H RESULTS. Analyst Meeting (SFAF) of 15 September 2016

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1 H RESULTS Analyst Meeting (SFAF) of 15 September 2016

2 CONTENTS 1 Key points Financial outlook results 3 4 Appendices - - H results - Analyst Meeting (SFAF) of 15 September

3 1 KEY POINTS - - H results - Analyst Meeting (SFAF) of 15 September

4 KEY FIGURES: A PROMISING FIRST HALF REVENUE 164.4m 22.1% Of which 11.5% in organic growth 2014 CURRENT OPERATING INCOME (EBIT) m +38.3% WORKFORCE NET INCOME 4, m % H results - Analyst Meeting (SFAF) of 15 September

5 KEY POINTS + + Very positive and promising trends despite relatively modest GDP growth Strong demand in all business sectors The focus on organic growth is a success and has driven a strong outperformance: market share gains and the acquisition of new customers. The work addressing the Group's attractiveness has produced results: 223 consultants were added in the first half. The construction of the DIGITAL offering is advancing more rapidly than expected: Recruitment of experts New contracts Creation of a solid base No acquisitions in the first half in the absence of an opportunity on sufficient interest H results - Analyst Meeting (SFAF) of 15 September

2 FINANCIAL RESULTS - - H1 2016 results -

6 2 FINANCIAL RESULTS - - H results - Analyst Meeting (SFAF) of 15 September

7 H REVENUE REVENUE GROWTH ( m) H H H H Other countries France Colonne1 % excl. France: 44.4% Utilisation rate: 93.9% - - H results - Analyst Meeting (SFAF) of 15 September

8 REVENUE GROWTH ( m) % /07/ Conso. scope effect (Castinfo for 6 months) Internal growth 07/07/ H results - Analyst Meeting (SFAF) of 15 September INTERNAL GROWTH: +11.5%

9 ANALYSIS OF REVENUE GROWTH FRANCE ( m) % /07/1905 H Internal growth 07/07/1905 H INTERNAL GROWTH: +12.7% H results - Analyst Meeting (SFAF) of 15 September

10 ANALYSIS OF REVENUE GROWTH INTERNATIONAL ( m) % /07/1905 H Conso. scope effect Internal growth 07/07/1905 H (Castinfo for 6 months) INTERNAL GROWTH: +9.6% H results - Analyst Meeting (SFAF) of 15 September

11 H REVENUE BY SECTOR 2016 vs H H Services/ Utilities 11% vs. 12% Industry/ Transportation 8% vs. 8% Public sector 8% vs. 6% Insurance 26% vs. 27% Bank/ Finance 40% vs. 40% Revenue by industry sector as % in H Retail 1% vs. 1% Telecoms 6% vs. 6% - - H results - Analyst Meeting (SFAF) of 15 September

region France: 2,221 International: 2,669

12 WORKFORCE (FULL-TIME EQUIVALENT) Since 31/12/15 : employees Breakdown by region France: 2,221 International: 2,669 Total 2016: 4,890 France 2,221 vs. 2,125 31/12/15 30/06/16 93% revenue-generating Spain / Portugal 1,320 vs Italy 1,093 vs. 1,014 Belgium / Luxembourg 256 vs. 256 H results - Analyst Meeting (SFAF) of 15 September

13 INCOME STATEMENT HIGHLIGHTS BY REGION : FRANCE Revenue ( M) CURRENT OPERATING MARGIN (%) H H Cha Group nge +22.1% France % H H % 7.8% 9.4% 8.7% Growth considerably outpacing the benchmark market (Syntec: 2.6%) Numerous customer openings Pressure on resources though efficient management of ADR/Average Salary Corporate costs stable at -0.6% - - H results - Analyst Meeting (SFAF) of 15 September

14 INCOME STATEMENT HIGHLIGHTS BY REGION : INTERNATIONAL Revenue ( m) CURRENT OPERATING MARGIN (%) H H Cha Group nge +22.1% International % H H % 7.8% 9.4% 7.6% Consistent performances by country Portugal benefits from the installation of large customers Spain could do better within a less uncertain political environment Italy is back on track with its exceptional historic performances - - H results - Analyst Meeting (SFAF) of 15 September

