Altran_20100315_RP_EN

Playground for innovation2009 Results, March 15th 2010

Yves de Chaisemartin – CEO

Gérald Berge - CFO

2

Disclaimer

■This presentation contains forward-looking statements (as defined in the United States Private Securities Litigation Reform Act, as amended) based upon current management expectations.

■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 materially 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 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 any forward-looking statements, or to make any other forward looking statements, whether as a result of new information, future events or otherwise

Altran : an innovating company for its clients

1. Group’s activities

4

Altran the European leader in Innovation consulting.

We accompany our clients in their new products and services developments, as well as in the implementation of complex information systems.

We offer our expertise through added value consulting, from work packages projects to « end to end » solutions.

Our added value is in our « savoir-faire » in innovation, the qualification and experience accumulated during the last 25 years on major industrial projects and through the expertise of our highly trained consultants, graduated from the major universities of the world.

Group profile

Give life to our clients projects

500 Large clients in more than 26 countries

Inception : 1982

2009 Revenues: 1 403,7 M€

Total staff as of Decembre 2009 : 17 149

5

Altran is the international player of its

industry with around 56% of its sales outside France.

26 countries benefiting from our expertise in technology consulting.

Altran

A strong international footprint

Spain

USA &CanadaBrazil

UKFrance Benelux

Sweden & Danemark

China

SwitzerlandGermany

Austria

Italy

Portugal

India

6

Altran & the innovation

Altran : technological partner of Renault F1

Technological partner of the Renault F1 team, Altran consultants are implicated in engine and car frame developments in Viry–Châtillon (France) and Enstone (UK).

Altran : the Solar Impulse project:

Achieve a take off and flying day and night of a plane only propel by solar energy in order to make a world tour without energy or pollution.

Altran is working on the plane conception (energy, cockpit systems), project management and the modeling program and flight simulators.

Altran foundation for Innovation

« Sustain and promote technological innovation for ones general interest »

“Increase our in-house R&D and reinforce our understanding our expertise in term of sustainable innovation »

Altran Research: a step beyond

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Conseil en organisation et systèmes d’information

Group profil

Top 50 clients

Others

53,4%53,4%

46,6%46,6%

84,5%84,5%International sales

France Sales

55,2%55,2%

44,8%44,8%

Other : 6,4% 6,4% 9,1%9,1%


2. Key events 2009

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33

22 R&D and consulting market heavily impacted:• International phenomenon• 40% drop of automotive business• Strategy & Management consulting impacted violently during Q1 2009

11

44

A difficult and changing market environment

Increased pressure of Clients purchasing departments

• More selective referencing program favoring large players• Change in the type of engagement (T&M vs projects)• price pressure

A brutal drop of markets in Q1 2009 after a dynamic 2008

• mainly on Automotive and telecom equipment• Trough in April/May

A demand for more and more complexity that is an opportunity for Altran

• « end to end » projects• offshore

10

33

22

North region :• the area of the group the most impacted by the world crisis

South region :• A good resilience in 2009 (Spain, Portugal, Italy)

Arthur D.Little :• Strong slowdown of sales due to international turmoil with sales down 33,5% YoY (-42% in H1 2009)

11

44

France :• heavily impacted by the difficulties in automotive, progressive turn around in H2• slight growth of the Average Daily Rate

Altran : Contrasted results

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33

22

Key figures

Current operating income 2009 of €31m representing 2,2% of revenues (1,2% in H1 and 3,2% in H2 2009) after €9,4m impact of losses in Brazil

2009 revenues : €1 403,7m down 11,3%organically (14,9% gross)

Net loss of €74,7m impacted by :• €64,4m restructuring costs• €38,6m goodwill write-offs

11

44 Covenants are respected with a gearing of 0,38 financial leverage of 3,83

Operational overview

■ Some positive aspects

• Good resilience of the Top 50 clients

• Good performance of Southern Europe countries in a difficult environment

• Growth of some sectors (Aerospace, Energy)

• Development of our complex projects delivery capabilities

• Group maintain its attractiveness towards engineers

• An strong and reactive crisis management

12

13

33

22

Arthur D.Little restructuring€10m of EBIT loss in H1 and break even in H2

11Staff adaptation measures :• Staff decrease of 1373 people in 1 year• Closing of the voluntary departure plan that will lead to 450additional redundancies in H1 2010 (550 in total over the plan)• Consultants mobility, training and R&D

