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2008 financial results: Bull exceeds its objectives
Business transformation and refocusing continued during 2008, resulting in:

  • 5.6% growth in revenues in the fourth quarter of 2008
  • 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 cash at a historically high level of €302 million

Paris, 13 February 2009: Bull (Euronext Paris: BULL), the expert in open, flexible and secure information systems and one of Europe’s leading players in the IT industry – today announces its full-year results for 2008, following the meeting of the Board of Bull (Euronext Paris: BULL) which approved the consolidated accounts for the financial year ending 31 December, 2008.

Summary income statement

€ million

2007

2008

Variation %

Revenues

1 117.0

1 132.8

+1.4%

EBIT (see glossary)

27.8*

30.1

+8.3%

Net income (Group share)

4.6

5.6

+21.7%

*recast1

2008 key figures

  • Increase in consolidated revenues of 1.4%, which reached €1 132.8 million; the Services & Solutions business growing by 14.7%; Hardware & Systems Solutions increasing by 5.6%; and the Maintenance business seeing a 6.8% fall
  • As a result of anticipated changes in the product portfolio mix and the growth in Services & Solutions activities, gross margin of €254.9 million, or 22.5% of revenues, fell by 2.2 percentage points of revenue compared with 2007
  • 8.3% increase in EBIT (see glossary) to €30.1 million compared with EBIT (recast1) of €27.8 million in 2007; exceeding the objective2 set for 2008
  • Operating profit of €20.9 million includes the overall impact, which is globally positive, of modifications in scope, as well as provisions for restructuring costs designed to support the Group’s continued business transformation
  • Net income (Group share) of €5.6 million increased by 21.7% compared with 2007
  • Continuing business operations generated positive cashflow of €27.5 million for the year; once non-recurring cashflow elements are taken into account, positive cashflow was €11.3 million
  • Gross cash (see glossary) stood at €344.1 million as at 31 December 2008, an increase of €11.9 million compared with the end of 2007
  • Net cash (see glossary) stood at €302 million, a historically high level, and reflects a significant fall in debt following the implementation of a new program of sales of receivables. At the end of 2007, net cash stood at €192.5 million

Key figures for the fourth quarter of 20083 :

  • Consolidated revenues of €341.5 million grew by 5.6%, with 18.6% growth in the Hardware & Systems Solutions business and a 12.3% increase in Services & Solutions activities

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 cashflow.

“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 cashflow generation.

Outlook: In view of the effects of the weakened macro-economic environment, the Group’s target EBIT (see glossary) for the 2009 financial year is in excess of €20 million

Financial results for the full-year 2008

Comparisons are made year-on-year with published 2007 figures, except where a recast is specifically indicated.
Order intake grew slightly, by 2.5% compared with the published data for 2007. Having grown by 6.4% in the first six months of the year, a slow-down in order intake, combined with the effect of the sale of the Group’s Medicaid-related business in the United States, resulted in a 0.9% fall in orders taken in the second half of the year.

Consolidated revenues grew by 1.4% to €1 132.8 million; with revenues from the Services & Solutions business increasing by 14.7%, those from Hardware & Systems Solution growing by 5.6%; and those of the Maintenance business falling by 6.8%
Changes in exchange rates resulted in a 0.7 percentage point reduction in the rate of revenue growth in 2008. In other words, excluding the effect of these changes, the growth rate for 2008 would have been 2.1%. The contribution to revenues from companies acquired during 2008 was €15.8 million. Businesses sold in 2008 made the following contributions to revenues in 2007:

  • Maine CI, sold in January 2008, made revenues of €7.2 million in 2007
  • Intégris USA, sold in October 2008, made revenues of €7.0 million in the fourth quarter of 2007.

