-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C55K3to5ZodF627z9BD6nUrChjjMmQc7ae8YX6ZcOKSHJsT6WFlUsQgqPigcgDjS 3XsYljV+in0jQu1aBPUXag== 0000898822-05-000852.txt : 20050728 0000898822-05-000852.hdr.sgml : 20050728 20050728095243 ACCESSION NUMBER: 0000898822-05-000852 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050728 FILED AS OF DATE: 20050728 DATE AS OF CHANGE: 20050728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLICIS GROUPE SA CENTRAL INDEX KEY: 0001050952 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING AGENCIES [7311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14736 FILM NUMBER: 05979305 BUSINESS ADDRESS: STREET 1: 133 AVENUE DES CHAMPS ELYSEES CITY: PARIS FRANCE STATE: I0 ZIP: 75008 BUSINESS PHONE: 01133144437300 MAIL ADDRESS: STREET 1: 133 AVENUE DES CHAMPS ELYSEES CITY: PARIS FRANCE STATE: I0 ZIP: 75008 FORMER COMPANY: FORMER CONFORMED NAME: SAATCHI & SAATCHI PLC // DATE OF NAME CHANGE: 19971205 6-K 1 july8k.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 JULY 28, 2005 PUBLICIS GROUPE S.A. 133, AVENUE DES CHAMPS-ELYSEE 75008 PARIS FRANCE (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F X Form 40-F ----- ----- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X ----- ----- If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Content: Press Release and Webcast EXHIBIT LIST Exhibit Description 99.1 Press Release 99.2 Transcript of Chief Executive Officer Remarks (Webcast) The attached documents contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The use of the words "aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s),""anticipate(s)" and similar expressions in the attached documents are intended to identify those statements as forward looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the attached documents. Other than in connection with applicable securities laws, the Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date of the attached documents or to reflect the occurrence of unanticipated events. The Company urges you to review and consider the various disclosures it made concerning the factors that may affect its business carefully, including the disclosures made under the heading "Risk Factors" and "Forward-Looking Statements" in documents the Company has filed with the U.S Securities and Exchange Commission. The information and documents furnished in this report shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act or otherwise be subject to the liabilities of that section. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. PUBLICIS GROUPE S.A. By: /s/ Jean-Michel Etienne --------------------------------- Jean-Michel Etienne Chief Financial Officer Date: July 28, 2005. EX-99 2 pressrelease.txt EXHIBIT 99.1 [LOGO OF PUBLICIS GROUPE] - -------------------------------------------------------------------------------- PRESS RELEASE - -------------------------------------------------------------------------------- CONTACTS AT PUBLICIS GROUPE: PIERRE BENAICH, INVESTOR RELATIONS +33 1 4443 6500 EVE MAGNANT, CORPORATE COMMUNICATIONS +33 1 4443 7025 ---------------------------------------------------------- FIRST-HALF 2005 RESULTS ORGANIC GROWTH UP A STEEP 6.1% (+8% IN Q2) NEW BUSINESS HITS RECORD US$6.1 BILLION OPERATING MARGIN +90 BP NET INCOME +49% ----------------------------------------------------------- PARIS, JULY 27, 2005-Results for the first half of 2005 reflect the full benefits of a strategy adopted in 2002 to make Publicis Groupe one of the world's top contenders in media and communications. New accounts, growth and profitability are all now amply present -in a Group increasingly attractive to advertisers around the globe. Average net debt, meanwhile has been further trimmed -by (euro)329 million. NOTE: ALL FIGURES ARE