Assystem — Earnings Release 2009

Feb 11, 2010

PRESS RELEASE

Assystem posts resilient revenue in 2009: €613.1 million

• Stabilization of activity confirmed in the 4th quarter
• Improvement of staff utilization rate in the second half
• Ordinary operating profit: between €21 and €23 million, exceeding the target

Paris - 11 February 2010 - Assystem S.A. (ISIN: FR0000074148 - ASY), a leader in engineering and innovation consulting services, today discloses its 2009 Revenue.

Q1'09 Q2'09 Q3'09 Q4'09 Fiscal Year 2009 Group reported revenue 158.3 150.6 144.6 159.6 613.1* % change** -4.2% -12.4% -10.3% -7.9% -8.6% France** -4.6% -13.2% -13.5% -8.3% -9.9% International** -3.2% -10.8% -1.9% -7.0% -5.6%

2009 revenue (in millions of euros)

* At comparable scope of consolidation, full year revenue amounts to €606.9 million

** year-on-year change at constant scope of consolidation and currency exchange rates

In the context of a sharp economic downturn, Assystem demonstrated its resiliency and ability to adapt. Over the full year, revenue drop was contained at 8.6% owing to Assystem's strong differentiation in the Energy sector (notably with its unique positioning in the Nuclear Power industry) and to its leadership in Aerospace, particularly abroad.

The fourth quarter confirms the stabilization of the activity which started in the previous quarter:

• In France which accounted for 71% of Group revenue in Q4'09, the slowdown in the pace of revenue erosion was particularly marked;
• Abroad, the situation is contrasted between a continued solid performance in the Group's key markets (United Kingdom: +8.0% and Germany: +4.4%) and persisting difficulties in other countries, notably in Italy.
• Assystem successfully adjusted its workforce to the business trend. As of 31 December 2009, headcount amounted to 8,539 employees, down by 736 year-on-year (ie. down 7.9%) and by 166 during last quarter, at constant scope of consolidation. At the same time, the Group strengthened its core competencies, notably skills needed in the Nuclear Power Industry, through training programmes and career changes involving 320 staff.

At 87.2% in the second half 2009, the staff utilization rate shows a slight improvement compared with the first half while still significantly behind the second half 2008 (92.4%).

• (IPE) Energy/Nuclear and Facilities (44% of consolidated revenue) grew by 5.3% in the full year (+5.5% in the fourth quarter) thanks to ongoing strong momentum in the Nuclear Power related business (+30 % in the full year) but, as anticipated, slight erosion in revenue from activities in relation with conventional energies.

• The 4.4% decrease (-4.7% in Q4'09) in Aerospace (26% of consolidated revenue) reflects the economic downturn in sectors such as business jets and satellites, while activities related to the large programmes showed good resiliency, notably in the United Kingdom (+4.9% in the full year).

• Technologies/Automotive/Industries was severely hit by the economic recession (down 29.7% in the full year and down 29.1% in Q4'09). Despite some recovery in the second half, Automobile activities halved in the full year and now accounts for less than 7% of full year consolidated revenue. The reorganisation of these activities and optimisation initiatives have started to bear fruits leading to improved perception of Assystem's value proposition and its selection as preferred supplier by several customers.

• The ordinary operating margin rose to above 5.5% in the second half, up from 1.1% in the first half, as a result of the stabilisation of the business trend, the reduction of headcount as well as further execution of the action plan aiming at improving the Group's economic performance and, in particular, a strong reduction in indirect costs.

Thus, Assystem will post full year ordinary operating profit of between €21 and 23 million, exceeding the target disclosed last August of €13 to 18 million.

• Also, the recession revealed two specific issues, already disclosed in first half results, for which corrective initiatives are being implemented:
• In Italy where revenue fell sharply due to a strong exposure to the Automobile industry (contribution loss to full year ordinary operating profit of €3.3 million in 2009), Assystem launched a restructuring plan in order to downsize its local operations;
• Anglo-Indian activities contributed by the minority shareholder to the Silver Atena subsidiary established in 2008 posted very disappointing results (contribution loss of €1.6 million to full year ordinary operating profit), opposite to what was expected: Assystem's objective is to eliminate these losses in 2010.

These issues will lead the Group to book non-current operating expenses in the 2009 accounts: a restructuring provision of less than €4.5 million related to operations in Italy and a depreciation of c. €10 million related to the goodwill of Silver Atena.

• Finally, owing to continued focus on improving working capital requirement, free cash flow led to reducing net debt by c. €19 million: at year-end, Assystem was almost completely deleveraged.
• Outlook for 2010

In 2009, Assystem demonstrated its ability to adapt to a very challenging environment and significantly restore its profitability in the second half. The activity is improving progressively but the trend is fragile and visibility remains poor. In this context, the 2009 achievements, in particular the initiatives carried out in Technologies/Automotive/Industries, will be reflected in the 2010 financial performance and should allow the Group to fully benefit from the economic recovery when it materializes.

Upcoming event: 15 March 2010, close of trading: 2009 full-year results

All the percentages in this press release are expressed at constant exchange rates and scope of consolidation.

Assystem is a leading European provider of engineering and innovation consulting services, strategically focused on the application of technologies in innovative products, production processes and infrastructure. It has 8,500 employees and derives nearly 30% of its revenue from operations in 13 countries outside France.

Assystem S.A. - EuronextParis - ISIN: FR0000074148 Contacts: Pauline Bucaille, Communications VP, Phone: +33 (0) 1 55 65 03 08 Gilbert Vidal, CFO, Phone: +33 (0)1 55 65 03 10 www.assystem.com

Cyril Levy-Pey, RLPV Conseil Phone: +33 (0) 1 42 70 31 29 – Mobile: +33 (0) 6 08 46 41 41 – Email: levy-pey@rlpv.com