- Nachrichtendetail
-
21.02.2024 17:49:20 - dpa-AFX: GNW-Adhoc: Ipsos: Growth acceleration and maintained high profitability in 2023
Growth acceleration
Paris, 21 February 2024 - Ipsos (http://www.ipsos.com), one of the world's leading market research companies, confirmed the acceleration of its activity in
the 4(th) quarter of 2023 and posted organic growth of 8.8% (after -2.8% in the 1(st) quarter, 0.5% in the 2(nd) quarter and 4.3% in the 3(rd) quarter), meeting
our guidance for the year. Organic growth for the 2023 financial year therefore reached 3% (4% excluding the impact of COVID contracts ending). The operating profit remained stable at an all-time high of 13.1%, demonstrating the Group's ability to maintain its profitability in a challenging macroeconomic and geopolitical context.
The 4(th) quarter revenue amounts to 714.7 million euros, up by 4.8%. For the year, it reaches 2,389.8 million euros, down 0.6% due to unfavorable exchange rate effects
(-3.9%) which more than offset the organic growth (3%) and perimeter effects (0.3%).
Ben Page, CEO of Ipsos, says: "We improved in 2023 despite economic headwinds, proving the resilience of Ipsos' model. Thanks to our geographic spread, our multi-sectoral approach, client portfolio and new technology, we can feel confident as we step into 2024. Combined with the talent and commitment of our teams, these strengths are exactly what we need to keep responding to new client
needs and seizing new growth opportunities."
---------------------------------------------
2(nd) quarter 555.1 -3.3% 0.5%
---------------------------------------------
3(rd) quarter 588.0 -2.3% 4.3%
---------------------------------------------
4(th) quarter 714.7 4.8% 8.8%
---------------------------------------------
Revenue 2,389.8 -0.6% 3.0%
---------------------------------------------
---------------------------------------------------------------------------
Americas 956.4 40% 7.7% 1.7%
---------------------------------------------------------------------------
Asia-Pacific 406.8 17% 5.5% 3.5%
---------------------------------------------------------------------------
Revenue 2,389.8 100% 8.8% 3.0%
All regions showed excellent growth momentum in the 4(th) quarter and grew over the year.
From the 3(rd) quarter onwards, activity in the EMEA region was free from unfavourable base effects caused by the end of major Covid contracts, and it showed excellent momentum with organic growth of 11.2% in the final quarter. Annual organic growth of 4.1% was largely driven by Continental Europe, where countries like France and Belgium reported excellent results.
Activity in the Americas showed organic growth of 1.7% in 2023. This reflects a contrasting reality between the strong performance of Latin America (above 8%)
and lower growth in North America (close to 1%). The United States was affected by the significant decline in demand by major Tech clients. However, we did see a gradual improvement in demand from these clients over the final quarter. This trend remains to be confirmed in 2024, primarily with new opportunities offered by generative AI. Overall, the final quarter in the Americas showed organic growth of over 7.5%, both in North and South America.
Lastly, the Asia-Pacific region posted organic growth of around 5.5% for the quarter and 3.5% for the full year. With no tangible economic recovery in China following the end of the Zero-COVID policy, our activity in the country stagnated, which hindered performance for the entire region. Conversely, India and South-East Asia maintained their momentum with double-digit growth rates.
-----------------------------------------------------------------------------
Clients and employees(2) 530.0 22% 2.5% 0.1%
-----------------------------------------------------------------------------
Citizens(3) 351.2 15% 2.3% -5.0%
-----------------------------------------------------------------------------
Doctors and patients(4) 381.8 16% 12.4% 3.6%
-----------------------------------------------------------------------------
Revenue 2,389.8 100% 8.8% 3.0%
Breakdown of Service Lines by audience segment:
1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA,
Market Strategy & Understanding, Observer (excl. public sector), Ipsos
Synthesio, Strategy3
2- Automotive & Mobility Development, Audience Measurement, Customer Experience,
Channel Performance (Mystery Shopping and Shopper), Media Development, ERM,
Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)
Our activities with consumers showed very strong momentum both in the 4(th)
quarter (+12.8%) and throughout 2023 (+7.1%). This reflects excellent performance from our business lines with regard to brand health tracking, marketing spend optimization and market positioning activities, as well as our qualitative work. Solid performance in the consumer goods sector also helped maintain the high level of activity in this segment.
Our activity with clients and employees was stable throughout the year. Customer
experience and mystery shopping surveys recorded strong performance, even if this audience segment was adversely affected in 2023 by the drop in demand from major Tech clients.
Our activity with citizens was down 5%, due mainly to major COVID contracts ending. Our business relating specifically to the public sector other than COVID
contracts performed well and posted organic growth of more than 8%.
Finally, our activity with doctors and patients continued on its path of improvement throughout 2023, with organic growth of 9% in the 2(nd) semester, of
which 12% was achieved in the final quarter. Initially affected early in the year by shifts in decision-making from certain clients in the pharmaceutical industry, this activity did regain its momentum. One example in particular was our high added-value services offering, as well as our solutions for targeting and segmenting patients and prescribers.
FINANCIAL PERFORMANCE
Summary income statement
| | Change
In EUR millions | 2023 2022 |(2023 vs 2022)
-------------------------------------------------------------------------------
Gross margin 1,612.8 1,594.1 1.2%
-------------------------------------------------------------------------------
Gross margin/Revenue 67.5% 66.3% 1.2 pt
-------------------------------------------------------------------------------
Operating profit 312.4 314.7 -0.7%
-------------------------------------------------------------------------------
Operating profit/Revenue 13.1% 13.1% 0.0 pt
-------------------------------------------------------------------------------
Other non-current/recurring income and expenses -47.3 3.7
-------------------------------------------------------------------------------
Finance costs -13.3 -13.2 0.5%
-------------------------------------------------------------------------------
Other finance costs -7.0 -3.5 96.8%
-------------------------------------------------------------------------------
Income tax -72.9 -72.8 0.2%
-------------------------------------------------------------------------------
Net profit attributable to owners of the parent 159.7 215.2 -25.8%
-------------------------------------------------------------------------------
Adjusted net profit* attributable to owners of
the parent 228.6 232.4 -1.6%
*Adjusted net profit is calculated before (i) non-monetary items related to IFRS
2 (Share-based Payment), (ii) the amortisation of acquisition-related intangible
assets (client relations), (iii) the impact of other non-current income and expenses, net of tax, (iv) the non-monetary impact of changes in puts and other financial income and expenses, and (v) deferred tax liabilities related to goodwill for which amortisation is deductible in some countries. It is in particular adjusted for the provisions related to Russia.