IN IFRS FORMAT (FOR BOTH 2004 AND 2005). MAURICE LEVY, Chairman and CEO, commented: "THESE OUTSTANDING RESULTS WERE ACHIEVED THROUGH A SOUND STRUCTURE BUILT ON A STRATEGY ANTICIPATING BOTH ADVERTISERS' NEEDS AND TRENDS IN COMMUNICATION OPTIONS. THEY REFLECT JUST HOW ATTRACTIVE PUBLICIS GROUPE HAS NOW BECOME IN SOME OF THE WORLD'S MOST FIERCELY COMPETITIVE MARKETS, INCLUDING THE US AND CHINA, WHILE UNDERSCORING OUR TEAMS' ABILITY TO UNDERSTAND CLIENTS' EXPECTATIONS AND FIND SOLUTIONS TO THEIR NEEDS. WORTH NOTING IN PARTICULAR: - - OUR EXTRAORDINARY ACHIEVEMENTS IN TERMS OF NEW ACCOUNTS WON THIS YEAR, A TREND VISIBLE IN ALL FIELDS, BUT ESPECIALLY STRIKING IN MEDIA AGENCIES AND HEALTHCARE COMMUNICATIONS, - - THE EXCELLENT PERFORMANCE OF OUR CREATIVE TEAMS, WHICH HAVE SCORED HIGH IN ALL INDUSTRY EVENTS AND RATINGS, - - IMPROVEMENT IN OUR OPERATING MARGIN, INCLUDING RESTATEMENT UNDER IFRS, REFLECTING THE BENEFITS OF RESTRUCTURING, [LOGO OF PUBLICIS GROUPE] - - IMPROVED AVERAGE NET DEBT, - - FINALLY, THE IMPACT OF IFRS ON OUR FINANCIAL STATEMENTS HAS BEEN VERY SIMILAR TO INDICATIONS PUBLISHED IN 2004. PLEASE NOTE, IFRS 2008 OBJECTIVES WILL BE RELEASED TOWARD THE END OF THE CURRENT YEAR. I WOULD LIKE TO TAKE THIS OPPORTUNITY TO THANK OUR CLIENTS FOR THEIR CONFIDENCE AND OUR TEAMS FOR THEIR EXCEPTIONAL WORK." FINANCIAL HIGHLIGHTS (IN EUROS, IFRS): -------------------------------------------------- 1ST HALF 1ST HALF Change 2004 2005 - -------------------------------------------------------------------------------- Revenues 1.85 BILLION 1.9 BILLION +4.6% (+6.1% organic growth) - -------------------------------------------------------------------------------- Operating income before 317 MILLION 342 MILLION +8% depreciation and amortization - -------------------------------------------------------------------------------- Operating income before 258 MILLION 288 MILLION +12% amortization of acquisition- related intangibles and impairment - -------------------------------------------------------------------------------- Operating margin 14% 14.9% +90 bp (% of revenue) - -------------------------------------------------------------------------------- Group net income 87 MILLION 130 MILLION +49% - -------------------------------------------------------------------------------- Diluted EPS 0.41 0.61 +49% - -------------------------------------------------------------------------------- Thanks to the stabilization in the value of the U.S. dollar -- down 4.5% against the euro in the first half, compared to a 10% decline in the first six months of 2004 -- the negative impact of exchange-rate fluctuations was relatively limited, reducing revenues by (euro)36 million. The Groupe made no major acquisitions in the first half. 1 - VIGOROUS RISE IN ORGANIC GROWTH Organic growth has steadily gained pace since January, rising 4% in the first quarter and then doubling to 8% in the second after an increase of only 2.4% in the fourth quarter of 2004. This is largely due to new accounts won in 2004, most notably in media buying and consultancy and in healthcare communications. Page 2 of 6 [LOGO OF PUBLICIS GROUPE] Operations in North America and Asia turned in another strong performance, while recovery at European units continued in the second quarter in a relatively sluggish overall environment. In Latin America and other parts of the world, strong growth observed at the beginning of the year continued. ORGANIC GROWTH BY QUARTER ------------------------------ First quarter +4.0% ------------------------------ Second quarter +8.0% ------------------------------ FIRST HALF +6.1% ------------------------------ REVENUES IN 2ND Q 2005 BY GEOGRAPHICAL MARKET EUR MILLION ORGANIC GROWTH ----------------------------------------------- Europe 427 +5.4% North