PARIS, July 30 /PRNewswire-FirstCall/ --
- Solid Operational Performance in the Semester
- Increase in Revenues of 1.5% (+2.7% Excluding the Effect of Exchange Rates)
Target EBIT for the Year Increased to in Excess of EUR25 Million
Bull - expert in open, flexible and secure information systems and one of Europe's leading players in the IT industry - today announces its results for the first six months of 2009, following the approval of the consolidated accounts for the period on July 29, 2009 by the Board of Directors.
Summary income statement
EUR million First six months Variation
2008 2009
Revenues 550.6 558.6 +1.5%
(+2.7%*)
EBIT (see 14.5** 13.7 -EUR0.8 million
glossary)
EBIT margin 2.6% 2.5% -0.1 pt
* at constant exchange rates
** recast[1]
Key figures for the first six months of 2009:
- Increased order intake in all core business activities:
order intake in Hardware and Systems Solutions, Services and Solutions,
and Maintenance and PRS (which together account for 93% of the Group's
business activities) grew by 4.2%. Only orders for third-party products
- a segment from which Bull has deliberately decided to make a managed
exit - fell. This explains why overall order intake saw a slight fall
of -0.6%
- Consolidated revenues were EUR558.6 million for the
six-month period, an increase of 1.5%; excluding the impact of exchange
rates, revenues grew by 2.7%. Overall, the Group's core business
activities grew by 4.6%
- Gross margin was EUR122.1 million, or 21.9% of revenues.
This change reflects the transformation of the Group's portfolio of
offerings, resulting in a 0.6 point decrease compared with the published
figure for the first six months of 2008. Gross margin in 'Services et
Solutions' grew by 0.3 points compared with the published data for the
first half of 2008. At constant scope, gross margin in 'Services and
Solutions' grew by 1 point. In the 'Maintenance and PRS' business it
grew by 0.5 points
- EBIT (see glossary) for the period was EUR13.7 million, or
2.5% of revenues. This compares with EUR14.5 million, or 2.6% of
revenues, in the first half of 2008 (recast1)
- Net income was EUR2.0 million
- Net cash (see glossary) stood at EUR250.4 million as at 30
June 2009, compared with EUR171.1 million as at 30 June 2008
Outlook: taking into account the performance recorded in the first six months of the year, the Group has increased its target EBIT (see glossary) for the 2009 financial year from at least EUR20 million to in excess of EUR25 million.
Didier Lamouche, Bull Chairman and CEO, commented: "Our on-going work to transform the company - as well as the investments we are making in innovation - are further strengthening the Group's position. The results from the first six months of the year clearly illustrated Bull's key assets, with an increase in orders in all the Group's core business activities, growth in revenues and a consistent level of profitability despite the difficult economic climate.
"We have accelerated the development and implementation of new offerings to help our customers come through the current crisis even stronger. Digital technologies help to support businesses in two ways: with defensive actions aimed at delivering immediate cost savings; and with proactive initiatives focused on innovation, the key lever for escaping the crisis.
"Computer simulation is continuing to grow very strongly, to the point where our Extreme Computing (HPC) solutions became the Group's leading product offering during the first six months of this year. Its success clearly demonstrates that we have made the right strategic choices. We are continuing to innovate with the recent launch of bullx, a new family of supercomputers which is totally in line with our strategy to become one of the top three in Extreme Computing. Thanks to the sustained momentum of these offerings, and the continued success of our other IT infrastructure activities, we have recorded a 15.8% increase in revenues in our 'Hardware and Systems' business segment.
"We are also energetically pursuing moves to refocus our portfolio of business activities, so we can continue to improve the quality of our revenues. As a result, margins in our 'Services and Solutions' and 'Maintenance and PRS' segments both improved during the first six months of the year.
"Following our performance in the first half we are increasing our target EBIT for the full 2009 financial year."
Financial results for the first six months of 2009
Comparisons are made year-on-year with published figures for 2008, except where a recast is specifically indicated.
