Publicis Groupe: 2011 Annual Results
PR Newswire
PARIS, February 9, 2012
PARIS, February 9, 2012 /PRNewswire/ --
2011 Annual Results
(EUR million except EPS and dividend)
- Revenue 5,816
- Published growth +7.3%
- Organic growth +5.7%
- New Business (net) 7.9 bn USD
- Operating margin 931
- +8.8%
- Percentage operating margin 16.0%
- Net income 600
- +14.1%
- EPS* 2.64 euro
- +12.3%
- Free Cash Flow ** 704
- +9%
- Dividend *** 0.70 euro
* Diluted Earnings Per Share
** excl. changes in Working Capital Requirements (WCR)
*** Payable on July 2 subject to approval at the AGM of May 29, 2012
Message from Maurice Lévy, Chairman & CEO of Publicis Groupe:
"In a context of sovereign debt crisis and economic slowdown, Publicis has not only outperformed the market, more remarkably it has improved on its own outstanding performance of 2010. The Group's margin, which has improved very satisfactorily, is back on the 16% mark while we continued investment in technology and talent.
We have continued to pursue our strategy of making targeted acquisitions in digital communications and high-growth countries.
Our good performance in 2011 should be attributed, first and foremost, to the loyalty of our clients who trust us to help them win in a digitized, globalized and hyper-competitive world. Our teams have put their talent, creativity and inventiveness at the service of our clients successfully and effectively. I would like to express my gratitude to both. We ended the year with a strong balance sheet and a record result in new business.
Our considerable financial flexibility, our undiminished ability to innovate and our creativity should see us through this new era of short cycles that require flexibility and agility, qualities that remain intact within the Group.
We should be able to continue to achieve strong, sustainable and profitable growth.
Though we remain very cautious all along, our situation enables us to stride confidently towards the future and particularly in 2012".
Publicis Groupe's Supervisory Board met on February 8, 2012, under the chairmanship of Elisabeth Badinter, to examine the annual accounts for 2011 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) 2011 2010 2009
Data from the Income Statement
Revenue 5,816 5,418 4,524
Operating margin before Depreciation
& Amortization 1,034 967 772
% of revenue 17.8% 17.8% 17.1%
Operating margin 931 856 680
% of revenue 16.0% 15.8% 15.0%
Operating income 914 835 629
Net Income attributable to the
Groupe 600 526 403
Earnings Per Share (1) 2.96 2.60 1.99
Diluted Earnings Per Share (2) 2.64 2.35 1.90
Dividend per share 0.70 0.70 0.60
Free cash flow before changes in
working capital requirements 704 646 524
December 31, December 31, December
Data from the Balance Sheet 2011 2010 31, 2009
Total Assets 16,450 14,941 12,730
Group share of consolidated
shareholders' equity 3,898 3,361 2,813
(1) Earnings Per Share calculations based on an average of 202.5 million shares in circulation in 2011, 202.1 million in 2010 and 202,3 million in 200.
(2) Diluted Earnings Per Share (EPS) calculations based on an average of 237.1 million shares in 2011, after 235.5 million in 2010 and 220.9 million in 2009. 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. In 2011, all these instruments were dilutive.
ANALYSIS OF THE KEY FIGURES
Activity in 2011: Good performance of all activities in all regions
In a year characterized by sound economic growth in the first half-year, followed by a slowdown from the summer onwards, Publicis Groupe achieved good results in all its businesses and in the vast majority of its markets.
2011 revenue: +7.3%
Consolidated revenue in 2011 reached 5,816 million euro, up 7.3% from 5,418 million euro in 2010. (The impact of exchange rates was 126 million euro).
Organic growth was 5.7% in 2011. This level of growth is still outstanding, especially on top of the very difficult standard set in 2010 when growth was an exceptional 8.3% due to very strong recovery in the market after the downswing in 2009.
All activities grew in 2011:
- Digital accounted for 30.6% of total revenue (vs. 28% the previous year) and clearly outperformed the market with organic growth of 13.7%
- High-growth economies generated 24.3% of total revenue (vs. 22.7% in 2010).
Breakdown of consolidated revenue in 2011:
- advertising: 31% (32.6% in 2010),
- media: 19% (20% in 2010),
- SAMS, which include all digital services: 50% (vs. 47.4% in 2010).
-Breakdown of 2011 revenue by geography
Published
(EUR million) Revenue Organic growth growth
2011 2010 2011/2010 2011/2010
Europe 1,872 1,761 +4.8% +6.3%
North America 2,721 2,606 +5.9% +4.4%
Asia-Pacific 690 617 +5.7% +11.8%
Latin America 374 284 +8.8% +31.7%
Africa & Middle
East 159 150 +6.1% +6.0%
Total 5,816 5,418 +5.7% +7.3%
Every region without exception posted growth in 2011.
- Europe: Nearly all western European countries, excepting Greece and Portugal, achieved positive growth. France grew by +8.2%, and Germany by +6.9%.
Northern Europe boasted +5%.
Eastern Europe grew by 9.1%, supported by Russia's +15.6%.
- Americas: With growth of 5.9%, North America continued to show good resilience despite economic difficulties in the USA, largely thanks to digital services which now account for 46.4% of this region's revenue.
All the Latin American countries posted strong growth in 2011, especially Argentina, Venezuela and Colombia. With growth of +2.8%, Brazil has yet to reap the benefits of organic growth from the major acquisitions made in 2011, but was also adversely affected by the sharp, one-off downturn in activity of one of its agencies.
- AsiaPacific: This region fared well with growth of +5.7%, despite contrasts from one country to another. China (i.e. the Greater China region) achieved growth of 8.5% while Japan is still in negative growth, despite improvements.
- Africa and Middle East: The region achieved growth of +6.1%, i.e. a sustained level of growth despite the instability prevailing in the Middle East
Q4 2011 revenue
Consolidated revenue in Q4 2011 was 1,697 million euro, up 8.8% from 1, 560 million in the corresponding period in 2010 (no exchange rate impact).
Organic growth was 2.9% in Q4, a very good achievement considering the outstanding growth posted for the corresponding period in 2010 (12.5%) a difficult comparison basis.
For the record, revenue in Q1, Q2 and Q3 2011 was 1,286, 1,413 and 1,419 million euro, respectively. Organic growth was 6.5% in Q1, 7.6% in Q2, and 6.4% in Q3.
