2015 ENGINEERING ANDTECHNOLOGY CONSULTING 2015 Document Registration Including Theannualfinancialreport
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2015 Registration Document including the annual financial report 2015 DOCUMENT DE RÉFÉRENCE ENGINEERING AND TECHNOLOGY CONSULTING 2015 Registration Document including the annual financial report “This document and the accompanying financial report constitute the ALTEN registration document for 2015. It was filed with the French Financial Markets Authority (Autorité des Marchés Financiers, or AMF) on 25 april 2016, in accordance with Article 212-13 of the AMF General Regulation. It may only be used in support of a financial transaction if accompanied by a securities note authorised by the AMF. Pursuant to Article 28 of Regulation (EC) No. 809/2004, the following information is incorporated by reference in this Registration Document: • The separate and consolidated financial statements at 31 December 2014, and Statutory Auditors’ reports, found on pages 193 to 250 of Registration Document No. D. 15-0409 filed with the AMF on 27 April 2015 ; • The separate and consolidated financial statements at 31 December 2013, and Statutory Auditors’ reports, found on pages 171 to 230 of Registration Document No. D. 14-0408, filed with the AMF on 25 April 2014. This document was prepared by the issuer and the signatories are responsible for its contents.” Registration Documents CONTENTS Contents 6 / / 3 04 Interview with Simon Azoulay 05 Governance of the ALTEN Group 05 Board of Directors 06 Executive Committee 07 Management Committee - France 09 Profile 10 Key figures 2015 12 ALTEN in the world 14 The benefits of development 17 1. ALTEN, TECHNOLOGY PARTNER 18 Development of global R&D and market trends in R&D outsourcing 20 ALTEN’s positioning 21 Range of services 23 A technology partner 24 2. OUR CUSTOMERS 26 Automotive 28 Rail 30 Aerospace 32 Defense & Security 34 Nuclear and renewable energy 36 Oil & Gas 38 health and pharmacy 40 Telecommunications and Multimedia 42 Bank, Finance and Insurance 45 3. OPERatIONAL EXCELLENCE AND SUStaINABLE DEVELOPMENT Contents 6 / / 3 ALTENALTEN INTERVIEW WITH Simon Azoulay What is your assessment of 2015? Restructuring is under way in the telecoms sector, resulting in ALTEN achieved 12.2% growth and improved its operating mergers between operators and significant pressure on costs. margin in a challenging global economic climate. Revenue for Against this difficult backdrop, we have supported our customers the financial year totalled in excess of €1.5 billion, while our and maintained our margins, by relying on our nearshore and headcount stood at more than 20,000 employees, including offshore structures. more than 18,000 engineers. The ALTEN Group continued to Lastly, the ALTEN Group benefited from the rebound in investment expand its international business, which grew 21.9% and now in the services, banking and financial sectors, both in France and accounts for 48.5% of total Group activity. abroad. This status confirms our position as the world leader in the engineering and technology consulting market. What core values form the basis for your development? The operating margin was up significantly to 9.9% of revenue as From the outset, the ALTEN Group has been built around three compared with 9.6% in 2014. It stood at 8.8% in the first half of core values. 2015 and jumped to 11% in the second half. The consolidation Our engineer culture has been fundamental to shaping ALTEN’s of companies recently acquired in 2014 and 2015 continues development since its creation. We focus on very high value- to weigh on our operating margin; however profitability of these added projects and thus are positioned to attract the best engineers acquisitions is improving steadily as a result of efforts undertaken. from the top schools from around the world. We are committed to Excluding the 2014 and 2015 acquisitions, the operating margin providing training and career advancement opportunities for our would have been more than 10%. staff, and endeavour to encourage young people and women to I am proud of this performance, made possible by both organic consider a technical career and to join the Group. growth of 3.5% and acquisition-led growth. The acquisitions Profitable and sustainable growth is part of ALTEN’s DNA. enabled us to pursue our growth strategy in all of the target It underpins the Group’s development strategy to ensure a secure countries in Europe, the United States and Asia, where we intend future for our 20,000 employees. Profitability is essential to provide to expand and achieve critical mass to set up our organisation. the resources to expand in all our target countries, where our goal We have other reasons for satisfaction also, notably the introduction is to have more than 1,000 and up to 2,000 engineers in R&D. of new tools to assist