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ANNUAL FINANCIAL REPORT UUniversalniversal RegistrationRegistration DocuDocumentment 2020 1=<B3<BA *)+ $%# NFPS 435 #.+1, * %0/ 1/%*!// **1( "%**%( /00!)!*0/ AFR 0%2%0%!/ 4?4A68 F;88G KJ4LUF ;<FGBEL "A6B@8 FG4G8@8AG (I8EI<8J B9 KJ4LUF @4E>8GF 'BG8F GB G;8 4AAH4? 9<A4A6<4? FG4G8@8AGF KJ4LUF FGE4G8:L 46G<I<GL 4A7ZI<F<BA AFR ,H@@4EL KJ4L ,B9GJ4E8 ,UF E8FH?GF 9BE G;8 $8L 9<:HE8F 4A7 6B@@8AGF BAZG;8 C4FG 9<I8 9<F64? L84EF 6BAFB?<74G87 9<A4A6<4?ZFG4G8@8AGF ,G4GHGBEL H7<GBEFU E8CBEG BA G;8 AAH4? B@@8AGF BA G;8 KJ4L ,B9GJ4E8Z, <A4A6<4? ,G4G8@8AGF Z4AAH4? 9<A4A6<4? 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AFR Universal Registration Document 2020 Ű #PPWCN(KPCPEKCN4GRQTV Ű /CPCIGOGPV4GRQTVKPENWFKPIVJGGNGOGPVUQHVJG'ZVTC (KPCPEKCN2GTHQTOCPEG5VCVGOGPV Ű +PHQTOCVKQPTGNCVKPIVQVJG%QTRQTCVG)QXGTPCPEG4GRQTV CPFǡVJGKPHQTOCVKQPTGSWKTGFHQTVJG)GPGTCN/GGVKPI 6JKU 7PKXGTUCN 4GIKUVTCVKQP &QEWOGPV YCU ƒNGF YKVJVJG (TGPEJ (KPCPEKCN /CTMGVU Authority (Autorité des Marchés Financiers#/( QP/CTEJKPCEEQTFCPEGYKVJ 4GIWNCVKQP '7 PQYKVJQWVRTKQTCRRTQXCNKPCEEQTFCPEGYKVJ#TVKENGQH VJKU4GIWNCVKQP 6JG7PKXGTUCN4GIKUVTCVKQP&QEWOGPVOC[DGWUGFYJGPUGEWTKVKGUCTGQHHGTGFVQVJG RWDNKEQTCFOKVVGFVQVTCFKPIQPCTGIWNCVGFOCTMGV KH UWRRNGOGPVGF D[ C UGEWTKVKGU PQVG CPF YJGTG CRRNKECDNG C UWOOCT[ CPF CNN COGPFOGPVUOCFGVQVJG 7PKXGTUCN 4GIKUVTCVKQP&QEWOGPV6JGTGUWNVKPIFQEWOGPVUCTGCRRTQXGFCUCYJQNGD[VJG#/( KPCEEQTFCPEGYKVJ4GIWNCVKQP '7 435 1*%2!./( .!#%/0.0%+* +1)!*0 $[ZD\SURͤOH DISCUSSIONS “Axway enters its 21st year RQbDVRXQGIRRWLQJ̹ hile the unprecedented global mobilisation continues to combat a brutal and unforeseeable health and economic ETKUKUKVYCURCTVKEWNCTN[FKHƒEWNVVQFTCYWRCPCUUGUUOGPV of 2020, a year we would like to forget for countless Wreasons. Nevertheless, in 2020, Axway stood out for the resilience of its business model in a radically disrupted environment. The company skilfully overcame the numerous hurdles that the pandemic threw in its path and I am proud to say that Axway is entering its 21st year on a sound footing. In the world of software, celebrating 20 years is a major achievement. Today, Axway is a seasoned infrastructure market specialist but can demonstrate the agility of a leading technological company, as illustrated by the transformation of its business model. Spurred by Patrick Donovan and his teams, the last three Pierre PASQUIER years have seen numerous changes. In 2020, Axway Chairman of the Axway Board of Directors ƒPCNKUGFKVUVTCPUHQTOCVKQPRNCPVQDGEQOGCNGCFGTKPKVU new markets and is now looking to the next chapter in its adventure. Over the next few years, Axway will continue to combine Digital technology will play a major role in our its pioneering experience with the ever renewed momentum future and software infrastructure is one of required by the global software publishing market. The its key components. Axway must be able to ƒTUVRJCUGQHVJKUPGYRTQLGEVKUYJKEJYGCNNJQRG UGK\GVJGQRRQTVWPKVKGUVJCVYKNNEQPƒTOKVU will be marked by a return to normality for our activities position as an independent leader. and lives. This will depend, as always, on the Company’s I know that in 2021, Axway’s 1,888 employees will once ability to propose the best technologies, again do their utmost to make their Company a committed experiences and offerings to its customers. player in its economic, social and societal ecosystem. By But furthermore, and above all, it will also combining value creation and commitment to the require flexibility and the capacity to adapt in Company’s various stakeholders, Axway can further its a world where uncertainty is the new development with ever growing success. normal. 