Income statement items
The gross margin rose by 120 basis points to 67.5%, compared to 66.3% in 2022.
This increase was mainly attributable to (i) a favourable mix effect related to very strong momentum from higher margin segments like Ipsos.Digital, Marketing Management Analytics activities and qualitative surveys, (ii) the structural continuation of the increase in the proportion of online surveys, which rose from 65% in 2022 to 66% in 2023, (iii) the Group's ability to maintain its prices in a context of inflation, and (iv) the definitive end of large covid contracts in early 2022 (for which collection costs were above average).
With regard to operating costs, the payroll remained under control at less than 1% growth, despite the persisting impact of inflation on salaries in some countries. Given the context of uncertainty, throughout 2023 we adapted our staff numbers based on the activity in each of our markets. At 31 December 2023, Ipsos had 19,701 employees, a 2.3% decrease compared to 31 December 2022.
The payroll-to-gross-margin ratio improved to 65.1% compared to 65.3% in 2022.
This ratio was 67% in 2019 before COVID, which allowed us to achieve structural productivity gains. The cost of variable compensation in shares rose to EUR16.3
million compared to EUR14.4 million in 2022 due to the increased share price.
Overhead costs were down slightly (-0.4%) despite the inflationary context. While we continued to increase current expenditure on IT, our other overhead items were stable or down - particularly professional fees and travel expenses. The ratio of overhead to gross margin improved to 13.3% compared to 13.5% in 2022, also remaining significantly lower than its pre-pandemic level (17% in 2019).
Other operating income and expenses, consisting mainly of severance costs, showed a net cost of EUR20.3 million. In 2023, we adopted our operating model
based on the level of activity in each of our markets, especially in the United States due to the drop in major Tech clients.
Overall, the Group's operating profit once again reached the high level of 13.1% achieved in 2022.
Below the operating profit, the amortisation of acquisition-related intangible assets refers to the portion of goodwill allocated to client relations in particular. This allocation came to EUR6.0 million.
The balance of other non-current and non-recurring income and expenses came to a
net cost of EUR47.3 million. Since July 31, 2023, a draft law aiming to impose
strong restrictions on companies researching the structure of consumer goods markets in Russia came under review at the Duma. Even though uncertainties remain about the law's final content and its implementation schedule, the draft law plans, at this point, among other restrictive provisions, to limit foreign ownership of such companies to a 20% shareholding. Considering the risks that this draft law poses to our business continuity in Russia, even though it is not
clearly established that its purpose includes Ipsos' business, we have, as a precaution, decided to write off the entirety of the net asset linked to our local subsidiary, representing an amount of 59 million euros. Our activities in Russia account for less than 2% of the Group's revenue.
Finance costs. The net interest expense came to EUR13.3 million compared to EUR13.2
million last year - the effects of the rise in interest rates on financial income and expenses balanced each other out overall.
IFRS 16.
The effective tax rate on the IFRS income statement was 30.6% compared to 24.8%
last year. This rate would be 24,5% excluding the impact of provisions related to Russia.
Net profit attributable to owners of the parent came to EUR160 million compared to
EUR215 million in 2022, impacted by 59 million euros due to the depreciation of
Ipsos' net asset in Russia.
by 24 million euros, or 17%.
Financial structure
Cash flow from operations came to EUR413 million compared to EUR402 million in
2022, up EUR11 million.
The working capital requirement saw a negative change of EUR65 million. A
significant portion of our growth in 2023 was achieved in the final quarter. Cash generation associated with this revenue extended partly to the start of 2024.
Investments in property, plant and equipment and intangible assets consisted mainly of investments in IT infrastructure, technology and R&D. Amounting to EUR59
million, these were up EUR4 million compared to 2022. This was in line with the
2025 strategic plan, which calls for an increase in our investments in platforms, our proprietary panels and generative AI tools. The pace of these investments will be stepped up in 2024.
Overall, free cash flow from operations came to EUR169 million, down EUR45 million
compared to last year, mainly due to the growth momentum in the fourth quarter.
As for non-current investments, Ipsos stepped up the pace of its external growth
policy in 2023, investing EUR48 million in the acquisition of NVCS in the US,
Behaviour & Attitudes in Ireland, CBG in New Zealand, Big Village in Australia, Xperity in the US, Omedia in West Africa and Shanghai Focus RX in China. In January 2024, the acquisitions of Jarmany in Great Britain and I&O in the Netherlands were added to this list.
Lastly, our financing activities in 2023 included the following:
* Continuation of the share buyback programme with the intention of
cancellation for an amount of EUR50 million, representing 1,050,000 cancelled
EUR1,500 million at 31 December 2022.
Net financial debt came to EUR120 million, up EUR51 million compared to 31 December
2022. The company's balance sheet remained very healthy, and the leverage ratio (calculated excluding the impact of IFRS 16) was 0.3 times EBITDA (compared to 0.2 times at 31 December 2022).
and September 2025 (EUR300 million in bond issues).
OUTLOOK 2024
Ipsos improved in 2023 despite headwinds caused by major Covid contracts ending,
a drop in demand from major Tech clients and more generally a challenging macroeconomic and geopolitical environment. By maintaining a high operating profit, the Group confirmed the resilience of its operating model and its ability to adapt to uncertain environments. With hardly any debt, the Group is in an excellent position to continue financing its growth, investments and acquisitions.
By accelerating the acquisition programme, we were able to consolidate our leading position in certain markets, particularly in Public Affairs.
As in 2023, this year will be characterised by macroeconomic and geopolitical uncertainty, as well as ongoing massive changes in technology, society and the climate. In a situation like this, more so than ever before, companies and governments need high-quality data and analysis if they are to understand consumption dynamics and public opinion, and thus inform their decision-making. All of these factors will drive our growth in 2024.
