Description of the share buy back program submitted for approval to the annual general meeting on

272 Pages·2013·1.87 MB·English

2012
Registration
document
(cid:206) www.steria.com
Contents
1 4
Presentation of the Group 2 Risk factors 100
1.1 Group profi le 4 4.1 Risks linked to business activity 102
1.2 History of the Group 9 4.2 Legal risks 107
1.3 Markets – Competitive environment 10 4.3 Financial risks 108
1.4 Groupe Steria’s businesses 12 4.4 Risk management policy 111
1.5 The delivery model 15 4.5 Risk coverage - Insurance 112
1.6 Clients 16 5
1.7 Innovation – Research and Development 18
Review of fi nancial position and results 114
1.8 Strategy 20
1.9 Group organization 23 5.1 Activity Report 116
2 5.2 Consolidated fi nancial statements
for the year ended December 31, 2012 123
Corporate governance 26
5.3 Statutory auditors’ report on
the consolidated fi nancial statements 185
2.1 A governance model involving employee
shareholders 28 5.4 Statutory fi nancial statements for the year
ended December 31, 2012 186
2.2 Two types of partners 29
5.5 Statutory auditors’ report on the fi nancial
2.3 Management and control bodies 31
statements 214
2.4 Remuneration and benefi ts granted
6
to management and control bodies 32
2.5 Other information relating to the Company’s General Information – share capital 216
directors 39
2.6 Report of the Chairman of the Supervisory 6.1 Legal information concerning the Company 218
Board on corporate governance, internal 6.2 Share capital 220
control and risk management 46
6.3 Shareholder structure 231
2.7 Statutory Auditors’ report , prepared
6.4 Preparation and control of the Registration
in accordance with Article
Document and the information presented 237
L. 226-10-1 of the French Commercial Code
6.5 Declaration by the person responsible
on the report prepared by the Chairman
for the Registration Document 238
of the Supervisory Board of Groupe Steria SCA 62
2.8 Statutory Auditors’ Special report on related 7
party agreements and commitments 64
Cross-reference table 240
3
Appendix 1 of European Regulation 809/2004 242
Corporate responsibility 66
Annual fi nancial report 246
3.1 Corporate responsibility, an integral General Manager’s report 247
part of the Group’s culture and strategy 68 Social, environmental and corporate social
3.2 Governance and organization 68 information 249
3.3 Social policy 71 8
3.4 Environmental policy 86
Articles of association of Groupe
3.5 Corporate social policy 94
Steria SCA 254
Registration Document 2012
This Registration Document was filed with the French securities regulator (AMF or Autorité des marchés financiers) on
21/03/2013, in accordance with Article 212–13 of the AMF General Regulations. It may be used to support any financial
transaction if it is supplemented by a prospectus approved by the AMF. This document was prepared by the issuer and
engages the responsibility of its signatories.
Pursuant to Article 28 of European Commission directive EC 809/2004, the following information is referred to in this Registration
Document:
(cid:122) the management report, the consolidated and statutory financial statements and the corresponding Statutory Auditors’ reports
relating to agreements referred to in Article L. 226-10 of the French Commercial Code and concluded by Groupe Steria SCA for
fiscal year 2010 as presented on pages 93 to 179 (inclusive) and 56 to 58 (inclusive) of the Registration Document, filed with
the AMF on April 15, 2011, under reference no. D.11-0308;
(cid:122) the management report, the consolidated and statutory financial statements and the corresponding Statutory Auditors’ reports
relating to agreements referred to in Article L. 226-10 of the French Commercial Code and concluded by Groupe Steria SCA
for fiscal year 2011 as presented on pages 103 to 195 (inclusive) and 60 to 61 (inclusive) of the Registration Document, filed
with the AMF on April 11, 2012, under reference no. D.12-0326.
The parts not included in these documents are of no interest to investors, or they are covered in another section of the Registration
Document.
