Capgemini reinforces its position among world leaders with a strong
2019 performance
Media relations:Florence
LièvreTel.: +33 1 47 54 50 71florence.lievre@capgemini.com
Investor relations:Vincent
BiraudTel.: +33 1 47 54 50 87vincent.biraud@capgemini.com
Capgemini reinforces its position among
world leaders
with a strong 2019
performance
- Revenues of €14,125 million, up
7.0%
- FY growth of 5.3% at constant exchange rates and
Q4 growth of 2.9%
- Bookings up 11% at constant exchange
rates
- Operating margin rate* of 12.3%,
up 20 basis points
- Net profit Group share up 17% to €856
million
- Organic free cash flow* up 16%
to €1,288 million
- Proposed dividend of €1.90 per share, up
12%
- New share buyback program of 600 million
euros
Paris, February 13, 2020 – The
Board of Directors of Capgemini SE, chaired by Paul Hermelin,
convened in Paris on February 12, 2020 to review and authorize the
issue of the accounts1 of Capgemini Group for the year ended
December 31, 2019.
Paul Hermelin, Chairman and Chief Executive
Officer of Capgemini Group and Aiman Ezzat, who will become Chief
Executive Officer of Capgemini Group following the Shareholders’
Meeting of May 2020, comment: “With the strong 2019 performance we
continue the momentum started several years ago. Once again, we
outpaced market growth, as we committed to do. Our operating margin
is up for the 9th consecutive year and we have significantly
exceeded our free cash flow target. This sound financial
performance demonstrates the strength of our business model and our
financial discipline.
With this good set of results, we start 2020 on
a solid footing. We can rely on a strong backlog, and on our
ability to win major projects, as demonstrated in 2019. We can also
count on the depth of our offer portfolio.
We are determined to expand in the "Intelligent
Industry" market. We reaffirm our confidence in the final steps to
complete the friendly offer to acquire Altran. This will enable us
to take leadership in the digital transformation of industrial
companies, a highly promising segment.”
2019 KEY FIGURES
(in millions of euros) |
2018 |
2019(IFRS 161) |
Change |
Revenues |
13,197 |
14,125 |
+7.0%+5.3% at constant exchange
rates* |
Operating margin* |
1,597 |
1,741 |
+9% |
as a % of revenues |
12.1% |
12.3% |
+20 basis points |
Operating profit |
1,251 |
1,433 |
|
as a % of revenues |
9.5% |
10.1% |
|
Net profit (Group share) |
730 |
856 |
+17% |
Basic earnings per share (€) |
4.37 |
5.15 |
+18% |
Normalized earnings per share (€)* |
6.062 |
6.763 |
+12% |
Organic Free Cash Flow* |
1,160 |
1,288 |
+16%2 |
Net cash / (Net debt) |
(1,184) |
(600) |
+€584 million |
In 2019, Capgemini continued to outpace the market
and further improved its profitability and organic free cash flow*
generation.
The Group generated revenues of
€14,125 million in 2019, up 7.0% on 2018. Growth is 5.3% at
constant exchange rates*, in line with the 2019 target of “around
5.5%” (adjusted target announced at the Q3 2019 publication).
Organic growth* (i.e. excluding the impact of currency fluctuations
and changes in Group scope) was 4.2%.
Digital and Cloud
now account for over 50% of the Group's activities, with growth
exceeding 20% at constant exchange rates in 2019.
Bookings were up sharply, rising
11% at constant exchange rates to €15,138 million. This reflects
the Group’s ability to win large digital transformation contracts
and secure multi-year client commitments.
The operating margin* is
€1,741 million, or 12.3% of revenues, an increase of 9% or
20 basis points year-on-year, in line with annual objectives.
The portfolio of innovative offerings drove this value creation, as
illustrated by the increase in gross margin of the same amount. In
a mixed economic environment, the Group demonstrated its ability to
continue combining growth and profitability. The United Kingdom
& Ireland and France were the main contributors to this
performance, as well as North America to a lesser extent.
