THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All Figures in PLN Thousands, Unless Stated Otherwise
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THE ASSECO POLAND GROUP CONSOLIDATED QUARTERLY REPORT FOR THE 2 ND QUARTER OF 2008 11 August 2008 WorldReginfo - bc6f798c-b62c-4339-a2b6-30c5f32c4034 THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All figures in PLN thousands, unless stated otherwise CONSOLIDATED QUARTERLY REPORT OF THE ASSECO POLAND GROUP FOR THE 2 ND QUARTER OF 2008 Table of contents Page FINANCIAL HIGHLIGHTS OF THE ASSECO POLAND GROUP .......................................................................... 3 CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT........................................................................ 4 CONDENSED CONSOLIDATED BALANCE SHEET............................................................................................. 5 CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY ................................................. 7 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................... 8 FINANCIAL PERFORMANCE OF THE ASSECO POLAND GROUP .................................................................. 12 GENERAL INFORMATION .................................................................................................................................. 14 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ................................................. 22 This quarterly report comprises 61 pages numbered consecutively from 1 to 61. The accompanying interim condensed consolidated financial statements were approved by the Management Board of Asseco Poland SA on 11 August 2008. Management Board: Adam Góral President of the Management Board Przemysław Borzestowski Vice President of the Management Board Tadeusz Dyrga Vice President of the Management Board Piotr Jeleński Vice President of the Management Board Krzysztof Kardaś Vice President of the Management Board Marek Panek Vice President of the Management Board Zbigniew Pomianek Vice President of the Management Board Adam Rusinek Vice President of the Management Board Włodzimierz Serwiński Vice President of the Management Board Przemysław Sęczkowski Vice President of the Management Board Robert Smułkowski Vice President of the Management Board 2 WorldReginfo - bc6f798c-b62c-4339-a2b6-30c5f32c4034 THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All figures in PLN thousands, unless stated otherwise FINANCIAL HIGHLIGHTS OF THE ASSECO POLAND GROUP PLN ’000 EUR ’000 6 months 6 months 6 months 6 months ended ended ended ended 30 June 2008 30 June 2007 30 June 2008 30 June 2007 (unaudited) (unaudited) (unaudited) (unaudited) I Sales revenues 1,168,298 501,837 335,950 130,395 II Operating profit 199,843 77,520 57,466 20,142 III Pre-tax profit 224,457 81,434 67,419 21,159 IV Net profit 182,926 64,960 52,601 16,879 Net profit attributable to Shareholders V 151,834 57,163 43,687 14,853 of the Parent Company Net cash provided by (used in) operating VI 117,263 87,633 33,720 22,770 activities Net cash provided by (used in) investing VII (153,487) 9,897 (44,136) 2,572 activities Net cash provided by (used in) financing VIII 104,895 43,010 30,163 11,175 activities Cash and cash equivalents at the end of IX 312,166 187,200 93,067 49,711 period Basic earnings per ordinary share X attributable to Shareholders of the 2.65 1.62 0.76 0.42 Parent Company (in PLN/EUR) Diluted earnings per ordinary share XI attributable to Shareholders of the 2.65 1.62 0.76 0.42 Parent Company (in PLN/EUR) The financial highlights disclosed in these condensed financial statements were translated into Euro in the following way: the condensed consolidated profit and loss account and cash flow statement items were translated into Euro 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. The rates were as follows: for the period from 1 January 2008 to 30 June 2008: EUR 1 = PLN 3.4776 for the period from 1 January 2007 to 30 June 2007: EUR 1 = PLN 3.8486 the Group’s cash and cash equivalents as at the end of period reported and the corresponding period of the previous year have been translated into Euro at the mid exchange rates as published by the National Bank of Poland. The rates were as follows: exchange rate effective on 30 June 2008: EUR 1 = PLN 3.3542 exchange rate effective on 30 June 2007: EUR 1 = PLN 3.7658 3 WorldReginfo - bc6f798c-b62c-4339-a2b6-30c5f32c4034 THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All figures in PLN thousands, unless stated otherwise CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT 6 months 3 months 6 months 3 months ended ended ended ended Note 30 June 2008 30 June 2008 30 June 2007 30 June 2007 no. (unaudited) (unaudited) (unaudited) (unaudited) Operating