Net earnings reach PLN 315 million after three quarters of 2010. Financial results of the Asseco Group
Financial performance of the Asseco Group in the first three quarters of 2010 was stronger than in the corresponding period last year. Sales revenues generated by the Group reached PLN 2.192 billion and they increased by 4% year on year. Operating profit improved 5% to PLN 413 million. The Asseco Group achieved a net profit of PLN 315 million, beating the year-ago earnings of PLN 279 million by 13%.
The Asseco Group consistently pursues its strategy to boost financial results by promoting sales of its proprietary IT solutions. In the first three quarters of 2010, sales of proprietary software and services amounted to PLN 1.43 billion and they accounted for 65% of the total turnover. Sales revenues were evenly distributed among our individual target sectors (banking and finance 34%, enterprises sector 33%, and public administration 33%), which proves the Group's business is well diversified.
Till the end of the 3rd quarter of 2010, the Asseco Group was joined by another five companies. Asseco Poland acquired a 65% stake in the Necomplus Group that is specialized in solutions for POS terminals and call centers in Spain and Portugal. On 3 September 2010, Asseco Poland signed an agreement to acquire shares representing a 50.19 percent equity interest and a 51 percent voting interest in Formula Systems, a NASDAQ-listed Israeli company. Formula Systems is a holding that owns shares in three information technology companies: Matrix IT, Magic Software Enterprises, and Sapiens International Corporation. By taking over Formula Systems, Asseco gets an opportunity to enter the Israeli, Japanese and American markets.
Asseco Central Europe took over the Hungarian GlobeNet, engaged primarily in the production of software for the healthcare sector. Whereas, Asseco South Eastern Europe acquired two Turkish companies, namely EST and ITD, which launched the Asseco Group operations in that market.
In the 3rd quarter of 2010, Asseco Poland signed a bank credit agreement with PEKAO SA with
the objective to finance construction of the Company's new office situated in Wilanów, Warsaw that will be built by AWBUD.
On 8 October 2010, Asseco Poland concluded two agreements with the Social Insurance Institution. The first agreement provides for maintenance and operational support of the Comprehensive Information System, while the second will take care of further development of the system.