Publicis Groupe: 2012 Annual Results
Publicis Groupe: 2012 Annual Results
PR Newswire
PARIS, February 14, 2013
PARIS, February 14, 2013 /PRNewswire/ --
(EUR million except EPS and dividend)
+ Revenue 6,610 +13.7%
+ Organic growth +2.9%
+ Operating margin 1,064 +14.3%
+ Percentage Operating margin 16.1%
(2011: 16.0%)
+ Net income 737 +22.8%
+ EPS* (euros) 3.36 +27.3%
+ Free Cash Flow ** 759 +7.8 %
+ Dividend *** (euros) 0.90 +28.6%
* Diluted Earnings Per Share
** Excl. changes in Working Capital Requirements (WCR)
*** Payable on July 5 subject to approval at the AGM of May 29, 2013
Message from Maurice Lévy, Chairman and CEO of Publicis Groupe:
"2012 was to be the year of recovery, but turned out to be difficult,
uncertain and disappointing as regards growth and employment, especially in
Europe. Yet it was a record year for Publicis Groupe in terms of revenue,
margin, income and the strength of its balance sheet.
The global advertising market had been expected to grow by 4.7%, but actual
growth will fell below the 3% mark with advertising income from Euro 2012 and
the London Olympics well below expectations.
We owe our good performance to the trust our clients have in us, but also to
the talent, passion and outstanding professionalism of our people whose
agility and speed of response enabled us to bring our clients original,
innovative and creative solutions. I would like to express my thanks to our
clients and employees, and tell the latter how proud I am of what they have
accomplished.
Publicis' strategic orientations (digital services and high-growth countries)
played a significant part in this success story. From the start at an early
stage, these strategic options have been implemented with conviction,
determination and tenacity despite the global economic crisis that has
prevailed over the last four years. They have strengthened the Groupe's
competitiveness in the segments with the highest growth and brightest future,
and have made Publicis the most innovative communications group of all, and
not just in the digital sector.
The list of our success stories, innovations, and strategic performances would
be too long to enumerate. However, it is a reflection of the vitality and
attractiveness of our offering, as evidenced by the vast array of awards
received, the accounts won and our clients development. We are nonetheless
aware of the need to continue to strive to be even better and to further
strengthen our Groupe, as we have just done with the acquisition of LBi which
has been combined with Digitas to constitute the world's No.1 digital network.
While 2012 was a more difficult year than expected, 2013 looks like it will be
even more difficult, between economic uncertainty, the weakness of Europe,
where whole sectors of industry both lack competitiveness and face consumers'
concerns. Notwithstanding all this doom and gloom, there is good news from the
USA where growth is up (even if the trend is still fragile), and from the
high-growth countries where forecasts are more optimistic.
Publicis Groupe is creating jobs throughout the world, including in France,
even though this presupposes that profiles and organizations undergo change.
There is no escaping the fact that we must constantly adapt if we are to
address the issues imposed upon us by globalization and technology, probably
also a key factor for our success.
To tackle this new world, we have a healthy group with a very solid balance
sheet, capable of taking initiatives to progress again in order to provide our
clients with strong, creative, innovative and winning solutions to help them
expand their businesses.
The goals we have set ourselves are very reasonably ambitious, namely higher
growth than market average in 2012, as well as a (moderate) improvement of our
margin.
We have commenced 2013 with confidence and determination."
Publicis Groupe's Supervisory Board met on February 13, 2013, under the
chairmanship of Elisabeth Badinter, to examine the annual accounts for 2012
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 (in EUR) 2012 2011 2012 / 2011
Data from the Income Statement
Revenue 6,610 5,816 13.7%
Operating margin before Depreciation
& Amortization 1,190 1,034 15.1%
% of revenue 18.0% 17.8%
Operating margin 1 064 931 14.3%
% of revenue 16.1% 16.0%
Operating income 1,047 914 14.6%
Net Income attributable to the Groupe 737 600 22.8%
Earnings Per Share (1) 3,67 2,96 24.0%
Diluted Earnings Per Share (2) 3,36 2,64 27.3%
Dividend per share 0,90 0,70 28.6%
Free cash flow before changes in
working capital requirements 759 704 7.8%
December December
Data from the Balance Sheet 31, 2012 31, 2011
Total Assets 16,605 16,450
Group share of consolidated
shareholders' equity 4,613 3,898
^ ^(1) ^ ^ Earnings Per Share calculations based on an average of 201.0
million shares in circulation in 2012 and 202.5 million shares in 2011.
^(2) ^ ^ Diluted Earnings Per Share (EPS) calculations based on an average
of 224.1 million shares in 2012, after 237.1 million in 2011. 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.
- 2012 revenue: +13.7%
Within a context of general economic slowdown, Publicis Groupe saw its revenue
rise by 13.7% to 6,610 million euro, i.e. organic growth of +2.9%. This
growth, which was mainly driven by digital services, the USA and the
developing markets, more than offsets the adverse effects of the loss of the
GM media and Search contracts and the dip in healthcare expenditures. The
impact of exchange rates was 313 million euro.
o Digital activities accounted for 32.9% of total revenue, up from 30.6%
during the previous period, and recorded 6.6% organic growth;
o The high-growth economies generated 25.5% of total revenue, up from 24.3%
in 2011, also achieving 6.6% organic growth;
- Strictly digital activities accounted for the largest portion of
consolidated revenue (33%, up from 31% in 2011), followed by "analog" creative
advertising (30%, down from 31% the previous year), the SAMS (unchanged at
19%) and media 18% (after 19% in 2011).
The Groupe's transformation is clearly underway.
- Breakdown of 2012 revenue by geography
(EUR million) Revenue Reported Growth Organic growth
2012 2011 2012/2011 2012/2011
Europe* 1,881 1,782 +5.6% -0.3%
North America 3,146 2,721 +15.6% +3.0%
BRIC+MISSAT* 892 706 +26.3% +10.1%
Rest of the world 691 607 +13.8% +3.5%
Total 6,610 5,816 +13.7% +2.9%
* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa and Turkey
o Europe: slight overall weakening (-0.3%) but the situation was quite
contrasted from one country to another.
- France resisted the trend with +0.7% growth, the UK achieved +2.8%, and
Switzerland +5.4%. The southern European countries were clearly in negative
territory, as were the countries of Eastern Europe and a number of the
northern European countries except Norway.
o North America: with 3.1% organic growth, the USA continued to resist well,
chiefly thanks to the media and digital activities
- BRIC and MISSAT countries: strong, double-digit growth in most of these
countries in 2012 constitutes the growth relay taking over from mature
economies, with notable performances in Greater China (+14.7%), Brazil
(+10.3%), Mexico (+11.6%), South Africa (+10.8%), India (+8.0%) and Russia
(+4.2%).
- Rest of the world: organic growth in the rest of the world was +3.5%.