Balance sheet reinforcementStrong improvement of DSO at 88,5 days at the end of 2009Extension of group’s financing maturity with the launch of the

CB 2015 of €132 m in Q4 2009

Key events : a strong and reactive crisis management

44

Indirect costs resizingindirect costs are down of €68,6m between 2008 and 2009

23,1% of 2009 revenues achieved with a constant decline during the year

14

33

22

Key event: 2009 a year to prepare the future

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44

€150m of operational cost decrease of which €68,6m are indirect costs and could be considered as structural

Staff reduction of 10% (with the integration of the Voluntary Departure Plan). These elements translated into an increase of invoicing rate since the end of September 2009.

Non strategic assets continued to be sold (FagroConsultancy BV, PECO activities..)

Group’s financial resources have been optimized with the launch of a CB in November 2009, resulting in an increased of group financing maturity and additional means dedicated to organic / external growth

Key events: a turnaround that started in September 2009

Gradual improvement of current EBIT (H1/H2)

15

33

22

113,4% 4,0%

7,1%

-15,6%

-19,2%

6,0% 5,9%

-6,7%

0,0%-0,6%

France North South RoW Arthur D.Little

H1 2009 H2 2009

Constant growth of invoicing rate :+ 3 pts in H2 2009 (77,6% in Q2 2009 and 80,8% in Q4

2009)

+ 260 bp + 190 bp

+ 840 bp +1920 bp

- 650 bp*

* Of which €9,4m loss in Brazil

January 2010 return of engineers lower than the one of January 2009 and no new returns in February 2010

H2 EBIT of 6,2% excl. impact of losses in Brazil

Key events: Universum 2009 rankingAltran and consulting companies

Engineers students Experimented engineers

Company 2009 rank ChangeCapgemini 39 - 7Accenture 43 - 4 Altran 48 + 1Logica 65 - 5Atos Origin 72 - 11Alten 85 + 4

Company 2009 rank ChangeAccenture 67 - 6Altran 74 + 5Capgemini 77 - 13 Atos Origin 77 + 5

Alten 98 -5Logica 112 + 5

Altran is the preferred R&D consulting company for • Engineers students• Young experimented engineers


3. Results

1818

P&L

in €m 31.12.2008 S1 2009 S2 2009 31.12.2009

Revenues 1 650,1 721,1 682,6 1 403,7

Recurring Operating IncomeAs % of sales

127,07,7%

8,91,2%

22,13,2%

31,02,2%

Non recurring income / (losses) (22,1) (17,5) (46,9) (64,4)

Goodwill depreciation (26,5) (12,1) (26,5) (38,6)

Operating incomeAs % of sales

78,44,8%

(20,7)(2,9%)

(51,4)(7,5%)

(72,1)(5,1%)

Net cost of debt (24,8) (5,5) (8,8) (14,3)

Other financial income / (losses) 5,0 (3,1) (2,1) (5,2)

Income taxes (45,8) (1,6) 17,9 16,3

Net result of integrated companies 12,7 (30,8) (44,5) (75,3)

Minority interests (1,3) 0,6 - 0,6

Group’s net result 11,4 (30,2) (44,5) (74,7)

1919

Operating expenses down 9,8% in 2009In €m 2008 S1 2009 S2 2009 2009

TOTAL OPERATING EXPENSESas % of turnover

1 528,092,6%

713,698,9%

663,197,1%

1 377,498,1%

Other purchases and external charges * (371,7) (155,1) (163,8) (317,9)

Subcontracting (114,5) (50,1) (55,1) (105,2)

Outside services (43,3) (21,0) (18,6) (39,6)

Rents and leases (60,0) (30,1) (27,9) (58,0)

Travel (80,8) (31,5) (31,4) (62,9)

Fees and Advertising (43,7) (13,5) (11,3) (24,8)

Supplies (13,4) (2,9) (8,5) (11,4)

Training (9,5) (0,4) (2,3) (2,7)

Other (6,6) (5,5) (7,7) (13,2)

Labour cost (1 129,3) (550,0) (489,7) (1 039,7)

