Mission

We ended 2009 with mixed feelings: income increased by 12% but consolidated profit before goodwill amortization is slightly negative.

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We achieved strong growth in our “software” activity, showing an increase of 24%. This activity mainly targets the  financial sector which has been strongly affected by the economic crisis. Some of its actors are still undergoing in-depth restructuring following the orders of the European Commission. Within this given economic context, we consider our income growth of 12% as a good achievement.

We acquired 8 new clients and signed several “Letters of Intent” that will be recorded in 2010 results. Moreover, we observed that our software packages are very competitive and therefore well positioned on the international market.

We have confidence in the year 2010 that we started with a sales “pipeline” that is well filled and this for both our domestic and international markets.

Our “service” activity grew by 5% which can also be considered as quite satisfactory given the challenging economic conditions.

Our SAP department performed well. Our customers are mainly active in the “industry” sector, which also deeply suffered from the crisis, and in the public sector whose activities remained relatively stable.

Our other service related activities (tailor-made projects or IDIT projects) target the financial sector but resisted well in spite of the crisis.

However, we have to report a small loss before goodwill amortization and a negative cash flow, which is not satisfactory.

This situation is explained by the fact that BSB, despite the crisis, decided to continue its international expansion strategy. The in-house organization has been restructured in order to be able to serve more clients, based on more industrial processes and high quality products and services. We have also set up a distribution network that covers the major part of the European and Mediterranean market.

These investments and expenses, incurred in times of crisis, impacted negatively the results of 2009. Moreover, the 2009 results could not benefit from these investments due to the extension of the decision time of our prospects.

However, we believe that these expenses and investments will allow us to come out of the crisis with a strengthened competitive position. By the choices we made, we have singled out long term value creation at the cost of no dividend payment for the financial year 2009.

For 2010, we are confident that we will deliver higher revenues and get back to positive EBIT and cash flows.

We thank you for your trust.