ASBISc Enterprises PLC published Annual Report 2010

ASBISc Enterprises Plc, a leading distributor of IT products in emerging markets of Europe, the Middle East and Africa, published its Annual Report for year 2010.

Dear Shareholders,

Last year was the time of recovery after crisis for both the Company and the market. The world financial crisis eased significantly during the year, and thus we were able to benefit from hard work made on the Company’s fundamentals and product portfolio that we conducted during tough times. As a result, we were able to improve our results on every level, beginning from revenues, and ending on net profit.

Easing of the crisis was especially visible in revenues, that grew in all our major regions. The most important fact however was the rebound on our biggest markets – Russia and Ukraine. Together with upgraded product portfolio, it allowed us to increase significantly both market position and revenues.

However, the fact that the crisis eased down, does not mean that there were no turbulences during the year. This was especially visible in the currency environment, that experienced strong volatility. As this has affected us in the past, in 2010 we have focused also on building safety against currency exchange rates fluctuations. This led us to build specialized FX hedging teams that reached full operational readiness in the summer. Because of that we were able to reduce our exposure on FX risk in the second part of the year, and we believe that we will be able to continue so in the future.

The significant improvement of our market position, upgraded product portfolio, growing revenues and upgraded FX hedging policy allow us to think bright about the future. At times when the markets started growing again, we are ready to benefit from all of such factors in order to increase gross margins and net profit in 2011. All of these were presented in our public financial forecasts – published first time since listing in Warsaw.

We know that the crisis’ effects are still visible in the market and that a lot of challenges are awaiting for us, but the Company’s management and myself are confident and committed to making 2011 a very successful year for shareholders, our employees and suppliers.

Siarhei Kostevitch
Chairman & CEO

The report is available at investor.asbis.com