01. The essentials | 5 |
1. One Digital Company | 7 |
2. The Econocom Galaxy | 9 |
3. 2020 key figures | 10 |
4. Performance and share capital | 12 |
5. Governance | 14 |
02. Group overview | 17 |
1. Group history | 18 |
2. Group structure | 20 |
3. Group positioning | 22 |
3.1. The Technology Management & Financing activity | 23 |
3.2. Products & Solutions | 24 |
3.3. Services | 27 |
3.4. Digital solutions offered by Econocom Satellites | 29 |
3.5. Combination of Planet and Satellite know-how | 40 |
4. Financial position and results | 42 |
4.1. Highlights of the past three years | 42 |
4.2. Consolidated data for the year: comparison between 2020, 2019 and 2018 | 43 |
4.3. Equity restrictions | 46 |
5. Corporate Governance | 47 |
5.1. Board of Directors and Advisory Committees | 47 |
5.2. Conflicts of interest | 59 |
5.3. Biographies of Directors | 60 |
6. Research & Development | 63 |
7. Principal investments | 64 |
7.1. In 2018 | 64 |
7.2. In 2019 | 65 |
7.3. In 2020 | 65 |
8. Additional information | 65 |
8.1. Legal and arbitration proceedings | 65 |
8.2. Major contracts | 65 |
03. Corporate social responsibility | 67 |
Our approach | 68 |
CSR stakes and mission | 68 |
The organisation | 68 |
Our roadmap | 69 |
Actions and highlights | 69 |
References and standards | 69 |
Labels and certifications | 69 |
Commitments to the SDG (Sustainable Development Goals) | 70 |
Major aims and achievements | 71 |
1. Nurture our excellence through responsible commitment | 72 |
1.1. Position ourself as a committed employer | 72 |
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 responsible digital business and the circular economy | 89 |
2.3 Monitoring our consumption | 92 |
3. Federate an ecosystem to create shared value | 94 |
3.1. Partnerships in the education and university sector | 94 |
3.2. Become the partner of choice for innovative companies and integrate them into our offers | 98 |
3.3. Develop our local roots | 99 |
4. Key performance indicators | 102 |
04. Risk factors | 103 |
1. Operational risks | 104 |
1.1. Risks associated with Services contracts | 104 |
1.2. Risk of sub-contractor default | 104 |
1.3. Risks associated with price fluctuations and hardware obsolescence | 105 |
1.4. Risks associated with competition | 105 |
1.5. Employee-related risks | 105 |
1.6. Environmental risks | 105 |
1.7. Insurance against risk | 105 |
1.8. Pledges, guarantees, collateral provided and borrowings | 106 |
1.9. Risks related to external growth | 106 |
2. Regulatory risk | 106 |
2.1. Legal risks | 106 |
2.2. Risks associated with tax inspections | 106 |
2.3. Risks associated with regulations applicable to lessors’ leasing businesses | 107 |
2.4. Risks associated with regulations applicable toTechnology Management & Financing clients | 107 |
3. Dependency risk | 107 |
3.1. Dependence on refinancing institutions | 107 |
3.2. Customer dependency risk | 107 |
3.3. Supplier dependency risk | 108 |
3.4. Technology dependency risk | 108 |
4. Financial risk | 108 |
4.1. Market risk | 108 |
4.2. Credit and ounterparty risk | 109 |
4.3. Equity risk | 110 |
05. Management report | 111 |
Management Report of the Boardof Directors on the financial statements | 112 |
1. Group’s financial position and highlights | 112 |
1.1. Changes in the scope for the year | 113 |
1.2. Principal investments | 113 |
1.3. Financing transaction | 113 |
1.4. Research | 114 |
2. Profit for the year | 114 |
2.1. Income statement | 114 |
2.2. Statement of financial position | 119 |
2.3. Parent company 2020 financial statements of Econocom group SE | 123 |
3. Risk factors and disputes | 127 |
4. Outlook for 2021 and shareholders’ compensation | 127 |
5. Corporate governance statement | 128 |
5.1. Applicable Corporate Governance Code | 128 |
5.2. Exemptions from the 2020 Code | 128 |
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 | 132 |
5.6. Composition of advisory bodies | 138 |
5.7. 2020 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 earning 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 | 259 |
1. Share performance and shareholders | 260 |
1.1. Econocom group SE share performance | 260 |
1.2. Name, registered office and legal form | 262 |
1.3. Corporate Purpose (article 3 of the Bylaws) | 262 |
1.4. Share capital | 263 |
1.5. Rights attached to shares | 266 |
1.6. General Meetings | 270 |
1.7. Provisions that could delay, defer or prevent a change in control of the Company | 273 |
1.8. Notifications of major shareholdings | 274 |
1.9. Econocom’s largest shareholder | 275 |
08. Statutory auditor’s report on the consolidated financial statements | 277 |
Statutory auditor’s report to the general shareholders’ meeting on the consolidated accounts | 278 |
Report on the consolidated accounts | 278 |
Other legal and regulatory requirements | 283 |
09. Chairman’s statement | 285 |
10. Condensed parent company financial Statements | 287 |
1. Parent company statement of financial position | 288 |
2. Parent company income statement | 290 |
3. Parent company statement of cash flows | 292 |
11. Key consolidated figures | 295 |