Full Year 2024 Results
Very strong Q4 at
+6.3%
Ending 2024 as the world’s largest
advertising group
February 4, 2025
- Ending 2024 as world’s
largest advertising group:
- +6.3% organic growth in Q4,
leading to +5.8% for the full year
- Strong FY performance
across all regions: U.S. at +4.9%, Europe +5.4%, Asia Pacific at
+6.3%
- Maintained industry-leading
financial KPIs: 18% operating margin rate, headline EPS up +4.9% at
€7.30, free cash flow at €1.84
billion1
- 2024 proposed dividend at
€3.60 per share, up 5.9%, fully paid in cash
- Confident in continued
outperformance in 2025:
- Organic growth guidance of
+4% to +5%
- Operating margin rate
slightly above 18%
- Free cash flow of €1.9 to
€2.0 billion
FY 2024 results
|
(€m) |
FY 2024 |
2024 vs 2023 |
|
Revenue |
16,030 |
+8.3% |
|
Net revenue |
13,965 |
+6.6% |
|
Organic growth |
+5.8% |
|
|
Operating margin |
2,519 |
+6.6% |
|
Operating margin rate |
18.0% |
- |
|
Headline diluted EPS (euro) |
7.30 |
+4.9% |
|
Free cash flow |
€1.84bn1 |
|
Q4 2024 revenue
Arthur Sadoun, Chairman and CEO of Publicis Groupe:
“Thanks to a very strong Q4, Publicis became the
largest advertising company in the world in 2024.
We are ending the year in the number one
position across the board, growing three times faster than our
holding company peers, and five times faster than the IT
consultancies. We delivered industry-high financial ratios while
stepping up the pace of our investments in AI and talent. Once
again, we topped the charts in new business rankings.
But even more importantly, we are accelerating
on our status as a Category of One thanks to our unmatched
1st-party data capabilities, our connected media ecosystem, our
creative firepower, and our 25,000 engineers, brought together
through the Power of One. This makes us confident in significantly
outperforming the industry in 2025 for the 6th year in a row.”
* *
*
Publicis Groupe’s Board of Directors met on February 3,
2025, under the chairmanship of Arthur Sadoun to approve the annual
accounts for 2024.
KEY FIGURES
|
EUR million, except per-share data and
percentages |
FY 2024 |
FY 2023 |
2024vs 2023 |
|
Data from the Income Statement and Cash flow
Statement |
|
|
|
|
Net revenue |
13,965 |
13,099 |
+6.6% |
|
Pass-through revenue |
2,065 |
1,703 |
+21.3% |
|
Revenue |
16,030 |
14,802 |
+8.3% |
|
EBITDA |
3,014 |
2,845 |
+5.9% |
|
% of Net revenue |
+21.6% |
+21.7% |
-10 bps |
|
Operating margin |
2,519 |
2,363 |
+6.6% |
|
% of Net revenue |
18.0% |
18.0% |
0 bps |
|
Operating income |
2,214 |
1,740 |
+27.2% |
|
Net income attributable to the Groupe |
1,660 |
1,312 |
+26.5% |
|
Earnings Per Share (EPS) |
6.62 |
5.23 |
+26.6% |
|
Headline diluted EPS2 |
7.30 |
6.96 |
+4.9% |
|
Dividend per share3 |
3.60 |
3.40 |
+5.9% |
|
Free cash flow before WC requirements |
1,838 |
1,547 |
|
|
Data from the Balance Sheet |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
|
Total assets |
39,854 |
36,716 |
|
|
Groupe share of Shareholders’ equity |
11,060 |
9,788 |
|
|
Net debt (net cash) |
(775) |
(909) |
|
NET REVENUE IN FY 2024
Publicis Groupe’s net revenue for the full year
2024 was 13,965 million euros, up +6.6% compared to 13,099 million
euros in 2023. Exchange rate variations over the period had a
negative impact of 39 million euros and acquisitions (net of
disposals) had a positive impact of 152 million euros. Organic
growth reached +5.8%.
Breakdown of FY 2024 net revenue by
sector
|
Client sectors |
% Net revenue |
| Healthcare |
14% |
| Automotive |
13% |
| Financial |
12% |
| Food &
beverage |
12% |
| TMT |
11% |
| Non-food
consumer products |
10% |
| Retail |
9% |
| Leisure &
travel |
4% |
| Public sector
& others |
3% |
| Energy &
manufacturing |
3% |
| Others* |
9% |
* Miscellaneous and other activities (outdoor
media, The Drugstore etc.)
Breakdown of FY 2024 net revenue by
region
|
EUR |
Net revenue |
Reported |
Organic |
|
million |
FY 2024 |
FY 2023 |
growth |
growth |
|
North America |
8,583 |
8,050 |
+6.6% |
+5.1% |
| Europe |
3,384 |
3,172 |
+6.7% |
+5.4% |
| Asia
Pacific |
1,218 |
1,156 |
+5.4% |
+6.3% |
| Middle East
& Africa |
406 |
380 |
+6.8% |
+7.4% |
|
Latin America |
374 |
341 |
+9.7% |
+22.9% |
|
Total |
13,965 |
13,099 |
+6.6% |
+5.8% |
In North America, net revenue
was up +5.1% organically in 2024. The region grew +6.6% on a
reported basis, which includes a slight negative impact of the U.S.
dollar to euro exchange rate and the contribution of acquisitions
completed over the year. The U.S., the Groupe’s
largest geography and where its model is the most advanced, posted
a solid +4.9% organically, fueled by both strong Connected Media
and Intelligent Creativity.
