1.2The outsourced R&D market
1.2.1Global R&D trends and outsourced R&D market trends
Since the last decade, digital has been developing very strongly on the one hand in the product cycle (in design, production or in operation/maintenance in operational conditions), and on the other hand in the client relationship (web and mobile, user experience/user interface). Uncertainties related to geopolitics or the outlook for the world economy have had a relatively small effect on R&D investment, which will continue to grow at a high rate (+5% per year by 2027). Generative AI is still in its early stages of operational use, but is nevertheless one of the themes driving growth in the market (along with cybersecurity, data, AI/machine learning and digital twins).
In France, according to Pierre Audoin Conseil (PAC), the expected evolution of the ETC (Engineering and Technology Consulting) market accessible to ALTEN is summarised in the following table:
(In millions of euros) |
2022 |
2023 |
23/22 |
2024 |
24/23 |
2025 |
25/24 |
2026 |
26/25 |
2027 |
27/26 |
---|---|---|---|---|---|---|---|---|---|---|---|
Aeronautics, Space & Defence |
1,362 |
1,442 |
5.8% |
1,508 |
4.6% |
1,585 |
5.1% |
1,660 |
4.7% |
1,734 |
4.4% |
Land Transport |
1,607 |
1,705 |
6.1% |
1,802 |
5.7% |
1,919 |
6.5% |
2,018 |
5.2% |
2,114 |
4.8% |
Telecoms and Multimedia |
456 |
478 |
4.8% |
495 |
3.5% |
513 |
3.8% |
529 |
3.0% |
543 |
2.7% |
Energy & Life Sciences |
1,679 |
1,754 |
4.5% |
1,828 |
4.2% |
1,921 |
5.1% |
2,001 |
4.2% |
2,075 |
3.7% |
Other |
2,353 |
2,491 |
5.9% |
2,601 |
4.4% |
2,735 |
5.1% |
2,869 |
4.9% |
2,999 |
4.6% |
Total Technology Consulting (ALTEN core business scope) |
7,456 |
7,869 |
5.5% |
8,234 |
4.6% |
8,674 |
5.3% |
9,077 |
4.6% |
9,465 |
4.3% |
1.3Objectives and strategy
1.3.1Strategic positioning
ALTEN’s positioning
The ALTEN Group is involved in all projects with a technological dimension for the Technical, Research & Development Divisions and Information Systems Divisions of major corporate, telecoms and service clients, requiring the involvement of high-level Consultant-Engineers.
- ●Core business ALTEN offering,
- ●specific offerings, via our subsidiaries specialised in Consulting and Expertise:
- –Consulting:
- –MI-GSO | PCUBED, CORTAC, META PM
- PMO and Change Management Consulting,
- –AVENIR CONSEIL, QUICK RELEASE
- Consulting and Training in PLM Management and PDM,
- –OPTIMISSA, NEXEO
- IT Consulting in Market Finance;
- –Expertise:
- –LINCOLN, SDG GROUP
- Data Science – BI,
- –AIXIAL
- Life Sciences: CRO and Clinical Operations,
- –CADUCEUM
- Life Sciences: Quality and Manufacturing,
- –ATEXIS
- Client Support and MCO,
- –WAFER SPACE, SI2Chip,
- VLSI – Chip & MicroChip design,
- –AFOUR, VOLANSYS
- Product engineering,
- –ICONEC
- Telecom architecture,
- –QUALITANCE
- Software development,
- –METHODS
- Cloud architectures and digital transformation,
- –ANOTECH
- Design office – Infrastructure – Operations
- – Oil & Gas,
- –QA CONSULTANTS
- Software testing.
- –Consulting:
ALTEN’s historical core business is Engineering and has been recognised for more than 35 years as the benchmark technological partner of major clients within the industry. The Group has developed its complementary and historical positioning in IT Services to provide high added value technological responses on:
- ●end-to-end control of the application lifespan;
- ●software testing;
- ●data management and valuation;
- ●infrastructures and networks;
- ●migration to Cloud, data protection and Cybersecurity;
- ●integration of third-party software, such as ERP, CRM or PLM tools;
- ●training in IT methods and business lines. The ALTEN Academy, deployed in several of the Group’s countries, offers international certification courses: ISTQB, IREB, IQBBA, SAFe, Scrum.org, ITIL and PMI.
1.4Excellent technical organisation
ALTEN’s project management methodologies are assessed at Capability Maturity Model & Integration (CMMI) level 3.
Consulting services
ALTEN’s expertise |
Project owner support |
---|---|
Practical expertise |
During upstream stages of specifications that demand a good understanding of the client’s organisation, needs and industry, leading to formal drafting of specifications. |
Technical expertise |
Added capacity in the study and design phases, or technological support in high added value niches. |
Support expertise |
Support to help manage the different components of a project (planning, quality, cost control, supplier management, etc.) or to assist the client with change management, for example by providing training. |
1.5Activities
1.5.1Activity by sector and geographical area
The main business sectors in which the ALTEN Group operates are described in page 64 page and following of this Document.
Breakdown of consolidated revenue by main business sector for the period covered by the historical financial information:
Distribution of revenue by main geographical areas:
Country |
Full year |
Change |
||||
---|---|---|---|---|---|---|
2022 |
% |
2023 |
% |
Change |
Including organic at constant exchange rates |
|
France |
1,178.2 |
31.1% |
1,297.9 |
31.9% |
10.2% |
10.2% |
International |
2,604.9 |
68.9% |
2,770.9 |
68.1% |
6.4% |
8.4% |
North America |
561.6 |
14.8% |
482.9 |
11.9% |
-14% |
3.6% |
Germany |
329.0 |
8.7% |
367.4 |
9% |
11.7% |
5.1% |
Scandinavia |
183.6 |
4.9% |
179.6 |
4.4% |
-2.2% |
3.7% |
Benelux |
198.2 |
5.2% |
227.5 |
5.6% |
14.7% |
14.7% |
Iberian |
323.3 |
8.5% |
371.1 |
9.1% |
14.8% |
14.1% |
Asia-Pacific |
318.4 |
8.4% |
320.7 |
7.9% |
0.7% |
2.7% |
Italy |
250.2 |
6.6% |
312.2 |
7.7% |
24.8% |
24.8% |
UK |
263.2 |
7.0% |
315.2 |
7.7% |
19.8% |
7.9% |
Switzerland |
66.0 |
1.7% |
61.4 |
1.5% |
-7% |
-10% |
Eastern Europe |
85.6 |
2.3% |
113.5 |
2.8% |
32.6% |
17.4% |
Other |
25.7 |
0.7% |
19.4 |
0.5% |
-24.5% |
-20.4% |
Total |
3,783.1 |
100% |
4,068.8 |
100% |
7.6% |
9% |
1.6Organisation chart
ALTEN SA is the parent company of the ALTEN Group. ALTEN SA conducts both operational activities and operational holding activities for the Group. It conducts the following activities as part of its parent-subsidiary relationship with Group subsidiaries:
- ●management and strategy consultancy;
- ●communication and marketing;
- ●finance (accounting, management control, cash management, taxation, etc.);
- ●legal (company law, contracts, dispute resolution, labour law, claims, mergers and acquisitions, etc.);
- ●internal development (recruitment and training of Sales Managers, etc.);
- ●administration and human resource management (career management, payroll, employee relations, etc.);
- ●computing (IT Systems and Networks/Telecoms);
- ●purchases (policy, invitations to tender, negotiations);
- ●general resources, management of premises (logistics, care, maintenance, etc.).
The subsidiaries are billed for these services in line with the transfer pricing policy implemented within the Group.
ALTEN SA has formed a central corporate treasury within the Group through its subsidiary, ALTEN CASH MANAGEMENT.
Internal control
and risk management
The Group regularly reviews risks that could have a significant adverse effect on its business, its financial position or its results (or its capacity to accomplish its objectives) and considers that there are no other significant risks than those presented hereinafter.
Investors’ attention is drawn to the fact that the risk description below is not exhaustive and that other risks, either not yet identified or not considered as significant by the Group, may occur in the future with a significant adverse effect on its business, its financial position, its results or its growth.
Moreover, the risk management framework described below does not rule out the possibility that a risk may materialise and impact the Group’s business. Investors are invited to read this entire Chapter.
2.1Risk management definitions and objectives
ALTEN has implemented a risk management framework on both a Group and annual mapping of major risks and a review of its main processes.
The purpose of this framework is to allow Group Management to maintain risks at an acceptable level, thus preserving the Group’s reputation and value of its assets.
- ●a continuous steering of the risk management framework led by the Group Risk and Compliance Department;
- ●a risk management process for the identification, analysis and treatment of risks;
- ●a network of Group Risk Referents selected for their business expertise (e.g. Finance Department for financial category risks).
2.1.1Major risks mapping: a five-step process
Step 1: local mapping of major risks (risk identification and assessment performed by all subsidiaries and corporate departments for their own respective scope).
Step 3: Group’s major risks mapping conducted by the Group Risk and Compliance Department with the support of the Group Risk Referents. The analysis is carried out based on the local mappings and the business expertise of the Risk Referents.
2.2Summary of the main risks
The table below highlights the Group’s main risks on the date of filing this Universal registration document.
These risks are classified by category and ranked according to their priority area. As described in Section 2.1.2.1 “Risk assessment”, the risk priority area results from its criticality (obtained with the probability of occurrence and the level of negative impact) combined with the level of control by ALTEN.
Risk factors and associated prevention and management measures are described below in Section 2.3 “Risk factors and risk management”.
Summary of the main changes in relation to the 2022 financial year
2.3Risk factors and risk management
2.3.1Operational risks
Geopolitical risk
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
Due to its strong international presence, the Group is necessarily affected by all geopolitical factors around the world (e.g. the Ukrainian crisis, Sino-American tensions, etc.).
Depending on the country in question, geopolitical risk can have a significant impact on the Group’s activities and consequently on its results. |
The geographical diversification of ALTEN’s activities would enable to limit the impacts if the geopolitical risk occurs. In addition, the Group's cash management aims to limit exposure to cash traps in the countries affected by this risk. |
Significant loss of turnover
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
The Group generated 28.2% of its revenue from its top ten clients in 2023.
The Group’s largest client represents 11.6% of the consolidated revenue. This turnover is generated in several countries and by several legal entities.
If ALTEN were to lose an account with a major client, its activity rate and consequently its profitability could be temporarily affected.
In addition, the reasons behind the loss of a key customer account could also be risk-aggravating factors, particularly if this loss is related to a default by ALTEN.
Nevertheless, no risk of dependence on a particular customer has been identified.
The impacts of the health crisis and geopolitical instability on the Group's activities are specifically detailed in the risk entitled "Health risk" on page Health risk and "Geopolitical risk" on page Geopolitical risk. |
The ALTEN Group has a diversified business portfolio. It generates its revenue in four broad sectors, none of which accounts for more than 30.4% of its revenue.
Each sector is divided into sub-sectors (10 in total), the main one accounts for approximately 18.3% of the consolidated revenue (the retail sector, services and media and the public sector, none of whose clients represent more than 1% of the Group's revenue).
Within each sector, the ALTEN Group also operates in various functional areas. This global approach dilutes the risk.
Finally, the key accounts with the Group’s largest client are split into business lines. As a result, the loss of one key account with this client would not necessarily affect the other business lines. |
Risk related to the protection of know-how
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
ALTEN has developed its own technologies, methodologies, and tools through its centres of expertise and excellence. ALTEN has also developed unique know-how in Human Resources management (recruitment and career management) that contributes to its organic growth.
The disclosure of this technological and Human Resources know-how outside of the Company could cause ALTEN to lose competitiveness due to the appropriation of its business model by competitors. |
ALTEN has strengthened its control actions, in particular by setting up a retention plan in order to keep key people within the Group.
Moreover, enhanced confidentiality commitments and non-competition clauses are used when necessary. |
Health risk
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
Although, like all global economic players, it was affected by the COVID-19 pandemic in 2020, ALTEN returned strongly to organic growth in 2021 and 2022 and significantly exceeded its 2019 performance.
However, the occurrence of a new health crisis could have consequences on:
|
During the COVID-19 pandemic, ALTEN developed technical and organisational means to protect its employees and continue its activity in the event of a health crisis (teleworking, health protocol, etc.).
The geographical and sectoral diversification of ALTEN’s activities would limit the impact of a health crisis. |
Ability to meet commitments made to customers
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
ALTEN makes various types of commitments to its clients: commitments related to the quality, or even the results of services, commitments related to compliance with standards in the areas of ethics, compliance, security, business standards, etc. Clients generally tend to outsource their own risks and pass them on to their first-tier service providers such as ALTEN.
ALTEN could misjudge certain commitments made to its customers in connection with complex projects and consequently may not be able to fully comply with them.
ALTEN could be held liable which would have a financial or legal impact. Customers could also choose to not renew a contract or to terminate a partnership. |
The Group has put in place a customer relationship management system for projects involving several stakeholders and several levels of control in order to verify the Group’s compliance with the commitments it has made with clients. Non-exhaustively:
These departments are multidisciplinary teams within various committees that are in charge of identifying, analysing, and addressing potential risks related to project commitments.
Moreover, the Group has put in place an insurance policy not only to meet both the requirements of its clients but also to cover the financial consequences of its potential liability. |
Critical certification loss
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
The ALTEN Group must have specific certifications (e.g. ISO 27001 or EN 9100) in order to work with certain clients.
The loss or non-renewal of these certifications could lead to reduced business and thus have a significant impact on turnover. |
On a day-to-day basis, the Quality & Performance Department ensures that certifications are maintained and coordinates audits with certifying bodies.
