Bull: Full year results 2012

  Bull: Full year results 2012

  *‘BullWay 2013’ EBIT target reached one year ahead of schedule: €50.7m
  *Order intake up by 7.7%, with a book-to-bill ratio of 1.10
  *Slight contraction in revenues
  *16% growth in EBIT
  *Bull reiterates its objectives

Business Wire

PARIS -- February 14, 2013

Regulatory News:

The Board of Directors of Bull (Euronext Paris: FR0010266601 - BULL) approved
the Group’s 2012 consolidated financial statements on 13 February 2013. The
consolidated financial statements have been audited, and the Statutory
Auditor’s report will be issued once the requisite procedures for publication
of the Annual Financial Report have been completed.

2012 key figures

(€ millions)             2012             2011             % change
Order intake             1,413.2         1,312.6         +7.7%  
Book-to-bill ratio^*     1.10           1.01                  
Revenues                  1,285.2           1,300.7           -1.2%
Gross profit              293.6     22.8%   289.9     22.3%   +1.3%    +0.5pts
Operating expenses       242.6          244.4          -0.8%   
EBITDA^*                 72.8           65.2                  
EBIT^*                   50.7     3.9%   43.7     3.4%   +16.2%  +0.5pts
Net income (Group        26.6           (16.5)                

^* See glossary at the end of this press release for an explanation of all
terms marked with an asterisk

Philippe Vannier, Bull’s Chairman and CEO, commented: “I am delighted with the
Group’s firm performance in 2012, which confirms the relevance of the
strategic course mapped out at the end of 2010 in the Bullway 2013 plan. Bull
has reached our EBIT target one year ahead of schedule. Despite the
challenging environment beset by uncertainty, EBIT came in 84% above its 2009
level. The Group further strengthened its presence in cloud computing,
supercomputers and security and is also highly proficient in technologies that
will be game-changers in years to come. Our ambition is to continue to grow
profit and win market share.”

  *Order intake increased by 7.7% to €1,413.2 million in 2012, thanks to a
    leap of 20% in the final quarter;
  *Revenues for the year  totalled €1,285.2 million, representing a small
    decline of 1.2%;
  *The book-to-bill* ratio for 2012 climbed to 1.10;
  *EBIT* advanced to €50.7 million, up 16.2% compared with 2011;
  *The BullWay 2013 plan aimed at repositioning the Group in high added-value
    markets and focusing on operational efficiency also paid off, driving an
    84% increase in EBIT over three years;
  *Net income (Group share) totalled €26.6 million in 2012, compared with a
    loss of €16.5 million in 2011;
  *Operating cash flow* totalled €17.5 million during the year;
  *Bull has further strengthened its Le cloud by Bulloffering by jointly
    founding and establishing a 20% stake in Numergy and thereby rounding out
    its existing private cloud offering with a strategic position in the
    public cloud services market.

Group results

Order intake for the year  increased sharply, rising by 7.7% to €1,413.2
million, driven by very brisk sales activity during Q4 2012 across all the
Group’s Business Lines and the award of several large multi-year contracts. As
a result, the book-to-bill ratio improved very significantly across all areas
of the business, moving up from 1.01 in 2011 to 1.10 in 2012.

Revenues for 2012  stood at €1,285.2 million, down 1.2% compared with 2011.
Revenues increased in all the Group’s Business Lines, with the exception of
Computing Solutions. The delay observed in some large contracts was a drag on
this Business Line by comparison with 2011, as no significant new orders for
these projects were signed until the final quarter of the year. Changes in the
scope of consolidation and exchange rate fluctuations did not have a material
impact in 2012. The Group continued to benefit from its broad international
presence (see Appendix 4). Although business contracted slightly in France and
South America, the rest of Europe made some progress, and North Africa and the
Middle East delivered strong growth.

The gross margin improved by half a percentage point in 2012 to reach 22.8% on
the back of a firm performance in Computing Solutions, Business Integration
Solutions and Security Solutions.

Operating expenses (see Appendix 2) closely mirrored the trend in revenues,
dropping 0.8% in value terms and rising by 0.1points as a percentage of
revenues. Functional and cross-divisional operating costs, which cover key
account management, the international organization and the impact of foreign
exchange gains/(losses) on operating cash flows, declined to €49.6 million.

