Revue de presse et parution Sys-com

Press Release Paris, september 20, 2002


FY01/02 Results	(Euro thousands)		FY01/02		FY00/01
	Consolidated sales		33.859		34.176
	Operating profit (IAS)		2.361		3.374
	Attributable net profit		1.351		2.330

	Comptes audités Exercice clos au 30 juin
	Effectifs fin de période		358		384



Sys-com, an IT consultancy and services company serving major corporate accounts in the financial industry, and quoted on the Paris Bourse's Second Marché (Sicovam code 7519), reports results for the fiscal year ending on 30 June 2002. The company's consolidated sales of € 33.9 m were flat compared with the previous year's € 32.96 m (on a comparable structure basis). In line with forecasts, IASC operating profit came to € 2.4 m, giving a 7% operating margin, and consolidated attributable net profit was € 1.35 m, which equates to a net margin of 4.2%. The Software and Services market, and in particular the Consulting and IT services markets, were adversely affected during the year by a deteriorating economic environment, shrinking IT budgets and declining corporate investments. In such an environment, tight cost management has remained our top priority. This has helped mitigate the impact of the market's downturn on profitability. Our initiatives to pare the cost base, by containing payrolls and putting an end to hiring, combined with a more aggressive sales drive, have allowed the company to stabilise the inter-contract downtime of the staff of the operational subsidiaries at 13.4% over the past 4 months. Sys-Com's positioning in highly specialised services has also helped it maintain a very high level of customer loyalty - around 96% - with growing volumes in Banking (47% of total sales) and in Insurance (41%). The Information Systems Upgrading offering (third-party maintenance), which has gained wide customer acceptance, accounted for 32% of total revenues. The reorganisation of 3D Harmony is starting to bear fruit, with the subsidiary breaking even in the fourth quarter of FY2001/02. The number of outstanding contracts has grown, and visibility has improved, paving the way for a gradual return to normal levels of inter-contract downtime. Lastly, Sys-Com enjoys a healthy balance sheet: net cash increased to € 5.5 m on 30 June 2002. The performance of the sector appears to have stabilised in May and June 2002, but in view of the uncertain economic outlook for the near future, we will continue implementing a policy that combines stringent cost control, revamping the organisation, and ramping up sales efforts in a drive to improve the efficiency of our company.

Company briefing on 20 September 2002 Focused on services to the financial industry A complementary offering - 50% IT services, 50% consulting – segmented by type of client: Executive managers, Operating managers, IT Department managers. Strong recurrence of revenues with customer loyalty of 96% and a well-balanced portfolio of clients. The net cash position has improved, reaching € 5.5 m on 30 June 2002



Contacts
Sys-com group Jean-François GAUTIER Head of Financial Information		Tél : 01 53 32 30 00		Jfgautier@sys-com-group.com
MP Conseil Michelle Pilczer Fabienne Rodriguez		Tél : 01 47 10 94 94 Fax : 01 47 10 94 95		mpconseil@mpconseil.com
CIC Securities Marie Jo Maestraci Stéphanie Stahr		Tél : 01 45 96 77 01		maestrmr@sdm.cic.fr