Growth acceleration and
maintained high profitability in 2023
Organic growth: 8.8% in Q4 and 3% for the
yearOperating profit: 13.1%
Paris, 21 February 2024 –
Ipsos, one of the world’s leading market research companies,
confirmed the acceleration of its activity in the 4th quarter of
2023 and posted organic growth of 8.8% (after -2.8% in the 1st
quarter, 0.5% in the 2nd quarter and 4.3% in the 3rd quarter),
meeting our guidance for the year. Organic growth for the 2023
financial year therefore reached 3% (4% excluding the impact of
COVID contracts ending). The operating profit remained stable at an
all-time high of 13.1%, demonstrating the Group’s ability to
maintain its profitability in a challenging macroeconomic and
geopolitical context.
The 4th quarter revenue amounts to 714.7 million
euros, up by 4.8%. For the year, it reaches 2,389.8 million euros,
down 0.6% due to unfavorable exchange rate effects (-3.9%) which
more than offset the organic growth (3%) and perimeter effects
(0.3%).
Ben Page, CEO of Ipsos, says:
“We improved in 2023 despite economic headwinds, proving the
resilience of Ipsos’ model. Thanks to our geographic spread, our
multi-sectoral approach, client portfolio and new technology, we
can feel confident as we step into 2024. Combined with the talent
and commitment of our teams, these strengths are exactly what we
need to keep responding to new client needs and seizing new growth
opportunities.”
PERFORMANCE BY QUARTER
|
2023 vs 2022 |
In € millions |
2023revenue |
Total growth |
Organic growth |
1st quarter |
532.0 |
-2.9% |
-2.8% |
2nd quarter |
555.1 |
-3.3% |
0.5% |
3rd quarter |
588.0 |
-2.3% |
4.3% |
4th quarter |
714.7 |
4.8% |
8.8% |
Revenue |
2,389.8 |
-0.6% |
3.0% |
PERFORMANCE BY REGION
In € millions |
2023revenue |
Contribution |
4th
quarterorganic growth |
Organicgrowth(2023 vs
2022) |
EMEA |
1,026.6 |
43% |
11.2% |
4.1% |
Americas |
956.4 |
40% |
7.7% |
1.7% |
Asia-Pacific |
406.8 |
17% |
5.5% |
3.5% |
Revenue |
2,389.8 |
100% |
8.8% |
3.0% |
All regions showed excellent growth momentum in
the 4th quarter and grew over the year.
From the 3rd quarter onwards, activity in the
EMEA region was free from unfavourable base
effects caused by the end of major Covid contracts, and it showed
excellent momentum with organic growth of 11.2% in the final
quarter. Annual organic growth of 4.1% was largely driven by
Continental Europe, where countries like France and Belgium
reported excellent results.
Activity in the Americas showed
organic growth of 1.7% in 2023. This reflects a contrasting reality
between the strong performance of Latin America (above 8%) and
lower growth in North America (close to 1%). The United States was
affected by the significant decline in demand by major Tech
clients. However, we did see a gradual improvement in demand from
these clients over the final quarter. This trend remains to be
confirmed in 2024, primarily with new opportunities offered by
generative AI. Overall, the final quarter in the Americas showed
organic growth of over 7.5%, both in North and South America.
Lastly, the Asia-Pacific region
posted organic growth of around 5.5% for the quarter and 3.5% for
the full year. With no tangible economic recovery in China
following the end of the Zero-COVID policy, our activity in the
country stagnated, which hindered performance for the entire
region. Conversely, India and South-East Asia maintained their
momentum with double-digit growth rates.
