Results for fiscal year 2007


Order intakes: +22%
Revenues: + 14%
Operating margin: 6,1% of revenues
Net income: €50 million
Shareholders equity: €93 million (x2)
Financial debts net cash flow: +€39 million


The CS Board Meeting, held on March 7, 2008 and chaired by Mr. Yazid Sabeg, approved the Company financial statements and reviewed the consolidated financial statements not audited for fiscal year 2007.

Due to the administrative heaviness of assets contribution operations linked to the sale of the IT division on November 30, 2007, statutory audits operations of consolidated financial statements only are not finished at the date of the present publication. Audited consolidated financial statements will be approved during the next CS Board Meeting to be held before the end of March.


Results for fiscal year 20071

Results for fiscal year 20071

€ million

20062

H1 2007

H2 2007

20071

Revenues

198.3

110.3

115.1

225.4

Operating margin
% of revenues

12.6
6.4%

7.9
7.2%

5.7
5.0%

13.6
6.1%

Operating income

8.3

7.8

5.3

13.1

Before-tax income from ongoing operations % of revenues

5.1
2.6%

5.9
5.3%

3.9
3.4%

9.8
4.4%

Net income from discontinued operations

-3.4

-4.6

42.4

37.8

Net income, CS Group share

5.5

1.9

48.0

49.9

1 Estimated accounts
2 2006 figures restated to take into account the divestment of the subsidiary CAM (Munich) and of the IT infrastructure division activities, from January 1, 2007, in compliance with IFRS 5


The CS group reported consolidated revenues of €225.4 million in 2007, up 14.4% at constant perimeter and exchange rates. Order intakes reached €282.7 million up 22.3%; the order book represents more than 16 months of revenues and the book to bill ratio reaches 1.25.

The international revenues, integrating the export part of French companies, is up 53% at €54 millions representing 24% of total revenues.

2007 operating margin increased by 8% to €13.6 million, corresponding to 6.1% of revenues.

The pre-tax income from ongoing operations significantly increases to €9.8 million, which represents 4.4% of revenues, compared to €5.1 million (2.6% of revenues) a year ago.
Financial income varies from €–3.2 million to €–3.3 million in 2007.

Taking into account deferred taxes variation (€+2.4 million) and the net income of discontinued activities (€+37 million), net consolidated income (Group share) amounts to €49.9 million (22% of revenues) compared to €+5.5 million in 2006.

The sale of the IT Infrastructures division leads to a significant improvement of net cash (free of financial debt) to €39.3 million on December 31, 2007, compared to €12.0 million on December 31, 2006.

At December 31, 2007, consolidated shareholders' equity (Group share) double to €92.6 million compared with €46.0 million at December 31, 2006. The shareholders' equity of CSSA reaches €134.9 million.


Information by geographic zone

Information by geographic zone

French Companies

€ million

20062

H1 2007

H2 2007

20071

% Variation
07/06

Revenues

173.6

97.9

104.1

202.0

+16.4

Operating margin
% of revenues

10.7
6.2%

7.3
7.5%

5.7
5.5%

13.0
6.4%

+21.5
+O.2pt

Foreign companies

€ million

20062

H1 2007

H2 2007

20071

% Variation
07/06

Revenues

24.6

12.4

10.9

23.3

-5.3

Operating margin
% of revenues

2.0
8.1%

0.5
4.0%

0.1
0.9%

0.6
2.8%

-5.3pt

1 Estimated accounts.
2 2006 figures restated to take into account the divestment of the subsidiary CAM (Munich) and of the IT infrastructure division activities, from January 1, 2007, in compliance with IFRS 5.


Outlook

The performances registered in FY 2007, a solid financial situation and the CS Group focus on its high growth potential sectors in France and abroad, allow to foresee a new period of development for the Group which will combine organic growth and operating profitability improvement. An external growth in synergy with the Group activities could strengthen this evolution.


Press relations
CS Communication & Systèmes
Barbara Goarant
Tel.: +33 (0)1 41 28 46 94

Investor relations
CS Communication & Systèmes
Hugues Rougier
Tel.: +33 (0)1 41 28 44 44