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F I N a N C I a L R E P O R T 2 0 FINANCIAL REPORT 2009 REFERENCE DOCUMENT CONTENTS BOARD OF DIRECTORS Serge KAMPF, Chairman Daniel BERNARD Yann DELABRIÈRE Jean-René FOURTOU 02 Financial highlights Paul HERMELIN, Chief Executive Officer 03 The Capgemini Group Michel JALAbert 23 Corporate responsibility and sustainability Phil LASKAWY 44 Report of the Chairman Bernard LIAUTAUD of the Board of Directors Thierry de MONTBRIAL 58 Management report Ruud van OMMEREN presented by the Board of Directors Terry OZAN to the Shareholders' Meeting of May 27, 2010 Pierre PRINGUET 75 Capgemini Consolidated Financial Statements Bruno ROGER 148 Cap Gemini S.A. Financial Statements 174 Text of the draft resolutions NON-VOTING DIRECTORS presented by the Board of Directors "CENSEURS" to the ordinary and extraordinary Shareholders' Meeting of May 27, 2010 Pierre HESSLER Geoff UNWIN 182 Specific information 200 Cross-reference tables STATUTORY AUDITORS PRICEWATERHOUSECOOPERS AUDIT represented by Serge VILLEPELET KPMG S.A. represented by Jean-Luc DECORNOY The English language version of this report is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinions expressed in the original language version of the document in French take precedence over the translation. 2009 annual report Capgemini 1 FINANCIAL HIGHLIGHTS CONSOLIDATED FINANCIAL STATEMENTS in millions of euros 2005 2006 2007 2008 2009 REVENUES 6,954 7,700 8,703 8,710 8,371 OPERATING EXPENSES 6,729 7,253 8,063 7,966 7,776 OPERATING MARGIN 225 447 640 744 595 % of revenues 3.2% 5.8% 7.4% 8.5% 7.1% OPERATING PROFIT 214 334 493 586 333 % of revenues 3.1% 4.3% 5.7% 6.7% 4.0% PROFIT FOR THE YEAR 141 293 440 451 178 % of revenues 2.0% 3.8% 5.1% 5.2% 2.1% EARNINGS PER SHARE Number of shares at December 31 131,581,978 144,081,808 145,425,510 145,844,938 154,177,396 Earnings per share at December 31 (in euros) 1.07 2.03 3.03 3.09 1.16 Dividend per share for the year (in euros) 0.50 0.70 1.00 1.00 0.80* NET CASH AND CASH EQUIVALENTS AT DECEMBER 31 904 1,632 889 774 1,269 AVERAGE NUMBER OF EMPLOYEES 59,734 64,013 79,213 86,495 90,238 NUMBER OF EMPLOYEES AT DECEMBER 31 61,036 67,889 83,508 91,621 90,516 * subject to approval by the combined Shareholder's Meeting of May 27, 2010. 2 2009 annual report Capgemini BACKGROUND In the four decades since its foundation in Grenoble in 1967, the of €8.4 billion, the Group provides advice to major national and Société pour la Gestion de l’Entreprise et le Traitement de l’Information international corporations and government authorities, for whom it (SoGETI) became Capgemini, a global group established in some has been designing and managing information systems throughout 30 countries. Today, a truly multicultural company, with 90,000 those years. team members of 100 different nationalities, generating revenues 1967: Formation of SoGETI on October 1, in Grenoble (France), by Serge Kampf. 1968: First Sogeti “Rencontres” (milestone meeting to review strategy and share important decisions) with company employees. 1970: Partnership agreement signed with Organisation Bossard Michel (OBM), leading French management consultancy firm. 1971: Creation of Eurinfor, specializing in facilities management. 1974: Acquisition of the IT services companies CAP (French market leader) and Gemini Computer Systems. 1975: January 1 marks the official birth of the Cap Gemini Sogeti Group, following the merger of CAP, Gemini Computer Systems and Sogeti; the “leading European IT services group” employs 2,000 people. 1978: Formation of Gemini Inc. in Washington (United States of America). 1979: Creation of Cap Gemini Spain. 1980: The Group wins a contract to develop the French electronic telephone directory. 1982: At year end, revenues overstep the FFr1bn mark (€150 million), half of which is generated outside France. 1984: English becomes the official language of the Group. 1985: Cap Gemini Sogeti’s initial public offering on the Paris stock exchange. 1989: Merger of Cap Sogeti France and French IT services and software engineering company Sesa, leading to the birth of Cap Sesa Sesa. 1990: The Group “Rencontres” in Marrakesh were marked by a more aggressive strategy and approval of a new shareholder; acquisition of the British company Hoskyns, European leader in outsourcing. 1991: Daimler Benz enters the capital of Sogeti; birth of Gemini Consulting as the consulting arm of the Group. 1992: Acquisition of the Dutch company Volmac and the Swedish company Programator. 1993: A new organization, encompassing seven geographical regions or Strategic Business Areas (SBA) is established worldwide 1996: A new logo and a new name – Cap Gemini – are adopted; Sogeti is no longer visible. 1997: Withdrawal of Daimler Benz from the Cap Gemini capital; the consulting group Bossard Consultants joins the Group. 1998: Signature of a multinational contract with automaker General Motors. 1999: Signature of technology partnerships with Microsoft, Oracle, Sun Microsystems, and others. 2000: Acquisition of Ernst & Young Consulting. 