In 2024, we will be intensifying our technology investments so we can give our clients more impactful information and do so faster. We will also launch new offers, ensure data quality and security, and make our operating model more effective. Ipsos Facto, our generative AI platform forms the core of this strategy. Accessible to all our employees since June 2023, and now available to our clients, it is based on the best language models on the market - updated in real time with Ipsos data - and our proprietary library of prompts specific to market research professionals.
For this year, we are forecasting organic growth over 4%, and an operating profit of
around 13%. Quarterly growth in activity in 2024 will be very different from that seen in 2023: performance in the 1(st) quarter of 2024 will benefit from a relatively favourable basis for comparison, but subsequent bases for comparison will become gradually less favourable as the year progresses.
Finally, we remain confident in our ability to deliver on the financial targets announced in our strategic plan, "The Heart of Science and Data".
At the General Meeting on 14 May 2024, the Board of Directors will also be proposing a substantially higher dividend payment of EUR1.65 per share, i.e. an
increase of more than 22% representing over 30% of the adjusted net profit per share, compared to EUR0.90 for 2020, EUR1.15 for 2021 and EUR1.35 for 2022. While our
priorities in terms of cash allocation remain the pursuit of acquisitions and investments in technology and our panels, we will be continuing our share buyback programme with the intention of cancellation.
***
Presentation of annual results
The annual results for 2023 will be presented on Thursday, 22 February 2024 at 8:30 AM CET via webcast and in a published document.
If you would like to register, please contact IpsosCommunications@Ipsos.com (mailto:IpsosCommunications@Ipsos.com).
A replay will also be made available on Ipsos.com (https://www.ipsos.com/en/investors)
Appendices
The complete consolidated financial statements as at 31 December 2023 are available on Ipsos.com (https://www.ipsos.com/en/regulated- informations/en?year=2023)
Consolidated income statement
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Staff costs (excluding share-based
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Amortisation of acquisition-related
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Income tax (excluding deferred tax related
to goodwill amortisation) (73,089) (70,556)
Deferred tax related to goodwill
amortisation* 160 (2,249)
-------------------------------------------------------------------------------
Income tax (72,929) (72,805)
-------------------------------------------------------------------------------
Net profit 165,526 220,581
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic net profit per share attributable to
owners of the parent (in euros) 3.67 4.87
Diluted net profit per share attributable
to owners of the parent (in euros) 3.59 4.74
-------------------------------------------------------------------------------
+------------------------------------------------------------------------------
|Adjusted net profit* 234,155 240,341
|
|Attributable to owners of the parent 228,584 232,394
|
|Attributable to non-controlling interests 5,572 7,946
|
|Adjusted net profit per share attributable
|to owners of the parent 5.25 5.26
|
|Adjusted diluted net profit per share
|attributable to owners of the parent 5.14 5.12
+------------------------------------------------------------------------------
Statement of financial position
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Non-current assets 1,706,368 1,723,155
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current assets 1,046,388 1,127,967
-------------------------------------------------------------------------------
TOTAL ASSETS 2,752,756 2,851,122
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Equity attributable to owners of the parent 1,416,297 1,481,121
-------------------------------------------------------------------------------
Non-controlling interests 16,353 18,808
-------------------------------------------------------------------------------
Equity 1,432,650 1,499,929
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Non-current liabilities 614,873 622,387
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current liabilities 705,233 728,806
-------------------------------------------------------------------------------
TOTAL LIABILITIES 2,752,756 2,851,122
-------------------------------------------------------------------------------
Consolidated cash flow statement
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
OPERATING ACTIVITIES
NET PROFIT 165,526 220,581
Non-cash items
Depreciation and amortisation of property, plant and
equipment and intangible assets 121,703 88,192
Net profit of equity-accounted companies, net of
-------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE COSTS 412,865 401,923
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES 284,178 325,047
-------------------------------------------------------------------------------
INVESTING ACTIVITIES
Acquisitions of property, plant and equipment and
intangible assets (58,536) (54,824)
Proceeds from disposals of property, plant and
Acquisitions of consolidated companies and activities,
net of cash acquired (46,794) (7,284)
-------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES (108,363) (64,627)
-------------------------------------------------------------------------------
FINANCING ACTIVITIES
Increase in long-term loans to associates
Dividends paid to non-controlling shareholders of
consolidated companies (4,092) (1,409)
Dividends received from non-consolidated companies
-------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES (260,021) (170,642)
-------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (84,206) 89,778
-------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash
equivalents
-------------------------------------------------------------------------------
OPENING CASH AND CASH EQUIVALENTS 385,670 298,454
-------------------------------------------------------------------------------
CLOSING CASH AND CASH EQUIVALENTS 277,911 385,670
-------------------------------------------------------------------------------
Statement of changes in consolidated equity
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Position at
1 January
2022 11,109 508,259 (643) 930,147 (115,406) 1 333,466 8,963 1,342,429
-------------------------------------------------------------------------------------------------
Change in
share capital (46) - - - - (46) - (46)
Dividends
paid - - - (51,066) - (51,066) (1,409) (52,475)
Effects of
acquisitions
and
commitments
to purchase
non-
controlling
interests - - - (7,488) - (7,488) 6,585 (903)
Delivery of
own shares
under the
free share
allocation
plan - (12,631) 33,977 - - 21,347 - 21,347
Other
movements in
own shares - - (33,882) (17,677) - (51,559) - (51,559)
Share-based
payments
recognised
directly in
equity - - - 13,116 - 13,116 - 13,116
Other
movements - - - (1,169) - (1,169) (99) (1,268)
-------------------------------------------------------------------------------------------------
Transactions
with
shareholders (46) (12,631) 95 (64,283) - (76,865) 5,077 (71,788)
-------------------------------------------------------------------------------------------------
Profit for
