Ipsos in
2015
Some positives, some negatives
Full-year revenue of €1,785.3 million
(-1% organic)
Free cash flow of €146.2 million
(+28.5%)
Paris, 17
February 2016 - Ipsos recorded revenue of €524.4 million in the
fourth quarter of 2015, an increase of 4.7% compared with the same
quarter in 2014.
At constant exchange rates and scope of consolidation, revenue was
down 1%, a slightly better performance than in the third quarter
(-2%), and equivalent to the full-year performance in 2015
(-1%).
Over the full year in 2015, Ipsos
recorded revenue of €1,785.3 million, an increase of 6.9%. Currency
effects were positive throughout the year, and boosted revenue by
7.3% overall. Scope effects, stemming notably from the
consolidation of RDA Group as of 1 July 2015, had a further
positive impact of 0.6%.
Ipsos' overall revenue was
nevertheless below expectations, due chiefly to the persistent
weakness of its business in emerging markets and at Ipsos
Connect.
PERFORMANCE BY GEOGRAPHICAL AREA
Business by geographical area
changed little during 2015. The 2015 performance had very specific
characteristics within the various geographies. 2015 will be the
first year in which Ipsos' business in emerging markets declined,
albeit in modest proportions, i.e. less than 2%. This disappointing
performance nevertheless contrasts with that of the 2000s, when the
growth differential between emerging and developed markets averaged
10% in favour of emerging markets. It also contrasts with Ipsos'
budget set early in the year, which projected a gap of roughly 5%,
again in favour of emerging markets.
Conditions are not the same in all
emerging markets. Echoing the observations made in respect of the
first half, business remains satisfactory in Africa, Mexico, Turkey
and Southeast Asia. The situation is more challenging in Russia,
Brazil and some Middle Eastern markets. Naturally, the consequences
of this weakness are obvious: Ipsos was not able to achieve its
objective of returning to growth, the developed markets having
recorded as expected virtually flat revenue. The example of the
Americas is telling: business was stable in the United States, and
it was chiefly due to weakness in Latin America - despite a good
performance in Mexico - that Ipsos recorded a contraction of
2%.
The weakening of emerging market
currencies further complicated the situation. Breaking another
long-term trend, the weight of emerging markets in Ipsos' revenues
fell in 2015, ending the year at 33%, down from 35% in 2014. The
swing in favour of the developed markets could continue in 2016.
Notwithstanding the positive effects of their political and
economic environments, developed markets are generally more
"stable", and stand to benefit from the deployment of new
services.
Consolidated revenues by geographical area
(in millions of euros) |
2015 |
2014 |
Change 2015/2014 |
Organic growth |
Europe,
Middle East and Africa |
781.8 |
762.5 |
2,5% |
0% |
Americas |
703.5 |
632.6 |
11,2% |
-2% |
Asia-Pacific |
300 |
274.5 |
9,3% |
-2% |
Full-year revenues |
1,785.3 |
1,669.5 |
6,9% |
-1% |
PERFORMANCE BY BUSINESS LINE
Here again, there was a stark
contrast between certain activities that resumed or retained
minimal growth and the new business line, Ipsos Connect, dedicated
to media measurement and to the analysis of marketing
initiatives - notably advertising communication on brand - in
the different media, which had a slightly difficult start.
The combination of the two
historical activities within the same business line - Ipsos MediaCT
(media measurement) and Ipsos ASI (research on the effectiveness of
initiatives designed to publicise and where possible make products,
services and brands desirable) - was necessary, given that the
prevailing and future trends towards the digitalisation of
marketing will create an ecosystem in which
content - increasingly "social" or individualised - and its
increasingly fragmented containers will need to be combined, or at
least to coexist in harmony.
The revolution in behaviours and
practices stemming from digitalisation will render established
announcer's marketing and communication practices obsolete, or in
any event inadequate. Ipsos, which is present in this field of
research, chose to develop a new offer, integrating behaviours and
practices, media fragmentation and reaction to marketing
activities.
