IPSOS: 2019 Half-year results
First half 2019
Fresh momentum
H1 2019 revenue: €903.4 million, up
14.9%
Organic growth for the half year:
+3.0%
Paris, 25 July 2019 - In the first half of 2019,
Ipsos generated revenue of €903.4 million, up 14.9% compared
with the same period the previous year.
Following the acquisition of certain divisions of
GfK and Synthesio completed towards the end of 2018, the scope
effect amounted to 10.2%. The currency effect was positive,
equalling 2.4%.
The rate of organic growth increased as the year
progressed, and revenue at constant exchange rates and scope rose
by 3% in the first half of the year.
In Q2, Ipsos generated revenue of
€481.5 million. Growth over the period from April to June was
at 14.9%. As throughout the entire first half of the year, all
areas of the business contributed to driving this level of
growth.
Scope and currency effects amounted to 10.2% and
2.2%, respectively, and organic growth picked up to 3.6%.
PERFORMANCE BY REGION
|
Breakdown of consolidated revenue by region (in millions of
euros)
|
H1 2019
|
H1 2018
|
YoY H1 change
|
Organic growth
|
|
Europe, Middle East and Africa
|
396.6
|
352.5
|
+12.5%
|
1.5%
|
|
Americas
|
335.9
|
280.5
|
+19.7%
|
2.6%
|
|
Asia-Pacific
|
171.1
|
153.0
|
+11.8%
|
7.2%
|
|
Revenue
|
903.4
|
786.0
|
+14.9%
|
3.0%
|
Ipsos recorded significant revenue growth in all
regions, driven primarily by the acquisitions completed in 2018,
and also encouraging organic growth, which was strongest in
Asia-Pacific and reached a record high in the Americas.
All Ipsos markets (United States, Great Britain,
China, France, Russia, Turkey and India) are doing well, supported
by considerable demand from both international and local
clients.
As in previous periods, developing countries
notched up a greater rate of growth than developed countries, with
like-for-like growth over H1 2019 of 5.9% and 1.6%,
respectively. In Q2 alone, organic growth for developing and
developed countries came out at 5.9% and 2.4%, respectively,
confirming that the increased level of business month after month
was driven by developed countries.
PERFORMANCE BY AUDIENCE
|
In € millions
|
H1 2019
|
Contribution
|
Total YoY H1 growth
|
Organic growth
|
|
Consumers1
|
432.4
|
48%
|
6.9%
|
1%
|
|
Clients and employees2
|
213.7
|
24%
|
17.8%
|
3%
|
|
Citizens3
|
122.2
|
14%
|
34.0%
|
10%
|
|
Doctors and patients4
|
135.0
|
15%
|
24.0%
|
8%
|
|
Annual revenue
|
903.4
|
100%
|
14.9%
|
3.0%
|
Breakdown of each business line by segment:
1 - Brand Health, Clinics & Mobility Labs, Creative Excellence,
Innovation, Ipsos UU, Ipsos MMA, Market Strategy &
Understanding, Observer, Social Intelligence Analytics (excl.
pharma and the public sector)
2 - Customer Experience, Market Measurement, Mystery Shopping,
Quality Measurement, Retail Performance, ERM, Audience Measurement,
Media Development
3 - Public Affairs, Corporate Reputation
4 - Pharma (quantitative and qualitative
By segment and audience, the performances are all
positive.
As in 2018, in the first quarter of 2019,
operations involving citizens was a main driver of growth.
As announced at the beginning of the year, the
pharmaceutical business bounced back from the dip in 2018 with
organic growth of 8%.
