PARIS, February 11 /PRNewswire-FirstCall/ --
- Revenue EUR 4,704 million +0.7%
Excluding exchange rate impact (1) 4,953 million +6.0%
- Organic growth +3.8%
- Operating margin EUR 785 million +0.8%
Excluding exchange rate impact (1) 830 million +6.5%
- Operating margin rate 16.7%
- Net income (Groupe share) EUR 447 million
- Free cash flow EUR 639 million +4.0%
Excluding exchange rate impact (1) 654 million +6.0%
- Diluted Headline(2) EPS EUR 2.22 +5.0%
- Net debt to equity ratio 0.29
- Dividend (3) EUR 0.60
(1) 2008 at 2007 exchange rate
(2) Before amortization of intangibles arising on acquisitions,
impairment and real estate disposal
(3) Subject to approval at Shareholders' Meeting on 9 June 2009
Maurice Levy, Chairman and CEO of Publicis Groupe, states:
"2008 will remain in all memories as the one of the deepest systemic
crisis of the financial world. We will leave to the economists and historians
to explain it. Today we are confronted with the very first global crisis
affecting all economies in various ways. Some sectors, financial, real-estate
or the automotive industry have already been severely damaged. However a
credit-crunch could very negatively impact other sectors of the economy.
This year has also been the year of the American elections, the Olympic
Games and the European football cup which traditionally guarantee an
excellent year for the advertising industry. But our industry has not been
immune to the crisis with a negative fourth quarter.
In this extremely difficult environment, Publicis Groupe has achieved
good results, and I thank very warmly all our teams throughout the world, who
have successfully been able to provide our clients with creative, efficient
and effective solutions.
A series of good figures testify to the relevance of our strategic
choices that bear promises for the future: 3.8% organic growth for the year,
although it slowed in the fourth quarter, continuation of the operating
margin at its record level, 16.7%, strong cash generation and new business
worth more than five billion dollars, which again put us at number one in the
world.
A fundamental factor in our success has been the Groupe's expectation
concerning the change, particularly in emerging economies, and the
accelerated development of digital communication. These choices are now
decisive in the existing environment and are core to the Publicis Groupe
offer already recognized as one of the most attractive.
Mature economies going into recession, the first signs of a slowdown in
emerging economies, the change in social issues with serious unemployment,
and the change in consumption habits, have defined the configuration in which
we all will have to evolve, forced to adapt quickly.
To this effect, the permanent optimisation of our organisations and our
structures, along the lines with the creation of VivaKi, the rigorous
management of our costs and the ongoing debt reduction and simplification of
our balance sheet, give us solidity and significant resources to face 2009,
one of the most difficult years that the world has had to endure for decades.
Our agility and spirit of innovation have enabled us to continuously
adapt our organizations and structures. Everybody's objective, starting with
the management, the Management Board and the P12, is to come out of this
crisis stronger and more robust. We are entering 2009 with great serenity and
serious-minded, ready to provide our clients with the most innovative, the
most creative and the most effective solutions. This is the year to win
market share and consolidate our margins."
Maurice Levy, Chairman and CEO, presented the financial statements and
management report for 2008 to the Supervisory Board of Publicis Groupe at its
meeting chaired by Elisabeth Badinter on 10 February 2009.
Key figures
in EUR million, except for 2008 2007 Variation
percentages and per-share data 2006/2007
(in euros)
Revenue 4,704 4,671 +0.7%
Operating margin before depreciation
and amortization 889 888 +0.1%
As % of revenue 18.9% 19.0% -
Operating margin 785 779 +0.8%
As % of revenue 16.7% 16.7% -
Operating income 751 746 +0.7%
Net income attributable to Publicis
Groupe 447 452 -1.1%
Earnings per share 2.21 2.18
Diluted earnings per share 2.12 2.02
Dividend per share 0.60 0.60
Balance sheet data 31/12/2008 31/12/2007
Total assets 11,860 12,244
Shareholders' Equity 2,320 2,198
A dividend of EUR 0.60 per share will be submitted for the approval of
shareholders, at the General Meeting to be held on 9 June 2009.
It will be paid as of 6 July 2009.
Analysis of the Key Figures
2008 Revenue
Consolidated revenues for 2008 amounted to EUR 4,704 million compared
with EUR 4,671 million in 2007, up 0.7%, or 6.0% excluding exchange rate
fluctuations (with a 2008 revenue at 2007 exchange rate).