2 AXWAY - 2020 UNIVERSAL REGISTRATION DOCUMENT axway.com e began our journey to transform Axway 3 years Through this perseverance, I am very pleased to see that our 2020 ago. While our products were well suited to our results and Axway's performance over the last three years are in line customers' needs, we realised that they needed with our ambitions. Our efforts have resulted in the desired returns Axway to evolve the way it interacted with them. for our key stakeholders: For 20 years, the world's largest orgnisations and W enterprises have trusted Axway to meet their critical • 9G JCXGKPXGUVGFCPFOCFGUKIPKƒECPVQRGTCVKQPCNEJCPIGU KPVGITCVKQPPGGFU/CPCIGF(KNG6TCPUHGT$$ in several key areas to be ever closer and more responsive to integration, API management, Content Services, our customers. As a result of these efforts, we have improved Accounting Integration etc. – our customers rely dramatically our Net Promoter Score with our Customers and on our products every day, but they also expect us Partners to take our place in the upper quartile of enterprise to give them a new way forward. software vendors in terms of rankings. • Our Employee GPICIGOGPVUEQTGJCUUKIPKƒECPVN[KORTQXGF 1WTOKUUKQPUKPEGJCUDGGPVQTGNCWPEJ and has exceeded the goals we set for ourselves. We have built Axway's essential investments to continue creating an environment of mutual trust with our employees through value for its stakeholders over the next twenty years. transparent dialogue and the development of more tailored support 9GEJQUGVQUNQYFQYPQWTJKUVQTKECNHQEWUQP/# for our teams in achieving their goals. I believe this is a major and to place greater emphasis on the development competitive advantage for Axway. of our core business offerings. In 2018 and 2019, we • The adoption of a new customer engagement model and increased gradually achieved our objectives and in 2020 we KPXGUVOGPVKPQWTQHHGTKPIUJCXGRWV#ZYC[ URTQƒVCDKNKV[WPFGT were able to complete our mission. We believed all pressure over the last three years. However, by sticking to our GNGOGPVUYGTGKPRNCEGVQDGCDNGVQƒPKUJQWTYQTM TQCFOCRCPFTGIWNCTN[CEJKGXKPIQWTƒPCPEKCNQDLGEVKXGUYGCTG and while 2020 brought its share of challenges and gradually gaining market support. Thanks to our renewed growth surprises, our teams continued to move forward momentum, we are in a more solid position today than we were and were constantly innovating to achieve our a year ago, since the AXW share price has risen very sharply over objectives. VJGƒPCPEKCN[GCT6JGEQPƒFGPEGQHQWTShareholders and a better stock market valuation will obviously be additional assets in the success of the next stages of our journey. At the time of this writing, we are completing our 2021 to 2023 business plan. The great work done by the team on our internal transformation provides us with a strong foundation for the future. +PYGYKNNHQEWUQPTGƒPKPIQWTEWUVQOGTHQEWUGFUVTCVGI[ and will continue to align our offerings and the value they create with customer expectations. In addition, we will continue to rigorously manage our portfolio of assets to maximise growth and returns according to the different levels of maturity of our markets. We will also return to the search for value through mergers and acquisitions in the coming years.