Employee profit sharingStaff benefits

(including stock options)

(2,2)(0,5)

(0,1)(0,5)

(0,5)(1,4)

(0,6)(1,9)

Taxes (12,0) (5,8) (4,5) (10,3)

Depreciation & provisions (15,0) (3,7) (5,8) (9,5)

Recurring operating profitAs % of turnover

127,07,7%

8,91,2%

22,13,2%

31,02,2%

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Target

Bring our ‘indirect costs’ weight in line with ‘best-in-class’ ratiosAchieve a 20% ratio once growth will be back

Indirect costs : a rigorous management

2009 results

€68,7m of savings compared to 2008Indirect costs decrease along the year (23,3% of sales in H1 and 22,9% in H2 2009)Decrease of indirect costs weight despite the sharp drop of sales

20

418,0

68,6

392,3

324,3

2007 2008 Savings 2009

Indirect costs in €m

Indirect costs in % of revenues

26,3%

23,8%

23,1%

2007 2008 H1 2009 H2 2009 2009

Revenues 1591 1 650,1 721,1 682,6 1 403,7

Gross margin 32,5% 31,5% 24,6% 26,1% 25,3%

Indirect costsIn sales %

41826,3%

392,923,8%

168,223,3%

156,122,9%

324,323,1%

EBIT margin (%) 6,2% 7,7% 1,2% 3,2% 2,2%

212121

Non recurring operating result

■The non recurring operating profit amounted to €(64,4)m mainly impacted by restructuring costs during 2009.

In €m 2008 S1 2009 S2 2009 2009

Capital gain / loss on subsidiaries sold (3,6) (0,2) 2,1 1,9

Net proceed of subsidiaries sold (3,6) (0,2) 2,1 1,9

Capital gains on asset sales (0,1) (0,1) (0,1) (0,2)

Net Restructuring cost(18,9) (17,3) (49,3) (66,6)

Other 0,5 0,1 0,4 0,5

Non recurring operating income / losses (22,1) (17,5) (46,9) (64,4)

* The Voluntary Departure Plan provision represents €33 m (around 13 months of charged salaries) and correspond to charges covering 500 redundancies included in 2009 accounts

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Goodwill amortization

The result of the impairment tests leads to a goodwill amortization of €38,6m on 8 companies representing €47,9m of goodwill

On 2 companies there was a complete goodwill write-off in H1 2009 and 3 companies in H2 2009

Goodwill on Brazilian subsidiaries have been fully written off in H2 2009 representing a €9,1m write-off.

As of December 31st 2009, the net book value of goodwill is €395,8m

232323

Net interest charge

In €m 2008 H1 2009 H2 2009 2009

Income from cash & cash equivalent 3,4 2,8 1,4 4,2

CB accrued interestOf which IFRS split accounting impact

(16,2)(8,1)

--

(1,7)(0,6)

(1,7)(0,6)

Accrued interests on other financing operations (12,0) (8,3) (8,5) (16,8)

Gross financial cost of debt (28,2) (8,3) (10,2) (18,5)

Net interest charge (24,8) (5,5) (8,8) (14,3)

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Taxes

Tax integration is in place for most of the group’s major geographies

Fiscal deficit to be activated 370,7

Fiscal deficit activated 222,9

Fiscal deficit non activated 147,8

Potential tax saving 43,3

2008 H1 2009 H2 2009 2009Result before taxes and goodwill depreciation

85,1 (17,1) (35,8) (52,9)

Theoritical taxes income (33,75%) (28,4) 5,8 12,4 18,2Secondary taxes (7,8) (2,5) (3,1) (5,6)

Differed taxes impact (3,0) (4,7) (4,8) (9,5)