PERFORMANCE BY AUDIENCE
In € millions |
2023revenue |
Contribution |
4th
quarterorganic growth |
Organic growth(2023 vs 2022) |
Consumers1 |
1,126.8 |
47% |
12.8% |
7.1% |
Clients and employees2 |
530.0 |
22% |
2.5% |
0.1% |
Citizens3 |
351.2 |
15% |
2.3% |
-5.0% |
Doctors and patients4 |
381.8 |
16% |
12.4% |
3.6% |
Revenue |
2,389.8 |
100% |
8.8% |
3.0% |
Breakdown of Service Lines by audience segment:1- Brand Health
Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA,
Market Strategy & Understanding, Observer (excl. public
sector), Ipsos Synthesio, Strategy32- Automotive & Mobility
Development, Audience Measurement, Customer Experience, Channel
Performance (Mystery Shopping and Shopper), Media Development, ERM,
Capabilities3- Public Affairs, Corporate Reputation4- Pharma
(quantitative and qualitative)
Our activities with consumers
showed very strong momentum both in the 4th quarter (+12.8%) and
throughout 2023 (+7.1%). This reflects excellent performance from
our business lines with regard to brand health tracking, marketing
spend optimization and market positioning activities, as well as
our qualitative work. Solid performance in the consumer goods
sector also helped maintain the high level of activity in this
segment.
Our activity with clients and
employees was stable throughout the year. Customer
experience and mystery shopping surveys recorded strong
performance, even if this audience segment was adversely affected
in 2023 by the drop in demand from major Tech clients.
Our activity with citizens was
down 5%, due mainly to major COVID contracts ending. Our business
relating specifically to the public sector other than COVID
contracts performed well and posted organic growth of more than
8%.
Finally, our activity with doctors and
patients continued on its path of improvement throughout
2023, with organic growth of 9% in the 2nd semester, of which 12%
was achieved in the final quarter. Initially affected early in the
year by shifts in decision-making from certain clients in the
pharmaceutical industry, this activity did regain its momentum. One
example in particular was our high added-value services offering,
as well as our solutions for targeting and segmenting patients and
prescribers.
FINANCIAL PERFORMANCE
Summary income statement
In € millions |
2023 |
2022 |
Change(2023 vs 2022) |
Revenue |
2,389.8 |
2,405.3 |
-0.6% |
Gross margin |
1,612.8 |
1,594.1 |
1.2% |
Gross margin/Revenue |
67.5% |
66.3% |
1.2 pt |
Operating profit |
312.4 |
314.7 |
-0.7% |
Operating profit/Revenue |
13.1% |
13.1% |
0.0 pt |
Other non-current/recurring income and expenses |
-47.3 |
3.7 |
|
Finance costs |
-13.3 |
-13.2 |
0.5% |
Other finance costs |
-7.0 |
-3.5 |
96.8% |
Income tax |
-72.9 |
-72.8 |
0.2% |
Net profit attributable to owners of the parent |
159.7 |
215.2 |
-25.8% |
Adjusted net profit* attributable to owners of the
parent |
228.6 |
232.4 |
-1.6% |
*Adjusted net profit is calculated before (i)
non-monetary items related to IFRS 2 (Share-based Payment), (ii)
the amortisation of acquisition-related intangible assets (client
relations), (iii) the impact of other non-current income and
expenses, net of tax, (iv) the non-monetary impact of changes in
puts and other financial income and expenses, and (v) deferred tax
liabilities related to goodwill for which amortisation is
deductible in some countries. It is in particular adjusted for the
provisions related to Russia.
Income statement items
The gross margin rose by 120
basis points to 67.5%, compared to 66.3% in 2022. This increase was
mainly attributable to (i) a favourable mix effect related to very
strong momentum from higher margin segments like Ipsos.Digital,
Marketing Management Analytics activities and qualitative surveys,
(ii) the structural continuation of the increase in the proportion
of online surveys, which rose from 65% in 2022 to 66% in 2023,
(iii) the Group’s ability to maintain its prices in a context of
inflation, and (iv) the definitive end of large covid contracts in
early 2022 (for which collection costs were above average).
With regard to operating costs,
the payroll remained under control at less than 1%
growth, despite the persisting impact of inflation on salaries in
some countries. Given the context of uncertainty, throughout 2023
we adapted our staff numbers based on the activity in each of our
markets. At 31 December 2023, Ipsos had 19,701 employees, a 2.3%
decrease compared to 31 December 2022. The payroll-to-gross-margin
ratio improved to 65.1% compared to 65.3% in 2022. This ratio was
67% in 2019 before COVID, which allowed us to achieve structural
productivity gains. The cost of variable compensation in
shares rose to €16.3 million compared to €14.4 million in
2022 due to the increased share price.
