“REFERENCE DOCUMENT” PUBLICIS GROUPE S.A. Fiscal Year 2008
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This document is a free translation of the French Document de Référence (“Reference Document ”) which was registered under n° D.09-[●] by the French Autorité des Marchés Financiers (“AMF”) on March 13, 2009. It is to be used for information purposes only. In the event of any inconsistencies between this translation and the “Reference Document”, the “Reference Document” shall prevail. “REFERENCE DOCUMENT” PUBLICIS GROUPE S.A. Fiscal Year 2008 This Document was filed with the AMF on March 13, 2009, in accordance with Article 212-23 of the AMF’s Regulations. This Document may be used in connection with a financial transaction only if supplemented by a Transaction Note certified by the AMF . Copies of this Reference Document are available at Publicis Groupe S.A., 133, avenue des Champs-Elysées, 75008 Paris, and on the Publicis Groupe SA website at: www.publicisgroupe.com and on the AMF’s website at: www.amf-france.org. Pursuant to Article 28 of EU Regulation n°809/2004, the following information is incorporated by reference into this Document: - the consolidated financial statements of Publicis Groupe for fiscal years 2007 and 2006 prepared in accordance with International Financial Reporting Standards (IFRS), Management’s Discussion and Analysis thereof, together with the corresponding reports of the statutory auditors, as well as the statutory accounts of Publicis Groupe S.A., for the fiscal years 2007 and 2006 prepared in accordance with French accounting standards, the corresponding reports of the statutory auditors included in the Documents de Référence (Chapters 4, 5, 6, 7, 9, 10, 12, 18 and 20) filed with the AMF on March 19, 2008, under number D.08-132 and on March 30, 2007, under number D.07-0255; and - the reports of the statutory auditors on the information concerning the agreements with related parties covered by Article L. 225-86, of the French Code de commerce concluded by Publicis Groupe S.A., which are included in the Company’s Documents de Référence for 2007 and 2006 filed with the AMF on March 19, 2008, under number D. 08-132, and March 30, 2007, under number D. 07-0255, respectively. The other information contained in the documents described above is not incorporated by reference herein. TABLE OF CONTENTS 1. PERSONS RESPONSIBLE ---------------------------------------------------------------------------------------------- 2 1.1 PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT ----------------------------------------------------------------------- 2 1.2 CERTIFICATE OF PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT ----------------------------------------------- 2 2. STATUTORY AUDITORS ----------------------------------------------------------------------------------------------- 3 2.1 STATUTORY AUDITORS ----------------------------------------------------------------------------------------------------------------------- 3 2.2 DEPUTY STATUTORY AUDITORS ----------------------------------------------------------------------------------------------------------- 3 3. SELECTED FINANCIAL INFORMATION ----------------------------------------------------------------------------- 4 4. RISK FACTORS ----------------------------------------------------------------------------------------------------------- 5 5. INFORMATION CONCERNING THE ISSUER ---------------------------------------------------------------------- 9 5.1 HISTORY AND DEVELOPMENT OF THE COMPANY ---------------------------------------------------------------------------------- 9 5.2 INVESTMENTS --------------------------------------------------------------------------------------------------------------------------------- 9 6. BUSINESS OVERVIEW ----------------------------------------------------------------------------------------------- 19 6.1 MAIN BUSINESS -------------------------------------------------------------------------------------------------------------------------------- 19 6.2 MAIN MARKETS -------------------------------------------------------------------------------------------------------------------------------- 29 6.2.2 Information by Activity Sector -------------------------------------------------------------------------------------------- 29 6.2.3 Main customers -------------------------------------------------------------------------------------------------------------- 30 6.2.4 Seasonality --------------------------------------------------------------------------------------------------------------------- 31 6.2.5 Competition ------------------------------------------------------------------------------------------------------------------- 31 6.2.6 Governmental Regulation ------------------------------------------------------------------------------------------------- 