Ipsos: 2016 Annual results
(Thomson Reuters ONE) -
Ipsos in 2016
Four successive quarters of organic growth
2016 Revenue: ?1,782.7 million
(Organic growth +3.0%)
Paris, 22 February 2017 - For 2016, overall revenue was ?1,782.7 million,
virtually the same as in 2015. Organic growth during the year was 3.0%, and
consolidation effects were a positive 0.3%. Negative currency effects of 3.4%
account for the stability of revenue in euros.
This performance was accompanied by other positive signs: double-digit growth in
"New Services" launched under the "New Way" programme begun in 2014; growth in
gross profit as a percent of revenue to levels not seen since 2011; well-
balanced performance across regions and business lines. And healthy cash-flow,
enabling Ipsos to finance its growth, raise its dividend and step up its share
buyback programme while keeping on an even financial keel.
For the fourth quarter of 2016 alone, Ipsos reported revenue of ?517.4 million,
down 1.8% from the same period in 2015.
As they have throughout 2016, currency effects held revenue down (by -2.5% for
the fourth quarter alone). In addition, adjustments to the consolidation from
the sale of a few agribusiness research activities in the United States reduced
volume by 1%. Against that, growth at constant scope and exchange rates stayed
positive at 2.2%, making clear that after four years of stagnation Ipsos has put
itself back on track with sustainable growth.
PERFORMANCE BY GEOGRAPHICAL AREA
+------------------------------+-------+-------+----------------+--------------+
|Consolidated revenues by | | | | |
|geographical area | 2016 | 2015 |Change 2016/2015|Organic growth|
|(in millions of euros) | | | | |
+------------------------------+-------+-------+----------------+--------------+
|Europe, Middle East and Africa| 760.3 | 781.8 | -2.8% | 3% |
+------------------------------+-------+-------+----------------+--------------+
|Americas | 711.3 | 703.5 | 1.1% | 2.5% |
+------------------------------+-------+-------+----------------+--------------+
|Asia-Pacific | 311.1 | 300.0 | 3.7% | 5% |
+------------------------------+-------+-------+----------------+--------------+
|Full-year revenues |1,782.7|1,785.3| -0.1% | 3.0% |
+------------------------------+-------+-------+----------------+--------------+
In 2016, all geographic regions experienced growth, with the exception of Brazil
and the Middle East as a consequence of specific crises occurring there. Despite
this, the emerging markets, which were a drag on Ipsos' earnings in 2015, have
grown by 3.5%, seeing better growth than in the developed countries (2.7%), as
expected, and much better than the previous year, as was hoped.
PERFORMANCE BY BUSINESS LINE
+------------------------------+-------+-------+----------------+--------------+
|Consolidated revenues by | | | | |
|business line | 2016 | 2015 |Change 2016/2015|Organic growth|
|(in millions of euros) | | | | |
+------------------------------+-------+-------+----------------+--------------+
|Media and Advertising Research| 388.1 | 405.0 | -4.2% | -0.5% |
+------------------------------+-------+-------+----------------+--------------+
|Marketing Research | 961.5 | 948.9 | 1.3% | 5% |
+------------------------------+-------+-------+----------------+--------------+
|Opinion & Social Research | 177.2 | 179.2 | -1.1% | 3.5% |
+------------------------------+-------+-------+----------------+--------------+
|Client and employee | 255.9 | 252.1 | 1.5% | 1% |
|relationship management | | | | |
+------------------------------+-------+-------+----------------+--------------+
|Full-year revenues |1,782.7|1,785.3| -0.1% | 3.0% |
+------------------------------+-------+-------+----------------+--------------+
Similarly, all business lines have improved their performance compared with the
previous year. Those that grew in 2015, have seen their pace of growth improve
in 2016. This was true for Marketing Research (from 0.5% to 5%), Opinion
Research (from 2% to 3.5%) and Customer relationship management programmes (from
0.5 % to 1%). Ipsos Connect, which since 2015 manages in a single organisation
advertising content and digital and traditional media related research, had a
difficult start to its first year of existence. Ipsos Connect's organic growth
in 2015 was -6.5%. Its situation is better in 2016, with the return to a
position of balance (-0.5%).
