2. Disclaimer
■This presentation contains forward-looking statements (as defined in the United States■This presentation contains forward looking statements (as defined in the United States
Private Securities Litigation Reform Act, as amended) based upon current management
expectations.
N i k t i ti d th f t (i l di i k l ti t t■Numerous risks, uncertainties and other factors (including, risks relating to : government
regulation affecting our businesses; competition; our ability to manage rapid change in
technology in the industries in which we compete; litigation risks, labor issues;
unanticipated costs from disposals or restructuring) may cause actual results to differ
t i ll f th ti i t d j t d i li d i b th f d l kimaterially from those anticipated, projected or implied in or by the forward looking
statements.
■Many of the factors that will determine our future results are beyond our ability to control■Many of the factors that will determine our future results are beyond our ability to control
or predict. These forward-looking statements are subject to risks and uncertainties and,
therefore, actual results may differ materially from our forward-looking statements. You
should not place undue reliance on forward looking statements which reflect our views only
as of the date of this presentation We undertake no obligation to revise or update anyas of the date of this presentation. We undertake no obligation to revise or update any
forward-looking statements, or to make any other forward looking statements, whether as a
result of new information, future events or otherwise
2
3. Al i i fAltran : an innovating company for
its clients
1. 2010 Key events
4. Key figures
11 H2 2010 revenues stood at €727,5m (+6,6 % gross),
showing an organic growth (excl Arthur D Little) of 7 9%
22 H2 2010 t ti lt i 51 6 € ti
showing an organic growth (excl. Arthur D. Little) of 7,9%
compared to H2 2009
22 H2 2010 current operating result is 51,6m€ representing
7,1% of group’s revenues
33 H2 2010 France current operating margin is above 10%
44 Further reduction in indirect costs which narrowed to
21 5% of H2 2010 revenues21,5% of H2 2010 revenues
A solid balance sheet with « Investment Grade » ratios
th k t d f i DSO (87 7 d )55
4
thanks to good performances in DSO (87,7 days)55
5. Markets : growth is accelerating
11 France :
- Strong improvement of the current operating margin above 10% in H211 Strong improvement of the current operating margin above 10% in H2
2010
- Growth acceleration during 2010 with a growth in excess of 10% in Q3
and Q4 2010
22 Northern region :
- Improvement of profitability despite a « wait and see » environment
- Gradual improvement in almost all countries with a growth acceleration in Q4 2010
33
Southern region:
- Spain remains dynamic and is showing solid performances
Increased price pressure in Italy mainly- Increased price pressure in Italy mainly
- Difficulties in Brazil are impacting region’s profitability
44
Arthur D. Little:
- Back to profit in H2 2010 after losses in H1 2010
- Growth is accelerating (+18,4% in Q4 2010 compared to Q4 2009)
5
6. Markets : pricing environment is improving
ADR (Average Daily Rate) improved
99
100
101
102 ADR change
in H2 2010
Prices in France are almost back to pre-
crisis levels in H2 201095
96
97
98
99
crisis levels in H2 2010
A larger rebound in price in
International operations impacted by
business and country mix
92
93
94
H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010
Excluding Arthur D.Little
France International Group
The improvement of prices during H2 2010 represents a solid baseThe improvement of prices during H2 2010 represents a solid base
for pricing perspectives in 2011
Demand improvement in many sectors should allow the group to
pursue a gradual increase of prices
6
pursue a gradual increase of prices
7. Group’s positioning : gain of market shares in group’s
main activitymain activity
Business line 2009 2010 Change
R&D lti 789 859 8 9%
R&D consulting activity
th d i bR&D consulting 789 859 +8,9%
IT consulting * 398 373 -6,0%
Strategy consulting 128 119 -6,6%
growth was driven by a
better demand in almost all
sectors
S a egy co su g
(of which Arthur D. Little)
8 9 6,6%
Other * 89 85 -5,6%
Total 1 404 1 436 +2,4%ota 0 36 , %
Concentration benefits to large players
* Impacted by perimeter effects