our business development and administrative Lastly, ethics and developing human capital are not only organisation, which was one of our main challenges in 2015. prerequisites for the growth of the ALTEN Group, but are also vital All of these measures combined are set to support our growth from to our first two core values. The ethics held dear by all the key 2016 and in the years to come. ALTEN Group executives focus on respect and fluid communication between all the Group’s employees. Developing human capital How did each sector perform? enables us to meet our growth targets by training and supporting It has always been the ALTEN Group’s strategy to be almost equally all our managers in their quest for excellence, whether in a business spread over the five business sectors, with each representing environment, a technical environment or a support functions approximately 20% of revenue. environment. The aeronautics sector contracted as the R&D programmes for the A350 and A380 drew to a close. We successfully repositioned What is your outlook for 2016? many of our teams in production process and engineering to meet The ALTEN Group’s strategy has always been very clear. First, it the very substantial needs generated by future plane delivery entails remaining firmly positioned in all the engineering professions schedules. The challenge was difficult, but one we rose to and carrying out premium service projects for our customers in successfully. We can be extremely proud of that. consulting, workpackage (or structured projects) mode — which The automotive sector has experienced strong growth and currently accounts for 50% of our revenues. rebounded nicely after the 2008 and 2012 crises. We are strengthening our position with all European manufacturers and The second point is to reach critical mass in each one of our parts manufacturers and we are even exporting this expertise to the target countries, which we estimate to be approximately 1,500 United States and Asia. engineers. We have almost reached this point in all countries in In the energy sector, the drop in oil and gas prices did not have Europe. This critical mass allows us to set up training centres for a severe impact on the group, since we won major new projects both project management and business development. with international customers, and because we are present in We have our sights set on winning market share in North America, energy distribution, nuclear energy and in renewables, where we where we already employ more than 500 engineers, in China, achieved significant growth. and on mantaining our positions in the rest of Europe. 4 / / 5 GOVERNANCE INTERVIEW WITH Board of Simon Azoulay Directors COMPOSITION OF THE BOARD Ms Anaëlle Azoulay, a French national, was born on 31 OF DIRECTORS October 1990 in Paris, and was appointed by ALTEN’s Combined Ordinary and Extraordinary General Meeting Article 16 of the Company’s Articles of Association provides of 18 June 2014. At 31 December 2015, she held no that the Board of Directors is composed of no fewer than Company shares. three (3) and no more than eighteen (18) members. The appointment of each director is the subject of a separate Ms Jane Seroussi, a French national, was born on 5 resolution in accordance with the ninth Recommendation of February 1966 in Paris, and was appointed by ALTEN’s the Middlenext Reference Code. Combined Ordinary and Extraordinary General Meeting of 18 June 2014. At 31 December 2015, she held no At 31 December 2014, the Board of Directors was Company shares. composed of eight members: Mr Marc Eisenberg, a French national, was born on 9 April 1955 in Paris, and was appointed by ALTEN’s Mr Simon Azoulay, who also serves as Chairman and Combined Ordinary and Extraordinary General Meeting Chief Executive Officer; of 18 June 2014. At 31 December 2015, he held no Mr Gérald Attia, who also serves as Deputy Chief Company shares. Executive Officer; Mr Bruno Benoliel, who also serves as Deputy Chief Mr Jérôme Valat, a French national, was born on 19 June Executive Officer; 1969 in Rodez, and was appointed by the Works Council Ms Emily Azoulay ; on 23 October 2015, which was duly acknowledged by the Board of Directors on 29 October 2015. At 31 Ms Anaëlle Azoulay ; December 2015, he held no Company shares. Ms Jane Seroussi; Mr Marc Eisenberg, independent director; Mr Jérôme Valat, director representing employees. Mr Simon Azoulay, a French national, was born on 29 May 1956 in Rabat (Morocco). He is a graduate of SUPELEC. At 31 December 2015, he held 5,430,637 ALTEN shares in his own name and via SGTI and SGTI 2, which he controls, i.e. 16.13% of the Company’s capital. Mr Gérald Attia, a French national, was born on 6 April 1962 in Livry-Gargan (France) and holds an MBA from Hartford. At 31 December 2015, he held 279,477 ALTEN shares in his own name and via GMA, which he controls, i.e.