ALTEN Simon Azoulay Chairman and Chief Executive Officer Bruno - - PowerPoint PPT Presentation

SLIDE 1

Simon Azoulay

Chairman and Chief Executive Officer

Bruno Benoliel

Deputy Chief Executive Officer

Paris, February 20th 2019

ALTEN

2018 Annua l re sults

SLIDE 2

DISCL AIME R

“This presentation may contain information that may be considered forward‐

• looking. This information constitutes trends or targets and should not be considered

to be a forecast of the Company’s results or any other performance indicator. By its nature, this information is subject to risk and uncertainty, which may be

• utside the Company’s control in certain cases. A more detailed description of these

risks and uncertainties appears in the Company’s Registration Document, available

• n its website (www.alten.fr).

2017 Revenue and rates associated with such Revenue are hereby published as restated under IFRS 15, unless otherwise specified.”

SLIDE 3

BUSINESS AND HIGHLIGHTS IN

2018

SLIDE 4

F e b rua ry 20th 2019 l 2018 Annua l re sults

AL T E N,

L E ADE R I N E NGI NE E RI NG & T E CHNOL OGY CONSUL T I NG (E T C)

REVENUE +14.4%

EMPLOYEES

• Oper. Profit on Activity

9.9% du CA

I

NT E RNAT IONAL

:

54.6% o f re ve nue

€1,240.0 M: +17,1%

F

RANCE:

45.4% o f re ve nue

€1,029.9 M: +11,3%

G E

ARING: -1.3%

88% OF T

OT AL HE ADCOUNT

F

OOT PRINTIN OVE R

25 COUNT

RIE S

4

€224 M

33,700

I nc luding 29,600 e ngine e r

s

2,269.9 M€

SLIDE 5

F e b rua ry 20th 2019 l 2018 Annua l re sults

29,600 E

NGINE E RS IN OVE R 25 COUNT RIE S

I NCL UDI NG 60% OVE RSE AS

5

10,200 11,250 France 1,260 1,570 Canada North & South America 10,130 12,670 Europe Excluding France 450 660 Africa & Middle East 2,660 3,450 Asia / China / India

2017 2018

SLIDE 6

F e b rua ry 20th 2019 l 2018 Annua l re sults

AL T E N’S CORE BUSINE

SS & SOL

UT IONS COVE

RING T HE WHOL E L IF E SPAN OF PROJE CT S

6

Expertise Test & Validation Customer Support & MCO Implementation & Operations Lean Management & Quality Insurance

ENGINEERING Outsourced R&D Conception & Design

Core‐Business

INFORMATION TECHNOLOGIES

IS applications & Internal networks

INFORMATION TECHNOLOGIES

IS applications & Internal networks

ENGINEERING Industrial process & Manufacturing Engineering

Consulting PMO Organisation Certification

SLIDE 7

F e b rua ry 20th 2019 l 2018 Annua l re sults

LEVEL POSITION

GROSS MARGIN LEVEL 4

IP / High « Capex » / Risk Sharing Random & long term

LEVEL 3

Workpackages (globalisation, work units or fixed‐price projects) Services of value‐added engineers 25% to 35%

