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Paris, December 1, 2011
Société GénéraleThe Premium Review Conference
Capgemini is the leading IT services vendor in Europe, in a market with strong fundamentals
Resilience and upward momentum in IT spendingLeading European player
Revenues 2010 (€m)
8,579¹ 8,697²
804
793
852 88
9
900
1,000
IT services spending ($bn)
% headcount offshore
37%N.A.16%10%39%
Tieto Indra Sistemas
Logica Atos Capgemini
2
1,714
4,325
492 51
3
511 54
4
590 62
9 671
743
804
763 79
3
400
500
600
700
800
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
E
20
12
E
Source: IT Services Worldwide Forecast, 2000-2014, GartnerNote: As latest reported¹ Pro forma acquisition of SIS (€3.6bn revenues in 2010)² CPM Braxis included for c.3 months
2,557
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
A diversified business
14.9%
40.5%
39.8%
Technology Services
Local Professional
Services4.8%
Consulting Services
19.9%
North America
UK & IrelandFrance
Asia-PacificSouthern Europe
& Latin America
6.6%
22.0%
11.6%
3.1%18.3%
Energy, Utilities & Chemicals
Financial Services
Public
Manufacturing
22.3%
23.1%
18.4%10.0%
Revenue by business¹ Revenue by geography¹ Revenue by sector¹
3
39.8%
OutsourcingServices
Benelux
NordicCountries
Germany& Central Europe
12.8%6.6%
Others
Public Sector
Telecom, Media& Entertainment
4.1%9.3%
� Growth in outsourcing (from 22% in 2001) to develop a stable and long term revenue base
� Right balance achieved in business mix
� The most diversified European IT services company
� Growth of share in revenues from emerging markets
� Sector exposure consistent with market structure
5.7%
¹ As of Q3’11
� c.3/5 UK
� c.1/5 Netherlands
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
A resilient business model - Revenue
Long-term quarterly revenue trend¹ (€m) Key drivers for resilience
� Increasing share of outsourcing
� 39.8% of revenue as of Q3 2011 vs. 22% in 2001
� Strong organic growth through new client wins and
expansion in emerging geographies
� Average y-o-y organic growth rate of 7.6% since
1,764
2,378
2,000
2,500
3,000
� Q3’11% growth: 13.0%
� Average y-o-y organic growth rate of 7.6% since
2005
� Recent expansion into emerging markets with the
acquisition of CPM Braxis (c.5% of Capgemini’s
revenues)
� New segments opportunity: smart energy, BIM, IT
CRM (with acquisition of Prosodie)
0
500
1,000
1,500
4
FY 2005€6,954m
FY 2006€7,700m
FY 2007€8,703m
FY 2008€8,710m
FY 2009€8,371m
FY 2010€8,697m
FY 2011€9,480m²
¹ At current rates and perimeter² Implied by bottom-end of guidance (+9% y-o-y revenue growth)
� Q3 YTD% growth: 12.9%
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
A resilient business model – Operating margin
Key drivers for resilience
7.4%
8.5%
7.1% 6.8%7.3%E
8%
10%
12%
Long-term operating margin trend (% margin)
� Offshoring
� Now 37.4% of total headcount
� Offshore leverage increasing across businesses
� Cost optimization initiatives, e.g.
� Lean program on 25% of Group’s headcount with a target gain of 100bp margin
3.2%
5.8%
0%
2%
4%
6%
2005 2006 2007 2008 2009 2010 2011
1 Implied by bottom-end of guidance (+0.5ppt y-o-y increase in operating margin)
1
target gain of 100bp margin
� Transfer progressively offshore 20% of non client facing business development costs
� Cross-business unit utilization
� Mix effect: higher contribution from new business models and BPO
5© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
A diversified client exposure
� Majority of clients are blue-chip companies or governmental entities
� Top 50 clients represents less than 50% of revenueof revenue
� Top client = 10.2% of 2010 revenue
� Second biggest client = 2.3% of 2010 revenue
6© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
CENTRAL EUROPE :• Opening: 7 928
NORDIC :• Opening: 4 012• Closing: 4 437• Change in Person: +425• Change in %: +10.6%
NORTH AMERICA :• Opening: 8 667• Closing: 9 229• Change in Person: +562
A strong presence in more than 30 countries with strong offshoring capacity
Group headcount:117,428
Working offshore:43,931 (37.4%)
as of September 30, 2011
UK & IRELAND :• Opening: 8 515• Closing: 8 780• Change in Person: +265• Change in %: +3.1%
Southern Europe & Latin America:
• Opening: 14 853• Closing: 15 765• Change in Person: +912• Change in %: +6.1%
FRANCE :• Opening: 20 277• Closing: 21 519• Change in Person: +1 242• Change in %: +6.1%
BENELUX :• Opening: 10 782• Closing: 10 399• Change in Person: -383• Change in %: -3.6%
ASIA PACIFIC :• Opening: 33 664• Closing: 38 676• Change in Person: +5 012• Change in %: +14.9%
• Opening: 7 928• Closing: 8 623• Change in Person: +695• Change in %: +8.8%
• Change in Person: +562• Change in %: +6.5%
7© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
Building strong alliances with technology leaders...