FINANCIAL PERFORMANCE
Condensed income statement
|
In € millions
|
H1 2019
|
H1 2018
|
YoY H1 change
|
31/12/2018
|
|
Revenue
|
903.4
|
786.0
|
+14.9%
|
1,749.5
|
|
Gross margin
|
583.0
|
512.7
|
+13.7%
|
1,138.4
|
|
Gross margin/revenue
|
64.5%
|
65.2%
|
-
|
65.1%
|
|
Operating margin
|
49.3
|
45.6
|
+8%
|
172.4
|
|
Operating margin/revenue
|
5.5%
|
5.8%
|
-
|
9.9%
|
|
Other non-recurring income income (expenses)
|
(4.0)
|
(1.4)
|
-
|
(5.3)
|
|
Finance costs
|
(13.1)
|
(9.4)
|
+39.1%
|
(21.3)
|
|
Other financial income (expense)
|
(3.7)
|
0.9
|
-
|
5.0
|
|
Taxes
|
(6.6)
|
(8.6)
|
-23.7%
|
(38.5)
|
|
Net profit attributable to owners of the parent
|
18.7
|
24.7
|
-24.2%
|
107.5
|
|
Adjusted net profit* attributable to owners of the parent
|
29.7
|
34.1
|
-13.9%
|
125.2
|
* Adjusted net profit is calculated before (i) non-monetary items
covered by IFRS 2 (share-based payments), (ii) amortisation of
intangible assets on acquisitions (customer relationships), (iii)
the impact net of tax of other non-recurring income and expenses,
(iv) the non-monetary impact on changes in put options in other
financial income and expenses and (v) deferred tax liabilities
relating to goodwill whose amortisation is deductible in some
countries.
Application of new accounting
standards
- IFRS 16
Ipsos applied IFRS 16 as from 1 January 2019 and
has opted to apply the simplified modified retrospective approach,
which involves adjusting equity at the date of application and
measuring right-of-use assets from the commencement date. At
1 January 2019, equity was reduced by €9.6 million;
right-of-use assets increased by €157 million; and lease
liabilities increased by €179 million.
In the half-year income statement, the application
of IFRS 16 had a positive impact on operating margin of
€2.5 million and a negative impact of an equal amount in
financial income (loss). Therefore, the half year net profit was
not affected.
- IFRIC
23
The IFRIC 23 interpretation had no effect on the
Ipsos financial statements other than reclassifying a
€0.3 million tax provision to tax debt payable in the balance
sheet.
Impact of the acquisition of GfK
Research
Ipsos completed the acquisition of four global
divisions of GfK Custom Business Research: “Customer Experience”;
“Experience Innovation"; “Health” and “Public Affairs”, which
corresponded to an enterprise value of €105 million in
October 2018. Given the way in which the operation was
structured and the transition period required to safeguard the
continuity and quality of data delivered to clients, Ipsos recorded
revenue of only €30 million in 2018. It is expected to reach
€180 million in 2019 and €200 million for the full year of
2020. In the first half of 2019, it amounted to €73 million,
in line with expectations for the year. In 2018, profitability for
these divisions was lower than average compared with the rest of
the Ipsos Group. Nevertheless, it is expected to fall in line by
2020.
Seasonal impact
In general, the research market is heavily
seasonal, with significantly increased business in the second half
of the year as contracts are carried out. The revenue recorded over
the first half of the year generally represents around 45% of the
average annual business over recent years (at constant scope and
exchange rates). However, the recognition of expenses in income is
relatively stable throughout the year. This is why operating margin
in the first half of the year equalled approximately 25% of
operating margin for the entire year.
Items in the income statement
Gross margin (calculated by
deducting from revenue the variable and external direct costs of
contract execution) amounted to 64.5% compared with 65.2% in the
first-half of 2018 (and 65.1% for full year 2018). The reduction in
the gross margin ratio from one half year to the next is
attributable to a less favourable mix due to the four divisions of
GfK Research, which generate lower gross margins than the rest of
the Group given the nature of their work. Stripping out this change
in the scope of consolidation, the gross margin ratio was stable at
65.2%.
In terms of operating expenses, payroll
costs rose by 18.1%, 11.4% of which was attributable to
acquisitions.
The cost of variable share-based
payments dropped slightly to €3.7 million, compared
with €4.9 million in H1 2018 due to the extension in 2018
of the vesting period from two years to three years for the free
share plan.