Gross R&D expenses came to €75.1million or 5.8% of revenues. They were €11.9
million higher than in the previous year owing to the decision to enhance the
Group’s offerings in extreme computing, next-generation infrastructure for
digital energy plants and advanced security solutions. Owing to the increase
in projects sold or externally funded and the growth in expenditure eligible
for the research tax credit, net R&D costs declined to €17.2 million in 2012.

Selling and administrative expenses grew by 2.4% to €225.4 million in 2012.
This increase reflected the decision to strengthen the sales force under the
BullWay 2013 plan and the Group’s drive to increase sales of cross-divisional
solutions harnessing the expertise and resources of various Business Lines.
This increased spending on the sales force contributed to the acceleration in
order intake. Administrative costs remained tightly under control in 2012,
rising by 0.8% over the full year.

EBIT* posted another increase in 2012, rising to €50.7 million, representing
an increase of 16.2% in absolute terms and 0.5 points as a percentage of
revenues compared with 2011. The Group’s EBIT thus exceeded the target of
€50million set in 2010 under the BullWay 2013 plan one year ahead of
schedule, representing an increase of 84% on its 2009 level.

Income from disposals and other operating income and expenses represented an
expense of €0.3million in 2012 compared with an expense of €26.6million in
2011. Negotiated severance payments halved to €7.3 million from €15.8million
in the previous year. Income from associates totalled €0.4million, reflecting
the Group’s share of profits of losses recorded by Numergy, Seres and Bull
Finance. The impact of the change in the provision for the financial recovery
clause (FRC), which was reversed in full on 31 December 2012 with the expiry
of this undertaking, was a gain of €4.9million in 2012 compared with a gain
of €3.3million in 2011. These operating income and expense items represented
a net expense of €2.3million in 2012 compared with €38.3 million in 2011.

Operating income surged to reach €48.4 million in 2012,  compared with €5.4
million in 2011.

In 2012, net financial expense came to €9.9 million, down from €11.5 million
in 2011. In 2012, it included a €4.8 million charge related to the unwinding
of the discounting of pension liabilities in Germany, which was on a par with
the 2011 figure, and a €1.2million charge related to the discounting of
research tax credit receivables, which was below the 2011 level. The increase
in tax expense from €10.9million in 2011 to €12.3 million in 2012 was chiefly
attributable to the rise in the French CVAE levy (contribution for enterprise
added value) to €7.7 million in 2012.

Net income (Group share) came to €26.6 million in the 2012 financial year,
compared with a net loss of €16.5 million in the previous year.

Cash flow and balance sheet

Operating cash flow* amounted to €17.5 million in 2012, compared with
€22.7million in 2011 (see Appendix3). Half of the contraction in operating
cash flow was attributable to the increase in capital expenditure
–particularly investments in the Group’s data centers– and the other half to
the change in the working capital requirement, which was inflated by the
research tax credit. After the payment of financial expenses and taxes and
taking into account non-recurring operating cash outflows, including the
payment of €11.3 million related to Numergy, the total cash outflow came to
€14.9 million.

Gross cash* at 31 December 2012 stood at €323.8 million, down €22.2 million on
the year-earlier level. Indebtedness was reduced by €7.3 million over the
course of 2012. Net cash* came to €254.9 million at 31 December 2012, compared
with €269.8million at year-end 2011.

The structure of the balance sheet at 31 December 2012 (see Appendix 2)
remained essentially unchanged. However, the introduction of the amendments to
IAS 19 in 2013 will put an end to use of the corridor approach and lead to the
recognition in equity of previously unrecognized items. At the beginning of
2013, this is expected to reduce shareholders’ equity (Group share) to around
€132.6million from €175.6million at year-end 2011, with no other impact on
the Group’s financial structure.

Segment information

Innovative Products & Computing Solutions

Innovative Products drives the Group’s development in supercomputers
(High-Performance Computing, HPC) and high-end servers. Computing Solutions
designs, builds and runs critical IT infrastructures, including data centers,
HPC infrastructures and cloud computing solutions.

To provide greater insight into business trends, especially in High
Performance Computing (HPC), which spans the two Business Lines, the analysis
presented here covers a combination of both. The comments made below also
apply to the results of each Business Line taken in isolation, as presented in
Appendix 6.

