Regulatory News:
Publicis Groupe (Paris:PUB):
- Q3 reported net revenue up +17.3%
- Q3 organic growth at -2.7%
- New organic growth forecasts at around -2.5% for
2019
- Confirmed operating margin at 17.3%(1)(3) (+30bps) and
Headline EPS(2)(3) growth at +5% in 2019
- Strong New Business momentum in Q3. Focus on execution to
implement Groupe’s strategy
Q3 2019
€2,577 m
€2,197 m
+17.3%
+14.0%
-2.7%
First 9 months
€6,929 m
€6,477 m
+7.0%
+3.3%
-1.4%
North America
-3.3%
Europe
stable
Asia - Pacific
+2.2%
Latin America
-7.5%
MEA
+15.5%
(1) Excluding Epsilon transaction costs (2) At constant currency
and excluding BEAT tax, on a fully diluted basis (3) In line with
the bottom of the range previously communicated
Publicis Groupe brings forward the publication of its Q3 2019
revenue, initially planned for October 16, and reviews its annual
guidance. A call with management will take place at 7.00pm CET on
10 October 2019, dial-in number: France: +33 (0)1 76 77 22 57 - UK:
+44 (0)330 336 9411 - USA: +1 323 794 2588 Code confirmation:
2252939 – Webcast: https://edge.media-server.com/mmc/p/9ir9vs3g
Arthur Sadoun, Chairman and CEO of Publicis Groupe:
“ Our third quarter shows the two faces of our transformation,
which have never been so extreme.
On the one side, the cost of our transition is hurting
short-term organic growth with a negative Q3 below our internal
expectations. This is leading us to take a very cautious approach
and reset our guidance for revenue this year, now expected around
-2.5%.
On the other, our transformation is starting to show concrete
results. We are posting a 17.3% growth in our reported revenue,
shifting the revenue profile of the Groupe towards future-facing
expertise. We can confirm a 17.3% operating margin and a 5%
headline EPS growth for 2019 thanks to solid financials. We
continue to have a strong new business momentum, demonstrating the
attractiveness of our go to market.
We have clearly identified the challenges affecting our
industry, and we haven’t lost a second in addressing them. We are
disrupting our traditional operations with data and technology
thanks to the acquisition of Sapient and Epsilon to deliver
personalization at scale. We have streamlined and simplified our
organization to seamlessly connect creativity, media, data and
technology. Now we are focused on executing our strategy, and there
are already concrete signs that make us confident for the
future.
First and foremost, in a data-led digital world, an increasing
number of clients have seen in our model the solution for their
transformation. In Q3, we continued to win major accounts such as
Novartis, Mondelez, British Telecom, and LVMH. The combination of
our data and tech capabilities has played a critical role in this,
especially in the U.S., where we were able to bring together our
leadership position in media with Epsilon’s unmatched
deterministic, behavioral and transactional data, powered by
AI.
Second, we are shifting the Groupe’s revenue profile, thanks to
the integration of Epsilon which is enhancing reported growth to
double digits while considerably improving our data offering. At
the same time, our game-changers that represent 14% of our revenue
are growing organically by 21% YTD. With the inclusion of Epsilon
they represent 27% of our revenue in Q3.
Finally, this improvement in our activity mix, the increased
efficiency of our organization thanks to our country-led model and
our ongoing cost savings plan gives us a high level of
predictability on our margin, which we are confident of maintaining
at an industry-high level.
We have taken the tough but necessary decisions needed to tackle
the industry challenges we are facing head-on. We are without a
doubt at the hardest part yet of our journey and as is the case
with any major structural change, things always get worse before
they get better.
We could have chosen the easy route and taken advantage of the
status quo to find small pockets of immediate growth. Instead we
are accepting this painful situation in the short-term, to be
better prepared for the future. With the support of the Supervisory
Board, we decided to stand at the forefront of change to better
help our clients transform in the long run, by bringing them
creative and media combined with data, technology and AI. It is how
they will win tomorrow, and how we will capture a good share of the
growth that today is mainly going to the digital platforms.
