Strong Q4 and record year on all
KPIs
- Full year 2021 organic growth at +10% with Q4 at +9.3% ahead
of expectations
- Epsilon and Publicis Sapient accretive to overall 2021
performance at +12.8% and +13.8% respectively
- Exceeding 2019 levels with +3% organic growth in 2021,
accelerating to +5% in second half
- N°1 in new business league tables in 2021 for the 3rd time
in four years
- Industry-leading financial ratios, with operating margin
rate at 17.5% and Free Cash Flow1 at €1.4bn
- A bonus for all employees; an exceptional one-week
additional salary for the 35,000 with no variable
remuneration
- 2022 guidance: organic growth between +4% and +5%, c. 17.5%
operating margin rate and c. €1.4bn FCF1
- 2021 proposed dividend at €2.40 with a 47.8% payout, fully
paid in cash
Regulatory News:
Publicis Groupe (Paris:PUB):
FY 2021 Results
(€m)
FY 2021
2021 vs 2020
Revenue
11,738
+8.8%
Net revenue
10,487
+8.0%
Organic growth
+10.0%
EBITDA
2,317
+7.4%
Operating margin
1,840
+18.1%
Operating margin rate
17.5%
+150bps
Headline diluted EPS (euro)
5.02
+17.6%
Free Cash Flow1
1,427
+19.9%
Q4 2021 Revenue
Net revenue
2,935
Reported growth
+13.1%
Organic growth
+9.3%
Org. growth vs. 20192
+5%
______________________
1 Free Cash Flow (FCF) before change in
Working Capital requirement
2 Organic Growth vs. 2019: calculated as
([1 + organic growth (n-1)] * [1 + organic growth (n)])-1
Arthur Sadoun, Chairman and CEO of Publicis Groupe:
“In 2021, Publicis published record numbers and exceeded 2019
levels across all of its KPIs.
We delivered +10% full year organic growth, with Q4 at +9.3%,
above expectations, and a strong performance across all of our
regions.
Both Epsilon and Publicis Sapient were accretive to our full
year growth, at +12.8% and +13.8% respectively, as we were in a
position to capture the structural shifts in the industry towards
first-party data management, digital media, commerce, and business
transformation.
Looking at our performance on a two-year basis, we exceeded 2019
levels faster and more strongly than expected, at 3% growth for the
full year that accelerated to 5% in the second half. The U.S.,
where our model is the most advanced, was a strong contributor to
this performance, growing +8% versus 2019.
We also continued to post industry-leading financial ratios in
2021, with our operating margin rate at 17.5% and a free cash flow
at 1.4 billion euros. With this, we are in a position to propose a
dividend of 2.40 euros, corresponding to a payout of 47.8%.
2021 was a record year not just financially, but also
commercially. For the third time in the past four years, we topped
the New Business rankings as league tables placed us well-ahead of
the pack, with landmark wins including Stellantis, Walmart, and
Meta, to name just a few. We also started 2022 on a high note, with
the win of McDonald’s U.S.
We are emerging from the pandemic as a stronger company, and a
better one. The progress we have made across our Environmental,
Social and Governance strategy is setting a clear industry
standard. Our combined efforts on this front have led to Publicis
topping the rankings for our sector with 8 out of 10 leading ESG
ratings agencies.
I’d like to thank our clients for their partnership and everyone
at Publicis for their dedication since the beginning of the crisis.
In recognition of their outstanding efforts, everybody who has been
with us for the past 24 months and beyond will receive a bonus this
year. This includes the 35,000 who do not have any variable
remuneration and will receive an additional week’s salary.
Now, when it comes to 2022, we have three clear priorities:
leveraging our unique assets in data and technology for all of our
clients; giving our people more opportunity to progress, with
unprecedented experiences like Work Your World; and delivering
growth that is both profitable and responsible.
Our overall dynamic, driven by the strength of our model and new
business wins means that we aim to deliver organic growth between
4% and 5% in 2022, with an operating margin and free cash flow at
the same record levels as in 2021, circa 17.5% and 1.4 billion
euros respectively.”
Publicis Groupe’s Supervisory Board met on February 2, 2022,
under the chairmanship of Maurice Lévy, to examine the 2021 annual
accounts presented by Arthur Sadoun, CEO and Chairman of the
Management Board.
KEY FIGURES
EUR million, except per-share
data and percentages
FY 2021
FY 2020
2021 vs 2020
Data from the Income Statement and Cash
flow Statement
Net revenue
10,487
9,712
+8.0%
Pass-through revenue
1,251
1,076
+16.3%
Revenue
11,738
10,788
+8.8%
EBITDA
2,317
2,158
+7.4%
% of Net revenue
22.1%
22.2%
flat
Operating margin
1,840
1,558
+18.1%
% of Net revenue
17.5%
16.0%
+150bps
Operating income
1,434
983
+45.9%
Net income attributable to the
Groupe
1,027
576
+78.3%
Earnings Per Share (EPS)
4.13
2.40
+72.1%
Headline diluted EPS (1)
5,02
4.27
+17.6%
Dividend per share (2)
2.40
2.00
+20.0%
Free Cash Flow before change in
working capital requirements
1,427
1,190
+19.9%
Data from the Balance
Sheet
Dec. 31, 2021
Dec. 31, 2020
Total assets
32,846
30,161
Groupe share of Shareholders’
equity
8,588
7,182
Net debt (net cash)
76
833
(1)
Net income attributable to the Groupe,
after elimination of impairment charges, amortization of
intangibles arising on acquisitions, the main capital gains (or
losses) on disposals, change in the fair value of financial assets,
the revaluation of earn-out costs, divided by the average number of
shares on a diluted basis
(2)
To be proposed to the shareholders at the
AGM of May 25, 2022
NET REVENUE IN FY 2021
Publicis Groupe’s net revenue for the full year 2021 was 10,487
million euros, up by 8.0% compared to 9,712 million euros in 2020.
Exchange rate variations over the period have a negative impact of
191 million euros. Acquisitions (net of disposals) have a
contribution of 18 million euros on net revenue.
Organic growth was +10.0% in FY 2021 compared to 2020. Compared
to 2019, this implies organic growth of +3%, accelerating in H2 at
+5% after +1% in H1. All regions continued to recover and posted
strong growth.
2021 was a year of rebound after a year 2020 deeply impacted by
the Covid-19 pandemic, but the Groupe was able to recover faster
and more strongly than expected as its unique model allowed to
capture the structural shifts in the industry towards first-party
data management, digital media, commerce, and business
transformation. This was particularly visible through the rise in
organic growth at Publicis Sapient and Epsilon globally, at +13.8%
and +12.8% respectively, both accretive to the Groupe
performance.