Net revenue in Europe grew
+5.4% on an organic basis and +6.7% on a reported basis, on top of
three years at double-digit organic growth. It includes +1.1%
organic growth in the U.K., +4.2% in France, +3.8% in Germany and
+18.8% in Central & Eastern Europe.
Asia Pacific saw its net
revenue grow by +6.3% organically and +5.4% on a reported basis.
China posted +6.4% organic growth despite difficult macroeconomic
conditions throughout the year.
The Middle East & Africa
region was up +7.4% organically and +6.8% on a reported basis.
In Latin America, organic
growth was at +22.9% and reported growth at +9.7%.
NET REVENUE IN Q4 2024
Publicis Groupe's net revenue in Q4 2024 was
3,854 million euros compared to 3,540 million euros in Q4 2023, up
+8.9%. Exchange rate variation had a positive impact of 13 million
euros. Acquisitions (net of disposals) accounted for an increase in
net revenue of 76 million euros respectively. Organic growth
reached +6.3%.
Breakdown of Q4 2024 net revenue by
region
|
EUR |
Net revenue |
Reported |
Organic |
|
million |
Q4 2024 |
Q4 2023 |
growth |
growth |
|
North America |
2,366 |
2,158 |
+9.6% |
+5.6% |
| Europe |
923 |
851 |
+8.5% |
+6.5% |
| Asia
Pacific |
339 |
318 |
+6.6% |
+5.0% |
| Middle East
& Africa |
111 |
106 |
+4.7% |
+3.4% |
|
Latin America |
115 |
107 |
+7.5% |
+30.3% |
|
Total |
3,854 |
3,540 |
+8.9% |
+6.3% |
North America net revenue was
up +5.6% organically on the quarter. Reported growth was at +9.6%
taking into account a positive impact of the U.S. dollar to euro
exchange rate and the contribution of acquisitions completed over
the last 12 months. The U.S. posted +5.2% organic
growth driven by mid-single-digit growth of both Connected Media
and Intelligent Creativity. Publicis Sapient showed sequential
improvement returning to positive territory on the quarter.
Europe net revenue was up +6.5%
on an organic basis and +8.5% on a reported basis. The U.K. posted
a strong +7.2% organic growth with double-digit growth of Connected
Media and high-single-digit growth of Intelligent Creativity, while
Publicis Sapient remained affected by delays in digital business
transformation projects. France posted slight organic decline
facing a high comparable base in Q4 2023. Germany was broadly
stable and Central & Eastern Europe continued to grow strongly,
posting +17.9% on the quarter on top of +20.3% in Q4 2023, mainly
fueled by Poland.
Net revenue in Asia Pacific
grew +5.0% organically and +6.6% on a reported basis. South-East
Asia was up by a high-single digit, after double-digit growth in Q4
2023, mainly driven by India, the Philippines and Malaysia.
Australia and New Zealand posted mid-single-digit growth together
on the quarter.
Net revenue in the Middle East &
Africa region was up +3.4% organically and +4.7% on a
reported basis, driven primarily by double-digit growth of
Intelligent Creativity.
In Latin America, net revenue
was up +30.3% organically led by Brazil, Mexico and Colombia, as
well as Argentina, partly due to inflation. Reported growth was
+7.5% due to the depreciation of the Argentinian peso relative to
the euro.
ANALYSIS OF FY 2024 KEY
FIGURES
Income Statement
EBITDA amounted to 3,014
million euros in 2024, compared to 2,845 million euros in 2023, up
5.9%. EBITDA was 21.6% as a percentage of net revenue.
Personnel costs totaled 9,224
million euros in 2024, up by 8.3% from 8,514 million euros in 2023.
As a percentage of net revenue, the personnel expenses represented
66.1% in 2024, compared to 65.0% in 2023. Fixed personnel costs
were 8,182 million euros representing 58.6% of net revenue, versus
57.5% in 2023. This increase is because of efforts to reinforce our
talent pool to accelerate growth, as well as investments in AI. The
cost of freelancers increased by 38 million euros in 2024,
representing 370 million euros. Restructuring costs reached 136
million euros representing 1% of net revenue.
Non-personnel costs amounted to
2,222 million euros in 2024, stable compared to 2023. This
represented 15.9% of net revenue, versus 17.0% in 2023. They
comprised:
- Other operating expenses (excluding
pass-through costs, depreciation & amortization) amounted to
1,727 million euros, compared to 1,740 million euros in 2023. This
represented 12.4% of net revenue in 2024, compared to 13.3% in
2023.
- Depreciation and amortization
expense was 495 million euros in 2024, versus 482 million euros in
2023, an increase of 13 million euros.