- Q4 2012 revenue
- Breakdown of Q4 2012 revenue by geography
(EUR million) Revenue Reported Growth Organic growth
Q4 2012 Q4 2011 Q4 2012 / Q4 2011 Q4 2012
Europe* 573 524 +9.4% +0.8%
North America 834 764 +9.2% +3.7%
BRIC+MISSAT** 287 222 +29.3% +13.0%
Rest of the
world 205 187 +9.6% +2.8%
Total 1,899 1,697 +11.9% +3.9%
* Europe excluding Russia and Turkey
** MISSAT: Mexico, Indonesia, Singapore, South Africa and Turkey
All regions recorded growth in the fourth quarter of 2014.
- Europe: over the period, Europe was back in positive growth, with the UK
and France achieving +3.8% and +2.4% respectively. Elsewhere in Western
Europe, Germany, the Netherlands and Switzerland all returned positive growth.
The southern and northern European countries remained negative.
- North America: North America posted +3.7%.
- BRIC and MISSAT countries: together, the BRIC and MISSAT countries
achieved growth of +13.0% in the fourth quarter, with notable performances on
the part of the Greater China Region (+22.0%), Brazil (+10.4%), and Mexico
(+30.1%)
- Rest of the World: the rest of the world (which includes Australia and
Japan) grew by +2.8%.
- Operating margin: 16.1%
The operating margin before depreciation and amortization was 1,190 million
euro in 2012, up 15.1% from 1,034 million in 2011.
Operating margin increased by 14.3% to 1,064 million euro.
The percentage operating margin was 16.1% in 2012, up 10 bp on 2011. Given the
fact that organic growth was below expectations, this is a very satisfactory
achievement.
Staff costs reached 4,076 million euro in 2012, i.e. up 12.8% from
3,615 million in 2011, representing 61.7% of consolidated revenue. Fixed staff
costs stood at 54.5% of total revenue, compared with
54.1% in 2011. Strict control of costs in general and of personnel costs in
particular remains a core issue and requires to operate carefully and
selectively by investing in growth segments through targeted recruitment,
while managing costs in regression sectors and low-growth countries. A number
of current investments (ERP, technological developments) should improve
operational efficiency and reduce costs in the medium term. Restructuring
costs totaled 68 million euro, after 39 million in 2011.
Other operating costs (excluding depreciation) rose by 15.2% to 1,344 million
euro, i.e. 20.3% of total revenue. Commercial expenses increased by 40.2% to
263 million. Administrative costs - which continued to fall thanks to programs
optimizing various operating expenses, largely through the regionalization of
shared services centers - amounted to 16.7% of total revenue, down from 17% in
2011. The impact of acquisition related costs was around 14 million euro.
Depreciation & amortization for the period was 126 million euro, after
103 million in 2011.
By region, the percentage operating margins were 12.9% in Europe, 18.5% in
North America, 13.5% in Asia-Pacific, 17.6% in Latin America, and 16.2% in the
Africa / Middle East region.
- Net income attributable to the Groupe: +22.8%
Net income attributable to the Groupe reached 737 million euro (600 million in
2011). This was after net financial expense of 26 million euro (down sharply
on 54 million in 2011). Income tax for the period was 282 million euro, after
248 million in 2011, i.e. an effective tax rate of 28.8%, exactly the same
rate as for the previous period. Income tax paid in France and the United
States increased by 31 million euro due to new tax rules, associates' share of
profit totaling 25 million euro and minority interests amounting to 27
million.
- Free cash flow: +7.8%
The Groupe's free cash flow for the period was 759 million euro, up 7.8%
before changes in working capital requirements.
- Net financial debt
At year-end 2012, the Groupe's net cash situation was a positive 218 million
euro, after net financial debt of 110 million euro at December 31, 2011. It
should, however, be pointed out that the conversion of the 2014 Oceane bonds
in July 2012 had a positive impact on net debt.
Average net debt for the period was 628 million euro, up from 465 million
in 2011.
- Shareholders' equity
The Groupe's share of consolidated shareholders' equity rose from 3,898
million euro at December 31, 2011 to 4,613 million euro at December 31, 2012.
This increase was mainly due to the conversion of the 2014 Oceane convertible
bonds (694 million euro).
- Dividend
A dividend of 0.90 euro, i.e. an increase of 28.6%, will be proposed to the
shareholders at their Annual General Meeting on May 29 next. Subject to
approval by the shareholders, the dividend will be payable as of July 5, 2013.
HIGHLIGHTS FROM 2012
- Distinctions / Creativity
Since 2004, Publicis Groupe has held the Gunn Report's No. 1 ranking for
Creative Performance.
Our entities and agencies received prizes and awards at approximately 275
festivals and shows, ranging from international shows such as the
Cannes Lions, One Show, EPICA, New York Festivals, LIA, Festival of Media,
Andy and EFFIEs, to regional awards such as Eurobest, Cristals, Golden Drums,
Spikes Asia, FIAP, El Ojo and Sabre Awards, in addition to local prizes.
In 2012, at the 59^th edition of the Cannes Lions International Festival of
Creativity, Publicis Groupe took a total of 153 Lions, including 3 Grand Prix,
42 Gold, 42 Silver and 66 Bronze awards.
These results show a marked progression in recent years: 101 in 2009, 116 in
2010, and 119 in 2011.
- The Groupe's Corporate Social Responsibility (CSR) policy has been tightened
up
The regulatory framework of the French NRE law has led the Groupe to enhance
its CSR reporting which now includes a dedicated chapter in the 2012
Registration Document. Over the past year, considerable effort has been put
into formalizing new procedures aimed at facilitating non-financial reporting,
a task that has included input from the Financial and HR Departments within
the networks, corporate legal, the Re:Sources team, and the staff at head
office. CSR reports are now audited and certified by independent auditing
firms, and it has thus taken a big step forward, after three years (2009,
2010, 2011) during which the scope was defined and structured.
The four main pillars of this policy (Social, Society, Governance & Economics,
and Environment) structure the work carried out within the Groupe by the CSR
Department, in close conjunction with the networks and agencies. The number of
indicators is virtually unchanged since 2011, the emphasis being placed on the
quality and traceability of the information.
Diversity, in the broadest sense, continues to be one of the Groupe's key
challenges. Measures have been taken in various areas such as the battle
against discrimination (in all its forms), the roll-out of awareness-raising
campaigns, or the setting up and running of high-visibility initiatives like
the group-wide network in the USA known as Egalité (LGBT: Lesbian, Gay,
Bisexual, Transgender).
In the field of gender balance, VivaWomen! - the internal network of women
within the Groupe - now has branches in Paris, Boston, New York, Chicago, San
Francisco, Los Angeles, Shanghai and London. Purpose of this network, which is
run by volunteers, is to help women further their careers within the Groupe.
It is a time and a place for exchanges and for sharing. The USA and France
were the two countries in which the network was most active in 2012.
.
- External growth
In 2012, Publicis Groupe continued to make targeted acquisitions consistent
with its strategy:
+ Mediagong: a digital agency in France specialized in digital strategy
consulting, the social media, advergaming and mobile communications.
+ On January 26, Publicis Groupe tabled a friendly bid for Pixelpark,
Germany's largest independent group in digital communications. The
proposed takeover was approved by the German Federal Cartel Office on
February 15, 2012. Publicis Groupe now holds nearly 79% of all Pixelpark
shares.
+ The Creative Factory, to broaden Saatchi & Saatchi's foothold in Russia.
