Capgemini demonstrated its agility and resilience once again in 2023. The Group withstood the slowdown in demand which was most likely due to higher inflation and rising interest rates. We continued to invest and consolidate our status as a partner to our clients supporting their business and technology transformations. Despite the decline in demand, the Group improved its operating margin. The market’s reaction to Capgemini’s performance demonstrated investors’ trust in the Group, in its captain, Aiman, and his entire crew. It is a well-known fact that we see who the best helmsmen are in light winds! It is therefore no coincidence to me that Capgemini is a partner to the America’s Cup, an iconic sailing competition that takes innovation and technology to the highest level.
Everything still, and always, comes down to technology and innovation. Artificial intelligence has become the driving force behind transformation, with the sudden emergence of generative AI. Everyone has seen how, at tremendous speed, it has transformed the day-to-day lives of businesses and citizens alike. In record time, this technology has started being used in ways that we never thought imaginable, and its potential is seemingly boundless. In any case, generative artificial intelligence is ushering in a new era. The press likes to point out the risks associated with it (hallucinations, bias, the spread of deepfakes, intellectual property rights violations, high energy consumption, etc.). But we are truly on the verge of a revolution that will boost productivity and completely reshape many sectors. So, as always, we must redouble our vigilance and our efforts. Some might be tempted to rely entirely on regulation. But we should remember that what we need to control is how technology is used. We must beware of giving in to the absurd idea of censoring technology itself.
Your Board of Directors, which I have the pleasure of chairing, ensures the proper governance of the company. Its composition changed again in 2023. At your Annual General Shareholder’s Meeting, two new members were voted in: Megan Clarken and Ulrica Fearn. They very quickly contributed to our work through their sector expertise and their understanding of financial aspects, inclusion and diversity, digital transformation and the US and Asian markets.
I started this letter with a sailing metaphor, and I’d like to end it with reference to a sport that is even more beloved at Capgemini. The 2023 Rugby World Cup, which we sponsored, brought out the enthusiasm and attachment that many of our employees feel towards this sport. At the risk of offending some, I would like to pay tribute to the winners, South Africa. The country’s team showed uncommon strength of character. They beat France, England and New Zealand, each time by one tiny point. It is a testament to collective spirit, resilience and extraordinary mindset and strength of character. And that is the beauty of this sport. Serge Kampf would undoubtedly be extremely happy to see that his passion for rugby reigns as strong as ever in the Group he founded over fifty years ago. Serge was crazy about rugby, because he believed that it was the ultimate team sport. You cannot achieve anything in rugby without total engagement from all teammates, and every try is an achievement for the entire team. These collective values resonate intensely with those of Capgemini and continue to guide us today.
