3rd consecutive quarter of double-digit
organic growth - FY 2022 guidance upgrade
Regulatory News:
Publicis Groupe (Paris:PUB):
- Q3 reported growth of +23.5%
- A third quarter of double-digit organic growth with +10.3%
in Q3:
- Publicis Sapient at +18.1% and Epsilon at +13.9%, both
significantly accretive
- Continued strength across regions with notably both the U.S.
and Europe at +11.1%
- Acceleration of organic growth compared to pre-pandemic
levels: +16% in Q3 versus 2019, after +12% in Q2 and +10% in
Q1
- Continued momentum of account wins strengthening leadership
position in New Business leagues
- Second upgrade of FY 2022 guidance:
- Organic growth circa +8.5%, vs. +6% to +7%
previously
- Operating margin rate close to 18%, vs. 17.5% to 18%
previously
- Free cash flow close to €1.6bn, vs. at least €1.5bn
previously
- An exceptional bonus of one-week salary for half of our
employees, to support our talent with no variable
remuneration
Q3 2022
2022 Net revenue
€3,237 m
Reported growth
+23.5%
Organic growth
+10.3%
9M 2022
2022 Net revenue
€9,110 m
Reported growth
+20.6%
Organic growth
+10.3%
Arthur Sadoun, Chairman and CEO of Publicis Groupe:
“Q3 came in strong at +23.5% on a reported basis.
In an increasingly uncertain global economic context, organic
growth for the quarter was ahead of expectations at +10.3%.
For the third quarter in a row, our model allowed us to deliver
double digit growth by once again capturing the evolution in client
spend towards first-party data management, digital media and
business transformation. Publicis Sapient continued to perform
strongly with +18.1% organic growth, and Epsilon saw an
acceleration to +13.9% organic growth this quarter.
All of our regions posted solid organic growth, with both the
U.S. and Europe at +11.1%, and China at +5.9% despite the ongoing
lockdowns there.
Furthermore, our new business record continues to place us at
the top of industry rankings on a 12-month basis, well ahead of
competition.
Overall, our results since the beginning of the year mean that
today we are in a position to upgrade our full year 2022 guidance
for the second time. We are now confident of delivering circa +8.5%
organic growth versus +6 to +7% previously, with an operating
margin at close to 18% and a Free Cash Flow close to €1.6bn.
Our Q3 numbers are clearly encouraging. But what really stands
out is our performance versus pre-pandemic levels. Compared to
2019, we’ve seen our organic growth accelerate to +16% in Q3. This
demonstrates our ability to more than withstand the ups and downs
of the global economy, and makes us confident in our ability to
face ongoing macroeconomic uncertainties.
I’d like to thank our clients for their partnership. I also want
to say a big ‘merci’ to all of our people for their outstanding
efforts. In a context where inflation is impacting the daily lives
of many of them, we want to ensure we are giving additional support
where it is most needed as we enter the holiday season. That is why
we are granting next month an additional one-week salary to half of
our team members who do not have any variable remuneration and have
contributed to everything we have achieved over the past year.”
NET REVENUE IN Q3 2022
Publicis Groupe's net revenue in Q3 2022 was 3,237 million euros
compared to 2,621 million euros in Q3 2021, increasing by +23.5%.
Exchange rate variations had a 295 million euros positive impact.
The acquisitions (net of disposals) have a positive impact of 22
million euros this quarter.
Organic growth was +10.3% in Q3 2022 compared to 2021.
Breakdown of Q3 2022 Net revenue by region
EUR million
Net revenue
Reported
Organic
Q3 2022
Q3 2021
Growth
growth
North America
2,076
1,602
+29.6%
+11.0%
Europe
694
619
+12.1%
+11.1%
Asia Pacific
303
266
+13.9%
+4.1%
Middle East & Africa
90
77
+16.9%
+1.9%
Latin America
74
57
+29.8%
+19.4%
Total
3,237
2,621
+23.5%
+10.3%
North America net revenue was up by +29.6% on a reported
basis in Q3 2022, including a significant positive impact of the US
dollar to Euro exchange rate. Organic growth in the region was
+11.0%. The U.S. posted another strong quarter with a +11.1%
organic growth. Media grew double-digit for a third quarter in a
row, while Creative activities posted high-single digit growth
driven notably by strong Production. Publicis Sapient grew +20.9%
organically, fueled by a continued high demand for digital business
transformation. Epsilon posted +14.1% organic on the quarter, with
a particularly strong performance in Digital Media.
Europe net revenue was up by +12.1% on a reported basis.
It was up by +11.1% on an organic basis or +12.8% excluding the
contribution of our Outdoor Media activities and the Drugstore. It
was driven by the performance in the U.K., that posted +22.6%
organically, with strong growth at Publicis Sapient and very solid
Media and Creative. France recorded a +7.8%1 organic growth, driven
by Media and Publicis Sapient. In Germany, organic growth was up by
+2.5%.
