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SMALL BUSINESS
Publicis Groupe Services: Half-Year 2009 Results
"As expected, the global recession has made things worse for an advertising industry already faced with declining business. The falloff in advertising spending worldwide is estimated at between 13% and 15% for the first half of the year. Even so, we did better than the market in the second quarter, with digital, healthcare, and emerging markets driving our revenue. We ended the first half with organic growth down 6.6% (down 5.4% excluding the impact of GM), a result that clearly reflects our expanding market share.
All of this, necessarily affected our operating margin in the first half, but at a time of shrinking revenue, the 13% figure we achieved through strict cost control was still quite good. I wish to thank our teams worldwide, whose understanding of the need to cut costs without sacrificing our commitment to clients has proved invaluable. Their efforts will truly begin to pay off in 2010.
Another factor driving performance was New Business wins, an area in which Publicis Groupe was once again recognized as the global leader; here too, the payoff will be more fully apparent in 2010.
The problems surrounding General Motors as it filed for Chapter 11
bankruptcy protection, initiated restructuring and turned into the New GM
affected our business and financial statements to a certain extent, leading
us to allocate a provision of
In today's unpredictable credit market, we, at Publicis wanted to increase our liquidity and extend our debt maturity profile. This was what motivated us to issue the OCEANE 2014 convertible bond, whose success is a proof to our group's creditworthiness.
Admittedly, forecasting in the current global economic environment is a highly uncertain exercise. But as we see it, our strategy for digital and emerging markets, the spectacular turnaround of our healthcare business, and solid control of our costs and headcount provide adequate grounds for cautious optimism and the confidence that we can achieve all of our short-term goals."
As expected, the global advertising market mirrored the overall economic
context in the second quarter, with a rapid decline in revenue. At the end of
2008, the effects of the recession in
Given this extremely difficult economic climate, Publicis Groupe stepped up communication with clients and grew market share, while aiming to maintain margins, liquidity, and financial flexibility.
Key figures
in millions of euros, except for % 1st half 1st half Change
and per-share data (in euros) 2009 2008 2009/2008
Revenue 2,209 2,226 -0.8%
Operating margin before depreciation
and amortization 333 384 -13.3%
In % of revenue 15.1% 17.2% -
Operating margin 287 334 -14.1%
In % of revenue 13.0% 15.0% -
Operating income 257 320 -19.7%
Net income 167 192 -13.0%
Earnings per share 0.83 0.94 -12%
Diluted earnings per share 0.82 0.89 -8%
Balance sheet data June 30 2009 Dec.31 2008
Total assets 11,408 11,860
Shareholders' equity (excluding
minorities) 2,418 2,320
(1) Earnings per share calculations based on 204,487,173 shares
in the first half of 2008, and 200,760,562 shares in the first half
of 2009.
(2) Average number of shares used for calculation of diluted net
earnings per share was based on 233,788,676 shares in the first half
of 2008, and 206,261,458 shares in the first half of 2009.
Analysis of key figures
- Revenue in first half 2009
Consolidated revenue in the first half of 2009 came to
Organic growth was -6.6%. As it had been predicted, the second quarter was much worse than the beginning of the year. Growth of 5.7% in digital activities, which account for 20.8% of revenue, provided a cushion against the overall market decline. Emerging markets, which account for 21.9% of Group revenue, also helped. Their relatively modest decline of 3.7% was much less pronounced than developed markets, in spite of the widely varying results of individual emerging markets.
Group business was impacted by the problems of General Motors. If the GM effect is eliminated, organic growth stands at -5.4% instead of -6.6%.
Consolidated revenue in the first half of 2009 breaks down as follows: 37% from advertising, 21% from media, and 42% from SAMS (including all digital activities).
- Revenue in the first half of 2009 by geographic area:
For the first half of 2009, breakdown by region was as follows:
(in millions of euros) Revenue
1st-half 2009 1st-half 2008 Organic growth
Europe 738 873 -11.6%
North America 1,061 942 -3.7%
Asia-Pacific 238 243 -8.2%
Latin America 109 111 +1.2%
Africa and the 63 57 +0.5%
Middle East
Group Total 2,209 2 ,226 -6.6%
Only
Expressed in USD, first half 2009 revenue would be
- Revenue in second-quarter 2009
Published second-quarter consolidated revenue was
Unsurprisingly, second-quarter organic growth was strongly negative at -8.6%, (or -7.4% excl. GM). Compared with the first quarter this strong drop shows the extent of the economic crisis worldwide. Most regions of the world, including emerging markets, which had been generating positive growth, experienced declines compared with the preceeding quarter. This reflects the economic slowdown in numerous sectors and regions worldwide. One exception is the continuing growth in digital activities, which also slowed down.
