Publicis Groupe: H1 2022 Results at All-time High
Publicis Groupe (PUBGY) reported a remarkable Q2 2022 performance with net revenue at €3,073 million, marking a +21% growth year-over-year. The company upgraded its full-year guidance, now expecting organic growth of +6% to +7% and operating margin between 17.5% and 18%. H1 2022 net revenue reached €5,873 million, up +19.1%, with headline EPS up +29% to €2.88. Growth was supported by strong results across regions, especially in the U.S. and Europe, and driven by Publicis Sapient and Epsilon, reaffirming the company's successful investment in digital transformation.
- Q2 2022 net revenue increased to €3,073 million, up +21% YoY.
- H1 2022 net revenue at €5,873 million, +19.1% compared to H1 2021.
- Organic growth of +10.3% in Q2 2022, following +17.1% in Q2 2021.
- Headline EPS rose +29% to €2.88.
- Operating margin rate improved to 17.3%, an 80bps increase from H1 2021.
- Upgraded 2022 guidance for organic growth to +6%-+7% and operating margin to 17.5%-18%.
- Free Cash Flow for H1 2022 was €708 million, a slower growth of +17% compared to previous periods.
- Net financial debt increased significantly to €464 million from €76 million at the end of 2021.
Upgrade of FY 2022 guidance on all KPIs
-
Q2 reported growth of +
21% -
Q2 organic growth at +
10.3% after +17.1% in Q2 2021-
Very solid performance across regions, with
U.S. at +10.1% ,Europe +10.1% ,Asia +6.5% -
Further acceleration of Publicis Sapient and Epsilon at +
19.1% and +13.7% respectively
-
Very solid performance across regions, with
- Continued momentum in New business with N°1 rank in broker league tables
-
Increase of Operating margin rate to
17.3% , up 80bps vs. H1 2021 -
Headline EPS up +
29% at€2.88 and Free Cash Flow up +17% at€708m -
Upgrade of 2022 guidance: organic growth expected at +
6% to +7% , operating margin rate between17.5% and18% , Free Cash Flow at least at€1.5b n
Q2 2022 |
|||
Net revenue |
|
||
Reported growth |
+ |
||
Organic growth |
+ |
||
H1 2022 Results |
||||
(EUR million) |
H1 2022 |
|
2022 vs 2021 |
|
Revenue |
6,547 |
|
+ |
|
Net revenue |
5,873 |
|
+ |
|
Organic growth |
+ |
|
|
|
EBITDA |
1,287 |
|
+ |
|
Operating margin |
1,018 |
|
+ |
|
Operating margin rate |
|
|
|
|
Headline Groupe net income |
727 |
|
+ |
|
Headline diluted EPS (euro) |
2.88 |
|
+ |
|
Free Cash Flow1 |
708 |
|
+ |
|
“H1 2022 came in at an all-time high for the Groupe on all KPIs.
Our reported net revenue growth in the first half was at +
After a strong start to the year, we recorded in Q2 an increase of +
There are three reasons behind this remarkable performance, which comes on top of +
At the same time, our financial ratios reached new historic heights in the first half of the year thanks to the uniqueness of our operating model. Our margin came in at
Looking ahead, we are ready to face the ongoing uncertainties caused by the macro-economic context, thanks to our unique capabilities to help our clients weather any potential challenges and by leveraging our agile platform organization to sustain industry-high financial ratios.
I would like to thank our clients for their trust, and our people for their incredible efforts, which have led us to these extremely strong results.”