Organic growth was 3.8%, the last quarter having been markedly more
difficult. The growth of the digital business continues to contribute to good
growth pretty much everywhere in the world, and very clearly in the United
States and Western Europe. The digital business in 2008 represents 19% of
total revenue, compared with 15% in 2007, in line with our goal as leader of
the strong-growth segments to earn 25% of our revenue from digital at the end
of 2010. Similarly, the revenues originating in extremely high-growth
countries in emerging economies represent 22.9% of the Groupe's total revenue
in 2008, compared with 21.3% for 2007, thus confirming the intention of
Publicis Groupe to have 25% of its revenue coming from these regions by 2010.
2008 consolidated revenue was distributed as follows (including Digital
activities): 38% of revenue coming from advertising, 26% from media, 36% from
the Specialized Agencies and Marketing Services (SAMS).
Geographical distribution of revenues for 2008:
For 2008, the geographical distribution of revenue is as follows:
(EUR million) Revenue Growth
2008 2007 2008 vs 2007 Organic
Europe 1,805 1,799 0.3% 1.3%
North America 2,008 2,016 -0.4% 4.4%
Asia-Pacific 519 502 3.3% 5.0%
Latin America 238 237 0.7% 6.5%
Africa and Middle 134 117 14.6% 21.8%
East
Total 4,704 4,671 0.7% 3.8%
All the regions contribute positively to the Groupe's organic growth for
2008. Europe is positive thanks to a very good performance by France due in
large measure to the numerous budget gains of Publicis Conseil. Central and
Eastern Europe, Northern Europe, Italy remain at balance, the United Kingdom,
Germany and Spain being in negative territory. North America, with organic
growth at +4.4%, benefits particularly from the dynamism of the digital
business and media, even though a slowdown is observed during the last
quarter. The Asia-Pacific region is extremely contrasted depending on the
country, China and India respectively posting organic growth of 12.8% and
17.4% that offset the declines in growth observed in Japan and Korea
particularly. Latin America benefits from the strong growth of Venezuela,
Argentina and from good growth in Brazil.
The combined organic growth of the greater China region, Russia, India
and Brazil is 14.2% for 2008.
Should the 2008 revenue be accounted for in US dollars, it would amount
to 6,900 million dollars or a 7.9% growth. In GBP, this same revenue would be
3,733 million pounds.
2008 Fourth Quarter Revenue
Consolidated revenue for the fourth quarter was 1,373 million euro, up
5.5% compared with revenue of 1,301 million for the equivalent period of 2007.
Organic growth was 1.1% in the last quarter. Although positive, this
growth - down compared with the previous quarters - reflects the decline of
the real economy in several sectors and various regions of the world. It is,
however, of note that high growth continues in the media and digital
businesses, and in many countries of the emerging economies.
Geographical distribution of Q4 revenue
In Q4 2008, the geographical distribution of revenue is as follows:
(EUR million) Revenue Growth
4th quarter 4th quarter 2008 vs 2007 Organic
2008 2007
Europe 521 535 -2.6% -1.8%
North America 585 521 12.3% 1.8%
Asia-Pacific 152 142 6.3% -1.1%
Latin America 65 67 -3.3% 2.8%
Africa and Middle 50 36 42.2% 36.7%
East
Total 1,373 1,301 5.5% 1.1%
The Groupe's revenue growth in the fourth quarter is clearly stalling,
with the exception of the Africa and Middle East region. Continued strong
growth in China does not for this quarter offset the slowdown in the other
countries of the Asia-Pacific region. While France still grew, Europe overall
is suffering as a result of the continued decline of Southern Europe. North
America enjoys positive growth, due to the buoyancy of the digital businesses.
Operating margin
The operating margin before depreciation of 889 million euro in 2008
remains stable by comparison with the figure of 888 million achieved in 2007.
Currency exchange effects on the 2008 operating margin have a negative
impact of 46 million (2007 at 2008 rates).
The operating margin rate for 2008 comes to 16.7%. The ongoing efforts to
control costs for the entire Groupe made it possible to absorb both the costs
of integrating the various acquisitions and the accelerated deployment of the
digital activities throughout the world.
The optimization of various on-going costs and capex allowed the Groupe
to secure its margin.
