Asseco Poland posts record results for 2009
In 2009 Asseco Poland achieved much stronger financial results than a year ago which proves the Company is well prepared to operate also during more challenging times. Sales revenues reached PLN 3.1 billion and they improved almost 10% as compared with 2008. Operating profit increased 6.3% over the year-ago level and amounted to PLN 526 million, while the EBIT margin of 17% was among the highest scores in the whole IT industry. The Group generated a net profit of PLN 373 million, beating the year-ago earnings of PLN 322 million by 16%. Whereas, net profit adjusted by single-time events amounted to PLN 365 million and outperformed the 2008 figure of PLN 283 million by 29%.
The Asseco Group consistently pursues its strategy to boost financial results by promoting sales of proprietary solutions. In 2009 this segment was our key revenue driver which generated almost PLN 1.7 billion or 55% of the total turnover. The largest portions of sales revenues were achieved from the enterprises sector (38%) as well as from the banking and finance sector (36%).
Our organic growth and acquisitions help reinforce the Asseco's position among leaders of the European information technology market. The Asseco Group ranked 5th among the top 100 European software vendors and, in terms of market capitalization, it is one of the ten largest IT players in Europe.
In 2009 the Asseco Group finalized numerous acquisitions in Poland as well as in the countries of West Europe and South Eastern Europe. In Poland the Group took over the companies of SI Kapitał, Alatus, and OTAGO thereby broadening the professional competence of Asseco Poland SA. In February, our Company initiated the process of building Asseco South Western Europe by acquiring the Spanish Raxon Informatica that was subsequently renamed as Asseco Spain. In the 2nd quarter of 2009, this undertaking was joined by another Spanish company, namely Terminal Systems. In August Asseco Poland SA took over IT Practice, a Danish company which will lay foundation for building Asseco Northern Europe to carry out business in Scandinavia and the Baltic Republics. Further acquisitions were also completed by Asseco South Eastern Europe which utilized the funds raised from its October IPO.
The plans for 2010 anticipate further expansion of the Asseco Group. The Company is in the process of negotiations with over a dozen businesses in West Europe.