America 441 +7.3% Asia-Pacific 109 +13.5% Latin America 49 +13.1% Rest of World 19 +19.2% ----------------------------------------------- TOTAL 1,045 +8.0% REVENUES IN 1st H 2005 BY GEOGRAPHICAL MARKET EUR MILLION ORGANIC GROWTH ----------------------------------------------- Europe 786 +3.8% North America 829 +6.1% Asia-Pacific 198 +10.5% Latin America 85 +9.1% Rest of World 34 +16.8% ----------------------------------------------- TOTAL 1,932 +6.1% Page 3 of 6 [LOGO OF PUBLICIS GROUPE] 2 - FRESH RISE IN OPERATING MARGIN OPERATING MARGIN for the first half came to 14.9%, 90 basis points higher than in the same period of 2004 (restated under IFRS for both years). THIS WAS ALSO HIGHER THAN LAST YEAR'S MARGIN UNDER FRENCH ACCOUNTING STANDARDS. Gains reflect success in converting additional revenues into operating income, improved year-on-year performance in some business areas, plus ongoing efforts to improve operating processes. Operating income before amortization of intangible items relating to acquisitions and impairment rose 12% from the same period of last year to stand at (euro)288 million. 3 - STRONG RISE IN NET INCOME AND EPS NET INCOME excluding minorities stood at (euro)130 million for A RISE OF 49% i.e., steeper than operating income, as a result of lower interest expense and a further reduction in the effective rate of taxation. Net earnings per share on a diluted basis thus rose 49%, to (euro)0.61 from (euro)0.41 in the first half of 2004. 4 - MARKED REDUCTION IN AVERAGE NET DEBT AVERAGE DEBT REDUCTION WAS A PRIORITY IN THE FIRST HALF OF 2005. It declined by (euro)329 million, to (euro)1,070 million from (euro)1,399 million in the first six months of 2004, both figures under IFRS. Contributing factors were growth in cash generated by business and a sharp improvement in average working capital under the Focus on Cash program. Restructuring expenses were also much lower than in the corresponding period of the previous year, as anticipated. Net debt now includes earn-out payments as well as buyouts of minority interests. 5 - NEW BUSINESS HITS RECORD LEVELS The Groupe booked an exceptional number of new accounts in the first half of the year. These totaled USD 6.1 billion ((euro)4.8 billion), one-third in advertising and SAMS, and two-thirds in media buying and consultancy (see appendix for list). Highlights included General Motors (US), the largest media account ever put up for review, representing an annual USD 3.2 billion according to estimates in the trade press; Rogers Communications, one of Canada's top five advertisers; and the Telefonica/Movistar account for Spain and Latin America. Publicis Groupe led the industry worldwide in new business based on rankings by two US specialists, Bear Stearns and Lehman Brothers for the first half of the year. New accounts won will naturally boost our market share. Most recent new business includes the media account for L'Oreal for "Greater Europe", won in July 2005. Page 4 of 6 [LOGO OF PUBLICIS GROUPE] 6 - ACCOLADES FOR PUBLICIS GROUPE'S CREATIVE ADVERTISING Publicis Groupe won 66 Lions at the Cannes International Advertising Festival to once again take the number-two place. Results like these underscore the quality of the Groupe's creative advertising, which ranks among the best on the market. Saatchi & Saatchi turned in the best performance in the Groupe with 22 Lions, followed by Leo Burnett with 17, Publicis with 11, 49%-subsidiary Bartle Bogle Hegarty with 7, Fallon with 5, and 2 each for Starcom MediaVest Group and ZenithOptimedia. A weighted ranking based on revenues places Publicis Groupe well out in front of the field. 