31 6.3 EXCEPTIONAL EVENTS ----------------------------------------------------------------------------------------------------------------------- 32 6.4 BASIS FOR THE COMPANY’S FINANCIAL STATEMENTS REGARDING ITS COMPETITIVE POSITION ---------------- 32 6.5 INSURANCE AND RISK COVERAGE ------------------------------------------------------------------------------------------------------- 32 7. SIMPLIFIED STRUCTURE CHART ---------------------------------------------------------------------------------- 34 7.1 DESCRIPTION OF THE GROUP ------------------------------------------------------------------------------------------------------------- 34 7.2 PRINCIPAL CONSOLIDATED SUBSIDIARIES -------------------------------------------------------------------------------------------- 34 8. PROPERTY, PLANTS AND EQUIPMENT ------------------------------------------------------------------------- 36 8.1 MAJOR CURRENT FIXED ASSETS OR PROJECTED CAPITAL EXPENDITURES AND MAJOR RELATED CHARGES - 36 8.2 ENVIRONMENTAL QUESTIONS WHICH MAY INFLUENCE THE GROUP’S USE OF ITS TANGIBLE ASSETS -------- 36 9. ANALYSIS OF FINANCIAL POSITION AND RESULTS ---------------------------------------------------------- 37 9.1 INTRODUCTION -------------------------------------------------------------------------------------------------------------------------------- 37 9.2 ORGANIC GROWTH --------------------------------------------------------------------------------------------------------------------------- 38 9.3 COMMENTS AND ANALYSIS OF ANNUAL CONSOLIDATED RESULTS FOR FISCAL YEARS 2007 AND 2008 ------ 39 9.3.1 Revenues ----------------------------------------------------------------------------------------------------------------------- 39 9.3.2 Operating Margin and Operating Income ----------------------------------------------------------------------------- 40 9.3.3 Other income statement items ------------------------------------------------------------------------------------------- 41 9.3.4 Publicis Groupe S.A. (Parent Company of the Group) -------------------------------------------------------------- 42 9.4 USE OF ASSUMPTIONS AND ESTIMATIONS IN THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------------------------------------------------------------------------------------------------ 42 10. CAPITAL RESOURCES AND INDEBTEDNESS -------------------------------------------------------------------- 43 Publicis Groupe i Reference Document 2008 10.1 SOURCE AND AMOUNT OF THE GROUP’S CASH FLOWS AND DESCRIPTION OF THESE CASH FLOWS ---------- 43 10.2 INFORMATION ON THE GROUP’S DEBT ----------------------------------------------------------------------------------------------- 44 10.3 INFORMATION ON BORROWINGS AND THE STRUCTURE OF THE GROUP’S FINANCING ---------------------------- 45 10.4 INFORMATION CONCERNING ALL RESTRICTIONS ON USE OF CAPITAL, WHICH CAN INFLUENCE, DIRECTLY OR INDIRECTLY, THE GROUP’S BUSINESS -------------------------------------------------------------------------------------------------- 46 10.5 INFORMATION CONCERNING EXPECTED SOURCES OF FINANCING THAT WILL BE NECESSARY TO SATISFY THE COMMITMENTS DISCUSSED IN CHAPTERS 5.2.3 AND 8.1 ---------------------------------------------------------------- 46 10.6 OFF-BALANCE SHEET ARRANGEMENTS ----------------------------------------------------------------------------------------------- 46 10.7 CONTRACTUAL OBLIGATIONS ------------------------------------------------------------------------------------------------------------- 46 11. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES------------------------------------------------ 47 12. OUTLOOK --------------------------------------------------------------------------------------------------------------- 49 13. FORECASTS OR ESTIMATES OF EARNINGS -------------------------------------------------------------------- 51 14. CORPORATE GOVERNANCE, MANAGEMENT AND SUPERVISORY BODIES, AND EXECUTIVE MANAGEMENT ------------------------------------------------------------------------------------------------------- 52 14.1 MEMBERS OF THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD -------------------------------------------- 52 14.2 CONFLICTS OF INTEREST WITHIN GENERAL MANAGEMENT AND SUPERVISORY DIVISIONS ----------------------- 63 15. COMPENSATION AND BENEFITS OF MEMBERS OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD ---------------------------------------------------------------------------------------------- 64 15.1 COMPENSATION AND BENEFITS --------------------------------------------------------------------------------------------------------- 64 15.2 TOTAL AMOUNTS ALLOCATED BY THE COMPANY OR ITS SUBSIDIARIES FOR THE PAYMENT OF PENSIONS AND OTHER BENEFITS -----------------------------------------------------------------------------------------------------------------------