Capgemini Annual Report 2010-11

2011 Half Year Results
Paris, July 28, 2011
Paul Hermelin

2011 Capgemini. All rights reserved.
H1 Revenue Ahead of Expectations, Margin Results On-Track

High Revenue Growth
H1 2011/2010 Current rates and perimeter
Solid improvement of Operating Margin and Net Result

In M +18% 350 300 250 200 150 100 50 0
5.8%
Consulting Services
Technology Services Sogeti Outsourcing
Application Management Infrastructure Management BPO
- 1.6%
+ 9.6% + 7.3% + 6.6%
+ 0.4% + 9.4% + 21.8%
- 1.4%
+ 14.6% + 9.3% + 15.3%
+ 9.8% + 19% + 22.4%
289 245
+26%
6.1%*
127
101
Group Total
+ 7.4%
+12.9%
H1 2010
Operating Margin % of revenues
H1 2011
Net Result Group Share
(*) Operating Margin excl. CPM: 6.3% of revenues

H1 Key Features Influencing our Performance

Demonstrated capacity to over-perform the market
+12.1% growth year-on-year in NA with 8.1% Operating Margin
Continued market share development with our Top Line Initiatives

+29% revenues for our Testing offer, +43% revenues for our Smart Energy Services offer
Unabated offshore growth, +37.3% of our headcounts, a 2 point increase vs. end 2010 Buoyant development of our BPO activity, +21.8% year on year Strong development in Fast growing economies
+37.2% in Asia Pacific, +21% in Brazil
Recovery of Capgemini Consulting in key geographies

+22.4% in North America and +20% in Germany
Four challenges ahead: market repositioning in the Netherlands, private sector development in the UK, Infrastructure services market challenges and New Business Models development
Our Acquisition Strategy Brings Strong Results While Accelerating our Organic Growth
Target Organic Growth rate
Fast growth economies
CPM Braxis in Brazil; Praxis in China
Target Operating Margin
~15%
~5%
Portfolio Value enhancement

BICG; Artesys; Avantias
~15%
~10%
Geographic reinforcement
SSS; CS Consulting; AIVE
~7%
> 8%
New business model

Skvader; Prosodie
~5%
~15%
Over 1 bn* revenue acquired since the beginning of 2010

(*) 2010 annual basis

A Balanced Strategy Developing Profitable Growth

Margin evolution and Growth in Constant Currency - H1 Year on Year
Margin evolution
2%
1%
IBM Services
Fujitsu Services
0
AtoS Steria Logica
Capgemini
Tieto T-Systems
Accenture HCL
TCS Cognizant
Growth in constant currency
-1%
CSC
HP Services Infosys
-2%
Wipro IT services
-3% -10% 0 10% 20% 30% 40%
Note : Estimate based on actuals and consensus
Long-term objective: gaining market shares and exceeding 10% OM

Paul Spence

Q2 2011: Strong Sales Performance with Blue Chip Wins

Bookings evolution
CS/TS/LPS + 9.4%
4000 3000 2000 1000 2 312 1 270 850 1 462 Q1 10 1 786 Q2 10 1 099 1 337 Q3 10 CS/TS/LPS 1 840 Q4 10 Outsourcing 3 056 2 436 1 143 2 983 2 422 790 1 632 Q1 11 862 1 921 Q2 11 2 783
Book-to-Bill Ratio in CS/ TS/ LPS

Q2 2011 North America Rest of the world Total 1.16 1.29 1.26 H1 2011 1.27 1.16 1.18
Note : At budget rates and constant perimeter
Capgemini Consulting
Several deals with the public sector in France 2 deals with UK-based global banks
Technology Services
Everything Everywhere, UK Entercard, Nordic AkzoNobel, Netherlands Lyonnaise des Eaux, France A major Dutch retail organization in the Netherlands
Outsourcing Services
IKEA, Sweden Schneider Electric, France ABC Industria E Comercio, Brazil Statoil, North America Office depot, North America Saint-Gobain, France
Our Sales Engines Amplify Market Growth Opportunities

Fruitful Portfolio Strategy
4 Global Service Lines: BIM, Testing, Smart Energy, BPM 12% of Group revenues (30% incl. ALS) Big deal drivers: Everything Everywhere for Testing High growth service lines, on average: +28% YoY revenues growth +14% YoY bookings growth NBM: Skvader, IBX, Prosodie
Success of our Key Account Management

42 CMA managed cross-discipline +10% YoY revenue growth +28% YoY bookings growth Driving bigger deals
Higher Funnel with more big Deals