It also assists the Group and its subsidiaries in identifying and implementing concrete actions to maintain the level of requirements of the standards.
The Quality & Performance Department also continuously monitors any changes in the standards in question. |
Pressure on recruitment
![]() |
Risk Identification |
![]() |
Risk Management |
---|---|---|---|
ALTEN has largely based its growth model on organic growth. Consequently, the Group’s ability to recruit is key for its capacity to grow.
The Group’s growth could be affected should it have difficulties in recruiting and retaining talent.
Revenue growth, or even its maintenance, could be impacted.
This difficulty in recruiting could also prevent the Group from fulfilling its commitments to its clients. |
The Group pursues an active recruiting policy. This policy is supported by a retention plan that allows ALTEN to position itself among the leaders on the job market.
The ALTEN Group has established a dedicated recruitment organisation by type of function (Engineers, Support Functions, Sales), that relies on internally developed processes and tools. Their effectiveness is demonstrated by the recruiting volumes that the Group achieves each year, despite a general tension in the job market.
The recruitment trend is underpinned by a stringent skills analysis process to identify and recruit high-level profiles. The Group’s teams of Consultant-Engineers work on the largest technological projects in cutting-edge technology sectors (e.g. Aeronautics, Spatial, Defence & Naval, Automotive, Rail, Energy, Life Sciences, Telecoms & Multimedia, Finance & Services).
To support its ambitious recruiting policy ALTEN has a strong commitment to the student community in order to attract best talents.
The Group wants to retain its talents and develop their loyalty to support its growth. To this end, ALTEN strengthens the quality of management through ongoing training of managers and ensures consultants satisfaction through a satisfaction survey process. |
2.5Internal control and risk management framework
The risk management and internal control systems contribute to the control of the Group’s activities. The Group relies on the reference framework and its application guide published by the French Financial Markets Authority (AMF - Autorité des Marchés Financiers).
2.5.1Definition, objectives and scope of the internal control and risk management framework
The internal control and risk management framework is defined in the Group as a process implemented by the General Management and all employees to provide reasonable assurance on:
- ●the compliance with laws and regulations;
- ●the prevention and detection of fraud and errors;
- ●the implementation of guidelines and strategies set by General Management;
- ●the optimisation of operational activities;
- ●the proper functioning of the Group’s internal processes, especially those affecting the protection of its assets;
- ●the reliability and quality of information used within the Group and disseminated externally;
- ●generally, the control of its activities, the efficiency of its operations and the effective use of its resources.
The Group ensures that this framework is applied to all of its subsidiaries, i.e. ALTEN SA and all companies consolidated using the full consolidation method. Recently acquired companies or groups of companies are gradually integrated into the risk management and internal control framework.
One of the objectives of the internal control framework is to prevent and limit all risks resulting from the Group’s activities, particularly accounting, financial, operational, strategic and compliance risks. However, it cannot provide an absolute guarantee that objectives will be achieved or that the risks, whose likelihood of occurrence and potential impact it seeks to reduce, will be eliminated.
Corporate governance
3.1Overview of Governance
3.1.1Corporate Governance Code
ALTEN SA (hereinafter the “Company” or "ALTEN") refers to the recommendations of the Middlenext Corporate Governance Code (hereinafter the “Middlenext Code”). The Middlenext Code is available online at the following address: www.middlenext.com.
ALTEN complies with all the recommendations of the Middlenext Code, with the exception of the point relating to assignments that may be entrusted to the Statutory Auditors.
This point is included in the second recommendation on conflicts of interest. It is recommended that services other than certification
of accounts (SOCA) be entrusted to firms other than those that certify the issuer's accounts.
Due to its numerous acquisitions throughout the world, ALTEN considers that excluding the networks of its Statutory Auditors as a matter of principle from all of its audit work on acquisition targets or one-off consulting assignments, tax or financial, would be likely to reduce, very narrowly, in certain countries, the panel of suppliers with the necessary resources and skills. ALTEN also believes that such an exclusion would have an unfavourable effect on the costs of missions as well as on their quality. The position adopted by the Company, which publishes the fees paid in this context, complies with the provisions of the French Commercial Code.
3.2Remunerations and benefits
3.2.1Remuneration policy
On the recommendation of the Remuneration and Nomination Committee and taking into account the recommendations of the Middlenext Code, the Board of Directors has established a remuneration policy for the Corporate Officers of ALTEN SA. This policy is in line with the Company’s corporate interest and contributes to its sustainability through the search for a balanced medium- and long-term performance, in particular by aligning the interests of management and shareholders. It is part of its commercial strategy as described in Chapter 1 of this Universal registration document.
At the last General Meeting in 2023, the remuneration policies applicable for 2023 to the Directors, the Chairman and Chief Executive Officer and the Deputy CEO were adopted in the amount of 99.92%, 91.16% and 90.84% respectively.
No item of remuneration, of whatever nature, can be decided, allocated or paid by the Company, and no commitment can be made by the Company if it does not comply with the approved remuneration policy, or, in its absence, existing remuneration or practices in the Company.
The process of deciding, revising and implementing the remuneration policy of each of the Corporate Officers is carried out by the Board of Directors, based on the opinions and recommendations of the Remuneration and Nomination Committee. It should be noted that the Chairman and Chief Executive Officer, member of the Board of Directors does not participate in the deliberations and vote on these matters.
As part of the decision-making process followed for the determination and review of the remuneration policy, the conditions of remuneration and employment of ALTEN SA employees have been taken into account by the Remuneration and Nomination Committee and the Board of Directors as follows:
In the event of changes in governance personnel, the remuneration policy will be applied to the Company’s new Corporate Officers, and with the necessary adaptations where appropriate.
In accordance with Article L. 22-10-8 of the French Commercial Code, the Board of Directors may, in exceptional circumstances, depart from the application of the remuneration policy, provided that the departure applied is temporary and in line with the Company's interests and is necessary to ensure the Company's continuity or viability. In such a case, the Board of Directors would be in a position to grant an element of remuneration not provided for in the remuneration policy previously approved by the General Meeting but made necessary by these exceptional circumstances.
In such a case, the Board of Directors would decide on the recommendation of the Remuneration and Nomination Committee and would verify whether such a derogation is in line with the company’s interest and necessary to ensure the continuity or viability of the Company. All the justifications would be brought to the attention of the shareholders in the following report on corporate governance. It should be noted that the Chairman and Chief Executive Officer, member of the Board of Directors does not participate in the deliberations and vote on these matters.
3.2.1.1Remuneration policy for the Chairman and Chief Executive Officer
The remuneration policy for the Chairman and Chief Executive Officer was set on 22 February 2024 by the Board of Directors, on the recommendation of the Remuneration and Nomination Committee, as follows:
Remuneration items |
Description |
Significance |
---|---|---|
Fixed remuneration |
The Chairman and Chief Executive Officer has an annual fixed remuneration package whose amount is decided by taking account of the Group’s results as well as the remuneration packages of Chairmen-Chief Executive Officers of a panel of comparable companies in the ICT sector.
The Chairman and Chief Executive Officer may also receive Directors’ fees paid by companies controlled by ALTEN SA, due to a position as Corporate Officer in one of these companies, either directly or through a company controlled by the Chairman and Chief Executive Officer. |
The fixed remuneration is the only item of remuneration of the Chairman and Chief Executive Officer, along with benefits in kind (excluding the allocation of free shares and, where applicable, extraordinary remuneration).
In 2024, Mr AZOULAY may receive fixed remuneration paid by ALTEN SA of a maximum amount of €400,000 and a maximum of €450,000 in remuneration for directorships that are non-executive terms of office, paid by ALTEN SA controlled companies via the SGTI company controlled by Mr AZOULAY. |
Annual or multi-year variable remuneration |
The Chairman and Chief Executive Officer does not receive any annual or multi-year variable remuneration. |
None. |
Extraordinary remuneration To reward an executive manager’s completion of an exceptional project in line with the Group’s strategy. |
The Board of Directors can decide, on a proposal of the Remuneration and Nomination Committee, to award exceptional remuneration to the Chairman and Chief Executive in very particular circumstances: it must be possible to justify the payment of this type of remuneration on the grounds of an event such as a major operation for ALTEN SA or the ALTEN Group (such as a structural acquisition).
The amount of extraordinary remuneration thus decided may not exceed a maximum of 100% of the annual fixed remuneration.
The payment of such remuneration would be subject to the approval of shareholders in accordance with Article L. 22-10-34 II of the French Commercial Code. |
None. |
Benefits of any kind To recruit and retain a high calibre of executive management to implement the strategy by offering competitive benefits in kind. |
The Chairman and Chief Executive Officer is provided with a company car. |
Mr AZOULAY will be able to benefit from the provision of a company vehicle up to a limit of €6,000 in 2024. |
Commitments |
The Chairman and Chief Executive Officer does not receive any specific severance package, non-competition payment, or defined benefit pension commitment. |
None. |
3.2.1.2Remuneration policy for Directors
In its seventh resolution the General Meeting of 18 June 2020 set the remuneration of board members at €200,000 per year, valid for the current financial year and until a further decision of the General Meeting. The amount of this envelope remains unchanged for 2024.
The criteria for distributing remuneration allocated by the General Meeting to Board members have been set by the Board of Directors, on the proposal of the Remuneration and Nomination Committee, and are:
- ●attendance by Board members at Board Meetings;
- ●their membership of Board Committees;
- ●whether they are Independent Directors.
- ●€1,500 per Board Meeting attended is allocated to each Independent Director, and the amount is increased to €3,000 for each attendance by the Director beyond the threshold of 75% attendance;
- ●€1,000 per Board Meeting attended is allocated to each non-Executive and non-Independent Director, and the amount is increased to €2,000 for each attendance by the Director beyond the threshold of 75% attendance;
- ●€1,500 per Director is allocated for each attendance at the Remuneration and Nomination Committee;
- ●€1,500 per Director is allocated for each attendance at the Audit Committee;
- ●€1,500 per Director is allocated for each attendance at the CSR Committee;
- ●in the event of the creation of new specialised committees, the Board, at the suggestion of the Remuneration and Nomination Committee, may add to these rules;
- ●an amount of €1,500 per assignment day is allocated in the event of the completion of a specific assignment entrusted by the Board of Directors;
- ●no remuneration is awarded to Executive Directors (linked to ALTEN SA by a corporate mandate and/or an employment contract);
- ●Directors’ transport expenses will be reimbursed on presentation of receipts.
3.2.1.3Information on the offices and employment and/or services contracts between Corporate Officers and the Company
The table below indicates the duration of the office of the Company’s Executive Corporate Officers and, where applicable, the work or service contracts concluded with the Company, notice periods and the applicable termination conditions:
Company Officers |
Office exercised |
Date of expiry |
Employment contract with ALTEN SA |
Service contract with ALTEN SA |
Notice periods |
Termination conditions |
---|---|---|---|---|---|---|
Simon AZOULAY |
Chairman and Chief Executive Officer |
After the 2025 GM called to approve the 2024 financial statements |
No |
No |
No |
Termination of office in accordance with law and case law. No specific severance payment |
Non-financial
performance statement
Letter from the Chairman
![]() |
“Our corporate culture is based
|
Our international development and our position as a leader in Engineering and IT Services give us an ever greater responsibility towards all our stakeholders.
To meet their expectations, ALTEN relies on a four-pronged sustainable development strategy, initiated by the signing of the United Nations Global Compact:
- ●a career-accelerating employer, through:
- –attractiveness,
- –loyalty,
- –talent development,
- –skills development,
- –mobility and career management,
- –security,
- –employee development;
- ●the development of labour relations;
- ●a key player in sustainable innovation, through the support given to our clients, employees and students in developing sustainable innovative solutions;
- ●a responsible partner, uncompromising on:
- –information security,
- –business ethics,
- –responsible purchasing;
- ●solidarity;
- ●a company committed to reducing its environmental footprint through:
- –reducing the energy consumption of its buildings and the use of renewable energy;
- –the promotion of green mobility,
- –responsible digital technology;
- ●reasoned use of natural resources and waste reduction.
In 2024, we will continue to rise to new challenges. As Chairman and Chief Executive Officer of ALTEN, I affirm my commitment to carry on this approach in the Group’s countries: the network of CSR referents makes it possible to capitalise on each other’s initiatives, to share our common values, and to accelerate on key issues, such as climate change".
4.1Governance and CSR strategy
4.1.1CSR governance [GRI 102-18]
The ALTEN Group’s CSR governance is based on several committees and a CSR and Compliance Commission, created within the Executive Committee. This CSR and Compliance Committee validates the proposals of the Quality – Group CSR and Ethics and Compliance Steering Committees, and monitors the implementation of Compliance projects in the Group.
The CSR Committee met twice in 2023. Its composition and duties are described in Section 3.1.3.2 / Committees of the Board of Directors page 108 of this Document. It is currently composed of two independent directors.
The CSR team manages the dedicated approach across the Group thanks to a network of correspondents within subsidiaries. Reporting to the Quality and Performance Department, it aims to:
- ●develop, run and update the Group’s CSR strategy;
- ●assist subsidiaries with the local adaptation of the materiality and conduct of CSR projects;
- ●run the CSR correspondents’ network;
- ●promote the CSR approach with management of business lines;
- ●respond to non-financial assessments;
- ●ensure the efficiency of the stakeholder listening process;
- ●carry out CSR watch.
