HAVAS 2012 Revenue
HAVAS 2012 Revenue
PUTEAUX, FRANCE -- (Marketwire) -- 02/19/13 -- 2012 Revenue
Revenue: EUR 1,778 million -- Revenue growth: +8% -- Organic revenue growth: +2.1% -- Digital weight: 26% of revenue Fourth quarter: Revenue: EUR 521 million -- Revenue growth: +5.5% -- Organic revenue growth: +1.1%
Net New Business1 for the year: EUR 1,675 million (+22% on 2011)
David Jones, Havas CEO, said: "2012 was a good year for the Group, considering the global economy remains challenged especially in Europe. Our North America business strengthened in H2 posting good growth and our performance was strong in LATAM and APAC. The momentum at Havas is excellent following the successful rebranding of our divisions and the simplification of our structure. We continue to see good new business wins and growth of digital, supported by the unique co- location of our media, creative and digital teams. The year risks to be another challenging one, but these factors, along with promising activity in January 2013, give us confidence in Havas's ability to continue to perform."
Consolidated Group revenue for 2012 was EUR1,778 million, an increase of 8% over 2011 on an unadjusted basis. Revenue for the 4(th) quarter of 2012 was EUR521 million compared with EUR492 million for the equivalent period in 2011, representing growth of +5.5% on an unadjusted basis.
Organic growth for the full year was solid at +2.1%. Q4 organic growth was +1.1% largely impacted by a high baseline compared to Q4 2011.
Over the year, the Euro depreciated against the US dollar, producing a positive exchange rate impact of EUR41 million for full year 2012 for this currency only. The total exchange rate impact is EUR63 million.
Digital and social media once again increased their contribution to Group revenue as the Group pressed ahead with its strategy of putting these businesses at the core of all its activities and agencies around the world. With no significant acquisition over the course of the year, digital and social media accounted for 26% of total Group revenue in 2012.
Geographic distribution of organic revenue for the 2012 financial year was as follows:
See table in attached release.
Europe was close to flat over the full year 2012 with -0.4% in organic revenue. France also ended the year close to flat due to its creative agencies and a strong performance from Havas Media. Havas Media's performance in Q4 was largely impacted by a high base in the prior year's quarter. By sector, corporate and financial communications fell back while BETC strengthened its position as the leading French agency as a result of significant organic growth.
The UK outperformed the rest of Europe in 2012, due in large part to recent wins by Havas Worldwide London, to BETC London (a startup launched just over a year ago) and to initial strong performance at our recently acquired Havas Lynx agency, a digital specialist in healthcare communications.
2012 full year revenue for the rest of Europe was down by -1.2%. Q4 saw a temporary downturn in media in Spain, Portugal and Switzerland, while Belgium and Turkey remained strong.
North America: The region posted full year growth of +3.3%, proving remarkably dynamic and especially so in Q4, with growth of +6.5% driven by digital, advertising, healthcare communications and media activities.
Rest of world: Asia-Pacific reported full year growth of +8.7% for 2012. Host lost the Vodafone Hutchison account which impacted Q4, but the agency largely made up for the loss by winning the Coca-Cola account. Creative and media activities in China continued to perform well through the year. However IPO PR consultancy and field marketing were also soft in the period. The United Arab Emirates, India and Singapore were Asia's main growth drivers throughout 2012.
In Latin America, Argentina, Colombia, Peru and Uruguay delivered double digit organic growth throughout the year while Mexico grew progressively. The biggest contributions to the region's strong performance came from digital, media expertise and healthcare communications.
The Group will publish its 2012 annual results on March 21(st), 2013, after market close.
2. NET NEW BUSINESS(1)
Net new business(1) won in 2012 amounted to EUR1,675 million, a 22% increase on 2011 and one of the best three performances of the past decade.
Among the most significant wins in the fourth quarter of 2012:
* Havas Worldwide won global data duties for Unilever and was appointed digital agency of record for the Snuggle fabric softener brand. BETC was chosen as global integrated agency for Louis Vuitton and Berluti. Havas Worldwide Munich won institutional communications and all PR activities for Osram worldwide. Havas Media International France won the global account for Deezer. Havas Media Asia Pacific was appointed global agency for the Shangri-La Hotels & Resorts luxury hotel group. Havas Media won the global account for Remy Cointreau and Arena Miami won the Natura account for five markets.