LEVEL 2

Technological consulting and Time & Material

LEVEL 1

Staffing ≈ 15%

ALTEN’S POSITIONING

7

SLIDE 8

F e b rua ry 20th 2019 l 2018 Annua l re sults

Rail/Naval

3.7%

24.7%

24.8% Q4 2017

24.7%

24.8% Q4 2017

13.4%

14.3% Q4 2017

13.4%

14.3% Q4 2017

22.9%

22.7% Q4 2017

22.9%

22.7% Q4 2017

18.2%

18.2% Q4 2017

18.2%

18.2% Q4 2017

20.8%

20.0% Q4 2017

20.8%

20.0% Q4 2017

Defence & Security

4.7%

Media

6.6%

Telecoms

6.8%

Aerospace

16.1%

Automotive

21.0%

Energy

10.5%

Banking Finance Insurance

7.3%

Other Industries

5.5%

Life Sciences

6.9%

Retail &Services &Public sector

10.9%

8

A WELL‐BALANCED SECTOR DISTRIBUTION

SLIDE 9

F e b rua ry 20th 2019 l 2018 Annua l re sults

O UR MARKE

T S

Digital transformation (augmented reality, IOT, Big Data, Industry 4.0, etc.) and manufacturing engineering allow to reduce costs and increase production rates with improved quality. Programmes for predictive maintenance ; new generation engines, (Falcon/FX/A320 Neo etc.) development programmes. The sectors of launchers (Ariane 6) and communication satellites are experiencing fundamental changes (micro satellites, reduction of launch costs, etc.).

16.1%

9

21.0%

A rapidly expanding market: hybrid and electric vehicles, battery autonomy, autonomous vehicles, infotainment, Big data (design, customer service, predictive maintenance, R&D design). Depending on clients, growth is heterogeneous.

4.7%

Expansion of applications for military drones, strong growth of export markets. Development of European tanks and fighter aircraft, civilian and military cybersecurity.

• Sharp growth of global rail market
• Digital transformation of flow management, predictive maintenance and industrial IOT
• Modernisation and securing of rail system (automation, signals and traffic management, etc.).
• Design of ships and submarines of the future

3.7%

AE

ROSPACE

AUT

OMOT IVE

DE

F E NCE & SE CURIT Y

R

AIL

/ NAVAL

SLIDE 10

F e b rua ry 20th 2019 l 2018 Annua l re sults

O UR MARKE

T S

10.5% 18.2%

Business in the Oil & Gas sector has stabilised? Sharp growth of the nuclear market: EPRs, security, maintenance, extension of the lifespan

• f nuclear plants.

New technologies for exploration and exploration of resources Cybersecurity, digital transformation, regulatory projects, evolution of Information Systems toward Cloud computing, etc.) Investments in network infrastructures resume with the development of high speed and fiber optic networks. Providers are developing digital services (contents, services, etc.)

6.8% 6.9%

The market is sharply growing: ‐ Pharmaceuticals, regulatory affairs, Digital & eHealth, CRO and pharmacovigilance, etc. ‐ Medical equipments

10

E

NE RGY

BF I/ SE

RVICE S/ PUBL IC SE CT OR

T

E L E COMS

L

IF E SCIE NCE S

SLIDE 11

F e b rua ry 20th 2019 l 2018 Annua l re sults

CONT

INUE D GROWT H ST RAT E GY T HROUGH ACQUISIT IONS

ALTEN has completed ten acquisitions outside France:

3 companies in Germany/Austria (annual revenue: €21.5 M, 255 consultants) 2 companies in Spain (annual revenue: €27.5 M, 570 consultants) 2 companies in Scandinavia (Sweden/Finland) (annual revenue: €18 M, 155 consultants) 1 company in the Netherlands (annual revenue: €6.5 M, 90 consultants) 1 company in China (annual revenue: €7 M, 160 consultants) 1 company in India (annual revenue: €1.3 M, 100 consultants)

T hanks to a tar ge te d e xte r nal gr

• wth,

AL T E N pur sue s its de ve lopme nt on an inte r national le ve l.

