2004, A Good Year for Ipsos; Operating Profit up 8% at 54.7 Million Euros; Net Profit -Group Share- up 1% at 30.6 Million Euros.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Ipsos' consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues for the year ended December December: see month. 31, 2004 totalled 605.6 million euros. At constant exchange rates, revenues grew by 10%. At constant scope and exchange rates, they rose by 7.5%. For the sixth year in a row since its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , the pace of Ipsos' top-line growth exceeded that of the market at large, which averaged 5%, and that of other major international research companies. Client behaviour evolved during 2004. Firstly, clients sharpened sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp their focus on fast-growing adj. 1. tending to spread quickly; - used mostly of plants. Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive regions, such as Asia (outside Japan), Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. . Secondly, they concentrated demand towards companies that are able to deploy powerful operational resources across international markets and to deliver substantial analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. capabilities optimizing their clients' marketing and media strategy. In addition, demand patterns underwent a shift from one sector to another. Some companies that manufacture and market consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and adopted a precautionary pre·cau·tion·ar·y also pre·cau·tion·al adj. Of, relating to, or constituting a precaution: taking precautionary measures; gave precautionary advice. Adj. 1. approach, while other clients in the technology, telecoms and service sectors were more active than in recent years. All these various trends were conducive con·du·cive adj. Tending to cause or bring about; contributive: working conditions not conducive to productivity. See Synonyms at favorable. to the continuing consolidation of what remains a fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. market. During 2004, Ipsos
As the law in the United States becomes increasingly complex and covers a greater number of subjects, more and more attorneys are . The latest acquisitions are Descarie & Complices (Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. ), Shifrin Research Inc. (United-States) and GDMR based in Guangzhou Guangzhou (gwäng`jō`) or Canton (kăn'tŏn`, kăn`tŏn'), city (1994 est. pop. 3,113,800), capital of Guangdong prov., S China, a major deepwater port on the Pearl River delta. , China, the purchase of which is announced today in a separate press release. Firm financial performance ---------------------------------------------------------------------- Millions of euros 2004 2003 % change ----------------------------------------- ------ ------ --------- Revenues 605.6 569.7 +6% ----------------------------------------- ------ ------ --------- Gross profit 354.9 335.7 +6% ----------------------------------------- ------ ------ --------- Operating profit 54.7 50.7 +8% ----------------------------------------- ------ ------ --------- Net financial expense (8.9) (7.1) - ----------------------------------------- ------ ------ --------- Net profit (group share)(1) 30.6 30.3 +1% ----------------------------------------- ------ ------ --------- (1) Before goodwill amortisation Ipsos' operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. came to 54.7 million euros, up 8%. At constant exchange rates, it increased by 16% to 59 million euros. Though healthy, this improvement was slower than the 80 basis point increase in the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: recorded in 2003. The temporary fall in the pace of growth during the final quarter in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the impact of
the steady depreciation in the US dollar against the euro and other
currencies limited the increase in Ipsos' operating margin.Ipsos maintained the steady growth in its R&D spending and stepped up its recruitment and internal training programmes. By doing so, Ipsos is ensuring that it will be able to keep its organic growth up at a high level and thus deliver a steady improvement in its profitability. Net financial expense rose with the full-year impact of coupon payments Coupon payments A bond's interest payments. on the 10-year bond issue of May 2003. Ipsos' effective tax rate remained below the statutory rate in France. Even though Ipsos recorded an exceptional charge of 3 million euros notably related to the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the value of office fixtures and fittings rendered obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. by the pooling of Ipsos' teams in France at a single site, net profit (Group share) was up 1% at 30.6 million euros. At constant exchange rates, net profit advanced by 11% to 33.5 million euros. Financial position - Ipsos had net debt of 158 million euros at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2004, compared with 149 million euros at December 31, 2003. This slight increase reflected the impact of further selective acquisitions and a higher working capital requirement caused by an increase in trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed on the back of the brisk Brisk as a proper name may refer to:
A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. rose to 202 million euros, up from 198 million euros at December 31, 2003. Outlook for 2005 During 2005, preliminary data for the first quarter indicates that the market is likely to grow at a similar pace to 2004. Ipsos believes that it will be able to deliver revenue growth of at least 8% at comparable structure and exchange rates in 2005, i.e. a faster rate of growth than in 2004. Its order book is stronger than at the same point in 2004 across all its geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge regions and its business lines. Its operating margin is set to remain stable owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de the impact of implementing a new system of bonus payments for its employees and of recognising the cost of its stock option plans under operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Ipsos confirms its 2007 target, on the basis of 1 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. = 1 euro, of 1 billion euros in revenue with operating margin of over 10%. Appendices ap·pen·di·ces n. A plural of appendix. : Balance sheet at December 31, 2004 Income statement Cash flow statement N.B. Ipsos has also announced today the acquisition of GDMR in China.
