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Opinion Profile: Asseco Poland IT nets attrib. PLN 76.7 mln in Q4 vs PLN 83.3 mln expected - FY report

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Listed IT group Asseco Poland posted PLN 76.7 mln attributable net profit in Q4 2016, below the market consensus for PLN 83.3 mln, Asseco's financial report showed.

Q4 RESULTS VS CONSENSUS AND PRIOR PERIOD:

 
  Q4 2016 Consensus Q4 y/y vs Cons
  PLN mln PLN mln % %
Revenues 2 259,1 2 168,8 2,9 4,2
Operating profit 203,0 207,9 -3,8 -2,4
attrib Net Profit 76,7 83,3 -38,9 -7,9

HAITONG BANK CHIEF ECONOMIST KONRAD KSIEZOPOLSKI

 

I view Asseco's Q4 results as neutral. The group showed higher-than-expected revenues but EBIT and net results were below expectations, although divergences are not substantial.

 

Impairment tied to [Korean telecom] KT was expected, so it is not a negative surprise.

 

At the consolidated level, cash flow was very similar to last year's. Cash generation improved.

 

Dividend recommendation at last year's level was expected.

 

I think that the market will focus today on 2017 outlook comments from the conference, taking into account the stagnation in public sector and the fact that several important contracts expire.

2017-03-17



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