the year - - - 215,160 - 215,160 5,421 220,581
Other
comprehensive
income - - - - - - - -
Net
investments
in foreign
operations
and related
hedges - - - - (12,223) (12,223) (997) (13,221)
Deferred tax
on net
investments
in foreign
operations - - - - 2,774 2,774 - 2,774
Change in
translation
differences - - - - 17,464 17,464 344 17,808
Change in the
fair value of
financial
assets
through other
comprehensive
income
- - - (735) (735) - (735)
Actuarial
gains and
losses - - - 2,907 - 2,907 - 2,907
Deferred tax
on actuarial
gains and
losses - - - (826) - (826) - (826)
Total other
comprehensive
income - - - 1,346 8,015 9,360 (654) 8,707
-------------------------------------------------------------------------------------------------
Comprehensive
income - - - 216,506 8,015 224,520 4,767 229,287
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Position at
1 January
2023 11,063 495,628 (548) 1,082,370 (107,392) 1,481,121 18,808 1,499,929
-------------------------------------------------------------------------------------------------
Change in
share capital (263) - - - - (263) - (263)
Dividends
paid - - - (58,963) - (58,963) (4,092) (63,055)
Effects of
acquisitions
and
commitments
to purchase
non-
controlling
interests - - - (38,989) - (38,989) (1,857) (40,846)
Delivery of
own shares
under the
free share
allocation
plan - (49,454) 85,662 (35,650) - 559 - 559
Other
movements in
own shares - - (86,080) - - (86,080) - (86,080)
Share-based
payments
recognised
directly in
equity - - - 14,977 - 14,977 - 14,977
Other
movements - - - 1,303 - 1,303 7 1,310
-------------------------------------------------------------------------------------------------
Transactions
with
shareholders (263) (49,454) (417) (117,321) - (167,455) (5,942) (173,397)
-------------------------------------------------------------------------------------------------
Profit for
the year - - - 159,725 - 159,725 5,801 165,526
Other
comprehensive
income - - - - - - - -
Fair value
revaluation
of
investments 1 1 1
Net
investments
in foreign
operations
and related
hedges - - - - 2,043 2,043 (171) 1,872
Deferred tax
on net
investments
in foreign
operations - - - - (584) (584) - (584)
Change in
translation
differences - - - - (58,421) (58,421) (2,142) ((60,563)
Change in the
fair value of
financial
assets
through other
comprehensive
income
(361) (361) (361)
Actuarial
gains and
losses - - - 425 - 425 425
Deferred tax
on actuarial
gains and
losses - - - (189) - (189) - (189)
Total other
comprehensive
income - - - (124) (56,962) (57,086) (2,313) (59,400)
-------------------------------------------------------------------------------------------------
Comprehensive
income - - - 159,601 (56,962) 102,640 3,488 106,127
-------------------------------------------------------------------------------------------------
Position at
31 December
2023 10,801 446,174 (965) 1,124,650 (164,363) 1,416,297 16,353 1,432,650
-------------------------------------------------------------------------------------------------
ABOUT IPSOS
Ipsos is one of the largest market research and polling companies globally,
operating in 90 markets and employing nearly 20,000 people.
Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based
on primary data from our surveys, social media monitoring, and qualitative or observational techniques.
"Game Changers" - our tagline - summarizes our ambition to help our 5,000
clients navigate with confidence our rapidly changing world.
Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com (http://www.ipsos.com/)
35 rue du Val de Marne
75 628 Paris, Cedex 13 France
Tél. + 33 1 41 98 90 00
Â
and maintained high profitability in 2023
Organic growth: 8.8% in Q4 and 3% for the year
Operating profit: 13.1%
Paris, 21 February 2024 - Ipsos (http://www.ipsos.com), one of the world's leading market research companies, confirmed the acceleration of its activity in
the 4(th) quarter of 2023 and posted organic growth of 8.8% (after -2.8% in the 1(st) quarter, 0.5% in the 2(nd) quarter and 4.3% in the 3(rd) quarter), meeting
our guidance for the year. Organic growth for the 2023 financial year therefore reached 3% (4% excluding the impact of COVID contracts ending). The operating profit remained stable at an all-time high of 13.1%, demonstrating the Group's ability to maintain its profitability in a challenging macroeconomic and geopolitical context.
The 4(th) quarter revenue amounts to 714.7 million euros, up by 4.8%. For the year, it reaches 2,389.8 million euros, down 0.6% due to unfavorable exchange rate effects
(-3.9%) which more than offset the organic growth (3%) and perimeter effects (0.3%).
Ben Page, CEO of Ipsos, says: "We improved in 2023 despite economic headwinds, proving the resilience of Ipsos' model. Thanks to our geographic spread, our multi-sectoral approach, client portfolio and new technology, we can feel confident as we step into 2024. Combined with the talent and commitment of our teams, these strengths are exactly what we need to keep responding to new client
needs and seizing new growth opportunities."
PERFORMANCE BY QUARTER
2023 vs 2022
2023 Total Organic
In EUR millions revenue growth growth
1(st) quarter 532.0 -2.9% -2.8%
---------------------------------------------
2(nd) quarter 555.1 -3.3% 0.5%
---------------------------------------------
3(rd) quarter 588.0 -2.3% 4.3%
---------------------------------------------
4(th) quarter 714.7 4.8% 8.8%
---------------------------------------------
Revenue 2,389.8 -0.6% 3.0%
---------------------------------------------
PERFORMANCE BY REGION
Organic
2023 4(th) quarter growth
In EUR millions revenue Contribution organic growth (2023 vs 2022)
EMEA 1,026.6 43% 11.2% 4.1%
---------------------------------------------------------------------------
Americas 956.4 40% 7.7% 1.7%
---------------------------------------------------------------------------
Asia-Pacific 406.8 17% 5.5% 3.5%
---------------------------------------------------------------------------
Revenue 2,389.8 100% 8.8% 3.0%
All regions showed excellent growth momentum in the 4(th) quarter and grew over the year.
From the 3(rd) quarter onwards, activity in the EMEA region was free from unfavourable base effects caused by the end of major Covid contracts, and it showed excellent momentum with organic growth of 11.2% in the final quarter. Annual organic growth of 4.1% was largely driven by Continental Europe, where countries like France and Belgium reported excellent results.
Activity in the Americas showed organic growth of 1.7% in 2023. This reflects a contrasting reality between the strong performance of Latin America (above 8%)
and lower growth in North America (close to 1%). The United States was affected by the significant decline in demand by major Tech clients. However, we did see a gradual improvement in demand from these clients over the final quarter. This trend remains to be confirmed in 2024, primarily with new opportunities offered by generative AI. Overall, the final quarter in the Americas showed organic growth of over 7.5%, both in North and South America.
Lastly, the Asia-Pacific region posted organic growth of around 5.5% for the quarter and 3.5% for the full year. With no tangible economic recovery in China following the end of the Zero-COVID policy, our activity in the country stagnated, which hindered performance for the entire region. Conversely, India and South-East Asia maintained their momentum with double-digit growth rates.
