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N°35  |  February   2009
Hot topics
2008 financial results: Bull exceeds its objectives

Bull, the expert in open, flexible and secure information systems and one of Europe’s leading players in the IT industry announced its full-year results for 2008: growth beyond expectations.

2008 key figures
Business transformation and refocusing continued during 2008, resulting in:

  • 5.6% growth in revenues in the fourth quarter of 2008. Consolidated revenues increased by 1.4% in 2008 (+2.1% without changes in exchange rates)
  • Annual EBIT ahead of target, up by 8.3% for the full year
  • Strong increase of operating cash generation, which stands at €27.5 million
  • Net income increased by 21.7% compared with 2007
  • Net cash at a historically high level of €302 million

Didier Lamouche, Bull Chairman and CEO, commented: “Our 2008 results confirm that we have made the right choices, and reflect the now tangible results of the Group’s business transformation.
“In 2008, we adopted a new business segmentation which better reflects our activities. Bull is now focusing its efforts on the Group’s core offerings, which have enabled the Hardware & Systems Solutions business to grow by 5.6% and Services & Solutions to grow by 14.7%. Growth of our overall revenues resumed, with an increase (excluding the effects of exchange rates) of 2.1%. Our profitability exceeded the objectives that we had set ourselves for 2008. The strength of our balance sheet is confirmed by our ability to generate significant cash flow.
“In parallel, we have been continuing the systematic refocusing of our portfolio of business activities, through a combination of divestments of non-strategic activities – this year we sold our Medicaid-related business in the United States – and acquisitions in high-potential segments. The acquisition of science+computing (s+c) – one of Germany’s leading specialists in scientific computing, who will add further weight to our major successes in the German High-Performance Computing (HPC) market, the largest in Europe.
“As a result of this strong repositioning, our portfolio of activities is consolidating around our key engines for growth: HPC, secure storage and Services. This concentration is improving the quality and resilience of our revenues and represents one of our main strengths when it comes to facing the current uncertain economic environment.
“We begin 2009 confident in the renewed solidity of our business model with 44% of our revenues now coming from our Services activities, particularly outsourcing; a portfolio of customers within which the public sector and the telecom segment represent over 50% of our revenues; new, highly relevant offerings; and a unique presence in emerging economies, which now account for almost 20% of our revenues. Nevertheless, the extremely uncertain context requires us to be prudent in formulating our objectives, and extremely vigilant in our management of the business. In 2009, we will continue with appropriate cost reductions and accelerate the work on our transformation focused around our key strategic aims; concentrating very specifically on continuing to improve our margins in Services and on cash flow generation.”

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