Slides
Page 1
MAY 28 - 2025 ANNUAL GENERAL MEETING HAVAS N.V. - Annual General Meeting 01
Page 2
Yannick Bolloré CHAIRMAN AND CEO
Page 3
Arnaud de Puyfontaine CHAIR OF THE BOARD
Page 4
AGENDA 01 Highlights & outlooks 04 02 03 05 06 Havas – 4 Financial performance Audit report Presentation of agenda items Questions & Answers Vote
Page 5
AGENDA ITEM 2A Report of the Board for the financial year 2024
Page 6
Arnaud de Puyfontaine CHAIR OF THE BOARD
Page 7
HIGHLIGHTS & OUTLOOKS Yannick Bolloré CHAIRMAN AND CEO
Page 8
2024 A HISTORIC YEAR OF CHANGE
Page 9
9- Annual General Meeting HAVAS' LISTING: A NEW ERA FOR OUR GROUP LAUNCH OF A NEW STRATEGY: CONVERGED
Page 10
NET REVENUE €2,736M +1.5% ADJUSTED EBIT MARGIN 12.4% +30BPS FREE CASH - FLOW CONVERSION 86% ORGANIC GROWTH -0.8% GUIDANCE* -1.0% TO -0,5% ADJUSTED EBIT €338M +3.4% GUIDANCE* 335M€ TO 340 M€ NET CASH €211M1 GUIDANCE* 180M€ TO 220 M€ - Annual General Meeting 2024 KEY FIGURES GUIDANCE FULLY ACHIEVED* 10 *Referring to Havas press release of January 8, 2025. 1:after payment of 150m€ exceptional dividend to Vivendi,in September 2024. See financial glossary for definitions, in the appendix.
Page 11
A new chapter as the strongest challenger in a reconfiguring market... ...GLOBAL REACH WITH AGILITY & AN ENTREPRENEURIAL SPIRIT
Page 12
A GLOBAL PRESENCE & STRONG VALUES 23,000 People Operates in 100+ Markets Since 1835 12- Annual General Meeting AN IDEAL BUSINESS PARTNER PROXIMITY, AGILITY & TAILOR-MADE APPROACH EXCELLENCE & HARD WORK ENTREPRENEURIAL SPIRIT
Page 13
- Annual General Meeting CREATIVE, MEDIA & HEALTH EXCELLENCE: LEADING THE RANKINGS & WINNING AWARDS 13 BETC ranked #1 at the WARC Creative 100 ranking. Uncommon Creative Studio ranked #1 at Campaign’s Independent Agency of the Year from 2019 to 2022. Havas Media Network ranked #1 in Top 5 Europe & #1 in LATAM in the RECMA Diagnostics 2024. Havas Media ranked #1 at the top of the latest France ranking published by RECMA. For the third consecutive year, Havas India was certified as a Great Place To Work® in 2025. Havas Health Network received the certification in 2024, and Havas Lynx was officially recognized as one of the UK’s Best Workplaces™ in 2024. Havas BLKJ ranked #1 Agency of the Year in Singapore at Spikes Asia. Havas was awarded the Ecovadis Gold medal in 2024 in recognition of its sustainability performance. #1 #1 #1 #1 1,575 Awards won in 2024 1 Havas Health Network ranked #3 among healthcare networks by the Cannes Health Lions 2024.#3
Page 14
A DISTINCTIVE CORPORATE CULTURE: OUR NEW TALENT - THEY HAVE CHOSEN HAVAS 14- Annual General Meeting Emily FAIRHEAD-KEEN Group Head of Strategy, Havas Media UK Joined from WPP Justine FERON Chief Strategy Officer, Havas New York Joined from WPP Arthur FULLERTON Global Chief Technology Officer, Havas CX Joined from Publicis Groupe Thomas LYNGSFELDT CEO, Havas Village Denmark Joined from Dentsu Aegis Group Gastón MANCUSO Head of Client Experience LATAM, Havas Joined from WPP Anna-Maria MARRA CEO of Europe, Havas Health Joined from Pfizer Camila NAKAGAWA Global Executive Vice President, Prose on Pixels Joined from Publicis Ophélie QUINT-BRUNET Head of Digital Consulting & Operations, Havas Media Network Joined from the Brandtech Group Luca RABBONI Head of Analytics & CRO, Havas Media Network Joined from Dentsu Holly RIPPER CEO, Havas London Joined from Publicis Ray ROMERO Managing Partner Client Experience, Havas Media Network Joined from Omnicom David SHULMAN CEO, Havas CX Network Joined from WPP John THANGARAJ Chief Strategy Officer, Havas India Joined from IPG Juan WOODBURY EVP, Head of Branded Content & Entertainment, PoP Joined from WPP 2
Page 15
A DISTINCTIVE CORPORATE CULTURE: RECENT APPOINTMENTS 15- Annual General Meeting FRANÇOIS LAROZE Adding Chief Operating Officer to his current role as Chief Financial Officer, Havas DAN HAGEN Global Chief Data & Technology Officer, Havas LAURENT BROCA Adding Chief Growth Officer, Havas Media Network, to his current role as CEO of Havas Media Network France TAMARA GREENE Chief Client Officer of Global Brands, Havas Creative Network 2
Page 16
16- Annual General Meeting UNDERPINNED BY A €400M INVESTMENT BETWEEN 2024 & 2027 INFRASTRUCTURE PARTNERS ARTIFICIAL INTELLIGENCE PARTNERS 3 A CLIENT-CENTRIC DATA & TECH APPROACH & INFRASTRUCTURE TO MAXIMIZE THE VALUE OF OUR CLIENTS’ FIRSTPARTY DATA
Page 17