A
changing
having a wide geographical footprint
Referencing process became an
I d S d d f h l 3
Group’s leading
position enables it to
show higher growth
changing
market
Industry Standard for the last 3 years
and is combined with a reduction of
selected suppliers by clients
Clients are looking increasingly to sign
than market and will
allow the gain of
additionnal market
h
7
Clients are looking increasingly to sign
long term Strategic Partnership with
suppliers (ex EADS; Continental…)
share
8. M&A
11 Further asset portfolio rationalisation with the11 disposals of:
- Imagitek (US) on 31 March
- Altran Control Solutions, with 4 subsidiaries in US, Canada,
Japan and China
22 Return to external growth with the acquisitions of :
-XYPE (1 July 2010), a UK company specialised in PLM, with sales of
around EUR9m
IGEAM Développement Durable Italian leader in the Sustainable- IGEAM Développement Durable, Italian leader in the Sustainable
Development sector and specialised in new-technology environment
impact studies with sales of around EUR5m
8
9. IGEAM project examples
Basic preliminary design of an eco-compatible
IGEAM designed an urban community which uses photovoltaic panels
d i t h l i IGEAM l th tibl
urban community in the town of Eboli
and energy-saving technologies. IGEAM was also the eco-compatible
architecture prize winner for a supermarket in Shanghai.
Risk analysis of Sonsub LTD’s marine
fleet – SAIPEM Group
Sonsub Ltd (owned by Saipem) carries out the inspection, maintenance, repair work and
construction of underwater conduits for the Tripoli-Gela pipeline project. IGEAM S.r.l. was
commissioned to carry out an analysis of the risks, such as personnel exposure, related to
these activities.
9
10. XYPE project examples
Xype present throughout the entire development cycle and
product/project lifecycle
10
11. Brazil / Arthur D. Little
Altran is currently in negotiations to sell all of its
activities in Brazil.
Given the improvement in Arthur D. Little's
performances over the last few months the Group is stillperformances over the last few months, the Group is still
reviewing several possible scenarios and has engaged
an exterior advisor to carry out a strategic revue of thisan exterior advisor to carry out a strategic revue of this
activity.
11
12. Al Al i iAltran : Altran : an innovating
company for its clients
2. Strategy and action plans
13. Group restructuring since 2006
Industries
Industries
G
Stage 1 :
2006-2008
Stage 2 :
2008-2010
Stage 3 :
2010 2012
KRYPTON SHAPE
Solutions
Geographies
2006-2008
Disparate
Altran gradually
merge
2008-2010
Industries
emerge
followed by
Solutions
2010-2012
Rollout of new
international
organisation
2006 2007 2008 2009 2010 ….
183 independent operating
companies competiting against each
other
54 operating companies represent
99% of sales
1 operating company per country
> 50 brands < 10 brands
3 brands :
Altran ADL and CCL
Companies
Brand(s) Altran, ADL and CCL
< 15% of sales
generated by Altran brand
80% of sales
generated by Altran brand
90% of sales
generated by Altran brand
60% from projects
( )
Altran sales
90% of sales
from Technical Assistance Services
40% from projects
60% from projects
20% generated with client or via
« design to x »
Business Model
13
14. Action4 - tangible results
Focus on differentiationFocus on differentiation
■ Commercial structure organised by Industry and major accounts
■ Creation of Industry-specific International monitoring committees
Growth driver
■ Overhead cost adjustment
Profitability driver
j
■ Sharp cash improvement
■ Capital increase
Client
differentiation
■Offers & Solutions structured within an international programme
■ Definition of Rflex-integrated skill mapping
■ Solution Centre developmentp
■ International mobility rules
Employer
differentiation
■ International mobility rules
■ Uniform set of Consultant career-path guidelines deployed throughout
Group companies in Europe
14
15. Structural financial indicators restored
Improvement made despite the crisisImprovement made – despite the crisis
Reduction in indirect
costs
2009/2008 : Savings of
around € 68 7m in 2009 vs
DSO improvement
2006 : 98 days
2007 : 90 days
Financial situation
Balance sheet improvement
around € 68.7m in 2009 vs
2008
Reduction in weight of
indirect costs (23.1%)
2007 : 90 days
2008 : 90.6 days
2009 : 88.5 days