Other operating income and expenses were down to a
net expense of €308 million from €346 million in 2018. This was
mainly due to the marked decrease in restructuring costs, as
anticipated, from €122 million in 2018 to €82 million in 2019.
Operating profit totaled €1,433
million, or 10.1% of revenues, compared with €1,251 million, or
9.5% of revenues, in 2018.
The net financial expense is €79
million, virtually unchanged on last year’s expense of €80 million.
The income tax expense increased from €447 million
in 2018 to €502 million this year and includes €60 million due to
the transitional impact of the US tax reform, compared with €53
million last year. Adjusted for this expense, the effective tax
rate decreased from 33.7% in 2018 to 32.6%.
Net profit (Group share) grew by a
strong 17% to €856 million in 2019. Basic earnings per
share was €5.15 for 2019. Normalized earnings per
share* was €6.40, or €6.76 adjusted for the transitional
tax expense in the U.S. (i.e. up 12% year-on-year).
Organic free cash flow* was up
sharply at €1,288 million, far exceeding the €1,100 million target
set at the beginning of the year. This was mainly due to a higher
operating margin and, to a lesser extent, lower restructuring
costs. The Group also benefited from a €30 million improvement in
working capital requirements in 2019.
Capgemini disbursed €578 million net for
acquisitions in 2019 (including €411 million, excluding costs, for
the block of 11.43% of Altran shares), and paid €282 million in
dividends. The Group also allocated €150 million to share buybacks
under the multi-year program. The 6th employee share ownership plan
led to a gross capital increase of €254 million.
The Board of Directors has decided to recommend at
the Shareholders’ Meeting of May 20, 2020, the payment of a
dividend of €1.90 per share, an increase of 12% on the dividend
paid in 2019. The corresponding payout ratio is 35% of net profit3
(Group share), in line with the Group’s distribution policy.
OPERATIONS BY REGION
North America revenues (32% of
Group revenues) grew 2.6% at constant exchange rates, on a
challenging comparison basis as the region grew 14.4% in 2018. The
Services and Energy & Utilities sectors were the most dynamic.
The operating margin improved 30 basis points year-on-year to
13.9%.
The United Kingdom & Ireland
region (12% of Group revenues) recorded robust growth of 4.7% at
constant exchange rates for the year, despite the slowdown recorded
as anticipated in the final months of the year. The Manufacturing,
Energy & Utilities and Consumer Goods & Retail sectors were
the main growth drivers, while the Public sector remained almost
stable. The operating margin rate jumped to 15.2%, from 12.6% in
2018.
In France (21% of Group revenues),
revenues rose year-on-year by a strong 5.9%. Demand was fueled in
particular by the Manufacturing, Services and Public sectors. The
operating margin rate improved further to 12.1% of revenues, an
annual increase of 100 basis points.
Growth momentum remained robust in the Rest
of Europe (27% of Group revenues), with a 6.2% increase in
revenues at constant exchange rates. The Energy & Utilities,
Consumer Goods & Retail and Manufacturing sectors were the
strongest. Operating margin for the region eroded from 13.0% in
2018 to 11.8%.
Finally, the Asia-Pacific and Latin
America region (8% of Group revenues) was particularly
dynamic. Revenues grew 12.8% at constant exchange rates, with all
the main sectors contributing to this performance. The operating
margin rate nonetheless declined to 11.2%, from 12.8% in 2018.
OPERATIONS BY BUSINESS
Strategy & Transformation
consulting services (7% of Group total revenues*), now grouped
under Capgemini Invent, recorded a 15.1% increase at constant
exchange rates in their total revenues. Growth was driven mainly by
the Manufacturing, Energy & Utilities and TMT (Telco, Media
& Technology) sectors.
Applications & Technology
services (71% of Group total revenues), the Group's core business,
reported total revenue growth of 4.8% at constant exchange rates.
The Services, Energy & Utilities and Manufacturing sectors were
the most dynamic in the past year.
Finally, Operations &
Engineering services (22% of Group total revenues) grew
4.9% at constant exchange rates. These business lines benefit from
the Group’s growing success in multi-year contracts, especially for
Cloud infrastructure services. With the Group’s focus on the
Intelligent industry, Digital Engineering & Manufacturing
Services (DEMS) are continuing to develop at a brisk pace.