Net revenue in Asia Pacific was +13.9% on a reported
basis, and +4.1% organically. Despite the impact of lockdowns,
China’s organic growth accelerated from +2.7% in Q2 to +5.9% in Q3
thanks to New Business ramp-up. South-East Asia was broadly stable
on the quarter.
Net revenue in the Middle East and Africa region was up
by +16.9% on a reported basis and +1.9% organically. Organic growth
was driven by Media and Creative activities while Publicis Sapient
faced a particularly high comparable base this quarter. In Latin
America, net revenue was up +29.8% on a reported basis and up
+19.4% organically, with positive growth in Brazil fueled by
Creative, and a majority of countries recording double-digit
organic growth, largely driven by Media.
NET REVENUE IN 9M 2022
Publicis Groupe's net revenue in the first nine months 2022 was
9,110 million euros compared to 7,552 million euros in 9 months
2021, up +20.6%. Exchange rate variations had a 649 million euros
positive impact. The acquisitions (net of disposals) have a
positive impact of 62 million euros in the first nine months.
Organic growth was +10.3% in the first nine months of 2022.
Breakdown of Net revenue for the first 9 months 2022 by
region
EUR million
Net revenue
Reported
Organic
9M 2022
9M 2021
Growth
Growth
North America
5,736
4,634
+23.8%
+9.9%
Europe
2,065
1,814
+13.8%
+11.9%
Asia Pacific
853
736
+15.9%
+7.9%
Middle East & Africa
255
210
+21.4%
+9.7%
Latin America
201
158
+27.2%
+18.1%
Total
9,110
7,552
+20.6%
+10.3%
Breakdown of Net revenue for the first 9 months 2022 by
sector
Automotive
15%
Financial
15%
TMT
13%
Healthcare
13%
Food and beverage
12%
Non Food consumer products
11%
Retail
10%
Public sectors & Others
4%
Leisure & travel
4%
Energy & Manufacturing
3%
Based on 3,442 clients representing 92% of the Groupe’s net
revenue.
Net debt and liquidity
Net financial debt amounted to 919 million euros as of September
30, 2022, compared to 76 million euros as of December 31, 2021. The
Groupe’s last twelve months average net debt as of September 30,
2022 amounted to 870 million euros compared to 1,835 million euros
as of September 30, 2021.
Acquisitions and disposals
On March 8, 2022, Publicis finalized the acquisition of
Tremend, based in Bucharest (Romania), a fast-growing large
independent software engineering company. Tremend currently reaches
60 million of its clients’ end users with its proven technology and
will serve as the newest global delivery center for Publicis
Sapient, expanding its Digital Business Transformation
capabilities. With over 16 years of experience in product
engineering, Tremend has 650 strong software engineering talent
across high demand skills.
On March 15, 2022, Publicis announced its exit from
Russia, by ceding the ownership of its agencies to local
management. The Groupe handed over control of its Russian
operations to Sergey Koptev, Founding Chairman of Publicis in
Russia, with the clear contractual condition of ensuring a future
for its 1,200 employees there. The Groupe stopped its business and
investments in Russia, and the cession was effective immediately.
Our first quarter’s financial statements include a related 87
million euros exceptional disposal loss, and Russia was
deconsolidated from April 1st, 2022.
On May 3, 2022, Publicis announced the acquisition of
Profitero a leading SaaS global e-commerce intelligence platform
helping brands analyse and optimize their sales, marketing and
operations performance across more than 700 retail websites around
the world and 70 million products. Profitero’s products,
technology, and 300 employees will further scale and supercharge
Publicis Groupe’s existing commerce capabilities around the
world.
On June 14, 2022, Publicis announced the acquisition of
Wiredcraft, a digital product consultancy and technology company
focused on China and APAC, with offices in Shanghai and Singapore.
Wiredcraft brings together over 100 local and international experts
in technology, design, engineering, product management, consulting,
and data, to help global brands create and launch digital products.
Wiredcraft delivers solutions across digital transformation,
direct-to-consumer e-commerce and customer loyalty data.
On September 19, 2022, Publicis finalised the acquisition
of Changi Consulting, a cloud solutions company based in Dubai and
founded in 2010. Changi is a top five Salesforce partner in the
MENA region, that builds and delivers cloud-based solutions to over
120 clients thanks to its expertise across all main industries and
business functions. As a digital business transformation partner of
choice, Changi will serves as a foundation for Publicis Groupe’s
strong growth in the MENA region and further expansion of
Salesforce partnership globally.
Governance and appointments
On September 14, 2022, the Supervisory Board of Publicis Groupe
approved the renewal of Arthur Sadoun’s mandate as Chairman
(Président du Directoire) and CEO of Publicis Groupe for four
years.