The Services & Solutions business continued to grow at a significantly higher rate than the market, with revenues of €494.2 million, representing a growth rate of 14.7% in 2008. Revenues from the Hardware & Systems Solutions business were €338.1 million, a 5.6% increase thanks to an acceleration in the business during the second half of the year (+13.4% compared with the second half of 2007). The evolution of the Group’s business mix is now clearly visible, with the contribution to revenues from growth offerings now compensating for the previously anticipated decline in mature products.

The Maintenance business recorded revenues of €197.8 million, a 6.8% fall compared with 2007. The resumption of the downward trend in Maintenance during 2008 resulted, as expected mainly from a number of support contracts for proprietary GCOS servers coming to an end not fully compensated by the growth in new, differentiating offerings.

Revenues from Fulfillment & Third-Party Products activities fell by 33%, as a result of the Group’s decision to focus its sales efforts on its own, higher added-value offerings.
Geographic refocusing of consolidated revenues also continued in 2008: revenues from France increased by 3 points to 51%, to the detriment of the Rest of the World and the Americas; a result, most notably, of the sale of the Group’s Medicaid-related activities in the United States.

As a consequence of the anticipated change in the product mix and the growth in the proportion attributable to Services & Solutions, gross margin of €254.9 million, or 22.5% of revenues, fell by 2.2 percentage points of revenue compared with 2008

Gross margin from Hardware & Systems Solutions activities was €108.6 million, or 32.1% of revenues: a fall of 7.5 points compared with 2007. The expected decline in the volume of the proprietary GCOS server business accounts for this fall. On the other hand, the contributions made to gross margin by open servers and HPC machines grew.

The gross margin rate in the Services & Solutions business grew by 0.9 percentage points of revenue in the first six months of the year and by 0.3 percentage points in the second half, to reach 15.4% for the financial year as whole: a 0.6 percentage point increase compared with 2007. This positive development is related to an improvement in average utilization rates in France (81% for 2008, an increase of 2.5 points compared with 2007), combined with more effective project management on certain high-risk projects.
Over the full financial year, margins for the Maintenance & PRS business remained stable, at 29.5% compared with 29.6% in 2007, the result of a program of continued cost-reduction initiatives and the launch of more distinctive offerings since 2006. These actions enabled margins from activities related to the Group’s installed base of proprietary servers to be improved on the one hand, and on the other, to enhance the company’s range of offerings with the launch of new, value-added services.

The 8.3% growth in EBIT (see glossary) to €30.1 million compared with EBIT (recast) of €27.8 million in 2007 means that the Group has exceeded its objective4 for 2008

Reported EBIT of €30.1 million in 2008 compares with the figure of €25.0 million published in 2007 and the recast EBIT figure for 2007 of €27.8 million.

Two changes explain the recast to the 2007 EBIT:

(i) Starting in 2008 the research tax credit (crédit impôt recherche or CIR) has been expressed as a reduction in R&D expenditure – and, therefore, an improvement in EBIT – rather than being accounted for as a reduction in income tax. This change has been made to align with the practices followed by the majority of organizations benefiting from this research tax credit. CIR represented €3.1 million in 2007 and €2.6 million in 2008.

(ii) The split of exchange rate gains and losses between an operational component and a financial component. Exchange rate related gains financial flows in 2007 represented €0.3 million, which was accounted for in EBIT at the time of the publication of the 2007 accounts.

EBIT grew both in terms of absolute value and as a percentage of revenues, thanks to lower selling and administrative expenses on the one hand, and lower net R&D expenses on the other.

Selling and administrative expenses were €200 million in 2008, or 17.7% of revenues, an improvement of 0.7 percentage point of revenue compared with the figure of €205.3 million for the 2007 financial year. If this year’s improvement is combined with that of 2007 (0.6 point of revenues) we see that the Group is in line with its aim to reduce this expenditure by 2 percentage points of revenue in three years. Administrative expenses once again fell sharply, by 9% in 2008, thanks to the cost reduction programs undertaken by the company, as well as the favorable resolution of a tax-related dispute in France and social litigation in the US in the first half of the year.