Ipsos Connect's poor performance
in its first year of existence does not change this essential
objective. If anything, it goes to show how difficult it is to
change structures and organisations in a professional services
business. It also demonstrates the inertia existing in individual
markets, underscoring the fact that it invariably takes time to
transform a bright idea into commercial success.
All other business lines recorded
growth in 2015, despite the difficulties they encountered, notably
in various emerging markets, leaving us positive about their
ability to generate more sustained business in 2016.
Consolidated revenues by business line
(in millions of euros) |
2015 |
2014 |
Change 2015/2014 |
Organic growth |
Media and
Advertising Research |
405 |
415 |
-2.4% |
-6.5% |
Marketing
Research |
948.9 |
864.6 |
9.8% |
0.5% |
Opinion
& Social Research |
179.2 |
163.1 |
9.9% |
2% |
Client
and employee relationship management |
252.1 |
226.8 |
11.1% |
0.5% |
Full-year revenues |
1,785.3 |
1,669.5 |
6.9% |
-1% |
Summary income
statement
In
millions of euros |
2015 |
2014 |
Change 2015/2014 |
Revenue |
1,785.3 |
1,669.5 |
+6.9% |
Gross profit |
1,149.7 |
1,072.2 |
+7.2% |
Gross margin |
64.4% |
64.2% |
- |
Operating profit |
178.2 |
173.1 |
+2.9% |
Operating margin |
10.0% |
10.4% |
- |
Other
operating income and expense |
(17.3) |
(17.2) |
+0.8% |
Finance
costs |
(23.8) |
(22.8) |
+2.4% |
Income
tax |
(33.8) |
(34.1) |
-0.8% |
Adjusted net profit*, attributable to the Group |
126.5 |
120.8 |
+4.8% |
*Adjusted net
profit is calculated before non-cash items linked to IFRS 2
(share-based payments), amortisation of acquisition-related
intangible assets (client relationships), deferred tax liabilities
related to goodwill on which amortisation is tax-deductible in
certain countries and the impact net of tax of other non-recurring
income and expenses.
Gross margin, calculated by
deducting external direct variable costs attributable to contracts
from revenues, continued to grow, ending the year at 64.4%,
indicating a strong ability to maintain prices in all countries and
continued data collection by electronic means in the emerging
countries.
With regard to operating expenses,
total payroll rose 7.9%, slightly faster than
gross margin due to expenditure on personnel for the New Way
programme.
Variable
share-based compensation went from €12.0 million to €10.8
million. As expected, from 2015 forward, the programme no longer
has an effect on the change in operating margin.
Overhead
costs rose 9.9%, somewhat faster than revenues, owing to
implementation of the New Way programme, which includes greater
outlay on technology in the form both of services and of computer
hardware as fieldwork has become digitised. Thus IT expenses grew
by 11% at constant exchange rates.
Other operating
income and expenses consist mainly of the impact of foreign
exchange transactions on operating account items, which was a
positive €1 million for the half year.
In total, the Group's operating margin was €178.2 million, or 10.0% on
revenues, in line with what was reported in early 2015. Its slight
decrease versus financial year 2014 can be attributed to the
investment in the New Way
programme that amounted to €10 million of
recurring operating costs (of which half were for payroll
expense and half for overheads.)
Below the operating margin, the
amortisation of intangibles identified on
acquisitions concern the portion of goodwill allocated to client
relationships during the 12-month period following an acquisition,
recognised in the income statement over several years, in
accordance with IFRS. This charge came to
€5.1 million, compared with €4.6 million the previous year.
The net balance of other non-operating income and expenses was €(17.3) million
compared with
€(17.2) million in 2014. It includes unusual items not related to
operations and acquisition costs, as well as the costs of the
current restructuring plans.
It includes €7 million of expense for the New Way programme, for
which Ipsos had budgeted in total
€20 million for 2015 in both recurring and non-recurring
charges.