15 INCOME STATEMENT HIGHLIGHTS thousands H H Change Revenue 164, , % Current operating income 14,490 10, % % of revenue 8.8% 7.8% Other operating income and expenses (586) (902) Operating profit 13, % Net financial income (expense) (3) (131) Income tax (4,140) (3,498) Net income of equity accounted investees Net income of consolidated companies 9,761 5, % % of revenue 5.9% 4.4% Net income attributable to non-controlling 65 interest Net income attributable to owners of the parent 9,761 5, H results - Analyst Meeting (SFAF) of 15 September

16 BALANCE SHEET HIGHLIGHTS In m 30/06/16 31/12/15 Goodwill Other fixed assets Other non-current assets Other current assets Cash & cash equivalents ASSETS Total assets In m 30/06/16 31/12/15 Shareholders equity attributable to owners of the parent Shareholders equity attributable to NCI Non-current liabilities Borrowings and financial liabilities LIABILITIES Current liabilities Total Equity & Liabilities H results - Analyst Meeting (SFAF) of 15 September

17 CASH FLOW HIGHLIGHTS In m H H Change Cash flow % of revenue % % Tax payments (3.4) (4.9) Change in WCR (12.0) (1.8) Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by (used in) financing activities (0.2) 3.8 (3.4) (2.9) (4.4) (5.0) Net change in cash and cash equivalents (8.0) (4.1) +44% Capex: 1.2 m NCI buyout: 2.2m Dividends paid: 2.2m Repayment of financial debt + interest: 2.1 m Opening cash and cash equivalents Closing cash and cash equivalents CASH + MARKETABLE SECURITIES = SHORT-TERM BANK FACILITIES AND OVERDRAFTS = H results - Analyst Meeting (SFAF) of 15 September m ( 2.8m)

18 NET CHANGE IN CASH AND CASH EQUIVALENTS ( m) Free cash flow: <2.4> <8.5> Net debt 31/12/15 Cash flow Tax payments Change in WCR Capex Financial investments & acquisitions Dividends Other financial flows Net debt 30/06/16 H results - Analyst Meeting (SFAF) of 15 September

19 CHANGES IN GROSS DEBT In m Gross debt at 31/12/ Repayments in the period (-2.0) Gross debt at 30/06/ Cash at bank and in hand 13.5 Net debt at 30/06/ H results - Analyst Meeting (SFAF) of 15 September

20 OUTLOOK - - H results - Analyst Meeting (SFAF) of 15 September

21 A CONTEXT THAT REMAINS PROMISING Demand remains strong and customers continue to invest Indicators will be positive in Q3, except as every year for headcount The 2016 full-year performance to be excellent H results - Analyst Meeting (SFAF) of 15 September

REVISED 2016 FINANCIAL TARGETS 2015 2016 2016 revised Revenue 273.8m +15.

1% margin Assumptions 8.5% in organic growth vs. 6% initially expected Current operating margin of 9.

22 REVISED 2016 FINANCIAL TARGETS revised Revenue 273.8m +15.7% 317m 325m Current operating income 25.98m +11% 28.85m 29.6m Current operating 9.5% 9.1% 9.1% margin Assumptions 8.5% in organic growth vs. 6% initially expected Current operating margin of 9.5%, stable based on initial consolidation scope, 6% incl. the last acquisition H results - Analyst Meeting (SFAF) of 15 September

23 THE AUBAY PROJECT FOR THE MEDIUM-TERM After having built in slightly more than 15 years a Digital Service Company well known and recognised in its market To establish a position as the reference for quality and alternative to the large global players By outperforming the market over the long-term. WITHOUT CHANGING OUR PRINCIPLES AMBITION ASSET MANAGEMENT H results - Analyst Meeting (SFAF) of 15 September

SETTING AN INTERIM DIVIDEND / SHAREHOLDER STRUCTURE Interim dividend The Board of Directors decided to pay an interim dividend of 0.18 (vs. 0.13 last year).