+15%
3.6 In bn 15.7
3.6 4 18 5.1
Growth in all Sectors

H1 2011 / 2010
Booking
Financial services Energy, Utilities & Chemicals 15.5% -39.5% 29.2% -3.2% -17.9% 11.3% 41.2% At budget rates and constant perimeter 2011 Half Year Results
Revenues
13.7% 6.6% 4.1% 6.1% 1.4% 20.4% 10.9%
+41.2%
4.2
Deal size Above 50M 10-50M
MALS CPRDT Public Sector Telecom, Media & Entertainment Others
8.7
0-10M
June 2010 June 2011
>50M Deal average size growth: from 110M in 2010 to 115M in 2011
Clear Competitive Advantages, Independence Leveraged

Winner of the Best Converged Infrastructure Solutions Winner of the Best IT Application Implementation Partner of the Year
Beacon Awards: Sogeti winner of two awards Common launch of an Agile Legacy Lifecycle service
Enterprise Partner of the Year Joint plan to offer cloud services in 22 countries Diamond Partner Capgemini named leader among 14 global Oracle services providers by Forrester Research Pinnacle Award for Innovation Capgemini certified as global provider of cloud services and hosting

10
Nicolas Dufourcq

11
Income Statement: Overview

(in M) Revenues Operating expenses Operating Margin
(% Revenues)
H1 2010 4 211 - 3 966 245 5.8% 2 - 47 200 4.7% - 38 - 61 101 2.4% 809 95 586
H2 2010 4 486 - 4 144 342 7.6% 4 - 57 289 6.4% - 49 - 63 2 179 4.0% 1 063 108 698
H1 2011 4 756 - 4 467 289 6.1% - 49 240 5.1% - 51 - 70 8 127 2.7% 169 114 274
H1 2011 vs H1 2010
+ 12.9 %
+ 7.4 % Organic
+ 0.3 pt
Other operating income Other operating expenses Operating profit

(% Revenues)
+ 0.4 pt
Net financial expense Income tax expense Non-controlling interests Profit for the period (group share)
(% Revenues)
+ 0.3 pt
Net cash and cash equivalents (end of period) Number of employees (end of period)

12
Q2 2011 Revenues by Main Geography

Rest of Europe, Asia & Latin America North America
25.7%
18.5%
21.1%
France
21.4%
13.3%
350
Current
Sequential Year on year
Organic
Current
UK & Ireland Benelux
(in M)
North America France UK & Ireland Benelux Rest of Europe, Asia & Latin America
Q2 2010
Q1 2011
Q2 2011
Q2 11 / Q1 11
Q2 11 / Q2 10
Q2 11 / Q1 11
Q2 11 / Q2 10
433 493 470 327 436 2 159
424 524 479 323 600 2 350
445 515 508 319 619 2 406
5.1% - 1.9% 6.2% - 1.3% 3.1% 2.4%
3.0% 4.3% 8.2% - 2.5% 42.0% 11.4%
10.2% - 1.9% 9.8% - 1.3% 3.6% 4.1%
14.1% 4.3% 10.1% - 4.0% 14.4% 8.4%

TOTAL
13
Q2 / H1 2011 Growth by Discipline

BPO
IM CS
3.9% 17.9% 5.6% 41.3%
AM
15.2% 16.1%
At constant rates and perimeter

LPS
Sequential
Q2 11 / Q1 11
Consulting Services Technology Services Local Professional Services
TS
Year on year H1 11 / H1 10
- 1.6% 9.6% 7.3% 7.9% 0.4% 9.4% 21.8% 6.6% 7.4%
Year on year
Q2 11 / Q2 10
- 2.3% 11.0% 6.7% 8.6% 3.4% 10.1% 20.8% 8.2%
8.4% Consulting Services Technology Services Local Professional Services
Sequential H1 11 / H2 10
11.3% 3.8% 7.8% 5.5% 1.7% - 3.8% 11.3% - 0.2% 3.3%
- 3.0% 3.3% - 0.3% 1.8% 9.5% 7.4% 4.9% 8.0% 4.1%
CS / TS / LPS
Application Management Infrastructure Services Business Process Outsourcing
CS / TS / LPS
Application Management Infrastructure Services Business Process Outsourcing
TOTAL GROUP
TOTAL GROUP
14
Operating Margin by Main Geography

H1 2010
Op.
H2 2010
Op. % Revenues Margin %
H1 2011
Op. Revenues Margin %
(In M)
North America France UK & Ireland Benelux
Revenues Margin
804 981 923 645 858
34 50 67 59 66
4.3% 5.1% 7.3% 9.1% 7.7%
861 950 989 669 1 017
52 77 83 68 98
6.0% 8.2% 8.4% 10.2% 9.6%
869 1 039 987 642 1 219
70 79 61 40 72
8.1% 7.6% 6.1% 6.2% 5.9%
Rest of Europe, Asia &

