Activity report 2O2O Editorial Gilles Sauret Chairman of the Board of Directors Cofidis Group In January 2021, Cofidis Participations became Cofidis Group. In a complicated and turbulent business environment, we pulled together more than ever before. Our strength lies in the fact that we are a human-centred group. In 2019, we launched our Experience First group project. This year, the project was a showcase for our remarkable ability to adapt quickly whilst showing support for one another. Once again, I would like to thank all of our Cofidis Group teams for their efforts. We united around our values with the conviction that our purpose as a socially-responsible corporate citizen was to protect our employees and reject short-time working practices. During the first lockdown, we quickly our market. These customer relations have significantly mobilised our efforts and demonstrated our agility. and sustainably strengthened our positioning. In doing so, we ensured business continuity through Our specialised focus on our customers and partners remote working, adapting to different scenarios has been a source of reassurance and shared emotions. throughout the year. More than ever, we showed our Our ongoing Experience First group project has guided, support for our customers and partners. We listened and will continue to guide, our actions for achieving carefully to their needs and potential difficulties and excellence. We know we are heading in the right delivered solutions. Lastly, our boldness ensured that direction despite the uncertainty of the years ahead. we decided and prepared our future by continuing to work on ambitious and innovative projects. One final point I would like to make is that by pulling together, we have become more supportive, more Despite the challenges of the global environment, creative and more responsive. We have full confidence 2020 was a year of transformation and innovation for in each other as well as our business model. This will Cofidis Group. We scaled up our organisation, putting drive our international business and improve our our customer at the centre of all our actions and performance, both collectively and as individuals. We decisions. We diversified our digital product range in also have the support of our majority shareholder, Crédit an effort to boost e-commerce and make life easier for Mutuel Alliance Fédérale, with whom we work closely our consumers. We repurposed our corporate culture and which has increased its stake in our Group to 80%. together by deploying a remote platform for discussions, work and training as well as sharing expertise and ideas. All told, we emerge stronger from 2020. This is a testament to the efforts made by each and every one During the quarantine, we recognised that our relational of us and the strength of our business model. I am excellence – which has always been the cornerstone of incredibly proud of what we have achieved. We can all our strategy – has given us a competitive advantage in be proud of our efforts. 3 Contents 4 5 DATA AS OF 31/12/2020 DATA AS OF 31/12/2020 BELGIUM CZECH REPUBLIC POLAND €938m €96m €72m Cofidis Group IN GROSS OUTSTANDINGS IN GROSS OUTSTANDINGS IN GROSS OUTSTANDINGS at a glance 400 150 76 3 commercial EMPLOYEES EMPLOYEES EMPLOYEES brands 4 businesses to serve our customers and partners Payment Online Credit Insurance solutions banking 9 countries in Europe Belgium Spain France Hungary Italy Poland 1 European Portugal Economic Interest Czech Republic PORTUGAL Grouping (EEIG) Slovakia €2,563m IN GROSS OUTSTANDINGS 745 EMPLOYEES COFIDIS FRANCE €5,677m Solid results SPAIN IN GROSS OUTSTANDINGS €1,718m SLOVAKIA €15,234m IN GROSS OUTSTANDINGS 1,472 gross outstandings EMPLOYEES €90m IN GROSS in 2020 975 OUTSTANDINGS EMPLOYEES CREATIS MONABANQ €2,783m 66 IN GROSS OUTSTANDINGS EMPLOYEES +1.6% €109m in gross IN GROSS OUTSTANDINGS outstandings 261 ITALY HUNGARY EMPLOYEES between 2019 €652m €896m €292m and 2020 IN GROSS OUTSTANDINGS SYNERGIE IN GROSS OUTSTANDINGS IN GROSS OUTSTANDINGS 200 449 299 371 EMPLOYEES EMPLOYEES EMPLOYEES EMPLOYEES 6 7 CHALLENGES IN 2020-2021 CHALLENGES IN 2020-2021 Bouncing back from the Covid-19 shutdown. This CHALLENGE NO. 1 is the top priority in all companies and locations. CHALLENGE NO. 2 Despite the decline in spending power resulting from the situation and job uncertainties, there Showing resilience Building a is a renewed sense of entrepreneurship and consumption in Europe. This has led analysts to positive-impact raise their forecasts for 2021. Furthermore, societal during the expectations of businesses grew considerably during the health crisis. Companies are expected health crisis economy to actively contribute to the global economic recovery without capitalising on price increases for consumers. Companies must rise to this The health crisis has resulted in an challenge in order to secure and retain customers. The first lockdown in March 2020 sparked economic crisis whose future impacts are an unprecedented situation for Europe and not yet known. What’s more, the crisis Cofidis Group: committed to the cause most of the