business model

1.One Digital Company

As the leading digital general contractor in Europe, Econocom conceives, finances and facilitates the digital transformation of large firms and public organisations.

With operations in 16 countries, we are among the rare European players to cover the entire digital business chain: from equipment to services and even financing.

managing complex demand

We can see on the field, that the requirements and needs of our customers are becoming increasingly complex: technological developments are permanent, projects are increasingly international, CSR issues must be taken into account. Supply is increasingly fragmented between software vendors, hardware manufacturers, banks, etc. But above all, end users (employees, customers, etc.) are increasingly demanding, mobile and connected. To guide companies in this hazy digital world, we have an easy answer: One Digital Company.

what we do

The Group is one of the few to be able to coordinate and take overall responsibility for the entire business chain of a digital project: from equipment, to services, to their customised financing with a pay-as-you-go solution... And it does so whether in one or several countries.

how we do it

For its customers, Econocom designs and implements digital services that are genuinely useful to them and create sustainable value. To this end, our teams design solutions based on their actual uses, always preparing the next step and placing responsible digital at the heart of our activities.

what makes us different

We complete our digital projects successfully by managing their complexity and sustainability. For this, we rely on specific features that are unique in the market:

• the mix of our three business lines;
• our organisation, which enables us to coordinate all digital business lines, including outsourcing;
• our locations in 16 countries.

2.The Econocom Galaxy

3.The Group's Satellites

Econocom has created an innovating model with a network of expert companies known as Satellites. These are small and medium-sized companies which are high-performing in their area of expertise and the heads and often founders of which retain a significant share of the share capital.

By combining Econocom’s industrial power with the agility of its satellites, the Group offers its customers comprehensive, tailor-made solutions and integrated throughout the digital value chain. As their digital challenges evolve, Econocom offers them solutions that are made for them rather than solutions they will find everywhere.

CYBER SECURITY		ASYSTEL ITALIA  EXAPROBE  TRAMS
MICROSOFT		ASYSTEL ITALIA  TRAMS
APPLE		ASYSTEL ITALIA  TRAMS
APPS & CLOUD		ASYSTEL ITALIA  SYNERTRADE  TRAMS
INFRASTRUCTURE & NETWORKS		ASYSTEL ITALIA  BIZMATICA  EXAPROBE  TRAMS
MOBILITY		ASYSTEL ITALIA  BDF  BIZMATICA  ENERGY NET  TRAMS
DIGITAL SIGNAGE & MULTIMEDIA		ASYSTEL ITALIA  BDF  BIS|ECONOCOM
CONSULTING		BIZMATICA  HELIS  TRAMS

4.Responsible Digital Entrepreneur: our CSR manifesto

Digital technology is everywhere. Digital technology is made for everyone. Digital technology is a common good.

It constitutes a great means of communication, a chance that makes our life flow, for smoother interactions may they be personal or at work.

It is that hope we rely on to transform society, to make it more sustainable, fair and positive - a better place.

It is also that constant revolution, made of priorities which may be somewhat conflictual at times, because it must:

• enable ecological and digital transformations, adapt to changes in the workplace, and more broadly in lifestyles, etc. and at the same time, ensure a seamless control over its carbon footprint or the sudden emergence of new refurbishment channels;
• build the future, together with the huge challenges that will no doubt trigger disruptive innovation and new types of liberty… and at the same time put up walls to guard against new forms of attacks;
• produce the societal transitions inherent to our era, by unlocking value creation no matter where it comes from, through social or local initiatives, encouraging collaborative citizen approaches and at the same time ensure that the technology never excludes anyone, and always guarantee fairness through equality, inclusion and governance.

Anticipate and manage these complex requirements, transforming digital as it transforms society ultimately translates into taking action with the fierce determination of an entrepreneur:

• because a winning and creative mindset is part of our DNA and drives our expansion;
• because the intellectual and human commitment of our talent is matched only by our obsession with pragmatism, useful digital technology and sustainable value creation;
• because we are the first European Digital General Contractor, we integrate into our expertise all the worlds that hold the digital galaxy together;
• because our ambition has always been to build the future, we are now accelerating towards what will make it more impactful and responsible.

5.2022 key figures

Consolidated revenue (in € millions)

Revenue by business

Recurring operating profit from continuing operations(1)(in € millions)

Recurring operating profit from continuing operations by business

Shareholders’ equity (in € millions)

Net financial debt (in € millions)

Breakdown of staff at 31 December 2022

6.Performance and share capital

Ownership structure at 31 December 2022

Basic earnings per share (in €)

Recurring earning per share (in €)

Refund per share(in € cents)

Change in the share price

Change in market capitalisation* 

7.Governance

At 31 December 2022

Board of Directors

Chairman and Managing Director

Econocom International BV represented by Jean-Louis Bouchard

Vice-Chairman

Robert Bouchard

Delegated Director

Samira Draoua

Non-executive Directors

Robert Bouchard

Véronique di Benedetto

Bruno Grossi

Jean-Philippe Roesch

Independent Directors

Adeline Challon-Kemoun

Marie-Christine Levet

Eric Boustouller

Executive Committee

Econocom International BV represented by Jean-Louis Bouchard

Chairman, CEO and Managing Director

Angel Benguigui Diaz

Managing Director in charge of international affairs
Director responsible for day-to-day management

Samira Draoua

Managing Director in charge of France
Director responsible for day-to-day management

Philippe Goullioud

General Manager Products & Solutions France

Long Le Xuan

Managing Director Services France

Patrick Van Den Berg

Managing Director Administration and Finance
General Manager Netherlands

Statutory Auditor

EY Réviseurs d’Entreprises SRL

represented by Marie-Laure Moreau

group overview

1.Group history

• 1974

• 1985

• 1986

• 1993

• 1996

• 2000

• 2001

• 2002

• 2004/2007

• 2008

• 2009

• 2010

• 2013

• 2014

• 2015

• 2016

• 2018

• 2020

• 2021

• 2022

2.Econocom Group structure

3.Group positioning

Econocom is the “One Digital Company”

As the leading European digital general contractor, Econocom conceives, finances and facilitates the digital transformation of large firms and public organisations.

With operations in 16 countries, Econocom is the only European company to cover all of the core business lines of digital: equipment, services and financing.

Whatever the scope of the project (France/international), Econocom provides its clients with end-to-end assistance and coordinates all aspects of their digital transformation.

As digital jobs are becoming increasingly complex, our goal is to help them make the right technological, financial and organisational choices. Sustainable choices that meet the needs of their end users.

The strengths of the Group

Econocom Group stands out from its competitors thanks to:

• 50 years’ experience in business infrastructure management;
• a unique combination of expertise coupling financial innovation with technological expertise;
• its independence from IT hardware manufacturers, telecom operators, software vendors and financial companies;
• its presence in 16 countries, mainly in Europe.

A unique development model

In addition, its unique development model, the Galaxy (made up of the Econocom “Planet” with its three historic and complementary business lines and its “Satellites”, with advanced skills embodied by expert and autonomous SMEs), helps put Econocom at the forefront of key areas such as security, digital solutions, cloud, network infrastructure, etc.

This relational and organisational system addresses the challenges of the digital revolution. This revolution forces organisations to operate in a different way, with collaborative and transversal organisations that take priority over hierarchical and vertical structures.

The four pillars of the Econocom offer derived from this unique model are:

• Technology Management & Financing activity (see chapter 3.1);
• Products & Solutions activity (see chapter 3.2);
• the Services activity (see chapter 3.3);
• the digital solutions of the Satellites (Cybersecurity, Microsoft, Apple, SaaS & Cloud, Infrastructure & Networks, Mobility, Digital Signage & Multimedia, Consulting) (see chapter 3.4).

3.1.The Technology Management & Financing activity

3.1.1.A rental market that continues to grow

After the economic difficulties related to Covid-19, 2021 marked the resumption of investments and consumption. Since then, raw material price tensions and supply difficulties have gradually emerged, in line with the strong economic recovery. These difficulties were clearly accentuated in early 2022 with the outbreak of the war in Ukraine and new lockdowns in China. The improvement in activity in industry and construction was hampered by supply difficulties and rising production costs. These unfavourable factors, reinforced by the high level of uncertainties, undermined investor confidence and weighed on growth in 2022.

Moreover, in 2022, the ECB decided to gradually increase its key rates to stem the inflationary trend in Europe. This increase in interest rates impacted the commercial momentum of the market and represents an opportunity for lease financing products.

The IT rental market is still growing, although this sector is relatively less dynamic compared to other rental markets.

The leasing business remains attractive for the following reasons:

1) A cash flow requirement

The financial lease model helps to preserve cash flow and stagger expenses over time. Sales & Leaseback offers generate immediate cash inflows.

2) An enhanced range of services

The actions undertaken by leasing companies to provide an enhanced range of services (including financing, distribution, maintenance in operational conditions, end-of-life management, etc.) enable companies to focus on their core business.

3) Leasing boosted by environmental stakes

Climate and environmental stakes are central to customer concerns. This implies the development of the leasing model, which is part of the circular economy relies on an organised and structured reuse and recycling channel. This model allows companies to rely on specialists for the responsible and sustainable management of their equipment.

A unique position in the market

Econocom has a unique position in its market, with no directly comparable competitors. Econocom's competitors are, for the most part, either general or independent leasing companies, or specialist subsidiaries of hardware manufacturers or bank subsidiary leasing companies. These companies do not share Econocom Group’s same characteristics of independence or technological specialisation, while independent competitors do not have distribution and service activities. Finally, Econocom is large enough to guarantee sustainability and a balanced force to its customers, compared with major hardware manufacturers and players in the digital sector.

3.1.2.End-to-end management of the life cycle of technological assets for a virtuous approach

A pioneer in responsible digital transformation for years, Econocom’s mission, through its three activities (financing, distribution and services), is to support its customers in pursuing the virtuous approach of the circular economy. Econocom provides its customers with concrete solutions and tools to reduce their digital impact on the environment while guaranteeing execution quality and compliance in a short supply chains, as part of an inclusive approach.

Integration of the reconditioning value chain: creation of Econocom Factory

With the acquisition of SOFI Groupe in 2022, Econocom is further improving its integrated industrial process in order to guarantee its customers control of the complete value chain of the circular economy and to offer a committed and integrated solution that meets the ecological, societal and economic pillars that underpin responsible digital technology.

SOFI Groupe, the industrial leader in the “made in France” reconditioning of smartphones and tablets, is an ISO 14001-certified "company with a mission", with more than 75% of employees recruited under POEI contracts (operational preparation for individual employment).

Optimising the life cycle

In this era of the digital revolution, technological innovations are ever more frequent and nearly a constant renewal of companies' digital resources in order to remain competitive by offering the best features to customers/users.

In addition, the uses of employees and customers are evolving with increased requirements in terms of responsiveness, ergonomics and simplicity: users become the genuine decision makers in the adoption of a technology and how it impacts their day-to-day work. In this context, companies are under pressure to find the right balance between technological choices, operational efficiency and cost control.

Econocom addresses this issue by offering a complete range of modular solutions that meet the technological needs of its customers.

• Lifecycle management: an interactive portfolio management portal to manage the entire life cycle of assets, to process administrative flows, financial flows and operational flows.
• EcoTwice: the solution to give employees the opportunity to buy their own professional equipment.
• BuyBack: the service for managing end-of-life equipment by collecting, up-cycling and reusing equipment.

Reducing the environmental footprint

The energy transition is one of the short- and medium-term ambitions of all companies and local authorities, while governments adopt an increasing number of measures to combat global warming.

The objectives of companies and local authorities in the energy transition remain the same: to reduce the energy consumption of their buildings, contribute to the reduction of greenhouse gas emissions, find new overall solutions to control energy and contribute to the production of renewable energies. For if the objective to be attained is vital for the future, there is also another more immediate challenge: that of making savings.

The lease model is by definition a circular economy and environmental footprint reduction model with shared use of equipment. Equipment is returned at the end of the lease by a user and then reused by another user. The environmental impact of leased digital equipment is allocated to each user pro rata to their time of usage. For 50 years, Econocom, as a responsible digital entrepreneur, collects and recovers nearly 300,000 pieces of IT equipment to give them a second life.

• Green & Energy: the consulting service and financial lease solution to roll out energy performance projects and reduce energy consumption.
• EcoBuilding: the energy management service for buildings to accelerate the transition through data intelligence.
• EcoCarbon: the solution to support IT & Digital Departments in measuring, reducing and offsetting the environmental footprint for a fully Responsible Digital approach.

3.1.3.Choosing diversification by financing strategic assets and the energy transition

Historically, the TMF activity has mainly focused on leasing IT assets.

On the strength of its financial expertise, in recent years TMF has developed a strategic asset financing offer that covers the scope of companies’ equipment assets and mainly the equipment necessary for their activity: industrial equipment, medical devices, vehicles, maritime equipment, etc.

The financing of these assets represented nearly 15% of TMF’s revenue in 2022, in a market driven by the renewal of company equipment for more responsible materials.

For example, the rolling stock sector is currently undergoing a transformation and the market will be driven by rolling assets with low CO2 emissions. Thus, the market anticipates an increase in the volumes of accessories such as charging stations, hydrogen storage stations, as well as pedelec. Most of these assets are subject to rapid technological obsolescence and are therefore conducive to leasing.

The FAST activity represents Econocom’s diversification axis to support its customers with new ranges of equipment and their energy transition.

More generally, this activity enables Econocom to provide its customers with relevant financial responses that enable them to tackle both digital and environmental transitions, while preserving their financial base.

This area of development complements the Group’s historical offerings and is a true area of diversification.

3.2.Products & Solutions

3.2.1.A particularly unstable geopolitical context

2022 was marked by a particularly unstable geopolitical and economic context. Repeated crises, political uncertainties and economic upheavals are now part of a new normal impacting the life of companies. However, IT players have developed a capacity to adapt and a certain resilience.

Significant improvement in deliveries

The IT market benefited this year from the improvements in production and deliveries due to the measures associated with Covid since January 2020. The availability and price of containers, transport, logistical capacities for freight and production made it possible to provide a good level of delivery.

The war in Ukraine severely disrupted the supply routes of deliveries; trains and aircraft previously put in place were reoriented. Deliveries of goods transiting through Ukraine and Russia, or over them, had to be diverted. In a few weeks, shipping flows were put back in place to the benefit of prices and to the detriment of delays. Despite a disrupted supply chain, accompanied by many geopolitical challenges, and pandemics, delivery volumes were ensured to the point of making up for the delay in order deliveries in 2021.

Inflation and currency fluctuations

Pricing conditions were once again subject to strong fluctuations, mainly upwards. The costs of production, components and transport as well as conversion rates contributed to regular and consecutive increases over 2022, slowing down at the end of the year.

A resumption of IT investments

CIOs are accelerating IT investments; the importance of flexibility and agility is visible in these disruptive situations. Purchasing and investment preferences are concentrated in the Education segment of the private and public sectors, analytics, cloud computing, customer experiences and security. Markets emerge where demand was neglected in the early stages of the pandemic. Demand from high-end users also held up. Despite slowdowns due to the saturation of demand and rising costs, according to studies by IDC, Gartner, Context and Canalys, whose sales figures vary, the market has reached an inflection point towards a slower growth rate. Global IT spend is expected to increase by 4% compared to 2021, according to the latest Gartner forecast.

New marketing models

Marketing models have emerged in terms of both billing and consumption methods.

Subscriptions, memberships, and short- and long-term rental arrangements are booming. Invoicing ownership methods are changing, and owning a product throughout its life cycle is no longer a priority. Flexibility and agility are also key success factors; Laptops, smartphones, tablets but also infrastructures or second-life licenses are sought by CIOs.

Reinforcing services around the circular economy

The recovery, reuse and recycling of products to extend the useful life of equipment is a growing expectation of customers, as is refurbishment, which has experienced a marked boom due to product availability, costs and environmental commitment. Upgrading a machine, to extend its life or offer an additional service guarantee, also reinforces its CSR commitment.

In this respect, Econocom Products & Solutions France strengthened its offer on the take-back of end-of-use equipment from customers (Buy Back) and expanded its network of wholesalers specialising in reconditioned equipment.

2022 was also marked by several major events for the “Product Care” repair centre in the Paris region, whose mission is to repair digital equipment in order to extend its life:

• the creation of the Product Care Academy, which trains people removed from employment in the maintenance and repair of smartphones and laptops;
• the visit of Jean-Noel Barrot, French Deputy Minister for the Digital Transition and Telecommunications;
• the award of the QualiRepar label, which rewards the professionalism of the teams and the mastery of the repair processes for IT mobility equipment.

3.2.2.First trends for 2023

The supply chain constraints are set to last in the current geopolitical context. Manufacturers and their subcontractors will continue to make efforts to ensure local production in stable and structured areas. Intel sets up two new plants in Germany.

According to Gartner, inflation rates, geopolitical disruptions and talent shortages are not expected to slow the IT market.

While volume markets remain stable, value-added solution projects impact a large number of products, leading to new strategic rebounds:

• managed smartphones, secured “for all”;
• multi-hybrid infrastructure solutions;
• Smart office Audio-Video solutions;
• tablets adapted to customer experiences;
• second-life products, appraised and guaranteed.

Tactical offers for Opex-type subscriptions will be developed around multi-brand, multi-product platforms.

The IT market will remain dynamic in 2023 to face all these new challenges of the Modern Workplace. The recruitment of new talent to strengthen teams and accelerate development will be a success factor.

3.2.3.Econocom, a product service company

The equipment made available to users influences the efficiency and comfort of employees. The performance of teleworking or collaborative tools in the office is essential to maintain ties and develop creativity.

The keys to success with our customers

• Impartial advice
• We support our customers in their digital transformation with a simplified supply of their products and their technological choices while meeting the requirements of their users.

• Controlled financing in use
• We co-build turnkey, as a service, customised solutions with our customers, which are adapted to their changing needs and budget constraints.
• A powerful logistics organisation
• We take into account logistics specificities by offering tailor-made solutions regardless of the volume of orders and projects.
• Premium after-sales service
• We guarantee the continuity of services and allow users to always remain operational. We have a dedicated organisation for product after-sales service.
• An eco-responsible approach
• We take care of the end-of-life of your IT equipment through an eco-responsible approach that promotes the circular economy and a cost-cutting approach for companies and administrations.

3.2.4.Major player in distribution

The IT market is still dynamic and competitive, and Econocom maintained its position among the leaders in the distribution market in 2022.

On the French market, competition is varied, with 13,000 resellers for 13,000 end customers, and is exacerbated by direct sales from manufacturers and software vendors, corporate resellers of SCC, Computacenter, Bechtle, Axians, Insight, Softwareone, but also local, proximity resellers.

In this complex context, Econocom Products & Solutions acts as a “one-stop shop”, assisting its customers from end-to-end and working to develop digital uses to emphasise their importance and make them more attractive while keeping up with increasing needs and with the increasingly complete life cycle of computer and telecom equipment. 

Econocom certified as a channel partner for Lenovo Platinum Plus International

In 2022; Lenovo and Econocom sign an agreement to expand their shared ambitions with regard to key markets in Europe. As a result, Lenovo certifies Econocom as a Platinum Plus International channel partner. To date, only six partners have obtained this level of certification, in Europe, the Middle East and Africa. 

In the French market, Econocom has already achieved exceptional commercial results with Lenovo and aims to replicate this success in other European markets, in particular Germany, Italy, Spain and the United Kingdom.

Econocom will leverage the Lenovo 360 partner programme to sell the full range of Lenovo products, solutions and services - including both PCs and infrastructure - and will benefit from new business opportunities that will be provided by the entire Lenovo portfolio.

3.3.Services

3.3.1.Global market rebound of 5.7%

According to IDC, the global IT services market grew 5.7% in 2022(1) despite the recession and after a rebound of more than 3.4% in 2021. Market growth in 2022 represented a slight increase of 12 points compared to IDC’s April 2022 guidance.

IDC estimates that the market will continue to grow over the next few years at a rate of between 4% and 5%, which represents an overall increase of 40 to 80 basis points each year, enough to boost the market's long-term growth rate to 4.6%.

Unsurprisingly, the cloud is one of the most popular IT areas. It has now widely penetrated most companies. In the IT and business services markets and across all regions, spending on cloud services has been the main growth driver since 2020. IDC forecasts that they will continue to grow between 15% and 20% over the next three years.

As for the job market, hiring and retaining talent has never been so strategic to support this strong activity. With a structurally insufficient number of graduate students, it is absolutely essential to show initiative and innovation to stand out from the crowd.

3.3.2.The three pillars of the Group’s service offering

The Services activity of the Econocom Group is developing personalised services to complement its customers’ digital projects and quickly meet their business needs.

Our 5,629 employees in Services, present in ten countries, operate in three main areas: the user environment, cloud services, infrastructure and hybridisation, and the modernisation of applications and data.

User environment

To meet this challenge, Econocom offers consulting services to its customers, the implementation, support for adoption and ensures the availability of collaborative environments, as part of continuous improvement and innovation approach.

To do this, Econocom designs, integrates and manages the entire digital user work environment, typically known as Digital Workplace, and covering the following areas:

• cloud-based collaboration and productivity solutions;
• managed user devices;
• digitalised service desk;
• reinvented convenience services.

Moreover, in 2022 Econocom remained leading player in the users’ outsourcing market in France (Teknowlogy/PAC 2022 ranking) for the fourth straight year and continues to support large French and global companies in the transformation of their digital environment. Also according to PAC, Econocom is also a leader in France in all services dedicated to the Digital Workplace: consulting, integration, managed services and user support.

In 2022, Econocom also announced the launch of its new Workplace Infra Innovation brand. The offer places the user experience at the heart of its model and stands out for its end-to-end mastery of services and its transformation approach. Workplace Infra Innovation aims to provide the market with a new integrated and innovative approach, aimed at supporting technological, environmental, economic and social changes in companies and organisations.

Cloud, infrastructure and hybridisation

Companies therefore favour the cloud in all its forms, whether IaaS, PaaS or SaaS or whether private or public. The main trend is the multi-cloud and the hybrid cloud, which consists of choosing several cloud suppliers (AWS, Microsoft or Google) and several types of cloud.

However, they have to deal with their current work environment, including so-called “legacy” applications and infrastructures that are often installed locally in their own area datacentre. The ability to manage local infrastructure and multi-cloud at the same time is called hybridisation.

The key to success for transformation therefore lies in the ability of the IT Department to implement a global and effective governance for the migration project towards the cloud while keeping its Legacy applications operational and/or by upgrading them.

To best manage its customers’ infrastructures with a high level of security, Econocom’s service centres have adopted a major management tool called Azure Arc from Microsoft.

The proximity of Econocom experts with software vendors allows us to access new or innovative functionalities from beta versions, test them and acquire all the skills necessary to offer them to our customers at the right time and with confidence.

Econocom Apps, Cloud & Data

At the heart of the information system, the application represents much more than a lever for development, it is a driver for innovation, differentiation and even disruption for the Company in its market.

Today when we talk about applications, the issue is no longer availability but the performance and quality of the user experience.

In fact, it is no longer sufficient to approach these projects from the sole perspective of development. It is also necessary consider the choice of the underlying platform, the valuation of the data, security and integrity. Not to mention that the applications are interdependent with information systems, whether those of the Company or third parties.

To guarantee the efficiency of this model, Econocom adopts a structuring methodological approach, called DevOps (Development/Operation). It consists in designing and managing the development of the application, its integration, deployment, operation and maintenance of the infrastructures as an overall project. The principles of DevOps advocate shorter development cycles and an increase in the frequency of deployments and continuous automated deliveries.

In addition, Econocom assists its customers in the valuation of data, enabling them to generate economic and competitive advantages. This involves collecting, storing, transforming and then reproducing in the form of ad hoc representations that provide recipients an optimal understanding of the information required for decision-making in their respective businesses.

Through its Services activity, Econocom provides its customers with solutions tailored to their transformation projects, covering infrastructure, data and applications, across the entire value chain (consulting, implementation and management, and continuing improvement).

3.3.3.Econocom: France’s 7th largest digital services company

Ranked as France’s 7th largest digital services company in 2022(2), Econocom competes with companies like Capgemini, Orange, IBM, Atos and Accenture on the services market. But unlike these competitors the Econocom Group is the only one to combine distribution, management and associated financing services as well as the digital solutions of its other brands.

3.3.4.Econocom: ISO 27001 certified

IT security is a major challenge for Econocom and the Group continues to make progress in this area. The Group has been ISO 27001 certified(3) since 2016. This certification is the world’s most widely recognised information systems security standard. This certification mainly covers service centres services provided at our premises and telecoms, transport, banking and insurance services also provided at our premises. The actions and measures taken to combat cybercrime in 2017 were extended across all the Group’s business lines, with the blanket rollout of a series of security measures to protect workstations, the strengthening of Information Systems Department security expertise within the IT Department, and the creation of mandatory awareness training for Services employees via MOOCs (Massive Open Online Courses).

