Econocom - 2019 Universal registration document

chairman’s message

sustain the solid growth of our Products & • Solutions activities in key geographical regions, a growth that is driven by higher volumes of professional equipment and an increase in teleworking. Our ongoing objective is to keep net debt under control. To do this, we are going to ژ steadfastly pursue the transformation plan we embarked on at the end of 2018 to ژ further accelerate our growing competitiveness nd operating margin. This will return us to the path to sustainable growth, backed by solutions which meet all our customers' criteria in a world where the way we work and live our lives is changing significantly. We will also need to step up the personal and professional development of those who drive the business forward and constantly inject innovation into our products. At the time of writing, as we experience unprecedented circumstances and uncertainty, I am confident in our ability to stand strong and recover.

2019 was a pivotal year during which our hard work brought the Group back to growth with operating profit up 14%. In ژ addition, extremely robust cash management measures, a successful ongoing cost reduction plan and initial sales of non-strategic assets have enabled us to keep a firm hand on our net debt. Throughout the year we have proven we can successfully manage high calibre transformation projects for our customers. We are listening to our customers more than ever to ensure the digital solutions we build with them are 100% fit for purpose. With the innovation and synergy of our solutions, our excellent delivery, unfailing commitment and pertinent business model spanning the entire digital value chain, our customers know they can rely on us for the success and financing of their projects, large and small. Early 2020 I appointed a close-knit, highly experienced team of managers who know our markets inside out and understand the complementarity of our business lines. This team will work with us to implement our strategy to: strengthen our legacy business line, • financing; refocus our Services on areas with higher • potential for growth and added value, moving away from activities which require global coverage or contribute too little;

Jean-Louis Bouchard Chairman of the Board of Directors and Chief Executive Officer

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2019 annual report