Econocom - 2019 Universal registration document

First page Table of contents Next page Last page

Chairman’s message	5
01. The essentials	7
1. For a useful digital transformation that makes sense	9
2. The Econocom galaxy	11
3. 2019 Key figures	12
4. Performance and share capital	14
5. Governance	16
02. Group overview	19
1. Group history	22
2. Group structure	24
3. Group positioning	26
3.1. Technology Management & Financing	27
3.2. Products & Solutions	28
3.3. Services	30
3.4. Digital solutions offered by Econocom Satellites	32
3.5. Combination of Planet and Satellite know-how	41
4. Financial position and results	44
4.1. Highlights of the past three years	44
4.2. Consolidated data for the year: comparison between 2018, 2017 and 2016	45
4.3. Equity restrictions	48
5. Corporate governance	49
5.1. Board of Directors and Advisory Committees	49
5.2. Conflicts of interest	60
5.3. Biographies of Directors	61
6. Research & Development	64
7. Principal investments	66
7.1. 2017	66
7.2. 2018	67
7.3. 2019	68
8. Additional information	68
8.1. Legal and arbitration proceedings	68
8.2. Major contracts	68
03. Corporate social responsibility	69
Our approach	70
CSR stakes and mission	70
The organisation	70
Our roadmap	70
Actions and highlights	71
References and standards	71
Labels and certifications	71
Commitments to the SDG (Sustainable Development Goals)	71
Major aims and achievements:	73
1. Nurture our excellence through responsible commitment	74
1.1. Position ourself as a committed employer	74
1.2. Conduct a demanding environmental policy	82
1.3. Be an ethical and responsible player	85
2. Support the new responsible uses of our customers and users	88
2.1. Develop our offer of green and responsible products and services	88
2.2. Promote useful and responsible digital business and the circular economy	89
2.3. Boost responsible innovation in internal and external collaborations	91
3. Federate an ecosystem to create shared value	92
3.1. Partnerships in the education and university sector	92
3.2. Become the partner of choice for innovative companies and integrate them into our offers	96
3.3. Develop our local roots	97
04. Risk factors	99
1. Operational risks	100
1.1. Risks associated with Services contracts	100
1.2. Risk of sub-contractor default	100
1.3. Risks associated with price fluctuations and hardware obsolescence	101
1.4. Risks associated with competition	101
1.5. Employee-related risks	101
1.6. Environmental risks	101
1.7. Insurance against risk	101
1.8. Pledges, guarantees, collateral provided and borrowings	102
1.9. Risks related to external growth	102
2. Regulatory risk	103
2.1. Legal risks	103
2.2. Risks associated with tax inspections	103
2.3. Risks associated with regulations applicable to lessors’ leasing business	103
2.4. Risks associated with regulations applicable to Technology Management & Financing clients	103
3. Dependency risk	104
3.1. Dependence on refinancing institutions	104
3.2. Customer dependency risk	104
3.3. Supplier dependency risk	104
3.4. Technology dependency risk	104
4. Financial risk	105
4.1. Market risk	105
4.2. Credit and counterparty risk	106
4.3. Equity risk	107
05. Management report	109
1. Group's financial position and highlights	110
1.1. Changes in the scope for the year	111
1.2. Principal investments	112
1.3. Financing transactions	112
1.4. Research	112
2. Profit for the year	113
2.1. Income statement	113
2.2. Statement of financial position	118
2.3. Parent company 2019 financial statements of Econocom group SE	122
3. Risk factors and disputes	126
4. Outlook for 2020 and shareholders' compensation	126
5. Corporate governance statement	127
5.1. Applicable corporate governance code	127
5.2. Exemptions from the 2009 Code	127
5.3. Description of internal control and risk management procedures in the context of the preparation of the financial information	129
5.4. Ownership structure and limits on shareholder rights	131
5.5. The composition and functioning of the administrative bodies and Committees	131
5.6. Composition of advisory bodies	138
5.7. 2019 Compensation report	138
5.8. Appropriation of profit and dividend policy	144
5.9. Relations with major shareholders	144
5.10. Econocom group employee share ownership	144
5.11. Statutory auditor's fees	147
5.12. Treasury shares	147
6. Subsequent events	148
06. Consolidated financial statements	149
1. Consolidated income statement and earnings per share	150
2. Consolidated statement of financial position	152
3. Consolidated statement of changes in equity	154
4. Consolidated statement of cash flows	156
5. Notes to the consolidated financial statements	158
07. Shareholders	257
1. Share performance and shareholders	258
1.1. Econocom group SE share performance	258
1.2. Name, registered office and legal form	260
1.3. Corporate Purpose (article 3 of the Bylaws)	260
1.4. Share capital	261
1.5. Rights attached to shares	264
1.6. Annual General Meeting	268
1.7. Provisions that could delay, defer or prevent a change in control of the Company	271
1.8. Notifications of major shareholdings	273
1.9. Econocom’s largest shareholder	274
08. Statutory auditor’s report on the consolidated financial statements	275
Statutory auditor’s report to the general shareholders’ meeting on the consolidated accounts	276
Other legal and regulatory requirements	281
09. Chairman’s statement	283
10. Condensed parent company financial statements	285
1. Parent company statement of financial position	286
2. Parent company income statement	288
3. Parent company statement of cash flows	290
11. Key consolidated figures	293

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