This Moscow-based company has a big reputation in its specialist fields,
i.e. marketing, digital services, digital production and video.
+ U-Link Business Solutions Co. Ltd., one of China's top agencies
specialized in healthcare communications, as well as King Harvests and
Luminous, two specialized marketing agencies based in China and
Singapore.
+ Flip Media, which is a large network of digital agencies in the Middle
East. This full-service network is positioned throughout the digital
chain, offering services ranging from strategy, digital design and
production, to content and technological platforms.
+ Indigo Consulting, a Mumbai-based, full-service Indian agency providing
specialized website design and development, referencing, usability
research and testing, and marketing online, on mobiles and in the social
media. Indigo Consulting will strengthen the Leo Burnett network in India.
+ Longtuo: a Beijing-based digital marketing company with particularly
strong e-commerce expertise in creation, customer acquisition, marketing
solutions and measurement tools. Longtuo has become part of the Razorfish
network and will be known as Razorfish Longtuo China.
+ BBR Group is one of the leading communications groups in Israel. BBR is a
network of creative agencies offering a range of services in creation,
brand identity, media, digital services and design.
+ ZOOM Advertising, a subsidiary of the Ramallah-based Massar Group, making
Publicis Groupe the first communications group to establish a business in
Palestine (20% stake). Zoom, which has been renamed Publicis Zoom, will be
aligned with the Publicis Worldwide network. Zoom was founded in 2004 and
quickly asserted itself as the leading agency in the Palestinian
communications industry, providing sophisticated digital and interactive
tools. Along with its expertise in multimedia applications, Zoom is the
local leader in creative and brand strategy.
+ Bartle Bogle Hegarty (BBH): acquisition of 51% of the share capital (not
yet tendered). This acquisition includes Brazilian agency NEOGAMA/BBH.
+ CNC in Germany, a network of agencies in strategic consulting and
communications that also has operations in the UK, India and Japan.
+ Resultrix in India, an international digital services agency set up in
2008. Resultrix has operations in India, Singapore, the United Arab
Emirates, and in the USA. This agency is highly reputed for its
performance marketing expertise.
+ Arachnid in Malaysia, a digital agency renowned for its creativity.
Established in Kuala Lumpur in 1996, Arachnid now employs over 60 digital
communications professionals. It offers and develops services in some 25
countries.
+ AR New York, one of America's most reputable advertising agencies,
specialized in communications for the luxury goods, fashion and beauty
sectors.
+ iStrat and Market Gate, in India, are respectively an integrated digital
services agency and a consulting firm specialized in strategy and
marketing.
+ OUTSIDE LINE, one of the UK's Top 5 independent digital agencies
specialized in the social media and experiential marketing.
+ Monterosa, is an international agency based in Sweden, and is specialized
in marketing and communications on mobile phones.
+ Rokkan Media LLC, a New York-based multiservice digital agency that
combines e-commerce, loyalty programs, digital marketing, mobile
communications and the social media.
Furthermore, on September 20, Publicis entered into a conditional agreement to
acquire all outstanding shares in LBi.
LBi International N.V. is Europe's largest independent marketing and
technology agency, blending strategic insight, media, creativity and technical
expertise to create long-term value for brands. Headquartered in Amsterdam
(the Netherlands), where it is publicly traded, the company has operations in
16 countries and a staff of approximately 2,200.
On November 12, Publicis Groupe made its cash acquisition bid official at 2.85
euro per share, coupon attached, with the tender period extending from
November 13, 2012 to January 15, 2013.
- Finance
On January 31, 2012, Publicis Groupe SA redeemed its 2012 Eurobonds at
maturity for a total of 506 million euro in principal. This redemption was
funded by available liquidities within the Groupe.
Further to the Dentsu proposal of February 13, 2012, Publicis Groupe bought
back 18 million of its own shares, in the form of a block transaction before
the market opened for trading on February 17, for a total of 644 million euro
(i.e. 35.80 euro per share). The buyback was at a discount of 13.35% to the
closing price on February 16, 2012. It enhanced diluted earnings per share by
some 7% in 2012. Of the 18 million shares purchased, Publicis canceled
10,759,813. The remaining 7,240,187 shares have been held as Treasury stock
and will serve to cover presence- and performance-based share attributions,
stock options plans and acquisition programs. This share buyback was entirely
funded by available liquidities within the Groupe.
On June 29, 2012, Publicis Groupe exercised its contractual early redemption
right (issuer call) on its 2014 Oceane bonds issued on June 24, 2009. On July
19, 2012, virtually all the outstanding bonds (i.e. 24,257,895 bonds) were
converted, adding to the 1,492,735 bonds previously converted during the
period. In all, 25,750,630 bonds were converted into 25,900,629 shares in
accordance with the different conversion ratios. The remaining 11,016 bonds
were redeemed at the call price upon expiry. This conversion increased
shareholders' equity by 694 million euro and terminated the 2014 Oceane bonds,
thereby considerably strengthening the balance sheet without further diluting
Diluted EPS.
RECENT EVENTS
On January 15, 2013, upon expiry of the public cash offer for all outstanding
LBi shares, Publicis Groupe declared its offer unconditional. 73.5% of LBi's
fully diluted capital had been tendered to Publicis Groupe which, together
with shares already held by the offerer, represented a total of 97.37% of
LBi's fully diluted capital. Publicis Groupe proposed that the remaining
shares be tendered during a "post acceptance period" extending from January 16
to 29, 2013.
On January 29, 2013, Publicis Groupe and LBi jointly announced the final
outcome of the public offer, notably that Publicis Groupe held 98.13% of LBi's
outstanding shares.
Following the acquisition the delisting of the shares, approved by NYSE
Euronext, will take effect on March 7, 2013.
Publicis Groupe plans to initiate a squeeze-out procedure at the first
opportunity in order to buy up all remaining shares not held by the Groupe.
On February 5, Publicis announced it would merge Digitas, its integrated
global network, and LBi, the digital technology and marketing network it had
just successfully acquired by public cash offer. The new network, to be named
DigitasLBi, thus became the world's leading digital communications network. It
will be led by LBi Chief Executive Luke Taylor, who was appointed DigitasLBi's
Global CEO.
In creating this network, Publicis Groupe has illustrated the major role it is
playing in this crucial, fast-moving digital sector. With global revenue of
some 820 million dollars, DigitasLBi will be the most powerful and most
complete digital agency network in the world, leveraging the longstanding
dominance of Digitas in the USA - where it is the largest digital agency -
together with LBi's strong position in Europe and the leading position enjoyed
by both agencies in Asia Pacific. DigitasLBi will comprise 5,700 best-in-class
digital and technology experts in 25 countries around the world.
OUTLOOK
In 2012, despite the volatile economic environment marked by the global
slowdown observed from the second quarter onwards, Publicis Groupe had a
successful year. Organic growth of 2.9% was made possible by the Groupe's
ever-increasing exposure to the digital sector and high growth countries which
together accounted for 55% of its revenue at the end of 2012.