� Winner of the Best Converged Infrastructure Solutio ns – Capgemini is the first global SI partner to win this award which combines the infrastructure portfolio of HP to offer our clients a complete , modern and low cost solution
� Winner of the Best IT Application Implementation Partner of the Year
� Capgemini Group: Premier IBM Business Partner� IBM Beacon Award Winner: Cloud Computing Innovation 2011 (Sogeti), Outstanding Collaboration with IBM GTS
2011 (Sogeti)� Global launch of Agile Legacy Lifecycle solution in collaboration with IBM
� Microsoft names Capgemini - Enterprise Partner of the Year� Capgemini and Microsoft Plan to Offer Accelerated Cloud Services in 22 Countries to help deploy customer
solutions on the Windows Azure platform.� Sogeti Expands Relationship with Microsoft Through Windows Azure Solutions in October 2011
� Oracle Global Application Partner of the Year Award received at Oracle OpenWorld for application innovation� Diamond Partner Awarded – recognizing our global expertise across Oracles broad technology portfolio� Sogeti referenced as Oracle Customer of Exadata with a full Oracle stacks
� Capgemini wins SAP Pinnacle Awards 2011 in the Global Partner Service Innovator category, as a result of Capgemini’s SAP Hosting in the Cloud solution
� Strategic partnership with Sybase and SAP to deploy and develop enterprise mobility solutions in September 2011 and offer them on a software-as-a-service (SaaS) and platform-as-a-service (PaaS) basis
• EMC becomes Capgemini’s Sixth Strategic Alliance Partner in July 2011• Roll-out of first joint offering around ‘Storage-as-a-Service’, aimed to help deliver more agile and efficient storage
solutions to customers. ‘Messaging-as-a-Service’ and other offerings will be rolled out over the next 12-18 months.
8© 2011 Capgemini. All rights reserved.
…with no associated technology risk for CapgeminiSociété Générale – The Premium Review Conference
Paris, December 1, 2011
Group strategic objectives
10% of revenues in Fast Growth
Economies
Recurrent revenue of €1bn in New
Business Model
Strong Capgemini consulting franchise
9
Cloud enabled infrastructure
Offshore leverage combining
innovation and industrialization
€1bn revenue with an IT intensive BPO
Productivity improvement through
Lean program
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
Acquisition of CPM Braxis (Sep. 2010), the largest Brazilian IT Services company
Transaction details
� 55% of CPM Braxis acquired for R517m (€233m), implied EV of R970m (€437m)
� Acquisition in cash (R230m) and shares (R287m, to CPM Braxis shareholders)
� Put and call option (exercisable between 2013 and 2015) on remainder of capital, amounting to €184m as of December 31, 2010
10
CPM Braxis: key figures
� Estimated revenue of R1bn in 2010 (€450m), with strong FS
and Telco sector presence
� 18% revenue CAGR 2008 to 2010
� Full IT services provider: applications (SI and OS),
Infrastructure (Consulting OS, HW / SW reseller)
Acceleration of external growth in fast growing economies
� Brazil is the most mature IT market in among the BRICs and the largest in Latin America
� Gartner foresees >10% growth until 2014 for the IT services market in Brazil
� Acquisition enhances Capgemini’s existing Latin America presence from 2,600 to 8,100 employees
� Brazil represents the 6th largest region within the Group, measured by headcount
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
Acquisition of Prosodie (Jun. 2011): growing into front office solutions
Transaction details
� Acquisition of 97.5% of share capital, remaining 2.5% being retained by key management and employees
� EV of €382m
� Fully financed in cash
New business model accelerator
� €172m revenues in 2010 and 5% CAGR 2007-10
� A complete multichannel client relationship solution, from client contact to payment with full customization options
� Management associated with development of new Prosodie within Capgemini
� Real-time IT infrastructure
Strong margin contributor
� €27m EBIT and 15.9% margin in 2010
� Unique know-how, advanced technical expertise
� R&D leading to Intellectual Property
� Synergies across commercial and verticals (e.g. Public and financial services sectors)
11© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
Relentless cost optimization
Capgemini is constantly aiming at increasing its operational flexibility, in order to adapt to business transformation and cycles
� Continue offshore development
� Average decrease in remuneration costs of 4.0% over 2007-2010 (constant rates)
� Transfer progressively offshore 20% of non client facing business development costs
Offshore workforce evolution
38.4
43.9
37.4%
40%
50%
40
50
Offshore workforce % of total headcount
(’000) (%)
12
� Lean program initiative for delivery as part of “Industrialization” effort
� Methodology, tools, shared program management, etc.