It also includes €5 million in legal fees especially for the
litigation with Aegis, which was resolved in February 2016 (see
below).
Finance
costs. The net cost of interest amounted to €23.8 million
compared with €22.8 million, up 4.5% due to a 16% rise in the US
dollar, in which around 60% of the debt is denominated.
Taxes. The
effective tax rate on the IFRS income statement was 26.1%, compared
with 26.0% for the full year 2014. As in the past, it includes a
deferred tax liability of €4.5 million (compared with a deferred
tax liability of €4.2 million in 2014), cancelling out the tax
saving achieved through the tax deductibility of goodwill
amortisation in certain countries, even though this deferred tax
charge would fall due only if the activities concerned were sold,
and which is restated accordingly in adjusted net profit.
Non-controlling
interests declined 60.3% to €2.9 million after several
purchases of non-controlling interests in 2015.
Adjusted net
profit attributable to the Group, which is the relevant
indicator used to measure performance, came to €126.5 million, up
4.8% compared with financial year 2015.
Financial
structure
Net free cash
flow. Cash flow generated by operations, net of current
investments, rose 28.5% to
€146.2 million, against €113.7 million in 2014. This was due to
careful management of the change in working capital requirement, at
a record level since the Ipsos IPO some 15 years ago on 1 July
1999.
In detail:
- operating cash flow stood at €198.1 million, against €192.6
million, up 2.8% in line with the rise in operating
profit;
- the working capital requirement improved by €18.4 million,
largely due to the Max Cash programme aimed at reducing the DSO.
This was shortened by two days in 2015;
- current investments in property, plant and equipment and
intangible assets, primarily consisting of IT investments, rose 65%
as compared with the same period last year (€23.6 million compared
with
€14.3 million). Ipsos also regained its normal level of investment
spending, estimated at about 1.5% of revenue.
Concerning non-current assets Ipsos invested €50.3 million over
the year in acquisitions, primarily through the buyback of
non-controlling interests in certain emerging countries (Turkey,
Tunisia, Indonesia, the Czech Republic and Peru) and in an American
company. In addition, the acquisition of RDA, the leader in quality
measurement in the U.S. auto industry, was completed in July
2015.
Ipsos also invested €9.5 million in a share buyback programme in
order to limit the dilution effects of its bonus share allocation
plans.
Equity
stood at €945 million vs. €901 million reported at 31 December
2014.
Net financial
debt totalled €552 million at 31 December 2015, compared with
€545 million at
31 December 2014, almost stable thanks to the strong operating cash
flows mentioned above, despite a highly negative impact from the
rise of the dollar. At 31 December 2014 rates of exchange, the net
financial debt would have been less than €46 million. As previously
stated, about 60% of Ipsos' debt is denominated in US dollars,
which acts as a natural hedge for the foreign exchange rate risk on
the income statement given that over 50% of Ipsos' assets are
located in North America and in currencies directly linked to the
US dollar such as in the Middle East and Hong Kong.
The net gearing ratio fell to 58.4% vs. 60.5% at 31 December
2014.
Liquidity
position. Net cash was €151.6 million at
the end of the first half vs. €149.2 million at
31 December 2014, giving Ipsos a good liquidity position. The
Company also has around €290 million available through credit
facilities.
Dividends.
Ipsos plans to propose to its Annual General Meeting on 28 April
2016 a dividend of 80 cents per share, an increase of 6.6% compared
with 2014 so as to allow its shareholders to share in the company's
success, including its ability to deliver significant profitability
and cash flows.
Successful refinancing operation
Ipsos' debt comprises mainly
medium- and long-term financing. In December 2015, Ipsos
successfully refinanced part of its debt with improved terms and
maturities. The syndicated loan put in place at the time of the
Synovate acquisition in July 2011 and maturing in July 2016 was
refinanced early in the amount of €215 million with a five-year
balloon and a possible two-year extension.
