{"id":837011,"date":"2021-02-19T01:56:00","date_gmt":"2021-02-19T01:56:00","guid":{"rendered":"https:\/\/www.capgemini.com\/be-en\/?post_type=press-release&#038;p=837011"},"modified":"2025-03-27T04:52:06","modified_gmt":"2025-03-27T04:52:06","slug":"a-solid-performance-in-2020-confirming-the-groups-resilience-and-agility","status":"publish","type":"press-release","link":"https:\/\/www.capgemini.com\/be-en\/news\/press-releases\/a-solid-performance-in-2020-confirming-the-groups-resilience-and-agility\/","title":{"rendered":"A solid performance in 2020, confirming the Group\u2019s resilience and agility"},"content":{"rendered":"\n<p><\/p>\n\n\n\t\t<div class=\"wp-block-cg-blocks-hero-press-release\">\n\t\t\t<header class=\"header-hero-press-release\" role=\"main\" id=\"main-content-press-release\">\n\t\t\t\t<div class=\"container\">\n\t\t\t\t\t<div class=\"hero-press-release\">\n\t\t\t\t\t\t<div class=\"hero-press-release-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"row\">\n\t\t\t\t\t\t\t\t<div class=\"col-12\">\n\t\t\t\t\t\t\t\t\t<div class=\"header-title\">\n\t\t\t\t\t\t\t\t\t\t<h1>\n\t\t\t\t\t\t\t\t\t\t\tA solid performance in 2020, confirming the Group\u2019s resilience and agility\t\t\t\t\t\t\t\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"header-description\">\n\t\t\t\t\t\t\t\t\t\t<p><\/p>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"header-date\">\n\t\t\t\t\t\t\t\t\t\t<span>Feb 19, 2021<\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"hero-press-release-downloads\">\n\t\t\t\t\t\t\t\t<div class=\"row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"col-12 col-md-6 col-lg-3\">\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"download-item\" type=\"download\" href=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/14\/2023\/02\/Press-Release-FY-2020-1.pdf\" target=\"_blank\" 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href=\"https:\/\/twitter.com\/intent\/tweet?url=https:\/\/www.capgemini.com\/be-en\/?post_type=press-release&amp;p=837011&amp;text=A%20solid%20performance%20in%202020%2C%20confirming%20the%20Group%E2%80%99s%20resilience%20and%20agility\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-tw\"><\/i><span class=\"sr-only\">Twitter<\/span><\/a><\/li><li class=\"ip-order-li\"><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https:\/\/www.capgemini.com\/be-en\/?post_type=press-release&amp;p=837011&amp;text=A%20solid%20performance%20in%202020%2C%20confirming%20the%20Group%E2%80%99s%20resilience%20and%20agility\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-li\"><\/i><span class=\"sr-only\">Linkedin<\/span><\/a><\/li><\/ul><\/nav><\/div><div class=\"col-12 col-md-11 col-lg-10\"><div class=\"article-text article-quote-text\">\n<ul class=\"wp-block-list\">\n<li><strong>Revenues of \u20ac15,848 million, up +12.2% with the acquisition of Altran<\/strong><\/li>\n\n\n\n<li><strong>FY constant currency growth of +13.7% and organic growth<\/strong><sup>*<\/sup><strong> of -3.2%<\/strong><\/li>\n\n\n\n<li><strong>Q4 constant currency growth of +20.8% and organic growth<\/strong><sup>*<\/sup><strong> of -2.4%<\/strong><\/li>\n\n\n\n<li><strong>Operating margin<\/strong><sup>*<\/sup> <strong>up +8% in value and down 0.4 points to 11.9% of revenues<\/strong><\/li>\n\n\n\n<li><strong>12% increase in net profit, Group share, with normalized earnings per share<\/strong><sup>*<\/sup><strong> up 7%<\/strong><\/li>\n\n\n\n<li><strong>Organic free cash flow<\/strong><a id=\"_ftnref1\" href=\"#_ftn1\"><sup>*<\/sup><\/a><strong> of \u20ac1,119 million<\/strong><\/li>\n\n\n\n<li><strong>Proposed dividend of \u20ac1.95 per share<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong><em>Paris, February 17, 2021 \u2013 <\/em><\/strong>The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened today in Paris to review and adopt the accounts<a href=\"#_ftn2\">[1]<\/a> of the Capgemini Group for the year-ended December 31, 2020.<\/p>\n\n\n\n<p><a href=\"\/cookie-settings\/#cookie-consent\">Please allow statistical cookies to see this Youtube embed<\/a><\/p>\n\n\n\n<p>Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: <em>\u201cCapgemini\u2019s 2020 performance was strong. We bounced back in the third quarter as we had anticipated and continued to improve throughout the fourth quarter, attaining the high end of our target revenue range for the year. We also exceeded our operating margin and organic cash flow generation targets. In 2020, the Group demonstrated both its resilience and agility.