- Breakdown of Q4 2011 revenue by region
Published
(EUR million) Revenue Organic growth growth
2011 2010 2011/2010 2011/2010
Europe 549 556 -2.5% -1.3%
North America 764 683 +5.0% +11.9%
Asia-Pacific 211 180 +7.6% +17.2%
Latin America 116 87 +9.4% +33.3%
Africa & Middle
East 57 54 +4.7% +5.6%
Total 1,697 1,560 +2.9% +8.8%
Fourth-quarter growth reflects good levels of activity in virtually all regions worldwide. Europe's -2.5% was due to a downturn in business levels in the Western European countries, compounded by the very difficult situation in Southern Europe. Northern Europe and particularly Central Europe and Russia showed good growth (>10%).
- Operating margin of 16.0%
The Operating margin before depreciation and amortization was 1,034 million euro in 2011, up 6,9% from 967 million in 2010.
The Operating margin was 931 million euro, i.e. an 8.8% increase on 2010.
Personnel expenses totaled 3,615 million after 3,346 million in 2010, i.e. an 8% increase and 62.2% of consolidated revenue. When the freeze on hiring and compensation ended in the summer of 2010, headcount and the wage bill were increased accordingly to ensure the Group resources required to keep abreast of growth. This trend then continued throughout the first half of 2011. Fixed personnel expenses amounted to 54.1% of consolidated revenue, up from 53.4% in 2010.
Faced with the crisis, the Group decided to renew a selectively freeze recruitment and to keep a tight rein on personnel expenses.
These measures have enabled the Group to commence 2012 with a recruitment rate that is under control. Strict management of personnel expenses is a core issue and control of fixed cost ratios is an on-going objective.
Other operating costs totaled 1,167 million euro, i.e. a 5.6% increase over 2010.
Administrative costs continued to decline as a result of the optimization of various operating costs, a measure that is part of the shared services centers centre program.
By aligning systems, implementation of the ERP will provide an overview of own-account expenditure, thus enabling the Group to control operating costs more efficiently.
The percentage operating margin for 2010 was 16.0% as a result of two factors: revenue growth and the fact that expenses on restructuring were reduced by 10 million euro (to 39 million in 2011).
Rigorous cost control throughout the Group is independent of variations in revenue and undeniably gives a competitive edge making possible to absorb the cost of acquisitions integration and the accelerated roll-out of digital services worldwide.
- Net income attributable to the Groupe: + 14.1%
Net income attributable to the Groupe was 600 million euro, up from 526 million in 2010. This result was after net financial expense of 54 million euro, income tax amounting to 248 million, the 17 million share of profit of associates and 29 million minority interests.
- Free Cash Flow: + 9%
The Group's free cash flow, before changes in working capital requirements, rose 9% to 704 million euro.
- Average net debt reduced by 143 million
Net financial debt was 110 million euro at December 31, 2011, leaving the debt /equity ratio standing 0.03, after a net cash position of 106 million euro at the end of 2010.
The Group's average net debt was reduced by 143 million euro in 2011, dropping from 608 million euro in 2010 to 465 million euro in 2011.
The Group's available liquidity position at December 31, 2011 remained above the 4 billion euro mark. This figure includes a 1.2 billion euro syndicated credit facility (replacing the 1.5 billion euro facility) and a cash position of 2.2 billion euro, i.e. at the same level as in 2010 despite the net funding of acquisitions (i.e. net of disposals) for 700 million euro in 2011.
At December 31, 2011, total liquidity amounts to 4,029 million euros (not including 224 million of uncommitted credit lines).
Available liquidity stands comparison with the 4,319 million liquidity position at year-end 2010 (not including 212 million euro in uncommitted credit lines).
- Shareholders' equity
Consolidated shareholders' equity, including minority interests, amounted to 3,931 million euro at December 31, 2011, compared with 3,382 million euro at December 31, 2010.
- Dividend
At the Annual General Meeting of Shareholders next May 29, a dividend of 0.70 euro will be proposed for approval. Subject to approval by the shareholders, the dividend will be payable as of July 2, 2012.
THE GROUPE IN 2011
- Distinctions/creativity
Since 2004, Publicis Groupe has been ranked No. 1 for Creative Performance by the Gunn Report.
In its ranking of advertising networks with the most awards, our networks are 4th (Leo Burnett), 8th (Saatchi & Saatchi), 12th (Publicis) and 14th (BBH).
In the 2011 issue of the Big Won Report, Publicis Groupe was ranked No. 3 of all holding companies, with its agencies respectively ranked 4th (Leo Burnett), 8th (Saatchi & Saatchi) and 9th (Publicis).
Within the networks, several entities received distinctions in 2011:
- VivaKi was acclaimed as one of the most creative agencies in the world of advertising and marketing by Fast Company magazine in 2011.
- Audience on Demand (AOD), the flagship product of the VivaKi Nerve Center, was named one of the most compliant of all advertising platforms.
- Leo Burnett continues to be acknowledged s one of the most creative of all agencies, whether by YoungGuns Network of the Year, the Golden Drum Network of the Year, or as the top network in terms of awards at the 2011 ANDYs, the 2011 One Show and the National Addy Awards.
- Advertising Age named PHCG the best Healthcare network in 2011.
- The Group continued to implement its Corporate Social Responsibility (CSR) policy
The Group's policy is articulated around four main pillars (Social, Society, Governance and Economics, Environment) that structure the work carried out within the Groupe and in each and every agency and network. 2011 focused on the internal roll-out of CSR and on greater involvement of staff in all four areas of emphasis (Social, Society, Governance and Economics, Environment).
Cost management
The Group's future growth, from which profitability cannot be dissociated, is based on its strategic decisions to develop its digital services and expand in high-growth regions.
In order to deliver profitable growth, the Groupe is continuing to actively manage its operating costs. However, talent management remains a core issue.
So it was that, once again, Publicis Groupe decided to freeze recruitment and salaries in order to commence 2012 with staff costs that were more consistent with the profitability targets.
Furthermore, the Horizon project continues its roll-out through a number of major programs: the regionalization of shared service centers (SSCs) which is proceeding well, the completion of the Americas platform, progress with the building of the Asia platform (excluding China and India), the optimization of real estate and purchasing at global level, not only for the Groupe's own purchases but also for production costs.
The ERP project has entered the test phase in the first half of 2012. This project will enable operating costs to be reduced sharply by 2015.
External growth
All external growth operations carried through 2011 answer to Publicis Groupe's strategic decisions in order to consolidate its leadership position in digital communication and to reinforce its foothold in high growth countries.