11

SLIDE 12

F e b rua ry 20th 2019 l 2018 Annua l re sults

SHARE

HOL DE R BASE AS OF F E BRUARY 12T

H, 2019

% shar e holding

F CPE Alte n

0.56%

F

• unde r

15.07%

T re a sury sto c k

1.37%

Pub lic

83.0%

12

Euronext Paris Compartiment A FR 0000071946 (SRD)

% of voting rights Founder 26.46% FCP ALTEN 0.49% Public 73.05%

CAPITALIZATION (as of 12/02/19) :

€3 MM

NUMBER OF SHARES (as of 12/02/19) :

33,830,458

CAPITALIZATION (as of 12/02/19) :

€3 MM

NUMBER OF SHARES (as of 12/02/19) :

33,830,458

SLIDE 13

2018 Annual r e sults

SLIDE 14

F e b rua ry 20th 2019 l AL T E N - Annua l Re sults 2018

O NGOING INT

E RNAT IONAL GROWT H

INT FR

M

38.3

* Data is no t re state d unde r I

F RS 15

2010 2015 2017 2005 2000 2018

69.1% 73.0% 46.6% 51.6% 93.5% 45.4% 30.9% 48.4% 27.0% 53.4% 2.5% 54.6%

916.6 436.2 1,984.7 1,540.9 193.1 2,269.9

* * * *

SLIDE 15

F e b rua ry 20th 2019 l AL T E N - Annua l Re sults 2018

12,600 HE

ADCOUNT PROGRE SSION

INT FR

2018 2010 2015 2017

18,000 engineers 24,700 engineers 29,600 engineers 11,200 engineers

50.4% 34.9% 58.2% 62.0% 41.8% 49.6% 65.1% 38.0%

33,700 28,000 20,433

SLIDE 16

F e b rua ry 20th 2019 l 2018 Annua l re sults

G ROWT

H IN BUSINE SS - GROUP

+ 14.4 % + 12.0 %

• 1.2 %

€ millio n 2017 r e ve nue

YoY c hange

1,984.7 2,223.1 70.6

• 23.8

1,984.7 2,269.9

Re ve nue on I-f-I basis Change in sc ope F X impac t Consolidate d r e ve nue

+ 3.6 % Organic growth is strong and accounts for 75% of the Group’s growth.

16

2018 r e ve nue

SLIDE 17

F e b rua ry 20th 2019 l 2018 Annua l re sults

G ROWT

H IN BUSINE SS - FRANCE

+ 11.3 % + 11.3 %

2017 r e ve nue 2018 r e ve nue

YoY c hange

925.6 1,029.9 925.6 1,029.9

Re ve nue on I-f-I basis Change in sc ope F r anc e - T OT AL

In France, organic growth increased in second half, thus reaching the overall growth of the Group.

17

€ millio n

SLIDE 18

F e b rua ry 20th 2019 l 2018 Annua l re sults

G ROWT

H IN BUSINE SS - INTERNATIONAL

+ 17.1 % + 12.7 %

• 2.3 %

€ millio n 2017 r e ve nue 2018 r e ve nue

YoY c hange

1,059.1 1,193.2 70.6 23.8

• 23.8

1,059.1 1,240.0

Re ve nue on I-f-I basis Change in sc ope F X impac t Inte r national - T OT AL

+ 6.7 %

• Organic growth on an international level is sustained;
• In 2018: strong negative FX impact;
• External growth accounts for one third of total growth.

18

SLIDE 19

F e b rua ry 20th 2019 l 2018 Annua l re sults

PROGRE

SSION OF ORGANIC GROWT H IN 2018

In % Q1 Q2

H1

Q3 Q4

H2 F Y

F r anc e

7.7% 9.0%

8.4%

14.3% 14.1%

14.2% 11.3%

Inte r national

9.3% 13.5%

11.4%

14.6% 13.3%

13.9% 12.7%

GROUP

8.5% 11.4%

10.0%

14.5% 13.7%

14.1% 12.0% Gr

• wth on

c onstant busine ss days

10.2% 11.2%

10.7%

13.5% 12.1%

12.9% 11.7% Re state d fr

• m c onstant busine ss days as c ompar

e d to 2017 (-1 busine ss day in H1; +1,4 busine ss day in H2) and F

• r

e x,

• r

ganic gr

• wth would have r

e ac he d 11.7% in 2018.