The mandates of the Management Board (Directoire) members
Anne-Gabrielle Heilbronner, Secretary General, and Michel-Alain
Proch, Chief Financial Officer, were also renewed for four
years.
Steve King was appointed Chairman of Publicis Groupe Europe and
stepped down from the Management Board.
The Groupe announced the creation of a new management team
called the Directoire + that will be comprised of:
- Carla Serrano, Chief Strategy Officer Publicis Groupe
- Dave Penski, CEO Publicis Media U.S.
- Nigel Vaz, CEO Publicis Sapient
- Agathe Bousquet, President Publicis Groupe France
Outlook
The Groupe has continued to demonstrate a strong momentum in Q3
despite the current macroeconomic environment. After a third
quarter of double-digit growth and upgraded expectations for Q4,
the Groupe is in a position to upgrade its full year 2022 guidance
a second time this year.
The Groupe now expects to deliver in 2022:
- Organic growth at circa +8.5%, compared to +6% to +7%
previously
- Operating margin rate at close to 18%, versus 17.5% to 18%
previously
- Free cash flow before working capital requirement close to 1.6
billion euros, versus at least 1.5 billion euros previously
New business
EUROPE
Primark (Data), abrdn (Media), Heineken (Content), Biffa PLC
(Commerce), HomeExchange (Digital Media Planning & Buying),
Wild (Creative), LVMH (Media), Air Liquide (Digital), Churchilll
Insurance (Creative), Neue Zürcher Zeitung AG (Creative), Valoria
Capital (Creative), Aroma-Zone (Creative), Metro (Creative),
Mundicenter (Creative), Sky Italia (Creative), Sberbank (Content),
Mapfre (Media), The Ministry of Education and Science of Bulgaria
(Influence), Landkreditt Bank (Media), United Parcel Service
(Data), Ferrero (Creative), Expo Serbia (Creative), Campari
(Influence), BNP Paribas (Creative), Avon Products (Media),
Barclaycard (Creative), Betclic (Creative), Santé Publique France
(Production & Digital), Piaggio (Media), South Western Railway
(DBT), Hammerson (Creative), Assurpeople.com (Creative), Softbank
(Creative), Open (Creative), Castel Afrique (Creative), My Money
Bank (Creative), D&G (Creative), Promod (Creative), Royal Canin
(Creative), Atlantic Grupa (Content), TotalEnergies (Content),
Storytel (Creative), Shopee (Media), Société Générale (Content),
Wolters Kluwer Health (Media), Finderella (DBT), BSH Home
Appliances (Content), Volvo Cars (Media), Ferrero (DBT), Battersea
Dogs & Cats Home (DBT), Covea (Creative), AXA (CRM),
Commerzbank (Creative), Enel (Creative), Alcon (DBT), Marriott
International (Creative)
NORTH AMERICA
McDonald’s (Media), Walmart (Media), Toyota Motor Corporation
(DBT), KFC (Media), Boar's Head (DBT), Auto Club Group
(Integrated), CVS Health (Creative), Kruger Inc (Influence),
Properly (Influence), Liquor Control Board Of Ontario (Influence),
Dos Equis (Digital), Colgate (Digital), Off-Lease Only Auto
(Digital), Unilever (Shopper), Nestlé (Digital), Inspire Brands
(Digital & CRM), The Kraft Heinz Company (Digital), Zespri
(Digital), Trident (Creative), The Scotts Miracle-Gro Company
(DBT), Xero (Influence), Amazon (Data), Loblaw (Influence), Regal
Entertainment Group (Production), Pacaso (Creative), Nestlé (Data),
Intel (Shopper), Cherry Lane Canada (Influence), Heineken
(Commerce), Suntory Group (Commerce), HP (Commerce), Dalio
Philanthropies (DBT), Toyota Motor Corporation (Influence), Nearmap
(Influence), Metrolinx (Content), Pernod Ricard (Commerce), MTY
Food Group (Influence), Takeda Pharmaceuticals (Media), Texas
Capital Bank (Creative), CME Group Inc. (CRM), France Canada
Chamber of Commerce (Influence), Ontario Hockey Federation
(Influence), IBM (CRM), Reliant Energy (Creative), Laboratory
Corporation of America Holdings (Creative), World Vision
International (Influence), Sporting Life (Influence), Stellantis
(Creative), Regal Entertainment Group (Production), Molson Coors
Brewing Company (Influence)
ASIA PACIFIC/MEA
ByteDance (Media), L'Oréal (Media/Content/Production),
Volkswagen Group (Influence), Vivo Communication Technology Co
(Content), Nestlé (Media & Influence), McDonald's (Creative),
Wellington Management Company (DBT), PlayerzPot Media Pvt. Ltd.