Net R&D spending was €23.0 million in 2008, or 2.3% of revenues, compared with €41.8 million in 2007 (with consistent presentation of CIR), or 3.7% of revenues. The fall in R&D expenses is due partly to a reduction in the Group’s efforts dedicated to proprietary technologies, where sales are falling. The Group is now focusing its R&D efforts on High-Performance Computing (HPC) servers, Open Source, storage and security. Bull’s R&D also benefits from significant involvement from partners, who enhance the Group’s R&D potential, particularly in HPC. This involvement is recorded as a deduction from gross R&D expenses, and also partly explains the fall in R&D expenses. Combined with Bull's research and development activity, this involvement enhances the Group's R&D effort to approximately €36 million.

Operating profit of €20.9 million includes provisions for restructuring costs designed to support the Group’s continued transformation, as well as proceeds from the sale of the Group’s Medicaid-related business in the USA.

Net income (Group share) of €5.6 million grew by 21.7% compared with 2007

Net income for 2008 includes an exchange related loss of €(3.9) million related to financial flows, as well as net financial expenses of €(3.5) million and a tax charge of €(3.5) million.
The deterioration of the global business climate led the Group to revise its business plan downwards at its annual review. As a result of this revision, the accrual related to the CRMF (Clause de Retour à Meilleure Fortune – see glossary) profit-sharing agreement with the French government has been adjusted down. Deferred tax assets have also been adjusted accordingly. The resulting effects on net income are a positive €7.3 million related to the CRMF and a negative €11.5 million related to the deferred tax assets.

Continuing business operations generated positive cashflow of €27.5 million for the year; once non-recurring cashflow elements are taken into account, positive cashflow was €11.3 million

Gross cash (see glossary) was €344.1 million at 31 December 2008
In 2008, generation of operating cashflow resulted in €27.5 million, compared with €2 million in 2007, and exceeded severance-related cash outflows, which represented €17.8 million in 2008. This performance leads the company to anticipate that the first payment under the CRMF will be in the order of €4 million. This payment will be made following the Annual General Meeting of shareholders which is scheduled to take place on 13 May 2009. Other non-recurring uses of cash (related principally to acquisitions) of €31.6 million are, for their part, balanced by non-recurring cash in-flow (related principally to the sale of business activities and assets) of €33.1 million.

Net cash stands at €302 million, a historically high level

The sale (without recourse) of a portfolio of customer receivables in December 2008 – facilitated by the quality of the Group’s customer base – generated additional cash in-flow of €98.5 million. This sale enabled the Group to significantly reduce its debt position, and to thus improve net cash, which stood at €302 million at the end of 2008, compared with €192.5 million at the end of 2007.

Revenues for the fourth quarter of 2008 (unaudited data)

Consolidated revenues of €341.5 million grew by 5.6%, with 18.1% growth in the Hardware & Systems Solutions business and 12.3% growth in Services & Solutions.
Revenues for the fourth quarter of 2008 were €341.5 million, representing 5.6% growth compared with the same period in the previous year. Revenues from the Hardware & Systems solutions segment, at €115.2 million, grew by 18.6% due in particular to open servers, as well as to the Group’s strategic HPC and secure storage offerings. The Services & Solutions business recorded revenues of €143.2 million, up 12.2% compared with the figure published for the same period in 2007. This increase was recorded despite the sale of the Group’s Medicaid-related business in the United States. Revenues from the Maintenance segment were €51 million, down 6.6%. The continued, deliberate reduction in sales of third-party products explains the 27.1% fall in revenues from the Fulfillment & Third-Party Products segment.

Group financial position

The Group’s financial position remains healthy. The cash picture demonstrates marked seasonal variations, as it has in previous years. The end of December traditionally marks a high point in terms of cash held, mirroring the changes in revenues, which are unevenly distributed across the two quarters in the second half of the year. In December, performance in terms of debt recovery was especially good, with accelerated collections of around €15 million, improving Gross cash in the process. Net cash, for its part, was subject to a one-off improvement with the implementation of a contract for the sale of receivables (without recourse).

