Publicis Groupe: 2014 Annual Results
(Thomson Reuters ONE) -
02/12/15
PRESS RELEASE
2014 ANNUAL RESULTS
EUR million (except EPS and Dividend)
Revenue 7,255 +4,3%
2014 Organic growth 2.00%
Q4 2014 3.20%
Operating margin* 1,189 3.80%
Percentage operating margin* 16.40%
Headline net income** 829 4.70%
EPS** (euro) 3.64 2.80%
Free Cash Flow*** 836 -7.20%
Dividend**** (euro) 1.2 9.10%
* Excluding costs relating to the merger project and the acquisition of
Sapient.
** Headline net income after elimination of impairment losses, amortization
of intangibles arising from acquisitions, capital gains (or losses) on
disposals, revaluation of earn-outs, Publicis/Omnicom merger costs and Sapient
acquisition costs.
*** Before changes in Working Capital Requirements but including merger-
related costs.
**** Payable in cash or shares on July 2, 2015 subject to approval at
the AGM of May 27, 2015.
Maurice Lévy, Chairman and CEO of Publicis Groupe:
"Publicis Groupe will have had an eventful year in 2014, ending on the most
promising of notes with the agreement on the Sapient acquisition.
While organic growth did not live up to our expectations, it proved slightly
better than we announced, shored up by stronger fourth-quarter growth of +3.2%.
Our digital activities, which accounted for approximately 42% of our total
revenue at year-end, continue to fuel this growth as analog activities continue
to decline. Likewise with our business in the high-growth markets, despite the
general slowing of the emerging economies.
In this context, the good performance of all our indicators underscores the
efficiency of our business model, in particular our 16.4% margin, the 4.7%
increase in headline net income, and our vastly improved cash-positive situation
(close to one billion euro).
These achievements confirm the merits of our strategy now largely focused on our
development in digital.
Companies are faced with two major changes of paradigm that entail a radical
change of business model - changes that are driven by digital developments and
innovation: firstly, the convergence of models, tools and solutions, and,
secondly, new forms of consumer behavior, with consumers better informed, with
greater access to communications, giving them a prominent role in the economic
arena. To avoid their businesses being "uberized", companies find themselves
having to rethink their business model, their marketing and even the channels
through which they distribute their products and provide services. For them as
for us, transformation is the only way forward.
This is the context in which we became interested in Sapient, a truly unique
company combining digital, technology, consulting and e-commerce. The
acquisition was successfully completed on February 6, 2015. By virtue of its
nature and value, this is the biggest and most strategic transaction ever
completed in our sector.
Through acquisitions and organic growth, we have built up a leading position in
digital in our sector. The addition of Sapient's business and talent means we
have reached yet another milestone: not only are we confirmed in our position as
world leader in digital (50% of our revenue as of 2015), but we will be the only
group capable of helping our clients transform themselves through our
combination of consulting and technology, strategy and creativity, digital
capability and know-how in multichannel commerce (e-commerce).
I'd like to stress a very important point, namely the scarcity of talents in our
business. This is something the market and our advertisers are all too familiar
with. With the addition of Sapient to the Groupe, we have reinforced our
management, especially with Alan Herrick joining our "Directoire+", and all the
Sapient staff that will add their talent and experience to our own.
The big story of 2015 will therefore be the integration of Sapient. Publicis
teams are renowned for their ability in this field. The initial work of the
joint integration teams has been very promising in terms of the integration
itself but also in terms of the synergies expected.
2015 will also be the year we return to more satisfactory levels of growth,
gradually at first, with a more marked pick-up in the second half-year, before
reaching our full capacity in 2016 as Publicis.Sapient, the most comprehensive
platform of its kind which will include SapientNitro, Sapient Consulting,
Razorfish Global and DigitasLBi materializes.
Finally, we had planned to pay out 35% of our profits. The Groupe's Supervisory
Board has decided to put before the Annual General Meeting of shareholders a
resolution proposing a dividend of 1.20 euro per share, i.e. a 9.1% increase and
a payout ratio of 37.3%.
I'd like to conclude by sharing my confidence in our ability to execute our
2018 plan and achieve its objectives."
Publicis Groupe's Supervisory Board met on February 11, 2015, under the
chairmanship of Elisabeth Badinter, to examine the annual accounts for 2014
presented by Maurice Lévy, Chairman of the Management Board.
KEY FIGURES
Data from the Consolidated Income Statement
EUR million, excepting
percentages and per share data 2014 2013* 2014 / 2013
(in euro)
-------------------------------------------------------------------------------
Data from the Income Statement 7,255 6,953 4.3%
Revenue
Operating margin before 1,307 1,227 6.5%
Depreciation & Amortization
% of revenue 18.0% 17.6%
Operating margin 1,182 1,107 6.8%
% of revenue 16.3% 15.9%
Operating income 1,069 1,123 -4.8%
Net income attributable to the 720 792 -9.1%
Groupe
Headline Net income** 829 792 +4.7%
-------------------------------------------------------------------------------
Earnings Per Share( (1)) 3.22 3.67
Diluted Earnings Per Share 3.16 3.54
((2)) 1.20 1,10
Dividend per share
-------------------------------------------------------------------------------
Free cash flow before changes
in working capital 836 901
requirements
-------------------------------------------------------------------------------
Data from the Balance Sheet December 31, 2014 December 31, 2013
-------------------------------------------------------------------------------
Total Assets 20,626 17,110
Groupe share of consolidated 6,086 5,095*
shareholders' equity
-------------------------------------------------------------------------------
* Restated for compliance with IFRIC21
** Net income after elimination of impairment losses, amortization of
intangibles arising from acquisitions, capital gains (or losses) on disposals,
revaluation of earn-outs, Publicis/Omnicom merger costs and Sapient acquisition
costs.
(1 )Earnings Per Share (EPS) calculations based on an average of 223.9
million shares in circulation in 2014, and 215.5 million in 2013.
(2 )Diluted Earnings Per Share calculations based on an average of 227.8
million shares in 2014, and 224.4 million in 2013. These calculations include
stock options, free shares, equity warrants and convertible bonds that dilute
EPS. Stock options and equity warrants are deemed to have a dilutive effect
when their strike price is below the average share price for the period.