Now, more than ever, we are committed to deliver consistent
growth and strong financials by focusing on the execution of our
plan. ”
* *
*
NET REVENUE IN Q3 2019
Breakdown of Q3 2019 Net revenue by region
EUR
Net revenue
Reported
Organic
million
Q3 2019
Q3 2018
Growth
Growth
Europe
606
614
-1.3%
-3.3%
North America
1,561
1,214
+28.6%
-3.6%
Asia Pacific
260
224
+16.1%
+2.5%
Latin America
75
79
-5.1%
-7.2%
Middle East & Africa
75
66
+13.6%
+9.0%
Total
2,577
2,197
+17.3%
-2.7%
Publicis Groupe’s Net revenue in Q3 was euro 2,577 million, a
17.3% increase from euro 2,197 million in 2018. The effects of
exchange rate had a positive impact of euro 65 million.
Acquisitions (net of disposals) had a positive contribution on net
revenue of euro 376 million, reflecting the acquisitions of Epsilon
(closing on July 1, 2019) slightly offset by the disposals of PHS
and Proximedia.
Publicis Groupe organic growth ended up at -2.7% in Q3, below
internal expectations, mainly in September. First, the Groupe
continued to suffer from cuts from a handful of clients on
traditional advertising mainly in the US, a stronger impact than
anticipated in July. This attrition continues to reflect both the
client portfolio of the Groupe and its activity mix.
Second, the performance of media operations was softer than
expected, in the context of very tough comparable bases. In Q3
2018, organic growth was close to double-digit, fueled by various
U.S. wins that annualized out this quarter. In Q3 2019, FCA and GSK
continued to ramp up as anticipated but did not fully compensate
the impact of the losses incurred since Q3 last year.
Third, as was announced at the beginning of the year, Publicis
Sapient in the U.S. is shifting from digital marketing services to
full business transformation through industry verticals. This is
mirroring the strategy that is already delivering strong growth for
Publicis Sapient internationally. It has had a negative impact on
short-term growth as Publicis Sapient U.S. is moving from
project-based digital assignments to long-term business
transformation programs. For now, the digital business
transformation growth in the US has not yet been strong enough to
compensate the decline in one-off and project-based revenues
leading to a negative Q3.
In Q3, Europe posted reported growth at -1.3% and -3.3% on an
organic basis. This is mainly due to high comparable in the region
last year. France recorded organic growth at -0.8%, the United
Kingdom at -3.9% and Germany at -5.3%.
North America posted +28.6% growth and a 3.6% decline on an
organic basis. In particular, the US, where the headwinds mentioned
above materialized with the higher pressure, is posting a -4.9%
organic growth.
Asia Pacific posted reported growth at +16.1% and +2.5% on an
organic basis, with Singapore at +18.3% and India at +20.4%. China
turned to positive territory in Q3 at +4.0%.
Latin America fell by 5.1% as reported and -7.2% on an organic
basis. This can be explained by the high comparable and the
economic situation in some countries. Brazil and Mexico were down
14.9% and 9.4% respectively, explaining the decline in that
region.
The Middle East and Africa region was up 13.6% as reported and
9.0% on an organic basis.
NET REVENUE AT END SEPTEMBER 2019
Publicis Groupe’s Net revenue in the first nine months of the
year was euro 6 929 million, a 7.0% increase from euro 6,477
million in 2018. The effects of exchange rate had a positive impact
of euro 230 million. Acquisitions (net of disposals) had a positive
contribution on net revenue of euro 319 million, reflecting the
acquisition of Epsilon partially offset by the disposals of PHS and
Proximedia.
Organic growth stood at -1.4%. Strategic Game Changers growth
reached 21% for a total net revenue of circa euro 930 million, i.e.
14% of Groupe’s total net revenue excluding Epsilon.