Order intake grew in all the Group's core business activities: orders in Hardware and Systems Solutions, Services and Solutions, and Maintenance and PRS (which together account for 93% of the Group's business activities) grew by 4.2%. Only orders for third-party products - a segment from which Bull has deliberately decided to make a managed exit - fell. This explains why overall order intake saw a slight fall, of -0.6%
Order intake linked to the 'Hardware and Systems Solutions' segment increased by 3.1% thanks to the commercial success of the Group's new Extreme Computing offerings, and further strengthened by the acquisition of s+c, the specialist German company which the Group bought in the second half of 2008. Orders relating to the 'Services and Solutions' segment grew by 4.5%, with particular momentum in systems integration activities for public sector customers. Orders relating to the Group's 'Product Related Services' business grew by 7.7%. Finally, order intake in the 'Fulfillment and Third-Party Products' business fell by 33%, as a result of the Group's deliberate decision to refocus on its core offerings.
Consolidated revenues were EUR558.6 million for the six month period, an increase of 1.5%; excluding the impact of exchange rates, revenues grew by 2.7%. Overall, the Group's core business activities grew by 4.6%, driven by an especially dynamic first quarter
Bull recorded consolidated revenues of EUR558.6 million for the first six months of 2009, an increase on the revenues of EUR550.6 million achieved during the same period in 2008. Variations in scope had a marginal negative effect on this growth[2]. When corrected for the impact of exchange rates, revenues grew by 2.7%.
The 'Hardware and Systems Solutions' segment benefited from a good level of orders, and recorded revenues of EUR180.6 million, a 15.8% increase for the period. The Group's Extreme Computing offering made a particularly significant contribution to this growth: it now represents the largest part of this segment.
'Services and Solutions' activities, which recorded revenues of EUR241.0 million for the period, grew 0.4% compared with the published figures for the same period in 2008. When corrected for variations in the configuration of the business, this segment grew by 3.4%, ahead of the growth forecasts for the market in this period. The impact of the sale of the Group's Medicare solutions business in the USA has also been compensated for by organic growth in this segment in France.
Revenues from the 'Maintenance and PRS' activities recorded a better performance in the second quarter than in the first: the erosion of revenues was limited to -1.8% in Q2, resulting in an overall fall of 4.6% for the whole six month period. Revenues from continuing business activities (excluding the effect of the sale of the Medicaid solutions business in the USA) fell by just 2.7%. This is the result of a number of support contracts for proprietary servers coming to an end, as anticipated.
Revenues from the 'Fulfillment and Third-Party Products' segment fell by 23.9%, as a result of the Group's deliberate strategy to refocus its sales and marketing efforts on the Group's own, higher added-value offerings.
Geographic breakdown of consolidated revenues shows a slight increase in France. Europe excluding France also grew, in particular as a result of acquisitions in Germany and Belgium, as well as the growth of the Group's Extreme Computing offering. The sale of the Medicaid business in the USA and the refocusing on the Group's core products explains the fall in sales in the rest of the world.
Gross margin for the six months was EUR122.1 million, or 21.9% of revenues. This change reflects the transformation of the Group's portfolio of offerings, resulting in a 0.6 point fall compared with the published figure for the same period in 2008. Gross margin in 'Services and Solutions' grew by 0.3 points compared with the published data for the first six months of 2008; at constant scope gross margin in 'Services and Solutions' grew by 1 point. In the 'Maintenance and PRS' segment it grew by 0.5 points.
Gross margin in the 'Hardware and Systems Solutions' segment was 28.4% for the period, a fall of 5.3 points. The previously anticipated evolution of the product mix explains this fall. However, gross margin in the 'Services and Solutions' business increased by 0.3 points, to reach 15.6%. At constant scope - excluding the sale of the Medicaid business in the US and the acquisition of CSB in Belgium - gross margin in 'Services and Solutions' increased by 1 point, clearly demonstrating that fundamental action is being successfully undertaken to improve the profitability of this business. Gross margins in the 'Maintenance and PRS' segment grew by 0.5 points to 29.5%, with cost-reduction measures successfully compensating for the reduction in business volume.