* Q4 2014 Revenue: +11.5%
* Q4 2014 organic growth: +3.2%
- Q4 revenue by region
(EUR million) Reported Reported Organic
revenue revenue growth
-----------------------------------------------------------------
Q4 2014 Q4 2013 2014 / 2013 Q4 2014
-----------------------------------------------------------------
Europe* 650 621 +4.7% -1.0%
North America 986 848 +16.3% +2.4%
BRIC+MISSAT** 304 267 +13.9% +10.3%
Rest of the world 209 191 +9.4% +11.4%
-----------------------------------------------------------------
Total 2,149 1,927 +11.5% +3.2%
* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa, Turkey
The return to +3.2% organic growth in the fourth quarter was largely due to
strong growth in the emerging markets (+10.5%) , notably with Brazil posting
+7.0%, Russia +8.5%, India at over 30% and Greater China recording +8,4%. In
the MISSAT group, Mexico achieved +21.0%, Turkey grew by +4.0% and Australia by
+5.2%. These good figures are a combination of good levels of activity coupled
with a favorable comparable basis. Growth in Europe (excluding Russia and
Turkey) was -1,0% despite Germany posting +2.1%, with France and the UK
recording negative growth of -1.2% and -7.4% respectively, and southern Europe
virtually stable at +0.3%.
The USA posted +2.8% growth, while Latin America progressed strongly at +14.9%.
The rest of the world grew by +11.4%.
* 2014 Revenue: +4.3%
* 2014 organic growth: +2.0%
Consolidated revenue for 2014 was 7,255 million euro, up 4.3% from 6,953 million
euro in 2013 (exchange rates had an 80 million euro negative impact in 2014).
Expressed in US dollars, revenue totaled 9,625 million.
Due to the fourth quarter organic growth improvement of +3.2%, growth for the
full year was slightly better than anticipated at +2.0%. This weak level of
growth was mainly due to poor performance in Europe, temporary problems that
affected Razorfish in the USA and in the UK, and a slight tailing off of
performance at MSLGROUP. Digital activities accounted for 41.9% of the Groupe's
revenue and continue to progress at a good pace (organic growth of +7.3%)
despite the difficulties encountered by Razorfish in 2014. Special mention
should be made of the excellent performance in healthcare, and the good
performance of media and BBH.
Finally, it should be noted that analog activities continued to decline but
that, notwithstanding analog, the creative agencies continued to perform well.
------------------------------------------------------------
Europe* North America BRIC+MISSAT** Rest of the world Total
--------------------------------------------------------------------
Digital +8.9% +3.2% +33.0% +29.4% +7.3%
--------------------------------------------------------------------
Analog -5.0% +1.4% -1.8% +0.9% -1.4%
--------------------------------------------------------------------
Total -0.6% +2.3% +3.5% +6.7% +2.0%
--------------------------------------------------------------------
* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa, Turkey
Revenue from the high-growth countries accounted for 23.7% of the Groupe's total
revenue, after 24.4% in 2013, a slight decline that can be attributed to the
depreciation of the currencies in certain countries in this category. These
countries posted organic growth of +4.7% for the period, up from +3.3% in 2013.
Consolidated revenue breaks down as follows for 2014: 42% from digital
activities (38% in 2013), 28% from advertising (30% in 2013), 15% from
specialized agencies (16% in 2013), and 15% from media (16% in 2013). The share
of revenue from advertising, specialized agencies and media do not include
digital activities.
- 2014 revenue by region
(EUR million) Reported Reported Organic
revenue revenue growth
----------------------------------------------------------------
2014 2013 2014 / 2013 2014
----------------------------------------------------------------
Europe* 2,154 2,060 +4.6% -0.6%
North America 3,490 3,303 +5.7% +2.3%
BRIC+MISSAT** 938 918 +2.2% +3.5%
Rest of the world 673 672 +0.1% +6.7%
----------------------------------------------------------------
Total 7,255 6,953 +4.3% +2.0%
* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa, Turkey
Growth in Europe (excluding Russia and Turkey) remained negative in 2014 but
with contrasting situations. France posted organic growth of +2.0%, a good
improvement over 2013 (-0.4%). The UK improved in the second half-year but still
recorded negative growth at -3.6% (mainly as a result of Razorfish UK). Central
Europe showed positive +3.2% growth with Russia up +6.8%.
Southern European countries although improving are still struggling (-1.1%).
The very good growth in Healthcare was, however, not sufficient to offset the
temporary difficulties encountered at Razorfish and weak performance at MSLGROUP
in North America where organic growth was +2.3%.
Growth in the BRIC and MISSAT countries has improved since the second half (up
+3.5%), with India improving at +3.4%, and Mexico up +10.7%. Greater China
returned relatively weak growth of +2.9%.
Organic growth in the rest of the world was +6.7%.
* Operating margin: 16.4%
- Operating margin and Operating income
It should be noted that the figures below exclude merger-related costs (for both
2013 and 2014), and the costs of the Sapient acquisition in 2014. These costs
totaled 7 million euro (6 million after taxes) in 2014 and 38 million euro (24
million after taxes) in 2013.
The Operating margin before depreciation and amortization came to 1,314 million
euro in 2014, up 3.9% from 1,265 million in 2013 (reported figures: 1,307
million for 2014 and 1,227 million in 2013).
Operating margin was 1,189 million euro (1,182 million reported), up 3.8% from
1,145 million euro in 2013 (1,107 million as reported).
Personnel costs increased to 4,506 million euro in 2014, up 4.1% from 4,330
million euro for the same period in 2013, corresponding to 62.1% of consolidated
revenue (62.3% in 2013). Freelance costs totaled 295 million euro, a slight
decrease of -1.0%, while restructuring costs amounted to 69 million euro (versus
79 million in 2013).
The Groupe intends to continue its policy priority of allocating investments in
talent to growing activities or regions. The development of several on-going
programs (ERP roll-out, production platforms, continuing regionalization of
Shared Services Centers and technological developments) and a simplification of
the organization will allow a reduction of these charges in the medium term.
Other operating charges excluding depreciation and amortization amounted to
1,435 million euro
(1,442 million euro as reported), accounting for 19.8% of total revenue (19.5%
in 2013). Commercial expenses rose to 326 million euro, i.e. 4.5% of revenue
(versus 4.1% in 2013). Administrative costs continued to recede thanks to the
optimization of various operating expenses through the regionalization of Shared
Services Centers. Acquisition-related costs (excluding Sapient) totaled 10
million euro.
Depreciation and amortization totaled 125 million euro in 2014, versus
120 million in 2013.
Excluding merger - and Sapient acquisition - related costs, the percentage
operating margin was 16.4% for the period, which is appreciable given the weak
growth recorded for the period.
Percentage operating margin by major geographical region was: 11.5% for Europe,
20.5% for North America, 13.4% for Asia-Pacific, 13.5% for South and Central
America and 18.4% for Africa and the Middle East.