In the first half-year, sustained external growth activity enabled the Group to increase its footprint in:
- in the UK, in interactive communications and public relations (Chemistry, Airlock, Holler and Kittcat Nohr);
- in Brazil by taking a controlling stake in Talent and through the acquisition of GP7;
- in the USA through the acquisition of Rosetta in digital services in the USA on July 1, thereby repositioning the Groupe in customer advisory services;
- in France and in India in healthcare, with the acquisitions of Publicis Healthcare Consulting in France and Watermelon in India;
- in the Greater China region, in pursuance of its strategy announced a year ago to expand in China, Publicis Groupe acquired Tai wan-based consultancy firm ICL, followed by healthcare communications agency Dreams in China, and Genedigi, one of China's most renowned public relations firms.
In the second half of the year, acquisitions continued at the same place:
- in Brazil: in July 2011, acquisition of DPZ to complete the Group's Brazilian and footprint and achieve the critical size sought by the Group. Combined with organic growth, these acquisitions now make Brazil the Group's sixth biggest market, in line with Brazil's ranking in world advertising.
- in the USA: also in July 2011, acquisition of high-potential New York agency Big Fuel, which is the only advertising agency entirely dedicated to the social media. This was followed by the acquisition in September of Schwartz, the Boston PR agency with subsidiaries in Stockholm and London.
- in Switzerland: The Group also announced it would fully acquire its affiliate Spillman/Felser/Leo Burnett, one of the most important agencies in Switzerland.
- in China: in the last quarter, Publicis Group strengthened its position in digital services in China through two acquisitions: Wangfan and Gomye. The various acquisitions made throughout the year in China are clearly part of the strategy to double the Group's revenue in this region by 2013/2014. China is currently the Group's 4th biggest market, but ranks No. 3 in the world.
- in Poland: the last acquisition of the year was Polish PR agency Ciszweski.
Also in 2011, Publicis Groupe announced the launch of a new agency, Publicis Ecuador, with offices in Quito and Guayaquil, the country's main business centre.
Together, these acquisitions represent an estimated 400 million euro in additional revenue on a full year basis, a good indication of strong momentum of the Group's external growth in 2011.
- New Business: 7.9 billion dollars in net gains
2011 was an outstanding year in terms of accounts won, and the 7.9 billion dollars in new business net of losses is ample evidence of the relevance and competitiveness of Publicis
Groupe's offerings. Of the numerous new accounts won, mention might be made of the following:
Microsoft, Darden, Burger King, Delta, Avaya, Sonic, Sprint (USA), Nescafé (worldwide),Ferrero (Europe), X-Step Sporting Apparel, Kraft Ritz, Merck OTC Brands (Asia Pacific), Embryform, Jaccar ( China), Continental Tires, Kasinski Motorcycles - Zongshen, SECOM - Secretary of Communications for the Cabinet of President, Samsung, Lenovo, Disney (Brazil)
RECENT EVENTS
- Acquisitions
Since the start of 2012, Publicis Groupe has made two acquisitions:
- Mediagong, one of France's most innovative digital agencies specialized in digital strategy consulting, the social media, advergaming and mobile communications.
- The Creative Factory in Russia: highly reputed in its specialized areas, namely, marketing, digital services, digital production and video. This Moscow-based agency will enable Saatchi&Saatchi to expand its foothold in Russia.
In addition to these two acquisitions, Publicis Groupe has launched a friendly takeover bid on Pixelpark, the independent German leader in digital communications.
Pixelpark's core businesses range from the creation of digital brands, consulting, content management, the social media, mobile marketing, eBusiness solutions and data analysis and management. Publicis Groupe's public offering has the support of Pixelpark AG's Management Board and Supervisory Board. The bid will be tabled by the Groupe's German subsidiary MMS Germany Holdings GmbH (MMS) registered on the Dusseldorf trade register under the reference HRB 50291.
MMS will offer Pixelpark (ISIN DE000A1KRMK3) shareholders a consideration of 1.70 euro per share in exchange for their bearer shares of no nominal value.
This offer is at a premium of some 28% over the estimated average share price of Pixelpark (1.33 euro) as traded on the German stock exchange during the three months up to January 20, 2012. The offer is scheduled to begin in mid-February.
To date, the shares tendered by Pixelpark shareholders to MMS represent approximately 56.51% of the authorize share capital and voting rights.
- Among others conditions precedent, the bid will be subject to MMS acquiring at least 75% of the current share capital. The acquisition by MMS of the majority of Pixelpark shares must also be approved by Germany's Federal Cartel Office.
The offer is not being made, directly or indirectly, in or into, or by use of mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone, e-mail and other forms of electronic transmission) of interstate or foreign commerce of, or any facility or a national securities exchange of, the United States of America and the offer cannot be accepted by such use, means or instrumentality from or within the United States of America. No person in the United States of America will be permitted to accept the offer. Neither this announcement nor the offer document may be distributed or sent in, into or from the United States of America, and doing so may render invalid any purported acceptance.
- On February 1, the Group announced the acquisition of Flip Media, one of the large digital agency networks in the Middle East. Flip Media is present throughout the digital chain, offering a comprehensive range of services from strategy, digital design and production, content to technological platforms. With an original, proprietary creation technology that has received many awards, Flip Media words with a number of emblematic brands.
- General Motors
On January 24, Publicis Groupe was informed that it had lost the GM media account. This account, in which Starcom was in partnership with GM, represents approximately 0.5% of the Groupe's revenue over a full year. Publicis Groupe regrets GM's decision but is proud of the very high level of professionalism Starcom brought GM over the years.
More generally, Publicis Groupe is proud of the support it gave this large account in recent years and particularly during the serious difficulties that had to be overcome when GM went bankrupt.
The contract ends in June 2012.
- Finance: 2012 Eurobond redemption
On January 31, 2012, Publicis Groupe SA redeemed its expired 2012 Eurobonds at a cost of 506 million euro in principal. This redemption was carried out using the Group's available liquidities.
Given the Groupe's current liquidity levels, Publicis Groupe SA has no intentions of refinancing this bond issue in the short term.
OUTLOOK
The crisis brought on by investor fears of certain countries being unable to repay their debts has led the forecasting institutions to revise their forecasts for the full year 2011. ZenithOptimedia, for instance, which forecast advertising market growth of 4.1% in July, revised that figure down to 3.6% in October and again to 3.5% in December 2011.
Against this backdrop, Publicis Groupe posted a very good performance with 5.7% growth, i.e. higher than the anticipated growth rate of the market. This was made possible by the Group's exposure to the digital sector and high-growth countries which accounted for 52.4% of its revenue.