Overhead costs remained under
control, rising by 5.4% despite revenue increasing at a faster
pace.
Overall, Group operating profit
amounted to €49.3 million, equal to 5.5% as a proportion of
revenue and down 30 bps compared with same period in the
previous year, mainly as a result of acquisitions. At constant
scope, operating margin would have equalled 5.8%.
Moreover, due to the seasonality of market
research, operating margin in the first half of the year does not
reflect that of the full year.
Below operating margin, the amortisation of
intangible assets identified on acquisitions concerns the
portion of goodwill allocated to client relationships during the
12-month period following the acquisition, recognised in the income
statement over several years, in accordance with IFRS. In
H1 2019, this allocation amounted to €2.8 million compared
with €2.4 million the previous year.
Other non-recurring income
expenses totalled €4.0 million, compared with
€1.4 million in the previous year. This figure covers
exceptional items not related to operations and includes
€2 million in acquisition costs as well as €7.9 million
in costs incurred through ongoing restructuring plans.
It also includes, in the first half of 2019, a net
gain of €6.4 million following the decision to capitalise
internal development costs since January 2018 (compared with
€7.6 million in the first half of 2018). The Group had until
now only capitalised its external development costs when the
conditions set out in its accounting methods were met. Following
the improvement of its internal monitoring system, Ipsos is now
able to capitalise its internal development costs, which consist of
the staff costs of its teams working on its platforms and projects,
under the same conditions. This decision has helped Ipsos to better
understand its overall Research & Development costs and has led
to a change in accounting estimates of the amounts that will now be
capitalised. In accordance with IAS 8, the prospective method
is applied from 1 January 2018 to recognise these
impacts.
In order to avoid distorting the operating margin
by recognising capitalisation income not offset by amortisation
during the first few periods in which changes in accounting
estimates are applied, the positive impact on operating profit of
those first periods was reclassified in “Other non-operating income
(expenses)” instead of operating margin. This same treatment will
be applied for the coming years, until the implementation of the
capitalisation reaches full momentum in 2022, considering a
depreciation period of five years for this category of assets.
Finance costs. Net interest
expenses amounted to €13.1 million compared with
9.4 million, due to the increase in net financial debt
compared with the first half of 2018 following the acquisitions
completed towards the end of last year.
Taxes. The effective tax rate on
the IFRS income statement corresponded to 26.0%, compared with
25.7% for the same period in the previous year. It includes a
deferred tax liability of €1.2 million, which cancels out the
tax savings achieved by deducting tax on amortisations of goodwill
in certain countries, even though this deferred tax charge would
fall due only if the business lines concerned were sold (and which
is restated accordingly in adjusted net profit).
Net profit attributable to owners of the
parent stood at €18.7 million compared with
€24.7 million in the first half of 2018.
Adjusted net profit attributable to owners
of the parent, which is the proper and stable indicator
used to measure performance, fell to €29.4 million, down from
€34.1 million in the first half of 2018 due to the change in
scope.
Financial structure
Cash flow. Operating cash flow
rose to €86.7 million compared with €64.0 million in the
first half of 2018 as a result of accounting entries required by
IFRS 16 worth €22.9 million. Consequently, financing
activities include two new items: “Net reimbursement of lease
liabilities”, equal to €19.4 million, and “Net interest paid
on lease commitments”, corresponding to €1.9 million. The
application of IFRS 16 had no impact on cash overall.
Working capital requirement fell by
€30.1 million as revenue picked up, in particular in
Q2 2019, which also drove an increase in trade
receivables.
In the first half of 2019, recurring investment in
property, plant and equipment and intangible assets primarily
included IT investments, reaching €21.2 million compared with
€20.4 million in the same period the previous year.
Regarding non-recurring investment, Ipsos invested
€21.4 million over the period in its acquisition programme,
spending €4 million on GfK Research, purchasing a minority
share in a US company and a 10% stake in QuestBack, a company
developing a customer and employee relationship management platform
(see the separate press release).