Amortization of intangibles arising from acquisitions amounted to 51 million
euro in 2014, compared with 49 million euro in 2013. An impairment charge of
72 million euro was carried (versus 4 million the previous year), essentially
concerning the MSL and BBH networks.
Other non-recurring income and expenses came to a positive 10 million euro,
mainly reflecting capital gains and losses on asset sales, after 69 million euro
in 2013 (this figure included a capital gain
of 47 million euro on the sale of the Groupe's 1.1% equity interest in
Interpublic Group).
Operating income totaled 1,076 million euro in 2014, excluding M&A costs, down
from 1,161 million euro in 2013.
Financial income (expense) was a 28 million euro expense in 2014 (after 21
million in 2013). Income tax totaled 311 million euro (up from 298 million in
2013). The Associates share of profit was 4 million euro (after 5 million in
2013). Minority interests for the period totaled 14 million euro, compared with
17 million in 2013.
* Net income attributable to the Groupe: +720M?
Net income attributable to the Groupe stood at 720 million euro (726 million
excluding non-recurring costs relating to the Omnicom merger and the Sapient
acquisition) for 2014, after 792 million euro in 2013
(816 million excluding merger-related costs).
* Headline net income: 829M?
Headline net income excludes impairment losses, amortization of intangibles
arising from acquisitions, capital gains (or losses) on disposals, revaluation
of earn-outs, Publicis/Omnicom merger costs and Sapient acquisition costs.
* Free cash flow: +836 millions
The Groupe's free cash flow for the period was 836 million euro before changes
in working capital requirements (versus 901 million in 2013).
* Net financial debt
Year-end 2014 saw a marked improvement in the Groupe's cash situation, i.e. a
cash positive
of 985 million euro (versus a cash-positive 593 million euro in 2013).
This improvement was all the more notable that the Groupe's average cash
position over the year was a surplus of 93 million euro, after an average net
debt of 490 million euro in 2013.
* Shareholders' equity
The Groupe's share of shareholders' equity rose from 5,095 million euro at
December 31, 2013
to 6,086 million euro at December 31, 2014. This increase was mainly due to
earnings for the period.
* Dividend
A dividend of 1.20 euro per share, i.e. a 9.1% increase, will be proposed to the
shareholders at their AGM on May 27, 2015. This represents a payout ratio of
37.3%. Subject to approval by the shareholders, the dividend will be payable as
of July 2, 2015, in cash or in shares, at shareholders' discretion.
HIGHLIGHTS FROM 2014
* Management
The Supervisory Board decided to modify the composition of the Management Board,
and Maurice Lévy (Chairman), Anne-Gabrielle Heilbronner, Kevin Roberts and Jean-
Michel Etienne have been the statutory members of the Management Board since
September 15, 2014.
As proposed by the Chairman of the Management Board, the Supervisory Board has
approved the creation of an additional body, an enlarged management board called
"Directoire+" which comprises Laura Desmond (CEO, Starcom MediaVest Group),
Steve King (CEO, ZenithOptimedia), Arthur Sadoun (CEO, Publicis Worldwide), and
Rishad Tobaccowala (Chief Strategist, Publicis Groupe). The idea is to
associate a new generation of managers with the group's inner mechanisms and
decision-making processes. The P12 Executive Committee has also been reinforced
with the addition of Tom Adamski, Axel Duroux, Robert Senior, Luke Taylor, Mark
Tutssel and Jean-François Valent.
* Distinctions / Creativity
At the 61st annual Cannes Lions Festival in 2014, Publicis Groupe took an
outstanding 208 Lions
(153 in 2013), notably including one Network of the Year award, two Creative
Effectiveness awards, as well as 27 Gold, 86 Silver and 92 Bronze Lions.
At the inaugural Lions Health, Publicis Groupe won 16 Health Lions, including
one Grand Prix for Good, one Network of the Year, and 2 Gold, 8 Silver and 4
Bronze Lions.
At the 2014 North American EFFIE Awards, Publicis Groupe was named the Most
Effective Holding Company of the year. RECMA¹s 2013 Overall Activity Billings
Rankings shows Publicis Groupe as the No.1 group in North America and No.2 in
the world.
Over and beyond these examples, Publicis Groupe agencies are regularly awarded
hundreds of prizes throughout the world and in various specialty areas. These
distinctions bear witness to the quality of our people, their commitment and
their talent which are all essential to the Groupe's future development.
Mention should also be made of the excellent performance of the Leo Burnett
network which was ranked the world's #3 most awarded agency network by the Gunn
Report.
* Groupe CSR Policy (Corporate Social Responsibility)
In 2014, the Groupe continued to integrate CSR issues with its strategy, the
agencies' operational concerns, and customers' and staff's expectations. While
Publicis Groupe moves forward with an eye to continuing progress, the networks
and agencies are more and more involved, particularly in social and society
issues - fundamental issues given the Groupe's businesses, while keeping
environmental matters at the forefront.
The year marked the end of a second three-year work cycle (2009-2011:
structuring and internal roll-out of the CSR strategy, 2012-2014: consolidation
and improvement of indicators, independent review). We can cite positive trends
in the four mains areas and the determination to pursue new paths (the four main
areas are Social issues: with and for Groupe staff; Society issues: with and for
communities; the Company: Governance and Ethics, operating modes and challenges
for Publicis Groupe; and the Environment: our impact).
2014 was the third year of CSR reporting, audited and verified by an independent
body (SGS), with 54 agencies audited on site (representing about 30% of
employees in 2014), and a precise review of all consolidated data at corporate
level, including more than 98% of Groupe entities.
The 2014 CSR Report can be viewed at www.publicisgroupe.com.
* External growth
2014 saw the Groupe invest in targeted acquisitions, in keeping with its
development strategy. Virtually all these acquisitions were made with a view to
enriching its capabilities in areas undergoing constant change. These
acquisitions were in the field of digital: agencies specialized in social
networks, social media, on-line content, real-time data analysis, e-commerce,
digital solutions applied to marketing and multichannel programming. For
instance, of the various acquisitions made, special mention must be made of the
following:
- the strategic partnership entered into with the Matomy Media Group Ltd, a
world leader in performance-based digital communications, one of the most
complex techniques in digital marketing that requires an in-depth understanding
of consumer behavior and on-line purchasing habits in the digital era;
- the acquisition of RUN, a real-time data management and multi-channel
programmatic buying platform. Through its advanced and mainly mobile-based data
management platform (DMP), RUN collects, crosses and analyzes consumer data from
multiple sources, including cell phone operators and internet service providers
(ISPs);
- the acquisition of Nurun, a global consulting agency specialized in
technology was also crucial. Nurun's expertise in integrating and maintaining
innovative information technologies extends to several areas: design research,
digital products, services design, transaction platforms, user interfaces and
post-PC ecosystems.
