At constant rates and perimeter, revenues grew by 11.5%, i.e. growth which is clearly higher than that of the market. This is backed up by bookings reaching EUR 4,246 million, EUR 1,203 million of which were for outsourcing.

The operating margin went up by 1.3 point on the first half of 2006.

Operating income was up by EUR 90 million (+ 64.7%) on that of the first half 2006.

After taking into account a net financial charge of EUR 3 million and a tax charge of EUR 59 million (including the recognition of deferred tax assets on tax loss carry-forward amounting to EUR 24 million), the Group's net income for the semester has more than doubled on the first half 2006, to reach EUR 168 million against EUR 71 million for last year.

Net cash went down by EUR 337 million against that of June 30 2006, notably due to the acquisition of Kanbay International.

Analysis of activity by geographic region

• In terms of revenues, the strongest growth at constant rates and perimeter was in the Nordic countries (+21.5%) followed by the Southern Europe area (Spain, Portugal and Italy) with 13.6% and North America (+12.5%).
• In terms of operating margin, Benelux continued to record the best performance in the Group (14.3%) and France - despite a significant improvement on the first half of 2006 - was still reporting the least good (2.5%).

Analysis of activity by discipline

• The strongest growth of this half was reported by Technology Services (+15.4%) thanks to a small improvement in the utilization rate and greater use of offshore resources.
• Outsourcing Services recorded growth of 13.0% thanks to the large contracts signed in late 2005 and early 2006; this progression coupled with the beneficial effects of the Margin Acceleration Program (the MAP plan) allowed for a doubling of the operating margin which has now reached 4.5%.
• Local Professional Services (Sogeti) only went up by 7.8%, but this improvement was especially strong in the Netherlands, Sweden and the United States. This activity remained that with the highest operating margin this year: 9.6% (against 8.4% for the first half of 2006).
• Consulting Services showed strong growth in France and the Southern European countries, and if it seems to be slightly down at global level, it was due to the reshuffle in North America between Consulting and Technology Services. The operating margin for Consulting remains above 8%, as per last year.

Outlook

For Full Year 2007, the Group should record revenue growth of at least 9% (at constant rates and perimeter). A new improvement in profitability should also be recorded, partly due to the operational deployment of the i3 (i cubed) transformation plan, around its three now well-known streams: Industrialization, Innovation and client Intimacy.