(AOF) – During the General Meeting of Atos, its shareholders rejected by 67.38% a resolution requesting the dismissal of Bertrand Meunier – president of the group – from his mandate as director. Two other resolutions carried by Sycomore AM were also rejected. The asset manager considers that the president of Atos bears “a significant share of responsibility” in the major governance crisis of the group.
On the occasion of this Assembly, Bertrand Meunier indicated that the board of directors had rejected several indicative offers for Tech Foundations, reports Reuters.
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Key points
– International leader in digital transformation, high performance computing and infrastructures related to information technologies, created in 1997, European leader in cloud, cybersecurity and supercomputers;
– Activity of €11.3 billion, divided into 2 divisions: Evidian – digital transformation, big data and security – for 47% of sales, and Tech Foundations for 53% – infrastructures and connected work environments;
– Value maximization business model via the division, at the end of 2023, of the group into 2 separate entities – Tech Fondations for outsourcing and Evidian for digital, cloud and security;
– Open capital (9.96% for the Siemens pension fund and 2.2% for employees), Bertrand Meunier chairing the 14-member board of directors, with Nourdine Bihmane as managing director, Philippe Oliva as deputy CEO and Diane Galbe Deputy CEO;
– Financial situation under control with €2.7 billion in credit facilities covering needs estimated at €1.8 billion for restructuring, hence the exclusion by management of any capital increase but debt up to €1.45 billion €, i.e. a leverage effect of 3.75%.
Challenges
– Strategy for the second half of 2023 to split the group into 2 companies, Tech Fondations:
– Tech Fondations: turnaround financed to the tune of €1.1 billion targeting an operating margin of 6% (1.3% of revenue in 2022), a return to revenue growth and free cash flow of €150 million in 2026,
– Evidian: repositioning of the portfolio and strengthening of leading positions with high margins via a €400m plan to accelerate its growth to 7% per year until 2026, with an operating margin of 12% and free cash flow of €700m €,
– end of 2023, distribution to Atos shareholders of 100% of the shares of Tech Fondations and 70% of those of Evidian which will then be listed on Euronext Paris;
– Innovation strategy developed in 18 R&D centers with a portfolio of 3,000 patents:
– open innovation via partnerships with university centers (quantum computing, exascale computers, artificial intelligence, HPC, multicultural leadership, etc.), with alliances with other players (AWS, Dell, Google, Huma, Microsoft, OVHCloud, Sparkle…) and with customers,
– 2 scientific communities of expert collaborators of the group,
– Scaler program of collaboration with + 50 start-ups;
– Environmental strategy of carbon neutrality in 2028 and halving of emissions by 2025 vs 2021,
– sales of decarbonization solutions, reinforced by the acquisition of EcoAct,
– investments in hydrogen supercomputers and quantum technologies,
– launch of the 1st “green” loan;
– Execution of the €800 million disposal plan and outcome of negotiations with Airbus for the sale of 29.9% of the capital of Evidian;
– Acceleration of Evidian’s profitable growth and return to profits for Tech Fondations, 3 years ahead of expectations.
Challenges
– Employee attrition rate of 21.6%;
– Confirmation of the commercial momentum at the end of 2022 – order intake on turnover at 90% and gain of 1.3% in revenue;
– 2023 objective of stable revenues and an operating margin of 4 to 5%.
– Abolition of the dividend for 2022.
Learn more about the IT / DSE sector (digital service companies)
Growth hampered by recruitment
According to a study for Numeum, the digital professional organization, 79% of companies in the sector consider that their growth is hampered by the shortage of talent in the face of demand driven by digital transformation. Digital services companies forecast 5% growth for 2022. Several levers are activated by companies to attract talent, in particular remuneration, while average salaries have generally increased in the IT sector. New work organisations, career development prospects and meaningful assignments are other assets. Capgemini has therefore adopted a new agreement offering up to 70% telework to all employees. These adaptations are essential as a report from the Department of Research, Studies and Statistics (Dares) and France Strategy establishes that IT professions will be among those who will recruit the most by 2030. .