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Linedata Services: 2003 Results

Linedata Services achieved consolidated revenues of €100.3M, up 5.9 % (+10.3% at a constant exchange rate). Asset Management accounts for 52.7% of activity with Leasing & Credit Finance at 24.4% and Savings & Insurance at 22.9%.

2003 was an outstanding year for Leasing & Credit Finance business unit thus allowing Linedata Services to reach its goal of maintaining its EBIT margin at 16.6% in 2003. The return to a normal taxation rates meant that the group’s net result rose sharply by 32.8% to €7.1M. Net margin before goodwill thus increased beyond expectations at 10.8%.

Linedata Services continued to improve its financial structure by significantly cutting its net capital gearing to 44% at the end of 2003 (vs 52% in late 2002). A +23.6% increase in net profit per share showed the group’s ability to integrate successfully external growth operations (almost €20M in revenues in 2003) which will be accretive for shareholders without having an adverse effect on the financial structure.

Positive outlook for 2004:
A dynamic Asset Management action plan
At the end of 2003, Linedata Services launched a series of acceleration plans for its R&D and sales force optimisation programs to increase its competitive edge and gain further market shares. Sales teams will thus draw on an increasingly comprehensive offering in terms of functionalities to meet the demanding requirements of international Front and Middle Office markets. The action plan should enable the group to establish positive organic growth in Asset Management in 2004.

High-potential markets in Leasing & Credit Finance and Savings & Insurance
Linedata Services’ Leasing & Credit Finance will continue to offer support to clients deploying their solutions across Europe in 2004 while furthering the development of its ASP model. 2004 marks an important year for Savings & Insurance, when comprehensive offerings will need to be designed to meet the changing pension scheme solutions in the wake of the Fillon law reforms. Linedata Services will also endeavour to completely integrate ESDS activities.

Organic growth of at least 5% forecast for 2004.
Linedata Services’ main goal for 2004 is to obtain at least a 5% increase on proforma revenues, valued at €110M at the beginning of the year, keeping current margin levels. This growth, which is mainly expected to occur in the second half of the year, will be bolstered by acquisitions opportunities currently being reviewed.

Linedata Services will publish its revenues figures for the 1st quarter of 2004 on May 5, 2004.