3.4.Digital solutions offered by Econocom Satellites

Launched in 2014, the Satellite model enables Econocom to rapidly take up a position on buoyant markets, (cybersecurity, cloud, mobility, etc.). Econocom Satellites are innovative SMEs, whose areas of expertise correspond to the strategic challenges of digital transformation today. In 2022, they accounted for 23% of the Group’s revenue.

3.4.1.Cybersecurity

3.4.1.1.A critical issue, a dynamic market

In its strategic cybersecurity trends report, Gartner highlighted three key trend silos: Responding to Threats, Rethinking Technology and Reviewing Practices.

Responding to Threats

Increasing attack surface

Increasing use of cloud and SaaS platforms

The growing interconnection of infrastructures with cloud contexts is increasing, in parallel with the risks of sideways movements from these contexts.

Several sources of vulnerabilities or weaknesses are identified on the platforms: patch management, which is not always the responsibility of customers, and tool configuration errors.

The rise of teleworking

The health context greatly democratised the practice of teleworking. This led to a significant need for equipment for mobile users, sometimes at the expense of quality security.

New attacks are identified because the terminals and connections used are not fully controlled by their users.

DevOPS

The need for dynamism in the publication and updating of applications requires developers to use codes from third-party sources which are themselves partially coded from other ancillary sources (e.g.: Github, GitLab, SourceForge, etc.).

This source telescoping raises new challenges in terms of securing CI/CD pipelines.

Moreover, continuous development and publication can be the source of zero-day vulnerabilities.

Social networks and public communication platform

Increasing interactions with customers or users on public channels increase the risks related to social engineering and, at the same time, spear phishing attacks or other campaigns targeted at identified users.

Identity Threat Detection and Response

In their Cost of a Data Breach report of 2022, IBM analysts were able to highlight, from data collected from 550 companies that suffered cyberattacks causing financial losses, that the main attack vector, responsible for 19% of breaches, related to compromised or stolen credentials.

Furthermore, the study shows that the detection and response time of an attack by such a vector was 243 days on average for detection and 84 days for mitigation. This type of attack takes the longest to identify and seal without the appropriate tools.

In order to have a strategic guideline focusing on the protection of identity management solutions, the ITDR concept designed by Gartner aims to deploy solutions with the following functionalities:

• monitor and detect malicious authentication and elevation of privilege activities;
• detect bad practices in terms of configuration of infrastructure equipment relating to authentication and identity management (Active directory, MFA server, etc.);
• detect malicious behaviour based on identity and context, for example: User with an HR profile connecting to the R&D servers;
• the solution must also be able to mitigate the malicious events detected through playbooks: Reduce the privileges of a user with malicious behaviour.

Digital supply chain risk

The growing interconnection of infrastructures with partners through common tools or decentralised management via outsourcing means that the infrastructure border is increasingly shrinking, thereby expanding the joint attack surface.

Through major categories, Gartner highlights the risks related to the supply chain:

• leaking confidential information shared with partners;
• the compromise of infrastructure or common tools (networks, SaaS tools, MSSP, etc.);
• flaws or vulnerabilities in open source or commercially licensed tools used in the Information System or even published among users/customers.

These risks are significant enough to legitimise and democratise the rating and/or ranking practices of partners according to their Information System Security strategy.

The compliance of its organisation and its partners with certifications and regulations relating to data management or best security practices (GDPR, ISO 27001, etc.) will be increasingly essential and will potentially become a determining criterion for the validation of a collaboration.

Rethinking technology

Vendor consolidation

The reduction in the variety of solution software vendors within the Information System is aimed at reducing the complexity of the interaction between the various security bricks.

In addition, converging equipment and solutions to a single software vendor saves time and enhances efficiency in terms of operating through centralised management consoles.

According to Gartner, by 2024, 30% of companies will adopt CASB (Cloud Access Security Broker), ZTNA (Zero Trust Network Access), SWG (Secure Web Gateway) and FWaaS (Firewall As A Service) solutions from the same software vendor.

Cybersecurity Mesh

The CSMA concept (CyberSecurity Mesh Architecture), proposed by Gartner involves the interoperability of heterogeneous security solutions in order to implement a common security policy.

The challenge becomes, however, the interconnection of solutions from various software vendors, and the use of common languages and protocols should facilitate these exchanges: API, SAML, STIX (Structured Threat Information eXpression), TAXII (Trusted Automated eXchange of Intelligence Information), etc.

Indeed, the emergence of new languages in this regard is already on the agenda: for example, IDQL (IDentity Query Language) coupled with Hexa, which may become a new standard for identity and access management on multicloud platforms.

Reviewing practices

Distribution of decision-making

Apart from the purely technical or operational dimensions, a governance trend is highlighted by Gartner. Notably, due to the expansion of the risks and strategies to be implemented, the concept of the centralisation of decisions by the RSSI is to be reviewed.

Additional strategic positions must be considered in order to redistribute and facilitate decision-making, but also to bring them closer to the realities of operations: Risk Manager or Resilience Manager for example.

Going beyond awareness-raising

In their 2022 Data Breach Investigations Report (DBIR), Verizon highlighted a confirmed and growing trend: the human factor is the most targeted vulnerability by attackers.

The most frequent attack vectors are linked to identifiers or phishing:

“There are four key vectors that lead to your domain: identification information, phishing, vulnerability exploitation and botnets. These four vectors are ubiquitous in all areas covered by the DBIR and no organisation is safe without a strategy to address them."

At the same time, the human factor is responsible for 82% of the attacks suffered:

“The human factor remains an element conducive to breaches. This year, 82% of these breaches involved the human factor.

Whether it is the use of stolen identification information, phishing, misconfiguration or usage error, users continue to play a very important role in incidents and breaches”

In this context, Gartner highlights the need to review user awareness on cybersecurity risks.

Awareness-raising campaigns should no longer be ad hoc or generic, but reviewed in an ongoing format and relate as far as possible to the entity’s usual activities to the point of occupying a role in the corporate culture.

3.4.1.2.The Econocom offer

Asystel Italia, Exaprobe, Trams

Asystel Italia (Italy) oversees IT security through consulting, inventory, monitoring, vulnerability assessment and penetration testing, and remediation activities. 

Its range of offerings, called EclipsOut, consists of a set of products and platforms (Advanced Threat Defense, Endpoint Detect & Response, Beyond DLP), based on market-leading technologies, and support services (CTI - Cyber Threat Intelligence, Advanced Threat Defense, Vulnerability Assessment & Management, Enterprise Data Protection, Endpoint Sanitization, Network/App/Web Penetration Tests, Digital Forensics, Phishing Campaigns, etc.) in a Managed Security Service Provider approach, provided by the SOC of Milan, which ensures high and constant levels of security.

However, monitoring and managing systems is not enough. One of the major vulnerabilities in companies remains the human factor. This is why Asystel Italia has designed an e-learning solution (called SecurE-Learning to promote the creation of awareness and culture among users using customised, user-friendly and dynamic tools.

To complement and integrate the SecurE-Learning solution, we provide two dynamic tools with a monthly output: a) the Security Tips collection to provide employees and workers with dynamic information on risks and vulnerabilities in a language understandable to non-experts; b) the Vulnerability Bulletin, where we select and rank vulnerabilities at different levels of severity, grouping them in different fields (applications, databases, operating systems, browsers, etc.) and indicating CVEs, issues, and the remediation available in order to provide IT staff with a tool that accelerates choices and remedial actions.

The Cybersecurity team also has partnerships and expertise regarding implementation and support with the main suppliers in this market such as: Darktrace, Palo Alto, Checkpoint, Fortinet, Cisco, HPE-Aruba, Trellix (McAfee & FireEye), Crowdstrike, Bitdefender, Kaspersky, Carbon Black-VMware, It’s Mine, Ekahu. However, the monitoring and management of information systems is not enough.

Exaprobe (France) is a benchmark for securing companies’ infrastructure and digital territories

Acquired in 2013, and now housing Cap Synergy (2012), Comiris (2014), Aciernet (2017) and So-IT (2021), Exaprobe is a security systems integrator. It operates in the areas of IT security, network infrastructures and platforms for unified communication and the digitisation of workspaces. Its current business model is based on the provision of technical solutions, integration services in project mode, as well as a range of managed services.

Today, with its 235 employees and a revenue of €268 million (€200 million in France and €68 million internationally), Exaprobe has established itself thanks to its technological expertise and innovative offers. Following the acquisition of Aciernet in 2017, Exaprobe has specific expertise in designing and equipping large datacentres. The acquisition of So-IT in 2021 enabled Exaprobe to strengthen its presence in the South-West region and to supplement and enhance its Network and Security skills with strategic partners such as Palo Alto, Arista, etc.

The Company benefits from high-level partnerships with leading manufacturers and software vendors (Cisco, Arista, Fortinet, Palo Alto, Trend Micro, etc.).

Trams (United Kingdom): in 2022, Trams expanded its security offerings by partnering with carefully selected cybersecurity and phishing prevention companies. These companies include DarkTrace, Phished, Barracuda and CrowdStrike.

Pioneers in their field, these various partners enable Trams to offer its customers complete visibility of their ecosystem and protection of all their devices, exchanges, data and identities.

As a result, Trams was able to win a certain number of safety contracts in 2022.

3.4.2.Microsoft technologies

3.4.2.1.Market: new business models are changing the game

The French market for Microsoft technologies has been transformed by the arrival of new business models, notably including the subscription model, that are imposing a change of approach for partners distributing the brand.

The market experienced a high degree of concentration, with the acquisition of pure players by major DSCs. It should be noted for example, the acquisition of vNext by Insight, Azeo by Avanade, AI3 by Talan and Neos-SDI by Open group.

3.4.2.2.The Econocom offer

Asystel Italia, Trams

Asystel Italia (Italy): using a WaaS (Windows as a Service) methodology to manage patch distribution, software centre distribution and installation, also through a software centre catalogue, Asystel Italia designs innovative solutions to address the needs of new workplace management. Asystel Italia is also an authorised Microsoft HoloLens reseller, offering a complete and value-added proposition in the field of digital and multimedia area.

Trams (United Kingdom): has decades of experience in dealing with Microsoft products and services. Trams provides licences on MO365 and CSP to companies of all sizes. These partners helped Trams obtain a number of security contracts in 2022.

3.4.3.Apple Technologies

3.4.3.1.Market

The UK corporate market is key for Apple

With a current market capitalisation of $2,700 billion and annual revenue up 8% year-on-year in 2022, Apple remains the best-valued company in the world.

iOS holds the largest share of the mobile operating system market in the UK, with the iPhone remaining the preferred device for consumers and businesses.

While all major PC brands saw their shipments decline in the third quarter of 2022, Apple reported that Mac shipments increased by more than 40% year-on-year.

In the UK, the Mac enterprise market share is estimated at 8% and is expected to exceed 20% by 2025. The growing demand for Macs (driven in part by the need for a better user experience and the improved affordability of the MacBook Air thanks to Apple’s Silicon) represents a significant opportunity for businesses and the public sector.

As the need for specialised technical staff in the Mac field is greater than the available talent, organisations will increasingly rely on professional services, such as those offered by the Econocom Group satellites, to successfully introduce the Mac at the workplace.

3.4.3.2.The Econocom offer:

Asystel Italia, Energy Net, Trams

Asystel Italia (Italy): the ideal partner for customers who want to adopt an agile and intelligent work paradigm through Apple technologies, Asystel Italia takes care of all aspects of the project: from the choice of the best devices according to the needs of the users in a mobile or desktop environment, to collaboration applications and platforms and value-added services from Asystel Italia (for example, training, modern device management with leading UEM/MDM vendors, Service Desk 2.0, the installation and logistics of contactless enrolment programmes, cybersecurity protection services). Econocom International Italia, with its associated company Asystel Italia, is an Apple Authorised Reseller (AAR) whose team includes ACSP (Apple Certified Support Professional).

Trams (United Kingdom): Founded in 1990, Trams has been an Apple Authorised Reseller and Apple Authorised Service Provider for a few decades. Since 2023, Trams has been part of the Apple Consultants Network, which helps more organisations identify the best Apple technology for their business needs, as well as to implement and support IT solutions.

As an authorised reseller, Trams continues to add value to its customers through new service offerings developed in partnership with Apple to help customers successfully roll out and manage Macs at scale. This translates into improved customer satisfaction, customer loyalty and a significant additional margin compared to traditional and transactional activities.

In 1987, Energy Net was one of the first Apple partners in Germany. In 2005, Energy Net became an Apple Premium Reseller. Then, starting in 2015, Energy Net became a solid partner for professional customers in its capacity of Apple Authorised Reseller. Today, Energy Net supports companies of all sizes in the integration of Apple technologies. Companies from various business sectors, such as publishing houses, financial services, aeronautical industries or industrial companies are among Energy Net’s clients. Energy Net offers them the full range of Apple technologies, including Apple Business Management (ABM) and Zero Touch deployment.

3.4.4.Apps & Cloud

3.4.4.1.The cloud is driving the market

According to a Gartner study, the migration of applications and infrastructure software, business process services and system infrastructure to the cloud will accelerate. In 2025, cloud spending is expected to reach $1,800 billion.

According to Gartner, cloud spend accounted for almost all of the 11% growth in the enterprise software segment in 2022. (credit: akitada31/Pixabay)

According to Gartner, by 2025, 51% of the IT spend of corporate IT departments that can migrate to the cloud will be dedicated to the cloud. This migration mainly concerns application and infrastructure software, business process management and system infrastructure services. According to Michael Warrilow, Vice President of Research at Gartner, levels of cloud adoption are expected to accelerate as companies adapt to new business and social dynamics, and the rate of transition to the cloud is faster than foreseen by the forecasts made before the Covid-19 pandemic. For example, by 2025, 51% of IT spend on applications software and infrastructure, business process management services and system infrastructure will shift from traditional solutions to the public cloud, compared to 41% in 2022. Also in 2025, nearly two-thirds (65.9%) of application software spending will be focused on cloud technologies, compared to 57.7% in 2022.

In addition, cloud spend accounted for almost all of the 11% growth in the enterprise software segment in 2022, as companies turn to software as a service (SaaS) to gain flexibility and agility. “The adoption by companies of the distributed cloud can accelerate the transition to the cloud, because it provides access to public cloud services in areas previously absent from the cloud, which expands the addressable market”, added Michael Warrilow. Businesses are interested in the distributed cloud because it enables them to address location-specific requirements such as data sovereignty, low latency and network bandwidth. According to Gartner, the distributed cloud is the provision of public cloud services to different physical locations, while the operation, governance and evolution of services remains the responsibility of the public cloud provider. It offers an agile environment for scenarios requiring low latency, and meets data cost reduction needs and data residency requirements. The cloud also makes it possible to bring IT resources closer to the physical location where data is consumed and where business activities take place.

Change in the size of the cloud market worldwide 2019-2025 (Source: Gartner).

Revenue growth ($bn)

Edge, the future of the cloud

The impact of distributed cloud services has been on Gartner’s list of top strategic technology trends for several years. According to the research firm, in 2022, more than $1,300 billion in corporate IT spending was linked to the transition to the cloud, and this figure will reach nearly $1,800 billion in 2025 (+39%). This continued disruption of IT markets by the cloud will be further amplified by the introduction of new technologies, including the distributed cloud.

Many of them will further blur the boundaries between traditional offerings and cloud offerings. Also according to Gartner, by 2025, most cloud services platforms will offer at least some distributed cloud services. The distributed cloud can replace the private cloud and power the edge cloud and respond to new use cases of IT in the cloud. “This is the future of the cloud,” according to Gartner. “Other cloud technologies that are gaining ground include the increased use of cloud-native platforms,” added Gartner. “The idea of moving existing applications to cloud environments does not really work well in the real world,” said the research firm. In contrast, in a cloud-native architecture, applications can deliver highly automated cloud services and deliver digital capabilities anywhere, in any setting. Cloud-native platforms leverage the fundamental potential of the cloud to deliver scalable and resilient IT-as-a-service capabilities to technology creators. As a result, Gartner predicts that cloud-native platforms will drive more than 95% of new digital initiatives by 2025, compared to less than 40% in 2021.

3.4.4.2.The Econocom offer

Asystel Italia, Bizmatica, Synertrade, Trams

Applications

At the heart of the user experience, applications are the most visible part of the daily lives of the Company’s customers and employees. Today, every company must have powerful business-oriented applications, developed within shorter and shorter deadlines and adapted to rapid changes in the market, uses and technologies.

To meet the needs of companies regardless of the sector of activity or business line, three Satellites operate in this application market:

• Asystel Italia (Italy): offers an internally developed service portal, as part of the tool called Arte, to enable customers to communicate effectively with the service desk and to manage and track quickly and securely (through tickets) incidents or support requests, giving customers complete visibility and governance. Thanks to its intrinsic attribute, it can be easily integrated with third-party tools/applications and fully customised. Arte’s “Smart Refresh” feature is another feature that makes it possible to prepare an efficient inventory of IT assets, a fundamental condition for understanding and managing information related to IT equipment usage;
• Bizmatica (Italy): supports companies in the complex shift-2-cloud journey. It supports the customer engagement process, starting from omnichannel to data-as-a-service solutions, leveraging both an agile BizOps and DevOps approach and on an extensive use of AI technology.
• Bizmatica relies on its onStage API management to federate both cloud and on-premise technologies and on BizPro, a leading transaction monitoring tool for commodity market surveillance. onStage offers the possibility of addressing a variety of cases of use: API implementation, cloud service integration, mobile app integration, SOA governance, legacy gateway replacement and API security and threat protection; BizPro detects suspected market abuse and provides an “end-to-end” automated process from data source to reports and case management flows. Bizmatica also helps companies to develop customised web/mobile applications able to solve business problems, increase sales, retain customers and/or employees, and to accelerate and automate internal business processes through a logic agreed with the client;
• Synertrade (France) offers a SaaS solution dedicated to purchasing, covering the entire purchasing chain: from supplier qualification to negotiations, including legal agreements, orders, and invoicing up to the end of the cycle, by assessing supplier performance and by planning continuous improvement actions. The Accelerate platform covers the needs of direct or indirect purchasing departments, and offers purchasing decision-makers the possibility of truly managing their purchasing strategy thanks to a reliable and orchestrated Source to Pay platform, facilitating end-to-end collaboration between all functions. Synertrade has more than 250 clients worldwide, from all business sectors (Industry, Health & Pharma, Energy, Retail, Agri-food, Insurance, Media, etc.). Our SaaS solution meets the strategic challenges of large Fortune 500 groups as well as large international SMEs/SMIs.

In the cloud market:

• Trams (United Kingdom): TramsCloud is a JAMF MDM solution hosted on AWS infrastructure offering a global footprint. As an MSP they offer JAMF instances (JAMF on-prem functionality) in an easily accessible cloud environment without the need for customers to implement or manage their own platform. Customers can choose between managing and configuring their own JAMF instance. Trams can also provide a fully managed service.

3.4.5.Infrastructure & Networks

3.4.5.1.A market undergoing major structural changes

Security and the ever-closer network

The emergence of the cloud and teleworking has changed the landscape of network access, which must no longer be content to provide a service, but also to secure it. An increasing number of solutions encompass both the network and security components. The approach of lesser privilege as well as restricting to only the default users' needs, defined as "Zero-trust", has brought the two areas even closer together. Solutions such as ZTNA and SASE include both a network component and a security component.

Expanding wireless and IOT technologies

The amount of TO/IOT equipment has grown exponentially in recent years. Driven by the emergence of 5G and the digitisation of companies, Smart Devices have become ubiquitous. The market is becoming more mature with the emergence of standards such as Matter, adopted in October 2022 for home automation, and with increasingly varied uses. Networks must adapt by meeting the connectivity challenges for its equipment, by providing optimal signal coverage or, in wired cases, by ensuring the growing power needs. In addition, networks must have the ability to segment and identify equipment in an automated manner to better secure it and control access.

Wireless networks (WIFI and Radio) are being transformed, they are no longer just a means of connecting equipment. The data they hold has become a source of information to improve the business. By their very nature, they are able to track and correlate the movements of equipment, as well as transactions carried out on the network. The first uses appeared in the fields of supply chains, localisation and targeted marketing, but many other areas of application are expected to emerge in the coming years.

The user experience at the heart of demand

Users, accustomed to using services such as Uber, Amazon or Netflix, expect services that are always available, fluid and accessible from anywhere. Networks must be able to route all requests as quickly as possible without any incidents. Listed by Gartner in the 10 strategic technologies of 2023, Applied Observability is one of the keys to measuring the user experience. Network monitoring tools have moved towards application uses, integrating measurements related to users and the various components of applications. They have integrated AI and Machine Learning mechanisms and are able to identify the causes of incidents but, above all, are be able to anticipate them as well as to measure and monitor the quality of the user experience.

The impact of geopolitics on the network market

In 2022, the year was marked by many events, most of them as a direct result of the war in Ukraine, strongly influencing the network and infrastructure market. The conflict between Russia and Ukraine has highlighted the limits of a global economy and of dependence on producing countries. The discontinuation of the production of Ukrainian semiconductors had a global impact on the IT market. The direct consequence was the worsening of the shortages of components leading to new schedules and delays in the supply of network equipment and IT in general.

The strain on components drove companies to accelerate cloud adoption. Driven by their need for growth and attracted by the agility of the Cloud, applications massively migrated to the Cloud. This migration has led to new interconnectivity needs. The rapid adoption of several Clouds with on-premise infrastructures brings complexity in the management and operation of networks. The market is meeting these needs by moving towards automated roll-out solutions extended among Clouds, and AIOps using artificial intelligence and machine learning to predict and manage flows. DevOps practices are applied to network infrastructures, making it possible to standardise configurations on heterogeneous environments and to make infrastructures more reliable by reducing the risk of human error. Gartner estimates that by 2024, 30% of “day-to-day” IT operations will be able to be automated, notably using AI technologies.

CSR at the heart of discussions

By 2025, Gartner predicts that 50% of CIOs will have performance indicators related to the sustainable development of IT infrastructures. CSR is no longer an option but an obligation for companies and CIOs are increasingly attentive to this subject. The consumption of equipment but also its recycling are now part of the criteria in the choice of equipment.

3.4.5.2.The Econocom offer:

Asystel Italia, Bizmatica, Exaprobe, Trams

To help its customers transform their infrastructures, Econocom offers consulting, transformation engineering, optimisation and technological innovation services. Econocom also offers maintenance services in operational conditions throughout the life cycle of these infrastructures, thereby guaranteeing end-to-end support for its customers.

Four Satellites operate in this market:

• Asystel Italia (Italy) designs, builds, integrates, secures and maintains network infrastructures and digital innovation solutions for medium and large companies. Its Datacentre offer is based on an On Demand approach, which allows customers to benefit from a scalable model which meets their actual needs. It is also installed with a Tier 3 supplier that possesses certifications in terms of quality and energy efficiency. Asystel Italia also helps its clients choose the best cloud computing strategy with dedicated cloud transition and management services, including infrastructure deployment, IT operations and optimisation, as well as cloud cost tracking and analysis to enable companies to leverage spending optimisation opportunities;
• Bizmatica (Italy) is able to support companies in an end to end approach in the digital transformation process. It provides from the initial consultancy to the development and management of complex IoT & Service Assurance platforms leveraging on AI and Machine Learning solutions. In terms of infrastructure’s governance and data access, Bizmatica solutions are focused on Cloud Management, Back Up and Recovery, Data Virtualisation and Consolidation;
• Trams (United Kingdom) has trained and qualified engineers to deploy, manage and support customer networks regardless of the vendor or size. Trams|Econocom is a multiple award winning and highly regarded Quantum partner, with over 15 years of experience in the installation and project management of complex cloud, hybrid-cloud and on-premise projects in the UK and the EMEA region.
• Their in-house knowledge of hybrid storage workflows, backup and archiving solutions, combined with leading partnerships with vendors such as Dell, Veeam, Pure Storage and HP, make them an ideal partner to build and install a first-rate work infrastructure.
• Exaprobe: see chapter 3.4.1.2.

3.4.6.Mobility 

3.4.6.1.A dynamic market driven by the growth of software solutions and service

The enterprise mobility market is divided into four main segments:

• Connectivity: 3/4/5G mobile networks and WiFi;
• Hardware: consumer and professional devices and accessories;
• Software: off-the-shelf mobile applications, development platforms, mobility management solutions such as EMM/UEM (Enterprise Mobility Management/Unified End-Point Management, etc.) and mobile security (Mobile Threat Defence);
• Services: deployment and management of a mobile business fleet, user services, mobile application development, EMM services, etc.

The mobility market is a dynamic market driven particularly by the adoption by users in the private sphere, and the need to speed up the transformation to meet the constraints of the health crisis.

Thus, according to Gartner(4) today the overall market share of mobile platforms is nearly three times larger than the share of the historic platform Windows (almost 5 billion mobile devices – Google Android and Apple iOS – compared with 1.7 billion for Windows).

On a business scope, growth is largely driven by mobile phones with more than 200 million mobile handsets purchased by businesses in 2024, compared to 160 million in 2020, while traditional telephones are stagnant with around 144 million units sold per year (between 2020 and 2024). 