4.2Celebrate diversity and the progress of talent
4.2.1 Challenges and priorities
ALTEN has established a dynamic human capital management policy. This policy makes it possible to meet the CSR challenges identified in the materiality study. This policy is rolled out on the following priority areas:
- ●talent attraction and retention;
- ●skills development;
- ●diversity and equal opportunities;
- ●health and safety in the workplace;
- ●well-being in the workplace.
4.3Ethics and Human Rights
4.3.1Challenges and priorities
The Group’s approach, based on the principles of integrity and transparency, are formulated around the following priorities:
4.4Reducing the Group’s environmental footprint
4.4.1Environmental challenges [GRI 103-1]
The Group encourages all its entities to cultivate a proactive environmental approach, based on a recognised standard or benchmark.
The Quality & Performance Department defines the Group’s environmental policy. It aims at assisting the subsidiaries in identifying and implementing concrete actions concerning:
- ●raising awareness of employees about eco-friendly behaviours;
- ●reducing its greenhouse gas emissions;
- ●using natural resources in a reasonable manner and reducing waste.
ALTEN is aware that its activities and sectors give it an indirect environmental responsibility to its clients. Thus, the Group is committed to developing innovative and sustainable solutions and to acting in favour of Responsible Digital Technology.
To reduce its environmental footprint, ALTEN is committed to developing action plans that must systematically meet the following objectives:
- ●refine data both to obtain reliable measurements and to identify the best levers for action;
- ●raise awareness among internal and external stakeholders to strengthen commitment and encourage action;
- ●reduce actions that have an impact at all levels of the company.
Through these areas of action, ALTEN is committed to and intends to contribute to achieving of SDG 12 and 13.
4.4.1.1Consideration of risks and opportunities related to climate change in the Group’s strategy
The ALTEN Group has studied the risks and opportunities that climate change represents for its activities based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The study methodology is broken down into several stages:
- ●identification of physical and transition climate scenarios related to climate change;
- ●analysis of potential negative consequences;
- ●assessment of the potential impact on the company.
- ●activities carried out at the Group's sites where services are provided to clients and the internal operating bodies;
- ●activities carried out on its clients' sites.
In the first category, only "office" activities are carried out, which give them a very low risk in relation to the physical hazards of climate change, apart from the geographical location of the sites.
The second category includes the Engineering activities of ALTEN's teams, which work directly in its clients' offices, plants or production facilities. The vulnerability to physical climate risks is also fairly minimal in the short and medium term.
Nevertheless, depending on the business sector in which the ALTEN Group's clients operate, the business could be exposed to transition risks.
Regardless of the nature and method of implementation, the geographical and sectoral breakdown of the ALTEN Group's business in France and around the world clearly mitigates the potential impact of climate change risks to which the Group may be exposed.
Choice of climate scenarios
The ALTEN Group conducted a comparative study of the physical and transition climate scenarios proposed by the CDP, taking into account reference documents such as "Comparison of physical climate scenarios RCP" (Representative Concentration Pathway) and "Comparison of transition scenarios".
- ●the first with a low radiative forcing assumption (more or less strong global warming): RCP 2.6; (approximately +2°C in 2100);
- ●the second with an intermediate radiative forcing assumption: RCP 4.5; (approximately +3°C in 2100);
- ●the third with a strong radiative forcing assumption: RCP 8.5; (approximately +5°C in 2100).
Choice of transition scenarios
In line with the TCFD recommendations, the transition risk is linked to the transformations induced by the necessary adaptation to a low carbon future. 18 negative consequences related to the transition scenarios were therefore analysed.
Determination of physical climate hazards and consequences
Whatever the report used (IPCC, DRIAS, etc.), the scenarios are systematically associated with a certain number of indicators showing the evolution of climate hazard factors (average temperature, rainfall, number of hot days, etc.) between a current reference period and a specific time horizon (beginning of the century, 2021-2050; middle of the century, 2041-2070; end of the century, 2071-2100). From these physical climatic hazards, a number of potentially negative consequences for the company were derived, which were then studied according to the location and business sector and then adapted to the situation.
Description of the physical risks identified
- ●the main physical risks that could have potential impacts on two key business processes: human resources management and infrastructure management;
- ●a risk management plan.
Concerning the human resources management process, the risk retained is the loss of productivity, which would come from a set of negative climate consequences. For example, the increase in the recurrence of extreme events.
This loss of productivity would be more or less significant depending on the intensity of climate change taken into account in the various climate scenarios studied.
For the infrastructure management process, three risks were identified: infrastructure degradation, energy shortages and rising energy costs. Indeed, climate change could lead to peaks in energy demand, which could potentially result in discontinuity of access to energy and increased costs for the company.
The management of physical risk therefore involves the implementation of mitigation actions to make the risk acceptable and therefore limit any consequences:
- ●integration of alternative energy supply contracts into the purchasing process;
- ●supporting suppliers in the implementation of this risk and opportunity approach;
- ●development of business continuity plans allowing for the transfer of all or part of the activities to sites less affected by possible climatic events.
Determination of transition hazards and consequences
In all existing transition scenarios, the transition risks identified in the report "Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures" are of four types:
- ●political and legislative hazards: these are linked to the publication of new legislative texts dealing with climate change adaptation;
- ●technology-related hazards: these are associated with innovation that supports the low-carbon economy. The use and development of these technologies will potentially have an impact on production and distribution costs;
- ●the hazards of the economic market: the transition to a low-carbon economy will change the supply and demand of goods and services;
- ●reputational risks: the involvement of business activities in this transition is a source of reputational risks.
These transition hazards could generate various negative consequences. These are listed in the report "Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures". Some of these potential negative consequences do not apply to ALTEN’s areas of activity.
Description of the transition risks identified
Market risks include all risks related to changes in the market for goods and services. Changes in the behaviour of internal clients (company employees) and external clients (direct clients and investors), linked to the changing environment, are a potentially significant risk.
ALTEN’s human resources management policy, combined with the ALTEN Group’s sustainable development approach and its development strategy, tends to minimise these risks as much as possible.
- ●the first is the emergence of new standards and regulations governing certain activities. New sectoral standards would imply a change in the Company’s operational functioning;
- ●the second legislative risk is the increase in reporting obligations on greenhouse gas (GHG) emissions. This risk is both operational and reputational, and has a very high probability of increasing, regardless of the transition scenarios studied;
- ●finally, the third political and legislative risk is related to the evolution of GHG taxes, as predicted by many transition scenarios. This risk is both operational and reputational for the company.
For ALTEN, accepting this risk involves monitoring changes in business sectors as well as regulatory and normative changes.
ALTEN actively participates in national and international initiatives in order to contribute to progress at its level.
As such, ALTEN is a member of the Institut du Numérique Responsable (Responsible Digital Technology Institute) and a signatory of the Engineering for Climate Charter. Through these actions, ALTEN joins forces with its peers to reflect and act together on a better understanding of the new regulations. Finally, ALTEN's environmental approach based on a recognised management system, particularly through its certification (ISO 14001) or reference assessments such as CDP or EcoVadis, for example, includes a strict and rigorous regulatory watch.
- ●risks related to the substitution of existing products by alternatives with lower emissions;
- ●risks following an unsuccessful investment in new technologies or services;
- ●risks related to the costs of transitioning to less emitting technologies.
ALTEN intends to control this risk through its Smart Digital innovation programme. The ALTEN Group has been supporting its clients in sustainable innovation for many years. ALTEN Labs support this ambition and carry out projects dedicated to these major transformations. The activity of the Labs is described in Sections 1.5.3 / ALTEN Innovation and 4.5 / Innovation, the laboratory of tomorrow.
The main reputational risk is the stigmatisation of a business sector in which ALTEN operates. The Group must demonstrate to all its stakeholders its ability to take the necessary measures to preserve the environment and limit the impacts of climate change. ALTEN’s stakeholders are described in Section 4.1.2 / Stakeholder mapping [GRI 102-40] [GRI 102-42] [GRI 102-43] [GRI 102-44]. The examples of projects are described in Sections 1.5.3 / ALTEN Innovation and 4.5 / Innovation, the laboratory of tomorrow.
Identification of opportunities
The ALTEN Group's environmental strategy incorporates the very notion of meeting clients' environmental needs. ALTEN not only participates in discussions with its clients to make collective progress on environmental challenges, but is also proactive in proposing offers that address these same challenges.
The Green IT offer described in Section 4.4.4.4 / Minimising the impact of IT installations is an example.
In addition, the Smart Digital programme of the Innovation Department in France contributes to the progress of the work of many clients in the business sectors most affected by environmental challenges. The ALTEN Labs Smart Digital programme is described in Sections 1.5.3 / ALTEN Innovation and 4.5 / Innovation, the laboratory of tomorrow.
Global corporate spending on R&D will increase and will focus in particular on programmes related to the energy transition. These investment challenges, which represent real opportunities for the ALTEN Group, are described in the “Sectors of activity” section of the Integrated Report of this Document.
Summary
Climate change risks and opportunities are classified as either transition risks or physical risks. Risks are assessed with regard to their time horizon, the probability of occurrence and the significance of their potential impact.
The details of the analysis of the risks and opportunities were made public in the communication to the CDP in 2024, in accordance with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).
4.5Innovation, the laboratory of tomorrow
Through these areas of action, ALTEN is committed to and intends to contribute to achieving SDG 9, 11 and 17.
4.5.1Sustainable innovation
ALTEN, through its unique positioning combining Engineering with digital and business services, is innovating to meet the challenges of digital transformation while increasing its level of sustainability requirements: more than 30% of our activities will be focused on sustainable innovation in 2023, with continuous growth over several years to reach cruising speed.
4.5.1.1Innovating to preserve biodiversity
ALTEN aims to contribute to a better understanding and assessment of the diversity of living organisms. To achieve this, the Innovation Department has selected a number of research projects to be carried out in its Labs in France.
At the genetic level, the "AIπGen" project aims to model and make individual dynamic predictions of the impact of environmental factors on epigenetic mechanisms in healthy and pathological populations (1st case study: diabetic cardiomyopathy). The aim of this work is to set up a mobile application to study exposure to risk factors on an individual scale and to estimate/predict the associated risks.
At the species level, in collaboration with STMicroelectronics and Schneider Electric, research is currently underway to create a solution for wind turbines based on "low-cost" intelligent video surveillance. The aim of this project is to make the installation of wind farms in sparsely populated areas compatible with the preservation of species in these often protected areas. Developed by STMicroelectronics, the camera's intelligent system analyses the species in flight in the vicinity of the wind turbine, and the system developed by Schneider Electric and installed in the wind turbine will shut down the device at the slightest alert (nearby event with a high risk of collision, such as migratory flight in clouds or crop harvesting/planting).
At ecosystem level, biodiversity is an integral part of all agricultural production, but forms of agriculture based on the homogenisation of practices and landscapes are leading to a reduction in biodiversity and often pose a threat to ecosystems. ALTEN is currently working on monitoring the agricultural production ecosystem to prevent animal and plant aberrations, in collaboration with EAUZONS, a sustainable aquaponic farm (plant/animal symbiosis) in the Gers region. We are using our skills in AI and computer vision to anticipate abnormal behaviour in our partner's fish and plant production, while guaranteeing pest detection. The aim of this work is to avoid using chemical inputs in the production of this ecosystem while guaranteeing efficient production.
International initiatives and specialist subsidiaries
ALTEN UK has sought to develop a Machine Learning-based tool to evaluate satellite images and identify oil palm plantations. This tool would enable governments and other organisations to analyse trends in the number of oil palm plantations and predict when they will meet their targets for reducing palm oil production.
4.5.1.2Eco-designing a more sustainable world
The R&D teams are developing eco-design methods and tools, adding a new dimension of complexity to systems engineering by introducing new constraints that must be compatible with their functionality and use over their entire life cycle. Indeed, eco-design calls upon a growing number of disciplines or new technologies with evolving or even antagonistic uncertainties and objectives, thus slowing down the design process. Sequential design methods have reached their limit in the search for an optimal solution that does not exist.
The uMDAO (uncertainties Multidisciplinary Design Analysis Optimisation) approaches model the requirements, the synergies between disciplines, and make it possible to propagate notions of intrinsic uncertainties in order to accelerate the process of finding a range of acceptable solutions optimised to reduce the environmental footprint. For example, a team from the ALTEN Lab in Toulouse is eco-designing a liquid hydrogen tank made of composites, seeking to maximise environmental performance at every stage. This case study is particularly interesting because of the complexity involved: minimising the gravimetric index (Eco-Engineering), optimising manufacturing processes (Eco-Manufacturing), making the integration of this complex system reliable and certifiable (Safety).
Decarbonise and steer the energy transition of industry
In France, the manufacturing industry, industrial processes and construction sectors contribute 21% of GHG emissions. According to the French Environment and Energy Management Agency (ADEME), these emissions are linked to the energy required for these activities and to industrial processes, most of which rely on fossil fuels.
The decarbonisation and reduction of greenhouse gas emissions from industry expected since the signing of the Paris Agreements requires the introduction of sustainable production and an eco-design and sobriety approach to achieve the target of an 81% reduction in greenhouse gas emissions by 2050 (National Low Carbon Strategy).
In addition, with talk of Industry 4.0 and the massive deployment of connected objects to improve production, control resources, monitor data and thus reduce environmental impact and production costs, ALTEN, convinced that eco-design is adapted to the industrial systems of the Smart Factory, sees the need to consider the environmental impact of these objects from end to end, starting with the development of the industrial system and during its use.