2013 is shaping up to be a difficult year, a year of uncertainty, with a
number of bridges to be crossed. Even though the euro crisis now appears to
be behind us, the situation in Europe is still highly contrasted and
advertising investment forecasts are down on 2012. The latest market growth
forecasts from ZenithOptimedia are quite high (4.1% in December after 4.6% in
October) but also fragile. Growth is chiefly expected from the USA, the
high-growth economies and the digital services sector.
The Groupe's positions in these areas give us good grounds for confidence in
2013, with higher growth than in 2012 and a higher margin once again (slightly
in 2013).
Publicis Groupe therefore intends to continue to pursue its strategy of
expanding its digital business and its presence in high-growth economies,
through priority investments targeting segments that will ensure its future
growth while bolstering its profitability over time.
Implementation of this strategy is made possible by a solid financial
position. The Groupe continues to look the future in the eye, with confidence
in its ability to provide its clients with services that are more creative and
best suited to a new era dominated by digital technology, mobility and the
social media.
This presentation contains forward-looking statements. The use of the words
"aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s)," "anticipate(s)"
and similar expressions in this presentation are intended to identify those
statements as forward-looking. Forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ materially from
those projected. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this presentation. Other than
as required by applicable securities laws, Publicis Groupe undertakes no
obligation to publish revised forward-looking statements to reflect events or
circumstances after the date of this presentation or to reflect the occurrence
of unanticipated events. Publicis Groupe urges you to review and consider
carefully the various disclosures it has made concerning the factors that may
affect its business, including the disclosures made under the caption "Risk
Factors" in the 2011 Registration Document filed with the French financial
markets authority (AMF).
About Publicis Groupe
Publicis Groupe [Euronext Paris FR0000130577, part of the CAC 40 index] is the
third largest communications group in the world, offering the full range of
services and skills: digital (Digitas, Razorfish, Rosetta, VivaKi, LBi),
traditional advertising (BBH, Leo Burnett, Publicis Worldwide, Saatchi &
Saatchi), public affairs, corporate communications and events (MSLGROUP),
media buying and strategy (Starcom MediaVest Group and ZenithOptimedia) and
specialized communications with PHCG (Publicis Healthcare Communications
Group). Present in 104 countries, the Groupe employs 58,000 professionals.
http://www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook:
http://www.facebook.com/publicisgroupe
Viva la Difference !
Appendix
New Business 2012
3.5 USD billion (net)
Main accounts awarded
BBH
Old El Paso (UK); RAC (UK).
Digitas
Heineken Group; L'Oréal (China, France); Whipcar (UK); eBay (USA); Puma (UK,
France); Axis Bank (India); Samsung (Brazil); Onstar (China); Delta (USA);
Aetna Healthcare (USA); Jenn-Air (China); Intel (China, Hong Kong); Emerson
(China); Dassault Falcon (China); Nestlé (India); HP (India); Kraft (USA);
TIAA-Cref (USA); Airtel (India); American Express (USA); Dunkin' Donuts (USA);
Goodyear (USA); Aflac (USA); Buick (USA); GMC (USA); Harley-Davidson (USA);
Sprint (USA); MillerCoors (USA); Nissan (France); Renault (France); Taco Bell
(USA); Nissan (Germany); Wonderbra (France); La Poste (France); ASUS (UK);
Weight Watchers (UK); ebay (USA); Vevo (USA).
Kaplan Thaler Group
Acorda Therapeutics AMPYRA (USA); Daisy Sour Cream (USA); Shionogi Inc (USA).
Leo Burnett
Novartis - Thera-Flu, Otrivin, Voltaren brands (Lithuania); Inse - (China);
Merchant Bank of Sri Lanka - Corporate (Sri Lanka); Mengniu Dairy Company -
Zengouli Milk (China); Le Sun Chine Hotel (China); HNH Line - Mobile App
(China); Goodyear Dunlop Tires Operations S.A. (Germany); GlaxoSmithKline
-Iodex Pain Balm (India); Atria/Campomos Meat Processing Company (Russia);
Fragrant Group Ltd. - The Circle, Sukhumvit 11 properties (Thailand); Avis
Budget Group - Avis Rent A Car (USA); Ping An Insurance - Vehicle insurance
(China); Procter & Gamble and Teva (PGT); BKS Investment Services (Russia);
Bacardi (UK); Bridgestone Americas - Firestone (USA); Arcor (Argentina);
Samsung (China, Switzerland, Poland); Profamila (Dominican Republic); Coke
GmbH (Germany); Alior Bank (Poland); Free Lanka Trading Ltd. (Sri Lanka);
Chocolat Frey (Switzerland); Mister Rice (Switzerland); Coca-Cola Company
(USA); Nickelodeon (USA); Ikea (Asia Pacific); Coleman (Japan); Amana Takaful
Insurance (Sri Lanka); CIC Holdings (Sri Lanka); Organization of Professional
Associations (OPA) (Sri Lanka); Co-Operative Grocery (UK); Just Group - Jay
Jay's (Australia); Kellogg's Be Natural (Australia); McDonald's McCafe &
Family (Australia); Decathalon Sports Goods (India); Air New Zealand (Japan);
Animex/ Berlinki Sausages (Poland); Polfarma Pharmaceutical (Poland);
Coca-Cola Company/ Vitamin Water
(UK); Trinity P3/ Honda (Australia); Vodafone (Hungary); Kraft/ Milka
(Poland); PGE S.A. (State-Owned Power Company) (Poland); Rovese (Poland);
Mikado (UK); Keytrade Bank (Belgium); Carrefour (Brazil); TD Bank (Canada)
Goodyear Coach Business (Germany); Dunlop EMEA (Germany); Holiday Iq Travel
Website (India); Abbott Labs FreeStyle Blood Sugar Monitor (India); Cosmoprof
B2B Beauty Trade Show (Italy); Intersnack Felix Snack Foods (Poland); Food
Network (UK); DixcyScott Thermal Wear (India); BSkyB - NowTV Internet TV (UK);
Novartis (USA); Hard Rock Café (Malaysia); Lomza Brewery (Poland); GM - Chevy
Silverado (USA).
MSLGROUP
Walmart (Hong Kong); Taitra (Taiwan); Abbott Laboratories (Humira 10th Anniv.
Pt 2) (USA); Haier (Consumer/Corporate/Digital PR Support) (USA); March of
Dimes (PR Support) (USA); First Book (USA); Apple Tree Pharmaceuticals (USA);
Panmure Gordon (UK); Associated British Foods (UK).