EBIT (see glossary) for the period was EUR13.7 million, or 2.5% of revenues. This compares with EUR14.5 million, or 2.6% of revenues, in the first six months of 2008 (recast)
Two changes explain the recasting of EBIT for the first six months of 2008:
(i) From the end of 2008 the research tax credit (crédit impôt recherche or CIR) has been expressed as a reduction in R&D expenditure - and therefore an improvement in EBIT - rather than being accounted for as a reduction in income tax. This change has been made to align with the practices followed by the majority of organizations benefiting from this research tax credit. CIR represented EUR2.6 million in the first six months of 2008.
(ii) The split of exchange rate gains and losses between an operational component and a financial component. Exchange rate losses related to financial operations in the first six months of 2008 represented -EUR0.4 million, which was accounted for in EBIT at the time of the publication of the 2008 accounts.
Selling, general and administrative expenses, expressed as a percentage of revenues, were slightly higher (by 0.1 point); during the period they were EUR99.3 million compared with the figure of EUR97.3 million published for the first six months of 2008. General and administrative expenses of EUR36.8 million for the first half of 2009 compare with EUR33.6 million for the first half of 2008; this EUR33.6 million includes the impact of the favorable resolution of tax-related disputes in France and long-standing social litigation in the US. Strict cost control has resulted in a reduction in selling expenses from EUR63.7 million in the first half of 2008, to EUR62.5 million in the first six months of 2009. In terms of R&D, Bull is now focusing its efforts on Extreme Computing and secure storage. In the area of Extreme Computing, Bull has modified its R&D model by prioritizing investment in areas that involve technical and financial collaboration with its strategic partners. As a result, despite the fact that there are still very significant efforts being made in this area, net R&D costs have gone from EUR11.7 million in the first half of 2008 (after the changes in accounting presentation described above have been taken into account), or 2.1% or revenues, to EUR8.9 million, or 1.6% of revenues in the first six months of 2009. In parallel, the Group has reduced its R&D expenditure on its own proprietary technologies.
Net income, at EUR2.0 million, was lower than the figure of EUR4.7 million published for the first six months of 2008
In particular, net income includes a net restructuring charge of EUR7.7 million aimed at continuing to restructure the Group's cost structure. An increase in net financing costs compared with 2008 is linked to the lower returns realized on short term investments. Tax charges for the period were EUR3.0 million.
Net cash position (see glossary) was EUR250.4 million as at June 30 2009, compared with EUR171.1 million as at June 30 2008
As in previous years, the group net cash position demonstrates a marked seasonality from one six-month period to another.
In the second half of 2008, positive cashflow and the implementation of a factoring contract which has allowed derecognition by Bull SAS of some receivables, have enabled net cash to grow and reach EUR302.4 million as at December 31 2008 compared with EUR171.1 million as at June 30 2008.
Operating cashflow for the first six months of 2009 was negative, at EUR(14.5) million, compared with a negative cashflow of EUR(5) million for the first six months of 2008. Performance during the second half of 2008 had been particularly strong with collection before year-end of some fifteen million euros due only at the beginning of 2009.
In addition, the implementation of the new factoring contract by Bull SAS in December 2008 resulted in a fall of EUR20 million in the first six months of 2009, with collections during this period being higher than invoicing. This EUR20 million results from timing differences between invoicing and collections, which should be compensated from one semester to the next.
Finally, non-recurring items for the first six months of 2009, related to acquisitions and restructuring, generated cash outflow of EUR17.5 million.
As of the end of June 2009, the gross cash position (see glossary) stood at EUR277.7 million and net cash (see glossary) at EUR250.4 million. The Group's funds are invested either as certificates of deposit or in euro-denominated money-market funds.
Key highlights for the first six months of 2009
Throughout the first half of 2009, Bull has designed and implemented technologies and services to help its customers come through the recession even stronger. Digital technologies effectively help businesses in two kinds of ways: with defensive actions aimed at realizing immediate cost cutting; and proactive initiatives to promote innovation, the key springboard for getting through the current economic crisis.
1) Using computer simulation means businesses can develop new products extremely quickly, with an immediate improvement on their 'time-to-market'. Bull has opened up the way to Extreme Computing with the launch of bullx, speeding up the development of the digital economy and innovation in Europe. As a result, Bull has reaffirmed its position as a benchmark supplier in Europe.