* On the strength of its integrated offering, Havas won the account for the launch of a second series of euro bank notes for the European Central Bank: Havas Worldwide Duesseldorf will be responsible for mass media communications and international coordination, Havas Worldwide Amsterdam for online communications and Havas Media Frankfurt for media planning and buying in all 17 Eurozone countries. In France, Havas Worldwide Paris, Havas Event and Havas Productions will take the lead on strategic consultancy, PR and events and Havas Digital will be responsible for the multilingual microsite.
* In North America, Havas Worldwide Chicago won digital and eCRM for Citibank credit cards.
* In Latin America, Havas Media won MSD, Nacional Monte de Piedad, Nikon and Hard Rock Hotel.
* Account wins in France included La Poste, McDonald's, Club Med Gym and GMF; in Germany, corporate design for Deutsche Bank; CRM for L'Oreal in Poland; internal communications for sanofi (from New York), Adecco in Belgium, DHL in the Philippines, Generali in Italy, Ricola in the UK and Hermes Parfums in China.
* Purely digital wins included Pizza Hut in Hong Kong, Max Life Insurance in India, Foodpairing in Belgium, H&M in Spain, Perfume Holdings in twelve markets, the Philips global account and children's charity War Child in the UK.
The detailed list of the most significant wins of 2012 is given in Annex 1.
3. CORPORATE SOCIAL RESPONSIBILITY
In keeping with its strategy and commitment, Havas continued demonstrate its leadership on the CSR front through the following initiatives:
* Publication of the Group's first Sustainability Report, based on information provided by our internal CSR reporting tool and shedding light on the many initiatives undertaken within the Group and progress made in meeting its objectives.
* As a member of the media planning and buying industry federation UDECAM, the Havas Media France agency took part in the first collective "office life" carbon footprint assessment of leading media agencies. The process involved gathering data on all the agencies' activities (media buying, digital) and culminated, thanks to widespread media cooperation, in a provisional assessment of greenhouse gas emissions generated by their TV, press, Internet and radio media buying.
* The 3(rd) One Young World summit (www.oneyoungworld.com) was held in P ittsburgh in October 2012. Dubbed "Young Davos" by CNN, the aim of One Young World (co-founded by David Jones and Kate Robertson) is to provide a platform for today's young people, the leaders of tomorrow, to bring about positive changes in the world. 1,300 young delegates (all aged under 25) from 183 countries, accompanied by 40 world famous Counsellors including former UN Secretary-General Kofi Annan, former US President Bill Clinton, Professor Muhammad Yunus and Twitter founder Jack Dorsey, came together to create tangible initiatives to address some of the pressing issues the world faces. Over 200 firms, among them some of the world's largest including Google, Unilever, L'Oreal, Apple, Accenture, Puma and Facebook, showed their support by sponsoring delegates.
4. AWARDS AND ACCOLADES
A number of Group agencies won recognition for their work in the fourth quarter of 2012: "The Bear" by BETC for Canal+ was the world's most awarded TV spot, not just of 2012 but also in the history of the Gunn Report.
At the Cresta Awards, the Group collected 16 awards, including Agency of the Year for BETC and Network of the Year for Havas Worldwide. The Group won awards in a total of 11 categories (including four for "The Bear") plus three Grand Prix awards (two for BETC for "The Bear" and one for Arnold Boston).
At the London International Advertising Awards, Group agencies garnered 13 awards: a Grand Prix for BETC, five Gold (two for BETC and three for Havas Worldwide London), four Silver (two for Havas Worldwide New York, one for Arnold Boston and one for BETC) and three Bronze.
The Epica Awards brought the Group a total of 19 awards. BETC took six of them, including one Gold. BETC London won three awards, including one Gold. Havas Worldwide London took two, including one Gold, and Havas Worldwide Paris also won a Gold. Havas Worldwide Duesseldorf, Havas Worldwide Zuerich, Havas Tunisia, Havas Worldwide Helsinki, H Paris, Havas Worldwide Amsterdam and Havas 360 together accounted for the remainder.
Eurobest added another 19 awards to the Group's tally, including the Grand Prix for BETC's "The Bear", which also scooped another seven awards including four Gold. Havas Worldwide London won three awards and Leg, Havas Worldwide Paris, Havas Worldwide Amsterdam, Havas Worldwide Vienna and Arnold Amsterdam were also winners.
At the Cristal Festival, Group agencies notched up a total of 29 awards, including one Grand Prix (BETC) and six Gold (four for BETC, one for H Paris and one for Havas Worldwide Amsterdam). MPG-MC, Havas Worldwide London, Leg, W&Cie, Arena Media, Cake London and Havas Digital were also among the awards.