FINANCIAL PERFORMANCE
Summary income statement
+---------------------------------------------+-------+-------+----------------+
|In millions of euros | 2016 | 2015 |Change 2016/2015|
+---------------------------------------------+-------+-------+----------------+
|Revenue |1,782.7|1,785.3| -0.1% |
+---------------------------------------------+-------+-------+----------------+
|Gross profit |1,160.4|1,149.7| 0.9% |
+---------------------------------------------+-------+-------+----------------+
|Gross margin | 65.1% | 64.4% | - |
+---------------------------------------------+-------+-------+----------------+
|Operating profit | 180.1 | 178.2 | 1.0% |
+---------------------------------------------+-------+-------+----------------+
|Operating margin | 10.1% | 10.0% | - |
+---------------------------------------------+-------+-------+----------------+
|Other operating income and expense | 0.1 |(17.3) | - |
+---------------------------------------------+-------+-------+----------------+
|Finance costs |(20.8) |(23.8) | -12.7% |
+---------------------------------------------+-------+-------+----------------+
|Income tax |(44.3) |(33.8) | 31.1% |
+---------------------------------------------+-------+-------+----------------+
|Net profit (attributable to the Group) | 106.9 | 93.0 | 15.0% |
+---------------------------------------------+-------+-------+----------------+
|Adjusted net profit* attributable to the | 121.7 | 126.5 | -3.9% |
|Group | | | |
+---------------------------------------------+-------+-------+----------------+
*Adjusted net profit is calculated before non-cash items linked to IFRS 2
(share-based payments), amortisation of acquisition-related intangible assets
(client relationships), deferred tax liabilities related to goodwill on which
amortisation is tax-deductible in certain countries and the impact net of tax of
other non-recurring income and expenses.
Gross profit (which is calculated by deducting external direct variable costs of
research projects from revenues) grew by 3.4% at constant scope and exchange
rates. The gross margin ratio continues its growth (65.1 %, versus 64.4% in
2015), due to the digitalisation of data collection, the growth in New Services,
where gross profits are often high, and the ability to maintain prices; the
growth of this ratio in 2016 reflects also a positive country mix.
As for operating expenses, payroll rose 2.5% due to bigger yearly bonuses for
personnel who achieved their targeted operating income objectives and to an
additional ?10 million investment spent on the New Way programme, half of which
was for payroll and half for other operating expenses.
The cost of variable share-based compensation went from ?10.8 million to ?10.0
million. As expected, since the programme reached its peak in 2014, it no longer
has an effect on the change in operating profit.
Overheads costs are under control and fell 3.2%, primarily due to office space
optimisation in certain countries.
Other operating income and expenses consist mainly of the impact of foreign
exchange transactions on operating account items, which was a positive ?2
million for the year versus ?0.9 million in 2015.
As announced, the operating margin was slightly above the 2015 level, after an
additional ?10 million investment in operating costs for the "New Way" programme
and a more aggressive variable compensation scheme. In total, the Group's
operating margin was ?180.1 million, or 10.1% of revenue, for an increase of 10
basis points over 2015.
Below the operating profit, the amortisation of intangibles identified on
acquisitions concern the portion of goodwill allocated to client relationships
during the 12-month period following an acquisition, recognised in the income
statement over several years, in accordance with IFRS. This charge came to ?4.8
million, compared with ?5.1 million the previous year.
Other non-operating, non-recurring income and expense was a net +?0.1 million,
compared with a net expense of ?17.3 million in the previous year. It comprises
unusual items not related to operations, and includes acquisition costs, as well
as the costs of the restructuring plans.
It includes in particular a net gain of ?16 million in relation to the repayment
from Aegis in February 2016 bringing an end to all claims and legal proceedings
regarding the dispute arising from the acquisition of Synovate in 2011. In
addition, restructuring and streamlining expenses were recognised, some of which
are related to the New Way programme (for a total of ?12.4 million).
Finance costs. The net cost of interest amounted to ?20.8 million, compared with
?23.8 million, down 12.7%, due to the drop in Group net debt and to a fall in
its credit conditions.
Income tax. The effective tax rate on the IFRS income statement was 28.8%,
compared with 26.1% for the previous year. As in the past, it includes a
deferred tax liability of ?2.3 million (compared with a deferred tax liability
of ?4.5 million in 2015), cancelling out the tax saving achieved through the tax
deductibility of goodwill amortisation in certain countries, even though this
deferred tax charge would fall due only if the activities concerned were sold,
and which is restated accordingly in adjusted net profit. Non-current tax
expense, moreover, includes a ?4 million tax on the capital gain recognised on
the disposal of agribusiness research activities in October 2016.