Ipsos would like to thank its
long-standing banking partners who assisted it successfully with
this refinancing operation: Barclays Bank, BNP Paribas,
Commerzbank, Crédit Agricole Group (Caisse Régionale de Crédit
Agricole Mutuel d'Île de France, CACIB, Crédit Lyonnais), the
CM-CIC Group, HSBC and Société Générale.
Settlement and
end of dispute with Aegis related to the acquisition of
Synovate
In October 2011, Ipsos acquired
its competitor Synovate from its parent company, Aegis Group plc
(now Dentsu Aegis Media), for an enterprise value of £525 million
(around €600 million), making it the third largest provider of
market research services in the world.
Since then, there has been a
dispute between Ipsos and Aegis concerning the initial acquisition
price paid on 12 October 2011, in relation notably to the
contractually agreed post-closing adjustments to the initial
acquisition price, in order to take account of, firstly, actual
cash and debt levels and related items treated contractually as
debt and, secondly, differences in the actual level of working
capital requirement at
30 September 2011 and the minimum level defined in the
contract.
The final allocation of the
acquisition differential for Synovate was finalised in the Ipsos
group consolidated financial statements at 31 December 2012, on the
basis of an acquisition value for Synovate of £416.9 million
(€481.1 million). The disparity between this acquisition value and
the acquisition price originally paid was the subject of a claim
for a repayment from Aegis of £111.9 million.
Ipsos and Aegis appointed an
expert in July 2012 to evaluate this dispute. Following the receipt
of the expert's report by the parties in July 2013, Aegis paid, on
19 July 2013, the amount of £13.1 million
(€15.4 million) to Ipsos. Ipsos disagreed with this calculation and
certain aspects of the expert report. However, for the sake of
prudence, Ipsos recorded a debt provision in the financial
statements at
31 December 2012 equal to the amount paid by Aegis. After taking
into account the write back of various provisions, the net impact
on 2013 net profit was an exceptional loss of €73 million. These
were non-monetary accounting adjustments and did not affect Ipsos's
true financial position at 31 December 2013.
Moreover, Ipsos made a number of
claims concerning the existence and the actual value of assets and
liabilities transferred and, at the end of 2012, initiated several
legal proceedings against Aegis in the London courts. Ipsos brought
an action against Aegis with, in particular, reference to:
In 2012, Ipsos was
reimbursed £150,000 in respect of tax liabilities.
In 2013, Ipsos obtained the
transfer of software licences of an estimated value of £5.3 million
together with repayments of a total amount of £115,000 in respect
of tax liabilities.
In 2014, Ipsos obtained
repayments of £255,000 in respect of tax liabilities.
In 2015, Ipsos obtained a
repayment for tax liabilities in Brazil whose amount had initially
been assessed at £6.95 million and, thanks to an amnesty programme,
had been reduced to BRL15.1 million (£5 million), and several
repayments for a total amount of £303,000 in respect of other
miscellaneous tax liabilities.
In January 2016, Ipsos then
received a repayment of £22,000 in respect of tax liabilities.
Following a final mediation
process on 5 February 2016, Ipsos received a final cash repayment,
on
10 February 2016, for £20 million in full and final settlement,
ending all claims and legal proceedings.
Taking account of costs incurred,
this repayment should represent an exceptional net profit of
around
€15 million in the Group's consolidated financial statements for
2016.
In total, Ipsos will have received
from Aegis repayments, both in cash and asset transfers, an
estimated total of around £44 million. This is a significant amount
and testifies to the appropriateness of the actions undertaken
since 2012 by Ipsos in order to protect its interests.
That being said, the dispute
between Ipsos and Aegis which has just been concluded through
mediation has never cast doubt, in the eyes of our company, on the
soundness of acquiring Synovate or on the positive outcome of the
Ipsos-Synovate merger begun at the end of 2011 and completed two
years later.
It would be of little value to
itemise the complete list of conflicts, uncertainties, anxieties
and crises affecting people, businesses and institutions.