Equity totalled
€1,022 million at 30 June 2019, compared with
€1,035 million published at 31 December 2018, after
deducting the €38.8 million in dividends paid on
5 July 2019.
Net financial debt amounted to
€604.5 million at 30 June 2019, up slightly on
31 December 2018 (€574.6 million) as it included the
amount invested in the acquisition programme.
Liquidity position. The cash
position at the end of the first half of 2019 came out at
€145.3 million, compared with €167.8 million at
31 December 2018, giving Ipsos a good liquidity position.
The Group also has over €500 million in available credit
facilities.
OUTLOOK FOR 2019
By deciding in spring 2018 to completely
overhaul its structure, Ipsos recognised the necessity for the
company to transform following the shift in its market.
Over the years, Ipsos has positioned itself as one
of the three foremost market research companies in terms of volume
of business. Ipsos has established operations in many countries,
drawing on its solid foundations in strategic markets. It has
developed a considerable client base made up of major international
clients as well as smaller local accounts. Ipsos is exceptionally
good at what is does, with teams of experienced and committed
professionals, powerful and safe production platforms, tried and
tested solutions and a reputation as a solid, upstanding and
independent company, which is especially valuable in an era of
“alternative realities” and “alternative truths”, where several
realities exist simultaneously and separately.
For several years, Ipsos has benefited from its
large scale and extensive geographic and sectoral coverage. Despite
these strengths, despite the Group’s efforts to develop new ways of
working (known as “new services”) through the “New Way” programme,
despite the growing need for information and clarity expressed by a
great many companies and institutions and despite the emergence of
new opportunities in major developing countries (headed by China),
Ipsos has for several years now struggled with stagnating levels of
business and profitability.
At the same time, many other companies from
different backgrounds, such as tech or consulting companies, have
entered Ipsos’ market offering different services. They use
efficiency, automation and cost reductions to attract clients. They
have frequently developed innovative new methods, for example,
replacing sometimes imprecise behavioural questions, by leveraging
the new sciences and technologies which are supposedly more
accurate and which now became possible to implement. Other new
entrants – the consulting firms that have started to compete with
Ipsos – have used their skills, understanding of companies and
their ability to support companies in implementing their digital
transformation programmes.
In 2018, Ipsos decided to change direction, as the
Group was fully aware of the opportunities, which include a
growing, solvent market actively demanding new solutions that, for
the first time, go beyond selling data collected using the tried
and tested methods that are now sometimes considered out of date.
It was from this decision that the “Total Understanding” programme
was born. The programme is intended to enable Ipsos to get back to
a strong level of growth, in relation to market levels, which
stands at around 3% per year. The aim is to ensure Ipsos
develops:
- a stronger
foothold in the largest markets, especially in the US, China, the
UK, France and certain major developing countries;
- a more diverse
client base by combining the impact of growth in tech, media and
healthcare, without neglecting its core client base;
- the
competitiveness of the services it offers to its clients by
harnessing technology, sciences and new services more effectively
and regularly;
- a more compelling
response to the specific needs of its clients by dedicating the
time of 250 of its most experienced professionals, not with
the intention of directly selling its services, but to make it
easier for them to access the advantages Ipsos is able to unlock
for them. These experts support Ipsos’ teams to better understand
them and by taking advantage of the full range of the services
Ipsos is able to deploy locally and globally to build integrated
solutions that ideally match their specific need for
information.
The “Total Understanding” programme is a growth
project that mobilises all company resources and adapts to the
needs of its clients. Ipsos seeks to translate its goals into
consistently high levels of organic growth of between 2% to 4%.
Each year, from 2019 onwards, the Group strives to grow at a faster
pace than over the 2012-2018 period.
