IPSOS Ipsos in 2021
A successful model
Annual revenue: €2,146.7 million
Organic growth in 2021: +17.9%
Paris, February 23, 2022 - 2021 saw us recover dramatically from the previous year, with the re-opening of most economies as vaccination programmes rolled out, peaking at 52.3% growth in the second quarter compared to the same period in 2020 when lockdowns began. Overall organic growth was 17.9%. Compared to 2019, which we regard as a more “normal” period, we have grown by 10.4%.
In the sole fourth quarter, our organic growth was close to 5% knowing that our order book for 2022 was 15% higher than at the end of 2021, which makes us confident for 2022.
Finally, exchange rates had a 1.4% negative effect, while scope effects were slightly positive at 0.3%.
CONSOLIDATED REVENUE BY QUARTER
| In millions of Euros | Revenue 2021 | 2021 vs. 2020 | 2021 vs. 2019 | ||
| Total growth | Organic growth | Total growth | Organic growth | ||
| 1st quarter | 466.3 | 8.8% | 14.1% | 10.5% | 14.1% |
| 2nd quarter | 527.0 | 47.5% | 52.3% | 9.5% | 13.6% |
| 3rd quarter | 526.3 | 12.3% | 11.4% | 5.4% | 8.5% |
| 4th quarter | 627.1 | 7.6% | 4.9% | 4.4% | 6.8% |
| Annual total | 2,146.7 | 16.8% | 17.9% | 7.2% | 10.4% |
PERFORMANCE BY REGION
| In millions of Euros | 2021 revenue | Contribution | Organic growth 2021/2020 | Organic growth 2021/ 2019 |
| EMEA | 1,014.5 | 47% | 17% | 19.5% |
| Americas | 773.1 | 36% | 20% | 6% |
| Asia-Pacific | 359.2 | 17% | 14.5% | -2% |
| Total | 2,146.7 | 100% | 17.9% | 10.4% |
By region we saw double digit organic growth in 2021 in all major regions compared to 2020, with a particularly strong recovery in the Americas. The momentum is encouraging.
At the same time, EMEA saw the highest overall growth compared to 2019, reflecting not just the resumption of spend by brands and advertisers, but also European governments investing in research related to Covid itself.
In contrast, the Americas only grew by 6%, compared to 2019, reflecting the sharp impact of the first waves of Covid in Latin America in 2020, and in Asia-Pacific, ongoing lockdowns in major economies like Japan, Hong Kong and Australia saw a recovery in Ipsos’ revenues, but still 2 points below the 2019 level.
PERFORMANCE BY AUDIENCE
| In millions of euros | 2021 revenue | Contribution | Organic growth 2021 / 2020 | Organic growth 2021 / 2019 |
| Consumers1 | 945.8 | 44% | 25% | 9% |
| Clients and employees2 | 452.2 | 21% | 14% | -9% |
| Citizens3 | 376.4 | 18% | 6% | 36.5% |
| Doctors and patients4 | 372.3 | 17% | 18% | 23.5% |
| Annual revenue | 2,146.7 | 100% | 17.9% | 10.4% |
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), Social Intelligence Analytics
2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (including Retail Performance and Mystery Shopping), Media development, Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)
All our major business sectors saw good growth in 2021, with 25% growth from our core technology and CPG clients investing in innovations and new launches for consumers as economies unlocked.
Our work for brands focussing on their clients and employees recovered (up 14% compared to 2020) but ongoing lockdowns and travel restrictions continued to curtail research that looks at physical interactions, meaning this part of our business remains smaller than in 2019. We expect the Pandemic switching to an endemic condition and relaxing of restrictions to see it recover further.
The second year of the Pandemic saw our healthcare work among patients and doctors grow by 18% over 2020 and ended up 23.5% larger than pre pandemic in 2019.