The Group intends to continue implementing its tried and tested strategy based on the rapid development of digital services and economic expansion in high-growth countries, and this includes, in particular, the plan to double the Group's revenue in China by 2013, the major investments made in Brazil, but also the bolstering of its footprint in India.
The Group's medium-term goal is to derive close to two-thirds of its revenue from high-growth activities or countries.
Thanks to a strong demand and rigorous management of costs and cash, the Group ended 2011 with a very strong financial situation.
The exceptional level of new business generated in 2011 (7.9 billion dollars) is testimony to the relevance and energy of Publicis Groupe's offering and to its presence alongside its clients, and confirms the Group's objectives in terms of gaining market share.
Despite a difficult 2012, these dynamics enable the Group to envisage a growth rate in excess of the current market growth forecasts. The continued improvement of operating costs goes hand in hand with revenue growth.
The Group intends to focus its action with a view to achieving its objectives through organic growth and targeted acquisitions.
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 and traditional advertising, public affairs and events, media buying and specialized communication. Its major networks are Leo Burnett, MSLGROUP, PHCG (Publicis Healthcare Communications Group), Publicis Worldwide, Rosetta and Saatchi & Saatchi. VivaKi, the Groupe's media and digital accelerator, includes Digitas, Razorfish, Starcom MediaVest Group and ZenithOptimedia. Present in 104 countries, the Group employs 53,000 professionals.
Web: http://www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook: http://www.facebook.com/publicisgroupe
Appendix
New Business
December 31, 2011 - 12 months
USD 7,9 billion (net)
Main accounts awarded
Leo Burnett
MAS Institute of Management & Technology (India); Micro Cars Limited (India); POM Wonderful (Japan); Triumph International (Japan); LSH Holding (Kuwaït); LibanPost (Lebanon); Petronas Dagangan (Malaysia); Universidad Mexicana (Mexico); McDonald's (UK and USA); Flight Network (Canada); IKEA (Canada); Samsung (Hong Kong); Sun Hung Kai Properties (Hong Kong); Six senses resorts & spas (India); Sinar Mas (Indonesia); Indofood (Indonesia); Allergan (Mexico); Airphil Express (Philippines); Yahoo (Singapore); Dorchester Hotel Collection (UK); Wanke Shenyang (China); Costa Croisieres (France); Stepper Eyewear (Hong Kong); Beit Misk (Lebanon); Red Cross (UK); Giant Bicycles (Australia); DHL (Colombia); APM Terminals (Costa Rica); Sri Lanka Telecom (India); Petronas (Malaysia); Coca Cola (Colombia); Samsung (India); Indofood (Indonesia); OB Beer (Korea); 22nd Philippine Advertising Congress (Philippines); Pernod Ricard (Thailand); Property Perfect (Thailand); Ikea (Thailand); Wanke Shenyang (China); Temposcan Pharmaceuticals (Indonesia); Parrot (Japan); Petronas Group (Malaysia); Wijeya Newspapers (Sri Lanka); Chevrolet (Thailand); Nongpho Dairy Co-operative Ltd. (Thailand); Coca-Cola (Costa Rica, India); Wikimedia (Germany); Lankem Ceylon Ltd (India); Tokyo Cement (India); Auro Holdings (India); Samsung (Indonesia); Ilusión (Mexico); Walmart (Mexico); Asia Motor Works (India); Gumtree (Australia); Pakistan International Airlines (Pakistan) ; Pakistan State Oil (Pakistan); TaxSpanner (India); Qtel (Qatar); Sinar MasIMSIG (Indonesia); E.Land Group (Korea); Olabuenaga Fonatur (Mexico); Mega Bangna (Thailand); Fox TV Channel (Turkey); Studio Moderna (Turkey); Fifth Third (USA); Masan (Vietnam); Jon One Men's Clothing (China); Caribbean Export (Regional Trade and Investment Promotion Agency) (Dominician Republic); Terna Energy (Renewable Energy Source Production) (Italy); Universal Robina Corporation (Philippines); People's Leasing Company (Sri Lanka); Cargils Ceylon PLC (Sri Lanka); Thai Yamaha Motor Co., Ltd. (Thailand); Conwood Co., Ltd. (Construction Materials) (Thailand); AIS (Telco) (Thailand); Electricity Generating Authority of Thailand (Thailand); Bangkok Insurance (Thailand); TRUenergy (Australia); McDonal'ds (Australia); Schincariol Group (Brazil); Disney (Brazil); GlaxoSmithKline (Japan); Esurance (USA); Sing Tel (Singapore); Great Eastern Life Insurance (Singapore); Freewiew (Turkey, UK); Shiv Nadar Education Trust (India); GCL Energy (China); Langham Luxury Hotels (China); Warrnambool Cheese and Butter (Australia); Pfizer Taiwan (Taiwan); Sprint (Digitas/Leo Burnett - USA); MillerCoors - Foster's, Molson Canadian, and Sparks brands (USA); Chobani Yogurt (USA); YouSwoop Daily Deals (USA); Shriners Hospitals for Children (USA); Kasinski Motorcycles - Zongshen brand (Brazil); SECOM - Secretary of Communications for the Cabinet of President (USA); Lego (Japan); Symantec Norton (Japan); Bacardi White Rum (India); Telefonica/Movistar (Colombia); Crocs (Turkey); Coca Cola - Frestea, Minute Maid, Ades Water brands (Indonesia); Coca Cola - Minute Maid, Eight O'Clock & developmental brands (Philippines); Diageo - Jose Cuervo & Captain Morgan brands (Turkey); Dwarka Dairy (India); GlaxoSmithKline - Iodex portfolio (India); HomeGreen Solar and Home Energy Experts (Australia); Indofoods - Promina Babyfood brand (Philippines); Kellogg's Krave (Central America); ODEL Department Store (Sri Lanka); Phillip Morris International - Fortune Cigarettes (Philippines) & Chesterfield (Turkey); Regalia Hotel Management (China); Telefonica Espana - Movistar (Costa Rica); The Energy Policy and Planning Office (Thailand); Yung Shin Pharmaceutical (Taiwan); Huawei Information and Communications Technology Solutions (China); Yingxue Kitchenware (China); P&G Downy (Indonesia); Philip Morris International - Chesterfield brand (Turkey); Samsung (Sri Lanka); Continental Tires (Brazil); Pharmavite - Nature Made Vitamins (USA).