- Revenue in second-quarter 2009 by geographic area:
For second-quarter 2009, revenue by region breaks down as follows:
(in millions of euros) Revenue
2nd-quarter 2009 2nd-quarter 2008 Organic growth
Europe 381 470 -15.8%
North America 535 476 -3.8%
Asia-Pacific 123 127 -9.9%
Latin America 58 59 -0.4%
Africa and the 37 33 -1.2%
Middle East
Group Total 1,134 1,165 -8.6%
- Operating margin and operating income in the first half
The operating margin before depreciation and amortization came to
The operating margin came to
The operating margin rate for the first half was 13%. This rate reflects the strong rise in costs for adjustments and restructuring related to the decline in revenue due to the economic crisis.
Operating income, including an impairment of
- Net income in the first half
Net income attributable to Group, including interest expense of
- Free cash flow in the first half
At
- Net financial debt at
Net financial debt at
The average net debt for the first semester came to
All financial ratios improved with a net debt to equity ratio of 0.37 at
Liquidity at June 30, 2009 amounted to 3,5 billion euro.
- Shareholders' equity at June 30, 2009
Consolidated shareholders' equity came to
Group activity in first half 2009
At the beginning of the year, VivaKi Nerve Center unveiled The Pool, a new VivaKi initiative aimed at creating an advertising video standard that could become the new global standard for online advertising. This project involves such major online video providers as AOL, Broadband Enterprises, CBS, Discovery, Hulu, Yahoo!, and Microsoft. Participating advertisers include Applebee's, Capital One, Nestle, Purina, and more. All are Publicis Groupe clients. The Pool entered the testing phase in the second quarter.
This innovative project is fully in line with VivaKi's goals:
- develop new standards in the digital universe
- create new forms of collaboration with media owners and Group clients
- leverage economies of scale (and share the benefits with our clients)
- develop platforms that can be extended to any digital channels for
Audience on Demand and measurement tools.
VivaKi launched Performics in the French market only a few months after acquiring it from Google. As part of the VivaKi Nerve Center, the hub of VivaKi's digital expertise, Performics offers performance marketing solutions by combining the three recognized leaders in the field: iBase, Webformance, and Click2Sales.
In early April, Publicis Groupe acquired Nemos, a leading interactive
communications agency in
On
- CONTENT: creating, producing, and distributing content via all
services, tools, and systems available in the digital universe
- PERFORMANCE: tools, methods, and innovations based on next-generation
online advertising technologies, particularly performance-enhancing
search and ad serving technologies
- AUDIENCE: defining, profiling, and measuring Audience on Demand to meet
the specific needs of each client.
- New Business: Publicis Groupe is number-one worldwide, with $3.2
billion
The first six months of 2009 were productive for Publicis Groupe. With
net New Business totaling
The objective in this stormy period has been to consolidate and grow Publicis market share in all Group business lines. That objective is being met, as the Group's New Business figures attest.
- Finance
On
To ensure that the Group has adequate financing and extend the maturity
profile of its debt, Publicis Groupe issued a new OCEANE convertible bond on
Recent events
GM : On
Since the filing of the bankruptcy, Old GM has signed agreements with some of our agencies and assumed and assigned contracts with other of our agencies to New GM. As a result, we have received payment of the bulk of our fee receivables as of the date of the bankruptcy, and
GM has committed to pay us our remaining pre-petition fee receivables over the next few months.
Taking into account the principle of sequential liability and the
commitments we have received from GM, we have re-evaluated our maximum
exposure at
Outlook
The second quarter fully revealed the severity of an economic crisis that has continued to deepen throughout the period.
In April, ZenithOptimedia revised its late-December forecast of a 0.2% decline in the advertising market for 2009 down to a decline of 6.9%. The most recent forecast, from early July, shows further deterioration, with the market losing 8.6% during the year, although it suggests a more stable second half.