Gartner(5) predicts annual growth of 7.5% in managed services related to mobility to $8.9 billion in 2024.

3.4.6.2.The Econocom offer:

Asystel Italia, BDF, Bizmatica, Energy Net, Trams

Econocom has several brands that enable it to extend its expertise in corporate mobility on a European scale:

• Asystel Italia (Italy) provides its customers with all the cutting-edge technological solutions and services necessary for a comprehensive, modern, secure and efficient management of terminals, guaranteeing quality of service, compliance with policies and security, increased productivity and flexibility to enable hybrid or fully teleworking methods, and providing customers’ IT with unified and centralised management. Pursuant to a BYOD approach, Asystel Italia has in-depth knowledge of Microsoft Windows and Apple MacOS environments, on the one hand, and of the Android and iOS operating systems and related device management platforms, on the other, thus compromising management practices that cover a wide range of user devices as well as remote companies assets in the world of IoT, OT and IoMT;
• BDF (Italy): BDF's mission is to maximise technological use by assuming the complete management of logistic aspect, assistance, maintenance and recycling of digital products. From staging to roll out and help desk, BDF's services are highly customisable and modular. They are focused on management and security of about 200,000 workstations and 20,000 printing solutions based on a pay per use business model. In the field, BDF has a warehouse for products and spare parts of over 12,000 m2. BDF is becoming the reference point of Econocom in Italy for the management of end of life of the digital product according to modern principles of sustainability;
• Bizmatica (Italy) provides solutions and guidance that enable organisations to adopt smart (or agile) ways of working with a focus on maximising employee productivity while meeting the growing need for corporate mobility management and business continuity of their activities;
• Energy Net (Germany): Econocom strengthened its presence in Germany with the acquisition of Energy Net in 2017. This Satellite, specialised in the B2B distribution and integration of Apple products, allows Econocom to strengthen its historic partnership with Apple. Energy Net enables Econocom to develop innovative solutions combining hardware, applications and services, charged as a fee;
• Trams (United Kingdom) offers complete Enterprise Device Management for both Apple and Windows based IT estates. This management covers the full device life cycle from subscriptions to zero-touch deployment, App development, self-service, security, and recycling.

3.4.7.Digital Signage & Multimedia

3.4.7.1.A growing market driven by the expansion of retail

According to Technavio’s global digital signage market research report, the market will record a CAGR (compound annual growth rate) of nearly 7% by 2025. This dynamism is largely due to the strong growth in the retail segment, itself boosted by the increase in the demand for consumer goods and the rise in household income. Other factors such as urban growth and the increase in the demand for quality products also help explain the excellent performance of the market.

3.4.7.2.The Econocom offer:

Asystel Italia, BDF, BIS|Econocom

Digital signage solutions can be an excellent lever for new business, for example to enrich omnichannel retail experiences, or to better capture user attention and generate additional advertising revenue.

In order to help its customers put in place the business models of tomorrow, the Econocom Group works in collaboration with them to create the right digital solutions, whatever their business universe. It provides end-to-end support, from the consulting phase up to the creation of an industrial model for their innovative projects. The Group aims to offer its customers integrated digital solutions, together with financing offers.

The following are positioned in this market:

• Asystel Italia (Italy) is a leading player in the new multimedia communication solutions: smart collaboration solutions, implementation of environments for new-generation multimedia communication. Asystel Italia designs complete turnkey solutions that integrate monitors, projectors, touchframes, IWBs, video walls, NUCs, digital signage platforms, microphones, amplifiers, interactive furniture items, reservation and biometric recognition systems, and home automation interfaces and connectors in order to create functional multimedia environments, which are extremely innovative, in harmony with overall interior design and capable of guaranteeing simple use with added value in terms of experience, productivity and promotion of the brand and products;
• BDF (Italy): BDF’s approach to a complete management of hardware and relative services is also valid for multimedia device and digital signage solutions such as integration and set up of meeting room systems, video walls and Digital Signage;
• BIS|Econocom (Benelux): specialist in audiovisual & IT solutions, video collaboration and unified communications. BIS|Econocom speeds up digital transformations, brings people together and makes organisations more decisive and agile. Digital technologies are adopted at lightning speed and Audiovisual & IT technology plays a crucial role in this process. BIS|Econocom is a market leader in the Netherlands. It initiates user friendly innovations to enhance collaboration, unified communications and other Audiovisual & IT solutions, inside and outside the office environment. Its solutions include:

Collaboration solutions without borders

Through online (video) collaboration solutions, BIS|Econocom enables professionals to work together in virtual environments and exchange information quickly and cost effectively. In addition to reducing costs, video collaboration also translates into sustainability (less travel) but also increased productivity and efficiency.

Workplace management in one click

The rise of remote working and the Covid-19 pandemic have forever changed the way we work. It also automatically changes the management of workplaces, meeting rooms and visitors, for both large and small organisations.

BIS|Econocom’s workplace management solutions make it possible to reserve a (safe) workplace at any time: check the occupancy rate and book an available office or secure meeting room in just a click.

Narrowcasting, beyond communication

Narrowcasting is designed to “change” the behaviour of people, to encourage them to do something beyond the information displayed on the screen. Targeted broadcasting can be used to inspire (persuade through entertainment), advertise (increase purchases) or as signage (direct you to go somewhere). Digital signage is 63% more convincing than static image formats.

3.4.8.Consulting

3.4.8.1.The Econocom offer

Bizmatica, Helis, Trams

Three Satellites are specifically positioned in the consulting market:

• Bizmatica (Italy) collaborates with its clients, defining the best digital transformation strategy according to specific innovation needs in relation to the transition to the cloud, to the alignment of the company’s information technologies, to the BizOps approach, to change management, to process optimisation and to DevOps; Bizmatica has a dedicated functional and technological consulting and project management offering, which follows appropriate governance and DevOps models according to an agile methodology. In this way, Bizmatica is able to respond directly to the transformation and innovation needs of companies, by analysing the current situation, studying areas for improvement and supporting the client on the path to optimal transformation;
• Helis (France) is a consulting firm specialising in mission critical infrastructure consulting and engineering. With a team of over 100 consultants on assignment, Helis experts assist companies in their respective fields, in areas as specialised as IP and network infrastructure, GDPR compliance and cybersecurity and Big Data, and thus providing a bespoke solution to their transformation projects;
• Trams (United Kingdom) has in house technical expertise backed by experienced and long-standing technical consultants, to provide skilled presales, installation and post-sales support on solutions including EUC, Storage Workflows, Network Infrastructure, Cloud (AWS, Azure & Google) & Security.

4.Financial position and results

4.1.Highlights of the past three years

2022 was notable for:

• revenue from continuing operations of €2,718 million, representing organic growth of 10.0% compared to 2021;
• recurring operating profit from continuing operations (operating margin) up 9.2% at constant standards to €139.4 million on continuing operations,
• three acquisitions: Sofi group in France, Semic in Spain and Lydis in the Netherlands;
• net financial debt(6) amounted to €143 million compared to €67 million in 2021. This change was due to share buybacks and acquisitions made in 2022;
• as at 31 December 2022, treasury shares totalled 19.81% of the share capital.

2021 was notable for:

• revenue from continuing operations of €2,505 million, stable compared to 2020;
• recurring operating profit from continuing operations (operating margin) up 16% to €135.7 million on continuing operations;
• Alter Way was sold and the acquisition of Trams Ltd was completed in the UK;
• non-recurring net operating expenses were down sharply to €14.3 million due to the completion of the transformation plan;
• net financial debt (7) amounted to €67 million compared to a net cash position of €20 million in 2020. This change is attributable to the share buybacks carried out in 2021 in the amount of €83 million and the increase in volumes of operations to be refinanced and own account activities within the TMF activity;
• as at 31 December 2021, treasury shares totalled 16.78% of the share capital.

2020 was notable for:

• revenue from continuing operations of €2,559 million at constant standards, down 11.3% compared to 2019;
• recurring operating profit from continuing operations (operating margin) slightly up, totalling €122.5 million on continuing operations;
• EBC (Econocom Business Continuity) and digital.security were sold;
• the implementation of the plan to reduce direct and indirect expenses by €96.5  mllion (gross) initiated in 2019 is being finalised;
• 2020 posted a significant decline in net financial debt, with a net cash position of €20 million at the end of the year. This achievement was made possible through a significant improvement in operating cash flow, proceeds from the divestiture of non-strategic assets for around €125 million, while maintaining an interim dividend payment and treasury share buybacks;
• as at 31 December 2020, treasury shares totalled 4.43% of the share capital.

4.2.Annual consolidated data for 2022, and comparison to 2021 and 2020

4.2.1.Key figures

4.2.2.Revenue

In FY 2022, the Econocom Group generated, from its continuing operations, annual consolidated revenue of €2,718 million, representing organic growth of 10% compared to the previous year.

Products & Solutions

In 2022, Products & Solutions posted revenue of €1,238 million compared with €970 million in 2021, or an increase of 27.6%, of which 15.5% on an organic basis. After a slight decline in 2021, due notably to supply tensions, growth was sustained across all of the Group’s regions.

Services

Services generated €492 million in revenue in 2022, representing an organic decrease of 1.9%. This decline was reduced throughout 2022, with the last quarter even marking a return to growth.

In 2021, this activity posted a decline of 3.1% due notably to the desire to favour contracts with higher added value.

Technology Management & Financing

In 2022, Technology Management & Financing recorded revenue of €989 million compared to €881 million one year earlier, representing an increase of 12.3%, of which 10.2% on an organic basis. This growth was mainly observed in France, Spain and Germany.

This activity had already posted organic revenue growth of 4.0% in 2021.

4.2.3.Recurring operating profit from continuing operations (operating margin)

The Group’s recurring operating profit from continuing operations (operating margin) amounted to €139.4 million, or 5.1% of revenue. Year-on-year, it increased by 9.2% compared to the €127.7 million generated in 2021 despite an economic context marked by higher supply costs.

In 2020, the Group’s recurring operating profit from continuing operations (operating margin) amounted to €119.6 million, and represented 4.7% of revenue.

4.2.4.operating profit

The Group’s operating profit amounted to €109.8 million in 2022, compared with €109.2 million the previous year. Non-recurring expenses amounted to €27.5 million, slightly up from €23.6 million in 2021. Moreover, this year, the Group did not record any capital gains on disposals, whereas they represented €7.2 million in 2021.

In 2020, non-recurring expenses amounted to €26.8 million mainly as a result of new organisation measures and costs associated with the closure of sites.

4.2.5.Financial position

The Group boasted a sound financial position at 31 December 2022, with net cash of €348 million and net financial debt of €143 million.

At 31 December 2021, the Group had net financial debt in the amount of €67 million compared to a net cash surplus of €20 million at 31 December 2020.

4.3.Equity restrictions

The Group is subject to one single covenant in relation to these loans. It is calculated as of 31 December of each year, and corresponds to the ratio of net debt to pro-forma EBITDA. It may not exceed three over two consecutive years. A breach would not result in early redemption, but it would force the Group to pay a higher interest rate until the ratio is brought back within the relevant bounds. At 31 December 2022, this covenant was respected.

Credit lines do not contain covenants in respect of maximum debt, financial ratios or credit ratings that, if breached, would trigger immediate repayment.

Econocom is not subject to any legal or economic restrictions liable to limit or significantly restrict cash flows within the Group in the foreseeable future.

5.Corporate governance

5.1Board of Directors and Advisory Committees

The composition and functioning of the Board of Directors and the Board’s Committees are governed by:

• articles 7:85 et seq. of the Belgian Companies and Associations Code;
• articles 14 et seq. of the Bylaws;
• the Corporate Governance Charter, available on Econocom’s website (www.econocom.com);
• the internal rules of the respective Committees, available on the Econocom website (www.econocom.com), i.e.:

(i) the internal rules of the Board of Directors’ meeting of 20 October 2022 (the “Board of Directors’ internal rules”),

(iii) the internal rules of the Executive Committee of 20 October 2022 (the “Executive Committee’s internal rules”),

(iii) the internal rules of the Audit Committee of 23 January 2020 (the “Audit Committee’s internal rules”), and

(iv) the internal rules of the Compensation and Appointments Committee of 23 January 2020 (the “Compensation and Appointments Committee’s internal rules”).

For more details on corporate governance, please refer to section 5, chapter 5 of this report, which contains the Management Report of the Board of Directors on the financial statements for the year ended 31 December 2022.

5.1.1.Board of Directors

5.1.1.1.Composition of the Board of Directors

5.1.1.1.1.Appointment (article 14 of the Bylaws and article 4 of the Board of Directors’ internal rules)

The Company is governed by a Board comprising at least three members, whether or not shareholders or legal persons. Members are appointed to the Board for a maximum term of four years by the General Meeting, which may remove them at any time. They may be re-elected. The term of office of outgoing Directors ends immediately after the General Meeting that decides on re-election.

The composition of the Board includes mostly non-executive Directors and an appropriate number of independent non-executive Directors. If the number of Directors so permits, at least three Directors shall be independent within the meaning of Principle 3.5 of the 2020 Belgian Corporate Governance Code. The aim is that at least half of Board members should be non-executive Directors, and that at least one-third of Board members should be of a different gender than the other members.

Directors are appointed by the General Meeting from the candidates put forward by the Board.

Directors undertake to act in Econocom Group’s interest and to maintain independence of judgement, decision-making and action in all circumstances. They participate in the work of the Board in a wholly impartial manner. Even if Directors know Econocom Group’s business sector well, they should continue to build on their knowledge and expand their expertise.

The Board regularly reviews its composition, functioning and interaction with the managing Director(s), Chief Executive Officer(s), who are in charge of day-to-day management, and with the Executive Committee.

5.1.1.1.2.Vacancy (article 15 of the Bylaws)

If a seat on the Board becomes vacant, the remaining Directors are entitled to fill it temporarily. In this case, the first General Meeting after the seat becomes vacant appoints a Director to fill the vacancy on a long-term basis. The Director nominated in the conditions described above is appointed for the remaining term of office of the Director he/she is replacing.

5.1.1.1.3.Chair, Vice-Chair and Secretariat (article 16 of the Bylaws and articles 4.6, 5 and 6 of the Board of Directors’ internal rules)

The Board of Directors elects a Chairman and Vice-Chairman from among its members.

The Chairman of the Board is responsible for:

• ensuring the management by the Board, and in particular see to it that the Board is well organised, operates efficiently and performs its obligations and responsibilities, namely:
  • preparing, convening, presiding and managing the sessions of the Board and making certain that in the meetings, sufficient time is reserved for a serious in-depth discussion of the relevant issues,
  • drawing up the agenda for the meetings of the Board, in liaison with the managing Director(s), Chief Executive Officer(s) and, where appropriate, the Executive Committee,
  • ensuring that the Board receives the appropriate information and that the documents supporting proposals for decisions are relevant and readily available within a reasonable time prior to Board meetings;
• ensuring the quality and continuity of the Board’s work by initiating and managing procedures concerning:
  • the assessment of the size, composition and performance of the Board of Directors or the managing Director(s), its Committees, Chief Executive Officers and the Executive Committee to ensure the efficiency of the decision-making process,
  • appointing or re-electing members of the Board, the managing Directors, members of the Board’s Committees and the Executive Committee and Chief Executive Officers;
• “liaising” between the Board, Chief Executive Officers and the Executive Committee. This involves:
  • meeting regularly with the managing Director(s), Chief Executive Officers and other members of the Executive Committee,
  • seeing to it that relations between the Board and the Chief Executive Officers and Executive Committee are of a professional and constructive nature and that the Executive Committee provides the Board with the information necessary to play its role in terms of evaluation, decision-making, supervision and control,

If it deems it in the interest of the Company, the Board may turn over the position of Chairman to any Director who performs executive duties within Econocom.

In the absence of the Chairman of the Board, the Vice-Chairman replaces him. Should both the Chairman and the Vice-Chairman be prevented from attending a Board meeting, the Directors present elect a Chairman for the meeting in question.

The Board of Directors may appoint a Company Secretary who reports on how the procedures, rules and regulations applicable to the Board are implemented and respected. Directors may consult the Company Secretary at their own initiative.

5.1.1.1.4.Compensation (article 14 of the Bylaws and article 10 of the Board of Directors’ internal rules)

Directors may or may not collect compensation for the performance of their duties. Any fixed or variable compensation may be set by the General Meeting acting on a recommendation from the Board of Directors assisted by the Compensation and Appointments Committee.

Compensation is set for each Director or on an aggregate basis for the Board as a whole, in which case the Board shall decide how to allocate the compensation according to criteria it defines.

Compensation due to non-executive Directors is determined based on a realistic assessment of their responsibilities, the associated risks and market practices.

5.1.1.2.Powers of the Board of Directors (article 20 of the Bylaws and article 2 of the Board of Directors’ internal rules)

The Board of Directors is vested with the power to undertake all actions necessary or useful for the Company to fulfil its corporate purpose, except for those actions set aside by law for the General Meeting, and without prejudice to the powers it may delegate.

The Board represents the Company in its dealings with third parties and in legal proceedings, either as plaintiff or defendant.

It has the following duties and responsibilities, which it performs with the support of the Chief Executive Officers, Executive Committee and the Committees it has established:

• appoint, monitor and evaluate the managing Director(s) and Chief Executive Officers, members of the Committees established in accordance with the provisions of the Belgian Companies Code, as well as members of the Executive Committee and, more broadly, ensure the establishment of a clear and effective management structure;
• approve the strategic plans on the suggestion by the Chairman of the Board after study with the Executive Committee;
• assess Econocom’s functioning in relation to its strategic and budgetary targets, based notably on a quarterly review of financial results and any other reports made to the Board;

1. approve the implementation of any external growth, sale, investment, divestment or internal reorganisation transaction considered strategic by the Chairman of the Board or the Executive Committee (including any transaction whose value or quid pro quo exceeds €25 million, it being specified that in the event of a sale or acquisition, this threshold represents the full (100%) enterprise value including the estimate of put debts, earnouts and investments planned over the 12 months following the transaction (e.g. identified need for recapitalisation));

• take all steps necessary to ensure the integrity of the financial statements and other important information that must be disclosed to investors, and their publication within the prescribed timeframe;
• approve an internal control and risk management framework and oversee the work of the Statutory Auditor and Internal Audit;
• approve any other matters that the Chairman, Delegated Director or Executive Committee member believes should be submitted for approval by the Board due to its strategic significance (even in relation to matters delegated by the Board to the Executive Committee, the managing Directors, the Chief Executive Officers or any third party);
• take all decisions on matters set aside for it by law and the Bylaws, including any decision to be submitted to the General Meeting;
• assess its own functioning and interaction with the managing Director(s), the Chief Executive Officers and the Executive Committee.

5.1.1.3.Functioning of the Board of Directors

5.1.1.3.1.Meetings (article 17 of the Bylaws and article 7.1 of the Board of Directors’ internal rules)

The Board of Directors meets at least four times a year. Board meetings are convened and chaired by the Chairman, or, if the Chairman is prevented from attending a particular meeting, by the Vice-Chairman, whenever it is deemed to be in the Company’s interest or each time a minimum of two Directors so request.

The Chairman prepares the agenda for each Board meeting together with the managing Director(s) or the Executive Committee.

Board meetings are held at the location indicated in the convening notice.

Members of the Board are convened at least five working days before the date of the meeting, unless a shorter timeframe is in the Company’s interests or the Directors decide upon one.

Important information needed to allow the Directors to understand the matters to be discussed at the meeting are sent to each Director as soon as possible before the date of the Board meeting.

A Director unable to attend a Board meeting may be represented by another Director provided a proxy request is submitted in writing.

The Board may invite any persons whose presence it deems useful to attend its meetings.

5.1.1.3.2.Quorum and deliberations (article 18 of the Bylaws and article 7.3 of the Board of Directors’ internal rules)

The Board of Directors may only validly debate and take decisions if at least half of its members are present or represented.

Decisions of the Board are adopted on the basis of a majority of votes cast; abstentions are not counted. When there is no majority, the person chairing the meeting holds the casting vote.

The decisions of the Board may be taken by unanimous decision of all Directors, expressed in writing.

5.1.1.3.3.Proxies (article 18 of the Bylaws and article 7.1 of the Board of Directors’ internal rules)

All Directors may ask one of their colleagues to represent them at a given meeting of the Board of Directors and vote on their behalf. This request may be made in writing, by email, by fax, or by any other means used to grant unequivocal special representative powers. In this case, the Director (proxy giver) represented is deemed to be present.

A Director may represent one or more other members of the Board.

Directors may also express opinions and vote in writing, by email or by fax, but only if half of the Board members attend the meeting in person.

5.1.1.3.4.Minutes (article 19 of the Bylaws and article 7.5 of the Board of Directors’ internal rules)

Deliberations of the Board of Directors are recorded in the minutes of the meeting. The Board of Directors of 4 September 2019 unanimously decided that the minutes of a meeting are to be approved at the following Board of Directors. The Bylaws also provide that they are to be signed by the Chairman and any Directors who so wish.

These minutes are recorded in a special register together with any delegations of authority granted.

Copies or extracts required for legal or other purposes are signed by the Chairman, by a Delegated Director, by two Directors or by a Chief Executive Officer.

5.1.1.3.5.Information provided to the Board (article 9 of the Board of Directors’ internal rules)

The Directors have access to all of the information needed to exercise their duties in a due and proper manner. Non-executive Directors may raise issues with members of the Executive Committee, after having consulted the Chairman of the Board or a Delegated Director and made sure that this will not jeopardise the proper conduct of business.

Directors may not use the information received in their capacity as Director for purposes other than the exercise of their office. They are required to keep any information they receive in their capacity as Director confidential.

5.1.1.4.Day-to-day management – delegation (article 21 of the Bylaws and article 3 of the Board of Directors’ internal rules)

The Board of Directors may delegate the power to manage the Company’s day-to-day affairs or to represent the Company with regard to its day-to-day management to one or more Directors who are also Delegated Director and/or to one or more executives who are also Chief Executive Officers.

Their roles and responsibilities are set out in the agreement governing their appointment. Nevertheless, the limits placed on their representative powers for the purposes of day-to-day management shall not be binding on third parties, even if they are published.

The Board of Directors and those responsible for day-to-day management, within the limits of the powers of day-to-day management, may grant special and precise powers to one or more persons of their choice, who need not be shareholders or Directors. Holders of these special powers may substitute one or more persons in the exercise of their powers, subject to the consent of the Board of Directors or the person responsible for day-to-day management (as appropriate).

In the event of a special delegation of powers, the deed of appointment defines the relevant powers and the related compensation.

5.1.1.5.Liability of the Board of Directors (article 25 of the Bylaws)

The Directors and the Statutory Auditor(s) are not personally liable for undertakings made by the Company.

Pursuant to common law and the provisions of the Belgian Companies Code, they may be held liable for the performance of their duties and any faults committed in their management.

5.1.1.6.Representation (article 22 of the Bylaws)

The Board of Directors represents the Company as a collegial body in its dealings with third parties and in legal proceedings.

Notwithstanding the Board’s general powers of representation as a collegial body, the Company is legitimately represented in any legal proceedings and in its dealings with third parties, including with public officers (and mortgage registrars):

• either by the Chairman of the Board of Directors, acting alone; or
• by two Directors, acting in concert; or
• by a Delegated Director, acting alone; or
• by a Chief Executive Officer, acting alone.

The aforementioned persons are not required to provide any justification of a prior decision of the Board of Directors.

The Company is also legitimately represented by special proxies acting within the scope of their mandate.

5.1.2.Committees of the Board of Directors (article 21 of the Bylaws)

The Board of Directors may set up any Committee it deems useful, permanent or temporary, in an advisory or technical capacity. The internal rules of these Committees are set by the Board of Directors.

Each Committee is governed by its own internal rules, which define its composition, role, function and responsibilities as well as its functioning. These internal rules are adopted by the Board of Directors.

The Board of Directors shall establish an Audit Committee within the meaning of article 7:99 of the Belgian Companies Code, as well as a Compensation Committee within the meaning of article 7:100 of the Belgian Companies Code. The composition of these Committees, their tasks and internal rules are established by the Board of Directors, pursuant to the provisions of the Belgian Companies Code.

The Board of Directors may establish specialised Committees tasked with examining and advising on specific issues. The composition and role of these Committees are governed by the Board of Directors in accordance with applicable law.

5.1.2.1.Executive Committee (article 21 of the Bylaws, article 3 of the Board of Directors’ internal rules and the Executive Committee’s internal rules)

5.1.2.1.1.General information

Pursuant to article 21 of the Company’s Bylaws, the Board may establish an Executive Committee, consisting of several persons, Directors or not, and delegate to it the operational management of the Company, as well as special powers other than those relating to operational management, without prejudice to the day-to-day management powers conferred to the managing Directors and Chief Executive Officers.

However, the Board of Directors retains exclusive powers for overall policy and for acts reserved for the Board pursuant to the law, the Bylaws or the Board’s internal rules. The Board may also address any question relating to operational management, if it considers it appropriate. In accordance with the decisions of the Board, the Board may, in turn, delegate any of its responsibilities to an Executive Committee.