Innovative Products & Computing Solutions
(€ millions)         2012   2011   % change
Order intake         920.9  852.2  +8.1%
Book-to-bill ratio   1.10   0.98   
Revenues              839.7   868.9   -3.4%
of which HPC          176.8   196.5
Profit contribution   83.1    86.4    -3.8%
Margin (%)           9.9%   9.9%   -

Order intake increased 8.1% compared with 2011 to reach €920.9 million,
driving a significant increase in the book-to-bill ratio to 1.10 for 2012.
Services contracts for IT infrastructure, data center and cloud solutions grew
by almost 30%. In supercomputers (HPC), several very large contracts were
signed in Q4 2012. However, these projects did not contribute to the Business
Line’s revenues for the year. These included a contract signed by Bull with
Météo France, a key customer reference in the highly promising digital
modelling market for weather forecasting.

Revenues for the year totalled €839.7 million, down €29.2 million on the
previous year. This contraction was attributable to the decline in HPC
revenue, which came to €176.8 million in 2012, including maintenance and
service contracts, compared with €196.5 million in 2011 when the Business
Line’s revenues were boosted by two major supercomputing projects. In 2012,
despite lower levels of activity in HPC, the gross margin improved slightly
owing in particular to the larger contribution made by maintenance services to
the business mix.

Greater emphasis was placed on developing supercomputer and high-performance
server offerings that meet the Group’s customers’ requirements for their
critical applications even more effectively. The pertinence of the Business
Line’s R&D investments was clearly demonstrated by the growth in projects sold
to and/or financed by the Group’s customers and longstanding partners, and the
new contracts landed involving these technologies.

The combined profit contribution from Computing Solutions and Innovative
Products totalled €83.1 million. Though lower in absolute terms than in 2011,
this figure was stable as a percentage of revenues.

Business Integration Solutions

Business Integration Solutions provides consultancy, systems integration and
application maintenance for critical business applications especially in the
public sector, telecoms, finance, homeland security, energy, transport and

Business Integration Solutions
(€ millions)         2012   2011   % change
Order intake         354.7  336.8  +5.3%
Book-to-bill ratio   1.10   1.07   
Revenues              322.8   315.6   +2.3%
Profit contribution   11.9    8.7     +36.3%
Margin (%)           3.7%   2.8%   +0.9pts

The order intake moved up 5.3% to €354.7 million on the back of strong sales
performance in France. Revenues increased by 2.3% to €322.8 million.
Activities in and outside France contributed equally to this growth. The
book-to-bill ratio also improved to 1.10 for the period. Third-party
application maintenance activities again posted brisk growth. More efficient
contract execution and improvements to the delivery model made for an increase
in gross margins in 2012. The Business Line continued the roll-out of a
delivery organization based on service centers, mainly at onshore and
near-shore locations. The Business Line’s profit contribution grew by 36.3% to
€11.9million–an increase of 0.9 points as a percentage of revenues.

Security Solutions

Security Solutions is an architect of security and critical systems. The
Business Line acts as a manufacturer, consultant and integrator of end-to-end
security solutions.

(€ millions)                        2012   2011   % change
Order intake                        137.6  123.5  +11.4%
Book-to-bill ratio                  1.12   1.06   
Revenues                            122.7  116.2  +5.6%
Profit contribution before PPA       7.6     5.9     +29.1%
Profit contribution before PPA (%)   6.2%    5.1%    +1.1pts
Profit contribution                  5.3     2.5     +109.2%
Margin (%)                          4.3%   2.2%   +2.1pt

Security Solutions’ order intake grew sharply to reach €137.6 million, an
11.4% improvement compared with 2011. In particular, the Business Line won a
landmark contract in the USA to secure network access at a major manufacturer
included in the Dow Jones index. Its 2012 revenues stood at €122.7 million,
which represents a 5.6% increase on 2011. This Business Line’s fresh impetus
was also reflected in its book-to-bill ratio, which picked up to 1.12. The
positive trend in the Security Solutions Business Line  was chiefly driven by
solutions for critical systems and by the Defense & Telecoms activities.
Revenues were also boosted by some significant identity and access management
contracts landed in the banking sector. The profit contribution more than
doubled in value in 2012 compared with 2011 to €5.3 million, representing a
margin improvement of more than 2 points. Before the amortization charge for
intangible assets related to the acquisition of Amesys, the margin stood at
6.2% of revenues in 2012.

Fourth-quarter 2012 (unaudited data)

In the fourth quarter of 2012 (see Appendix 5), the order intake jumped by 20%
year-on-year to reach €507.7 million. All the Group’s Business Lines
contributed to this performance, with growth rates running at close to or over
10%. Supercomputer sales were especially buoyant, as anticipated at the end of
Q3, with the award of several very substantial contracts. These major
supercomputer projects made a significant contribution to the 27% increase in
order intake recorded by Computing Solutions.