These increasingly extreme corrections have come in response to an unexpectedly steep curve. At the same time that the credit market was tightening, a sharp decline in demand for raw materials, property, and durable consumer goods prompted companies to sit on their cash and reduce capital expenditures.
Given currently available information, the Group estimates that the low for the year should come in July, or August at the latest, with slow recovery beginning in September. The first positive growth figures should appear around the middle of 2010, though these would benefit from a favorable basis for comparison. At Publicis Groupe, we confirm our targets for 2009: to outperform the market in terms of market share, with negative growth more moderate than that of the market; and to protect our margins. To that end, we will be steadfast in applying appropriate, ongoing measures that should prove fully effective in 2010.
Publicis Groupe (Euronext Paris: FR0000130577) is the world's fourth-largest communications group, the world's second-largest media agency, and a global leader in digital and healthcare communications. With activities spanning 104 countries on five continents, the Group employs approximately 43,000 professionals.
Publicis Group offers local and international clients a complete range of
advertising services through three global advertising networks,
Website: http://www.publicisgroupe.com
"Certain statements in this report, apart from historical facts, may constitute forward-looking statements or unaudited financial forecasts. These forward-looking statements involve certain risks and uncertainties and may prove to be materially different from actual future results. All forward-looking statements are expectations as of the date of this report, and Publicis Groupe undertakes no obligation to update them for new events or for any other reason except as required by law. Publicis Groupe encourages you to study carefully all information concerning factors that may impact its business, as described in the Reference Document filed with the French market authority (Autorite des Marches Financiers)."
Appendices
New Business 2009
Digitas
Total (France), TGI Friday's (United States)
Fallon
The Auteurs (
Caltex oil (
Publicis
Alitalia (
Publicis Healthcare Communications Group (PHCG)
sanofi-aventis (Aplenzin-United States), Biogen-Idec neurology (
Publicis Consultants
Biscuit LeClerc (
Saatchi & Saatchi
BingoLotto (
Starcom MediaVest Group
Alfa telecommunications (
ZenithOptimedia
Al-Bandar Group multibrand shop (
Press releases in first half 2009:
01/08/09 Mathias Emmerich is appointed Senior Vice President of
Publicis Groupe
01/14/09 Philippe Lentschener leaves Publicis Groupe
02/04/09 Isabelle Simon joins Publicis Groupe as Senior Vice President
02/11/09 Annual results 2008
02/12/09 Publicis announces that it has repurchased a portion of its
OCEANEs maturing on January, 18, 2018, and is offering to
purchase the remaining OCEANEs for a price of EUR42.5724 per
bond
02/20/09 Results of the standing purchase offer of OCEANEs maturing on
January 18, 2018
03/11/09 Publicis Groupe involves its employees in Group growth
03/24/09 136 Publicis key executives invest strongly in the Group
04/15/09 Publicis Groupe pursues its global digital expansion,
acquires Nemos, Swiss leader in multimedia and flash
programming
04/16/09 Publicis Groupe won HP personal systems group pan-European
advertising and digital communications
04/30/09 Eric Giuily leaves Publicis Consultants | Worldwide
05/11/09 Appointments at Publicis Groupe
05/19/09 Publicis Group acquires the Publicis MARC Group, strengthens
holistic offer in the Balkan region
05/20/09 Publicis Groupe grants 50 free shares to each employee in
France
06/04/09 Publicis Groupe - General Motors
06/09/09 Publicis Group annual general shareholders' meeting, dividend
set at 0.60 euros per share
06/16/09 Publicis Group announces the offering of convertible bonds
06/16/09 Publicis Groupe issue of convertible bonds (OCEANEs) in the
amount of 625 million euros - Final terms for the OCEANE 2014
06/17/09 Publics Groupe issue of convertible bonds (OCEANEs) in the
amount of 625 million euros - Granting of the AMF visa
06/19/09 Publics Groupe issue of convertible bonds (OCEANEs) -
Exercise of the over-allotment (greenshoe) option for the
issue of approximately 625 million euros increased to
approximately 719 million euros
06/25/09 Microsoft Corporation and Publicis Groupe announce broad
strategic agreement