Breakdown of FY 2021 net revenue by sector
Automotive
16%
Financial
15%
TMT
14%
Healthcare
12%
Food and beverage
12%
Non Food consumer products
12%
Retail
9%
Public sectors & Others
4%
Energy & Manufacturing
3%
Leisure & travel
3%
Based on 3,574 clients representing 91% of the Groupe’s net
revenue.
Breakdown of FY 2021 net revenue by region
EUR
Net revenue
Reported
Organic
Org. growth
million
FY 2021
FY 2020
growth
growth
vs. 2019
North America
6,368
5,997
+6.2%
+9.7%
+7%
Europe
2,534
2,278
+11.2%
+9.6%
-4%
Asia Pacific
1,038
932
+11.4%
+10.3%
+3%
Middle East & Africa
304
275
+10.5%
+11.9%
-1%
Latin America
243
230
+5.7%
+16.8%
+1%
Total
10,487
9,712
+8.0%
+10.0%
+3%
In North America, growth was +6.2% on a reported basis. On an
organic basis, the region grew +9.7% versus 2020 (+7% compared to
2019). The U.S. was up +9.8% and Canada +6.1% organically.
Net revenue in Europe grew +11.2% on a reported basis and +9.6%
on an organic basis (-4% compared to 2019). In this context, the
United Kingdom posted organic growth of +4.9% in 2021. France was
up +15.5% and Germany +7.7% on an organic basis. Excluding the
impact of Publicis Groupe specific outdoor media activities and the
Drugstore, organic growth was +11.7% in France and +8.6% in
Europe.
Asia Pacific grew +11.4% on a reported basis and 10.3% on an
organic basis (+3% compared to 2019). China organic growth was
+10.3%.
The Middle East and Africa region was up +10.5% on a reported
basis and +11.9% organically (-1% compared to 2019). In Latin
America, reported growth at +5.7% while organic growth was +16.8%
(+1% compared to 2019).
NET REVENUE IN Q4 2021
Publicis Groupe's net revenue in Q4 2021 was 2,935 million euros
compared to 2,595 million euros in Q4 2020, up +13.1%. Exchange
rate variations had an 81 million euros positive impact. The
acquisitions (net of disposals) were a positive 10 million euros
impact to net revenue in Q4 2021.
Organic growth was +9.3% in Q4 2021, ahead of the Groupe’s
upgraded guidance in October. Organic growth compared to Q4 2019
was +5%.
Breakdown of Q4 2021 Net revenue by region
EUR
Net revenue
Reported
Organic
Org. growth
million
Q4 2021
Q4 2020
growth
growth
vs. 2019
North America
1,734
1,530
+13.3%
+8.7%
+9%
Europe
720
643
+12.0%
+8.7%
-1%
Asia Pacific
302
268
+12.7%
+9.2%
flat
Middle East & Africa
94
78
+20.5%
+15.3%
+1%
Latin America
85
76
+11.8%
+22.6%
+9%
Total
2,935
2,595
+13.1%
+9.3%
+5%
North America posted a +13.3% reported growth. The region grew
+8.7% organically (+9% compared to Q4 2019). The U.S. grew in line
with the region, at +8.7% organic, with Publicis Sapient at +22%,
benefitting from both new business and expansion of existing
clients. Media posted a good performance, both in traditional and
digital, while creative activities continued to improve
sequentially, with production business growing double-digit.
Epsilon grew +6% despite lower activity related to U.S. car
dealership business and despite a tough comparable base in Q4 2020.
Publicis Health grew double-digit for the 7th quarter in a row.
In Europe, Q4 reported growth was +12.0%. Organic growth was
+8.7% (-1% compared to Q4 2019). The U.K. was up +6.5% organically,
France +11.5% and Germany +5.0%. Excluding outdoor media activities
and the Drugstore, France grew +4.1% and Europe grew +6.7%.
In Asia Pacific, organic growth was +9.2% (reported growth was
+12.7%) and Q4 was flat compared to Q4 2019, driven by strong China
business (+17.1%) and Publicis Sapient activities in Thailand and
Australia.
Middle East and Africa grew +15.3% on an organic basis (+20.5%
reported) thanks to strong Publicis Sapient expansion in the
region. Latin America grew by 22.6% on an organic basis and +11.8%
on a reported basis, driven by strong business in Brazil and
Mexico.
ANALYSIS OF FY 2021 KEY FIGURES
Income Statement
EBITDA amounted to 2,317
million euros in 2021, compared to 2,158 million euros in 2020, up
by 7.4%. EBITDA is 22.1% as a percentage of net revenue (compared
to 22.2% in 2020).
- Personnel costs totaled 6,639 million euros in 2021, up by 6.4%
from 6,242 million euros in 2020. As a percentage of net revenue,
the personnel expenses represented 63.3% in 2021, compared to 64.3%
in 2020. Fixed personnel costs were 5,729 million euros
representing 54.6% of net revenue versus 56.2% in 2020. The cost of
freelancers rose by 114 million euros in 2021, representing 392
million euros. Restructuring costs reached 53 million euros,
significantly lower than 2022 levels at 175 million euros, as
expected.
- Other operating costs (excluding depreciation &
amortization) amounted to 2,782 million euros, compared to 2,388
million euros in 2020. This represents 26.5% of net revenue
compared to 24.6% in 2020. This includes a rise in cost of sales
for 129 million euros, mainly driven by the extension of a couple
of large outdoor engagements for a short-term period. The related
cost was accounted directly in other operating expenses rather than
as a right of use and lease liability. This increase was partly
offset by a decline in other G&A, notably in travel expenses,
that decreased by 21 million euros year-on-year versus 2020.
Depreciation and amortization
expense was 477 million euros in 2021, down by 123 million euros
compared to 2020. This decrease largely reflects the impact of the
short-term contracts described above in other operating
expenses.
The operating margin amounted
to 1,840 million euros, up by 18.1% compared to 2020. This
represents a margin rate of 17.5%, up by 150 basis points from
16.0% in 2020.
Operating margin rates were
19.9% in North America, 15.8% in Europe, 12.8% in Asia-Pacific,
12.3% in Latin America and 2.0% in the Middle East Africa
region.
Amortization of intangibles
arising from acquisitions totaled 256 million euro in 2021, down
from 339 million euro in 2020. Impairment losses amounted to 122
million euros, essentially related to the real estate consolidation
plan "All in One", which leads to a reduction in the number of
sites, while allowing better collaboration between the teams. In
2020, impairment losses were 241 million euros (of which 226
million euros related to real estate plan “All in One”). In
addition, net non-current income is negative at 28 million euros in
2021, compared to a positive of 5 million euros in 2020.
Operating income totalled
1,434 million euros in 2021, after 983 million euros in
2020.