Permanent differences (6,5) (0,3) 13,3 13,0

Miscellaneous (0,1) 0,1 0,1 0,2

Tax loss/ income (45,8) (1,6) 17,9 16,3


4. Balance sheet & cash flow

2626

2008 H1 2009 H2 2009 2009

Beginning Net financial debt (314,4) (164,9) (187,8) (164,9)Current operating income 127,0 8,9 22,1 31,0Restructuring costs (22,1) (17,5) (46,9) (64,4)Depreciations & amortization 12,8 9,7 10,5 20,2Others 11,6 (1,2) (1,5) (2,7)Cash flow 129,3 (0,1) (15,8) (15,9)Change in NWCR (28,0) 44,9 30,6 75,3Tax paid (19,8) (17,2) (26,7) (43,9)Interest Paid & other financial charges (19,3) (12,3) (5,8) (18,1)Net cash flow generated by operations 62,2 15,2 (17,8) (2,6)Earn-outs (2,3) (0,1) (2,3) (2,4)Capex (20,1) (6,4) (5,9) (12,3)Others (1,5) (0,6) 7,0 6,4Net cash flow related to investments (23,9) (7,0) (1,2) (8,3)Net cash flow before financing transactions 38,2 8,2 (19,1) (10,9)Capital increase & others

Of which others126,8(17,3)

0,1(31,2)

-34,0

0,12,8

Closing Net financial debt (164,9) (187,8) (172,9) (172,9)

Simplified cash-flow statement (in €m)

* The opening net debt is computed before accrued interest and employee’s share of profit

2727

Net debt as of December 31st 2009 (in €m)

31.12.2008 30.06.2009 31.12.2009

IFRS IFRS IFRS

Convertible bond 159,4 - 99,8

Mid-term bank loan 14,5 121,0 103,9

Short term bank loanOf which factoring

220,5204,5

173,7116,8

211,7159,7

Total financial debt 394,4 294,7 415,4

Cash 229,5 106,9 242,6

Net financial debt 164,9 187,8 172,9

Employee profit sharing 9,1 7,3 7,6

Accrued interest on CBs 34,2 2,5 4,8

Net debt 208,3 197,6 185,3

Financial ratios 31.12.2008 30.06.2009 31.12.2009

Net financial debt / EBITDA x 1,14 x 2,15 x 3,83

Gearing x 0,33 x 0,39 x 0,38

The group reimbursed on January 2nd, 2009 all remaining 2009 CBs outstanding

Covenants are calculated every June 30 and December 31

Covenants are based on IFRS standard

Under IFRS equity amounts to €459,4m as of June 30th 2009

Covenants to be respected

31.12.09

Net financial debt / EBITDA

< 4,5

Gearing < 1,0* 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

28

DSO change in 2009

510,6418,1

(82,5)(9,9)

Clientsreceivables31.12.2008

Sales growthimpact

DSO impact Clientsreceivables31.12.2009

28

DSO

H2 2009 target

Come back to 90 days at the end of 2009

H2 2009 achievement

Reduction of NWCR of €40m in H2 2009 and H2 2009 DSO below 90 days target

90,6 days

88,5 days

DSO change in H1 2009

510,6450,0

(80,8)21,2


Sales growthimpact


90,6 days

96,8 days

DSO change in H2 2009

450,0 418,1

(7,5) (39,4)


Sales growthimpact


96,8 days88,5 days


5. Geographical data

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Current operating margin change in France (excluding holding costs)

362,5359,5

329,4

312,8

9,2%

11,3%

3,4%

6,1%

280

290

300

310

320

330

340

350

360

370

S1 2008 S2 2008 S1 2009 S2 20090,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

Revenues Current operating result

Holding costs are estimated at around €12,4 m in 2009 and correspond to non allocated charges taken by the group parent company included in France’s consolidation

2009 current operating margin would have been 4,7% excluding these corporate holding costs (3,4% in H1 2009 and 6,1% in H2 2009)

3131

Geographical data

Revenues(in €m)

Current operating result (in €m)

Current operating margin (in %)

2008 S1 09 S2 09 2009 2008 S1 09 S2 09 2009 2008 S1 09 S2 09 2009

France 722,0 329,4 312,8 642,2 50,9 4,2 13,6 17,9 7,1% 1,3% 4,4% 2,8%

North 426,1 184,9 177,4 362,3 35,4 7,5 10,5 18,0 8,3% 4,0% 5,9% 5,0%

South 311,2 149,3 137,9 287,3 30,3 10,6 (0,8) 9,8 9,8% 7,1% na 3,4%

Rest of the world

50,9 20,5 18,0 38,5 (2,8) (3,2) (1,2) (4,4) na na na na

Arthur D Little 171,3 53,1 53,5 106,6 13,2 (10,2) (0,0) (10,2) 7,6% na na na

Eliminations (31,4) (16,1) (17,1) (33,2) na na na na na na na na

Total 1650,1 721,1 682,6 1403,7 127,0 8,9 22,1 31,0 7,7% 1,2% 3,2% 2,2%

■NB : Following IFRS Altran has chosen as reporting segment the geographical reporting of its activities. As a result Arthur D.Little (excluding CCL) is now solely disclosed


