2014年 11月 18日 星期二 10:24
Publicis Groupe: 2011 annual results (EUR million except EPS and dividend)
Publicis Groupe: 2011 annual results (EUR million except EPS and
Regulatory News:
Publicis Groupe (Paris:PUB):
-- Revenue
-- Published growth
-- Organic growth
-- New Business (net)
7.9 bn USD
-- Operating margin
-- Percentage operating margin
-- Net income
-- Free Cash Flow **
-- Dividend ***
Diluted Earnings Per Share
excl. changes in Working Capital Requirements (WCR)
Payable on July 2 subject to approval at the AGM of May
Message from Maurice Lévy, Chairman & CEO of Publicis Groupe:
“In a context of sovereign debt crisis and economic slowdown,
Publicis has not only outperformed the market, more remarkably it has
improved on its own outstanding performance of 2010. The Group’s margin,
which has improved very satisfactorily, is back on the 16% mark while we
continued investment in technology and talent.
We have continued to pursue our strategy of making targeted
acquisitions in digital communications and high-growth countries.
Our good performance in 2011 should be attributed, first and
foremost, to the loyalty of our clients who trust us to help them win in
a digitized, globalized and hyper-competitive world.
have put their talent, creativity and inventiveness at the service of
our clients successfully and effectively. I would like to express my
gratitude to both. We ended the year with a strong balance sheet and a
record result in new business.
Our considerable financial flexibility, our undiminished ability to
innovate and our creativity should see us through this new era of short
cycles that require flexibility and agility, qualities that remain
intact within the Group.
We should be able to continue to achieve strong, sustainable and
profitable growth.
Though we remain very cautious all along, our situation enables us to
stride confidently towards the future and particularly in 2012.”
Publicis Groupe’s Supervisory Board met on February 8, 2012, under
the chairmanship of Elisabeth Badinter, to examine the annual accounts
for 2011 presented by Maurice Lévy, Chairman of the Management Board.
KEY FIGURES
Data from the Consolidated Income Statement
EUR million, excepting percentagesand per share data
Data from the Income Statement
Operating margin before Depreciation& Amortization
% of revenue
Operating margin
% of revenue
Operating income
Net Income attributable to the Groupe
Earnings Per Share
Diluted Earnings Per Share (2)
Dividend per share
Free cash flow before changes in working capital requirements
Data from the Balance Sheet
December 31, 2011
December 31, 2010
December 31, 2009
Total Assets
Group share of consolidatedshareholders’ equity
Earnings Per Share calculations based on an
average of 202.5 million shares in circulation in
million in
2010 and 202,3 million in 200.
Diluted Earnings Per Share (EPS) calculations
based on an average of 237.1 million shares in 2011, after 235.5 million
in 2010 and 220.9 million in 2009. These calculations include stock
options, free shares, equity warrants and convertible bonds that dilute
EPS. Stock options and equity warrants are deemed to have a dilutive
effect when their strike price is below the average share price for the
period. In 2011, all these instruments were dilutive.
ANALYSIS OF THE KEY FIGURES
Activity in 2011: Good performance of all activities in all regions
In a year characterized by sound economic growth in the first half-year,
followed by a slowdown from the summer onwards, Publicis Groupe achieved
good results in all its businesses and in the vast majority of its
2011 revenue: +7.3%
Consolidated revenue in 2011 reached 5,816 million euro, up 7.3% from
million euro in 2010. (The impact of exchange rates was 126
million euro).
Organic growth was 5.7% in 2011. This level of growth is still
outstanding, especially on top of the very difficult standard set in
2010 when growth was an exceptional 8.3% due to very strong recovery in
the market after the downswing in 2009.
All activities grew in 2011:
- Digital accounted for 30.6% of total revenue (vs. 28% the previous
year) and clearly outperformed the market with organic growth of 13.7%
- High-growth economies generated 24.3% of total revenue (vs. 22.7% in
Breakdown of consolidated revenue in 2011:
- advertising: 31% (32.6% in 2010),
- media: 19% (20% in 2010),
- SAMS, which include all digital services: 50% (vs. 47.4% in 2010).