The financial result,
comprising the cost of net financial debt and other financial
charges and income, is an expense of 118 million euros in 2021
compared to an expense of 198 million euros last year. The net
expense on net financial debt was 85 million euros in 2021,
including a 102 million euros interest expense on gross debt
related to Epsilon’s and Sapient’s acquisitions. In 2020, it was a
charge of 103 million euros (excluding a 16 million euro charge
related to an anticipated unwinding of cross currency swaps). Other
financial income and expenses in 2021 were a charge of 33 million
euros, including 70 million euros of interest on lease obligations
and other 42 million euros in income from the fair value
remeasurement of Mutual Funds. Other financial income and expenses
were a charge of 95 million euros in 2020, notably composed by 77
million euros interest on lease liabilities, and a 16 million euros
charge related to an anticipated unwinding of cross currency
swaps.
The revaluation of earn-out
payments amounted to a gain of 27 million euros, compared to a loss
of 17 million euros at end-2020.
The tax charge is 307 million
euros, corresponding to an effective tax rate of 23.4% in 2021.
This compared to 196 million euros in 2020 that corresponded to an
effective tax rate of 24.7%.
The share in profit of
associates was negligible and compared to a loss of 1 million euros
in 2020.
Minority interests were an
income of 9 million euros in Groupe results in 2021 compared to an
loss of 5 million in the previous year.
Overall, net income
attributable to the Groupe was 1,027 million euros as of December
31, 2021, compared to 576 million euros as of December 31,
2020.
Free Cash Flow
EUR million
FY 2021
FY 2020
EBITDA
2,317
2,158
Financial interest paid (net)
(80)
(113)
Repayment of lease liabilities and related
interests
(365)
(461)
Tax paid
(362)
(293)
Other
53
54
Cash Flow from operations before change
in WCR
1,563
1,345
Investments in fixed assets
(net)
(136)
(155)
Free cash-flow before changes
in WCR
1,427
1,190
The Groupe’s free cash flow,
before change in working capital requirements, equals to 1,427
million euros, up by 19.9% compared to 2020. Financial interest
paid, which mostly include interests on the acquisition debt of
Epsilon, amounts to 80 million euros, down by 33 million euros. Tax
paid amounts to 362 million euros, rising by 69 million euros,
compared to 293 million euros in 2020. Net investments in fixed
assets amounts to 136 million euros, decreasing by 19 million euros
compared to 155 million euros in 2020.
Net debt
Net financial debt amounted to
76 million euros as of December 31, 2021 compared to 833 million
euros as of December 31, 2020. The Groupe's average net debt in
2021 amounted to 1,530 million euros compared to 3,286 million
euros in 2020.
ACQUISITIONS AND DISPOSALS
On July 15, 2021, Publicis announced the acquisition of
CitrusAd, a software as a service (SaaS) platform optimizing brands
marketing performances directly within retailer websites.
CitrusAd’s onsite expertise complemented with Epsilon’s offsite
retail media offering, both powered by the CORE ID, uniquely
positions Publicis Groupe to lead the new generation of
identity-led retail media, with transparent measurement validated
by transaction. The acquisition of CitrusAd was finalized on 1
September 2021. In a fast-growing retail media channel set to
double in the next 5 years from c. $30bn annually already, this
acquisition will enable Publicis Groupe clients to accelerate their
growth in this dynamic channel, give them full visibility on the
consolidated performance of their media investments and an
unparalleled access to highly-qualified first-party data from
retailers, equipping them for a cookieless world.
On July 9, 2021, Publicis Groupe finalised the
acquisition of Boomerang in Benelux, boosting its dynamic
creativity and content offering for local and global clients.
Boomerang’s unparalleled skillset strengthens the Groupe’s global
production model, in particular at Le Pub, and helps establishes a
centre of global excellence for Dynamic Creativity, based in the
Netherlands.
On December 15, 2021, Publicis announced the launch of
SCB Tech X, a joint venture between Publicis Sapient and Siam
Commercial Bank (SCB), creating one of the largest fintech entities
in Southeast Asia. The joint venture, which will start out with
1,200 employees collectively, will be held 60% by SCB and 40% by
Publicis Sapient. SCB Tech X is a true cloud native,
industry-leading platform-as-a-service business that will serve
clients throughout Southeast Asia, at a time when digital payments
are predicted to exceed US$1 trillion in transaction value by 2025
in Southeast Asia. SCB Tech X provides not only innovative banking
services (such as loan products and checking and savings accounts),
but also non-banking services (such as food delivery, health and
wellness content and online travel booking) to commercial
institutions and consumers throughout the region.
In December 2021, Publicis Health finalised the
acquisition of BBK Worldwide, a full-service R&D marketing firm
and a global leader in clinical trial experience (CTE). BBK enables
biotech and pharmaceutical customers to accelerate R&D
programs, driving research forward through the unique integration
of patient-centric services and proprietary technology,
complementing Publicis Health’s existing CTE capabilities.
POST CLOSING EVENTS
On January 5, 2022, Publicis announced the acquisition of
Tremend, one of the fastest-growing and largest independent
software engineering companies in Central and Eastern Europe.
Tremend currently reaches 60 million of its clients’ end users with
its proven technology and will serve as the newest global delivery
center for Publicis Sapient, expanding its Digital Business
Transformation capabilities. Based in Bucharest, Romania, Tremend
was founded in 2005 by Ioan Cocan and Marius Hanganu, and serves a
large and diverse client base that includes companies such as
Carrefour, ING and Orange. With over 16 years of experience in
product engineering, Tremend has 650 strong software engineering
talent across high demand skills. The transaction remains subject
to customary approvals by the relevant competition authority.
OUTLOOK
For the full year 2022, the Groupe aims at delivering organic
growth between 4% and 5%, assuming no major deterioration in the
global health situation. This is a sequential improvement versus
the two-year growth rate of 3% achieved in 2021, driven by the
strength of the Groupe’s model and business wins, in a positive
environment for advertising and business transformation. The Groupe
anticipates Q1 2022 organic growth to be slightly above the full
year guidance range, given a more favorable comparable base in Q1
last year.
The Groupe expects to reach in 2022 the same record levels
achieved in 2021 for both its operating margin rate and free cash
flow before change in working capital. This means an operating
margin rate at circa 17.5% and free cash flow at circa 1.4 billion
euros, while the Groupe continues to invest in talent and leverage
its efficient structures to absorb the impact of inflation.
CASH ALLOCATION
Based on its strong operating and cash performance, the Groupe
has set its cash allocation for 2022:
- Upgrade in the Groupe dividend policy to a 45% to 50% payout
ratio versus circa 45% previously. For 2021, the Groupe will submit
a €2.40 dividend per share (corresponding to a 47.8% payout) to the
vote of its shareholders at its next AGM in May 2022.