7 - PUBLICIS GROUPE CREATES PRCC IN PUBLIC RELATIONS In April Publicis Groupe announced the creation of PUBLICIS PUBLIC RELATIONS AND CORPORATE COMMUNICATIONS GROUP (PRCC), a new structure bringing together all of its business in this field. Operations cover 25 countries and represent 1,300 employees, mainly under the names Manning Selvage & Lee, Publicis Consultants and, soon, Freud Communications, a major UK agency in which Publicis Groupe recently finalized an agreement to acquire a 50.1% interest. PRCC is neither a new company nor a merger of existing brands. Instead it is a management structure -- a board whose purpose is to enhance client service in keeping with the business model that has proven so successful for PGM (Publicis Groupe Media). 8 - DISCIPLINED APPROACH TO INVESTMENTS In keeping with the strategic priorities already announced, Publicis Groupe made no significant acquisitions in the first half of 2005. Investments totaled a net (euro)35 million, limited primarily to earn-out payments and buyouts of minority interests. Capital expenditure was also well in hand. * * * PUBLICIS GROUPE (Euronext Paris: FR0000130577 and member of the CAC40 Index - NYSE: PUB) is the world's fourth largest communications group, as well as world's second largest media counsel and buying group. Its activities span 104 countries on six continents. Groupe's communication activities cover advertising, through three autonomous global advertising networks: Leo Burnett, Publicis, Saatchi & Saatchi, as well as through its two multi-hub networks Fallon Worldwide and Bartle Bogle Hegarty, 49%-owned ; media consultancy and buying through two worldwide networks ZenithOptimedia and Starcom MediaVest Group; and marketing services and specialized communications including direct marketing, public relations, events, corporate and financial communications, multicultural and healthcare communications. Web sites: WWW.PUBLICIS.COM and WWW.FINANCE.PUBLICIS.COM Page 5 of 6 [LOGO OF PUBLICIS GROUPE] Appendix 1 NEW BUSINESS IN THE FIRST HALF OF 2005 PUBLICIS: Marie-France Bodyline (Southeast Asia) - Rogers Communications (Canada) - ZTE Telecommunications (China) - Kyobo Direct Life Insurance and Daewoo Electronics Klasse Appliances (South Korea) - Direct Seguros (Spain) - Echostar DishNetwork (US) - Banque Palatine, CEDAL, Voyages-sncf.com and sncf.com (France) - Sansui and ICICI Bank (India) - ILLVA Saronno/Artic Vodka, Parmalat corporate, San Pellegrino Nestle Waters/Acqua Panna and Wind/Infostrada (Italy) - Jacob's biscuits, Nobel Biocare and Visit London (UK) - Taishin Bank (Taiwan). LEO BURNETT: Commerce Asset (Asia Pacific) - Australian Pharmaceutical Industries (extension of existing account - Australia) - DOW and Siemens (China) - Sovereign (South Korea) - ConAgra/Egg Beaters and Reddi-Whip, Turner Classic Movies, Western Union and Whirlpool Promotions (US) - National Gas Authority and Dishnet Wireless (India) - Corona World Cup 2006 (Mexico) - Fairy Dishes for Wishes and Nickelodeon (UK) - UNI Drinks (Taiwan). SAATCHI & SAATCHI: Royal & Sun Alliance (Argentina) - Unibanco (Brazil) - Ebay, Meng Nui Diary and Zuhai Ocean Spring Resort (China) - Mall of Emirates (UAE) - Ameriprise, General Mills (ext.), Bel Group/La Vache qui Rit and Babybel (USA) - Piaget, Casino and Universal Mobile (France) - Coccinelle (Italy) - Cerebos (Singapore) - Monster.se (Sweden) - Swiss Office for Accident Prevention - Hua Nan Bank (Taiwan) - Dr. Martens (UK). OTHER NETWORKS AND AGENCIES: o FALLON: KitchenAid Home Appliances and Sony (US) - Bacardi/Martini and Leffe (UK). o KAPLAN THALER GROUP (US): Marshalls, Revlon, Church & Dwight/Trojan Condoms and Revlon/Mitchem. o MS&L: Arby's (ext.), EDS and The Coca-Cola Company (ext) (US) - Philips (ext. - Germany). o PUBLICIS CONSULTANTS: Marionnaud and Turin 2006. STARCOM MEDIAVEST GROUP (media consultancy and buying): LG (Europe) - Bally Total