Publicis Worldwide
Confused.com (UK); Astelit (Ukraine); Nutricia/Day Care (Netherlands); PostNL
(Netherlands); Johnson&Johnson/Vision Care (Netherlands); Randstad
(Netherlands); Reiswezen (Netherlands); Danone/Actimel, Activia (Netherlands);
Dutch Heart Foundation (Netherlands); BVG (Germany); Infoteam Software
(Germany); Knorr-Bremse (Germany); L'Oreal-GarnierOila (Germany);
MaschinenfabrikReinhausen (Germany); Nestlé/Nescafé, Nesquick (Germany);
Siemens/Mobility and Logistics (Germany); Movistar (Venezuela);Everything
Everywhere (London); REECL (Bulgaria); Sanquin Blood Supply (Netherlands);
Nestlé/Haagen-Dazs (Canada); Visa/Visa cards (Bulgaria); OMV (Romania);
Romanian Police (Romania); SAB Miller/Ursus (Romania); Bongrain/Geramont
(Germany); Commerzbank (Germany); DII/DII Annual Conference (Germany);
PatriziaImmobilien (Germany); Siemens/Siemens VAI (Germany); Insinger de
Beaufort (Netherlands); Steico (Germany); Heinz (Russia); FratelliCarli
(Italy); Jagermaister (Italy); Habib's (Brazil); Camisaria Colombo (Brazil);
Discovery Channel (Brazil); Drogaria (Brazil); Galaxy Macau (Hong Kong);
Wrigley (China); MSD (China); Shenzhen Development Bank (China); Ahwa Infant
Product (China); Shionogi Ospemifene (USA); Presidio (USA); Cattem (USA);
Sanofi/Oenobiol/CRM (France); Universidad Mayor (Chile); Telecom (Italy);
Bosch (Australia); VIP Pet foods (Australia); Qld Government (Australia);
Banamex (Mexico); Bahlsen (Poland); Honda (USA); Nestlé (Poland); Musafir.com
(India).
Razorfish
DHL (USA); MASCO (USA).
Saatchi & Saatchi
Kraft Foods - Kool-Aid, Capri Sun (USA); Air New Zealand (New Zealand);
Parmalat (Italy); Mattessons (UK); Virgin Strauss (UK); Big W (Australia);
Port of Antwerp (Belgium); Canal+ (Poland); Carnival Cruise Lines (Australia);
Chivas - digital (China); COFCO Lolas (China); Bintan (Singapore/Saatchi Lab);
DG Com/European Parliament - Visual identity (Belgium/ pan-European); Kraft
Foods - Kool-Aid, CapriSun (US Hispanic); Nike Foundation (UK/Nigeria); Subway
(Singapore/Saatchi Lab); Club Med (France/global); Radisson Edwardian Hotels
(UK), MillerCoors/Miller Lite (USA/NY), ASB Bank (New Zealand); Springwel
(India); Mondelez International
- Trident (Egypt); Lenovo (UAE/MENA - Singapore/APAC); EE - Everything
Everywhere (UK); Alta ConsejeriaTelecomunicaciones (Colombia); Stem (USA);
Tranzact (USA); Carrefour (Italy); Parampara (India); Star Cruises
(Singapore); Anaheim Ducks/Honda Center-CRM (USA); CAPI (Australia); Coca-Cola
/ Minute Maid Pulpy (China); BRF - Brasil Foods (Sadia Brand - Dairy and
processed meats) (Brazil); Vietnam Mobile (Vietnam); Cairn India (Singapore);
De'Longhi (Japan); Big Cola (Thailand); Guinness (Greater China).
StarcomMediaVest Group
Dabur India (India); DiGi Telecommunications SdnBhd (Malaysia); Lazurde (UAE);
Polbank (Poland); ZhuJiang Beer (China); Heineken (Global); Lower Silesia
Voivodship 2012 Campaign (Poland); Bertel O Steen (Norway); Björn Borg
(Norway); C'estbon (China); Kaz (PUR) (USA); Axis Bank (India); United
Laboratories, Inc. (Philippines); Silesian Voivodship (Poland); mtc (Ukraine);
William Hill (Sweden); Nike- Experiential Marketing (UAE); TXTloan (UK);
Autobarn (Australia); IDC Polonia (Poland); Reiffeisen Bank International
(Poland); Telia Sonera (Sweden); American Girl (USA); Avis Rent A Car System
(USA); KRKA (Poland); Mars Dog food planning (Russia); MOM - TAFEP
(Singapore); Singapore Navy (Singapore); Tele2 (Norway); Optus / Virgin Mobile
(Australia); Telenor (Malaysia); Tetley (UK); Centro (Poland); Medborgarskolan
(Sweden); ENEA (Poland); Nestle (Chile); Tetley (UAE); T-mobile (Poland);
Travelers (USA); Tavelodge (UK); Genesis Energy (New Zealand); Honda TriState
(USA); Taco Bell (USA); Autoglass (UK); Enterprise Qatar (UAE); Far East
Organization (Singapore); Mitsubishi (Italy); Valeant (Poland).
ZenithOptimedia
ABD IBRAHIM (Turkey); VAKKO (Turkey); Santander (Mexico); Kobe &Lyne
(Indonesia); Qantas (Australia); Home Depot (Canada); Rabobank (Germany);
TotalizatorSportowy (Poland); Maspex (Poland); Nestlé (Hong Kong); Energy
Market Authority (Singapore); Darty (Turkey); AMK (Turkey); Kiler (Turkey);
Qualitynet (Kuwait); Daymod (Turkey); Dollardex (Singapore); Science Centre
Board (Singapore); Save Our Planet Investments Pte Ltd (Singapore); Tatil.com
(Turkey); Euro 2012 (Poland); Aviva (France); Ministry of National Development
(Singapore); Group Bel (Egypt); BhartiWalMart (India); Singapore Workforce
Development Agency (Singapore); GoodvinePte Ltd (Singapore); TV 2 (Turkey);
City Developments Limited (Singapore); L'Oréal (Singapore); Nestlé (India);
Reckitt Benckiser (India); Abbott (China); OBI (Russia); MengNiu (China); RBS
Digital (UK); Totaljobs.com (UK); Siemens (India); Jabong.com (India); Vital
(Argentina); Armani (South Korea); Cosmetique Active (part of L'Oreal)
(Ireland).
2012 Press Releases
01-11-2012 Half-Year financial statement liquidity contract with SG
Securities (Paris)
01-18-2012 Publicis Groupe acquires Mediagong, one of France's most
innovative digital agencies
01-25-2012 Publicis Groupe acquires The Creative Factory, strengthening
Saatchi & Saatchi in Russia
01-25-2012 Publicis Groupe regrets that a long-lasting relationship with GM
has ended
01-26-2012 Publicis Groupe to acquire Pixelpark AG, Germany's largest
independent digital group, via a friendly takeover bid for Eur 1.70 per share
02-01-2012 Publicis Groupe acquires Flip Media, a leading middle eastern
digital agency
02-09-2012 Publicis Groupe : 2011 Annual Results
02-13-2012 Publicis Groupe publishes public tender offer document for
Pixelpark AG
02-17-2012 Publicis Groupe announces buy-back of 18 million of its own
shares from Dentsu
02-22-2012 Publicis Groupe accelerates China expansion with acquisition of
U-Link business solutions Co. Ltd
03-08-2012 Publicis Groupe acquires King Harvests and Luminous,
accelerating its expansion in China and Singapore
03-08-2012 Pixelpark: Publicis Groupe waives minimum acceptance quota of
75% and re-opens the acceptance period until March 21, 2012
03-08-2012 France Télécom-Orange and Publicis Groupe partner with Iris
Capital Management to create a leading European venture capital investor in
the digital economy
03-15-2012 Publicis Groupe announces Sébastien Danet's appointment as
Chairman of VivaKi France
03-20-2012 Pixelpark: Publicis secures more than 76% of the shares in
Pixelpark AG
03-29-2012 Press Release of the Supervisory Board
04-19-2012 Q1 2012 Revenue
04-24-2012 Publicis Groupe acquires Indigo Consulting, award-winning Indian
digital marketing & technology agency
04-26-2012 Publicis Groupe announces the appointment of Anne-Gabrielle
Heilbronner
05-14-2012 Publicis Groupe acquires Longtuo, aiming for a dominant role in
China's booming e-Commerce market
05-21-2012 Publicis Groupe announces the creation of saatchi&saatchi duke,
a new entity combining the Saatchi & Saatchi and Duke agencies in France
05-29-2012 Publicis Groupe Annual General Shareholder's Meeting dividend
set at 0.70 euros per share. Supervisory board: Elisabeth Badinter re-elected
President.