5.1.2.1.2.Composition of the Executive Committee

The members of the Executive Committee are appointed by the Board of Directors. The Executive Committee has at least three members, who may or may not be Directors or Econocom Group employees. The Board of Directors shall in principle ensure that each Delegated Director and each Chief Executive Officer in charge of Econocom’s day-to-day management are members of the Executive Committee.

The members of the Executive Committee may, in their capacity as Committee members, be removed by the Board of Directors at any time (without prejudice to employment, management or equivalent contracts binding them to Econocom Group).

The members of the Executive Committee are appointed for a maximum term of six years. They may be re-elected.

The Executive Committee is chaired by a Delegated Director, appointed by the Board.

5.1.2.1.3.Responsibilities of the Executive Committee

The Executive Committee’s responsibilities include, but are not limited to:

• taking all steps necessary to implement the decisions or recommendations of the Board;
• proposing strategic guidelines to be set by the Board, and framing budgets within the strategic guidelines laid down by the Board;
• managing the Group’s operating entities (in accordance with the powers of the bodies of these entities), and supervising their financial and operating performance;
• entering into all agreements, making and approving all pricing proposals, placing and accepting all orders to buy, sell or lease any equipment and other capital goods and services;
• leasing and renting out, even for long periods, any properties, equipment or intangible assets, and entering into any lease and rental agreements concerning such assets;
• concluding financing, with or without the provision of collateral, except for the following transactions, which fall within the scope of the powers of the Board: any capital market transaction (other than commercial paper), any financing that has the effect of causing consolidated net debt to exceed consolidated equity or to represent more than 2x consolidated EBITDA;

1. authorise the implementation of any external growth, sale, investment, divestment or internal reorganisation transaction, with the exception of any transaction considered strategic by the Chairman of the Board or the Executive Committee (including any transaction whose value or quid pro quo exceeds €25 million) and which, as such, falls within the remit of the Board. In the case of a sale or acquisition transaction, this threshold represents the full (100%) enterprise value, including the estimate of put debts, earnouts and investments planned over the 12 months following the transaction (e.g. identified need for recapitalisation);

• acting in dealings with the national government or EU, regional, state and municipal authorities, the Crossroads Bank for Enterprises (Banque-Carrefour des Entreprises), the tax authorities, the postal service, customs authorities, telecommunications companies and any other public departments or authorities;
• managing all legal or arbitration proceedings, as plaintiff or defendant, negotiating all settlements, taking all steps necessary in this respect, and obtaining and enforcing all rulings;
• representing Econocom in its dealings with trade union and employer representative bodies;
• drafting and signing all documents necessary for implementing the powers delegated to it.

Without prejudice to the powers set aside for the Board or the Board’s Committees, such as the Audit Committee, the Executive Committee is also responsible for:

• implementing internal controls;
• preparing full, timely, reliable and accurate financial statements in accordance with accounting standards and with Econocom’s overall policies as defined by the Board;

• presenting the Board with an impartial and comprehensible assessment of the Company’s financial position and, more generally, promptly providing the Board with all of the information it needs to perform its duties.

The Committee may in turn delegate all powers assigned by the Board of Directors, both to Econocom employees and third parties.

The powers conferred on the Executive Committee shall in no event include the powers reserved by law, the Bylaws or internal rules for the Board of Directors. It is also the responsibility of the Executive Committee to:

• submit to the Board any question relating to a strategic transaction bearing on Econocom or the Group, without prejudice to the Board’s powers to examine any issues relating to operational management;
• respect the day-to-day management powers delegated by the Board of Directors to one or more managing Directors and/or Chief Executive Officers.

5.1.2.1.4.Functioning of the Executive Committee laid down by law, the Bylaws or its internal rules

With the exception of the provisions below, the rules applicable to the meetings, deliberations and minutes of the Board, as provided for by the Bylaws, apply by analogy to the Executive Committee.

The Executive Committee meets at the initiative of its Chairman, or when requested by two Executive Committee members. The Executive Committee meets at least ten times a year. Meetings are held at the location indicated in the convening notice.

The agenda for the meetings is set by the Chairman. However, members are entitled to propose the addition to the agenda of any item they deem necessary. The information necessary for decision-making is sent to each member of the Executive Committee as soon as possible, prior to each meeting. The Executive Committee may invite any persons whose presence it deems useful to attend its meetings.

The Executive Committee acts as a collegial body; its decision-making is based on a consensus-building process. Where appropriate, the Chairman of the Executive Committee may put matters discussed to the vote, at his own initiative or further to the request of two other members. Matters are then decided by a majority vote of all members present. When there is no majority, the Chairman holds the casting vote. Written minutes of Executive Committee meetings are prepared by any means, under the responsibility of its Chairman.

The Executive Committee reports to the Board of Directors on its management and on any significant issues falling within the scope of its responsibility. The Chairman of the Committee or any other Committee member appointed for the purpose issues a quarterly report in this regard for the Chairman of the Board of Directors; this report includes internal reporting of financial results for the quarter.

The Executive Committee takes all steps it deems necessary to allow the Board to fulfil its duty of oversight as required by law, the Bylaws and its internal rules.

At 31 December 2022, the Executive Committee was composed of Jean-Louis Bouchard, in his capacity as representative of Econocom International BV, Samira Draoua and Angel Benguigui, Philippe Goullioud, Long Le Xuan and Patrick Van Den Berg.

5.1.2.2.Audit Committee (article 21 of the Bylaws and the Audit Committee’s internal rules)

5.1.2.2.1.General information

The Board of Directors has set up an Audit Committee in accordance with article 21 of Econocom Group’s Bylaws and with article 7:99 of the Belgian Companies Code.

The role of the Audit Committee is to assist the Board of Directors in performing its duties of oversight of Econocom’s business in the broadest sense of the term. More specifically, the Audit Committee assesses financial information and monitors internal control, risk management and internal and external audit processes. It issues opinions.

5.1.2.2.2.Composition of the Audit Committee

The Audit Committee comprises at least three Directors, exclusively non-executive, one of which must be an independent Director. If additional Directors are appointed to the Audit Committee, the Committee must always include at least one independent Director with accounting and audit expertise.

The members of the Audit Committee are appointed by the Board of Directors. The three-year term of office is renewable.

The Chairman of the Audit Committee is appointed by the members of the Audit Committee. The Chairman of the Board of Directors cannot chair the Audit Committee.

The term of office of a member of the Audit Committee ends at the same time as his term of office as Director.

At 31 December 2022, the Audit Committee consisted of Robert Bouchard, Jean-Philippe Roesch and Marie-Christine Levet. The Committee is chaired by Robert Bouchard.

5.1.2.2.3.Responsibilities of the Audit Committee

The Audit Committee is responsible for the tasks described below:

• Production of financial information
  • monitoring the process of preparing financial information and ensuring its reliability, i.e. the accuracy, completeness and consistency of the financial statements,
  • discussing any material financial reporting issues with the members of the Executive Committee and with the Statutory Auditor. The Executive Management, and in particular the managing Director(s) and Chief Executive Officers inform the Audit Committee of the methods used to account for material and unusual transactions when several possible approaches exist, and of the existence and justification of activities carried out through special purpose vehicles,
  • communicating the results of the statutory audit of the annual and consolidated financial statements to the Board of Directors, explaining how the statutory audit contributed to the integrity of the financial information and the Audit Committee’s role in this audit process;
• Internal control – risk management
  • ensuring that the risk management and control system is effective, assessing whether the systems are appropriate and, where applicable, making recommendations to mitigate any material risks,
  • reviewing the results of any investigations undertaken within the Company in response to fraud or errors, or for any other reason, as well as decisions made by Executive Management on these occasions and, where necessary, formulating its own recommendations,
  • ensuring that the systems in place within the Company and its subsidiaries to guarantee compliance with the main legal and regulatory requirements applicable to them,
  • ensuring the implementation of a specific system for employees to confidentially raise concerns about any irregularities in the preparation of financial information or other matters;
• Internal Audit
  • reviewing and making recommendations on Executive Management proposals relating to:
    • the appointment and replacement of the Internal Audit manager for whom the Audit Committee has a right of veto,
    • the annual budget allocated to its operations;
  • defining, together with the Internal Audit manager, the control plan to be conducted during the financial year,
  • ensuring the systematic implementation of the Internal Audit control plan and updating it at least every six months,
  • reviewing the effectiveness of the Internal Audit function, chiefly by analysing to what extent management provides full support and applies the findings and recommendations;
• External Audit
  • formulating recommendations to the Board of Directors as to the appointment of the Company’s Statutory Auditor or the renewal of their term of office, the amount of their compensation and any mention of their mission,
  • ensuring Statutory Auditor’s independence, chiefly in light of the provisions set forth in the Belgian Companies Code,
  • identifying the Statutory Auditor’s work programme and reports,
  • periodically reviewing the effectiveness of the external audit process and analysing how the Executive Management follows up on any recommendations made by the Statutory Auditor,
  • defining, together with the Company’s Statutory Auditor, the nature, scope and cost of the Statutory Auditor’s involvement in any work performed that is unrelated to the statutory audit engagement;
• Other
  • formulating recommendations to the Board of Directors concerning matters falling within the scope of responsibility of the Audit Committee,
  • fulfilling any other roles assigned by the Board of Directors.

5.1.2.2.4.Functioning of the Audit Committee

The Audit Committee meets as often as necessary and at least four times a year. At least two meetings a year deal chiefly with the financial statements.

The Chairman of the Audit Committee determines the agenda for each meeting. An Executive Management or Audit Committee member may ask the Chairman of the Audit Committee to place any item he or she considers appropriate on the agenda.

The Audit Committee takes care to preserve free and open communication with the Executive Management.

The Audit Committee may invite the Statutory Auditor, Internal Audit manager and any other member of the Executive Management or Econocom Group employees to attend all or part of its meetings. The Internal Audit manager and the Statutory Auditor must each attend at least two Audit Committee meetings per year.

Before meetings of the Audit Committee, its Chairman is responsible for ensuring that members receive accurate, complete and clear information in connection with the items on the agenda. The Executive Committee is required to provide all necessary information, and the Audit Committee may request any clarification it deems necessary.

Except in emergencies identified by the Chairman of the Audit Committee, Audit Committee meetings are convened at least five working days before they are due to take place. A shorter timeframe may apply provided that all members agree.

The Audit Committee can deliberate if at least two of its members are in attendance or legitimately represented. Decisions are made by a majority of votes cast. If the majority requirement is not met, the Chairman of the Committee makes the final decision.

The Chairman of the Audit Committee is in charge of preparing the minutes of the meetings.

The minutes signed by the Chairman of the Audit Committee are sent to the Chairman of the Board of Directors and made available to all members of the Audit Committee, the Board of Directors and the Statutory Auditor.

The Audit Committee informs the Board of all significant issues to for which it believes that measures must be implemented or for which an improvement is recommended.

The Audit Committee annually assesses its functioning and effectiveness. It meets for this purpose with the Internal Audit manager and the Statutory Auditor for an exchange of views on the audit process and the Audit Committee’s internal rules. It reports this assessment to the Board of Directors and makes, if necessary, proposals for modifications.

5.1.2.3.Compensation and Appointments Committee (article 21 of the Bylaws and the Compensation and Appointments Committee’s internal rules)

5.1.2.3.1.General information

The Board of Directors has established a Compensation Committee in accordance with article 7:100 of the Belgian Companies Code and article 21 of the Company’s Bylaws. On 23 January 2020, the Board of Directors decided to extend the Compensation Committee’s responsibilities to Appointments, and to limit its scope of action to corporate officers (Directors and Chief Executive Officers in charge of day-to-day management) and executives involved in the Group’s Senior Management. Members of the Executive Committee who are not involved in the Group’s Senior Management do not fall within the scope of this Committee’s activities.

The Compensation and Appointments Committee mainly advises and assists the Board of Directors. The Committee also performs the duties that may be assigned to it by the Board of Directors in regarding compensation and appointments. It carries out its duties under the supervision of the Board. In this context, it ensures free and open communication with the Chairman of the Board and Executive Management.

5.1.2.3.2.Composition of the Compensation and Appointments Committee

The Compensation and Appointments Committee consists of three non-executive Directors. The majority of members are independent as defined by article 7:87, section 1 of the Belgian Companies Code. The Compensation and Appointments Committee has the necessary expertise in matters of compensation.

The term of office of Compensation and Appointments Committee members is four years, and does not exceed their term of office as Directors. It may be renewed at the same time as their term of office as Directors.

The Compensation and Appointments Committee is chaired by a non-executive Director.

The Chairman of the Compensation and Appointments Committee oversees its work and takes all necessary steps to create a climate of trust within the Committee by contributing to open discussions and encouraging constructive debate.

Members of the Compensation and Appointments Committee choose a Secretary from among themselves.

At 31 December 2022, the Compensation and Appointments Committee consisted of Adeline Challon-Kemoun, Marie-Christine Levet and Robert Bouchard. The Committee is chaired by Marie-Christine Levet.

5.1.2.3.3.Responsibilities of the Compensation and Appointments Committee

Compensation component

At the request of the Chairman of the Board and with respect to persons within the scope defined above, the Committee is responsible for formulating recommendations and giving its opinion to the Board on:

• the compensation policy;
• individual compensation (in particular Directors’ fees, fixed and variable compensation, long-term incentives, including shares and stock options, termination benefits);
• the contractual terms and conditions that support this compensation;
• the determination and assessment of performance targets linked to individual compensation;
• stock option or share plans (budget, beneficiaries, characteristics and conditions).

Based on the data provided by the Company’s Senior Management, the Committee prepares the compensation report which is subsequently added to the corporate governance statement. In particular, it reviews the change in the total amount paid to the ten highest paid employees. It prepares and comments on the compensation report during the Ordinary General Meeting.

A compensation policy for executives of the Company was approved by the Ordinary General Meeting of 18 May 2021 and published on the Company's website.

Appointments component

At the request of the Chairman of the Board, the Committee is responsible for formulating recommendations and giving its opinion to the Board on the appointment and reappointment of corporate officers and the appointment of executives authorised in fact or in law to use the Group’s signature.

Working closely with the Chairman of the Board, the Committee draws up and submits to the Board a succession plan for executive corporate officers.

The Committee ensures the existence of succession plans for the Company’s key positions.

The Committee also ensures that appropriate talent development programmes and diversity promotion programmes are in place.

The Board of Directors has granted the Compensation and Appointments Committee, in accordance with article 21 of the Bylaws, decision-making powers on behalf of the Board of Directors with respect to stock option plans or any other plans for granting financial instruments, such as warrants, existing or future plans. In this case, the Committee conducts its work under the responsibility and supervision of the Board to which it reports. Within the limits of the powers entrusted to the Board and in accordance with its rules, the Committee is subsequently responsible for implementing the plans and in particular for allocating and distributing, following the recommendation of the Chairman of the Board of Directors, the amount previously set by the Board of Directors.

Implementation of plans relating to the granting of financial instruments

The Board of Directors may grant to the Committee decision-making powers on behalf of the Board of Directors with respect to stock option plans or any other plans for granting financial instruments, including warrants, either under existing or future plans (the “Plans”).

In this case, the Committee’s conducts its work under the responsibility and supervision of the Board of Directors to which it reports. Within the limits of the powers entrusted to the Board of Directors and in accordance with its rules, the Committee is subsequently responsible for implementing the Plans and in particular for allocating and distributing, following the recommendation of the Chairman of the Board of Directors, the amount previously set by the Board of Directors.

5.1.2.3.4.Functioning of the Compensation and Appointments Committee

The Compensation and Appointments Committee meets as often as necessary and at least twice a year.

Compensation and Appointments Committee meetings are convened by the Chairman, who also determines the agenda. A Director or Executive Committee member may ask the Chairman of the Compensation and Appointments Committee to place any item he or she considers appropriate on the agenda.

Except in the event of emergencies identified by the Chairman of the Compensation and Appointments Committee, notice of Compensation and Appointments Committee meetings (and the agenda for said meeting) are sent by any means ordinarily used by the Company within a reasonable period before the meeting is due to take place.

Before meetings of the Compensation and Appointments Committee, its Chairman is responsible for ensuring that members receive accurate, complete and clear information and all relevant documents related to the items on the agenda.

The Senior Management provides all necessary information, and the Compensation and Appointments Committee may request any clarification it deems necessary.

The Compensation and Appointments Committee may invite any persons whose presence it deems useful to attend its meetings. The Committee may ask for an independent professional opinion on issues it considers necessary to perform its duties, at the Company’s expense, within the limit of an annual budget approved by the Board of Directors.

Directors may not attend Compensation and Appointments Committee meetings that deliberate on their own compensation, and therefore may not take part in any decisions in this respect.

The Chairman of the Board of Directors may participate in meetings of the Compensation and Appointments Committee in an advisory capacity when said meetings discuss compensation for other Directors and executives.

The Compensation and Appointments Committee can deliberate if at least two of its members are in attendance or legitimately represented. Decisions of the Compensation and Appointments Committee are made by a majority of votes cast by Compensation and Appointments Committee members that are in attendance or legitimately represented. In the event of a tie, the Chairman of the Committee makes the final decision.

5.2.Conflicts of interest

The Company’s corporate officers must comply with the recommendations of article 7:96 (conflicts of interest between the Company and a Director) and 7:97 (intragroup conflicts of interest) of the Belgian Companies Code.

To comply with the Corporate Governance Code, the Company has issued a number of recommendations for its Directors and the members of its Executive Management concerning transactions and other contractual relationships between the Company (and any companies related to it), its Directors and the members of its Executive Management when such transactions and other contractual relationships are not covered by legal provisions on conflicts of interest.

These recommendations are outlined in the conflicts of interest procedure adopted on 22 November 2012 by the Board (the "Internal rules on Conflicts of Interest"), and in the stipulations relating, respectively, to conflicts of interests of Directors and of members of the Executive Committee, described in the Board of Directors’ internal rules and the Executive Committees’ internal rules respectively.

In short, Directors and Executive Committee members must at all times act in the interests of the Company and its subsidiaries. They apply rigorous discipline to exclude potential conflicts of interest in respect of personal assets, professional or other aspects as much as possible, and to comply strictly with rules on conflicts of interest adopted by the Company.

A Director having, directly or indirectly, an interest of a financial nature in a decision or transaction falling within the remit of the Board, shall immediately inform the Chairman as well as, at the latest at the beginning of the meeting during which the matter giving rise to the conflict is discussed, the other Directors. He or she shall not take part in the discussion or vote on the matter.

Any conflict of interest of a financial nature is specified in the minutes of the meeting, as well as its financial consequences for Econocom and the justification for the decision taken by the Board. This part of the minutes is published in the annual report for the financial year in question. The statutory auditor is informed of the conflict and receives a copy of the minutes of the Board meeting, in order to be able to report on it in accordance with the Belgian Companies Code.

If, in the context of a decision that the Executive Committee must adopt or in the context of a transaction that it plans to implement, it appears that one of its members is in a situation of proven or potential conflict of interest with Econocom, the Executive Committee member concerned must inform the Chairman of the Board prior to any deliberation by the Executive Committee. As necessary, the Chairman of the Board will submit the transaction to the Board, which will be responsible for making a decision (where applicable, in compliance with the conflict of interest rules in force at the Econocom Group).

The transactions covered by this section are submitted to the Audit Committee, whose task is to ensure that said transactions comply with the procedures outlined above or, where applicable, that they are normal transactions conducted under normal market conditions and guarantees generally applied to transactions of a similar nature. The Audit Committee found that almost all of agreements reached during the 2022 financial year were normal transactions conducted under normal market conditions.

All material agreements between Econocom Group and its related parties are disclosed in note 22, “Information on related parties”, to the consolidated financial statements in the 2022 annual report.

5.3.Biographies of Directors

Econocom International BV is controlled and represented by Jean-Louis Bouchard. After starting his career at IBM in Europe and the United States, Jean-Louis Bouchard laid the foundations of the Group in France in 1973 under the name of Europe Computer Systèmes (ECS). After the acquisition in 1984 of Econocom, an American SME, he brought together all the international subsidiaries of ECS and named the new entity Econocom. Elected entrepreneur of the year by Challenges magazine in 1987, Jean-Louis Bouchard had a highly forward looking vision of the changes that IT would bring about in the daily lives of companies, institutions and users. Thanks to his external growth strategy, the Group expanded rapidly, anticipating the convergence between IT and telecoms, and the need to offer its customers financing solutions to enable them to undertake the in-depth transformation of their companies. In 2013, Econocom acquired the Osiatis group, which enabled it to make a major breakthrough in the field of digital services. Econocom puts the users at the centre of digital transformation, offering them useful and meaningful technologies and solutions. Jean-Louis Bouchard studied at the Prytanée National Military School of La Flèche before joining the École Nationale Supérieure du Génie Maritime and becoming a naval architect. He played the major role in the arrival of Les Abeilles within the Econocom Group in early 2020.

Robert Bouchard began his career with Cardif in 1995 as negotiating clerk for MATIF on the Paris stock exchange. In 1997, he became an executive shareholder of a number of restaurants in Paris (La Gare, L’Ampère, Meating and Carmine). In 2010, he took over as Chairman of APL Datacenter (specialising in the design, implementation and operation of datacentres), and is currently its majority shareholder. He was Chairman of Digital Dimension from November 2016 to November 2017, Group Chief Operating Officer from June 2017 to March 2018, and Group Chief Executive Officer from March 2018 to November 2018. Robert Bouchard is Jean-Louis Bouchard’s son.

Adeline Challon-Kemoun began her career as a communications consultant with Image 7. She subsequently held senior management positions (Euris and Rallye) and served as Communications Director for major groups (Casino, France Télévisions and Air France-KLM). She was notably Executive Vice President of Marketing, Digital & Communications for Air France-KLM and a member of the Group Executive Committee until 2017. In 2018, she joined the Michelin group as Executive Vice President of Engagement and Brands, and became a member of the Group Executive Committee. She has a sound understanding of the expectations of brand and image issues, as well as individual and corporate customers.

Véronique di Benedetto started out as an Account Manager at IBM. In 1985, she became a sales agent before being appointed Sales Director with ECS, and then taking over the Group’s international activities, and finally becoming Chief Executive Officer in 2009. After the merger between Econocom and ECS, she was appointed Deputy Chief Executive Officer of the new Group, running operations in France. In 2015, she was appointed Vice-Chair France, responsible primarily for CSR strategy and start-up supervision in various sectors, including education and culture. She is also Chair of the Statutory Committee of Numeum, a French professional body for digital companies.

Bruno Grossi worked for over 20 years at Accenture, where he was partner, in charge of the telecom and media sectors in France and in Benelux. Co-Chairman of Osiatis between 2010 and 2013, before its merger with Econocom Group in September 2013, he was its Delegated Director in charge of day-to-day management until 20 October 2020. He remains a Director of Econocom Group.

Marie-Christine Levet is one of France’s pioneering figures in the Internet world and has over 25 years’ experience in the new technologies sector as both an entrepreneur and investor. She has run several French Internet and media companies (Lycos, Club-Internet, Tests group, etc.). Leveraging her entrepreneurial experience, Marie-Christine Levet switched over to the investment sector, taking part in the founding of Jaina Capital, one of France’s first investment funds specialising in seed funding. Convinced of the education sector’s need to undergo transformation, Marie-Christine Levet founded Educapital, the first European investment fund devoted to the future of the education and work sectors, in October 2017. She is also a Director of PMU and SoLocal. Her entrepreneurial experience as both an investor and Director of pioneering companies in the digital market as well as in digital transformation consulting is an asset in supporting Econocom Group’s development strategy.

Jean-Philippe Roesch began his career with six years at Arthur Andersen. He joined Econocom Group at the end of 1989 as Chief Financial Officer for Econocom France. After heading various Group subsidiaries, he became the Group's Company Secretary in 2001, its Deputy Managing Director in 2004, and then its Managing Director in 2006. He ceased to perform these duties at the end of 2016. From October 2018 to July 2019, he had a support role for the Executive Committee.

Eric Boustouller held Marketing and Sales (Compaq, Microsoft) and General Management (Microsoft France then Western Europe) positions. Since November 2021, he has been a Partner in the C4 Ventures investment fund. From 2010 to 2012, he was Chairman of the French-American Chamber of Commerce and from 2017 to 2020, CEO of SoLocal, a French listed company. Since 2011 he has been a business angel in start-ups (Content Square, Codingame, Confiant, Jus Mundi, Saagie, Intercloud, Elevo, etc.) and investment funds (Partech, Cap Horn, C4 Ventures). He is also a Knight of the Legion of Honour (Chevalier de la Légion d’Honneur).

Samira Draoua began her career in 1996 as a Sales Manager at Canon before joining BNP Paribas Leasing Solutions in 1998, where she held various positions and then created and managed the strategic accounts department. In 2007, she became Country Sales Manager France at Cisco Capital. She joined the Econocom Group in 2012 where she successively held the positions of Client Executive, Director of International Development and finally CEO of the Group’s TMF (Technology Management & Financing) branch. In September 2022, she was appointed Chief Executive Officer of Econocom France.

