Consolidated balance sheet at December 31
amounts in thousands of euros

Assets	2007	2006
Non-current assets
Intangible assets	227,487	154,170
Property, plant & equipment	63,869	55,006
Investments in associates	17,892	5,227
Other investments	2,543	6,202
Other non-current assets	7,009	5,810
Deferred tax assets	14,073	8,291
Total non-current assets	332,873	234,706
Current assets
Inventories	676	451
Derivatives	-	-
(Un)billed receivables	464,844	373,428
Other current assets	27,520	23,836
Corporate tax assets	3,152	2,561
Cash and cash equivalents	92,608	101,488
Total current assets	588,800	501,764
Total	921,673	736,470
Equity and liabilities
Shareholders' equity
Share capital	1,030	1,030
Share premium	44,153	44,153
Cumulative translation reserve	(29,829)	(7,659)
Retained earnings	117,509	106,421
Net income	54,852	44,936
Total equity attributable to equity holders of the Company	187,715	188,881
Minority interest	11,483	11,836
Total equity	199,198	200,717
Non-current liabilities
Provisions	28,661	19,943
Deferred tax liabilities	14,693	20,444
Loans and borrowings	165,153	119,286
Derivatives	21,188	5,829
Total non-current liabilities	229,695	165,502
Current liabilities
Billing in excess of cost	142,896	111,882
Corporate tax liabilities	17,190	1,913
Current portion of loans and borrowings	36,468	1,580
Accounts payable	119,538	87,052
Accrued expenses	16,394	24,885
Other current liabilities	160,294	142,939
Total current liabilities	492,780	370,251
Total liabilities	722,475	535,753
Total equity and liabilities	921,673	736,470