Q4 TRENDS
As anticipated and announced on the publication of
2019 Q3 revenues, Group growth was less robust in Q4 with revenues
of €3,650 million. Year-on-year revenue growth was 2.9% at constant
exchange rates and 2.2% at constant Group scope and exchange
rates.
In line with Group expectations, activity
contracted in the United Kingdom & Ireland region (-3.1%) in a
wait-and-see market, fueled by the December general elections and
the impending Brexit date. Revenues slipped slightly in North
America (-0.4% at constant exchange rates). The Asia-Pacific and
Latin America region continued to grow at double digits in the last
few months of the year (+10.3%). Growth remained robust in the Rest
of Europe region at 6.3%, while France stayed strong with revenue
increasing 4.5%.
By business, Strategy & Transformation
consulting services continued their strong momentum, with total
revenue growth of 8.0% at constant exchange rates. Applications
& Technology services slowed, with total revenue growth limited
to 1.7%. This reflects among other factors a contraction in the
Financial Services sector. Finally, Operations & Engineering
services total revenues grew 4.9% at constant exchange rates.
Q4 bookings rose 16% at constant exchange rates to
€4,624 million.
CORPORATE SOCIAL
RESPONSIBILITY
2019 was a landmark year for Capgemini’s Corporate
Social Responsibility “Architects of Positive Futures”. The Group
continues to make strong progress on reducing its carbon footprint
- ending 2019 with CO2e emissions per employee 29.3 % lower than
2015 and significantly ahead of the 20% target set for 2020..
Commitment to Diversity and Inclusion was reinforced, with 50% of
the board now female directors and 33% of the workforce now women.
Capgemini’s Digital inclusion target was also exceeded with over
1,560 graduates (compared to the planned 600) from its Digital
Academies. There are now 13 Digital Academies across
7 countries after just 2 years of implementation.
This performance has been acknowledged
internationally: Capgemini joined the CDP’s (Carbon Disclosure
Project) prestigious ‘A List’ for its commitment toward the
Net-Zero Economy and obtained Global EDGE certification for its
active engagement in favour of Diversity and Inclusion. Capgemini
was also named one of the 2019 World’s Most Ethical Companies® by
the Ethisphere Institute for the 7th consecutive year.
HEADCOUNT
At December 31, 2019, Capgemini’s total headcount
stood at 219,300, up 3.8% year-on-year, with 125,500 employees in
offshore centers (57% of the total Group headcount).
BALANCE SHEET
In 2019, Capgemini strengthened its financial
structure with a €944 million increase in shareholders' equity and
a €584 million reduction in net debt.
At December 31, 2019 the Group had €2,450 million
in cash and cash equivalents (net of bank overdrafts), compared
with €2,004 million a year earlier. After accounting for borrowings
(excluding lease liabilities) of €3,270 million, cash management
assets and derivative instruments, Group net debt* is €600 million
at the end of 2019, compared with €1,104 million at January 1, 2019
and €1,184 million at December 31, 2018 (i.e. before the
application of IFRS 162 from January 1, 2019).
The Altran Technologies shares held by the Group
represent the 11.43% stake in Altran acquired in July 2019 and are
currently recognized as a financial asset in the Group’s balance
sheet for an amount of €413 million (taxes included).
NEW MULTI-YEAR SHARE BUYBACK
PROGRAM
As part of the active management of the share
capital, the Board of Directors approved a new multi-year share
buyback program of €600 million. Taking into account the balance of
€250 million of the current multi-year program, the Group now has a
total share buyback capacity of €850 million.
In this context, the Group will buy back €200
million of Capgemini shares over the next few months.
OUTLOOK
For 2020, the Group targets revenue growth of
around 4% at constant exchange rates, improved profitability with
an operating margin of 12.4% to 12.6% and organic free cash flow of
around €1.2 billion.
This outlook does not factor in the impact of the
Altran acquisition.