- With its bullx supercomputers, Bull is offering a whole new
family of environmentally-efficient, ultra-dense and ultra
high-performance supercomputers. Designed for unlimited innovation, the
bullx supercomputers benefit from the know-how and skills of Europe's
largest center of expertise dedicated to Extreme Computing. Delivering
anything from a few teraflops to several petaflops of power, bullx
supercomputers are easy to use by everyone from a small R&D office to
a world-class Data Center. bullx supercomputers have already been
ordered by a number of major customers, including the University of
Cologne and the French Atomic Energy Authority (the CEA).
- The launch of Bull's ambitious strategy in the field of
Extreme Computing has been praised by Gartner, a consulting firm- who
just a few days after the launch of bullx said: "If you are planning a
new supercomputing installation located in and around Europe, consider
adding the bullx blade server to your shortlist for consideration,
particularly if space, power or heat are an issue" - as well as by IDC.
- In January 2009, the Jülich Research Center (Forschungzentrum Jülich)
in Germany chose Bull to supply it with a second
supercomputer. Delivering some 100 teraflops of power, the supercomputer
is destined to host applications for the European Union's Fusion
project. Alongside the Bull JuRoPA supercomputer ordered in 2008, this
has created a computing platform delivering almost 300 teraflops
overall. According to the TOP500 ranking, this positions it as one of
the leading group of most powerful supercomputers in Europe and number
10 in the world.
- In another tangible proof of Bull's dynamism in the
supercomputing sector, Bull joined forces in June 2009 with ffA (Foster
Findlay Associates Ltd), to provide customers in the oil and gas sector
with high-performance Bull supercomputers, equipped with ffA's
GPU-enabled 3D seismic analysis software.
- HPC-on-demand is an innovative new offering which combines
increased competitiveness, security and cost optimization. In order to
speed up the complex calculations needed by its Finance and Investment
Banking division Société Générale has chosen to use an extremely
flexible approach from Bull which allows them to rent Extreme Computing
capacity 'on demand'. Through this service, Bull provides computational
servers, along with the appropriate network infrastructure, security
and hosting services to Société Générale Corporate and Investment
Banking, in a way which is totally secure and transparent for their
business users.
- Bull-Joseph Fourier Prize: at the Ter@tec Forum 2009, Didier
Lamouche, Chairman and CEO of Bull, and Catherine Rivière, President of
GENCI - the French national High-Performance Computing organization -
presented the Bull-Joseph Fourier Prize to three young researchers for
their work in the field of computer simulation. The Prize aims to
recognize the work of researchers working in the field of computer
application simulation parallelization in traditional or hybrid
architectures.
2) Bull has further strengthened its offerings to provide its customers with competitive secure storage solutions and to help them face up to their biggest challenges, especially when it comes to energy consumption.
- The BioDataCenter(TM) is an innovative approach to enable
better management of Data Center resources. Bull has signed a partnership
agreement with GlassHouse Technologies, a leading independent US IT
infrastructure consulting and services firm, to jointly deliver storage
consulting services throughout Europe. These new storage assessment
services will help organizations identify and quantify potential storage
economies and the benefits of new storage optimization technologies.
- In its on-going program of research into products that
combine competitive performance and cost reduction, Bull has further
strengthened its virtual Data Center solutions with the launch of
high-end EMC Symmetrix V-Max storage systems. Symmetrix V-Max systems
are at the heart of Bull's StoreWay product family, and have enabled
the company to extend its range of virtualization solutions for Data
Centers hosting critical applications, while meeting ever more demanding
SLAs (service level agreements) and customers' requirements to optimize
their storage infrastructures and reduce their costs.
- Bull has delivered a number of storage infrastructure integration
projects for large companies including Maif and Dassault-Aviation.
3) The current economic crisis is also an opportunity for major public sector bodies and enterprises to tackle tomorrow's challenges today. During the first half of the year, Bull clearly demonstrated the value of its highly competitive offerings.