Key highlights of 2008

High-performance computing: Bull’s success is a reflection of its transformation
High-Performance Computing (HPC)] has become absolutely essential when it comes to modeling, particularly in the aeronautical and energy industries, climatology, bio-sciences, information processing, and also in the fields of sustainable development and energy saving. It is a major competitive asset in research and industry, and a fundamental element of State sovereignty.
Having won over 120 customers in 15 countries across three continents in the space of less than four years, Bull is setting its sights on European leadership in HPC. Five key events over the course of 2008 confirmed this momentum:

  • In France, GENCI (Grand Equipement National de Calcul Intensif) – the French national High-Performance Computing organization – placed an order for one of Europe’s most powerful hybrid supercomputers, a highly promising technology which delivers very high levels of performance for extremely low levels of energy consumption.
  • Bull also signed a collaboration contract with the Military Applications Directorate at the French Atomic Energy Authority (the CEA) to design and develop Tera 100, the first Petaflops-scale supercomputer designed in Europe, destined to support the French nuclear weapons Simulation Program.
  • In Germany – which represents Europe’s largest market for HPC – 2008 was also marked by a number of major contracts, including one with the country’s leading high-performance computer simulation center, Forschungszentrum Jülich (the Jülich Research Center), who have chosen Bull deliver a 200 Teraflops supercomputer for the JuRoPA project which it is leading. JuRoPA is aimed at accelerating the development of cluster-based high-performance computer simulation in Europe.
  • To further strengthen its development in Germany, Bull has acquired science+computing ag (s+c), one of the country’s leading players in HPC services and solutions.
  • Finally, in the UK, Cardiff University ordered a new supercomputer to support fundamental research. The machine will support a range of innovative advanced research projects, enabling researchers to tackle problems of significant size and complexity.

Towards the end of 2008, Bull’s position in the world of HPC was recognized and acknowledged, in Europe and worldwide:

  • HPCwire, one of the most highly respected journals in the world of HPC, included Bull in its list of five top companies to watch in 2009. Bull was the only non-American enterprise to be named, ranking alongside some of the biggest names in the industry including Intel and Microsoft.

  • Finally, the French government unveiled its 'Digital France 2012' plan, which devotes a great deal of space to computer simulation including, most notably, widening access to High-Performance computer simulation amongst SMEs and launching ambitious European collaborative supercomputer projects focused on developing very large-scale supercomputers.

 

Green computing: combining high-performance with energy-saving initiatives

Faced with the current economic and energy crises, Green Computing is becoming increasingly important for all industry players as well as for customers who are managing Data Centers with a growing number of ever more powerful servers.
This year Bull reaffirmed its commitment to Green Computing by becoming a member of the Climate Savers Computing Initiative: a global, not-for-profit organization whose principal objective is to halve the energy consumption of information systems by 2010.
In infrastructure services, Bull and Schneider Electric have pooled their expertise to offer a comprehensive energy audit service for Data Centers, to help businesses tackle the growing challenge of energy efficiency. The service provides organizations with the indicators they need to define practices that are environmentally-friendly, sustainable and strengthen their eco-initiatives, while improving performance.
The next phase involves extending energy efficiency to the Data Center in its entirety, focusing in particular on software efficiency and best practice. This is precisely the driving force behind a co-operative agreement signed between Bull and SAP in 2008. Building on their respective strengths, the two Groups have set themselves the target of adapting the SAP software suite to support new energy efficiency policies, and to develop best practice and operating guidelines for the benefit of their customers. 