Last year, we wrote that the
period was "complex". To be perfectly clear, we are experiencing a
period of intense transformation where there are more questions
than answers; where the factors of division and fragmentation are
more powerful than the forces of unity; where fears are little
attenuated by reasons for hope; and where, ultimately, the
unpredictability of opinions, markets and behaviour is only matched
by the abundance of such diverse, distinctive and, naturally,
contradictory data that the narrator often loses the thread of the
narrative.
Profusion rhymes with confusion.
This is where the research industry - and Ipsos within it - is
facing its greatest challenge, and, naturally, its greatest
opportunity. The services Ipsos offers its clients are being
transformed, because customer demand itself has been transformed.
The aim as ever is to produce reliable data - data that, by virtue
of its fairness, pertinence, consistency and comparability over
time and between markets, can serve as a foundation. It is also
necessary for data to be easier to grasp and for it to be
communicated more swiftly. Ipsos already excels in this respect,
and it will lift its game even further going forward, as its plans
to improve its operational efficiency are deployed. But this will
not be not enough. We can no longer be content simply to pile data
on more data, we must aim first and foremost to help our clients
operate more efficiently by increasing the usefulness of data and
by significantly improving our clients' usage of data.
The New Way programme was designed
to meet this objective. It assumes that Ipsos will profoundly
change its services, the ways it works with its clients and its
operational capacities. Ipsos is now primed to work better, more
simply and more quickly. Ipsos has also begun to reinforce its
capacity to better observe behaviour, to better analyse gargantuan
behavioural databases, to accurately track what is being said on
social networks and what is being done on e-commerce websites, and
how customer reactions - informed by their experience of the
products or services they select - are understood.
Eighteen months after its launch,
the New Way programme has enabled Ipsos to record its first
successes. Seventeen new services have been developed and at least
partially rolled out. They represented 7% of revenue in 2014, and
9% in 2015 after organic growth of 20%. They are seen growing
strongly again in 2016, and support Ipsos' prospects of a return to
growth.
Ipsos, which doubtless has a
better grasp today of the needs of its market and the role it
wishes to play, can now increase the pace. Spending devoted to the
New Way programme, the development of related services and
technology solutions, the reinforcement of teams and the marketing
of our new offer, will further increase to nearly €10 million in
2016.
We expect an improvement across
all of our business lines and geographies. On a comparable basis,
Ipsos' revenue is expected to grow in 2016, while the margin is
expected to stabilise at the levels recorded in 2015.
The volume of free cash flow will
remain significant, allowing Ipsos to pursue very targeted
acquisitions, such as the acquisition of RDA in the area of quality
measurement in 2015.
Appendices
-
Consolidated income statement
-
Consolidated balance sheet
-
Consolidated cash flow statement
-
Consolidated statement of changes in
shareholders' equity
A full set of
consolidated financial statements is available at:
http://www.ipsos.com/financial_information
The 2015 performance and results presentation will
be available from 18 February on:
http://www.ipsos.com/Investor_Relations
About
Ipsos
Ipsos is an independent market
research company controlled and managed by research professionals,
with offices in 87 countries. Founded in France in 1975, Ipsos
ranks third in the global research industry. Ipsos has been listed
on the Paris Stock Exchange since 1999.
GAME CHANGERS
« Game Changers » is the Ipsos signature.
At Ipsos we are passionately curious about people, markets, brands
and society.
We make our changing world easier and faster to navigate and
inspire clients to make smarter decisions.
We deliver with security, speed, simplicity and substance. We are
Game Changers.
Ipsos is
listed on Eurolist - NYSE-Euronext.