Net profit attributable to the Group, totalled ?106.9 million, an increase of
15.0% from 2015.
Adjusted net profit attributable to the Group, which excludes non-current and
non-recurring items, was ?121.7 million, down -3.9 % from 2015 due to an
increase in current income taxes.
Financial structure
Free cash flow. Free cash flow generated by operations, net of current
investments, rose 1.6 % to ?148.6 million, compared with ?146.2 million in
2015. This was due to careful management of the change in working capital, and
is a new record since the Ipsos IPO on 1 July 1999.
In detail:
- operating cash flow stood at ?202.8 million, against ?198.1 million, up 2.4%
in line with the rise in operating profit;
- the working capital requirement improved by ?22.8 million thanks to continued
improvement to trade receivables.
- current investments in property, plant and equipment and intangible assets,
primarily consisting of IT investments, are ?18.6 million, versus ?21.8 million
in 2015.
Concerning non-current net investments, Ipsos invested ?36 million over the year
in acquisitions, primarily through the buyback of non-controlling interests in a
US company and in certain emerging countries (including Russia and Indonesia).
The repayment from Aegis of £20 million (?26.2 million) in February 2016 was
classified as a decrease in non-current investments in the cash flow statement.
Lastly, Ipsos invested ?85 million in a share buyback programme in order to
limit the dilution from its existing bonus share and stock option plans for
shareholders, including ?65 million for the purchase of Ipsos shares from LT
Participations on 21 November 2016 in connection with the planned merger of the
two companies described below.
Shareholders' equity totalled ?939 million at 31 December 2016, compared with
?945 million reported as at 31 December 2015, after deducting the 2,092,220
Ipsos treasury shares at 31 December 2016. These shares were allocated to cover
employee shareholding plans so as to avoid dilution of the shareholders.
At 31 December 2016 the total number of shares in Ipsos' share capital was
44,436,235 after cancellation of repurchased Ipsos shares not used to cover
employee plans, which numbered 900,000 shares.
Net financial debt totalled ?544 million at 31 December 2016, compared with ?552
million at 31 December 2015, thanks to the strong operating cash flows mentioned
above.
The net gearing ratio was 58.0 %, compared with 58.4 % at 31 December 2015.
Liquidity position. Cash at the end of the year was ?164.9 million, compared
with ?151.6 million at 31 December 2015, giving Ipsos a good liquidity position.
The Company also has over ?400 million available through credit facilities
especially due to the Schuldschein refinancing operation described below.
A proposal will be made to the General Meeting of Shareholders on 28 April 2017
to distribute a dividend of 85 euro cents per share for financial year 2016,
payable on 5 July 2017. This is an increase of 6.25%.
Successful Schuldschein refinancing operation
On 7 December 2016 Ipsos issued new debt on the German market in what is called
a Schuldschein instrument. The object of this transaction was to refinance a
portion of its debt, which includes one existing Schuldschein arranged in 2013,
at further maturities of 3, 5 and 7 years and on better margin terms. The
initial offering amount of ?125 million was oversubscribed and the final amount
raised was ?223 million.
CHANGE IN SHAREHOLDING STRUCTURE
Creation of Ipsos Partners
At the end of September 2016, 144 of Ipsos' executive and senior managers
participated in the creation of Ipsos Partners SAS. This marked the culmination
of a process begun in early 2015 to continue the plan devised by the Group's Co-
Chairmen-founder Didier Truchot and Jean-Marc Lech, his associate who suddenly
passed away in December 2014-to ensure the Group's independence and put their
ownership into a professional rather than a family legacy, which might have
resulted in the sale of the Group.
In that spirit Didier Truchot decided from February 2015 onward to include
Ipsos' executive managers in the equity by having them participate in the
repurchase of the shares in LT Participations held by the heirs of
Jean-Marc Lech, which took place in June 2015. This aim was expressed in the AMF
notice of 4 March 2015 concerning exemption from the requirement to submit a
public offering document for shares in Ipsos SA. Establishing legal entities to
carry out this plan required several months of study and consultations with
lawyers and communication and discussions with the managers, and was completed
in 2016.