Breakdown of net revenue by region at September 30
EUR
Net revenue
Reported
Organic
million
9M 2019
9M 2018
growth
growth
Europe
1,902
1,869
+1.8%
+0.0%
North America
3,877
3,535
+9.7%
-3.3%
Asia Pacific
704
647
+8.8%
+2.2%
Latin America
219
237
-7.6%
-7.5%
Middle East & Africa
227
189
+20.1%
+15.5%
Total
6,929
6,477
+7.0%
-1.4%
Europe posted reported growth at +1.8% and was stable on an
organic basis. France and the United Kingdom both recorded growth
of 1.8% over the first nine months. Italy recorded growth of 6.1%,
with a strong impact from new client wins. Conversely, Germany
recorded a decline of 8.2%.
North America posted a +9.7% growth on a reported basis but a
3.3% decline on an organic basis.
Asia Pacific posted reported growth at +8.8% and +2.2% on an
organic basis, with Singapore and India at +16.0% and 16.7%
respectively. China was slightly positive at +0.4%.
Latin America fell by 7.6% as reported and 7.5% on an organic
basis. This can be explained by the high comparables and the
economic situation in some countries of the region. Brazil and
Mexico were down 14.4% and 3.4% respectively, explaining the
decline in that region.
The Middle East and Africa region was up 20.1% as reported and
15.5% on an organic basis.
Net debt
Net debt totaled euro 5,043 million at September 30, 2019, after
a positive net cash position of euro 288 million at December 31,
2018. The Group’s average net debt was euro 1,724 million during
the first nine months of 2019, up from euro 1,410 million in the
first nine months of 2018.
The acquisition of Epsilon, closed on July 1, 2019, is mainly
funded by (i) the issue on June 5, 2019 of a euro 2.25 billion bond
in three tranches, the settlement of which took place on June 13,
2019 and (ii) a medium-term loan established on June 28, 2019
(draw-down effective July 1, 2019) in three tranches (one for $900
million and two for euro 150 million each).
Acquisitions and disposals
On January 31, Publicis Groupe announced the final signature for
the disposal of Publicis Health Solutions (PHS) to Altamont
Capital Partners (Altamont). PHS, which was part of the Publicis
Health solutions hub, is an organization of medical and marketing
representatives for pharmaceutical, biotechnology, medical device
and diagnostic companies. Its brands, which include Touchpoint,
PDI, Tardis Medical, PHrequency and CustomPoint Recruiting, offer a
full range of services to customers.
On February 7, Publicis Groupe confirmed that on February 6,
2019, it had acquired 82.99% of the capital of Soft
Computing, the French leader in Data Marketing, at a price of
euro 25 per share, for a total amount of approximately euro 43.4
million. This acquisition was realized with the founding
shareholders and their families and follows the lifting of all
conditions precedent for the agreements signed on December 19,
2018. The price offered was 66.67% above the December 19, 2018
closing price. Created in 1984 by Eric Fischmeister and Gilles
Venturi, Soft Computing is specialized in data and how it is
applied to enhance digital marketing and transform the customer
experience. With over 400 experts, this market leading company
provides its services to the majority of large corporates in the
retail, services and financial sectors.
On February 14, Publicis Groupe announced that, following a
competitive sale process, conducted with the help of a major bank,
the group entities that own Proximedia have entered into
exclusive negotiations with Ycor for the sale of all of Proximedia.
With operations in France, Belgium, the Netherlands and Spain,
Proximedia provides digital services to SMEs, small shops and
craftsmen for their online presence and promotion. Publicis Groupe
completed the disposal in the first half of 2019.
On April 14, 2019, Publicis Groupe announced it has entered into
an agreement with Alliance Data Systems Corporation (NYSE: ADS)
under which Publicis Groupe will acquire Epsilon for a net
purchase price of $3.95 billion after tax step-up (total cash
consideration of $4.40bn) and build a strategic partnership with
Alliance Data remaining business. This acquisition will accelerate
the implementation of Publicis’ strategy to become the preferred
transformation partner for its clients. At the core of Publicis
Groupe, Epsilon will strengthen its creative, media and technology
activities and accelerate its growth. This transaction is positive
for shareholders, with accretion of 12.5% in headline net income
per share and 18.3% in free cash flow per share, excluding any
transaction-related synergies and based on 2018 proforma numbers.
The closing took place on July, 1 and was announced on July 2,
2019.