The operating margin amounted
to 2,519 million euros, up +6.6% compared to 2023. This represents
a margin rate of 18.0%, which is at the same record level as
2023.
Operating margin rates by region were 19.1% in
North America, 17.4% in Europe, 19.9% in Asia-Pacific, 7.8% in
Latin America and 4.9% in the Middle East and Africa region.
Amortization of intangibles arising from
acquisitions totaled 234 million euros in 2024, down 34
million euros from 268 million euros in 2023, mainly due to the end
of amortization of certain Epsilon technologies.
Impairment losses amounted to
euro 86 million and included 2 components: primarily, the impact of
real estate optimization for 71 million euros, as well as
impairment losses on intangible assets for 15 million euros. In
2023, the amount of total impairment losses was 153 million euros,
of which 147 million euros related to the real estate optimization
and 6 million euros related to the impairment losses on intangible
assets.
In addition, net non-current
income was 15 million euros in 2024, which mostly reflects
the income of 14 million euros generated by the transfer of
exclusive rights to the Groupe's 49%-owned associate Unlimitail, to
use CitrusAd and Epsilon technologies. In 2023, non-current income
amounted to a negative 202 million euros, largely reflecting a 203
million euros net charge related to the Rosetta settlement.
Operating income totaled 2,214
million euros in 2024, after 1,740 million euros in 2023.
The financial result excluding
earn-out reevaluation, comprising the cost of net financial debt
and other financial charges and income, was a charge of 29 million
euros, compared to a charge of 21 million euros in 2023.
- The cost of net financial
debt was an income of 52 million euros in 2024, compared
to an income of 78 million euros in 2023. It included 96 million
euros of interest largely related to Epsilon’s acquisition debt (99
million euros in 2023), partly mitigated by financial income of 147
million euros, decreasing from 178 million euros in 2023.
- Other financial income and
expenses were a charge of 81 million euros in 2024,
notably composed of 84 million euros interest on lease liabilities
and a 10 million income from the fair value remeasurement of
financial assets. In 2023, other financial income and expenses were
a charge of 99 million euros, notably composed by 79 million euros
interest on lease liabilities and 1 million euros charge from the
fair value remeasurement of Mutual Funds.
The revaluation of earn-out
payments amounted to an income of 35 million euros,
compared to an income of 12 million euros in 2023.
The income tax charge was 549
million euros in 2024, corresponding to an effective tax rate of
24.9%. This compared to 415 million euros in 2023, corresponding to
an effective tax rate of 24.1%.
The share in profit of
associates was a charge of 2 million euros, versus an
income of 6 million euros in 2023.
The net income attributable to
non-controlling interests was a 9 million euros income in
2024, after 10 million euros income in 2023.
Overall, net income attributable to the
Groupe was 1,660 million euros in 2024, an increase of
26.5% compared to 1,312 million euros in 2023.
The Groupe’s earnings per share
was 6.62 euros in 2024, an increase of 26.6% compared to 5.23 euros
in 2023.
Free cash flow
|
EUR million |
FY 2024 |
FY 2023 |
|
EBITDA |
3,014 |
2,845 |
|
Financial interest paid (net) |
69 |
93 |
|
Repayment of lease liabilities and related interests |
(453) |
(423) |
|
Tax paid |
(655) |
(669) |
|
Other |
98 |
(121) |
|
Cash flow from operations before change in
WCR |
2,073 |
1,725 |
|
Investments in fixed assets (net) |
(235) |
(178) |
|
Reported free cash flow before changes in WCR |
1,838 |
1,547 |
The Groupe’s free cash flow,
before change in working capital requirements, was 1,838 million
euros. In 2023, it included a negative net impact of 148 million
euros for the Rosetta settlement.
Financial interests were an
income of 69 million euros in 2024, compared to an income of 93
million euros in 2023, due to lower remuneration of the cash
balances.
Repayment of lease liabilities and
related interests amounted to 453 million euros in 2024,
up 30 million euros after 423 million euros in 2023, related to the
Groupe’s Return to the Office policy.
Net investments in
fixed assets amounted to 235 million euros, increasing by
57 million euros compared to 178 million euros in 2023, reflecting
the increased investments in the Groupe’s platforms and cloud
infrastructure, company-wide ERP deployment, as well as expenses
related to new leases.
Tax paid amounted to 655
million euros in 2024, down 14 million euros compared to 669
million euros in 2023. In January 2023, the Groupe made an
additional tax payment of 110 million euros related to the 2022
fiscal year, reflecting the implementation of the Tax Cuts and Jobs
Act (TCJA) in the United States partly mitigated by the deduction
of the amounts paid in relation to the Rosetta settlement. This was
largely offset by an increase in tax paid in 2024, due to higher
taxable earnings, as well as adjustments to the tax charge paid in
2023 and to withholding taxes.
Net debt
The Groupe reported a net cash position of 775
million euros as of December 31, 2024, compared to a 909 million
euros net cash position as of December 31, 2023. The Groupe's
average net debt in 2024 amounted to 585 million euros, up from 432
million euros in 2023.