The money invested by the managers in Ipsos Partners enabled it to subscribe to
a capital increase in DT & Partners, the personal holding company of Didier
Truchot. At the end of this Ipsos Partners hold 19% of the share capital and
voting rights in DT & Partners.
Merger-absorption of LT Participations by Ipsos
The combined Extraordinary General meetings of shareholders of Ipsos and LT
Participations on 29 December 2016 approved the merger between the two companies
by 99.92% and 100.0% respectively. The transaction took effect immediately.
Because of the Merger, DT & Partners, which controlled LT Participations, has
become the new principal shareholder in Ipsos by holding about 9.91% of the
share capital and 10.08% of the voting rights in Ipsos at 31 December 2016
(16.8% of the projected voting rights at 30 June 2017 owing to the allotment of
double voting rights to registered shares after two years). As explained above,
DT & Partners is wholly owned by a certain number of the Group's managers (see
Creation of Ipsos Partners.)
Former shareholders of LT Participations now have direct access to Ipsos share
capital and thus can benefit from possible liquidity.
The Merger therefore clarifies the shareholder structure of Ipsos by eliminating
a dispensable layer and making it more intelligible to the markets, which is of
benefit to all Ipsos shareholders.
It has no impact on consolidated shareholders' equity or on the number of shares
in the Ipsos share capital.
OUTLOOK FOR 2017
In July 2014, Ipsos launched the New Way programme. One of the objectives was to
develop and deploy services tailored to the new needs of the market, needs
created by a fast-changing world. Markets have turned global; competition has
become keener and more diverse, while better educated, more demanding and better
informed consumers-and customers-put increased pressure on businesses who, for
their part, are concerned about improving their profitability and showing they
can be good citizens.
The New Services rolled out by Ipsos since 2014 have been a success. New
Services by themselves account for Ipsos achieving 3.0% growth in 2016 and
maintaining its profitability, without sacrificing investment or its various
programmes that give its employees and managers a stake in the company's
expansion. In 2014 New Services represented ?123 million of revenue. 2016
revenue from these services was ?206 million. On an organic basis, they rose
20% between 2014 and 2015 and, even better, by 27% in 2016. In two years their
share of Ipsos revenue grew from 7.4% to 11%. Their growth rate in 2017 will
again be double-digit, proving the success of the New Way programme in its third
and last year of existence.
The time has come for Ipsos, a company which is once again able to grow and
improve its market position, to set about designing and executing a new plan,
one embodying its ambitions for leadership.
This plan will cover the 2018-2020 period. Its outline and premises will be made
public before the summer. They will be based on the company's accumulated
strengths and the special place it holds in its market. As an enterprise Ipsos
is global, working in nearly 90 different countries through the subsidiaries it
controls; specialised, particularly through well-identified services capable of
providing those who choose them with secure data and quality content; and also
independent, and able to ensure the integrity of its data, analyses and
insights.
Ipsos does not believe in the notion of a "multi-service" conglomerate or in
organisational structures that favour merely financial and short-term
management. In its area, success comes from the right combination of science,
technical know-how and talent-much more than from a boundless expenditure of
capital investments.
The world today has become dangerous, divided and chaotic. Even though, in the
final analysis, progress in education, higher-performing information technology
and the pleasure young people and the not-so-young take in communicating and
relating on social networks, are all reasons for optimism, there is no getting
around the fact that unilateralism, fundamentalism and localism are here and
here to stay as counterweights to globalisation, socialisation and-some would
say-the universality of society.
These recessionary factors raised by all those who consider themselves victims
of the opening represented by the globalisation of the networks, ideas
exchanges, products and services, have an influence on political choices. They
may eventually put up roadblocks to economic growth, market efficiency and
social prosperity. This is not yet the case, but the nervousness seen in the
political and social sphere is not a good sign. Speeches on exclusion and an
eagerness for confrontation are all around us. They add to the challenges that
businesses encounter in their vast but fragmented and not always equitable
markets, in their relations whether digital or not, with their clients who may
be numerous and have money to spend, but who are given many options and do not
stay loyal.
Ipsos believes more than ever that identifying, measuring, understanding and
hence anticipating the choices and behaviours of citizens/customers/consumers is
a major need of political and economic organizations-businesses as much as
governmental and non-governmental institutions.
Ipsos is convinced that through the success of the New Way programme and the
development of New Services, it has the expertise, the financial and human
resources, and the determination to continue to grow and to keep its place as a
global, well-qualified and credible force for researching, analysing and
packaging data and accurate, clear and useful knowledge.