19

SLIDE 20

F e b rua ry 20th 2019 l 2018 Annua l re sults

CONSOL

IDAT E D RE VE NUE BY RE GION

(€M)

20

FY

Change COUNTRY

2017

%

2018

% Released

Change in scope

Forex

Organic. excluding Forex effect

France 925.6

46.6%

1.029.9

45.4% 11.3% 0.0% 0.0% 11.3%

International 1.059.1

53.4%

1.240.0

54.6% 17.1% 6.7% ‐2.2% 12.7%

North America

201.2

10.1%

257.7

11.4% 28.1% 17.0% ‐4.6% 15.7%

Germany

207.4

10.5%

222.0

9.8% 7.0% 4.0% 0.0% 3.1%

Scandinavia

157.6

7.9%

166.9

7.4% 5.9% 0.0% ‐5.5% 11.5%

Spain/Portugal

93.7

4.7%

122.8

5.4% 31.1% 12.1% 0.0% 19.0%

Italia

76.6

3.9%

87.3

3.8% 13.9% 0.0% 0.0% 13.9%

UK

84.2

4.2%

82.0

3.6% ‐2.7% 0.0% ‐0.7% ‐1.9%

Belgium

65.1

3.3%

73.0

3.2% 12.1% 0.0% 0.0% 12.1%

Netherlands

58.9

3.0%

70.9

3.1% 20.3% 0.0% 0.0% 20.3%

Asia Pacific

40.6

2.0%

61.0

2.7% 50.4% 8.8% ‐7.6% 49.2%

Others

73.8

3.7%

96.5

4.3% 30.8% 18.1% ‐2.8% 15.5%

TOTAL

1,984.7

100.0%

2,269.9

100.0% 14.4% 3.6% ‐1.2% 12.0%

SLIDE 21

F e b rua ry 20th 2019 l 2018 Annua l re sults

CONDE

NSE D INCOME ST AT E ME NT

T he ope r ating mar gin slightly impr

• ve s

21

€ millio n H1 2017 H2 2017 F ull ye ar 2017 H1 2018 H2 2018 F ull ye ar 2018

YoY c hange

2017/ 2018 %

Re ve nue 990.9 993.7

1,984.7

1,099.9 1,169.9

2,269.9

+14.4%

Ope r ating Pr

• fit on Ac tivity

As % o f Re ve nue

92.6

9.3%

101.6

10.2% 194.2

9.8%

102.7

9.3%

121.3

10.4% 224.0

9.9%

+ 15.3%

Sha re -b a se d pa yme nts

• 10.0
• 2.8
• 12.8
• 0.9
• 5.2
• 6.2

No n- re c urring pro fit

0.5

• 5.3
• 4.8
• 1.5
• 2.2
• 3.7

Ope r ating Pr

• fit

As % o f Re ve nue 82.1 8.3% 93.5 9.4% 176.6 8.9% 100.3 9.1% 113.9 9.7% 214.2 9.4% +21.3 % F inanc ial Inc ome 18.3

• 2.1

16.2 0.1

• 1.5
• 1.5

I nc o me ta x e xpe nse E MCs a nd mino rity inte re sts

• 28.5

1.4

• 21.7

3.0

• 50.2

4.4

• 28.9

3.5

• 32.3

2.8

• 61.2

6.4

Ne t inc ome , Gr

• up shar

e As % o f Re ve nue 73.3 7.5%

72.7

7.3%

147.0

7.4% 75.0 6.8%

82.9

7.1%

157.9

7.0%

+7.4%

SLIDE 22

F e b rua ry 20th 2019 l 2018 Annua l re sults

F

INANCIAL INCOME ANAL YSIS

2017 2018

Cost of net financial debt ‐0.8 ‐1.2 Foreign exchange result ‐4.1 1.1 Other net financial profits 21.1 ‐1.4 FINANCIAL INCOME 16.2 ‐1.5

*

22

(*) including gains from Ausy shares: €21.5 M

SLIDE 23

F e b rua ry 20th 2019 l 2018 Annua l re sults

CONDE

NSE D INCOME ST AT E ME NT BY RE GION

€ millio n 2017 F r anc e 2017 Inte r na.