The Econocom Board of Directors declares that, to its knowledge, none of the Directors have ever been convicted of fraud or subject to any official or public indictment and/or sanction preventing him/her from acting as a member of the management or supervisory body by any legal or supervisory authority, and that none of the Directors have been prevented by a court of law from serving as a member of the governing body and that, in this capacity, they have never been involved in bankruptcy proceedings.

6.Research and development

The Group is applying a dynamic of digital transformation by creating differentiating solutions to support its development strategy and achieve its operational excellence objectives.

In 2022, R&D efforts were pursued in continuity with the areas developed in prior years with the aim of providing intensive support and assistance for any innovative solutions produced by our customers.

For example, for several years we have been working to reduce our own carbon footprint but also to develop concrete and innovative solutions to help our customers reduce the environmental impact of their digital devices and make them a lever for social inclusion. For example, we have developed Watt's Green, which makes it possible to measure the environmental impact of digital technology and identify the levers to act on it by exploiting all available data on the life cycle of digital equipment.

In 2022, the Group continued its efforts to strengthen the collaboration of its various entities (Planet and Satellites) around innovative projects in order to federate all available expertise around promising themes for the Group’s business. In this context, work was carried out on the virtualisation of workstations and end-to-end management of virtualised assets, as well as research and development on the use of artificial intelligence and chatbots to optimise user support. The experiments carried out in 2022 proved very satisfactory and enabled us to translate this R&D work into customer projects, and to identify new research fields to exploit the full potential of artificial intelligence and digital technology to serve the user experience.

Using these indicators and Econocom’s expertise, we help our clients identify the levers for improving performance and create action plans to accelerate the digital transformation.

For some of its business, the Group is entitled to a research tax credit (Crédit d’Impôt Recherche) in France. As a result, it is able to forge ahead with bold medium- and long-term projects that will offer a significant advantage in terms of enabling the Group to differentiate its technological offering.

7.Main investments

In addition to developing new products and software tools, and recruiting new sales staff and engineers, Econocom Group carries out external growth transactions in order to acquire specific skills, accelerate its growth and increase its profitability.

The Group’s main investments over the last three years are described below.

7.1.In 2020

The deals carried out in 2020 are as follows:

• acquisitions in the Technology Management & Financing activity.

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.

Other interests acquired and investments

During the year, Econocom bought out certain non-controlling interests in its subsidiaries:

Altabox: Econocom Group increased its stake in the company through the acquisition of the shares from a non-controlling shareholder, thus increasing its stake to 80%.

Bizmatica: Econocom acquired the minority stake through the exercise of its options, raising its interest to 100%.

Asystel Italia: Econocom Group acquired the shares of a minority shareholder, increasing its stake in the company to 70%.

Energy Net: at end-2020 the Group exercised part of its options on the remainder of the company’s capital, raising its interest to 100%.

7.2.In 2021

Bolstered by a strengthened financial structure and sharply lower operating costs, the Econocom Group has, in 2021, resumed an ambitious segment- and country-based acquisition policy. The Group's ambition is to speed up acquisitions in its Services business in France, in its Products & Solutions business in the UK and Spain, and in its Technology Management & Financing business in France and Germany. This strategy is part and parcel of the Group's development policy in geographical areas where it already has a strong presence, with the goal of accelerating synergies between its various business segments.

In this context, Econocom acquired a majority stake in Trams Ltd in the United Kingdom. Trams is a recognised player in IT distribution in the UK thanks to its key partnerships with Apple, HP, Lenovo and Dell. By strengthening the Group's presence in a core target region, the merger with Trams is perfectly in line with the strategy of building a global international offering around distribution. This will also foster strong synergies with the digital asset financing solutions of the Technology Management & Financing activity. At the time of the acquisition, Trams had 40 employees based in London and generated revenue of £42 million in 2020.

After six years of fruitful collaboration within the Econocom satellite model, which enabled Alter Way to develop its business, Alter Way joined the Smile group in October 2021, whose ambition is to consolidate its position as European leader in open source. Alter Way remains a preferred commercial partner of Econocom for services related to open source technologies.

Other interests acquired and investments

During the year, Econocom also bought out certain non-controlling interests in its Infeeny subsidiary, raising its interest to 100%.

7.3.In 2022

As part of the pursuit of the Econocom Group’s external growth, three acquisitions were made during 2022.

• In April 2022, the Econocom Group acquired a majority stake in SOFI Group, a major player in the refurbished smartphones and tablets market in France. This acquisition enables the Group to position itself as a leading player in reconditioned digital equipment leasing and to internalise the entire value chain of the TMF business by leveraging the industrial capabilities of SOFI Group. Through the SMAAART brand, this acquisition enables the Econocom Group to access a new fast-growing B2C market. In 2021, the company generated revenue of €21 million.
• In June 2022, the Econocom Group acquired a majority 51% stake in the share capital of Semic SA, a Spanish provider of IT solutions and services. Semic has an offering that is perfectly in line with Econocom as regards sectoral verticals, technological areas and partnerships. The founders and main executives of the acquired company remain committed to managing the development of the business. In 2021, the company generated revenue of €78 million.
• In July 2022, the Econocom Group acquired a majority stake in the Dutch company Lydis BV, which specialises in the distribution of equipment in Benelux on the VoIP (Telco) and videoconferencing markets. This investment will foster synergies with the Belgian and Dutch subsidiaries and other Group entities while benefiting from a growing market segment. In 2021, the company generated revenue of €25 million.

Other interests acquired and investments

During the year, Econocom bought out certain non-controlling interests in its subsidiaries:

Asystel Italia: Econocom Group acquired the minority stake through the exercise of its options, raising its interest to 100%. Following the increase to 100% of Asystel Italia’s share capital, Econocom Group merged this entity with Bizmatica Sistemi.

Altabox: Econocom Group acquired the minority stake through the exercise of its options, raising its interest to 100%.

8.Additional information

8.1.Legal and arbitration proceedings

Governmental, legal or arbitration proceedings against the Group, pending or threatened, are subject to provisions established in accordance with IAS 37, taking into account all available relevant information on such proceedings.

The total consolidated amount of provisions for all of the Group’s disputes (see note 16 to the consolidated financial statements) includes all outflows of resources (excluding any possible reimbursements) deemed likely for all types of claims and litigation to which the Group may be party as a result of conducting its business.

8.2.Major contracts

In the course of its operations, the Group signs substantial contracts with its customers, suppliers, funders and other partners, some of which are binding for several years. The importance of these parties with regard to dependency factors is outlined in chapter 4, section 3, “Dependency Risks”.

Non-Financial Performance Statement

Our approach

CSR stakes and mission

Useful digital technology at the core of the CSR mission

Econocom designs and develops digital technology that is really useful for the end user. We believe that it is useful digital technology, within the framework of a circular economy, which is one of the essential keys not only to fighting against digital waste, but also to contributing to the performance and competitiveness of companies. The Econocom Group’s corporate social responsibility mission is defined as follows: Promote a responsible and circular digital approach to generate a positive impact.

This commitment to useful digital technology is also reflected in philanthropy initiatives to fight the digital divide. The recycling or reuse of equipment, in partnership with social and solidarity-based economy structures, is also one of our priority projects. The Group also strives to optimise the energy efficiency of its own digital infrastructures.

Environmental, labour and societal challenges

Digital pollution generated by the internet seems invisible. However, each email, each search or each video consumes energy and generates greenhouse gas emissions. Various studies quantified the impact from digital technology on a global scale, placing it between 2% and 4.3% of total CO2 emissions and between 5 and 10% of total electricity consumption, depending on the sources.

As a digital player, the Econocom Group must take concrete action, and quickly!

This is why the Econocom Group makes responsible digital technology and the fight against digital waste two major focus areas of its CSR strategy.

The Group also seeks to have a societal and labour impact by promoting the diversity of skills, by being more socially supportive and by developing evermore people-oriented ethics. Lastly, the responsibility of the Econocom Group cannot be considered without a committed human resources strategy.

How do we set this in motion?

CSR is more than ever encapsulated in Econocom’s DNA. In 2022, the Group strengthened most of its flagship initiatives and launched new ones, both in France and internationally. To embody its vision, in 2021 the Econocom Group published its Manifesto in which it recalls the goals it has committed to pursue as a Responsible Digital Entrepreneur.

We also make sure that all our offers are useful. Responsibility and impact drive our investment strategy.

In 2022, the Econocom Group organised a new internal working group to update its CSR policy, taking into account the challenges of recent years.

Actions and highlights

References, standards and highlights

Since 2012, the Econocom Group has joined the United Nations Global Compact. Through this membership, Econocom is committed to respecting and promoting the ten principles of the Global Compact. These principles concern: human rights, labour law, the environment and the fight against corruption;

Econocom was awarded the Ecovadis Silver Medal for its CSR performance with a score of 66/100 for 2021/2022, up 8 points on 2019.

• For the second consecutive year, the Econocom Group has been classified among the 250 socially responsible companies in France, and among the top 20 in its business sector. This study was conducted by Le Point, in collaboration with Statista. This recognition is a tribute to the many efforts made by the Group and reinforces its commitment to its ecosystem, the circular economy, inclusion and innovation to meet the challenges of the future.

• Econocom is one of the few DSCs to have signed the Impact Manifesto launched by the French Government for a more responsible economy, intended to make environmental, social and corporate governance data visible and readable.
• This year, Econocom also signed the Charter of the Institut du Numérique Responsable.

• The Econocom Group published its second impact report on its actions as a responsible digital entrepreneur. This report attests to the Group’s desire to measure, in a concrete and continuous manner, the impact of its actions for responsible digital technology, in line with its ecosystem. This report is availableon our website.

• We acquired a leading French industrial player specialising in telephone recycling, recognised for its ambitious environmental policy and as a "company with a mission" since 2022. Short cycles, clean collection, a target of 95% local sourcing by 2025.

1. This activity was received the Responsible Digital Gold Case's “second life” award in 2022.

Labels and certifications

• We systematically apply the ISO 26000 standard to ensure the integrity of our societal action guidelines. This rigour and transparency guarantee our partners the high quality and sustainability of our initiatives.
• In the same way, for five years, our service solutions have been compliant with the ISO/IEC27001 standard, which is one of the most recognised in the world for guaranteeing information security.
• ISO 9001 and ISO/CEI 27001 certifications are managed locally in France, Morocco, Belux, Spain and Italy.
• We received the Belgian VOKA certification, which recognises the importance of the responsible actions we take to achieve sustainable development goals.

Increased presence among Green IT players

• In September 2022, Econocom won the “CSR/ESG Criterion Trophy” awarded by Numeum and KPMG on the occasion of the 5th edition of the ESN & ICT meeting.
• Econocom participated in the creation of a digital appropriation guide produced by Campus Responsable. It is the first French-speaking network of universities and colleges committed to sustainable development. Campus Responsables aims to support higher education institutions to make them key players in the ecological and societal transition.
• Econocom was present at Produrable in September 2022 to lead a workshop on the theme “From responsible digital leasing to reconditioning carried out in France, a value chain serving the circular economy”.
• Econocom is a member of Institut du Numérique Responsable.
• Elodie François, IT Sales Engineer at Econocom Apps, Cloud & Data, received the Microsoft Women Role Model 2022 award in the Business category. This award recognises her commitment as National Director of Econocom’s Digital Women Programme.

Commitments to the SDG (Sustainable Development Goals)

Since 2019, we have been measuring our progress; we will continue because we are intrinsically responsible. Econocom recognises the urgency for private and public sector players to converge together towards the 17 Sustainable Development Goals identified by the United Nations. As part of its commitment, an internal working group was set up to identify the most important SDGs for the Group. Econocom therefore identified the goals that are priority commitments, which make an active contribution or in which it participates. 11 Goals were thus identified and included in the CSR policy.

Five are priorities at Econocom: responsible consumption and production, the fight against climate change, access to quality education, reduced inequalities and partnerships.

Main CSR risks identified to which the Group believes it is exposed

Econocom operates in a rapidly changing environment. This naturally exposes the company to various CSR risks. If these CSR risks were to materialise, they could affect the Company’s activities, weaken its financial results, affect its reputation and, more generally, jeopardise the achievement of its short- and medium-term objectives.

The most significant risks, specific to Econocom, are presented below, by theme and by strategic area. This presentation of CSR risks is not intended to present all of Econocom’s risks.

1.Responsible governance

1.1.Integration of CSR into the company’s strategy

1.1.1.Our roadmap

The ambitious and demanding road map includes all of the significant issues identified in the survey of internal and external Group stakeholders. It highlights the points which Econocom would like to develop over the next few years.

1.1.2.Materiality study

Econocom’s corporate social responsibility (CSR) approach is based on a materiality study of CSR issues for the company, taking into account both the expectations of our stakeholders and the impact on our business.

This materiality study allows Econocom to connect and prioritise the financial and non-financial considerations of the market by considering the most essential stakeholders for Econocom. These topics and challenges are material because they are crucial to achieving our objectives, securing our business models and managing our impact on society.

In order to better identify the priority themes, we used an importance-performance matrix. Our objective was to compare the levels of importance and performance assigned to the issues by stakeholders, in order to identify the most urgent to address.

Link with the Sustainable Development Goals

The materiality analysis highlights Econocom’s contribution to 11 of the 17 United Nations Sustainable Development Goals (SDGs), and indicates that Econocom’s CSR strategy is aligned with these 11 SDGs.

						Theme
					1	Health, well-being and quality of life at work
					2	Social dialogue and employee engagement
Social					3	Inclusion and diversity (data supply)
					4	Management of new relationships at work
					5	Corporate culture
					6	Leading the way in Green IT and the circular economy
					7	Responsible management of the impacts of the activity (buildings, cars, logistics)
					8	Decarbonisation of products and services
Environment					9	Transition to a circular economy
					10	CSR partnerships
					11	Roll out philanthropic actions (education and responsible digital technology)
					12	Support for local employment
					13	Local anchoring
					14	Responsible governance
Governance					15	Integration of CSR into the company’s strategy
					16	Business ethics
					17	Cybersecurity and data protection
					18	Responsible purchasing and supply chain resilience

1.1.3.1 mission, 4 pillars

The Econocom Group redefined its four CSR pillars as well as its mission with all its stakeholders: promote a responsible and circular digital approach to generate a positive impact.

Offerings with a CSR impact for more energy-efficient and sustainable uses

• Decarbonisation of products and services
• Transition to a circular economy
• Cybersecurity and data protection

Committed and local conduct of our activities

• Leading the way in Green IT and the circular economy
• Responsible management of the impacts of the activity (buildings, cars, logistics)
• CSR partnerships
• Responsible purchasing and supply chain resilience
• Local anchoring
• Support for local employment
• Roll out philanthropic actions (education and responsible digital technology)

Human capital that creates value

• Management of new relationships at work
• Health, well-being and quality of life at work
• Social dialogue and employee engagement
• Inclusion and diversity

Responsible governance

• Integration of CSR into the company’s strategy
• Responsible governance
• Corporate culture

1.1.4.Analysis of maturity regarding CSR issues

	Protection of water resources in its activity			Set up solutions to improve the lifespan of products, their reuse and the responsible management of their end-of-life
	Protect biodiversity and its environment			Provide innovative solutions to limit the carbon impact of our customers
	Purchases of materials and subcontracting Respect for suppliers and subcontractors			Reduce GHG emissions and waste related to our activities and infrastructure
	Prevention conditions to guarantee cybersecurity and ensure data protection			Be exemplary in the implementation of responsible digital technology internally
	Ethics policy put in place: ethics committee, whistleblowing procedures, training, GDPR, fight against undeclared work			Set of knowledge, values and behaviours that facilitate the operation of a company
	Integrate CSR aspects into all company decisions			Provide employees with solutions to maintain and develop their skills and work in a modern environment
	The CSR policy involves all Group employees and is implemented by a dedicated organisational structure			Fight against discrimination in access (disability), promote a better gender balance at all levels of the organisation
	Regional responsibility, role as a regional player, anchored and creating value in order to generate a positive impact on its entire ecosystem			Foster social dialogue and employee involvement in their jobs and outside the Company
	Provide material or financial support, without direct compensation from the beneficiary, to a general interest initiative			Work for the health and safety of employees, ensure the social well-being of employees (physical and mental) and respect work-life balance
	Federate our customers and partners around common CSR issues and partnership initiatives			-

1.2.Governance

Risks

Short-term vision, with no commitment and no overall responsibility, which would call into question the Group’s development and attractiveness in the long term.

Policy

Econocom’s CSR policy involves all Group employees and is implemented by a dedicated organisational structure. The CSR Department is headed by Véronique di Benedetto, Vice-Chairperson France. This department presents the CSR policy to the Board of Directors and other management bodies.

The policy is managed by a CSR Steering Committee comprising Directors representing the Group’s main functions. It approves the strategic priorities and objectives of the CSR programme and ensures that objectives are met.

A panel of CSR functional and geographical correspondents has been created. These correspondents are part of the operational teams of members of the CSR Steering Committee. They are responsible for meeting objectives in their respective scopes. They are responsible for the operational implementation of the action plans approved in Committees, and they are also the ambassador for the policy with their teams.

1.3.Corporate culture

Risks

An increase in the turnover rate, a lack of sense of belonging, a lack of motivation and disengagement.

Policy

For nearly 50 years, we have been driven by the same entrepreneurial spirit that drives us to act decisively and be resilient when the horizon darkens.

Boldness, good faith and responsiveness are Econocom's core values shared by all teams. They are, like the commitment that each of us has, intrinsically linked to our usefulness. It is also through the diversity of talent, expertise and cultures that we are a company with a sustainable impact. Our entrepreneurial spirit encourages the implementation of projects and offerings with a positive impact, which are in line with our sustainable development objectives. By sharing our experience, our knowledge and our ambitions, we demonstrate our desire for and commitment to a circular economy.

1.3.1.Econocom, CSR as a pillar of impact innovation integrated into the business thanks to its independence.

Too often perceived as a constraint, we believe that CSR is above all a vector for innovation and a source of competitive advantage for us and our customers.

Far from relegating CSR solely to compliance requirements, our employees innovate, develop and test offers that integrate CSR issues with the aim of creating value to serve our customers’ business. Developed through a co-construction approach, our offers are systematically a concrete response to a customer need, completely independent of manufacturers, service companies, cloud providers or financial institutions. We know how to work with the entire ecosystem to create appropriate and personalised responses, with the best choices.

Our independence and freedom make it easier for us to create synergies with our most responsible partners.

Because we believe that initiating change is above all embodying it, we place responsible commitment and its impact at the heart of our action.

1.3.2.Econocom, a responsible digital accelerator for the transformation of society

As the leading General Digital Company in Europe, we must meet the challenges of a society that is moving forward. And because accelerating means anticipating, Econocom has been a pioneer in the digital circular economy and aims to establish its leadership in the coming years.

Contributing to the ecological transition through digital technology while controlling its carbon footprint, and supporting societal changes while ensuring inclusion and data security: all of these fundamental challenges that the Econocom Group intends to meet by mobilising all its know-how for a lasting impact.

1.3.3.Econocom, a responsible entrepreneurial story and balanced governance, which reflects the Group’s diversity

Since its creation by our entrepreneur Chairman Jean-Louis Bouchard, the Group has carried in its DNA the spirit of conquest and agility that have guided its development and shaped the Econocom galaxy.

Econocom gives employees the freedom to develop entrepreneurial projects. This confidence is reflected in the multiplicity of offers resulting from such an approach.

In addition, Jean-Louis Bouchard relies on solid governance, which reflects the entrepreneurial spirit and diversity, with an Executive Committee of seven people from France and abroad, responsible for a country or business line department, and a Board of Directors of nine people, including four women and three independent directors. These members all have an entrepreneurial profile.

1.4.Business ethics

Risks

The Group must be a trusted partner for its various stakeholders. Unethical actions, such as acts of corruption, influence peddling or non-respect of human rights, could have a negative impact on the Group’s image and reputation.

In addition, the regulatory context makes these issues increasingly important and the Group must ensure its compliance with the corresponding laws and regulations.

Policy

The Econocom Group wants to be an ethical player and act with integrity at all levels of its organisation. As such, it undertakes to act in compliance with human rights and labour law, to fight against corruption, including influence peddling, and take action to protect the environment. It also attaches great importance to occupational health and safety requirements and ensures that it complies with the laws and regulations to which it is subject.

1.4.1.The Ethics Committee

In order to strengthen its ambition to operate as a responsible and ethical player in the economy, the Econocom Group appointed a 4-member Ethics Committee in 2019. The Ethics Committee ensures, among other things, the mapping of corruption risks, the processing and monitoring of the reports received under the whistleblowing system and the proper appropriation of the ethical principles by employees.

1.4.2.The Code of Business Conduct and ethical policies

Econocom wished to federate all Group employees around a Code of Business Conduct, dealing, among other things, with the fight against corruption and influence peddling. This Code of conduct, set up in consultation with the trade union representatives, is based on the corruption risk mapping carried out by Econocom.

The rules and principles established by the Code are intangible and everyone is required to comply with it in conducting business. The Econocom Group also has a set of ethics procedures and policies.

The Code of Business Conduct and the related policies and procedures are the reference documents in the area of ethics. This information is available in the Group’s main languages.

1.4.3.The ethics whistleblowing system

In order to strengthen its policy of vigilance against ethics risks, the Econocom Group has whistleblowing platform. This system makes it possible to collect and process alerts relating to the existence of situations contrary to the Code of Business Conduct and/or regulations applicable to the Group.

This whistleblowing system is available to anyone working within the Econocom Group (executives, employees, temporary staff, interns, etc.) as well as to any external third party which has a business relationship with the Group. It is available in several languages including French, English, Spanish and Italian, 24/7. The platform is secure and the reporting process is encrypted and protected by a password.

This system meets the requirements of the Sapin II Law and other European regulations. All reports received via the platform are processed. The Group is committed to the protection of whistleblowers.

All reports received via the platform are processed and closed. These related to two main themes: (i) conflicts of interest and (ii) social responsibility and human rights. To date, no proven breach has been detected during the processing of these alerts.

Since Q4 2022, communication around the alert platform has been strengthened. A visual with a QR Code referring to the alert platform is shown on the display screens at the various Econocom sites. This action was justified, notably, due to the absence of any alert during the 2022 financial year.

1.4.4.Training

Training in the form of e-learning courses for all employees on compliance and anti-corruption has also been rolled out. They are gradually supplemented by specific actions for the populations identified. All these actions reinforce the Group’s extensive set of procedures and controls, thereby ensuring transparency and ethics.

The indicators for monitoring the ethics policy are shown below:

All reports received via the platform are processed and closed. These related to two main themes: (i) conflicts of interest and (ii) social responsibility and human rights. To date, no proven breach has been detected during the processing of these alerts. Since Q4 2022, communication around the alert platform has been strengthened. A visual with a QR Code referring to the alert platform is shown on the display screens at the various Econocom sites.

1.4.5.Respect for human rights

The Group operates for the most part in Western European countries, where labour laws and regulations are stricter than required by human rights standards. The Group has defined its HR standards in line with these regulations and applies them in all other countries where it is active. Econocom’s staff is essentially made up of skilled personnel who expect human resources practices to meet particularly high standards.

The Group's risks in terms of human rights are therefore mainly to be found among its suppliers and subcontractors; this is why, as part of its purchasing practices, Econocom asks its tier-1 suppliers, suppliers considered critical and strategic with regard to the volume of business generated, to comply with its own ethical and social standards.

These critical and strategic suppliers represent a purchasing volume of between 70% and 80% of Econocom’s purchases.

1.4.6.Corruption and fraud

Taking into account the ratings of Transparency International, it emerges that the Group mainly operates in countries that are relatively homogeneous in terms of corruption. Morocco, Mexico and Eastern Europe are certainly lower-rated regions in terms of corruption, but the Group’s entities present in these countries are very small, and to date none of the alerts received concern entities in these countries. Equally, there is no history of corruption in the Group’s entities present in these countries.

All alerts received, regardless of the country concerned, follow the standard process. If following the alert, an internal investigation is opened, it is not motivated with regard to the classification of the country, but rather the facts that are the subject of the alert.

2.Human capital as value creator

2.1.Management of new relationships at work

From recruitment to professional development, the Group makes employee satisfaction a top priority. They are the Group’s main ambassadors. Health and well-being at work are included in HR priorities to protect and develop the Group’s 8,750 employees at 31 December 2022, 65% of whom in Services.

Only companies that are more than 50%-owned are reported. Full-time equivalent workforce at 31 December 2022.

Since 2021, the Group has accelerated its growth both internally, through new hires, and externally with an acquisition strategy.

In 2021, Trams, a recognised player in IT distribution, joined the Group in England.

In 2022, three new companies joined the Group:

• Sofi Groupe in France: a major player in the refurbished smartphone market
• Semic in Spain: a global provider of IT solutions and services
• Lydis in the Netherlands: a leading distributor in the VoIP and videoconferencing markets

2.1.1.Hiring and onboarding policy

Risks

DSCs are characterised by one of the highest turnover rates across all sectors. The flight of skills and high recruitment needs are major risk factors, notably for the Services entity.