The most significant transaction of the year was undeniably the acquisition of
Sapient. This acquisition, announced on November 3, 2014, will ultimately
transform Publicis Groupe. This is also the biggest and most strategic
acquisition ever made in this sector. In an environment characterized by an
ever-increasing degree of convergence, clients need a partner with a service
offering well geared to the digital world in order to help them develop as power
shifts to a new breed of deeply changed, connected consumers. The addition of
Sapient, combined with Publicis Groupe's capabilities in digital, creative,
media and brand communications, will generate unparalleled expertise in
marketing, omni-channel commerce and consulting services, underpinned by deep
technology know-how.
Sapient is a unique company and world player in the area of connected services
that helps clients capitalize on technology-driven market disruption. The
company was founded in 1990 with the idea that technology would fundamentally
change the way the world works and that businesses would therefore need to
increasingly leverage it in order to preempt client's needs. Sapient is unique
in its ability to blend business, marketing and technology to help clients solve
the increasingly complex and interconnected problems they face in a technology-
driven environment where change is both rapid and constant. Sapient's unique
model has seen it grow to 13,000 people with 37 offices across the world. The
company has three primary areas of focus: marketing, multichannel commerce, and
consulting. Each area is deployed through Sapient's unique, highly connected
and collaboration-driven Global Distributed Delivery model, which leverages its
significant presence in India. Sapient has a unique model, and the above-
mentioned areas of expertise are only made possible through highly collaborative
multidisciplinary teams that distribute work across a connected delivery
ecosystem.
The acquisition of Sapient gives birth to the Publicis.Sapient platform,
encompassing the global leaders in digital - SapientNitro, Razorfish Global,
Rosetta and DigitasLBi, and the deep industry expertise of Sapient Global
Markets and Sapient Government Services. Publicis.Sapient is now the world's
most forward-leaning and largest digitally-centered platform focused exclusively
on digital transformation and the dynamics of an always-on world. Moreover, the
platform will help clients alter their ways of working, given the daunting new
reality of empowered consumers.
* Other financial transactions
* 2018 Oceane bonds
Of the 559,278 Oceane bonds (2018) in existence at December 31, 2013, 554,604
were tendered for conversion in December 2013 and January 2014. Accordingly,
562,921 Publicis shares were delivered in January 2014. The remaining 4,674
bonds were redeemed in cash at a unit price of 48.74 euro, also in January 2014.
Equity warrants
The equity warrants issued in 2002 have been exercisable since September
24, 2013. A total of 674,652 equity warrants were exercised in 2014, giving rise
to the issuance of 684,773 new shares. At December 31, 2014, the total number of
equity warrants still in circulation was 2,170,476 and they can be exercised up
until 2022.
Successful 1.3-billion euro bond issue in two tranches
On December 9, 2014, Publicis Groupe, announced the successful pricing of its
1.3 billion euro bond issue in two tranches:
* 700 million euro issue due December 16, 2021, with an annual coupon of
1.125%, i.e. a spread of mid-swap + 60 basis points ;
* 600 million euro issue due December 16, 2024, with an annual coupon of
1.625% corresponding to a spread of mid-swap +75 basis points.
Publicis has used the net proceeds from this issue, swapped in dollars, to fund
the acquisition of Sapient Corporation Inc.
RECENT EVENTS
* Completion of the Sapient acquisition
On January 23, Publicis Groupe announced the extension of its tender offer
period for the acquisition of Sapient until February 5, 2015 in order to obtain
the needed authorizations from the US authorities. On February 4, all the
conditions had been fulfilled and authorizations obtained, thus enabling the
deal to be completed on February 6, 2015.
Following its acceptance of the tendered shares, Publicis completed its
acquisition of Sapient through the merger of its subsidiary 1926 Merger Sub Inc.
with and into Sapient on February 6. As a result of the completed merger,
Sapient became a wholly-owned subsidiary of Publicis, and as such, Sapient
shares will cease to be traded on NASDAQ.
Alan J. Herrick, Sapient's Chief Executive Officer and Co-Chairman of the Board
of Directors, will lead Publicis.Sapient, as CEO. He will also serve as a member
of Publicis Groupe's "Directoire+". Jerry A. Greenberg, Sapient founder and
Board Co-Chairman will join Publicis Groupe's Supervisory Board as an
independent member. His election will be subject to approval at the AGM.
Alan Wexler, President, SapientNitro, and Chip Register, Executive Vice
President & Managing Director, Sapient Global Markets, will join Publicis
Groupe's P12 "Executive Committee."
Publicis.Sapient will maximize the Groupe's global footprint, accelerating its
objective to be the business transformation leader and will have a highly
positive impact on Publicis Groupe's growth profile, with combined revenue in
excess of 8 billion euro and over 75,000 employees worldwide.
* Other financial transactions
The 3.5-billion dollar facility set up on December 16, 2014 to fund the
acquisition of Sapient - though this amount was subsequently reduced to 1,890
million dollar after the successful Eurobond issue for
1,300 million euro in two tranches of 600 and 700 million euro - was completely
cancelled on January 20, 2015 and replaced by a 1,600 million dollar syndicated
medium-term loan due 2018, 2019 and 2020.
Anticipated reimbursement of Orane (Euronext Paris-FR0000187783): subject to the
next AGM approval, Publicis Groupe will reimburse the Orane 2022. Reimbursement
will take place in July 2015 through treasury shares and share buy-back (50/50).
OUTLOOK
Media observatory ZenithOptimedia expects the global advertising market (media)
to grow by 4.9% in 2015, which correlates to agency revenue growth of 3% to
3.5%.
Notwithstanding the upswing in performance in the fourth quarter, growth was
weak in 2014. However all the Groupe's other indicators are positive.
2015 should see the Groupe gradually returning to better growth levels, with a
more marked pick-up in the second half-year.
The big challenge of the year will be the integration of Sapient, but Publicis
Groupe is renowned for its ability to successfully integrate acquisitions and
deliver synergies. The Groupe is confident about the roll-out of its various
projects in 2015 and about the building of the Publicis.Sapient platform which
will reposition it in forward-looking markets.