In (as we have said) highly competitive, fragmented and evolving markets, the
possession and management of information constitute a vital necessity and a
clear competitive advantage. This is exactly why Ipsos was able to resume its
growth. And it is with this conviction that, by this summer, Ipsos will create
its new plan.
In 2017, with the data it now possesses and provided the political and economic
environment remains as it is, Ipsos is planning on organic growth of the order
of that achieved this year, further improvement in gross profit to revenue and
moderate improvement in its operating profit.
Appendices
* Consolidated income statement
* Consolidated balance sheet
* Consolidated cash flow statement
* Consolidated statement of changes in shareholders' equity
A full set of consolidated financial statements is available at:
https://www.ipsos.com/en/regulated-informations/en?year=2016
The 2016 performance and results presentation will be available from 23 February
2017 on:
https://www.ipsos.com/en/investors
GAME CHANGERS
« Game Changers » is the Ipsos signature.
At Ipsos we are passionately curious about people, markets, brands and society.
We make our changing world easier and faster to navigate and inspire clients to
make smarter decisions.
We deliver with security, simplicity, speed and substance.
We are Game Changers.
Ipsos is listed on Eurolist - NYSE-Euronext.
The company is part of the SBF 120 and the Mid-60 index
and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP
www.ipsos.com
Consolidated income statement
For the year ended 31 December 2016
----------------------------------------------------------------------------
In thousands of euros 2016 2015
----------------------------------------------------------------------------
Revenue 1,782,691 1,785,275
Direct costs (622,244) (635,538)
----------------------------------------------------------------------------
Gross profit 1,160,446 1,149,736
----------------------------------------------------------------------------
Payroll - excluding share based payments (751,754) (733,656)
Payroll - share based payments * (9,991) (10,812)
General operating expenses (220,646) (227,999)
Other operating income and expense 2,026 946
----------------------------------------------------------------------------
Operating margin 180,080 178,215
----------------------------------------------------------------------------
Amortisation of intangibles identified on acquisitions (4,786) (5,097)
*
Other non operating income and expense * 143 (17,302)
Income from associates (46) (95)
----------------------------------------------------------------------------
Operating profit 175,391 155,721
----------------------------------------------------------------------------
Finance costs (20,811) (23,849)
Other financial income and expense * (475) (2,131)
----------------------------------------------------------------------------
Profit before tax 154,105 129,741
----------------------------------------------------------------------------
Income tax - excluding deferred tax on goodwill (37,765) (29,353)
Income tax - deferred tax on goodwill * (6,582) (4,465)
----------------------------------------------------------------------------
Income tax (44,347) (33,818)
----------------------------------------------------------------------------
Net profit 109,758 95,924
----------------------------------------------------------------------------
Attributable to the Group 106,897 92,993
Attributable to Minority interests 2,861 2,930
----------------------------------------------------------------------------
Earnings per share (in euros) - Basic 2.40 2.05
Earnings per share (in euros) - Diluted 2.40 2.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
+----------------------------------------------------------------------+
| Adjusted net profit * 124,945 129,792 |
| |
| Attributable to the Group 121,657 126,548 |
| |
| Attributable to Minority interests 3,288 3,244 |
| |
| Adjusted earnings per share (in euros) - Basic 2.73 2.80 |
| |
| Adjusted earnings per share (in euros) - Diluted 2.73 2.76 |
+----------------------------------------------------------------------+
Consolidated balance sheet
For the year ended 31 December 2016
------------------------------------------------------------------------------
In thousands of euros 2016 2015
------------------------------------------------------------------------------
ASSETS
Goodwill 1,259,193 1,264,920
Intangible assets 71,489 80,469
Property. plant and equipment 35,517 37,209
Interests in associates 207 262
Other non-current financial assets 22,547 17,305
Deferred tax assets 18,184 14,983
------------------------------------------------------------------------------
Total non-current assets 1,407,138 1,415,149
------------------------------------------------------------------------------
Trade receivables 624,406 627,282
Current income tax 15,204 12,237
Other current assets 78,677 72,596