6. Strategy & action plans

Altran in 2010

■ Major structural strengths

• International player(55% of revenues outside France)

• Value chain positioning(upstream positioning, 95% of engineers, large spectrum of intervention )

• Unique clients portfolio(strong footprint with top 500 European corporate)

• A good image as an employer of engineers

• 2010 action plans

• Re-start of a targeted acquisition policy

• Organization change• Development of synergies with

Arthur D.Little• Creation of worldwide verticals

• Solutions deployment• Creations worldwide practice

solutions• Harmonization of our operations

• Intercontrats reduction• tend to group’s best practices

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2009 : Group’s organization

Altran before 2006

• More than 150 operational companies independent with a strong in-house competition

• less than 15% of revenues under Altran brand

Altran in 2009

• 54 operational companies representing 99% of group’s revenues

• Vertical organization is working on a local basis

• More than 75% of revenues under Altran brand

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Step 1 : 2006- 2008

Companies mergers

Commun process implementation

Step 2 : 2008- 2009

A client oriented organization

Creation of verticals

2010 : a new organization dedicated to offers / clients

• Worlwide deployment of 5 verticals• Appointment of a global head per vertical

• Improved answers to the first global needs expressed by clients

• Deployment Group transversal practices

• A differentiating factors with competitors

• An answer to the growing complexity of clients needs

• Leveraging group’s expertise

Appointment of vertical global heads and practice leaders

A global organization by verticals to respond to the growing complexity of clients demands

Geographies

Group Practices

Local solutions

Innovation managementMechanical engineeringEmbedded systemsInformation systemsCorporate performance

Identification Identification a

Perimeter definitionPerimeter definition

cProcess consolidationProcess consolidation

dDeploymentDeployment

e

2008: offers mapping 2009: Package solutions deployment

EvaluationEvaluationb

Safety &Safety &SecuritySecurity

Lean &Lean &EfficiencyEfficiency

Altran change towards complex solutions

2010: Worlwide practice solutions implementation

Innovation ManagementInnovation Management

Embedded critical systemsEmbedded critical systems

Mechanical engineeringMechanical engineering

Information systemsInformation systems

Enterprise performanceEnterprise performance

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Example of a Practice « Critical and / or embedded systems»

Embedded systemsF-35 Ice management

A380 Engine monitoringMBDA missile system

Oncology Scanner

InnovationConnectivityTelemetric

MobilityHMI

Navigation

Security of critical systems

Thales Watchkeeper UAVAir traffic control system

Nuclear controlBombardier ERTMS

Security of critical systems

Innovation laboratoryCritical systems engineering

Tools and technology provider

http://www.guardian.co.uk/uk/gallery/2009/feb/12/?picture=343184556


8. Perspectives

Perspectives

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11A stabilized market- Despite the traditional seasonality in January activity is now stabilized - Gradual improvement of the commercial dynamism

A contrasted price environment- The group targets a price stability in France, despite real pressures from the clients purchasing departments and competitors behavior

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Perspectives

33

22

11Indirect cost are under control- Level achieved in 2009 (23,1% of revenues) should be improved even in case of growth coming back- despite some embedded inflation of some expenses the group willpursue its efforts to lower in absolute term indirect cost as much as possible

2009 staff reduction will have a positive impact on marginIn 2010 the redundancies of 550 people approximately will mechanically translates into margin improvements

The group is targeting an increase of its current operating margin in 2010 compared to 2009

H2 2010 current operating margin improvement should accelerate

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41

Q&A)