Overhead costs were down
slightly (-0.4%) despite the inflationary context. While we
continued to increase current expenditure on IT, our other overhead
items were stable or down – particularly professional fees and
travel expenses. The ratio of overhead to gross margin improved to
13.3% compared to 13.5% in 2022, also remaining significantly lower
than its pre-pandemic level (17% in 2019).
Other operating income and
expenses, consisting mainly of severance costs, showed a
net cost of €20.3 million. In 2023, we adopted our operating model
based on the level of activity in each of our markets, especially
in the United States due to the drop in major Tech clients.
Overall, the Group’s
operating profit once again reached the high level
of 13.1% achieved in 2022.
Below the operating profit, the
amortisation of acquisition-related intangible
assets refers to the portion of goodwill allocated to
client relations in particular. This allocation came to €6.0
million.
The balance of other non-current and
non-recurring income and expenses came to a net cost of
€47.3 million. Since July 31, 2023, a draft law aiming to impose
strong restrictions on companies researching the structure of
consumer goods markets in Russia came under review at the Duma.
Even though uncertainties remain about the law’s final content and
its implementation schedule, the draft law plans, at this point,
among other restrictive provisions, to limit foreign ownership of
such companies to a 20% shareholding. Considering the risks that
this draft law poses to our business continuity in Russia, even
though it is not clearly established that its purpose includes
Ipsos' business, we have, as a precaution, decided to write off the
entirety of the net asset linked to our local subsidiary,
representing an amount of 59 million euros. Our activities in
Russia account for less than 2% of the Group's revenue.
Finance costs. The net interest
expense came to €13.3 million compared to €13.2 million last year –
the effects of the rise in interest rates on financial income and
expenses balanced each other out overall.
Other net financial income and
expenses showed a net cost of €7.0 million, including €3.7
million related to financial expenses as a result of applying IFRS
16.
The effective tax rate on the
IFRS income statement was 30.6% compared to 24.8% last year. This
rate would be 24,5% excluding the impact of provisions related to
Russia.
Net profit attributable to owners of the
parent came to €160 million compared to €215 million in
2022, impacted by 59 million euros due to the depreciation of
Ipsos' net asset in Russia.
Adjusted net profit attributable to
owners of the parent came to €229 million compared to €232
million in 2022. For the second half of the year, it increased by
24 million euros, or 17%.
Financial structure
Cash flow from operations came
to €413 million compared to €402 million in 2022, up €11
million.
The working capital requirement
saw a negative change of €65 million. A significant portion of our
growth in 2023 was achieved in the final quarter. Cash generation
associated with this revenue extended partly to the start of
2024.
Investments in property, plant and
equipment and intangible assets consisted mainly of
investments in IT infrastructure, technology and R&D. Amounting
to €59 million, these were up €4 million compared to 2022. This was
in line with the 2025 strategic plan, which calls for an increase
in our investments in platforms, our proprietary panels and
generative AI tools. The pace of these investments will be stepped
up in 2024.
Overall, free cash flow from
operations came to €169 million, down €45 million compared
to last year, mainly due to the growth momentum in the fourth
quarter.
As for non-current investments,
Ipsos stepped up the pace of its external growth policy in 2023,
investing €48 million in the acquisition of NVCS in the US,
Behaviour & Attitudes in Ireland, CBG in New Zealand, Big
Village in Australia, Xperity in the US, Omedia in West Africa and
Shanghai Focus RX in China. In January 2024, the acquisitions of
Jarmany in Great Britain and I&O in the Netherlands were added
to this list.
Lastly, our financing activities in 2023
included the following:
- Continuation of the share
buyback programme with the intention of cancellation for
an amount of €50 million, representing 1,050,000 cancelled shares,
in addition to the usual share buybacks as part of our free share
plans amounting to €36 million.
- Repayments of the “Schuldschein”
loan taken out in 2016 for an amount of €39 million and $42
million.
- Dividend payments
of €59 million.
Shareholders’ equity stood at
€1,433 million at 31 December 2023, compared to €1,500 million at
31 December 2022.
Net financial debt came to €120
million, up €51 million compared to 31 December 2022. The company’s
balance sheet remained very healthy, and the leverage ratio
(calculated excluding the impact of IFRS 16) was 0.3 times EBITDA
(compared to 0.2 times at 31 December 2022).