-Breakdown of 2011 revenue by geography
(EUR million)
Organic growth
Published growth
North America
Asia-Pacific
Latin America
Africa & Middle East
Every region without exception posted growth in 2011.
Europe: Nearly all western European countries, excepting
Greece and Portugal, achieved positive growth. France grew by +8.2%,
and Germany by +6.9%.Northern Europe boasted +5%.Eastern
Europe grew by 9.1%, supported by Russia’s +15.6%.
Americas: With growth of 5.9%, North America continued
to show good resilience despite economic difficulties in the USA,
largely thanks to digital services which now account for 46.4% of this
region’s revenue.All the Latin American countries posted strong
growth in 2011, especially Argentina, Venezuela and Colombia. With
growth of +2.8%, Brazil has yet to reap the benefits of organic growth
from the major acquisitions made in 2011, but was also adversely
affected by the sharp, one-off downturn in activity of one of its
Asia Pacific: This region fared well with growth of
+5.7%, despite contrasts from one country to another. China (i.e. the
Greater China region) achieved growth of 8.5% while Japan is still in
negative growth, despite improvements.
Africa and Middle East: The region achieved growth of
+6.1%, i.e. a sustained level of growth despite the instability
prevailing in the Middle East
Q4 2011 revenue
Consolidated revenue in Q4 2011 was 1,697 million euro, up 8.8% from
1, 560 million in the corresponding period in 2010 (no exchange rate
Organic growth was 2.9% in Q4, a very good achievement
considering the outstanding growth posted for the corresponding period
in %) a difficult comparison basis.
For the record, revenue in Q1, Q2 and Q3 2011 was 1,286, 1,413 and 1,419
million euro, respectively. Organic growth was 6.5% in Q1, 7.6% in Q2,
and 6.4% in Q3.
- Breakdown of Q4 2011 revenue by region
(EUR million)
Organic growth
Published growth
North America
Asia-Pacific
Latin America
Africa & Middle East
Fourth-quarter growth reflects good levels of activity in virtually all
regions worldwide. Europe’s -2.5% was due to a downturn in business
levels in the Western European countries, compounded by the very
difficult situation in Southern Europe. Northern Europe and particularly
Central Europe and Russia showed good growth (&10%).
Operating margin of 16.0%
The Operating margin before depreciation and amortization was 1,034
million euro in 2011, up 6,9% from 967 million in 2010.
The Operating margin was 931 million euro, i.e. an 8.8% increase on 2010.
Personnel expenses totaled 3,615 million after 3,346 million in 2010,
i.e. an 8% increase and 62.2% of consolidated revenue. When the freeze
on hiring and compensation ended in the summer of 2010, headcount and
the wage bill were increased accordingly to ensure the Group resources
required to keep abreast of growth. This trend then continued throughout
the first half of 2011. Fixed personnel expenses amounted to 54.1% of
consolidated revenue, up from 53.4% in 2010.
Faced with the crisis, the Group decided to renew a selectively freeze
recruitment and to keep a tight rein on personnel expenses.
These measures have enabled the Group to commence 2012 with a
recruitment rate that is under control. Strict management of personnel
expenses is a core issue and control of fixed cost ratios is an on-going
objective.
Other operating costs totaled 1,167 million euro, i.e. a 5.6% increase
over 2010.
Administrative costs continued to decline as a result of the
optimization of various operating costs, a measure that is part of the
shared services centers centre program.
By aligning systems, implementation of the ERP will provide an overview
of own-account expenditure, thus enabling the Group to control operating
costs more efficiently.
The percentage operating margin for 2010 was 16.0%
as a result of
two factors: revenue growth and the fact that expenses on restructuring
were reduced by 10 million euro (to 39 million in 2011).
Rigorous cost control throughout the Group is independent of variations
in revenue and undeniably gives a competitive edge making possible to
absorb the cost of acquisitions integration and the accelerated roll-out
of digital services worldwide.
Net income attributable to the Groupe: + 14.1%
Net income attributable to the Groupe
was 600 million euro, up
from 526 million in 2010. This result was after net financial expense of
54 million euro, income tax amounting to 248 million, the 17 million
share of profit of associates and 29 million minority interests.
