Full Year 2021
Results-Strong Q4 and record year
on all KPIs
February 3, 2022
- 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
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% |
1Free Cash Flow (FCF) before change in Working Capital
requirement
2Organic 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
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:
1. 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.
2. 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.
3. 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 85,000 professionals.
www.publicisgroupe.com| Twitter:@PublicisGroupe | Facebook |
LinkedIn | YouTube | Viva la Difference!
ContactsPublicis
Groupe |
|
|
|
Delphine StrickerAlessandra Girolami |
Corporate CommunicationsInvestor Relations |
+ 33 (0)6 38 81 40 00+ 33 (0)1 44 43 77 88 |
delphine.stricker@publicisgroupe.comalessandra.girolami@publicisgroupe.com |
Clémence Vermersch |
Investor Relations |
+ 33 (0)1 44 43 72 17 |
clemence.vermersch@publicisgroupe.com |
Appendices
Net revenue: organic growth
calculation
(million euro) |
Q1 |
Q2 |
Q3 |
Q4 |
12 months |
|
Impact of currencyat 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
revenue3 |
|
10,487 |
9,712 |
Pass-through
revenue |
|
1,251 |
1,076 |
Revenue |
|
11,738 |
10,788 |
Personnel costs
Other operating costs |
|
(6,639) (2,782) |
(6,242) (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 Financial income Cost of net financial
debt Revaluation of earn-out payments Other financial
income and expenses |
|
(115) 30 (85) 27 (33) |
(185) 66 (119) (17) (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 |
|
1Net 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 of outstanding shares |
(in
millions of euros) |
Share capital |
Additional paid-in capital |
Reserves and earnings brought forward |
Translationreserve
|
Fair value reserve |
Equity attributable to equity holders of the parent
company |
Minority interests |
Total equity |
|
|
|
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 of outstanding shares |
(in
millions of euros) |
Share capital |
Additional paid-in capital |
Reserves and earnings brought forward |
Translationreserve
|
Fair value reserve |
Equity attributable to equity holders of the parent
company |
Minority interests |
Total equity |
|
|
|
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 options4 |
|
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 |
1Only 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 |
|
|
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.
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