Net profit for the first 6 months of 2010 tops PLN 200 million Financial results of the Asseco Group

Financial performance of the Asseco Group in the first half of 2010 was stronger than in the corresponding period last year. Sales revenues reached PLN 1.45 billion and they increased by 2% as compared with 2009. Operating profit improved 1% over the year-ago level and amounted to PLN 254 million. The Group generated a net profit of PLN 205 million, beating the year-ago earnings of PLN 176.5 million by 16%. EBIT margin of 17.5% as well as the net profit margin of 14.1% achieved by the Asseco Group are still 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 IT solutions. In the first half of 2010, sales of proprietary software and services amounted to PLN 970 million and they accounted for 67% of the total turnover. Our sales revenues were evenly distributed among individual sectors (banking and finance 34%, enterprises sector 32%, and public administration 34%), which proves the Group's business is well diversified.

In 2010, till the publication of financial report on 27 August, the Asseco Group was joined by as many as four companies. Asseco Poland acquired a 65% equity interest in the Necomplus Group that is specialized in solutions for POS terminals and call centers in Spain and Portugal. Asseco Central Europe took over the Hungarian Globenet which is 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.

Another very important event during the first half of 2010 was the successful issuance of shares by Asseco Poland. The Company issued 3.8 million shares and raised over PLN 209 million.  As earlier announced, the proceeds from the issuance will be used for acquisition of further, after Necomplus, profitable IT companies operating in West Europe.