Consolidated balance sheet
--------------------------
---------------------------------------------------------------------
31/12/2004 31/12/2003
Amort. &
In thousand euros Gross Provisions Net Net
---------------------------------------------------------------------
FIXED ASSETS
Intangible fixed assets
Start-up costs 513 237 276 311
Other intangible fixed
assets 37,846 26,472 11,374 10,285
and business goodwills 373,880 82,763 291,117 294,603
Tangible fixed assets 66,624 47,503 19,121 17,535
Financial fixed assets
Non-consolidated
participating interests 266 9 257 141
Companies accounted for
by the equity method 288 288 287
Other financial
fixed assets 6,842 200 6,642 3,098
----------- ---------- -------- -----------
TOTAL FIXED ASSETS 486,259 157,184 329,075 326,260
CURRENT ASSETS
Inventories and work
in progress
Miscellaneous supplies 610 610 340
Surveys in progress 8,346 8,346 9,873
Receivables
Trade receivables 191,043 4,284 186,759 160,228
Other receivables 27,883 881 27,002 22,760
Marketable securities 1,761 78 1,683 2,459
Cash and equivalents 30,932 30,932 31,175
----------- ---------- -------- -----------
TOTAL CURRENT ASSETS 260,575 5,243 255,332 226,835
Accruals, deferrals and
other assets 22,204 22,204 17,537
------------------------- ----------- ---------- -------- -----------
TOTAL ASSETS 769,038 162,427 606,611 570,632
------------------------- ----------- ---------- -------- -----------
---------------------------------------------------------------------
In thousands euros 31/12/2004 31/12/2003
---------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Share capital 7,099 7,048
Share premium 176,342 175,045
Other reserves 20,054 14,450
Foreign exchange translation differences -21,269 -18,052
Net profit for the year after
minority interests 11,682 12,036
----------- -----------
Equity attributable to the group 193,908 190,527
Minority interests in consolidated reserves 4,725 5,203
Minority interests in net profit for the year 2,972 2,698
----------- -----------
Minority interests 7,697 7,901
----------- -----------
TOTAL SHAREHOLDERS' EQUITY 201,605 198,428
Provisions for liabilities and charges 24,915 21,283
LIABILITIES
Long-term debt 190,897 182,429
Other liabilities
Advances & progress payments from customers 7,661 4,654
Trade payables 83,534 69,013
Tax and employment-related liabilities 46,135 54,360
Miscellaneous debt 32,559 23,859
----------- -----------
TOTAL LIABILITIES 360,786 334,315
Accruals, deferrals and other liabilities 19,305 16,606
-------------------------------------------- ----------- -----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 606,611 570,632
-------------------------------------------- ----------- -----------
Consolidated profit and loss account
------------------------------------
---------------------------------------------------------------------
In thousand euros 2004 2003
---------------------------------------------------------------------
Revenues 605,594 569,708
Direct costs 250,670 234,049
-------- --------
GROSS MARGIN 354,924 335,659
Payroll costs including statutory employee
profit-sharing 207,511 197,376
General operating expenses 94,507 87,005
Other income and expense (net) (1,772) 591
-------- --------
Total operating expenses 300,246 284,972
-------------------------------------------------- -------- --------
OPERATING PROFIT 54,678 50,687
-------------------------------------------------- -------- --------
Net financial expenses (8,911) (7,054)
-------------------------------------------------- -------- --------
NET PROFIT FROM ORDINARY ACTIVITIES OF
CONSOLIDATED ENTITIES 45,767 43,633
-------------------------------------------------- -------- --------
Net exceptional income / (expenses) (3,138) (428)
-------------------------------------------------- -------- --------
CONSOLIDATED PROFIT BEFORE TAX 42,629 43,205
-------------------------------------------------- -------- --------