activities Sales revenues 1 1,168,298 753,694 501,837 292,076 Cost of sales 2 (766,658) (512,676) (349,040) (208,881) Gross profit on sales 401 640 241,018 152,797 83,195 Selling expenses (-) 2 (88,148) (48,955) (33,404) (19,603) General administrative expenses (-) 2 (114,661) (71,964) (44,413) (24,595) Net profit on sales 198,831 120,099 74,980 38,997 Other operating income 5,197 3,841 3,797 2,572 Other operating expenses (-) (4,185) (3,325) (1,257) (781) Operating profit 199,843 120,615 77,520 40,788 Other activities Financial income 3 107,606 87,381 26,432 14,524 Financial expenses (-) 3 (85,936) (61,703) (23,110) (9,436) Share in profits of associated companies 2,944 1,082 592 592 Pre-tax profit 224,457 147,375 81,434 46,468 Corporate income tax (41,531) (26,699) (16,474) (9,785) Net profit (loss) on ordinary activities 182,926 120,676 64,960 36,683 Net profit for the period reported 182,926 120,676 64,960 36,683 Attributable to: 182,926 120,676 64,960 36,683 Shareholders of the Parent Company 151,834 100,823 57,163 32,727 Minority Shareholders 31,092 19,853 7,797 3,956 Consolidated earnings per share attributable to Shareholders of Asseco Poland SA (in PLN) Basic earnings per share from consolidated net profit on continued operations for the period reported attributable 2.48 1.65 1.23 0.7 to Shareholders of the Parent Company (in PLN) Diluted earnings per share from consolidated net profit on continued operations for the period reported attributable 2.48 1.65 1.23 0.7 to Shareholders of the Parent Company (in PLN) 4 WorldReginfo - bc6f798c-b62c-4339-a2b6-30c5f32c4034 THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All figures in PLN thousands, unless stated otherwise CONDENSED CONSOLIDATED BALANCE SHEET 31 December 30 June 2008 Note 2007 (unaudited) no. (audited) ASSETS Fixed assets 3,678,101 2,298,214 Property, plant and equipment 370,481 92,963 Investment property 1,140 - Intangible assets 2,148,553 1,132,664 Consolidation goodwill 4 1,040,434 567,351 Investments in associated undertakings valued under the equity 13,007 337,104 method Shares in subsidiary undertakings 2,053 - Financial assets available for sale 7,966 236 Financial assets held to maturity 5 1,302 394 Financial assets valued at fair value through profit or loss 6 428 791 Long-term loans granted 37,582 778 Long-term receivables 204 42,328 Restricted cash 717 86,289 Deferred income tax assets 45,705 35,377 Long-term deferred expenses 8,480 1,939 Other long-term investments 49 - Current assets 1,373,544 957,897 Inventories 78,579 36,615 Deferred expenses 58,762 25,692 Trade accounts receivable 531,190 344,955 Corporate income tax recoverable - 1,435 Receivables from the State budget 11,984 3,180 Other receivables 176,992 216,856 Financial assets available for sale 26 22 Financial assets held to maturity 5 95,591 15,668 Loans granted 84,360 767 Financial assets valued at fair value through profit or loss 6 24,611 71,192 Cash and short-term deposits 311,449 241,515 TOTAL ASSETS 5,051,645 3,256,111 5 WorldReginfo - bc6f798c-b62c-4339-a2b6-30c5f32c4034 THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All figures in PLN thousands, unless stated otherwise CONDENSED CONSOLIDATED BALANCE SHEET 31 December 30 June 2008 Note 2007 (unaudited) no. (audited) SHAREHOLDERS' EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY (ATTRIBUTABLE TO 2,677,754 1,923,068 SHAREHOLDERS OF THE PARENT COMPANY) Share capital 71,293 51,090 Share premium 3,107,563 1,651,371 Treasury shares (846,475) Foreign currency translation differences on subsidiary and (41,052) (14,761) associated companies Prior years' retained earnings (deficit) and current net profit 386,425 235,368 MINORITY INTERESTS 594,606 197,624 TOTAL SHAREHOLDERS' EQUITY 3,272,360 2,120,692 Long-term liabilities 740,303 492,110 Interest-bearing bank credits, loans and debt securities 8 184,558 202,071 Deferred income tax reserves 1,453 494 Long-term reserves 30,519 2,087 Long-term financial liabilities 7 503,178 283,473 Long-term accrued expenses 38 - Long-term deferred income 19,539 2,979 Other long-term liabilities 1,018 1,006 Current liabilities 1,038,982 643,309 Interest-bearing bank credits, loans and debt securities 8 173,493 61,116 Trade accounts payable 222,479 188,605 Corporate income tax payable - 37,835 Liabilities to the State budget 65,787 42,310 Financial liabilities 7 162,913 131,204 Other liabilities 194,491 96,530 Reserves 23,490 11,018 Accrued expenses 98,998 45,009 Deferred income 97,331 29,682 TOTAL LIABILITIES 1,779,285 1,135,419 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 5,051,645 3,256,111 6 WorldReginfo - bc6f798c-b62c-4339-a2b6-30c5f32c4034 THE ASSECO POLAND GROUP Consolidated Quarterly Report for Q2 2008 All figures in PLN thousands, unless stated otherwise CONDENSED