Secure storage

When it comes to secure data storage, 2008 was a particularly good year for Bull in terms of innovations, confirming the Group’s position as a key player in data protection solutions, whether to support mobile workers or for data stored in large-scale computer processing facilities.
With the launch of globull®, Bull has introduced the world’s first mobile data security platform. With its highly original design – much-admired worldwide – and concentration of innovative technologies, globull effectively combines mobility and security. The world’s most secure solution, globull lets users take their personal working environment with them wherever they go, in complete security. globull represents a complete technological and user-friendly response to the need for secure computing on the move: combining a built-in hard disk and significant storage capacity with a defense-standard cryptographic processor.
When it comes to supporting very large Data Centers, Bull announced the opening of the StoreWay Solution Center – an international center dedicated to data protection and virtualization technologies, operated in partnership with EMC, the world's leading information infrastructure and solutions provider. The Center, attached to Bull's Advanced Competency and Services Center in Grenoble, France, showcases information infrastructure solutions to address the major data management issues faced by organizations today.

Bull: a pioneer in Open Source, a key driver for competitiveness 

In 2008, Bull significantly strengthened its Open Source offerings with the launch of its ‘VirtualShore’ approach, enabling business applications to be developed more effectively by drawing on best practice and tools from the world of Open Source, particularly NovaForge, Bull's collaborative development environment.
In December, Bull was one of the principal sponsors and an active member of the first Open World Forum, which brought together delegates from most of the major companies from the world of IT, associations and Open Source communities. The event provided a platform for Bull to publicize an exclusive study, carried out on its behalf by Forrester Consulting, which demonstrated the growing importance of Open Source at the heart of business: the real hidden backbone of the software industry, enabling costs to be reduced and offering a driver for innovation over the long term.

Bull’s Services business confirms its momentum

2008 also saw renewed confirmation of Bull’s ability to transform its business model; progressively increasing the proportion of its business in Services to the same level as its products-based activities.
Bull’s subsidiary AddressVision Inc. (AVI), which is involved in providing postal automation solutions, was chosen by Australia Post to upgrade its address recognition and mail automation capabilities for processing the country's letter mail.
In the telecommunications sector, Bull combines the development of high added-value services with its industrial expertise. With a growth rate that has seen the business double in just three years, this initiative also reflects the recognition the Group has gained in this marketplace and the appeal of its unique mix of skills.  OnAir – a business established by Airbus and SITA – is the leading provider of in-flight mobile phone services, and has chosen Bull to develop the commercial management system for its services aimed at commercial and business airlines.

Continuing its aggressive strategy of international expansion, Bull Evidian – European leader in Identity and Access Management (IAM) and one of the top-ranking software publishers with its enterprise Single Sign-On (E-SSO) solution – announced a partnership with software solution provider Quest Software, to simplify the administration, optimize the performance and ensure the availability of applications, databases, infrastructures and virtualized environments. The agreement, which involves worldwide distribution rights for Bull Evidian’s E-SSO offering, strengthens Bull Evidian’s international presence and opens up new markets for the company, particularly in North America.

Bull Evidian was also ranked this year amongst the leading cohort in Gartner’s ‘Magic Quadrant for Enterprise Single Sign-On’.
Vedior Group in France, a major player in the human resources and recruitment sector, awarded Bull a contract to host its Web servers and production information system, which includes over 500 heterogeneous servers. Vedior's challenge was to secure and make reliable a highly scalable infrastructure that must deliver high levels of service continuity with absolute confidentiality, while rationalizing IT costs.
Finally, the State Modernization Agency in France (the DGME) awarded Bull the contract to host and run Mon.Service-Public.fr, the personalized portal for users of government services.