- Removal of the scrip dividend option in order to stabilize the
number of shares in circulation. As a consequence, 2021 dividend
will be fully paid in cash.
- Step up in the bolt-on acquisition strategy, allocating between
€400-600 million, versus €200-300 million in 2021, to continue
strengthening data and tech capabilities.
- Continued deleveraging, with an objective of circa €1 billion
average net debt in 2022.
ESG
The actions undertaken by the Groupe in terms of ESG are bearing
fruit, as shown by the external ESG assessments, which have
improved significantly: Publicis Groupe is the sector leader
according to eight of the main agencies.
As the Covid-19 pandemic continued, protecting all Groupe
employees by following the health instructions of each country
remained the number one priority throughout the year. Depending on
the local situation, the vast majority of the Groupe's employees
remained in working-from-home mode, sometimes alternating with
periods of return to the office. The offices remained partially
open to allow meetings with clients when possible. Working from
home is still used in many countries at the beginning of 2022.
The HR and Talent teams have continued to expand the employee
support program, with more solutions to deal with physical and
mental fatigue. These services use Employees' Assistance Programs
(EAPs) that cover medical issues (free and facilitated consultation
with doctors or specialists, etc.) and issues of well-being and
fitness. The programs have been enhanced in several countries and
remain accessible to all employees (for themselves and their
families). Particular attention has been paid to mental health in
order to help employees suffering from isolation, in all
countries.
As an extension of the work carried out in 2020 on the Future of
Work, and in response to the needs as expressed by our teams, the
Groupe has launched its internal Work Your World program, which is
operational from the beginning of 2022. Employees are given the
opportunity to work for six weeks in a country or city of their
choice where the Groupe has offices, giving them a new cultural
experience. Work Your World has been very well received by the
teams.
In terms of training, new programs conducted with partners and
third-party experts have been added to the Marcel Classes catalog,
with more than 30,000 modules available online 7/7. Marcel has
played a key role in supporting employees, with the platform now
hosting several dynamic internal communities.
For the second year in a row, the Viva La Difference internal
seminar brought together virtually all the Groupe's employees in
December 2021 to take stock of this singular year and to look ahead
to 2022. More than 40,000 employees logged on to follow the 3 days
on Marcel, with live sessions from Paris and New York. The seminar
was an opportunity to discuss various topics, including the
Groupe's ESG challenges, with a particular focus as in 2020 on
diversity, equity and inclusion issues. The beginnings of the Once
& For All Coalition focusing on media in favour of
underrepresented population groups were presented. Projects that
reduce the carbon footprint of client projects or help clients
better manage their environmental impacts were shared. Creative
work was honoured with the presentation of the Cannes Do Awards to
reward the best campaigns selected by a employee vote. This seminar
was also an opportunity to listen to the testimonies of clients and
partners, and to involve future generations of leaders. It was
followed by a day of internal round-table discussions in order to
answer at greater length all the questions from employees that
could not be addressed during the seminar.
Actions continued in 2021 around the Groupe’s three ESG
priorities:
- Diversity, equity and inclusion: in the U.S., the U.K.,
France, India and many other countries, various programs to
facilitate the recruitment of more diverse profiles have continued.
The Groupe's objective of 45% women in key leadership positions by
2025 is progressing, with the milestone of 41% reached by 2021. The
Global Meeting of the Women's Forum for the Economy and the Society
took place in November in a hybrid format, with three days of
virtual sessions, bringing together more than 15,000 participants
from 115 countries, and a fourth day at the Carrousel du Louvre in
Paris physically bringing together nearly 1,000 participants,
including around 100 young people aged 18 to 25. In the context of
the pandemic, with women from all over the world at the forefront
of the protection of all, the speeches highlighted the urgent need
to build a much more equitable world because the economic and
social contribution of women is vital for sustainable growth. In
the fight for social justice, the Groupe has further strengthened
its commitment to young people who are far from our businesses with
several programs, such as the MCTP for the 14th year in the U.S.,
Open Apprenticeship in the United Kingdom and Publicis Track in
France.
- The changed context and the prominence of inclusion and
sustainability issues are prompting the Groupe's agencies, each in
its own field, to innovate and offer its clients more
responsible, inclusive and sustainable marketing. To support
these changes, agencies are making progress in many countries, such
as France, where Publicis France has maintained its position as the
leading network of agencies with the "Active CSR" label awarded by
the French industry association (AACC) in partnership with AFNOR,
with 12 agencies certified. Business ethics and compliance have
remained central in order to maintain high standards in various
areas such as mandatory annual training on anti-corruption, and
data protection and security in particular. The vast majority of
the teams (Group Security Office) are ISO 27001 certified and
together with the GDPO teams (Group Data Protection Office), the
Groupe has been rated 961/1000 by Cybervadis, i.e. in the top 1% of
companies. The internal Janus Code of Ethics distributed to all
employees has been completely updated to reflect the Groupe's new
organization.
- In the fight against climate change, the Groupe is
pursuing its objectives validated by the Science Based Targets
Initiative (SBTi) beyond the carbon neutrality expected before 2030
(near term). The Groupe remains aligned with the Paris Agreement
and the 1.5° scenario. The action plan is based on the drastic
reduction by 50% of all impacts for scopes 1+2+3, the use of 100%
renewable energy from direct sources before 2030 and, as a last
resort, the use of carbon offsetting for unavoidable impacts only.
The proprietary tool for assessing the impact of client campaigns
and projects, A.L.I.C.E (Advertising Limiting Impacts & Carbon
Emissions), has begun to be used with several major clients,
enabling them to prioritize less impactful solutions in their
communications projects. The Groupe's objective of 100% renewable
energy by 2030 is progressing with the 2021 milestone reached at
+8%.
The CSR actions of the Groupe and its agencies are publicly
accessible in the CSR section of the Groupe's website and the data
is summarized in the CSR Smart Data section.