ACQUISITIONS
On January 18, 2024, Publicis
Groupe Singapore announced the acquisition of AKA
Asia, one of Singapore's leading integrated communications
agencies. Founded in 2009, AKA expands and diversifies Publicis
Groupe's capabilities in the region, while bolstering the Groupe's
strategic communications, PR and influence offering. AKA has joined
the Groupe's regional Influence practice.
On March 12, 2024, Publicis
Sapient announced the acquisition of Spinnaker
SCA, a leading supply chain services firm that provides
end-to-end supply chain strategy, planning and execution consulting
services. Founded in 2002 and based in Boulder in the U.S.,
Spinnaker SCA has become part of Publicis Sapient and brings core
capabilities and skill sets including advanced AI and ML analytics,
supply chain digital twins, warehouse and transportation management
and expanded digital services. Spinnaker SCA further enables
Publicis Sapient to offer solutions for clients to optimize their
agile supply chains as part of their digital business
transformation.
On June 5, 2024, Publicis
Groupe in France announced the acquisition of Downtown
Paris, a creation and production house specialized in
leading brands in the beauty and luxury business. Founded in 2016,
the agency has strengthened the production vertical of Publicis
France and is working with the Groupe's various luxury
entities.
On July 25, 2024, Publicis
Groupe announced the acquisition of Influential,
the world’s preeminent influencer marketing company and platform,
creating the world’s leading influencer marketing solution.
Influential’s proprietary AI-powered technology platform with over
100 billion data points, coupled with its network of over 3.5
million creators, including access to and data on 90% of global
influencers with more than 1 million followers, currently serves
more than 300 brands around the world. By combining these
capabilities with the unique data and identity assets of Epsilon,
Publicis Groupe is putting the leadership of ID-driven influencer
marketing in the hands of all of its clients through a premium
creator network, revolutionized influencer planning and maximized
cross-channel outcomes.
On September 19, 2024, Publicis
Groupe announced the acquisition of Mars United
Commerce, the largest independent commerce marketing
company in the world. With over 1,000 employees based in 14 hubs
worldwide, Mars leverages its proprietary suite of commerce
solutions to drive growth for more than 100 of the world’s top
brands. The combined forces of Publicis Groupe and Mars has created
the industry-leading connected commerce solution, allowing clients
to influence the complete commerce journey for billions of global
shoppers through an offering that begins with the industry’s
deepest and richest database of consumer behavior and ends at the
digital and physical shelves of the world’s leading online and
offline retailers.
On December 13, 2024, Epsilon France announced
the acquisition of Wibilong, a SaaS platform for
building customer communities. Wibilong has been integrated into
Epsilon France to strengthen its data-driven marketing offer and
bring new solutions for measurable interactions between brands and
their customers.
OUTLOOK
Despite ongoing macroeconomic challenges, the
Groupe is confident in its ability to continue outperforming the
industry on organic growth and financial ratios next year.
For the full year 2025, the Groupe aims
to deliver +4% to +5% organic growth. The +4% is very
solid and would be achieved in current market conditions. At the
top end, the Groupe could deliver +5% if the macroeconomic context
improves, which would result in less cuts in classic advertising
and a resumption of capex client spend on digital business
transformation projects.
In Q1 2025, the Groupe expects to deliver
organic growth within the full year range.
The Groupe expects its
industry-high financial ratios to reach
new record highs in 2025, including:
- Operating margin rate at
slightly above 18% as the Groupe maintains its pace of
investment in its AI plan and continues to upgrade its talent
bench.
- Free cash flow of
between 1.9 to 2 billion euros4.
Disclaimer
Certain information contained in this document,
other than historical information, may constitute forward-looking
statements or unaudited financial forecasts. These
forward-looking statements and forecasts are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. These forward-looking statements and
forecasts are presented at the date of this document and, other
than as required by applicable law, 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 to carefully
consider the risk factors that may affect its business, as set out
in the Universal Registration Document 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, a highly competitive industry,
risks associated with the confidentiality of personal data, the
Groupe’s business dependence on its management and employees, risks
associated with mergers and acquisitions, risks of IT system
failures and cybercrime, the possibility that our clients could
seek to terminate their contracts with us on short notice, risks
associated with the reorganization of the Groupe, risks of
litigation, governmental, legal and arbitration proceedings, risks
associated with the Groupe’s financial rating and exposure to
liquidity risks.
About Publicis Groupe - The Power of One
Publicis Groupe [Euronext Paris FR0000130577,
CAC 40] is a global leader in communication. The Groupe is
positioned at every step of the value chain, from consulting to
execution, combining marketing transformation and digital business
transformation. Publicis Groupe is a privileged partner in its
clients’ transformation to enhance personalization at scale. The
Groupe relies on ten expertise concentrated within four main
activities: Communication, Media, Data and Technology. Through a
unified and fluid organization, its clients have a facilitated
access to all its expertise in every market. Present in over 100
countries, Publicis Groupe employs around 103,000 professionals.
www.publicisgroupe.com | X: @PublicisGroupe | Facebook | LinkedIn |
YouTube | Viva la Difference!