<\/em><\/p>\n\n\n\n<p><em>I would like to thank the Group\u2019s 270,000 team members, who rapidly adapted to extensive work from home, while ensuring the quality of services delivered to our clients. I am extremely proud of the unprecedented mobilization of our teams, who showed solidarity and initiative in fighting the pandemic.<\/em><\/p>\n\n\n\n<p><em>This health crisis has clearly accelerated the digital transformation needs of companies across all sectors. In this context, we have successfully positioned ourselves as one of their partners of choice. Our digital and cloud services continued to expand at a strong pace, growing 15% in 2020.<\/em><\/p>\n\n\n\n<p><em>In 2021, we will draw on our fundamentals, benefiting fully from the value contributed by Altran in the field of Intelligent Industry, while developing our intimacy with clients\u2019 CxOs across their business transformation needs. In addition to our target of \u201cnet zero emissions\u201d by 2030, we will propose concrete offers to our clients to help them attain their own carbon emission reduction targets. I firmly believe that technology is pivotal to delivering tangible solutions in this area and my ambition is to make our Group a key player in ecological transition.\u201d<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-figures\"><strong>KEY FIGURES<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/FInacial_FY20_1.png?w=694\" alt=\"\" class=\"wp-image-85240\"\/><\/figure>\n\n\n\n<p><a href=\"#_ftnref1\" id=\"_ftn1\"><\/a><\/p>\n\n\n\n<p>Capgemini demonstrated remarkable agility in 2020, rapidly adapting to an unprecedented crisis and completing the acquisition and integration of Altran, while delivering results in line with or exceeding objectives announced during the publication of the H1 2020 results.<\/p>\n\n\n\n<p>The Group completed the acquisition of Altran Technologies (\u201cAltran\u201d), consolidated from April 1, 2020, making Capgemini the partner of choice for the digital transformation of industrial and technology companies. Also, Capgemini successfully dealt with the consequences of the pandemic crisis, with its results demonstrating the strong resilience of its operations and financial model.<\/p>\n\n\n\n<p>Capgemini therefore reported <strong>revenues<\/strong> of \u20ac15,848 million in 2020, up 12.2% on 2019 published figures. Constant currency growth<sup>*<\/sup> was 13.7%, at the upper end of the +12.5% to +14.0% target range. Organic growth<sup>*<\/sup> (i.e. excluding the impact of currency fluctuations and changes in Group scope) reported a measured contraction of -3.2% for the full year.<\/p>\n\n\n\n<p>The clear improvement in the Group\u2019s activities from Q3 2020 continued in the fourth quarter in the Group\u2019s main sectors and regions, both for constant currency (+20.8% in Q4) and organic growth (-2.4% in Q4).<\/p>\n\n\n\n<p>This performance demonstrates how the sector and geographic diversification of Capgemini\u2019s client base, combined with the high quality of the offer portfolio developed in recent years, have considerably strengthened the resilience of the Group\u2019s activities. <strong>Digital <\/strong>and<strong> Cloud<\/strong><a href=\"#_ftn1\" id=\"_ftnref1\">[1]<\/a> services remained dynamic with constant currency growth of around 15% for the full year, in a crisis context that encouraged clients to prioritize critical digital transformation projects. Digital and Cloud services thus represented around 65% of Group activities in Q4 2020.<\/p>\n\n\n\n<p><strong>Bookings<\/strong> totaled \u20ac16,892 million in 2020, an increase of +13% at constant exchange rates year-on-year. At 107%, the book-to-bill ratio reflects the strength of commercial activity in the context of the pandemic. In Q4, bookings increased +15% at constant exchange rates to \u20ac5,155 million. The Q4 book-to-bill ratio of 121% reflects a promising level of client demand for the coming quarters.<\/p>\n\n\n\n<p>The<strong> operating margin<\/strong><sup>*<\/sup> increased by +8% in value to \u20ac1,879 million, representing 11.9% of revenues. The contraction in the operating margin rate year-on-year was therefore limited to 40 bps, a better than expected performance compared to the Group target contraction of 60 to 90 bps. This shows how the Group has substantially improved the resilience of its operating model since the 2008-2009 crisis.