A FULLY INTEGRATED MODEL ENHANCED BY OUR CONVERGED STRATEGY 17- Annual General Meeting 71 Hosting multiple agencies and teams in a single location within major cities around the world Fostering collaboration and integration across various disciplines Cultivating a global presence while preserving the agility necessary to local markets Our top 30 clients generate revenue across multiple geographies… …with 93% of them across at least 2 of our business lines 6% 10% 7% 17% 20% 40% 1 2 3 4 5 6 7% 50% 43% 1 2 3 Source: Internal 2023 Benefits to clients, group & agencies, & talents supercharged by 4
Page 18
A WELL-ESTABLISHED M&A STRATEGY STRENGTHENING KEY AREAS OF EXPERTISE & GEOGRAPHIES 18- Annual General Meeting September 24 • Digital analytics agency • UK • Headcount: c.40 • Reinforce Havas UK data expertise (incl. Adobe and Google) Havas reinforced its expertise in key growing segments such as Data, Social, E-commerce and B2B January 24 • B2B full-service agency • UK with strong presence in the USA • Headcount: c.75 • Enable Havas UK to have a dedicated B2B agency with both creative and media capabilities February 24 • Social marketing • Headcount: c.24 • UK • Reinforce Havas UK social expertise March 24 • Data consulting and digital transformation • France • Headcount: c.20 • Reinforce Havas France data consulting offering March 24 • Ecommerce and retail media • Dubai, Lebanon, Egypt • Headcount: c.100 • Enable Havas Middle East to have a dedicated ecommerce & shopper marketing agency July 24 • Leading independent Australian media and content production agency • Australia (Melbourne) • Headcount: c.43 • Reinforce Havas Melbourne offering 5
Page 19
SERVING A BROAD BASE OF CLIENTS FOR DECADES 19- Annual General Meeting Havas reinforced its expertise in key growing segments such as Data, Social, E-commerce and B2B & 4,000+ more
Page 20
2025 PRIORITIES & OUTLOOK
Page 21
NET REVENUE ORGANIC GROWTH above +2% - Annual General Meeting 2025 EXPECTATIONS, A YEAR OF ACCELERATION 21 ADJUSTED EBIT MARGIN 12.5%-13.5% PAY - OUT RATIO around 40% ADJUSTED EBIT MARGIN 14%-15% PAY - OUT RATIO around 40% MID - TERM GUIDANCE FOR 2028
Page 22
PURSUING A DYNAMIC BOLT-ON M&A STRATEGY 22- Annual General Meeting January 25 • Sponsorship strategies & business development through sport • Spain • Headcount: 30 • Deepens Havas Play’s sports marketing offering in the Spanish market February 25 • E-commerce media agency & leader in retail media innovation • North America • Headcount: 80 • Reinforces performance & e-commerce capabilities of Havas Market February 25 • Most prominent independent creative agencies in LATAM • Argentina, Mexico • Headcount: 140 • Brings a strong reputation for cutting-edge creativity & deep market expertise 1
Page 23
GLOBAL ROLL - OUT IN 2025 2
Page 24
Strengthening our unified global content-at-scale creation offering, powered by ai and technologies, with an audience-first approach. OPTIMIZING OUR CONTENT-AT-SCALE NETWORK - Annual General Meeting ACCELERATING DEPLOYMENT AND STRENGTHENING CAPABILITIES IN HIGH GROWTH AREAS 24 *Referring to Havas press release of January 8, 2025. 1:after payment of 150m€ exceptional dividend to Vivendi,in September 2024. See financial glossary for definitions, in the appendix. Expanding our Customer Experience capabilities in certain markets (especially in the US) & reinforcing our first party data offering. BOLSTERING OUR CUSTOMER EXPERIENCE NETWORK Addressing expected secular growth in digital, retail & entertainment segments. DEVELOPING HAVAS MEDIA'S NEW INNOVATIVE SERVICES Extending our Brand and Design Network, and our strategic advisory Network, to meet the growing demand in these areas. ENHANCING OUR EXPERTISE NETWORKS 3
Page 25
ACCELERATING DEPLOYMENT & STRENGTHENING CAPABILITIES IN HIGH GROWTH AREAS - Annual General Meeting 25 ADOPTION AI is embedded into how our agencies operate every single day. By automating the repetitive, optimizing the complex, and augmenting our talent. We have built a smarter, faster and more adaptative Havas. One that leads with innovation. CLIENT IMPACT Efficient - By automating and optimizing workflows, we free up valuable resources, allowing our teams to focus on delivering a superior client experience. Effective - AI driven internal efficiencies empower our talent to create more impactful, results driven work. Innovative -Provide pioneering, market leading solutions for our clients. HAVAS.AI We're sharing our expertise with the market through our dedicated AI offering, providing clients with a full suite of services across: Consulting -Helping brands navigate AI strategy, ethics and implementation. Proprietary Products -Cutting edge AI tools tailored for Creative, Media and Production. Delivery Services -AI-driven solutions seamlessly integrated into client workflows. 3