* *
*
Publicis Groupe’s Supervisory Board met on
EUR million, except per-share data and percentages |
H1 2022 |
H1 2021 |
2022 vs 2021 |
|||
Data from the Income Statement and Cash flow Statement |
|
|
|
|||
Net revenue |
5,873 |
4,931 |
+ |
|||
Pass-through revenue |
674 |
562 |
+ |
|||
Revenue |
6,547 |
5,493 |
+ |
|||
EBITDA |
1,287 |
1,052 |
+ |
|||
% of Net revenue |
|
|
+60bps |
|||
Operating margin |
1,018 |
815 |
+ |
|||
% of Net revenue |
|
|
+80bps |
|||
Operating income |
761 |
598 |
+ |
|||
Net income attributable to the Groupe |
537 |
414 |
+ |
|||
Earnings Per Share (EPS) |
2.15 |
1.68 |
+ |
|||
Headline diluted EPS2 |
2.88 |
2.23 |
+ |
|||
Free Cash Flow before change in working capital requirements |
708 |
605 |
+ |
|||
Data from the Balance Sheet |
|
|
||||
Total assets |
34,392 |
32,846 |
|
|||
Groupe share of Shareholders’ equity |
9,314 |
8,588 |
|
|||
Net debt (net cash) |
464 |
76 |
|
NET REVENUE IN Q2 2022
Publicis Groupe’s net revenue in Q2 2022 was
Breakdown of Q2 2022 Net revenue by region |
||||||||
EUR |
Net revenue |
Reported |
Organic |
|||||
million |
Q2 2022 |
Q2 2021 |
Growth |
Growth |
||||
|
1,912 |
1,527 |
+ |
+ |
||||
|
709 |
634 |
+ |
+ |
||||
|
289 |
253 |
+ |
+ |
||||
|
90 |
71 |
+ |
+ |
||||
|
73 |
54 |
+ |
+ |
||||
Total |
3,073 |
2,539 |
+ |
+ |
||||
Net revenue in
Net revenue in
In
Net revenue in
NET REVENUE IN H1 2022
Publicis Groupe’s net revenue for the first half 2022 was
Breakdown of H1 2022 net revenue by sector |
|
| Automotive |
|
| Financial |
|
| TMT |
|
| Healthcare |
|
| Food and beverage |
|
| Non Food consumer products |
|
| Retail |
|
| Public sectors & Others |
|
| Leisure & travel |
|
| Energy & Manufacturing |
|
On the basis of 3,267 clients representing |
|
Breakdown of H1 2022 net revenue by region |
||||||||
EUR |
Net revenue |
|
Reported |
|
Organic |
|||
million |
H1 2022 |
|
H1 2021 |
|
growth |
|
growth |
|
|
3,660 |
|
3,032 |
|
+ |
|
+ |
|
|
1,371 |
|
1,195 |
|
+ |
|
+ |
|
|
550 |
|
470 |
|
+ |
|
+ |
|
|
165 |
|
133 |
|
+ |
|
+ |
|
|
127 |
|
101 |
|
+ |
|
+ |
|
Total |
5,873 |
|
4,931 |
|
+ |
|
+ |
|
Net revenue in
Net revenue in the
Net revenue in
ANALYSIS OF H1 2022 KEY FIGURES
Income Statement
EBITDA amounted to
-
Personnel costs totaled
3,888 million euros atJune 30, 2022 , up by +22.5% from3,174 million euros in H1 2021, as the Groupe continued to invest in its talent. As a percentage of net revenue, personnel expenses were66.2% in H1 2022, versus64.4% in H1 2021. Fixed personnel costs were3,375 million euros and represented57.5% of net revenue versus56.4% in H1 2021. The cost of freelancers increased by64 million euros in H1 2022, reflecting the strong activity uplift, representing233 million euros . Restructuring costs were30 million euros , up versus12 million euros in H1 2021.
-
Other operating expenses (excluding depreciation & amortization) amounted to
1,372 million euros , compared to1,267 million euros in H1 2021. This represents23.4% of net revenue compared to25.7% in H1 2021, improving by 230 basis points. The agile structure of the Groupe allowed to contain G&A costs in a context of top line increase. In addition, the accounting treatment linked to the renewal of two large outdoor media contracts for 5 and 10 years, as mentioned in 2021 accounts, resulted in a technical 80 basis point impact, entirely offset in depreciation; those contracts having been accounted for as cost of sales in 2021 are now accounted for as right of use and lease liability leading to depreciation.
Depreciation and amortization charge was
Given the neutral impact of the accounting treatment of the two outdoor media contracts on operating expenses including depreciation, the Groupe operating leverage represents 250 basis points.
