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Publicis Groupe: 2012 Annual Results

- Breakdown of Q4 2012 revenue by geography 

    (EUR million)           Revenue          Reported Growth   Organic growth
                   Q4 2012      Q4 2011   Q4 2012 / Q4 2011      Q4 2012
    Europe*           573          524            +9.4%            +0.8%
    North America     834          764            +9.2%            +3.7%
    BRIC+MISSAT**     287          222           +29.3%           +13.0%
    Rest of the
    world             205          187            +9.6%            +2.8%
    Total           1,899        1,697           +11.9%            +3.9%

*    Europe excluding Russia and Turkey

**    MISSAT: Mexico, Indonesia, Singapore, South Africa and Turkey

All regions recorded growth in the fourth quarter of 2014.

-     Europe : over the period, Europe was back in positive growth, with the UK and France achieving +3.8% and +2.4% respectively. Elsewhere in Western Europe, Germany, the Netherlands and Switzerland all returned positive growth. The southern and northern European countries remained negative.

-     North America : North America posted +3.7%.

-     BRIC and MISSAT countries: together, the BRIC and MISSAT countries achieved growth of +13.0% in the fourth quarter, with notable performances on the part of the Greater China Region (+22.0%), Brazil (+10.4%), and Mexico (+30.1%)

  -     Rest of the World: the rest of the world (which includes Australia and Japan) grew by +2.8%.

- Operating margin: 16.1%

The operating margin before depreciation and amortization was 1,190 million euro in 2012, up 15.1% from 1,034 million in 2011.

Operating margin increased by 14.3% to 1,064 million euro.

The percentage operating margin was 16.1% in 2012, up 10 bp on 2011. Given the fact that organic growth was below expectations, this is a very satisfactory achievement.

Staff costs reached 4,076 million euro in 2012, i.e. up 12.8% from 3,615 million in 2011, representing 61.7% of consolidated revenue. Fixed staff costs stood at 54.5% of total revenue, compared with

54.1% in 2011. Strict control of costs in general and of personnel costs in particular remains a core issue and requires to operate carefully and selectively by investing in growth segments through targeted recruitment, while managing costs in regression sectors and low-growth countries. A number of current investments (ERP, technological developments) should improve operational efficiency and reduce costs in the medium term. Restructuring costs totaled 68 million euro, after 39 million in 2011.

Other operating costs (excluding depreciation) rose by 15.2% to 1,344 million euro, i.e. 20.3% of total revenue. Commercial expenses increased by 40.2% to 263 million. Administrative costs - which continued to fall thanks to programs optimizing various operating expenses, largely through the regionalization of shared services centers - amounted to 16.7% of total revenue, down from 17% in 2011. The impact of acquisition related costs was around 14 million euro.

Depreciation & amortization for the period was 126 million euro, after 103 million in 2011.

By region, the percentage operating margins were 12.9% in Europe, 18.5% in North America, 13.5% in Asia-Pacific, 17.6% in Latin America, and 16.2% in the Africa / Middle East region.

- Net income attributable to the Groupe: +22.8%

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