06/30/09 Publicis Groupe, second most awarded group in Cannes, with a
total of 101 Lions
07/09/09 Publicis Groupe to receive the 2009 Global Equity
Organization award for the most innovative and creative plan
design for its employee stock plan
13/07/09 Publication date for half-year results
22/07/09 GM
Glossary
Operating margin rate: operating margin / revenue
Average half-year or annual net debt: half-year or annual average of average monthly net debt
Free cash flow: cash flow from operations minus capital expenditures for tangible and intangible fixed assets, excluding acquisitions
Net new business: this figure is not from financial reporting but is derived from the estimated media-marketing budgets based on annual business (net of losses) from new and existing clients
For further information, please visit our website:
http://www.finance.publicisgroupe.com
Consolidated Financial Statement
Consolidated income statement
Millions of euros June 30, June 30, 2008
2009 2008
Revenue 2 209 2 226 4 704
Personnel expenses (1 423) (1 389) (2 852)
Other operating expenses (453) (453) (963)
Operating margin before depreciation 333 384 889
and amortization
Depreciation and amortization expense (46) (50) (104)
(excluding intangibles arising on
acquisition)
Operating margin 287 334 785
Amortization of intangibles arising on (15) (14) (29)
acquisition
Impairment (20) (4) (13)
Non-current income (expense) 5 4 8
Operating income 257 320 751
Cost of net financial debt (25) (40) (81)
Other financial income (expense) (2) (2) 2
Income of consolidated companies before 230 278 672
taxes
Income taxes (59) (84) (196)
Net income of consolidated companies 171 194 476
Equity in net income of 1 5 2
non-consolidated companies
Net income 172 199 478
Net income attributable to minority 5 7 31
interests
Net income attributable to equity 167 192 447
holders of the parent
Per share data (in euros)
Number of shares 200,760,562 204,487,173 202 536 963
Net earnings per share 0.83 0.94 2.21
Number of shares - diluted 206,261,458 233,788,676 220 728 941
Net earnings per share - diluted 0.82 0.89 2.12
Statement of comprehensive income
Millions of euros June 30, June 30, 2008
2009 2008
Net income (a) 172 199 478
Other comprehensive income
- Valuation of available-for-sale at fair
value 4 2 (15)
- Actuarial gains and losses on defined
benefit plans (16) 37 (45)
- Cumulative translation adjustment (12) (196) (5)
- Deferred taxes on other comprehensive income 5 (10) 16
Other comprehensive income for the period, net
of income tax (b) (19) (167) (49)
Total comprehensive income for the period (a)
+ (b) 153 32 429
Attributable to minority interests 7 7 28
Attributable to holders of the parent 146 25 401
Consolidated balance sheet
Millions of euros June 30, December 31,
2009 2008
Assets
Goodwill, net 3 709 3 693
Intangible assets, net 780 794
Property and equipment, net 461 480
Deferred tax assets 98 91
Investments accounted for by the equity 44 44
method
Other financial assets 102 101
Non-current assets 5 194 5 203
Inventory and costs billable to clients 295 319
Accounts receivable 4 222 4 843
Other receivables and other current assets 535 628
Cash and cash equivalents 1 162 867
Current assets 6 214 6 657
Total assets 11 408 11 860
Liabilities and shareholders' equity
Capital stock 78 78
Additional paid-in capital and retained 2 340 2 242
earnings
Shareholders' equity 2 418 2 320
Minority interests 25 30
Total equity 2 443 2 350
Long-term financial debt (more than 1 year) 1 690 1 323
Deferred tax liabilities 249 232
Long-term provisions 472 459
Non-current liabilities 2 411 2 014
Accounts payable 4 762 5 802
Short-term financial debt (less than 1 year) 364 218
Income taxes payable 66 68
Short-term provisions 97 110
Other creditors and other current liabilities 1 265 1 298
Current liabilities 6 554 7 496
Total liabilities and shareholders' equity 11 408 11 860
Millions of euros June 30, June 30, 2008
2009 2008
I- Cash flows from operating activities
Net income 172 199 478
Income taxes 59 84 196
Cost of net financial debt 25 40 81
Capital (gains) losses on disposal (before tax) (4) (4) (2)
Depreciation, amortization and impairment
on property and equipment and intangible assets 81 68 146
Non-cash expenses on stock-options and
similar items 12 9 9
Other non-cash income and expenses 5 3 8
Equity in net income of unconsolidated
companies (1) (5) (2)
Dividends received from equity accounted
investments 6 5 10
Taxes paid (86) (102) (169)
Interest paid (51) (34) (89)
Interest received 10 23 37