Net income
The Groupe's net financial expense amounted to 79 million euros, income
tax charge is 196 million, group share of income from equity-accounted
companies is 2 million and minority interest 31 million. Net income
attributable to Publicis Groupe amounted to 447 million euros compared to 452
million in 2007.
Free Cash Flow (excluding changes in working capital requirement)
The Groupe's free cash Flow, excluding changes in working capital
requirement, increased by 4% over the previous year to reach an amount of 639
million due to the high level of EBITDA (18.9%).
Net Debt
The net financial debt - well down - declined from 837 million euro at 31
December, 2007 to 676 million at 31 December, 2008 thanks to a high free cash
flow (651 million), and is taken as being after 174 million of share buybacks
(net of disposals). Note is made that the Groupe's debt is not subject to any
covenant.
The Groupe's average net debt at 31 December, 2008 is also significantly
lower, amounting to 1,102 million euro versus 1,207 million on 31 December,
2007.
It is important to note that cash and available lines of credit comes to
2,798 million euro (2,533 million considering exclusively committed
facilities) despite the Oceane 2008 bond repayment.
Shareholders' Equity
Total equity, including minorities, rose from 2,225 million at 31
December, 2007 2,350 million as at 31 December 2008.
The net debt / equity ratio thus declined from 0.38 as at 31 December,
2007 to 0.29 as at 31 December, 2008.
Groupe Life in 2008
Awards/Creativity
Publicis Groupe has been ranked Number 1 in the Gunn Report since 2004
for the best creative performance.
This distinction is a recognition of the creative qualities of the teams
in Publicis Groupe agencies over the years - talents that are all the more
precious in a digital world where quality of content takes on increasing
significance.
This creative quality is also reflected in many other awards and industry
rankings during the year.
On the creative side, Publicis Groupe ranked second at the 55th edition
of the International Advertising Festival of Cannes with 101 Lions, and won a
Grand Prix in Film (Gadbury-Gorilla).
At the Clio Awards, the Groupe won second place in 2008 with notably a
"Grand Prix Innovative Media", five Television/Movie and Digital "Golds",
making a total of 51 Clios.
Publicis Groupe came second in "The One Show" with 81 prizes.
Same recognition of the creative quality of Publicis Groupe at the 2008
Effie Awards, which reward the campaigns that are the most creative and the
most effective.
New Business 2008 was again fertile in budget gains with $ 6.9 billion of
budgets conquered, i.e., a net budget of 5 billion USD in the year, placing
Publicis Groupe at first spot worldwide. (Nomura-ex Lehman- ranking)
Campaigns that will be remembered include: L'Oreal, Bank of America,
Emirates, Schering Plough, Cadbury for media; Lunesta, Samsung, Sony Bravia,
Guinness, Miller Chill for the agencies.
External Growth
In line with its strategy of focusing development in the two strong
growth sectors, digital communication and emerging markets, and thus
supplementing its networks of specialist agencies throughout the world,
Publicis Groupe has pursued an active policy of external growth throughout
the year.
Acquisitions in digital
Emporio Asia, a digital marketing agencybased in Shanghai, become Emporio
Asia Leo Burnett,
Portfolio, a digital marketing services agency in Korea,
PBJS, the leading agency in the United States in digital marketing and
strategic communication,
Performics Search Marketing Business, the leader of marketing search,
based in Chicago and present in San Francisco, New York, London, Hamburg,
Sydney, Singapore and Beijing, Tribal, one of the premier independent digital
agencies in Brazil.
Moreover, in March 2008 Publicis Groupe began a new phase in the
international deployment of the Digitas network: Solutions, a specialist of
the Groupe in services marketing in India and Singapore, took the name of
Solutions I Digitas, thus uniting the expertise in services marketing of
Solutions on the Indian market and the international digital expertise of
Digitas.
In June, creation of Saatchi & Saatchi Energy Source Integrated
Interactive Solutions that unites the world-wide advertising network of
Saatchi & Saatchi and the Chinese leader of interactive solutions Energy
Source. Named Saatchi & Saatchi Energy Source Integrated Interactive
solutions, the new entity specialising in integrated digital solutions,
customer-relationship centred marketing and public relations is based in
Shanghai and Guangzhou.