On August 18, 2019, Publicis Groupe announced its acquisition of
Rauxa, an independent, full-service marketing agency. Rauxa
has become part of Publicis Media, the media solution hub of
Publicis Groupe. Founded in 1999, the agency has averaged
double-digit growth every year, with a net revenue of around 70M$
in 2018, and more than 300 employees spanning New York, Los
Angeles, San Francisco, Seattle, Orange County and Dallas. Rauxa’s
clients include Verizon, Samsung, Alaska Airlines, Vans, Celgene
and 20 other leading client brands. Rauxa operates as a Publicis
Media agency brand in the United States, and continues to be led by
its founder Jill Gwaltney, and its President and Chief Executive
Officer Gina Smith, reporting to David Penski, Global CEO of
Publicis Media Exchange (PMX) and Tim Jones, Regional CEO Americas
for Publicis Media. Rauxa will work closely alongside Publicis
Media’s digital agencies (Moxie, MRY and Digitas) driving deeper
communications touchpoints across strategy, CRM and personalized
creative.
NOMINATIONS
Publicis Sapient, the digital business transformation hub of
Publicis Groupe, announced the appointment of John Maeda as
Chief Experience Officer. The selection of Maeda, one of the
world’s creative leaders of computational design - the convergence
of design and technology - signals Publicis Sapient’s ongoing
commitment to pushing the boundaries of how businesses create
exponential value for their customers and markets. In this role,
John joins the Creative Executive Collective of Publicis Groupe
whereby creative leadership is multi-faceted and structured to
develop the necessary broad palette of creativity for the modern
world – dynamic creativity brought to life through stories,
experiences and innovation.
Publicis Groupe UK appointed Ben Mooge in the
newly-created position of Chief Creative Officer, Publicis
Groupe UK. The role reinforces Publicis Groupe’s commitment to
putting the creative product at the very heart of the business. It
recognises creativity’s value to clients and talent and its true
potential when connected with data and technology.
Publicis Groupe announced two executive leadership
infrastructures (namely, Publicis Groupe U.S. ComEx and
Publicis Communications U.S. organized into three Zones) that will
drive U.S. governance, accelerate the implementation of the
Groupe’s strategy, and further transform the Groupe’s creative
offering.
Publicis Groupe U.S. ComEx will be accountable for
advancing the Groupe’s strategy and driving overall performance and
growth for the Groupe and its clients in the company’s largest
market. The Publicis Groupe U.S. ComEx will be chaired by Arthur
Sadoun, Chairman and CEO, Publicis Groupe, and comprised of Tim
Jones, CEO, Publicis Media Americas; Bryan Kennedy, CEO, Epsilon;
Ros King, EVP, Global Clients, Publicis Groupe; Steve King, COO,
Publicis Groupe & CEO, Publicis Media; Adrian Sayliss, CFO,
Publicis Groupe North America; Carla Serrano, CSO, Publicis Groupe;
Liz Taylor, CCO, Publicis Communications US & CCO, Leo Burnett
Worldwide; and Nigel Vaz, CEO, Publicis Sapient.
Publicis Communications U.S. has been organized into three
zones to catalyse transformation and cross-fertilization of the
Groupe’s creative brand portfolio spanning brands such as Leo
Burnett, Saatchi & Saatchi, Publicis, BBH and Fallon. The West
zone will be led by Andrew Bruce, CEO, Publicis Communications
West; the Center zone will be headed up by Andrew Swinand, CEO,
Publicis Communications Center; and the East zone will be under the
leadership of Jem Ripley who returns to Publicis Groupe as Publicis
Communications CEO East. Additionally, Ripley will also lead
Publicis Sapient’s marketing transformation business and clients in
the U.S., which will transit to Publicis Communications. The
digital business transformation capability remains within the
Publicis Sapient hub.
OUTLOOK
Our organic growth underperformance in Q3 is due to both
well-identified industry challenges that we are addressing, and to
the strong impact of the transition we are in.
We anticipate that the disruption effects on short-term organic
growth will continue to weigh on our performance. This is leading
us to take a very cautious approach and reset our growth
expectations for the quarters to come.
For 2019, we now anticipate organic net revenue to decline by
around 2.5%.