2017 Gr

• up

2018 F r anc e 2018 Inte r na.

2018 Gr

• up

Re ve nue 925.6 1,059.1

1,984.7

1,029.9 1,240.0

2,269.9

Ope r ating Pr

• fit on Ac tivity

As % o f Re ve nue

99.5

10.5%

94.8

8.9%

194.2

9.8% 113.3

11.0%

110.7

8.9%

224.0

9.9%

Sha re -b a se d pa yme nts

• 10.7
• 2.1
• 12.8
• 5.8
• 0.4
• 6.2

No n-re c urring pro fit 0.4

• 5.2
• 4.8
• 3.7
• 3.7

Ope r ating Pr

• fit

As % o f Re ve nue

89.2

9.8%

87.5

8.2%

176.6

8.9% 107.6

10.4%

106.6

8.6%

214.2

9.4%

F inanc ial inc ome

15.6 0.6

16.2

• 1.0
• 0.4
• 1.5

I nc o me ta x e xpe nse E MCs a nd mino rity inte re sts

• 25.8

5.5

• 24.4
• 1.1
• 50.2

4.4

• 31.3

9.0

• 29.9
• 2.6
• 61.2

6.4

Ne t inc ome , Gr

• up shar

e As % o f Re ve nue 84.5 9.2% 62.6 5.9%

147.0

7.4%

84.2 8.2% 73.6 5.9%

157.9

7.0%

23

SLIDE 24

F e b rua ry 20th 2019 l 2018 Annua l re sults

Ge ar ing is -1.3 %

A VERY HEALTHY BALANCE SHEET

De c . 2018 De c . 2017

ASSE T S (€M) E quity & L iabilitie s (€M)

CURRENT ASSETS:

921.8

• /w customer receivables:

760.8 CURRENT ASSETS:

779.4

• /w customer receivables:

647.3 NON‐CURRENT ASSETS:

619.4

• /w goodwill:

494.1 NON‐CURRENT ASSETS:

554.9

• /w goodwill:

436.7

Net cash position: 120.4 Net cash position: 84.0

De c . 2017 De c . 2018

N‐C LIABILITIES: 56.2

CURRENT LIABILITIES:

532.1

SHAREHOLDERS’ EQUITY:

972.4

• /w Group share:

967.6 CURRENT LIABILITIES:

489.2

N‐C LIABILITIES: 45.6

SHAREHOLDERS’ EQUITY:

834.2

• /w Group share:

832.6

Curre nt financ ial liabilitie s: 49.3 Curre nt financ ial liabilitie s: 100.9

24

SLIDE 25

F e b rua ry 20th 2019 l 2018 Annua l re sults

CHANGE IN NE

T CASH POSIT ION 2018 (€M)

F r e e c ash flow: +82.5

‐62.7 ‐33.4 ‐1.2 ‐82.2 ‐60.5 ‐16.8 242 12.5 27.2

25

Ne t c ash 31/ 12/ 2017 Ne t c ash 31/ 12/ 2018 Divide nds Cape x Othe r financ ing flows Cash flow fr

• m
• pe r

ating ac tivitie s T ax paid Change in WCR F inanc ial inve stme nts

SLIDE 26

F e b rua ry 20th 2019 l 2018 Annua l re sults

242.0 (60.5) (82.2)

4.4%

(16.8)

2017 2017 2018 2018

10.7%

110.0 (20.7) (70.4) 18.8 1.7% (8.6) 10.2 10.0%

H1 H1

132.0 (39.8) (11.8) 6.9% 11.3%

H2 H2

3.6% 0.9% 6.2%

+18.5%

c hange YoY c hange

+8.8% +5.9%

26

80.5 99.3 (8.2) 72.3 82.5

204.2 (52.3) (60.5)

