Two financial companies established in Dublin in 2014 were added to the Groupe structure to manage financing transactions and the short‑term investing of subsidiaries’ liquidity. In 2017, one of these two companies, MMS Multi Euro Services DAC, became the lynchpin of the centralization of international cash pooling for the entire Groupe. The other company, MMS Ireland DAC, whose functional currency is the dollar, became the lynchpin of the centralization of cash pooling for most of the Groupe’s US entities.
It bears noting that the Groupe’s cash resources are, for the most part, centralized in Ireland. Cash resources not centralized in Ireland are, for the most part, held by subsidiaries in countries where funds can be freely transferred and centralized.
Publicis has a BBB+ rating with a stable outlook from the rating agency S&P Global, as well as a Baa1 rating with a stable outlook by Moody’s Investors Service, following the upgrading of the two ratings in May 2023.
See also Notes 24 and 30 to the consolidated financial statements (Section 6.6 “Notes to the consolidated financial statements”).
As of December 31, 2023, and at the closing date of the financial statements, there were no rating triggers or financial covenants for short‑term bank credit lines, syndicated loans, or bonds likely to restrict the Groupe’s liquidity.
There are no legal or economic restrictions likely to limit or significantly restrict any transfers of funds to the parent company in the near future.
Publicis has established a group‑wide policy for selecting authorized banks as counterparties for all its subsidiaries. This policy requires that deposits be made in authorized banks and that, in general, all banking services be provided exclusively by these banks. The list of authorized banks is reviewed periodically by the Groupe Treasury Department. Exceptions to this policy are handled centrally for the entire Groupe by the Treasury Office.
Given its cash position and its confirmed unused credit lines amounting to euro 6,250 million at December 31, 2023, the Groupe has the necessary liquidity to meet its operating requirements and investment plan.