For 2020, we are currently expecting organic net revenue to
range between -2% if current trends persist, and +1%.
We are confident to maintain solid financial ratios. We should
increase our operating margin rate by 30bps in 2019, reaching 17.3%
(1), including the benefit of Epsilon’s consolidation in H2. We are
also confident to maintain a normalized operating margin at around
17% going forward.
We are planning CAPEX of around 250 million Euros in 2019 rising
to 300 million Euros per annum from 2020, taking into account the
full consolidation of Epsilon. This level, together with a
normalized margin at around 17% confirms our ability to maintain a
high level of cash flow. This enables us to confirm our full
deleveraging in 4 years.
Finally, we are confirming our commitment to grow headline EPS
(2) by 5% in 2019 (excluding BEAT tax, at constant exchange
rates).
(1) Excluding Epsilon transaction costs (2) In line with the
bottom of the range previously communicated
* *
*
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 as at
the date of this document and, other than as required by applicable
law, Publicis Groupe does not assume any obligation to update them
to reflect new information or events or for any other reason.
Publicis Groupe urges you carefully to consider the risk factors
that may affect its business, as set out in the Registration
Documents filed with the French Autorité des Marchés Financiers
(AMF) and which is available on the website of Publicis Groupe
(www.publicisgroupe.com), including an unfavorable economic
climate, an extremely competitive market sector, the possibility
that our clients could seek to terminate their contracts with us at
short notice, the fact that a substantial part of the Group’s
revenue is derived from certain key clients, conflicts of interest
between advertisers active in the same sector, the Group’s
dependence on its directors and employees, laws and regulations
which apply to the Group’s business, legal action brought against
the Group based on allegations that certain of the Group’s
commercials are deceptive or misleading or that the products of
certain clients are defective, the strategy of growing through
acquisitions, the depreciation of goodwill and assets listed on the
Group’s balance sheet, the Group’s presence in emerging markets,
exposure to liquidity risk, a drop in the Group’s credit rating and
exposure to the risks of financial markets.
This press release contains inside information as per the
definition of article 7 of EU Regulation n°596/2014
About Publicis Groupe - The Power of One Publicis Groupe
[Euronext Paris FR0000130577, CAC 40] is a global leader in
marketing, communication, and digital transformation, driven
through the alchemy of data, creativity, media and technology,
uniquely positioned to deliver personalized experience at scale.
Publicis Groupe offers its clients a seamless end-to-end service to
address all their marketing and transformation challenges. Publicis
Groupe is organized across Solutions hubs: Publicis Communications
(Publicis Worldwide, Saatchi & Saatchi, Leo Burnett, BBH,
Marcel, Fallon, MSL, Prodigious), Publicis Media (Starcom, Zenith,
Spark Foundry, Performics, Digitas), Publicis Sapient and Publicis
Health. Epsilon, the data-driven marketing and tech company and its
platform Conversant, is positioned at the center of the group
fueling all the group’s operations. Present in over 100 countries,
Publicis Groupe employs nearly 84,000 professionals.
www.publicisgroupe.com | Twitter:@PublicisGroupe | Facebook |
LinkedIn | YouTube | Viva la Difference!
Appendices
Net revenue: organic growth
calculation
(million euro)
Q1
Q2
Q3
9 months
Impact of currency at end Sept
2019 (million euro)
2018 net revenue
2,082
2,198
2,197
6,477
GBP (2)
1
Currency impact (2)
93
72
65
230
USD (2)
214
2018 net revenue (1) at 2019 exchange
rates (a)
2,175
2,270
2,262
6,707
Others
15
2018 net revenue before acquisition impact
(b)
2,136
2,273
2,201
6,610
Total
230
Net revenue from acquisitions (1)
(18)
(39)
376
319
2019 net revenue
2,118
2,234
2,577
6,929
Organic growth (b/a)
-1.8%
+0.1%
-2.7%
-1.4%
Organic growth excl. PHS (3)
-1.6%
+0.1%
-2.7%
-1.4%
(1) Acquisitions (Optix, Independent Ideas, Ecosys, Domaines
Publics, Payer Science, One Digital, The Shed, Kindred, Xebia, IDC
Creation, Brilliant, Soft Computing, E2 Media, Epsilon, Rauxa,
DigitasAffinity ID, McCready Bale Media), net of disposals.
