Econocom - 2019 Universal registration document

Chairman’s message	3
01. The essentials	5
1. For a useful digital transformation that makes sense	7
2. The Econocom galaxy	9
3. 2019 Key figures	10
4. Performance and share capital	12
5. Governance	14
02. Group overview	17
1. Group history	20
2. Group structure	22
3. Group positioning	24
3.1. Technology Management & Financing	25
3.2. Products & Solutions	26
3.3. Services	28
3.4. Digital solutions offered by Econocom Satellites	30
3.5. Combination of Planet and Satellite know-how	39
4. Financial position and results	42
4.1. Highlights of the past three years	42
4.2. Consolidated data for the year: comparison between 2018, 2017 and 2016	43
4.3. Equity restrictions	46
5. Corporate governance	47
5.1. Board of Directors and Advisory Committees	47
5.2. Conflicts of interest	58
5.3. Biographies of Directors	59
6. Research & Development	62
7. Principal investments	64
7.1. 2017	64
7.2. 2018	65
7.3. 2019	66
8. Additional information	66
8.1. Legal and arbitration proceedings	66
8.2. Major contracts	66
03. Corporate social responsibility	67
Our approach	68
CSR stakes and mission	68
The organisation	68
Our roadmap	68
Actions and highlights	69
References and standards	69
Labels and certifications	69
Commitments to the SDG (Sustainable Development Goals)	69
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	80
1.3. Be an ethical and responsible player	83
2. Support the new responsible uses of our customers and users	86
2.1. Develop our offer of green and responsible products and services	86
2.2. Promote useful and responsible digital business and the circular economy	87
2.3. Boost responsible innovation in internal and external collaborations	89
3. Federate an ecosystem to create shared value	90
3.1. Partnerships in the education and university sector	90
3.2. Become the partner of choice for innovative companies and integrate them into our offers	94
3.3. Develop our local roots	95
04. Risk factors	97
1. Operational risks	98
1.1. Risks associated with Services contracts	98
1.2. Risk of sub-contractor default	98
1.3. Risks associated with price fluctuations and hardware obsolescence	99
1.4. Risks associated with competition	99
1.5. Employee-related risks	99
1.6. Environmental risks	99
1.7. Insurance against risk	99
1.8. Pledges, guarantees, collateral provided and borrowings	100
1.9. Risks related to external growth	100
2. Regulatory risk	101
2.1. Legal risks	101
2.2. Risks associated with tax inspections	101
2.3. Risks associated with regulations applicable to lessors’ leasing business	101
2.4. Risks associated with regulations applicable to Technology Management & Financing clients	101
3. Dependency risk	102
3.1. Dependence on refinancing institutions	102
3.2. Customer dependency risk	102
3.3. Supplier dependency risk	102
3.4. Technology dependency risk	102
4. Financial risk	103
4.1. Market risk	103
4.2. Credit and counterparty risk	104
4.3. Equity risk	105
05. Management report	107
1. Group's financial position and highlights	108
1.1. Changes in the scope for the year	109
1.2. Principal investments	110
1.3. Financing transactions	110
1.4. Research	110
2. Profit for the year	111
2.1. Income statement	111
2.2. Statement of financial position	116
2.3. Parent company 2019 financial statements of Econocom group SE	120
3. Risk factors and disputes	124
4. Outlook for 2020 and shareholders' compensation	124
5. Corporate governance statement	125
5.1. Applicable corporate governance code	125
5.2. Exemptions from the 2009 Code	125
5.3. Description of internal control and risk management procedures in the context of the preparation of the financial information	127
5.4. Ownership structure and limits on shareholder rights	129
5.5. The composition and functioning of the administrative bodies and Committees	129
5.6. Composition of advisory bodies	136
5.7. 2019 Compensation report	136
5.8. Appropriation of profit and dividend policy	142
5.9. Relations with major shareholders	142
5.10. Econocom group employee share ownership	142
5.11. Statutory auditor's fees	145
5.12. Treasury shares	145
6. Subsequent events	146
06. Consolidated financial statements	147
1. Consolidated income statement and earnings per share	148
2. Consolidated statement of financial position	150
3. Consolidated statement of changes in equity	152
4. Consolidated statement of cash flows	154
5. Notes to the consolidated financial statements	156
07. Shareholders	255
1. Share performance and shareholders	256
1.1. Econocom group SE share performance	256
1.2. Name, registered office and legal form	258
1.3. Corporate Purpose (article 3 of the Bylaws)	258
1.4. Share capital	259
1.5. Rights attached to shares	262
1.6. Annual General Meeting	266
1.7. Provisions that could delay, defer or prevent a change in control of the Company	269
1.8. Notifications of major shareholdings	271
1.9. Econocom’s largest shareholder	272
08. Statutory auditor’s report on the consolidated financial statements	273
Statutory auditor’s report to the general shareholders’ meeting on the consolidated accounts	274
Other legal and regulatory requirements	279
09. Chairman’s statement	281
10. Condensed parent company financial statements	283
1. Parent company statement of financial position	284
2. Parent company income statement	286
3. Parent company statement of cash flows	288
11. Key consolidated figures	291

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