The aforementioned Registration Documents may be consulted on the AMF website (www.amf-france.org) or on the issuer’s
website (www.steria.com).
www.steria.com
Steria - Registration Document 2012 1
1
“
Presentation
of the Group
2 Steria - Registration Document 2012 www.steria.com
1
Presentation of the Group
Contents
1
1.1 Group profi le 4 1.6 Clients 16
Corporate governance 1.6.1 Clients by geographic area 16
on December 31, 2012 8 1.6.2 Clients by business sector 17
1.2 History of the Group 9 1.7 Innovation – Research and
Development 18
1.3 Markets – Competitive 1.7.1 Approach to Innovation – Research
and Development 18
environment 10
1.7.2 Horizon Scanning 18
1.7.3 Innovation Centers 19
1.4 Groupe Steria’s businesses 12 1.7.4 Collaborative Innovation 20
1.4.1 Consultancy 12
1.4.2 Systems Integration 12 1.8 Strategy 20
1.4.3 Application maintenance 13
1.8.1 Stages in the construction of the Group 20
1.4.4 Management of IT infrastructure 13
1.8.2 A highly-focused strategy 21
1.4.5 Business Process Outsourcing (BPO) 13
1.8.3 A strategy based on industrial-level
1.4.6 Changes in the breakdown of revenue service provision 21
by core business 14
1.8.4 A strategy based on differentiation 22
1.5 The delivery model 15
1.9 Group organization 23
Pooled onshore, nearshore and
1.9.1 Group operational organization 23
offshore production centers 15
1.9.2 Group legal organization 25
An integrated model 15
High production and quality standards 15
An active partnership policy 15
Steria - Registration Document 2012 3
1
Presentation of the Group
Group profile
(cid:206) 1.1 Group profile
Consolidated results over the past three years
Organic growth at
constant exchange
2011 rates and scope of
2010 2011 Reported Restated (1) 2012 consolidation
Revenue €m 1,692.7 1,747.7 1,705.4 1,827.2 2.4%
Operating margin (2) €m 120.4 129.9 133.6 117.4
% of revenue % 7.1% 7.4% 7.8% 6.4%
Operating income (3) €m 81.6 81.9 87.5 72.6
Attributable net income €m 43.5 55.0 55.0 35.6
% of revenue % 2.6% 3.1% 3.2% 1.9%
Underlying attributable (4) net income €m 71.7 90.5 94.6 79.7
Underlying diluted earnings (4) per share € 2.21 2.73 2.85 2.36
Shareholders’ equity €m 721.2 766.4 766.4 815.0
Net financial debt €m 101.2 125.9 125.6 143.0
(1) After taking into account IFRS 5 – Non-Current Assets Held for Sale and Discontinued Operations in relation to the sale of the Spanish business.
(2) Before amortization of intangible assets related to business combinations. Operating margin is the key Group indicator. It is defined as the difference between
revenue and operating expenses, these being equal to the total cost of service provided (expenses required to carry out projects), marketing costs, and general and
administrative expenses.
(3) Operating income includes, in particular, restructuring and reorganization costs, capital gains or losses on disposals, the estimated fair value of share-based payments,
and the impact of impairment tests on goodwill and actuarial gains or losses recognized in connection with the reporting (corridor method) of retirement benefit
obligations.
(4) Restated attributable net profit, after tax, on other operating income and expenses, amortization of assets and unrecognized deferred tax assets
4 Steria - Registration Document 2012 www.steria.com
1
Presentation of the Group
Group profile
(cid:206) Group profile
Revenue by country in 2012 Revenue over the last three fi nancial years (in millions of euros)
1
14% 1,827
1,693 1,748
40%
13%
2010 2011 2012
33%
UK
France
Germany
Rest of Europe
Operating margin (1) over the last three fi nancial years
Revenue by business line in 2012 (in millions of euros)
11% 130
120 117.4
7.4%
7.1% 6.4%
30%
43%
2010 2011 2012
16%
(*)  Before amortization of intangible assets identified in relation to business
combinations.
