Econocom - 2020 annual report

05 management report

group’s financial position and highlights

EnergyNet: at end-2020 the Group • exercised part of its options on the remainder of the company’s capital, raising its interest to100%. VESTING 1.1.3. During the year, the Group completed an acquisition transaction. Les Abeilles: in September 2020, Econocom acquired the entire share capital of the French company Les Abeilles, the French specialist in towing and rescuing in high seas. This company became part of the Technology Management & Financing operations. Principal investments 1.2. In addition of the equity interests acquired as described above, the main investments made by the Group in 2020 in order to consolidate and transform its operations were related to creating new offers, developing IT tools, recruiting for key positions and renewingteams. Financing transaction 1.3. Share buybacks Econocom also continued to buy back its own shares in 2020. It acquired 10,871,023 treasury shares. After taking into account disposals and transfers of shares to managers with share-ownership plans and the cancellation of treasury shares decided by the General Meeting of 19 May 2020, as at 31 December 2020, the Group held 9,779,167 shares or 4.43% of the Company’s share capital. These transactions reflect the Group’s commitment to limiting dilution for its shareholders and its confidence in its growth outlook going forward.

On the one hand, this debt reduction of €272.4 million reflects sound operating cash flow generation, proceeds from the divestitureof non-strategicassets for around €125 million, as well as the reduced volume of own booked transactions. This debt reduction was achieved while paying, in November 2020, a divindend of €0.12 per share, the same amount as that of the repayment of issue premiums in recent years and continuing the buybask of treasury shares. Changes in the scope 1.1. for the year DISPOSALS 1.1.1. In connection with the implementation of its transformation and refocusing plan, Econocom carried out the following disposal transactions during the year: Econocom Business Continuity: at the • end of June 2020, Econocom sold its subsidiary, which covers maintenance activities in France, to the investment company Checkers Capital; Cineolia: at the end of July, Econocom • sold its entire stake in the subsidiary Cineolia; Econocom Digital Security: at the end of • 2020, Econocom sold its entire stake in Econocom Digital Security to Atos. CHANGES IN OWNERSHIP 1.1.2. INTEREST Altabox: Econocom group increased its • stake in the company through the acquisition of the shares from a non-controlling shareholder, thus increasingits stake to 80%. Bizmatica: Econocom exercised its • options, raising its interest in this subsidiary to 100%. Asystel Italia: Econocom group acquired • the shares of a minority shareholder, increasing its stake in the company to 70%.

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2020 annual report

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