Cash position. Cash at 31
December 2023 was €278 million. The Group also had almost €500
million in credit lines payable after more than one year, allowing
it to prepare for its debt maturities in 2024 (€20 million in
bilateral lines) and September 2025 (€300 million in bond
issues).
OUTLOOK 2024
Ipsos improved in 2023 despite headwinds caused
by major Covid contracts ending, a drop in demand from major Tech
clients and more generally a challenging macroeconomic and
geopolitical environment. By maintaining a high operating profit,
the Group confirmed the resilience of its operating model and its
ability to adapt to uncertain environments. With hardly any debt,
the Group is in an excellent position to continue financing its
growth, investments and acquisitions.
By accelerating the acquisition programme, we
were able to consolidate our leading position in certain markets,
particularly in Public Affairs.
As in 2023, this year will be characterised by
macroeconomic and geopolitical uncertainty, as well as ongoing
massive changes in technology, society and the climate. In a
situation like this, more so than ever before, companies and
governments need high-quality data and analysis if they are to
understand consumption dynamics and public opinion, and thus inform
their decision-making. All of these factors will drive our growth
in 2024.
In 2024, we will be intensifying our technology
investments so we can give our clients more impactful information
and do so faster. We will also launch new offers, ensure data
quality and security, and make our operating model more effective.
Ipsos Facto, our generative AI platform forms the core of this
strategy. Accessible to all our employees since June 2023, and now
available to our clients, it is based on the best language models
on the market – updated in real time with Ipsos data – and our
proprietary library of prompts specific to market research
professionals.
For this year, we are forecasting organic growth
over 4%, and an operating profit of around 13%. Quarterly growth in
activity in 2024 will be very different from that seen in 2023:
performance in the 1st quarter of 2024 will benefit from a
relatively favourable basis for comparison, but subsequent bases
for comparison will become gradually less favourable as the year
progresses.
Finally, we remain confident in our ability to
deliver on the financial targets announced in our strategic plan,
“The Heart of Science and Data”.
At the General Meeting on 14 May 2024, the Board
of Directors will also be proposing a substantially higher dividend
payment of €1.65 per share, i.e. an increase of more than 22%
representing over 30% of the adjusted net profit per share,
compared to €0.90 for 2020, €1.15 for 2021 and €1.35 for 2022.
While our priorities in terms of cash allocation remain the pursuit
of acquisitions and investments in technology and our panels, we
will be continuing our share buyback programme with the intention
of cancellation.
***
Presentation of annual
resultsThe annual results for 2023 will be presented on
Thursday, 22 February 2024 at 8:30 AM CET via webcast and in a
published document.If you would like to register, please contact
IpsosCommunications@Ipsos.com.
A replay will also be made available on
Ipsos.com
Appendices
- Consolidated income statement
- Statement of financial
position
- Consolidated cash flow
statement
- Statement of changes in
consolidated equity
The complete consolidated financial statements
as at 31 December 2023 are available on Ipsos.com
Consolidated income statementAnnual
financial statements for the year ended 31 December
2023
In € thousands |
31/12/2023 |