<\/p>\n\n\n\n<p><strong>Other operating income and expenses<\/strong> represent a net expense of \u20ac377 million, up \u20ac69 million year-on-year. This increase is due to the consolidation of other operating expenses specific to Altran, as well as related acquisition and integration costs, only partially offset by the capital gain realized on the divestment of Odigo at the end of the year.<\/p>\n\n\n\n<p><strong>Capgemini operating profit<\/strong> is therefore up +5% at \u20ac1,502 million, or 9.5% of revenues.<\/p>\n\n\n\n<p>The <strong>financial expense<\/strong> is \u20ac147 million, compared with \u20ac79 million in 2019. This increase is due to the cost of financing the Altran acquisition and outstanding debt.<\/p>\n\n\n\n<p>The <strong>income tax expense<\/strong> is \u20ac400 million, an effective tax rate of 29.5%. Adjusted for exceptional items, the effective tax rate is 33.0%, compared with 32.6% in 2019.<\/p>\n\n\n\n<p><strong>Net profit (Group share)<\/strong> grew 12% year-on-year to \u20ac957 million. <strong>Basic earnings per share<\/strong> rose by 11% year-on-year to \u20ac5.71, while <strong>normalized earnings per share<\/strong><sup>*<\/sup> increased 14% to \u20ac7.28. Normalized earnings per share adjusted for the transitional impact of the US tax reform increased 7% to \u20ac7.23.<\/p>\n\n\n\n<p><strong>Organic free cash flow<\/strong><sup>*<\/sup> generation reached the remarkable level of \u20ac1,119&nbsp;million, largely exceeding the \u20ac900&nbsp;million target for 2020. Restated for the \u20ac225 million impact of unwinding the Altran factoring program, organic free cash flow generation exceeded the 2019 record level of \u20ac1,288 million, demonstrating the strength of the Group\u2019s business model.<\/p>\n\n\n\n<p>In 2020, Capgemini invested \u20ac2,999 million net in external growth transactions. This primarily reflects outflows in 2020 to acquire Altran (see specific section below), less net amounts received on the divestment of Odigo. The 7<sup>th<\/sup> employee share ownership plan led to a gross share capital increase of \u20ac279 million. In addition, the Group paid \u20ac226&nbsp;million in dividends (equal to \u20ac1.35 per share, following a 29% reduction in the initial proposal decided by the Board of Directors as part of solidarity measures) and allocated \u20ac519 million to share buybacks.<\/p>\n\n\n\n<p>The Board of Directors has decided to recommend the payment of a dividend of \u20ac1.95 per share at the Shareholders\u2019 Meeting on May 20, 2021. The corresponding payout ratio is 35% of net profit (Group share), in line with the Group\u2019s distribution policy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-operations-by-region\"><strong>OPERATIONS BY REGION<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_2-1.png?w=716\" alt=\"\" class=\"wp-image-85242\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Q4 2020:<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Q4 revenues total \u20ac4,259 million, up +20.8% at constant exchange rates year-on-year, primarily reflecting the integration of Altran in the consolidation scope.<\/p>\n\n\n\n<p>In line with its expectations, Capgemini reports a further sequential increase in the constant currency annual growth rate. Regional trends in constant currency growth rates, as presented in the above table, reflect underlying organic momentum (i.e. at constant scope and exchange rates).<\/p>\n\n\n\n<p>In Q4 2020, the <strong>United Kingdom and Ireland<\/strong> (10% of Group revenues in Q4 2020) reported a return to organic growth year-on-year. The <strong>North America<\/strong> region (29% of Group revenues) continued its recovery, with now only a modest contraction in activity. <strong>France <\/strong>(23% of Group revenues) reported the largest organic contraction, but continued the improvement begun in the previous quarter. Finally, the <strong>Rest of Europe<\/strong> region (31% of Group revenues) remained virtually stable, while the <strong>Asia-Pacific and Latin America<\/strong> region (7% of Group revenues) reported further robust organic growth, albeit down on Q3.<\/p>\n\n\n\n<p>While sector performance remained contrasted, most sectors recorded a further sequential improvement in activity in Q4. Accordingly, on an organic basis: growth in Financial Services (24% of Group revenues in Q4 2020) accelerated on Q3. The TMT sector (Telecom, Media and Technology, 13% of Group revenues) also continued to recover, posting slightly positive growth in Q4, while the Public Sector (13% of Group revenue) again grew at a sustained pace. The Q4 decline reported by the Consumer Goods (12% of Group revenues) and Energy &amp; Utilities (10% of Group revenues) sectors was an improvement on the previous two quarters. Finally, the Manufacturing (22% of Group revenues) and Services (6% of Group revenues, including transportation and tourism) sectors continued to contract in Q4.