PERFORMANCE BY AUDIENCE
| 2023 | |4(th) quarter |Organic growth|
In EUR millions |revenue|Contribution|organic growth|(2023 vs 2022)|
| | | | |
Consumers(1) 1,126.8 47% 12.8% 7.1%
-----------------------------------------------------------------------------
Clients and employees(2) 530.0 22% 2.5% 0.1%
-----------------------------------------------------------------------------
Citizens(3) 351.2 15% 2.3% -5.0%
-----------------------------------------------------------------------------
Doctors and patients(4) 381.8 16% 12.4% 3.6%
-----------------------------------------------------------------------------
Revenue 2,389.8 100% 8.8% 3.0%
Breakdown of Service Lines by audience segment:
1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA,
Market Strategy & Understanding, Observer (excl. public sector), Ipsos
Synthesio, Strategy3
2- Automotive & Mobility Development, Audience Measurement, Customer Experience,
Channel Performance (Mystery Shopping and Shopper), Media Development, ERM,
Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)
Our activities with consumers showed very strong momentum both in the 4(th)
quarter (+12.8%) and throughout 2023 (+7.1%). This reflects excellent performance from our business lines with regard to brand health tracking, marketing spend optimization and market positioning activities, as well as our qualitative work. Solid performance in the consumer goods sector also helped maintain the high level of activity in this segment.
Our activity with clients and employees was stable throughout the year. Customer
experience and mystery shopping surveys recorded strong performance, even if this audience segment was adversely affected in 2023 by the drop in demand from major Tech clients.
Our activity with citizens was down 5%, due mainly to major COVID contracts ending. Our business relating specifically to the public sector other than COVID
contracts performed well and posted organic growth of more than 8%.
Finally, our activity with doctors and patients continued on its path of improvement throughout 2023, with organic growth of 9% in the 2(nd) semester, of
which 12% was achieved in the final quarter. Initially affected early in the year by shifts in decision-making from certain clients in the pharmaceutical industry, this activity did regain its momentum. One example in particular was our high added-value services offering, as well as our solutions for targeting and segmenting patients and prescribers.
FINANCIAL PERFORMANCE
Summary income statement
| | Change
In EUR millions | 2023 2022 |(2023 vs 2022)
| | Revenue 2,389.8 2,405.3 -0.6%
-------------------------------------------------------------------------------
Gross margin 1,612.8 1,594.1 1.2%
-------------------------------------------------------------------------------
Gross margin/Revenue 67.5% 66.3% 1.2 pt
-------------------------------------------------------------------------------
Operating profit 312.4 314.7 -0.7%
-------------------------------------------------------------------------------
Operating profit/Revenue 13.1% 13.1% 0.0 pt
-------------------------------------------------------------------------------
Other non-current/recurring income and expenses -47.3 3.7
-------------------------------------------------------------------------------
Finance costs -13.3 -13.2 0.5%
-------------------------------------------------------------------------------
Other finance costs -7.0 -3.5 96.8%
-------------------------------------------------------------------------------
Income tax -72.9 -72.8 0.2%
-------------------------------------------------------------------------------
Net profit attributable to owners of the parent 159.7 215.2 -25.8%
-------------------------------------------------------------------------------
Adjusted net profit* attributable to owners of
the parent 228.6 232.4 -1.6%
*Adjusted net profit is calculated before (i) non-monetary items related to IFRS
2 (Share-based Payment), (ii) the amortisation of acquisition-related intangible
assets (client relations), (iii) the impact of other non-current income and expenses, net of tax, (iv) the non-monetary impact of changes in puts and other financial income and expenses, and (v) deferred tax liabilities related to goodwill for which amortisation is deductible in some countries. It is in particular adjusted for the provisions related to Russia.
Income statement items
The gross margin rose by 120 basis points to 67.5%, compared to 66.3% in 2022.
This increase was mainly attributable to (i) a favourable mix effect related to very strong momentum from higher margin segments like Ipsos.Digital, Marketing Management Analytics activities and qualitative surveys, (ii) the structural continuation of the increase in the proportion of online surveys, which rose from 65% in 2022 to 66% in 2023, (iii) the Group's ability to maintain its prices in a context of inflation, and (iv) the definitive end of large covid contracts in early 2022 (for which collection costs were above average).
With regard to operating costs, the payroll remained under control at less than 1% growth, despite the persisting impact of inflation on salaries in some countries. Given the context of uncertainty, throughout 2023 we adapted our staff numbers based on the activity in each of our markets. At 31 December 2023, Ipsos had 19,701 employees, a 2.3% decrease compared to 31 December 2022.
The payroll-to-gross-margin ratio improved to 65.1% compared to 65.3% in 2022.
This ratio was 67% in 2019 before COVID, which allowed us to achieve structural productivity gains. The cost of variable compensation in shares rose to EUR16.3
million compared to EUR14.4 million in 2022 due to the increased share price.
Overhead costs were down slightly (-0.4%) despite the inflationary context. While we continued to increase current expenditure on IT, our other overhead items were stable or down - particularly professional fees and travel expenses. The ratio of overhead to gross margin improved to 13.3% compared to 13.5% in 2022, also remaining significantly lower than its pre-pandemic level (17% in 2019).
Other operating income and expenses, consisting mainly of severance costs, showed a net cost of EUR20.3 million. In 2023, we adopted our operating model
based on the level of activity in each of our markets, especially in the United States due to the drop in major Tech clients.
Overall, the Group's operating profit once again reached the high level of 13.1% achieved in 2022.
Below the operating profit, the amortisation of acquisition-related intangible assets refers to the portion of goodwill allocated to client relations in particular. This allocation came to EUR6.0 million.
The balance of other non-current and non-recurring income and expenses came to a
net cost of EUR47.3 million. Since July 31, 2023, a draft law aiming to impose
strong restrictions on companies researching the structure of consumer goods markets in Russia came under review at the Duma. Even though uncertainties remain about the law's final content and its implementation schedule, the draft law plans, at this point, among other restrictive provisions, to limit foreign ownership of such companies to a 20% shareholding. Considering the risks that this draft law poses to our business continuity in Russia, even though it is not
clearly established that its purpose includes Ipsos' business, we have, as a precaution, decided to write off the entirety of the net asset linked to our local subsidiary, representing an amount of 59 million euros. Our activities in Russia account for less than 2% of the Group's revenue.