Group agencies also won numerous awards in digital:
At the Lovies, Havas Worldwide Digital Lisbon won a People's Lovie and a Silver. Havas Worldwide Amsterdam and H also each took a Silver. Havas PR USA was named 3(rd) "Most Social Media Agency in the World" by Sociagility.
At the Boomerang Awards, Havas+Palm won in three categories including best online campaign for Mobiliz.
At the BIMA Awards, AIS London was named Agency of the Year and took awards in three categories for its "Save the 1Day" campaign for Sony Music/ Syco.
At the OMMA Awards (for Online Advertising Creativity), the "Globalize your thinking" campaign for Oppenheimer Funds by MPG Media Contacts won two awards, including the coveted "Best in Show". In other disciplines:
Fuel Lisbon was named Agency of the Year at the Premios a la Eficacia and Arena Media as Media Agency of the Year.
At the Achap Chile, Havas Worldwide Santiago picked up 17 awards, including five Gold.
At the PR News PR People Award, four members of Havas PR USA took top awards, including "PR News Hall of Fame" and "Tweeter of the Year".
At the Key Awards, Havas Worldwide Milan won the special prize as well as the "Beverages" category.
At the W3 Awards, H4B Chelsea won one Gold and five Silver and Havas Discovery two Gold and three Silver awards.
ANNEX 1: Net New Business 2012
Havas Creative Group
Ambank: Euro RSCG Malaysia appointed agency of record American Eagle Outfitters: Arnold Atlantic City: Euro RSCG New York appointed agency of record Banesto: Euro RSCG Spain won digital duties BBVA: Euro RSCG Colombia won social media business Burger King: Cake UK chosen as consumer agency in the UK and Ireland Carlsberg: Euro RSCG APAC won ATL advertising, digital, social media, PR and activation business, all of which will be managed by a cross-market integrated team based in Singapore, Malaysia and Hong Kong Claire's Accessories: Euro RSCG Chicago won the global account DHL: Euro RSCG Mexico won the advertising business eHarmony: won by Euro RSCG Brazil EON: EHS 4D won the relational marketing account Expedia: Euro RSCG 4D Matrix appointed to carry out SEO duties for the operator in India Grupo Vitro: Euro RSCG Mexico won the integrated communications account for Vitro GSK: Euro RSCG Life Haeagen Dazs: Euro RSCG Middle East won the Haeagen Dazs regional PR account Haribo: Euro RSCG Moscow won Haribo's digital business HBO: Cake UK won the campaign for the DVD release of the Games of Thrones series Ideal Standard: Euro RSCG London chosen to manage pan-European advertising Idesa: Euro RSCG Middle East won the PR duties Kraft: Euro RSCG Milan won digital and social media duties for the Fonzies brand and digital duties for Hag and Sottilette La Roche-Posay: Euro RSCG BETC 4D won the digital business Lycra: Euro RSCG San Francisco appointed global agency of record Nokia: Euro RSCG appointed to handle digital business for Nokia in India Pekao Bank: Euro RSCG Warsaw appointed agency of record Peugeot: Euro RSCG Malaysia appointed to develop the regional launch campaign for a new auto model and Euro RSCG Prague won a launch event for Peugeot Sony Playstation: Euro RSCG Chicago won the digital, social media, mobile and experiential business for the PlayStation and PS+ network in the US Superbock: Euro RSCG Lisbon won the advertising, digital, packaging, point of sale and events duties for Superblock beer Telefonica: Euro RSCG Prague appointed to handle BTL advertising Thomas Cook: Euro RSCG London won the advertising account Volvo China: Arnold Yili: Euro RSCG China was appointed agency of record for six Yili dairy brands
Aivoria: Euro RSCG Malaysia won the Elianto, Bonita and Tiamo brands AXA: Euro RSCG C&O for PR Bel Brands: Euro RSCG Chicago won the advertising account Belvedere: Euro RSCG Toronto chosen to handle social media duties BIC: Euro RSCG Milan chosen for BTL and social media business and Euro RSCG Dubai for advertising British Petrol: Project House for digital duties Chicco: Euro RSCG Sao Paulo chosen for ATL and BTL digital business Comptoir des Cotonniers: BETC Luxe Ferrero: Euro RSCG Klan (Turkey) for digital and social media Giorgio Armani: BETC Luxe chosen to manage advertising for the Giorgio Armani Fragrance Business (Acqua di Gio, Acqua di Gioia, Code