2002: Formation of Sogeti, a subsidiary for local professional services, which takes the original name of the group. 2003: Sogeti buys out Transiciel (7,000 employees); the Group signs a major long-term contract with the British tax authorities; opening of its two development centers in Mumbai (previously Bombay), India. 2004: New name – Capgemini – and new logo. 2006: Purchase of a 51% interest in Unilever Shared Services Limited, and bolstering of Capgemini’s presence in the Business Process Outsourcing (BPO) market for the outsourcing of business applications; launch of the I.cube (Industrialization, Innovation, Intimacy) transformation program. 2007: Acquisition of Kanbay International, a company formed under US law, well established in India and specializing in financial services; opening in Argentina, of the first Rightshore® center in Latin America. 2008: Capgemini takes over Getronics PinkRoccade Business Application services BV in the Netherlands, which specializes in the public sector; technology alliance in cloud computing with Amazon Web Services; targeted acquisitions in testing and in the Czech Republic. 2009: Opening of an outsourcing center in Romania; acquisitions in Vietnam and Australia; launch of the Business as Unusual program and five global service lines. 2009 annual report Capgemini 3 THE CAPGEMINI GROUP significant contract (Renault) and extension deals (Ontario Power I - INTRODUCTION Generation) were signed. Established in some 30 countries, the mission of the Capgemini When the market reacts well, analysts respond favorably too. IDC Group is to help its clients transform in order to improve their noted for financial year 2009 that “Capgemini is weathering the current performance and competitive positioning. The array of integrated storm very well, mainly thanks to three factors: the excellent delivery services proposed for this purpose combines top-of-the-range of its I.cube transformation program, the priority given to maintaining technology package offers, strong sector expertise and a perfect operating margin, underpinned by offshore and innovation, and its command of its four business lines or “disciplines.” successful change of image. Capgemini has therefore moved on from the position of European service provider to a leading role as a global, The four Capgemini disciplines are: multicultural player.” • Consulting Services (Capgemini Consulting): the aim of this I.cube gradually gave way to Business as Unusual, a more contextual activity is to help the Group’s clients identify, build and carry program linked to the economic cycle, and launched in late 2009. through transformation projects that will improve growth and Business as Usual has three objectives: to make the most of Group sharpen their competitive edge on a long-term basis; expertise, thereby generating added talent value; to apply the • Technology Services: these include the design, development and principles of lean management throughout its production line for implementation of a wide range of technology projects, from improved performance; and to design innovative interconnected application development and integration to web services; services in order to grow revenues. The goal is €800m of additional • Local Professional Services (Sogeti): this entity delivers professional orders in 2010. technology services to suit local requirements for infrastructures, 2010 must be the year of recovery. Although the economy has applications, engineering, testing and operation. started to bounce back, it is still fragile. Capgemini started the new • Outsourcing Services: Capgemini guides and supports its clients financial year in sound financial condition (with net cash and cash in outsourcing, either wholly or partly, their information systems equivalents of €1.27 billion), providing the ability to invest in new and associated activities (BPO); growth drivers. Paul Hermelin states: “We must take advantage of The Group held up in a particularly tough economic climate in the fact that companies are again interested in technological innovation. 2009, maintaining its revenue turndown at 3.9%, limiting the fall So we must develop a particularly attractive offering for this purpose.” and posting an operating margin of 7.1%. Under the Business as Unusual program, five new global service lines These results are to be credited to the changes initiated in the or GSLs have been developed: Business Information Management early 2000s. The Group bolstered its activities in sectors of the (BIM) Application Lifecycle Services (ALS), Infostructure economy that have enabled its revenues to stabilize. Outsourcing Transformation Services (ITS), Testing Services and Smart Energy now represents 36% of Group revenues, and even recorded a rise Services. These offers have been rolled out worldwide. Capgemini in operating margin. In the public sector, Capgemini has increased is therefore responding to new market demands not just for the its revenues by 9.1% with large, and often long-term, contracts.
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