***
About Publicis Groupe
Publicis Groupe [Euronext Paris FR0000130577, CAC 40] is a global leader in
marketing, communication, and business transformation. In a world marked by
increased convergence and consumers empowerment, Publicis Groupe offers a full
range of services and skills: digital, technology & consulting with
Publicis.Sapient (Sapient.Nitro, Sapient Global Markets, Sapient Government
Services, Razorfish Global, DigitasLBi, Rosetta) - the world's largest most
forward-thinking digitally centered platform focused exclusively on digital
transformation in an always-on world - as well as creative networks such as BBH,
Leo Burnett, Publicis Worldwide, Saatchi & Saatchi, public affairs, corporate
communications and events with MSLGROUP, ad tech solutions with VivaKi, media
strategy, planning and buying through Starcom MediaVest Group and
ZenithOptimedia, healthcare communications, with Publicis Healthcare
Communications Group (PHCG), and finally, brand asset production with
Prodigious. Present in 108 countries, the Groupe employs more than 75,000
professionals.
www.publicisgroupe.com | Twitter: (at)PublicisGroupe |
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| http://www.youtube.com/user/PublicisGroupe | Viva la Difference !
Publicis
Groupe
Peggy Corporate + 33 (0)1 peggy.nahmany(at)publicisgroupe.com
Nahmany Communications 44 43 72 83
Jean-Michel Investors + 33 (0)1 jean-michel.bonamy(at)publicisgroupe.com
Bonamy Relations 44 43 77 88
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Constand Relations 44 43 74 44
Appendix
New Business
2014
Main accounts awarded
BBH/NEOGAMA
Ladbrokes (Royaume-Uni), Rugby World Cup (Royaume-Uni), Piaggio/Vespa (Royaume-
Uni), Clipper Teas (Royaume-Uni), British Airways (Royaume-Uni), Viber (Inde),
Piaggio Vehicles Pvt.Ltd. - Vespa (Inde), Samsung (Chine), Santher (Brésil).
Digitas/LBi
Puma (Etats-Unis), Kao Worldwide (Etats-Unis), AstraZeneca (Etats-Unis), NYSE
Euronext (Etats-Unis), Aetna (Etats-Unis), American Express (Etats-Unis),
Children's Healthcare of Atlanta (Etats-Unis), Memorial Sloan Kettering (Etats-
Unis), Pitney Bowes (Etats-Unis), Renault (Royaume-Uni), Nissan (Royaume-Uni),
WorldPay (Royaume-Uni), Clarins (Singapour), Arte (France), The Glenlivet
(Royaume-Uni), Boston Properties (Etats-Unis), Klepierre (France), Lenovo
(Chine), UGG (Royaume-Uni), Baxter (Etats-Unis), EMDC (Etats-Unis), Merial
(Etats-Unis), Pitney Bowes (Etats-Unis), Teladoc (Etats-Unis).
Fallon
SKODA Auto (Royaume-Uni), Alzheimer's Society (Royaume-Uni).
Leo Burnett
Honda (Australie), MBT Footwear (Singapour), Diesel & Motor Engineering Co -
Tata e-Xeta (Sri Lanka), Kelsey Developers (Sri Lanka), Diesel & Motor
Engineering Co - Mercedes Service Center (Sri Lanka), Woolworths (Australie),
Chartered Accountants of Sri Lanka (Sri Lanka), Sri Lanka Neurologists
Association (Sri Lanka), Banco Security (Chine), Indofood Pompie Noodles and
Chitato Chips (Indonésie), Bank of the Philippine Islands (BPI) (Philippines),
President Coffee (Taïwan), Unibet (Australie), Diageo Brand Consolidation
(Australie), MAA TV (Inde), Maxis (Malaisie), Cotton Collection (Sri Lanka),
Etisalat Telecommunications (Sri Lanka), Diageo Media Strategy (Australie),
Ajinomoto Foods (Brésil), Lumala Group - Solid Solar Bicycles (Sri Lanka), NSPCC
(Royaume-Uni), McDonald's Brand Refresh (Etats-Unis), Detroit Institute of Arts
(Etats-Unis), Ukrtelecom (Ukraine), Arla Foods Lurpak Butter (Royaume-Uni),
Samsung (Global), Camil - All Brands (Brésil), McDonald's (Allemagne), Cairn
Energy (Inde), Sri Lanka Airlines - Launch of A330-300 (Sri Lanka), Pastificio
Rana (Italie), Dept. of Health (Sri Lanka), Wow.lk Online Shopping Mall (Sri
Lanka), FindMyFare.com (Sri Lanka), Tetra Pack (Sri Lanka), Kraft Foods (Etats-
Unis), PayUMoney Payment Solution (Mumbaï), OSN Media (Dubaï).
MSLGROUP
Huawei Mobile (Chine), True Green (Etats-Unis), Deezer, (Brésil), Friends
Provident International (Hong Kong), Toshiba Semiconductor (Taiwan),
PricewaterhouseCoopers (Taiwan), Pfizer (Inde), Trident - Concorrência de fee
(Brésil), Sanofi (Singapour), United Technologies Corporation (Singapour),
Générale de Santé (France), Amplificação (Brésil), Credit Foncier (France), Lidl
(France), Staples (France), GSK (Pologne), Pernod Ricard (Pologne), ING
(Pologne), Cathay Pacific (Hong-Kong), Marina Bay Sands (Singapour), Hong Kong
Land (Hong-Kong), Como Hotel and Resorts (Hong-Kong).