Luna, etc.) and the Giorgio Armani Beauty business (skin care and make-up) IBIS hotels: The Red Agency won the PR and communications account for Ibis (Groupe Accor), and Euro RSCG Dubai won the advertising business for Accor Intel Asus: Euro RSCG New York KB Bank: Euro RSCG Prague won the social media business of Komercni Banka La Caixa: Euro RSCG Spain for La Caixa Private & Personal Banking Lego: Euro RSCG Prague for social media duties Novartis: Euro RSCG Life Parry Nutraceuticals: Euro RSCG 4D Matrix. P&G: Project House was selected to handle digital business for the Gillette, Pantene and Wella brands, and Euro RSCG 4D Milan won the social media account for Nurofen. Reckitt Benckiser: Euro RSCG Corporate Communications Middle East chosen to handle PR for Gaviscon, Scholl, Veet and Clearasil Samsung: BETC London chosen to steer a global project for Samsung Smart TV Sanofi: C&O appointed to handle internal communications for sanofi France Sephora: C&O won the international recruitment communications account Sony Playstation: Euro RSCG Austria chosen for the BTL business Thalys: Rosa Park won the communications, media, CRM and social media business for Thalys in France, Belgium, Germany and the Netherlands. Thomas Cook: Euro RSCG PR Manchester Virgin Mobile: Euro RSCG Sydney appointed as one of Virgin Mobile's agencies of record
AARP: Havas Worldwide Chicago Coca Cola Light: BETC London Danone: Havas Worldwide Kuala Lumpur Danone Activia: Havas Worldwide Melbourne Danone Infant Nutrition: Havas Worldwide China/Hong Kong Del Taco: Camp + King Durex: Havas Worldwide Italy Energa: Havas PR Warsaw Fab: Arnold Hellman's Supreme (Unilever): Havas Worldwide Chile Jil Sander Fragrances (Coty Prestige): BETC Luxe Kraft Foods: Havas Worldwide Prague Lego: Havas Worldwide Prague Mead-Johnson Infant Nutrition: Havas Life Mexico National Lottery: Havas Worldwide Brussels Oddka: Havas Worldwide London & Havas Worldwide PR North America Pepsico: Havas Worldwide Mexico Pernod Ricard: Havas Worldwide PR North America Playstation: Host Australia Prudential Insurance: Havas PR Warsaw Seagate: Havas Worldwide London Sovereign/Santander: Arnold Staples: Havas Worldwide London Turismo de Portugal: Havas Worldwide Portugal Ubisoft/Just4Dance: BETC VO5 Express Yourself: Havas Worldwide London
Adecco: Boondoggle Berluti: BETC Citibank: Havas Worldwide Chicago Club Med Gym: BETC Deutsche Bank: Havas Worldwide Dusseldorf DHL: Havas PR Agatep ECB: Havas Worldwide Europe Food Pairing: Boondoggle Jaguar Land Rover: Havas People UK L'Oreal: Marketing House in Poland La Poste: BETC & Havas Worldwide Paris Louis Vuitton: BETC Max Life Insurance: Havas Worldwide Delhi Osram: Havas Worldwide Munich Pizza Hut: Havas Worldwide Hong Kong Sanofi: Havas People NY Unilever: Havas EHS & Havas 360 War Child: Cake
Havas Media Group
Atlantic City Alliance: MPG Media Contacts USA Adeslas Segurcaixa: MPG Media Contacts Spain Bavaria: Arena Media Colombia Burger King: Havas Sports & Entertainment/Cake UK Carnival Cruises: MPG Media Contacts UK Cencosud: Arena Argentina Center for Disease Control and Prevention: MPG Media Contacts USA Ceresita: MPG Chile Dyson: MPG Media Contacts Spain Edun: MPG Media Contacts USA Evo/NovaCaixaGalicia: MPG Media Contacts Spain Freixenet: MPG Germany Grefusa: MPG Spain Noelke/Gutfried: MPG Germany Hawaianas: Havas Media International (Surveys) Huawei: MPG Germany at pan-European level Hyundai: MPG China Lansay: Havas Media France Lierac/Ales Groupe: Havas Media France Mundo Fox: MPG Media Contacts USA Naranya: iGlue Brazil Nature Bounty: MPG Media Contacts USA Net-A-Porter.com: MPG Media Contacts Odesur Juegos Sudamericanos Santiago 2014: Havas Sports & Entertainment Chile Parle: MPG India Perfume Holding: Havas Media International Global Penguin: MPG Media Contacts UK Pokerstars: MPG Media Contacts Spain Puig/Paco Rabanne: Havas Sports & Entertainment/Cake Paris Reckitt Benckiser: MPG Austria and Switzerland Relais & Chateaux: Havas Media International Europe Roland Garros: Havas Sports & Entertainment France & Havas Sports & Entertainment China Santander: Arena Media Chile and Spain Sony: Havas Sports & Entertainment Miami StriVectin: Havas Sports & Entertainment/Cake USA Grupo Vips: MPG Media Contacts Spain Whirlpool: Havas Media International Miami