 Outlook: In view of the adverse effects of the weakened macro-economic climate, the Group’s target EBIT (see glossary) for the 2009 financial year is in excess of €20 million
The target for the second half of the year is higher than that for the first half. The key factors that will enable the Group to achieve these objectives will be to improve margins in the Services & Solutions business, as well as to grow sales of integrated products, as such as High-Performance Computing (HPC) and secure storage solutions.
Glossary:
EBIT: Earnings before Interest and Taxes, non-operating and non-recurring items and contribution of equity affiliates.
Gross cash: Cash and cash equivalents including marketable securities available for sale, deposits and guarantees

Net cash: Gross cash minus financial debt

Financial debt: Financing linked to receivables sold with recourse, bank loans and bonds

Capital expenditure: Acquisition of assets by Bull for its own account or for the account of customers of managed services.

Clause de Retour à Meilleure Fortune (CRMF) or profit sharing agreement: In return for the forgiveness of a shareholder's loan, Bull agreed in 2004 to pay annually to the French State a portion of pre-tax profits (EBT) between 2005 and 2012 on condition that (i) EBT for the year is at least €10 million; (ii) operating cashflow for the year after restructuring payments exceeds €10 million; (iii) shareholders' equity at does not fall below €10 million by application of the clause. If any of these conditions are not met, no payment is due for that period. Please refer to Bull's annual report for a full description of the CRMF

About Bull

Bull is an Information Technology company, dedicated to helping Corporations and Public Sector organizations optimize the architecture, operations and the financial return of their Information Systems and their mission-critical related businesses.
Bull focuses on open and secure systems, and as such is the only European-based company offering expertise in all the key elements of the IT value chain.
For more information visit: http://www.bull.com/

Financial Calendar

  • 30 April, 2009: First quarter 2009 revenue
  • 13 May, 2009: Shareholders Meeting
  • 30 July 2009: 2009 half-year results

Disclaimer

This Press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause expected results to differ.

Although Bull believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the expected results will be as set out in this Press release. Neither Bull nor any other company within the Bull Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither Bull, any other company within the Bull Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.

1 Two changes explain why 2007 EBIT has been recast: (i) starting in 2008 the research tax credit (crédit impôt recherche or CIR) is expressed as a reduction in R&D expenditure. CIR represented €3.1 million in 2007. (ii) the split of exchange rate related gains and losses between an operational component and a financial component. Gains on financial flows in 2007 represented €0.3 million. Published EBIT for 2007 was €25.0 million; when recast to reflect these two changes it becomes €27.8 million.

2 The CIR represented €2.6 million in 2008. The target range of €25 to €27 million for 2008 corrected for the CIR becomes €27.6 million to €29.6 million.

3 Quarterly figures are unaudited

4 The CIR represented €2.6 million in 2008. The target range of €25 to €27 million for 2008 corrected for the CIR becomes €27.6 million to €29.6 million.

Full year 2008 key figures (published data):
Income statement

€ million

2007
as published

2007
recast

2008

Revenues. of which 1

1 117.0

100%

1 117.0

100%

1 132.8

100%

Services & Solutions2

431.0

38.6%

431.0

38.6%

494.2

43.6%

Hardware & Systems
Solutions2

320.3

28.7%

320.3

28.7%

338.1

29.8%

Maintenance & PRS2

212.3

19.0%

212.3

19.0%

197.8

17.5%

Fulfillment & third
party products2

153.4

13.7%

153.4

13.7%

102.7

9.1%

Gross margin, of which

275.3

24.7%

275.3

24.7%

254.9

22.5%

Services & Solutions3

63.7

14.8%

63.7

14.8%

75.9

15.4%

Hardware & Systems
Solutions3

126.8

39.6%

126.8

39.6%

108.6

32.1%

Maintenance & PRS3

62.9

29.6%

62.9

29.6%

58.3

29.5%

Fulfillment & third
party products3

21.9

14.3%

21.9

14.3%

12.2

11.9%

R&D expenses

(44.9)

4.0%

(41.8)

3.7%

(23.0)

2.0%

Selling  and administrative expenses

(205.3)

18.4%

(205.3)

18.4%

(200.0)

17.7%

Effect of exchange rates on operating cashflow

(0.1)

n/s

(0.4)

n/s

(1.8)

n/s

EBIT (see glossary)

