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Financial results of Asseco Poland for the 1st quarter of 2010

Net profit achieved by Asseco Poland for the first 3 months of 2010 reached PLN 95 million and it jumped 27% over the year ago level. Operating profit improved 6% to PLN 121 million. Whereas, sales revenues generated by Asseco Poland in the 1st quarter of 2010 amounted to PLN 691 million and they were only 3% lower as compared with the corresponding period of 2009. Our EBIT margin of 18% is among the highest scores in the whole IT industry.

The Asseco Group consistently pursues its strategy to boost financial results by promoting sales of proprietary solutions. In the 1st quarter of 2010 this segment was our key revenue driver which generated almost PLN 466 million or 67% of total turnover. Our sales were evenly diversified among sectors, with the enterprises sector accounting for 36% of total revenues, and the banking & finance and public administration sectors representing 33% and 31% of total turnover, respectively.

The Asseco Group has a strong backlog of orders for the whole 2010. Our backlog is equivalent to 69% of total revenues generated in 2009, yet in the case of proprietary software the backlog is even higher and corresponds to 78% of the last year's sales of proprietary solutions.

Asseco Poland as well as the Group companies continue their dynamic policy of acquisitions. Asseco Poland conducts negotiations with 4 Spanish and 2 Italian companies that might join the group of Asseco South Western Europe. Potential acquisition targets of Asseco DACH include 2 Swiss and 2 German companies; whereas, Asseco Northern Europe may be reinforced by 3 companies of Finland.