Aeroflot - HVM NEC/Arena Russia. Won France, Italy, Germany, China, Japan, Korea Azco Nobel - Havas Sports & Entertainment Global - Sponsorship Strategy Betfair - Arena Media UK Beauty Prestige International - MPG APAC (six markets) Corpbanca - Arena Media Colombia Coty - Havas Media International Paris Consulting project Desjoyaux - Havas Digital France Dr. Theiss Naturwaren - MPG Germany Grupo Planeta (CEAC & Home English) - Arena Spain Far East Organization - MPG International Singapore - Singapore is main coordinating agency for media buys in China, Indonesia and Malaysia Laboratorios Ferrer - MPG MC Spain Fox en Espanol - MPG USA Hunkemoller - MPG Netherlands - Account for Spain, Denmark, France and Austria. Hyundai - Havas Media France Joyoung - Media Contacts China JTI - Arena UK Lacoste - Media Contacts UK Lancome - Media Contacts Brazil Land's End - MPG Germany Lenovo - Arena Mexico Laboratorios Liomont - MPG Mexico NBA - Media Contacts US NFL - Media Contacts US Now TV - Cake UK (Havas Sports & Entertainment) - Launch event and PR activities PayPal - MPG MC UK Procter & Gamble - Mobext Philippines Qatar Airways - Media Contacts Brazil Sab Miller - Arena Argentina - Won Miller, Isenbeck, Warsteiner brands Saudi Telecom - Havas Sports & Entertainment - Sponsorship and content creation SNCF - Havas Media International Paris for Europe Snow Beer - Media Contacts China Sony - MPG Mexico Taikang Insurance - Media Contacts China Temasek Holdings - MPG/MC Singapore TVS Tyres - MPG India XL - MPG MC Indonesia
Albemarle & Bond Holdings: Arena Media UK Alive: Havas Sports & Entertainment UK Audley Retirement Homes: Arena Media UK Axa: MPG Germany, MPG Belgium, Media Contacts Spain Caudalie: Havas Digital France (France, Germany and Spain) Choice Hotels International: MPG Media Contacts US City Index: Arena Media UK Clorox Professional Products: Havas Digital US Coca Cola Zero: Havas Sports & Entertainment France Coty: Havas Digital Hungary Office National Croate de Tourisme: Havas Digital France Direccion General de Trafico: MPG Media Contacts Spain DisToyota: Arena Media Colombia EDF: MPG Media Contacts UK and Havas Sports & Entertainment UK European Central Bank: MPG Media Contacts Europe Gas Natural Fenosa: Arena Media Spain & AIS Spain Honda: Cake/Havas Sports & Entertainment UK Illva Saronno: MPG Media Contacts UK Konami: MPG Media Contacts Spain Lan Airlines: MPG Media Contacts Colombia Merck: Havas Digital Miami Mr Porter: MPG International London (UK, US, Australia, Hong Kong and Singapore) NBA: Havas Digital USA/Miami NFL: Havas Digital USA Omega Pharma: Arena Media Spain Qatar Airways: Media Contacts/Havas Digital Brazil Santiago 2014 (Juegos Panamericanos): Havas Sports & Entertainment Chile Sony Pictures: ignition/Havas Sports & Entertainment LATAM Sugon: Media Contacts/Havas Digital China Study Adelaide: Ecselis/Havas Digital Australia Tata Motors: MPG India Tyco: MPG Media Contacts USA Warby Parker: Havas Digital US We7: Arena Media UK Whirlpool: MPG Media Contacts Mexico YFY Investment: MPG China
Adidas: Havas Sports & Entertainment Italy and Havas Sports & Entertainment UK Coca Cola: Havas Sports & Entertainment Mexico and Havas Sports & Entertainment Poland Deezer: Havas Media International France - Global Account Generali: Havas Sports & Entertainment Italy GMF: Havas Sports & Entertainment France Hard Rock Hotel: LATAM (Digital Media) Hermes Perfume: Havas Media China H&M: Arena Media Spain MSD: Havas Media LATAM (Pan Regional SEO/SEM) Mouaward: Havas Media Middle East Nacional Monte de Piedad: Arena Media Mexico Natura: Arena Miami for five markets Nikon: Havas Digital Brazil Pearle: Arena Media Austria Perfume Holding: Havas Media International France, Saudi Arabia, Indonesia, India, Philippines, Malaysia, South Korea, Italy, Brazil, Japan, Mexico and Russia Philips: Global (Search) Remy Cointreau: Global Renault Nissan: Havas Media in Colombia and Argentina Ricola: Arena Media UK Shangri La: Havas Media Global Turkey Tourism: Havas Media Germany, UK, Sweden, Norway, Denmark Volkswagen: Havas Media International Miami (LATAM) Zambon: Havas Media Europe ZSL London: Arena UK
ANNEX 2: 2011 Organic Growth by quarter
See table in attached release.