Latin America
Not allocated (1)
- 31
- 36
- 33
TOTAL
(1)
4 211
245
5.8%
4 486
342
7.6%
4 756
289
6.1%
Items not allocated correspond to headquarters expenses
At current rates and perimeter

15
Operating Margin by Business

H1 2010 Consulting Services Technology Services Local Professional Services CS / TS / LPS Outsourcing Services 11.1% 5.5% 7.2% 6.5% 6.7% H2 2010 10.5% 7.9% 11.3% 9.0% 7.5% H1 2011 11.8% 5.8% 9.9% 7.4% 5.7%
Total Operations
(*)
6.6%
(**) 5.8%
8.4%
6.8%
GROUP
(*) before headquarters expenses (**) 5.4% at 2011 perimeter
7.6%
6.1%

16
Utilization Rates by Business

Consulting Services
90
Technology Services
Local Professional Services

83
(%)
80
83 81
79 78 79 79 78
83
83
82
80
71 71 67 66 68 70
70
60
50
Q1
Q2
Q3 2010
Q4
Q1
Q2 2011
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3 2010
Q4
Q1
Q2 2011
2010
2011
At constant perimeter
(excluding CPMB)
17
Charge-out Rates
(in )
Consulting Services
1300 1200 1100 1000 900 800 700 600 500 400 300 500 600 700
At budget rates and perimeter

Technology Services onshore (Excl. CPMB & ex-Kanbay)
1144
1167
1188 1124
1148
1159 626 629 620 637 614 612
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
2010
2011
2010
2011

500 500
Technology Services (including India, excluding CPMB)
479
482
479
489
480
487 454
430 411
400
400
422
409
401
300
300
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
2010
2011
2010
2011
18
Headcount Evolution
Headcount as of Dec. 31, 2010 Recruits (*) Acquisitions / Outsourcing Deals Disposals Layoffs
108 698 16 484 892 - 23 - 1 954 53% offshore
Leavers
Headcount as of June 30, 2011
(*) out of which 2 150 7 086 1 498 in Sogeti (excl. India) in India In other offshore centers
- 9 823
114 274
June 2010 22.0% 18.3% 16.1% 13.5% Dec 2010 21.9% 16.7% 15.5% 15.0% June 2011 21.4% 16.9% 16.9% 17.3%
Attrition YTD
Consulting services Technology services Local Professional services Outsourcing services
YoY Var. -0.6 pt - 1.4 pts 0.8 pt 3.8 pts
Total Business
16.8%
16.1%
17.7%
0.9 pt

19
Offshore Leverage
Offshore penetration per SBU (billable headcount)
100% 90% 80% 70%
60.2% 61.7% 92.1% 91.7%
60% 50% 40% 30%

17.8% 19.1% 9.9% 5.1% 5.5% 7.6% 40.5% 40.8% 36.4% 38.1%
20% 10% 0%
CS APPS1 APPS2 Infra Sogeti
BPO
Group Total (*)
January 11 (*) Group Total includes Emerging Markets
June 11

20
Evolution of Group remuneration cost from H1 2010 to H1 2011

2011 Average salary increase onshore : 2011 Average salary increase offshore: 2.7% 7.4%
Excluding H1 2010 Bonus reversal & Holdings
Average remuneration increase onshore
+ 3.6%
+ 2.8%
Average remuneration increase offshore

Group average remuneration costs evolution
+ 5.0%
- 3.3%
+ 5.0%
- 4.0%
Despite increase in average remuneration cost in onshore and offshore units, it is the increase in offshore weight (from 31.6% in H1 2010 to 37.6% in H1 2011) which reduces the overall Group average remuneration cost.

21
Operating Margin Analysis

(in M)
Revenues Personnel costs % of Revenues Purchases and subcontracting expenses % of Revenues Travel Expenses % of Revenues Rent and local taxes % of Revenues Depreciation, amortization, provisions and proceeds from asset disposal % of Revenues Total operating expenses % of Revenues Operating Margin % of Revenues
H1 2010 4 211 - 2 565