Our specialist work for the public sector among citizens further built on very strong growth in 2020 and grew again by another 6%. Overall, our work for the public sector and governments ended up 36.5% ahead of the position pre pandemic in 2019 as they implemented a wide range of measures to control the pandemic and protect economic activity, all of which needed accurate data to assess their impacts. The fact that governments have not repeated the austerity that characterised their reaction to the 2008 financial crash, but instead have implemented expansionary and activist measures means demand for good quality evidence and data from the public sector remains strong.
FINANCIAL PERFORMANCE
Summary income statement
| In millions of euros | 2021 | 2020 | Change 2021 / 2020 |
| Revenue | 2,146.7 | 1,837.4 | 16.8% |
| Gross margin | 1,389.3 | 1,180.5 | 17.7% |
| Gross margin / revenue | 64.7% | 64.2% | - |
| Operating margin | 277.4 | 189.9 | 46.1% |
| Operating margin / revenue | 12.9% | 10.3% | - |
| Other non-recurring income and expenses | -5.5 | -6.1 | -10.8% |
| Finance costs | -13.8 | -20.6 | -32.8% |
| Other finance costs | -4.4 | -8.1 | -45.7% |
| Income tax | -62.9 | -38.9 | 61.6% |
| Net profit attributable to owners of the parent | 183.9 | 109.5 | 68.0% |
| Adjusted net profit* attributable to owners of the parent | 209.2 | 129.6 | 61.4% |
*Adjusted net profit is calculated before (i) non-cash items related to IFRS 2 (share-based compensation), (ii) amortization of acquisition-related intangible assets (client relations), (iii) the impact net of tax of other non-recurring income and expense, (iv) the non-monetary impact of changes in puts in other financial income and expenses and (v) deferred tax liabilities related to goodwill for which amortization is deductible in some countries
Income statement items
Overall, the Group's profitability in 2021 is significantly higher than last year, with a record operating margin of 12.9% compared to a margin of 10.3% in 2020 and 9.9% in 2019. It is also well above the 11% target that the company set for 2021 in its T.U.P. (Total Understanding Project) programme, launched in 2018. This outstanding performance is the combination of three factors, the last two of which are of a recurring nature:
1. Research monitoring the pandemic for certain Western governments, excluding studies that could not be carried out for health reasons, contributed around 2% of additional revenue. These studies had high margins, as they were conducted by teams already in place, and accounted for 0.8% of the improvement in the operating margin.
2. The acceleration of the transition to online surveys, which generates a double benefit: on the one hand, a higher gross margin rate; and on the other hand, studies conducted more quickly, and on which our professionals spend less time, generate a better payroll to gross margin ratio.
3. Finally, the permanence of certain savings achieved on overheads as a result of the “Call To Action” action plan implemented in 2020 in response to the pandemic.
It should be noted that in 2020, the sudden drop in activity from mid-March due to the Covid-19 pandemic did not allow us to reduce our costs in the same proportion as from the first half of the year, as these costs are partly fixed and were proportionate to the growth forecasted up to that point for 2020. The various savings measures implemented starting in March 2020 made it possible to make up for this margin shortfall in the second half of the year. The company carried out a plan of €113 million in savings compared to 2019, from personnel costs (€43 million), government subsidies (€29 million) and general operating expenses (€41 million). Of these savings, around €20 million were expected to be repeated in 2021, relating to travel items and rents. The total savings achieved were in the order of €32.5 million compared to the 2019 baseline (€7 million in additional savings on travel that did not resume significantly in 2021 and a further €5.5 million in rent savings).
The gross margin (which is calculated by deducting direct variable and external costs related to the performance of contracts from turnover) increased to 64.7% compared to 64.2% over the entire year 2020.
The evolution of the gross margin ratio can be related to the mix of data collection modes, as some face-to-face survey fields (with lower gross margin rates), which were discontinued during the first lockdown and again in 2021, were replaced in many cases by online surveys with higher gross margins. In total over 2021, online surveys accounted for 62% of the survey activity, compared to 60% in 2020 and 55% in 2019.