Free Cash Flow: + 9%
The Group’s free cash flow, before changes in working capital
requirements, rose 9% to 704 million euro.
Average net debt reduced by 143 million
Net financial debt was 110 million euro at December 31, 2011, leaving
the debt /equity ratio standing 0.03, after a net cash position of
106 million euro at the end of 2010.
The Group’s average net debt was reduced by 143 million euro in 2011,
dropping from 608 million euro in 2010 to 465 million euro in 2011.
The Group’s available liquidity position at December 31, 2011 remained
above the 4 billion euro mark. This figure includes a 1.2 billion euro
syndicated credit facility (replacing the 1.5 billion euro facility) and
a cash position of 2.2 billion euro, i.e. at the same level as in 2010
despite the net funding of acquisitions (i.e. net of disposals) for 700
million euro in 2011.
At December 31, 2011, total liquidity amounts to 4,029 million euros
(not including 224 million of uncommitted credit lines).
Available liquidity stands comparison with the 4,319 million liquidity
position at year-end 2010 (not including 212 million euro in uncommitted
credit lines).
Shareholders’ equity
Consolidated shareholders’ equity, including minority interests,
amounted to 3,931 million euro at December 31, 2011, compared with
3,382 million euro at December 31, 2010.
At the Annual General Meeting of Shareholders next May 29, a dividend of
0.70 euro will be proposed for approval. Subject to approval by the
shareholders, the dividend will be payable as of July 2, 2012.
THE GROUPE IN 2011
Distinctions/creativity
Since 2004, Publicis Groupe has been ranked No. 1 for Creative
Performance by the Gunn
In its ranking of advertising networks with the most awards, our
networks are 4th (Leo Burnett), 8th (Saatchi &
Saatchi), 12th (Publicis) and 14th (BBH).
In the 2011 issue of the Big Won Report, Publicis Groupe was ranked No.
3 of all holding companies, with its agencies respectively ranked 4th
(Leo Burnett), 8th (Saatchi & Saatchi) and 9th
(Publicis).
Within the networks, several entities received distinctions in 2011:
VivaKi was acclaimed as one of the most creative agencies in the world
of advertising and marketing by Fast Company magazine in 2011.
Audience on Demand (AOD), the flagship product of the VivaKi Nerve
Center, was named one of the most compliant of all advertising
platforms.
Leo Burnett continues to be acknowledged s one of the most creative of
all agencies, whether by YoungGuns Network of the Year, the Golden
Drum Network of the Year, or as the top network in terms of awards at
the 2011 ANDYs, the 2011 One Show and the National Addy Awards.
Advertising Age named PHCG the best Healthcare network in 2011.
The Group continued to implement its Corporate Social
Responsibility (CSR) policy
The Group’s policy is articulated around four main pillars (Social,
Society, Governance and Economics, Environment) that structure the work
carried out within the Groupe and in each and every agency and network.
2011 focused on the internal roll-out of CSR and on greater involvement
of staff in all four areas of emphasis (Social, Society, Governance and
Economics, Environment).
Cost management
The Group’s future growth, from which profitability cannot be
dissociated, is based on its strategic decisions to develop its digital
services and expand in high-growth regions.
In order to deliver profitable growth, the Groupe is continuing to
actively manage its operating costs. However, talent management remains
a core issue.
So it was that, once again, Publicis Groupe decided to freeze
recruitment and salaries in order to commence 2012 with staff costs that
were more consistent with the profitability targets.
Furthermore, the Horizon project continues its roll-out through a number
of major programs: the regionalization of shared service centers (SSCs)
which is proceeding well, the completion of the Americas platform,
progress with the building of the Asia platform (excluding China and
India), the optimization of real estate and purchasing at global level,
not only for the Groupe’s own purchases but also for production costs.
The ERP project has entered the test phase in the first half of 2012.
This project will enable operating costs to be reduced sharply by 2015.
External growth
All external growth operations carried through 2011 answer to Publicis
Groupe’s strategic decisions in order to consolidate its leadership
position in digital communication and to reinforce its foothold in high
growth countries.
