ASSYSTEM : Third-Quarter 2012 Revenue Up 10.6%

• Nine-month revenue up 12.9% as reported (5.1% on an organic basis)  

• Sustained growth in the strategic Energy and Aerospace segments, as well as in international markets 

Quarterly business review - (Paris - 12 November 2012, 5:35 pm) - Assystem S.A. (ISIN: FR0000074148 - ASY), a leading Innovation and Engineering Consultancy, today announced its consolidated revenue for the third quarter of 2012, which ended 30 September.

Consolidated revenue and % year-on-year change (unaudited)

NB: Nine-month 2012 figures reflect the changes in scope of consolidation resulting from the disposal of ASG and the acquisition of MPH's operations in France (consolidated over nine months) and its international operations managed from Dubai (consolidated over eight months).

Consolidated revenue amounted to €629.1 million in the first nine months of 2012, representing an increase of 12.9% as reported (5.1% at constant scope of consolidation). Third-quarter revenue stood at €202.0 million, up 3.8% on an organic basis.

In France, third-quarter revenue edged up 0.7% year-on-year on an organic basis in an uneven business environment.

Quarterly revenue also improved in other countries, thanks to the consolidation of MPH and the sustained growth in business in the United Kingdom, one of the Group's leading markets in Europe. In all, international operations accounted for more than 40% of consolidated revenue for the quarter, with a gain of 28.9% as reported and of 9.3% on an organic basis. The appreciation of the British pound against the euro added €3 million to reported quarterly revenue.

Sustained strong growth in the nuclear and aerospace segments in the third quarter

COMPLEX INFRASTRUCTURE ENGINEERING

        The Nuclear business, the leading contributor to Infrastructure Engineering & Operations revenue, delivered 21.3% year-on-year growth over the quarter, with good medium-term visibility. Expansion is being led by projects for EDF and Areva on French nuclear power stations and the efficient execution of the Sellafield contract and the Rolls-Royce programmes in the United Kingdom. In addition, the joint venture with Atkins, n.triple.a, is continuing to successfully deploy its consulting solutions for countries seeking to establish a nuclear power industry, in particular in the Middle East.
In the Oil & Gas segment, Assystem is continuing to build a range of engineering and services solutions, while expanding the business base in the Middle East and Asia.  

The Aerospace business enjoyed another quarter of double-digit growth (up 11.5%). Revenue from post-development (series engineering, supply chain, manufacturing and in-service support) currently account for 50% of consolidated aerospace business. These services offer visibility and recurring business, complementary to those related to the support of new programme development. During the past quarter, Assystem was also awarded several renewals and new multi-year contracts in the areas of testing, integration trials and certification. Thus, the Group is gaining market share in the promising segment of embedded systems.

In the Automotive segment, where operations outside France now account for 30% of consolidated segment revenue, growth in business in Germany and Romania was not enough to offset the fall-off in demand from French automakers during the quarter.
In other industry markets, business visibility has dimmed since September.
In response, the Group has deployed a geographic and job mobility programme for employees, in order to meet the need for engineers, especially in the aerospace industry.

WORKFORCE AND INVOICING RATE

Assystem had 10,603 employees at 30 September 2012, up by a net 902 people since the beginning of the year, of which 214 during the quarter. The operational invoicing rate remains high, at 92% for the third quarter and 91.4% over the first nine months of the year.

OUTLOOK

In light of the contrasting and more difficult manufacturing environment in France, Assystem is targeting an objective of around 5% organic growth in revenue in 2012, with an operating margin of between 7% and 7.5%.

Next financial press release: 2012 revenue, on 7 February 2013

Assystem is an international Engineering and Innovation Consultancy. As a key participant in the industry for more than 40 years, Assystem supports its customers in developing their products and managing their capital expenditure throughout the product life cycle. Assystem employs more than 10,500 people worldwide and reported nearly €850 million in pro forma revenue in 2011. The Company is listed on NYSE Euronext Paris - Compartment B - Code ISIN: FR0000074148 - ASY. For more information: www.assystem.com

CONTACTS

APPENDICES

• Revenue by business unit, nine months ended 30 September 2012 

* Previously known as Plant Engineering & Operations
** Given the growing globalisation of the business base both now and in the future, the Company has chosen to report organic growth
 at current exchange rates.

Besides, Assystem states that no event on the past quarter has any significant impact on its financial structure.

[1] The Outsourced R&D segment comprises the Aerospace Engineering and Technology & Product Engineering business units.