Change in working capital requirements (1) (495) (219) 12
Net cash provided by operating activities (267) 67 715
II- Cash flows from investing activities
Purchases of property and equipment and
intangible assets (33) (43) (92)
Proceeds from sale of property and
equipment and intangible assets - 23 28
Proceeds from sale of investments and
other financial assets, net 3 (2) (1)
Acquisitions of subsidiaries (70) (48) (172)
Disposals of subsidiaries - - -
Net cash flows provided by (used in)
investing activities (100) (70) (237)
III- Cash flows from financing activities
Increase (decrease) in capital stock of
Publicis Groupe SA - - 1
Dividends paid to parent company
shareholders - - (106)
Dividends paid to minority shareholders of
subsidiaries (15) (15) (24)
Cash received on new borrowings 734 9 482
Reimbursement of borrowings (115) (9)(1 128)
Net (purchases)/sales of treasury stock
and equity warrants 1 (197) (174)
Cash received on hedging transactions - - -
Net cash flows provided by (used in)
financing activities 605 (212) (949)
IV- Impact of exchange rate fluctuations 34 (80) 19
Net change in consolidated cash flows (I +
II + III + IV) 272 (295) (452)
Cash and cash equivalents at January 1 867 1 313 1 313
Bank overdrafts at January 1 (30) (24) (24)
Net cash and cash equivalents at beginning
of period 837 1 289 1 289
Cash and cash equivalents at end of period 1 162 1 015 867
Bank overdrafts at end of period (53) (21) (30)
Net cash and cash equivalents at end of
period 1 109 994 837
Net change in cash and cash equivalents 272 (295) (452)
(1) Breakdown of change in working capital
requirements
Change in inventory and costs billable to clients 31 (18) 64
Change in accounts receivable and other receivables 729 (274) (110)
Change in accounts payable, other
creditors and provisions (1 255) 73 58
Change in working capital requirements (495) (219) 12
Consolidated Cash flow statement
Statement of changes in shareholders' equity
Reserves
Number of Additional and
outstanding Capital paid-in retained Translation
shares Millions of euros stock capital earnings reserve
183 600 411 January 1, 2008 81 2 742 (436) (313)
Net income for the
period 192
Other comprehensive
income
Revaluation of
available-for-sale
investments
Actuarial gains and 27
losses on defined
benefit plans
Cumulative (196)
translation
adjustment
Total other 27 (196)
comprehensive income
Total comprehensive - - 219 (196)
income for the
period
21 000 Increase in capital (3) (189) 192
stock of Publicis
Groupe SA
Dividends (106)
Share-based 6
compensation (1)
Additional interest (3)
on Oranes
Effect of changes in
scope of
consolidation and of
commitments to
purchase minority
interests
(7 667 019) Purchases/sales of (197)
treasury stock
175 954 392 June 30, 2008 78 2 553 (325) (509)
(Table Continued...)
Number of Fair
outstanding value Shareholders' Minority Total
shares reserve equity interest equity
Millions of euros
183 600 411 January 1, 2008 124 2 198 27 2 225
Net income for the 192 7 199
period
Other comprehensive
income
Revaluation of 2 2 2
available-for-sale
investments
Actuarial gains and 27 27
losses on defined
benefit plans
Cumulative (196) (196)
translation
adjustment
Total other 2 (167) (167)
comprehensive income
Total comprehensive 2 25 7 32
income for the
period
21 000 Increase in capital - -
stock of Publicis
Groupe SA
Dividends (106) (15) (121)
Share-based 6 6
compensation (1)
Additional interest (3) (3)
on Oranes
Effect of changes in 4 4
scope of
consolidation and of
commitments to
purchase minority
interests
(7 667 019) Purchases/sales of (197) (197)
treasury stock
175 954 392 June 30, 2008 126 1 923 23 1 946
Number of Reserves
outstanding Additional and
shares Capital paid-in retained Translation
Millions of euros stock capital earnings reserve
178 854 301 January 1, 2009 78 2 553 (105) (315)
Net income for the 167
period
Other
comprehensive
income
Revaluation of
available-for-sale
investments
Net income for the (11)
period
Actuarial gains (14)
and losses on
defined benefit
plans
Cumulative
translation
adjustment
Total other (11) (14)
comprehensive
income
Total - - 156 (14)
comprehensive
income for the
period
Increase in 49
capital stock of
Publicis Groupe SA
Dividends (107)
Share-based 12
compensation (1)
Additional (3)
interest on Oranes
Effect of changes
in scope of
consolidation and
of commitments to
purchase minority
interests
72 910 Purchases/sales of 1
treasury stock
178 927 211 June 30, 2009 78 2 553 3 (329)
(1) Share-based compensation net of deffered tax
(Table Continued...)