As a result, the operating margin amounted to
Operating margin rates by geographies were
Amortization of intangibles arising from acquisitions totaled
In addition, non-current expense was at
Operating income totaled
The financial result, comprising the cost of net financial debt and other financial charges and income, is a charge of
-
The net charge on net financial debt was
27 million euros in H1 2022. This included49 million euros largely of interest related to Epsilon’s acquisition debt, partly mitigated by interest income of29 million euros , a17 million euros increase compared to H1 2021 that reflected higher cash balances and interest rates, in particular in theU.S. It compared to a charge of45 million euros in H1 2021. -
Other financial income and expenses were a charge of
13 million euros in H1 2022, notably composed by45 million euros interest on lease liabilities and 34 million in income from the fair value remeasurement of Mutual Funds. In H1 2021, other financial income and expenses were a charge of5 million euros in H1 2021, notably composed by35 million euros interest on lease liabilities and 32 million in income from the fair value remeasurement of Mutual Funds.
The revaluation of earn-out payments amounted to a charge of
The tax charge is
The share in the profit of associates is 5 million in H1 2022, while it was non significant in H1 2021.
Minority interests were a loss of
Overall, net income attributable to the Groupe was
Free Cash Flow
EUR million |
H1 2022 |
H1 2021 |
||
EBITDA |
1,287 |
1,052 |
||
Repayment of lease liabilities and related interests |
(215) |
(179) |
||
Investments in fixed assets (net) |
(82) |
(50) |
||
Financial interest paid (net) |
(63) |
(82) |
||
Tax paid |
(251) |
(163) |
||
Other |
32 |
27 |
||
Free cash-flow before changes in WCR |
708 |
605 |
The Groupe’s free cash flow, before change in working capital requirements, is up strongly, by
Net debt
Net financial debt amounted to
ACQUISITIONS AND DISPOSALS
On
On
On
On
CSR
1 - Diversity, Equity and Inclusion: the 3rd edition of "Pause for Action" in
Employee health remained a concern with the gradual return to face-to-face work in most of the countries gradually emerging from the pandemic. Employee protection is a priority in all entities, and local HR/Talent teams remain vigilant in combining telecommuting and return to the office to facilitate a hybrid work environment.
Marcel,
2 - Responsible Marketing: Our A.L.I.C.E (Advertising Limiting Impacts & Carbon Emissions) tool is being deployed more and more widely, enabling teams to measure the carbon emissions of projects and campaigns carried out for clients, and above all, to implement solutions to reduce impacts as much as possible. A.L.I.C.E allows all activities proposed to clients to be measured (creation, production, media, technology, events...) in 100 countries, following the GHG Protocol method and with the support of Bureau Veritas on the calculation methodology and the updating of emission factors.
3 – Fight against climate change: the targets for 2030 & 2040 aligned with the 1.5° scenario have been further validated and strengthened following the methodological change at the end of 2021 of SBTi (Science Based Targets Initiative),
-
2030 - "Near-Term target" with a
50% reduction in Scopes 1+2+3 emissions, including the use of100% direct renewable energy sources before 2030 -
2040 – “Long-Term target” with a
90% reduction in emissions from scopes 1+2+3, integrating the use of carbon offsetting and sequestration for the residual impacts that cannot be reduced.
In addition, for the first time in
In
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.
OUTLOOK
With its strong first half 2022, the current business momentum and the strength of its model, the Groupe is confident for the future and is in a position to upgrade its full year 2022 guidance on all KPIs.
The Groupe now anticipates full year 2022 organic growth to land between +6 and +
NEW BUSINESS
McDonald’s (Media), Walmart (Media), Toyota Motor Corporation (DBT),
ByteDance (Media), L'Oréal (Media & Content),
LATAM
GLOBAL
* *
*
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,
About
www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook | LinkedIn | YouTube |
Appendices
Net revenue: organic growth calculation |
||||||
(million euro) |
Q1 |
Q2 |
H1 |
|
Impact of currency
|
|
2021 net revenue |
2,392 |
2,539 |
4,931 |
|
GBP (2) |
12 |
Currency impact (2) |
125 |
229 |
354 |
|
USD (2) |
290 |
2021 net revenue at 2022 exchange rates (a) |
2,517 |
2,768 |
5,285 |
|
Others |
52 |
2022 net revenue before acquisition impact (b) |
2,781 |
3,052 |
5,833 |
Total |
354 |
|
Net revenue from acquisitions (1) |
19 |
21 |
40 |
|||
2022 net revenue |
2,800 |
3,073 |
5,873 |
|
||
Organic growth (b/a) |
+ |
+ |
+ |
|||
| (1) | Acquisitions (CitrusAd, Tremend, Profitero, Boomerang, Balance Internet, BBK, Wiredcraft, |
|
|
||
| (2) |
EUR = |
|
EUR = |
Definitions
Net revenue: Revenue less pass-through costs which comprise amount paid to external suppliers engaged to perform a project and charged directly to clients. Those costs are mainly Production & Media costs and out of pocket expenses.