60.9%
H2 2010 4 486 - 2 628

58.6%
H1 2011 4 756 - 2 958

62.2%
Operating Margin
Selling
G&A
8.1% 9.2% 5.8%
- 975
23.2%
- 1 067
23.8%
- 1 052
22.1%
Cost of services rendered
76.9%
- 178
4.2%
- 192
4.3%
- 192
4.0 %
H1 2010
7.0% Operating Selling 10.7% Margin 7.4% G&A
- 143
3.4%
- 139
3.1%
- 158
3.3%
6.1% 8.0%
8.6%
- 105
2.5%
- 118
2.6%
- 107
2.3%
- 3 966
94.2%
- 4 144
92.4%
- 4 467
93.9%
77.3%
245
5.8%
342
7.6%
289
6.1%
H1 2011
Cost of services rendered

22
Net Profit Analysis

(in M) Operating Margin Other operating income Other operating expenses
of which Restructuring costs Stock options and performance shares
H1 2010 245 2 - 47
- 34 -7
H1 2011 289 - 49
- 32 -9
Net financial expense Income tax expense Non-controlling interests Profit for the period (Group share) Earnings per share (*) as of June 30th (non diluted) in
(*)
- 38 - 61 101 0.65
- 51 - 70 8 127 0.82
Based on a total number of shares of 155 031 166 and 155 770 362 respectively
23
Net Financial Expense

(in M) Interest on convertible bonds Other interest expenses Income from cash and cash equivalents
H1 2010 (28) (4) 8 (24) 23 (37)
H1 2011 (29) (10) 13 (26) 22 (47)
Net finance costs

Other financial income Other financial expenses
Net financial expense
(38)
(51)
24
Net Cash Evolution

77 164 289
- 487 M cash flows from operating activities vs - 257 M in H1 2010
(in M)
329
39
42
607 21
1 063
- 576 M free cash flows vs - 319 M in H1 2010
68 151 487
104
31
32 169
Exchange Cash Net of rates Debt diff. 30.06.2011
Cash net of Debt 31.12.2010
2011 Bonus provision
Amortization and provisions
Bonus Payout For 2010
Payment of Restructuring
Tax paid
Other Net working interest capital evolution (excl. bonus effect)
CAPEX, Net of disposals
Cash net Increase of debt bef. in investing capital and financial activities
Dividends & Treasury shares
Acquisitions
Debt increase & others
H1 2010 Comparable
245
154
87
-264
-86
-35
-358
-10
-52
24
-123
-79
-51
88

25
Paul Hermelin

26
Capgemini Starting to Fully Benefit from Globalization

Growth Operating Margin Recruitments Alliances Portfolio Blue chip clients
Brand Awareness
One of the fastest-growing players of the market Engaged in an Operating Margin Transformation Strong attraction driving +22% of recruitment pace YoY, headcounts reaching 114,000+ level (+5.1% compared to end 2010) Strong recognition of our combined Technology & Business expertise Over-performing market growth in some Geographies like North America, and with Global Offers
New Big Deals with market leaders
Successful 100% web-based advertising campaign + 600,000 unique visitors per month on our sites
27
2011 Guidance
Year on year reported revenue growth: + 9 to +10 % Operating margin rate improvement: between 0.5 and 1 point vs. 2010

28
Back up

29
Revenues Quarterly Evolution

2600 2400 2200 2000 1800 1600 1400
Q1 10
Q3 2010
(in M)
2 159 2 052
2 381
2 350
2 406
2 105
Q2 10
Q4 2010
Q3 10
H2 2010
Q4 10
FY 2010
Q1 11
Q1 2011
Q2 11
H1 2011 4 756 6.0 % 3.3 % 12.9 % 7.4 %
Q1 2010
Q2 2010
H1 2010
Q2 2011 2 406 2.4 % 4.1 % 11.4 % 8.4 %
In M (Published)
Sequential Current Growth Sequential Organic Growth Year-on-Year Current Growth Year-on-Year Organic Growth
2 052
2 159 5.2% 2.1%
4 211
2 105 - 2.5% - 0.8%
2 381 13.1 % 7.5 %
4 486
8 697
2 350 - 1.3% - 2.3% 14.5 % 6.3 %

30
H1 2011 Revenues by Main Geography

Rest of Europe, Asia & Latin America
North America
25.6%
18.3%
France
20.8% 21.8% 13.5%

UK & Ireland Benelux
Current
Current
Organic
(in M)
North America France UK & Ireland Benelux Rest of Europe, Asia & Latin America
H1 2010
H2 2010
H1 2011
H1 11 / H2 10
H1 11 / H1 10
H1 11 / H2 10
H1 11 / H1 10
804 981 923 645 858 4 211
861 950 989 669 1 017 4 486
869 1 039 987 642 1 219 4 756
1.0% 9.3% -0.2% -4.0% 19.8% 6.0%
8.2% 5.8% 6.9% -0.4% 42.0% 12.9%
5.8% 9.3% 2.3% -4.0% 1.6% 3.3%
12.1% 5.8% 5.2% - 2.0% 13.3% 7.4%