Number of Fair
outstanding value Shareholders' Minority Total
shares Millions of euros reserve equity interest equity
178 854 301 January 1, 2009 109 2 320 30 2 350
Net income for the 167 5 172
period
Other comprehensive
income
Revaluation of 4 4 4
available-for-sale
investments
Net income for the (11) (11)
period
Actuarial gains and (14) 2 (12)
losses on defined
benefit plans
Cumulative translation
adjustment
Total other 4 (21) 2 (19)
comprehensive income
Total comprehensive 4 146 7 153
income for the period
Increase in capital 49 49
stock of Publicis
Groupe SA
Dividends (107) (15) (122)
Share-based 12 12
compensation (1)
Additional interest on (3) (3)
Oranes
Effect of changes in 3 3
scope of consolidation
and of commitments to
purchase minority
interests
72 910 Purchases/sales of 1 1
treasury stock
178 927 211 June 30, 2009 113 2 418 25 2 443
(1) Share-based compensation net of deffered tax
Earnings per share calculation details
Earnings per share and diluted earnings per share
June 30, June 30, 2008
2009
Net income used for the calculation of earnings
per share (millions of euros)
Net income attributable to equity holders of a 167 192
the parent
Impact of dilutive instruments:
- Savings in financial expenses related to the 2 16
conversion of debt instruments, net of tax
Net income attributable to equity holders of b 169 208
the parent - diluted
Number of shares used for the calculation of
earnings per share
Average number of outstanding shares (after 178 890 181 055 238
deduction of treasury stock) 756
Shares to be issued to redeem the Oranes 21 869 23 431 935
806
Average number of shares used for the c 200 760 204 487 173
calculation 562
Impact of dilutive instruments (1):
- Effect of exercise of dilutive stock-options 68 200 644 756
- Effect of exercise of free shares plans 977 623 -
- Shares resulting from the conversion of the 4 455 28 656 747
convertible bonds 073
Number of shares - diluted d 206 261 233 788 676
458
(in euros)
Earnings per share a/c 0.83 0.94
Earnings per share - diluted b/d 0.82 0.89
(1) Only the equity warrants, stock options, free shares plans and
convertible bonds with a dilutive effect are taken into consideration. As of
Headline earnings per share (basic and diluted)
June 30, June 30,
2009 2008
Net income used for the calculation of
Headline earnings per share (1) (millions of
euros)
Net income attributable to equity holders of
the parent 167 192
Items excluded:
- Amortization of intangibles arising on
acquisition, net of tax 9 9
- Impairment, net of tax 16 3
- Income tax credit linked to OCEANE 2014
deferred tax liability (11) -
Adjusted net income attributable to equity
holders of the parent e 181 204
Impact of dilutive instruments:
- Savings in financial expenses related to the
conversion of debt instruments, net of tax 2 16
Adjusted net income attributable to equity f 183 220
holders of the parent - diluted
Number of shares used for the calculation of
earnings per share
Average number of outstanding shares (after
deduction of treasury stock) 178 890 756 181 055 238
Shares to be issued to redeem the Oranes 21 869 806 23 431 935
Average number of shares used for the 200 760 562 204 487 173
calculation
Impact of dilutive instruments: c
- Effect of exercise of dilutive stock-options 68 200 644 756
- Effect of exercise of free shares plans 977 623 -
- Shares resulting from the conversion of the 4 455 073 28 656 747
convertible bonds
Number of shares - diluted d 206 261 458 233 788 676
(in euros)
Headline earnings per share (1) e/c 0.90 1.00
Headline earnings per share (1) - diluted f/d 0.89 0.94
(1) Earnings per share before amortization of intangibles arising on acquisition, impairment and income tax credit linked to OCEANE 2014 deferred tax liability.
SOURCE Publicis Groupe Services