2020 Annual Financial Report

Chapter 6 : 2020 Consolidated financial statements

6.1 Consolidated income statement

6.1 COMPTE DE RÉSULTAT CONSOLIDÉ

(in millions of euros)	Note	2020	2019
Net revenue⁽¹⁾	Net revenue⁽¹⁾ Note	Net revenue⁽¹⁾ 2020 9,712	Net revenue⁽¹⁾ 2019 9,800
Pass-through revenue	Pass-through revenue Note	Pass-through revenue 2020 1,076	Pass-through revenue 2019 1,201
Revenue	Revenue Note	Revenue 2020 10,788	Revenue 2019 11,001
Personnel costs	Personnel costs Note 4	Personnel costs 2020 (6,242)	Personnel costs 2019 (6,073)
Other operating costs	Other operating costs Note 5	Other operating costs 2020 (2,388)	Other operating costs 2019 (2,683)
Operating margin before depreciation and amortization	Operating margin before depreciation and amortization Note	Operating margin before depreciation and amortization 2020 2,158	Operating margin before depreciation and amortization 2019 2,245
Depreciation and amortization expense (excluding acquired intangible assets)	Depreciation and amortization expense (excluding acquired intangible assets) Note 6	Depreciation and amortization expense (excluding acquired intangible assets) 2020 (600)	Depreciation and amortization expense (excluding acquired intangible assets) 2019 (586)
Operating margin	Operating margin Note	Operating margin 2020 1,558	Operating margin 2019 1,659
Amortization of intangibles from acquisitions	Amortization of intangibles from acquisitions Note 6	Amortization of intangibles from acquisitions 2020 (339)	Amortization of intangibles from acquisitions 2019 (204)
Impairment loss	Impairment loss Note 6	Impairment loss 2020 (241)	Impairment loss 2019 (209)
Non-current income and expenses	Non-current income and expenses Note 7	Non-current income and expenses 2020 5	Non-current income and expenses 2019 21
Operating income	Operating income Note	Operating income 2020 983	Operating income 2019 1 267
Financial expense	Financial expense Note 8	Financial expense 2020 (185)	Financial expense 2019 (137)
Financial income	Financial income Note 8	Financial income 2020 66	Financial income 2019 112
Cost of net financial debt	Cost of net financial debt Note 8	Cost of net financial debt 2020 (119)	Cost of net financial debt 2019 (25)
Revaluation of earn-out payments	Revaluation of earn-out payments Note 8	Revaluation of earn-out payments 2020 (17)	Revaluation of earn-out payments 2019 (22)
Other financial income and expenses	Other financial income and expenses Note 8	Other financial income and expenses 2020 (79)	Other financial income and expenses 2019 (66)
Pre-tax income of consolidated companies	Pre-tax income of consolidated companies Note	Pre-tax income of consolidated companies 2020 768	Pre-tax income of consolidated companies 2019 1 154
Income taxes	Income taxes Note 9	Income taxes 2020 (196)	Income taxes 2019 (305)
Net income of consolidated companies	Net income of consolidated companies Note	Net income of consolidated companies 2020 572	Net income of consolidated companies 2019 849
Share of profit of associates	Share of profit of associates Note 14	Share of profit of associates 2020 (1)	Share of profit of associates 2019 (5)
Net income	Net income Note	Net income 2020 571	Net income 2019 844
Of which:	Of which: Note	Of which: 2020	Of which: 2019
Net income attributable to non-controlling interests	Net income attributable to non-controlling interests Note	Net income attributable to non-controlling interests 2020 (5)	Net income attributable to non-controlling interests 2019 3
Net income attributable to equity holders of the parent company	Net income attributable to equity holders of the parent company Note	Net income attributable to equity holders of the parent company 2020 576	Net income attributable to equity holders of the parent company 2019 841
Per share data (in euros) – Net income attributable to equity holders of the parent company	Per share data (in euros) – Net income attributable to equity holders of the parent company Note 10	Per share data (in euros) – Net income attributable to equity holders of the parent company 2020	Per share data (in euros) – Net income attributable to equity holders of the parent company 2019
Number of shares	Number of shares Note	Number of shares 2020 239,838,347	Number of shares 2019 234,293,034
Earnings per share	Earnings per share Note	Earnings per share 2020 2.40	Earnings per share 2019 3.59
Number of diluted shares	Number of diluted shares Note	Number of diluted shares 2020 241,926,553	Number of diluted shares 2019 236,608,597
Diluted earnings per share	Diluted earnings per share Note	Diluted earnings per share 2020 2.38	Diluted earnings per share 2019 3.55

(1) Net revenue: Revenue less pass-through costs. Those costs are mainly production & media costs and out-of-pocket expenses. As these items that can be passed on to clients are not included in the scope of analysis of transactions, the net revenue indicator is the most appropriate for measuring the Groupe’s operational performance.