To achieve this aim, the Group must demonstrate
strict operational control that authorises greater levels of
investment than before without weakening the company’s core
financial equilibrium. This investment concerns the range of
services, which must be of excellent quality but also designed to
be modular. Investment will be coupled with training, qualitative
improvements made with employees handling client relationships, and
the implementation of operating procedures to enhance efficiency,
especially regarding the speed and simplicity of the services
provided. Furthermore, investment must take into account Ipsos’
acquisition programme, as achieved in 2018, when the Group took
advantage of an opportunity to strengthen its position in several
markets, clients and services by integrating GfK Research and when
it bought out a highly effective, advanced technology platform,
Synthesio. Used in isolation or in conjunction with other
analytical capabilities, the platform enables Ipsos to wholly throw
itself into developing and marketing ever-richer social media
content-related services.
However, this goal requires proper financial
backing. Ipsos must form new teams, who for example are able to
advise clients and analyse data, access new technologies and
develop, modernise and even revolutionise methods used to collect,
store and analyse data. This is why the targets Ipsos has set with
regard to recurring operating margin remain modest, with the aim of
improving to reach 11% by 2021. In accordance with the philosophy
championed by the “Total Understanding” programme, the greater pace
of growth will initially cover the additional spending in research
and development, establishing business development teams, and
implementing teams of experts in science and technology before it
drives improvements in operating margin and cash flow
generation.
Over the first half of 2019, growth in operating
profit was outpaced by that of revenue, reflecting the investments
made by Ipsos since 1 July 2018, the date on which the
“Total Understanding” programme came into effect. The company is
fully confident in its ability to achieve the targets set in terms
of growth and a 10% operating margin in 2019. More so than in
previous years, Ipsos will benefit from a double boost from the
seasonal effect of revenue recognition.
Ipsos is aware of the good fortune it has to
operate in a solid, global and specialised market undergoing
considerable change. Today, it is confident regarding the launch
and implementation of its “Total Understanding” programme and
therefore in its ability to once again return to a consistent,
profitable cycle of growth.
Appendices
- Consolidated
income statement
- Statement of
financial position
- Consolidated cash
flow statement
Consolidated income statement
Interim condensed consolidated financial
statements at 30 June 2019
|
in € thousands
|
Notes
|
30/06/2019
|
30/06/2018
|
31/12/2018
|
|
Revenue
|
3
|
903,359
|
786,000
|
1,749,494
|
|
Direct costs
|
4.1
|
(320,380)
|
(273,294)
|
(611,119)
|
|
Gross profit
|
|
582,978
|
512,706
|
1,138,374
|
|
Staff costs – excluding share-based payments
|
|
(423,587)
|
(358,583)
|
(753,464)
|
|
Staff costs – share-based payments
|
5.6.3
|
(3,672)
|
(4,944)
|
(8,937)
|
|
General operating expenses
|
5.12
|
(106,776)
|
(101,280)
|
(207,477)
|
|
Other operating income and expenses
|
4.2
|
335
|
(2,272)
|
(3,922)
|
|
Operating margin
|
3
|
49,278
|
45,628
|
172,418
|
|
Amortisation of intangible assets identified on acquisitions
|
|
(2,830)
|
(2,240)
|
