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Asseco 1Q 2011 Earnings Near PLN 100 Milion. Financial Results of the Asseco Group

The Asseco Group earned almost PLN 100 million in net profit for the first quarter of 2011. Sales revenues reached PLN 1.2 billion having jumped over 73% in comparison to 2010.

The Asseco Group earned almost PLN 100 million in net profit for the first quarter of 2011. Sales revenues reached PLN 1.2 billion having jumped over 73% in comparison to 2010. Operating profit improved almost 46% year on year and amounted to PLN 221 million. The Group reported a net profit of PLN 97 million, reflecting a 2% growth from the year-ago earnings of PLN 95 million. Furthermore, in the first quarter, Asseco was awarded many prestigious contracts.

 

The Asseco Group consistently pursues its strategy to boost financial results by promoting sales of its proprietary IT solutions. In the first quarter of 2011, sales of proprietary software and services reached PLN 840 million surging 80% from PLN 466 million reported a year ago, and they accounted for 70% of the total turnover. As compared with 2010, the sectoral structure of sales saw some changes. The Group's key revenue drivers are industrial enterprises (42%), followed by banking and finance (32%), and public administration (26%).

 

During the past quarter, Asseco Poland signed many prestigious contracts, among others, with Idea Bank, Xelion Financial Advisors, Polish Telecom, PGE Dystrybucja, and PSE Operator. The Group's backlog of orders looks quite optimistic in comparison with the actual results for 2010. Our orders backlog for 2011 already covers 117% of total revenues generated in 2010, yet in the case of proprietary software the backlog is even higher and corresponds to 141% of the last year's sales of proprietary solutions.

 

The first quarter financial results achieved by the Group's subsidiaries are also very favourable. Formula Systems, Asseco's largest foreign subsidiary, increased its sales revenues by 19% as compared with the first quarter of 2010 (USD 156 million vs. USD 131 million), while its operating profit improved 11% (USD 12 million vs. USD 11 million). Detailed financial results of our companies are presented in the Asseco Group consolidated financial statements for the 1st quarter of 2011, available at www.inwestor.asseco.pl.


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