Revenues from the Innovative Products, Business Integration Solutions and
Security Solutions Business Lines all recorded increases of between 4% and 5%
during Q4 2012. However, Computing Solutions revenues fell by 10.4%, cutting
Group revenues to €401.2 million for the quarter, a year-on-year fall of 4.9%.
Unlike in Q4 2011 when revenue contributions were recorded by two major
supercomputing projects, the stronger sales performance in the
High-Performance Computing business during Q4 2012 did not translate into

Highlights of 2012

In 2012, in line with its strategic plan, Bull strengthened its position in
cloud computing (see press release dated 04/12/12) and now offers a
comprehensive range of solutions –called Le cloud by Bull®– covering all types
of customer requirements, both for private and public cloud services. Bull now
includes the public cloud offerings marketed by Numergy, a company founded
jointly by Bull (with a 20% interest in its capital), SFR and Caisse des
Dépôts et Consignations (CDC), with the aim of building and running a ‘secure
digital energy plant’. The project represents a total investment of €225
million by its shareholders, and is set to create 400 jobs (05/09/12).

This new addition to the offering–combined with the Group’s security
expertise–has enabled Bull to implement numerous cloud solutions for
organizations including the French Post Office (21/06/12), Valéo (29/06/12)
and the French Ministry of Culture, by which the Group has been officially
certified to offer a third-party archiving service (26/06/12).

During 2012, Bull continued the development of its supercomputing (HPC)
activities, especially in Europe where the Group’s solutions were chosen by
Dresden University of Technology (13/12/12) and by the SARA High-Performance
Computing research center in the Netherlands (12/11/12). In France, Meteo
France chose the latest generation of Bull supercomputers to support its
weather forecasting and climate research activities. Featuring a highly
innovative cooling system, these supercomputers have an extremely small carbon
footprint and are due to deliver peak performance in excess of 5 petaflops by
2016 (08/11/12). This is a highly positive breakthrough for the Group, which
clinched the deal owing to the cutting-edge expertise it has developed in this

Two petascale supercomputers installed during 2011–Helios in Japan (19/03/12)
and Curie in France (15/02/12)–were officially inaugurated in 2012. Work
yielding major advances in global research has already been carried out using
these new systems and their computing power. For example, astrophysicist
Jean-Michel Alimi has simulated the entire observable Universe from the Big
Bang through to the present day (27/06/12). In 2012, NumInnov, the Group’s HPC
cloud services initiative, was also chosen for funding by the French National
Fund for a Digital Society, acting on behalf of the CDC. Bull’s project will
enable SMEs and medium-sized companies to benefit from the innovation
capabilities provided by HPC (14/05/12).

Given the strategic nature of computing power for innovation in Europe,
manufacturers in the IT sector and a number of research centers have joined
forces to create the European Platform for High Performance Computing,
supported by the European Commission. An engineer from Bull currently chairs
this organization (14/06/12).

Bull has made significant progress in integration services for third-party
application maintenance. As a result of its expanding capabilities and
industrialization of its processes in this area, the Group has landed some
major third-party application maintenance contracts around the world,
including with O’Boticario in Brazil (Bull Direct, February 2012), with
Moroccan telecoms operator Inwi, with the Polish Finance Ministry and with a
major defense company in France.

Following its recent reorganization, Bull’s Security Solutions Business Line
has consolidated its development by contributing to the improvement in
security solutions across the Group, especially in cloud computing, by
launching new offerings such as Raid Shadow (05/10/12) and the sphone
(03/10/12) and by bolstering its positions in secure identification in Japan
and the USA.


The BullWay plan unveiled at the end of 2010 is delivering benefits despite
the persistent uncertainties affecting the environment. The Group has
confirmed its EBIT objectives for 2013. It is targeting EBIT of between €50
and €60 million, with revenue growth 50% above that of the market at large.


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 actual performance to differ from expected results.

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.

Provisional financial calendar

25 April 2013      First quarter 2013 revenues
7 June 2013           Annual General Meeting
25 July 2013          Second quarter 2013 revenues and 2013 half-year results
24 October 2013       Third quarter 2013 revenues

Presentation meeting and webcast

Philippe Vannier, Chairman and CEO of Bull Group, will be hosting the
following presentations today in order to comment on this press release:

(i) 08:30 (CET), Audio webcast in English.

