PARIS, France, May 14, 2001 (PRIMEZONE) -- Fi SYSTEM reported consolidated turnover for the Fi SYSTEM group for the 1st quarter of the 2001 financial year of 15.89m Euros. This turnover is broken down as follows: 15.55m Euros for all Service activity; 0.3m Euros for its EOS Contact Center subsidiary; and 0.04m Euros for its subsidiary Ubicco, a provider of multi-device technology. 81% of turnover was realized in France, and 19% across the rest of Europe (Belgium, Spain, Italy and the U.K.).
Consolidated turnover in millions of Euros
Turnover Sequential Growth
Q1-01 Q4-00 Q1-00 growth Q1-01/
----------------------- Q1-01/ Q1-00
Q4-00
Fi SYSTEM Professional
Services Europe (Excl.
subsidiaries Ubicco and
EOS Contact Center) 15.55 14.41 11.70 8% 33%
EOS Contact Center 0.3
Ubicco 0.04
The growth in turnover for Service activity is of 33% when compared to the first quarter 2000, despite the unfavorable effect of an exceptional first quarter 2000, which saw a large surplus of services -- linked to pure Internet companies -- which are non-recurrent in 2001. Growth for Service activity -- using the same comparative data as in 2000 -- is of 22%. Large-scale integration projects signed with blue chip companies at the end of the 2000 financial year and new contracts won this quarter have allowed an 8% sequential growth in Service activity, when compared to the fourth quarter 2000.
Gross Operating Surplus (EBITDA) for Service activity was (1.37m) Euros, and the Operating Result close to (2.6m) Euros. Non-recurrent elements account for (0.3m) Euros of these quarterly results.
The work put in by Fi SYSTEM's team members and managers to ensure a return to profitability over the 2001 financial year is beginning to bear fruit, since the first quarter 2001 shows the return to a balanced Gross Operating Surplus (EBITDA) for the French entity (over 80% of turnover), as against a Gross Operating Surplus of (0.5m) Euros for the fourth quarter 2000. Without the inclusion of European Corporate structural costs, the Gross Operating Surplus for France is 0.44m Euros, ie. 3.5% of Service turnover.
1st Quarter 2001 (in millions of Euros)
France Rest of Europe
Country turnover 12.55 3.00
Country Gross Operating
Surplus (EBITDA)
(excl. Corporate structural costs) +0.44 -1.29
Corporate structural costs: 0.52m Euros.
Non audited figures.
Moreover, the Gross Operating Surplus of subsidiaries EOS Contact Center and Ubicco has an effect on the Group result. The figures are negative -- around 0.3m Euros for EOS Contact Center and 0.6m Euros for Ubicco.
Group liquidity is of 28.4m Euros.
Fi SYSTEM's Service activity over the first quarter is divided up into strategic and operational consulting, the development and promotion of complex Websites, the overhaul of IT systems and the development of specific applications integrating new Internet technologies (XML, Java, distributed architecture), as well as the development of intranets and corporate portals. In these different areas, many of Fi SYSTEM's existing clients have entrusted its teams with new projects: HDS-Zendis, Michelin, Heinz, France Telecom, Schneider, CGEA, Credit Lyonnais, Ministere de l'emploi, Mairie de Paris, European Union, Vivendi Universal, Direction Generale des Impots, Ministere de l'Education Nationale, La Poste, Peugeot, Procter & Gamble, Hugo Boss). Other major groups have also put their trust in Fi SYSTEM's teams for the realization of one or more of their projects: Altadis, Allocine, PPR, Tiscali, ST MicroElectronics, Gemplus, Interrail, Maporama, Club Mediterranee have thus all joined the list of Fi SYSTEM's prestigious clients.
The recent changes in the area of competition and the increasing maturity of clients' demands should, over the coming quarters, allow Fi SYSTEM to make the most of the position it acquired in 2000 as an integrator of large-scale projects. Fi SYSTEM is currently one of the only European service providers specialized in the Internet to have successfully taken on the role of integrator, and which has the ability to build multidisciplinary teams for its clients with a strong commitment to meeting deadlines, providing quality service and keeping to the budget.
Over the coming months, the group will continue to concentrate on the return to profitability, the reinforcement of its sales structure and the strengthening of its existing European network, whilst at the same time keeping to its positioning strategy as an integrator of large e-business projects.
These quarterly results, along with the return to a balanced EBITDA for France, should -- given a favorable economic climate in Europe -- allow the group to achieve its aim of a return to operational profitability over the 2001 financial year.
About Fi SYSTEM www.fisystem.com
The skill centers of Fi SYSTEM's (see Note) European team-members encompass all aspects of the e-business process: Strategic Consulting, Web Engineering, Web Design, Marketing, PR and Communication.
Founded in 1992, Fi SYSTEM's Internet, intranet and extranet services combine creativity and technological savoir-faire. Working with European dotcoms and blue-chip clients, the company portfolio includes more than 550 B2B, B2C and B2E references, making Fi SYSTEM one of the frontrunners on the European market and allowing the company to put its on- and offline teams' experience and responsiveness to the best possible use in keeping its clients ahead of the market.
Fi SYSTEM is present in France (Paris, Lyon, Marseille, Nantes, Strasbourg, Toulouse), the U.K. (London, Leeds, Manchester), Spain (Barcelona), Belgium (Brussels) and Italy (Milan, Rome).
Fi SYSTEM is listed on the Nouveau Marche of the Paris Stock Exchange (Sicovam: 6588; Reuters: FISY.LN; Bloomberg: FIS NM), is a benchmark value on the IT CAC50, and is on the deferred settlement stocklist.
Note: including subsidiaries Fi SYSTEM Iberica, Fi SYSTEM Belgium, Fi SYSTEM UK plc, UBICCO and Access2net (subsidiary under 35% ownership).
-0- CONTACT: Fi SYSTEM, Paris Denis LaFont, Corporate Development Director + 33 1 55 04 03 17 Bernard Peyrical, Financial Communications + 33 1 55 04 04 51