Havas (Euronext Paris SA: HAV.PA) is one of the world's largest global advertising, digital and communications groups. Headquartered in Paris, Havas operates through its two Business Units, Havas Creative and Havas Media.
Havas Creative Group incorporates the Havas Worldwide (www.havasworldwide.com) network - formerly Euro RSCG Worldwide - (316 offices in 75 countries), the Arnold (www.arn.com) micro-network (16 agencies in countries on 5 continents) as well as several other strong agencies.
Havas Media Group (www.havasmedia.com) is the world's fastest growing media group, operating in over 100 countries, and incorporates two major commercial brands: Havas Media (formerly MPG) et Arena.
A multicultural and decentralized Group, Havas is present in over 100 countries through its networks of agencies and contractual affiliations. The Group offers a broad range of communications services, including digital, advertising, direct marketing, media planning and buying, corporate communications, sales promotion, design, human resources, sports marketing, multimedia interactive communications and public relations. Havas employs approximately 15,000 people. Further information about Havas is available on the company's website: www.havas.fr
This document contains certain forward-looking statements which speak only as of the date on which they are made. Forward looking statements relate to projections, anticipated events or trends, future plans and strategies, and reflect Havas' current views about future events. They are therefore subject to inherent risks and uncertainties that may cause Havas' actual results to differ materially from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially from expected results include changes in the global economic environment or in the business environment, and in factors such as competition and market regulation. For more information regarding risk factors relevant to Havas, please see Havas' filings with the AMF (Autorite des Marches Financiers) (documents in French) and, up to October 2006, with the U.S. Securities and Exchange Commission (documents in English only). Havas does not intend, and disclaims any duty or obligation, to update or revise any forward-looking statements contained in this document to reflect new information, future events or otherwise.
(1): Net New Business
Net new business represents the estimated annual advertising budgets for new business wins (which includes new clients, clients retained after a competitive review, and new product or brand expansions for existing clients) less the estimated annual advertising budgets for lost accounts. Havas' management uses net new business as a measurement of the effectiveness of its client development and retention efforts. Net new business is not an accurate predictor of future revenues, since what constitutes new business or lost business is subject to differing judgments, the amounts associated with individual business wins and losses depend on estimated client budgets, clients may not spend as much as they budget, the timing of budgeted expenditures is uncertain, and the amount of budgeted expenditures that translates into revenues depends on the nature of the expenditures and the applicable fee structures. In addition, Havas' guidelines for determining the amount of new business wins and lost business may differ from those employed by other companies.
Organic growth is calculated by comparing revenue for the current financial period against revenue for the previous financial period adjusted as follows: - revenue for the previous financial period is recalculated using the exchange rates for the current financial period;
- to this resulting revenue is added the revenue of companies acquired between January 1 of the previous financial period and the acquisition date for the period in which these companies were not as yet consolidated;
- revenue for the previous financial period is also adjusted for the consolidated revenue of companies disposed of or closed down between January 1 of the previous financial period and the date of disposal or closure. Organic growth calculated by this method is therefore adjusted for variations in exchange rate against the euro, and for variations in the scope of consolidation.
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Press release: http://hugin.info/143438/R/1679381/548393.pdf
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