Contacts Publicis Groupe
| Amy Hadfield |
Director of Global Communications |
+ 33 1 44 43 70 75 |
amy.hadfield@publicisgroupe.com |
| Jean-Michel
Bonamy |
Investor Relations |
+ 33 1 44 43 74 88 |
jean-michel.bonamy@publicisgroupe.com |
| Carla Foucaud |
Investor Relations |
+ 44 20 7830 3710 |
carla.foucaud@publicisgroupe.com |
| Lorène Fleury |
Investor Relations |
+ 33 1 44 43 57 24 |
lorene.fleury@publicisgroupe.com |
Appendices
Net revenue: organic growth
calculation
|
(million euro) |
Q1 |
Q2 |
Q3 |
Q4 |
FY |
|
Impact of currencyat end December
2024(million euro) |
|
2023 net revenue |
3,079 |
3,239 |
3,241 |
3,540 |
13,099 |
|
GBP (2) |
33 |
|
Currency impact (2) |
(29) |
13 |
(36) |
13 |
(39) |
|
USD (2) |
(3) |
|
2023 net revenue at 2024 exchange rates (a) |
3,050 |
3,252 |
3,205 |
3,553 |
13,060 |
|
Others |
(69) |
|
2024 net revenue before acquisition impact (1) (b) |
3,212 |
3,433 |
3,390 |
3,778 |
13,813 |
|
Total |
(39) |
|
Net revenue from acquisitions (1) |
18 |
25 |
33 |
76 |
152 |
|
|
|
|
2024 net revenue |
3,230 |
3,458 |
3,423 |
3,854 |
13,965 |
|
|
|
|
Organic growth (b/a) |
+5.3% |
+5.6% |
+5.8% |
+6.3% |
+5.8% |
|
|
|
(1) Acquisitions (Spinnaker SCA,
Practia, Mars United Commerce, Corra, Influential, AKA Asia, ARBH,
Downtown Paris, 3dids, Dysrupt), net of disposals.
(2) EUR = USD 1.082 on average in 2024, stable vs. 2023EUR = GBP
0.847 on average in 2024 vs. GBP 0.870 on average in 2023
Definitions
Net revenue or Revenue less pass-through
costs: Pass-through costs mainly concern production and
media activities, as well as various expenses incumbent on clients.
These items that can be re-billed to clients do not come within the
scope of assessment of operations, net revenue is a more relevant
indicator to measure the operational performance of the Groupe’s
activities.
Organic growth: Change in net
revenue excluding the impact of acquisitions, disposals and
currencies.
EBITDA (Earnings before interest, taxes,
depreciation and amortization): Operating margin before
depreciation and amortization.
Operating margin: Revenue after
personnel costs, other operating expenses (excl. non-current income
and expense), depreciation and amortization (excl. intangibles from
acquisitions).
Operating margin rate:
Operating margin as a percentage of net revenue.
Headline group net income: Net
income attributable to the Groupe, adjusted for impairment losses,
amortization of intangibles from acquisitions, main capital gains
(or losses) on asset disposals, changes in the fair value of
financial assets and earn-out re-evaluation.
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
property, plant, and equipments, and intangible assets, excluding
financial investments and other financial assets.
Free cash flow: Net cash flow
from operating activities, adjusted for interest paid and received,
and repayment of lease liabilities.
Free cash flow before changes in working
capital requirements: Free cash flow before changes in
working capital requirements linked to operating activities.
Net debt (or financial net
debt): total of long-term and short-term financial debt
and related derivatives, excluding lease liabilities, net of cash
and cash equivalents.
Average net debt: Last 12-month
average of monthly net debt at end of each month.
Dividend pay-out: Dividend per
share / headline EPS, diluted.
