The strategy developed from 2007 onwards has consisted in merging our historical core capabilities in Strategy, Change management and Operational excellence into an innovative consulting model.

All over 2008, our operations have benefited from this new approach. Twelve large companies have chosen Solving Efeso in a competitive environment for consultants, our offerings permitting to stand out from the crowd.

The 2008 accounts of our group have also been positively impacted by the streamlining of our organisation which was completed in mid-2009. The standardisation of our management systems, the reduction of minority interests and the tax optimisation have contributed to a substantial increase of the operating result and the net result of the group.

In the hard environment of the first half of 2009, these actions concerning the development and the protection of the margin continue to bring positive effects. In a context of economic crisis, the value proposition “Strategy in Action”, with a promise of concrete results for the client and acceleration of the company dynamics is particularly well received. It gives to our clients opportunities to involve Solving Efeso in major strategic and operational improvement projects. Thus, outstanding companies like Exxon and Apple have honored our references list which includes twenty per cent of the “Fortune 500” companies as well as leading companies celebrated for their global achievements.

The year 2009 is carefully managed and we are strongly acting on reducing the break even point and adjusting variable expenses.

These dynamics will give a new momentum to our financial performance from 2010 onwards.

Along with the strong commitment of our teams supporting our distinctive positioning - working in tandem with our clients with the help of our computerized knowledge data base - they make us confident in our capacity to fulfill our ambitious business plan.



                  Roland Fitoussi                                                                                        Filippo Mantegazza
     Chairman of the Supervisory Board                                                                  Chairman of the Management Board