2010 : 87.7 days
Financial leverage of 2.09 in
2010 vs 3.08 in 2006
Profitability
driver
despite sharp decline in
2009 sales (- € 250m)
2010 : 22.1%
168 2
DSO in n° of days
98 Leverage
156,3
160,9
156,1
168,2
23.3%
22.9% 22.7%
21.5%
98
90
87.7
88.5
90.6
2.09
3.83
1.14
2.71
3.08
S1 2009 S2 2009 S1 2010 S2 2010
Indirect costs (€m)
Indirect costs as a % of sales
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
15
16. Crisis steers market conditions …
Post crisis environmentPost-crisis environment
New client demands
An awareness of the challenge
Pricing pressure
Heavy pricing pressure resulting
Consulting Management
crisis
Market collaps in 2009 : ADL -
related to innovation at Executive
Management level
Strong desire of clients to optimise
service supplier-relations and
from gradual structuring of
puchasing management and the
2009 crisis (impact amplified by
Group’s high ADR)
40% of Group sales
Beginning of sector consolidation
expected in 2011
pp
consider the prospect of more
strategic partnerships…
…but organisations and habits
slow to evolve: risk and cost
p g )
Emergence of new « low cost »
rivals (outsource and offshore
companies) on large deals, also in
Europeslow to evolve: risk and cost
burden on the supplier without a
total delegation of means, which
would enhance profitability (risk of
d bl i )
Europe
a double squeeze on margins)
16
17. … and creates new business opportunities
Some recent success storiesSome recent success stories
■ Projet PSA en Chine
■ DRIA : Projets de création et prospective d’IHM innovantes
■ DPR : Proposition de concepts innovants d’accessoires – Mode co-création
■ Operates on the Project Ownership Assistance (POA) segment :
• Energhia Consortium : POA on all ITER technical building projects
• €23m over 16 years, overseeing work carried out by the Atkins-
Assystem Consortium
■ Partnership on PSA strategic business projects:
• End to end management of PSA’s BP system vehicles in China
• € 3m contract with delivery in China and project management carried
out in France
■ OT parnership (TI + CIS) efficient :
• Repositioning on the IT sector after obtaining MAC-IT certification
• €500m of market for 10 Prime (including Altran)
■ Partnership on Areva strategic business projects:
■ Innovation management training modules for group experts
■Design to cost projects for nuclear process, generating savings of over 20%
■ Partnership on Renault strategic business projects:
• Panel 3EA, Preferred Supplier Systems
• Engineering systems deployment (30 engineers)
17
18. Altran’s targeted positioning
Innovation EnablerInnovation Enabler
Footprint
Geographic foothold
•Europe : France, Northern and
Southern Europe
Sectoral foothold
•AIT
•ASD
Solution segment
foothold
•Mechanical EngineeringSouthern Europe
•Asia
•The Americas
ASD
•EILiS
•TEM
•FSG
g g
•Critical and Embedded Systems
•IT Systems
•Innovation Management
•Enterprise Management
Performance
Positioning
Performance
g
18
19. Altran’s targeted positioning
Privilege margins over growth
Operating strategy
g g g
Further asset portfolio streamlining with disposal of non –
profitable and/ non-core businesses
Target ≥ 10% EBIT
19
20. Al i i fAltran : an innovating company for
its clients
3. Results
21. P&L
in €m 31.12.2009 H1 2010 H2 2010 31.12.2010
Revenues 1 403,7 709,2 727,5 1 436,7
Recurring Operating Income
As % of sales
31,0
2,2%
17,5
2,5%
51,6
7,1%
69,1
4,8%
Non recurring income / (losses) (64,4) (15,9) (5,5) (21,4)
Goodwill depreciation (38,6) (14,6) (15,6) (30,2)
Operating income (72 1) (12 9) 30 5 17 6Operating income
As % of sales
(72,1)
(5,1%)
(12,9)
(1,8%)
30,5
4,2%
17,6
1,2%
Net cost of debt (14,3) (12,6) (11,8) (24,4)
Other financial income / (losses) (5,2) 4,2 (8,8) (4,6)
Income taxes 16,3 (6,1) (8,2) (14,3)
Net result of integrated companies (75,3) (27,5) 1,7 (25,8)
Minority interests 0,6 (0,4) 0,2 (0,2)
Group’s net result (74,7) (27,9) 1,9 (26,0)
* The 2010 French Finance Act has replaced the liability of French tax-paying entities to pay business tax (taxe professionnelle ) by two new contributions:
- a property contribution (Cotisation Foncière des Entreprises - CFE) assessed on the rental value of real estate assets;
2121
- a value added contribution (Cotisation sur la Valeur Ajoutée des Entreprises - CVAE), assessed on the value added derived from the company accounts.