Publicis Worldwide
Aviano Jewels GmbH (Allemagne), Bongrain (Italie), Akzonobel (Italie), Nestle
(Turquie, Mexique, Brésil, Philippines), TOKSOZ GIDA (Turquie), Boehringer
(Mexique), Azul Airlines (Brésil), Belupo (Croatie), Zewa (Croatie), Amstel
(Croatie), Young Care (Australie), Stream Co (Australie), Asia Brewery
(Philippines), Intel (Malaisie), IP (Italie), KKB (Turquie), Sanofi (Turquie,
Indonésie), SAT - Hacienda (Mexique), BMW (Mexique), Toyota (Brésil), FK Gardner
& Sons (Australie), National Tiles (Australie), ING (Turquie), Barcel (Mexique),
Rogers (Canada), SiMobil (Slovénie), Battery World (Australie), QTAFE
(Australie), Sydney Airport (Australie), Pfanner (République Tchèque), Kofola
(République Tchèque), Fast Retailing (France), Samsung (France), Patura KG
(Allemagne), Bund für Umwelt & Naturschutz (Allemagne), Sheltered Housing
(Azriely) (Israël), Alkaloid (Macédoine), Ergo Hestia (Pologne), Nestle Waters
Naczowianka (Pologne), Las Vegas Sands (Etats-Unis), Nestle Beneful (Etats-
Unis), Macaé City Hall (Brésil), Pet Center Marginal (Brésil), Clalit HMO
(Israël), IDEA (Institute for the Energy saving and diversification) (Espagne),
Canada Goose (Royaume-Uni), Vale.com (Brésil), Reckitt Benckiser (France),
Umweltarena (Suisse), Cuauhtemoc/Sol (Mexique), Orange (Suisse), Nestlé/Baby
Food (Mexique), Nestlé/Maggi (Mexico) Nestlé/PPP (Mexico), Barcel (Mexique), ANZ
(Australie), Asteron (Australie), Baker's Delight (Australie), Beck (Australie),
Fairfax (Australie), Federation University Australia (Australie), Guild Super
(Australie), Melbourne City Mission (Australie), Stroke Foundation (Australie),
Thankful (Australie), Winephoria (Australie), British Gas (Australie), BPCE
(France), Microsoft (Italie), State Lottery (Espagne), Ferrero Rocher (Royaume-
Uni), Red Lobster (Etas-Unis), Australia Zoo (Australie), Cooper Tires
(Australie), Barangaroo (Australie), BRF (Brésil), Linde AG (CC) (Allemagne),
Boehringer/Lonol (Mexique), Heineken (Suisse), '22seven (Afrique du Sud),
Nestlé/Purina (Argentine), Radio Frequency Systems (Australie), National Stroke
Foundation (Australie), The Song Room (Australie), NSW Govt Dept of Planning
(Australie), Nestlé (Brésil), Tbooth Wireless (Canada), MACOON GmbH (Allemagne),
Grupo Modelo (Mexique), Government (Pays-Bas), AGL (Australie), Energy
Connections NSW (Australie), ESPN (Australie), Tabcorp (Australie), Telstra
(Australie), Zurich (Australie), Aus Gov (Australie), Burleigh Brewing
(Australie), Buymyphotos (Australie), Flight centre (Australie), Footlocker
Goodlife (Australie), GSK (Australie), Hollard (Australie), iFly (Australie),
Ivy Institute (Australie), Mantra Group (Australie), Nickelodeon (Australie),
QLD Cricket (Australie), RSPCA QLD (Australie), Santos GLNG (Australie), Street
Furniture (Australie), Surfstich (Australie), Think Education Group (Australie),
Upskilled Education (Australie), Virgin Australia (Australie), Volvo
(Australie), Wonder White (Australie), World Travel (Australie), AXA (Chine),
Ministry of Tourism Malaysia (Malaisie), Nestlé (Mexique), Accor (Singapour),
Dimension Data (Afrique du Sud), Hyundai (Afrique du Sud), Cadillac (Etats-
Unis).
Razorfish
Patron Spirits (Etats-Unis), Car2Go (Etats-Unis).
Saatchi & Saatchi
Peroni (Italie), Mamee Double Decker (Malaisie), Ferrarelle (Italie), Roominate
(Etats-Unis), Direct Line (Royaume-Uni) , FCA (Royaume-Uni), Virgin Active
(Thaïlande), Caesars Entertainment - CSR Brief (Etats-Unis), Fincantieri
(Italie), Mondelez International - Cadbury consolidation (Australie), Garena
Gaming: Fifa Online 3 / 555 / Café Thai (Thaïlande), Huawei: Honor 3C (first
project) (Thaïlande), Mutti - Cooking sauces (Italie), Booja Booja (SSX Royaume-
Uni), Merck (SSX Royaume-Uni), SKODA Auto (Fallon Royaume-Uni), Alzheimer's
Society (Fallon Royaume-Uni), AA digital (Saatchi & Saatchi Synergize Afrique du
Sud), Clickatell digital (Saatchi & Saatchi Synergize Afrique du Sud), Marie
Curie (Royaume-Uni), CODA Energy (Etats-Unis), Jackson Family Wines (Etats-
Unis), Petra Foods - SilverQueen & Top (Singapore/Asie du Sud-Est), Vita Coco
(Etats-Unis), Rekorderlig (UK/Global), Heineken - Tecate (Etats-Unis), KP
SABMiller - Tyskie (Pologne), Sands China (Greater Chine), Philippine Airlines
(Corée), Schott Ceran (Corée), Thomas Cook (Inde), Total Elf (Inde), Schott
Ceran (Corée), Club Med (Afrique du Sud), Service NSW (Australie), SK Planet
(Japon), Mondelez - Sour Patch & Natural Confectionery Co. (Australie), Fast
Track - project (Inde).
Starcom MediaVest Group
Acromas (AA and SAGA) (Royaume-Uni), Cartoon Network (France), GEMB (République
Tchèque), McCormick (EMEA), SkyScanner (Royaume-Uni), Tripple Three (Thaïlande),
Warner Music (Royaume-Uni), Wing Tai Limited (Singapour), Autobutler (Suède),
Leroy Merlin (Pologne), Muller / Lisner (Pologne), Quiksilver (Global), Statoil
Fuel & Retail (Nordics, Europe de l'Est & EMEA), AIA (Hong Kong), Bokadirekt.se
(Suède), Mondelez (Canada), Tourism Trentino (Italie), Choose Chicago (Etats-
Unis), Coca Cola (Argentine), Humanitas (Italie), Medtronic (Australie), Tous
(Italie), Yoox (Italie), Ministry of Defense (Pays-Bas), Ministry of Finance /
Tax Authority (Pays-Bas), Valeant - Polfa Rzeszow (Pologne), Asics (Global),
Starbucks (Etats-Unis), Acromas (AA and SAGA) (Royaume-Uni), Idea Bank / Lion's
Bank (Pologne), King.com (New Markets), McCormick (New Markets), SkyScanner
(Royaume-Uni), Sunbullah (Emirats Arabes Unis), Warner (Royaume-Uni), Wing Tai
Limited (Singapour), Autobutler (Suède), Heineken (New Market) (Emirats Arabes
Unis), Hyundai (Mexique), Leroy Merlin (Pologne), Muller / Lisner (Pologne),
Statoil Fuel & Retail (Europe du Nord), Walmart (Amérique Centrale), AIA (Hong-
Kong), Bokadirekt.se (Suède), Tourism Trentino (Italie), Choose Chicago (Etats-
Unis), Heineken (New Market) (Chine), medtronic (Australie), Electronic Arts
(NAM), Fincantieri (Italie), Ministry of Defense (Pays-Bas), Valeant - Polfa
Rzeszow (Pologne), Asics (Global), AIA (Malaisie), Air New Zealand (Singapour),
Diageo (Australie), Primark (Allemagne), Procter & Gamble (Turquie), Starbucks
(Etats-Unis),Guitar Center (Etats-Unis), Haribo (Etats-Unis), Heineken (New
Market) (Hong Kong), P&O Ferries (EMEA), Pitney Bowes (Global), Procter & Gamble
(Caucase), Procter & Gamble (Russie), Procter & Gamble (Ukraine), Car2Go
(Nordics), Desigual (Global), Treasury Wines (Australie), Airbnb (Global),
Belcorp (Colombie), Belcorp (Pérou) ,Seek (Australie), WWF (Pologne), BELCORP
(République Dominicaine),Deutsche Bank GBC (Allemagne), Irish League of Credit
Union (Irlande, Pologne) Standard Platnosci "Blik" (Poland), Bloomin' Brands
(Etats-Unis), Brown-Forman (Global), Coca Cola (Equarteur), Mars (France),
Nickelodeon (Etats-Unis), Tourism Malaysia Oceania (Malaisie).