ACQUISITION OF ALTRAN
TECHNOLOGIES
On June 24, 2019, Capgemini and Altran Technologies
(Euronext Paris: ALT), the world’s leading provider of engineering
and R&D services, announced Capgemini’s proposed acquisition of
Altran as part of a friendly tender offer. This offer aims to
create a global Intelligent Industry leader, specializing in the
digital transformation for industrial companies.
The French financial markets authority (Autorité
des marchés financiers - AMF) issued its clearance to the tender
offer on October 14, 2019 and the offer period opened from October
16, 2019 to January 22, 2020.
After the 2019 year-end, Capgemini increased the
offer price on January 14, 2020 from €14.00 to €14.50 per share. On
January 27, 2020, Capgemini announced that following
settlement-delivery on February 4, 2020, the Group will hold
137,674,545 Altran shares representing 53.57% of the share capital
and at least 53.41% of voting rights, thereby exceeding the offer
success threshold set at 50.1% of the share capital and voting
rights (on a fully diluted basis). After taking into account
treasury shares, Capgemini holds 54.52% of Altran’s share capital
and 54.37% of Altran’s voting rights4.
The offer was therefore automatically reopened
under the same terms, from January 28 to February 10, 2020
(inclusive). According to the schedule published by Euronext, the
results of the reopened offer period are expected on February 14,
2020 and the corresponding settlement-delivery date is February 21,
2020.
Capgemini also confirmed that it will comply with
all the undertakings related to this offer5, including: (i)
Capgemini will neither file a new offer nor implement a merger
based on a per Altran share higher than the offer price for at
least 18 months6 and (ii) Capgemini will not take control of
Altran, pending the decision of the Paris Court of Appeal on the
claim filed by a shareholder, expected on March 19, 2020. The
consolidation of Altran’s financial results in the Capgemini group
accounts can only take place after the date of effective
control.
CONFERENCE CALL
Paul Hermelin, Chairman and Chief Executive
Officer, Aiman Ezzat, Chief Operating Officer, Carole Ferrand,
Chief Financial Officer and Rosemary Stark, Chief Sales Officer,
will present this press release during a conference call in English
to be held today at 8.00 a.m. Paris
time (CET). You can follow this conference call live
via webcast at the following link. A replay will also be available
for a period of one year.
All documents relating to this publication will be
placed online on the Capgemini investor website at
https://investors.capgemini.com/en/financial-results/.
CALENDAR
April 28, 2020
Publication of Q1 2020 revenuesMay 20,
2020 Combined Shareholders’
MeetingJuly 28, 2020
Publication of H1 2020 results
The following dividend payment schedule will be
presented to the Shareholders’ Meeting for approval:June 3,
2020 Ex-dividend date on
Euronext ParisJune 5,
2020 Payment of the
dividend
DISCLAIMER
This press release may contain forward-looking
statements. Such statements may include projections, estimates,
assumptions, statements regarding plans, objectives, intentions
and/or expectations with respect to future financial results,
events, operations and services and product development, as well as
statements, regarding future performance or events. Forward-looking
statements are generally identified by the words “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “plans”,
“projects”, “may”, “would” “should” or the negatives of these terms
and similar expressions. Although Capgemini’s management currently
believes that the expectations reflected in such forward-looking
statements are reasonable, investors are cautioned that
forward-looking statements are subject to various risks and
uncertainties (including without limitation risks identified in
Capgemini’s Registration Document available on Capgemini’s
website), because they relate to future events and depend on future
circumstances that may or may not occur and may be different from
those anticipated, many of which are difficult to predict and
generally beyond the control of Capgemini. Actual results and
developments may differ materially from those expressed in, implied
by or projected by forward-looking statements. Forward-looking
statements are not intended to and do not give any assurances or
comfort as to future events or results. Other than as required by
applicable law, Capgemini does not undertake any obligation to
update or revise any forward-looking statement.
This press release does not contain or constitute
an offer of securities for sale or an invitation or inducement to
invest in securities in France, the United States or any other
jurisdiction.
IMPORTANT INFORMATION
This press release is disseminated for information
purposes only and does not constitute an offer to purchase, or a
solicitation of an offer to sell, any securities of Altran
Technologies.