- The Moroccan Post Office is working with Bull on the
modernization of its entire automated address recognition system - based
on digital technologies. As coordinator for the project, Bull is leading
a group of partners including AddressVision Inc. (AVI), its subsidiary
specializing in automated mail solutions used to process more than 50%
of all international mail, and National Presort Inc. (NPI), a major US
mail sorting machinery manufacturer. The project is also using Prime
Vision BV's postal address recognition engines.
- In another tangible example of the Group's ability to meet
the needs of major government departments very effectively, Bull has been
chosen to provide maintenance and application updating services for the
French job center (Pôle Emploi) information systems.
- OPT, New Caledonia's Office of Post and Telecommunications
Services, has chosen Bull to help it to launch innovative messaging and
'Multi-play' messaging services. Bull is integrating a new mediation,
provisioning and value-added services system from Comptel, which will
allow OPT to offer pre-paid fixed telephone services, fixed-line voice
messaging and high speed internet based 'Multi-Play' services.
- CNAF - the French national family allowance service - has
shown renewed confidence in Bull, with a contract to consolidate all its
NovaScale 9000 servers at a single national center.
- Kredyt Bank S.A. (a member of KBC Group NV) selected Bull
Escala for its new IT architecture. Bull's solution meets KB's
requirements in terms of consolidation and migration of its core
banking applications such as 24/7 management and payment of credit card
transactions and also the implementation of a Disaster Recovery solution.
- Strong in its belief that Open Source is a major factor in
competitiveness, Bull has also launched a collection of 20 solutions that
can be brought into operation immediately to enhance businesses
competitive positioning in a time of economic crisis. Bull is offering
turnkey support for each of these mature and proven solutions, so
customers can benefit from the same quality of service that they would
get with a comparable proprietary software package, for a 60% lower
total cost of ownership on average.
For its part, Bull Evidian reaffirmed its position as the European leader in identity and access management
- Bull Evidian continued to grow its sales both
internationally and in France, in a number of sectors, most notably
banking. In Germany, for example, GAD eG, which operates the Data Center
and provides services to around 500 branches of the Raiffeisen group,
chose Bull Evidian to manage access for some 50,000 of its users.
- PandT Luxembourg - the country's leading postal and
telecommunications services operator - chose Evidian Enterprise SSO
(Single Sign-On) to form part of a 'cloud computing' integrated IT
outsourcing offering. Evidian Enterprise SSO will allow PandT Luxembourg
and its potential customers to meet Luxembourg's regulatory requirements
more easily, in line with the demands of the national data protection
commission.
- Bull Evidian has also helped the AZ Sint Blasius hospital in
Belgium to improve its security and efficiency: the hospital has chosen
Evidian Enterprise SSO for all its personnel. In particular, the
hospital's decision was due to Bull Evidian's ability to incorporate
user provisioning and identity management functions into its single
sign-on solution. By including both SSO and identity management, the
Evidian software provides a single solution without the need for any
integration work. The key thing for the hospital was to achieve a
significant reduction in the help-desk workload, faster administrative
management of diagnosis and care, and as a result, faster correction of
unsatisfactory security practices.
Finally, Bull is offering a dedicated version of globull, enabling businesses to 'vaccinate' themselves against the threat of Swine 'Flu. To help organizations tackle the major economic risk posed by the rapid spread of the H1N1 virus (Swine 'Flu) - with large numbers of employees potentially being absent from their work location, resulting in less business activity, globull is the world's most secure mobile computing platform. globull ensures that home computers used by employees working remotely are secure, by preventing the propagation of viruses and malware into corporate private networks, and protecting against the risk of industrial espionage or theft of sensitive data, which could have a lasting effect on the survival of the business. As a result, globull offers the leading global, technological and user-friendly response to organizations' security needs in the face of the pandemic threat.
Outlook: taking into account the performance recorded in the first six months of the year, the Group has increased its target EBIT (see glossary) for the 2009 financial year from at least EUR20 million to in excess of EUR25 million.
The key factors that will enable the Group to achieve these objectives will be to improve margins in Services and to grow the sales of integrated products such as Extreme Computing and storage.