TOTAL
31
Q2 2011 Revenues by Geography

Current
Q2 2010 Q1 2011 Q2 2011
Current
Sequential Year on year Q2 11/ Q2 10
Organic
Sequential Q2 11/ Q1 11 Year on year Q2 11/ Q2 10
(in M)
North America Europe and Asia of which : France UK & Ireland Benelux Southern Europe & Latin America Nordic Germany & Central Europe Asia Pacific TOTAL
Q2 11/ Q1 11
433 1 726 493 470 327 124
424 1 926 524 479 323 225
445 1 961 515 508 319 236
5.1% 1.8% - 1.9% 6.2% - 1.3% 5.3% 1.4% - 1.3% 10.6% 2.4%
3.0% 13.6% 4.3% 8.2% - 2.5% 91.9% 19.5% 17.5% 44.0% 11.4%
10.2% 2.8% -1.9% 9.8% - 1.3% 5.7% 2.4% -1.5% 12.6% 4.1%
14.1% 7.2% 4.3% 10.1% - 4.0% 14.1% 14.4% 6.4% 39.8% 8.4%
134
132 46 2 159
158
157 60 2 350
161
155 67 2 406

32
H1 2011 Revenues by Geography

Current
H1 2010 H2 2010 H1 2011
Current
Sequential Year on year H1 11/ H1 10
Organic
Sequential H1 11/ H2 10 Year on year H1 11/ H110
(in M)
North America Europe and Asia of which : France UK & Ireland Benelux Southern Europe & Latin America Nordic Germany & Central Europe Asia Pacific TOTAL
H1 11/ H2 10
804 3 407 981 923 645 240
861 3 625 950 989 669 359
869 3 887 1 039 987 642 461
1.0% 7.2% 9.3% - 0.2% - 4.0% 28.1% 16.9% 15.0% 12.1% 6.0%
8.2% 14.1% 5.8% 6.9% -0.4% 92.5% 18.0% 19.0% 46.9% 12.9%
5.8% 2.7% 9.3% 2.3% - 4.0% - 8.8% 13.8% 4.8% 9.5% 3.3%
12.1% 6.4% 5.8% 5.2% - 2.0% 14.2% 10.3% 7.4% 37.2% 7.4%
270
262 86 4 211
273
272 113 4 486
319
312 127 4 756

33
Q2 Revenues by Geography
Southern Europe Asia & Latin Pacific America North America
Q2 2011
Southern Europe Asia & Latin Pacific America North America
2.1%
France
9.3% 22.3%
17.6% 20.8% 6.3%

Nordic France
2.8% 9.8% 21.4%

UK & Ireland Germany & Central Europe
18.5% 21.1%
Germany & Central Europe
6.6% 15.0%
Benelux
6.4% 13.3%
Benelux
6.7%
Nordic
UK & Ireland
Q2 2010
34
H1 Revenues by Geography
Southern Europe & Latin America Asia Pacific
Southern Europe & Latin America
H1 2011
Asia Pacific
2.1% 17.5%
North America France
2.7% 9.7% 21.8%

North America
France
9.1% 22.2%
18.3% 20.8% 6.7%

Nordic
21.2% 6.5%
Nordic At constant rates and perimeter
6.6% 14.8%
Benelux
6.5% 13.5%
Benelux
UK & Ireland
UK & Ireland
H1 2010

35
H1 Revenues by Discipline
Business Process Outsourcing Infrastructure Services Consulting Services
17.6%
3.4% 6.1%
Business Process Outsourcing
H1 2011
Consulting Services
Application Management
40.5% 16.3% 16.1%

Technology Services Infrastructure Services
3.9% 17.9% 5.6% 41.3%
H1 2010
Application Management
15.2%
16.1%
Technology Services

36
H1 Revenues by Sector
Customer products, retail, distribution & transportation Energy, Utilities & Chemicals
12.6% 10.8%
Manufacturing
Financial Services
H1 2011
Customer products, retail, distribution & transportation
Energy, Utilities & Chemicals
18.0%
Telecom, Media & Entertainment
19.4% 4.5% 26.6%

Others
8.1%
12.5%
Manufacturing
10.7% 20.5% 4.7%
Financial Services
17.4%
Public Sector
H1 2010
Telecom, 9.0% Media & Entertainment
25.2%
Others
Public Sector
37
Evolution of Headcount by Business
June 10
Sept 10
Dec 10
Mar 11
June 11
June 11/ June 10
June 11/ Dec. 10
Consulting Services
3 719
3 424
3 654
3 400
3 333
- 10.4%
- 8.8%
Technology Services
44 271
47 850
51 453
50 577
52 096
17.7%
1.2%
29 447
30 900
34 744
38 881
39 252
33.3%
13.0%
17 950
18 488
18 645
18 974
19 295
7.5%
3.5%
TOTAL GROUP*
95 586
100 856
108 698
112 127
114 274
19.6%
5.1%
* including not classified headcount