(2) EUR = USD 1.124 on average in YTD 2019 vs. USD 1.194 on
average in YTD 2018 EUR = GBP 0.883 on average in YTD 2019 vs. GBP
0.884 on average in YTD 2018
(3) Publicis Groupe made effective the disposal of Publicis
Health Services in January 2019
New Business: Main wins 9M 2019
PUBLICIS COMMUNICATIONS
Google (USA), Barclays (UK), Samsung (UK & USA), Massage
Envy (USA), Cumberland Farms (USA), Nestlé (Australia), RAMS
Financial Group (Australia), Health Promotion Board (HPB)
(Singapore), Banco Safra (Brazil), Perdigão (Brazil), Distell
(South Africa), MillerCoors, Coors Light (USA), Facebook Messenger
(USA), Oppo (China), Nesqino (China), Nescafe (Brazil), Lincoln
China (China), Aramco Eastern Province Festival (Saudi Arabia),
Tesco Mobile (UK), Fan Duel Group (USA), Visit Victoria
(Australia), Total (France), Coral (UK), Cooper Tire (USA),
Servicemaster (USA), KeyBank (USA), The Cronos Group (Canada), CTC
(USA), Mondelez (USA), British Telecom (UK)
PUBLICIS MEDIA
Agata Katowice (Poland), Atresmedia (Spain), Credit Agricole
(Poland), Driven Brands (USA), E. Wedel (Poland), GreatCall
(USA),Grupa Lotos (Poland), Huawei (China), Miele (China), NBC
Universal (USA), Purplebricks (USA), Rio Tinto (Australia), Sante
A. Kowalski (Poland), Twitter (USA), Buffalo Grill (France),Cancer
Council NSW (Australia), Kellogg's (South Africa), Lantmännen
Cerealia (Nordics), PKN Orlen (Poland), PPG Coatings (Australia),
Ralph Lauren (USA), Varsity College (South Africa), Bertel O. Steen
(Norway), Chill Beverages International (South Africa), City of
Melbourne (Australia), Clientele (South Africa), Concurso AENA
(Spain), Gargash Hospital (MENA), H&M (Australia), Kellogg's
(Australia & New Zealand), Livspace (India), LVMH (EMEA),
Mattel (Canada), MGA Entertainment (Australia), Mondelez
International (Creative) (Global), Santam (South Africa), Triennale
di Milano (Italy), VistaPrint (United States), XXII Exhibition of
the Milan Triennale (Italy)
PUBLICIS SAPIENT
Goldman Sachs (USA), World Fuel Services Corporation (USA), UBS
AG (USA), Heathrow Airport (UK), Citigroup Technology (USA),
Bacardi-Martini (USA), Neiman Marcus (USA), Government of Abu Dhabi
(UAE), Telefonica (Spain), The Capital Group Inc. (USA), Northern
Trust (USA), Gibson Energy Inc. (Canada), BT Pensions (UK), ADNOC
(UAE)
PUBLICIS HEALTH
Abbott (USA & Canada), Abbvie (USA), Amazon (USA),
Boehringer Ingelheim (Global), Bristol-Myers Squibb (France), Roche
(Global & EMEA), Merck & Co. (USA), Novo Nordisk (USA),
Sanofi Genzyme (USA), Sunovion Pharmaceuticals, Inc. (USA &
Canada), Alfasigma (USA & Canada), Pfizer (Global), Supernus
Pharma (USA), AbbVie (Global), ACADIA Pharmaceuticals Inc. (USA),
GlaxoSmithKline (Global), HCA Healthcare (USA), Novartis (USA),
Oncopeptides (USA), Johnson & Johnson (USA), Regeneron
Pharmaceuticals (USA), Sanofi Pasteur (Global)
2019 press releases
08-01-2019 Publicis Groupe appoints Michael Rebelo as Chief
Executive Officer, Australia & New-Zealand
24-01-2019 Publicis Groupe appoints Bertilla Teo and Michael Lee
as co-Chief Executive Officers, Greater China
31-01-2019 Publicis Groupe Launches Innovative Learning
Experiences to Speed Transformation to a Platform
31-01-2019 Publicis Groupe Completes Divestiture of
Pharmaceutical Contract Commercialization and Sales Unit (PHS)
01-02-2019 Publicis Groupe takes full ownership of Blue 449 in
the UK
01-02-2019 Jacco ter Schegget Named CEO Publicis Groupe Belgium