31/12/2022 |
Revenue |
2,389,810 |
2,405,310 |
Direct costs |
(777,004) |
(811,236) |
Gross margin |
1,612,805 |
1,594,074 |
Staff costs (excluding share-based payments) |
(1,049,836) |
(1,041,565) |
Staff costs
(share-based payments) * |
(16,309) |
(14,355) |
General operating
expenses |
(214,019) |
(214,875) |
Other operating
income and expenses |
(20,281) |
(8,582) |
Operating margin |
312,359 |
314,697 |
Amortisation of
acquisition-related intangible assets* |
(5,961) |
(7,414) |
Other non-current
income and expenses* |
(47,293) |
3,723 |
Share of profit or loss of associates |
(390) |
(862) |
Operating profit |
258,715 |
310,145 |
Finance
costs |
(13,284) |
(13,214) |
Other financial income and expenses |
(6,977) |
(3,545) |
Net profit before tax |
238,454 |
293,386 |
Income tax
(excluding deferred tax related to goodwill amortisation) |
(73,089) |
(70,556) |
Deferred tax
related to goodwill amortisation* |
160 |
(2,249) |
Income tax |
(72,929) |
(72,805) |
Net profit |
165,526 |
220,581 |
Attributable to
owners of the parent |
159,725 |
215,160 |
Attributable to non-controlling interests |
5,801 |
5,421 |
Basic net profit
per share attributable to owners of the parent (in euros) |
3.67 |
4.87 |
Diluted net profit per share attributable to owners of the parent
(in euros) |
3.59 |
4.74 |
|
|
|
|
|
|
Adjusted net profit* |
234,155 |
240,341 |
Attributable to owners of the parent |
228,584 |
232,394 |
Attributable to non-controlling interests |
5,572 |
7,946 |
Adjusted net profit per share attributable to owners of the
parent |
5.25 |
5.26 |
Adjusted diluted net profit per share attributable to owners of the
parent |
5.14 |
5.12 |
Statement of financial positionAnnual financial
statements for the year ended 31 December
2023
In € thousands |
|
31/12/2023 |
31/12/2022 |
ASSETS |
|
|
|
Goodwill |
|
1,351,957 |
1,370,637 |
Right-of-use
assets |
|
109,372 |
118,384 |
Other
intangible assets |
|
118,127 |
110,083 |
Property,
plant and equipment |
|
32,496 |
33,512 |
Investment in
associates |
|
6,393 |
6,048 |
Other
non-current financial assets |
|
62,592 |
59,703 |
Deferred tax assets |
|
25,431 |
24,788 |
Non-current assets |
|
1,706,368 |
1,723,155 |
Trade and
other receivables |
|
561,958 |
547,167 |
Contract
assets |
|
129,733 |
115,872 |
Current
tax |
|
9,671 |
12,736 |
Other current
assets |
|
67,115 |
66,522 |
Financial
derivatives |
|
- |
- |
Cash and cash equivalents |
|
277,911 |
385,670 |
Current assets |
|
1,046,388 |
1,127,967 |
TOTAL ASSETS |
|
2,752,756 |
2,851,122 |
In € thousands |
|
31/12/2023 |
31/12/2022 |
LIABILITIES |
|
|
|
Share
capital |
|
10,801 |
11,063 |
Share
premium |
|
446,174 |
495,628 |
Own
shares |
|
(965) |
(548) |
Other
reserves |
|
964,926 |
867,211 |
Translation
differences |
|
(164,363) |
(107,392) |
Net profit attributable to owners of the parent |
|
159,725 |
215,160 |
Equity attributable to owners of the parent |
|
1,416,297 |
1,481,121 |
Non-controlling interests |
|
16,353 |
18,808 |
Equity |
|
1,432,650 |
1,499,929 |
Borrowings and
other non-current financial liabilities |
|
374,718 |
375,256 |
Non-current
lease liabilities |
|
87,492 |
95,625 |
Non-current
provisions |
|
4,012 |
4,726 |
Provisions for
post-employment benefits |
|
37,429 |
35,938 |
Deferred tax
liabilities |
|
63,283 |
72,831 |
Other non-current liabilities |
|
47,939 |
38,011 |
Non-current liabilities |
|
614,873 |
622,387 |
Trade and
other payables |
|
337,905 |
349,970 |
Borrowings and
other current financial liabilities |
|
22,933 |
79,541 |
Current lease
liabilities |
|
37,070 |
36,574 |
Current
tax |
|
40,772 |
23,855 |
Current
provisions |
|
4,789 |
9,617 |