9. Appendix

4343

31.12.2008 30.06.2009 31.12.2009

Net Net Gross Amort & Prov Net

Non-Current Assets 592 754 598 977 987 765 (404 045) 583 720

Goodwill of a business 431 413 428 553 655 873 (260 041) 395 832

Other intangible fixed assets 40 769 40 788 65 526 (25 298) 40 228

Tangible fixed assets 39 088 38 974 104 572 (68 738) 35 834

Land 383 383 383 - 383

Buildings 7 333 7 927 11 135 (4 618) 6 517

Other tangible assets 31 372 30 664 93 054 (64 120) 28 934

Financial fixed assets 26 307 28 576 31 254 (1 010) 30 244

Deferred tax assets 50 743 57 373 120 537 (43 306) 77 231

Other non-current assets 4 434 4 713 10 003 (5 652) 4 351

Current assets 803 096 640 575 748 073 (11 183 736 893

Inventories & In progress 1 005 4 230 1 992 (71) 1 921

Clients & account receivables 513 384 449 951 426 413 (8 297) 418 116

Other receivables 58 567 78 489 75 807 (2 622) 73 185

Current Financial assets 677 1 025 1 292 (193) 1 099

Cash equivalents 147 990 53 153 198 630 - 198 630

Cash 81 473 53 727 43 942 - 43 942

Total assets 1 395 850 1 239 552 1 735 841 (415 228) 1 320 613

Balance sheet - Assets (in €K)

4444

31.12.2008 H1 2009 31.12.2009

Shareholder’s equity 503 684 485 402 459 413

Non-current liabilities 80 703 189 393 277 647

Convertible bonds (>1 year) - - 100 422

Loans & borrowing from financial institutions 13 474 120 076 92 414

Other non-current financial liabilities 9 392 6 714 17 925

Non-current financial liabilities 22 866 126 790 210 761

Provisions for risks & charges 12 031 11 721 12 098

Long term staff benefits 32 542 34 886 38 180

Deferred taxes 12 155 12 958 16 290

Other long term liabilities 1 109 3 038 318

Other non current liabilities 57 837 62 603 66 886

Current liabilities 811 463 564 757 583 553

Account payables 66 396 63 791 63 716

Taxes payables 97 583 96 779 78 840

Current staff benefit 156 800 162 620 133 620

Other current debt 44 625 30 195 39 618

Current creditors 365 404 353 385 315 794

Short term provision for risk & charges 30 411 31 393 48 803

Short term debt on fixed assets 791 2 261 1 851

Other current liabilities 414 857 177 718 217 105

Total shareholder’s equity & liabilities 1 395 850 1 239 552 1 320 613

Balance sheet - Liabilities (in €K)

4545

31.12.2007 31.12.2008 1st semester 2009 2nd semester 2009 31.12.2009

Beginning cash position 126 226 177 599 229 463 106 880 229 463

Operating income 70 649 78 410 (20 653) (51 405) (72 058)

Goodwill depreciation 13 870 26 512 12 067 26 568 38 635

Net operating depreciations and amortizations 15 756 12 821 9 722 10 468 20 190

Stock options charges 3 443 506 544 1 348 1 892

Capital gains / losses 3 512 4 943 352 (1 693) (1 341)

Other operating income / charges (963) 6 120 (2 159) (1 111) (3 270)

Cash flow 106 268 129 311 (128) (15 824) (15 952)

Change in NWCR (12 499) (28 026) 44 881 30 395 75 276

Tax paid & change in tax liabilities & assets (17 405) (19 813) (17 194) (26 753) (43 947)

Interest paid & other financial charges (22 831) (19 298) (12 331) (5 657) (17 998)

Net cash flow generated by operations 53 533 62 175 15 228 (17 838) (2 610)

Earn-outs (9 441) (2 292) (54) (2 392) (2 445)

Capex (17 057) (20 050) (6 382) (5 892) (12 273)

Others (1 152) (1 598) (604) (8 548) 7 943

Net cash flow related to investments (27 649) (23 941) (7 038) 264 (6 775)

Capital raised 2 629 126 763 69 18 87

Financing drawn / Capital raised 3 923 862 150 122 132 211 282 333

Financing facilities reimbursed (38 103) (102 236) (202 577) (16 299) (218 876)

Other financing transactions 57 284 (12 088) (78 043) 36 725 (41 318)

Net cash flow generated by financing transactions 25 720 13 301 (130 428) 152 654 22 226