� Medium term target gain of 100bp
� Improved cross-business unit utilization
� “Worldwide staffing” initiative, supply chain improvement, management of “hidden investments”
� Agile restructuring to optimize age pyramid re-balancing
4.7
9.0
19.8
25.3
28.0
7.7%
13.3%
23.7%
27.6%
30.9%
35.3%
0%
10%
20%
30%
0
10
20
30
2005 2006 2007 2008 2009 2010 Q3 2011
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
Summary financials
€mRevenues 8,371 8,697 4,211 4,756 % growth (3.9)% 3.9% - 12.9%EBITA 595 587 245 289 % margin 7.1% 6.8% 5.8% 6.1%Net profit (Group share) 178 280 101 127
EBIT+Amort. and provisions 705 761 332 366
2009 2010 H1’10 H1’11
� Seasonality of operations with H1 margins traditionally lower than full-year
� Q3’11 Revenues: €2,378m
� Q3’10 Revenues: €2,105m
% growth: +13.0% y-o-y
13
¹ Defined as Net cash from operating activities (see Consolidated Financial Statements)-Capex net of disposals-Net interest² Defined as ST+LT borrowings, includes derivative instruments on borrowings
EBIT+Amort. and provisions 705 761 332 366 Changes in NWC 86 (119) (358) (607)Taxes paid (56) (52) (35) (42)Organic operating cash flows¹ 396 359 (319) (576)Total cash flows 592 (206) (460) (894)
Gross debt² 1,328 1,315 1,154 1,309 Net cash 1,269 1,063 809 169
Total equity 4,213 4,307 4,322 4,162
� Low cash tax rate (<20%) due to tax credits in North America and France
� Cash position traditionally lower end of H1 due to seasonality
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
FY 2011 to-date: financial performance summary
Sales (€m) EBITA (€m) Net profit (€m)
2894,211
101
1274,756
14
H1 2010 H1 2011 Q3 2010 Q3 2011
245
2,1052,378
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
H1 & Q3 2011: revenue and margin results on-track with full year guidance
Solid improvement of operating margin and net result
High revenue organic growth
H1 2011/2010
€m
Consulting Services - 1.6% - 0.9%
Technology Services + 9.6% + 7.2%
Q3 2010/2011
250
300
350+18%
245
289
Sogeti + 7.3% + 5.3%
Outsourcing + 6.6% + 2.7%
� Application Management + 0.4%
� Infrastructure Management + 9.4%
� BPO + 21.8%
Group Total + 7.4% +4.7%
¹ Operating margin excl. CPM: 6.3% of revenues
15
101
127
0
50
100
150
200
H1 2010 H1 2011
Operating margin
% of revenues
Net result Group share
+26%
5.8% 6.1%¹
© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
Operating margin by business
Consulting Services 11.1% 10.5% 11.8%
Technology Services 5.5% 7.9% 5.8%
Local Professional Services 7.2% 11.3% 9.9%
H1 2010 H2 2010 H1 2011
Note: At current rates and perimeter¹ Before headquarters’ expenses² 5.4% at 2011 perimeter
16© 2011 Capgemini. All rights reserved.
CS / TS / LPS 6.5% 9.0% 7.4%
Outsourcing Services 6.7% 7.5% 5.7%
Total Operations¹ 6.6% 8.4% 6.8%
Group 5.8%² 7.6% 6.1%
Société Générale – The Premium Review ConferenceParis, December 1, 2011
FY 2011 guidance confirmed
Year-on-year reported revenue growth:
+ 9 to +10 % (and at least +5% organic)
Operating margin rate improvement:
Over 0.5 point vs. 2010
17© 2011 Capgemini. All rights reserved.
Société Générale – The Premium Review ConferenceParis, December 1, 2011
www.capgemini.com
The information contained in this presentation is proprietary. ©2011 Capgemini. All rights reserved