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.
Consolidated income statement
(in millions of euros) |
|
|
|
|||
Net revenue5 |
5,873 |
4,931 |
10,487 |
|||
Pass-through revenue |
674 |
562 |
1,251 |
|||
Revenue |
|
6,547 |
5,493 |
11,738 |
||
|
|
|
|
|
||
Personnel costs |
(3,888) |
(3,174) |
(6,639) |
|||
Other operating costs |
(1,372) |
(1,267) |
(2,782) |
|||
Operating margin before depreciation & amortization |
|
1,287 |
1,052 |
2,317 |
||
Depreciation and amortization expense (excluding acquisition-related intangible assets) |
|
(269) |
(237) |
(477) |
||
Operating margin |
|
1,018 |
815 |
1,840 |
||
Amortization of intangibles from acquisitions |
|
(137) |
(126) |
(256) |
||
Impairment loss |
|
(44) |
(92) |
(122) |
||
Non-current income and expenses |
|
(76) |
1 |
(28) |
||
|
|
|
|
|
||
Operating income |
|
761 |
598 |
1,434 |
||
Financial expense Financial income Cost of net financial debt Other financial income and expenses Revaluation of earn-out payments |
(56) 29 (27) (13) (4) |
(57) 12 (45) (5) (5) |
(115) 30 (85) 27 (33) |
|||
Pre-tax income of consolidated companies |
|
717 |
543 |
1,343 |
||
Income taxes |
|
(189) |
(135) |
(307) |
||
Net income of consolidated companies |
|
528 |
408 |
1,036 |
||
Share of profit of associates |
|
5 |
- |
0 |
||
Net income |
|
533 |
408 |
1,036 |
||
Of which: -Net income attributable to non-controlling interests |
|
(4) |
(6) |
9 |
||
Net income attributable to equity holders of the parent company |
|
537 |
414 |
1,027 |
||
Per share data (in euros) - Net income attributable
|
||||||
Number of shares |
250,274,576 |
246,106,455 |
248,620,158 |
|||
Earnings per share |
2.15 |
1.68 |
4.13 |
|||
Number of diluted shares |
252,508,128 |
248,475,342 |
251,695,105 |
|||
Diluted earnings per share |
2.13 |
1.67 |
4.08 |
Consolidated statement of comprehensive income
(in millions of euros) |
|
(6 months) |
(6 months) |
(12 months) |
|||
Net income for the period (a) |
|
533 |
408 |
1,036 |
|||
|
|
|
|
|
|||
Comprehensive income that will not be reclassified to income statement |
|
|
|
|
|||
- Actuarial gains (and losses) on defined benefit plans |
|
91 |
24 |
48 |
|||
- Deferred taxes on comprehensive income that will not be reclassified to income statement |
|
(22) |
(6) |
(8) |
|||
Comprehensive income that may be reclassified to income statement |
|
|
|
|
|||
- Remeasurement of hedging instruments |
|
8 |
17 |
29 |
|||
- Consolidation translation adjustments |
|
676 |
233 |
590 |
|||
Total other comprehensive income (b) |
|
753 |
268 |
659 |
|||
|
|
|
|
|
|||
Total comprehensive income for the period (a) + (b) |
|
1,286 |
676 |
1,695 |
|||
Of which: |
|
|
|
|
|||
- Total comprehensive income for the period attributable to non-controlling interests |
|
(1) |
(6) |
9 |
|||
- Total comprehensive income for the period attributable to equity holders of the parent company |
|
1,287 |
682 |
1,686 |
Consolidated balance sheet
(in millions of euros) |
|
|
|
Assets |
|
|
|
|
|
12,841 |
11,760 |
Intangible assets, net |
|
1,433 |
1,379 |
Right-of-use assets related to leases |
|
1,946 |
1,489 |
Property, plant and equipment, net |
|
613 |
615 |
Deferred tax assets |
|
172 |
175 |
Investments in associates |
|
46 |
25 |
Other financial assets |
|
393 |
276 |
Non-current assets |
|
17,444 |
15,719 |
Inventories and work-in-progress |