The payroll has risen by 8.7%, with salaries increasing as a result of the termination of the various salary reduction mechanisms that had been in place in 2020 (simple voluntary and temporary salary reductions granted by a certain number of employees, ranging from 10% to 20% for senior executives; reduction in hours worked; unpaid leave, etc.). Salary increases were effective as of 1 May 2021 and cash bonus provisions increased by 63% over 2020 as the company not only achieved, but exceeded by 29%, its growth and profitability targets.
That said, the payroll is growing at a much lower rate than the 17.7% increase in gross margin, making it the main factor in improving profitability. This is due to the evolution of the workforce at a lower rate than that of the activity: the permanent workforce was 18,257 at 31 December 2021 compared to 16,644 at the end of December 2020, i.e. up by 9.7%. It remains 1% lower than the workforce at 31 December 2019 (18,448).
The cost of variable share-based compensation is up to €12.1 million compared to €8.7 million in 2020, because the transition of the vesting period for free share plans from 2 to 3 years, decided in 2018, had the effect of extending the IFRS 2 expense spread and reducing it over the 2018-2020 period. In addition, the annual plan awarded in May 2021 to reward the good performance of the teams in 2020 exceptionally covered 2% of the capital (instead of 1% in ordinary times).
Overheads are controlled thanks to the maintenance of the Call To Action plan until the end of 2021 and increased in total by approximately €9.4 million compared to 2020. Additional expenses are related to our investments in technology.
Other operating income and expenses shows a negative balance of €20.4 million compared to a positive balance of €16.4 million in 2020. It consists mainly of severance costs, whereas in 2020 the company had received subsidies under the short-time working schemes set up by some twenty governments around the world, which had been recorded under this item and from which the company no longer benefits.
Below the operating margin, the amortisation of intangible assets related to acquisitions concerns the portion of goodwill allocated to customer relations during the 12 months following the date of acquisition and was amortised in the income statement according to IFRS standards over several years. This allocation amounts to €5.3 million compared to €5.4 million previously.
The balance of other non-current and non-recurring income and expenses amounted to -€5.5 million compared to -€6.2 million last year. On the income side, this item mainly recorded a net income of €5.4 million linked to the decision to capitalise internal development costs since January 2018 (this net income was €8.9 million in 2020). It is recalled that this income, which is purely accounting in nature, is set to decrease each year until the end of 2022. On the costs side, these are mainly reorganisation and streamlining costs.
Financing expenses. The net interest expense decreased to €13.8 million, compared to €20.6 million, due not only to a significant decrease in financial debt in connection with good cash generation, but also to the repayment at the end of September 2020 of a tranche of a "USPP" private bond issue for USD 185 million which carried a 5% coupon and was replaced by financing at lower rates.
Taxes. The effective tax rate on the IFRS income statement was 25.2% compared to 26.1% last year. It includes a deferred tax liability of €4.6 million, which cancels out the tax savings achieved through the tax deductibility of goodwill amortisation in certain countries, even though this deferred tax expense would only be due in the event of the disposal of the activities concerned (and is therefore restated in adjusted net profit).
Net profit attributable to owners of the parent stands at €183.9 million compared to €109.5 million in 2020.
Adjusted net profit attributable to owners of the parent, which is the relevant and constant indicator used to measure performance, rose sharply to €209.2 million compared to €129.6 million in 2020 (and €129.5 million in 2019), i.e., an increase of 61.4%.
Financial structure
Cash flow. The gross operating cash flow position stands at €373.0 million compared to €262.1 million in 2020.
The total working capital requirement experienced a positive change, standing at €33.5 million at 31 December 2021 despite the investment in working capital that an increase in activity usually entails as a result of the 8-day reduction in DSO.