4.6%

(13.4)

10.3% 3.9%

91.3 77.9

F

RE E CASH F L OW ANAL YSIS

CASH F L OW AS % OF REVENUE T ax paid Change in WCR Cash fr

• m ope r

ations AS % OF REVENUE F

RE E CASH F L OW

AS % OF REVENUE CAPE

X

SLIDE 27

F e b rua ry 20th 2019 l 2018 Annua l re sults

27

ANAL

YSIS OF F RE E CASH F L OW

Cash flow improves more rapidly that OPA

Change in WCR is caused mainly by the following:

• Organic growth, generates huge cash requirements and led to an

increase in trade receivables for €77 M;

• DSO increased by one day (93 days at end 2018 vs. 92 days at end

2017).

Capex accounts for more than 0.7% of revenue, almost reaching its standard level (from 0.8 to 0.9% of revenue).

SLIDE 28

F e b rua ry 20th 2019 l 2018 Annua l re sults

SUMMARY

Organic growth has sharply accelerated in the second half of 2018, both in France and on an international level.

• The operating margin on activity has slightly improved as

compared to the end of 2017 because of various mix effects canceling one another.

• Free cash flow is impacted by the financing of organic growth ‐

which is highly cash consuming ;

• Net cash position is positive at the end of 2018 = gearing: ‐1,3%;
• ALTEN has fully self‐financed its organic and external growth, as

well as the payment of dividends.

28

SLIDE 29

Gr

• wth str

ate gy

SLIDE 30

F e b rua ry 20th 2019 l 2018 Annua l re sults

T

HRE E- YE AR DE VE L OPME NT ST RAT E GY

Strengthen our positioning and business model:

• Maintain our positioning on high value‐added services, ie. Consulting/Workpackages;
• Use ALTEN branding for Core Business only (outsourced R&D, Manufacturing Engineering, Information

Technology) whilst our specialised subsdiaries cover the remainder of the V cycle (consulting, expertise, training, customer support, etc... ).

Optimise our international organisation:

• Increase investments on recruitment and training to generate more technical and business managers;
• Complete the implementation of our management teams for Technical and Strategical Development,

aiming to better fulfil the needs of our clients for globalisation and transformation.

Our challenges for 2019 ‐ 2021:

• Outgrow the critical size of 4,000 engineers in Germany, India and North America, as well as over 2,000

engineers in the other 10 major countries;

• Develop our nearshore and offshore delivery centers in 4 countries (over 1,500 engineers for each

country);

• Pursue our targeted plan for external growth, whilst remaining aware of potential acquisitions that

could be structuring ones.

30

SLIDE 31

F e b rua ry 20th 2019 l 2018 Annua l re sults

BUSINE

SS GROWT H PL AN

3,000

Ac quisitions +7,600

1989 – 2000 1989 – 2000 2001 – 2018

(18 years)

2001 – 2018

(18 years)

2019 – 2021

(3 years)

2019 – 2021

(3 years)

 3 gr

• wth ve c tor

s :

• Re c r

uitme nt

• Pr
• je c t and HR Manage me nt
• T

ar ge te d ac quisitions

 3 gr

• wth ve c tor

s :

• Re c r

uitme nt

• Pr
• je c t and HR Manage me nt
• T

ar ge te d ac quisitions

TOTAL 3,000 TOTAL 3,000 TOTAL 29,600 TOTAL 29,600 TOTAL > 42,000

VS 25 000 (target at end‐2016) VS 28 000 (target at end‐2017) VS 30 000 (target at end‐2019)

TOTAL > 42,000

VS 25 000 (target at end‐2016) VS 28 000 (target at end‐2017) VS 30 000 (target at end‐2019)

3,000 22,000 29,600 >38,000

Ac quisitions > 4,000

(no n struc turing )

+ 19,000 Organic in 18 years > 8,400 Organic in 3 years

+ +

29% external growth > 32% external growth

SLIDE 32

F e b rua ry 20th 2019 l 2018 Annua l re sults

CONCL

USION

ALTEN has reassessed its previous PLAN for 2017 – 2019, being already ahead of previsions. It now foresees a headcount of more than

42,000 engineers at the end of 2021 - without

structuring acquisitions.