In the first half-year, sustained external growth activity enabled the
Group to increase its footprint in:
in the UK, in interactive communications and public relations
(Chemistry, Airlock, Holler and Kittcat Nohr);
in Brazil by taking a controlling stake in Talent and through
the acquisition of GP7;
in the USA through the acquisition of Rosetta in digital
services in the USA on July 1, thereby repositioning the Groupe in
in France and in India in healthcare, with the acquisitions of
Publicis Healthcare Consulting in France and Watermelon in I
in the Greater China region, in pursuance of its strategy
announced a year ago to expand in China, Publicis Groupe acquired Tai
wan-based consultancy firm ICL, followed by healthcare communications
agency Dreams in China, and Genedigi, one of China’s most renowned
public relations firms.
In the second half of the year, acquisitions continued at the same place:
in Brazil: in July 2011, acquisition of DPZ to complete
the Group’s Brazilian and footprint and achieve the critical size
sought by the Group. Combined with organic growth, these acquisitions
now make Brazil the Group’s sixth biggest market, in line with
Brazil’s ranking in world advertising.
in the USA: also in July 2011, acquisition of high-potential
New York agency Big Fuel, which is the only advertising agency
entirely dedicated to the social media. This was followed by the
acquisition in September of Schwartz, the Boston PR agency with
subsidiaries in Stockholm and London.
in Switzerland: The Group also announced it would fully acquire
its affiliate Spillman/Felser/Leo Burnett, one of the most important
agencies in Switzerland.
in China: in the last quarter, Publicis Group strengthened its
position in digital services in China through two acquisitions:
Wangfan and Gomye. The various acquisitions made throughout the year
in China are clearly part of the strategy to double the Group’s
revenue in this region by . China is currently the Group’s
4th biggest market, but ranks No. 3 in the world.
in Poland: the last acquisition of the year was Polish PR
agency Ciszweski.
Also in 2011, Publicis Groupe announced the launch of a new agency,
Publicis Ecuador, with offices in Quito and Guayaquil, the country’s
main business centre.
Together, these acquisitions represent an estimated 400 million euro in
additional revenue on a full year basis, a good indication of strong
momentum of the Group’s external growth in 2011.
New Business: 7.9 billion dollars in net gains
2011 was an outstanding year in terms of accounts won, and the 7.9
billion dollars in new business net of losses is ample evidence of the
relevance and competitiveness of Publicis Groupe’s offerings. Of the
numerous new accounts won, mention might be made of the following:
Microsoft, Darden, Burger King, Delta, Avaya, Sonic, Sprint (USA),
Nescafé (worldwide),Ferrero (Europe), X-Step Sporting Apparel, Kraft
Ritz, Merck OTC Brands (Asia Pacific), Embryform, Jaccar ( China),
Continental Tires, Kasinski Motorcycles – Zongshen, SECOM - Secretary of
Communications for the Cabinet of President, Samsung, Lenovo, Disney
RECENT EVENTS
Acquisitions
Since the start of 2012, Publicis Groupe has made two acquisitions:
- Mediagong, one of France’s most innovative digital agencies
specialized
in digital strategy consulting, the social media, advergaming and
mobile communications.
- The Creative Factory in Russia: highly reputed in its specialized
areas, namely, marketing, digital services, digital production and
video. This Moscow-based agency will enable Saatchi&Saatchi to expand
its foothold in Russia.
In addition to these two acquisitions, Publicis Groupe has launched a
friendly takeover bid on Pixelpark, the independent German leader in
digital communications.
Pixelpark’s core businesses range from the creation of digital brands,
consulting, content management, the social media, mobile marketing,
eBusiness solutions and data analysis and management. Publicis Groupe’s
public offering has the support of Pixelpark AG’s Management Board and
Supervisory Board. The bid will be tabled by the Groupe’s German
subsidiary MMS Germany Holdings GmbH (MMS) registered on the Dusseldorf
trade register under the reference HRB 50291.
