2004 Consolidated revenues for the Group totaled 6,291 million euros, an increase of 2.7% over the year at constant rates and perimeter and an increase of 9.3% at current rates and 2004 Full Year Results
- a return to growth
- 2.35 % operating margin in the second half
- 402 M€ of net cash at December 31, 2004
- strong momentum in the fourth quarter
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perimeter, the principal change to the latter being due to the currency fluctuations in the dollar rate against the euro and to the acquisition of Transiciel on 31 December, 2003.
The first half of the year was characterized by a stabilization of the business; the second half of the year showed a net improvement which translates into a sequential growth of 12.4% over the first half and growth of 13.3% over the same period last year, at constant rates and perimeter.
?? Operating income totaled 58 million euros, i.e. an operating margin of 0.9% versus 155 million euros in 2003 (a margin of 2.7%). The first half of the year marked the low point of the past three years, incurring a loss of 20 million euros (a margin of -0.7%). However, the second half of the year posted operating income of 78 million euros (a margin of 2.35%), echoing the first results of the turnaround plan implemented over the past two years.

- Net income for the Group was a loss of 359 million euros after taking into account in particular an exceptional tax charge of 125 million euros, restructuring costs of 220 million euros (of which 127 million euros were associated with staff redundancies and the rationalization of office space)
and a goodwill depreciation charge of 51 million euros.
- Net cash position has significantly improved over the year, from 266 million euros at the end of 2003 to a net position of 402 million euros at the end of 2004. This figure includes 98 million euros of proceeds from the disposal of assets.

Outlook
In a context of gradual market upturn, the principal levers for improving the operational performance of the Group will be higher utilization rates in the project and consulting arenas but also the continued efforts to streamline the cost base: 2004 second half operating performance in Europe and the
favorable market conditions since the beginning of this year pave the way for a significant improvement in European operations’ profitability in 2005.
Management’s priority for 2005 is to achieve the turnaround of the North American business. A fullscale recovery plan is underway which will restore operational breakeven in the second half of 2005.
In summary, the Group’s revenues are expected to increase by around 10% in 2005 and its operating margin should show a marked improvement over the level reached in the second half of 2004.