- ●the Green Factory project proposes a complete tool for managing and optimising a factory's energy consumption on two aspects: industrial consumption and digital consumption. On the one hand, it makes it possible to control energy consumption as a whole, by acting directly on systems and managing several energy sources. On the other hand, it enables optimal decisions to be taken by predicting, simulating and prescribing more ecological and economical solutions. This tool is currently being prototyped on our "Mini-Factory" demonstration platform for the Factory in the Industry 4.0 era;
- ●the "ÉcoIoT4.0" project, selected by ADEME as part of the PERFECTO 2022 call for projects, proposes to set up a tool to measure and help with the eco-design of a global solution (hardware and software) and to test it for the eco-design of an intelligent sensor, in order to carry out predictive maintenance operations on cutting tools in a Factory 4.0. Optimising these processes, avoiding breakdowns, making gains on the wear and tear of these tools as well as on energy consumption are the main objectives targeted by ALTEN, SIEMENS DI CS and GREENSPECTOR, with a concrete application in the factories of a leading partner in the aeronautics industry. As part of this application, we are applying an environmental assessment method using Life Cycle Assessment (LCA) in relation to: extraction of ores and crude oil, use of water and land, emissions into the air, water and soil in an end-to-end approach on 16 environmental impact indicators to obtain a positive overall environmental balance between the cost of the solution deployed and the benefit of increasing the lifespan of cutting tools linked to the production of an aircraft.
Decarbonise land and air transport
- ●the transformation of the transport of goods and merchandise (train, truck, plane, ship, factory) based on digitalisation, interconnection and multi-modality, must not be achieved at the expense of CO2 emissions and the risk engendered by these changes. ALTEN is working to develop optimisation solutions in these 3 areas in partnership with Here Technologies and Siemens SCS;
- ●the transformation of passenger transport by designing intelligent transport systems and mobility assistance solutions to optimise road traffic in a smart city based on its digital twin, develop journey optimisation applications and determine the potential for the installation of charging stations by modelling supply and demand;
- ●in air transport, we have assessed current flight paths and estimated the environmental impact of vapour trails generated by the aircraft. This application can then be used to optimise flight trajectories by indicating flight rerouting opportunities, in particular flight altitude, to reduce the formation of vapour trails and thus reduce the environmental impact of the flight.
International initiatives and specialist subsidiaries
IN SPAIN, R&D teams are working on the design of hydrogen trucks. They are developing a prototype for the routing of fuel cell cooling, ensuring a good compromise between the high degree of modularisation of the trucks and the automatic routing procedure from the gas tanks.
IN THE UK, we are helping to design aircraft propulsion systems that can increase engine performance at higher operating temperatures without compromising engine life, as well as a more sustainable aircraft engine by reducing fuel consumption by 25% compared with the previous generation. Our work focused on the design and development of a physical demonstrator to assess the physical integration of the new engine on the wings, including the interface with various constituents such as fuel, oil, air, electronics and transmission in the knowledge that the existing systems to interface with the new propulsion technology had to meet new service requirements and a larger aircraft size. We are also preparing for the emergence of electric aircraft, in particular by designing a generalised battery management system to enable the future development of scalable battery networks.
Green AI for more responsible digital technology
The ecological transition now concerns all economic sectors, including the digital sector, which contributes 4% to 5% of global greenhouse gas emissions. Faced with the exponential digitalisation of services and the emergence of new technological tools such as IoT and AI, companies are becoming increasingly aware of the environmental impact of their infrastructures. In response to this problem, Green IT proposes a responsible approach to the management of IT resources.
The global and innovative strategy put in place by ALTEN's Responsible Digital Technology teams aims to optimise the environmental impact of internal IT services, use Innovation Labs to develop the footprint measurement and eco-design solutions of tomorrow and put the Group's expertise at the service of its clients and the transition of the digital sector. In recognition of this approach, the Institut du Numérique Responsable awarded ALTEN the "Jury's Favourite" prize in 2021 in the "Organisational Strategy and Responsible Digital Technology" category.
Since 2021, generative AI has become an omnipresent topic in the news. These technologies are evolving faster and faster, but the field of Artificial Intelligence is, by its very nature, very energy-intensive. According to researchers at the University of Massachusetts, the training of a single generative AI model can release almost 300 metric tons of CO2 into the atmosphere. In this context, ALTEN is developing technologies using Artificial Intelligence for AI for Green purposes, while at the same time embarking on optimisation initiatives to reduce the environmental impact of Artificial Intelligence as far as possible for Green AI purposes, to avoid "the cure being worse than the disease".
Following on from the work carried out as part of the "ÉcoIoT4.0" project selected by ADEME, our R&D efforts are focused on the Intelligent Systems Eco-design Test Bench project to develop an experimental platform for measuring, analysing and optimising the performance of intelligent systems: efficiency and energy impact. It is composed of the following three layers:
- ●the Green Code project aims to ensure the optimal energy performance of application or embedded software, particularly in the collection and processing of connected data;
- ●the Green Smart Object project enables the precise measurement of the energy consumption of intelligent systems and IoT (Internet of Things);
- ●the Green Smart System project addresses complex systems and systems of systems, and aims in particular to measure the efficiency of communication between the different intelligences of the system and the impact of the distribution of intelligences (and calculations).
For a given use case, ALTEN teams compare the energy consumption of intelligent systems according to their architecture (Edge, Cloud, Mist), and measure the energy consumption of the various components (hardware, software, artificial intelligence, communication).
This platform makes it possible to propose strong recommendations on their architecture so that they are more energy-efficient.
4.5.1.5Innovating to combat greenwashing
In the field of Green finance, the aim of this R&I project is to measure the level of 'Greenwashing' of financial assets claiming to be Green (where generally it is the level of Green measured by financial players).
To achieve this, the project implements information extraction mechanisms with truthfulness and verifiability research (AI, NLP, LLM, etc.) as well as correlation research mechanisms using graph construction and Machine Learning, with the aim of finding patterns based on signatures of the "Greenwashing" type. The sources used today to achieve this objective are many and varied: financial, economic, regulatory, geopolitical data, etc.
4.5.1.6Innovating for people
Contributing to the performance of the athlete’s body, equipment and mindset
The search for ultimate sporting performance requires paying attention to the smallest detail, understanding everything about yourself and your environment. Mastery of simulation tools and data processing provides that "something extra" that can make all the difference to your physical and mental performance. The ALTEN sport science team, which includes a French triathlon record holder, optimises race strategies, and works on equipment and systems that are perfectly suited to each discipline, using physical data from events, biomechanics and the physiology of athletes.
Today, high-level sport requires not only the achievement of a collective and individual sporting performance, but also essential support thanks to equipment, training and strategies that make the ultimate difference. ALTEN, and in particular its LINCOLN subsidiary specialising in data science, have put together a team of sports scientists capable of achieving this using the technologies explored within our ALTEN Labs.
Contributing to progress for the well-being of patients
The healthcare ecosystem is facing new challenges in terms of the organisation of care and the patient experience. Innovation is the keystone to meet these new societal challenges. In particular at its AIXIAL lab, the smart healthcare programme is looking at ways of digitalising this healthcare system, integrating data analysis and artificial intelligence, and developing innovative IoTs to shape the future of clinical research.
The smart healthcare programme is part of a drive to digitalise healthcare and centralise the patient experience, using new technologies such as AI, data science, IoT, cybersecurity, etc.
The clinical trials that are essential for the launch of medical products and/or devices on the market must comply with strict criteria to guarantee their safety, efficacy and reliability. The ambition of the smart healthcare programme is to accelerate the virtualisation of clinical trials, in particular, the digitalisation of procedures and the decentralisation of trials while guaranteeing optimised patient recruitment and follow-up using connected solutions, AI and real-life data without compromising reliability and safety.
- ●patient-centred: IoT, mHealth and AI to improve remote patient follow-up and monitoring;
- ●real-life data: data science and AI for a better understanding of patients (behaviour, needs, etc.) and their pathologies, for more personalised care;
- ●care coordination: data and AI to optimise care and care pathways while reducing administrative costs.
4.6Methodologies and international guidelines
4.6.1Methodological note
[GRI 102-8] [GRI 102-46] [GRI 102-48] [GRI 102-49] [GRI 102-50] [GRI 102-51] [GRI 102-52] [GRI 102-53]
Temporal and geographic scopes
- ●ALTEN SA;
- ●ALTEN SUD-OUEST SASU;
- ●ATEXIS FRANCE SASU;
- ●MI-GSO SASU;
- ●ALTEN SYSTÈMES D’INFORMATION ET RÉSEAUX SASU;
- ●ALTEN TECHNOLOGIES SASU;
- ●AIXIAL SAS;
- ●LINCOLN SASU;
- ●AVENIR CONSEIL SASU;
- ●AIXIAL DEVELOPMENT SASU;
- ●CADUCEUM SASU;
- ●ANOTECH ENERGY SASU;
- ●UNIWARE GLOBAL SERVICES SASU(9);
- ●NEXEO CONSULTING SASU;
- ●FINAXIUM SASU(10).
- ●ATEXIS SPAIN SLU;
- ●ALTEN BELGIUM;
- ●ALTEN SWITZERLAND AG;
- ●ALTEN GmbH;
- ●ALTEN TECHNOLOGY GmbH;
- ●ALTEN SOLUCIONES, PRODUCTOS, AUDITORIA E INGENIERIA SAU;
- ●ALTEN FINLAND OY;
- ●ALTEN NEDERLAND BV;
- ●ORION ENGINEERING BV;
- ●TECHALTEN PORTUGAL LDA;
- ●ALTEN SVERIGE AB;
- ●ALTEN ITALIA SPA;
- ●ALTEN LTD;
- ●ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED;
- ●CALSOFT LABS INC.;
- ●ALTEN INDIA PRIVATE LIMITED;
- ●ALTEN DELIVERY CENTER MAROC;
- ●ALTEN DELIVERY CENTER EASTERN EUROPE SRL;
- ●ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●ALTEN TECHNOLOGY USA INC.;
- ●ALTEN KOREA CO LTD;
- ●ALTEN CHINA LIMITED;
- ●ALTEN POLSKA SP ZOO;
- ●ALTEN SI TECHNO ROMANIA SRL;
- ●ALTEN CANADA INC.;
- ●ANOTECH ENERGY USA INC.;
- ●ANOTECH ENERGY DOHA LLC;
- ●ANOTECH ENERGY SINGAPORE PVTE LTD;
- ●MI-GSO EXPERTO EN MANAGEMENT DE PROYECTOS;
- ●MI-GSO GmbH;
- ●MI-GSO UNIPESSOAL LDA;
- ●PROGRAM PLANNING PROFESSIONALS PTY LTD (AUSTRALIA);
- ●PROGRAM PLANNING PROFESSIONALS LTD;
- ●PCUBED CANADA INC.;
- ●PROGRAM PLANNING PROFESSIONALS INC.;
- ●CIENET COMMUNICATIONS BEIJING CO LTD;
- ●CIENET INTERNATIONAL LLC;
- ●CIENET TECHNOLOGIES BEIJING CO LTD;
- ●CIENET TECHNOLOGIES CHENGDU CO LTD;
- ●CIENET TECHNOLOGIES LLC;
- ●CIENET TECHNOLOGIES NANJING CO LTD;
- ●CIENET TECHNOLOGIES TAIWAN;
- ●METHODS BUSINESS AND DIGITAL TECHNOLOGY LTD;
- ●SDG CONSULTING ITALIA;
- ●SDG CONSULTING ESPAÑA;
- ●IT SECTOR - SISTEMAS DE INFORMACAO, METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED.
CIENET TECHNOLOGIES BEIJING CO LTD, CIENET COMMUNICATIONS BEIJING CO LTD, CIENET INTERNATIONAL LLC, CIENET TECHNOLOGIES BEIJING CO, CIENET TECHNOLOGIES CHENGDU CO LTD, CIENET TECHNOLOGIES LLC, CIENET TECHNOLOGIES NANJING CO LTD, CIENET TECHNOLOGIES TAIWAN.
Internationally, the entities ALTEN KOREA CO LTD, CIENET TECHNOLOGY BEIJING CO LTD, CIENET COMMUNICATIONS BEIJING CO LTD, CIENET INTERNATIONAL LLC, CIENET TECHNOLOGIES BEIJING CO, CIENET TECHNOLOGIES CHENGDU CO LTD, CIENET TECHNOLOGIES LLC, CIENET TECHNOLOGIES NANJING CO LTD, CIENET TECHNOLOGIES TAIWAN, IT SECTOR - SISTEMAS DE INFORMACAO, METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED, ALTEN DELIVERY CENTER EASTERN EUROPE SRL, ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO were included in the reporting.
Rate of coverage
The performance indicators reported for France and international markets cover 80% of the Group's revenue at 31 December 2023.
- ●the completeness of the headcount of the entities concerned (15);
- ●all areas occupied by one or more ALTEN Group entities in France.
For international entities, they relate to the number of employees and floor space of each entity in the country concerned.
Guidelines
The performance indicators and the text of this report comply with Article L. 225-102-1 of the French Commercial Code. This document was prepared in line with the standards of the Global Reporting Initiative (GRI) G4 essential compliance option.
The guidelines for calculating and establishing performance indicators are available upon request by e-mail: alten.csr@alten.fr.
Exceptions and limitations
In 2022, the ALTEN Group set up a new external reporting tool to which all entities in the CSR scope have access. This tool allows for the reporting of:
- ●increase the scope of its reporting each year by integrating new entities;
- ●increase the reliability of the data collected by relying in particular on the consistency checks offered by the tool;
- ●raise awareness among the various entities of the CSR Scope of the new features included in the reporting.
Origin and compilation of the data
Employee-related indicators
The social performance indicators reported for France and the rest of the world cover 84% of the Group's revenue at 31 December 2023.