MMS will offer Pixelpark (ISIN DE000A1KRMK3) shareholders a
consideration of 1.70 euro per share in exchange for their bearer shares
of no nominal value.
This offer is at a premium of some 28% over the estimated average share
price of Pixelpark (1.33 euro) as traded on the German stock exchange
during the three months up to January 20, 2012. The offer is scheduled
to begin in mid-February.
To date, the shares tendered by Pixelpark shareholders to MMS represent
approximately 56.51% of the authorize share capital and voting rights.
Among others conditions precedent, the bid will be subject to MMS
acquiring at least 75% of the current share capital. The acquisition
by MMS of the majority of Pixelpark shares must also be approved by
Germany’s Federal Cartel Office.The offer is not being
made, directly or indirectly, in or into, or by use of mails of, or by
any means or instrumentality (including, without limitation, facsimile
transmission, telex, telephone, e-mail and other forms of electronic
transmission) of interstate or foreign commerce of, or any facility or
a national securities exchange of, the United States of America and
the offer cannot be accepted by such use, means or instrumentality
from or within the United States of America. No person in the United
States of America will be permitted to accept the offer. Neither this
announcement nor the offer document may be distributed or sent in,
into or from the United States of America, and doing so may render
invalid any purported acceptance.
- On February 1, the Group announced the acquisition of Flip Media, one
of the large digital agency networks in the Middle East. Flip Media is
present throughout the digital chain, offering a comprehensive range of
services from strategy, digital design and production, content to
technological platforms. With an original, proprietary creation
technology that has received many awards, Flip Media words with a number
of emblematic brands.
General Motors
On January 24, Publicis Groupe was informed that it had lost the GM
media account. This account, in which Starcom was in partnership with
GM, represents approximately 0.5% of the Groupe’s revenue over a full
year. Publicis Groupe regrets GM’s decision but is proud of the very
high level of professionalism Starcom brought GM over the years.
More generally, Publicis Groupe is proud of the support it gave this
large account in recent years and particularly during the serious
difficulties that had to be overcome when GM went bankrupt.
The contract ends in June 2012.
Finance: 2012 Eurobond redemption
On January 31, 2012, Publicis Groupe SA redeemed its expired 2012
Eurobonds at a cost of 506 million euro in principal. This redemption
was carried out using the Group’s available liquidities.
Given the Groupe’s current liquidity levels, Publicis Groupe SA has no
intentions of refinancing this bond issue in the short term.
The crisis brought on by investor fears of certain countries being
unable to repay their debts has led the forecasting institutions to
revise their forecasts for the full year 2011. ZenithOptimedia, for
instance, which forecast advertising market growth of 4.1% in July,
revised that figure down to 3.6% in October and again to 3.5% in
December 2011.
Against this backdrop, Publicis Groupe posted a very good performance
with 5.7% growth, i.e. higher than the anticipated growth rate of the
market. This was made possible by the Group’s exposure to the digital
sector and high-growth countries which accounted for 52.4% of its
The Group intends to continue implementing its tried and tested strategy
based on the rapid development of digital services and economic
expansion in high-growth countries, and this includes, in particular,
the plan to double the Group’s revenue in China by 2013, the major
investments made in Brazil, but also the bolstering of its footprint in
The Group’s medium-term goal is to derive close to two-thirds of its
revenue from high-growth activities or countries.
Thanks to a strong demand and rigorous management of costs and cash, the
Group ended 2011 with a very strong financial situation.
The exceptional level of new business generated in
dollars) is testimony to the relevance and energy of Publicis Groupe’s
offering and to its presence alongside its clients, and confirms the
Group’s objectives in terms of gaining market share.
Despite a difficult 2012, these dynamics enable the Group to envisage a
growth rate in excess of the current market growth forecasts. The
continued improvement of operating costs goes hand in hand with revenue
The Group intends to focus its action with a view to achieving its
objectives through organic growth and targeted acquisitions.
About Publicis Groupe
Publicis Groupe [Euronext Paris FR, part of the CAC 40 index]
is the third largest communications group in the world, offering the
full range of services and skills: digital and traditional advertising,
public affairs and events, media buying and specialized communication.
