Alten

Earnings Release • Feb 24, 2015

PRESS RELEASE

Paris, February 24th, 2015

2014 ANNUAL RESULTS

• A STRONG GROWTH OF TURNOVER : + 12.9%
• A SATISFACTORY OPERATING MARGIN
• NINE ACQUISITIONS COMPLETED SINCE JANUARY 2014

In Millions of Euros	Dec. 2013	Dec. 2014
Turnover	1,216.2	1,373.2
* France	751.0	761.5
* International	465.2	611.7
Operating Profit on Activity	117.6	132.2
As % of turnover	9.7%	9.6%
Paiement in shares	-0.3	-
Non-recurring profit/loss	-1.5	-15.5
Profit/losses on disposals	0.2	0.8
Goodwill impairment	-4.9	-
Operating Profit	111.0	117.5
As % of turnover	9.1%	8.6%
Net profit Group share	73.8	79.5
As % of turnover	6.1%	5.8%
Free cash-flow (*)	94.4	48.4
As % of turnover	7.7%	3.5%
Net cash	74.4	25.9
Headcount	16,000	18,400
(*) Free cash-flow : Flow generated by business activity		Audit in progress

2014 ACTIVITY: + 12.9%

• In 2014, turnover amounted €1,373.2 million, which represents an increase of 12.9% compared to 2013. On a like-for-like basis, business raised by 2.75% (-1% in France, +8.7% abroad).
• Activity outside France, constantly increasing thanks to the acquisitions and internal growth, now represents 44.5% of the turnover.
• Despite a negative "embedded growth", ALTEN will have managed to accelerate its organic growth along the year.

OPERATING PROFIT ON ACTIVITY: + 12.4%

• The operating margin on activity is at 8.5% on the first semester, and then strongly increased to reach 10.8% on the second semester. On average, it stood at 9.6% along the year.
• The operating margin on activity was penalized by the integration of the recently acquired companies, which contributed by close to 11% of the turnover, with a weak profitability. Action plans are in progress to bring them at the same level of the Group operating profitability.
• On a like-for-like basis, the operating margin of activity would have been higher than last year, above 10%.

OPERATING PROFIT:

After taking into account €15.5 million of non-recurring costs mainly related to dispute with the French social and tax administration and acquisitions restructuring costs, operating profit amounts €117.5 million.

NET PROFIT GROUP SHARE:

After taking into account the financial result and a €42.2 million tax charge, the net profit group share amounts €79.5 million, an increase of 7.7% compared to last year.

NET CASH: 25.9 M€

Free cash flows generated by business represent €48.4 million, or 3.5% of turnover.

In order to self-finance its acquisitions, investments and dividends, ALTEN GROUP used its net cash position up to €48.5 million.

Hence, the GROUP net cash position is up to €25.9 million at the end of 2014.

EXTERNAL GROWTH: EIGHT ACQUISITIONS, TWO IN 2015

• In order to accelerate its expansion, particularly abroad, ALTEN acquired eight companies in 2014 (1 in France, 7 abroad). They represent €103 million turnover and 1,100 engineers and consultants.
• At the beginning of 2015, ALTEN finalized two acquisitions in The Netherlands and in France (€31 million turnover and 310 consultants).

2015 OUTLOOK:

The economic environment remains complicated and the R&D budget under stress.

ALTEN, a major player, will achieve a positive organic growth in 2015 and has the financial means to pursue the consolidation of the sector, mainly abroad, in line with its margin policy.

Next event: Publication of the first quarter turnover (Q1) on April 29th 2015.

About ALTEN

For more information: www.ALTEN .fr/investisseurs / Contact : Matthieu Roquet Montégon - +33 (0)6 16 92 80 65

As a European Leader in Technology Consulting and Engineering (TCE), ALTEN carries out design and research projects for Technical and IT divisions of major clients in industry, telecoms and services.

ALTEN 's stock is listed in compartment A of the Euronext Paris market (ISIN FR000001946); it is part of the SBF 120, the IT CAC 50 index and MIDCAP100, and is eligible for the deferred Settlement Service (SRD).