In accordance with the provisions set out in IAS 12, the value added contribution (CVAE) is now recognised as a tax on income, whereas before this charge was booked as part of
operating income on ordinary activities under "taxes and duties". At 31 December 2009, the value added contribution would have amounted to €7,2m. At 31 December 2010, this
totalled €8,7m.
23. Indirect costs are under control
Target 156 3
160,9
168,2
Target
Reduce indirect costs
Achieve a 20% ratio once growth will be
156,3156,1
23,3%
22,9% 22,7%
21 5%c e e a 0% at o o ce g o t be
back
H1 2009 H2 2009 H1 2010 H2 2010
Indirect costs in €m
21,5%
2010 results In €m 2008 2009 H1 2010 H2 2010 2010
Revenues 1 650 1 1 403 7 709 2 727 5 1 436 7
Indirect costs in % of revenues
Continued decline of indirect costs of
approximately €7m compared to 2009
Revenues 1 650,1 1 403,7 709,2 727,5 1 436,7
Gross margin 31,5% 25,3% 25,2% 28,6% 26,9%
Indirect costs 392,9 324,3 160,9 156,3 317,1
Decrease of indirect costs weight at
21,5% of revenues in H2 2010
In sales % 23,8% 23,1% 22,7% 21,5% 22,1%
EBIT margin *
(%)
7,7% 2,2% 2,5% 7,1% 4,8%
* The 2010 French Finance Act has replaced the liability of French tax-paying entities to pay business tax (taxe
professionnelle ) by two new contributions:
2323
professionnelle ) by two new contributions:
- a property contribution (Cotisation Foncière des Entreprises - CFE) assessed on the rental value of real estate assets;
- a value added contribution (Cotisation sur la Valeur Ajoutée des Entreprises - CVAE), assessed on the value added
derived from the company accounts.
In accordance with the provisions set out in IAS 12, the value added contribution (CVAE) is now recognised as a tax on
income, whereas before this charge was booked as part of operating income on ordinary activities under "taxes and duties".
At 31 December 2009, the value added contribution would have amounted to €7,2m. At 31 December 2010, this totalled
€8,7m.
24. Non recurring operating result
■ The non recurring operating profit amounted to €(23,1)m mainly impacted by
restructuring costs essentially booked in H1 2010restructuring costs essentially booked in H1 2010.