In June 2008, Publicis Groupe announced the launch of VivaKi, a new
strategic initiative designed to significantly improve the performance of
advertisers' marketing investments as well as boost Publicis Groupe's gains
in market share in the context of rapidly expanding digital markets. At the
same time, the Groupe created, in the framework of the VivaKi Nerve Center, a
new technology platform, the largest network "of audience on demand" reliant
on the technologies of Microsoft, Google, and Yahoo! Platform A offering the
advertisers the possibility of reaching audiences that are defined with
precision everywhere in the world, in a single campaign and on multiple
networks.
Other acquisitions
At the start of 2008, Publicis Groupe acquired:
Act Now, a pioneer in sustainable development consulting based in San
Francisco and that joined the Saatchi&Saatchi network.
La Vie est Belle, in Paris, an agency whose range of services relies on
advertising, public relations, promotional events and online communication,
which was purchased in February 2008, joined Paname to create Publicis Full
Player.
In July of last year, the Groupe purchased Kekst and Company
Incorporated, the leading agency in strategic and financial consulting, based
in New York. In December 2008, Publicis Groupe announced the acquisition of
W&K Communications, a specialist in advertising, promotion, television
production and the space purchasing, based in China with offices in Beijing
and Guangzhou. W&K joins the Great China network of Leo Burnett and takes the
name Leo Burnett W&K Beijing Advertising Co.
Corporate Governance
The AFEP-MEDEF recommendations
At its 2 December 2008 meeting, the Supervisory Board of Publicis Groupe
SA examined the AFEP-MEDEF recommendations released on 6 October 2008 on the
compensation of board members and officers of listed companies.
It considers that these recommendations are in line with the tenor of the
Groupe's corporate governance and notes that the existing commitments with
respect to the members of the Executive Board are already in accordance with
these recommendations.
Pursuant to the law of 3 July 2008 transposing the European Community
directive 2006/46/EC published on 14 June 2006, the Publicis Groupe declared
that the AFEP-MEDEF code amended in this way is the one to which it will
refer for the drafting of the report specified in Article L.225-68 of the
French commercial code as of financial year 2008.
2009
Recent events
- Innovations
At the start of this year Starcom unveiled a new initiative, in the
framework of VivaKi, to develop a new format of video advertising that could
become the new standard of the online advertising world. This initiative,
dubbed "The Pool," will enjoy the collaboration of the largest suppliers of
online video (AOL, Broadband Enterprises, CBS, Discovery, Hulu, Microsoft and
Yahoo!). The advertisers participating in this project include Applebee's,
Capital One, Nestle, Purina as well as some others, all clients of the
agencies of Publicis Groupe.
This innovative project fits perfectly with the objectives of VivaKi:
- access to open standards
- open to all forms of collaboration with media owners and
our clients
- benefits from the scale effect in order to create standards
for our clients that consider the consumer more
- a global potential that can be extended to any new digital
channel.
Just six months after the acquisition of Performics from Google, VivaKi
is launching the brand on the French market. Attached to VivaKi Nerve Center,
VivaKi's center of digital expertise, Performics offers a range of services
focussed on marketing to performance by uniting the expertise of three
entities that are recognised as leaders in their fields: iBase, Webformance
and Click2Sales.
Finance
January 19, 2009 Publicis Groupe bought back 12.7% of the original amount
of Oceane 2018 bonds for an amount of 95 million euro (Oceane Publicis Groupe
SA 2018-2.75%-FR0000180127) or 2.241.811 bonds at EUR 42.3585 per bond. A
similar operation could be realised for all bond holders soon at equivalent
conditions.
New Business
Publicis Groupe had a successful start to the year, winning several new
budgets. These budgets include the media budget of CMCC (China Mobile),
renewing its confidence in ZenithOptimedia, and Carrefour's global budget.
Outlook
With the intensification of the financial sector's problems over the last
months of 2008, the economic crisis changed its dimension. Until the third
quarter, the mature economies were operating in an environment of low growth,
though the conviction remained that there was a possibility that the United
States was "uncoupled" from the rest of world and that the real economy would
slow down but would remain comparatively immune to the financial crisis.
After the bankruptcy of Lehman Brothers and given the state of
quasi-bankruptcy of many large financial institutions, the crisis suddenly
changed its scope, to affect nearly all the sectors of activity and an
increasing number of countries. This is the first worldwide economical crisis
and its effects are as yet unforeseeable.