The company is part of the SBF 120 and the Mid-60 index
and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters
ISOS.PA, Bloomberg IPS:FP
www.ipsos.com
Consolidated income statement
For the year ended 31 December 2015
|
In thousands of euros |
2015 2014 |
|
|
|
|
Revenue |
1,785,275 |
1,669,469 |
|
|
Direct costs |
(635,538) |
(597,275) |
|
|
Gross profit |
1,149,736 |
1,072,194 |
|
|
Payroll - excluding share based payments |
(733,656) |
(680,017) |
|
|
Payroll - share based payments * |
(10,812) |
(11,998) |
|
|
General operating expenses |
(227,999) |
(207,379) |
|
|
Other operating income and expense |
946 |
326 |
|
|
Operating margin |
178,215 |
173,128 |
|
|
Amortisation of intangibles identified on acquisitions * |
(5,097) |
(4,644) |
|
|
Other non operating income and expense * |
(17,302) |
(17,172) |
|
|
Income from associates |
(95) |
(92) |
|
|
Operating profit |
155,721 |
151,220 |
|
|
Finance costs |
(23,849) |
(22,817) |
|
|
Other financial income and expense * |
(2,131) |
2,788 |
|
|
Profit before tax |
129,741 |
131,191 |
|
|
Income tax - excluding deferred tax on goodwill |
(29,353) |
(29,889) |
|
|
Income tax
- deferred tax on goodwill * |
(4,465) |
(4,197) |
|
|
Income
tax |
(33,818) |
(34,086) |
|
|
Net profit |
95,924 |
97,105 |
|
|
Attributable to the
Group |
92,993 |
89,716 |
|
|
Attributable to Minority interests |
2,930 |
7,388 |
|
|
|
|
|
|
|
Earnings per share (in euros) - Basic |
2.05 |
1.98 |
|
|
Earnings per share (in euros) - Diluted |
2.03 |
1.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net profit * |
129,792 |
128,857 |
Attributable to the Group |
126,548 |
120,767 |
Attributable to Minority interests |
3,244 |
8,090 |
Adjusted
earnings per share (in euros) - Basic |
2.80 |
2.67 |
Adjusted
earnings per share (in euros) - Diluted |
2.76 |
2.63 |
Consolidated balance sheet
For the year ended 31 December 2015
In thousands of euros |
2015 |
2014 |
ASSETS |
|
|
Goodwill |
1,264,920 |
1,198,778 |
Intangible assets |
80,469 |
85,234 |
Property. plant and equipment |
37,209 |
32,425 |
Interests in associates |
262 |
357 |
Other non-current financial assets |
17,305 |
27,407 |
Deferred
tax assets |
14,983 |
38,626 |
Total non-current assets |
1,415,149 |
1,382,828 |
Trade receivables |
627,282 |
610,212 |
Current income tax |
12,237 |
18,110 |
Other current assets |
72,596 |
75,637 |
Derivative financial instruments |
4,589 |
4,164 |
Cash and
cash equivalents |
151,576 |
149,258 |
Total current assets |
868,280 |
857,380 |
TOTAL ASSETS |
2,283,430 |
2,240,208 |
|
|
|
In thousands of euros |
2015 |
2014 |
LIABILITIES |
|
|
Share capital |
11,334 |
11,334 |
Share premium |
540,201 |
540,201 |
Own
shares |
(1,220) |
(763) |
Other reserves |
423,190 |
371,657 |
Currency
translation differences (48,110) (39,217) |
Shareholders' equity - attributable to the Group |
925,395 |
883,211 |
Minority
interests |
19,889 |
18,079 |
Total shareholders' equity |
945,284 |
901,290 |
Borrowings and other long-term financial liabilities |
635,868 |
608,020 |
Non-current provisions |
5,157 |
14,920 |
Retirement benefit obligations |
25,030 |
23,890 |
Deferred tax liabilities |
100,015 |
114,568 |
Other
non-current liabilities |