NEW BUSINESS
EUROPE
Pandora AS (Technology), Polestar Performance AB (Technology),
Nomad Foods (Media), La Poste (Creative), Société des Produits
Nestlé (Technology), Daimler (Technology), Unilever (Technology),
PMU (Technology), TUI Group (Creative), Groupe Casino (Creative),
SNCF (Creative), FNPCA - ARTISANAT (Creative), Procter & Gamble
(Creative), Etihad Airways (Media), Sephora (Data), April
(Technology), ABBVIE (Creative), France Télévisions (Data), Izneo
(Media), Enedis (Creative), G-Star (Creative), Zava (Technology),
Comic Relief (Creative), Brown Forman (Media), Vinted (Media),
DocMorris N.V. (Media), Reckitt Benckiser (Media),
Media-Saturn-Holding GmbH (Creative), Raiffeisen Switzerland
(Creative), AFD (Creative), Sisley Paris (Data), Cilevel Partners
(Data), Carrefour (Data), Fnac Darty (Data), Engie (Data),
Printemps (Data), Adecco (Creative), KOMO (Media), Peek &
Cloppenburg KG (Digital), British Heart Foundation (Creative),
Lindt (Media), CNPA (Creative), Erhard (Creative), EvCon
(Creative), Maty (Creative), BNIC (Creative), Niantic (Digital), DP
World PLC (Media), Primark (Media), AVK (Creative), Thales Group
(Creative), Getin Bank (Media), Inserm (Media), Arterium
(Creative), Nestlé (Media), Hormel Foods VI (Design), Gojo
Industries VI (Design), kärEON Performance Media (Creative), DSM
(Health), Jazz (Health), AXA (Creative), Premier Inn (Creative),
Vision Express (Creative), Getir (Influence), Nintendo (Influence),
SEGRO (Creative), Grant Thornton (Sustainability consultancy), LEGO
(Sustainability consultancy), Land Securities (Sustainability
consultancy), Purmo (Sustainability), Revolut (Creative), Makuake
(Creative), Biogen (Health), Roche (Health), Pfizer (Health),
Novartis (Health), P&G Pampers (Sustainability consultancy),
Puma (Influence), Beiersdorf Nivea, Elastoplast and Eucerin
(Creative and Sustainability consultancy), Beko (Sustainability
consultancy), Mondelez Trident (Creative), Coty MaxFactor
(Creative), Essity Tork (Digital), Kellogg Company (Digital),
Smythson (Creative), Citeo (Creative), Strenger Holding GmbH
(Creative), Royal Canin (Health), Rivadouce (Creative), Fédération
des Promoteurs Immobiliers (Influence), Raimondi Cranes (Creative),
Gilead Sciences (Influence), Feu Vert (Media), Ewopharma
(Creative), B&B Hotels (Creative), FPI (Creative), Ferrero
(Media), RTE (Digital Media & Influence), Ribena (Creative),
Lloyds Banking Group (Media), ZPG Limited (Media), Hall Of Fame
& Mobilize - Groupe Renault (Digital), Kingfisher (Media), LEO
Pharma (Creative), Atlantic French Society of Thermal Development
(Media), Siemens (Creative), Mahou-San Miguel Group (Media),
L'Oréal (Media & Digital), Henkel (Media), Bonduelle Group
(Media)
NORTH AMERICA
Loblaw Digital (Technology), Verizon Wireless Digital
(Technology), Mercedes-Benz USA (Technology), National Cancer
Institute (Technology), Academy Sports & Outdoors (Technology),
Comcast Corporation (Technology), The Depository Trust &
Clearing Corp (Technology), Fiat Chrysler Automobiles (Technology),
Sally Beauty (Media), AB InBev (Data), Inspire Brands (Media,
Creative, Commerce), Samsung (Creative), Alcohol and Gaming
Commission of Ontario (Creative), Unilever (Creative), Vanguard
(Media), JM Smucker (Creative), Procter & Gamble (Creative),
Hut 8 Bitcoin Mining (Creative), Mercedes-Benz (Creative),
MacDonald, Dettwiler and Associates Inc (Creative), American Family
& The General (Media), Humana (Media), Sony Interactive
Entertainment (Creative), Region of Peel (Creative), Infiniti
(Creative), National Ovarian Cancer Coalition Inc. (Digital),
Zoetis (Digital), Belcorp (Media), Coventry Direct (Digital),
Mission Lane (Digital), Marriott International (Technology),
Mackenzie Investments (Creative), Goodfood Market Corp (Creative),
Binge Corporation (Creative), Ritual Co (Creative), Greater Toronto
Airports Authority (Creative), Addaday Intelligent Technologies LLC
(Digital), Wisk Aero (Creative), Grupo Bimbo (Creative), Facebook
(Creative), The Campbell Soup Company (Creative), ESPN (Creative),
Arup Group Limited (Data), Motorola Solutions (Creative), Fairlife
(Commerce), Estee Lauder (Digital), BestReviews (Creative), Nexight
(Influence), The Coca-Cola Company (Influence), Talbots (Media),
Planet Fitness (Creative, Media, Data), Walmart (Media), TD Bank
(Media), Autozone (Media), AAA Life Insurance Company (Media), U.S.
Consumer Product Safety Commission (Technology), Torstar
Corporation (Influence), CVS Health (Creative), Pacaso (Creative),
McDonald’s (Media)
ASIA PACIFIC/MEA
Garena Online (Creative), PRC - Martell (Creative), L'Oréal
(Creative, Media, Production), Yili (Creative), Yinlu (Creative),
Capital Foods (Creative), Diageo (Creative), Yinlu (Creative),
Others (Creative), Ecco (Creative), AXA (Creative), Samsung
(Digital & Creative), Penang South Island (Power of One),
Spotify (Creative), AMC (Creative), Mercedes-Benz (Creative),
meitav Content (Production), Medgulf (Creative), Essilor
(Creative), Nestlé Total (Wyeth) (Power of One), Sephora
(Creative), Toyota Motor Corporation (Creative, Media, Data),
Disney Studios / Disney + (Media), Disney + (Creative), DBS
(Media), Great Eastern (Creative), Pet Culture Group Pty Limited
(Media), Estee Lauder (Commerce), Ontex (Creative), Others
(Creative), GSK (Creative), Godrej Pro Clean (Creative), MamaEarth
(Media), Danone (Commerce), Thai Oil PCL (Creative), AB InBev
(Creative), J&J (Commerce), Disney+ SEA (Media), Expedia
(Creative), Wing (Creative), Lazada (Creative), SAIC R-Car
(Creative), STB (Media), Israel Railways (Creative), Vivo
(Creative), Pechoin (Creative), E carX (Creative), Exxon
(Creative), Karaca (Media), NPCI (Creative), Insourcing
(Production), Kalpataru Builders (Creative), Mavi (Creative), Hyatt
(Media), Tiger Brands (Creative), Arrow Electronics brit(Digital),
Infiniti (Creative), Aier eye hospital (Creative), Hikvision
(Creative), KRAFTON Creative), Mayo (Creative), SAIC Volkswagen
(Creative), Zhiji Motors (Creative), Procter & Gamble
(Creative), Nestlé (Creative & Media), VSA Health &
Wellness Pvt. Ltd (Commerce), Beiersdorf (Commerce), SVW
(Creative), IM Car (Creative), Neom (Media), Li Auto (Creative),
Turkish Airlines (Power of One), Big Ticket (Creative), Jindal
Steel & Power Limited - Jindal Panther (Creative), Totole
(Creative), Edrington (Media), Bang & Olufsen (Commerce),
Meitav Dash (Data), Bank Hapoalim (Power of One), Budweiser
(Creative), PT Heinz ABC Indonesia (Creative), Daimler AG
(Creative), Rejoice (Creative), Chips Ahoy (Production), VS
(Production), Whoo (Creative), LIXIL (Creative), WNS (Creative),
IKEA (Media & Production), AB InBev (Creative), Mercedes-Benz
(Data), Snooze (Creative), Diageo (Commerce), Australian Red Cross
Lifeblood (Creative), FIFA (Creative), The Walt Disney Company
(Creative), OnePlus (Creative), Voyages Indigenous Tourism
Australia (Media), Bega Cheese (Media), SKII (Creative), Daxing
Airport (Creative), HomePlus (Power of One), Harbin Beer
(Creative), Wildlife Reserve Singapore (Media), Visa (Creative
& Digital), Unicharm-Sofy (Digital), Ausnutria milk (Creative),
Diageo (Power of One), Wei Chaun Foods Corporation (Creative), VW -
DAS WELT Auto (Creative), Ferrero (Media), Johnson & Johnson
(Commerce & Digital), Westpac (Media), Energy (Creative),
Landmark (Media), NEC (Media), Mini Cooper (Creative), Vodacom
(Commerce), Royal Comission for Al Ula (Media), Yili Baby Milk
(Creative), Dubai Winners (Media), DuBuy (Media), MarsWrigly
(Commerce), MOC Jinan century advantage (Creative), DMCC Phase 2
(Technology), Subway (Media), Bing Jiang Group (Digital), New
Economic Development Bureau of Chengdu Hi-tech Industrial
Development Zone (Commerce)
LATAM
Grupo SURA (Data), Banco Bradesco (Creative), Citigroup
(Creative & Production), Pfizer (Creative), Astrazeneca
(Creative), Compania Nacional de Chocolates de Peru S.A.