MSLGROUP
TAQA (UK and Dubai); Ancestry.com (USA); AQMD-Incremental (USA); AstraZeneca (China); ADP (China); Insinkerator (China); Star TV (India); Bosch (Germany); Sécurité Routière (France); Schott (China); History Channel (India); Tech Data (Poland); Greene King (UK); Royal Institute of British Architects (UK); The World Water Forum (France).
Publicis Worldwide
Fresco/Vogliazzi (Italy); Heineken (Italy); Bernina International (Switzerland); Università Bocconi (Italy); Ministro del Lavoro (Italy), Jùpiter (Spain); Merino/Merinolam-Vegit (India); LG/global digital business (World); PMU (France); RATP (France); Fnac (France); Aéroports de Paris (France); Cortal Consors (France); Institut Géographique National (France); Amway/Nutrilite (China); Nestlé Infant Nutrition/Nestlé Mio (Italy); Jigsaw (UK); Betboo (Brazil); Tourism Ireland (UK); Cascades Groupe Tissu (Canada); SCA-Tena (Hong Kong); Duracell (Hong Kong); Sara Lee/Ball Park (USA); Assurance Maladie (France); Les Vins de Bordeaux (France); Angel Broking (India); Haribo/Dragibus (France); L'Oréal (Czech Republic); Groupe SEB (Czech Republic); Cici's Pizza (USA) ; Red Lion (Brazil); AKTV (Philippines); HP (Czech Republic); Nestlé (Thailand); Globe (Philippines); P&G (Philippines); Honda (Philippines); Axa (Czech Republic); Soda Club (Belgium); Weight Watchers (Belgium); ANIA (Italy); Jequiti Cosmetics (Brazil); Nestlé Infant Nutrition (Mexico); Nescafé (World); Ferrero (Italie, Espagne, Portugal, Fance, Belgique, Pays-Bas, Turquie, Grèce); Weight Watchers (Belgium); Soda Club (Belgium); Pasteur Mex Pharmacia (Mexico); Nestle - Nestea (Mexico); KPMG (Belgium); coop (United Kingdom); G.U. ((United Kingdom).
PHCG
Somaxon (USA); United Therapeutics (USA); Savient (USA).
Razorfish
Starwood (USA); Disney (USA); Microsoft (USA); Nike Social (USa); Unilever Surf (US); Unilever Dove (USA); Lion Dairy & Drinks (Australia); Sportsgirl (Australia).
Saatchi & Saatchi
Lenovo Group Limited (USA); Piaget (France); Assogestioni (Italy); Kavli (Sweden); UNIMED RJ (Brazil); Hanaka kyselka (Czech Republic); Toyota-Aygo, SUV range and Yaris (Italy); Swissôtel (Switzerland); Club Brugge (Belgium); Exellent (Belgium); Vlerick (Belgium); DG Sanco/EC anti smoking (Belgium); Haagen-Dazs (Belgium); Fostplus (Belgium) ; Wonderful Pistachios (UK, Germany); Swisscom (Switzerland); Skoda Auto India (India); OLX India (India); Bharat Petroleum (India); Mando (Korea); Handelsbanken (Sweden); Avis (Germany); WeightWatchers (UK); ARD-Werbung Sales & Services (Germany); Kraft Foods/Milka (Argentina); Subway (Mexico); Paso Interlomas (Mexico); Enel (Italy); Marktplaats.nl (Netherlands); flydubai (UAE); Carlsberg (India); Kingdee (China); Samsonite Europe (Belgium); EUROPA Versicherungen (Germany); Agthia/Yoplait (UAE); Wave Infratech (India); CCA/Pump, L&P, Deep Spring, Baker Halls (New Zealand); Union Investment (Germany); Lenovo (Brazil); HTC South Asia (Singapore); HTC EMEA (UK/SSX - Retail/Shopper Marketing); Phonak (Switzerland); Kraft Foods - Trident (USA/global); Veltins (Germany); Pirelli (Germany- SSX); Salewa (Germany - SSX); Schott (Korea); Icelandic Glacial Water (USA); Chase - Sapphire Credit Card (USA); AIA (Italy); Illy (Italy); FrieslandCampina (Russia); Coca-Cola/Nidan and Multan Juices (Russia); Paramount Comedy Channel (Russia); Boxer (Sweden); Coca-Cola Amatil (New Zealand); Mall of the Emirates (UAE); Citroen (China); China Telecom (China); Invida Asia (Singapore); Red.es (Spain); Sharp (USA - SSX); Tracfone (USA - SSX).
Starcom MediaVest Group
Tourism Malaysia (Malaysia); Heineken (Czech Republic); Dairy Queen (USA); China Telecom (China); SATS (Singapore); Singapore Grand Prix (Singapore), Uniqlo (Singapore); Nyhavn Rejser (Denmark); Full Tilt Poker (Italy); BZWBK (Poland); Lotos (Poland); Upstream (United Arab Emirates); Dreams (UK); YPF (Argentina); Microsoft (USA); Disney (USA); Disney Pan regional TV Cable (Argentina); hotels.com-Expedia (China); Regione Lombardia (Italy); I mobile (Thailand); Kraft Foods (United Arab Emirates); Lactel (United Arab Emirates); MAC (GM dealer) (United Arab Emirates); ZAFCO (United Arab Emirates); Dyson (Canada); Aeromexico (Chile); Spin Palace (Chile); Future Brands (India); VIA (India); Mars (Philippines, Indonesia, Thailand); Orang Tua Group (Indonesia); Dixons (Ireland); Comcast/NBCU (Studios) (USA - Miami); Boiron Laboratories (Poland); Czerwona Torebka (Poland); Burger King (USA); NBCU/Comcast (Theme Parks) (USA); AB/In Bev (USA); Aircel (Dishnet Wireless) (India); BF Distribuidores (Chile); Cerveza Corona (Chile); Dwarka Milk (India); Ferrero (Spain); Flexalum luxaflex (Chile); MULTI SCREEN MEDIA PRIVATE LTD-SAB TV (India); Nille (Norway); Novartis (Global); Sony Pix (India); Super Max (India); Zee Learn (India).