Corporate income tax 9,069 10,259
-------------------------------------------------- -------- --------
CONSOLIDATED PROFIT AFTER TAX 33,560 32,946
-------------------------------------------------- -------- --------
Share of profit/ (losses) of companies accounted for
using the equity method 34
Goodwill amortisation 18,906 18,246
-------------------------------------------------- -------- --------
NET PROFIT BEFORE MINORITY INTERESTS 14,654 14,734
-------------------------------------------------- -------- --------
Minority interests in net profit for the year 2,972 2,698
-------------------------------------------------- -------- --------
NET PROFIT ATTRIBUTABLE TO THE GROUP 11,682 12,036
-------------------------------------------------- -------- --------
NET PROFIT ATTRIBUTABLE TO THE GROUP, BEFORE
GOODWILL AMORTISATION 30,588 30,282
-------------------------------------------------- -------- --------
Consolidated cash flow statement
--------------------------------
---------------------------------------------------------------------
In thousand euros 2004 2003
---------------------------------------------------------------------
OPERATING ACTIVITIES
Consolidated net profit attributable to the group 11,682 12,036
Adjustments to reconcile net profit to cash flow
Amortisation and depreciation 12,321 13,275
Share in losses/(profits) of companies accounted
for using the equity method (34)
Losses/(gains) on asset disposals 1,180 237
Goodwill amortisation 18,906 18,246
Movement in other provisions 525 (1,555)
Deferred taxation (267) 713
Minority interests 2,972 2,698
Other items (179)
-------- --------
Operating cash flow before working capital items 47,319 45,437
Decrease/(increase) in inventories and work
in progress 2,829 (2,819)
Decrease/(increase) in trade receivables (28,581) (32,575)
Decrease/(increase) in other receivables (4,644) (612)
Increase/(decrease) in trade payables 13,827 15,948
Increase/(decrease) in accrued interest on debt (55) 513
Increase/(decrease) in other liabilities (379) 17,370
-------- --------
Change in working capital needs (17,003) (2,175)
----------------------------------------------------------- --------
CASH PROVIDED BY OPERATING ACTIVITIES 30,316 43,262
----------------------------------------------------------- --------
INVESTING ACTIVITIES
Acquisition of tangible and intangible fixed assets
(excluding business goodwill) (13,319) (14,954)
Acquisition of business goodwill (1,508) (688)
Acquisition of non-consolidated equity interests
Proceeds from disposals of tangible and
intangible assets 104 59
Proceeds from disposals of long-term investments
Decrease/ (increase) in marketable securities 786 3,065
Decrease/(increase) in other long-term investments 420 847
Increase/(decrease) in payables to suppliers of
fixed assets 12,248 (29,608)
Impact of changes in scope of consolidation (28,005) (18,374)
----------------------------------------------------------- --------
CASH USED IN INVESTING ACTIVITIES (29,274) (59,653)
----------------------------------------------------------- --------
FINANCING ACTIVITIES
Share issue 1,348 1,099
Issue of long term debt 51,823 101,186
Repayment of long term debt (41,816) (71,937)
Increase/(decrease) in bank overdrafts &
short term debt (1,099) (6,437)
Dividend paid to parent company shareholders (6,233) (2,202)
Dividends paid to minority shareholders of
consolidated entities (2,257) (2,143)
----------------------------------------------------------- --------
CASH PROVIDED BY FINANCING ACTIVITIES 1,766 19,566
----------------------------------------------------------- --------
Opening cash 31,175 28,984
Impact of exchange rate fluctuations (3,051) (984)
Net change in cash 2,808 3,175
----------------------------------------------------------- --------
CLOSING CASH 30,932 31,175
----------------------------------------------------------- --------
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