In €m 2009 H1 2010 H2 2010 2010
Capital gain / loss on subsidiaries sold 1,9 (1,7) (3,4) (5,1)
Net proceed of subsidiaries sold 1,9 (1,7) (3,4) (5,1)
Capital gains on asset sales (0,2) (1,4) (0,9) (2,3)
Net Restructuring cost (66,6) (13,2) (1,4) (14,6)
Other 0,5 0,4 0,3 0,7
Non recurring operating income /
losses
(64,4) (15,9) (5,3) (21,3)
242424
25. Goodwill amortization
The result of the impairment tests leads to a goodwill amortization of €30,2m on 11 companies
representing €97m of goodwill
On 7 companies there was a complete goodwill write off in 2010 off which 3 concerned theOn 7 companies there was a complete goodwill write-off in 2010, off which 3 concerned the
Altran Control Solutions group (previously CSI) that was sold in H1 2010
In H2 2010, only Arthur D. Little has been subject to a goodwill write-off, y j g
As of December 31st, 2010 the net book value of goodwill is €380,8m
252525
26. Net interest charge
In €m 2009 H1 2010 H2 2010 2010
Income from cash & cash equivalent 4,2 2,1 2,8 4,9q
CB accrued interest
Of which IFRS split accounting impact
(1,5)
(0,5)
(6,8)
(2,4)
(6,9)
(2,4)
(13,7)
(4,8)
Accrued interests on other financing operations (17,0) (7,9) (7,7) (15,6)
Gross financial cost of debt (18,5) (14,7) (14,6) (29,3)
Coût de l’endettement financier net (14,3) (12,6) (11,8) (24,4)
262626
27. Taxes
Tax integration is in place for most of the group’s major geographies
In €m 2009 H1 2010 H2 2010 2010
Result before taxes and goodwill
depreciation
(52,9) (6,8) 25,6 18,8
depreciation
Theoretical taxes income (33,75%) 18,2 2,3 (8,8) (6,5)
Secondary taxes (IRAP, CVAE…) (5,6) (9,6) (6,2) (15,8)
Differed taxes impact (9,5) (3,5) (4,2) (7,7)
Permanent differences 13,0 4,9 9,0 13,9
Miscellaneous 0,2 (0,2) 2,0 1,8, ( , ) , ,
Tax loss/ income 16,3 (6,1) 8,2 (14,3)
Fiscal deficit to be activated 421,6
Fiscal deficit activated 241,2
Fi l d fi i i d 180 4
272727
Fiscal deficit non activated 180,4
Potential tax saving 55,1
28. Al i i fAltran : an innovating company for
its clients
4. Balance sheet & cash flow
29. Simplified cash-flow statement (in €m)
2009 H1 2010 H2 2010 2010
Beginning Net financial debt (164,9) (172,9) (191,8) (172,9)
Current operating income 31,0 17,5 51,6 69,1
Restructuring costs (64,4) (15,9) (5,4) (21,3)
Depreciations & amortization 20,2 (9,0) (8,6) (17,6)
Others (2,7) 6,8 (1,7) 5,1
Cash flow (15 9) (0 6) 35 8 35 2Cash flow (15,9) (0,6) 35,8 35,2
Change in NWCR 47,3 2,2 3,8 6,0
Tax paid (15,9) (8,3) (3,4) (11,7)
Interest Paid & other financial charges (18,1) (6,3) (4,7) (11,0)
Net cash flow generated by operations (2,6) (13,0) 31,6 18,6
Earn-outs (2,4) (0,5) 0,1 (0,4)
Capex & acquisitions of financial intangibles (12,3) (8,6) (13,5) (22,1)
Others 6,4 4,3 (11,4) (6,8)
Net cash flow related to investments (8,3) (4,8) (24,8) (29,2)
Net cash flow before financing transactions (10,9) (17,8) 6,8 (11,0)
Capital increase & others 0 1 0 1 0 3 0 4Capital increase & others
Of which others
0,1
2,8
0,1
(1,2)
0,3
3,9
0,4
2.7
Closing Net financial debt (172,9) (191,8) (180,4) (180,4)
2929
* The opening net debt is computed before accrued interest and employee’s share of profit
30. Net debt as of December 31st, 2010 (in €m)
31.12.2009 30.06.2010 31.12.2010
IFRS IFRS IFRS
Convertible bond 99,9 99,8 99,8
Mid-term bank loan 103,9 87,1 68,4
Short term bank loan 211,7 177,3 227,3
Covenants are calculated
every June 30 and
December 31
Of which factoring 159,7 132,9 186,1
Total financial debt 415,4 364,2 395,5
Cash 242,6 172,4 215,1
N t fi i l d bt 172 9 191 8 180 4
Covenants are based on
IFRS standard
Under IFRS equity amounts
to €446,6m as of DecemberNet financial debt 172,9 191,8 180,4