Contract
liabilities |
|
53,916 |
51,716 |
Other current liabilities |
|
207,849 |
177,533 |
Current liabilities |
|
705,233 |
728,806 |
TOTAL LIABILITIES |
|
2,752,756 |
2,851,122 |
Consolidated cash flow statementAnnual financial
statements for the year ended 31 December 2023
In € thousands |
31/12/2023 |
31/12/2022 |
OPERATING ACTIVITIES |
|
|
NET PROFIT |
165,526 |
220,581 |
Non-cash items |
|
|
Depreciation and amortisation of property, plant and equipment and
intangible assets |
121,703 |
88,192 |
Net
profit of equity-accounted companies, net of dividends
received |
390 |
862 |
Loss/(gain) on asset disposals |
147 |
187 |
Net
change in provisions |
21,241 |
(6,623) |
Share-based payment expense |
14,977 |
13,116 |
Other non-cash income and expenses |
(2,816) |
(4,989) |
Acquisition costs of consolidated companies |
1,804 |
498 |
Finance costs |
16,965 |
17,293 |
Tax
charge |
72,929 |
72,805 |
CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE
COSTS |
412,865 |
401,923 |
Change in working capital requirement |
(65,246) |
(14,365) |
Income tax paid |
(63,441) |
(62,511) |
CASH FLOW FROM OPERATING ACTIVITIES |
284,178 |
325,047 |
INVESTING ACTIVITIES |
|
|
Acquisitions of property, plant and equipment and intangible
assets |
(58,536) |
(54,824) |
Proceeds from disposals of property, plant and equipment and
intangible assets |
75 |
594 |
(Increase)/decrease in financial assets |
(3,107) |
(3,114) |
Acquisitions of consolidated companies and activities, net of cash
acquired |
(46,794) |
(7,284) |
CASH FLOW FROM INVESTING ACTIVITIES |
(108,363) |
(64,627) |
FINANCING ACTIVITIES |
|
|
Share capital increases/(reductions) |
(263) |
(46) |
Net
(purchases)/sales of own shares |
(85,498) |
(29,898) |
Increase in long-term borrowings |
70,035 |
(985) |
Decrease in long-term borrowings |
(127,503) |
(30,086) |
Increase in long-term loans to associatesDecrease in long-term
loans to associates |
1,306 |
- |
Increase/(decrease) in bank overdrafts |
(168) |
(763) |
Net
repayment of lease liabilities |
(37,807) |
(37,480) |
Net
interest paid |
(12,289) |
(12,606) |
Net
interest paid on lease obligations |
(3,719) |
(4,081) |
Acquisitions of non-controlling interests |
(1,060) |
(2,222) |
Dividends paid to shareholders of the parent company |
(58,963) |
(51,066) |
Dividends paid to non-controlling shareholders of consolidated
companies |
(4,092) |
(1,409) |
Dividends received from non-consolidated companies |
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
(260,021) |
(170,642) |
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(84,206) |
89,778 |
Effect of exchange rate changes on cash and cash
equivalentsDepreciation of the Russian cash |
(11,522)(12,030) |
(2,562) |
OPENING CASH AND CASH EQUIVALENTS |
385,670 |
298,454 |
CLOSING CASH AND CASH EQUIVALENTS |
277,911 |
385,670 |
Statement of changes in consolidated equityAnnual
financial statements for the year ended 31 December
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
In € thousands |
Share capital |
Share premium |
Treasury shares |
Other reserves |
Translation differences |
Attributable to shareholders of the company |
Non-controlling interests |
Total |
Position at 1 January 2022 |
11,109 |
508,259 |
(643) |
930,147 |
(115,406) |
1 333,466 |
8,963 |
1,342,429 |
Change in share capital |
(46) |
- |
- |
- |
- |
(46) |
- |
(46) |
Dividends
paid |
- |
- |
- |
(51,066) |
- |
(51,066) |
(1,409) |
(52,475) |
Effects of
acquisitions and commitments to purchase non-controlling
interests |
- |
- |
- |
(7,488) |
- |
(7,488) |
6,585 |
(903) |
Delivery of
own shares under the free share allocation plan |
- |
(12,631) |