SLIDE 33

APPE NDICE S

SLIDE 34

F e b rua ry 20th 2019 l 2018 Annua l re sults

34

BAL

ANCE SHE E T– ASSE T S (I

N T HOUSANDS OF E UROS)

IT E M

2018 De c .2017 (IFRS 15) De c .2017 r e le ase d

Goodwills

494 125 436 740 436 740

Int angible asset s

9 703 10 970 10 970

Tangible asset s

28 267 24 631 24 631

Invest ment s in associat es

28 901 19 136 19 136

Non-current financial asset s

45 930 50 454 50 454

Deferred t ax asset s

12 435 12 930 12 930

NON CURRENT ASSETS 619 361 554 860 554 860 Trade receivables

626 641 528 461 647 287

Asset s associat ed wit h client agreement s

134 142 118 826

Ot her current asset s

67 174 50 514 50 514

Current t ax asset s

93 891 81 686 81 686

Cash and cash equivalent s

120 372 83 966 83 966

CURRENT ASSETS 1 042 220 863 453 863 453 TOTAL ASSETS

1 661 581 1 418 313 1 418 313

Audit in progress

SLIDE 35

F e b rua ry 20th 2019 l 2018 Annua l re sults

35

BAL

ANCE SHE E T- L IABIL IT IE S (IN THOUSANDS OF EUROS)

ITEM

2018 De c .2017 (IFRS 15) De c .2017 r e le ase d

Capit al

35 522 34 383 34 383

Premiums

54 375 54 375 54 375

Consolidat ed reserves

719 804 596 796 596 796

Consolidat ed earnings

157 869 147 025 147 025

SHAREHOLDERS' EQUITY 967 571 832 580 832 580 MINORITY INTERESTS 4 863 1 653 1 653 Employee benefit s

22 778 23 081 23 081

Provisions

5 889 1 866 1 866

Non-current financial liabilit y

7 246 8 063 8 063

Ot her non-current liabilit ies

19 878 12 537 12 537

Deferred t ax liabilit ies

425 83 83

NON CURRENT LIABILITIES 56 216 45 631 45 631 Provisions

7 565 9 572 9 572

Current financial liabilit ies

100 881 49 283 49 283

Trade payables

79 045 63 662 63 662

Ot her current liabilit ies

346 427 320 486 409 241

Asset s associat ed wit h client agreement s

92 568 88 755

Current t ax liabilit ies

6 446 6 694 6 694

CURRENT LIABILITIES 632 932 538 451 538 451 TOTAL LIABILITIES

1 661 581 1 418 313 1 418 313

Audit in progress

SLIDE 36

F e b rua ry 20th 2019 l 2018 Annua l re sults

36

I

NCOME ST AT E ME NT (I

N T HOUSANDS OF E UROS)

ITEM

2018 De c .2017 (IFRS 15) De c .2017 r e le ase d

NET REVENUE 2 269 885 1 984 689 1 975 427 Purchase consumed

• 188 923
• 163 389
• 183 603

Payroll expenses

• 1 615 171
• 1 417 105
• 1 417 105

External charges

• 212 720
• 184 157
• 154 681

Taxes other than on income

• 10 285
• 10 578
• 10 578

Depreciation and amortization

• 15 315
• 13 031
• 13 031

Other operating income and expenses

• 3 466
• 2 190
• 2 190

OPERATING PROFIT ON ACTIVITY 224 005 194 240 194 240 S hare based payment s

• 6 173
• 12 848
• 12 848

OPERATING PROFIT ON ACTIVITY BEFORE EXCEPTIONALS 217 833 181 392 181 392 Non recurrent profit