24 SETTING AN INTERIM DIVIDEND / SHAREHOLDER STRUCTURE Interim dividend The Board of Directors decided to pay an interim dividend of 0.18 (vs last year). Shareholder structure % of Capital % of Voting rights Partners / Managers Free float Treasury shares H results - Analyst Meeting (SFAF) of 15 September

25 H results - Analyst Meeting (SFAF) of 15 September QUESTIONS?

26 4.1 APPENDICES AUBAY IN BRIEF DATA FOR THE PERIOD ENDING 31 DECEMBER 2015 H results - Analyst Meeting (SFAF) of 15 September

AUBAY, A EUROPEAN DIGITAL SERVICEPROVIDER Created

in seven European countries 54% of the capital

presence Revenue by market France 60% Italy 22%

273,8 300 243,3 211,1 185,6 190,4 2011 2012 2013

2015 2015 pro proforma Engineers and Consultants

2,125 Total = 4;667 Spain / Portugal 1,272 Italy

RESPONSIBILITIES 46% Belgium / Luxembourg 256 *

27 AUBAY, A EUROPEAN DIGITAL SERVICEPROVIDER Created in 1998, listed on Euronext (SBF 250) 16 offices in seven European countries 54% of the capital held by the Managers A strengthened European presence Revenue by market France 60% Italy 22% Spain / Portugal 11% Belux 7% Aubay revenue ( m) 273, ,3 211,1 185,6 190, prev pro proforma Engineers and Consultants at 31/12/15 Revenue by engagement type France 2,125 Total = 4;667 Spain / Portugal 1,272 Italy 1,014 DELEGATION OF SKILLS 54% DELEGATION OF RESPONSIBILITIES 46% Belgium / Luxembourg 256 * Figures post-acquisition CastInfo (15/12/15) - - H results - Analyst Meeting (SFAF) of 15 September

AUBAY, A EUROPEAN DIGITAL SERVICEPROVIDER Created in 1998, listed on Euronext (SBF 250) 16 offices in seven European countries 54% of the capital held by managers 2015 revenue by business sector (%)

28 AUBAY, A EUROPEAN DIGITAL SERVICEPROVIDER Created in 1998, listed on Euronext (SBF 250) 16 offices in seven European countries 54% of the capital held by managers 2015 revenue by business sector (%) TOP 15 customers of Aubay Group 41% 27% BNP Paribas Groupe Crédit Agricole Allianz Grupo Santander AXA 7% 7% 12% 6% 1% Société Générale Groupe BPCE Poste Italiane Orange BBVA SNCF Vodafone Intesa SAN PAOLO European Institutions Renault Nissan H results - Analyst Meeting (SFAF) of 15 September

29 OUR DNA A family-held growth company A hands-on management team Revenue growth ( m) A culture of growth Balancing internal growth with acquisitions 0 Growth in current operating income ( m) A culture of profitability Prudence and discipline (a capacity for adaptation) Dividends ( '000s) A commitment to shareholder returns Dividend policy: approx. 30% of net income steady growth since 2002), buybacks and cancellations of approximately 1 million shares or 7% of the capital over the last three years.. Gradually creating value - - H results - Analyst Meeting (SFAF) of 15 September

A VIRTUOUS CIRCLE OF GROWTH Recruiting highly qualified candidates Masters degree or equivalent 43% Gradually creating value Shareholder returns Bachelors degree or equivalent 16% Engineering degree

a common banner INTEGRATE & REORGANISE ACQUIRE Acquiring marginally profitable companies though well-positioned in their markets Recent successful acquisitions: CastInfo, Spain, 2015 Norma4, Spain,