In a difficult environment with global economy growth of 2.5% in 2008,
down significantly from the previous year, Publicis Groupe attains
practically all its objectives, closing the year with very good performance,
including gains of new budgets, organic growth, operating margin, and free
cash flow growing again, and enters the year 2009 with a solid balance sheet,
sizeable liquidity and a flexible and adaptable structure.
2009 will be very difficult, with an estimate of global GDP growth of
0.9%. The most recent forecasts (ZenithOptimedia) report negative growth
worldwide in advertising expenditure of 1.8%. By region, only the emerging
economies are currently expected to grow significantly by comparison with
2008: Brazil +10%, China +8.8%, but United States should decline by 6.3%,
Japan by 5.7%, Spain by 8%, Germany by 5.1%, while UK and France would
experience a decrease of 4% and 1.9% respectively. However, it is important
to stress that the estimates continue to be reviewed downwards on a regular
basis.
In this environment marked by the entry into recession of various Western
economies and by an expected slowdown in the growth of the emerging
economies, Publicis Groupe intends more than ever to take advantage of its
many assets. First of all, the Groupe has shown its ability to control its
costs, as illustrated by the steady increase over the years in operating
margin. This thorough work is independent from the fluctuations of the
economy and is supplemented by great flexibility in the organization that
enables it to adapt quickly. The strategy undertaken of growing digital
business and expanding activities into strong-growth regions that is
beginning to bear fruit, should, at least partially, offset the decline in
certain activities or regions, on the understanding that the emerging
economies are still growing despite everything and that online advertising
expenditures will continue to post an increase close to or higher than 10%.
The fact that Publicis Groupe has won new budgets in recent years is
testimony to the energy and attractiveness of the Groupe.
Faced with the many challenges of the next few quarters, Publicis Groupe
remains confident, buoyed by its fine recent operating performance, a solid
balance sheet, a very flexible organisation and teams who are highly
committed to the Groupe's clients. About Publicis Groupe Publicis Groupe
[Euronext Paris: FR0000130577] is the world's fourth largest communications
group. In addition, it is ranked as the world's second largest media counsel
and buying group, and is a global leader in digital and healthcare
communications. With activities spanning 104 countries on five continents,
the Groupe employs approximately 45,000 professionals. The Groupe offers
local and international clients a complete range of communication services,
from advertising through three autonomous global advertising networks, Leo
Burnett, Publicis, Saatchi & Saatchi and two multi-hub networks, Fallon and
49%-owned Bartle Bogle Hegarty; to media consultancy and buying, through two
worldwide networks, Starcom MediaVest Group and ZenithOptimedia; interactive
and digital marketing led by Digitas; Specialized Agencies and Marketing
Services offering healthcare communications, corporate and financial
communications, sustainability communications, shopper marketing, public
relations, CRM and direct marketing, event and sports marketing, and
multicultural communications.
Web Site:http://www.publicisgroupe.com
Appendix
New Business 2008
5 billion USD (net)
Leo Burnett:
AC Delco (United States), Allstate Direct (United States), Alpina
(Colombia), Ambev (Brazil), Aviva Insurance (Taiwan), AXA (Spain), AXN - Sony
(Italy), Audi (Russia), BI (Brazil), Baltimor (Russia), Bell Canada (Canada),
Borges & Almeida (Venezuela), Bosch Siemens (Czech Republic), CAMIL (Brazil),
Carlsberg (Israel), Carrefour Telecom (Taiwan), Caterpillar (China), China