ZenithOptimedia
Rioja Wines (Spain); JPMorgan Chase (USA); Wallmart (China); ABB (China); Motorcorp (New Zealand); United Overseas Bank (Singapore); Emporiki Bank (Greece); Banco Financiero y de Ahorro (Espagne); Interbrands (Sweden); RecycleBank (USA); Jenny Craig (USA); Autotrader (USA); AZ/Medimmune (USA); C&A (China); Tourism Malaysia (Malaysia); MOM (Singapore); city of Antwerp (Belgium); Nyhavn Rejser (Denmark); L'Oreal (Greece); Khazan (Kuweït); MarCons (Kuweït); Galderma (Sweden); Parship (Sweden); Unum (UK); L'Oreal (USA); EDMC Incremental (USA); Reckitt Benckiser (India), Disney (USA); Jazeera Childrens Channel (Mideast and Africa); Hachette Fascicoli (Romania); Pegasus (Romania); EU Funds campaign (Romania); Fire Prevention Campaign (Spain); Deli (Belgium); KMDA (Belgium); Rich Bake (Egypt); Peak Performance (Europe, USA, Asia); Carlsberg (China); PPTV (China); Honda (India); Infocom Development Authority (Singapore); Merino (India); Science Centre Singapore (Singapore); Dunelm Mills (UK); Pizza Hut (US); C&A (Austria); Unicharm (India); Agrostar (Romania); City Cinema (Romania); Sandals (USA); Charter Hall Ltd (Australia); Singapore University of Technology & Design (Singapore); Dubai Electricity & Water Authority (UAE); Vitrac (Egypt); CEPSA (Spain); Clarins (Mexico); Officemax (Mexico); Hoteles CITY Express (Mexico); Royal Caribbean Cruises (Mexico); Petrobras (Pan Regional); Sura - ING (Mexico); Verizon (USA); Tencent Weibo (China); Best Foods (India); PayPal (Singapore); Motorola Digital (Singapore); Groupement des Mousquetaires (France); TE Data (Egypt); RBS (UK); Gulf States Toyota (USA); Merial (New Zealand); Singapore Management University (Singapore); KPMG (Belgium); Isracard (Israel); Bel Groupe (MENA); Royal Bakery (UAE); SAP (UAE), IFFCO (UAE), Vontobel (UAE); Super-Max (UAE); Bridgestone Tires (USA); Air Asia (Philippines).
Digitas
Pages jaunes (France); Dassault (France); Chili's (USA); Kaiser-Permanente (USA); Intuit (USA); Mars Petcare (USA); Comcast (USA); Delta (USA); Mead Johnson (USA); Post (USA); American Express (USA); Harley Davidson (China); L'Oreal (China, France); OnStar (China); Nestlé (France); Samsung (UK, Brazil, USA) ; Samsung Mobile (India); Samsung Electronics (India); Equifax (USA); Nationwide (UK); Owens Corning (USA); Dunkin's Brands (USA); L'Oreal (China); Asus (China); Onstar (China); Samsung Mobile (India); Sprint (Digitas/Leo Burnett - USA); Nissan (France).
Fallon
Axa (UK); Roundhouse (UK); MTV (UK).
Kaplan Thaler Group
Edmunds.com (US).
2011 Press Releases
01-26-2011 Publicis Groupe Proposes to Acquire Chemistry through a Recommended Cash Offer
01-27-2011 Publicis Groupe Increases its Stake in Wefcos - Véronique Morali Appointed Wefcos President
02-10-2011 Publicis Groupe 2010 Annual Results
02-17-2011 Publicis Groupe Acquires London-Based Holler Strengthening Leo Burnett Digital Offer
02-21-2011 Publicis Groupe Launches Publicis Webformance - An Initiative Aimed at Supporting Small and Medium Businesses
02-23-2011 Publicis Groupe Acquires Interactive Communications Ltd. in Taiwan
03-03-2011 Publicis Groupe Acquires Kitcatt Nohr in the UK
03-10-2011 Publicis Groupe Acquires London-Based Airlock in its Latest UK Digital Operation
03-22-2011 Publicis Groupe Acquires India-Based Watermelon
03-30-2011 Jean-Yves Naouri Is Named Executive Chairman of Publicis Worldwide
04-15-2011 Publicis Groupe Sells Its Stake in Freud Communications
04-18-2011 Publicis Groupe Takes Majority Stake in Brazil's Talent Group
04-21-2011 Publicis Groupe : 1st Quarter 2011 Revenue
04-26-2011 Publicis Groupe Acquires Sao Paulo Agency GP7 Furthering Its Expansion into the Brazilian Market
04-27-2011 Publicis Groupe Revitalizes Leo Burnett Brazil Operations
05-12-2011 Publicis Groupe Acquires Beijing-Based Dreams
05-17-2011 Publicis Groupe to Acquire Rosetta. One of the Fastest Growing Digital Marketing Agencies in North America
06-07-2011 Publicis Groupe Annual General Shareholders Meeting
06-20-2011 Publicis Groupe Further Expands in China with Acquisition of Genedigi
06-28-2011 Publicis Groupe launches Operations in Ecuador
07-04-2011 Publicis Groupe Acquires leading Swiss Agency Spillmann/Felser/Leo Burnett
07-05-2011 Acquisition of Rosetta closed
07-06-2011 Notice of adjustment to the conversion ratio for the 2014 convertible bonds (OCEANE)
07-11-2011 Publicis Groupe Acquires Brazilian Agency DPZ
07-15-2011 Publicis Groupe S.A. signs a EUR 1.2 billion multi-currency revolving credit facility
07-18-2011 Publicis Groupe Takes Majority Stake in Social Agency Big Fuel
07-21-2011 Publicis Groupe: H1 2011 Results
09-15-2011 Publicis Groupe Acquires PR Agency Schwartz Communications
10-03-2011 Publicis Groupe Appoints Stéphanie Atellian as Investor Relations Officer
11-02-2011 Publicis Groupe Acquires Chinese Digital Agency Wangfan
11-29-2011 Publicis Groupe Further Accelerates Digital Expansion in China with Gomye Acquisition
11-30-2011 Composition of the Management Board
12-01-2011 Publicis Groupe Acquires Ciszewski Public Relations, Poland's largest PR 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 half-year net debt: half-year average of average monthly net debt.
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.
Free cash flow: cash flow from operations minus capital expenditures for tangible and intangible fixed assets, excluding acquisitions.
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.