|
328 |
277 |
Trade receivables |
|
10,853 |
11,315 |
Assets on contracts |
|
1,324 |
979 |
Other current receivables and assets |
|
1,101 |
897 |
Cash and cash equivalents |
|
3,342 |
3,659 |
Current assets |
16,948 |
17,127 |
|
|
|||
Total assets |
|
34,392 |
32,846 |
Equity and liabilities |
|||
Share capital |
102 |
101 |
|
| Additional paid-in capital and retained earnings, Group share |
9,212 |
8,487 |
|
Equity attributable to holders of the parent company |
9,314 |
8,588 |
|
Non-controlling interests |
(34) |
(33) |
|
Total equity |
9,280 |
8,555 |
|
Long-term borrowings |
3,431 |
3,446 |
|
Long-term lease liabilities |
2,369 |
1,801 |
|
Deferred tax liabilities |
294 |
274 |
|
Long-term provisions |
485 |
543 |
|
Non-current liabilities |
6,579 |
6,064 |
|
Trade payables |
14,086 |
14,479 |
|
Liabilities on contracts |
487 |
470 |
|
Short-term borrowings |
149 |
184 |
|
Short-term lease liabilities |
358 |
288 |
|
Income taxes payable |
368 |
328 |
|
Short-term provisions |
268 |
274 |
|
Other creditors and current liabilities |
2,817 |
2,204 |
|
Current liabilities |
18,533 |
18,227 |
|
Total equity and liabilities |
34,392 |
32,846 |
Consolidated statement of cash flows
(in millions of euros) |
(6 months) |
(6 months) |
(12 months) |
|
|||
Cash flow from operating activities |
|
|
|
|
|||
Net income |
533 |
408 |
1,036 |
|
|||
Neutralization of non-cash income and expenses: |
|
|
|
|
|||
Income taxes |
189 |
135 |
307 |
|
|||
Cost of net financial debt |
27 |
45 |
85 |
|
|||
Capital losses (gains) on disposal of assets (before tax) |
76 |
(1) |
28 |
|
|||
Depreciation, amortization and impairment loss |
450 |
455 |
855 |
|
|||
Share-based compensation |
30 |
25 |
52 |
|
|||
Other non-cash income and expenses |
16 |
11 |
5 |
|
|||
Share of profit of associates |
(5) |
- |
- |
|
|||
Dividends received from associates |
3 |
2 |
2 |
|
|||
Taxes paid |
(251) |
(163) |
(362) |
|
|||
Change in working capital requirements (1) |
(858) |
(1,191) |
(216) |
|
|||
Net cash flows generated by (used in) operating activities (I) |
210 |
(274) |
1,792 |
|
|||
Cash flow from investing activities |
|
|
|
|
|||
Purchases of property, plant and equipment and intangible assets |
(84) |
(50) |
(139) |
|
|||
Disposals of property, plant and equipment and intangible assets |
2 |
- |
3 |
|
|||
Purchases of investments and other financial assets, net |
18 |
4 |
4 |
|
|||
Acquisitions of subsidiaries |
(400) |
(77) |
(276) |
|
|||
Disposals of subsidiaries (2) |
(43) |
- |
3 |
|
|||
|
|
|
|
|
|||
Net cash flows generated by (used in) investing activities (II) |
(507) |
(123) |
(405) |
|
|||
Cash flow from financing activities |
|
|
|
|
|||
Dividends paid to holders of the parent company |
- |
- |
(227) |
|
|||
Dividends paid to non-controlling interests |
(3) |
(2) |
(9) |
|
|||
Proceeds from borrowings (3) |
5 |
1 |
9 |
|
|||
Repayment of borrowings (3) |
(10) |
(190) |
(862) |
|
|||
Repayment of lease liabilities |
(170) |
(144) |
(295) |
|
|||
Interest paid on lease liabilities |
(45) |
(35) |
(70) |
|
|||
Interest paid |
(84) |
(94) |
(106) |
|
|||
Interest received |
21 |
12 |
26 |
|
|||
Buy-out of non-controlling interests |
- |
(4) |
(14) |
|
|||
Net (buybacks)/sales of treasury shares and warrants |
7 |
9 |
(127) |
|
|||
Net cash flows generated by (used in) financing activities (III) |