Policy

Attracting and retaining talent has become one of the main challenges of the Human Resources Department, which is developing a strong policy in terms of talent and career management. The Group wants every employee to be able to grow in an exciting and rewarding work environment, by carrying out diversified and meaningful assignments. This begins with putting the right skills in the right places, by managing hiring and mobility. New hires benefit from a personalised onboarding programme aimed at introducing them to all the teams. Econocom Group supports the career development of its employees by providing a wide range of training options. Career management and professional development of employees are part of a structured process to target specific initiatives for different employee profiles.

Educating and supporting employees in digital technology and enabling them to thrive in a digital environment are the key challenges for the Econocom Group.

Recruitment of talent internally (mobility) and externally

The Group wants every employee to be able to grow in an exciting and rewarding work environment, by carrying out diversified and meaningful assignments. This begins with putting the right skills in the right places, by managing hiring and mobility. Econocom has defined three priority areas of action to meet the expectations of both current and future employees:

• increase presence on social media. These platforms give applicants and employees the opportunity to interact, and primarily target younger generations;
• make good use of Group employees’ networks to hire people with more targeted profiles who embrace Econocom’s corporate culture;
• promote internal employee mobility: a new tool was deployed in 2021 and enables us via an employee area, to:
  • refer potential candidates using the Group’s website or mobile app; manage their career with a short procedure for applying to the Group’s job offers,
  • share offers on social media.

In 2022, the Group made 2,342 external hires, excluding company acquisitions.

Hires made it possible to replace employees who left the Group but also to achieve organic growth, mainly in the EPS and TMF activities.

Talent integration

New hires benefit from a personalised onboarding programme aiming to introduce fellow team members, gain a better understanding of the Company’s organisational structure and learn more about the business activity of their department.

To complete this programme, new hires take part in a national onboarding seminar called “Welcome Day”. This day allows them to learn more about Econocom’s organisation and its various business lines.

Employees working at customer sites, on the other hand, attend local "Welcome Dates" which enable them to learn more about the organisation and operations of their agency.

During the Covid-19 crisis, these actions were suspended. They have been relaunched since 2022.

The indicators for monitoring the attraction policy are shown below:

2.1.2. Professional development

Risks

Poor implementation of skills assessment, development or enhancement policies by managers and human resources is likely to result in a loss of employee motivation, a decrease in productivity and an increase in turnover already structurally high.

Training policy

Econocom Group supports the career development of its employees by providing a wide range of training options.

Econocom believes that training is a key factor in both employees’ professional advancement and the Group’s success. In France, 32,000 hours of training were provided in 2022.

The indicators for monitoring the Training policy are shown below:

Note: In 2021, training was boosted by the "be Covid" and FNE training programmes offering an alternative to partial unemployment. The resumption of activity in 2022 had an effect on the reduction in the number of training hours.

Career management

Career management and professional development of employees are prime concerns at Econocom and part of a structured process to target specific initiatives for different employee profiles.

Econocom’s "Talent Reviews" feature top management from each business line, the Career & Development team and the operational HR team to discuss the business challenges which can be addressed by the human resources strategy. These reviews are conducted to prioritise individual retention and development actions based on identity of employees and to ensure that HR programmes are in line with the requirements and expectations of each business line and with employee aspirations.

This system is fuelled by the career development and training preferences expressed by employees during the professional interview.

The performance of employees, assessed as part of the annual review, is also included in this system to facilitate identification and individual actions.

This system is now integrated into the Group HRIS in order to facilitate and streamline the exercise. The analysis of the employee’s situation is facilitated by the provision of historical information and the tool will allow more precise monitoring of the actions identified.

Internal digital transformation

Educating and supporting employees in digital technology and enabling them to thrive in a digital environment are the key challenges for the Econocom Group. To do this, various emblematic actions have been launched in recent years:

Workspace layout

Digital transformation also involved adapting workspaces. To this end, Econocom has redesigned the layout of its offices to create spaces where people can come together to share ideas under the watchwords of co-creation and collaboration.

Beyond the Hub, the Group’s flagship building in Puteaux, near Paris (see). The other Group institutions are equipped with digital solutions. Nearly 3,000 employees benefit from working conditions adapted to changes in their business and work methods.

• The “Digital Bars”
• A “Digital Bar” has been installed at the main sites. These physical spaces provide a forum for employees and users to get answers to their questions about digital tools, along with personalised guidance. Technical assistance is also available to help employees and users solve IT and digital issues.

Focus on the four spaces of the digital hub

To make the digital hub (hub.digital) a real “business accelerator”, Econocom has devised four spaces. Each has its own atmosphere and universe to meet the needs of our employees, customers and partners.

• The “Lounge” area or how to rethink customer relations in a friendly and relaxed way.
• The “Experience” area, 100% customisable: a mini-auditorium and a stage.
• The “Trends” area or the Econocom showroom: an exhibition space for new devices and new Econocom offers and those of our satellites.
• The “Ideas” area dedicated to co-building.
• Meal vouchers in digital format.

Swile replaced Sodexo for 100% dematerialised populations in order to offer a more comprehensive service to employees. In Swile, we have found an effective solution to continue to benefit from the advantages of paper tickets while digitising tickets in order to reduce the carbon footprint. Swile offers contactless payment, exceeding the legal daily balance (link with a bank account), as well as the possibility of having several cards and making donations.

2.2.Health, well-being ad employee engagement

Risks

Unsatisfactory working conditions (well-being at work, quality of life at work, safety, etc.) of employees could have a negative impact on productivity, growth, talent retention and the Group’s employer reputation. Moreover, Econocom operates in a highly competitive market and is confronted with labour issues inherent to the digital sector, including high turnover and downtime between contracts. Employee satisfaction is therefore a key performance criteria.

Policy

From recruitment to professional development, the Group makes employee satisfaction a top priority. They are the Group’s main ambassadors. Health and well-being at work are among the HR priorities to protect and develop employees. Econocom is committed to improving the Quality of Life at Work through a unique programme called SHARE.

Share engagement programme

Econocom is committed to improving the Quality of Life at Work through a unique programme called SHARE, launched in France about 10 years ago. Thanks to this programme our employees can more easily reconcile their professional and private lives and find their balance. The SHARE programme is based on three main themes: day-to-day life, health and responsible commitment.

In 2022, the programme mainly offered services to make everyday life easier, with concierge services at certain sites, such as Puteaux, tutoring and sports coaching. Econocom is also committed through a simple, innovative and collaborative generosity system: salary rounding. It allows volunteer employees to make a small donation from their salary each month to an association of their choice. As solidarity is an integral part of Econocom, the Company contributes to the initiative by doubling donations.

In this spirit, Econocom also set up a connected canteen at the Puteaux site that delivers fresh, healthy, seasonal products from short supply chains.

Teleworking: Work 21

In 2022, the working method rolled out in 2021 was generalised over the year.

In France, “Work21” is a global approach coordinated by the HR Department and the IT Department based on four structuring projects:

• providing eligible employees the opportunity to work from home 2 days a week;
• developing collaborative workspaces at all Econocom sites;
• ensuring the use and functionality of our IT tools;
• supporting managers to support teams in this hybrid work organisation.

In the exceptional context of the Covid years, Econocom was able to adapt, set up a system of teleworking, which is now permanent for many of its employees, and roll out efficient collaborative tools while training all managers. A Work 21 guide was also published so that everyone can find answers to their questions.

Thus, in France, all employees can benefit from teleworking, except for delegated employees with customer constraints, new hires during the start of their position and employees refusing to work from home.

The indicators for monitoring teleworking are shown below:

Awareness-raising and exchange events

• Burger Parties at the Puteaux and Le Plessis sites brought together employees every Friday at noon during the summer to offer a burger made with fresh products in a relaxed atmosphere.
• Econocom made a commitment to October Rose to support the fight against breast cancer.
• The following were organised as part of the programme: webinars hosted by the Institut Curie to raise awareness and prevent, several group sports classes, and a visit from a self-employed midwife who led a prevention conference and held individual interviews with women who so wished to answer any questions they might have.
• Numerous after-work events were organised, including Thanksgiving, which brought together 18 cities in Europe simultaneously to strengthen the ties among the teams.

2.3.Inclusion and diversity

Risks

Econocom’s stakeholders, both internal and external, expect the Group to commit to inclusion and diversity. Our customers’ calls for tenders include an increasingly strong CSR weighting and the social score (integration of people with disabilities and out of employment, diversity) is also increasingly high.

In addition, the State, which is also a customer, expects the Econocom Group to comply with the applicable regulations.

The potential risks are:

• a decrease in attractiveness for our customers and the recruitment of talent;
• penalties for non-compliance with regulations (fines, etc.);
• a reputational risk.

Policy

The strength of the Econocom Group relies on the variety of its business expertise, the diversity of its profiles and the open mindset of its employees from all backgrounds. Diversity contributes to openness and collective performance. Econocom has always based recruitment and career development on the skills of each individual, and condemns any form of discrimination. The Group has embarked on a proactive approach to promote gender equality at work, gender balance and diversity in all sectors and levels of the Company.

The Group is a signatory of the Diversity Charter

The Econocom Group is convinced that the diversity of its profiles and talent is a source of performance for its business and to make a public commitment; we are signatories of the Diversity Charter.

The Diversity Charter encourages the signatory organisations to ensure the promotion of and respect for diversity among their workforce and in all management, sales and career management actions by implementing diversity initiatives.

Econocom is committed to:

• raising awareness among employees involved in recruitment and training to respect the principle of non-discrimination;
• reflecting the diversity of French society;
• communicating with all employees

Gender equality

Econocom closely monitors gender equality within its workforce. We encourage women to join this highly male-dominated industry via, for example, recruitment or engagements in favour of gender equality, especially in the digital sector.

Econocom ensures that women and men enjoy the same career opportunities, especially in access to training, professional development and management positions.

Progress in gender parity cannot be made without raising the awareness of management and involving men in the process.

Gender breakdown in France in 2021 (excluding Satellites)

Econocom Digital Women (Femmes du Digital Econocom): an internal programme to encourage women in the IT sector

In June 2019, the Econocom Digital Women programme was launched under the aegis of the Services activity.

Aware of the added value that gender diversity gives to an organisation, Econocom would like to encourage the presence of women in its activities and make digital sectors, where women are under-represented, more attractive.

This ambitious programme set three major objectives:

• to attract and recruit more women in the workforce through retraining;
• to promote and showcase the skill and expertise of employees;
• to raise awareness among young girls about digital careers.

To meet these challenges, the programme offers various actions and numerous events tailored to each theme. To offer dedicated and specific support, the programme is led by an ambassador at each Econocom site, thus responding to the specificities of each region.

Attract and recruit through retraining with the Manifesto:

#ReconversionFemmesNumérique

The recruitment teams and the entire Econocom Management are already very active in finding women in the conventional sectors. Accordingly, The Femmes du Digital programme was focused on retraining.

Econocom wanted to open up other avenues than the so-called “traditional” channels to attract and recruit more women. Building on its experience in Reconversion, Econocom is a signatory of the #ReconversionFemmesNumérique manifesto.

The Femmes du Digital programme offers sessions to discover jobs but also opportunities and prospects for development offered by the IT professions. This awareness-raising campaign dedicated to women throughout France makes it possible to enrol them in a retraining programme in partnership with Pôle Emploi and then to be integrated into permanent contracts.

Econocom, a founding member of the Femmes@Numérique Foundation

Econocom also elected to become one of the founding members of the Femmes@Numériques Foundation, created in 2018. Econocom Digital women work with the foundation.

Econocom Italia, partner of the “Women & Technologies” association

The aim of the association is to demonstrate internally and externally the commitment to diversity, inclusion and the development of female leadership. The objective is also to support social innovation, through research and the dissemination of new technologies, and therefore new professions.

Econocom UK, member of “100 Women in Finance”

To foster gender equality in the finance industry, Econocom partners with “100 Women in Finance”, a global network of finance professionals who work together to give women more opportunities at every stage of their careers.

Anti-discrimination policy

Professional integration of young people

The Econocom group particularly encourages the recruitment of young graduates or final-year students on a work-study basis. Econocom plays an important role in training by supporting young workers every year in internships and work-study programmes. These undergraduate and master’s-level training programmes are monitored by tutors in technical and functional jobs. As Econocom’s Services business has the highest recruitment needs, it has established special partnerships with more than 40 schools.

Breakdown of work-study students and interns in the Group

Supporting employees aged over 45

Employees in France aged 45 and over can organise a career development meeting to discuss their situation and professional development plans. They are also given the option of having a skills assessment performed by an authorised independent organisation.

Employees aged over 55 also benefit from additional measures. They are granted one paid day of absence every two years to have a health check-up. They can also opt for flexible working time arrangements or to pass on their expertise in a tutoring programme involving younger Econocom employees.

As part of the pension reform, the senior index will be monitored for French companies with more than 1,000 employees from 2023 and for companies with more than 300 employees from 2024 in order to measure changes in the hiring and employment of seniors in the company.

Professional integration through POEI (operational preparation for individual employment)

Operational Preparation for Individual Employment (POEI) is aimed at promoting a job offer submitted by an employer to Pôle Emploi by training a jobseeker who has skills similar to those required for the position to be filled. The POEI scheme must make it possible to close the gap between the skills required for the job and the skills the candidate has.

This scheme enables job seekers to get back in employment.

In 2022 we significantly developed this source of recruitment and hired 98 employees (on permanent and temporary contracts and on work/study placements via the POEI scheme, representing 8.7% of the 1,126 new staff hired in 2022 for the Services France entity).

• 98 POEI schemes, i.e. 8.7%
• 24 women, i.e. 24.5%
• 18 engineers, i.e. 18.4%
• 3 disabled people, i.e. 3%
• average age 31
• 96 permanent contracts i.e. 98%

People with disabilities

Econocom has committed to a proactive approach to supporting people with disabilities. After the partnership agreement signed in 2014 with the AGEFIPH (Association pour la Gestion du Fonds pour l’Insertion Professionnelle des Personnes Handicapées), Econocom passed a new milestone by signing its first agreement in 2018, renewed in 2021 for three years, covering all of the Group’s activities in France.

With this agreement, Econocom is committed to increasing its employment rate for people with disabilities, the percentage of people with disabilities calculated for the DOETH increased from 2.61% in 2018 to 4.66% in 2021. This represents an increase of 2% in just three years by implementing an employment policy which aims to meet four major objectives:

• recruit, train and integrate people with disabilities;
• keep disabled employees engaged through appropriate career management and improvement in working conditions;
• raise disability awareness among all internal players and employees of Econocom;
• develop subcontracting with institutions in the protected environment.

The indicators for monitoring the Inclusion and Diversity policy are shown below:

3.Local and committed conduct of our activities

Global warming is a major issue for humanity on which digital players have an increasingly significant impact and must play a role at their own level. Econocom has chosen to respond to this environmental challenge by deploying a structured and ambitious policy, in all the major countries where the Group is present.

Similarly, we consider that we have a societal role to play in our local establishments, in conjunction with our global and local partners, to develop the regions, to work with social and solidarity structures, and also to contribute to non-profit projects (education, green IT, etc.)

In addition, Econocom reaffirmed its place as a more responsible digital entrepreneur by becoming a member of Institut du Numérique Responsable and signing their Charter.

Risk

Econocom’s withdrawal from actions to reduce its environmental impact could lead to the following risks:

• non-compliance with the Paris agreements/environmental regulations;
• failure to meet customer expectations. An increasing number of customers include CSR criteria with significant weightings in their calls for tender;
• in the area of CSR, managing risks related to reputation is a key issue;
• decreased attractiveness for investors, as investors, savers and governments place increasing importance on environmental, social and governance (ESG) factors;
• decreased attractiveness for new talents who are increasingly attentive to the commitments made by companies.

Policy

Climate change is a major issue on which digital players have an increasingly significant impact and must mobilise. Econocom is therefore committed to measuring and reducing its carbon footprint, extending the lifespan of its products, offering less energy-consuming digital services, developing green customer offers, and disseminating and promoting these initiatives among its partners.

3.1.Leading the way in Green IT and the circular economy

3.1.1.  Analyse and reduce the environmental impact of internal digital technology

Risks

CO2 emissions related to digital technology and the impacts of digital activities on climate change can undermine growth in the digital sector. Indeed, increased use of digital technology results in an increased environmental impact from digital technology (manufacturing of IT devices, energy consumption via the cloud or IT equipment, etc.). This is a focus area for our stakeholders (particularly the State and customers), they expect visible actions from us. Our job is to anticipate changes and propose solutions to limit this risk.

Policy

In 2022, the Econocom Group confirmed its maturity regarding its ability to reduce the environmental impact of its information systems. Given the opportunities offered by digital technologies, but also the risks they generate, it is indeed necessary to develop a digital technology focusing on the right priorities.

In 2022, Econocom Group continued its commitments regarding issues related to the environmental impact of its information systems. The Group is continuing to roll out its best practices and apply its Green IT governance, to limit its risks and develop its opportunities.

Measurement and reduction, essential steps to reduce the impact

Since 2017, Econocom Group assesses and analyses the environmental footprint of its digital scope. Firstly on the use phase (energy), and since 2020 by supplementing with the manufacturing and end-of-cycle phases, to have a complete analysis of the life cycle of digital equipment.

In order to reduce the bill and optimise its energy efficiency, the Group has undertaken several reduction actions that have enabled it to significantly reduce energy consumption in digital technology. Thanks to this system, Econocom reduced its digital energy consumption for the fifth consecutive year, dividing it by 3.5 since 2017, and also its overall CO2 footprint compared to 2021. These decreases are mainly due to the combination of several green IT actions implemented and also to the disposal of certain activities.

The study carried out for 2022 is based on two main chapters: measurement of the historical phase of use (energy), to assess the application of the latest recommendations and their effects, and an increasingly comprehensive analysis of the manufacturing and end-of-cycle phases, making it possible to conduct initial comparisons with the previous year.

The major trends emerging for 2022 confirm that Econocom has continued its digital environmental footprint optimisation policy, thanks to the implementation of the recommendations of the previous financial year and the best Green IT practices. Over this financial year, digital energy consumption fell by 4% at Group level and by 8% in France (a country which represents more than 60% of Group consumption) compared to 2021.

Econocom also reduced its overall CO2 emissions from digital technology by 7%, i.e. nearly 80 tCO2 saved compared to 2021.

These positive results are mainly due to the following three actions set up in 2022:

• reduction in energy consumption in data centres (racks);
• rationalisation of most of the equipment compared to 2021 (laptops, monitors, servers, appliance, etc.);
• extend the use of equipment beyond its original life (more CO2 counted/CO2 avoided). These are assets that are used beyond their initial term (e.g. a laptop in its sixth year when it is planned over four years);
• nearly 90% of laptops are in energy class B, more than 80% of office screens are in energy class B, more than 90% of multimedia screens are in energy class A/B (group level).

For Services activities, the scope of our digital environmental footprint is as follows:

• 1 data centre located in Noisy, owned by Econocom, operated by one of the Group’s EIS entities;
• 1 data centre in St Denis on the premises of Equinix, therefore a service provider outside the Group (server hosting), operated by one of the Group’s entities (EIS);
• both data centres are duly included in our digital environmental footprint.

3.1.2. Awareness-raising among employees about responsible digital technology during the sustainable development month

Our actions:

Again this year, at Econocom, the Group’s CSR/Communication and CIO departments launched the Cyber Cleanup Week challenge during Sustainable Development Month. A great opportunity to reduce the environmental impact of the Group's mailboxes, with the objective of reducing their environmental footprint by 5%, i.e. the deletion of 10 million emails (equivalent to 110 tonnes of CO2).

In two weeks, we ultimately managed to delete five million emails, equivalent to 55 tonnes of CO2 or 55 Paris-NYC return trips.

To achieve this goal, we conducted a major communication and awareness campaign on digital eco-friendly behaviour for all of our employees.

3.1.3. Waste processing and recycling with socially supportive structures

To process and recycle nearly 500,000 items of IT equipment per year (computers, screens, servers, tablets, smartphones, etc.), Econocom relies on various structures such as Ateliers sans Frontières (ASF) and Re Tech life (Italy), as well as on adapted companies, like ATF Gaia and Recyclea. In 2022, Econocom acquired a new entity specialising in the reconditioning of mobile phones. This company became a "company with a mission" two years ago.

Partnership with ATF Gaia

ATF Gaia gives businesses the means to be part of a more inclusive economy. On the one hand, by accompanying them in their compliance for the management of WEEE and on the other hand by allowing them to contribute more directly to the integration of people with disabilities through work. The Company also deletes data and preserves the anonymity of the equipment by performing a certified deletion, thus reducing the risks related to data security and guaranteeing compliance with the GDPR.

An 11-year partnership with Ateliers Sans Frontières (ASF)

Since 2011, Econocom also collaborates with Ateliers Sans Frontières, an entity of the Ares group specialising in the management of WEEE (Waste Electrical and Electronic Equipment) for reuse and recycling around survey, audit, test, certified data erasure, mastering and dismantling task. Our goal is to give priority to a new usage cycle to the largest possible number of products by reconditioning them. Today, 90% of Econocom’s equipment sent to Ateliers Sans Frontières is given a second life.

Ateliers Sans Frontières (ASF) is an integration project, which welcomes over 110 young and vulnerable young people a year, to help them build their life project, regain their dignity and bring them to a stable personal and professional situation. Econocom and ASF currently process 60,000 devices per year with a team of 15 people. Since 2011, more than 100 people have been trained and found external employment thanks to ASF and Econocom, and 30 jobs at ASF have been created thanks to Econocom’s activity. The impact is therefore real and measurable.

Econocom Factory

In 2022, the Econocom Group acquired a majority stake in the company, specialising in the reconditioning of mobile phones and tablets in France, and which is now diversifying its offering to include computer reconditioning. By expanding its offering to refurbished computers, the SMAAART brand meets the growing demand from consumers for refurbished electronic products at reduced prices and contributes to further reducing the social and digital technology impact on the environment. For more information, please refer to paragraph 4.2.

Partnership with Re Tech Life in Italy

BDF Italy of the Econocom Group has a solid partnership with Re Tech Life Onlus, a solidarity-based company that offers disadvantaged people a true opportunity to access the job market and society, thanks to the reconditioning of IT equipment, which is intended for schools and social projects in Italy and, in part, the second-hand market.

Thanks to this collaboration, which allows the employment of three disadvantaged people within the organisation Re Tech Life Onlus, BDF simplifies the management of the end of life of IT assets, making it compliant with the principles of sustainability within the framework of a circular and solidarity-based economy.

A leading role in the refurbishment market

This effective collaboration with all the players mentioned above allows Econocom to play a leading role in the refurbished digital market.

It provides the opportunity to access technologies or brands which, new, would be too expensive, it presents new possibilities in terms of usage or equipment, and there are also environmental motivations. For all these reasons, more and more French people are attracted to the possibility of buying products from previous generations, often formerly owned by professionals and in perfect working order, for a fraction of the original price. This is why demand is extremely high.

Econocom and its partners also offer this know-how to businesses, which also have to manage the end of their equipment assets’ lifespan. Thanks to the processes put in place and the social commitment of its partners, Econocom contributes in this way to the CSR aims of its clients, ensuring that they respect environmental and safety regulations, as well as the complete traceability of the processing and final destination of the equipment.

3.2.Responsible management of the impacts of Econocom’s activity

Risks:

The most significant risks for Econocom are the consequence of increasingly frequent and high-impact extreme weather events such as cyclones and floods. The potential magnitude of these risks is considered intrinsically low for the Group’s own sites given their current geographical distribution and the processes in place. However, the risk is more pressing in the upstream supply chain. Any major event affecting the supplier or the Group’s partners could disrupt the supply of components, manufacturing and shipping of equipment. Such a situation could adversely affect Econocom’s ability to honour its operational and contractual commitments to its customers.

3.2.1.  Monitoring our consumption AND TRAJECTORY

Why carry out a GHG assessment

In order to reduce our GHG emissions, the key is to be able to measure them first. It is for this reason that we wanted to calculate our carbon footprint with an expanded scope taking into account Scopes 1,2,3 in their entirety.

Even if our carbon assessment offers elements of comparison with other companies, a GHG emissions assessment is mainly used to identify ways to improve our overall impact and to define a reduction trajectory.

This requires the implementation of a series of internal levers and the mobilisation of our entire ecosystem (employees, suppliers, customers).

To carry out our carbon assessment, we decided to be supported by Greenly, a company which specialises in the production of carbon assessments.

The Greenly digital platform connects to all of the company’s software to directly retrieve data to quantify its activity, and from there, calculate the carbon footprint. This makes it possible to scan all of the company’s expenses and to understand where the main sources of CO2 emissions are to be found. It takes into account the specific emissions of each activity.

This has enabled us to better structure our environmental policy and draw up our action plan to reduce our emissions over the long term.