(Creative), Visa (Creative & Media), Grupo Nutresa (Creative),
Mercedes-Benz (Creative), Heineken (Creative), PepsiCo (Creative
& Digital), Grupo Bimbo (Creative), Procter & Gamble
(Creative & Data), Abastece ai (Creative), Tiger (Creative),
Ypê (Creative), Enjoei (Creative), Gavilon (Creative), Nissan Motor
Corporation (Creative), Merck Sharp & Dohme Corp. (Creative),
Civica Pay (Creative & Media), Merck & Co (Creative),
TikTok (Media), Groupe Renault (Media), Shopee (Media), Bacio di
Latte (Media), Alpina (Creative & Media), Toyota Motor
Corporation (Creative & Digital), PAE (Media), Lwart (Creative,
Media, Data), Governo do Estado de Sao Paulo (Media), Grupo SURA
(Creative), Lindt (Media), Gold Data Live (Media & Creative),
Salinas Elektra (Media & Creative), Moderna Alimentos
(Creative), Telcel (Media), Grupo Carso SAB de CV (Media), The
Coca-Cola Company (Creative)
GLOBAL
Nissan Motor Corporation – Infiniti (Creative), Stellantis
(Media), Vinted (Media), Humana (Media), Tik Tok (Creative), Meta
(Media), Kärcher (Creative, Production, Media), Eli Lilly
(Media)
Disclaimer
Certain information contained in this document, other than
historical information, may constitute forward-looking statements
or unaudited financial forecasts. These forward-looking statements
and forecasts are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
These forward-looking statements and forecasts are presented at the
date of this document and, other than as required by applicable
law, Publicis Groupe does not assume any obligation to update them
to reflect new information or events or for any other reason.
Publicis Groupe urges you to carefully consider the risk factors
that may affect its business, as set out in the Universal
Registration Document filed with the French Autorité des Marchés
Financiers (AMF) and which is available on the website of Publicis
Groupe (www.publicisgroupe.com), including an unfavorable economic
climate, a highly competitive industry, risks related to disruption
in the advertising and communication sector, risks related to
employees, the possibility that our clients could seek to terminate
their contracts with us on short notice, risks of IT system
failures and cybercrime, risks associated with mergers and
acquisitions, risks associated with the confidentiality of personal
data, risks of litigation, governmental, legal and arbitration
proceedings, risks associated with the Groupe’s financial rating
and exposure to liquidity risks.
About Publicis Groupe - The Power of One Publicis Groupe
[Euronext Paris FR0000130577, CAC 40] is a global leader in
communication. The Groupe is positioned at every step of the value
chain, from consulting to execution, combining marketing
transformation and digital business transformation. Publicis Groupe
is a privileged partner in its clients’ transformation to enhance
personalization at scale. The Groupe relies on ten expertise
concentrated within four main activities: Communication, Media,
Data and Technology. Through a unified and fluid organization, its
clients have a facilitated access to all its expertise in every
market. Present in over 100 countries, Publicis Groupe employs
around 80,000 professionals.
www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook |
LinkedIn | YouTube | Viva la Difference!
Appendices
Net revenue: organic growth
calculation
(million euro)
Q1
Q2
Q3
Q4
12 months
Impact of currency at end
December 2021 (million euro)
2020 net revenue
2,481
2,293
2,343
2,595
9,712
GBP (2)
29
Currency impact (2)
(151)
(125)
4
81
(191)
USD (2)
(206)
2020 net revenue at 2021 exchange rates
(a)
2,330
2,168
2,347
2,676
9,521
Others
(14)
2021 net revenue before acquisition impact
(1) (b)
2,395
2,537
2,612
2,925
10,469
Total
(191)
Net revenue from acquisitions (1)
(3)
2
9
10
18
2021 net revenue
2,392
2,539
2,621
2,935
10,487
Organic growth (b/a)
+2.8%
+17.1%
+11.2%
+9.3%
+10.0%
(1)
Acquisitions (CitrusAd, Boomerang, Third
Horizon, Octopus, Balance Internet, Taylor Herring, Means
Advertising), net of disposals (DPZ&T partial disposal, PC
Epsilon Fitness, Sirius, Nexus and Found)
(2)
EUR = 1.181 USD on average in 2021 vs. USD
1.140 on average in 2020
EUR = 0.859 GBP on average in 2021 vs. GBP
0.889 on average in 2020
Definitions
Net revenue or Revenue less pass-through costs:
Pass-through costs mainly concern production and media activities,
as well as various expenses incumbent on clients. These items that
can be re-billed to clients do not come within the scope of
assessment of operations, net revenue is a more relevant indicator
to measure the operational performance of the Groupe’s
activities.
Organic growth: Change in net revenue excluding the
impact of acquisitions, disposals and currencies.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization): Operating margin before depreciation &
amortization.