(279) |
(447) |
(1,675) |
|
|||
Impact of exchange rate fluctuations (IV) |
258 |
102 |
238 |
|
|||
Change in consolidated cash and cash equivalents (I + II + III + IV) |
(318) |
(742) |
(50) |
||||
Cash and cash equivalents on |
3,659 |
3,700 |
3,700 |
||||
Bank overdrafts on |
(12) |
(3) |
(3) |
||||
Net cash and cash equivalents at beginning of year (V) |
3,647 |
3,697 |
3,697 |
||||
Cash and cash equivalents at closing date |
3,342 |
2,959 |
3,659 |
||||
Bank overdrafts at closing date |
(13) |
(4) |
(12) |
||||
Net cash and cash equivalents at end of the year (VI) |
3,329 |
2,955 |
3,647 |
||||
Change in consolidated cash and cash equivalents (VI - V) |
(318) |
(742) |
(50) |
||||
(1) Breakdown of change in working capital requirements |
|
|
|
||||
Change in inventory and work-in-progress |
(39) |
(32) |
(23) |
||||
Change in trade receivables and other receivables |
633 |
847 |
(1,218) |
||||
Change in accounts payable, other payables and provisions |
(1,452) |
(2,006) |
1,025 |
||||
Change in working capital requirements |
(858) |
(1,191) |
(216) |
||||
(2) Including (49)m€ used in related to the disposal of Russian activities (3) See Note 15 |
|
|
|||||
Consolidated statement of changes in equity
Number of
|
(in millions of euros) |
Share
|
Additional
|
Reserves
|
Translation
|
Fair value
|
Equity
|
Non-
|
Total
|
||||||||||
249,600,509 |
|
101 |
4,581 |
4,056 |
(226) |
76 |
8,588 |
(33) |
8,555 |
||||||||||
|
Net income |
|
|
537 |
|
|
537 |
(4) |
533 |
||||||||||
|
Other comprehensive income, net of tax |
|
|
|
673 |
77 |
750 |
3 |
753 |
||||||||||
|
Total comprehensive income for the period |
- |
- |
537 |
673 |
77 |
1,287 |
(1) |
1,286 |
||||||||||
- |
Dividends |
|
|
(599) |
|
|
(599) |
(3) |
(602) |
||||||||||
246,225 |
Share-based compensation, net of tax |
|
|
29 |
|
|
29 |
|
29 |
||||||||||
|
Effect of acquisitions and commitments to buy-out non-controlling interests |
|
|
2 |
|
|
2 |
3 |
5 |
||||||||||
161,412 |
Equity warrant exercise |
1 |
3 |
|
|
|
4 |
|
4 |
||||||||||
1,116,166 |
(Buybacks)/sales of treasury shares |
|
|
3 |
|
|
3 |
|
3 |
||||||||||
251,124,312 |
|
102 |
4,584 |
4,028 |
447 |
153 |
9,314 |
(34) |
9,280 |
|
Number of
|
(in millions of euros) |
Share
|
Additional
|
Reserves
|
Translation
|
Fair value
|
Equity
|
Non-
|
Total
|
||||||||||
245,577,779 |
|
99 |
4,307 |
3,585 |
(816) |
7 |
7,182 |
(22) |
7,160 |
||||||||||
|
Net income |
|
|
414 |
|
|
414 |
(6) |
408 |
||||||||||
|
Other comprehensive income, net of tax |
|
|
|
233 |
35 |
268 |
|
268 |
||||||||||
|
Total comprehensive income for the period |
- |
- |
414 |
233 |
35 |
682 |
(6) |
676 |
||||||||||
5,018,232 |
Dividends |
2 |
264 |
(493) |
|
|
(227) |
(2) |
(229) |
||||||||||
296,350 |
Share-based compensation, net of tax |
|
|
28 |
|
|
28 |
|
28 |
||||||||||
|
Effect of acquisitions and commitments to buy-out
|
|
|
16 |
|
|
16 |
(16) |
0 |
||||||||||
241,301 |
Equity warrant exercise |
0 |
7 |
|
|
|
7 |
|
7 |
||||||||||
698,159 |
(Buybacks)/sales of treasury shares |
|
|
2 |
|
|
2 |
|
2 |
||||||||||
251,831,821 |
|
101 |
4,578 |
3,552 |
(583) |
42 |
7,690 |
(46) |
7,644 |
Earnings per share (basic and diluted)
(in millions of euros, except for share data) |
|
|
|
|||
Net income used for the calculation of earnings per share |
|
|
|
|||