Current investments in tangible and intangible fixed assets are mainly made up of IT investments and amounted to €43.5 million this year, compared to €35.1 million in 2020, mainly due to the acquisition in 2021 of technology companies: FistNet - DotMetrics (digital traffic measurement specialist), MGE Data (GPS tracking and display measurement software), Intrasonics (mobile audio recognition expert) and Infotools (data analysis and visualisation platform).
In total, the generation of free cash flow of €243.7 million is higher than the forecast for the year.
Regarding non-current investments, Ipsos has invested approximately €30 million in particular through four acquisitions in the field of technology mentioned above, and the acquisition of Karian & Box in October 2021.
Shareholders' equity stood at €1,342 million at 31 December 2021 compared to €1,122 million reported at 31 December 2020.
Net financial debt amounted to €180.5 million, down compared to 31 December 2020 (€346.5 million). The net debt ratio fell to 13.4% from 30.9% at 31 December 2020. The leverage ratio (calculated excluding the IFRS16 impact) was 0.5 times EBITDA (compared to 1.6 times at 31 December 2020).
Cash position. Cash at the end of the year stood at a level of €298.5 million at 31 December 2021 compared to €216.0 million at 31 December 2020, ensuring a good cash position for Ipsos.
In December 2021, Ipsos successfully refinanced a Schuldschein for €75 million, with 5 and 7 year tranches.
The group also has around €300 million in credit lines available for more than one year, enabling it to meet its debt maturities for 2022 and 2023, which amount to €101 million.
Dividends. The distribution of a dividend of €1.15 per share will be proposed to the General Meeting of Shareholders to be held on 17 May 2022, an increase of 28% compared to the €0.90 distributed in 2021.
OUTLOOK FOR 2022
We have seen strong growth over the last few months, with our performance in January well ahead of 2021, and ahead of our objective for 2022. This pattern is present in all our large markets with the exception of Germany, which is in recovery mode, and is more dependent on the automotive sector than any other market. We enter the year with a lower level of gearing, and more cash in the bank than at any point in the last decade, allowing us to continue to invest both in faster digital solutions and undertake much larger acquisitions than in the last few years, particularly in the analytics and advisory areas to respond to growing client demand. We saw 27% growth in 2021 in our new digital and advisory services and expect this to continue and for these to become an even larger part of our business in 2022.
The only certainty about 2022 is uncertainty, but for Ipsos, uncertainty is a driver of growth: brands and governments need up-to-date information about what is happening in the world. They need accurate information on how consumers and citizens are reacting to the tectonic shifts we can now see in the economy, in work patterns and in the environment, both natural, political and geo-political. This means we are confident of continued growth in 2022, albeit at a lower rate than in 2021. This reflects the end of the main phase of the pandemic and thus the Covid-related projects for government in some major markets.
At the same time, we face a number of headwinds, as do many of our clients. The energy-crunch, wage/price spiral and general producer inflation are now impacting large sectors of the economy in many major markets. Although wages have risen in key areas like technology, logistics and hospitality, to cope with demand, overall, they may not keep up with prices, leading to consumers tightening their belts after they have spent down any savings they made in lockdowns.
Geo-political tensions between Russia and China and the West could curtail some of our clients’ investments.
Pressure on client margins could reduce spend on advertising and research for some CPG clients, who remain a major part of our client base, although so far in 2022 we have not seen cuts in client spending.
We remain optimistic about the future – the experience of both 2020, and 2021, showed how resilient Ipsos’ portfolio of services and geographic footprint makes the company. We have been able to cut costs rapidly in response to the first wave of the pandemic in 2020 and then scale rapidly and profitably as economies re-bounded more quickly in 2021, giving us record growth and profitability.
