Page 1

Press release WAVESTONE Paris , June 1 , 2021 , 6pm ( CET ) 2020/21 annual results : EBIT margin solid at 12.8 % and strong cash flow generation At its meeting of June 1 , 2021 , Wavestone's Supervisory Board approved the consolidated annual accounts as at March 31 , 2021 , which are summarized below . Auditing of the accounts is complete and the auditors are in the process of issuing their report . Consolidated audited data at 3/31 ( in € m ) 2020/21 2019/20 Change Revenue 417.6 422.0 -1 % EBIT 53.3 55.7 -4 % EBIT margin 12.8 % 13.2 % Amortization of client relationships ( 1.5 ) ( 1.6 ) Other operating income and expenses ( 8.5 ) ( 0.6 ) Operating income 43.3 53.5 -19 % Cost of financial debt ( 1.1 ) ( 2.2 ) Other financial income and expenses ( 1.5 ) ( 1.2 ) Income tax expenses ( 15.3 ) ( 19.0 ) Group share of net income 25.4 31.1 -19 % Net margin 6.1 % 7.4 % A strong end - of - year position for 2020/21 : decline in annual revenue limited to -1 % At the end of the 2020/21 fiscal year , Wavestone's consolidated revenue stood at € 417.6m . Buoyed by a progressive improvement in business activity in H2 , the company recorded a limited decline in annual revenue of -1 % ( identical decline at constant scope and exchange rates ) . This trend demonstrates the firm's solid outperformance of the market , in a consulting sector where revenue fell by about 13 % worldwide over 2020 ( source : Source Global Research ) , and by 11 % in France ( source : Syntec Conseil ) . Recruitment plan targets exceeded : 3,453 employees at the end of March 2021 Wavestone achieved about 450 gross hires over the 2020/21 fiscal year , exceeding the target of 400 hires set at the point where it resumed recruitment activity in September 2020 . With staff turnover reducing to 11 % over the fiscal year ( compared with 14 % a year earlier ) , the contraction in Wavestone's workforce was limited to -1 % over the 12 - month period . At March 31 , 2021 , Wavestone had 3,453 employees , compared with 3,498 a year earlier . 1