30 A VIRTUOUS CIRCLE OF GROWTH Recruiting highly qualified candidates Masters degree or equivalent 43% Gradually creating value Shareholder returns Bachelors degree or equivalent 16% Engineering degree 41% highly qualified candidates recruited in 2015 Relevant proposals Attractive customers MANAGE, RECRUIT, SELL & INNOVATE Improving margins and and cash flow generation Rapid integration under a common banner INTEGRATE & REORGANISE ACQUIRE Acquiring marginally profitable companies though well-positioned in their markets Recent successful acquisitions: CastInfo, Spain, 2015 Norma4, Spain, 2014 Aedian, France, 2013 BSC, Italy, 2013 Adex, France, 2010 Selex Elsag, Italy, 2011 Projipe, France, 2006 WhyNot, France, successfully integrated acquisitions - - H results - Analyst Meeting (SFAF) of 15 September

31 4.2 APPENDICES FINANCIAL HIGHLIGHTS H results - Analyst Meeting (SFAF) of 15 September

32 INCOME STATEMENT AT 30/06/16 thousands 30/06/16 % 31/12/15 % 30/06/15 % Revenue 164, , % 134, % Other operating income Purchases used in production and external charges (33,635) (58,322) (28,331) Staff costs (114,240) (185,691) (93,976) Taxes other than on income (1,426) (2,666) (1,330) Amortisation, depreciation and provisions (837) (1,595) (772) Change in inventories of work in progress and finished goods (3) 3 2 Other operating income and expenses Current operating income 14, % 25, % 10, % Other operating income and expenses (586) (1,534) (902) Net operating income 13, % 24, % 9, % Income from cash and cash equivalents Net borrowing costs (245) (816) (403) Other financial income and expenses Net financial income (expense) (3) (218) (131) Income tax expense (4,140) 30% (8,184) 34% (3,498) 37% Income from equity-accounted investees Net income before results of discontinued operations or assets held for sale 9,761 16,044 5,949 Net income after tax of discontinued operations or assets held for sale Net income 9, % 16, % 5,949 Group share 9,761 15,903 5,884 Non-controlling interests Basic weighted average number of shares 13,031,963 12,999,938 12,965,440 Earnings per share Diluted weighted average number of shares 13,119,477 13,108,338 13,081,640 Diluted earnings per share H results - Analyst Meeting (SFAF) of 15 September

33 STATEMENT OF FINANCIAL POSITION AT 30/06/16 ASSETS ( 000s) 30/06/12 31/12/15 30/06/15 Goodwill 83,884 83,570 75,793 Intangible assets 23,655 23,753 23,875 Property, plant and equipment 4,746 4,207 4,050 Equity-accounted investees Other financial assets 1,999 1,951 2,262 Deferred tax assets 1,070 1,257 1,190 Other non-current assets 1 NON-CURRENT ASSETS 115, , ,170 Inventories and work in progress Trade receivables and related accounts 103,694 90,185 81,026 Other receivables and accruals 26,415 22,707 22,741 Marketable securities 1,496 4,342 3,514 Cash at bank and in hand 14,944 18,297 11,414 CURRENT ASSETS 146, , ,701 TOTAL ASSETS 261, , ,871 H results - Analyst Meeting (SFAF) of 15 September

34 STATEMENT OF FINANCIAL POSITION AT 30/06/16 LIABILITIES ( 000s) 30/06/16 31/12/15 30/06/15 Capital 6,518 6,515 6,515 Additional paid-in capital and consolidated reserves 101,329 88,344 89,633 Net income attributable to the Group 9,761 15,903 5,884 Shareholders' equity attributable to the Group 117, , ,032 Non-controlling interests SHAREHOLDERS' EQUITY 117, , ,759 Borrowings and financial liabilities: non-current portion 15,948 14,958 19,841 Deferred tax liabilities Provisions for contingencies and expenses 2,021 1,909 1,749 Other non-current liabilities 6,224 6,665 3,077 NON-CURRENT LIABILITIES 24,231 23,582 24,729 Borrowings and financial liabilities: current portion 8,960 10,088 2,663 Trade payables and related accounts 22,446 19,606 19,608 Other receivables and accruals 88,689 85,500 76,112 CURRENT LIABILITIES 120, ,194 98,383 TOTAL EQUITY AND LIABILITIES 261, , ,871 H results - Analyst Meeting (SFAF) of 15 September