Finance costs. The net interest expense came to EUR13.3 million compared to EUR13.2
million last year - the effects of the rise in interest rates on financial income and expenses balanced each other out overall.
Other net financial income and expenses showed a net cost of EUR7.0 million, including EUR3.7 million related to financial expenses as a result of applying
IFRS 16.
The effective tax rate on the IFRS income statement was 30.6% compared to 24.8%
last year. This rate would be 24,5% excluding the impact of provisions related to Russia.
Net profit attributable to owners of the parent came to EUR160 million compared to
EUR215 million in 2022, impacted by 59 million euros due to the depreciation of
Ipsos' net asset in Russia.
Adjusted net profit attributable to owners of the parent came to EUR229 million compared to EUR232 million in 2022. For the second half of the year, it increased
by 24 million euros, or 17%.
Financial structure
Cash flow from operations came to EUR413 million compared to EUR402 million in
2022, up EUR11 million.
The working capital requirement saw a negative change of EUR65 million. A
significant portion of our growth in 2023 was achieved in the final quarter. Cash generation associated with this revenue extended partly to the start of 2024.
Investments in property, plant and equipment and intangible assets consisted mainly of investments in IT infrastructure, technology and R&D. Amounting to EUR59
million, these were up EUR4 million compared to 2022. This was in line with the
2025 strategic plan, which calls for an increase in our investments in platforms, our proprietary panels and generative AI tools. The pace of these investments will be stepped up in 2024.
Overall, free cash flow from operations came to EUR169 million, down EUR45 million
compared to last year, mainly due to the growth momentum in the fourth quarter.
As for non-current investments, Ipsos stepped up the pace of its external growth
policy in 2023, investing EUR48 million in the acquisition of NVCS in the US,
Behaviour & Attitudes in Ireland, CBG in New Zealand, Big Village in Australia, Xperity in the US, Omedia in West Africa and Shanghai Focus RX in China. In January 2024, the acquisitions of Jarmany in Great Britain and I&O in the Netherlands were added to this list.
Lastly, our financing activities in 2023 included the following:
* Continuation of the share buyback programme with the intention of
cancellation for an amount of EUR50 million, representing 1,050,000 cancelled
shares, in addition to the usual share buybacks as part of our free share
plans amounting to EUR36 million.
* Repayments of the "Schuldschein" loan taken out in 2016 for an amount of EUR39
million and $42 million.
* Dividend payments of EUR59 million.
Shareholders' equity stood at EUR1,433 million at 31 December 2023, compared to
EUR1,500 million at 31 December 2022.
Net financial debt came to EUR120 million, up EUR51 million compared to 31 December
2022. The company's balance sheet remained very healthy, and the leverage ratio (calculated excluding the impact of IFRS 16) was 0.3 times EBITDA (compared to 0.2 times at 31 December 2022).
Cash position. Cash at 31 December 2023 was EUR278 million. The Group also had almost EUR500 million in credit lines payable after more than one year, allowing it to prepare for its debt maturities in 2024 (EUR20 million in bilateral lines)
and September 2025 (EUR300 million in bond issues).
OUTLOOK 2024
Ipsos improved in 2023 despite headwinds caused by major Covid contracts ending,
a drop in demand from major Tech clients and more generally a challenging macroeconomic and geopolitical environment. By maintaining a high operating profit, the Group confirmed the resilience of its operating model and its ability to adapt to uncertain environments. With hardly any debt, the Group is in an excellent position to continue financing its growth, investments and acquisitions.
By accelerating the acquisition programme, we were able to consolidate our leading position in certain markets, particularly in Public Affairs.
As in 2023, this year will be characterised by macroeconomic and geopolitical uncertainty, as well as ongoing massive changes in technology, society and the climate. In a situation like this, more so than ever before, companies and governments need high-quality data and analysis if they are to understand consumption dynamics and public opinion, and thus inform their decision-making. All of these factors will drive our growth in 2024.
In 2024, we will be intensifying our technology investments so we can give our clients more impactful information and do so faster. We will also launch new offers, ensure data quality and security, and make our operating model more effective. Ipsos Facto, our generative AI platform forms the core of this strategy. Accessible to all our employees since June 2023, and now available to our clients, it is based on the best language models on the market - updated in real time with Ipsos data - and our proprietary library of prompts specific to market research professionals.
For this year, we are forecasting organic growth over 4%, and an operating profit of
around 13%. Quarterly growth in activity in 2024 will be very different from that seen in 2023: performance in the 1(st) quarter of 2024 will benefit from a relatively favourable basis for comparison, but subsequent bases for comparison will become gradually less favourable as the year progresses.
Finally, we remain confident in our ability to deliver on the financial targets announced in our strategic plan, "The Heart of Science and Data".
At the General Meeting on 14 May 2024, the Board of Directors will also be proposing a substantially higher dividend payment of EUR1.65 per share, i.e. an
increase of more than 22% representing over 30% of the adjusted net profit per share, compared to EUR0.90 for 2020, EUR1.15 for 2021 and EUR1.35 for 2022. While our
priorities in terms of cash allocation remain the pursuit of acquisitions and investments in technology and our panels, we will be continuing our share buyback programme with the intention of cancellation.
***
Presentation of annual results
The annual results for 2023 will be presented on Thursday, 22 February 2024 at 8:30 AM CET via webcast and in a published document.
If you would like to register, please contact IpsosCommunications@Ipsos.com (mailto:IpsosCommunications@Ipsos.com).