At the same time client satisfaction remains higher than before the pandemic in our post-project surveys, with the average score from each client now over 9 out of 10 based on 7,000 responses in 2021. As importantly, our own people are more positive than ever about both the company as a whole, and importantly in the age of “the great resignation”, more confident than ever about their own futures at Ipsos. Our composite staff engagement score is the highest it has ever been, which is also encouraging in a people business like ours. Globally we have seen no increase in staff turnover in 2021 compared to 2019, pre pandemic, although there are pressures in some markets especially in Asia.
Our strategy remains building the best place to work in research globally to ensure we have the best people and provide them and our clients with the best technology. To carry on our growth, we are now launching a new initiative for 2022, “Client First”, which brings together all our best practice in business development, addressing client business challenges, and most importantly ensuring our results have a real and tangible impact on our clients’ organisations and therefore real value. We have seen our markets that have adopted this approach out-perform over the last few years, and we are now rolling it out across the 90 countries of Ipsos.
In terms of our technology, the investments we started in 2020 will continue in 2022 as we update the main “spine” of our data collection tools, giving us more productivity, faster cycle times, and improved profitability – by reducing our average project time span each year, we can see further improvements in our gross margin in 2022. Further investments in enhancing our data science and analytics products, our use of multi-source contextual data, machine-learning and automated reporting platforms following the acquisition of Infotools in 2021, mean we are expecting to see sustained improvements in productivity, as well as the ability to launch new services to our large base of blue-chip clients.
For all these reasons, we expect to build on 2021’s record performance in 2022, with headline growth of around 5%, but an underlying growth of around 7% taking out the temporary positive impact of Covid-related contracts (specific projects to monitor the pandemic for government, minus contracts that could not be executed because of the health situation). Our gross margin will continue to rise, helping protect profit margins that will remain substantially ahead of the pre-pandemic period, between 12 and 13% for 2022.
***
Full-year results presentation
The presentation of the 2021 annual results will take place via webcast at 8.30AM CET on Thursday, February 24, and at 4PM CET via conference call.
If you wish to register, please contact IpsosCommunications@Ipsos.com
A replay will also be available on Ipsos.com.
Appendices
- Consolidated income statement
- Statement of financial position
- Consolidated cash flow statement
- Consolidated statements of changes in equity
The complete consolidated financial statements as of December 31st, 2021, are also available on Ipsos.com
ABOUT IPSOS
Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing over 18,000 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 the Mid-60 indexes and is eligible for the Deferred Settlement Service (SRD).
ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com
Consolidated income statement
Annual financial statements for the year ended December 31, 2021
| In thousands of euros | 31/12/2021 | 31/12/2020 | ||
| Revenue | 2,146,725 | 1,837,424 | ||
| Direct costs | (757,391) | (656,902) | ||
| Gross margin | 1,389,334 | 1,180,522 | ||
