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able align=”center” border=”0″ cellpadding=”0″ cellspacing=”0″ width=”620″>(in millions of euros) H1 2012IAS19R* H1 2013 Change Revenues 5,150 5,033 -2.3% Operating margin(1)as % of revenues 3506.8% 3677.3% +0.5pt Operating profit(2) 240 302 Profit attributable to shareholdersas % of revenues 1342.6% 1763.5% +31% Net cash and cash equivalents at the end of the period 27 272 Organic free cash flow (309) (313)
*2012 figures have been adjusted for the application of IAS 19 revised (see table in the appendix)
Like-for-like growth in revenues breaks down as follows:
Bookings totaled €4,824 million in H1 2013. The combined book-to-bill ratio of Consulting Services, Local Professional Services and Technology Services is 1.06. The operating margin of the Group for H1 2013 is €367 million, or 7.3% of revenues, up 0.5 points on H1 2012. For the first time, the Group presents a breakdown of operating margins by region which includes the full value added of services rendered to clients. This puts in evidence the accretive impact of offshore on margins; for example the operating margin of the North America region, which now includes all margins realized with clients in this market including offshore center margins, is 12.3%. Profit for the period attributable to shareholders is €176 million, compared with €134 million for H1 2012, an increase of 31%. Organic free cash flow is -€313 million for H1 2013, despite anticipated payments received at the end of 2012, and compares with -€309 million for H1 2012. Net cash and cash equivalents total €272 million on June 30, 2013. At the end of H1, the total headcount of the Group was 127,968. Offshore employees totaled 54,280, up 18% on June 30, 2012 (including 44,195 in India) and represented 42% of the total headcount, up more than 4 points on June 30, 2012. Capgemini announces that it made a €235 million exceptional contribution to Group pension funds. In addition to reducing the level of the provision for pensions in the balance sheet, this payment will improve the Group’s organic free cash flow by approximately €30 million per year from 2014 and reduce financial expense. In addition, on July 24, 2013, the Board of Directors adopted two measures aimed at optimizing the balance sheet:
H1 performance supports the Group’s annual guidance:
“In a challenging economic environment, we met our commitments and reported an improvement in our profit for the period, enabling us to start the second half with confidence”, announced Paul Hermelin, Chairman and Chief Executive Officer of Capgemini Group.
Results by region (after allocation of offshore production center margins to the regions managing the contracts)
* Before amortization of intangible assets recognized in business combinations and after allocation of offshore production centers margins to the geographic regions managing the contracts** 2012 figures have been adjusted for the application of IAS 19 revisedAnalysis of the impact of the reallocation of offshore production center margins to the regions managing the contracts on the operating margin
* 2012 figures have been adjusted for the application of IAS 19 revised
N.B. Previously, part of the margins generated by our offshore production centers was recognized in these regions and not included in the results of the country managing the contracts. The table highlights the change in allocation of operating margins based on the 2012 financial statements. Overall Group margin is of course unaffected by this change in presentation. Conversely, as a result of this change, the accretive nature of offshore is fully accounted for in the margins presented by Region.
Reminder of H1 2012 published results and results adjusted for application of IAS19 revised
Results by business
(1) like-for-like* 2012 figures have been adjusted for the application of IAS 19 revised Key events of H1 2013
(1) Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs, these being equal to the cost of services rendered (expenses incurred during project delivery) plus selling, general and administrative expenses and before amortization of intangible assets recognized in business combinations. (2) Operating profit of the Group incorporates the charges associated with shares or options allocated to a large number of employees, as well as other non-recurring income and expenses such as goodwill impairment, capital gains or losses on disposals, restructuring costs, the cost of acquiring and integrating acquired companies, as well as the impacts of the curtailment and/or settlement of defined benefit pension plans.
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