38
Headcount by Geography
TOTAL GROUP: Opening: 108 698 Closing: 114 274 in P: +5 576
NORDIC :
Opening: 4 012 Closing: 4 279 Change in Person: +267 Change in %: +6.7%
in %: +5.1%
NORTH AMERICA :
CENTRAL EUROPE :
UK & IRELAND :
ASIA PACIFIC :
Opening: 33 664 Closing: 37 747 Change in Person: +4 083 Change in %: +12.1%
Southern Europe & Latin America:

FRANCE :
BENELUX :
Opening: 10 782 Closing: 10 452 Change in Person: -330 Change in %: -3.1%

39
Evolution of Group remuneration cost from H1 2010 to H1 2011

2011 Average salary increase onshore : 2011 Average salary increase offshore: 2.7% 7.4%
At current rates and perimeter Excluding H1 2010 Bonus reversal & Holdings
At constant rates and perimeter + 3.6% + 5.0% - 3.3%

Excluding H1 2010 Bonus reversal & Holdings
Average remuneration increase onshore Average remuneration increase offshore Group average remuneration costs evolution
- 1.0% + 2.2% - 4.6%
- 1.7% + 2.2% - 5.2%
+ 2.8% + 5.0% - 4.0%
Despite increase in average remuneration cost in onshore and offshore units, it is the increase in offshore weight (from 31.6% in H1 2010 to 37.6% in H1 2011) which reduces the overall Group average remuneration cost.

40
Operating Margin by Geography

0
(in M)
North America France UK & Ireland Benelux Southern Europe & Latin America Nordic Germany & Central Europe Asia Pacific Not allocated (1)
Revenues 804 981 923 645 240 270 262 86
H1 2010
Op. Margin 34 50 67 59 5 16 21 24 - 31 4 211 245 5.8% % 4.3% 5.1% 7.3% 9.1% 2.2% 6.0% 7.9% N/A Revenues 861 950 989 669 359 273 272 113 0 4 486
H2 2010
Op. Margin 52 77 83 68 14 20 27 37 - 36 342 7.6% 4 756 % 6.0% 8.2% 8.4% 10.2% 3.7% 7.2% 10.0% N/A
H1 2011
Revenues 869 1 039 987 642 461 319 312 127 Op. Margin 70 79 61 40 3 19 19 31 - 33 289 6.1% % 8.1% 7.6% 6.1% 6.2% 0.7% 5.8% 6.0% N/A
TOTAL
(1)
Items not allocated correspond to headquarters expenses

41
Operating Margin Analysis by Destination

(in M) Revenues Cost of services rendered % of Revenues Gross Margin % of Revenues
H1 2010 4 211 - 3 240

76.9%
H2 2010 4 486 - 3 391

75.6%
H1 2011 4 756 - 3 679

77.3%
971
23.1%
1 095
24.4%
1 077
22.7%
Selling Expenses % of Revenues

General & Administrative Expenses % of Revenues Operating Margin % of Revenues
- 338
8.1%
- 342
7.6 %
- 378
8.0%
- 388
9.2%
- 411
9.2%
- 410
8.6%
245
5.8%
342
7.6%
289
6.1%

42
Other Operating Income and Expense

(in M)
Restructuring costs
FY 2009
(213)
H1 2010
(34)
(23) (8) (3)
H2 2010
(37)
(21) (11) (5)
FY 2010
(71)
(44) (19) (8)
H1 2011
(32)
(29) (1) (2)
Of which : Workforce reduction Real estate assets streamlining Rightshoring
(151) (52) (10)
Integration costs related to acquired companies
(16)
(4)
(7)
(11)
(4)
(3)
Acquisition-related costs
Expenses relating to share subscriptions, share grants and stock options Impairment of goodwill Other operating income Other operating expense
(1)
(19) (12) 7 (9) (7) 2 (1)
(3)
(9) 4 (1)
(4)
(9) (1)
(16) 6 (2)
Other operating income and expense
(262)
(45)
(53)
(98)
(49)

43
Income Tax Expense

(in M) Current income tax
Tax payable on profit Tax not based on taxable income
H1 2010 (39)
(22) (17) (22)
H1 2011 (45)
(23) (22) (25)
Deferred income tax Tax losses