    Audio webcast:        link available at
        Dial-in numbers (for   France: +33 (0)1 7099 3212
                               UK: +44 (0)207 1620 177
                               Germany: +49 (0)695 8999 0509

Analysts and investors who wish to take part in the Q&A session following the
presentation may do so using the numbers listed above. The presentation will
be available as a live-streamed webcast and will also be available to download
from Bull’s web site.

(ii) 10:30 (CET), presentation meeting in French, for analysts and
journalists. Given that space at this meeting for the press and financial
analysts is limited, attendance will be by invitation only (see press and
investor relations contacts listed below).

About Bull

Bull is a leader in secure mission-critical digital systems. The Group is
dedicated to developing and implementing solutions where computing power and
security serve to optimize its customers’ information systems, to support
their business. Bull operates in very high added-value markets including
computer simulation, Cloud computing and ‘digital energy plant’, outsourcing
and security.

Currently Bull employs 9,300 people across more than 50 countries, with 700
staff totally focused on R&D. In 2012, Bull recorded revenues of €1.3 billion.

For more information visit: http://www.bull.com
http://www.facebook.com/BullGroup http://twitter.com/bull

Appendix 1: Condensed income statement

                Innovative   Computing    Business        Security
(€ millions)   Products    Solutions   Integration    Solutions   Total
Order intake   71.5        849.4       354.7          137.6       1,413.2
Book-to-bill   0.99        1.11        1.10           1.12        1.10
Total           172.6        774.0        336.6           129.4
Inter-BL       -100.1      -6.8        -13.8          -6.7        
Revenues, net   72.5         767.2        322.8           122.7        1,285.2
Profit          21.4         61.7         11.9            5.3^1        100.3
Margin (%)      29.6%        8.0%         3.7%            4.3%
Functional and cross-divisional costs^2                                (49.6)
EBIT                                                                   50.7
Other operating income and expenses                                    (2.3)
Operating income                                                       48.4
Net financial expenses                                                 (9.6)
Tax expense                                                            (12.3)
Minority interests                                                     0.1
Net income (Group share)                                               26.6
^1 After a charge of €2.3 million relating to the PPA

^2 Including key account management, the international organization and the
impact of foreign exchange on operating cash flows

                Innovative   Computing    Business        Security
(€ millions)   Products    Solutions   Integration    Solutions   Total
Order intake   65.5        786.7       336.8          123.5       1,312.6
Book-to-bill   1.03        0.98        1.07           1.06        1.01
Total           202.4        811.0        322.6           122.1
Inter-BL       -138.6      -5.8        -7.0           -5.8        
Revenues, net   63.8         805.2        315.6           116.2        1,300.7
Profit          20.8         65.5         8.7             2.5^1        97.6
Margin (%)      32.7%        8.1%         2.8%            2.2%
Functional and cross-divisional costs^2                                (53.9)
EBIT                                                                   43.7
Other operating income and expenses                                    (38.3)
Operating income                                                       5.4
Net financial expenses                                                 (10.9)
Tax expense                                                            (10.9)
Minority interests                                                     (0.1)
Net income (Group share)                                               (16.5)
^1 After a charge of €3.4 million relating to the PPA

^2 Including key account management, the international organization and the
impact of foreign exchange on operating cash flows

Appendix 2:Summary consolidated financial statements

Condensed consolidated income statement

(€ millions)                              2012             2011
Revenues                                  1,285.2        1,300.7    
Cost of products and services sold        (991.6)         (1,010.8) 
Gross profit                               293.6     22.8%   289.9       22.3%
Net R&D expenses                           (17.2)            (24.4)
Selling & administrative expenses          (225.3)           (220.0)
Foreign exchange gains/(losses) on        (0.4)          (1.8)      
operating cash flows
EBIT^*                                    50.7     3.9%   43.7       3.4%
Income from disposals and other            (0.3)             (26.6)
operating income and expenses
Negotiated severance payments              (7.3)             (15.8)
Income from associates                     0.4               0.8
Adjustment to the provision for the       4.9            3.3        
financial recovery clause
Operating income                          48.4           5.4        
Foreign exchange gains/(losses) on         0.3               0.6
financial cash flows
Net financial income/(expense)             (9.9)             (11.5)
Tax expense                               (12.3)         (10.9)     
Net income                                26.5           (16.4)     
Minority interests                        (0.1)          0.1        
Net income (Group share)                  26.6     2.1%   (16.5)     n/a
Basic earnings per share (euros)          0.22           (0.14)     
Diluted earnings per share (euros)        0.22           (0.14)     