25.0

2.2%

27.8

2.5%

30.1

2.7%

Operating profit

9.9

0.9%

12.6

1.1%

20.9

1.8%

Net income
(Group share)

4.6

0.4%

4.6

0.4%

5.6

0.5%

1. In order to aid comparison the revenue published in 2007 has been split here according to the new business segmentation
2. Percentages express the revenues for each segment as a proportion of consolidated revenue
3. Percentages express the rate of gross margin for each segment (gross margin for the segment compared with the revenues for the segment)
Numbers may not add up to 100% due to rounding.

Cashflow


€ million

2007

2008

EBIT

25.0

30.1

Depreciation

21.8

13.4

Variation in working capital

(23.7)

5.4

Capital expenditure

(16.9)

(14.4)

Financial expenses

(1.3)

(3.5)

Taxes paid

(2.9)

(3.5)

Cashflow from continuing operations

2.0

27.5

Non-recurring cashflow items

(34.6)

(16.2)

Total cashflow following sale of receivables 

(32.6)

11.3

Sale of receivables without recourse

-

98.5

Capital receipts

(32.6)

109.8

Gross cash position

332.2

344.1

Net cash position

192.5

302.4

Geographic split of revenues


€ million

2007

2008

France

533

47.7%

583

51.5%

Western Europe excluding France

300

26.9%

301

26.6%

Eastern and Central Europe

84

7.5%

84

7.4%

USA

56

5.0%

38

3.4%

South America

43

3.8%

39

3.4%

Rest of the World

100

9.0%

87

7.7%

Total

1 117

100%

1 133

100%

Second half of 2008 key figures (published data):
Income statement


€ million

Second half of 2007

Second half of 2008

Revenues, of which 1

566.8

100%

582.2

100%

 

Services & Solutions2

230.9

40.7%

254.3

43.7%

 

Hardware & Systems
Solutions2

160.6

28.3%

182.1

31.2%

 

Maintenance & PRS2

104.9

18.5%

97.7

16.8%

 

Fulfillment & third-party products2

70.4

12.4%

48.1

8.3%

 

Gross margin, of which

140.3

24.8%

130.9

22.5%

 

Services & Solutions3

34.8

15.1%

39.2

15.4%

 

Hardware & Systems
Solutions3

63.5

39.6%

56.0

30.8%

 

Maintenance & PRS3

31.9

30.4%

29.3

30.0%

 

Fulfillment & third-party products3

10.0

14.2%

6.5

13.4%

 

EBIT (see glossary)

15.5

2.7%

18.5

3.2%

 

1. In order to aid comparison the revenue published in 2007 has been split here according to the new business segmentation
2. Percentages express the revenues for each segment as a proportion of consolidated revenue
3. Percentages express the rate of gross margin for each segment (gross margin for the segment compared with the revenues for the segment)

Numbers may not add up to 100% due to rounding.

Annexe
Published quarterly revenues for the financial years 2008 and 2007 (unaudited data):

 

€ million

Q1

Q2

Q3

Q4

Full year

2008

Services & Solutions

106.6

133.4

111.1

143.2

494.3

Hardware & Systems
Solutions

58.1

97.9

66.9

115.2

338.1

Maintenance & PRS

48.6

51.4

46.8

51.0

197.8

Fulfillment & third-party products

21.2

33.4

16.0

32.2

102.7

Total

234.5

316.1

240.7

341.5

1,132.8

2007

Services & Solutions

95.5

104.7

103.3

127.6

431.0

Hardware & Systems
Solutions

64.2

95.6

63.4

97.2

320.4

Maintenance & PRS

52.9

54.5

50.3

54.6

212.3

Fulfillment & third-party products

34.6

48.3

26.3

44.1

153.4

Total

247.2

303.1

243.3

323.5

1,117.0

Numbers may not add up to 100% due to rounding.


 

 

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