(4,380)
|
|
Other non-recurring income and expenses
|
4.3
|
(4,644)
|
(1,355)
|
(5,273)
|
|
Share of profit/(loss) of associates
|
|
(356)
|
(8)
|
587
|
|
Operating profit
|
|
41,448
|
42,026
|
163,352
|
|
Finance costs
|
4.4
|
(13,116)
|
(9,428)
|
(21,281)
|
|
Other financial income and expenses
|
4.4
|
(3,686)
|
913
|
4,980
|
|
Profit before tax
|
|
24,647
|
33,511
|
147,051
|
|
Income tax – excluding deferred tax on goodwill amortisation
|
4.5
|
(5,244)
|
(8,027)
|
(37,078)
|
|
Deferred tax on goodwill amortisation
|
|
(1,164)
|
(585)
|
1,420
|
|
Income tax
|
4.5
|
(6,408)
|
(8,612)
|
(38,498)
|
|
Net profit
|
|
18,239
|
24,900
|
108,554
|
|
Attributable to owners of the parent
|
|
18,269
|
24,719
|
107,520
|
|
Attributable to non-controlling interests
|
|
(30)
|
181
|
1,033
|
| |
|
|
|
|
|
Basic earnings per share (in €)
|
4.6
|
0.42
|
0.59
|
2.48
|
|
Diluted earnings per share (in €)
|
4.6
|
0.40
|
0.57
|
2.40
|
Consolidated statement of financial
position
Interim condensed consolidated financial
statements at 30 June 2019
|
in € thousands
|
Notes
|
30/06/2019
|
31/12/2018
|
|
ASSETS
|
|
|
|
|
Goodwill
|
5.1
|
1,304,470
|
1,291,077
|
|
Right-of-use assets
|
5.11
|
158,623
|
|
|
Other intangible assets
|
5.2
|
86,212
|
82,001
|
|
Property, plant and equipment
|
|
37,302
|
37,890
|
|
Investments in associates
|
|
2,712
|
2,892
|
|
Other non-current financial assets
|
5.3
|
45,697
|
35,021
|
|
Deferred tax assets
|
|
27,049
|
26,987
|
|
Non-current assets
|
|
1,662,066
|
1,475,868
|
|
Trade receivables and related accounts
|
5.4
|
352,167
|
466,119
|
|
Contract assets
|
5.10
|
253,008
|
168,822
|
|
Current tax
|
|
22,951
|
16,905
|
|
Other current assets
|
5.5
|
92,889
|
78,831
|
|
Derivative financial instruments
|
5.7
|
-
|
500
|
|
Cash and cash equivalents
|
5.7
|
145,263
|
167,834
|
|
Current assets
|
|
966,287
|
899,011
|
|
TOTAL ASSETS
|
|
2,528,354
|
2,374,878
|
| |
|
|
|
|
in € thousands
|
Notes
|
30/06/2019
|
31/12/2018
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
Share capital
|
5.6
|
11,109
|
11,109
|
|
Share premium account
|
|
516,038
|
516,038
|
|
Treasury shares
|
|
(13,340)
|
(22,723)
|
|
Currency translation differences
|
|
(109,074)
|
(121,475)
|
|
Other reserves
|
|
598,738
|
633,697
|
|
Equity attributable to the shareholders of Ipsos
SA
|
|
1,003,471
|
1,016,646
|
|
Non-controlling interests
|
|
18,237
|
18,314
|
|
Total equity
|
|
1,021,708
|
1,034,960
|
|
Borrowings and other non-current financial liabilities
|
5.7
|
|
729,180
|
|
Lease liabilities
|
5.11
|
|
|
|
Non-current provisions
|
5.8
|
|
4,678
|
|
Provisions for retirement benefit obligations
|
5.8
|
|
29,715
|
|
Deferred tax liabilities
|
|
|
70,934
|
|
Other non-current liabilities
|
5.9
|
|
22,040
|
|
Total non-current liabilities
|
|
|
856,547
|
|
Lease liabilities
|
5.11
|
|
|
|
Trade payables and related accounts
|
|
|
276,266
|
|
Borrowings and other current financial liabilities
|
5.7
|
|
13,713
|
|
Current tax
|
|
|
12,153
|
|
Current provisions
|
5.8
|
|
4,996
|
|
Contract liabilities
|
5.10
|
|
30,199
|
|
Other current liabilities
|
5.9
|
|
146,045
|
|
Total current liabilities
|
|
|
483,372
|
|
TOTAL EQUITY AND LIABILITIES
|
|
2,602,321
|
2,374,878
|
Consolidated cash flow
statement
Interim condensed consolidated financial
statements at 30 June 2019
|
in € thousands
|
Notes
|
30/06/2019
|
30/06/2018
|
31/12/2018
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
NET PROFIT
|
|
18,239
|
24,900
|
108,554
|
|
Items with no impact on cash flow from
operations
|
|
|
|
|
|