Employee profit sharing 7,6 5,3 5,0
Accrued interest on CBs 4,8 11,0 18,0
Net debt 185,3 208,1 203,4
to €446,6m as of December
31st, 2010
Net debt 185,3 208,1 203,4
Financial ratios 31.12.2009 30.06.2010 31.12.2010
Net financial debt / EBITDA x 3,83 x 3,52 x 2,09
Covenants to be
respected
31.12.2010
, , ,
Gearing x 0,38 x 0,45 x 0,41
respected
Net financial debt /
EBITDA
< 4,0
Gearing < 1,0
* EBITDA d b th b k f th l l ti f th i t i 12 th lli Ebitd b f th t f
3030
* EBITDA used by the banks for the calculation of their covenants is a 12-month rolling Ebitda before the cost of
employee’ share of profit and stock options or free shares
31. DSO
DSO h i 2010
H2 2010
target
Come back under 90 days
DSO change in 2010
Realized
2010
Reduction of DSO despite sales
growth acceleration in Q4 2010
418,1
445,8
31,7 (4,0)88,5 days
87,7 days
Clients
receivables
31.12.2009
Sales growth
impact
DSO impact Clients
receivables
31.12.2010
DSO change in H2 2010DSO change in H1 2010
31 1
93,6 days
87 7 days
93,6 days
444,8 445,8
31,1
(30,1)
y
87,7 days
418,1 444,8
2,3 24,4
88,5 days
y
3131
Clients
receivables
30.06.2010
Sales growth
impact
DSO impact Clients
receivables
31.12.2010
Clients
receivables
31.12.2009
Sales growth
impact
DSO impact Clients
receivables
30.06.2010
32. Al i i fAltran : an innovating company for
its clients
5. Geographical data
33. Geographical data – IFRS 8
Revenues
(in €m)
Current operating result
(in €m)
Current operating margin
(in %)
2009 H1 10 H2 10 2010 2009 H1 10 H2 10 2010 2009 H1 10 H2 10 20102009 H1 10 H2 10 2010 2009 H1 10 H2 10 2010 2009 H1 10 H2 10 2010
France 642,2 336,8 348,4 685,2 17,9 14,5 28,6 43,1 2,8% 4,3% * 8,2% 6,3%
North 362,3 172,1 177,0 349,1 18,0 8,4 13,4 21,8 5,0% 4,9% 7,6% 6,2%
South 287,3 148,8 145,6 294,4 9,8 2,5 7,4 9,9 3,4% 1,7% 5,1% 3,4%
Rest of the
world
38,5 17,5 18,0 35,5 (4,4) (1,0) - (1,0) - - - -
world
Arthur D Little 106,6 53,2 60,1 113,3 (10,2) (6,7) 2,0 (4,7) - - - -
Eliminations (33,2) (19,2) 21,6 (40,8) - - - - - - - -
Total 1403,7 709,2 727,5 1436,7 31,0 17,5 51,6 69,1 2,2% 2,5% 7,1% 4,8%
3333
* Excluding holding costs France current operating margin should have been 10,1% in H2 2010 vs 6,8% in H1 2010
34. Current operating margin change in France
(excluding holding costs)
Holding costs are estimated at around €14,5 m in 2010 and correspond to non allocated
charges taken by the group parent company included in France’s consolidation
H2 2010 t ti i ld h b 10 1% l di th t h ldi
( g g )
H2 2010 current operating margin would have been 10,1% excluding these corporate holding
costs (6,8% in H1 2010)
362,5
359,5
348,4
10,1%
11,3%
350
360
370
10,00%
12,00%
329,4
336,8
,
9,2%
6,8%6,1%
330
340
350
%
8,00%
312,8
3,4%
310
320
4,00%
6,00%
280
290
300
0,00%
2,00%
34
H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010
Revenues Current operating income as % of sales
35. Al i i fAltran : an innovating company for
its clients
6. Outlook et conclusion
36. 2011 outlook
11 Demand should remain solid during 2011, with an almost
generalized restart of spendings in R&D projects
22 Prices should improve given the demand dynamism and the
22 competition to attract talents that is increasing
Staff turnover deteriorating and increased wage inflation
pressure in many sectors will be the group’s key points of
33 pressure in many sectors will be the group s key points of
attention for 2011
36
37. Conclusion
The Group expects strong growth trends in France to continue ing g
2011. At the International level, recovery in demand over the past
few months is expected to continue and boost performances in
most regions.
