2001: a year of change for Getronics; Strong improvement in financial position

High level of recurring contracts has helped contribute to modest revenue growth of 0.5% to EUR 4,149 million (2000: EUR 4,127 million); organic growth of 1.3%.

Service revenue increased by 3.6% to EUR 2,791 million (2000: EUR 2,693 million), which represents 67% of total revenue.

Operating profit (EBITA) EUR 150 million (2000: EUR 248 million) including one-off costs of EUR 28 million and one-off profit of EUR 18 million.

Strong cash flow from operations of EUR 202 million (2000:

EUR 18 million negative) primarily as a result of successful management action to improve working capital.

Management sets prudent goodwill impairment of EUR 930 million resulting in a net loss of EUR 1,040 million (2000: net income EUR 60 million).

Strong improvement in financial position and balance sheet as a result of strong cash flow generation, improvement in working capital efficiency and successful conversion of a substantial part of the Company's long term debt into equity. Net debt reduction by 39% to EUR 619 million (2000: EUR 1,011 million)

Headcount reduction ahead of plan. 6% reduction of total workforce achieved during the second half of 2001 and further headcount and cost reductions underway as communicated on 8 November 2001.

Substantial growth of revenue from multinational customer engagements to EUR 1,500 million, representing now more than 36% of total revenue base. Revenue from top 50 clients increased by over 6% and now represents 44% of total revenue (2000: 42%).