First half-year 2016: Solid earnings growth

On 27 September 2016, the Board of Directors of the AUSY Group approved the financial statements for the first half-year of 2016*.

*These financial statements have been subject to a limited review by the group auditors

As announced in the publication of 28 July, AUSY's consolidated turnover for the first half-year totalled

€232.7 million, up 21.7% (+7.5% on a like-for-like basis).

In France, turnover amounted to €126.6 million (+3.3%), despite a demanding basis of comparison (8 consecutive quarters of growth). This entirely organic growth was driven by the Group's two activities: IT systems management and Engineering Services.

At the same time, AUSY and LACROIX decided to strengthen their partnership on complex aviation systems. Over the first half, AUSY joined the team of Lacroix's design office in Toulouse, specialising in aviation safety.

In the international marketplace, turnover for the first half totalled €106.1 million, a rise of 54.5%. In the United States, Celerity, consolidated since November 2015, contributed €26.6 million. On a like-for-like basis, business grew 15%, driven by performance in Belux (+11.7%) and Germany (+17.1%). Overall, the contribution from international activity continued to strengthen, representing 45.6% of total activity compared with 36% in the first half-year of 2015.

The good performance levels achieved from operations were accompanied by solid earnings growth.

In France, current operating income totalled €9.9 million, resulting in a virtually stable margin at 7.8% (vs 8.1% in 2015) despite the recruitment efforts made to support growth.

Internationally, in line with the targets, performance was very positive with a current operating margin up by more than 2 percentage points, at 7.8% compared with 5.8% in the first half-year of 2015.

This development was all the more satisfying given that it occurred despite continued low operating profitability generated in the United States by Celerity (1.5% over the first half-year), still in the integration phase.

Earnings in the Group's historic areas grew significantly. In Belux, the current operating margin was 9.1% (vs 5.3% over the same period in 2015), while in Germany, it was 10.1% (vs 6.6% in the first half-year of 2015).

All in all, the Group confirmed the strong momentum of its margin growth with current operating income up 30.5% at €18.2 million. This growth was accompanied by an increase in the current operating margin to 7.8% compared with 7.3% in the first half-year of 2015.

Operating income rose sharply in terms of both absolute value and relative value to €16.9 million compared with €10.0 million in the first half-year of 2015 (7.3% of turnover versus 5.2%).

After taking into account the cost of financial debt and the tax expense, net income nearly doubled to €9.2 million compared with €4.9 million in the first half-year of 2015 (+86%), representing 3.9% of turnover compared with 2.6% in 2015.

With €134.6 million in equity, the AUSY Group's financial position is solid.

Net debt remains perfectly managed at 73% of equity (vs 81% at 31 December 2015), and the cost of debt remains controlled at 0.9% of turnover.

The first half saw a major announcement concerning a planned cash tender offer to be launched by Randstad France (a subsidiary of Randstad Holding nv) for all AUSY shares.

As mentioned in the press release of 20 June 2016, the submission of this tender, unanimously supported by AUSY's Board of Directors, is subject to, among other things, the approval of the European and US

competition authorities and the French foreign investment authorities. In the coming months, AUSY will make sure to provide the best information about the progress made in this merger project.

During the second half-year, priority will also be given to confirming domestic performance in France and abroad and continuing the efforts to integrate Celerity in the United States.

AUSY (ISIN code: FR0000072621, mnemonic code: OSI) is one of France's leading Advanced Technology Consultancies. Its offering is based on two areas of specialisation: Information System's management and organization, as well as Engineering Services and Industrial Systems.

The company holds the "Tech 40" label awarded to emblematic high-tech companies listed on Euronext markets. On 29 December 2015, AUSY shares were admitted to the Long-Only Deferred Settlement Service. As of 29 January 2016, AUSY is listed on compartment B of Euronext Paris.

See the company website for more information: www.ausy.com.

Publication of Q3 turnover on 9 November 2016 (before trading)