2011 Revenue


Order intake: + 5.0%
Organic growth: +4.1%
Book-to-bill ratio above 1.0


Over fiscal year 2011, the group recorded a turnover of €200.6 million, up 4.1% compared to year-ago level. During Q4 2011, revenue totaled €56.4 million (up 4.1% compared to Q4 2010).

With the rebound in order intake in Q4 2011 to €88.8 million (up 7.5% versus Q4 2010), order intake reached €204.4 million over the year (up 5.0% versus 2010).

The book-to-bill ratio is thus above 1.0 and the backlog at end-December 2011 stood at more than 16 months of revenue.

Chiffre d’affaires en M€

Revenues (in € millions) 

Q4 2010

Q4 2011

Q4 11 / Q4 10

2010  

2011

2011 /
2010

Defense, Space & Security

23.9

26.6

+11.3%

85.2

90.0

+5.6%

Aeronautics, Energy & Industry

18.4

17.4

-5.4%

67.8

66.4

-2.1%

Transportation

8.4

8.4

0%

29.1

31.4

+7.9%

Products

4.0

4.7

+17.5%

11.8

14.9

+26.2%

Eliminations & other

-0.5

-0.7

NA

-1.2

-2.1

NA

Total CS

54.2

56.4

+4.1%

192.7

200.6

+4.1%

of which France

43.0

44.0

+2.3%

143.8

151.1 

+5.1%

of which International

11.2 

12.4

+10.7%

48.9

49.5

+1.2% 

Products: 2010 & 2011 revenues restated from "electronic warfare" business of Diginext, classified as “discontinued operations”.


Defense, Space & Security 

During this exercise, the activity confirmed its return to growth with a year-on-year growth of 5.6% for turnover and 16.6% for order intake.

With a 1.02 book-to-bill ratio and a 24 months backlog, the group strengthened its position with its key large clients (renewal of framework contracts, signatures of additional orders and maintenance services). Moreover, the growth strategy on new markets, based on recognized expertise and solutions, has been successful in particular in the field of voice communication systems (VCS) for civil air traffic management (collaboration on the FABEC program - airspace in Northern Europe - and framework contract for the renewal of French airfields voice communication systems), information systems security (deployment of 200,000 multi-services and secured cards for the French Ministry of Interior and new clients: Credit Mutuel, Caisse d'Epargne Group, ...) as well as space activities with ESA and EUMETSAT in Germany.

Moreover, through the implementation of its transformation plan and tightened projects management, the group should confirm a turnaround in operating profitability of this activity over the year.


Aeronautics, Energy & Industry

After several months of stability, activity regained a favorable business trend by recording a growth of almost 9% of its orders in S2 2011 (versus S2 2010).

The group consolidated its positions in aeronautics with the renewal of EADS framework contract (Engineering services) and the win of Thales-DCNS framework contract. CS is also deploying its new offerings in the field of High Performance computing services, in partnership with SGI, with new clients and nuclear command-control systems at EDF in partnership with Alstom. This active presence in new growth markets is expected to provide increasing organic revenue in 2012.

Transportation

With its successes in Canada, Chile, Puerto Rico and Poland, the activity recorded strong revenue growth (+7.9% versus 2010) and a book-to-bill ratio of 1.10.

Thank to innovative solutions now industrialized, CS demonstrates its ability to design and deliver high-performance projects in a short timeframe and meet the highest requirements in terns of reliability, security, speed of information processing as well as traffic flow issues and user comfort.

Products

Diginext has once again registered a steady growth in revenue (+26.2% vs. 2010) and confirms its technological leadership in the field of tactical data links and simulators for training and operations.

Diginext contributes to operational efficiency of the armed forces and of streamlining their budgets by offering innovative and competitive solutions.



General overview of financial situation and results

The total number of employees as of December 31, 2011 was 2006 versus 2090 as of December 31, 2010. The average occupation rate for billable employees was 82.7% (81.6% in 2010).

Between June 30, 2011 and December 31, 2011, cash remains stable (respectively € 17.2 million and € 15.0 million) and financial debt was unchanged at € 21.2 million.

Implementation of improvement actions as part of its transformation plan "Performance" has enabled the group to adapt to its environment. Well beyond achieving its goal of positive operating margin in S2 2011, the group should reach a positive operating margin over the whole fiscal year 2011.

To increase its resilience to changing economic environment and taking into account the decrease of government budgets, the group continues its efforts to control costs, to consolidate its positions with its major public clients and to find new growth drivers.

CS begins 2012 with improved fundamentals allowing to be back on the way of a sustainable profitable growth. It is in this favorable context that CS is negotiating with its banking and financial partners the extension of its bank loans.

2011 annual results will be presented on April 30, 2012 (after stock market closing).


NB: Unaudited figures

CS is a major actor in the design, integration and operation of mission critical systems. CS is listed on the Euronext Paris stock markets - Compartment C (Shares: Euroclear 7896 / ISIN FR 0007317813). For more information, please go to: www.c-s.fr

 

Press relations
Barbara GOARANT

Tel.: +33 (0)1 41 28 46 94

Investors contact
Marc KARAKO
Tel.: +33 (0)1 41 28 44 44