After the acquisitions of Xype (UK) and Igeam (Italy) in 2010, Altran
intends to pursue its targeted external growth strategy in 2011 and
i h i t t i iti th iis hoping to carry out one or more acquisitions the same size as
those acquired last year.
Th it f ti ht i di t t t d th d lThe pursuit of tight indirect-cost management and the gradual
recovery in gross margin should continue to enhance operating
margins.
As such, Altran expects to see further improvement in the
operating margin on ordinary activities in 2011.
37
44. Factoring & cash centralization
Factoring facilities available
306 4
Factoring
Factoring will remain a flexible source of
financing for the group306,4 293,9 294,3
204,5
159,8
132,8
186,1
291,5
financing for the group
International program covering Benelux,
Germany, Spain, Portugal and Italy
31.12.2008 31.12.2009 30.06.2010 31.12.2010
F t i f iliti i d F t i f iliti d d Centralized cash(in €m)Factoring facilities signed Factoring facilities drawned
C h t li ti
Centralized cash(in €m)
Cash in subsidiaries(in €m)
194,4
20,7
Cash centralization
Efforts maintained
44
31st décembre 2010
46. Quarterly Arthur D. Little revenues change (in €m)
41,8
27,1
25,3 24,8
27,8
26,1 26,8 26,4
33,0
Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
46
47. Q4 2010 revenues per country excl. Arthur D. Little
(in €m)
■ UK*
+ 28,6% (Q4 10 vs Q4 09)
■ Benelux *
- 21,9% (Q4 10 vs Q4 09)
■ USA *
- 27,3% (Q4 10 vs Q4 09)
■ Asia*
- 66,3% (Q4 10 vs Q4 09)
8 9 7 5 8 6 8 6 1 5 1 5 1 5 1 4 19 0
21,3 20,9
23,7 24,4
30,8
25,9 25,1 23,7 24,0
■ Scandinavia
8,9 7,5 8,6 8,6 6,5
T4 09 T1 10 T2 10 T3 10 T4 10
1,5 1,5 1,5 1,4
0,5
T4 09 T1 10 T2 10 T3 10 T4 10
19,0 ,
T4 09 T1 10 T2 10 T3 10 T4 10
T4 09 T1 10 T2 10 T3 10 T4 10
Sca d a a
+ 33,0% (Q4 10 vs Q4 09)
■ Brazil
■ France
+ 10,3% (Q4 10 vs Q4 09)
6,3 6,3 7,0 5,7
8,4
■ Germany &
Austria*
+ 34,6% (Q4 10 vs Q4 09)
10,3% (Q4 10 vs Q4 09)
T4 09 T1 10 T2 10 T3 10 T4 10
1,8
4,3 4,2 3,7
2,4
161,4 161,8 163,0 158,2
177,9
- 0,2% (Q4 10 vs Q4 09)
* Countries impacted by perimeter effects
25,6 23,6 25,1 24,1 25,6
T4 09 T1 10 T2 10 T3 10 T4 10
T4 09 T1 10 T2 10 T3 10 T4 10
■ Italy *
+ 8,6% (Q4 10 vs Q4 09)
■ Spain
+ 13,3% (Q4 10 vs Q4 09)
■ Switzerland
+ 41,2% (Q4 10 vs Q4 09)
■ Portugal
- 17,5% (Q4 10 vs Q4 09)
T4 09 T1 10 T2 10 T3 10 T4 10
4 1 4 0 3 9
5,4
37 9 38 4 39 5 41 15,1 4,9 4 4 4 1 4 225 7 26 0 27,6 25 5 29,1
47
4,1 4,0 3,93,8