| Employee benefit expenses – excluding share-based payments | (896,461) | (824,709) | ||
| Employee benefit expenses - share-based payments* | (12,071) | (8,730) | ||
| General operating expenses | (183,043) | (173,639) | ||
| Other operating income and expenses | (20,381) | 16,408 | ||
| Operating margin | 277,378 | 189,852 | ||
| Amortization of intangible assets identified on acquisitions* | (5,274) | (5,409) | ||
| Other non-operating income and expenses * | (5,486) | (6,153) | ||
| Share of profit/(loss) of associates | 1,671 | (711) | ||
| Operating profit | 268,289 | 177,579 | ||
| Finance costs | (13,837) | (20,576) | ||
| Other financial income and expenses | (4,413) | (8,131) | ||
| Net profit before tax | 250,038 | 148,872 | ||
| Income tax – excluding deferred tax on goodwill amortization | (58,303) | (35,462) | ||
| Deferred tax on goodwill amortization* | (4,608) | (3,457) | ||
| Income tax | (62,911) | (38,919) | ||
| Net profit | 187,127 | 109,953 | ||
| Attributable to the owners of the parent | 183,923 | 109,498 | ||
| Attributable to non-controlling interests | 3,204 | 455 | ||
| Basic earnings per share [attributable to the owners of the parent] (in euros) | 4.14 | 2.49 | ||
| Diluted earnings per share [attributable to the owners of the parent] (in euros) | 4.04 | 2.43 | ||
| | ||||
| Adjusted earnings* | 212,205 | 130,166 | ||
| Attributable to the owners of the parent | 209,223 | 129,612 | ||
| Attributable to non-controlling interests | 2,982 | 554 | ||
| Adjusted basic earnings per share, attributable to the owners of the parent | 4.71 | 2.94 | ||
| Adjusted diluted earnings per share, attributable to the owners of the parent | 4.59 | 2.88 | ||
Statement of financial position
Annual financial statements for the year ended December 31, 2021
| In thousands of euros | 31/12/2021 | 31/12/2020 | |
| ASSETS | |||
| Goodwill | 1,360,464 | 1,249,331 | |
| Right-of-use assets | 122,935 | 125,270 | |
| Other intangible assets | 98,899 | 88,849 | |
| Property, plant and equipment | 31,340 | 30,953 | |
| Investments in associates | 8,919 | 1,856 | |
| Other non-current financial assets | 51,961 | 51,139 | |
| Deferred tax assets | 25,223 | 28,839 | |
| Non-current assets | 1,699,741 | 1,576,238 | |
| Trade receivables | 555,496 | 456,113 | |
| Contract assets | 107,114 | 136,365 | |
| Current tax | 14,045 | 12,511 | |
| Other current assets | 62,720 | 76,089 | |
| Financial derivatives | - | 404 | |
| Cash and cash equivalents | 298,454 | 215,951 | |
| Current assets | 1,037,830 | 897,433 | |
| TOTAL ASSETS | 2,737,571 | 2,473,670 | |
| In thousands of euros | 31/12/2021 | 31/12/2020 | |
| EQUITY AND LIABILITIES | |||
| Share capital | 11,109 | 11,109 | |
| Share paid-in capital | 508,259 | 515,854 | |
| Treasury shares | (643) | (9,738) | |
| Other reserves | 746,221 | 662,277 | |
| Translation adjustments | (115,406) | (185,192) | |
| Net profit, attributable to the owners of the parent | 183,926 | 109,498 | |
| Equity, attributable to the owners of the parent | 1,333,466 | 1,103,809 | |
| Non-controlling interests | 8,963 | 18,157 | |
| Equity | 1,342,429 | 1,121,966 | |
| Borrowings and other non-current financial liabilities | 448,561 | 393,654 | |
| Non-current liabilities on leases | 102,421 | 107,250 | |
| Non-current provisions | 7,025 | 1,743 | |
| Provisions for post-employment benefit obligations | 36,255 | 32,862 | |
| Deferred tax liabilities | 66,458 | 60,503 | |
| Other non-current liabilities | 45,549 | 23,660 | |
| Non-current liabilities | 706,270 | 619,673 | |
| Trade payables | 332,239 | 292,382 | |
| Borrowings and other current financial liabilities | 30,349 | 169,250 | |
| Current liabilities on leases | 34,923 | 36,913 | |
| Current tax | 25,463 | 22,239 | |