Consolidated income statement
| (in millions of
euros) |
|
2024 |
2023 |
|
Net revenue (1) |
|
13,965 |
13,099 |
| Pass‑through
revenue |
|
2,065 |
1,703 |
| Revenue |
|
16,030 |
14,802 |
| Personnel costs
and freelancers costs |
|
(9,224) |
(8,514) |
| Other operating
costs |
|
(3,792) |
(3,443) |
| Operating margin
before depreciation & amortization |
|
3,014 |
2,845 |
| Depreciation and
amortization expense (excluding intangibles from acquisitions) |
|
(495) |
(482) |
| Operating
margin |
|
2,519 |
2,363 |
| Amortization of
intangibles from acquisitions |
|
(234) |
(268) |
| Impairment
loss |
|
(86) |
(153) |
| Non‑current
income and expenses |
|
15 |
(202) |
| Operating
income |
|
2,214 |
1,740 |
| Financial debt
expenses |
|
(122) |
(120) |
| Financial debt
income |
|
174 |
198 |
| Revaluation of
earn‑out payments |
|
35 |
12 |
| Other financial
income and expenses |
|
(81) |
(99) |
| Financial
result |
|
6 |
(9) |
| Share of profit
of equity-accounted investees, net of tax |
|
(2) |
6 |
| Pre-tax
income |
|
2,218 |
1,737 |
| Income taxes |
|
(549) |
(415) |
|
Net income |
|
1,669 |
1,322 |
|
Total net income attributable to: |
|
|
|
- Non‑controlling
interests
|
|
9 |
10 |
|
|
|
1,660 |
1,312 |
|
|
|
|
|
|
Per‑share data (in euros) – Net income attributable to owners of
the Company |
|
|
|
| Number of
shares |
|
250,677,462 |
250,706,485 |
| Earnings per
share |
|
6.62 |
5.23 |
| Number of diluted
shares |
|
253,565,798 |
253,999,363 |
|
Diluted earnings per share |
|
6.55 |
5.17 |
|
(1) Net revenue: Revenue less pass-through costs. Those
costs are mainly production & media costs and out-of-pocket
expenses. As these are items that can be passed on to clients and
are not included in the scope of analysis of transactions, the net
revenue indicator is the most appropriate for measuring the Group’s
operational performance. |
Consolidated statement of comprehensive
income
| (in millions of
euros) |
2024 |
2023 |
|
Net income for the period (a) |
1,669 |
1,322 |
|
Comprehensive income that will not be reclassified to income
statement |
|
|
- Actuarial gains
(and losses) on defined benefit plans
|
2 |
12 |
|
|
(1) |
(3) |
| Comprehensive
income that may be reclassified to income statement |
|
|
- Remeasurement of
hedging instruments
|
63 |
46 |
- Consolidation
translation adjustments
|
519 |
(390) |
|
|
(17) |
(12) |
|
Total other comprehensive income (b) |
566 |
(347) |
|
Total comprehensive income for the period (a) + (b) |
2,235 |
975 |
| Total
comprehensive income attributable to: |
|
|
- Non‑controlling
interests
|
11 |
4 |
|
|
2,224 |
971 |
Consolidated balance sheet
| (in millions of
euros) |
|
December 31, 2024 |
December 31, 2023 |
|
Assets |
|
|
|
|
Goodwill |
|
13,843 |
12,422 |
| Intangible
assets |
|
1,069 |
958 |
| Right‑of‑use
assets related to leases |
|
1,735 |
1,614 |
| Property, plant
and equipment |
|
608 |
596 |
| Deferred tax
assets |
|
237 |
212 |
| Equity-accounted
investees |
|
79 |
46 |
|
Other non-current financial assets |
|
287 |
316 |
|
Non‑current assets |
|
17,858 |
16,164 |
|
Inventories and work‑in‑progress |
|
361 |
341 |
| Trade
receivables |
|
15,595 |
13,400 |
| Contract
assets |
|
1,445 |
1,297 |
| Current tax
assets |
|
176 |
144 |
| Other current
financial assets |
|
176 |
423 |
| Other receivables
and current assets |
|
599 |
697 |
|
Cash and cash equivalents |
|
3,644 |
4,250 |
|
Current assets |
|
21,996 |
20,552 |
| Total assets |
|
39,854 |
36,716 |
| |
|
|
Equity and liabilities |
|
|
|
|
Share capital |
|
102 |
102 |
|
Additional paid‑in capital and retained earnings, Group share |
|
10,958 |
9,686 |
|
Equity attributable to holders of the Company |
|
11,060 |
9,788 |
|
Non-controlling interests |
|
(24) |
(40) |
|
Total equity |
|
11,036 |
9,748 |
|
Long‑term borrowings |
|
1,843 |
2,462 |
| Long‑term lease
liabilities |
|
2,099 |
1,992 |
| Deferred tax
liabilities |
|
172 |
98 |
| Pension
commitments and other long‑term benefits |
|
271 |
265 |
|
Long‑term provisions |
|
317 |
319 |
|
Non‑current liabilities |
|
4,702 |
5,136 |
|
Short‑term borrowings |
|
872 |
726 |
| Short‑term lease
liabilities |
|
361 |
360 |
| Trade
payables |
|
19,375 |
17,077 |
| Contract
liabilities |
|
604 |
513 |
| Current tax
liabilities |
|
335 |
378 |
| Pension
commitments and other short‑term benefits |
|
21 |
21 |
| Short‑term
provisions |
|
249 |
255 |
| Other current
financial liabilities |
|
310 |
573 |
|
Other creditors and current liabilities |
|
1,989 |
1,929 |
|
Current liabilities |
|
24,116 |
21,832 |
|
Total equity and liabilities |