T4 09 T1 10 T2 10 T3 10 T4 10
37,9 38,4 39,5 35,9
41,1
T4 09 T1 10 T2 10 T3 10 T4 10
,9 4,4 4,1 4,2
T4 09 T1 10 T2 10 T3 10 T4 10
25,7 26,0 27,6 25,5
T4 09 T1 10 T2 10 T3 10 T4 10
48. Northern Region revenues change with Arthur
D. Little (in €m)
■ Benelux ■ Germany &
D. Little (in €m)
- 23,3% (Q4 10 vs Q4 09) Austria
- 8,7% (Q4 10 vs Q4 09)
34,1
27,9 27,2 25,2 26,1
32,4
27,9 28,5 29,4 29,6
■ UK
Q4 09 Q110 Q2 10 Q3 10 Q4 10 Q4 09 Q110 Q2 10 Q3 10 Q4 10
■ UK
+ 25,0% (Q4 10 vs Q4 09)
21,4 23,2 22,8
25,4 26,7
■ Scandinavia■ Switzerland
Q4 09 Q110 Q2 10 Q3 10 Q4 10
■ Scandinavia
+ 26,4% (Q4 10 vs Q4 09)
■ Switzerland
+ 26,0% (Q4 10 vs Q4 09)
4,6 4,9 5,6 4,8
5,8
9,0 9,5 10,4
7,6
11,3
48
Q4 09 Q110 Q2 10 Q3 10 Q4 10 Q4 09 Q110 Q2 10 Q3 10 Q4 10
49. Southern region and RoW revenues change
with Arthur D Little (i € )
■ Portugal■ Brazil
with Arthur D. Little (in €m)
g
-17,5% (Q4 10 vs Q4 09)
+ 34,6% (Q4 10 vs Q4 09)
1,8
4,3 4,2 3,7
2,4
5,1 4,9 4,4 4,1 4,1
■ Italy ■ Asia
Q4 09 Q110 Q2 10 Q3 10 Q4 10
Q4 09 Q110 Q2 10 Q3 10 Q4 10
■ Italy
+ 9,2% (Q4 10 vs Q4 09)
■ Asia
+ 64,4% (Q4 10 vs Q4 09)
40,2 40,6 42,1
38,1
43,9
7,6 8,6 8,6 9,1
12,6
■ Spain■ USA
Q4 09 Q110 Q2 10 Q3 10 Q4 10 Q4 09 Q110 Q2 10 Q3 10 Q4 10
■ Spain
+ 15,0% (Q4 10 vs Q4 09)
■ USA
- 14,4% (Q4 10 vs Q4 09)
10,1 8,5 10,0 10,7
8,6 26,3 26,8 28,4 26,2
30,2
49
Q4 09 Q110 Q2 09 Q3 10 Q4 10
Q4 09 Q110 Q2 10 Q3 10 Q4 10
50. Staff change
■ Total staff is up by 225 since September 30th 2010
18 405 18 522
■ Total staff is up by 225 since September 30th 2010
18 030
17 548
17 227 17 149 17 03816 813
16 769 16 801
+ 225
16 769
15263
15694
16146
16022
+ 197
14915
14718
15018
15263
14987
14646 14681
Sept 08 Dec 08 March 09 J ne 09 Sept 09 Dec 09 March 10 J ne 10 Sept 10 Dec 10
50
Sept 08 Dec 08 March 09 June 09 Sept 09 Dec 09 March 10 June 10 Sept 10 Dec 10
Total staff of which consultants
51. Invoicing rate
■ Invoicing rate is
increasing since
S t b 2009
■ Invoicing rate is
computed out of
■ Invoicing rate is equal
to the ratio between
September 2009all the resources
internal and
external used by
number of billed days
and number of potential
billable days excluding
the group notably legal vacations
84,6%
83 0% 83 1%
83,9%
Quarterly invoicing rate change
82,3%
80,8%
81,3%
83,0% 83,1%
77,9% 77,6%
78,2%
51
Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
Lack of industry standards on the definition make any comparison with other players difficult
