- 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
All regions recorded growth in the fourth quarter of 2014.
: over the period,
was back in positive growth, with the UK and France achieving +3.8% and +2.4% respectively. Elsewhere in
all returned positive growth. The southern and northern European countries remained negative.
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%),
Rest of the World
: the rest of the world (which includes
) 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
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
, 18.5% in
, 13.5% in
, 17.6% in
, and 16.2% in the
- Net income attributable to the Groupe: +22.8%