The scope of our carbon assessment:

Time scope: 2020 France and 2021 Group

We wanted to involve most of our satellite entities in this approach, in addition to Econocom Planet. We assessed the France scope and the international entities scope

Measurement scope: Operational

Full Scope 1

Full Scope 2

Full Scope 3: The LCA (life cycle analysis) of the products sold is taken into account in full, excluding the use of products by our customers.

Primary data

Accounting entry file (AEF)

Average data for employees

Physical data for certain key items

Methodology

Official and approved Bilan Carbone® methodology:  ISO 14064-1/ PRG 100

The assessment of our emissions follows the Bilan Carbone® standards, a methodology standardised by ADEME. Our service provider has an operating license for the Bilan Carbone® method, which certifies the accounting of our emissions.

Our approach: An objective and transparent methodology

The carbon footprint of each expense is assessed on the basis of public research or research certified by independent authorities.

Specifically, the carbon impact of certain expenditure categories is estimated by calculating the ratio of a company’s total carbon footprint against its revenue, both obtained from public reports that have been audited by independent authorities.

The information analysed is treated in a completely neutral manner.

Our 2020 and 2021 results for France for our distribution and financing activities:

These calculations are based on the official Bilan Carbone®-sanctioned methodology:  ISO 14064-1 and the PRG 100

Our results for 2020 and 2021 for France for our Services activities:

These calculations are based on the official Bilan Carbone®-sanctioned methodology:  ISO 14064-1 and the PRG 100

Our 2021 results for France + International for our Group activities:

These calculations are based on the official Bilan Carbone®-sanctioned methodology:  ISO 14064-1 and the PRG 100

Analysis of the results of the carbon footprint update:

Econocom’s carbon footprint does not only take into account direct emissions related to energy, gas or fuel for Scope 1 & 2 but also indirect emissions for Scope 3, which takes into account all of the Group’s activities in the Distribution and Financing businesses.

This new methodology therefore takes into account all other indirect emissions occurring upstream or downstream of the organisation’s value chain. This is a huge part of our environmental impact.

We can see that the distribution and financing activities have a huge and very significant impact because of their product purchasing activity. Between 2020 and 2021, this represents more than 90% of the carbon impact. This finding is less identical for service purchases, which represent approximately 50% of the carbon impact for the Services entity.

The decrease in our carbon footprint for the distribution and financing activities is mainly due to the decrease in our revenue from 2020 to 2021. For example, the distribution sector experienced strong growth in 2020 due to the Covid crisis, which resulted in the need to study and work from home.

This resulted in a decrease in our overall carbon impact.

The decrease in our gas consumption was also due to a restructuring of our sites across France, with sites using more electrical energy.

The Digital category takes into account the impact of internal and external digital technology.

For the external impact, this takes into account, for example, the servers, the cloud, etc. used as part of our services for our customers.

Overall, we observed a decrease of 19% from 2021 to 2022, mainly due to the resale of an activity for the Services entity.

On the other hand, Scope 1 and 2 remain very significant because the Services France entity has a large fleet of vehicles and numerous sites throughout France. Energy consumption is therefore also higher.

The increase in Scope 1 and 2 for the categories of electricity and fuel consumption were due to the end of the Covid crisis, which allowed employees to return to sites and to our customers.

The end of the Covid crisis also had a more general impact on travel in France and abroad, which increased.

Carbon footprint reduction trajectory:

ECONOCOM is committed to reducing its CO2 emissions by around 4.2% per year for Scopes 1 & 2. Econocom will endeavour to apply this same reduction for Scope 3.

These commitments will apply to its entire scope of activities.

To achieve our objective, we intend to involve managers for each major source of emission. We will therefore endeavour to define together, with the corresponding departments, the possible and impacting reduction actions, in keeping with both development and growth objectives.

Below, two concrete actions already implemented around travel and sobriety.

3.2.2.  Rethinking travel to reduce emissions

Econocom has also incorporated electric and hybrid vehicles into its fleet. The Econocom Group is committed to renewing 100% of its private vehicle fleet (which represents 25% of its overall fleet) with electric and hybrid vehicles over the next three years.

For LCVs (commercial vehicles), Econocom Group is committed to increasing the share of hybrid and electric vehicles in its fleet.

The Group favours low-emission transport methods and encourages its employees to use the train when possible. For travel by plane, Econocom chooses, whenever possible, companies that seek to reduce their environmental footprint and has above all drastically limited such travel.

3.2.3.Energy sobriety

To address the energy challenges we are facing, Econocom mobilised and joined the efforts to reduce energy consumption by 10% over two years in France and internationally.

As a Responsible Digital Entrepreneur, Econocom set up an energy sobriety plan through which the Group undertakes to:

• reduce the temperature of the premises to 19°C;
• turn off interior lighting in buildings during unoccupied periods, from 9 p.m. to 6 a.m. and on weekends;
• turn off illuminated exterior signs on buildings from midnight to 5 a.m.;
• put our buildings in frost-free mode and shut down all air conditioning at night and on weekends;
• continue to install low-voltage lighting (LED) and motion sensor systems.

3.2.4.  Reducing our impact on water and biodiversity

The Les Abeilles group, the legendary towing specialists on the high seas.

Les Abeilles has been committed to protecting the coast for more than 40 years. On a daily basis, we take care to combat the threat of pollution of all kinds (hydrocarbons, chemical pollution, macro-waste such as containers).

Among our actions to promote technical innovation and the optimisation of existing vessels:

• "zero discharge" policy at sea (oily water, ballast water, waste, etc.);
• policy for reducing atmospheric waste (combustion fumes, management of additives in the exhausts of the main engines of our vessels);
• availability of shore power: 100% via pro-active approaches to local players (including the ports of Brest and Boulogne, the Brittany and Hauts-de-France regions);
• cetacean detector.

The priority mission of the Les Abeilles group is to be at the service of the protection of the French coastline alongside the State's Sea Action (so-called AEM).

In 2022, we modernised the fleet of our port and maritime service vessels. The crews are available 24/7, 365 days a year, to ensure the safety of sea users. Over the past 40 years, they have prevented around 20 major environmental disasters caused by sinking oil tankers (the equivalent of 20 Amoco Cadiz). Each year, they assist hundreds of people in difficulty. The impact of Les Abeilles is considerable at the environmental and human level.

The company has just been awarded the “Ocean approved” label.

The OCEAN APPROVED® label makes it possible to identify and bring together all organisations (companies, local authorities) that are committed to reducing their impact on the Ocean beyond just compliance with the regulations in force.

The OCEAN APPROVED® label is based on the Fondation de la Mer’s Ocean Reference Framework, which is aimed at all types of companies, in terms of size and sectors, and is based on a holistic consideration of the company's potential direct and indirect impacts:

• pollution, acidification and global changes in the marine environment;
• use of marine and coastal resources;
• corporate governance and strategy.

The label is built on the basis of UN Sustainable Development Goal number 14 related to aquatic life.

Optimise water consumption in our offices and reduce their emissions

The following measures were taken to help reduce water consumption in our offices:

• increasing number of sites with the highest environmental standards (BREEAM, etc. ) or with ISO 14001 certifications;
• awareness-raising campaigns on everyday eco-gestures around water;
• increasing number of sites with ISO 14001 certification.

To minimise water leaks and waste, Econocom monitors its consumption. Consumption per employee decreased by 14% from 2020 to 2022.

3.3.Green taxonomy 

Reporting on the Econocom Group’s activities with regard to the European green taxonomy

1) Context

European Regulation 2020/852 of 18 June 2020, commonly known as the “European Taxonomy”, is a central pillar of the European Union’s financial sector empowerment strategy, as a tool for redirecting capital flows towards sustainable investments. This tool defines a reference framework and a common language aimed at identifying activities that significantly contribute to the achievement of six environmental objectives:

• climate change mitigation;
• climate change adaption;
• protection and sustainable use of water and marine resources;
• transition to a circular economy, waste prevention and recycling;
• pollution prevention and control;
• preservation of sound ecosystems.

The companies concerned must disclose three “green” activity ratios in their non-financial performance statements (NFPS):

• green revenue;
• green capital expenditure (CapEx);
• green operating expenses (OpEx).

This framework describes specific eligibility and alignment criteria and thresholds:

• the activity must comply with the Commission’s technical review criteria;
• the eligible activity may not contribute to one of the objectives by significantly harming one of the other five (“Do No Significant Harm” principle);
• the company must respect the minimum social guarantees.

No comparative data for the 2021 financial year is required for this reporting period in respect of the alignment.

2) Calculation scope and methodology

To determine the financial ratios presented in this note, Econocom has applied the rules defined by the delegated act known as “Article 8” of the Taxonomy Regulation:

• the scope considered covers all the Group’s activities corresponding to the scope of consolidated companies. Companies in which the Group exercises joint-control or influence are excluded;
• the financial data are taken from the financial statements at 31 December 2022. Revenue and capital expenditure can therefore be reconciled with the financial statements. The underlying financial information was checked jointly by the finance and operational teams to ensure consistency and reconciliation with the consolidated financial statements;

• capital expenditure corresponds to the costs capitalised for tangible and intangible assets;
• operating expenses are defined as direct costs that cannot be capitalised and include research and development costs, building renovation costs, maintenance and repair costs, leases recognised in the income statement and any other expense related to the day-to-day maintenance of assets.

1. 3) Eligibility of activities

As part of its eligibility analysis, Econocom has endeavoured to reconcile its business model with the description of the activities listed in the Green Taxonomy's climate delegated act beyond the simple analysis of NACE codes (Statistical Classification of Economic Activities in the European Community), for the first two environmental objectives.

In 2022, Econocom identified two eligible activities:

Econocom also considered individually eligible investments in respect of activities 6.5 "Vehicle purchase, financing, leasing, finance leases and operation" designated as belonging to categories M1 and N1 and 7.7 "Installation, maintenance and repair of renewable energy technologies".

4) Alignment of activities

As from the 2022 financial year, the regulation makes it mandatory to publish the share of three indicators (revenue, CapEx, OpEx) that are associated with aligned and non-aligned economic activities. These indicators relate to data for the 2022 financial year without comparative information for the 2021 financial year.

According to the taxonomy's regulations, an eligible activity is aligned, and therefore sustainable, if the activity:

• complies with the technical criterion(s) of substantial contribution to one of the six environmental objectives, does not harm any other environmental objective ("Do No Significant Harm" - DNSH), and complies with the minimum guarantees referred to in the Article 3.c, namely the procedures that a company carrying out an economic activity implements to comply with:
• the OECD Guidelines for Multinational Enterprises;
• the United Nations Guiding Principles on Business and Human Rights;
• the principles and rights set out in the eight fundamental conventions mentioned in the declaration; the International Labour Organization's convention on fundamental principles and rights at work;
• the International Bill of Human Rights.

a) Criteria of substantial contribution to climate change mitigation and Do No Significant Harm

# Technical criteria

• 7.7 Acquisition and ownership of buildings

The European taxonomy requires reaching a threshold of primary energy consumption corresponding to NZEB-10% for buildings. For buildings built before 31 December 2020, those with a DPE equal to A or belonging to the top 15% of the national real estate portfolio. To date, the average threshold used for our real estate portfolio is 156 kWh/m²/year (source: Observatoire de l'Immobilier Durable). Buildings constructed after 31 December 2020 must meet the criteria specified in Section 7.1.

• 8.1 Data processing, hosting and related activities

The activity implemented the relevant practices of the European Code of Conduct relating to the energy efficiency of data centres.

• 9.3 Specialised services related to the energy performance of buildings

The alignment of activities is subject to the type of services relating to the energy performance of buildings.

# Climate change adaptation

• 7.7 Acquisition and ownership of buildings

The physical and vulnerability risks of assets to climate change were the subject of a specific analysis which led to the definition of action plans according to the levels of exposure.

# Transition to a circular economy

• 8.1 Data processing, hosting and related activities

b) Minimum social guarantees

The equipment used meets the requirements established in accordance with Directive 2009/125/EC for servers and data storage products.

Econocom meets these various minimum guarantee criteria:

• Human rights: Econocom rolled out a global vigilance approach covering its human rights risks throughout the value chain. In addition, the Group has not been convicted of human rights violations.
• Fight against corruption: Econocom is subject to the SAPIN II law and has rolled out the expected measures as part of the fight against corruption. Neither the Group nor one of its executives has been convicted in this field.
• Taxation: Econocom strives to comply with the regulations applicable in all the countries where it operates and implements a transparency policy in accordance with the OECD’s BEPS recommendations. The Group has not been convicted of serious misconduct in this area.
• Competition law: Econocom complies, within its scope of activity, with the legislation in force in the context of competition law. Neither the Group nor one of its executives has been convicted in this field.

5) Results

Conducted jointly by the Finance, CSR and Operational Departments, Econocom conducted a detailed analysis of all its activities in order to identify the eligible activities and the associated ratios:

a) Revenue

The portion of eligible revenue covers the activities of the “Green & Energy” Business Unit and accommodation activities within the “Services” business line.

b) Capital expenditure (CapEx)

Pursuant to Appendix 1 of Article 8 of the delegated regulation, Econocom defers capital expenditure and operating expenditure associated with an eligible activity and individual capital expenditure that are not associated with an activity intended to be marketed.

Capital and operating expenditure mainly relate to individual expenditure related to the real estate sector, and mainly correspond to the rights of use of building and vehicle leases.

c) Operating expenditure (OpEx)

Based on 2022 reporting, maintenance and rental expenses (relating to non-capitalised contracts) represent an insignificant portion of the Group’s total operating expenses.

3.4.CSR partnerships

The Group has established numerous partnerships in all countries to carry out CSR actions, with customers and associations. Below are some examples of such partnerships.

A commitment with Emmaüs Connect in partnership with Schneider Electric

Econocom and Schneider Electric and Emmaüs Connect, key players in the fight against the digital exclusion of disadvantaged people, have signed a partnership to fight against digital exclusion over the coming years; Schneider Electric and Econocom are committed to donating 300 refurbished computers to Emmaüs Connect each year.

A donation campaign conducted with our customers, with Emmaüs Connect and Ateliers Sans Frontières

With the support of four of our customers, including EdF, we donated computers to Emmaüs Connect to help families of refugees, notably from Ukraine, to connect, find work and take online courses. Refurbished by ASF (Ateliers Sans Frontières, Arès group), our partner in the solidarity economy, this equipment is proof of the immediate social impact of the circular economy. For more information, please refer to paragraph 3.6.2.

Campus Responsable

Econocom took part in the creation of a digital appropriation guide produced by Campus Responsable, the first French-speaking network of universities and colleges committed to sustainable development. Campus Responsables aims to support higher education institutions to make them key players in the ecological and societal transition.

Partnership in Italy with Fileni Group

Faced with the humanitarian emergency in Ukraine, Econocom Italia and Fileni Group renewed their collaboration to offer concrete support to the Ukrainian community. Econocom Italia and Fileni donated 20 laptops to Caritas Jesina, which has been active in the reception of Ukrainian refugees since the start of the war.

3.5.Responsible purchasing and resilience of supply chains

Risks

The Econocom Group remains vigilant in the choice of suppliers, in the insufficient control of the supply chain and in the non-compliance by partners with the Responsible Purchasing Charter.

The Group has not identified any suppliers with a high ESG risk. Econocom mainly obtains its supplies from suppliers located on the European continent.

Our equipment purchases are made from wholesalers/resellers or manufacturers/software vendors recognised on the market and respecting all environmental and compliance standards and rules. The Group markets all major international brands (Dell, HP, Lenovo, Microsoft, etc.). Our services (subcontracting, for example) are purchased from local service providers.

In addition, certain manufacturers are setting up factories and inventories (notably in Europe), to ensure the best quality of goods supply. However, the major risks identified for our supplies are linked to lead times, which themselves depend on the sourcing of components, in-plant assembly production and transport. 

For example: disruptions and diversions of air, rail and particularly maritime traffic (price of containers and limited labour at ports during the Covid period, and the blockage of the Suez Canal which impacted global supply chains and took months to recover from). Global warming could also impact production and deliveries if more disasters occur: flooding in the regions or impact on factories. This would lead to production and delivery delays, which could potentially impact our supply chains and lead times.

Policy

The Purchasing Department plays a key role in Econocom’s CSR policy, since suppliers are an essential stakeholder in the value chain of the Econocom Group.

Econocom Group decided to structure its responsible purchasing policy to establish trust-based relationships with its suppliers by encouraging them to implement a CSR programme. Lasting cooperation between the Econocom Group and its suppliers contributes to driving performance for all parties.

The Econocom Group’s Purchasing Department prioritises responsible purchasing

In 2015, Econocom Group began to organise and structure its responsible purchasing policy to establish trust-based relationships with its suppliers by encouraging them to implement a CSR approach.

Econocom is convinced that CSR must first and foremost involve dialogue with its suppliers and the contribution of every player in the value chain. 

The Group thus established a Purchasing Charter with its suppliers, which is based on the ten principles of the United Nations Global Compact. The latter is sent to critical and strategic suppliers, who are required to return it signed, confirming that it has been taken into account and applied.

Compliance with this Purchasing Charter and the Group’s Code of Conduct is also assessed, for certain subsidiaries, through ad hoc contractual clauses. In this respect, harmonisation work is under way and should be effective in 2023.

In addition, the Econocom Group’s Purchasing Department reinforced this approach by sending a CSR self-assessment questionnaire with the aim of quantifying the results of its partners from a social and environmental perspective.

For temporary and intellectual services, the Econocom Group Purchasing Department relies, on the one hand, on the network of adapted companies (ESAT, GESAT) and, on the other, on the various structures enabling integration through economic activity

(https://www.gouvernement.fr/les-actions-du-gouvernement/economie-emploi/retrouver-un-emploi-grace-aux-parcours-d-insertion).

For example, we have been working in services for several years with our partner Arcesi, an Adapted Company in the digital sector. To date, Arcesi has more than 160 employees, over 80% of whom have disabilities.

Below are the indicators for monitoring the responsible purchasing policy:

3.6.Local anchoring

Econocom intends to make a positive impact on all of its ecosystem. One of the priorities which the Group set itself is to build lasting relationships with the economic, social and community fabric close to the sites where the Group is active. Every site and subsidiary is therefore encouraged to get positively involved with its employees and in its direct ecosystem in order to put down firm local roots.

Overview of initiatives with positive impact in our subsidiaries

Some examples of positive impact initiatives in our subsidiaries:

GERMANY:

Econocom Germany, like other countries, is committed to monitoring energy consumption and reducing CO2 emissions.

Econocom Germany goes further by offsetting its residual emissions (scope 1 and 2) through environmental projects. In 2021, Econocom Germany obtained the status of climate neutral company for the first time and will also carry out a climate neutral audit in 2022. The objective is to carry out a climate-neutral audit each year and thus contribute to the ecosystem.

Employee well-being:

In 2022, Econocom Germany partnered with Nilo Health, a platform for the mental well-being of employees that offers a coaching and consulting service. Another partnership was signed with Qualitrain/Wellpass, which offers heavily discounted subscriptions to sports centres and other sports and well-being facilities throughout the country. All of these measures serve to strengthen our most important asset - our people - and provide support even in challenging times.

ITALY:

In September 2022, the Econocom Italy group and the Francesca Rava Foundation, in collaboration with the Cesare Beccaria Juvenile Penal Institute, launched an inclusive social project to reinterpret Believe in ONE: one goal, one chain, one team, one spirit. The objective was to strengthen the cohesion and different cultures of the group through the artistic work of the young people of the penal institute. The painting was shown at the event and is on permanent display at the Econocom Village in Milan.

BELUX:

Econocom Belux obtained the VOKA Sustainability Charter, the VOKA Belgian certification that recognises the importance of the responsible measures we take to achieve the sustainable development goals. 

In 2022, Econocom Belux focused on the quality of education and well-being at work. Through the launch of a new e-learning platform for its Competence Centres, Econocom Belux endeavoured to offer high-quality training to its staff on digital technologies. In terms of well-being at work, we supported Télévie in the implementation of their call centres, doubled the Gymlib memberships among employees, actively participated in the Pink Ribbon Marches Roses daily step challenge, carried out internal surveys on psycho-social risks, and organised improvement action plans for the most critical issues identified.

Econocom Belux signed the ISIT Charter on sustainable IT, contributed to the new report on the financing of the circular economy published by KPMG and Vlaanderen Circulair, and is a regular speaker for KULeuven, FOD Economie, Agoria and Febelfin Academy.

UNITED KINGDOM:

Teams from Econocom UK and Trams | Econocom began 2022 with a fundraising campaign to support a sports project. Proceeds from the event went to Shepherd’s Stars “Table of Hope”, a charity that Econocom UK has been working with since 2020. The Table of Hope initiative was set up for socially and/or economically disadvantaged people in the region. The event takes place every month and brings people together for a free meal and a social gathering. Thanks to this fundraising event, we were able to sponsor two of these monthly meals.

In October, the UK team supported Breast Cancer Awareness Month by wearing pink for the day. The entire team joined in and photos were shared on social media to promote the occasion.

SPAIN:

Econocom Products & Solutions has obtained a label for the calculation of the carbon footprint, carbon offset and absorption from the Spanish Office of Climate Change, under the supervision of the Ministry for the Ecological Transition. The label makes it possible to identify two levels of participation: the calculation of the carbon footprint and offsetting.

Through our customer Arestes we met the El Somni dels nens Foundation, which works with long-term sick children. We donated reconditioned iPads for their projects in the hospitals of Catalonia for the use of children who have been in a “bubble” for months and use technology to connect to the world.

The entire Spanish team also collected food and toys for the Sonrisas charity’s Christmas campaign. We also, as a responsible company, made a monetary donation.

To raise employee awareness, we publicised and highlighted various issues such as: Alzheimer’s, carbon footprint reduction, grandparents day, LGBT day, environment day, cloud boosting, mental health, International Day Against Breast Cancer, World Energy Saving Day, responsible digital player, etc.

3.7.Roll out philanthropic actions (responsible education and digital)

3.7.1.Support new uses linked to useful digital business in the education sector, and Green IT

Econocom is committed to promoting digital technology in school curricula in order to fight the digital divide and improve digital accessibility.

The French State decided to encourage the use of digital technology in schools to make up for France’s lag in the area. Econocom wants to take action in this movement by providing schools with solutions adapted to the needs of students, teachers, parents and public authorities.

Econocom’s goal through its commitment to education is to play a role in the transformation of learning, to ingrain a love of learning in students. The aim is also to encourage new teaching practices and to promote parental involvement in the education of children.

Econocom’s investments in education are reflected in several actions:

• the development of offers more specific to education that include personalised and green components that are particularly well suited to the many educational projects in France and abroad;
• Econocom established a partnership with “Campus Managers”. Campus Managers is the first French network of French universities and colleges committed to sustainable development;
• Educapital: finally, always with the aim of supporting young innovative companies that aspire to reinvent education, Econocom was the first player to invest in Educapital, the leading European venture capital fund dedicated to education and vocational training. Since its creation, Educapital has invested in over twenty or so innovative European Edtechs;
• Econocom is a member of Impact IA. Impact AI is a collective focused on reflection and actions with players involved in the area of artificial intelligence aimed at supporting innovative and positive projects for the world of tomorrow, particularly in education.

1. In 2022, employees took part in the creation of a training and awareness-raising module on gender bias.
2. The objective of the module is to support training institutions (engineering schools, business schools, etc.) in their actions to raise awareness of gender bias in AI models.

3.7.2.Sponsorship programmes in education

Patronage of the Démos project of the Philharmonie de Paris

In 2022, Econocom became a sponsor of the Démos project (a social music and orchestral education programme) led by Cité de la Musique - Philharmonie de Paris, in particular to support the digital component of this programme.

Démos is a cultural democratisation project focused on orchestral music, initiated in 2010 by Cité de la Musique - Philharmonie de Paris. It offers classical music learning for children who do not have easy access to classical music in existing institutions for geographical, economic and social reasons.

The project is aimed at children aged 7 to 12 living in neighbourhoods covered urban policy (QPV) or in rural revitalisation areas (ZRR), far from traditional places of practice. The system has continued to grow since its launch with more than 50 orchestras currently operating throughout the country, including in the French Overseas Departments and Collectivities. Since 2010, nearly 10,000 children have already discovered classical music thanks to this project.

This commitment is in direct line with the actions carried out by the Group as a responsible digital entrepreneur to foster inclusion and education.

Econocom, partner to Double Horizon

For over 9 years, Econocom has been a partner of the Double Horizon association which supports the education of under-privileged people in France and abroad.

Econocom decided to support the French activities of the association. Double Horizon works in schools which are part of the priority education network. A survey carried out a few years ago showed that the majority of children from these schools had never visited Paris, its sites or museums, even by the end of secondary school.

Econocom provides material and financial support to combat the school-family digital divide.

Espérances Banlieues

For 3 years, Econocom has formed a partnership with Espérances Banlieues. The Group committed itself to supporting the actions of this organisation which creates non-denominational schools in difficult districts.

“100 000 entrepreneurs” association

To build bridges between schools and businesses, and to pass on the entrepreneurial drive to young people, Econocom supports the action of the organisation “100 000 Entrepreneurs”.

