Revenues reaching over PLN 5.4 billion and record profit generated by the Asseco Group in Q3 2017 as a result of the sale of a stake in Formula Systems.
The results of the Asseco Group in the first nine months of 2017 were significantly affected by the sale of a stake in Formula Systems, and consequently, the lack of consolidation of that company's results in August and September this year. After the first three quarters of 2017, the Group generated PLN 5.4 billion in revenues, by 5% less than in the corresponding period in the previous year. Net profit attributable to shareholders of the parent company increased by 79% to record-high level of PLN 402 million. After first nine months of 2017, the revenues from sales of proprietary software and services amounted to PLN 4.3 billion, and operating profit amounted to PLN 426 million.
In the first 9 months of 2017, the financial results of the Asseco Group were significantly affected by the sale of a stake in Formula Systems. On the one hand, the impact of this transaction resulted in an additional profit, which is reflected by a very good result on the level of net profit for shareholders, amounting to PLN 402 million in total. That marks an increase by as much as 79% on annual basis. On the other hand, due to the lack of the consolidation of Formula Systems in August and September this year, the results on the level of revenues and operating profit are accordingly lower, said Rafał Kozłowski, Vice President of the Management Board of Asseco Poland. If we had consolidated Formula Systems in this period as up until recently, sales would have been higher by almost PLN 900 million. After taking this amount into account, the Group's revenues would have amounted to PLN 6.28 billion after the first 9 months of this year. In this context, it is worth noting that at the beginning of October, as a result of signing an agreement with the second largest shareholder of Formula Systems, control over the company was regained and Asseco Poland will consolidate the results of this holding in the following quarters, he added.
Currently, foreign markets constitute a significant part of the Asseco Group's revenues - in the first three quarters of 2017, 80% of the Group's sales revenues were generated outside Poland. Growth of revenues was recorded in Central Europe (+11%), Western Europe (+8%) and South-Eastern Europe (+5%).
The Group's revenues are very well diversified not only geographically but also by sectors: the general business sector accounted for 40% of sales, the financial sector for 39% and the public administration sector for 21%. The Asseco Group's business and development strategy is still based on the sale of proprietary IT solutions, which amounted to over PLN 4.3 billion in the past reporting period. This accounts for over 80% of total revenues.
Asseco continues its cooperation with key customers and actively works for signing new projects. In November 2017, the order backlog amounted to over PLN 7.6 billion and was higher by 1% versus the corresponding period in the previous year.