Ipsos reported revenues of €943.7 million in 2009; this was the first time in the group’s history that its revenues declined year on year (3.6%). However, in light of the unprecedented economic and financial crisis, Ipsos once again distinguished itself from its main competitors by its resilience.
Ipsos maintained a stable level of activity with its major customers. It also performed well in emerging countries, which now contribute 30% of the group’s total revenues.
In addition, in the spring of 2009 Ipsos initiated a plan to right-size its overheads to fit its activity levels country by country, which has helped to preserve profitability.
Operating income before non-recurring items amounted to €101.7 million, or 10.8% of total revenues, a 60 basis point increase over 2008. Net income after minority interests rose 2.4% to €52.7 million, while adjusted net income** after minority interests increased 17.1% to €72.6 million.
Ipsos had net financial debt of €190 million as of December 31, 2009, and its 36.4% debt ratio was well below the 100% limit the company has set.
Ipsos is entering 2010 well prepared. Its cost base has been adjusted and its management structures streamlined. Many services have been developed for which Ipsos is intensifying its innovation strategy, particularly in the digital area. Ipsos made a major acquisition in January 2010, OTX, a leader in online research in the United States.
Ipsos will pursue its strategy of growth through acquisition, particularly in emerging markets, and plans to expand in 2010 by 3% to 5% (at constant scope and exchange rates) with an operating margin of more than 10%.
Données comptables consolidées au 31 décembre
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| In millions of euros |
2008 |
2009 |
Change |
|
| Revenues |
979.3 |
943.7 |
- 3.6 % |
| Operating income before non-recurring items |
99.7 |
101.7 |
+ 2.0 % |
| Operating income after non-recurring items |
98.1 |
88.7 |
- 9.5 % |
| Net income after minority interests |
51.5 |
52.7 |
+ 2.4 % |
| Adjusted net income** after minority interests |
62.0 |
72.6 |
+ 17.1 % |
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|
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** Adjusted net income is calculated before non-cash items as defined by IFRS 2 (share-based payments), before amortization of acquisition-related intangible assets (customer relations), before deferred tax liabilities related to goodwill for which amortization is deductible in some countries, and before the net impact of other non-recurring operating income and expenses and other non-current income and expenses.