Fitness, EarthLink, General Motors, Mattel and Simmons (US) - Sunny Delight (France) - OTE Pyrinas (Greece) - Banca Carige and Unipol (Italy) - British Telecom (radio), COI/radio planning, Outdoor Group and Whitbread (UK) - Singapore Tourism Board. ZENITHOPTIMEDIA (media consultancy and buying): Ministry of Defence (Spain) - JP Morgan Chase, EchoStar and L'Oreal/Maybelline (US) - Wagner Pizza (Germany) - Beluga cellphones (China) - Neuf Telecom and Segafredo Zanetti (France) - Q8 Kuwait Petroleum (Italy) - BT Online, Campbells, HSE (Healthy and Safety Executive), Staples & Office World and Tiscali (UK). SPECIALIZED AGENCIES AND MARKETING SERVICES (SAMS): o ARC WORLDWIDE: Miller Brewing Co., Sprint and Whirlpool Domestic Appliances (US). o PUBLICIS HEALTHCARE COMMUNICATIONS GROUP: Schering-Plough (worldwide) - Amgen/Aranesp, AstraZeneca/Crestor and Nexium, Essilor/ Crizal Alize (ext.) and Zomig (US) - Novo Nordisk/Novorapid and NPS/Preos (UK). Major accounts lost during the six-month period were Schering-Plough+GsK/Levitra (US) in advertising and COI (Central Office of Information - UK) in media. Page 6 of 6 EX-99 3 prsrel992.txt EXHIBIT 99.2 EXHIBIT 99.2 INTERVIEW [PUBLICIS GROUPE LOGO] Publicis Groupe guidance video : CEO Maurice Levy comments on earnings TRANSCRIPT EUROBUSINESS MEDIA (EBM) : PUBLICIS GROUPE, THE WORLD'S FOURTH LARGEST ADVERTISING COMPANY, IS REPORTING ITS FIRST-HALF EARNINGS. MAURICE LEVY, YOU ARE THE CEO OF PUBLICIS GROUPE, THANK YOU VERY MUCH FOR JOINING US. Maurice Levy (ML) : Thank you, I'm very pleased to be here. EBM : HOW WOULD YOU DESCRIBE THE PATTERN OF GROWTH WE ARE SEEING IN PUBLICIS, AND INDEED THE COMPANY'S OVERALL PERFORMANCE SINCE THE BEGINNING OF THE YEAR ML: We had a wonderful first-half, and particularly the second quarter which was very positive, with a growth of 8%, which is, I think, a very nice and very good surprise for the market and our investors. It's something which was mainly fuelled by the new business which was won late last year. What's good is to see an acceleration of growth since the fourth quarter of 2004. We had 2.4%, then 4% in the first quarter of 2005, 8% (double of the first quarter) for the second quarter of 2005, and an average of 6.1% for the first 6 months. So, the growth has been very, very good. EBM : YOU EMPHASIZE YOUR GROWTH, BUT WHAT ABOUT YOUR MARGINS? ML : It's good to have a good growth, but what is even better is when this good growth is fuelling the margins. Our numbers this year are in IFRS, so there is a change in the numbers, they are all comparable from 2004 to 2005, and we have an increase of our margin. We are posting a 14.9% operating margin for the first half, which is 90 basis points higher than the first-half of 2004. I think this is very good news. What's interesting also, regarding our margin, is that the level of margins that we get in 2005 under IFRS rules, are higher than the margins we got last year for the first-half under French GAAP. And I think that is also something which is unexpected. EBM : COULD YOU GIVE US SOME SPECIFIC DETAILS ON WHAT'S DRIVING GROWTH AT THE MOMENT? ML : We have built, since 2002, one of the top players. We are number four. What we wanted to do is, not only be a sizeable player, but to have quality assets, which are anticipating on the needs of the advertisers in order to give them the best possible service. This is something which has driven the business, and the new business, to the point that we are leading the pack. If you look at new business, we are not only leading the pack, but we have a staggering 6 billion US dollars in wins for the 6 first months. EBM : IN YOUR OWN MIND, HOW DO YOU EXPLAIN THE FACT THAT PUBLICIS IS WINNING SO MUCH NEW BUSINESS? ML : Today, we have a very attractive offering for our