Risk of losing key employees. Human resources are a key asset of the Group.
The personnel policy to date, incentive programmes and a fairly low turnover of key employees indicate that the group has so far adequately addressed this risk factor. Risk of failed acquisitions. A 50.2% stake in Software Mind is held by a private equity fund with an investment horizon of several years. The pursuit of rapid growth and building the company's value through, among other things, debt financing may lead to unsuccessful transactions and, in the short term, reduce the potential for dividend payments.
Risks related to the failure of customers to meet payment deadlines. We note the high level of receivables in the group, which at the end of 2022 amounted to PLN 94m (that is more than PLN 7 per ALL share, but the majority in Software Mind, where less than half of the result is attributable to ALL shareholders). Despite significant working capital exposure, historically receivables write-downs have been negligible and the risk of significant write-downs is moderate in our view, given the financial backing of the group's largest partners.
The Ailleron Group companies operate in various sectors/verticals such as banks, leasing companies, the financial industry, the telecommunications industry, ecommerce, healthcare or online sports betting. Therefore, in terms of industry, there is no full concentration of credit risk.
