover, we have increased our Asseco Poland S.A. presence among cooperative banks by providing them 4 Report on Operations of Asseco Poland S.A. for the year ended 31 December 2014 MANAGEMENT REPORT ON OPERATIONS OF ASSECO POLAND S.A. for the year ended 31 December 2014 5 Report on Operations of Asseco Poland S.A. for the year ended 31 December 2014 MANAGEMENT REPORT ON OPERATIONS OF ASSECO POLAND S.A. for the year ended 31 December 2014 GENERAL INFORMATION ON ASSECO POLAND S.A. ....................................................................................................... 8 Directions of development ........................................................................................................................................ 8 Company’s authorities ............................................................................................................................................... 9 Management Board ................................................................................................................................................... 9 Supervisory Board .................................................................................................................................................... 11 Awards and accolades .............................................................................................................................................. 12 Information technology market and its future outlook ........................................................................................... 13 Product portfolio and target markets ...................................................................................................................... 15 Financial information ............................................................................................................................................... 18 Structure of sales revenues of Asseco Poland S.A. .................................................................................................. 20 Non-recurring events with impact on our financial performance ........................................................................... 22 Opinion on feasibility of investment plans .............................................................................................................. 22 Asseco Poland S.A. in the capital market ................................................................................................................. 23 Shareholder structure .............................................................................................................................................. 24 Shares held by the management and supervisory personnel .................................................................................. 24 Discussion of significant risk factors and threats ..................................................................................................... 25 OTHER INFORMATION ................................................................................................................................................. 28 Explanation of differences between the financial results disclosed in the annual report and previous financial forecasts for the year ............................................................................................................................................... 28 Opinion on feasibility of the Management Board financial forecasts for 2015 ....................................................... 28 Changes in the Company management policies ...................................................................................................... 28 Remuneration of the management and supervisory personnel .............................................................................. 28 Agreements concluded by Asseco Poland S.A. with its management personnel providing for payment of compensations if such persons resign or are dismissed from their positions ......................................................... 28 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 ................................................................................................ 28 Organizational and equity relationships .................................................................................................................. 28 Related party transactions ....................................................................................................................................... 28 Bank loans, borrowings, sureties and guarantees ................................................................................................... 28 Loans granted during the financial year................................................................................................................... 28 Off-balance-sheet items ........................................................................................................................................... 28 Utilization of proceeds from issuance of shares ...................................................................................................... 28 Monitoring of employee stock option plans ............................................................................................................ 28 Significant agreements concluded by the Company ................................................................................................ 28 Information on judicial proceedings where the value in dispute exceeds 10% of the amount
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