| Current provisions | 9,967 | 7,073 | |
| Contract liabilities | 64,329 | 39,513 | |
| Other current liabilities | 191,603 | 164,661 | |
| Current liabilities | 688,872 | 732,031 | |
| TOTAL LIABILITIES | 2,737,571 | 2,473,670 |
Consolidated cash flow statement
Annual financial statements for the year ended December 31, 2021
| In thousands of euros | 31/12/2021 | 31/12/2020 | ||
| OPERATING ACTIVITIES | ||||
| NET PROFIT | 187,127 | 109,953 | ||
| Non-cash items | ||||
| Amortization and depreciation of property, plant and equipment and intangible assets | 79,839 | 78,232 | ||
| Net profit of equity-accounted companies, net of dividends received | (1,671) | 711 | ||
| Losses/(gains) on asset disposals | (164) | 152 | ||
| Net change in provisions | 17,985 | 1,642 | ||
| Share-based payment expense | 11,153 | 8,458 | ||
| Other non-cash income/(expenses) | (2,459) | (1,669) | ||
| Acquisition costs of consolidated companies | 882 | 770 | ||
| Finance costs | 17,349 | 24,918 | ||
| Tax expense | 62,911 | 38,919 | ||
| CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE COSTS | 372,952 | 262,085 | ||
| Change in working capital requirement | 33,538 | 134,594 | ||
| Income tax paid | (60,519) | (27,761) | ||
| NET CASH FROM OPERATING ACTIVITIES | 345,972 | 368,919 | ||
| INVESTING ACTIVITIES | ||||
| Acquisitions of property, plant and equipment and intangible assets | (43,512) | (35,069) | ||
| Proceeds from disposals of property, plant and equipment and intangible assets | 128 | 285 | ||
| (Increase)/decrease in financial assets | (2,003) | (713) | ||
| Acquisitions of consolidated activities and companies, net of acquired cash | (29,079) | (13,230) | ||
| CASH FLOW FROM INVESTING ACTIVITIES | (74,466) | (48,727) | ||
| FINANCING ACTIVITIES | ||||
| Share capital increases/(reductions) | - | - | ||
| Net (purchases)/sales of treasury shares | (8,694) | 2,542 | ||
| Increase in long-term borrowings | 75,570 | 78,406 | ||
| Decrease in long-term borrowings | (167,480) | (245,176) | ||
| Increase in long-term loans to associates Decrease in long-term loans to associates | - 5,704 | (8,841) - | ||
| Increase/(decrease) in bank overdrafts | (1,033) | 464 | ||
| Net repayment of lease liabilities | (40,308) | (41,671) | ||
| Net interest paid | (13,012) | (22,164) | ||
| Net interest paid on lease obligations | (3,599) | (4,455) | ||
| Acquisitions of non-controlling interests | (956) | (164) | ||
| Dividends paid to the owners of the parent | (39,820) | (19,771) | ||
| Dividends paid to non-controlling interests in consolidated companies Dividends received from non-consolidated companies | (1,984) 52 | - | ||
| NET CASH FROM FINANCING ACTIVITIES | (195,561) | (260,469) | ||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 75,945 | 59,722 | ||
| Impact of foreign exchange rate movements | 6,559 | (9,207) | ||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 215,951 | 165,436 | ||
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 298,454 | 215,951 | ||
Consolidated statements of changes in equity
Annual financial statements for the year ended December 31, 2021
| Equity | |||||||||
| In thousands of euros | Share capital | Share paid-in capital | Own shares | Other reserves | Translation adjustments | Attributable to the owners of the parent | Non-controlling interests | Total | |
| Position at January 1, 2020 | 11,109 | 516,000 | (12,382) | 685,100 | (96,352) | 1,103,475 | 19,247 | 1,122,722 | |
| Change in share capital | - | - | - | - | - | - | - | - | |
| Dividends paid | - | - | - | (19,771) | - | (19,771) | (15) | (19,786) | |
| Effects of acquisitions and commitments to buy out non-controlling interests | - | - | - | (8,443) | - | (8,443) | (705) | (9,148) | |