Net income attributable to equity holders of the parent company |
A |
537 |
414 |
|||
Impact of dilutive instruments: |
|
|
|
|||
- Savings in financial expenses related to the conversion of debt instruments, net of tax |
|
- |
- |
|||
Group net income – diluted |
B |
537 |
414 |
|||
Number of shares used to calculate earnings per share |
|
|
|
|||
Number of shares at |
|
253,462,409 |
247,769,038 |
|||
Shares created over the period |
|
133,430 |
205,975 |
|||
|
|
(3,321,264) |
(1,868,558) |
|||
Average number of shares used for the calculation |
C |
250,274,576 |
246,106,455 |
|||
Impact of dilutive instruments: |
|
|
|
|||
- Free shares and dilutive stock options |
|
2,124,694 |
2,201,787 |
|||
- Equity warrants (BSA) |
|
108,858 |
167,100 |
|||
Number of diluted shares |
D |
252,508,128 |
248,475,342 |
|||
(in euros) |
|
|
|
|||
Earnings per share |
A/C |
2.15 |
1.68 |
|||
|
|
|
|
|||
Diluted earnings per share |
B/D |
2.13 |
1.67 |
Headline earnings per share (basic and diluted)
(in millions of euros, except for share data) |
|
|
|
|||
Net income used to calculate headline earnings per share (1) |
|
|
|
|||
Group net income |
|
537 |
414 |
|||
Items excluded: |
|
|
|
|||
- Amortization of intangibles from acquisitions, net of tax |
|
103 |
94 |
|||
- Impairment loss, net of tax |
|
33 |
70 |
|||
- Revaluation of earn-out payments |
|
4 |
5 |
|||
- Main capital gains (losses) on disposal of assets and fair value adjustment of financial assets, net of tax (2) |
|
50 |
(28) |
|||
|
E |
727 |
555 |
|||
Impact of dilutive instruments: |
|
|
|
|||
- Savings in financial expenses related to the conversion of debt instruments, net of tax |
|
- |
- |
|||
|
F |
727 |
555 |
|||
|
|
|
|
|||
Number of shares used to calculate earnings per share |
|
|
|
|||
Number of shares at |
|
253,462,409 |
247,769,038 |
|||
Shares created over the period |
|
133,430 |
205,975 |
|||
|
|
(3,321,264) |
(1,868,558) |
|||
Average number of shares used for the calculation |
C |
250,274,576 |
246,106,455 |
|||
Impact of dilutive instruments: |
|
|
|
|||
- Free shares and dilutive stock options |
|
2,124,694 |
2,201,787 |
|||
- Equity warrants (BSA) |
|
108,858 |
167,100 |
|||
Number of diluted shares |
D |
252,508,128 |
248,475,342 |
|||
(in euros) |
|
|
|
|||
Headline earnings per share (1) |
E/C |
2.90 |
2.26 |
|||
|
|
|
|
|||
Headline earnings per share – diluted (1) |
F/D |
2.88 |
2.23 |
| (1) | EPS after elimination of impairment losses, amortization of intangibles from acquisitions, the main capital gains and losses on disposal and fair value adjustment of financial assets and revaluation of earn-out payments. |
|
| (2) |
As of |
| ______________________________________ |
1 Before change in working capital requirements |
2 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 |
3 + |
4 Excluding Outdoor Media activities and the Drugstore |
5 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 Group’s operational performance. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220720005981/en/
Corporate Communications
+ 33 (0)6 38 81 40 00
delphine.stricker@publicisgroupe.com
Investor Relations
+ 33 (0)1 44 43 77 88
alessandra.girolami@publicisgroupe.com
Investor Relations
+ 33 (0)1 44 43 72 17
clemence.vermersch@publicisgroupe.com
Source:
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