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>For the full year:<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Revenues in <strong>North America<\/strong> grew by +7.9% at constant exchange rates. This increase was driven by Altran\u2019s contribution to revenues, mainly visible in the TMT sector. Financial Services enjoyed strong momentum at the year end and reported organic growth for the full year. The operating margin rate improved further to 14.8%, compared with 13.9% in 2019.<\/p>\n\n\n\n<p>The <strong>United Kingdom and Ireland<\/strong> region reported +6.7% constant currency growth in revenues, supported by Altran\u2019s consolidation (mainly in the Manufacturing and TMT sectors) and robust Public Sector momentum throughout the year on an organic basis. The operating margin increased to 15.5% from 15.2% a year earlier.<\/p>\n\n\n\n<p><strong>France<\/strong> reported revenue growth of +14.2% at constant exchange rates for the period, with the Manufacturing, TMT and Energy &amp; Utilities sectors significantly enhanced by the consolidation of Altran revenues. On a like-for-like basis, the Manufacturing sector was most heavily affected by the activity slowdown in the past year, while the Public Sector maintained robust growth throughout the year. Within the Group, France was the hardest hit by the pandemic, notably due to an unfavorable mix of sectors and business lines. Both revenues at constant scope and operating margin contracted visibly, with the latter declining 3.4 points year-on-year to 8.7%.<\/p>\n\n\n\n<p>The <strong>Rest of Europe<\/strong> region grew +23.7% at constant exchange rates, including Altran revenues. Activity remained almost stable in 2020 on an organic basis, supported by the buoyant Public Sector and TMT sector. The region reported a slightly lower operating margin of 11.4%, compared with 11.8% a year earlier.<\/p>\n\n\n\n<p>Finally, momentum remained strong in the <strong>Asia-Pacific and Latin America<\/strong> region, with revenues increasing +12.2% at constant exchange rates. This performance is particularly noteworthy as Altran\u2019s consolidation had a more limited impact in this region. Organic growth was again sustained, boosted particularly by Financial Services and, to a lesser extent, the Services and TMT sectors. The operating margin rate increased significantly to 13.0%, from 11.2% in 2019.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-operations-by-business\"><strong>OPERATIONS BY BUSINESS<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_3.png?w=700\" alt=\"\" class=\"wp-image-85244\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Q4 2020:<\/strong><\/li>\n<\/ul>\n\n\n\n<p>All of the Group\u2019s businesses reported further sequential improvements in annual organic growth rates in Q4, that is at constant scope and exchange rates.<\/p>\n\n\n\n<p>Accordingly, on an organic basis: <strong>Strategy &amp; Transformation<\/strong> consulting services (7% of Group revenues in Q4 2020) reported a smaller decline in total revenues<sup>*<\/sup> than in the two previous quarters. <strong>Applications<\/strong> &amp; <strong>Technology<\/strong> services (60% of Group revenues), the Group\u2019s core business, reported a further sequential improvement with almost stable activity levels. <strong>Operations &amp; Engineering<\/strong> services (33% of Group revenues) also continued their recovery, visible in Operations (infrastructure and cloud services and Business Services) but also in Engineering services where the contraction is gradually reducing.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>For the full year:<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Strategy<\/strong> <strong>&amp;<\/strong> <strong>Transformation<\/strong> consulting services benefited from the integration of high value-added consulting services developed by Altran in recent years, recording +11.0% growth in total revenues at constant exchange rates.<\/p>\n\n\n\n<p><strong>Applications &amp; Technology<\/strong> services reported a slight -0.2% decline in total revenues at constant exchange rates. The Altran acquisition had only a limited impact on growth at constant exchange rates in this service line.