Investors and shareholders are strongly advised to
read the documentation relating to the tender offer, which contains
the terms and conditions of the tender offer, as well as, as the
case may be, any amendments and supplements to those documents as
they will contain important information about Capgemini, Altran
Technologies and the tender offer.
This press release must not be published, broadcast
or distributed, directly or indirectly, in any country in which the
distribution of this information is subject to legal restrictions.
The tender offer is not open to the public in jurisdictions in
which its launch is subject to legal restrictions.
The publication, broadcasting or distribution of
this press release in certain countries may be subject to legal or
regulatory restrictions. Therefore, persons located in countries
where this press release is published, broadcasted or distributed
must inform themselves about and comply with such restrictions.
Capgemini and Altran Technologies disclaim any responsibility for
any violation of such restrictions.
ABOUT CAPGEMINI
A global leader in consulting, technology services
and digital transformation, Capgemini is at the forefront of
innovation to address the entire breadth of clients’ opportunities
in the evolving world of cloud, digital and platforms. Building on
its strong 50-year heritage and deep industry-specific expertise,
Capgemini enables organizations to realize their business ambitions
through an array of services from strategy to operations. Capgemini
is driven by the conviction that the business value of technology
comes from and through people. It is a multicultural company of
almost 220,000 team members in more than 40 countries. The Group
reported 2019 global revenues of EUR 14.1 billion.
Visit us at www.capgemini.com. People matter,
results count.
*
*
*
APPENDIX7
BUSINESS CLASSIFICATION
As previously announced, the classification of the
Group's business lines was simplified and standardized from January
1, 2019:
- Strategy & Transformation includes all
strategy and transformation consulting services and corresponds to
the Capgemini Invent scope;
- Applications & Technology brings together
“Application Services” and related activities and notably local
technology services previously included in “Technology &
Engineering Services”;
- Operations & Engineering encompasses all
other Group businesses. These currently comprise: Business Services
(including Business Process Outsourcing), all Infrastructure
Services (including those previously in “Technology &
Engineering Services”) and Digital Engineering and Digital
Manufacturing services (previously in “Technology & Engineering
Services”).
APPLICATION OF IFRS 16 AND ADAPTATION OF
PERFORMANCE MEASURES
The Group set-out the expected impacts of the
application of IFRS 16 from January 1, 2019, when presenting its
objectives for 2019 on February 14, 2019. It is recalled that:
- the impact of application of IFRS 16 on the Group Income
Statement is generally neutral for the main performance measures,
whose definitions remain unchanged;
- organic free cash flow now includes repayments of lease
liabilities (including for finance leases, previously excluded as
recognized in repayments of borrowings, of €52 million in
2018);
- Group net debt now excludes all lease liabilities (including
those relating to finance leases of €80 million at the end of
2018).
DEFINITIONS
Organic growth, or like-for-like
growth, in revenues is the growth rate calculated at
constant Group scope and exchange rates. The Group scope
and exchange rates used are those for the reported period. Exchange
rates for the reported period are also used to calculate
growth at constant exchange rates.
Reconciliation of growth rates |
Q4 2019 |
2019 |
Organic growth |
+2.2% |
+4.2% |
Changes in Group scope |
+0.7pt |
+1.1pt |
Growth at constant exchange rates |
+2.9% |
+5.3% |
Exchange rate fluctuations |
+1.3pt |
+1.7pt |
Reported growth |
+4.2% |
+7.0% |
Currency impacts are mainly linked to the
appreciation of the US dollar against the euro.
When determining activity trends by business and in
accordance with internal operating performance measures, growth at
constant exchange rates is calculated based on total
revenue, i.e. before elimination of inter-business
billing. The Group considers this to be more representative of
activity levels by business. As its businesses change, an
increasing number of contracts require a range of business
expertise for delivery, leading to a rise in inter-business
flows.