The following data is extracted from the social statement of financial position and payroll software of the Group’s companies in France and international entities:
- ●headcount;
- ●nationalities represented in the Company;
- ●hires and departures;
- ●work-study contracts;
- ●total payroll;
- ●remuneration;
- ●turnover;
- ●organisation of working time;
- ●frequency rate of work accidents with lost time;
- ●severity rate of work accidents.
Other data is derived from the reporting of the departments responsible for this in the various Group entities:
The total number of training hours and employees trained includes training for apprentices and employees on vocational training contracts.
Turnover is calculated according to the following definition: (Departures/[Headcount N-1+Headcount N]/2). Departures taken into account exclude trial periods, mobility and other reasons.
- ●the following are excluded from SOC 7 and 8 “Hires and departures”: the entity ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED;
- ●the following are excluded from SOC 21 "Percentage of employees who have had an annual appraisal": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN GmbH, ALTEN CANADA INC., ALTEN POLSKA SP ZOO, ALTEN LTD, ALTEN SI TECHNO ROMANIA SRL, ALTEN SVERIGE AB, ALTEN SOLUCIONES PRODUCTOS AUDITORIA E INGENIERIA SAU, ALTEN FINLAND OY, ALTEN SWITZERLAND AG and METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED;
- ●the following are excluded from SOC 22 “Average rate of absenteeism (due to illness, work-related or commuting accident)”: the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN TECHNOLOGY USA INC., ANOTECH ENERGY USA INC., PCUBED CANADA INC., ANOTECH ENERGY DOHA LLC, ALTEN KOREA CO LTD and METHODS BUSINESS AND DIGITAL TECHNOLOGY LTD;
- ●the following are excluded from SOC 23 “ALTEN employee turnover”: the entity ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED;
- ●the following are excluded from SOC 26 "% of employees covered by a collective agreement": the entity ALTEN GmbH;
- ●the following are excluded from SOC 27 "Training expenditures": ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN TECHNOLOGY USA INC., ANOTECH ENERGY USA INC., PROGRAM PLANNING PROFESSIONALS INC. and ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●the following are excluded from SOC 28 "Training expenditure as a % of total payroll": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN TECHNOLOGY USA INC., ANOTECH ENERGY USA INC., PROGRAM PLANNING PROFESSIONALS INC., ANOTECH ENERGY DOHA LLC and ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●the following are excluded from SOC 29 "Training expenditure as a % of revenue": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN TECHNOLOGY USA INC., ANOTECH ENERGY USA INC., PROGRAM PLANNING PROFESSIONALS INC. and ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●the following are excluded from SOC 30 "Total number of training hours": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN SI TECHNO ROMANIA SRL, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., PCUBED CANADA INC. and ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●the following are excluded from SOC 31.a "Percentage of people receiving training during the year, by gender": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN NEDERLAND BV, ALTEN SI TECHNO ROMANIA SRL, ORION ENGINEERING BV and ANOTECH ENERGY USA INC.;
- ●the following are excluded from SOC 31.b "Percentage of employees having attended at least one training course during the year": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN SI TECHNO ROMANIA SRL, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS INC., MI-GSO UNIPESSOAL LDA, ALTEN KOREA CO LTD and SDG CONSULTING ITALIA;
- ●the following are excluded from SOC 33 "Number of e-learning courses attended": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN SI TECHNO ROMANIA SRL, ALTEN TECHNOLOGY USA INC., ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS INC., MI-GSO UNIPESSOAL LDA, ALTEN KOREA CO LTD and SDG CONSULTING ITALIA;
- ●the following are excluded SOC 34 "Frequency rate of work-related accidents with time off": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS INC., ANOTECH ENERGY SINGAPORE PVTE LTD and ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●the following are excluded from SOC 35 "Severity rate of work-related accidents": the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS INC., ANOTECH ENERGY SINGAPORE PVTE LTD; ALTEN DELIVERY CENTER EASTERN EUROPE SRL and ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO;
- ●the following are excluded from SOC 36 “Number of hours of safety training”: the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN NEDERLAND BV, ALTEN SI TECHNO ROMANIA SRL, ALTEN TECHNOLOGY USA INC., ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., PROGRAM PLANNING PROFESSIONALS INC., ALTEN SWITZERLAND AG, ALTEN DELIVERY CENTER EASTERN EUROPE SRL, TECHALTEN PORTUGAL LDA and MI-GSO UNIPESSOAL LDA;
- ●the following are excluded from SOC 38 “Number of occupational illnesses reported”: the entities ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN INDIA PRIVATE LIMITED and ANOTECH ENERGY USA INC.
Environmental indicators
The environmental performance indicators reported for France and internationally cover 79% of the Group's revenue at 31 December 2023.
- ●MI-GSO GmbH;
- ●MI-GSO EXPERTO EN MANAGEMENT DE PROYECTOS;
- ●PROGRAM PLANNING PROFESSIONALS PTY LTD (AUSTRALIA);
- ●ALTEN CANADA INC.;
- ●ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED;
- ●ORION ENGINEERING BV;
- ●ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO.
Data related to floor space is taken from the lease documents and is collected and consolidated annually by building. They are then broken down according to their occupation by each entity in France and for the international entities within the CSR scope.
Data related to consumables and energy are based on invoices and statements from suppliers and service providers.
In France, the energy consumption of common areas is estimated at 10% of the consumption of occupied areas:
The calculation of the Enviro 4 indicator "Total quantity of paper (office and headed) consumed in kg/employee/year" corresponds to the total amount of paper divided by the weighted number of employees for France. The Enviro 4 indicator "Quantity of paper used per employee" excludes the entities: ALTEN NEDERLAND BV, ALTEN LTD, ALTEN TECHNOLOGY USA INC., ANOTECH ENERGY USA INC., PCUBED CANADA INC. and MI-GSO UNIPESSOAL LDA.
The following entities are excluded from Enviro 5 indicator "% recycled or certified paper" : ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN LTD, ALTEN SI TECHNO ROMANIA SRL, ALTEN TECHNOLOGY USA INC., ANOTECH ENERGY USA INC., PCUBED CANADA INC., TECHALTEN PORTUGAL LDA and MI-GSO UNIPESSOAL LDA.
The quantity of cups used by ALTEN (Enviro 6) concerns only paper cups for France (the zero-plastic-cup objective in France has been achieved) and single-use plastic cups internationally. The following entities are excluded from the Enviro indicator "Amount of cups per employee on site": ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN CHINA LIMITED, ALTEN GmbH, ALTEN NEDERLAND BV, ALTEN LTD, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., ALTEN DELIVERY CENTER MAROC, PROGRAM PLANNING PROFESSIONALS LTD, ANOTECH ENERGY SINGAPORE PVTE LTD, ALTEN SWITZERLAND AG, ALTEN DELIVERY CENTER EASTERN EUROPE SRL, SDG CONSULTING ITALIA and SDG CONSULTING ESPAÑA.
In France, energy consumption indicators were divided by the number of weighted m2. Internationally, the actual m2 as of 31 December 2022 are used when information on the number of m2 weighted items is not available. Enviro indicator 8a "Total energy consumption in kWh" excludes the entities: ALTEN GmbH, ALTEN BELGIUM, ALTEN TECHNOLOGY GmbH, ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN LTD, ALTEN SI TECHNO ROMANIA SRL, ANOTECH ENERGY USA INC, PCUBED CANADA INC, PROGRAM PLANNING PROFESSIONALS INC, TECHALTEN PORTUGAL LDA, MI-GSO UNIPESSOAL LDA and METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED.
To calculate the percentage of renewable energy used in France, the energy consumption recorded on the invoices and statements of suppliers and service providers is taken into account but not the consumption linked to the common parts of the buildings.
The following entities are excluded from the Enviro 8.b indicator "Total energy consumption per m2": ALTEN GmbH, ALTEN BELGIUM, ALTEN TECHNOLOGY GmbH, ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN LTD, ALTEN SI TECHNO ROMANIA SRL, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS INC., ANOTECH ENERGY DOHA, TECHALTEN PORTUGAL LDA, MI-GSO UNIPESSOAL LDA and METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED.
The annual mileage as part of business travel is based on the mileage provided by the service providers. Accordingly:
- ●the following entities are excluded from the Enviro 14 indicator "Number of kg of CO2 eq. for business travel by train per employee": ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN GmbH, ALTEN BELGIUM, ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN SI TECHNO ROMANIA SRL, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS LTD, PROGRAM PLANNING PROFESSIONALS INC., ALTEN FINLAND OY, ALTEN SWITZERLAND AG and ALTEN KOREA CO LTD;
- ●the following entities are excluded from Enviro 16 indicator "Number of kg of CO2 eq. for business travel by air per employee": ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN BELGIUM, ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN SI TECHNO ROMANIA SRL, ALTEN SVERIGE AB, ANOTECH ENERGY USA INC., PCUBED CANADA INC., PROGRAM PLANNING PROFESSIONALS LTD, PROGRAM PLANNING PROFESSIONALS INC., ALTEN SWITZERLAND AG and ALTEN KOREA CO LTD;
- ●the following entities are excluded from the Enviro 21 indicator "Average CO2 emissions per km of company car fleet": ATEXIS SPAIN SLU, ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN CHINA LIMITED, ALTEN BELGIUM, ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN SI TECHNO ROMANIA SRL, ALTEN TECHNOLOGY USA INC., ALTEN INDIA PRIVATE LIMITED, PROGRAM PLANNING PROFESSIONALS INC., ALTEN SWITZERLAND AG, ANOTECH ENERGY USA INC., ALTEN KOREA CO LTD, MI-GSO UNIPESSOAL LDA, IT SECTOR - SISTEMAS DE INFORMACAO, METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED and METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED;
- ●the following entities are excluded from the Enviro 23.a indicator "Number of kg of CO2 eq. related to kilometres travelled by company cars": ATEXIS SPAIN SLU, ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN CHINA LIMITED, ALTEN BELGIUM, ALTEN NEDERLAND BV, ALTEN POLSKA SP ZOO, ALTEN SI TECHNO ROMANIA SRL, ALTEN TECHNOLOGY USA INC., ALTEN INDIA PRIVATE LIMITED, ALTEN SOLUCIONES PRODUCTOS AUDITORIA E INGENIERIA SAU, PROGRAM PLANNING PROFESSIONALS INC., ALTEN SWITZERLAND AG, ANOTECH ENERGY USA INC., TECHALTEN PORTUGAL LDA, ALTEN KOREA CO LTD, MI-GSO UNIPESSOAL LDA, IT SECTOR - SISTEMAS DE INFORMACAO, METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED and METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED.
CO2 emissions from energy consumption and travel were calculated from the raw data using the Location Based method. The calculations use the emission factors of Ademe's carbon database and the Ecoinvent database. Accordingly:
- ●the following entities are excluded from the Enviro 10 indicator “% of occupied m2 that is certified (BBC, HQE)”: ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED, ALTEN BELGIUM, ALTEN SVERIGE AB, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., ANOTECH ENERGY DOHA LLC, TECHALTEN PORTUGAL LDA, ALTEN KOREA CO LTD, MI-GSO UNIPESSOAL LDA, SDG CONSULTING ESPAÑA and IT SECTOR - SISTEMAS DE INFORMACAO, METHODS BUSINESS AND DIGITAL TECHNOLOGY LIMITED;
- ●the following entities are excluded from the Enviro 25 indicator "Total quantity of electronic waste removed by an external company": ATEXIS SPAIN SLU, ALTEN INDIA PRIVATE LIMITED, ANOTECH ENERGY USA INC., ALTEN SOLUCIONES PRODUCTOS AUDITORIA E INGENIERIA SAU, PROGRAM PLANNING PROFESSIONALS INC., ANOTECH ENERGY SINGAPORE PVTE LTD, TECHALTEN PORTUGAL LDA and ALTEN KOREA CO LTD;
- ●the following entities are excluded from the Enviro 11 indicator "% of sites covered by a waste sorting scheme": ALTEN NEDERLAND BV, ALTEN LTD, ANOTECH ENERGY USA INC., PROGRAM PLANNING PROFESSIONALS INC., ALTEN SWITZERLAND AG, ANOTECH ENERGY DOHA LLC, MI-GSO UNIPESSOAL LDA and ALTEN KOREA CO LTD.
Societal indicators
The societal performance indicators reported for France and internationally cover 75% of the Group's revenue at 31 December 2023.
- ●ALTEN CALSOFT LABS (INDIA) PRIVATE LIMITED;
- ●ALTEN NEDERLAND BV;
- ●ALTEN SVERIGE AB;
- ●ALTEN SOLUCIONES, PRODUCTOS, AUDITORIA E INGENIERIA SAU;
- ●MI-GSO UNIPESSOAL LDA.
The data on projects supported to promote Engineering professions comes from the partnerships that received financial support.
- ●the following entity is excluded from Societal 5 "Total number of partnerships forged with NGOs or similar associations in the current year": ALTEN GmbH;
- ●the following entities are excluded from Societal 7 "Number of man-days of skills sponsorship": ALTEN GmbH, ALTEN SI TECHNO ROMANIA SRL, ALTEN FINLAND OY, ALTEN DELIVERY CENTER EASTERN EUROPE SRL, TECHALTEN PORTUGAL LDA, ALTEN DELIVERY CENTER EASTERN EUROPE SP ZOO, SDG CONSULTING ITALIA and SDG CONSULTING ESPAÑA.