Net utilization of deferred tax assets on tax losses
France Other regions
(30) (25) (5)
(30) (26) (4)
Net reassessment of deferred tax assets on tax losses

France Other regions
7
0 7 1
18
8 10 (13)
Temporary differences and change in tax rates TOTAL INCOME TAX EXPENSE Effective tax rate
(61) 38.0%
(70) 37.2%
44
Net Cash Evolution

(In M)
Profit for the period
Depreciation, amortization and impairment of fixed assets Net charges to provisions Gains and losses on disposals of assets Net finance costs Income tax expense Other non-cash items
H1 2010
101
82 5 1 24 61 (12)
H2 2010
177
94 (7) 4 30 63 5
H1 2011
119
92 (15) 7 26 70 4
Cash flows from operations before net finance costs and income tax
Income tax paid Change in restructuring debt Changes in operating working capital
262
(35) (53) (431)
366
(17) (6) 417
303
(42) (7) (741)
Operating cash flows

Capital expenditure (net of proceeds) Acquisitions of companies Proceeds from issue of share capital Dividends paid Net proceeds/payments relating to treasury shares transactions Convertible bonds through equity Translation, perimeter changes & other
(257)
(52) (90) 24 (122) (1) 38
760
(81) (128) 22 (319)
(487)
(68) (104) (154) 3 (84)
Change in net cash and cash equivalents Opening net cash and cash equivalents Closing net cash and cash equivalents
(460) 1 269 809
254 809 1 063
(894) 1 063 169

45
(in M) ASSETS
Dec. 31, 2010
Balance Sheet
June 30, 2011
EQUITY & LIABILITIES

Equity (attributable to owners of the company) Non-controlling interests
Dec. 31, 2010

4 314 (7)
June 30, 2011

4 179 (17)
Goodwill Intangible assets Property, plant & equipment Deferred taxes Other non-current assets
3 201 169 499 891 115
3 185 158 505 849 133
Total equity Long-term borrowings Deferred taxes Provisions for pensions and other postemployment benefits
4 307 1 102 178 804 13 279 2 376 210 2 305 576 53 61 80 3 285
4 162 629 181 742 18 274 1 844 683 2 066 519 56 58 78 3 460
Non-current provisions
Other non-current liabilities
Total non-current assets Accounts & notes receivable Income tax receivable Other receivables Cash management assets Cash and cash equivalents
4 875 2 371 40 306 71 2 305
4 830 2 754 45 346 72 1 419
Total non-current liabilities Short-term borrowings and bank overdrafts Accounts and notes payable
Advances from customers and billed in advance

Current provisions Income tax payables Other payables
Total current assets
5 093
4 636
Total current liabilities
Total Assets
9 968
9 466
Total Equity & Liabilities
9 968
9 466

46
Equity
(in M)
Equity (attributable to owners of the Company) Noncontrolling interests Total Equity
Total equity as of January 1, 2011

Dividends paid out for 2010 Valuation of stock options and performance shares grants Treasury shares Put CPM-Braxis Income and expenses recognized in equity
of which : Actuarial gains & losses on defined benefit plans Remeasurement of hedging derivatives Deferred tax related to items recognized in equity Exchange differences on translating foreign operations Other
4 314
(154) 9 2 (2) (117)
24 (5) 1 (137) 0
(7)
0 0 0 0 (2)
0 0 0 0 (2)
4 307
(154) 9 2 (2) (119)
24 (5) 1 (137) (2)
Profit for the period
127
(8)
119
Total equity as of June 30, 2011
4 179
(17)
4 162
47
Capex
H1 2011 (in M)
Intangible assets Property, plant & equipment Total
H1 2010
December 31, n-1

Acquisitions/Increase Internal developments Disposals/Decrease Amortization / Depreciation for the period Business combinations Other movements & translation adjustments
169
12 3 (1)
499
84 0 (2)
668
96 3 (3)
537
88 3 (12)
(27)
7 (5)
(64)
0 (12)
(91)
7 (17)
(82)
12 33
June 30, n
158
505
663
579
48
Off Balance Sheet Commitments
Off Balance Sheet Commitments as of June 30, 2011:

Commitments given Non cancelable leases (mainly offices, vehicles, computers) 791M 121M Compliant 651M 63M
Other commitments:
Other commitments Covenants on OCEANE bonds and syndicated credit facilities Limited financial guarantees granted to customers Bank guarantees granted to customers Parent performance and/or financial guarantees provided in various large clients contracts