Derivative financial instruments 3,399 4,589
Cash and cash equivalents 164,892 151,576
------------------------------------------------------------------------------
Total current assets 886,579 868,280
------------------------------------------------------------------------------
TOTAL ASSETS 2,293,717 2,283,430
------------------------------------------------------------------------------
------------------------------------------------------------------------------
In thousands of euros 2016 2015
------------------------------------------------------------------------------
LIABILITIES
Share capital 11,109 11,334
Share premium 540,201 540,201
Own shares (79,663) (1,220)
Other reserves 492,784 423,190
Currency translation differences (44,819) (48,110)
------------------------------------------------------------------------------
Shareholders' equity - attributable to the Group 919,612 925,395
------------------------------------------------------------------------------
Minority interests 19,805 19,889
------------------------------------------------------------------------------
Total shareholders' equity 939,417 945,284
------------------------------------------------------------------------------
Borrowings and other long-term financial liabilities 625,374 635,868
Non-current provisions 9,230 5,157
Retirement benefit obligations 28,029 25,030
Deferred tax liabilities 100,432 100,015
Other non-current liabilities 21,159 37,024
------------------------------------------------------------------------------
Total non-current liabilities 784,224 803,094
------------------------------------------------------------------------------
Trade payables 262,865 263,492
Short-term portion of borrowings and other financial 87,438 72,694
liabilities
Current income tax liabilities 11,104 6,781
Current provisions 9,664 5,121
Other current liabilities 199,005 186,965
------------------------------------------------------------------------------
Total current liabilities 570,076 535,052
------------------------------------------------------------------------------
TOTAL LIABILITIES 2,293,717 2,283,430
------------------------------------------------------------------------------
Consolidated cash flow statement
For the year ended 31 December 2016
-------------------------------------------------------------------------------
In thousands of euros 2016 2015
-------------------------------------------------------------------------------
OPERATING ACTIVITIES
NET PROFIT 109,758 95,924
Adjustements to reconcile net profit to cash flow
Amortisation and depreciation of fixed assets 25,970 27,525
Net profit of equity associated companies - net of 46 95
dividends received
Losses/(gains) on asset disposals 2,481 161
Movement in provisions (12,703) (3,385)
Share-based payment expense 9,737 10,189
Other non cash income/(expenses) 978 4,478
Acquisitions costs of consolidated companies 1,325 5,412
Finance costs 20,811 23,849
Income tax expense 44,347 33,818
-------------------------------------------------------------------------------
OPERATING CASH FLOW BEFORE WORKING CAPITAL. FINANCING AND 202,751 198,064
TAX PAID
-------------------------------------------------------------------------------
Change in working capital requirement 22,818 18,432
Interest paid (20,351) (22,004)
Income tax paid (38,046) (26,510)
-------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES 167,172 167,982
-------------------------------------------------------------------------------
INVESTMENT ACTIVITIES
Acquisitions of property. plant. equipment and intangible (17,631) (23,579)
assets
Proceeds from disposals of property. plant. equipment and 133 454
intangible assets
Acquisition of financial assets (1,070) 1,343
Acquisition of consolidated companies and business 23,900 (37,778)
goodwill
-------------------------------------------------------------------------------
CASH FLOW FROM INVESTMENT ACTIVITIES 5,332 (59,560)
-------------------------------------------------------------------------------
FINANCING ACTIVITIES
Increase/(decrease) in capital (225) 0
(Purchase)/proceeds of own shares (85,048) (9,499)
Increase/(decrease) in long-term borrowings (1,688) (46,604)
Increase/(decrease) in bank overdrafts and short-term debt 491 (1,262)
Acquisition of minority interests (33,312) (12,546)
Dividends paid to parent-company shareholders (36,358) (34,071)
Dividends paid to minority shareholders of consolidated (431) (3,428)
companies
-------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES (156,573) (107,410)
-------------------------------------------------------------------------------
NET CASH FLOW 15,932 1,012
-------------------------------------------------------------------------------
Impact of foreign exchange rate movements (2,615) 1,306
-------------------------------------------------------------------------------
CASH AT BEGINNING OF PERIOD 151,576 149,258
-------------------------------------------------------------------------------