Glossary:
Clause de Retour à Meilleure Fortune (CRMF) or profit sharing agreement: In return for the forgiveness of a shareholder's loan, Bull agreed in 2004 to pay annually to the French State a portion of pre-tax profits (EBT) between 2005 and 2012 on condition that (i) EBT for the year is at least EUR10 million; (ii) operating cashflow for the year after restructuring payments exceeds EUR10 million; (iii) shareholders' equity at does not fall below EUR10 million by application of the clause. If any of these conditions are not met, no payment is due for that period. Please refer to Bull's annual report for a full description of the CRMF
EBIT: Earnings before Interest and Taxes, non-operating and non-recurring items and contribution of equity affiliates
Gross cash: Cash and cash equivalents including marketable securities available for sale, deposits and guarantees
Net cash: Gross cash minus financial debt
Financial debt: Financing linked to receivables sold with recourse, bank loans and bonds
Capital expenditure: Acquisition of assets by Bull for its own account or for the account of customers of managed services
About Bull
Bull is an Information Technology company, dedicated to helping Corporations and Public Sector organizations optimize the architecture, operations and the financial return of their Information Systems and their mission-critical related businesses.
Bull focuses on open and secure systems, and as such is the only European-based company offering expertise in all the key elements of the IT value chain.
For more information visit: http://www.bull.com
Financial Calendar
- October 30, 2009: Third quarter revenue for 2009
Key figures for the first half of 2009
EUR millions First half First half
2008 published 2009
Revenues 550.6 100% 558.6 100%
of which Services and Solutions 240.0 44% 241.0 43%
of which Hardware and Systems 156.0 28% 180.6 32%
Solutions
of which Fulfillment and third-party 54.6 10% 41.5 7%
products
of which Maintenance and PRS 100.1 18% 95.5 17%
Gross margin 124.0 22.5% 122.0 21.9%
EBIT (see glossary) 11.5 2.1% 13.7 2.5%
Net income 4.7 0.9% 2.0 0.4%
Numbers may not add up precisely to the total due to rounding.
Geographic breakdown of revenues:
Revenues First half 2008 First half 2009 Variation
EUR millions
France 282.7 285.3 +0.9%
Europe excluding France 184.4 197.1 +6.9%
Rest of the world 83.5 76.2 -8.7%
Total 550.6 558.6 +1.5%
Numbers may not add up precisely to the total due to rounding.
Geographic breakdown of revenues shows a slight increase in France. The rest of Europe excluding France also contributed a greater proportion of Group revenues due partly to external growth. Bull's other international business activities suffered a commensurate decline, due in particular to the sale of the Group's Medicare solutions-related business in the US.
Cashflow
EUR millions First half First half First half
2008 recast* 2009 2009 recast**
EBIT 14.5 13.7 13.7
Depreciation 6.6 7.0 7.0
Capital (7.7) (7.0) (7.0)
expenditure
(see glossary)
Variation in (15.5) (42.6) (22.6)
working capital
Financial charges (1.4) (2.5) (2.5)
Cash taxes (1.6) (3.0) (3.0)
Operating cashflow (5.0) (34.5) (14.5)
(ex. Bull SAS sale
of receivables
without recourse)
Impact of Bull SAS - - (20.0)
sale of
receivables
without recourse
Total cashflow (5.0) (34.5) (34.5)
from continuing
operations
Cashflow from (16.5) (17.5) (17.5)
non-current
operations
Cashflow (21.5) (52.0) (52.0)
Gross cash 283.8 277.7 277.7
position
Net cash position 171.1 250.4 250.4
* recast to reflect the two modifications to accounting treatment relating to R&D tax credits and exchange rate gains/losses put in place from the end of 2008 and described above
* operating cashflow from the first half of 2009 recast to eliminate the impact of the sale of Bull SAS receivables without recourse, enabling a reasonable comparison with cashflow in the first half of 2008.
