Universal Registration Document 2021

The amount paid out in 2020 for acquisitions (net of cash and cash equivalents acquired) totaled euro 146 million and includes:

• euro 14 million paid out during the period;
• euro (2) million in net cash acquired;
• euro 134 million in earn-out payments relating to prior acquisitions paid out during the period.

Acquisitions during the period represented less than 1% of consolidated net revenue in financial year 2020 and less than 1% of net income attributable to equity holders of the parent..

3.3  Disposals in 2021 and 2020

The Groupe completed the partial disposal of DPZ&T in Brazil in the second half of 2021 (see Note 7).

The contribution from the scope disposed of represented less than 1% of revenue and less than 1% of 2021 consolidated net income attributable to equity holders of the parent company.

In 2020, the Groupe completed the disposal of Matomy Media Group, in which it held a 24.9% stake (a company consolidated under the equity method).

Note 4 Personnel costs and headcount

Personnel costs include salaries, commissions, employee profit-sharing, vacation pay and bonus estimation. They also include expenses related to share-based payments (stock option and free share plans) and expenses related to pensions (excluding the net effect of unwinding the discount on benefit obligations, which is included in other financial income and expenses).

/ Breakdown of headcount at December 31 by geographic region

/ Breakdown of headcount at December 31 by function (in %)