05-31-2012 The Supervisory Board's decision - May 29, 2012
06-18-2012 Publicis Groupe to acquire BBR Group becoming one of Israel's
leading communications groups
06-18-2012 Publicis Groupe becomes first communications group to enter the
Palestinian market through acquisition of an equity stake in Zoom Advertising
06-19-2012 Russel Kelley retires after 10 years as General Counsel of
Publicis Groupe. Eric-Antoine Fredette appointed General Counsel
06-27-2012 New conversion/exchange Ratio for the Océanes 3.125% due July
30^th, 2014
06-28-2012 Overview of the share buyback program authorized by shareholders
at their Combined Ordinary and Extraordinary General Meeting of May 29, 2012
06-29-2012 Notice of the exercise of early redemption option with respect
to the 3.125% Bonds convertible into and/or exchangeable for new or existing
Publicis Groupe shares due July 30, 2014
07-03-2012 Half-Year financial statement liquidity contract with SG
Securities (Paris)
07-05-2012 BBH becomes 100% owned by Publicis Groupe. Deal includes
acquisition of Brazil-based agency NEOGAMA/BBH
07-10-2012 Publicis Groupe: Cessation and Implementation of a Liquidity
Contract
07-10-2012 Publicis Groupe acquires CNC, German-based strategic consultancy
network with global footprint will align to MSLGROUP
07-20-2012 Publicis Groupe 3.125% Convertible Bonds due July 30, 2014
07-20-2012 Publicis Groupe - H1 2012 Results
08-03-2012 Publicis Groupe files its 2012 Half-Year Financial Report
07-08-2012 Publicis Groupe acquires Resultrix, India's Leading Performance
Marketing Agency
09-20-2012 Publicis Groupe SA and LBi International N.V. Agreement on
Intended Recommended Public Cash Offer
09-24-2012 Publicis Groupe SA to buy shares in LBi International N.V. in
the market in coming days
09-24-2012 Publicis Groupe SA buys 6.5 million shares of LBi International
N.V. in the market today
09-25-2012 Publicis Groupe SA owns 12% in LBi International N.V.
09-28-2012 Publicis Groupe SA - Sharepurchases in LBi International N.V.
10-09-2012 Publicis Groupe SA acquires Premier Malaysian Interactive Agency
Arachnid, bolstering Saatchi & Saatchi Digital Offer in APAC
10-09-2012 Publicis Groupe SA to request the AFM approval of the Offer
Document in respect of the Intended Recommended Public Cash Offer in due
course
10-10-2012 Publicis Groupe SA owns 16% in LBi International N.V.
10-24-2012 Publicis Groupe - Legal Department Appointments
10-26-2012 Publicis Groupe - Q3 2012 Revenue
11-07-2012 Publicis Groupe transforms VivaKi: a new step for growth
11-07-2012 Publicis Groupe S.A. owns over 20% in LBi International N.V.
11-12-2012 Publcis Groupe S.A. launches the recommended Public Cash Offer
for the issued and outstanding shares of LBi
11-12-2012 October trading update
11-28-2012 PR Supervisory Board
12-04-2012 Publicis Groupe acquires AR New York, an outsanding luxury
advertising agency
12-05-2012 Publicis Groupe and IBM outline aggressive plan to pursue global
commerce market opportunity
12-07-2012 Publicis Groupe announces two acquisitions in India: iStrat and
MarketGate
12-10-2012 Publicis Groupe S.A. - Share purchases in LBi International N.V.
and receipt of German and United States antitrust clearances
12-13-2012 Publicis Groupe acquires Outside Line, one of the UK's most
renowned independent digital agencies move will boost Saatchi & Saatchi London
12-18-2012 Publicis Groupe acquires Monterosa, award-winning global mobile
agency move to boost BBH network's profile in key mobile marketing segment
12-20-2012 Publicis Groupe acquires Rokkan, a leading US digital agency
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 Full Year net debt: annual year 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
Currency Impact (EUR
(EUR million) H1 H2 FY million)
2011 Revenue 2,699 3,117 5,816 H1 H2 2012
Currency impact 139 174 313 GBP 11 17 28
2011 Revenue at 2012
exchange rate (a) 2,838 3,291 6,129 USD 100 116 216
2012 Revenue before
acquisitions(1) (b) 2,917 3,391 6,308 Others 28 41 69
Revenue from
acquisitions(1) 167 135 302 Total 139 174 313
2012 Revenue 3,084 3,526 6,610
Organic Growth (b/a) +2.8% +3.0% +2.9%
1. Acquisitions (Kitcatt Nohr, Airlock, Holler, Chemistry, Talent, ICL, GP7,
Watermelon, S&S South Africa, Genedigi Group, Dreams, Rosetta Marketing
Group, Big Fuel, LB Zurich Spillman/Felser, DPZ Group, Nuatt, Schwartz,
Brand Connections, Gomye, Wangfan, Ciszewski, TCF, Luminous, Mediagong,
Webformance Saint Brieuc, Indigo, Flip, King Harvests, UBS, Pixelpark,
Longtuo, BBR, BBH, Neogama, CNC, Webformance Bordeaux, AR Media, Arachnid,
Resultrix, Webformance Spain, Grita, Istrat, Outside Line, Bromley) net of
disposals.