Operating margin: Revenue after personnel costs, other
operating expenses (excl. non-current income and expense) and
depreciation (excl. amortization of intangibles arising on
acquisitions).
Operating margin rate: Operating margin as a percentage
of net revenue.
Headline Group Net Income: Net income attributable to the
Groupe, after elimination of impairment charges / real estate
transformation expenses, amortization of intangibles arising on
acquisitions, the main capital gains (or losses) on disposals,
change in the fair value of financial assets, the impact of US tax
reform, the revaluation of earn-out costs and Epsilon transaction
costs.
EPS (Earnings per share): Group net income divided by
average number of shares, not diluted.
EPS, diluted (Earnings per share, diluted): Group net
income divided by average number of shares, diluted.
Headline EPS, diluted (Headline Earnings per share,
diluted): Headline group net income, divided by average number
of shares, diluted.
Capex: Net acquisitions of tangible and intangible
assets, excluding financial investments and other financial
assets.
Free Cash Flow before changes in working capital
requirements: Net cash flow from operating activities less
interests paid & received, repayment of lease liabilities &
related interests and before changes in WCR linked to operating
activities
Free Cash Flow: Net cash flow from operating activities
less interests paid & received, repayment of lease liabilities
& related interests
Net Debt (or financial net debt): Sum of long and short
financial debt and associated derivatives, net of treasury and cash
equivalents.
Average net debt: Average of monthly net debt at end of
month.
Dividend pay-out: Dividend per share / Headline diluted
EPS.
Recovery ratio: calculated as 100 x [1 + organic growth
(n-1)] x [1 + organic growth (n)].
Organic Growth vs. 2019: calculated as ([1 + organic
growth (n-1)] * [1 + organic growth (n)])-1
Consolidated income statement
(in millions of euros)
2021
2020
Net revenue1
10,487
9,712
Pass-through revenue
1,251
1,076
Revenue
11,738
10,788
Personnel costs
(6,639)
(6,242)
Other operating costs
(2,782)
(2,388)
Operating margin before depreciation
& amortization
2,317
2,158
Depreciation and amortization expense
(excluding acquisition-related intangible assets)
(477)
(600)
Operating margin
1,840
1,558
Amortization of intangibles from
acquisitions
(256)
(339)
Impairment loss
(122)
(241)
Non-current income and expenses
(28)
5
Operating income
1,434
983
Financial expense
(115)
(185)
Financial income
30
66
Cost of net financial debt
(85)
(119)
Revaluation of earn-out payments
27
(17)
Other financial income and expenses
(33)
(79)
Pre-tax income of consolidated
companies
1,343
768
Income taxes
(307)
(196)
Net income of consolidated
companies
1,036
572
Share of profit of associates
0
(1)
Net income
1,036
571
Of which:
- Net income attributable to
non-controlling interests
9
(5)
Net income attributable to equity
holders of the parent company
1,027
576
Data per share (in euros) - Net
income attributable to equity holders of the parent company
Number of shares
248,620,158
239,838,347
Earnings per share
4.13
2.40
Number of diluted shares
251,695,105
241,926,553
Diluted earnings per share
4.08
2.38
______________________ 1
Net revenue: Revenue less pass-through
costs. Those costs are mainly production & media costs and
out-of-pocket expenses. As these items that can be passed on to
clients are not included in the scope of analysis of transactions,
the net revenue indicator is the most appropriate for measuring the
Groupe’s operational performance.
Consolidated statement of comprehensive income
(in millions of euros)
2021
2020
Net income for the period
(a)
1,036
571
Comprehensive income that will not be
reclassified to income statement
- Actuarial gains (and losses) on defined
benefit plans
48
(20)
- Deferred taxes on comprehensive income
that will not be reclassified to income statement
(8)
3
Comprehensive income that may be
reclassified to income statement
- Remeasurement of hedging instruments
29
(89)
- Consolidation translation
adjustments
590
(633)
Total other comprehensive income
(b)
659
(739)
Total comprehensive income for the
period (a) + (b)
1,695
(168)
Of which:
- Total comprehensive income for the
period attributable to non-controlling interests
9
(7)
- Total comprehensive income for the
period attributable to equity holders of the parent company
1,686
(161)
Consolidated balance sheet
(in millions of euros)
December 31, 2021
December 31, 2020
Assets
Goodwill, net
11,760
10,858
Intangible assets, net
1,379
1,509
Right-of-use assets related to leases
1,489
1,645
Property, plant and equipment, net
615
626
Deferred tax assets
175
137
Investments in associates
25
24
Other financial assets
276
232
Non-current assets
15,719
15,031
Inventories and work-in-progress
277
230
Trade receivables
11,315
9,508
Contract assets
979
889
Other current receivables and current
assets
897
803
Cash and cash equivalents
3,659
3,700
Current assets
17,127
15,130
Total assets
32,846
30,161
Equity and
liabilities
Share capital
101
99
Additional paid-in capital and retained
earnings, Groupe share
8,487
7,083
Equity attributable to holders of the
parent company – Groupe share
8,588
7,182
Non-controlling interests
(33)
(22)
Total equity
8,555
7,160
Long-term borrowings
3,446
3,653
Long-term lease liabilities
1,801
1,850
Deferred tax liabilities
274
247
Long-term provisions
543
468
Non-current liabilities
6,064
6,218
Trade payables
14,479
12,887
Contract liabilities
470
404
Short-term borrowings
184
856
Short-term lease liabilities
288
292
Income taxes payable
328
296
Short-term provisions
274
234
Other creditors and current
liabilities
2,204
1,814
Current liabilities
18,227
16,783
Total equity and liabilities
32,846
30,161
Consolidated statement of cash flows
(in millions of euros)
2021
2020
Cash flow from
operating activities
Net income
1,036
571
Neutralization of non-cash income and
expenses:
Income taxes
307
196
Cost of net financial debt
85
119
Capital losses (gains) on disposal of
assets (before tax)
28
(6)
Depreciation, amortization and impairment
losses
855
1,180
Share-based compensation
52
55
Other non-cash income and expenses
5
94
Share of profit of associates
-
1
Dividends received from associates
2
2
Taxes paid
(362)
(293)
Change in working capital
requirements(1)
(216)
1,047
Net cash flows generated by (used in)
operating activities (I)
1,792
2,966
Cash flow from
investing activities
Purchases of property, plant and equipment
and intangible assets
(139)
(167)
Disposals of property, plant and equipment
and intangible assets
3
12
Purchases of investments and other