49
H1 Revenues and Bookings by Sector

CPRDT Energy, Utilities & Chemicals
12.5%
MALS
10.7%
20.5% 4.7%
Financial Services
H1 11 / H1 10 Bookings Revenues
17.4% 9.0%
Telecom, Media & Entertainment
25.2%
Others
Financial Services Energy, Utilities & Chemicals
15.5% - 39.5% 29.2% - 3.2%
13.7% 6.6% 4.1% 6.1%
Public Sector
Manufacturing (MALS)
Customer products, retail, distribution & transportation (CPRDT)
H1 2011 Revenues
Public Sector
Telecom, Media & Entertainment Others TOTAL At budget rates GROUP
- 17.9%
11.3% 41.2% - 3.0%
1.4%
20.4% 10.9% 7.4%
50
Bookings Evolution by Discipline

(in M)
4 000 3 500 3 000 2 500 2 000 1 500 1 000 1 462 500 0
Q1 10 Q2 10
Outsourcing Consulting / Technology / Local Professional Services
3 056 2 312
1 270 850 1 099
2 983 2 783 2 436

1 143 790
2 422
862
1 786
1 840 1 337
1 632
1 921
Q3 10
Q4 10
Q1 11
Q2 11
At budget rates & constant perimeter

51
Book to Bill
(in M) Q2 2011
Q4 Consulting / Technology / Local Professional Services Bookings Revenues BBR
North America Rest of the world

TOTAL
350 1 571
1 921
302 1 222
1 524
1.16 1.29
1.26
H1 2011
Q4
North America Rest of the world TOTAL
At budget rates
Consulting / Technology / Local Professional Services Bookings

731 2 822 3 553
Revenues
578 2 437 3 015
BBR
1.27 1.16 1.18

52
Growth analysis
+ 1.6% - 0.4%
+ 4.3%
+ 13.3%
+ 12.9%
+ 7.4%
Organic growth
CPM Braxis
Other acquisitions
Constant currency growth
FX impact
Reported growth
53
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Capgemini Annual Report 2010-11

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Capgemini Annual Report 2010-11

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2011 Half Year Results

Paris, July 28, 2011

2011 Half Year Results

H1 Revenue Ahead of Expectations, Margin Results On-Track

Solid improvement of Operating Margin and Net Result

(*) Operating Margin excl. CPM: 6.3% of revenues

2011 Half Year Results

H1 Key Features Influencing our Performance

Continued market share development with our Top Line Initiatives

Recovery of Capgemini Consulting in key geographies

Target Operating Margin

Portfolio Value enhancement

New business model

Over 1 bn* revenue acquired since the beginning of 2010

2011 Half Year Results

A Balanced Strategy Developing Profitable Growth

AtoS Steria Logica

Growth in constant currency

Long-term objective: gaining market shares and exceeding 10% OM

2011 Half Year Results

Q2 2011: Strong Sales Performance with Blue Chip Wins

Book-to-Bill Ratio in CS/ TS/ LPS

Note : At budget rates and constant perimeter

Our Sales Engines Amplify Market Growth Opportunities

Success of our Key Account Management

Higher Funnel with more big Deals

Growth in all Sectors

Deal size Above 50M 10-50M

MALS CPRDT Public Sector Telecom, Media & Entertainment Others

Clear Competitive Advantages, Independence Leveraged

2011 Half Year Results

2011 Half Year Results

Income Statement: Overview

Other operating income Other operating expenses Operating profit

2011 Half Year Results

Q2 2011 Revenues by Main Geography

UK & Ireland Benelux

433 493 470 327 436 2 159

424 524 479 323 600 2 350

445 515 508 319 619 2 406

5.1% - 1.9% 6.2% - 1.3% 3.1% 2.4%

3.0% 4.3% 8.2% - 2.5% 42.0% 11.4%

10.2% - 1.9% 9.8% - 1.3% 3.6% 4.1%

14.1% 4.3% 10.1% - 4.0% 14.4% 8.4%

Q2 / H1 2011 Growth by Discipline

3.9% 17.9% 5.6% 41.3%

At constant rates and perimeter

- 3.0% 3.3% - 0.3% 1.8% 9.5% 7.4% 4.9% 8.0% 4.1%

Operating Margin by Main Geography

804 981 923 645 858

4.3% 5.1% 7.3% 9.1% 7.7%

861 950 989 669 1 017

6.0% 8.2% 8.4% 10.2% 9.6%

869 1 039 987 642 1 219

8.1% 7.6% 6.1% 6.2% 5.9%

Rest of Europe, Asia &

Not allocated (1)

Items not allocated correspond to headquarters expenses

At current rates and perimeter

Operating Margin by Business

At current rates and perimeter

2011 Half Year Results

Utilization Rates by Business