Consulting and Systems Integration
Applications Maintenance
IT infrastructure management
Business Process Outsourcing
Balance sheet items over the last three fi nancial years
Revenue by business sector in 2012 (in millions of euros))
8% 981
923
868
815
723 766
39%
30%
101 126 143
2010 2011 2012
23%
Capital used
Equity
Public sector
Net financial debt
Finance
Energy - Utilities / Telco - Media / Transport
Others
a Steria - Registration Document 2012 5
1
Presentation of the Group
Group profile
Group sites and workforce at December 31, 2012
Norway 696
Sweden 116
Denmark 176
UK 4,376
France 6,437
Belux 248
Germany 1,775
Hong Kong
India 5,338
Morocco 72
Singapore 44
Switzerland 152 Poland380
Austria2
19,812 16
Group working Group sites
Average number of employees over the last three fi nancial
years (1)
20,306
20,565
19,017
2010 2011 2012
(1) The data presented above are taken from the new Human Resources information system.
6 Steria - Registration Document 2012 www.steria.com
1
Presentation of the Group
Group profile
Information on capital and changes in the share price
Changes in underlying earnings per share (in euros)
Breakdown of capital at December 31, 2012 over the last three fi nancial years
1
20.5% 2.72
2.36
2.19
22.7%* 56.7%
0.1%
2010 2011 2012
Institutional
Treasury stock
Employees*
Individual investors and not allocated
(*) o/w “SET Trust” and “XEBT Trust” (4.15% of capital). These trusts are subject
to English law, and the purpose of their assets is to promote employee
shareholding.
Stock market capitalization since June 1999 (in millions of euros) – price on 26 February 2013
927
846
735 761 748 703
580 617 593 582 612
539 514 537 539 507 530 494
453 406 453 431
373 376
284 300
170 198 227
9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 0 0 1 1 2 2 3
9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1
9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. Feb.
Source: FACSET.
Change in stock price since June 2002 (in euros) – price on 26 February 2013
50
40
30
20
10
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: FACSET.
Steria - Registration Document 2012 7
1
Presentation of the Group
Group profile
Corporate governance on December 31, 2012
General Manager:
− François Enaud
Group Executive Committee: Supervisory Board:
− François Enaud − Jacques Bentz
General Manager, Groupe Steria SCA Chairman of the Board, Manager of Tecnet Participations
− Laurent Lemaire − Éric Hayat
Senior Executive Vice-President, Group Financial and Group Vice-President of the Board, Chairman of the Public Interest Group,
Transformation Director modernization of Social Security declarations
− John Torrie − Léo Apotheker
Senior Executive Vice-President, General Manager, United Company Director
Kingdom, with responsibility for Asia − Patrick Boissier
− Olivier Vallet Chairman and CEO of DCNS
Senior Executive Vice-President, General Manager, France, with − Séverin Cabannes
responsibility for the supervision of Belux Deputy CEO of the Société Générale Group
− Karine Brunet − Élie Cohen
Executive Vice-President, General Manager, Groupe Steria global Economist, Research Director at CNRS, Professor at Sciences PO CAE
services and industrialization − Bridget Cosgrave
− Amaury Houdart Founder and Chairman of EveryEuropeanDigital (EED)
Executive Vice-President, Group Human Resources and Employee − Pierre Desprez
Shareholding Director Chairman of FCPE Steria and a Steria employee
− Patricia Langrand − Pierre-Henri Gourgeon
Executive Vice-President, General Manager, Marketing, Chairman of PH Gourgeon Conseil
Communication, and Innovation, with responsibility for − Laetitia Puyfaucher
coordinating and developing Group offerings CEO of Pelham Media
− Fritz Möser
Executive Vice-President, General Manager, Germany
− Kjell Rusti
Executive Vice-President, General Manager, Scandinavia
− Sanjeev Varma
Executive Vice-President, General Manager, India
Statutory Auditors: General Partner:
− ERNST & YOUNG et Autres − Soderi SAS
Tour First Representing employee shareholders of the Group
1, Place des Saisons
TSA 14444
92037 Paris La Defense cedex
SAS with variable capital
Statutory Auditors
Member of the Versailles regional chapter
− PricewaterhouseCoopers Audit
63, rue de Villiers
92208 Neuilly-sur-Seine Cedex
SA with capital of €2,510,460
Statutory Auditors
Member of the Versailles regional chapter
8 Steria - Registration Document 2012 www.steria.com