Page 26
OUR COMMITMENT TO GROWTH & PROFITABILITY
Page 27
François Laroze CHIEF FINANCIAL OFFICER FINANCIAL PERFORMANCE
Page 28
2024 KEY FIGURES
Page 29
- Annual General Meeting 2024 ANOTHER YEAR OF GROWTH 29 NET REVENUE €2,736M a historic level TOTAL NET REVENUE GROWTH +1.5% After 3 years of sustainable growth 2,238 2,590 2,695 2,736 2021 2022 2023 2024 Net Revenue (in €m) & Total Growth (in %) +1.5%+4.1%+15.7%+9.2% 1
Page 30
TOTAL GROWTH +1.5% ORGANIC GROWTH -0.8% +4.4% IN 2023 SCOPE +2.5% FOREX EXCHANGE -0.2% - Annual General Meeting 2024 GROWTH BREAKDOWN OF NET REVENUE 30 1
Page 31
2024 PERFORMANCE BY REGION 31- Annual General Meeting 2,736 Havas -0.8% 925 North America -6.6% 196 Latin America +14.7% 1,352 Europe +1.2% 263 Asia Pacific & Africa +1.1% Rounded figures. See financial glossary for definitions, in the appendix. 1 Organic Growth (%) Net Revenue (€m)
Page 32
Sectors - Annual General Meeting A DIVERSIFIED & BALANCED BUSINESS 32 2024 Net Revenue breakdown (in %) Havas Creative 40% Havas Health 22% Havas Media 38% Business lines Geographies France 17% UK 16% Rest of Europe 16% North America 34% Asia Pacific and Africa 10% Latin America 7% Healthcare & Wellness 29% Other 11% Consumer goods 10% Finance 10% TMT 9% Food & Drinks 8% Other Industrie s & Travel & Entertainment 6% Retail 5% Automotive 5% Rounded figures. See financial glossary for definitions, in the appendix. 1
Page 33
247 297 327 338 2021 2022 2023 2024 - Annual General Meeting ROBUST EBIT MARGIN EXPANSION IN 2024 33 Adjusted Ebit (in €m) and margin (in %) 12.4%12.%11.5%11% Improvement in Adj. Ebit margin, +30bps , despite “a soft organic growth” in 2024 Long term margin expansion, +140bps , through the last 4 years Rounded figures. See financial glossary for definitions, in the appendix 2
Page 34
- Annual General Meeting P&L 2024/2023 SUMMARY 34 Adjusted EBIT includes: • Staff costs well under control, almost flat year-on-year • Performance shares charges €(5)m, compared to €(3)m in 2023 Restructuring charges €(29)m compared to €(19)m in 2023 Net financial expenses • Lower interests • Non-recurring financial charges of €(9)m Rounded figures. See financial glossary for definitions, in the appendix Income taxes Effective tax rate of 31.9%, compared to 34.0%, in 2023 In €m Full year 2023 Full year 2024 Change % Revenue 2,872 2,863 -0.3% Costs rebilled to customers (177) (127) -28% Net revenue 2,695 2,736 +1.5% Staff costs & performance shares (1,835) (1,856) +1.1% Opex, Depreciation and amortization (533) (542) +1.6% Adjusted EBIT 327 338 +3.4% Restructuring and earn-out adjustments (17) (23) +36% Operating income (EBIT) 310 315 +1.6% Net financial expenses (31) (37) +19% Income taxes (95) (89) -6.3% Net income 184 189 +2.7% Non-controlling interests (17) (16) -5.9% Net income, Group share 167 173 +3.6% 2
Page 35
35Rounded figures. See financial glossary for definitions, in the appendix.* Including the Loan to Vivendi for €116m- Annual General Meeting CASH FLOW GENERATION & NET CASH POSITION EVOLUTION Net Cash Evolution, end of period (€m) Positive flows Operating cash flow €242m o/w €(71)m Working Capital variation Negative flows Capex €(34)m M&A €(97)m €(69)m buy-out + €(28)m upfront & earn-out Dividends €(251)m Vivendi: €(235)m, o/w €(150)m exceptional dividend Minorities: €(16)m Taxes, others €(79)m o/w Income taxes €(87)m o/w FX variation €+24m 375 467 430* 211 Dec-21 Dec-22 Dec-23 Dec-24 Net Cash €361m excluding exceptional dividend to Vivendi for €150m 3
Page 36
Q1 2025 & GUIDANCE
Page 37
€649M +5.2% ORGANIC GROWTH +2.1% +2.0% IN Q1 2024 SCOPE +1.4% FOREX EXCHANGE +1.7% - Annual General Meeting Q1 2025 NET REVENUE GOOD START TO THE YEAR 37Rounded figures, based on single decimal growth rates. See financial glossary for definitions, in the appendix.Unaudited figures
Page 38