Comparability
4.7Report by the independent third-party organisation on the consolidated non-financial statement included in the group management report
This is a free English translation of the report by the independent third-party organisation issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.
In our capacity as the independent third-party body (“third party”) of Alten, accredited by COFRAC (Cofrac Inspection accreditation no. 3-1080, scope available on the website www.cofrac.fr), we conducted our work in order to provide a limited assurance on the historical information (observed or extrapolated) of the extra-financial performance statement, prepared in accordance with the entity’s procedures (hereinafter the "Guidelines"), for the year ended December 31, 2022 (hereinafter the "Information" and the "Statement" respectively), presented in the management report in accordance with the provisions of Articles L. 225-105-1, R. 225-105 and R. 225-105-1 of the French Commercial Code.
Conclusion
Based on the procedures we performed, as described in the "Nature and scope of our work" section, and on information we obtained, nothing has come to our attention that causes us to believe that the non-financial performance statement is not in compliance with the applicable regulatory requirements and that the information, taken as a whole, is presented fairly in accordance with the Guidelines.
Comments on
the financial year
Preliminary remarks
DEFINING ALTERNATIVE PERFORMANCE INDICATORS AND COMPARING THEM WITH IFRS INDICATORS
The ALTEN Group uses alternative performance indicators to monitor its operational activity. The Group feels that these indicators provide additional information enabling users of periodical financial information to get a more complete picture of the Group’s performance. These alternative performance indicators complement the IFRS indicators.
5.1Analysis of the consolidated financial statements
5.1.1Activity and income statement
Activity of the Group during the financial year
ALTEN, the European leader in Engineering and Technology Consulting (ETC), carries out design and research projects for the Technical and Information Systems Divisions of major industrial, telecoms and service-provider clients.
Revenue in 2023 thus amounted to €4,068.8 million, up 7.6% compared to 2022. On a like-for-like basis, activity increased by 9.0% (+10.2% in France; +8.4% outside France).
The distribution of revenue in 2023 by business sector is presented in Chapter 1 of this Universal registration document.
ALTEN has continued to expand, particularly internationally, through its strategy of external growth. International operations now account for 68.1% of the Group's revenue, compared to 68.9% in 2022 given the disposal of Cprime at the end of 2022.
Acquisitions made by ALTEN EUROPE in 2023 |
|
---|---|
28 February |
Acquisition of the QA CONSULTANTS group (revenue of €18 million; 185 consultants) comprising one company in Canada and one in the United States. The QA CONSULTANTS group specialises in software testing. |
16 May |
Acquisition of the Polish company SOLWIT (revenue of €19 million; 350 consultants of which 50% external) specialising in IT & Telecommunications services. |
9 June |
Acquisition of the Indian company ACCORD GLOBAL TECHNOLOGY SOLUTIONS PVT, named ALTEN GLOBAL TECHNOLOGIES PRIVATE LIMITED since 24 August 2023 (revenue of €9 million; 500 consultants) which has two subsidiaries, one in the United States and one in Germany. The ACCORD GLOBAL TECHNOLOGY SOLUTIONS group specialises in IT development and engineering services. |
20 July |
Acquisition of the AYESA AIR CONTROL Group (revenue of €7 million; 130 consultants) comprising one company in Spain and one in Germany. The AYESA AIR CONTROL group specialises in aeronautical engineering. |
31 October |
Acquisition of the Japanese company EAST JAPAN TECHNOLOGY INSTITUTE INC (revenue of €41 million; 720 consultants), specialised in embedded software. |
Events after year-end
To accelerate its development and strengthen its position in strategic sectors and activities, the Group is pursuing its targeted external growth strategy. In Vietnam and Japan, acquisition in April 2024 of a group of companies specialising in software development and products (revenue: €20 million; 1,000 consultants).
Revenue trends
The Group generated consolidated revenue of €4,068.8 million in 2023 (compared with €3,783.1 million in 2022), up by 7.6% compared tothe previous year (+10.2% in France and +6.4% internationally).
On a like-for-like basis, activity increased by 9.0% in 2023 (+10% in France and +8.4% internationally).
Earnings trends
At 31 December 2023, operating profit on activity amounted to €382.8 million, which represents 9.4% of the revenue, down by 8.8% compared to 31 December 2022 (€419.6 million which represented 11.1% of the revenue).
The non-recurring income amounted to -€30.6 million at 31 December 2023 and mainly concerns international activities. It includes in particular acquisition fees for €5.1 million, costs relating to tax and social security audits for €3.1 million, restructuring costs for €9.1 million and earn-outs for acquisitions for €13.4 million.
After taking these items into account, operating profit was €319.9 million, which represents 7.9% of the revenue, down compared to the previous year. In 2022, operating profit was €592.9 million, including a capital gain of €216.3 million. Restated for this exceptional item, operating profit for 2022 would have been €376.6 million, which would have represented 9.9% of the revenue.
Financial income amounted to €0.2 million. It consists of the financial cost of net debt of €2.0 million, (of which €3.9 million in interest expenses related to the application of IFRS 16), a net gain on foreign exchange of +€0.8 million and other financial income and expenses of -€2.6 million, consisting in particular of impairment of non-consolidated shares.
Income tax expense was €86.9 million corresponding to an effective tax rate of 25%. Income from companies using the equity-accounted method was €0.1 million.
Consequently, net income (attributable to) owners of the parent, amounted to €233.2 million in 2023 (5.7% of the revenue), down by 49.0% compared to 2022 (€457.6 million which represented 12.1% of the revenue in 2022).
ALTEN Group consolidated earnings
|
2022 |
2023 |
Change |
||
---|---|---|---|---|---|
(In millions |
(In %) |
(In millions |
(In %) |
(In %) |
|
Revenue |
3,783.1 |
100% |
4,068.8 |
|
+7.6% |
Operating profit on activity |
419.6 |
11.1% |
382.8 |
9.4% |
-8.8% |
Share-based payments |
(29.7) |
|
(32.3) |
|
|
Non-recurring profit/loss |
(13.3) |
|
(30.6) |
|
|
Proceeds from asset disposals |
216.3 |
|
- |
|
|
Operating profit |
592.9 |
15.7% |
319.9 |
7.9% |
-46.0% |
Net financial income |
2.1 |
|
0.2 |
|
|
Taxes |
(137.6) |
|
(86.9) |
|
|
EMCs and minority interests |
0.2 |
|
0.1 |
|
|
Net income, (attributable to) owners of the parent |
457.6 |
|
233.2 |
|
-49.0% |
Change in headcount
|
31/12/2021 |
31/12/2022 |
31/12/2023 |
---|---|---|---|
Consultants(1) |
37,150 |
47,500 |
50,000 |
Internal staff(2) |
5,150 |
6,600 |
7,000 |
Total |
42,300 |
54,100 |
57,000 |
|
Distribution of employee engineers by geographical area
|
December 2021 |
December 2022 |
December 2023 |
Change over 12 months |
|
---|---|---|---|---|---|
France |
10,355 |
11,100 |
11,800 |
700 |
+6.31% |
Europe (excluding France) |
16,690 |
20,350 |
21,700 |
1,350 |
+6.63% |
Asia/India/China |
6,770 |
11,775 |
11,640 |
135 |
-1.15% |
USA/Canada |
2,240 |
2,685 |
2,700 |
15 |
+0.56% |
Africa & Middle East |
1,095 |
1,590 |
2,160 |
570 |
+35.85% |
Total |
37,150 |
47,500 |
50,000 |
2,770 |
+9.64% |
5.4Other financial and accounting information
5.4.1Results of the last five financial years
Financial table (In thousands of euros) |
31/12/2023 |
31/12/2022 |
31/12/2021 |
31/12/2020 |
31/12/2019 |
---|---|---|---|---|---|
Share capital |
36,878 |
36,305 |
36,098 |
35,953 |
35,864 |
Number of ordinary shares |
35,122,301 |
34,575,385 |
34,377,818 |
34,238,467 |
34,153,067 |
Number of Preferred Shares |
- |
1,141 |
1,665 |
2,244 |
3,103 |
Maximum number of future shares to be created: |
|
|
|
|
|
|
- |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
|
519,460 |
960,789 |
1,021,172 |
922,041 |
684,047 |
Revenue (net of tax) |
715,839 |
618,058 |
542,173 |
510,177 |
605,698 |
EBITDA |
65,535 |
81,297 |
92,250 |
16,206 |
74,836 |
Income tax |
(9,733) |
(10,721) |
(7,819) |
(14,820) |
(8,110) |
Employee profit-sharing |
0 |
0 |
0 |
0 |
1,550 |
Depreciation, amortisation and provisions charges |
25,554 |
4,448 |
3,233 |
(584) |
(223) |
Net earnings |
49,714 |
87,570 |
96,836 |
31,611 |
81,620 |
Distributed earnings |
52,814 |
51,929 |
44,748 |
33,874 |
0 |
Earnings per share after tax and before depreciation and provisions |
2.14 |
2.66 |
2.91 |
0.91 |
2.38 |
Earnings per share after tax, depreciation and provisions |
1.42 |
2.53 |
2.82 |
0.92 |
2.39 |
Dividend per share |
1.50 |
1.50 |
1.30 |
1.00 |
- |
Dividend allocated to each Preferred Share |
0 |
0.75 |
0.65 |
0.50 |
- |
Average headcount during the financial year |
5,657 |
5,248 |
5,021 |
5,952 |
6,287 |
Total payroll |
251,867 |
224,776 |
211,330 |
233,137 |
245,087 |
Total payroll and employee benefits |
110,610 |
95,941 |
89,421 |
91,016 |
104,333 |
5.5Other information
5.5.1Appropriation of net income
The General Shareholders' Meeting will be asked to approve the company financial statements for the year ended 31 December 2023, which resulted in a profit of €49,714,232.78.
Financial statements
6.1Consolidated financial statements
6.1.1Consolidated income statement
(In thousands of euros) |
Notes |
2023 |
2022 |
---|---|---|---|
Revenue |
4.2 |
4,068,797 |
3,783,100 |
Purchases consumed |
4.4.1 |
(449,107) |
(438,388) |
Employee benefits expense |
4.3.1 |
(2,823,809) |
(2,579,418) |
External charges |
4.4.2 |
(303,406) |
(251,082) |
Other taxes and levies |
|
(12,605) |
(11,400) |
Depreciation and amortisation charges |
|
(92,040) |
(80,744) |
Other operating expenses |
4.4.3 |
(11,058) |
(6,680) |
Other operating income |
4.4.3 |
6,047 |
4,193 |
Operating profit on activity |
|
382,818 |
419,581 |
Share-based payments |
4.3.3 |
(32,282) |
(29,669) |
Profit from ordinary activities |
|
350,536 |
389,912 |
Other operating expenses |
4.4.4 |
(40,761) |
(18,575) |
Other operating income |
4.4.4 |
10,125 |
5,243 |
Proceeds from disposal |
10.3 |
0 |
216,299 |
Impairment of goodwill |
5.1 |
0 |
0 |
Operating profit |
|
319,900 |
592,879 |
Net borrowing costs |
7.3 |
1,952 |
(4,589) |
Other financial expenses |
7.3 |
(46,013) |
(12,371) |
Other financial income |
7.3 |
44,213 |
19,038 |
Income tax expense |
9.1 |
(86,920) |
(137,559) |
Earning of consolidated entities |
|
233,131 |
457,398 |
Earnings from associates |
5.4 |
75 |
127 |
Net overall earnings |
|
233,205 |
457,525 |
Non-controlling interests |
|
0 |
(42) |
(attributable to) owners of the parent |
|
233,205 |
457,567 |
Earnings per share in euros ([attributable to] owners of the parent) |
6.2 |
6.80 |
13.46 |
Diluted earnings per share in euros ([attributable to] owners of the parent) |
6.2 |
6.74 |
13.21 |
6.2Separate financial statements
6.2.1Statement of financial position
6.2.1.1Statement of financial position assets
(In thousands of euros) |
Gross |
Depreciation and amortisation Impairment |
31/12/2023 |
31/12/2022 |
---|---|---|---|---|
Intangible assets |
54,342 |
20,367 |
33,975 |
34,748 |
Property, plant and equipment |
40,765 |
28,792 |
11,974 |
10,894 |
Financial assets |
337,800 |
20,652 |
317,148 |
302,357 |
Fixed assets |
432,908 |
69,811 |
363,096 |
348,000 |
Trade receivables |
251,976 |
1,113 |
250,863 |
216,973 |
Other receivables |
314,940 |
225 |
314,715 |
326,046 |
Marketable securities |
267 |
|
267 |
5,513 |
Cash and equivalents |
3,096 |
|
3,096 |
2,812 |
Prepaid expenses |
10,372 |
|
10,372 |
7,997 |
Current assets |
580,651 |
1,338 |
579,313 |
559,341 |
Unrealised foreign exchange losses |
1,182 |
|
1,182 |
42 |
TOTAL |
1,014,741 |
71,149 |
943,591 |
907,383 |
6.2.1.2Statement of financial position liabilities
(In thousands of euros) |
31/12/2023 |
31/12/2022 |
---|---|---|
Capital |
36,878 |
36,305 |
Paid-in capital |
60,250 |
60,250 |
Reserves and retained earnings |
426,245 |
390,665 |
Profit for the year |
49,714 |
87,570 |
Shareholders’ equity |
573,088 |
574,790 |
Provisions for risks and expenses |
6,820 |
5,371 |
Loans and related debt |
101,040 |
85,055 |
Miscellaneous borrowings and financial liabilities |
24,599 |
23,063 |
Trade payables |
83,496 |
68,745 |
Taxes and social security charges payable |
94,661 |
96,100 |
Other debts |
46,235 |
47,003 |
Deferred income |
12,410 |
7,185 |
DEBT |
362,441 |
327,151 |
Unrealised foreign exchange gains |
1,243 |
70 |
TOTAL |
943,591 |
907,383 |
Capital and
Shareholding structure
7.1Shareholding structure
7.1.1Breakdown of shareholding
Distribution of share captial
Distribution of voting rights
Position at 31 March 2024
|
Number of ordinary shares |
% of capital |
Theoretical voting rights |
% theoretical voting rights |
Voting |
% of voting |
---|---|---|---|---|---|---|
Public(1) |
28,846,466 |
81.93% |
29,044,730 |
71.40% |
29,044,730 |
72.23% |
SGTI(2) |
3,498,962 |
9.94% |
6,997,924 |
17.20% |
6,997,924 |
17.40% |
Simon AZOULAY and related parties(3) |
1,674,051 |
4.75% |
3,273,102 |
8.05% |
3,273,102 |
8.14% |
SUBTOTAL (SIMON AZOULAY AND RELATED PARTIES) |
5,173,013 |
14.69% |
10,271,026 |
25.25% |
10,271,026 |
25.54% |
Fidelity Investments |
2,827,934 |
8.03% |
2,827,934 |
6.95% |
2,827,934 |
7.03% |
Capital Research Global Investors |
2,346,765 |
6.66% |
2,346,765 |
5.77% |
2,346,765 |
5.84% |
Employees(4) |
724,463 |
2.06% |
895,670 |
2.20% |
895,670 |
2.23% |
Treasury shares |
465,559 |
1.32% |
465,559 |
1.14% |
NONE |
- |
Total |
35,209,501 |
100% |
40,676,985 |
100% |
40,211,426 |
100% |
|
There have been no significant changes in the position of capital and voting rights since 31 March 2024.