Mobile (Greater China), Clear Blue Easy (Italy), COI Department of Work and
Pensions (United-Kingdom), Coca Cola Company (Russia and United-Kingdom),
Coke (United States), Comcast (United States), Comitato Moda (Italy),
Confitecol (Latin America), Credit Mutual (France), Dean Foods: Silk Soy
Brand (United States), DeVry (United States), Don Q. Limon (United States),
Eidos - software game (United-Kingdom), Exclusive Resorts (United States),
Ferrero Rocher (China), Ferreti Group (Italy), Fox (Dubai), Fundagao Energy
(Brazil), GMR Sports Pvt Ltd (India), Govt of Ontario (Canada), Harrah's
Promotions (United States), Hasbro (Mexico), Heineken (Hong-Kong), HP
(Malaysia), Home Retail Group (United-Kingdom), Homebase (United-Kingdom),
Hongguo (China), IKEA (Poland and Czech Republic), Ind. Alimenticas Corralito
(Venezuela), ING Direct (Italy, France and Malaysia), Intesa (Italy), ISPA
(United States), John Middleton Tobacco (United States), Johnnie Walker
(Venezuela), Karsten (Brazil), Kellogg's - Special K (Germany), Kuwait
Telecom Company (Kuwait), Leumi Card (Israel), Mars (Dubai, United Arab
Emirates), Mayfair (Morocco), Mazola (United States), McDonald's
(United-Kingdom), Mercedes (Portugal), Metlife (Mexico), Mobicom Telco (Hong
Kong), Mont Blanc (Italy), MSD (Korea), Night Fever (France), Norumbi
Shopping (Brazil), Novartis (Korea), Oracle (Italy), P&G Clearblue (Italy),
P&G - Dash (Germany), P&G Digital (Columbia), PAAT (Australia), Pfizer
(Italy), Phoenix (Israel), Purina Retail (United States), Q House Real Estate
(Thailand), Rossi (Brazil), SAB Miller (United-Kingdom), SAMS Club (Brazil),
Samsung - B2C (Global), Samsung USA (United States), Sanofi Aventis - Allegra
(Japan), Saudi Telecom (Kuwait), Sberbank (Russia), Sino Diamond Outlander
(Taiwan), Sobeys (Canada), Staples (Spain), Suzuki (Guatemala), Tesco (Poland
and Czech Republic), Thalys (France), Tommy's Children's Charity
(United-Kingdom), Trip (Brazil), Veinsa - Mitsubishi (Latin America),
Waitrose (France), Walgreens Hispanic (United States)
Publicis:
Alcatel Lucent (United-Kingdom), ATP Tennis (United-Kingdom), AXA
(France, New Zealand), Beam Global Spirits (United States), BNP (Belgium),
British Council (United-Kingdom), Bundesministerium fur Bildung und Forschung
(Germany), Carfax (Germany), Citi (United-Kingdom), Citibank (Brazil), COI
EWDC EYPS (United-Kingdom), Comunidad de Madrid (Spain), Constellation Europe
- Kumala (United-Kingdom), EasyJet (United-Kingdom), Elections Canada
(Canada), Fortis (France, Belgium), General Mills (United States), Groupe SEB
(United States), HP (Europe and Middle East), Homeaway (United States),
Investitionsbank Berlin (Germany), L'Oreal (United States), LG Electronics
(Italy), Life Technologies (United States), Lion Nathan (Australia), Manpower
(France), Migros Aare (Switzerland), Nestle (Mexico), New World (China),
Orange (France), P&G (Brazill, United States), Paypal (United States), Pernod
Ricard (Glenlivet) (France), PMU (France), Qantas (Australia), Sandisk
(United States), Sanofi-Aventis (Germany), Sara Lee (United States), SCA
Paper (Austria), Servicemaster (United States), Shell Oil Germany (Germany),
Slendertone (United-Kingdom), Stock (Italy), Swiss Air Lines (Switzerland),
Swiss International Airlines (Switzerland), T-Mobile (United States), Tata
Steel (United-Kingdom), Telefonica (Brazil), Theater Bonn (Germany), Trugreen
(United States), Two Way Gaming Ltd (United-Kingdom) , Virgin (Australia),
Yoplait (France)
Saatchi & Saatchi:
Alpitour travel agency (Italy), Amplifon (Italy), APACS (United-Kingdom),
Appleton Estates (Canada), ArcelorMittal (United-Kingdom), Asia Five Nations
(Hong Kong), Atlantis/Kerzner Group (United-Kingdom, United Arab Emirates),
Australia - Dept of the Prime Minister & Cabinet (Australia), AXA
(United-Kingdom), Banca Fideuram (Intesa S. Paolo Group) (Italy), Cadbury
