in M€)	H1 2009	H2 2009	2009	2008
Annual Revenue	118.6	105.7	224.3	238.7
Current Operating Income			6.3	6.8
% of turnover			2.8%	2.8%
Operating Income	0.4	3.8	4.2	2.6
% of turnover	0.3%	3.6%	1.9%	1.1%
Net Income (Group Share)	-0.9	1.3	0.4	- 6.7

                NB: auditing of accounts in process

 

 

Annual revenue is €224.3M, a decrease of 6% at constant exchange rates and representing an organic decline of 7.4% compared to 2008, reflecting market conditions.  2009 current operating income (income from continuing activities) amounts to €6.3M compared to €6.8M for 2008.

 

The Group's operating income is €4.2M, following a deduction of €2.1M for operating costs resulting from a group reorganisation which took place during the year. The Group operating margin improved from 0.3% in the first half of the year to 3.6% for the second half year.

 

The Group share of net income is €0.4m, after net interest charges of €3.7M and tax costs of €0.1M, compared to a loss of 6.7M€ in 2008.

 

To conform with IAS 8, an adjustment has been made to the 2009 accounts to correct an error arising in previous periods relating to non-accounting of commission and interest from cash-pooling. This correction has resulted in a reduction in equity of €0.85 million after tax.

 

The net debt / equity ratio at December 31^st 2009 was 78.2%, compared to 98.6% at the end of 2008, reflecting the net repayment of debt during the year.  

 

Throughout the 2009 fiscal year short term banking needs were replaced by a financial plan including factoring amounting to €15 million. The short term net treasury balance at December 31^st 2009 was €-4.9 million, including a factoring plan of €10 million.

 

The significant changes in the international economic climate have resulted in the group entering global negotiations with its banks to adapt repayment schedules and agreements. The outcome of the renegotiations is unknown at this time and the group has taken into account non-compliance with certain covenants at December 31st 2009 resulting in a reclassification of financial debts equating to €8.8 million from over one year to short-term.

 

Patrick Bensabat, CEO at Business & Decision, comments, "The reorganisation carried out early in the financial period was reflected in the second half of the year with increased profitability. All our attention in 2010 will be focused on improving profitability." 

 

 

Outlook

 

The start of 2010 has so far confirmed indications of gradual recovery in group activity, initially highlighted in October 2009.

 

Taking into account the Group's specialist position in the market, as well as its flexibility, Business & Decision has all the necessary attributes to make 2010 a profitable year.

 

Upcoming Financial Events :

 

April 29th 2010	Publication of 2010 first quarter turnover at 5 :35 PM
June 24th 2010	Shareholders Annual General Meeting 2009 (17 :30 PM) (« Le Club », 153 rue de Courcelles, Paris 17e)
July 29th 2010	Publication of 2010 first half turnover at 5 :35 PM
August 31st 2010	Publication of 2010 first half results at 17 :35 PM
August 31st 2010	Analysts and investors meeting- following the publication of 2010 first half results at 5:35 PM. (Hotel Hilton Arc De Triomphe Paris - 51-57, rue de Courcelles, Paris 8e)
October 28th 2010	Publication of 2010 third quarter turnover at 5 :35 PM
January 31st 2011	Publication of 2010 full year turnover at 5 :35 PM

 

            About Business & Decision

Business & Decision is an international Consulting and Systems Integration (CSI) company. It is a leader in Business Intelligence (BI) and Customer Relationship Management (CRM), and a major player in e-Business, Enterprise Information Management (EIM), Enterprise Solutions as well as Management Consulting. Business & Decision contributes to the success of customer projects by driving maximum business performance. The company has a reputation for functional and technological expertise and has forged partnerships with all of the key technology vendors.

Located in 19 countries, Business & Decision currently employs more than 2500 people worldwide.

Additional information is available at www.businessdecision.com.

Contact

 

 Investor Relations

Business & Decision

Tel: +33 (0)1 56 21 21 20

Fax: +33 (0)1 56 21 21 22

finance@businessdecision.com