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Sales Reenues Surge 60%. Financial result of the Asseco Group

Financial performance of the Asseco Group in the first half of 2011 was stronger than in the corresponding period last year. Sales revenues reached PLN 2.3 billion and they increased by 60% as compared with the first half of 2010.

 Financial performance of the Asseco Group in the first half of 2011 was stronger than in the corresponding period last year. Sales revenues reached PLN 2.3 billion and they increased by 60% as compared with the first half of 2010.

 

Operating profit amounted to PLN 342 million, outperforming the previous year's figure by 34.6%. The Group generated a net profit of PLN 182.7 million as compared to PLN 205.4 million earned in the first half of 2010. However, net profit adjusted for one-time events (reversal of write-downs on financial assets, write-down on Gladstone, write-down on Asseco Spain, reversal of a deferred income tax provision, and disposal of Uniquare company) turns out to be higher by 6.7% in comparison to the first half of 2010.

 

The Asseco Group effectively implements its strategy to boost financial results by promoting sales of its proprietary software and services. During the first six months of 2011, the Group's revenues from proprietary software and services reached PLN 1.7 billion and they improved as much as 75.5% in relation to the corresponding period a year ago. The distribution of our revenues by sector changed and in the first half of 2011 it was as follows: banking and finance: 34%, enterprises: 42%, and public administration: 24% (the share of industrial enterprises increased offsetting a decline in public administration).

 

Asseco gains a stronger position in the Polish ERP market – Asseco Business Solutions is Poland's second largest provider of ERP systems in terms of sales revenues (after SAP Poland), with a market share of 25% (according to Computerworld TOP 200, June 2011). Whereas, Asseco Central Europe is a leader in the ERP market in Slovakia. Asseco Spain has become Apple's most important partner in the Spanish market. Also our Israeli operations are very successful in the market – Sapiens signed an agreement to merge with two providers of software solutions for the insurance industry: IDIT I.D.I. Technologies and FIS Software. The merged company will become one of the major players in the global insurance software industry.

 

One of our most important events of the past six months was the Asseco's payout of nearly PLN 140 million in dividends from the last year's earnings. Whereas, on 6 September 2011 we will hold an Extraordinary General Meeting of Shareholders to approve a buy-back of Asseco's own shares.


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