“100 000 Entrepreneurs” organises testimonials from volunteer entrepreneurs in schools, from the fourth grade to higher education.

Over the past school year, more than 100,000 young people have met these women and men who do business in many ways!

The Maison de l’Amitié association

Maison de l’Amitié (MDA) is an association that reaches out to people in very precarious situations and in isolation, who live or move to La Défense. It provides an initial welcome to people, developing relationships between beneficiaries and volunteers (employees of local businesses and residents), and offering global support. In addition to meeting people on the street, and to supplement the primary services offered (food, clothing, staying clean), MDA develops, either directly or in partnership, social, health, cultural and existential actions.

As a sponsor, Econocom will help finance the digital support of social workers who spend around 50% of their time interviewing beneficiaries. 75% of interviews include a paperless process (registration for a request for accommodation, request for RSA aid, registration and updating at Pôle Emploi, CPAM health services, medical appointments, etc.).

Econocom contributes to financing a Wi-Fi terminal in order to access websites, for example, to request accommodation or file an RSA request. Econocom also provides IT support. This commitment is perfectly in line with our policy of combating the digital divide and supporting vulnerable people who are excluded from employment.

Econocom mobilises with its customers and its partners Emmaüs Connect and Ateliers Sans Frontières to fight the digital divide and help refugees reconnect

In partnerships with Emmaüs Connect and Atelier Sans Frontières, Econocom is mobilising to fight the digital divide and help refugees reconnect. The laptops collected were refurbished by the integration company Ateliers sans Frontières (ASF) and then redistributed by Emmaüs Connect, a key player in the fight against the digital exclusion of people in vulnerable situations, which previously supported Econocom in the donation of more than 500 laptops during the COVID-19 crisis.

The indicators for monitoring the regional support policy are shown below:

4.CSR Impact offers for more sober and sustainable uses

Since 1973, we have been committed to creating digital tools and services for our customers with responsible purposes and uses.

We believe that it is essential to support the actions of companies to take into account the limited resources of our planet, while ensuring value creation for all.

We work alongside our customers by providing them effective solutions to address the common challenge of reducing the environmental impact of business operations.

4.1.Decarbonisation of products and services

Risks:

Among the expectations of customers, there is responsible digital technology with these three aspects: low impact on the environment, social inclusion (fight against the digital divide) and trust (GDPR, cybersecurity). In such an approach, a company that does not take into account the impacts of its services and products risks missing the turn taken by the market around demand on impact.

Policy:

Econocom aims to facilitate the ecological and digital transformations to support its stakeholders in creating a positive impact.

Econocom wishes, ultimately, to natively boost the responsible component in 100% of its new offers as well as in its existing offers. The idea is to create new generation support offers fulfilling new uses (autonomy, user experience, etc.) and the need for cost control requested by the DSI. Econocom is therefore trying to provide its clients with solutions for transforming the work environment (physical and digital) and associated infrastructure to increase user satisfaction and productivity while reconciling the responsible dimension in its portfolio of offers.

The objectives of companies and local authorities in the energy transition are the same: to reduce the energy consumption of their buildings, contribute to the reduction of greenhouse gases, find new overall solutions to control energy and contribute to the production of renewable energies. Because if achieving targets it critical over the long term, the short term priority is to save money.

4.1.1.Responsible financing

Green Energy

Investment in the Green & Energy business unit illustrates Econocom’s ambition: “to be the leading partner to support our customers in their energy and digital transformation projects”.

But how can we reconcile sustainability and competitiveness?

Energy transition law, tertiary decree, F-Gas regulations, RE2020, industry decarbonisation plan, energy savings certificates, etc. A suite of systems aimed at encouraging energy performance the understanding of which is key.

The structural increase in energy prices has an impact on the competitiveness of organisations. To control its purchasing costs over the long term, the Company must implement energy efficiency initiatives and shift towards renewable energies.

Through its Green & Energy Department, Econocom meets these challenges by providing a global solution ranging from seeking out sources of energy savings to the execution of projects and their funding.

What we do

• design: identifying sources of energy savings, independently prescribing high-performance, eco-designed and less energy-consuming equipment, calculating returns on investment;
• implement: managing orders, organising logistics flows, monitoring the execution of works until the commissioning of the facilities and all reservations have been lifted, our project management assistance supports our customers throughout the life of the projects;
• finance: because financing is the cornerstone of any energy performance project, we provide an appropriate financial response which includes all the aids and subsidies to which customers are eligible, in order to accelerate the energy transition with no cash out;
• manage performance: collecting and compiling all energy and economic data using our digital platform.

Our Energy managers return the data in meaningful and efficient manner to help our customers make the best decisions.

EcoBuilding: the energy management platform for real estate portfolios

The EcoBuilding offer is an energy management service that uses data intelligence to accelerate the transition. The management of energy expenditure data is made possible through a dedicated platform:

• collection of energy data and influencing factors;
• generation of an energy mapping for a real estate portfolio;
• identification of anomalies and potential savings;
• feedback on the outcome of actions and energy efficiency.

E-Bike

In Germany, Econocom launched its new offer, the long-term rental of electric company bikes, which takes the form of a salary conversion whereby the employer deducts the monthly payments directly from the employee’s salary.

As in the case of the provision of a company car, employees are taxed on the benefit in kind. In this way, they benefit from an attractive advantage compared to the traditional purchase of an electric bicycle.

Since 1 May 2022, the Federation of Hospital Institutions of the Knappschaft Health Insurance Organisation (Knappschaft Bahn See), located in West Germany, has been offering its employees the long-term rental of company electric bicycles. Financing is provided by Econocom through the new “Smart Bike” framework contract.

EcoCarbon

To meet the growing challenges of reducing the environmental footprint of digital technology, Econocom offers its EcoCarbon offer. Based on several years of expertise in Green IT, this end-to-end solution is based on three complementary modules to: Measure, Reduce and Offset the various impacts generated through the IT equipment present in its contracts.

The EcoCarbon offer is built on three complementary blocks:

Measuring

This first key step enables to assess the environmental footprint of the digital scope under review and is based on three actions:

• the calculation of the energy (use) and environmental (manufacturing, transport and end-of-cycle) impacts of digital equipment and infrastructure;
• the analysis of the results generated according to different views (equipment, impact, etc.);
• the review of additional digital scopes (cloud, applications, etc.) with selected expert partners from our ecosystem.

Reducing

Based on the data under review and additional information collected on the organisation, Econocom will be able to submit responsible actions to encourage its customers to reduce their CO2. These actions will be broken down into: recommendations for improvement, potential savings forecasts, best practices, performance indicators for monitoring changes and comparisons with previous years.

The implementation of these actions aims to address the energy consumption of equipment and reduce the impact of the environmental footprint of digital technology.

These recommendations will influence: the purchasing and replacement policy for equipment, the optimisation of infrastructures, time in use, user usages and behaviour.

Offsetting

With the implementation of all reduction actions, the use of IT equipment will never be neutral in terms of environmental impact. This is why Econocom offers its customers through EcoCarbon to offset the remainder of this environmental footprint by investing in sustainable and responsible projects selected by our partner, a recognised international player in this sector. In return, a certificate is issued, attesting to the carbon tonnes offset.

Econocom provides its customers with the following types of “certified” projects: Sustainable Energies, Biodiversity and Societal. The list of projects is evolving and is updated regularly. Some examples of projects currently selected, on which it is possible to offset all or part of the environmental footprint:

Carbon standards are quality labels that certify carbon credits from offset projects that meet specific environmental and/or social criteria. Each standard sets its own requirements and the criteria guaranteed are very diverse. The standards with the most important requirements are: Gold Standard (GS) and Voluntary Carbon Standard (VCS).

4.1.12  Responsible service offerings

e-POS Services

Econocom offers e-POS Services, a customised solution to support all components of checkout lines in stores or drives.

This comprehensive equipment support contract covers workshop repairs and customer on-site service. 98% of equipment is repaired and returned to service, thus increasing its lifespan.

Hubreg

Unparalleled on the market, HubReg is a certified multi-manufacturer contactless enrolment platform that centralises, industrialises and simplifies the process of equipping employees. Once the equipment has been registered - laptops, tablets or smartphones - in HubReg, all users need to do is connect to the WiFi - business or personal - to have their machine mastered, that is, to be configured with the core software and profiles decided by their DSI. Technical handling is therefore reduced to a minimum, the management of product flows and their transport are simplified, faster, less costly and meet CSR objectives through “delivery-return” coupling services for old equipment.

Finops

As part of its application and platform modernisation consulting services, Econocom Apps, Cloud and Data launched a Finops offer (a contraction of Financial Operations) to support customers wishing to migrate to the cloud in establishing a set of best practices to understand, monitor and control cloud costs and align their costs with the value generated.

From the start of digital transformation initiatives to their implementation, our experts assist our customers in the design and deployment of optimised and digitally sober applications and architectures. This discipline not only results in controlled and cost-effective digital services, but also in responsible and sustainable digital services.

Workplace as a service

Placing the user experience at the heart of its model, the Workplace offer stands out for its end-to-end control of services and its transformation approach. This virtuous model is based on a combination of technological expertise and outsourcing know-how, notably in user environments, but also, and above all, in technological and organisational innovation.

This offer is based on an approach based on operational excellence. This model guarantees the availability of environments and adapts with precision the response to the need, and thus saves the use of resources, pursuant to a digital sobriety approach.

The indicators for monitoring the responsible digital policy are shown below:

4.2Transition to a circular economy

Promote responsible digital business and the circular economy

Risk:

Regulatory changes directly impact the markets in which they apply. For the EPS entity (Products and Solutions), whose business model is partly based on the sale of new products, regulations on IT equipment, as part of the circular economy, a review of certain offers is necessary in order to adapt to market demands. Similarly, for leasing or service activities, regulations could oblige them to further adapt their offers.

We must also take into account the specific risks related to the life cycle [BB1] of computer equipment. Econocom must take into account the risks for the Group, as well as those generated by the Group’s activities (by its products and services) and IT on the environment (mass waste, pollution, hazardousness of certain materials/equipment if they are not duly recycled).

Policy:

Econocom wants to offer effective and responsible solutions to generate positive impact for its customers and their users, without promoting digital for digital at any cost.

The circular economy applied to digital products and services takes on its full meaning to provide concrete solutions.

Our mission is to support customers seeking to reduce the environmental impact of their IT and digital systems. We can achieve this thanks to dedicated offers based on several levers:

• supporting responsible consumption;
• extending the periods of use;
• managing the end-of-life of equipment;
• on the ADEME circular economy wheel, we work on six of the seven pillars.

Functional Economy

The “Practical Guide to Responsible Digital Purchasing” published in April 2021 by the Interministerial Mission for the reduction of environmental impacts from digital technology showcases leasing as a responsible alternative to purchasing new equipment:

“Leasing is an alternative to buying digital equipment. This practice allows the organisation to adjust its asset base to the needs of each user and to deal with emergencies or specific needs. This approach is one of the main pillars of the circular economy: the “functional economy, i.e. buying the use rather than the good.”

“Leasing may also be of interest from an accounting, tax and financial perspective, depending on the case and the situation of the buyer:

• no non-current assets;
• no VAT payable on the price of the equipment;
• lease payments are not included in the balance sheet (operating expenses);
• financial incentive to keep only the necessary equipment (more rigorous management of asset base inventories);
• management of the end-of-life of equipment borne by the lessor.”

For over 45 years, Econocom has been supporting companies in their industrial changes, in particular by financing digital and technological solutions and assets. Thanks to its technological expertise, Econocom provides companies and organisations with bespoke digital solutions, with contemporary consumer finance. By virtue of its “as a service” business positioning, Econocom participates and acts specifically to meet challenges of the circular economy. At present, 32 to 47% (1) of companies have already adopted the circular approach to the purchase, design, production and recycling of products. However, only 12% (2) of them adopt a business model which also offers products as a service. This low proportion of businesses that have succeeded in offering the “as a service” model is a seam of unexploited opportunities.

Specifically, Econocom has essential expertise in the financing of digital projects and technological assets via “as a service” financing solutions. Taking this concept further, the Group has specific technological offerings to enable companies to manage their digital projects in real time and closely adjusted to usages. The Group is committed to actively contributing to this change of model.

This ambition to be firmly rooted in the circular economy is reflected in the Group’s countries. In this respect, Econocom Belux is a signatory of the “Green Deal”, a government initiative which aims to accelerate the switch to a circular economy. Alongside 229 other Belgian companies, for three years now Econocom Belux has been making its active contribution to circular solution projects in the country.

Promoting the reuse of digital equipment

Under our leases, we are responsible for removing the equipment leased to our customers at the end of the contract and reselling it or re-letting it on the second-hand market after following the process described hereafter. For information purposes, rental revenue amounted to €1,016 million in 2022, i.e. 37% of our total revenue.

We carry out an exhaustive audit of the equipment, and we classify it in two main categories: goods that we will refurbish for reuse, and waste (treatment according to WEEE standards), which are thus classified because they have no value in the market, or because they are completely destroyed or cannibalised.

Consequently, as the reuse and WEEE are carried out in the European Union, we consider that we apply European standards and that the risks generated by the Group’s activities on the environment in terms of this waste are limited. We respect the local specificities of each European country where we are established, by periodically sending WEEE to our locally authorised partners. Obviously, one of the most important rules is not to take them across borders and to process them locally. We therefore follow the path of this waste all the way to our partner, where it is treated (destruction, separation of materials under the CER code, recycling of materials resulting from this process).

For information purposes, the equipment sold by our Product & Solution entities represented revenue of €1,238 million in 2022, i.e. 45% of Group revenue. In this context, the customer is responsible for the traceability of the equipment and its end-of-life management.

Offers promoting the extension of the duration of use

Extending the life of IT equipment is a major lever for reducing their environmental impact. As mentioned in chapter 3.1.3, Econocom refurbishes nearly 500,000 pieces of equipment per year. Econocom is committed to developing an increasing number of offers for its customers to encourage second hand use. Econocom has thus developed a simple and effective solution, Ecotwice, which gave a second life to more than 40,000 pieces of equipment for end-users.

EcoTwice is a platform that allows employees to buy the equipment (in its current state of use) they use for work (smartphone, tablet or laptop). This enables to give equipment a second and helps our customers to retain their employees. This offer not only helps to extend the life of equipment, but also to fight against the digital divide, by offering the possibility of acquiring laptops or smartphones at very attractive prices for personal use.

Again with the aim of encouraging second hand use we also offer our customers an alternative to new IT equipment by leasing or purchasing refurbished equipment. The EcoLease offer thus enables customers to acquire refurbished PCs or smartphones.

Presentation Econocom Factory

Formerly Sofi Groupe, Econocom Factory is an industrial company specialised in the second life of electronic equipment since 1986, located in St-Mathieu-de-Tréviers, in France.

In 2017, the company, whose main challenge is to postpone the moment when an electronic device becomes waste, diversified into the reconditioning of phones and created the SMAAART brand. The brand guarantees the quality of the products refurbished at the 3,300 m2 industrial site and the company’s environmental and social commitment. In 2022, the company re-marketed nearly 100,000 refurbished smartphones and tablets.

On the strength of its industrial know-how and following very strict protocols, Econocom Factory has built a qualitative and transparent reconditioning process in a short-circuit circular economy in France.

Committed to the development of industry and jobs in France, it obtained the Service France Garanti and ISO 14001 certifications, and naturally became the first company in its sector to adopt the status of a "company with a mission".

Its mission is to actively contribute to extending the life of electrical and electronic equipment, and to commit to developing an innovative, meaningful and value-creating industry in the circular economy, in short supply chains.

With the following four environmental objectives:

• reduce greenhouse gas emissions by collecting used electrical and electronic equipment for reconditioning, by promoting the use of renewable energies produced in France;
• contribute to the saving of resources and raw materials necessary for the composition of electrical and electronic equipment;
• recover the waste generated by reusing or recycling parts of electrical and electronic equipment that cannot be repaired;
• raise awareness of sustainable consumption
  1. Promote the hiring of a local workforce.

And two labour objectives:

1. provide in-house training for unskilled labour

In 2022, the Econocom Group acquired a majority stake in the company, which diversified its offering into computer refurbishment. By expanding its offering to include refurbished computers, SMAAART responds to the growing demand from consumers for refurbished electronic products at reduced prices and contributes to further reducing the impact of digital technology on the environment.

Repair to extend the life of mobile devices

• .

In September 2021, Econocom inaugurated a new site for its Product Care services centre of more than 1,200 m², entirely dedicated to the eco-responsible management of mobile devices: telephones, tablets and laptops. With nearly one million terminals under management in maintenance services, Product Care maintains and repairs nearly 25,000 terminals per year using a responsible approach. In line with Econocom’s commitment to be responsible digital entrepreneur, Product Care delays the obsolescence of devices that are better maintained, regularly updated and repaired.

With more than 40 employees, the Product Care team is a multidisciplinary team that manages the administrative, logistical and technical aspects of the terminals with:

• repair workshops;
• a customer call centre (also reachable by email, chat and web platform);
• a logistics team; and
• a project team (in charge of after-sales service supervision for customers).

Adapting to the needs of companies, administrations and their employees, Product Care has several tailor-made schemes including the extension of the hardware manufacturer warranty up to 8 years, breakdown management, collection of devices (including at home) and their temporary or definitive replacement by a convenience or replacement device, their repair (with or without a binding leadtime) and the management of claims (without deductible), as well as User Support.

OneCare

Econocom Belux set up the OneCare repair portal and extended its used ICT asset buyback services to EPS customers. Econocom Belux is recognised among the active and pragmatic players in the Belux market for the extension of the life cycle of assets or the buyback of used ICT equipment.

The indicators for monitoring the circular economy policy are shown below:

4.3.Cybersecurity and data protection

Risks

• The compromise and loss of personal or strategic data may be the result of malicious actions
• Data breaches are often accompanied by the unavailability of services and tools
• The image of the Econocom Group may be degraded as a result of this type of event, thus causing a loss of confidence in its resilience among customers, partners and employees.

Policy

The Information System Security Policy (ISSP) for Econocom’s activities defines the organisation and responsibilities in terms of information and information systems security.

It aims to ensure the protection of the information managed by Econocom or its subcontractors against any deliberate or accidental event likely to compromise its confidentiality, integrity or availability. Likewise, it strives to ensure the integrity and availability of information systems.

Since the beginning of 2022, the Group has had a CSO (Chief Security Officer) whose mandate is to align the various entities of the galaxy in terms of security practices and commitments. In their role as conductor, the CSO endeavoured to build a strategy backed by a vision and a sufficient budget for the due deployment of the strategy. The latter is built around three pillars: appropriate, demonstrable and collective security.

The Group’s security strategy thus defines a base called Minimum Viable Security (MVS). The MVS describes a security approach that optimises the efforts required to offer the best capacity to meet current and future security needs. It is a pragmatic approach adapted to each business. In other words, the operating model preserves the operational independence of each entity in the galaxy to respect the specificities of the business lines. This autonomy is supported by work and security services and tools common to the entire Group.

The Group’s security strategy is rolled out simultaneously across the talent, process and tools components. Thus, a collaboration with HR was initiated to define and support the development of a “safety” function within the Group, aiming to allow career development adapted to the aspirations of employees as well as intra-Group movement. Similarly, an overhaul of the processes and policies governing security activities was initiated to reflect the state of the art in terms of risks and their countermeasures. Lastly, a technological clean-up is also under way, carried out in concert with the DSI and its services. Its objective is to provide digital tooling to stakeholders without the frictions caused by security requirements.

Actions

• Creation of a security team under the hierarchical responsibility of the CSO
• Assessment of the security maturity of the main entities of the galaxy and start of a dedicated support
• Creation of an intra-Group practice community meeting every month
• Employee awareness-raising on cybersecurity risks, in different languages
• Reinforcement of cybersecurity projects, including: cleaning up the IT base, rolling out of an incident detection and response centre, preparing for cyber crisis management, protecting accounts.
• Response to requests and audits from customers and partners

Personal data protection

As a leader in digital transformation in Europe, Econocom places personal data protection at the heart of its activities, its chain of expertise, its digital business lines and its international development.

In addition to compliance with national, European and international legal frameworks, Econocom intends to make the protection of the personal data of its employees, customers and partners an essential factor of digital trust, intrinsic to its strategy and its activities in relation to digital transformation.

To support this digital trust, Econocom designed a new global programme to strengthen its personal data protection governance and unite all its subsidiaries.

In 2022, the globalisation of Econocom’s Data Protection compliance approach was driven forward. It is based on three axes.

• Strengthening of the global governance of personal data protection

Strengthening of the role of the Group DPO (Data Protection Officer) appointed to the CNIL, reporting to the highest level of the organisation and responsible for designing and supervising the Data Protection strategy and monitoring its implementation.

Establishment of a Data Protection community comprising Data Protection Supervisors representing each country, and Data Protection Leads representing each subsidiary.

• The Data Protection Supervisors are responsible for overseeing the roll-out of the Data Protection Programme in each country.
• The Data Protection Leads are responsible for managing the subsidiary’s compliance plan.

Renewal of policies, directives and practical guides for subsidiaries for more sustained support.

• Development of a Global Data Protection Programme

Econocom developed a new global Data Protection Programme that serves as a framework for all Econocom entities to help them improve their compliance with regulations.

This programme is defined as a global roadmap setting out priority areas of work, all designed to converge every compliance action of the Econocom entities towards the achievement of common objectives with a view to strengthening personal data protection.

It covers the various obligations imposed by the legislation in force, the protection of the personal data of customers, employees and future employees and the data of suppliers, and allows a more global management of personal data protection.

• Implementation of compliance governance tools

1/ Econocom’s data protection is also at the heart of a digital transformation with the implementation of a global multilingual data protection compliance tool, “Data Legal Drive”. The objective is to enable all its subsidiaries to manage their compliance in a simple, fast and convergent manner. The tool facilitates the implementation of the register of data processing activities, the performance of impact analyses (PIA), the assessment of suppliers, the management of individual rights, the management of data breaches, etc.

2/ A DPO intranet was set up to develop internal communication on Data Protection, provide information on the progress of the programme, and share news on Data Protection with employees.

3/ A virtual community was created, the Data Protection Village, to enable data protection players in the various Econocom countries to exchange their practices, interact on common topics and develop their expertise in data protection.

4/ A bilingual self-assessment tool for Data Protection compliance is available online to enable each subsidiary to take stock and define its plan to improve its compliance.

The roll-out of the programme, the appropriation of tools, the renewal of training sessions led by the DPO and the establishment of a compliance monitoring system, all included in the roadmap for 2023, aim to involve all Econocom entities in a new dynamic of continuous improvement of personal data protection.

The indicators for monitoring the cybersecurity strategy are shown below:

Methodological note on the NFPS

The non-financial performance statement (NFPS) is drafted by the Group’s CSR Department and the Finance Department, which also coordinates non-financial data reporting. Such data are provided by the departments involved (human resources, CSR, CFO, purchasing, general services, etc.), in France and in other countries. These data are entered in a reporting dashboard, which makes it easier to collect, monitor and manage performance indicators.

The reporting methodology is described in a document that is regularly updated and distributed to contributors at the start of the data collection process.

Scope of reporting:

Unless otherwise specified, the scope includes all Group subsidiaries. Due to their independence, sales agents are excluded from the scope of publication. Any other exclusion to the scope is mentioned and explained in the corresponding paragraph(s). The data collection process is carried out once the calendar year is ended, from 1 January to 31 December.

Methodology used to explain our NFPS:

The NFPS presents the Group’s business model, the main non-financial risks and the policies, actions and results relating to these risks. The challenges were identified through consultation with internal and external stakeholders.

To this end, in 2022, the CSR Department again conducted a vast consultation among its internal stakeholders to validate and identify the associated key issues. These risks and key stakes were presented and approved by the CSR Department, before serving as a basis for discussion with all the Departments involved, in order to identify the most relevant indicators to report on the Group’s non-financial performance.

Pursuant to the consultations carried out by Econocom after the discussion with its stakeholders, certain information required as part of the NFPS was deemed not to be significant.

Due to the Group’s activity, certain topics relating to the Decree of 24 April 2012 and Article 4 of the Law of 11 February 2016 on the fight against climate change were not considered relevant, in particular societal commitments to promote:

• the fight against food waste;
• the fight against food insecurity;
• respect for animal welfare;
• responsible, fair and sustainable food.

Composition of advisory bodies

The Statutory Auditor of Econocom group is EY Réviseurs d’Entreprises SRL, a limited liability company, with its registered office at De Kleetlaan 2, 1831 Machelen, Belgium. It was appointed by the General Meeting of 18 May 2021, for a period of three years expiring automatically at the end of the Ordinary General Meeting to be held in 2024.

The annual report contains the signature of the firm EY for the validation of our annual report.

Key performance indicators

The following tables present Econocom's main key performance indicators on corporate responsibility in 2022.

Scope of the Econocom Group:

Germany, Belgium, Spain, France, Ireland, Italy, Lux, Morocco, Poland, Czech Republic, Romania, USA, Brazil, Mexico, England and the Netherlands.