To our call today to review Asseco's full year 2022 financial results. My name is Joanna Paczkowska-Tatomir and I'm responsible for investor relations at Asseco. today's conference is also attended by Karolina Rzońca-Bajorek, Asseco's Vice President and CFO. Our result meeting summarizing our operations and financial performance in 2022 will be as always divided into two parts. In the first part, we will go through the extract of our results presentation, which full version is posted on our website under IR tab. On the screen, above window with the slides, you can see a small banner pointing to this file. The second part will be of course dedicated to Q&A session. If you have any questions, you can write them in the chat box at any time during our meeting. Let's start with the presentation.
Last year was a very good year for Asseco in financial terms. Revenues, operating profits and net profits for the full year all recorded all-time highs. During 2022, our revenues grew by 20% to PLN 17.4 billion, out of which 77% came from sale of proprietary software and services. Non-IFRS EBIT was up by 14% to PLN 2.0 billion. Non-IFRS net profit grew by 6% to almost PLN 550 million, and IFRS net profit was up by 8% to PLN 500 million. Despite uncertain times, we continue to consistently fulfill our strategy based on the development of proprietary software and related services, as well as strong geographic, sector and product diversification.
The international nature of our organization and its federal structure, which leaves a great deal of autonomy and freedom of action to individual companies, allow us to compete effectively on foreign markets while maintaining at the same time flexible and local approach to necessary, so necessary for our clients. In 2022, 16 new companies operating on the European, Israeli and American markets joined our group. Since our off-IPO exchange in 2004, the number of our acquisitions has already reached nearly 130. This brings the Asseco Group today to nearly 33,000 employees in 60 countries on 6 continents. During the previous year, we recorded double-digit sales increases in all business segments. 90% of revenues were generated on international markets through Formula Systems and Asseco International segment. In Asseco Poland segment, we improved sales by 10%.
We recorded higher sales to central institutions. We closely cooperate with many important public institutions in Poland such as the Social Insurance Institution, National Health Fund or ministries such as Ministry of Justice, Ministry of Finance. We are developing intensively in the area of healthtech. This is also reflected in the presented numbers. We also want to emphasize strong sales performance of our subsidiaries, Asseco Cloud, which focuses on providing cloud services and Consec the company that is dealing with cybersecurity issues. When Formula Systems segment is concerned, we increased sales by 23%, with double-digit sales growth in all Formula subgroups. Companies from this segment are developing dynamically in Israel as well as on the foreign markets. They are working hard to strengthen their position in Europe and in the U.S., but also in South Africa and Asia.
Their organic growth is supported by acquisitions in prospective areas. In 2022, Formula completed 11 M&As, 8 on Israeli market, 2 in the US and 1 in Europe. Commenting on Asseco International segment, which grew by 15% year-over-year, we should emphasize good financial performance of our ERP subsidiaries concentrated in the Asseco Enterprise Solutions Group in all major markets in which they operate. I mean by that Poland, Slovakia, Czech Republic, Baltic regions and Italy. We should also underline very good performance of Asseco South Eastern Europe, which reported increase in sales in all operating segments. Payments, which is known under the brand PAYONE, as well as in the area of banking and dedicated solutions.
In the lower right corner, you can see how our sales by business segments have been growing nicely over the last five years. Our revenues are highly diversified by sector. In our operations, we identify three main sectors: banking and finance, general business, and public institutions. We recorded sales increases in all these sectors. In the reported period, banking and finance sector accounted for 33% of our sales, general business sector for 42%, and public institutions for 25%. Just like in the previous slide, in the bar chart on the right, you can see how our sales by sector have been growing over the last five years. In banking and finance sector, our revenues grew by 14%. The highest growth, by 25%, was observed in Asseco International segment, mainly due to strong results of Asseco South Eastern Europe in the payment area in all business lines.
We also recorded an increase in revenues in Asseco PST, which operates in Portugal and in Portuguese-speaking countries of Africa. Formula Systems segment grew by 10%. Sapiens, the leading global provider of IT software, IT solutions for the insurance industry, have strengthened its position on the European market, which accounted for 49% of its sales. After a week of 2021, it revealed its position in the US. Revenues from the American market accounted for 42% of the company's total revenue. Record-breaking revenues were reported by Magic Software. The results achieved in Poland grew by 10%. We are implementing long-term development and maintenance agreements and constantly looking for new business opportunities in this sector. We are implementing 3 big projects related to transformation and implementation of central transaction systems simultaneously. We continue to expand our cooperation with small banks in Poland.
We call them cooperative banks. In the analyzed period, Asseco supported the growth of the Allegro Pay service. All contracts concluded as part of buy now pay later service implemented by Asseco in 2020 are processed in the Asseco system. The Asseco Core Banking Solution, which is an important element of Allegro Pay, brings ready-made solutions that have been successfully tested in the banking area and takes into account Allegro's accounting scheme. Asseco systems support Allegro Pay in after-sales customer service. The service is provided in the subscription model. In general business sector, sales increased by 25%. The highest growth, by 31%, was made in Formula Systems segment. In face of this segment, we observed high growth rates in Matrix IT, Magic Software, and InSync Staffing. That group, company acquired in April 2021, was also a contributor to the observed growth.
Asseco International improved revenues by 16%, mainly thanks to higher sales of Asseco South Eastern Europe, as well as higher sales of our ERP solutions in Asseco Enterprise Solutions group. Good sales results were also generated by our Spanish company. In Asseco Poland segment, you can see a 3% decline, but it should be mentioned that this is because of the high base effect. One time, sale of third-party licenses to our main client in telco business, Polsat Plus Group, in the comparative period. If we were to compare our core activities, meaning, I mean, sale of proprietary software and services, then the revenues would be higher than last year. We also reported good sales results of our subsidiaries in dealing with transition to the cloud of our clients. This subsidiary, yes, is, as the name shows, Asseco Cloud.