CASH AT END OF PERIOD 164,892 151,576
-------------------------------------------------------------------------------
Consolidated statement of changes in shareholder's equity
For the year ended 31 December 2016
-------------------------------------------------------------------------------------------------
Shareholders' equity
In thousand ---------------------------------
euros Share Share Own Other Currency Attributable Minority
capital Premium shares consolidated translation to the Group interests Total
reserves difference
-------------------------------------------------------------------------------------------------
1st January 11,334 540,201 (763) 371,654 (39,217) 883,211 18,079 901,290
2015
-------------------------------------------------------------------------------------------------
- Change in - (0) - - - (0) - ( 0)
capital
- Dividends - - - (33,967) - (33,967) (3,307) (37,274)
paid
- Impact of
acquisitions
and
commitments - - - (7,176) - (7,176) 425 (6,751)
of buy out
minority
interests
- Delivery of
free shares - - 9,031 (9,031) - - - -
related to
2013 plan
- Other
movements on - - (9,488) ( 11) - (9,499) - (9,499)
own shares
- Share-based
payments
taken - - - 10,189 - 10,189 - 10,189
directly to
equity
- Other - - - (1,632) - (1,632) 8 (1,624)
movements
-------------------------------------------------------------------------------------------------
Transactions
with the - (0) (457) (41,628) - (42,086) (2,874) (44,960)
shareholders
-------------------------------------------------------------------------------------------------
- Net profit - - - 92,993 - 92,993 2,930 95,924
- Other
elements of
the - - - - - - - -
Comprehensive
income
Hedges of
net
investments - - - - (17,230) (17,230) - (17,230)
in a foreign
subsidiary
Deferred
tax on hedges
of net - - - - 3,938 3,938 - 3,938
investments
in a foreign
subsidiary
Currency
translation - - - - 4,398 4,398 1,754 6,152
differences
Actuarial
gains and - - - 269 - 269 - 269
losses
Deferred tax
on actuarial - - - (98) - (98) - (98)
gains and
losses
- Total of
the other
elements - - - 171 (8,894) (8,723) 1,754 (6,969)
composing the
Comprehensive
income
-------------------------------------------------------------------------------------------------
Comprehensive - - - 93,164 (8,894) 84,270 4,684 88,954
income
-------------------------------------------------------------------------------------------------
31st December 11,334 540,201 (1,220) 423,190 (48,110) 925,395 19,889 945,284
2015
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
1st January 11,334 540,201 (1,220) 423,190 (48,110) 925,395 19,889 945,284
2016
-------------------------------------------------------------------------------------------------
- Change in (225) - - - - (225) - (225)
capital
- Dividends - - - (36,228) - (36,228) (1,161) (37,389)
paid
- Impact of
acquisitions
and
commitments - - - (2,606) - (2,606) (1,197) (3,804)
of buy out
minority
interests
- Delivery of
free shares - - 6,760 (6,760) - - - -
related to
2014 plan
- Other
movements on - - (85,203) 155 - (85,048) - (85,048)
own shares
- Share-based
payments
taken - - - 9,700 - 9,700 - 9,700
directly to
equity
- Other - - - 452 - 452 26 478
movements
-------------------------------------------------------------------------------------------------
Transactions
with the (225) - (78,443) (35,287) - (113,955) (2,332) (116,288)
shareholders
-------------------------------------------------------------------------------------------------
- Net profit - - - 106,897 - 106,897 2,860 109,757
- Other
elements of
the - - - - - - - -
Comprehensive
income
Hedges of
net
investments - - - - (32,458) (32,458) (168) (32,626)
in a foreign
subsidiary
Deferred
tax on hedges
of net - - - - 10,822 10,822 - 10,822
investments
in a foreign
subsidiary
Currency
translation - - - - 24,927 24,927 (444) 24,483
differences
Actuarial
gains and - - - (2,487) - (2,487) - (2,487)
losses
Deferred tax
on actuarial - - - 470 - 470 - 470
gains and
losses
- Total of
the other
elements - - - (2,017) 3,292 1,275 (612) 663
composing the
Comprehensive
income
-------------------------------------------------------------------------------------------------
Comprehensive - - - 104,880 3,292 108,172 2,249 110,421
income
-------------------------------------------------------------------------------------------------
31st December 11,109 540,201 (79,663) 492,783 (44,819) 919,612 19,805 939,417
2016
-------------------------------------------------------------------------------------------------
Ipsos - 2016 Annual results:
http://hugin.info/143536/R/2080989/783841.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IPSOS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2017 - 18:19 Uhr
Sprache: Deutsch
News-ID 525875
Anzahl Zeichen: 48938
contact information:
Town:
Paris
Kategorie:
Business News
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"Ipsos: 2016 Annual results"
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