<\/p>\n\n\n\n<p>Finally, <strong>Operations &amp; <\/strong><strong>Engineering<\/strong> total revenues grew +55.5% at constant exchange rates with the consolidation of Altran, which primarily delivers Engineering services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-headcount\"><strong>HEADCOUNT<\/strong><\/h2>\n\n\n\n<p>At December 31, 2020, the Group\u2019s total headcount stood at 269,800, up +23% year-on-year, mainly following the integration of Altran team members. Over 145,000 employees work in offshore centers, some 54% of the total headcount.<\/p>\n\n\n\n<p>After a slight dip in employee numbers in the second and third quarters, the Group returned to positive net hiring in Q4 2020.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-balance-sheet\"><strong>BALANCE SHEET<\/strong><\/h2>\n\n\n\n<p>Capgemini\u2019s balance sheet structure changed significantly in the past year with the acquisition of Altran for an enterprise value of \u20ac5.2 billion.<\/p>\n\n\n\n<p>As the Altran securities were purchased in two distinct steps (before and after the takeover became effective on March 13, 2020), in 2020 this transaction contributed a \u20ac2.6 billion increase in goodwill (\u20ac9.8 billion at the closing date compared with \u20ac7.7 billion at the opening date), new intangible assets for \u20ac0.5 billion (\u20ac1.1 billion at the closing date compared with \u20ac0.6 billion at the opening date), and a \u20ac2.1 billion decrease in equity (\u20ac6.1 billion at the closing date compared with \u20ac8.4 billion at the opening date).<\/p>\n\n\n\n<p>The Altran acquisition was financed in line with the financing plan presented in June 2019 (\u20ac5.4 billion, encompassing \u20ac3.7 billion for the purchase of securities and \u20ac1.7 billion of gross debt carried by Altran). Capgemini used available cash of approximately \u20ac1.0 billion (including \u20ac0.4 billion for the purchase of a share block in 2019) and issued bonds for the balance.<\/p>\n\n\n\n<p>In April 2020, the Group therefore performed a \u20ac3.5 billion multi-tranche bond issue, \u20ac2.8 billion of which was used to finance the acquisition<a href=\"#_ftn1\" id=\"_ftnref1\">[1]<\/a>. The Altran term loans were then refinanced in June 2020 through a second multi-tranche bond issue of \u20ac1.6 billion. These refinancing transactions extended the average maturity of the Group\u2019s bond debt to 6 years, with a low average cost of 1.8%.<\/p>\n\n\n\n<p>At December 31, 2020, the Group had cash and cash equivalents and cash management assets of \u20ac3.2 billion. After accounting for borrowings of \u20ac8.1 billion and derivative instruments, Group net debt<sup>*<\/sup> is \u20ac4.9 billion at December 31, 2020, compared with \u20ac0.6 billion at December 31, 2019. The higher than expected organic free cash flow generation, combined with the proceeds from the sale of Odigo, helped to reduce the impact of the Altran acquisition on the Group\u2019s net debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-acquisition-and-integration-of-altran-technologies\"><strong>ACQUISITION AND INTEGRATION OF ALTRAN TECHNOLOGIES<\/strong><\/h2>\n\n\n\n<p>Following the effective takeover of Altran on March 13, 2020, Capgemini reopened the friendly tender offer. The success of this reopening enabled the implementation, in April 2020, of a squeeze-out on the remaining Altran shares not yet held. After this procedure, Capgemini held 100% of the share capital and voting rights of Altran Technologies, which is fully consolidated in the Capgemini scope from April 1, 2020.<\/p>\n\n\n\n<p>The integration process was launched following the effective takeover of Altran and is progressing in line with Group expectations. It notably led to the implementation of an integrated operating structure on January 1, 2021. In the second half of 2020, Capgemini also launched its first three Intelligent Industry offerings focusing on&nbsp;<a href=\"https:\/\/www.capgemini.com\/news\/capgemini-announces-first-set-of-intelligent-industry-offerings-focused-on-5g-and-edge-to-enable-data-driven-business-transformation\/\">5G and Edge computing<\/a>, <a href=\"https:\/\/www.capgemini.com\/news\/capgemini-announces-its-third-set-of-intelligent-industry-offers-data-driven-research-development-for-life-sciences\/\">driving automation systems validation and verification<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.capgemini.com\/news\/capgemini-announces-its-third-set-of-intelligent-industry-offers-data-driven-research-development-for-life-sciences\/\">data driven R&amp;D for Life Sciences<\/a>.