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A MESSAGE FROM THE CHAIRMAN

Solving achieved further significant progress in 2001, despite a disruptive environment for assignments in the final four months. These final four months unfolded in an exceptional economic climate because of the events of 11 September.

Despite such disruptions, the annual growth was 20.5 % and the operating margin 20.6 %. Such figures reflect the Group's excellent ability to withstand an environment that has deteriorated. Indeed, both the 11 % organic growth and the level of margin are among the best in the profession.
Solving's specific positioning in results-driven assignments meets the new demands of the market particularly well. Indeed, the economy's relative stagnation has led to a revival of restructuring, cost-reduction and performance-enhancement assignments. This context, which is certainly going to persist for 2002, should continue to favour Solving.

Although having to cope with the unforeseen business slowdown in the 4th quarter, the Group did not slacken its progress, and in particular:
  • strengthened its organisation in the United States and managed to align Meritus (which became Solving North America) with the Group's business model,
  • extended the range of services, with the integration of World Class Manufacturing contributed by Efeso, a company acquired at the beginning of the second half,
  • increased the scale of assignments,
  • created repeat business with the major clients acquired in the last two years,
  • acquired several clients placed in the "Fortune 500", including in the United States,
  • boosted in every country the "front line", made up of Vice-Presidents in charge of development,
On the basis of such further achievements, 2002, despite a rather sluggish climate at the start of the year, should see Solving continue its path towards an even more substantial international presence, a strengthening of its strategic sectors - Finance, Chemicals, Pharmaceuticals, Telecoms and Utilities - and a boosting of the brand's reputation. Such consolidation should result in growth that is once more above that of the market, and in margins still at the very top of our business. The Group's executive teams have been active in every country since the beginning of the year to make that ambition a reality.


Roland Fitoussi
Chairman of the Supervisory Board