(AOF) – Strongest decline in the SBF 120 index, Atos fell by 14.93% to 3.34 euros at the opening of this Monday’s session. The group announced that it had initiated discussions with its banks with a view to reaching a plan to refinance its financial debt. This plan includes the appointment of an ad hoc agent who would only relate to Atos’ financial debt and would have no impact on employees, customers and suppliers. This new financing plan “could lead to dilution of existing shareholders,” warns the group.
“Given the evolution of the market context, the conditions for carrying out the capital increase project with preferential subscription rights of 720 million euros are no longer met,” Atos underlined.
Remember that the group has decided to split its historical outsourcing activities and those in cybersecurity. The Tech Foundations branch, bringing together outsourcing activities, must be sold to the EPEI group of Czech businessman Daniel Kretinsky.
If discussions continue, it is not certain that they will “result in an agreement”.
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Key points
– International leader in digital transformation, high-performance computing and infrastructures linked to information technologies, created in 1997, European leader in the 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 distinct 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 board of directors of 14 members, with Nourdine Bihmane as general manager, Philippe Oliva 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 management’s exclusion of any capital increase but debt increasing to €1.45 billion €, i.e. a leverage of 3.75%.
Challenges
– Strategy aimed at splitting the group into 2 companies, Tech Fondations, for the 2nd half of 2023:
– Tech Foundations: recovery financed to the tune of €1.1 billion targeting an operating margin of 6% (1.3% of revenues in 2022), a return to revenue growth and free self-financing of €150 million in 2026,
– Evidian: repositioning of the portfolio and strengthening of leading positions with high margins via a €400 million plan to accelerate its growth to 7% per year until 2026, with an operating margin of 12% and free self-financing of €700 million €,
– 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 collaboration program 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 first “green” loan;
– Execution of the €800 million disposal plan resulting from negotiations with Airbus for the sale of 29.9% of Evidian’s capital;
– Acceleration of profitable growth at Evidian and return to profits at Tech Fondations, 3 years ahead of expectations.
Challenges
– Employee attrition rate of 21.6%;
– Confirmation of commercial dynamics at the end of 2022 – order intake based on turnover at 90% and gain of 1.3% in revenue;
– 2023 objective of stable revenues and an operating margin of 4 to 5%.
– Removal of the dividend for 2022.
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