Q1 2025 PERFORMANCE BY REGION 38- Annual General Meeting 649 Havas +2.1% 239 North America +3.2% 40 Latin America +16.6% 314 Europe -0.2% 56 Asia Pacific & Africa +1.9% Rounded figures. See financial glossary for definitions, in the appendix. Organic Growth (%) Net Revenue (€m)
Page 39
Arnaud de Puyfontaine CHAIR OF THE BOARD
Page 40
Michel Van Agt NOTARY, LOYENS & LOEFF
Page 41
Arnaud de Puyfontaine CHAIR OF THE BOARD
Page 42
AGENDA ITEMS
Page 43
- Annual General Meeting OVERVIEW OF AGENDA ITEMS 43 Agenda Items 2 5 Re-appointment of external auditor (voting item) 3b – Distribution of capital from the share premium reserve (voting item) 6b – Cancellation of shares held or acquired by the Company (voting item) Granting or discharge to the directors of the Company in respect of the performance of their duties during the financial year2024 (voting item)4 Reserve share split (discussion item)7 2c – Adoption of the 2024 Financial Statements (voting item) 3 3a – Reserve and dividend policy (discussion item) 6a – Authorization of the Board of Directors to acquire fully paid-up shares in the Company’s own share capital (voting item) 6 2b – Remuneration Report 2024 (advisory voting item) Amendment to the article of association of the Company and corresponding adjustment of current delegation to the Board of Directors (voting item)8
Page 44
Ruud Hermans DELOITTE
Page 45
© 2024 Deloitte The Netherlands Story of the 2024 audit Financial statements and management report • Unqualified auditor’s report signed on April 14, 2025 • Management report (incl. remuneration report) and other information: comply with the requirements of Part 9 Book 2 of Dutch Civil Code and Dutch Standard 720 Communication • Several meetings and calls with the Executive Board Members and the Audit & Sustainability Committee • Report on the audit • Independence Materiality • Materiality of EUR 14M • Component level: lower materiality (max. EUR 11.5 M) • Misstatements reported if in excess of EUR 700k Reportable matters • Key audit matter: Goodwill • Other areas of our audit: - Group audit (ISA 600) - Fraud and non-compliance with laws and regulations Scope and coverage • Full-scope procedures for significant entities • Coverage: 70% of revenues and 81% of total assets Audit Havas N.V. 2024
Page 46
© 2024 Deloitte The Netherlands Group audit Group audit scoping • The group audit has been performed in accordance with ISA 600R • Components in scope are based on size and risk • Main components: France, the United States of America, Spain, UK and several other smaller countries Coverage from group audit scoping • The scoping has resulted in a coverage of 70% of revenues and 81% of total assets Communication and oversight over components auditors • Main components have been audited by local Deloitte Member Firms, except for certain US entities • The group audit team sent audit instructions to the component’s auditor • Regular online meetings to discuss i.e. status of the audit • Attended certain closing meetings • The group auditor visited France and the United States and held online sessions with local management and auditors of several other key locations including Spain and the United Kingdom • The group audit team reviewed the audit files of our component auditor’s in France and the United States
Page 47
© 2024 Deloitte The Netherlands Internal controls and IT Quality of internal control and administrative organization: • In the context of our audit, we assessed the internal controls that are relevant to our audit • In chapter 7 of the annual report, management has outlined their risk management and risk factors Central coordination of Randstad’s General IT Controls • IT auditors are integral part of the (local) audit teams: o Central coordination of the audit of the general IT controls to ensure a consistent approach o Testing is performed by the local IT auditors to identify, analyze and test relevant application and general computer controls o Cyber security is part of our risk assessment and IT audit
Page 48
© 2024 Deloitte The Netherlands Key audit matters Key audit matter: Goodwill We have performed the following procedures related to Goodwill: • Obtaining an understanding of management’s impairment tests and testing of relevant controls • Evaluation of identification of Cash Generating Units in accordance with IAS 36 • Evaluation of the main valuation assumptions and valuation methodology, assisted by Deloitte valuation experts
Page 49