Revenue and Organic growth calculation
(EUR million) H1 H2 2011
2010 Revenue 2,538 2,880 5,418
Currency impact (58) (68) (126)
2010 Revenue at 2011 exchange rate (a) 2,480 2,812 5,292
2011 Revenue before impact of acquisitions (1)
(b) 2 656 2,938 5,594
Revenue from acquisitions (1) 43 179 222
2011 Revenue 2,699 3,117 5,816
Organic Growth (b/a) + 7.1 % + 4.5% + 5.7%
(1) Acquisitions (In-Sync, Resolute, AG2, G4, Amazon, Publicis Romania, 20:20, EastWei, Casablanca, Digital District, Publicis healthcare consulting, Frequence Medicale, C4L, Kitkatt 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) net of disposals
Average Exchange rate Dec. 31, 2011: 1 USD = 0.719 EUR
1 GBP = 1.153 EUR
Consolidated income statement
(in millions of euros) 2011 2010 2009
Revenue 5,816 5,418 4,524
Personnel expenses (3,615) (3,346) (2,812)
Other operating expenses (1,167) (1,105) (940)
Operating margin before Depreciation &
Amortization 1,034 967 772
Depreciation and amortization expense
(excluding intangibles arising from
acquisitions) (103) (111) (92)
Operating margin 931 856 680
Amortization of intangibles arising from
acquisitions (38) (34) (30)
Impairment loss - (1) (28)
Non-current income and expenses 21 14 7
Operating Income 914 835 629
Financial expenses (89) (81) (73)
Financial income 33 16 12
Cost of net financial debt (56) (65) (61)
Other financial income and expenses 2 (11) (9)
Pre-tax Income of consolidated companies 860 759 559
Income taxes (248) (216) (146)
Net income of consolidated companies 612 543 413
Share of profit of associates 17 8 4
Net income 629 551 417
Of which:
- Net income attributable to non-controlling
interests (minority interests) 29 25 14
- Net income attributable to equity holders of
the parent company (Group share) 600 526 403
Per share data (in euros) - Net
income attributable to equity
holders of the parent company
Number of shares 202,547,757 202,149,754 202,257,125
Earnings per share 2.96 2.60 1.99
Number of diluted shares 237,066,159 235,470,461 220,867,344
Diluted earnings per share 2.64 2.35 1.90
Consolidated statement of comprehensive income
(in millions of euros) 2011 2010 2009
Net income for the period (a) 629 551 417
Other comprehensive income
- Revaluation of available-for-sale
investments (3) 12 12
- Actuarial gains and losses on defined
benefit plans (51) (10) (4)
- Consolidation translation adjustments 49 297 (59)
- Deferred taxes on other comprehensive
income 16 4 1
Total Other comprehensive income (b) 11 303 (50)
640
Total comprehensive income for the
period (a) + (b) 640 854 367
Of which:
- Attributable to non-controlling
interests (minority interests) 29 33 17
- Attributable to equity holders of the
parent company (Group share) 611 821 350
Consolidated balance sheet
December 31, December December
(in millions of euros) 2011 31, 2010 31, 2009
Assets
Goodwill, net 5,207 4,278 3,928
Intangible assets, net 985 856 835
Property, plant and equipment 496 464 458
Deferred tax assets 82 75 73
Investments in associates 43 140 49
Other financial assets 113 113 94
Non-current assets 6,926 5,926 5,437
Inventories and work in progress 343 326 290
Trade receivables 6,446 5,953 4,875
Other receivables and current assets 561 572 548
Cash and cash equivalents 2,174 2,164 1,580
Current assets 9,524 9,015 7,293
Total Assets 16,450 14,941 12,730
Equity and liabilities
Share capital 77 77 79
Additional paid-in capital and
retained earnings, Group share 3,821 3,284 2,734
Equity attributable to holders of the
parent company (Group share) 3,898 3,361 2,813
Non-controlling interests (minority
interests) 33 21 25
Total equity 3,931 3,382 2,838
Long-term borrowings 1,460 1,783 1,796
Deferred tax liabilities 240 219 214
Long-term provisions 486 458 449
Non-current liabilities 2,186 2,460 2,459
Trade payables 7,745 7,216 5,835
Short-term borrowings 838 290 214
Income taxes payable 66 39 63
Short-term provisions 137 118 100
Other creditors and current
liabilities 1,547 1,436 1,221
Current liabilities 10,333 9,099 7,433
Total equity and liabilities 16,450 14,941 12,730
Consolidated statement of cash flows
(in millions of euros) 2011 2010 2009
Cash flows from operating activities
Net income 629 551 417
Neutralization of non-cash income and
expenses:
Income taxes 248 216 146
Cost of net financial debt 56 65 61
Capital (gains) losses on disposals (before
tax) (19) (14) (10)
Depreciation, amortization and impairment loss
on property, plant and equipment and
intangible assets 141 146 150
Non-cash expenses on stock options and similar
items 26 26 24
Other non-cash income and expenses 1 6 11
Share of profit of associates (17) (8) (4)
Dividends received from associates 14 14 9
Taxes paid (212) (219) (157)
Interest paid (80) (76) (75)
Interest received 29 17 16
Change in working capital requirements (1) 73 287 59
Net cash flows generated by (used in)
operating activities (I) 889 1,011 647
Cash flows from investing activities
Purchases of property, plant and equipment and
intangible assets (116) (103) (74)
Disposals of property, plant and equipment and
intangible assets 4 25 10
Purchases of investments and other financial
assets, net 13 5 10
Acquisitions of subsidiaries (728) (166) (273)
Disposals of subsidiaries 28 1 1
Net cash flows generated by (used in)
investing activities (II) (799) (238) (326)
Cash flows from financing activities
Dividends paid to holders of the parent
company (129) (107) (107)
Dividends paid to non-controlling interests (14) (21) (26)
Proceeds from borrowings 77 7 744
Repayment of borrowings (29) (52) (108)
Net purchases of non-controlling interests (11) (9) (25)
Net (purchases)/sales of treasury shares and
warrants 51 (198) 5
Net cash flows generated by (used in)
financing activities (III) (55) (380) 483
Impact of exchange rate fluctuations (IV) (17) 188 (94)
Net change in consolidated cash and cash
equivalents (I + II + III + IV) 18 581 710
Cash and cash equivalents on January 1 2,164 1,580 867
Bank overdrafts on January 1 (36) (33) (30)
Net cash and cash equivalents at beginning of
year (V) 2,128 1,547 837
Cash and cash equivalents on December 31 (Note
18) 2,174 2,164 1,580
Bank overdrafts on December 31 (Note 22) (28) (36) (33)
Net cash and cash equivalents at end of year
(VI) 2,146 2,128 1,547
Net change in cash and cash equivalents (VI -
V) 18 581 710
(1) Breakdown of change in working capital
requirements
Change in inventory and work in progress (6) (14) 29
Change in accounts receivable and other
receivables (267) (855) 160
Change in accounts payable, other payables and
provisions 346 1,156 (130)
Change in working capital requirements 73 287 59
Consolidated statement of changes in equity
Reserves
and
Number of Additional earnings Translation
outstanding Share capital paid-in brought reserve
shares (in millions of euros) capital forward
178,854,301 December 31, 2008 78 2,553 (105) (315)
Net income 403
Other comprehensive
income:
Fair value adjustments
to available-for-sale
investments
Actuarial gains and
losses on defined
benefit plans (1) (3)
Consolidation
translation
adjustments (62)
Total other
comprehensive income - - (3) (62)
Total income and
expenses for the
period - - 400 (62)
Publicis Groupe SA
1,562,129 capital increase 1 47 (48)
Equity component of
Oceane 2014 49
Dividends (107)
Share-based
compensation (1) 26
Additional interest on
Orane (6)
Effect of acquisitions
and commitments to buy
out non-controlling
interests (minority
interests)
Purchases/sales of
6,752,338 treasury shares 181
187,168,768 December 31, 2009 79 2,600 390 (377)
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 289
Total other
comprehensive income - - (6) 289
Total income and
expenses for the
period - - 520 289
Publicis Groupe SA
capital increase and
cancellation of
(5,937,871) treasury shares (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 December 31, 2010 77 2,432 807 (88)
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 49
Total other
comprehensive income (35) 49
Total income and
expenses for the
period - - 565 49
Publicis Groupe SA
1,712,704 capital increase - 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 December 31, 2011 77 2,479 1,251 (39)
Table continues below...