Average exchange rate 2012: 1 USD = 0.778 EUR
1 GBP = 1.233 EUR
Consolidated income statement
(in millions of euros) 2012 2011 2010
Revenue 6,610 5,816 5,418
Personnel expenses (4,076) (3,615) (3,346)
Other operating expenses (1,344) (1,167) (1,105)
Operating margin before amortization 1,190 1,034 967
Depreciation and amortization expense
(excluding intangibles arising from
acquisitions) (126) (103) (111)
Operating margin 1,064 931 856
Amortization of intangibles arising from
acquisitions (45) (38) (34)
Impairment loss (11) - (1)
Other non-current income and expenses 39 21 14
Operating income 1,047 914 835
Financial expenses (71) (89) (81)
Financial income 41 33 16
Cost of net financial debt (30) (56) (65)
Other financial income and expenses 4 2 (11)
Pre-tax income of consolidated companies 1,021 860 759
Income taxes (282) (248) (216)
Net income of consolidated companies 739 612 543
Share of profit of associates 25 17 8
Net income 764 629 551
Of which:
- Net income attributable to
non-controlling interests (minority
interests) 27 29 25
- Net income attributable to equity
holders of the parent company (Group
share) 737 600 526
Per share data (in euros) - Net
income attributable to equity
holders of the parent company
Number of shares 201,032,235 202,547,757 202,149,754
Earnings per share 3.67 2.96 2.60
Number of shares - diluted 224,143,700 237,066,159 235,470,461
Diluted earnings per share 3.36 2.64 2.35
Consolidated statement of comprehensive income
(in millions of euros) 2012 2011 2010
Net income for the period (a) 764 629 551
Other comprehensive income
- Adjustments to available-for-sale
investments 4 (3) 12
- Actuarial gains and losses on defined
benefit plans (36) (51) (10)
- Consolidation translation adjustments (61) 49 297
- Deferred taxes on other comprehensive
income 8 16 4
Total other comprehensive income (b) (85) 11 303
Total comprehensive income for the period
(a) + (b) 679 640 854
Of which:
- Attributable to non-controlling
interests (minority interests)
24 29 33
- Attributable to equity holders of the
parent company (Group share)
655 611 821
Consolidated balance sheet
(in millions of euros) 12.31.12 12.31.11 12.31.10
Assets
Goodwill, net 5,667 5,207 4,278
Intangible assets, net 982 985 856
Property, plant and equipment, net 506 496 464
Deferred tax assets 97 82 75
Investments in associates 23 43 140
Other financial assets 242 113 113
Non-current assets 7,517 6,926 5,926
Inventory and work in progress 342 343 326
Accounts receivable 6,841 6,446 5,953
Other receivables and current assets 591 561 572
Cash and cash equivalents 1,314 2,174 2,164
Current assets 9,088 9,524 9,015
Total assets 16,605 16,450 14,941
Liabilities and equity
Share capital 84 77 77
Additional paid-in capital and
retained earnings, (Group share) 4,529 3,821 3,284
Equity attributable to equity holders
of the parent company (Group share) 4,613 3,898 3,361
Non-controlling interests (minority
interests) 44 33 21
Total equity 4,657 3,931 3,382
Long-term borrowings 730 1,460 1,783
Deferred tax liabilities 238 240 219
Long-term provisions 465 486 458
Non-current liabilities 1,433 2,186 2,460
Trade payables 8,249 7,745 7,216
Short-term borrowings 379 838 290
Income taxes payable 65 66 39
Short-term provisions 166 137 118
Other creditors and current
liabilities 1,656 1,547 1,436
Current liabilities 10,515 10,333 9,099
Total liabilities 16,605 16,450 14,941
Consolidated cash flow statement
(in millions of euros) 2012 2011 2010
Cash flows from operating activities
Net income 764 629 551
Neutralization of non-cash income and
expenses:
Income taxes 282 248 216
Cost of net financial debt 30 56 65
Capital (gains) losses on disposals
(before tax) (38) (19) (14)
Depreciation, amortization and impairment
on property, plant and equipment and
intangible assets 182 141 146
Non-cash expenses on stock options and
similar items 26 26 26
Other non-cash income and expenses (7) 1 6
Share of profit of associates (25) (17) (8)
Dividends received from associates 8 14 14
Taxes paid (306) (212) (219)
Interest paid (61) (80) (76)
Interest received 24 29 17
Change in operating working capital
requirements (1) 153 73 287
Net cash flows generated by (used in)
operating activities (I) 1,032 889 1,011
Cash flows from investing activities
Acquisitions of property, plant and
equipment and intangible assets (123) (116) (103)
Proceeds from sale of property, plant and
equipment and intangible assets 3 4 25
Net acquisitions of financial assets (120) 13 5
Acquisitions of subsidiaries (369) (728) (166)
Disposals of subsidiaries - 28 1
Net cash flows provided by (used in)
investing activities (II) (609) (799) (238)
Cash flows from financing activities
Dividends paid to equity holders of the
parent company (119) (129) (107)
Dividends paid to non-controlling
interests (31) (14) (21)
Cash received on new borrowings 16 77 7
Reimbursement of borrowings (546) (29) (52)
Net purchases of non-controlling
interests (30) (11) (9)
Net (purchases)/sales of treasury shares
and warrants (566) 51 (198)
Net cash flows provided by (used in)
financing activities (III) (1,276) (55) (380)
Impact of exchange rate fluctuations (IV) (7) (17) 188
Change in consolidated cash position (I +
II + III + IV) (860) 18 581
Cash and cash equivalents on January 1 2,174 2,164 1580
Bank overdrafts on January 1 (28) (36) (33)
Net cash and cash equivalents at
beginning of period (V) 2,146 2,128 1,547
Cash and cash equivalents on December 31
(Note 18) 1,314 2,174 2,164
Bank overdrafts on December 31 (Note 22) (28) (28) (36)
Net cash and cash equivalents at closing
date (VI) 1,286 2,146 2,128
Change in consolidated cash position (VI
- V) (860) 18 581
(1) Breakdown of change in working
capital requirements:
Change in inventory and work in progress 41 (6) (14)
Change in accounts receivable and other
receivables (426) (267) (855)
Change in accounts payable, other
payables and provisions 538 346 1,156
Change in working capital requirements 153 73 287
Consolidated statement of changes in equity
Reserves
and
Number of Share Addi-tional earnings
outstanding (in millions of capital paid-in brought
shares euros) capital forward
187,168,768 31.12.09 79 2,600 390
Net income 526
Other comprehensive
income:
Fair value
adjustments to
available-for-sale
investments
Actuarial gains and
losses on defined
benefit plans (1) (6)
Consolidation
translation
adjustments
Total other
comprehensive income - - (6)
Total income and
expenses for the
period - - 520
Publicis Groupe S.A.
(5,937,871) capital increase (2) (168) (48)
Dividends (107)
Share-based
compensation (1) 39
Additional interest
on Orane (7)
Effect of
acquisitions and
commitments to buy
out non-controlling
interests (minority
interests)
Purchases/sales of
1,140,173 treasury shares 20
182,371,070 31.12.10 77 2,432 807
Net income 600
Other comprehensive
income:
Fair value
adjustments to
available-for-sale
investments
Actuarial gains and
losses on defined
benefit plans(1) (35)
Consolidation
translation
adjustments
Total other
comprehensive income (35)
Total income and
expenses for the
period - - 565
Publicis Groupe SA
capital increase and
cancellation of
1,712,704 treasury shares - 47 (47)
Dividends (129)
Share-based
compensation(1) 25
Additional interest
on Orane (8)
Effect of
acquisitions and
commitments to buy
out non-controlling
interests (minority
interests) (13)
Purchases/sales of
1,912,289 treasury shares 51
185,996,063 31.12.11 77 2,479 1,251
Net income 737
Other comprehensive
income:
Fair value
adjustments to
available-for-sale
investments
Actuarial gains and
losses on defined
benefit plans(1) (28)
Consolidation
translation
adjustments
Total other
comprehensive income (28)
Total income and
expenses for the
period - - 709
Publicis Groupe S.A.