financial assets, net
4
(9)
Acquisitions of subsidiaries
(276)
(146)
Disposals of subsidiaries
3
1
Net cash flows generated by (used in)
investing activities (II)
(405)
(309)
Cash flow from
financing activities
Dividends paid to holders of the parent
company
(227)
(102)
Dividends paid to non-controlling
interests
(9)
(10)
Proceeds from borrowings
9
2
Repayment of borrowings
(862)
(1,302)
Repayment of lease liabilities
(295)
(384)
Interest paid on lease liabilities
(70)
(77)
Interest paid
(106)
(184)
Interest received
26
71
Buyouts of non-controlling interests
(14)
(10)
Net (buybacks)/sales of treasury shares
and warrants
(127)
8
Net cash flows generated by (used in)
financing activities (III)
(1,675)
(1,988)
Impact of exchange rate fluctuations
(IV)
238
(379)
Change in consolidated cash and cash
equivalents (I + II + III + IV)
(50)
290
Cash and cash equivalents on January 1
3,700
3,413
Bank overdrafts on January 1
(3)
(6)
Net cash and cash equivalents at
beginning of year (V)
3,697
3,407
Cash and cash equivalents at closing
date
3,659
3,700
Bank overdrafts at closing date
(12)
(3)
Net cash and cash equivalents at end of
the year (VI)
3,647
3,697
Change in consolidated cash and cash
equivalents (VI – V)
(50)
290
(1) Breakdown of change in working capital
requirements
Change in inventory and
work-in-progress
(23)
139
Change in trade receivables and other
receivables
(1,218)
(24)
Change in accounts payable, other payables
and provisions
1,025
932
Change in working capital
requirements
(216)
1,047
Consolidated statement of changes in equity
Number ofoutstandingshares (in millions of euros)
Sharecapital Additionalpaid-incapital Reserves
andearningsbroughtforward Translationreserve Fair
valuereserve Equityattributable toequity holdersof theparent
company Minorityinterests Totalequity
245,577,779
January 1, 2021
99
4,307
3,585
-816
7
7,182
-22
7,160
Net income
1,027
1,027
9
1,036
Other comprehensive income, net of tax
590
69
659
659
Total comprehensive income for the year
1,027
590
69
1,686
9
1,695
5,018,232
Dividends
2
264
-493
-227
-9
-236
296,350
Share-based compensation, net of tax
61
61
61
Effect of acquisitions and commitments to buy-out non-controlling
interests
13
13
-11
2
378,789
Equity warrant exercise
10
10
10
-1,670,641
(Buybacks)/sales of treasury shares
-137
-137
-137
249,600,509
December 31, 2021
101
4,581
4,056
-226
76
8,588
-33
8,555
Number ofoutstandingshares (in millions of euros)
Sharecapital Additionalpaid-incapital
Reserves andearningsbroughtforward
Translationreserve Fair valuereserve
Equityattributable toequity holdersof theparent company
Minorityinterests Totalequity
236,956,827
January 1, 2020
96
4,137
3,240
-185
113
7,401
-9
7,392
Net income
576
576
-5
571
Other comprehensive income, net of tax
-631
-106
-737
-2
-739
Total comprehensive income for the year
576
-631
-106
-161
-7
-168
7,035,496
Dividends
3
169
-274
-102
-10
-112
274,325
Share-based compensation, net of tax
56
56
56
Effect of acquisitions and commitments to buy-out
non-controlling interests
-6
-6
4
-2
22,156
Equity warrant exercise
1
1
1
1,288,975
(Buybacks)/sales of treasury shares
-7
-7
-7
245,577,779
December 31, 2020
99
4,307
3,585
-816
7
7,182
-22
7,160
Earnings per share (basic and diluted)
(in millions of euros, except for share
data)
2021
2020
Net income used for the calculation of
earnings per share
Net income share attributable to equity
holders of the parent company
A
1,027
576
Impact of dilutive instruments:
- Savings in financial expenses related to
the conversion of debt instruments, net of tax
-
-
Groupe net income – diluted
B
1,027
576
Number of shares used to calculate
earnings per share
Number of shares at January 1
247,769,038
240,437,061
Shares created over the year
2,929,864
1,974,862
Treasury shares to be deducted (average
for the year)
(2,078,744)
(2,573,576)
Average number of shares used for the
calculation
C
248 620 158
239,838,347
Impact of dilutive instruments:
- Free shares and dilutive stock
options1
2,784,437
1,977,939
- Equity warrants (BSA)1
290,510
110,267
Number of diluted shares
D
251,695,105
241,926,553
(in euros)
Earnings per share
A/C
4.13
2.40
Diluted earnings per share
B/D
4.08
2.38
______________________
1
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. At December 31,
2021, unexercised stock-options were not taken into account because
they were earnings accretive.
Headline earnings per share (basic and diluted)
(in millions of euros, except for share
data)
2021
2020
Net income used to calculate headline
earnings per share(1)
Net income share attributable to equity
holders of the parent company
1,027
576
Items excluded:
- Amortization of intangibles from
acquisitions, net of tax
191
254
- Impairment loss (2), net of tax
91
185
- Main capital gains and losses on
disposal of assets and fair value adjustment of financial assets,
net of tax
(18)
(9)
- Early unwinding of swaps (see note
8)
-
11
- Revaluation of earn-out payments
(27)
17
Headline Groupe net income
E
1,264
1,034
Impact of dilutive instruments:
- Savings in financial expenses related to
the conversion of debt instruments, net of tax
-
-
Headline Groupe net income, diluted
F
1,264
1,034
Number of shares used to calculate
earnings per share
Number of shares at January 1
247,769,038
240,437,061
Shares created over the year
2,929,864
1,974,862
Treasury shares to be deducted (average
for the year)
(2,078,744)
(2,573,576)
Average number of shares used for the
calculation
C
248,620,158
239,838,347
Impact of dilutive instruments:
- Free shares and dilutive stock
options
2,784,437
1,977,939
- Equity warrants (BSA)
290,510
110,267
Number of diluted shares
D
251,695,105
241,926,553
(in euros)
Headline earnings per share(1)
E/C
5.08
4.31
Headline earnings per share –
diluted(1)
F/D
5.02
4.27
(1)
EPS after elimination of the impairment
losses, amortization of intangibles from acquisitions, the main
capital gains (and losses) on disposal of assets and the fair value
adjustment of financial assets, the revaluation of earn-out
payments and the costs related to the early unwinding of
cross-currency swaps (in 2020).
(2)
This amount includes impairment losses on
right-of-use assets related to leases for euro 91 million in 2021
and euro 170 million in 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220202005944/en/
Publicis Groupe Delphine Stricker Corporate
Communications +33 (0)6 38 81 40 00
delphine.stricker@publicisgroupe.com
Alessandra Girolami Investor Relations +33 (0)1 44 43 77 88
alessandra.girolami@publicisgroupe.com
Clémence Vermersch Investor Relations +33 (0)1 44 43 72 17
clemence.vermersch@publicisgroupe.com
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