To the Company’s knowledge, none of the shareholders, other than those mentioned in the above table or its references, hold directly or indirectly, individually or in concert, more than 5% of the Company’s capital or voting rights.
Treasury shares
Situation at 31 December 2023
To the Company's knowledge, the shareholders holding more than 5% of the Company’s share capital or voting rights are as follows:
|
Number of ordinary shares |
% of capital |
Theoretical voting rights |
% theoretical voting rights |
Voting |
% of voting |
---|---|---|---|---|---|---|
Public(1) |
28,775,446 |
81.93% |
28,807,026 |
71.03% |
28,807,026 |
71.85% |
SGTI(2) |
3,498,962 |
9.96% |
6,997,924 |
17.26% |
6,997,924 |
17.45% |
Simon AZOULAY |
1,674,051 |
4.77% |
3,273,102 |
8.07% |
3,273,102 |
8.16% |
SUBTOTAL (SIMON AZOULAY AND RELATED PARTIES) |
5,173,013 |
14.73% |
10,271,026 |
25.33% |
10,271,026 |
25.62% |
Fidelity Investments |
2,827,934 |
8.05% |
2,827,934 |
6.97% |
2,827,934 |
7.05% |
Capital Research |
2,346,765 |
6.68% |
2,346,765 |
5.79% |
2,346,765 |
5.85% |
Employees(4) |
711,849 |
2.03% |
1,014,772 |
2.50% |
1,014,772 |
2.53% |
Treasury shares |
461,993 |
1.31% |
461,993 |
1.14% |
- |
- |
Total |
35,122,301 |
100.00% |
40,554,817 |
100.00% |
40,092,824 |
100.00% |
|
Direct or indirect control
7.2Stock market data
7.2.1Material safety data sheet [GRI 102‑5]
Company name |
ALTEN |
Activity |
Engineering and Technology Consulting |
APE Code |
6202A |
Trade and Companies Register number |
348 607 417 Nanterre |
Registered office address |
40, avenue André Morizet, 92513 Boulogne-Billancourt Cedex |
Founding date |
1988 |
Nationality |
French |
Share capital |
€36,969,976.05 as of the date of preparation of this Document |
Number of shares representing ALTEN’s capital |
35,209,501 ordinary shares as of the date of preparation of this Document |
Legal form |
French public limited company (Société Anonyme) with a Board of Directors |
Financial year |
1 January to 31 December |
Trading Market |
ALTEN is listed in Compartment A of Euronext Paris |
Stock market indices, including ALTEN shares |
SBF 120, SBF 250, IT CAC 50, CACMID 100 |
ISIN Code |
FR 0000071946 |
7.3Communication with shareholders
7.3.1Discussions between ALTEN and its shareholders
For several years now, ALTEN has been actively involved in gaining a better understanding of its shareholders.
In this context, ALTEN has been carrying out procedures for several years to identify its shareholding structure (approximately 90%). The last procedure of this type was carried out on 31 January 2024.
Thus, ALTEN wants to establish with its main shareholders a sustained dialogue. This dialogue allows ALTEN to be aware of their expectations, especially regarding the preparation of draft resolutions submitted to ALTEN’s General Meetings.
On ALTEN’s website, under the “investors” tab, shareholders are given access to various materials including the documentation provided during General Meetings.
A contact email relation.actionnaires@ALTEN.com is also available to answer any questions.
7.4Dividends
The table below summarises the amount of dividends distributed, which are entirely eligible for the allowance provided for by Article 158–3-2° of the French General Tax Code, for the three previous financial years:
|
2024 (for the 2023 financial year) |
2023 (for the 2022 financial year) |
2022 (for the 2021 financial year) |
---|---|---|---|
Gross dividend per ordinary share (In euros) |
1.50 |
1.50 |
1.30 |
Gross dividend per Preferred Share (In euros)(1) |
0 |
0.75 |
0.65 |
|
7.5Information on share capital
7.5.1Amount of issued and authorised share capital
As of 31 December 2023, the subscribed share capital amounted to €36,878,416.05, divided into 35,122,301 ordinary shares. These shares represent 40,554,817 theoretical voting rights.
As of 31 March 2024, and at the date of preparation of this Document, the share capital amounted to €36,969,976.05, divided into 35,209,501 ordinary shares. The difference between the number of shares and voting rights is due to the existence of double voting rights.
Additional information
8.1Company Information
8.1.1Legal information
Company name |
ALTEN |
Trade name |
ALTEN |
Date of incorporation |
28 October 1988 |
Date of registration |
16 November 1988 |
Place of registration |
Nanterre Trade and Companies Register |
Registration number |
348 607 417 R.C.S. Nanterre |
Legal entity identifier (LEI) |
969500Y7G9TY7Y24GN07 |
Term |
99 years as from its registration in the Trade and Companies Register, except in the case of premature winding up or extension of such duration. |
Registered office |
40, avenue André Morizet, 92513 Boulogne-Billancourt Cedex The telephone number of the registered office is +33 (0)1 46 08 72 00 |
Sales Department |
65 avenue Édouard Vaillant, 92100 Boulogne-Billancourt The telephone number of the Sales Department is +33 (0)1 46 08 70 00 |
Website |
|
Legal form |
French public limited company (Société Anonyme) with a Board of Directors |
Applicable legislation |
French law |
8.2Major contracts
On 11 March 2022, ALTEN set up a syndicated loan agreement for a maximum total amount of €350,000,000 for a maximum term of 7 years. This syndicated loan is designed to fund the ALTEN Group’s operating needs as well as its investment’s and external growth operations.
ALTEN also made several acquisition agreements in the last financial years, under which it has carried out targeted external growth transactions of limited size in respect of the Group’s overall size.
8.3Related-party transactions
8.3.1Agreements referred to in Article L. 225-38 of the French Commercial Code
Summary table of related-party agreements
Agreement concerned |
Status |
Date of conclusion |
Date of approval by the General Meeting of shareholders |
Purpose |
Financial conditions in 2023 |
Interest for ALTEN |
---|---|---|---|---|---|---|
Service agreement concluded between ALTEN and SGTI and its amendment No. 1 |
Ongoing |
Agreement: 03/07/2009 Amendment: 26/02/2020 |
Agreement: 19/06/2012 Amendment: 18/06/2020 |
ALTEN provides administrative services to SGTI |
Lump sum of €15,000 excl. tax |
Financial gain |
Commercial lease between ALTEN and SIMALEP |
Ongoing |
23/06/2021 |
22/02/2022 |
SIMALEP subleases to ALTEN 444 m2 of office space in Sèvres |
€121,070.04 excluding tax for rent and €57,116.68 excluding tax for expenses |
ALTEN occupies three other floors of this building under leases entered into with third parties and the rental conditions are similar and in line with those applied by third-party lessors. |
Sub-letting of premises between ALTEN and SEV 56 |
Terminated on 28/02/2023 |
18/01/2017 |
22/06/2017 |
SEV 56 subleases premises of 2,947 m2 and 106 parking spaces in Boulogne-Billancourt |
€300,639.65 excluding tax for rent and €88,269.52 excluding tax for expenses |
ALTEN and its subsidiaries have a large rental area within a restricted scope. The rental conditions are similar and in line with those applied by third-party lessors. |
Commercial lease between ALTEN and SEV 56 |
Ongoing |
23/06/2021 |
22/02/2022 |
SEV 56 leases 1,012 m2 of office space in Sèvres to ALTEN |
€246,374.69 excluding tax for rent and €132,548.66 excluding tax for expenses |
ALTEN occupies three other floors of this building under leases entered into with third parties and the rental conditions are similar and in line with those applied by third-party lessors. |
8.3.1.1New agreements entered into during the past financial year
8.3.1.2Agreements entered into during a previous financial year whose effects continued during the financial year
These agreements concluded and authorised during previous financial years, the execution of which continued during the past financial year, were examined by the Board of Directors on 22 February 2024, which noted their continuation in 2024, with the exception of one agreement.
Lease of premises in Sèvres - 1st Floor
The renewal of the commercial lease dated 28 July 2011 was concluded on 23 June 2021 between ALTEN and SIMALEP, a non-trading company (Société Civile) with capital of €1,524.49, whose registered office is located at 221 Bis Boulevard Jean Jaurès, Boulogne-Billancourt (92100), registered in the Nanterre Trade and Companies Register under number 329 341 101 with effect from 1 May 2021. This lease covers 444 m2 of office space on the first floor of a building located at 119-121 Grande Rue, in Sèvres (92310), for a total annual rent of €112,439.07 excluding tax, which may be revised each year in accordance with the change in the tertiary sector rental index.
SIMALEP is 75% owned by Simon AZOULAY, who is also manager of the latter. Emily AZOULAY, a Director of ALTEN SA, also holds a 25% stake in SIMALEP.
In 2023, the amount billed to ALTEN SA for rents came to €121,070.04 excluding tax and for expenses €57,116.68 excluding tax.
ALTEN’s interest
ALTEN occupies three other floors in this building under leases signed with third parties. This agreement provides ALTEN with office space for its teams while enabling it to benefit from the same lease conditions as those offered by third party lessors for similar premises.
Lease of premises in Sèvres - 5th and 8th floors
A commercial lease was entered into on 23 June 2021 between ALTEN and SEV 56, a non-trading company (Société Civile) with capital of €5,882.00, whose registered office is located at 40 avenue André Morizet, Boulogne-Billancourt (92100), registered in the Nanterre Trade and Companies Register under number 792 946 782, with effect from 1 May 2021. This lease covers 1,012 m2 of office space on the fifth and eighth floors of a building located at 119-121 Grande Rue, in Sèvres (92310), for a total annual rent of €226,448.44 excluding tax, which may be revised each year in accordance with the change in the tertiary sector rental index.
In 2023, the amount billed to ALTEN SA for rents came to €246,374.69 excluding tax and for charges €132,548.66 excluding tax.
ALTEN’s interest
ALTEN occupies three other floors in this building under leases signed with third parties. This agreement provides ALTEN with office space for its teams while enabling it to benefit from the same lease conditions as those offered by third party lessors for similar premises.
Lease of premises in Boulogne-Billancourt
A sublease was agreed on 18 January 2017 between ALTEN and SEV 56, a non-trading company (Société Civile) with share capital of €5,882.00, whose registered office is located at 40, avenue André Morizet in Boulogne-Billancourt (92100), registered in the Nanterre Trade and Companies Register under number 792 946 782, relating to 2,947 m2 of property and 106 parking spaces, located at 77 to 83, avenue Édouard Vaillant (Boulogne-Billancourt), 80 to 84, rue Marcel Dassault, 4 to 18, rue Danjou in Boulogne-Billancourt, for an annual rental of €320 per square metre excluding tax and €1,050 per parking space, adjusted annually based on changes in the national commercial rent index.
The restructuring of the historic site on avenue Jean-Jaurès, in Boulogne-Billancourt (92100), enabled the number of square metres of office space to be increased and new employees to be assigned to the site. The agreement was therefore terminated amicably on 28 February 2023.
In 2023, the amount billed to ALTEN SA for rents came to €300,639.65 excluding tax and for charges €88,269.52 excluding tax.
ALTEN’s interest
ALTEN and its subsidiaries benefited from a large rental area made available within a confined area around its registered office. The amount of rent invoiced to ALTEN by SEV 56 was in line with what is usually charged by third-party lessors for this type of premises.
Service provision
SGTI and ALTEN entered into a service provision agreement on 3 July 2009. Under this agreement, ALTEN SA performs administrative services for SGTI. This agreement was approved by the Combined General Meeting of 19 June 2012.
At 31 December 2023, SGTI, chaired by Simon AZOULAY, held 9.96% of the Company’s share capital and 17.45% of the voting rights.