(Multiregional - SSF Group), Comedy Central TV Chanel (Italy), Continental
Airlines (United Kingdom), Energy Policy and Planning Office (OPPO)
(Thailande), Flybaboo (Switzerland), Fresh Retail Ventures/Jamie Oliver
(United-Kingdom), GDF Suez (France/Global), General Mills/ Pillsbury
Intenational (United Kingdom), Guinness - 250th Anniversary Celebrations
(United-Kingdom), JTI (Russia), Kerzner Group (United-Kingdom & United Arab
Emirates), Kroger (Canada), Merck Serono (Switzerland/global excluding US),
Miller Chill (United States), Mondadori (Italy), MTS (j/v between Sistema/MTS
and Shyam Telelink) (India), Oesterreichisches Verkehrsbuero (Austria),
ParalympicsGB (United-Kingdom), Pillsbury - Green Giant Soup (United-Kingdom)
, Pinko - Skelanimals (Italy), Sanyo Electronics (New Zealand), Senior's
Money (Canada), Shenzhen Mobile (China), Singapour Navy (Singapore), MengNiu
(China), Videocon (India), Volvo (Germany), Wal-Mart (United States),
WellPoint (United States)
Starcom MediaVest Group:
Anton Sport (Norway), Avon Cosmetics (Colombia), Bank of America (United
States), Bauer (United-Kingdom), BBS (Norway), Borusan Automotiv (Turkey),
Cadbury (France and Turkey), CasinoLugano (Italy), City (Greece), Coca-Cola
(Asia Pacific), Eko (Greece), Emirates (Global), E-on (Italy), Europcar
(United-Kingdom), Evyap (Turkey), Farmatodo (Colombia), FEO (Singapore),
GE-Money (Russia, Poland, Czech and Romania), Genting Resorts World
(Malaysia), Heineken (Czech Republic and United Kingdom), Honda (Portugal),
IKEA (Greece), Inbev (Romania), IMP (Italy), Inps (Italy), Korasides
(Greece), KRKA (Poland), Kuwait National Airways (Kuwait), M-Video (Russia),
McCormick (France and United-Kingdom), Media Prima (Malaysia), Nakheel
(United Arab Emirates), NZ Post (New Zealand), Panrico (Portugal), Regione
Piemonte (Italy), Samsung (Global), Sberbank (Russia), Snasco (United Arab
Emirates), Snieszka (Romania), Soraya (Poland), Strauss (Romania), TUI
(Poland), Unibet (Sweden), Unibrew (Poland), Visit Britain (Netherlands),
Wisconsin Milk (United States), Wyeth (Mexico)
ZenithOptimedia:
2XL (United Arab Emirates), Aerogal (Ecuador), Al Barari (United Arab
Emirates), Al Majid Motors (United Arab Emirates), Ali & Sons (United Arab
Emirates), Alpha Bank (Romania), AMVIX (Greece), Aspial-Lee Hwa (Singapore),
Aston Martin (United-Kingdom), AXA (New Zealand), Banyan Tree Hotels &
Resorts Pte Ltd (Singapore), Barclay's (Spain), Berker Mama (Turkey), Betek
(Turkey), Bob-Mobile (Greece), Bratz (Spain), Butlins (United Kingdom),
Cadbury Wedel (Poland), Campofrio (Spain), Cargill (India), Carrefour Online
(Spain), Changan Suzuki (China), Chateau d'Ax (Belgium), Chicco (Spain),
Clarks (China), Collective Brands, Inc. (United States), Contender
Entertainment Group (United-Kingdom), Control (Spain), DASK (Turkey), Darden
Restaurants (United States), Dexia (Slovakia), Discovery (India), Disneyland
Resorts Paris (International), Dogus Tea (Turkey), Dopod (Greater China),
Dominos Pizza (Turkey), Dubai Investments (United Arab Emirates), EDB
(Global), Emaar / King Abdulah Economic City (Saudi Arabia), Emperador
Distillery (Philippines), Euroko Insurance (Turkey), European Lease Fund
(Poland), Evyap (Turkey), FHB (Hungary), Galata Town (Turkey), Godfrey's
(Australia), Goldas (Turkey), Guangzhou Mobile (China), Handelsblatt
(Germany), Haribo (Spain), Harrah's Entertainment (United-States), HDFC Asset
Management (India), Hertz (International), Honda (United Arab Emirates),
Hyundai (China), Inbev (China), James Boags (Australia), Jazeera Children's
Channel (United Arab Emirates), Kervan (Turkey), Kiler (Turkey), Kilim
(Turkey), Kuveyt Turk (Turkey), Lamoiyan, Inc. (Philippines), Lievitalia
(Italy), Lila Kagit (Turkey), L'Oreal - Media Buying (France), LVMH (India),
Marks & Spencer (China), Masvision (Spain), Mavi Jeans (Turkey), MCYS
(Singapore), Mega Brands (United-Kingdom), Mail Today (India), Mentholatum
