AEXAF - Atos SE (AEXAF) Q4 2023 Earnings Call Transcript
2024-03-26 11:17:02 ET
Atos SE (AEXAF)
Q4 2023 Results Conference Call
March 26, 2024 03:00 AM ET
Company Participants
Paul Saleh - Chief Executive Officer
Carlo d’Asaro Biondo - Group COO
Jacques-François de Prest - Group CFO
Conference Call Participants
Frederic Boulan - Bank of America
Laurent Daure - Kepler Cheuvreux
Adam Megyeri - Bank of America
Derric Marcon - Societe Generale
Presentation
Paul Saleh
Thank you for joining us this morning to discuss our full year 2023 results. On the call with me today is Carlo d’Asaro Biondo, our Group COO; and Jacques-François de Prest, our Group CFO.
And for the agenda today, I will share some key messages related to our accomplishments in 2023 as well as current strategic initiatives underway. Carlo will cover in more detail our performance by lines of business and regions, and then Jacques-François will go over our financial statement for the year. I’ll come back too with closing remarks, and then we’ll take your Q&As.
Before we get started, I want to draw your attention to the disclaimer that you’ll find on Slide 3. And then you see the agenda.
So let me move on to review the year-end. And you can see from the slide, we delivered group revenue and operating margin results that were in line with our full year guidance.
This is my key messages. Our Eviden business reported continued growth and increased profitability in an environment where we saw a market softness in the Americas and in Northern Europe, particularly during the second half of the year. For the fiscal ‘23, Tech Foundations executed on its transformation plan, which was based, if you recall, on 3 pillars: refocus, recover and rebound. And this has translated into a strong improvement in profitability and increased win rates with existing and new customers.
Free cash flow for the second half of the year was slightly below our guidance as we stated previously, and now it’s primarily due to deal slippage at year-end. For the full year, free cash flow was negative €1.1 billion, reflecting higher restructuring, separation and transformation costs as well as lower working capital actions compared with the prior year. Cash at the end of the year was €2.4 billion, including the benefit of working capital actions of €1.8 billion. Last year, our working capital actions were €2.3 billion....
Atos SE (AEXAF) Q4 2023 Earnings Call Transcript