<\/p>\n\n\n\n<p>As announced on the publication of the H1 2020 results, Capgemini expects to reach, by June 2021, a run-rate of two-thirds of full-year cost and operating model synergies estimated at between \u20ac70 million and \u20ac100 million, before tax. Similarly, the Group is confident it can achieve the commercial synergies announced on acquisition, which represent additional annual revenues of between \u20ac200 million and \u20ac350 million within three years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-corporate-social-and-environmental-responsibility\"><strong>CORPORATE, SOCIAL AND ENVIRONMENTAL RESPONSIBILITY<\/strong><\/h2>\n\n\n\n<p>In an unprecedented economic and health context, Capgemini was determined to strengthen its corporate, social and environmental responsibility ambitions and initiatives.<\/p>\n\n\n\n<p>More than ever aware of the need to take action on climate change, in July 2020 the Group announced its commitment to achieving carbon neutrality for its operations no later than 2025 and its ambition to be net zero by 2030. These objectives were approved by the Science Based Targets Initiative as being in line with the scenario limiting global warming to 1.5\u00b0C by 2050. Capgemini\u2019s previous target, set in 2015, of reducing carbon emissions by 30% per employee by 2030, was achieved by January 2020, nearly a decade early. Capgemini also set an objective of reducing the carbon emissions of its clients by 10 million carbon metric tons by 2030, over 20 times the Group\u2019s own emissions.<\/p>\n\n\n\n<p>In addition, the Group sought to protect its employees, both by implementing precautionary health measures and through initiatives demonstrating its support and solidarity. Capgemini notably maintained promotion measures and salary adjustments decided prior to the pandemic and did not make any significant changes to its onshore or offshore workforce. The Group also stepped up initiatives to build employee engagement through Pulse, its continuous listening platform, which includes frequent questions on physical and psychological wellbeing. This approach was accompanied by the implementation of a Connected Managers program aimed at sharing best practices, notably with regards to supporting employees and maintaining social contact, as well as strengthening individual and local management of psychosocial risks.<\/p>\n\n\n\n<p>In June 2020, Capgemini also joined forces with Coursera, a global leader in on-line learning, to launch NEXT, a digital learning platform providing employees with access to over 4,000 courses delivered by the best universities and training bodies. This major training initiative \u2013 a fundamental pillar in the Group\u2019s human capital management strategy \u2013 will enable all employees to not only strengthen their skills in a constantly changing environment, but also build their own professional and personal learning journey.<\/p>\n\n\n\n<p>Finally, Capgemini made further progress in 2020 with respect to the other pillars of its corporate social responsibility strategy: the proportion of women in its global workforce stood at 33.7% at the end of 2020 (34.9% excluding Altran, an increase of nearly 2 points compared to 2019), and 28% at the Executive Committee level (up 4 points since 2018). Also, more than 300,000 people benefited last year from the Group\u2019s digital inclusion initiatives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-outlook\"><strong>OUTLOOK<\/strong><\/h2>\n\n\n\n<p>In an improving but still uncertain environment, the Group targets for 2021:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A constant currency growth of +7.0% to +9.0%;<\/li>\n\n\n\n<li>An operating margin of 12.2% to 12.4%, i.e. at 2019 level;<\/li>\n\n\n\n<li>An organic free cash flow above \u20ac1,300 million.<\/li>\n<\/ul>\n\n\n\n<p>The inorganic contribution to growth is anticipated at c. 4.5 points.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conference-call\"><strong>CONFERENCE CALL<\/strong><\/h2>\n\n\n\n<p>Aiman Ezzat, Chief Executive Officer and Carole Ferrand, Chief Financial Officer, will present this press release during a conference call in English to be held <strong>today at 6.45 p.m. Paris time&nbsp;(CET)<\/strong>. You can follow this conference call live via webcast at the following <a href=\"https:\/\/edge.media-server.com\/mmc\/p\/22ctjp2q\">link<\/a>. A replay will also be available for a period of one year.