Change in cash position 51 371 51 864 (122 583) 135 691 13 108

Closing cash position* 177 599 229 463 106 880 242 572 242 572

*FX Impact (235) 328 (345) 612 267

Cash-flow statement (in €K)

4646

P&L (in €K)

31.12.2007 31.12.2008 1st semester 2009 2nd semester 2009 31.12.2009

Revenues 1 591 356 1 650 082 721 086 682 648 1 403 734

Other operating income 2 110 5 026 1 362 3 311 4 673

Total operating income 1 593 466 1 655 108 722 448 685 959 1 408 407

Purchases & outside services (368 330) (371 777) (154 113) (163 777) (317 890)

Wages, social charges & benefits (1 096 426) (1 129 282) (550 011) (489 714) (1 039 725)

Of which employee profit sharingOf which stock options

(2 590)(3 443)

(2 184)(506)

(147)(544) (1 348) (1 892)

Taxes (12 352) (11 992) (5 762) (4 494) (10 256)

Allowance to amortization & provisions (16 939) (15 037) (3 673) (5 853) (9 526)

Current operating income 99 419 127 020 8 889 22 121 31 010

Non recurring Income / Losses (14 900) (22 099) (17 475) (46 957) (64 432)

Goodwill depreciation (13 870) (26 512) (12 067) (26 569) (38 636)

Operating Income 70 649 78 409 (20 653) (51 405) (72 058)

Net cost of debt (28 958) (24 869) (5 496) (8 816) (14 312)

Other financial income / losses (2 234) 5 002 (3 133) (2 076) (5 209)

Corporate income taxes (17 910) (45 832) (1 560) 17 819 16 259

Net result of integrated companies 21 547 12 710 (30 842) (44 478) (75 320)

Minorities 47 (1 272) 634 (67) 567

Group’s net result 21 594 11 438 (30 208) (44 545) (74 753)

47

Factoring & cash centralization

Factoring facilities available

260,0306,4 290,0 293,9

180,4 204,5

116,8159,8

30.06.08 31.12.2008 30.06.2009 31.12.2009

Factoring facilities signed Factoring facilities drawned

225,5

17,3

31st December 2009

Centralized cash (in €m)

Cash in subsidiaries (in €m)

Factoring Factoring will remain a flexible source of

financing for the group

International program covering Benelux, Germany, Spain, Portugal and Italy

Cash centralization

Efforts maintained

Q4 2009 revenues per country excl. Arthur D.Little(in €m)

48

5,1 5,1 4,9 4,7 5,1

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Portugal- 0,5% (Q4 08 vs Q4 09)

23,3 20,9 19,0 19,4 19,0

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ UK- 18,4% (Q4 08 vs Q4 09)

34,0 33,3 30,6 29,6 30,8

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Benelux- 9,5% (Q4 08 vs Q4 09)

6,8 6,1 6,2 5,0 6,3

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Scandinavia- 7,2% (Q4 08 vs Q4 09)

29,3 24,6 23,6 23,7 25,1

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Germany- 14,3% (Q4 08 vs Q4 09)

0,9 0,9 0,8 0,8 0,6

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Austria - 37,0% (Q4 08 vs Q4 09)48,0

36,942,5

34,8 37,9

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Italy- 21,0% (Q4 08 vs Q4 09)

25,6 24,9 25,1 23,5 25,7

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Spain+ 0,2% (Q4 08 vs Q4 09)

6,1 5,3 5,8 5,6

1,8

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Brazil- 70,9% (Q4 08 vs Q4 09)

14,511,4 9,2 8,4 8,9

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ USA- 38,5% (Q4 08 vs Q4 09)

182,6 168,6 151,6 141,8 161,4

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ France- 11,6% (Q4 08 vs Q4 09)

2,0 2,01,3 1,4 1,5

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Asia-25,0% (Q4 08 vs Q4 09)

4,4 3,7 3,34,3 3,8

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Switzerland- 10,3% (Q4 08 vs Q4 09)

Q4 2009 revenues by country with Arthur D.Little(in €m)

49

5,1 5,1

Q4 2008 Q4 2009

■ Portugal- 0,5% (Q4 08 vs Q4 09)

25,3 21,4

Q4 2008 Q4 2009

■ UK- 15,6% (Q4 08 vs Q4 09)