Its major networks are Leo Burnett, MSLGROUP, PHCG (Publicis Healthcare
Communications Group), Publicis Worldwide, Rosetta and Saatchi &
Saatchi. VivaKi, the Groupe's media and digital accelerator, includes
Digitas, Razorfish, Starcom MediaVest Group and ZenithOptimedia. Present
in 104 countries, the Group employs 53,000 professionals.
| Twitter:@PublicisGroupe | Facebook:
New Business
December 31, 2011 – 12 months
USD 7,9 billion (net)
Main accounts awarded
Leo Burnett
MAS Institute of Management & Technology (India); Micro Cars Limited
(India); POM Wonderful (Japan); Triumph International (Japan); LSH
Holding (Kuwa?t); LibanPost (Lebanon); Petronas Dagangan (Malaysia);
Universidad Mexicana (Mexico); McDonald’s (UK and USA); Flight Network
(Canada); IKEA (Canada); Samsung (Hong Kong); Sun Hung Kai Properties
(Hong Kong); Six senses resorts & spas (India); Sinar Mas (Indonesia);
Indofood (Indonesia); Allergan (Mexico); Airphil Express (Philippines);
Yahoo (Singapore); Dorchester Hotel Collection (UK); Wanke Shenyang
(China); Costa Croisieres (France); Stepper Eyewear (Hong Kong); Beit
Misk (Lebanon); Red Cross (UK); Giant Bicycles (Australia); DHL
(Colombia); APM Terminals (Costa Rica); Sri Lanka Telecom (India);
Petronas (Malaysia); Coca Cola (Colombia); Samsung (India); Indofood
(Indonesia); OB Beer (Korea); 22nd Philippine Advertising
Congress (Philippines); Pernod Ricard (Thailand); Property Perfect
(Thailand); Ikea (Thailand); Wanke Shenyang (China); Temposcan
Pharmaceuticals (Indonesia); Parrot (Japan); Petronas Group (Malaysia);
Wijeya Newspapers (Sri Lanka); Chevrolet (Thailand); Nongpho Dairy
Co-operative Ltd. (Thailand); Coca-Cola (Costa Rica, India); Wikimedia
(Germany); Lankem Ceylon Ltd (India); Tokyo Cement (India); Auro
Holdings (India); Samsung (Indonesia); Ilusión (Mexico); Walmart
(Mexico); Asia Motor Works (India); Gumtree (Australia); Pakistan
International Airlines (Pakistan) ; Pakistan State Oil (Pakistan);
TaxSpanner (India); Qtel (Qatar); Sinar MasIMSIG (Indonesia); E.Land
Group (Korea); Olabuenaga Fonatur (Mexico); Mega Bangna (Thailand); Fox
TV Channel (Turkey); Studio Moderna (Turkey); Fifth Third (USA); Masan
(Vietnam); Jon One Men's Clothing (China); Caribbean Export (Regional
Trade and Investment Promotion Agency) (Dominician Republic); Terna
Energy (Renewable Energy Source Production) (Italy); Universal Robina
Corporation (Philippines); People's Leasing Company (Sri Lanka); Cargils
Ceylon PLC (Sri Lanka); Thai Yamaha Motor Co., Ltd. (Thailand); Conwood
Co., Ltd. (Construction Materials) (Thailand); AIS (Telco) (Thailand);
Electricity Generating Authority of Thailand (Thailand); Bangkok
Insurance (Thailand); TRUenergy (Australia); McDonal'ds (Australia);
Schincariol Group (Brazil); Disney (Brazil); GlaxoSmithKline (Japan);
Esurance (USA); Sing Tel (Singapore); Great Eastern Life Insurance
(Singapore); Freewiew (Turkey, UK); Shiv Nadar Education Trust (India);
GCL Energy (China); Langham Luxury Hotels (China); Warrnambool Cheese
and Butter (Australia); Pfizer Taiwan (Taiwan); Sprint (Digitas/Leo
Burnett - USA); MillerCoors – Foster’s, Molson Canadian, and Sparks