world. Ways of working were has widened inequalities across countries, As was the case for most companies, Cofidis Group transformed overnight. Remote working companies and households. Businesses experienced a business slowdown in 2020. Naturally, became standard practice with the closure this caused uncertainty for the future, resulting in must now recover and stimulus projects of social spaces. Businesses had to adapt extra precautions. However, Cofidis Group is in a as quickly as possible to ensure continued are being accelerated to sustain collective stable position thanks to its business model and Overview momentum in developing an economy further strengthened by support from shareholders. service whilst giving priority to the well- of the trends In 2020, we also embarked on an ambitious being of their teams. that is more inclusive, more up-to-date transformation plan with the aim of safeguarding and therefore more sustainable. our future performance. We adapted our product range and reporting to optimise our solutions to customer scenarios which were difficult at times. In parallel, we developed new product ranges to The standard rulebook no longer applies when all +52 million increase and improve our partners’ sales and meet of the world’s economies transition to remote working. diagnosed Covid-19 cases the needs and aspirations of our consumers. Some businesses, which already had digital expertise, in Europe since the start reported considerably increased business. Others of the pandemic (31 May 2020). Overview posted a difficult year in terms of results. Across the of the trends board, companies had to repurpose their customer and employee relations. They also had to upscale their organisation, products and services whilst playing an 32 million active societal role to prevent infections and oversee Europeans short-time working their employees’ different working conditions for the during the pandemic. purpose of ensuring business continuity. The wide gap -6.8% GDP persists and has accelerated transformations. Some across Europe in 2020, of these will continue into the post-Covid world. * owing to Covid-19. Between 10% Cofidis Group: committed to the cause ** and 30% Cofidis Group already boasted specialised strengths of Europeans worked 72 million since much of its customer interaction is conducted remotely before the pandemic. Europeans remotely. Conversely, despite the roll-out of remote live in poverty. working practices in some entities, we needed to develop a large-scale organisation within a few weeks. True to its strategy of putting people at the heart of its + 50% business, the Group considered each of its employees’ of Europeans 64% circumstances and prioritised everyone’s protection, worked remotely during the pandemic. of Europeans consider without resorting to government subsidies and short- their countries to be in a difficult time working. Against the background of remote financial situation. business activities and in an endeavour to sustain 2,900% relations, multiple initiatives were taken by managers increase and employees. The latter continued their interactions in Zoom users during the first lockdown, and collaboration on strategic projects, delivering 29% successful performances. There was also a strong spirit i.e. 300 million users per day. of French people reported of solidarity amongst our employees as well as our an unforeseen expense in 2020. customers and committed charities. Overall, plenty *Greece **Sweden and Denmark of positive takeaways to make us all proud and build Sources : Eurobarometer, UN, Cofidis confidence as we look to the future. Sources : ILO, Le Monde, France info 8 9 CHALLENGES IN 2020-2021 CHALLENGES IN 2020-2021 CHALLENGE NO. 4 Overview Ensuring committed of the trends and sustained businesses 83% of French company employees in Corporate CHALLENGE NO. 3 Social Responsibility (CSR) positions or In recent years, the general public have departments consider that their company Making become increasingly demanding about has a positive impact on society versus the ability of companies and brands 59% of employees in those that do not. digitalised In the wake of the health crisis, digital to factor in their environmental and social took on an even greater dimension in our impacts. The public have also come to but human-focused lives from a professional and personal expect that companies play their part 66% standpoint. Remote became the norm; in making the necessary transformations of European employees believe that environmental initiatives whether it was purchases, meetings, for society rather than the government. acquisitions will influence brand reputation. communications or training. This trend, European consumers are willing to which was already underway, has change their purchasing habits and considerably accelerated and is showing choices for the purpose of upholding their 33% no signs of slowing. The real challenge convictions. Overview lies in making digital people’s number one of French employees consider company commitments of the trends priority. We also seek to make life easier as important (vs.