| Delivery of treasury shares under the bonus share plan | - | - | - | - | - | - | - | - | |
Other movements on own shares | - | (146) | 2 638 | 50 | - | 2,542 | - | 2,542 | |
Share-based payments taken directly to equity | - | - | - | 8,458 | - | 8,458 | - | 8,458 | |
Other movements | - | - | - | (3,089) | - | (3,089) | 166 | (2,923) | |
| Transactions with the shareholders | - | (146) | 2,638 | (22,796) | - | (20,304) | (554) | (20,858) | |
| Net profit | - | - | - | 109,498 | - | 109,498 | 455 | 109,953 | |
| Other comprehensive income | - | - | - | - | - | - | - | - | |
| Net investment in a foreign operation and related hedges | - | - | - | - | (32,412) | (32,412) | 440 | (31,971) | |
| Deferred tax on net investment in a foreign operation | - | - | - | - | 8,699 | 8,699 | - | 8,699 | |
| Change in translation adjustments | - | - | - | - | (65,419) | (65,119) | (1,432) | (66,551) | |
| Re-evaluation of net liability (asset) in respect of defined benefit plans | - | - | - | (203) | (203) | - | (203) | ||
| Deferred tax on actuarial gains and losses | - | - | - | 175 | - | 175 | - | 175 | |
| Total other comprehensive income | - | - | - | (28) | (88,832) | (88,860) | (992) | (89,852) | |
| Comprehensive income | - | - | - | 109,470 | (88,832) | 20,638 | (536) | 20,101 | |
| Position at December 31, 2020 | 11,109 | 515,854 | (9,738) | 771,776 | (185,192) | 1,103,809 | 18,157 | 1,121,966 | |
| Equity | ||||||||||
| In thousands of euros | Share capital | Share paid-in capital | Own shares | Other reserves | Translation adjustments | Attributable to the owners of the parent | Non-controlling interests | Total | ||
| Position at January 1, 2021 | 11,109 | 515,854 | (9,738) | 771,776 | (185,192) | 1,103,809 | 18,157 | 1,121,966 | ||
| Change in share capital | - | - | - | - | - | - | - | - | ||
| Dividends paid | - | - | - | (39,820) | - | (39,820) | (1,984) | (41,804) | ||
| Effects of acquisitions and commitments to buy out non-controlling interests | - | - | - | 9,184 | - | 9,184 | (11,176) | (1,992) | ||
| Delivery of treasury shares under the bonus share plan | - | (7,596) | 31,951 | (10,970) | - | 13,386 | - | 13,386 | ||
Other movements in own shares | - | - | (22,861) | 308 | - | (22,552) | - | (22,552) | ||
Share-based payments taken directly to equity | - | - | - | 11,153 | - | 11,153 | - | 11,153 | ||
Other movements | - | - | - | 1,519 | - | 1,519 | (272) | 1,247 | ||
| Transactions with the shareholders | - | (7,596) | 9,090 | (28,626) | - | (27,131) | (13,432) | (40,563) | ||
| Net profit | - | - | - | 183,925 | - | 183,925 | 3,202 | 187,127 | ||
| Other comprehensive income | - | - | - | - | - | - | - | - | ||
| Net investment in a foreign operation and related hedges | - | - | - | - | 32,990 | 32,990 | (459) | 32,532 | ||
| Deferred tax on net investment in a foreign operation | - | - | - | - | (8,396) | (8,396) | - | (8,396) | ||
| Change in translation adjustments | - | - | - | - | 45,197 | 45,197 | 1,489 | 46,686 | ||
| Share of other comprehensive income of associates and joint ventures accounted for using the equity method | - | - | - | 4,546 | 4,546 | - | 4,546 | |||
| Actuarial gains and losses | - | - | - | (1,904) | - | (1,904) | 7 | (1,896) | ||
| Deferred tax on actuarial gains and losses | - | - | - | 429 | - | 429 | (2) | 427 | ||
| Total other comprehensive income | - | - | - | 3,071 | 69,792 | 72,863 | 1,035 | 73,899 | ||
| Comprehensive income | - | - | - | 186,997 | 69,792 | 256,789 | 4,237 | 261,026 | ||
| Position at December 31, 2021 | 11,109 | 508,259 | (643) | 930,146 | (115,406) | 1,333,466 | 8,963 | 1,342,429 | ||
Attachment
- Ipsos_Press Release_Full Year Results 2021_A successful model