35 STATEMENT OF CONSOLIDATED CASH FLOWS AT 30/06/16 ( 000s) 30/06/16 31/12/15 30/06/15 Consolidated net income(including non-controlling interest) 9,761 16,044 5,949 Income from equity-accounted investees Net exceptional depreciation, amortisation and provisions 855 1, Non-cash expenses and income linked to stock options Other non-cash income and expenses 0 0 Dividend income 0 (20) (6) Gains and losses on disposals of fixed assets (19) (130) (13) Cash flow after net interest expense and tax 10,824 17,683 6,638 Net borrowing costs Tax expense (including deferred taxes) 4,140 8,184 3,498 Cash flow before net interest expense and tax (A) 15,209 26,683 10,538 Income tax payments (B) (3,397) (10,780) (4,886) Change in operating working capital requirements (including liabilities relating to employee benefits) (C) (12,007) 405 (1,787) Net cash provided by (used in) operating activities (D) = (A+B+C) (195) 16,308 3,865 Outflows for the acquisition of tangible and intangible fixed assets (1,197) (1,160) (896) Inflows from the disposal of tangible and intangible fixed assets Outflows for the acquisition of financial assets (74) (54) (53) Inflows from the disposal of financial assets Change in loans and advances granted (68) Impact of changes in the Group structure (2,151) (7,682) (2,371) Dividends received Net cash provided by (used in) investing activities (3,373) (8,041) (2,911) Proceeds from capital increases Amounts received upon the exercise of stock options Purchases of treasury shares for cancellation Purchases of and proceeds from the sale of treasury shares (58) 35 Dividends paid in the period Net dividends paid to parent company shareholders (2,213) (3,242) (1,555) Dividends paid to the non-controlling shareholders of consolidated companies (114) Inflows from new borrowings 10,000 7,500 Repayment of debt (11,850) (8,759) (3,055) Net interest payments (268) (830) (423) Other financial flows (4) (24) Net cash provided by (used in) financing activities (F) (4,366) (5,266) (5,023) Effects of changes in foreign exchange rates (G) (14) (2) Change in net cash (D+E+F+G) (7,948) 2,999 (4,069) Cash and cash equivalents at the beginning of the year 21,582 18,583 18,583 Cash and cash equivalents at year-end 13,634 21,582 14,514 Cash flow reconciliation at year-end with the balance sheet Cash at bank and in hand 14,944 18,297 11,414 Short-term investments 1,496 4,342 3,514 Bank overdrafts (2,806) (1,057) (414) Total cash and cash equivalents 13,634 21,582 14,514 H results - Analyst Meeting (SFAF) of 15 September

36 CHANGE IN SHAREHOLDERS' EQUITY AT 30/06/16 Share capital Additional paid-in capital and consolidated reserves Net income attributable to owners of the parent Equity attributable Non-controlling to the Group interests Total Shareholders' equity at 1 January ,510 79,932 11,696 98, ,798 Increase and reduction in capital Share-based payments Dividends (1,555) (1,555) (1,555) Appropriation of net income 11,645 (11,645) 0 0 Net income for the period 5,884 5, ,950 Change in treasury shares (584) (584) (584) Change in Group structure 0 0 Flows related to equity-accounted investments 0 0 Other changes Shareholders' equity at 30 June ,515 89,583 5, , ,759 Shareholders' equity at 1 January ,515 88,345 15, , ,572 Increase and reduction in capital Share-based payments Dividends (2,213) - (2,213) (2,213) Appropriation of net income 15,903 (15,903) 0 0 Net income for the period 9,761 9,761 9,761 Change in treasury shares Change in Group structure (756) (756) (810) (1,566) Flows related to equity-accounted investments 0 0 Other changes (161) (161) (161) Shareholders' equity at 30 June , ,330 9, , ,608 H results - Analyst Meeting (SFAF French Society of Financial Analysts) of 15 September

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