35,666 |
44,627 |
Total non-current liabilities |
801,736 |
806,026 |
Trade payables |
263,492 |
253,040 |
Short-term portion of borrowings and other financial
liabilities |
72,694 |
90,782 |
Current income tax liabilities |
6,781 |
11,111 |
Current provisions |
5,121 |
4,860 |
Other
current liabilities |
188,322 |
173,100 |
Total current liabilities |
536,409 |
532,892 |
TOTAL LIABILITIES |
2,283,430 |
2,240,208 |
Consolidated cash flow statement
For the year ended 31 December 2015
In thousands of euros |
2015 |
2014 |
OPERATING ACTIVITIES |
|
|
NET PROFIT |
95,924 |
97,105 |
Adjustements to reconcile net
profit to cash flow |
|
|
Amortisation and depreciation of fixed assets |
27,525 |
25,647 |
Net
profit of equity associated companies - net of dividends
received |
95 |
92 |
Losses/(gains) on asset disposals |
161 |
287 |
Movement in provisions |
(3,385) |
(2,814) |
Share-based payment expense |
10,189 |
11,349 |
Other non cash income/(expenses) |
4,478 |
2,221 |
Acquisitions costs of consolidated companies |
5,412 |
1,807 |
Finance costs |
23,849 |
22,817 |
Income tax expense |
33,818 |
34,086 |
OPERATING CASH FLOW BEFORE WORKING CAPITAL. FINANCING AND
TAX PAID |
198,064 |
192,597 |
Change in working capital requirement |
18,432 |
(18,724) |
Interest paid |
(22,004) |
(21,227) |
Income tax paid |
(26,510) |
(23,317) |
CASH FLOW FROM OPERATING ACTIVITIES |
167,982 |
129,330 |
INVESTMENT ACTIVITIES |
|
|
Acquisitions of property. plant. equipment and intangible
assets |
(23,579) |
(14,274) |
Proceeds from disposals of property. plant. equipment and
intangible assets |
454 |
101 |
Acquisition of financial assets |
1,343 |
(1,423) |
Acquisition of consolidated companies and business goodwill |
(37,778) |
(2,534) |
CASH FLOW FROM INVESTMENT ACTIVITIES |
(59,560) |
(18,130) |
FINANCING ACTIVITIES |
|
|
Increase/(decrease) in capital |
0 |
0 |
(Purchase)/proceeds of own shares |
(9,499) |
(11,532) |
Increase/(decrease) in long-term borrowings |
(46,604) |
(59,398) |
Increase/(decrease) in bank overdrafts and short-term debt |
(1,262) |
(2,229) |
Acquisition of minority interests |
(12,546) |
(6,418) |
Dividends paid to parent-company shareholders |
(34,071) |
(31,804) |
Dividends paid to minority shareholders of consolidated
companies |
(3,428) |
(3,534) |
CASH FLOW FROM FINANCING ACTIVITIES |
(107,410) |
(114,915) |
NET CASH FLOW |
1,012 |
(3,715) |
Impact of foreign exchange rate movements |
1,306 |
4,270 |
CASH AT BEGINNING OF PERIOD |
149,258 |
148,703 |
CASH AT END OF PERIOD |
151,576 |
149,258 |
Consolidated statement of changes in shareholder's equity
For the year ended 31 December 2015
In thousand euros |
Share capital |
Share Premium |
Own shares |
Other consolidated reserves |
Currency translation difference |
Shareholders' equity |
Attributable to the
Group |
Minority interests |
Total |
1st January 2014 |
11,334 |
540,201 |
(686) |
329,743 |
(61,166) |
819,426 |
13,410 |
832,835 |
-
Change in capital |
- |
0 |
- |
- |
- |
0 |
- |
0 |
-
Dividends paid |
- |
- |
- |
(31,720) |
- |
(31,720) |
(5,043) |
(36,764) |
-
Impact of share buy-out commitments |
- |
- |
- |
(15,190) |
- |
(15,190) |
672 |
(14,518) |
-
Delivery of free shares related to 2012 plan |