Equity
attributable
to the Non-controlling
Fair holders of interests
(in millions of value the parent (minority Total
euros) reserve company interests) equity
December 31, 2008 109 2,320 30 2,350
Net income 403 14 417
Other comprehensive
income:
Fair value
adjustments to
available-for-sale
investments 12 12 12
Actuarial gains and
losses on defined
benefit plans (1) (3) (3)
Consolidation
translation
adjustments (62) 3 (59)
Total other
comprehensive income 12 (53) 3 (50)
Total income and
expenses for the
period 12 350 17 367
Publicis Groupe SA -
capital increase -
Equity component of
Oceane 2014 49 49
Dividends (107) (26) (133)
Share-based
compensation (1) 26 26
Additional interest
on Orane (6) (6)
Effect of
acquisitions and
commitments to buy
out non-controlling
interests (minority
interests) - 4 4
Purchases/sales of
treasury shares 181 181
December 31, 2009 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 8 297
Total other
comprehensive income 12 295 8 303
Total income and
expenses for the
period 12 821 33 854
Publicis Groupe SA
capital increase and
cancellation of
treasury shares (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
December 31, 2010 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
Total other
comprehensive income (3) 11 - 11
Total income and
expenses for the
period (3) 611 29 640
Publicis Groupe SA
capital increase -
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
December 31, 2011 130 3,898 33 3,931
- Earnings per share and diluted earnings per share
(in millions of euros, except for
share data) 2011 2010 2009
Net income used for the calculation
of earnings per share
Group net income 600 526 403
Impact of dilutive instruments:
- Savings in financial expenses
related to the conversion of debt
instruments, net of tax (1) 27 27 16
Group net income - diluted 627 553 419
Number of shares used to calculate
earnings per share
Average number of shares that make
up the share capital 191,738,061 192,754,345 196,020,983
Treasury shares to be deducted
(average for the year) (7,935,852) (10,912,268) (15,633,664)
Shares to be issued to redeem the
Oranes 18,745,548 20,307,677 21,869,806
Average number of shares used for
the calculation 202,547,757 202,149,754 202,257,125
Impact of dilutive instruments:
- Free shares and dilutive stock
options (1) 5,161,031 4,389,680 1,770,247
- Warrants (1) 893,900 480,327 -
- Shares resulting from the
conversion of convertible bonds (2) 28,463,470 28,450,700 16,839,972
Number of diluted shares 237,066,159 235,470,461 220,867,344
(in euros)
Earnings per share 2.96 2.60 1.99
Diluted earnings per share 2.64 2.35 1.90
- Only stock options and warrants with a dilutive impact, i.e., whose strike price is lower than the average strike price, are included in the calculation. In 2011, all of the stock options and warrants not yet exercised at the year-end had a dilutive effect.
- Over the three years 2011, 2010 and 2009, all of the Oceane had a dilutive impact and are therefore factored into the calculation of diluted EPS.
- Headline earnings per share (basic and diluted)
(in millions of euros, except for
share data) 2011 2010 2009
Net income used to calculate
headline (1) earnings per share
Group net income 600 526 403
Items excluded:
- Amortization of intangibles from
acquisitions, net of tax 23 21 18
- Impairment, net of tax - 1 27
- Net capital gains (losses) on
disposals of land, buildings and
securities (18) (12) (6)
- Revaluation of earn-out payments (4)
- Deferred tax assets related to the
Oceane 2014 (2) - (23)
Headline group net income 601 536 419
Impact of dilutive instruments:
- Savings in financial expenses
linked to the conversion of debt
instruments, net of tax 27 27 16
Headline group net income, diluted 628 563 435
Number of shares used to calculate
earnings per share
Average number of shares that make
up the share capital 191,738,061 192,754,345 196,020,983
Treasury shares to be deducted
(average for the year) (7,935,852) (10,912,268) (15,633,664)
Shares to be issued to redeem the
Orane 18,745,548 20,307,677 21,869,806
Average number of shares used for
the calculation 202,547,757 202,149,754 202,257,125
Impact of dilutive instruments:
- Free shares and dilutive stock
options 5,161,031 4,389,680 1,770,247
- Warrants 893,900 480,327 -
- Shares resulting from the
conversion of the convertible bonds 28,463,470 28,450,700 16,839,972
Number of diluted shares 237,066,159 235,470,461 220,867,344
(in euros)
Headline earnings per share (1) 2.97 2.65 2.07
Headline earnings per share -
diluted (1) 2.65 2.39 1.97
- EPS before amortization of intangibles resulting from acquisitions, impairment, capital gains (losses) on disposal of land, buildings, securities, revaluation of earn-out payments and the deferred tax asset linked to the Oceane 2014 bond.
- Impact of the deferred tax asset recognized in the amount of the deferred tax liability booked on the equity portion of the Oceane 2014 bond.
Contacts :
Publicis Groupe :
Peggy Nahmany, Corporate Communication +33(0)1-44-43-72-83
Martine Hue, Investor Relations, +33(0)1-44-43-65-00
SOURCE Publicis Groupe
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