• 3 680
• 4 779
• 4 779

OPERATING PROFIT 214 153 176 613 176 613 Net borrowing cost s

• 1 150
• 847
• 847

Ot her financial income and expenses

• 312

17 014 17 014

FINANCIAL INCOME

• 1 462

16 167 16 167 S hare of earning of equit y affiliat es

9 117 5 735 5 735

Income t ax expense

• 61 200
• 50 196
• 50 196

NET OVERALL EARNINGS 160 608 148 320 148 320 PROFIT ATTRIBUTABLE TO MINORITY INTERES TS

• 2 739
• 1 295
• 1 295

PROFIT ATTRIBUTABLE TO THE GROUP 157 869 147 025 147 025

Audit in progress

SLIDE 37

F e b rua ry 20th 2019 l 2018 Annua l re sults

37

CASH F

L OW ST AT E ME NT (I

N T HOUSANDS OF E UROS)

ITEM

2018 2017

CASH FLOW 242 033 204 186 Consolidat ed net earnings

160 608 148 320

Earnings from associat es

• 9 117
• 5 735

Depreciat ion, provisions and ot her calculat ed expenses

19 990 18 331

S hare-based payment s

6 173 12 848

Income t ax expense

61 200 50 196

Capit al gains or losses from disposal

352

• 21 141

Net borrowings cost s

1 150 847

Financial cost on updat e and provisions

1 677 521

Tax paid

• 60 505
• 52 331

Change in working capit al requirement s

• 82 228
• 60 521

NET CASH FLOW GENERATED BY ACTIVITY 99 300 91 335 Acquisit ion / Disposal on fixed asset s

• 15 273

10 924

Impact of change in scope of consolidat ion and earn-out s paid

• 63 389
• 43 305

NET CASH FLOW ON INVESTMENTS

• 78 662
• 32 380

Net financial int erest paid

• 1 207
• 321

Dividends paid t o shareholders

• 33 365
• 33 233

Capit al increase

11 239

Buy back of shares

• 226
• 632

Repayment of long-t erm financial debt

• 421
• 1 607

Change in current financial liabilit ies

50 315

• 31 575

NET CASH FLOW FROM FINANCING OPERATIONS 15 107

• 67 128

CHANGE IN CASH RELATED TO FOREIGN EXHANGE POSITION 662

• 2 847

CHANGE IN CASH POSITION 36 407

• 11 020

Cash on hand

120 372 83 966

Bank loans

• 6 182
• 10 919

Overdraft s

• 101 734
• 45 826

NET CASH POSITION 12 456 27 221

Audit in progress

SLIDE 38

F e b rua ry 20th 2019 l 2018 Annua l re sults

38

2017 RE

VE NUE AS RE L E ASE D AND RE ST AT E D UNDE R IF

RS 15

€ million

Q1 2017 Q2 2017 H1 2017 Q3 2017 Q4 2017 H2 2017

2017

C ONSOL

IDAT E D RE VE NUE AS RE L E ASE D

497.2 486.4

983.7

469.0 522.7

991.8

1,975.4

Re statme nt of r e invoic e d c har ge s

7.4 7.7

15.0

5.6 8.1

13.7

28.7

Re statme nt of lic e nse s

• 3.0
• 4.7
• 7.8
• 6.5
• 5.1
• 11.7
• 19.4

C ONSOL

IDAT E D RE VE NUE

r e state d unde r IF RS 15

501.6 489.4

990.9

468.1 525.7

993.8

1,984.7

SLIDE 39

2018 Annua l re sults

Contac t

c o mfi@ a lte n.fr www.a lte n.c o m/ inve stisse urs T : +33 (0)1.46.08.71.79 40 a v. André Mo rize t 92513 Bo ulo g ne -Billa nc o urt Ce de x

ALTEN