Amortisation and depreciation of property, plant and equipment and
intangible assets
|
|
36,467
|
12,705
|
32,698
|
|
Net profit of equity-accounted companies, net of dividends
received
|
|
356
|
8
|
(609)
|
|
Losses/(gains) on asset disposals
|
|
(19)
|
40
|
(9,461)
|
|
Net change in provisions
|
|
325
|
1,587
|
4,074
|
|
Share-based payment expense
|
|
3,424
|
4,585
|
8,458
|
|
Other non-cash income/(expenses)
|
|
(1,256)
|
2,157
|
(1,106)
|
|
Acquisition costs for consolidated companies
|
|
2,002
|
9
|
3,930
|
|
Finance costs
|
|
15,716
|
9,428
|
21,281
|
|
Tax expense
|
|
6,408
|
8,612
|
38,498
|
|
Other non-cash income/(expenses) under IFRS 16
|
|
1,463
|
|
|
|
CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE
COSTS
|
|
83,126
|
64,029
|
206,317
|
|
Change in working capital requirement
|
6.1
|
(12,490)
|
16,004
|
3,482
|
|
Net interest paid
|
|
(7,594)
|
(8,332)
|
(18,385)
|
|
Income taxes paid
|
|
(21,896)
|
(22,349)
|
(39,697)
|
|
NET CASH (USED IN)/FROM OPERATING ACTIVITIES
|
|
41,146
|
49,352
|
151,717
|
|
INVESTMENT ACTIVITIES
|
|
|
|
|
|
Acquisitions of property, plant and equipment and intangible
assets
|
6.2
|
(21,185)
|
(20,406)
|
(49,006)
|
|
Proceeds from disposals of property, plant and equipment and
intangible assets
|
|
58
|
96
|
164
|
|
Increase/(decrease) of financial assets
|
|
9,493
|
(5,047)
|
5,216
|
|
Acquisitions of companies and consolidated activities, net of
acquired cash
|
|
(19,201)
|
(3,987)
|
(152,479)
|
|
NET CASH (USED IN)/FROM INVESTMENT ACTIVITIES
|
|
(30,836)
|
(29,343)
|
(196,105)
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
Increases/(reductions) in share capital
|
|
-
|
-
|
-
|
|
(Purchases)/sales of treasury shares
|
|
304
|
1,198
|
1,219
|
|
Increase in long-term borrowings
|
|
27
|
236,868
|
603,286
|
|
Decrease in long-term borrowings
|
|
(22)
|
280,188
|
(481,034)
|
|
Increase in long-term borrowings from associates
|
|
(12,391)
|
|
|
|
Increase/(decrease) in bank overdrafts and short-term debt
|
|
(555)
|
(838)
|
567
|
|
Acquisitions of non-controlling interests
|
|
-
|
(8,779)
|
|
|
Dividends paid to shareholders of Ipsos SA
|
|
-
|
-
|
(37,831)
|
|
Dividends paid to non-controlling interests in consolidated
companies
|
|
9
|
(841)
|
(857)
|
|
Net interest on leases
|
|
(1,958)
|
|
|
|
Lease payments (principal)
|
|
(19,359)
|
|
|
|
NET CASH (USED IN)/FROM FINANCING ACTIVITIES
|
|
(33,944)
|
(52,601)
|
76,225
|
|
NET CHANGE IN CASH
|
|
(23,634)
|
(32,592)
|
31,837
|
|
Impact of foreign exchange rate movements
|
|
1,225
|
(1,195)
|
(1,269)
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD
|
|
167,834
|
137,267
|
137,267
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
145,263
|
103,481
|
167,834
|
ABOUT IPSOS
Ipsos is the third largest market research company in the world,
present in 90 markets and employing more than 18,000
people.
Our passionately curious research professionals, analysts and
scientists have built unique multi-specialist capabilities that
provide true understanding and powerful insights into the actions,
opinions and motivations of citizens, consumers, patients,
customers or employees. Our 75 business solutions are based on
primary data coming from our surveys, social media monitoring, and
qualitative or observational techniques.
“Game Changers” – our tagline – summarises our ambition to help our
5,000 clients navigate with confidence our world of rapid
change.
Founded in France in 1975, Ipsos is listed on the Euronext Paris
since 1 July 1999. 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