Fi SYSTEM Group: Consolidated Results for the 2000 Financial Year

PARIS, April 3, 2001 (PRIMEZONE) -- The Fi SYSTEM Group's consolidated accounts were made up by the Board of Directors, chaired by Mr. Thierry Thevenet, on March 30th 2001.

These accounts are in accordance with the provisional accounts released by the Group on February 12th 2001 and do not include the company Ubicco.

 Millions of Euros              Group,        Ubicco       Group Total
                             xcl. Ubicco
 Consolidated turnover          58.2           0.3           58.5
 Gross operating surplus
 (EBITDA)                       (3.6)         (1.2)          (4.8)
 Operating income               (7.0)         (1.3)          (8.3)
 Net income,
  before amortization          (10.6)         (1.3)         (11.9)
 Net income,
  after amortization           (21.8)         (1.3)         (23.1)

1. Comments regarding Group activity in 2000

The Group's consolidated turnover for 2000, exclusive of Ubicco(1), was EUR 58.2m. Consolidated turnover for Ubicco(2) (, an editor of multi-terminal e-business solutions, was EUR 0.3m. Consolidated turnover for the Group was EUR 58.5m.

Pro forma3 turnover was EUR 60.8m, representing an increase of 118% on the previous financial year. Over the course of the year 2000 the Group expanded its presence in Europe, with 19% of pro forma turnover realized in European countries other than France (Belgium, Spain, Italy, and the UK). The Group is not present on the American, Asian or Scandinavian markets.

Gross operating surplus (EBITDA) for the Group, exclusive of Ubicco, was of EUR (3.6m). Net income, exclusive of Ubicco, was of EUR (7m). Ubicco's gross operating surplus was of EUR (1.2m) and its net income was of EUR (1.3m).

Investments for the 2000 financial year focused primarily on:

 -- The development of a structure capable of resolving the whole
    range of clients' consulting and realization issues, across 5
    European countries.
 -- The pre-project recruitment of more than three hundred consultants
    and engineers.
 -- The construction of an organization led by managers with
    experience of some of the biggest European service structures.

These investments authorized in 2000 have allowed the Group to join the European leaders in the field of large-scale e-business project integration. This position, acquired over 2000, should allow Fi SYSTEM to be amongst the long-term market leaders and to ensure durable growth and a return to operational profitability in 2001.

Expenses related to the increase in capital processed in July 2000 have been charged on the share premium for a total amount of EUR 6.1m, including EUR 2.5m linked to the advertising campaign (total amount EUR 3.5m).

The Group's net accounting income, exclusive of Ubicco, after tax and employee profit sharing and before amortization, was of EUR (10.6m). For Ubicco, the figure is EUR (1.3m). The net accounting income is in fact the true reflection of the Group's activity before the deduction of goodwill -- an accounting amortization which alters the consolidated accounts.

 (1) Taking into account Fi SYSTEM SA, Access2net1, and all the UK,
     Belgian, Spanish and Italian subsidiaries
 (2) Subsidiary under 95% ownership
 (3) Including the company MediaItaly as of January 1st 2000

2. Comments on the Amortization

After amortization, the Group's net accounting income, exclusive of Ubicco, was of EUR (21.8m). For Ubicco, the figure is EUR (1.3m). The net accounting income for the consolidated whole, after amortization, was of EUR (23.1m).

Amortization of goodwill, i.e. EUR 11.2m, involved:

 -- The merger of the companies Analogi, Sogefi, Probase, CoPlaNet,
    Infine Conseil, Stratelite and Fi SYSTEM SA, backdated to January
    1st 1999
 -- The acquisition by Fi SYSTEM UK of the goodwill of the company
    Kord Group in December 1999.
 -- The acquisition by Fi SYSTEM Iberica of the goodwill of the
    company InTouch New Media in November 1999.
 -- The acquisition by Fi SYSTEM SA of the company EOS Telerelations
    in February 2000.
 -- The acquisition by Fi SYSTEM BELGIUM of the company ASCII in
    February 2000.
 -- The acquisition by Fi SYSTEM UK of the company GCP in January 2000
    and of the company BNM in February 2000.
 -- The merger of the companies KTT and Fi SYSTEM SA, backdated to
    January 1st 2000.

Goodwill is amortized over 5 years using a straight-line method, and the amortization allowance was entered as an extraordinary expense. The period of amortization is in line with IASC standards. Additional amortization was applied in 2000 to the goodwill of EOS Telerelations and InTouch New Media, in the amount of EUR 3m.

3. Comments on Group's Equity Capital & Net Liquidity

The Fi SYSTEM group's equity capital, at December 31st 2000, totaled EUR 87.9m, for a long-term debt total of EUR 2.5m.

The Group's net liquidity, at December 31st 2000, was of EUR 33m. It should be noted that this amount has not changed significantly since the beginning of the 2001 financial year.


The skill centers of Fi SYSTEM's European team-members encompasses all aspects of the e-business process: Strategic Consulting, Web Engineering, Web Design, Marketing, PR, and Communication.

Founded in 1992, Fi SYSTEM's(1) 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 front-runners 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 UK (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 SBF 120 index and the IT CAC50, and is on the deferred settlement stocklist.

(1) Including subsidiaries Fi SYSTEM Iberica, Fi SYSTEM Belgium, Fi SYSTEM UK plc, UBICCO and Access2net (subsidiary under 35% ownership).


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