and the Netherlands
06-02-2019 Publicis Groupe: 2018 Annual Results
07-02-2019 Publicis Groupe completes acquisition of Soft
Computing
11-02-2019 Publicis Groupe Appoints Alessandra Girolami as VP,
Investor Relations & Strategic Financial Planning
14-02-2019 Publicis Groupe Enters into Exclusive Negotiations
with Ycor for the Sale of Its Digital Services Subsidiary,
Proximedia
27-02-2019 Publicis Groupe Malaysia Appoints Abraham Varughese
as Chief Creative Officer
07-03-2019 Supervisory Board
26-03-2019 Publicis Groupe Named Adobe’s Digital Experience
Partner Of The Year For The Americas
01-04-2019 Press release
03-04-2019 Publicis Groupe Agencies Score High Marks on The
Human Rights Campaign’s 2019 Corporate Equality Index
09-04-2019 Publicis Groupe Germany appoints Frank-Peter Lortz as
CEO of Publicis Communications Germany
14-04-2019 Publicis Groupe to Acquire Epsilon
14-04-2019 Publicis Groupe: First Quarter 2019 Revenue
17-04-2019 2018 Registration Document available
24-04-2019 Dividend
02-05-2019 Mark Tutssel Leaving Leo Burnett after Illustrious
Three-Decade Career
07-05-2019 Maurice Lévy Inducted into the 2019 Advertising Hall
of Fame by the American Advertising Federation (AAF)
16-05-2019 Groupe Renault Gives a New Dimension to Its
On-Boarded Editorial Content Platform and Enters into a Strategic
Agreement with Publicis Groupe
23-05-2019 Publicis Groupe Appoints Delphine Stricker as VP,
Director of Communication
28-05-2019 Significant progress on the financing of the Epsilon
transaction
29-05-2019 Combined General Shareholders’ Meeting
05-06-2019 Publicis groupe successfully places 2.25 eur billion
bonds
17-06-2019 Publicis Groupe UK Bolsters Country Model with
Appointment of Ben Mooge as Chief Creative Officer
18-06-2019 Publicis Sapient Announces John Maeda as Chief
Experience Officer
02-07-2019 Publicis Groupe finalizes the acquisition of
Epsilon
04-07-2019 Publicis Groupe announces Leadership Appointments in
North Asia
11-07-2019 Publicis Groupe Unveils U.S. Leadership To Accelerate
Transformation
22-07-2019 Viva Technology reveals the dates of its 5th edition
Let’s meet in Paris on June 11- 13, 2020
14-08-2019 Overview of the share buyback program authorized by
the Combined Ordinary and Extraordinary General shareholders’
Meeting of May 29, 2019
19-08-2019 Publicis Groupe acquires US based full-service
marketing agency Rauxa
04-09-2019 Publicis Groupe announces further leadership
appointments in North Asia
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: Operating margin before depreciation.
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, amortization of
intangibles arising from 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 debt 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 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 excluding lease liability since 1st January 2018.
Average net debt: Average of monthly net debt at end of
each month.
Dividend pay-out: Dividend per share / Headline diluted
EPS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191010005639/en/
Publicis Groupe
Delphine Stricker Corporate Communications + 33 (0)6 38 81 40 00
delphine.stricker@publicisgroupe.com
Alessandra Girolami Investor Relations + 33 (0)1 44 43 77 88
alessandra.girolami@publicisgroupe.com
Chi-Chung Lo Investor Relations + 33 (0)1 44 43 66 69
chi-chung.lo@publicisgroupe.com
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