Summary consolidated financial statements
- Consolidated income statement
EUR millions H1 08 H1 09
recast*
Revenue 550.6 558.6
Gross margin 124.0 22.5% 122.1 21.9%
R&D expenses (11.7) 2.1% (8.9) 1.6%
Selling, General and Administrative expenses (97.3) 17.7% (99.3) 17.8%
Forex gain/(loss) (0.5) (0.2)
EBIT: (see glossary) 14.5 2.6% 13.7 2.5%
Other operating income 0.4 3.4
Other operating expenses (6.9) (8.4)
Share in the net income of associated
enterprises 0.2 0.1
Operating income 8.2 8.8
Forex impact on financial income (0.4) (1.3)
Financial income (1.4) (2.5)
Taxes (1.7) (3.0)
Net income 4.7 2.0
Minority interests - -
Net income: Group share 4.7 2.0
* recast to reflect the two modifications to accounting treatment relating to R&D tax credits and exchange rate gains/losses
- Simplified consolidated balance sheet
EUR millions 30 June 30 June
2008 2009
Tangible and intangible assets 42.0 44.9
Goodwill 43.4 57.8
Non-current financial assets 13.8 13.4
Deferred taxes 28.0 16.5
Non-current assets 127.2 132.6
Inventory 52.2 51.3
Accounts receivable 238.8 142.0
Other current assets 70.9 75.3
Guarantee deposits 3.8 10.7
Cash and cash equivalents 257.3 234.4
Current assets 623.0 513.7
Total assets 750.2 646.3
Shareholders' equity: Group share 81.0 95.2
Minority interests - 0.1
Non-current reserves and liabilities 159.4 148.6
of which CRMF (see glossary) 26.7 19.4
Current reserves and liabilities 509.8 402.4
of which financial debt* 112.6 27.2
Total liabilities 750.2 646.3
* Short-term borrowings stood at EUR101.3 million at 30 June 2008, and EUR16.8 million at 30 June 2009.
Appendix
Published quarterly revenues for the financial years 2009 and 2008
(unaudited data):
Q1 Q2 Q3 Q4 Full
year
EUR millions
2009 Services and 111.1 129.9 - - -
Solutions
Hardware and 74.7 105.9 - - -
Systems
Solutions
Maintenance and 45.0 50.5 - - -
PRS
Fulfillment and 19.0 22.5 - - -
third
party products
Total 249.8 308.8 - - -
2008 Services and 106.6 133.4 111.1 143.2 494.3
Solutions
Hardware and 58.1 97.9 66.9 115.2 338.1
Systems
Solutions
Maintenance and 48.6 51.4 46.8 51.0 197.8
PRS
Fulfillment and 21.2 33.4 16.0 32.2 102.7
third
party products
Total 234.5 316.1 240.7 341.5 1,132.8
Numbers may not add up precisely to the total due to rounding.
Disclaimer
This Press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause expected results to differ.
Although Bull believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the expected results will be as set out in this Press release. Neither Bull nor any other company within the Bull Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither Bull, any other company within the Bull Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.
---------------------------------
[1] Two changes introduced at the end of 2008, explain why EBIT for the first six months of 2008 has been recast: (i) the research tax credit (crédit impôt recherche or CIR) is now expressed as a reduction in R&D expenditure. CIR represented EUR2.6 million in the first six months of 2008. (ii) the split of exchange rate gains and losses between an operational component and a financial component. The financial impact of exchange rates in the first six months of 2008 was EUR(0.4) million. Published EBIT for the first six months of 2008 was EUR11.5 million; when recast to reflect these two changes it becomes EUR14.5 million.
[2] Business activities sold in 2008 contributed revenues of EUR15.9 million during the first six months of 2008. The contribution to revenues of companies acquired during 2008 and 2009 was EUR14.9 million in the first six months of 2009.
Investor Relations: Bull: Peter Campbell: Tel: +33(0)1-30-80-32-36 - peter.campbell@bull.net
Press Relations: Bull: Barbara Coumaros: Tel: +33-(0)6-85-52-84-84 - barbara.coumaros@bull.net
SOURCE Bull
For further information: Investor Relations: Bull: Peter Campbell: Tel: +33(0)1-30-80-32-36 - peter.campbell@bull.net; Press Relations: Bull: Barbara Coumaros: Tel: +33-(0)6-85-52-84-84 - barbara.coumaros@bull.net
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