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Capgemini SE: H1 2020 estimated results: Performance reflects the Group’s resilience

Media relations:
Florence Lièvre
Tel.: +33 1 47 54 50 71

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87

H1 2020 estimated results:
Performance reflects the Group’s resilience

  • H1 2020 estimated revenues of €7,580 million
  • Growth of +7.9% at constant exchange rates* and organic growth* of -3.4% year-on-year
  • Operating margin* of 10.8%, down 0.6 point year-on-year
  • Positive organic free cash flow* of circa €100 million

Paris, July 28, 2020 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened today in Paris. At the proposal of Aiman Ezzat, Group Chief Executive Officer, it authorized the publication of Capgemini Group estimated results for the first half of 2020. This estimated financial information is currently under review1 by the auditors. The first half of 2020 results will be published as scheduled2 on September 3, 2020. In the unprecedented context of the pandemic, the Group considered that it may be useful to publish estimated information covering its main financial indicators.

Aiman Ezzat, Chief Executive Officer of Capgemini Group, said: “In today’s unique context, the Group has been able to build on two key strengths: its agility and its resilience. The entire Group mobilized quickly to meet the challenges of this disrupted environment. The estimated results for H1 2020 illustrate the strength of our operations, which have been considerably reinforced since the 2009 financial crisis. The Group therefore confirms the assessment of 2020 presented on the publication of 1st quarter revenues and expects a gradual recovery in the 3rd and 4th quarters.”

Summary H1 estimated financial data
 (in millions of euros) H1 2019

H1 2020

Revenues 7,007 7,580 +8.2% reported growth
+7.9% at constant exchange rates*
-3.4% at constant scope and exchange rates*
Operating margin* 797 817 +2%
as a % of revenues 11.4% 10.8% -0.6 point
Organic Free Cash Flow* 90 c. 100  

Following the successful acquisition of Altran, the results of Altran are fully consolidated in Group accounts as of April 1st, 2020.


Group revenues for H1 2020 are estimated at €7,580 million, up +8.2% year-on-year on a reported basis and +7.9% at constant currency.

Indeed, Q2 revenues rose sharply to 4,033 million as a result of the consolidation of Altran revenues. This represents a year-on-year increase of +13.1% on a reported basis and +13.4% at constant exchange rates. The organic growth which, for Q2 2020, measures growth over to the sum of revenues published by Capgemini and Altran3 for the same period in 2019, restated at 2020 exchange rates, was -7.7% and reflects the impact of the pandemic on the Group's overall activity (‑6.9% on former Capgemini scope and -11.6% on former Altran scope).

Over the first six months of the year, organic growth* was -3.4%.

Reconciliation of estimated growth rates Q1 2020 Q2 2020

H1 2020

Organic growth +2.0% -7.7% -3.4%
Changes in Group scope +0.3pt +21.1pt +11.3pt
Growth at constant exchange rates +2.3% +13.4% +7.9%
Exchange rate fluctuations +0.8pt -0.3pt +0.3pt
Reported growth +3.1% +13.1% +8.2%

Operating margin

The operating margin* for H1 2020 is estimated at €817 million or 10.8% of revenues. The year-on-year decrease in the operating margin rate is limited to 60 basis points, in line with the Group’s plan to demonstrate in 2020 its greater resilience.

Organic Free Cash Flow

The organic free cash flow* is estimated at circa €100 million in the 1st half, versus €90 million in 2019, despite the increase in 2020 in finance costs and other operating expenses with the acquisition of Altran. This confirms the quality of the Group business model.


Group results for the first half of 2020 will be published as scheduled on September 3, 2020 at 7 a.m. (Paris time) after the completion of the review process by the statutory auditors. A conference call will be held by the Group on the same day to present and comment on these results in detail.

September 3, 2020      Publication of H1 2020 results
October 27, 2020         Publication of Q3 2020 revenues


This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects...

Författare Capgemini SE

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