ZenithOptimedia
Nestle (Philippines), Rabobank (Australie), Scoot (Asie - Régional), Majid Al
Futtaim Properties (Emirats Arabes Unis), Wyeth (Philippines), PUIG (France),
Velvet Care (Pologne), Zabka (Pologne), Wawel (Pologne), The European Comission
(Arménie), SCA (Croatie, Géorgie, Arménie), Niko (Ukraine), KIA (Biélorussie),
Agro Sevilla Aceitunas (Arménie), Ipek Kagit (Arménie), Sands (Chine), Reckitt
Benckiser (Emirats Arabes Unis), Deoleo (Espagne), Hunan Mobile (Chine), Triodos
Bank (Espagne), Union Pay (Hong Kong), Famisanar (Colombie), Promotora Karmairi
(Colombie), Ulker (Géorgie), Ergopack (Biélorussie), Caracol Tv (Colombie),
Telefónica (Royaume-Uni, Allemagne, Espagne, Argentine), Metro PCS (Etats-Unis),
Electrolux (Etats-Unis), Molson Coors (Royaume-Uni), Crédit Foncier (France),
ADAC e.V. (Allemagne), Pakmaya (Turquie), Aksa Elektrik (Turquie), Mogo.ge
(Géorgie), Nestlé (Royaume-Uni), L'Oréal (Russie), Perfetti Van Melle (Chine),
Directv (Argentine), BMW Group Middle East (MENA), L'Oréal (Panama, Costa Rica,
Guatemala, El Salvador, République Dominicaine, Paraguay, Equateur, Bolivie),
Postbank/Deutsche Bank Retail (Allemagne), The European Commission (Arménie),
Heineken (Colombie), La Région Rhône-Alpes (France), PKP Intercity (Pologne),
KRKA (Arménie).
2014 Press Releases
01-09-2014 Publicis Groupe and Omnicom receive unconditional clearance
from the European Commission
01-10-2014 Publicis Groupe half-year financial statement liquidity
contract
01-10-2014 Publicis Groupe acquires Qorvis Communications
01-21-2014 Publicis Groupe acquires leading South African media agency
AML
01-30-2014 Publicis Groupe acquires 51% of leading independent Indian
advertising agency Law & Kenneth
02-13-2014 2013 Full Year Results
02-25-2014 Publicis Groupe acquires Lighthouse Digital, digital media
agency in South Africa
03-06-2014 Publicis Groupe acquires Hawkeye, a data driven integrated
digital agency in the US
03-20-2014 Publicis Groupe receives Randstad Award for "Most attractive
employer" in the service sector in France
04-23-2014 Precision about Omnicom and Publicis's merger
05-09-2014 Supervisory Board of May 8, 2014
05-09-2014 Publicis and Omnicom agree to terminate proposed merger of
equals
05-28-2014 Publicis Groupe Combined General Shareholder's meeting 2014
06-09-2014 Overview of the share buyback program authorized by
shareholders at their Combined Ordinary and Extraordinary General Meeting of May
28, 2014
06-12-2014 Publicis Groupe sells its stake in royalties to its founders
06-26-2014 Publicis Groupe launches Roar, a full-service digital agency
07-01-2014 Publicis Groupe acquires leading eBusiness firm Crown Partners
07-03-2014 Publicis Groupe acquires UK-based Salterbaxter
07-07-2014 Publicis Groupe half-year financial statement liquidity
contract
07-08-2014 Publicis Groupe creates a leading European digital
communications hub with acquisition of Proximedia
07-10-2014 Publicis Worldwide expands its digital expertise in the Latin
American and African markets with three key moves
08-11-2014 Publicis Groupe files its 2014 Half-Year Financial Report
09-02-2014 Publicis Groupe acquires Nurun, global design and technology
consultancy, subsidiary of Quebecor Media
09-08-2014 Publicis Groupe acquires Turner Duckworth
09-10-2014 Adobe and Publicis Groupe team up to deliver first always-on
global marketing platform
09-16-2014 Publicis Groupe Conseil de Surveillance announces
09-26-2014 Publicis Groupe acquires Zweimaleins to create « Saatchi &
Saatchi Pro », a new B2B agency in Germany
09-29-2014 AOL and Publicis Groupe to expand global advertising
partnership into programmatic video and linear TV
09-30-2014 Publicis Groupe acquires Italy's leading social media agency,
Ambito5
08-10-2014 Publicis Groupe Continues Expansion in the South African
Market with Three New Acquisitions
13-10-2014 Publicis Groupe Propels into the Future of Performance-Based
Advertising with a Strategic Investment in Matomy,the World Leader in "Pure"
Performance Based Advertising
15-10-2014 Publicis Groupe Acquires 3|SHARE, Adobe Digital Marketing
Experts
23-10-2014 Publicis Groupe: Q3 2014 Revenue
28-10-2014 Publicis Groupe Acquires RUN and Reinforces Expertise in
Programmatic. Real-Time Data Management and Multi-Channel Programmatic Buying
Platform to Become Part of Vivaki And Starcom MediaVest Group
03-11-2014 Publicis Groupe to Acquire Sapient in $3.7 Billion Allcash
Transaction
17-11-2014 Publicis Groupe to Integrate Nurun into Razorfish Global and
Publicis Worldwide Networks
04-12-2014 From a Digital Leader to a Business, Marketing and
Communication Transformation Leader, Growth Objectives Upgraded, Margin
Improvement Confirmed
09/12/2014 Publicis Groupe Extends Tender Offer to Acquire Sapient
09-12-2014 Publicis successfully prices eur 1.3 billion bond issue
11-12-2014 Publicis Groupe Acquires Relevant24
24-12-2014 Publicis Groupe Extends Tender Offer to Acquire Sapient
Glossary
Net financial debt (or net debt): equals the long and short term financial debt
plus associated derivatives fair value, less cash and cash equivalent
Average net debt: average of average monthly net debt.
