2015 results: Another record year for Havas

  • Revenue: €2,188 million for full-year 2015
    • Organic growth: +5.1%
    • Unadjusted growth: +17.3%
  • Income from operations €315 million (+20%)
    • Income from operations margin: 14.4% (+ 30 basis points)
  • Net income, Group share: 172 M€ (+22.7%)
  • Earnings per share of 41 centimes (€) (+21%)
  • Proposed annual dividend of 15 centimes (€) (+15%)
  • Net cash of €88 million at December 31, 2015 compared to €43 million at December 31, 2014

Yannick Bolloré, Havas CEO, commented: „2015 was another record year for the Group, which once again posted one of the strongest performances in the industry. Havas ended the year withgrowth in reported revenue of 17.3% and organic growth of 5.1%. We delivered growth in all our regions, increased income from operations margin by an additional 30 basis points to 14.4% and maintained a strong balance sheet to support our future growth. These results are the outcome of a highly effective strategy centered on collaboration and integration among all the Group’s areas of expertise, to provide our clients with an efficient and innovative service that seamlessly combines creative, media and digital. I would especially like to thank our clients for their loyalty and trust. I would also like to thank our 18 600 talents all over the world who have made such good results possible. These excellent figures give us every reason to start the year with confidence; they must also motivate us to redouble our efforts to ensure the quality and innovation of our offerings”.

The Board of Directors, at its meeting on February 25, 2016, approved the annual and consolidated financial statements for the 2015 financial year. These will be submitted for the approval of the Combined Shareholders‘ Meeting to be held on May 10, 2016 at 9.30am.


Key Figures

*2015 dividend to be proposed to the Shareholders‘ Meeting on May 10, 2016

The annual and consolidated financial statements have been audited. The statutory auditors will issue their reports after their verification of the directors‘ report.

1. Revenue

Consolidated Group Revenue for 2015 was €2,188 million for full-year 2015. Organic growth was +5.1% for full-year 2015. On an unadjusted basis, full-year growth in 2015 was +17.3%. Exchange rate effects had a positive impact of €155 million, in contrast to previous years. At constant exchange rates, growth was +8.3%.

Geographic distribution of revenue

Europe: All the countries in Europe reported growth in 2015, headed by an outstanding performance from France, particularly in Q4, with organic growth of +6.6%. The UK also performed strongly over the year with organic growth of +4.4% despite a high baseline. The rest of Europe is in good shape; Spain, Germany, Italy, the Czech Republic, Switzerland, Hungary and Ireland all posted double-digit growth.

North America: The region reported solid full-year growth of +6.4% in 2015, driven by Havas Life, Arnold, Havas Edge and Havas Chicago on the strength of the many new business wins of 2014.

Asia Pacific: The APAC region remains very dynamic thanks to high levels of new business over the past two years. Organic growth for the full year was +7% and +8.3% for Q4. The main contributors were Australia, the United Arab Emirates, the Philippines, Indonesia and South Korea.

Latin America: Despite slower growth in 2015, Latin America nonetheless achieved organic growth of +1.3% over the full year. Both Brazil and Argentina produced sound performances.

2. Results

Income from operations in 2015 was €315 million, compared to €263 million in 2014. The income from operations margin for 2015 rose to 14.4% of revenue, an increase of 30 basis points, thanks to tight control of other operating expenses. Operating income in 2015 was €293 million compared to €245 million in 2014, up by +19%; operating margin rose from 13.1% in 2014 to 13.4% in 2015Net income, Group share for 2015 was €172 million compared to €140 million in 2014, an increase of 22.7%. The Group’s effective tax rate was 31%. Earnings per share for 2015 were 41 centimes (€) compared to 34 centimes (€) in 2014.

3. Financial structure

Net cash stood at €88 million at December 31, 2015, compared to net cash of €43 million at December 31, 2014, an increase of €45 million. Average net debt1 for 2015 was €54 million compared to €179 million in 2014. Consolidated equity at December 31, 2015 stood at €1.65 billion, an increase of €193 million over December 31, 2014. The net debt/equity ratio was -0.05x.

4. Dividend and Shareholders‘ Meeting

The Board of Directors has decided to propose a dividend of 15 centimes (€) at the forthcoming Combined Shareholders‘ Meeting, and also the appointment two new directors: Marguerite Bérard-Andrieu and Sidonie Dumas. The Havas S.A. Shareholders‘ Meeting will be convened on Tuesday, May 10, 2016. Q1 2016 revenue will be published by May 6, 2016.

5. Net New Business2

Net New Business2 won in 2015 amounted to €1,668 million (in terms of billings – the benchmark used by the market).


7. a) The Havas Villages

Throughout 2015, Havas pressed ahead with implementation of its collaboration and integration strategy, a key feature of which is the Havas Villages that bring creativity, media and innovation under a single, shared roof. There are now 37 Havas Villages around the world, 10 of them opened in 2015: Bangkok, Helsinki, Hong Kong, Manchester, Mumbai, Phnom Penh, Reunion, Seoul, Laos and Myanmar. 2016 will see the launch of more new villages, with Barcelona, BETC Pantin and London among the largest.

     b) Acquisitions and specialist startups

Havas acquired a number of agencies in 2015, at a total cost in the region of €80 million (earn-out and buy-out obligations included). These acquisitions were carefully targeted, in line with the Group’s acquisition strategy, to reinforce Havas‘ capabilities in the fields of digital, technology and creativity. Some of the most significant include:

  • Bird & Schulte, a health and wellness communications agency in Germany
  • Plastic Mobile, an award-winning mobile agency in Canada
  • EGC & Associés, a French agency specializing in general-interest events
  • Just:: Health Communications, a health communications agency based in London
  • Tribu, an integrated communications agency based in Costa Rica and Honduras
  • Riverorchid, an agency network with dedicated offices in Cambodia, Laos, Thailand, Myanmar and Vietnam
  • FullSix Group, one of Europe’s leading independent digital communications groups, employing over 600 people based in France, Portugal, UK, Spain, US and Italy.
  • CSA, a specialist in market research and opinion polls
  • Intervalles, an event production agency with an established presence in street marketing and drive-to-store
  • Symbiotix, a specialized US medical communications and marketing agency that works to leverage science through distinctive programming aimed at healthcare professionals
  • Gemini Healthcare LLC, a US-based full-service healthcare marketing, communications and consulting agency focused on the interrelationships between pharmaceutical and biotech companies, their products and payers.

     c) Corporate Social Responsibility

The COP21 Paris climate conference was a highlight of 2015 for sustainable development, and offered opportunities for the Group to put its expertise to good use via numerous initiatives. COP21-related projects led by Group agencies included:

The Business & Climate Summit

Partnered by Havas Paris, with the support of experts from the Havas Worldwide Climate. Practice, the two-day summit convened over 2,000 participants from all over the world, including a number of policymakers, CEOs and members of the investment community. The Summit concluded with a detailed declaration agreed by the corporate world, irrespective of sector or region, to provide a starting point for debate ahead of COP21 and contribute to its success.

The outstanding „Earth to Paris – Le Hub“ event at the Petit Palais

On December 7 and 8, 2015, the United Nations Foundation organized a remarkable event, „Earth to Paris – Le Hub“ held at the Petit Palais and the UNESCO headquarters in Paris, to tie in with COP21 and raise awareness of climate issues among citizens around the world. Over the two days, leading figures including Ban Ki-Moon, John Kerry, Nicolas Hulot and Alec Baldwin stepped up to the podium to propose concrete solutions for tackling global warming. With the help of Havas Event, Havas PR North America and Havas Paris, the event was live-streamed online in the six official languages of the UN. 60 venues were set up in 19 different countries, specifically to screen the event. Thanks to support from 110 influential partners, including Mashable, National Geographic, Facebook and Twitter, the event generated over 38,000 tweets and reached an audience of more than 50 million people worldwide.

Pro bono work

Over the past 18 months, Group agencies produced close on 120 pro bono campaigns, representing 2,800 working days put in by the teams involved. The Good Report (which celebrates the world’s most successful advertising for good causes) ranked Havas in the Top 3 communications groups. In the 2015 report, three of the Group’s campaigns made the Top 30 most successful campaigns for good causes, and two agencies (BETC Paris and Red Agency) were ranked in the Top 20 most successful agencies for good causes.

To see highlights of these campaigns, click here:

For more information about our CSR approach:

     d) Awards and accolades

The Group won 1100 awards in 2015. Havas was awarded at numerous international, regional and local festivals, among them the Cannes Lions (International Festival of Creativity), the Clio Awards, the D&AD, the LIA Awards, the New York Festivals, the Epica Awards, the Webby Awards, the Internationalist Awards for Innovation, the AWARDS awards, the Spikes Asia, Eurobest, FIAP, El Sol, El Ojo de IberoAmerica and at regional and national Effies.

The most awarded Group campaigns in 2015 were: „Unicorns“ (featured in the Top 10 Most Awarded Films by the Gunn Report 2015) and „The Interactive Form“ by BETC Paris for Canal+; „Sounds of the City“ (ranked twice in the Gunn Report, in Print/OOH and in Integrated) by Rosapark for Thalys; „#SnackHolidays“ (ranked in Integrated in the Gunn Report) by Les Gaulois for Transavia; „Mealforameal“ by Havas WW Australia & One Green Bean for Virgin Mobile Australia; the latest episode in the „Most Interesting Man“ saga by Havas WW New York for DosXX; „Electric Saga“ by Havas WW Paris for EDF; „Anti-Corruption Suit“ for Robert’s Tailor Shop by Kausa Paraguay and „Comic Sensus“ for National Monte de Piedad by Havas Sports & Entertainment Mexico. A number of Group agencies received coveted Agency of the Year awards: BETC Paris once again took the top slot in the Hits d’Or, the CB News creative ranking, as well as Agency of the Year for France at the Clios.

Havas WW Paris: Advertising Agency of the Year at the Agencies of the Year Grand Prix. 

Havas Lynx (UK): Medical Education Consultancy of the Year at the Communiqué Awards/PM Group.

Fullsix Portugal: Creative Agency of the Year at the Premios a Eficacia and Digital Agency of the Year at the Premios M&P Marketing.

Arena Media Portugal: Media Agency of the Year at the Premios a Eficacia.

Havas PR North America: Best Mid-Size Agency for Corporate Reputation and Good Works, Midsize Agency of the Year and Global Agency of the Year (Multinational Practice) at the Bulldog Awards.

Red Agency (Australia): Australia/New Zealand PR Agency of the Year at the Agency of the Year Awards (awarded by Campaign magazine) and Australia/New Zealand PR Consultancy of the Year at the PR Week Awards Asia.

Havas Media Australia: Emerging Agency of the Year at the Mumbrella Awards. 

Havas Media Cambodia: Media Agency of the Year Cambodia, Laos, Myanmar at the South-East Asia Agency of the Year Awards, awarded by Campaign.

Havas Media Peru: Digital Media Agency of the Year at the Premios Digi Peru (IAB) and Best Media Agency at the ANDA Premios.

RECMA ranked Havas Media number 1 in Latin America, Peru, Argentina and France.


Photos of Yannick Bolloré available here:

Consolidated income statement

Consolidated income statement

Simplified balance sheet

simplified balance sheet