Operating margin is one of the
Group’s key performance indicators. It is defined as the difference
between revenues and operating costs. It is calculated before
“Other operating income and expenses” which include amortization of
intangible assets recognized in business combinations, the charge
resulting from the deferred recognition of the fair value of shares
granted to employees (including social security and employer
contributions), and non-recurring revenues and expenses, notably
impairment of goodwill, negative goodwill, capital gains or losses
on disposals of consolidated companies or businesses, restructuring
costs incurred under a detailed formal plan approved by the Group’s
management, the cost of acquiring and integrating companies
acquired by the Group, including earn-outs comprising conditions of
presence, and the effects of curtailments, settlements and
transfers of defined benefit pension plans.
Normalized net profit is equal to profit for the
year (Group share) adjusted for the impact of items recognized in
“Other operating income and expense”, net of tax calculated using
the effective tax rate. Normalized earnings per
share is computed like basic earnings per share, i.e.
excluding dilution.
Organic free cash flow is equal to
cash flow from operations less acquisitions of property, plant,
equipment and intangible assets (net of disposals) and repayments
of lease liabilities, adjusted for cash out relating to the net
interest cost. Finance lease payments were included in repayments
of borrowings until December 31, 2018. From January 1, 2019, with
the adoption of IFRS 16, these payments are now included in the new
definition of organic free cash flow as repayments of lease
liabilities.
RESULTS BY REGION
|
Revenues |
|
Year-on-year growth |
|
Operating margin rate |
|
2019 |
|
Reported |
At constant |
|
2018 |
2019 |
(in millions of euros) |
exchange rates |
North America |
4,567 |
|
+8.0% |
+2.6% |
|
13.6% |
13.9% |
United Kingdom and Ireland |
1,653 |
|
+5.6% |
+4.7% |
|
12.6% |
15.2% |
France |
3,017 |
|
+5.9% |
+5.9% |
|
11.1% |
12.1% |
Rest of Europe |
3,809 |
|
+5.7% |
+6.2% |
|
13.0% |
11.8% |
Asia Pacific and Latin America |
1,079 |
|
+13.6% |
+12.8% |
|
12.8% |
11.2% |
TOTAL |
14,125 |
|
+7.0% |
+5.3% |
|
12.1% |
12.3% |
RESULTS BY BUSINESS
|
Total revenues* |
|
Year-on-year growth |
|
2019(% of Group revenues) |
|
At constant exchange rates in total
revenues* of the
business |
Strategy & Transformation |
7% |
|
+15.1% |
Applications & Technology |
71% |
|
+4.8% |
Operations & Engineering |
22% |
|
+4.9% |
SUMMARY INCOME STATEMENT AND OPERATING
MARGIN
(in millions of euros) |
2018 |
2019 |
Change |
(IFRS 16) |
Revenues |
13,197 |
14,125 |
+7.0% |
Operating expenses |
(11,600) |
(12,384) |
|
Operating margin |
1,597 |
1,741 |
+9% |
as a % of revenues |
12.1% |
12.3% |
+20bp |
Other operating income and expense |
(346) |
(308) |
|
Operating profit |
1,251 |
1,433 |
+15% |
as a % of revenues |
9.5% |
10.1% |
+60bp |
Net financial expense |
(80) |
(79) |
|
Income tax income/(expense) |
(447) |
(502) |
|
(-) Non-controlling interests |
6 |
4 |
|
Profit for the year, Group share |
730 |
856 |
+17% |
NORMALIZED AND DILUTED EARNINGS PER
SHARE
|
2018 |
2019 |
Change |
(IFRS 16) |
Average number of shares outstanding |
167,088,363 |
166,171,198 |
|
BASIC EARNINGS PER SHARE (in euros) |
4.37 |
5.15 |
+18% |
Diluted average number of shares outstanding |
171,697,335 |
171,047,762 |
|
DILUTED EARNINGS PER SHARE (in euros) |
4.25 |
5.00 |
+18% |
|
|
|
|
(in millions of euros) |
2018 |
2019 |
Change |
|
(IFRS 16) |
|
Profit for the year, Group share |
730 |
856 |
+17% |
Effective tax rate, excluding the transitional tax expense |
33.7% |
32.6% |
|
(-) Other operating income and expenses, net of tax |
229 |
207 |
|
Normalized profit for the year |
959 |
1,063 |
+11% |
Average number of shares outstanding |
167,088,363 |
166,171,198 |
|
NORMALIZED EARNINGS PER SHARE (in euros) |
5.74 |
6.40 |
+11% |
The Group recognized an income tax expense in
respect of the transitional impact of the US tax reform of €60
million in 2019. This reduced basic and normalized earnings per
share by €0.36 and diluted earnings per share by €0.35.