brands (USA); Chobani Yogurt (USA); YouSwoop Daily Deals (USA); Shriners
Hospitals for Children (USA); Kasinski Motorcycles – Zongshen brand
(Brazil); SECOM – Secretary of Communications for the Cabinet of
President (USA); Lego (Japan); Symantec Norton (Japan); Bacardi White
Rum (India); Telefonica/Movistar (Colombia); Crocs (Turkey); Coca Cola –
Frestea, Minute Maid, Ades Water brands (Indonesia); Coca Cola – Minute
Maid, Eight O’Clock & developmental brands (Philippines); Diageo – Jose
Cuervo & Captain Morgan brands (Turkey); Dwarka Dairy (India);
GlaxoSmithKline – Iodex portfolio (India); HomeGreen Solar and Home
Energy Experts (Australia); Indofoods – Promina Babyfood brand
(Philippines); Kellogg’s Krave (Central America); ODEL Department Store
(Sri Lanka); Phillip Morris International – Fortune Cigarettes
(Philippines) & Chesterfield (Turkey); Regalia Hotel Management (China);
Telefonica Espana – Movistar (Costa Rica); The Energy Policy and
Planning Office (Thailand); Yung Shin Pharmaceutical (Taiwan); Huawei
Information and Communications Technology Solutions (China); Yingxue
Kitchenware (China); P&G Downy (Indonesia); Philip Morris International
– Chesterfield brand (Turkey); Samsung (Sri Lanka); Continental Tires
(Brazil); Pharmavite – Nature Made Vitamins (USA).
TAQA (UK and Dubai);
(USA); AQMD-Incremental (USA);
AstraZeneca (China); ADP (China); Insinkerator (China); Star TV (India);
Bosch (Germany); Sécurité Routière (France); Schott (China); History
Channel (India); Tech Data (Poland); Greene King (UK); Royal Institute
of British Architects (UK); The World Water Forum (France).
Publicis Worldwide
Fresco/Vogliazzi (Italy); Heineken (Italy); Bernina International
(Switzerland); Università Bocconi (Italy); Ministro del Lavoro (Italy),
Jùpiter (Spain); Merino/Merinolam-Vegit (India);
digital business (World); PMU (France); RATP (France); Fnac (France);
Aéroports de Paris (France); Cortal Consors (France); Institut
Géographique National (France); Amway/Nutrilite (China); Nestlé Infant
Nutrition/Nestlé Mio (Italy); Jigsaw (UK); Betboo (Brazil); Tourism
Ireland (UK); Cascades Groupe Tissu (Canada); SCA-Tena (Hong Kong);
Duracell (Hong Kong); Sara Lee/Ball Park (USA); Assurance Maladie
(France); Les Vins de Bordeaux (France); Angel Broking (India);
Haribo/Dragibus (France); L’Oréal (Czech Republic); Groupe SEB (Czech
Republic); Cici’s Pizza (USA) ; Red Lion (Brazil); AKTV (Philippines);
HP (Czech Republic); Nestlé (Thailand); Globe (Philippines); P&G
(Philippines); Honda (Philippines); Axa (Czech Republic); Soda Club
(Belgium); Weight Watchers (Belgium); ANIA (Italy); Jequiti Cosmetics
(Brazil); Nestlé Infant Nutrition (Mexico); Nescafé (World); Ferrero
(Italie, Espagne, Portugal, Fance, Belgique, Pays-Bas, Turquie, Grèce);
Weight Watchers (Belgium); Soda Club (Belgium); Pasteur Mex Pharmacia
(Mexico); Nestle – Nestea (Mexico); KPMG (Belgium); coop (United
Kingdom); G.U.
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以色列谢克尔(ILS)
印度卢比(INR)
冰岛克朗(ISK)
科威特第纳尔(KWD)
立陶宛立特(LTL)
马耳他里拉(MTL)
墨西哥比索(MXN)
挪威克朗(NOK)
新西兰元(NZD)
菲律宾比索(PHP)
巴基斯坦卢比(PKR)
俄罗斯卢布(新)(RUB)
沙特里亚尔(SAR)
瑞典克朗(SEK)
南非兰特(ZAR)
布伦特原油
100盎司黄金