33,977 |
- |
- |
21,347 |
- |
21,347 |
Other movements
in own shares |
- |
- |
(33,882) |
(17,677) |
- |
(51,559) |
- |
(51,559) |
Share-based
payments recognised directly in equity |
- |
- |
- |
13,116 |
- |
13,116 |
- |
13,116 |
Other
movements |
- |
- |
- |
(1,169) |
- |
(1,169) |
(99) |
(1,268) |
Transactions with shareholders |
(46) |
(12,631) |
95 |
(64,283) |
- |
(76,865) |
5,077 |
(71,788) |
Profit
for the year |
- |
- |
- |
215,160 |
- |
215,160 |
5,421 |
220,581 |
Other
comprehensive income |
- |
- |
- |
- |
- |
- |
- |
- |
Net investments
in foreign operations and related hedges |
- |
- |
- |
- |
(12,223) |
(12,223) |
(997) |
(13,221) |
Deferred tax on
net investments in foreign operations |
- |
- |
- |
- |
2,774 |
2,774 |
- |
2,774 |
Change in
translation differences |
- |
- |
- |
- |
17,464 |
17,464 |
344 |
17,808 |
Change in the
fair value of financial assets through other comprehensive
income |
- |
- |
- |
(735) |
|
(735) |
- |
(735) |
Actuarial gains
and losses |
- |
- |
- |
2,907 |
- |
2,907 |
- |
2,907 |
Deferred tax on
actuarial gains and losses |
- |
- |
- |
(826) |
- |
(826) |
- |
(826) |
Total
other comprehensive income |
- |
- |
- |
1,346 |
8,015 |
9,360 |
(654) |
8,707 |
Comprehensive income |
- |
- |
- |
216,506 |
8,015 |
224,520 |
4,767 |
229,287 |
Position at 31 December 2022 |
11,063 |
495,628 |
(548) |
1,082,370 |
(107,392) |
1,481,121 |
18,808 |
1,499,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
In € thousands |
Share capital |
Share premium |
Treasury shares |
Other reserves |
Translation differences |
Attributable to shareholders of the company |
Non-controlling interests |
Total |
Position at 1 January 2023 |
11,063 |
495,628 |
(548) |
1,082,370 |
(107,392) |
1,481,121 |
18,808 |
1,499,929 |
Change in share capital |
(263) |
- |
- |
- |
- |
(263) |
- |
(263) |
Dividends
paid |
- |
- |
- |
(58,963) |
- |
(58,963) |
(4,092) |
(63,055) |
Effects of
acquisitions and commitments to purchase non-controlling
interests |
- |
- |
- |
(38,989) |
- |
(38,989) |
(1,857) |
(40,846) |
Delivery of
own shares under the free share allocation plan |
- |
(49,454) |
85,662 |
(35,650) |
- |
559 |
- |
559 |
Other movements
in own shares |
- |
- |
(86,080) |
- |
- |
(86,080) |
- |
(86,080) |
Share-based
payments recognised directly in equity |
- |
- |
- |
14,977 |
- |
14,977 |
- |
14,977 |
Other
movements |
- |
- |
- |
1,303 |
- |
1,303 |
7 |
1,310 |
Transactions with shareholders |
(263) |
(49,454) |
(417) |
(117,321) |
- |
(167,455) |
(5,942) |
(173,397) |
Profit
for the year |
- |
- |
- |
159,725 |
- |
159,725 |
5,801 |
165,526 |
Other
comprehensive income |
- |
- |
- |
- |
- |
- |
- |
- |
Fair value
revaluation of investments |
|
|
|
1 |
|
1 |
|
1 |
Net investments
in foreign operations and related hedges |
- |
- |
- |
- |
2,043 |
2,043 |
(171) |
1,872 |
Deferred tax on
net investments in foreign operations |
- |
- |
- |
- |
(584) |
(584) |
- |
(584) |
Change in
translation differences |
- |
- |
- |
- |
(58,421) |
(58,421) |
(2,142) |
((60,563) |
Change in the
fair value of financial assets through other comprehensive
income |
|
|
|
(361) |
|
(361) |
|
(361) |
Actuarial gains
and losses |
- |
- |
- |
425 |
- |
425 |
|
425 |
Deferred tax on
actuarial gains and losses |
- |
- |
- |
(189) |
- |
(189) |
- |
(189) |
Total
other comprehensive income |
- |
- |
- |
(124) |
(56,962) |
(57,086) |
(2,313) |
(59,400) |
Comprehensive income |
- |
- |
- |
159,601 |
(56,962) |
102,640 |
3,488 |
106,127 |
Position at 31 December 2023 |
10,801 |
446,174 |
(965) |
1,124,650 |
(164,363) |
1,416,297 |
16,353 |
1,432,650 |
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