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Message of the presidentsDear shareholders, 
During the last decade, Solucom has undergone a profound transformation. From acknowledged specialists in telecoms and IT security at the end of the nineties, we rapidly expanded our areas of expertise during the noughties, gradually turning into a leading information systems consulting firm. As such, backed by revenues of over €100 million, Solucom is now the fifth largest IT consulting firm on the market. The economic and financial crisis which hit the entire economy has once again highlighted the firm's strong resilience. In 2009/10, in the midst of the recession, Solucom managed to avoid a reduction in revenues while holding underlying operating margins at close to 10%. As from 2010/11, in a progressively improving market, Solucom resumed its buoyant organic growth and double digit underlying operating margins. However, these results could have been even better if we had not suffered from major human resources shortages reflected by difficulties in recruitment and higher staff turnover than in previous years. The new financial year marks the start of a new growth cycle for Solucom. This new start coincides with the emergence of a new phase of growth in the market. We are convinced that during this new phase of growth, the items driving the consulting market will be different. We attempted to analyse these changes and we came to two conclusions. Company transformations will become the principal market driver and the capacity to develop in-depth technological and business specialisations will also be an essential key success factor. Changes will involve the disappearance of the distinction between business-oriented management consultancy and IT consulting so that IT is more in line with business needs. The one objective will be to succeed in the transformation of businesses. The "Solucom 2015" strategic plan is based on this conviction. The firm plans to be at the leading edge of the consulting market reorganisation backed by a goal to become the no. 1 independent consulting firm on the French market by 2015. This represents the primary challenge facing us over the coming few years. In order to meet this challenge, the Company knows that it can count on the commitment of all employees and shareholders. We are grateful for your confidence. Pascal IMBERT - CEO Michel DANCOISNE - Chairman of the Supervisory Board 
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