A replay will also be made available on Ipsos.com (https://www.ipsos.com/en/investors)
Appendices
* Consolidated income statement * Statement of financial position * Consolidated cash flow statement * Statement of changes in consolidated equity
The complete consolidated financial statements as at 31 December 2023 are available on Ipsos.com (https://www.ipsos.com/en/regulated- informations/en?year=2023)
Consolidated income statement
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
Revenue 2,389,810 2,405,310 Direct costs (777,004) (811,236)
-------------------------------------------------------------------------------
Gross margin 1,612,805
1,594,074
-------------------------------------------------------------------------------
Staff costs (excluding share-based
payments) (1,049,836) (1,041,565) Staff costs (share-based payments) * (16,309) (14,355) General operating expenses (214,019) (214,875) Other operating income and expenses (20,281) (8,582)
-------------------------------------------------------------------------------
Operating margin 312,359
314,697
-------------------------------------------------------------------------------
Amortisation of acquisition-related
intangible assets* (5,961) (7,414) Other non-current income and expenses* (47,293) 3,723 Share of profit or loss of associates (390) (862)
-------------------------------------------------------------------------------
Operating profit 258,715
310,145
-------------------------------------------------------------------------------
Finance costs (13,284) (13,214) Other financial income and expenses (6,977) (3,545)
-------------------------------------------------------------------------------
Net profit before tax 238,454
293,386
-------------------------------------------------------------------------------
Income tax (excluding deferred tax related
to goodwill amortisation) (73,089) (70,556)
Deferred tax related to goodwill
amortisation* 160 (2,249)
-------------------------------------------------------------------------------
Income tax (72,929) (72,805)
-------------------------------------------------------------------------------
Net profit 165,526 220,581
-------------------------------------------------------------------------------
Attributable to owners of the parent 159,725 215,160 Attributable to non-controlling interests 5,801 5,421
-------------------------------------------------------------------------------
Basic net profit per share attributable to
owners of the parent (in euros) 3.67 4.87
Diluted net profit per share attributable
to owners of the parent (in euros) 3.59 4.74
-------------------------------------------------------------------------------
+------------------------------------------------------------------------------
|Adjusted net profit* 234,155 240,341
|
|Attributable to owners of the parent 228,584 232,394
|
|Attributable to non-controlling interests 5,572 7,946
|
|Adjusted net profit per share attributable
|to owners of the parent 5.25 5.26
|
|Adjusted diluted net profit per share
|attributable to owners of the parent 5.14 5.12
+------------------------------------------------------------------------------
Statement of financial position
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
ASSETS
Goodwill 1,351,957 1,370,637 Right-of-use assets 109,372 118,384 Other intangible assets 118,127 110,083 Property, plant and equipment 32,496 33,512 Investment in associates 6,393 6,048 Other non-current financial assets 62,592 59,703 Deferred tax assets 25,431 24,788
-------------------------------------------------------------------------------
Non-current assets 1,706,368 1,723,155
-------------------------------------------------------------------------------
Trade and other receivables 561,958 547,167 Contract assets 129,733 115,872 Current tax 9,671 12,736 Other current assets 67,115 66,522 Financial derivatives - - Cash and cash equivalents 277,911 385,670
-------------------------------------------------------------------------------
Current assets 1,046,388 1,127,967
-------------------------------------------------------------------------------
TOTAL ASSETS 2,752,756 2,851,122
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
LIABILITIES
Share capital 10,801 11,063 Share premium 446,174 495,628 Own shares (965) (548) Other reserves 964,926 867,211 Translation differences (164,363) (107,392) Net profit attributable to owners of the parent 159,725 215,160
-------------------------------------------------------------------------------
Equity attributable to owners of the parent 1,416,297 1,481,121
-------------------------------------------------------------------------------
Non-controlling interests 16,353 18,808
-------------------------------------------------------------------------------
Equity 1,432,650 1,499,929
-------------------------------------------------------------------------------
Borrowings and other non-current financial liabilities 374,718 375,256 Non-current lease liabilities 87,492 95,625 Non-current provisions 4,012 4,726 Provisions for post-employment benefits 37,429 35,938 Deferred tax liabilities 63,283 72,831 Other non-current liabilities 47,939 38,011
-------------------------------------------------------------------------------
Non-current liabilities 614,873 622,387
-------------------------------------------------------------------------------
Trade and other payables 337,905 349,970 Borrowings and other current financial liabilities 22,933 79,541 Current lease liabilities 37,070 36,574 Current tax 40,772 23,855 Current provisions 4,789 9,617 Contract liabilities 53,916 51,716 Other current liabilities 207,849 177,533
-------------------------------------------------------------------------------
Current liabilities 705,233 728,806
-------------------------------------------------------------------------------
TOTAL LIABILITIES 2,752,756 2,851,122
-------------------------------------------------------------------------------
Consolidated cash flow statement
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------
In EUR thousands 31/12/2023 31/12/2022 -------------------------------------------------------------------------------
OPERATING ACTIVITIES
NET PROFIT 165,526 220,581
Non-cash items
Depreciation and amortisation of property, plant and
equipment and intangible assets 121,703 88,192
Net profit of equity-accounted companies, net of
dividends received 390 862 Loss/(gain) on asset disposals 147 187 Net change in provisions 21,241 (6,623) Share-based payment expense 14,977 13,116 Other non-cash income and expenses (2,816) (4,989) Acquisitioncosts of consolidated companies 1,804 498 Finance costs 16,965 17,293 Tax charge 72,929 72,805
-------------------------------------------------------------------------------
CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE COSTS 412,865 401,923
-------------------------------------------------------------------------------
Change in working capital requirement (65,246) (14,365) Income tax paid (63,441) (62,511)
-------------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES 284,178 325,047
-------------------------------------------------------------------------------
INVESTING ACTIVITIES
Acquisitions of property, plant and equipment and
intangible assets (58,536) (54,824)
Proceeds from disposals of property, plant and
equipment and intangible assets 75 594 (Increase)/decrease in financial assets (3,107) (3,114)
Acquisitions of consolidated companies and activities,
net of cash acquired (46,794) (7,284)