Net new business: this figure is derived not from financial reporting but from
estimated media-marketing budgets based on annual business (net of losses) from
new and existing clients.
Operating margin: The operating margin is equal to the revenue after deduction
of personnel expenses, other operating expenses (excluding non-current income
and expenses), depreciation and amortization (excluding intangible arising from
acquisitions).
Operating margin rate: operating margin/revenue.
Organic growth calculation
+----------------------+-------+-------+---------+ +---------------------------+
| | | | Sept 30 | | Currency Impact |
|EUR million |FY 2014| Q4 | (9 | | (EUR million)) |
| | | | months) | | |
+----------------------+-------+-------+---------+ +-------+------+---+--------+
| | | | | | | FY | |Sept 30 |
|2013 Revenue | 6,953| 1,927 | 5,026 | | | 2014 |Q4 | (9 |
| | | | | | | | |months) |
| | | | | | | | | |
|Currency impact | (80)| 72 | (152) | |GBP | 31 |10 | 21 |
| | | | | +-------+------+---+--------+
|2013 Revenue at 2014 | 6,873| 1,999 | 4,874 | |USD | 2 |68 | (66) |
|exchange rate (a) | | | | | | | | |
+----------------------+-------+-------+---------+ +-------+------+---+--------+
|2014 revenue before | 7,010| 2,062 | 4,948 | |Others |(113) |(6)| (107) |
|acquisitions((1))(b) | | | | | | | | |
| | | | | +-------+------+---+--------+
|Revenue from | 245| 87 | 158 | | Total| (80) |72 | (152) |
|acquisitions((1)) | | | | | | | | |
| | | | | +-------+------+---+--------+
|2014 revenue | 7,255| 2,149 | 5,106 |
| | | | |
|Organic growth (b/a) | +2.0%| +3.2%| +1.5% |
+----------------------+-------+-------+---------+
1. Acquisitions (Lbi, Convonix, Netalk, Neev, BosZ, Espalhe, Engauge, Poke,
TPM, ZO Romania, Interactive Solutions, ETO, Heartbeat, Verilogue,
Synergize, Walker Media, Beehive, Prima, ZO South Africa, Lighthouse,
Polarix, Owen Kessel, Qorvis, L&K India, Hawkeye, Lead 2 Action, Salter
Baxter, Crown, Proximedia, Ambito 5, Liquorice, Nurun, Turner Duckworth,
Tangerine, Run, ZME, Machine, BrandsRock, 3Share, Relevant 24, Monkees, ZO
Puerto Rico, AKM3) net of disposals
2. 2014: 1 EUR = 1.3267 USD 2013: 1 EUR = 1.3277 USD
1 EUR = 0.8061 GBP 1 EUR = 0.8491 GBP
Consolidated income statement
(in millions of euros) 2014 2013 2012
Revenue 7,255 6,953 6,610
Personnel expenses (4,506) (4,330) (4,078)
Other operating expenses (1,442) (1,396) (1,344)
Operating margin before depreciation and 1,307 1,227 1,188
amortization
Depreciation and amortization expense (excluding (125) (120) (126)
intangibles arising from acquisitions)
Operating margin 1,182 1,107 1,062
Amortization of intangibles arising from (51) (49) (45)
acquisitions
Impairment loss (72) (4) (11)
Non-current income and expenses 10 69 39
Operating income 1,069 1,123 1,045
Financial expenses (48) (46) (71)
Financial income 25 20 41
Cost of net financial debt (23) (26) (30)
Other financial income and expenses (5) 5 (2)
Pre-tax income of consolidated companies 1 041 1 102 1 013
Income taxes (311) (298) (279)
Net income of consolidated companies 730 804 734
Share of profit of associates 4 5 25
Net income 734 809 759
Of which:
* Net income attributable to non-controlling 14 17 27
interests
* Net income attributable to equity holders of the 720 792 732
parent company
-------------------------------------------------------------------------------
Per share data (in euros) - Net income
attributable to equity holders of the
parent company
Number of shares 223,868,360 215,516,919 201,032,235
Earnings per share 3.22 3.67 3.64
Number of diluted shares 227,772,479 224,430,805 224,143,700
Diluted earnings per share 3.16 3.54 3.34
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income
(in millions of euros) 2014 2013 2012
-------------------------------------------------------------------------------
Net income for the period (a) 734 809 759
Comprehensive income that will not be reclassified to
profit or loss
- Actuarial gains (and losses) on defined benefit plans (43) 26 (30)
- Deferred taxes on comprehensive income that will not be (17) (12) 6
reclassified to profit or loss
Comprehensive income that may be reclassified to profit or
loss
- Revaluation of available-for-sale investments 5 (26) 4
- Consolidation translation adjustments 338 (249) (61)
- Deferred taxes on comprehensive income that may be (1) 3 -
reclassified to profit or loss
Total other comprehensive income (b) 282 (258) (81)
Total comprehensive income for the period (a) + (b) 1,016 551 678
Of which:
- Total comprehensive income attributable to non-
controlling interests 11 11 24
- Total comprehensive income attributable to equity holders
of the parent company 1,005 540 654
Consolidated balance sheet
(in millions of December 31, 2014 December 31, 2013* December 31, 2012*
euros)
-------------------------------------------------------------------------------
Assets
Goodwill, net 7,006 6,123 5,667
Intangible assets, 955 939 982
net
Property, plant and 552 513 506
equipment
Deferred tax assets 133 126 96
Investments in 36 28 23
associates
Other financial 195 121 242
assets
Non-current assets 8,877 7,850 7,516
Inventories and work 320 307 342
in progress
Trade receivables 7,676 6,994 6,841
Other current
receivables and 595 517 591
assets
Cash and cash 3,158 1,442 1,314
equivalents
Current assets 11,749 9,260 9,088
Total assets 20,626 17,110 16,604
-------------------------------------------------------------------------------
Equity and liabilities
Share capital 88 86 84
Additional paid-in capital and retained earnings, Group 5,998 5,009 4,531
share
Equity attributable to holders of the parent company 6,086 5,095 4,615
Non-controlling interests 29 38 44
Total Equity 6,115 5,133 4,659
Long-term borrowings 1,627 538 730
Deferred tax liabilities 360 295 238
Long-term provisions 442 368 464
Non-current liabilities 2,429 1,201 1,432
Trade payables
Unternehmensinformation / Kurzprofil:
Datum: 12.02.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 371087
Anzahl Zeichen: 65578
contact information:
Town:
Paris
Kategorie:
Business News
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