Adjusted for this income tax expense, normalized
earnings per share is €6.76 in 2019:
(in millions of euros) |
2018 |
2019 |
Change |
|
(IFRS 16) |
Normalized earnings per share (in euros) |
5.74 |
6.40 |
+11% |
Transitional tax expense |
53 |
60 |
|
Average number of shares outstanding |
167,088,363 |
166,171,198 |
|
Impact of the transitional tax expense
(in euros) |
0.32 |
0.36 |
|
Normalized earnings per share – excluding the transitional
tax expense (in euros) |
6.06 |
6.76 |
+12% |
|
|
|
|
CHANGE IN CASH AND CASH EQUIVALENTS AND
ORGANIC FREE CASH FLOW
(in millions of euros) |
2018 |
2019 |
|
(IFRS 16) |
Net cash from operating activities |
1,396 |
1,794 |
Acquisitions of property, plant and equipment and intangible
assets, net of disposals |
(229) |
(219) |
Net interest cost |
(7) |
(15) |
Repayments of lease liabilities |
n/a |
(272) |
ORGANIC FREE CASH FLOW |
1,160 |
1,288 |
Other cash flows from (used in) investing and financing
activities |
(1,103) |
(830) |
Increase (decrease) in cash and cash
equivalents |
57 |
458 |
Effect of exchange rate fluctuations |
(41) |
(12) |
Opening cash and cash equivalents, net of bank
overdrafts |
1,988 |
2,004 |
Closing cash and cash equivalents, net of bank
overdrafts |
2,004 |
2,450 |
NET DEBT
(in millions of euros) |
12/31/2018 |
01/01/19 |
12/31/2019 |
|
(IFRS 16) |
(IFRS 16) |
Cash and cash equivalents |
2,006 |
2,006 |
2,461 |
Bank overdrafts |
(2) |
(2) |
(11) |
Cash and cash equivalents |
2,004 |
2,004 |
2,450 |
Cash management assets |
183 |
183 |
213 |
Long-term borrowings |
(3,274) |
(3,233) |
(2,564) |
Short-term borrowings and bank overdrafts |
(83) |
(44) |
(717) |
(-) Bank overdrafts |
2 |
2 |
11 |
Borrowings, excluding bank overdrafts |
(3,355) |
(3,275) |
(3,270) |
Derivative instruments |
(16) |
(16) |
7 |
Net cash and cash equivalents / (Net debt) |
(1,184) |
(1,104) |
(600) |
* The terms and Alternative Performance Measures
marked with an (*) are defined and/or reconciled in the appendix to
this press release.1 Audit procedures on the consolidated financial
statements have been completed. The auditors are in the process of
issuing their report.2 The impacts of the application of IFRS 16 at
January 1, 2019 and the resulting change in the organic free cash
flow and net debt definitions are presented in the appendix to this
press release. The 16% increase year-on-year of the organic free
cash-flow is computed on a comparable basis and amounts to 11% on a
reported basis.3 Excluding recognition of the income tax expense
due to the transitional impact of the US tax reform of €53 million
in 2018 and €60 million in 2019.4 On the basis of Altran share
capital made of 257,021,105 shares, representing 257,748,693 voting
rights.5 See AMF notice 219C2818 dated December 18, 2019, setting
out the commitments made by Capgemini to the AMF; see also
Capgemini's press release dated January 14, 2020.6 Effective
January 14, 2020, the date of Capgemini's press release.7 Note that
in the appendix, certain totals may not equal the sum of amounts
due to rounding adjustments.
- Capgemini_-_2020-02-13_-_2019_Results
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