|
39,854 |
36,716 |
Consolidated statement of cash flows
| (in millions of
euros) |
|
2024 |
2023 |
|
Cash flow from operating activities |
|
|
|
| Net income |
|
1,669 |
1,322 |
| Neutralization of
non‑cash income and expenses: |
|
|
|
|
Income taxes |
|
549 |
415 |
|
Financial result |
|
(6) |
9 |
|
Capital losses (gains) on disposal of assets (before tax) |
|
(13) |
(1) |
|
Depreciation, amortization and impairment losses |
|
815 |
903 |
|
Share‑based payments |
|
91 |
85 |
|
Other non‑cash income and expenses |
|
6 |
(8) |
|
Share of profit of equity-accounted investees, net of tax |
|
2 |
(6) |
| Dividends
received from equity-accounted investees |
|
4 |
7 |
| Taxes paid |
|
(655) |
(669) |
|
Change in working capital requirements (1) |
|
(161) |
(9) |
|
Net cash flows generated by (used in) operating activities (I) |
|
2,301 |
2,048 |
|
Cash flow from investing activities |
|
|
|
| Purchases of
property, plant and equipment and intangible assets |
|
(238) |
(180) |
| Disposals of
property, plant and equipment and intangible assets |
|
3 |
2 |
| Purchases of
investments and other financial assets, nets |
|
34 |
13 |
| Acquisitions of
subsidiaries, net of cash acquired |
|
(915) |
(194) |
|
Disposals of subsidiaries |
|
– |
11 |
|
Net cash flows generated by (used in) investing activities
(II) |
|
(1,116) |
(348) |
|
Cash flow from financing activities |
|
|
|
| Dividends paid to
holders of the parent company |
|
(853) |
(726) |
| Dividends paid to
non‑controlling interests |
|
(12) |
(9) |
| Proceeds from
borrowings |
|
1 |
5 |
| Repayment of
borrowings |
|
(603) |
(502) |
| Repayment of
lease liabilities |
|
(369) |
(344) |
| Interest paid on
lease liabilities |
|
(84) |
(79) |
| Interest
paid |
|
(105) |
(99) |
| Interest
received |
|
174 |
192 |
| Buy‑outs of
non‑controlling interests |
|
(8) |
(4) |
|
Net (buybacks)/sales of treasury shares |
|
(148) |
(189) |
|
Net cash flows generated by (used in) financing activities
(III) |
|
(2,007) |
(1,755) |
|
Impact of exchange rate fluctuations (IV) |
|
215 |
(311) |
|
Change in consolidated cash and cash equivalents (I + II + III +
IV) |
|
(607) |
(366) |
|
Cash and cash equivalents on January 1 |
|
4,250 |
4,616 |
| Bank overdrafts
on January 1 |
|
(1) |
(1) |
| Net cash and cash
equivalents at beginning of year (V) |
|
4,249 |
4,615 |
| Cash and cash
equivalents at closing date |
|
3,644 |
4,250 |
| Bank overdrafts
at closing date |
|
(2) |
(1) |
|
Net cash and cash equivalents at end of the year (VI) |
|
3,642 |
4,249 |
|
Change in consolidated cash and cash equivalents (VI - V) |
|
(607) |
(366) |
|
(1) Breakdown of changes in working capital requirements |
|
|
|
|
Change in inventory and work‑in‑progress |
|
(34) |
(22) |
|
Change in trade receivables and contract assets |
|
(1,449) |
(1,941) |
|
Change in other receivables |
|
414 |
(362) |
|
Change in trade payables |
|
1,327 |
1,977 |
|
Change in other payables and provisions |
|
(419) |
339 |
|
Change in working capital requirements |
|
(161) |
(9) |
Consolidated statement of changes in equity
| Number of
outstanding shares |
(in millions of
euros) |
Share capital |
Additional paid‑in capital |
Translation reserve |
Hedging reserve |
Reserves and retained earnings |
Equity attributable to owners of the Company |
Non- controlling interests |
Total equity |
| 251,992,065 |
December 31,
2022 |
102 |
4,037 |
85 |
87 |
5,324 |
9,635 |
(35) |
9,600 |
| |
Net income |
– |
– |
– |
– |
1,312 |
1,312 |
10 |
1,322 |
| |
Other
comprehensive income, net of tax |
– |
– |
(384) |
(71) |
114 |
(341) |
(6) |
(347) |
|
|
Total comprehensive income for the year |
– |
– |
(384) |
(71) |
1,426 |
971 |
4 |
975 |
|
– |
Dividends |
– |
(701) |
– |
– |
(25) |
(726) |
(9) |
(735) |
| – |
Share‑based
payments, net of tax |
– |
– |
– |
– |
102 |
102 |
– |
102 |
| |
Effect of
acquisitions and commitments to buy‑out non‑controlling
interests |
– |
– |
– |
– |
(5) |
(5) |
– |
(5) |
| – |
Equity warrants
exercise |
– |
– |
– |
– |
– |
– |
– |
– |
| (1,417,572) |
(Buybacks)/Sales
of treasury shares |
– |
– |
– |
– |
(189) |
(189) |
– |
(189) |
| 250,574,493 |
December 31,
2023 |
102 |
3,336 |
(299) |
16 |
6,633 |
9,788 |
(40) |
9,748 |
| |
Net income |
– |
– |
– |
– |
1,660 |
1,660 |
9 |
1,669 |
| |
Other
comprehensive income, net of tax |
– |
– |
517 |
46 |
1 |
564 |
2 |
566 |
|
|
Total comprehensive income for the year |
– |
– |
517 |
46 |
1,661 |
2,224 |
11 |
2,235 |
|
– |
Dividends |
– |
(53) |
– |
– |
(800) |
(853) |
(12) |
(865) |
| – |
Share‑based
payments, net of tax |
– |
– |