© 2024 Deloitte The Netherlands Communication with the Audit & Sustainability Committee Communication • Meetings with the Audit and Sustainability Committee, in which, among others, the following reports are discussed: o March 2025 – Preliminary interim conclusions from the audit o April 2025 - Report to the Audit and Sustainability Committee and the Board and our Auditor’s Report on the 2024 financial statements • In April 2025, we presented our year-end reporting in the Supervisory Board meeting, including, amongst others: o Audit findings o Audit misstatements o Auditor’s independence o Other observations
Page 50
© 2024 Deloitte The Netherlands Compliance with laws and regulations Going concern Compliance with laws and regulations • Obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that directly affect the financial statements • Attentive to indications of (suspected) non-compliance with laws and regulations • Conducted inquiries with, amongst other, Chief Financial Officer, Corporate Secretary, Head of Internal Audit, Head of Business Development • Reading minutes of the Board, the Audit & Sustainability Committee, and the reports of Internal Audit Going concern • The financial statements have been prepared on a going concern basis • Procedures performed regarding the evaluation of management’s use of the going concern basis, such as: o Evaluate the reasonableness of the assumptions used by management o Evaluate whether all relevant information of which we are aware has been included in the management’s assessment o Reviewing the Board’s future outlook as part of procedures on the annual report
Page 51
© 2024 Deloitte The Netherlands Fraud risk General legal framework • Laws and regulations require the auditor to pay specific attention to fraud risks during the audit What procedures did we perform at Havas N.V. about the fraud risk of management override of controls? • Evaluated the design and implementation of relevant internal controls. • Further specific attention within the audit for the following elements: o Generating and processing journal entries o Management estimates o Significant transactions outside the normal course of business o Inquiries regarding fraud with amongst other, Chief Financial Officer, Corporate Secretary, Head of Internal Audit, Head of Business Development o Evaluation of the disclosures regarding fraud risk assessment, management estimates and uncertainties o Evaluation of Havas N.V.’s fraud risk assessment, Code of Conduct, whistleblower policy and incident registration
Page 52
- Annual General Meeting OVERVIEW OF AGENDA ITEMS 52 Agenda Items 2 5 Re-appointment of external auditor (voting item) 3b – Distribution of capital from the share premium reserve (voting item) 6b – Cancellation of shares held or acquired by the Company (voting item) Granting or discharge to the directors of the Company in respect of the performance of their duties during the financial year2024 (voting item)4 Reserve share split (discussion item)7 2c – Adoption of the 2024 Financial Statements (voting item) 3 3a – Reserve and dividend policy (discussion item) 6a – Authorization of the Board of Directors to acquire fully paid-up shares in the Company’s own share capital (voting item) 6 2b – Remuneration Report 2024 (advisory voting item) Amendment to the article of association of the Company and corresponding adjustment of current delegation to the Board of Directors (voting item)8
Page 53
QUESTIONS & ANSWERS
Page 54
VOTE
Page 63
AGENDA ITEM 9 ANY OTHER BUSINESS
Page 64
CLOSING Yannick Bolloré CHAIRMAN AND CEO
Page 65
MAY 28 - 2025 ANNUAL GENERAL MEETING HAVAS N.V. - Annual General Meeting 065
Page 66
- Annual General Meeting DISCLAIMER 66 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND NON-IFRS FINANCIAL MEASURES Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate plans, strategies, goals, future events or intentions. In particular, these statements relate to (and include data relating to) management’s business strategies, capital expenditures and other investments, growth of existing operations and expansion plans, its financial situation, its results and its cash flow, as well as forecasts, other future events, trends or objectives and expectations concerning, in particular, the markets in which it operates, its strategy, its growth and its results. These statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, including