Asseco Poland SA: Report of the Management Board on the activities of the Asseco Group and Asseco Poland SA 2021.pdf


The Asseco group Annual Report

for the year ended December 31, 2021

PLN 9,810 million

* Applies to proprietary software and services

The Asseco group in 2021

non-IFRS measures (unaudited data)

The non-IFRS figures presented below have not been audited or reviewed by an independent auditor. Non-IFRS figures are not financial data under EU IFRS. Non-IFRS data is not uniformly defined or calculated by other entities, and therefore may not be comparable to data presented by other entities, including those operating in the same industry as the Asseco Group. This financial information should only be analyzed as supplemental information and not as a substitute for financial information prepared in accordance with EU IFRS. Non-IFRS data should not be given a higher level of significance than measures resulting directly from the consolidated financial statements.

Financial and operational summary:

  • Progression in the Groupit’s income by 19% for PLN 14,498 million

  • Increase in non-IFRS EBIT to PLN 1,783 million and as a contribution to non-IFRS net income PLN 516 million

  • Progression in the Groupit’s sales in all sectors and business segments

  • 78% revenue from sales of proprietary software and services

  • Solid company diversification (geographical, sector, product)

Selected consolidated financial data for 2021 on a non-IFRS basis

In order to assess the financial situation and the evolution of the activities of the Asseco group, it is essential to provide key financial data on a non-IFRS basis. They are complementary to the data reported under IFRS.

Non-IFRS figures including adjustments for: amortization cost of intangible assets recognized under the Combined Settlement (PPA), costs of share-based payment transactions with employees (SBP), costs and financial income resulting from the purchase and sale of businesses (M&A) and associated tax effects.


Non-IFRS net income for Parent Company shareholders

















The groupit’s revenue structure in 2021

Revenues by sectors

Revenue by product




Banking and finance

PLN 5,056.3



Proprietary software and services

PLN 11,309.0 million

Third Party Software and Services PLN1,493.8



Hardware and infrastructure




Dear ladies and gentlemen,

When a year ago I was writing the board of directors’ opening letterit’s report on the operations of Asseco Poland and the Asseco Group, I had high hopes that 2021 would bring a happy end to the pandemic period and a quick return to smooth functioning for societies and economies. The reality turned out to be more complex COVID has not gone away at all and business development strategies have in many cases had to undergo significant changes. In fact, for most of the previous year, the vast majority of organizations operated in remote or hybrid mode. The pandemic has also wreaked tragic havoc and taken away too many wonderful people. This has clearly affected Poland and other countries struggling with the pandemic. In these circumstances, I am extremely proud of the entire Asseco team, which has shown great commitment, flexibility, ability to meet customer needs and adapt to rapid changes. market requirements. This has meant that not only have we operated as efficiently as before, but we have also been able to grow our group and improve our financial performance.

For another consecutive year, we achieved a record level of revenue, PLN 14.5 billion, and the share of our foreign companies in this revenue reached 89%. At the same time, the group’s operating profit increased to PLN 1.5 billion. Sales of proprietary products and IT services increased by 17% year-on-year and reached PLN 11.3 billion. We focused on how best to support customers through the pandemic. We have also taken advantage of the opportunities linked to the acceleration of digitalization processes in companies and institutions. As a result, we experienced revenue growth across all areas of our business.

In the general business sector, sales of ERP systems from the Asseco Enterprise Solutions group, business solutions and services provided by the Israeli companies Matrix IT and Magic Software increased significantly. It should also be mentioned that we have continued our cooperation with the Polsat Plus group. All of this contributed to increasing revenues by 24% compared to 2020 levels. We are also pleased with the strong results achieved in the banking and financial sector, where our revenues jumped by 15% year-on-year, mainly thanks to the growth momentum from Sapiens International, Matrix IT and Magic Software, as well as thanks to Asseco South Eastern Europe Group is strengthening its market position in the fields of payments, banking and dedicated solutions. In turn, Asseco Poland, being the largest contributor to the Polish segment, continued to work with its existing customers, among others, under long-term maintenance agreements which represent approx. 40% of the region’s income. Asseco Poland carried out sales activities in order to obtain new projects in Poland and abroad. We also saw double-digit growth in the public institutions sector. This result is the consequence, among others, of projects implemented in Poland for the Social Insurance Institution (ZUS), the Agency for Restructuring and Modernization of Agriculture (AriMR), the Ministries of Finance and of Justice, as well as in the areas of health and smart cities. These good results are also supported by the operations of Matrix IT and Magic Software, which are executing new long-term contracts in Israel.

Over the past year, we have strengthened our position in the areas of cybersecurity and cloud, which have taken on particular importance after 2020. Hence the decision to create the National Medical Cloud Operator Health Cloud (Operator of Krajowy Chmury Medycznej Chmura dla zdrowia) by Asseco Poland. Its aim is to digitize healthcare and enable medical units to provide e-Services with the highest security standards. The next step was the creation of Asseco Cloud, which supports clients in the design, implementation and operation of cloud solutions.

In 2022, our objective will remain invariably to maintain Asseco’s leading position in the segments of banking, insurance, energy, telecommunications, health and administrations. We continue to focus on further development in the fieldof our exclusive products and services. In addition to industry solutions, we will strengthen our position in ERP, payments and trust services. We will continue to invest in the development of cloud products and cybersecurity services. I also strongly believe in automation, robotics and artificial intelligence, because I am convinced that in the long term they will bring a lot of good, among others in the health system, administration, services or manufacturing sector.

We will continue to grow not only organically, but also through acquisitions we are interested in companies with their proprietary products, a stable financial situation, operating in sectors similar to Asseco, whose owners wish to remain in the organization after the acquisition and develop it with us. In 2021 alone, we have invested in no less than 18 companies operating in the Israeli, European and American markets.

Thinking about the development prospects for 2022, it is impossible not to mention the war in Ukraine, the long-term effects of which today are difficult to predict. Already its early days have shown how important it is to take care of the country’s cybersecurity maintain the continuity of key systems and critical infrastructure as well as an effective defense against disinformation and the importance of IT sovereignty, which is now a crucial part of the purpose. Therefore, States must choose reliable and proven companies for IT projects, those that guarantee the highest level of data and process security.

But above all, the situation in Ukraine is a huge humanitarian tragedy, which is why we are heavily involved in helping refugees. We have already donated almost 2.5 million PLN for this purpose, among other things for the accommodation of the most needy people and for the Polsat Foundation, which helps Ukrainian children. Also Asseco employees offered their help to our neighbors in these very difficult times. we support these activities organizationally, formally and financially.

On my behalf and on behalf of the entire Management Board, I would like to thank our customers for their trust. I would like to thank you, dear Shareholders, for believing in us and for sharing our vision of Asseco’s development. I would also like to thank all our Collaborators who build Asseco every day with the greatest commitment, both commercially and above all human. The last few years have shown how important technical skills are, but also all those qualities that make you such a great team. As a result, we are once again delivering great results in these turbulent times, and I am confident about our future.


Adam Goral,

Chairman of the Management Board of Asseco Poland

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