clients : 1) through our advertising agencies, which are very different, so there is no cannibalisation between the 3 of them ; 2) through our media operations which are really today, both of them, Starcom MediaVest and Zenith Optimedia, the very best in the industry, due to the fact that we have been investing for years in creating tools and a knowledge base of consumers which is second to none ; 3) (which is probably one of our secret weapons) is healthcare communication, which is doing extremely, extremely well. EBM : YOU CERTAINLY HAVE BEEN WINNING A LOT OF NEW BUSINESS LATELY AND ANALYSTS ARE NOW LOOKING VERY CLOSELY AT YOUR LEVEL OF ORGANIC GROWTH, AND THEY WANT TO SEE WHETHER THERE IS GOING TO BE AN ACCELERATION FROM QUARTER TO QUARTER FOR THE REST OF THE YEAR. WHAT CAN YOU TELL US TODAY ABOUT YOUR EXPECTATIONS FOR 2005? ML : Analysts were forecasting for Publicis, for the full-year, something in the region of 4%. We were expecting, and we are still expecting, the market to grow by something like 3.5%. And they were expecting that we will outperform the market. I think that we will go well above this number, and I believe that we will probably be in the region of what we have already done in the first-half. EBM : YOUR MEDIA BUY UNIT, ZENITH OPTIMEDIA, SEES SLOWER ADVERTISING SPENDING IN THE SECOND-HALF. HOW CONCERNED ARE YOU ABOUT THAT? ML : What they see is a small slowdown for the second-half of 2005, but they also see that the growth will be stronger in 2006. So I'm not very concerned. First, because I think that the correction that Zenith Optimedia is forecasting is mainly due to Europe, and this has already been taken into account within the Publicis Group. Second, as far as we are concerned, we see a growth that would be much higher than the market average for the second-half. So I feel pretty confident that we will be able to deliver a reasonable number that will please the market. EBM : YOU ANNOUNCED THAT YOU WOULD RESTRUCTURE YOUR BALANCE SHEET AND ALSO REPURCHASE DEBT AND CONVERTIBLE BONDS. YOU'VE INDEED CARRIED OUT BUYBACKS SINCE THE BEGINNING OF THIS YEAR. HOW MUCH MORE BALANCE SHEET SIMPLIFICATION AND CONVERTIBLE BOND BUYBACKS SHOULD WE EXPECT GOING FORWARD? ML: If you look at the balance sheet at the end of June, you will see that it's very solid, very healthy, and a lot of work has already been done. We have reduced our net average debt, we have already simplified the balance sheet, and we are now moving to a credit rating system. We are in the process of selecting the advisory bank, and the credit rating agencies. If we now look at the next step regarding the simplification, we have roughly 3 criteria through which we should look at simplification : 1) the cost of the debt, and obviously interest, which has an impact on P&L ; 2) the future dilution ; 3) the impact of this simplification on our credit ratio (debt equity ratio). So we are taking our time, because we are not under any pressure and we would like to see how the market will be evolving, and we will make our future decision, let's say, next fall. EBM : NOW THAT WE'RE HALF WAY THROUGH THE YEAR, COULD YOU GIVE US A BIT OF FINANCIAL GUIDANCE AND OUTLOOK FOR THE FULL-YEAR? ML : Thanks to the work of our teams, we have been able to have a very good growth, and an improvement of our margins, which are probably the best in the industry this year, like last year. We have a target of 17% margin in French GAAP for 2008. Our target is clearly, for the full-year, to continue to improve our margins, and our net after tax profit, in order to give not only a good return, but also a good dividend, to our stockholders. EBM : MAURICE LEVY, CEO OF PUBLICIS GROUPE, THANK YOU VERY MUCH FOR JOINING US. ML : Thank you -----END PRIVACY-ENHANCED MESSAGE-----