<\/p>\n\n\n\n<p>All documents relating to this publication will be placed online on the Capgemini investor website at <a href=\"https:\/\/investors.capgemini.com\/en\/\">&nbsp;https:\/\/investors.capgemini.com\/en\/<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-provisional-calendar\"><strong>PROVISIONAL CALENDAR<\/strong><\/h2>\n\n\n\n<p>March 31, 2021 \u2013 Capital Markets Day<\/p>\n\n\n\n<p>April 29, 2021 \u2013 Q1 2021 revenues<\/p>\n\n\n\n<p>May 20, 2021 \u2013 Combined Shareholders\u2019 Meeting<\/p>\n\n\n\n<p>July 28, 2021 \u2013 Publication of H1 2021 results<\/p>\n\n\n\n<p>The following dividend payment schedule will be presented to the Shareholders\u2019 Meeting for approval:<\/p>\n\n\n\n<p>June 2, 2021 \u2013 Ex-dividend date on Euronext Paris<\/p>\n\n\n\n<p>June 4, 2021 \u2013 Payment of the dividend<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>DISCLAIMER<\/strong><\/h2>\n\n\n\n<p>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 \u201cexpects\u201d, \u201canticipates\u201d, \u201cbelieves\u201d, \u201cintends\u201d, \u201cestimates\u201d, \u201cplans\u201d, \u201cprojects\u201d, \u201cmay\u201d, \u201cwould\u201d, \u201cshould\u201d or the negatives of these terms and similar expressions. Although Capgemini\u2019s 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\u2019s Universal Registration Document available on Capgemini\u2019s 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-about-capgemini\"><strong>ABOUT CAPGEMINI<\/strong><\/h2>\n\n\n\n<p>Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of 270,000 team members in nearly 50 countries. With its strong 50 year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fuelled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported in 2020 global revenues of \u20ac16 billion.<\/p>\n\n\n\n<p>Get the Future You Want &nbsp;I &nbsp;<a href=\"http:\/\/www.capgemini.com#_blank\">www.capgemini.com<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-appendix\"><strong>APPENDIX<\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-business-classification\">BUSINESS CLASSIFICATION<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategy &amp; Transformation<\/strong> includes all strategy, innovation and transformation consulting services.<\/li>\n\n\n\n<li><strong>Applications &amp; Technology<\/strong> brings together \u201cApplication Services\u201d and related activities and notably local technology services.<\/li>\n\n\n\n<li><strong>Operations &amp; Engineering<\/strong> encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud Services, and R&amp;D and Engineering Services.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-definitions\"><strong>DEFINITIONS<\/strong><\/h2>\n\n\n\n<p><strong>Organic growth<\/strong>, or like-for-like growth, in revenues is the growth rate calculated <strong>at constant Group scope and exchange rates<\/strong>. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate <strong>growth at constant exchange rates<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_4.png?w=702\" alt=\"\" class=\"wp-image-85246\"\/><\/figure>\n\n\n\n<p>When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on<strong> total revenues<\/strong>, 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.<\/p>\n\n\n\n<p><strong>Operating margin<\/strong> is one of the Group\u2019s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before \u201cOther operating income and expenses\u201d 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 contributions 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\u2019s 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.<\/p>\n\n\n\n<p>Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in \u201cOther operating income and expense\u201d, net of tax calculated using the effective tax rate. <strong>Normalized earnings per share<\/strong> is computed like basic earnings per share, i.e. excluding dilution.<\/p>\n\n\n\n<p><strong>Organic free cash flow<\/strong> 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.