(Creative), SmarTone Telecommunications Holdings Limited (Media),
Abbott Laboratories (Commerce), Singapore Telecommunications
(Content), Geely Auto Group (Content), Deliveroo (Media),
PlayerzPot Media Pvt. Ltd. (Media), Jardine Restaurant Group
(Media), Clarins Group (Media), Cool Inc (Media), Humsafar Trust
(Creative), Zoomcar (Media), XYXX Apparels (Media), BMW Malaysia
(Creative & Digital), PepsiCo (Media & Creative), e& -
Etisalat (Creative), Krungthai Bank (Content), Infinix Mobility
(Content), Citigroup (Content), Easy Crypto NZ (Media), Meta
(Creative), Singapore Ministry of Communications and Information
(Media), Westpac Banking Corporation (CRM), Cashrewards (Media),
City of Melbourne (Media), Shandong Hongchang cultural and Creative
Industrial Park (DBT), New Balance (Production), Amica Financial
Technologies (Media), Body Cupid (Commerce), Bank of China (Media),
Samsung (DBT), Essity Hygiene & Health (Media), GlaxoSmithKline
(DBT & Production), Neom (Media), Shandong Culture & Travel
Media Group (DBT), SAIC Volkswagen (Creative), Eureka Forbes
(Media), Chunghwa Telecom (Creative), Sephora (Creative), Procter
& Gamble (Creative), Lexus (Creative), Ekaterra - Lipton Tea,
Pukka Herbs (Media), Edrington (Media), Mix & Match Travel
(Media), Crino Biotechnology (DBT), Bose (Creative), Bank of
Queensland (Media), FrieslandCampina (Media), Cross River Rail
(Media), Trident (Creative), Uniqlo (Media), Genesis Motor
(Production), Superloop (Creative), Cue Learn (Media), Hyatt Hotels
(Media), Charlotte Tilbury Beauty (Production), Alibaba (Creative),
New Balance (Creative), Marriott International (Creative),
Victorian Plumbing (Creative), Niva Bupa (Creative)
LATAM
AB InBev (Creative), MeatMe (Media & Content), Autoridad del
Canal de Panama (Media), Scotiabank Inc (Creative), Compania
Nacional de Chocolates de Peru (Content), SodaStream (Media),
Alfred Kärcher SE & Co. KG (Media), Celebrity Cruises (Media),
Alpina (Creative), Citigroup (Creative), Walmart (Media &
Content), VeriTran (Creative), Nestlé (Content & CRM), Logitech
(Media), Unimed Seguros Saúde (Creative & Media)
GLOBAL
AB InBev (Media), Siemens (Creative), Aldi (Media), Norwegian
Cruise Line (Media), Singapore Tourism Board (Media &
Creative), Mondelez International (Media), Standard Chartered
(Creative), Stellantis (CRM), Crocs (Creative & Media), Jim
Beam (Creative), Spar International (Retail Media), Binance
(Creative)
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 96,000 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 Sep.
2022 (million euro)
2021 net revenue
2,392
2,539
2,621
7,552
GBP (2)
12
Currency impact (2)
125
229
295
649
USD (2)
544
2021 net revenue at 2022 exchange rates
(a)
2,517
2,768
2,916
8,201
Others
93
2022 net revenue before acquisition impact
(1) (b)
2,781
3,052
3,215
9,048
Total
649
Net revenue from acquisitions (1)
19
21
22
62
2022 net revenue
2,800
3,073
3,237
9,110
Organic growth (b/a)
+10.5%
+10.3%
+10.3%
+10.3%
- Acquisitions (CitrusAd, Tremend, Profitero, Boomerang, Balance
Internet, BBK, Wiredcraft, Taylor Herring, Octopus UK, Means
Advertising, Like-A-Rainbow), net of disposals (Russia, DPZ&T,
Nexus and Makers Lab)
- EUR = USD 1.065 on average in 9M 2022 vs. USD 1.194 on average
in 9M 2021 EUR = GBP 0.847 on average in 9M 2022 vs. GBP 0.862 on
average in 9M 2021
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.
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.
Net Debt (or financial net debt): Sum of long and short
financial debt and associated derivatives, net of treasury and cash
equivalents.
Average net debt: Average of monthly net debt at end of
month.
Free cash flow: Net cash flow from operating activities
less interests paid & received, repayment of lease liabilities
& related interests linked to operating activities.
__________________________ 1 Excluding Outdoor Media activities
& the Drugstore
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221017005907/en/
Publicis Groupe Amy Hadfield Corporate Communications +33
(0)1 44 43 70 75 amy.hadfield@publicisgroupe.com
Alessandra Girolami Investor Relations +33 (0)1 44 43 77 88
alessandra.girolami@publicisgroupe.com
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