– |
– |
111 |
111 |
– |
111 |
| |
Effect of
acquisitions and commitments to buy‑out non‑controlling
interests |
– |
– |
– |
– |
(62) |
(62) |
17 |
(45) |
| – |
Equity warrants
exercise |
– |
– |
– |
– |
– |
– |
– |
– |
| 165,254 |
(Buybacks)/Sales
of treasury shares |
– |
– |
– |
– |
(148) |
(148) |
– |
(148) |
| 250,739,747 |
December 31,
2024 |
102 |
3,283 |
218 |
62 |
7,395 |
11,060 |
(24) |
11,036 |
Earnings per share (basic and diluted)
| (in millions of
euros, except for share data) |
|
2024 |
2023 |
|
Net income used for the calculation of earnings per share |
|
|
|
| Net income
attributable to holders of the Company |
A |
1,660 |
1,312 |
| Impact of
dilutive instruments: |
|
|
|
- Savings in
financial expenses related to the conversion of debt instruments,
net of tax
|
|
- |
- |
| Net income
attributable to holders of the Company – diluted |
B |
1,660 |
1,312 |
| Number of shares
used to calculate earnings per share |
|
|
|
| Number of shares
at January 1 |
|
254,311,860 |
254,311,860 |
| Shares created
over the year |
|
- |
- |
| Treasury shares
to be deducted (average for the year) |
|
(3,634,398) |
(3,605,375) |
| Average number of
shares used for the calculation C |
C |
250,677,462 |
250,706,485 |
| Impact of
dilutive instruments: |
|
|
|
|
(1) Free shares and dilutive stock options (1) |
|
2,888,336 |
3,292,878 |
| Number of diluted
shares(in euros) |
D |
253,565,798 |
253,999,363 |
| Earnings per
share |
A/C |
6.62 |
5.23 |
|
Diluted earnings per share |
B/D |
6.55 |
5.17 |
|
(1) Only stock options and warrants with a dilutive
impact, i.e. whose strike price is lower than the average strike
price, are included in the calculation. As of December 31, 2024, no
stock options remained to be exercised. |
Headline earnings per share (basic and
diluted)
| (in millions of
euros, except for share data) |
|
2024 |
2023 |
|
Net income used to calculate headline earnings per share (1) |
|
|
|
| Net income
attributable to holders of the Company |
|
1,660 |
1,312 |
| Items
excluded: |
|
|
|
- Amortization of
intangibles from acquisitions, net of tax
|
|
174 |
199 |
- Impairment loss
(2), net of tax
|
|
66 |
115 |
- Main capital
gains and losses on disposal of assets and fair value adjustment of
financial assets, net of tax
|
|
(14) |
1 |
- Revaluation of
earn‑out payments
|
|
(35) |
(12) |
- Rosetta /
Publicis Health, LLC settlement (see Note 8 and Note 22)
|
|
- |
152 |
| Headline net
income attributable to holders of the Company |
E |
1,851 |
1,767 |
| Impact of
dilutive instruments: |
|
|
|
- Savings in
financial expenses related to the conversion of debt instruments,
net of tax
|
|
- |
- |
| Headline net
income attributable to holders of the Company - diluted |
F |
1,851 |
1,767 |
| Number of shares
used to calculate earnings per share |
|
|
|
| Number of shares
at January 1 |
|
254,311,860 |
254,311,860 |
| Shares created
over the year |
|
- |
- |
| Treasury shares
to be deducted (average for the year) |
|
(3,634,398) |
(3,605,375) |
| Average number of
shares used for the calculation |
C |
250,677,462 |
250,706,485 |
| Impact of
dilutive instruments: |
|
|
|
- Free shares and
dilutive stock options
|
|
2,888,336 |
3,292,878 |
| Number of diluted
shares(in euros) |
D |
253,565,798 |
253,999,363 |
| Headline
earnings per share (1) |
E/C |
7.38 |
7.05 |
|
Headline earnings per share – diluted
(1) |
F/D |
7.30 |
6.96 |
|
(1) Headline EPS after elimination of impairment
losses, amortization of intangibles from acquisitions, the main
capital gains and losses on disposal and fair value adjustment of
financial assets, the revaluation of earn-out payments and the
Rosetta / Publicis Health, LLC settlement in
2023.(2) This amount includes impairment losses on
goodwill for euro 12 million and on right-of-use assets related to
leases for euro 54 million in 2024. In 2023, impairment losses on
goodwill were euro 6 million and euro 109 million on right-of-use
assets related to leases. |
1 Free cash flow before change in working capital
requirement.
2 Net income attributable to the Groupe,
adjusted for impairment losses, amortization of intangibles from
acquisitions, main capital gains (or losses) on asset disposals,
changes in the fair value of financial assets and earn-out
re-evaluation, divided by the average number of shares on a diluted
basis.3 To be proposed to the shareholders at the AGM of May 27,
2025.4 Before change in working capital requirements.
Please find the press release here
- CP_Resultats_FY2024 ENG_20250203
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