<\/p>\n\n\n\n<p><strong>COVID-19<\/strong>: The impact of the health crisis on the consolidated financial statements at December 31, 2020 is not isolated. The definition of the above alternative performance measures is therefore unchanged and, in accordance with past practice, these financial statements include in other operating income and expenses a non-material amount of incremental and non-recurring costs related to this crisis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-results-by-region\"><strong>RESULTS BY REGION<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_5-1.png?w=689\" alt=\"\" class=\"wp-image-85262\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-results-by-business\"><strong>RESULTS BY BUSINESS<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_6-1.png?w=508\" alt=\"\" class=\"wp-image-85266\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-income-statement-and-operating-margin\"><strong>SUMMARY INCOME STATEMENT AND OPERATING MARGIN<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_7-1.png?w=704\" alt=\"\" class=\"wp-image-85267\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-normalized-and-diluted-earnings-per-share\"><strong>NORMALIZED AND DILUTED EARNINGS PER SHARE<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_8-2.png?w=703\" alt=\"\" class=\"wp-image-85268\"\/><\/figure>\n\n\n\n<p>The Group recognized income tax income of \u20ac8 million in 2020 in respect of the transitional impact of the US tax reform, compared to an income tax expense of \u20ac60 million in 2019. This increased basic and diluted earnings per share and normalized earnings per share by \u20ac0.05 in 2020.<\/p>\n\n\n\n<p>Adjusted for this income tax income, normalized earnings per share is \u20ac7.23 in 2020:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_9-2.png?w=708\" alt=\"\" class=\"wp-image-85269\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-change-in-cash-and-cash-equivalents-and-organic-free-cash-flow\"><strong>CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_10.png?w=703\" alt=\"\" class=\"wp-image-85258\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-net-debt\"><strong>NET DEBT<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/17\/2021\/02\/Finacial_FY20_11.png?w=587\" alt=\"\" class=\"wp-image-85260\"\/><\/figure>\n\n\n\n<p><em>* The terms and Alternative Performance Measures marked with an (*) are defined and\/<\/em><\/p>\n\n\n<div class=\"wp-block-cg-blocks-cg-block-related-content\"><section class=\"relatedContentBlock\"><div class=\"container\"><div class=\"row\"><div class=\"content-title col-12 col-md-8\"><h2 class=\"related-content-heading\">Related News<\/h2><\/div><\/div><div class=\"row relatedContent\"><div class=\"col-lg-4 col-md-6 col-xs-12\">\n\t\t\t\t\t\t\t<div class=\"box\">\n\t\t\t\t\t\t\t\t<a aria-label=\"Read more about 85% of banks\u2019 corporate clients plan to engage with a non-bank financial institution within the next year as competition with private capital intensifies\" 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href=\"https:\/\/www.capgemini.com\/be-en\/news\/press-releases\/capgemini-to-acquire-leading-independent-product-lifecycle-management-and-industrial-digitalization-specialist-piterion\/\" class=\"anchorWrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"box-tag\"><span>Corporate news<\/span><\/span>\n\t\t\t\t\t\t\t\t\t<div class=\"box-title\"><h3 class=\"box-subtitle\">Capgemini to acquire leading independent product lifecycle management and industrial digitalization specialist, Piterion<\/h3><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"box-date\">\n\t\t\t\t\t\t\t\t\t\t<span>Mar 9, 2026<\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"box-bottom\">\n\t\t\t\t\t\t\t\t\t\t&lt;a class=&quot;link-download&quot; href=&quot;https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/14\/2026\/03\/03_09_Capgemini_Piterion.pdf&quot; aria-label=&quot;Download Press Release&quot; target=&quot;_blank&quot;  type=&quot;download&quot; title=&quot;Opens in a new window&quot;&gt;\n\t\t\t\t\t\t\t&lt;span&gt;Download press release&lt;\/span&gt;\n\t\t\t\t\t\t\t&lt;span&gt;130 KB PDF&lt;\/span&gt;\n\t\t\t\t\t\t&lt;\/a&gt;\n\t\t\t\t\t\t\t\t\t\t<a class=\"more\" aria-label=\"Read more about Capgemini to acquire leading independent product lifecycle management and industrial digitalization specialist, Piterion\" href=\"https:\/\/www.capgemini.com\/be-en\/news\/press-releases\/capgemini-to-acquire-leading-independent-product-lifecycle-management-and-industrial-digitalization-specialist-piterion\/\">Read more about<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":336,"featured_media":0,"template":"","meta":{"cg_dt_proposed_to":[],"_eb_attr":"","cg_seo_hreflang_relations":"[]","cg_seo_canonical_relation":"","cg_seo_hreflang_x_default_relation":"","cg_dt_approved_content":true,"cg_dt_mandatory_content":false,"cg_dt_notes":"","cg_dg_source_changed":false,"cg_dt_link_disabled":false,"footnotes":"","related_resource_url":"https:\/\/www.capgemini.com\/be-en\/wp-content\/uploads\/sites\/14\/2023\/02\/Press-Release-FY-2020-1.pdf","related_resource_id":837012,"related_resource_size":"255 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