(China), Ministere de l'Agriculture (Poland), Ministerul Mediului (Romania),
MOT (India), Multiopticas (Spain), O2 Digital (United-Kingdom), Omega
(China), Opfermann (Germany), Panasonic (United Arab Emirates), Orkla Foods
(Romania), Panasonic (New Zealand), Pertamina Pas (Indonesia), PGA (Greece),
Pin An Insurance (China), Poltronesofa (Italy), Posta Romana (Romania),
Qijing Mobile (China), RATP (France), Rawdah Poultry (Saudi Arabia), RCA
(Belgium), Schering Plough (United-Kingdom), Sirvent S.A. (Spain), Swarovski
(Europe), Swarovski Special Store (China), Synutra (China), Tadiran Carrier
(Israel), Telepizza (Spain), Typhoo (United-Kingdom) , Texwood Jeans (China),
Ubisoft (United States), Viajes Iberia (Spain), W. Jordans (United Kingdom),
Wagner (Belgium), Warner Music Group (United-Kingdom), Wirtschaftswoche
(Germany), WWF (United-Kingdom), Wyeth (China), YSL Beaute (Global), Zhuhai
Mobile (China)
Publicis Healthcare Communications Group (PHCG):
AstraZeneca / Recentin - Saatchi & Saatchi Healthcare Innovations (United
States), AstraZeneca / Zactima - Saatchi & Saatchi Healthcare Innovations
(United States), AstraZeneca / ZD4054 - Saatchi & Saatchi Healthcare
Innovations (United States), Auxilium/Testim - Medicus (United States),
Biovail - PSS (United States), Eisai/Epilepsy Franchise - Saatchi & Saatchi
Healthcare London (United-Kingdom), GTx/Acadopene -- Medicus (United States),
Pierre Fabre/Javlor -- BOZ (France), Pfizer/Diversified Products - Arista
(United States), Solvay/Zolip (United States), Sanofi-Aventis/Multag -
Saatchi & Saatchi Consumer Health and Wellness (United States),
UCB/brivaracetam - Medicus (United States), Wyeth/Enbrel - Arista (United
States)
Publicis Public Relations and Corporate Communications Group (PRCC):
AXA (France, The Netherlands), Bouygues (France), Bureau Veritas
(France), Caisse des Depots (France), EBSCO (United States), EU-China (Europe
/ China), GDF SUEZ (France), Groupama (France), Jardiland (France), Michelin
(France), Ministere de l'Ecologie, de l'Energie, du Developpement Durable et
de l'Amenagement du Territoire - Direction regionale Ile de France (France),
Ministere de l'Economie, de l'Industrie et de l'Emploi (France), Moer Dijk
Region (The Netherlands), Morgan (France), Rio Tinto (Europe), Saison
Culturelle Europeenne (France), National Office of Family Allocations
(France), Wyeth (United States)
Digitas:
AstraZeneca's Crestor & Pulmicort (United States), AOL (United States),
CDiscount (France), Comcast (United States), Cultura (France), Disney Nature
(France), Disponis - Societe Generale (France), E-TF1 (France), Hindustan
Petroleum Corporation Ltd (India), HomeAway (United States), Kooples
(France), Legrand (France), Liberation (France), Mars - Starburst (United
States), Nouvelle Frontiere (France), P&G - Crest (United States), Quick
(France), Shire's Lialda (United States),Total (France), Vin-Malin (France)
Fallon:
BoConcept (Asia), Boston Market (United States), Cheestrings ATL and
Cheestrings Digital (United Kingdom), DeLonghi (Asia), Diagio (Japan), Diners
Club (Asia), Kerry Foods (United Kingdom), Herman Miller (Asia), Rock Corps
(United Kingdom), Sony Playstation (Sony Japan), Old Parr Scotch (Diageo Moet
Hennessy) (Asia), Orange Gold Sony Computer Entertainment - Playstation 3
(Japan), Spots (United Kingdom),
Kaplan Thaler Group:
Lunesta (United States), DRTV (United States)
Definitions
Operating margin rate: operating margin as a percentage of revenues
Average net debt: 12-months average of average net debt of each month
Free cash flow: cash flow from operations after net capital expenditure
excluding acquisitions
Net New Business: this figure does not result from financial reporting,
but is based on an estimate of annualised advertising media spending on new
business, net of losses, from new and existing clients
For further information, thanks to visit our website :
http://www.finance.publicisgroupe.com
