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LINEDATA SERVICES, 2002 results up on forecasts

EBIT: + 36%

€M 2001 2002 Var
Revenues 79.1 94.7 +19.8%
EBIT 11.6 15.8 +35.9%
EBIT margin 14.7% 16.7%
Net result before goodwill 6.8 8.7 +26.9%
Net margin before goodwill 8.6% 9.3%
Net result after goodwill 3.8 5.3 +38.8%

Linedata Services achieved consolidated revenues in 2002 amounting to €94.7M, up 19.8%. Asset management represents 57% of revenues, Leasing and Credit Finance 22% and Employee Savings 21%. International revenues now account for over 35% of revenue, compared with 22% in 2001.

EBIT (after employee profit sharing) also showed strong growth, up by 35.9%, with EBIT margin up 2 points, representing 16.7% of revenues. Ahead of forecasts, these excellent results again confirm the success of the group's ASP economic model, which draws on economies of scale linked to growth. Despite a return to "normal" taxation, net result before goodwill rose 27% to €8.7M.

As forecast, the group's own cash flow resources rose to €15.5M (+50%), resulting in a significant reduction in gearing to 51.8% of shareholder's equity at the end of 2002 (vs 63.4% at the end of 2001). On December 31, 2002, available cash flow had risen to €16M.

Prospects for 2003: continue to gain market shares in Europe
In 2003, Linedata Services should continue to generate overall growth of between 10 and 15%, including the contribution over 10 months of Thomson Financial's Asset management assets acquired at the start of March 2003. The group's sales and R&D efforts should start to pay off, promoting penetration of major accounts in Europe.

Linedata Services will also focus on recurring income from its 200-strong Asset Management customer base, while aiming to realize its development potential in Europe in the Leasing and Credit Finance sector and launch new complementary Employee Savings offers. The group will also continue its efforts to improve margins.

Linedata Services will publish its revenues figures for the 1st quarter of 2003 on April 29, 2003.