-------------------------------------------------------------------------------
CASH FLOW FROM INVESTING ACTIVITIES (108,363) (64,627)
-------------------------------------------------------------------------------
FINANCING ACTIVITIES
Share capital increases/(reductions) (263) (46) Net (purchases)/sales of own shares (85,498) (29,898) Increase in long-term borrowings 70,035 (985) Decrease in long-term borrowings (127,503) (30,086)
Increase in long-term loans to associates
Decrease in long-term loans to associates 1,306 - Increase/(decrease) in bank overdrafts (168) (763) Net repayment of lease liabilities (37,807) (37,480) Net interest paid (12,289) (12,606) Net interest paid on lease obligations (3,719) (4,081) Acquisitions of non-controlling interests (1,060) (2,222) Dividends paid to shareholders of the parent company (58,963) (51,066)
Dividends paid to non-controlling shareholders of
consolidated companies (4,092) (1,409)
Dividends received from non-consolidated companies
-------------------------------------------------------------------------------
CASH FLOW FROM FINANCING ACTIVITIES (260,021) (170,642)
-------------------------------------------------------------------------------
NET CHANGE IN CASH AND CASH EQUIVALENTS (84,206) 89,778
-------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash
equivalents
Depreciation of the Russian cash (11,522) (2,562)
(12,030)
-------------------------------------------------------------------------------
OPENING CASH AND CASH EQUIVALENTS 385,670 298,454
-------------------------------------------------------------------------------
CLOSING CASH AND CASH EQUIVALENTS 277,911 385,670
-------------------------------------------------------------------------------
Statement of changes in consolidated equity
Annual financial statements for the year ended 31 December 2023
-------------------------------------------------------------------------------------------------
Equity
-----------------------------------
Attributable
In EUR to
thousands shareholders Non-
Share Share Treasury Other Translation of the controlling
capital premium shares reserves differences company interests Total
-------------------------------------------------------------------------------------------------
Position at
1 January
2022 11,109 508,259 (643) 930,147 (115,406) 1 333,466 8,963 1,342,429
-------------------------------------------------------------------------------------------------
Change in
share capital (46) - - - - (46) - (46)
Dividends
paid - - - (51,066) - (51,066) (1,409) (52,475)
Effects of
acquisitions
and
commitments
to purchase
non-
controlling
interests - - - (7,488) - (7,488) 6,585 (903)
Delivery of
own shares
under the
free share
allocation
plan - (12,631) 33,977 - - 21,347 - 21,347
Other
movements in
own shares - - (33,882) (17,677) - (51,559) - (51,559)
Share-based
payments
recognised
directly in
equity - - - 13,116 - 13,116 - 13,116
Other
movements - - - (1,169) - (1,169) (99) (1,268)
-------------------------------------------------------------------------------------------------
Transactions
with
shareholders (46) (12,631) 95 (64,283) - (76,865) 5,077 (71,788)
-------------------------------------------------------------------------------------------------
Profit for
the year - - - 215,160 - 215,160 5,421 220,581
Other
comprehensive
income - - - - - - - -
Net
investments
in foreign
operations
and related
hedges - - - - (12,223) (12,223) (997) (13,221)
Deferred tax
on net
investments
in foreign
operations - - - - 2,774 2,774 - 2,774
Change in
translation
differences - - - - 17,464 17,464 344 17,808
Change in the
fair value of
financial
assets
through other
comprehensive
income
- - - (735) (735) - (735)
Actuarial
gains and
losses - - - 2,907 - 2,907 - 2,907
Deferred tax
on actuarial
gains and
losses - - - (826) - (826) - (826)
Total other
comprehensive
income - - - 1,346 8,015 9,360 (654) 8,707
-------------------------------------------------------------------------------------------------
Comprehensive
income - - - 216,506 8,015 224,520 4,767 229,287
-------------------------------------------------------------------------------------------------
Position at
31 December
2022 11,063 495,628 (548) 1,082,370 (107,392) 1,481,121 18,808 1,499,929
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Equity
-----------------------------------
Attributable
In EUR Share Share Treasury Other Translation to
thousands capital premium shares reserves differences shareholders Non-
of the controlling
company interests Total
-------------------------------------------------------------------------------------------------
Position at
1 January
2023 11,063 495,628 (548) 1,082,370 (107,392) 1,481,121 18,808 1,499,929
-------------------------------------------------------------------------------------------------
Change in
share capital (263) - - - - (263) - (263)
Dividends
paid - - - (58,963) - (58,963) (4,092) (63,055)
Effects of
acquisitions
and
commitments
to purchase
non-
controlling
interests - - - (38,989) - (38,989) (1,857) (40,846)
Delivery of
own shares
under the
free share
allocation
plan - (49,454) 85,662 (35,650) - 559 - 559
Other
movements in
own shares - - (86,080) - - (86,080) - (86,080)
Share-based
payments
recognised
directly in
equity - - - 14,977 - 14,977 - 14,977
Other
movements - - - 1,303 - 1,303 7 1,310
-------------------------------------------------------------------------------------------------
Transactions
with
shareholders (263) (49,454) (417) (117,321) - (167,455) (5,942) (173,397)
-------------------------------------------------------------------------------------------------
Profit for
the year - - - 159,725 - 159,725 5,801 165,526
Other
comprehensive
income - - - - - - - -
Fair value
revaluation
of
investments 1 1 1
Net
investments
in foreign
operations
and related
hedges - - - - 2,043 2,043 (171) 1,872
Deferred tax
on net
investments
in foreign
operations - - - - (584) (584) - (584)
Change in
translation
differences - - - - (58,421) (58,421) (2,142) ((60,563)
Change in the
fair value of
financial
assets
through other
comprehensive
income
(361) (361) (361)
Actuarial
gains and
losses - - - 425 - 425 425
Deferred tax
on actuarial
gains and
losses - - - (189) - (189) - (189)
Total other
comprehensive
income - - - (124) (56,962) (57,086) (2,313) (59,400)
-------------------------------------------------------------------------------------------------
Comprehensive
income - - - 159,601 (56,962) 102,640 3,488 106,127
-------------------------------------------------------------------------------------------------
Position at
31 December
2023 10,801 446,174 (965) 1,124,650 (164,363) 1,416,297 16,353 1,432,650
-------------------------------------------------------------------------------------------------
ABOUT IPSOS
Ipsos is one of the largest market research and polling companies globally,
operating in 90 markets and employing nearly 20,000 people.
Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based
on primary data from our surveys, social media monitoring, and qualitative or observational techniques.
"Game Changers" - our tagline - summarizes our ambition to help our 5,000
clients navigate with confidence our rapidly changing world.
Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com (http://www.ipsos.com/)
35 rue du Val de Marne
75 628 Paris, Cedex 13 France
Tél. + 33 1 41 98 90 00
Â
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
IPSOS S.A. INH. EO -,25 | 923860 | Frankfurt | 60,600 | 05.07.24 08:02:38 | +1,200 | +2,02% | 0,000 | 0,000 | 60,600 | 60,600 |
