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%)
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% |
FINANCIAL PERFORMANCE
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:
- liability warranties;
- obligations triggered by complying or not complying with the
acquisition contract including the transfer of software
licences;
- tax and social liabilities.
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.
OUTLOOK FOR 2016
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
http://hugin.info/143536/R/1986977/729160.pdf
HUG#1986977
CONTACT: Laurence Stoclet
Deputy CEO
laurence.stoclet@ipsos.com
+ 33 1 41 98 90 20
Antoine Lagoutte
President, Corporate Finance
antoine.lagoutte@ipsos.com
+33 1 41 98 92 43
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