In public institutions sector, sales grew by 20%. The most significant growth, by 30%, was recorded in Formula Systems segment. The biggest contributor to the reported growth were Matrix IT and Magic Software. Asseco Poland segment grew by 14%, mainly due to accelerated digitization of government and healthcare units in the mother company. Higher sales of cybersecurity services, due to the higher sales of cybersecurity services in our subsidiary Consec. Asseco International segment reported minor decrease in revenues on year-on-year basis. We had a temporarily lower period in the public administration sector in, mainly in the Czech Republic, but also in Slovakia due to the geopolitical situation. Additionally, we carry out a difficult contract there, which make the results slightly worse. At the place where revealed the brand of a stable supplier.
We think that this proof could be a positive strategy in the future, as history shows a stable supplier in a difficult time, we benefit from our reputation. In this context, actually, flat results in the entire Asseco International segment should be considered as a positive result. We are satisfied with results achieved in full year and Q4 alone. As I mentioned at the beginning, our revenues on top, EBIT and bottom line are the best in our history. In the previous year, after 20% growth, our sales reached over PLN 70 billion. From this growth, 20% growth, around 50% was due to organic growth. Acquisitions were responsible for 10% of the growth, and the rest was due to FX changes.
For the assessment of our financial standing and development prospects, it is important to look on non-IFRS numbers. After non-IFRS adjustments in full year, the non-IFRS operating profit amounted to PLN 2 billion, which means an increase of by 14% compared to the same period last year. Year 2021 were exceptional for us in terms of profitability. 0.6 percentage points decline in year-over-year non-IFRS operating profit is not a surprise for us. This level was expected by us, and we perceive it as satisfactory. Non-IFRS net profit attributable to the shareholders of Asseco Poland for 2022 was higher year-over-year by 6% and amounted to almost PLN 550 million. Reported IFRS profits for shareholders was equal to PLN 503 million, and it was up by 8%.
Lower growth rate of non-IFRS net profit, 6%, versus non-IFRS EBIT, 14%, results from our sales mix and more dynamic growth of places where we do not consolidate 100% of the results. Mainly, this relates to company's top Formula Systems segment. The non-IFRS operating profit of the Asseco Poland segment, which is practically fully consolidated on the bottom line and for which there is no FX changes, increased by 5% in 2022. to sum up, we perceive this increase as a success in a such an unstable market environment. In 2022, we managed to cash in 76% of the group's non-IFRS EBIT. It must be remembered that growing businesses involve more and more working capital, hence a certain temporary freezing of cash in working capital.
Our inventories are growing, we are analyzing the inventory turnover ratio or the collection of receivables. We do not see anything alarming in any of the segments. The presented level of cash flow is in line with our expectations and is natural for the way of our business is growing. We have a stable liquidity position. As at the end of December, the level of cash exceeded PLN 3.6 billion. When commenting on debt level, the majority of which, looking at the group level, is located in Formula Systems segment, I would like to point out that 81% of our debt is based on fixed rates, which is very i mportant taking into account current market environment. Net cash in the group was equal to PLN 2.2 billion.
Net operating assets amounted to PLN 3.1 billion, out of which over PLN 1.6 billion came from Formula Systems segment, PLN 717 million from Asseco International segment, and PLN 666 million from Asseco Poland segment. Asseco Poland is willing to this company paying dividends consistently. Our stable position, financial position allows us to do so. In 2007, we have paid nearly PLN 3 billion in dividends. This year, the management board recommends dividend payment in the record amount of PLN 291 million, which means PLN 3.15 per share and is equal to 58% of the group's consolidated net profit.
From the very beginning, we have been focusing on providing customers with proprietary software and solutions, which accounts for approximately 80% of our revenues year by year. We produce top quality software which supports key business processes of companies in all key market sectors. We want to maintain the leading position in our strategic sector. I mean, banking, insurance, telecommunications, healthcare, utilities, and public administration. We also want to grow in product segments, in ERP, payments, and trust services. The war in Ukraine has confirmed the importance of cybersecurity. As a provider of solutions for public institutions and companies, we have taken an active role in securing IT systems and helping our customers adapt their infrastructure and procedures to the new reality.
We also have huge ambitions and far-reaching plans when it comes to the cloud solutions market. We want to be actively involved in the construction of the European cloud computing and establishment of a company called Asseco Cloud in 2021 was the first step in this direction. We continue to intensively promote the paperless concept, transferring our clients' analog processes to the digital space. We also work on artificial intelligence solutions. We believe that the growing popularity of AI tools is not a fad, but the direction of development of technology which is intended to serve humans. Last but not least, our backlog. In the area of proprietary software and services, we have currently signed contracts worth 9.8 billion PLN. In fixed rates, our current backlog is close to 10 billion PLN.
You have to bear in mind that in 2022, in Formula Systems segment, we sold company named Infinity Labs, which added nearly 150 million PLN to the 2022 backlog. In the Asseco International segment, we sold two Danish companies, This Consulting and Asseco Denmark, which added over 100 million PLN to 2022 backlog. I would like to point out that methodology of calculation of backlog in Matrix IT, the biggest contributor in Formula Systems segment, has changed for a more conservative one. If we counted only the organic growth of the backlog, the growth in fixed rates would be equal to 3%. This is all from my side. Now we can go to Q&A session. I see. I encourage you to write any question because at the moment we are seeing no question.
We will wait a minute. Okay. If there are no questions, thank you for your participation, and we invite you for our Q1 r esults in May. Thank you so much and feel free if you have any additional questions to contact our IR team. Thank you so much for your attendance. Bye-bye.