as described in Section 7.2, “Risks Factors” of the annual report of Havas N.V. (“Havas ”) for the year ended December31, 2024 (the “2024 Annual Report”) and available on the corporate website of Havas (www.havas.com/investor-relations-shareholders/). The statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions. The statements are not historical facts and should not be construed as a guarantee that the stated facts and/or data will occur. Although Havas believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. As such, undue reliance should not be placed on such statements. Should one or more of these risks and uncertainties materialize, or should any underlying assumptions prove incorrect, or any other factor impact those statements, actual results, plans, objectives and expectations in respect of Havas may differ materially from those expressed or implied in the forward-looking statements. The inclusion of such statements should not be regarded as a representation that such results, plans, trends or objectives will be achieved. Havas undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. This presentation also contains certain non-IFRS financial measures, or alternative performance measures, used by Havas in analyzing operating trends, financial performance and financial position of the Havas Group and providing investors with additional information considered useful and relevant regarding the results of the Havas Group. Alternative performance measures used in this presentation include “net revenue”, “Adjusted EBIT”, “Adjusted EBIT Margin”, “free cash flow”, “cash conversion”, “net cash” and “organic growth”. These alternative performance measures are not recognized measures under IFRS or any other generally accepted accounting standards, and they generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the financial statements and related notes prepared in accordance with IFRS. For a definition of these alternative performance measures, please refer to Section 11.2, “Definitions of alternative performance measures” of the 2024 Annual Report and Note 2.2. to Havas’s audited consolidated financial statements as of and for the year ended December 31, 2024, included in Section 9.1 of the 2024 Annual Report.
Page 67
- Annual General Meeting FINANCIAL GLOSSARY 67 Adjusted EBIT Adjusted EBIT represents net income excluding income taxes, interest, other financial income and expenses, goodwill impairment, earn-out adjustments and restructuring charges Bps Basis points Capex Cash used for purchases of intangible and tangible assets Cash Flow Generation Changes to Net Cash over a specified period Dividend payout ratio Target proportion of net income attributable to the shareholders of Havas, the distribution of which would be proposed to the General Shareholders'Meeting of Havas. EBIT Operating income (EBIT – Earning Before Interest and taxes) including the impact of restructuring charges Free Cash-Flow Operating Cash Flow less capex Foreing Exchange rate change Contribution of the foreign exchange effect (or currency effect) to total growth Like-for-like Growth achieved through internal business activities at constant currency and perimeter Liquidity position Position of cash and cash equivalents, adding Credit Revolvong Facility Margin Calculated as a percentage of Net revenue Net cash / Net debt Long-term debt plus short-term debt, excluding lease liabilities, earn-out obligations and non-controlling interest buy-out obligations, minus cash and cash equivalents and amounts outstanding on loans to Vivendi Average Net debt Average of the amount of net debt at the end of each month Net revenue Equal to revenues in accordance with IFRS 15 less costs rebilled to customers (consisting of pass-through costs rebilled to customers such as out of pockets costs and other third-party expenses) Operating Cash Flow Net cash provided by operating activities (which includes Working Capital). Organic growth Growth achieved through internal business activities at constant currency and perimeter Scope change Contribution of perimeter variation (including M&A operations and divestments) to total growth YoY Year-over-year Total Growth Growth in net revenue over a specified period (including Organic growth, Scope change and FX change) Cash Conversion (Operating Cash-Flow – Capex) / Operating Cash-Flow