(9,197,684) capital increase (4) (334) (47)
Dividends (119)
Share-based
compensation(1) 39
Additional interest
on Orane (8)
Effect of
acquisitions and
commitments to buy
out non-controlling
interests (minority
interests) 20
Conversion of Oceane
25,900,629 2014 11 706 (23)
(3 Purchases/sales of
,495,358) treasury shares (181)
199,203,650 31.12.12 84 2,851 1,641
TABLE CONTINUED BELOW
Equity
attributable
to equity Non-controlling
Tran-slation Fair holders of interests
(in millions of reserve value the parent (minority Total
euros) reserve company interests) equity
31.12.09 (377) 121 2,813 25 2,838
Net income 526 25 551
Other
comprehensive
income:
Fair value
adjustments to
available-for-sale
investments 12 12 12
Actuarial gains
and losses on
defined benefit
plans (1) (6) (6)
Consolidation
translation
adjustments 289 289 8 297
Total other
comprehensive
income 289 12 295 8 303
Total income and
expenses for the
period 289 12 821 33 854
Publicis Groupe
S.A. capital
increase (218) (218)
Dividends (107) (21) (128)
Share-based
compensation (1) 39 39
Additional
interest on Orane (7) (7)
Effect of
acquisitions and
commitments to buy
out
non-controlling
interests
(minority
interests) - (16) (16)
Purchases/sales of
treasury shares 20 20
31.12.10 (88) 133 3,361 21 3,382
Net income 600 29 629
Other
comprehensive
income:
Fair value
adjustments to
available-for-sale
investments (3) (3) (3)
Actuarial gains
and losses on
defined benefit
plans(1) (35) - (35)
Consolidation
translation
adjustments 49 49 - 49
Total other
comprehensive
income 49 (3) 11 - 11
Total income and
expenses for the
period 49 (3) 611 29 640
Publicis Groupe SA
capital increase
and cancellation
of treasury shares - -
Dividends (129) (14) (143)
Share-based
compensation(1) 25 25
Additional
interest on Orane (8) (8)
Effect of
acquisitions and
commitments to buy
out
non-controlling
interests
(minority
interests) (13) (3) (16)
Purchases/sales of
treasury shares 51 51
31.12.11 (39) 130 3,898 33 3,931
Net income 737 27 764
Other
comprehensive
income:
Fair value
adjustments to
available-for-sale
investments 4 4 4
Actuarial gains
and losses on
defined benefit
plans(1) (28) (28)
Consolidation
translation
adjustments (58) (58) (3) (61)
Total other
comprehensive
income (58) 4 (82) (3) (85)
Total income and
expenses for the
period (58) 4 655 24 679
Publicis Groupe
S.A. capital
increase (385) (385)
Dividends (119) (31) (150)
Share-based
compensation(1) 39 39
Additional
interest on Orane (8) (8)
Effect of
acquisitions and
commitments to buy
out
non-controlling
interests
(minority
interests) 20 18 38
Conversion of
Oceane 2014 694 694
Purchases/sales of
treasury shares (181) (181)
31.12.12 (97) 134 4,613 44 4,657
(1) The actuarial gains and losses on defined benefit plans as well as
share-based compensation take into account the associated deferred taxes.
Note 9 Earnings per share
Earnings per share and diluted earnings per share
(in millions of euros, except
for share data) 2012 2010 2009
Net income used for the
calculation of earnings per
share
Net income attributable to
equity holders of the parent
company a 737 600 526
Impact of dilutive instruments:
- Savings in financial expenses
related to the conversion of
debt instruments, net of tax (1) 17 27 27
Diluted net income attributable
to equity holders of the parent
company b 754 627 553
Number of shares used to
calculate earnings per share
Average number of shares that
make up the share capital 195,194,484 191,738,061 192,754,345
Treasury shares to be deducted
(average for the year) (11,345,668) (7,935,852) (10,912,268)
Shares to be issued to redeem
the Orane 17,183,419 18,745,548 20,307,677
Average number of shares used
for the calculation c 201,032,235 202,547,757 202,149,754
Impact of dilutive instruments:
- Free shares and dilutive stock
options (1) 4,489,716 5,161,031 4,389,680
- Warrants (1) 1,390,663 893,900 480,327
- Shares resulting from the
conversion of convertible bonds
(2) 17,231,086 28,463,470 28,450,700
Number of shares - diluted d 224,143,700 237,066,159 235,470,461
(in euros)
Earnings per share a/c 3.67 2.96 2.60
Diluted earnings per share b/d 3.36 2.64 2.35
1. Only stock options and warrants with a dilutive effect, i.e. where the
strike price is lower than the average price for the period, are included
in the calculation. In 2012, all the stock options and warrants not yet
exercised at the reporting date had a dilutive effect.
2. Over the three years 2012, 2011 and 2010, all Océanes had a dilutive
effect and were thus included in the calculation of diluted EPS.
i. Headline earnings per share (basic and diluted)
(in millions of euros, except
for share data) 2012 2011 2010
Net income used to calculate
headline (1) earnings per share
Net income attributable to
equity holders of the parent
company 737 600 526
Items excluded:
- Amortization of intangibles
arising from acquisitions, net
of tax 28 23 21
- Impairment, net of tax 8 - 1
- Capital and remeasurement
gains /losses (58) (18) (12)
- Revaluation of earn-outs (9) (4)
Headline net income attributable
to equity holders of the parent
company e 706 601 536
Impact of dilutive instruments:
- Savings in financial expenses
linked to the conversion of debt
instruments, net of tax 17 27 27
Diluted headline net income
attributable to equity holders
of the parent company f 723 628 563
Number of shares used to
calculate earnings per share
Average number of shares that
make up the share capital 195,194,484 191,738,061 192,754,345
Treasury shares to be deducted
(average for the year) (11,345,668) (7,935,852) (10,912,268)
Shares to be issued to redeem
the Orane 17,183,419 18,745,548 20,307,677
Average number of shares used
for the calculation c 201,032,235 202,547,757 202,149,754
Impact of dilutive instruments:
- Free shares and dilutive stock
options 4,489,716 5,161,031 4,389,680
- Warrants
1,390,663 893,900 480,327
- Shares resulting from the
conversion of convertible bonds 17,231,086 28,463,470 28,450,700
Number of shares - diluted d 224,143,700 237,066,159 235,470,461
(in euros)
Headline earnings per share (1) e/c 3.51 2.97 2.65
Diluted headline earnings per
share (1) f/d 3.23 2.65 2.39
i. Earnings after elimination of impairment charge, amortization on
intangibles arising on acquisition,
main capital /remeasurement gains (losses) (including mainly BBH
takeover), and earn out revaluation
Contacts
Publicis Groupe
Peggy Nahmany, Corporate Communications, +33(0)1-44-43-72-83 ;
Martine Hue, Investor Relations, +33-(0)1-44-43-65-00 ;
Stéphanie Attelian, Investor Relations, +33-(0)1-44-43-74-44 ;
Digitas
Jill Kelly, EVP, Global Director, Corporate Communications, +1-646-735-7330
LBi
Gareth Jones, Global Brand & Marketing Director, +44(0)207-063-6263
SOURCE Publicis Groupe
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