- |
- |
11,254 |
(11,254) |
- |
- |
- |
- |
-
Other movements on own shares |
- |
- |
(11,331) |
(201) |
- |
(11,532) |
- |
(11,532) |
- Share-based payments
taken directly to equity |
- |
- |
- |
11,349 |
- |
11,349 |
- |
11,349 |
-
Other movements |
- |
- |
- |
(353) |
- |
(353) |
(183) |
(536) |
Transactions with the shareholders |
|
|
(77) |
(47,369) |
- |
(47,445) |
(4,555) |
(52,000) |
- Net profit |
- |
- |
- |
89,716 |
- |
89,716 |
7,388 |
97,105 |
-
Other elements of the Comprehensive income |
- |
- |
- |
- |
- |
- |
- |
- |
Hedges of net investments in a foreign
subsidiary |
- |
- |
- |
- |
(6,657) |
(6,657) |
- |
(6,657) |
Deferred tax on hedges of net investments
in a foreign subsidiary |
- |
- |
- |
- |
3,050 |
3,050 |
- |
3,050 |
Currency translation differences |
- |
- |
- |
- |
25,556 |
25,556 |
1,835 |
27,391 |
Actuarial gains and
losses |
- |
- |
- |
(555) |
- |
(555) |
- |
(555) |
Deferred tax on actuarial gains
and losses |
- |
- |
- |
14 |
- |
14 |
- |
14 |
- Total of the other elements composing the
Comprehensive income |
- |
- |
- |
(541) |
21,949 |
21,516 |
1,835 |
23,242 |
Comprehensive income |
- |
- |
- |
89,175 |
21,949 |
111,232 |
9,223 |
120,347 |
31st December 2014 |
11,334 |
540,201 |
(763) |
371,654 |
(39,217) |
883,211 |
18,079 |
901,290 |
|
|
|
|
|
|
|
|
|
1st January 2015 |
11,334 |
540,201 |
(763) |
371,654 |
(39,217) |
883,211 |
18,079 |
901,290 |
-
Change in capital |
- |
(0) |
- |
- |
- |
(0) |
- |
( 0) |
-
Dividends paid |
- |
- |
- |
(33,967) |
- |
(33,967) |
(3,307) |
(37,274) |
-
Impact of acquisitions and commitments of buy out minority
interests |
- |
- |
- |
(7,176) |
- |
(7,176) |
425 |
(6,751) |
-
Delivery of free shares related to 2013 plan |
- |
- |
9,031 |
(9,031) |
- |
- |
- |
- |
-
Other movements on own shares |
- |
- |
(9,488) |
( 11) |
- |
(9,499) |
- |
(9,499) |
- Share-based payments
taken directly to equity |
- |
- |
- |
10,189 |
- |
10,189 |
- |
10,189 |
-
Other movements |
- |
- |
- |
(1,635) |
- |
(1,635) |
7 |
(1,629) |
Transactions with the shareholders |
- |
(0) |
(457) |
(41,632) |
- |
(42,089) |
(2,875) |
(44,964) |
- Net profit |
- |
- |
- |
92,996 |
- |
92,996 |
2,931 |
95,927 |
-
Other elements of the Comprehensive income |
- |
- |
- |
- |
- |
- |
- |
- |
Hedges of net investments in a foreign
subsidiary |
- |
- |
- |
- |
(17,230) |
(17,230) |
- |
(17,230) |
Deferred tax on hedges of net investments
in a foreign subsidiary |
- |
- |
- |
- |
3,938 |
3,938 |
- |
3,938 |
Currency translation differences |
- |
- |
- |
- |
4,398 |
4,398 |
1,754 |
6,152 |
Actuarial gains and
losses |
- |
- |
- |
269 |
- |
269 |
- |
269 |
Deferred tax on actuarial gains
and losses |
- |
- |
- |
(98) |
- |
(98) |
- |
(98) |
- Total of the other elements composing the
Comprehensive income |
- |
- |
- |
171 |
(8,894) |
(8,723) |
1,754 |
(6,969) |
Comprehensive income |
- |
- |
- |
93,167 |
(8,894) |
84,273 |
4,685 |
88,958 |
31st December 2015 |
11,334 |
540,201 |
(1,220) |
423,189 |
(48,111) |
925,394 |
19,889 |
945,283 |
Ipsos: 2015 Annual
Results
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: IPSOS via Globenewswire
HUG#1986977
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