Condensed consolidated balance sheet

                                                     At 31 December
(€ millions)                                         2012    2011
Intangible assets and property, plant and equipment   74.2    75.9
Goodwill                                              103.9    102.3
Non-current financial assets                          37.9     14.9
Deferred tax assets                                  15.4    16.7
Non-current assets                                   231.4   209.8
Inventories and work in process                       79.6     73.0
Trade receivables                                     133.8    133.7
Other current assets                                  191.3    143.8
Guarantee deposits                                    7.3      8.3
Cash and cash equivalents                            231.8   278.8
Current assets                                       643.8   637.6
Total assets                                         875.2   847.4
Shareholders’ equity – Group share                    201.4    175.6
Minority interests                                    0.7      0.8
Total non-current liabilities (excluding equity)      168.1    184.5
of which FRC*                                         -        4.9
Total current liabilities                            505.0   486.5
Total liabilities and equity                         875.2   847.4

Appendix 3: Cash flow statement

(€ millions)                                   2012    2011
EBIT                                           50.7    43.7
Depreciation and amortization (including PPA)  22.1    21.5
Capital expenditures                            (26.5)   (19.5)
Change in the working capital requirement      (28.8)  (23.0)
Operating cash flows                           17.5    22.7
Net financial expenses paid                     (2.3)    (4.2)
Taxes paid                                      (10.7)   (11.5)
Non-recurring cash flows                       (19.5)  (20.1)
Cash flow                                      (14.9)  (13.1)
Increase/(reduction) in cash                    (22.2)   19.7
(Increase)/reduction in debt                   (7.3)   32.8
Change in net cash                             (14.9)  (13.1)
Net cash*                                      254.9   269.8

Previously, the Group used the concept of “current operating cash flows” to
track its operating cash flow generation. It now uses the concept of
“operating cash flows”, which excludes net financial expense and taxes. Net
financial expense and taxes are cash costs.

The Group believes that this concept is more representative of the cash flows
under the responsibility of operational managers.

Appendix 4: Geographic analysis of revenues:

(€ millions)             Revenues
                         2012     2011     % change
France                    701.1    726.5    -3.5%
Europe excluding France   380.3     378.1     +0.6%
Rest of the world        203.7    196.1    +3.9%
Total                    1,285.2  1,300.7  -1.2%

Appendix 5: Quarterly revenues and order intake summary:

Order intake
(€ millions)                  First    Second   Third    Fourth   Year
                               quarter   quarter   quarter   quarter
          Innovative         10.5     26.2     9.4      25.3     71.5
           Computing           213.2     185.8     139.2     311.2     849.4
2012       Business
           Integration         75.7      94.0      63.8      121.2     354.7
           Security           35.1     29.8     22.9     49.9     137.6
          Total              334.4    335.8    235.3    507.7    1,413.2
           Innovative          8.7       21.6      12.6      22.6      65.5
           Computing           216.1     186.9     138.8     245.0     786.7
2011       Business
           Integration         64.1      92.9      69.3      110.4     336.8
           Security           24.4     35.1     19.0     45.0     123.5
          Total              313.3    336.5    239.7    423.1    1,312.6
           Innovative          +20.3%    +21.5%    -25.1%    +12.1%    +9.1%
           Computing           -1.3%     -0.6%     +0.3%     +27.0%    +8.0%
% change   Business
           Integration         +18.0%    +1.2%     -8.1%     +9.8%     +5.3%
           Security           +43.7%   -15.1%   +20.3%   +10.8%   +11.4%
          Total              +6.7%    -0.2%    -1.8%    +20.0%   +7.7%