38,934,1

Q4 2008 Q4 2009

■ Benelux- 12,1% (Q4 08 vs Q4 09)

10,9 9,0

Q4 2008 Q4 2009


36,8 31,4

Q4 2008 Q4 2009

■ Germany- 14,8% (Q4 08 vs Q4 09)

2,11,0

Q4 2008 Q4 2009

■ Austria- 52,6% (Q4 08 vs Q4 09)

50,540,2

Q4 2008 Q4 2009

■ Italy- 20,3% (Q4 08 vs Q4 09)

26,6 26,3

Q4 2008 Q4 2009

■ Spain- 1,4% (Q4 08 vs Q4 09)

6,1

1,8

Q4 2008 Q4 2009

■ Brazil- 70,9% (Q4 08 vs Q4 09)

17,910,1

Q4 2008 Q4 2009

■ USA- 43,8% (Q4 08 vs Q4 09)

185,4 163,1

T4 2008 T4 2009

■ France- 12,0% (Q4 08 vs Q4 09)

12,97,6

Q4 2008 Q4 2009

■ Asia-41,0% (Q4 08 vs Q4 09)

5,6 4,6

Q4 2008 Q4 2009


50

Northern Region revenues change with Arthur D.Little (in €m)

38,8 35,7 32,9 31,3 34,1

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Benelux- 12,1% (Q4 08 vs Q4 09)

36,829,5 28 30,3 31,4

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Germany- 14,8% (Q4 08 vs Q4 09)

13,09,8

6,9 8,0 7,6

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ AsiA- 41,0% (Q4 08 vs Q4 09)

10,98,3 8,4 6,5

9,0

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


2,1 2,0 1,8 1,3 1,0

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Austria- 52,6% (Q4 08 vs Q4 09)

25,3 23,4 22,4 22,1 21,4

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ UK- 15,6% (Q4 08 vs Q4 09)

5,7 5,5 4,4 3,9 4,6

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09


51

Southern region revenues change with Arthur D.Litlle (in €m)

26,6 25,9 26,2 23,9 26,3

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Spain- 1,4% (Q4 08 vs Q4 09)

5,1 5,1 4,9 4,7 5,1

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Portugal-0,5% (Q4 08 vs Q4 09)

6,1 5,3 5,8 5,6

1,8

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Brazil- 70,9% (Q4 08 vs Q4 09)

17,912,5 10,2 9,6 10,1

Q4 08 Q1 09 Q2 09 Q3 08 Q4 09

■ USA- 43,8% (Q4 08 vs Q4 09)

50,538,9

44,736,5 40,2

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

■ Italy- 20,3% (Q4 08 vs Q4 09)

52

Quarterly Arthur D.Little revenues change (in €m)

Business trend is improving gradually. Arthur D.Little achieve to came back to break even in H2 2009.

42,1

46,9

38,641,8

27,025,3 24,8

27,8

T1 2008 T2 2008 T3 2008 T4 2008 T1 2009 T2 2009 T3 2009 T4 2009

53

Staff change

■Total staff is down by 78 since September 30th 2009 and down by 1 373 since January 1st

2009

■ These figures include a 92 staff reduction linked to the Voluntary Departure Plan. Excluding these redundancies staff increased of 14 people in Q4 2010

■The bulk of redundancies link to the PPDV (more than 360 people) will leave the group during H1 2010

17 65017 997

18 405 18 522

17 14917 227

18 03017 548

17 234 17 502

1498715018

1602215619

16146

15694152631528915109

14780

Sept 07 Dec 07 March 08 June 08 Sept 08 Dec 08 March 09 June 09 Sept 09 Dec 09

Total staff of which consultants

- 78

- 31

54

Covenants

Net financial debt / EBITDA

Net financial debt / Equity

31.12.2009 < 4,5 < 1,0

30.06.2010 < 5,5 < 1,0

31.12.2010 < 4,0 < 1,0

30.06.2011 < 3,75 < 1,0

31.12.2011 < 3,0 < 1,0

30.06.2012 < 2,5 < 1,0

31.12.2012 au 31.12.2013

< 2,0 < 1,0

55Altran Corporate Presentation / January 2008 / IMA

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