Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares. RESULTS BY REGION Revenues Year-on-year growth Operating margin rate H1 2024(in millions of euros) Reported At constant exchange rates H1 2023H1 2024North America3,108 -5.5%-5.4% 15.2%15.5%United Kingdom and Ireland1,380 -0.4%-2.8% 18.4%20.5%France2,245 -2.7%-2.7% 11.1%9.1%Rest of Europe3,470 -0.1%-0.1% 10.5%11.1%Asia-Pacific and Latin America935 -3.7%-1.6% 10.2%10.5%TOTAL11,138 -2.5%-2.6% 12.4%12.4% OPERATIONS BY BUSINESS Total revenues Year-on-year growth H1 2024(% of Group revenues) At constant exchange ratesin Total revenuesof the businessStrategy & Transformation9% +2.7%Applications & Technology62% -3.4%Operations & Engineering29% -1.8% SUMMARY INCOME STATEMENT AND OPERATING MARGIN (in millions of euros)H1 2023H1 2024ChangeRevenues 11,42611,138-2.5%Operating expenses(10,013)(9,754) Operating margin 1,4131,384-2%as a % of revenues12.4%12.4%-Other operating income and expense(262)(237) Operating profit1,1511,147-as a % of revenues10.1%10.3%+20 bpNet financial income/(expense)(22)20 Income tax income/(expense)(313)(326) Share of associates(4)(3) (-) Non-controlling interests(3)(3) Net profit (Group share)809835+3% NORMALIZED AND DILUTED EARNINGS PER SHARE (in millions of euros)H1 2023H1 2024ChangeAverage number of shares outstanding171,947,414170,981,563 BASIC EARNINGS PER SHARE (in euros)4.704.88+4%Diluted average number of shares outstanding178,089,362177,293,357 DILUTED EARNINGS PER SHARE (in euros)4.544.71+4% (in millions of euros)H1 2023H1 2024ChangeNet profit (Group share)809835+3%Effective tax rate, excluding exceptional tax expenses27.8%28.0% (-) Other operating income and expenses, net of tax189171 Normalized profit for the period9981,006+1%Average number of shares outstanding171,947,414170,981,563 NORMALIZED EARNINGS PER SHARE (in euros)5.805.88+1% CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW (in millions of euros)H1 2023 H1 2024Net cash from operating activities244456Acquisitions of property, plant and equipment and intangible assets, net of disposals(125)(135)Net interest cost(24)(14)Repayments of lease liabilities(148)(144)ORGANIC FREE CASH FLOW(53)163Other cash flows from (used in) investing and financing activities(481)(1,171)Increase (decrease) in cash and cash equivalents(534)(1,008)Effect of exchange rate fluctuations(70)60Opening cash and cash equivalents, net of bank overdrafts3,7953,517Closing cash and cash equivalents, net of bank overdrafts3,1912,569 NET DEBT (in millions of euros)June 30, 2023December 31, 2023June 30, 2024Cash and cash equivalents3,1953,5362,572Bank overdrafts(4)(19)(3)Cash and cash equivalents, net of bank overdrafts 3,1913,5172,569Cash management assets575161367Long-term borrowings(5,663)(5,071)(4,276)Short-term borrowings and bank overdrafts(1,339)(675)(1,421)(-) Bank overdrafts4193Borrowings, excluding bank overdrafts(6,998)(5,727)(5,694)Derivative instruments(12)2(17)NET CASH / (NET DEBT)(3,244)(2,047)(2,775) 1 Limited review procedures on the interim consolidated financial statements have been completed.
As demonstrated by the performance of our Strategy & Transformation business, we are well positioned to capture the market upturn.” 1ST HALF KEY FIGURES (in millions of euros)H12023H12024ChangeRevenues 11,42611,138-2.5%Operating margin*1,4131,384-2%as a % of revenues12.4%12.4%+0 bpOperating profit1,1511,147-0%as a % of revenues10.1%10.3%+20 bpNet profit (Group share)809835+3%Basic earnings per share (€)4.704.88+4%Normalized earnings per share (€)*5.805.88+1%Organic free cash flow*-53163+216Net cash / (Net debt)*(3,244)(2,775) Capgemini generated revenues of €11,138 million in H1 2024, down -2.5% year-on-year on a reported basis and -2.6% at constant exchange rates*.On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -3.0%.
Media relations:Victoire GruxTel.: +33 6 04 52 16 55victoire.grux@capgemini.com Investor relations:Vincent BiraudTel.: +33 1 47 54 50 87vincent.biraud@capgemini.com Capgemini H1 2024 results H1 2024 revenues of €11,138 million, -2.5% year-on-year on a reported basisGrowth at constant exchange rates* of -2.6% in H1 and -1.9% in Q2 Resilient Operating margin* at 12.4%, stable year-on-yearOrganic free cash flow* of €163 million, up €216 million year-on-year2024 constant currency revenue growth target adjusted to -0.5% to -1.5% (was 0% to 3%)2024 operating margin and organic free cash flow targets confirmed Paris, July 26, 2024 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened yesterday in Paris to review and adopt the accounts1 of Capgemini Group for the first half of 2024.
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