This amendment specifies, for the services delivered by ALTEN to SGTI, the use of ALTEN’s postal address located at 40 avenue André Morizet, Boulogne-Billancourt (92100), France by SGTI. This amendment was authorised by ALTEN's Board of Directors on 18 February 2020, which considered that it was an accessory service to the services already provided by ALTEN and that the direct debit would facilitate the services provided by ALTEN (receipt of mail at the same address in particular).
ALTEN’s interest
8.3.1.3Agreements entered into at year-end
8.3.1.4Agreements entered into between a Corporate Officer or a shareholder holding more than 10% of the voting rights and a controlled company in the meaning of Article L. 233-3 of the French Commercial Code
8.4Statutory Auditors
Principal Statutory Auditors
KPMG AUDIT IS
Represented by Mr Jean-Marc DISCOURS and Mr Xavier NIFFLE, Tour EQHO, 2, avenue Gambetta, CS 60055, 92066 Paris La Défense Cedex.
Term of office expires on: Ordinary General Meeting to be held in 2027 called to approve the financial statements for the financial year ending 31 December 2026.
GRANT THORNTON
8.5Available documents
The documents listed below, or a copy of these documents, may be consulted, during the validity period of the Universal registration document, at the registered office of ALTEN (40 avenue André Morizet, 92100 Boulogne-Billancourt, France), and on the Company’s website (www.alten.com), without prejudice to the documents provided at the registered office or on the Company’s website pursuant to applicable laws and regulations:
8.6Person responsible for the Universal registration document and the annual financial report and financial information
Statement by the person responsible for the Universal registration document and the annual financial report
“I certify that the information contained in this Universal registration document is, to the best of my knowledge, true to the facts and does not contain any omission that would alter its scope.
I declare, to the best of my knowledge, that the financial statements have been prepared in accordance with the applicable accounting standards and provide an accurate picture of the assets, financial position and results of the Company and its subsidiaries, and that the management report contained in this Document, as specified in the section below "8.7.2 / Cross-reference table of the annual financial report and management report" page 8.7.2, gives a fair presentation of the business trends, the results and the financial position of the Company and its subsidiaries and describes the main risks and uncertainties that these companies currently face”.
8.7Cross-reference tables
8.7.1Universal registration document cross-reference table
To facilitate the reading of this Universal registration document, the cross-reference table presented below can be used to identify the main information items required by the Appendices 1 and 2 of European Regulation 2019/980 of 14 March 2019.
URD references |
Headings |
Pages |
---|---|---|
Section 1 |
PERSONS RESPONSIBLE, INFORMATION FROM THIRD PARTIES, EXPERT DECLARATIONS AND APPROVAL BY THE COMPETENT AUTHORITY |
|
Item 1.1 |
Persons responsible for the information |
305 |
Item 1.2 |
Statement by the persons responsible |
305 |
Item 1.3 |
Expert statement |
- |
Item 1.4 |
Other statements in the case of information from third parties |
194 |
Item 1.5 |
Statement on the approval of the document |
1 |
Section 2 |
STATUTORY AUDITORS |
|
Item 2.1 |
Contact information |
304 |
Item 2.2 |
Changes |
304 |
Section 3 |
RISK FACTORS |
|
Item 3.1 |
Description of the main risks |
73 et seq. |
Section 4 |
INFORMATION ABOUT THE ISSUER |
|
Item 4.1 |
Company name and commercial name |
296 |
Item 4.2 |
Registration with the Trade and Companies Register and identifier (LEI) |
296 |
Item 4.3 |
Date of incorporation and term |
296 |
Item 4.4 |
Registered office – Legal form – Applicable legislation – Website – Other |
296 et seq. |
Section 5 |
OVERVIEW OF BUSINESS ACTIVITIES |
|
Item 5.1 |
Main activities |
63 et seq. |
Item 5.1.1 |
Type of transactions and main activities |
59, 64 |
Item 5.1.2 |
New products and/or services |
- |
Item 5.2 |
Main markets |
64 |
Item 5.3 |
Major events |
201, 205 |
Item 5.4 |
Financial and non-financial strategy and objectives |
59 et seq. |
Item 5.5 |
Degree of dependency |
76 |
Item 5.6 |
Competitive position |
58 |
Item 5.7 |
Investments |
204 |
Item 5.7.1 |
Major investments made |
204 |
Item 5.7.2 |
Major investments in progress or firm commitments |
204 |
Item 5.7.3 |
Joint ventures and significant holdings |
219 et seq. |
Item 5.7.4 |
Environmental impact of the use of property, plant and equipment |
158 et seq. |
Section 6 |
ORGANISATIONAL STRUCTURE |
|
Item 6.1 |
Brief description of the Group/Organisation chart |
72 |
Item 6.2 |
List of major subsidiaries |
72, 219 et seq. |
Section 7 |
REVIEW OF THE FINANCIAL POSITION AND RESULT |
|
Item 7.1 |
Financial position |
201 et seq. |
Item 7.1.1 |
Presentation of changes and result of activities |
201 et seq. |
Item 7.1.2 |
Future change and activities in research and development |
57, 65 et seq. |
Item 7.2 |
Operating profit |
202 |
Item 7.2.1 |
Significant factors |
201 et seq. |
Item 7.2.2 |
Major changes in net revenue or net income |
- |
Section 8 |
CASH FLOW AND CAPITAL RESOURCES |
|
Item 8.1 |
Capital of the issuer |
203 |
Item 8.2 |
Cash flow |
203 |
Item 8.3 |
Financing needs and financing structure |
203 |
Item 8.4 |
Restrictions on the use of capital |
- |
Item 8.5 |
Sources of financing |
203 |
Section 9 |
REGULATORY ENVIRONMENT |
|
Item 9.1 |
Description of the regulatory environment and external factors that could affect the issuer’s operations |
80 |
Section 10 |
INFORMATION ON TRENDS |
|
Item 10.1 |
a) Recent main trends |
IR |
|
b) Significant change in financial performance of the Group since closing |
205 |
Item 10.2 |
Elements liable to have a significant impact on outlook |
205 |
Section 11 |
EARNINGS FORECASTS AND ESTIMATES |
|
Item 11.1 |
Earnings forecasts and estimates |
205 |
Item 11.2 |
Principal assumptions |
- |
Item 11.3 |
Statement on the earnings forecasts and estimates |
- |
Section 12 |
ADMINISTRATIVE, MANAGEMENT, SUPERVISORY BODIES AND GENERAL MANAGEMENT |
|
Item 12.1 |
Information concerning the members of the administrative and management bodies of the Company |
88 et seq. |
Item 12.2 |
Conflicts of interest |
105, 109 |
Section 13 |
REMUNERATION AND BENEFITS |
|
Item 13.1 |
Remuneration and benefits paid or granted |
111 et seq. |
Item 13.2 |
Retirement or other provisions |
115 |
Section 14 |
OPERATION OF THE ADMINISTRATIVE AND MANAGEMENT BODIES |
|
Item 14.1 |
Term of office |
90 |
Item 14.2 |
Services contract |
113 |
Item 14.3 |
Committees |
106 et seq. |
Item 14.4 |
Compliance with the rules of corporate governance |
88 |
Item 14.5 |
Significant potential impacts and future changes in governance |
- |
Section 15 |
EMPLOYEES |
|
Item 15.1 |
Breakdown of employees |
202 |
Item 15.2 |
Profit sharing and stock options |
285 |
Item 15.3 |
Employee profit sharing in the Company |
285 |
Section 16 |
MAIN SHAREHOLDERS |
|
Item 16.1 |
Distribution of capital |
280 et seq. |
Item 16.2 |
Different voting rights |
280 et seq. |
Item 16.3 |
Control of the issuer |
281, 282 |
Item 16.4 |
Shareholders’ agreement |
283 |
Section 17 |
RELATED-PARTY TRANSACTIONS |
|
Item 17.1 |
Details of transactions |
299 |
Section 18 |
FINANCIAL INFORMATION CONCERNING THE ASSETS AND LIABILITIES, FINANCIAL POSITION AND EARNINGS OF THE ISSUER |
|
Item 18.1 |
Historical financial information |
200 |
Item 18.1.1 |
Audited historical financial information |
200 |
Item 18.1.2 |
Change in reference accounting date |
- |
Item 18.1.3 |
Accounting standards |
215, 262 |
Item 18.1.4 |
Change in accounting standards |
- |
Item 18.1.5 |
Minimum contents of audited financial information |
209 et seq. |
Item 18.1.6 |
Consolidated financial statements |
210 et seq. |
Item 18.1.7 |
Date of latest financial information |
201 et seq. |
Item 18.2 |
Interim financial information and other information |
201 et seq. |
Item 18.3 |
Audit of annual historical financial information |
200 |
Item 18.3.1 |
Audit report |
256 et seq., |
Item 18.3.2 |
Other audited information |
194 et seq. |
Item 18.3.3 |
Unaudited financial information |
- |
Item 18.4 |
Pro forma financial information |
- |
Item 18.4.1 |
Significant modification of gross values |
- |
Item 18.5 |
Dividend policy |
290 |
Item 18.5.1 |
Description of dividend policy |
290 |
Item 18.5.2 |
Dividend amount per share |
290 |
Item 18.6 |
Legal and arbitration proceedings |
208 |
Item 18.6.1 |
Significant procedures |
208 |
Item 18.7 |
Significant change in the financial position of the issuer |
205 |
Item 18.7.1 |
Significant change since closing [or negative statement] |
201 and 205 |
Section 19 |
ADDITIONAL INFORMATION |
|
Item 19.1 |
Share capital |
290 |
Item 19.1.1 |
Amount of capital issued |
290 |
Item 19.1.2 |
Shares not representing capital |
290 |
Item 19.1.3 |
Treasury shares |
281 |
Item 19.1.4 |
Securities |
293 |
Item 19.1.5 |
Conditions of acquisition rights and/or any obligation |
- |
Item 19.1.6 |
Options or agreements |
- |
Item 19.1.7 |
History of share capital |
283 |
Item 19.2 |
Memorandum and Articles of Association |
296 et seq. |
Item 19.2.1 |
Entry in the register and corporate purpose |
296 |
Item 19.2.2 |
Existing share classes |
290 |
Item 19.2.3 |
Provisions impacting a change of control |
- |
Section 20 |
SIGNIFICANT AGREEMENTS |
|
Item 20.1 |
Summary of each agreement |
290 |
Section 21 |
AVAILABLE DOCUMENTS |
|
Item 21.1 |
Statement on the documents that may be consulted |
304 |
8.8 Glossary
Allocation of free performance shares (AGAP): a transaction whereby the Company allocates rights to free shares, subject to presence and performance conditions.
Allocation of free shares (AGA): a transaction whereby the Company allocates rights to free shares, without performance conditions. The vesting of these shares is subject to a continued presence condition.
Consolidated financial statements: the consolidated financial statements include all the financial statements of the companies that make up the ALTEN Group, in order to present the financial position as if they were a single entity.
Corporate Officers: refers to the Chief Executive Officer, the Chairman of the Board of Directors, the Directors and, where applicable, any Deputy Chief Executive Officers who may be appointed.
CSRD (Corporate Sustainability Reporting Directive): Directive (EU) 2022/2464 of 14 December 2022 on the publication of sustainability information. The CSRD came into force for the reporting to be carried out in 2025 in respect of the 2024 financial year (Universal registration document 2024).
Dividend: the dividend is the portion of net profit or reserves that may be distributed to shareholders. The amount of the dividend is proposed by the Board of Directors and then approved by the Annual General Meeting of Shareholders, following approval of the accounts for the previous financial year.
Double voting rights: double voting rights are an exception to the legal principle that the number of votes attached to shares must be proportional to the proportion of capital they represent (the "one share, one vote" principle). It is presented in the section 8.1.2.3.4 / Double voting rights (Article 14 of the Articles of Association).
French Financial Markets Authority (AMF - Autorité des Marchés Financiers): an independent public stock exchange authority, whose mission is to ensure the protection of savings invested in financial products, investor information and the proper functioning of the markets.
LEI: the LEI is a unique, worldwide identifier in the form of a 20-character alphanumeric code. It is linked to key reference information. Developed by the International Organization for Standardization (ISO), the LEI is mandatory for all transactions in listed financial instruments: it provides a clear and unique identification of legal entities involved in such transactions.
Middlenext Code: Corporate governance code comprising a set of recommendations drawn up by Middlenext, as amended in its September 2021 version, and to which the Company refers.
Operating margin rate: a financial measure that evaluates a company's operating profitability as a percentage.
Pre-emptive subscription rights (PSR): advantage conferred by Article L. 225-132 of the French Commercial Code on the shareholders of a French limited company (Société Anonyme), enabling them, for a given period of time, to exercise a pre-emptive right to acquire new shares on the occasion of a capital increase, in accordance with the conditions laid down by the Extraordinary General Meeting.
Scope of consolidation: the scope of consolidation includes all entities whose accounts must be consolidated with the parent company of the ALTEN SA Group. These are the entities that are directly and indirectly controlled by ALTEN SA and that are not expressly excluded from the scope of consolidation.
Separate financial statements: the separate financial statements correspond to the annual financial statements of ALTEN SA (holding company of ALTEN Group).
Share buyback: a financial operation in which a company acquires its own outstanding shares on the market.
Treasury shares: share that a company holds in its own capital. Shares held in treasury have no voting rights and are not entitled to dividends.
UCITS: Undertakings for Collective Investment in Transferable Securities, are collective investment vehicles. These entities pool the capital of several investors in order to invest them collectively on the financial markets, according to a defined strategy.
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