(€ millions)                  First    Second   Third    Fourth   Year
                               quarter   quarter   quarter   quarter
          Innovative         11.3     19.7     15.4     26.1     72.5
           Computing           175.6     196.7     154.6     240.3     767.2
2012       Business
           Integration         73.7      84.3      70.3      94.5      322.8
           Security           25.9     29.5     27.0     40.3     122.7
          Total              286.5    330.2    267.3    401.2    1,285.2
           Innovative          10.4      17.5      10.7      25.1      63.8
           Computing           165.2     217.6     154.3     268.1     805.2
2011       Business
           Integration         70.8      77.8      76.8      90.1      315.6
           Security           24.5     28.7     24.5     38.6     116.2
          Total              270.8    341.6    266.4    421.9    1,300.7
           Innovative          +8.3%     +12.5%    +43.4%    +4.0%     +13.6%
           Computing           +6.3%     -9.6%     +0.2%     -10.4%    -4.7%
% change   Business
           Integration         +4.1%     +8.3%     -8.5%     +4.9%     +2.3%
           Security           +5.8%    +2.9%    +10.2%   +4.5%    +5.6%
          Total              +5.8%    -3.3%    +0.4%    -4.9%    -1.2%

Appendix 6: Segment information for Innovative Products and Computing

Innovative Products
(€ millions)         2012   2011   % change
Order intake         71.5   65.5   +9.1%
Book-to-bill ratio   0.99   1.03   
Revenues              72.5    63.8    +13.6%
Profit contribution   21.4    20.8    +2.8%
Margin (%)           29.6%  32.7%  -3.1pt

Computing Solutions
(€ millions)          2012   2011   % change
Order intake          849.4  786.7  +8.0%
Book-to-bill ratio    1.11   0.98   
Revenues                767.2   805.2   -4.7%
Profit contribution     61.7    65.5    -5.9%
Margin (%)            8.0%   8.1%   -0.1pt

Glossary and presentation of financial information:

Book-to-bill ratio: Represents the ratio of new orders to revenues for the

Capital expenditure: Acquisition of assets by Bull for its own use or on
behalf of customers under managed services contracts.

CIR (Crédit d’Impôt Recherche): Research tax credit.

CVAE (Cotisation sur la Valeur Ajoutée des Entreprises): Contribution for
enterprise added value.

EBIT: Earnings Before Interest and Taxes, other operating and financial income
and expenses and income from associates.

EBITDA: Earnings Before Interest and Taxes, other operating and financial
income and expenses, income from associates, depreciation and amortization.

Financial recovery clause (FRC, Clause de Retour à Meilleure Fortune): In
return for the forgiveness of a shareholder’s loan, Bull agreed in 2004 to pay
a portion of pre-tax profits (EBT) to the French State annually between 2005
and 2012 under certain conditions. Please refer to Bull’s annual report for a
full description of the FRC.

Gross cash: Cash and cash equivalents including marketable securities
available for sale, deposits and guarantees. They also include time deposit
accounts, for which cash is available on a daily basis, but which do not
satisfy all the criteria, especially those related to their maturity, for
presentation as cash equivalents.

Indebtedness: Funding obtained from the assignment of receivables with
recourse, bank loans and bonds, leases and derivative instruments.

Net cash: Gross cash less indebtedness.

Operating cash flow: cash flow before financial expenses, tax expense
affecting cash and non-recurring cash flows from operating activities are
taken into account.

Order intake: Represents the total value of firm orders from contracts
recorded during the period. The total firm value corresponds to the
contractual commitment made by customers, based on which management may make
decisions regarding long-term contracts or open-ended contracts (automatic
renewal, for example).

PPA (Purchase Price Allocation): A portion of the purchase price of
acquisitions, including that of the Amesys group in 2010, is allocated to
intangible assets to be amortized in EBIT.

Profit contribution/margin: For each Business Line, Earnings Before Interest
and Taxes, other operating and financial income and expenses, income from
associates, and allocation of functional and cross-divisional costs.

Revenues: Unless stated otherwise, ‘revenues’ refers to consolidated revenues
from external customers. At the beginning of 2012, a revaluation of certain
business activities in Belgium, Brazil, France and Spain led to a very slight
revision (equivalent to less than 0.5% of the Group’s revenues) of the scope
of the Computing Solutions and Business Integration Solutions Business Lines
in these countries. Since the results for the first quarter of 2012 were
published, the data per Business Line for the financial year 2011 has been
adjusted to reflect the current scope of these units, to make for more
relevant year-on-year comparisons. Unless stated otherwise, changes have been
calculated in respect of published data. Organic growth corresponds to the
growth recorded at comparable scope and exchange rates.

In the various tables in this press release, sums may not add up to 100% due
to rounding.


Investor relations:
Vincent Biraud, +33 (0)1 58 04 04 23
Press relations:
Anne-Charlotte Créac’h, +33 (0)1 53 70 94 21
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