In order to manage its liquidity risk, Publicis holds both a substantial amount of cash (cash and cash equivalents) for a total of euro 4,250 million as of December 31, 2023 and undrawn confirmed credit lines representing a total of euro 2,000 million as of December 31, 2023 being a multi‑currency syndicated loan, maturing in 2024. This credit facility has been renewed until 2026 up to euro 1,579 million. These immediately or almost immediately available sums allow the Group to meet its general funding requirements.
Apart from bank overdrafts, most of the Group’s debt is comprised of bonds, none of which are subject to financial covenants. They only include standard credit default event clauses (liquidation, cessation of payment, default on the debt itself or on the repayment of another debt above a given threshold) which are generally applicable above a threshold of euro 25 million.
The Group has not established any credit derivatives to date.
| (in millions of euros) | Real Estate | Outdoor contracts | Other assets | Total |
|---|---|---|---|---|
| Gross values at December 31, 2021 | Gross values at December 31, 2021 Real Estate 2,421 |
Gross values at December 31, 2021 Outdoor contracts 64 |
Gross values at December 31, 2021 Other assets 50 |
Gross values at December 31, 2021 Total 2,535 |
| Addition of assets (1) | Addition of assets (1)Real Estate 120 |
Addition of assets (1)Outdoor contracts 609 |
Addition of assets (1)Other assets 14 |
Addition of assets (1)Total 743 |
| Terminations or end of contracts | Terminations or end of contracts Real Estate (175) |
Terminations or end of contracts Outdoor contracts (36) |
Terminations or end of contracts Other assets (15) |
Terminations or end of contracts Total (226) |
| Impacts of sub‑leasing (2) | Impacts of sub‑leasing (2)Real Estate (482) |
Impacts of sub‑leasing (2)Outdoor contracts - |
Impacts of sub‑leasing (2)Other assets - |
Impacts of sub‑leasing (2)Total (482) |
| Change in scope | Change in scope Real Estate (11) |
Change in scope Outdoor contracts - |
Change in scope Other assets - |
Change in scope Total (11) |
| Foreign exchange and others | Foreign exchange and others Real Estate 73 |
Foreign exchange and others Outdoor contracts - |
Foreign exchange and others Other assets 1 |
Foreign exchange and others Total 74 |
| Gross values at December 31, 2022 | Gross values at December 31, 2022 Real Estate 1,946 |
Gross values at December 31, 2022 Outdoor contracts 637 |
Gross values at December 31, 2022 Other assets 50 |
Gross values at December 31, 2022 Total 2,633 |
| Addition of assets (1) | Addition of assets (1)Real Estate 178 |
Addition of assets (1)Outdoor contracts 18 |
Addition of assets (1)Other assets 39 |
Addition of assets (1)Total 235 |
| Terminations or end of contracts | Terminations or end of contracts Real Estate (108) |
Terminations or end of contracts Outdoor contracts (12) |
Terminations or end of contracts Other assets (21) |
Terminations or end of contracts Total (141) |
| Foreign exchange and others | Foreign exchange and others Real Estate (24) |
Foreign exchange and others Outdoor contracts - |
Foreign exchange and others Other assets (2) |
Foreign exchange and others Total (26) |
| Gross values at December 31, 2023 | Gross values at December 31, 2023 Real Estate 1 992 |
Gross values at December 31, 2023 Outdoor contracts 643 |
Gross values at December 31, 2023 Other assets 66 |
Gross values at December 31, 2023 Total 2,701 |
| Accumulated amortization at December 31, 2022 | Accumulated amortization at December 31, 2022 Real Estate 1 972 |
Accumulated amortization at December 31, 2022 Outdoor contracts 48 |
Accumulated amortization at December 31, 2022 Other assets 26 |
Accumulated amortization at December 31, 2022 Total 1,046 |
| Amortization & depreciation | Amortization & depreciation Real Estate (214) |
Amortization & depreciation Outdoor contracts (93) |
Amortization & depreciation Other assets (19) |
Amortization & depreciation Total (326) |
| Impairment losses | Impairment losses Real Estate (46) |
Impairment losses Outdoor contracts - |
Impairment losses Other assets - |
Impairment losses Total (46) |
| Terminations or end of contracts | Terminations or end of contracts Real Estate 175 |
Terminations or end of contracts Outdoor contracts 36 |
Terminations or end of contracts Other assets 15 |
Terminations or end of contracts Total 226 |
| Impacts of sub‑leasing (2) | Impacts of sub‑leasing (2)Real Estate 343 |
Impacts of sub‑leasing (2)Outdoor contracts - |
Impacts of sub‑leasing (2)Other assets - |
Impacts of sub‑leasing (2)Total 343 |
| Change in scope | Change in scope Real Estate 4 |
Change in scope Outdoor contracts - |
Change in scope Other assets - |
Change in scope Total 4 |
| Foreign exchange and others | Foreign exchange and others Real Estate (34) |
Foreign exchange and others Outdoor contracts (1) |
Foreign exchange and others Other assets - |
Foreign exchange and others Total (35) |
| Accumulated amortization at December 31, 2022 | Accumulated amortization at December 31, 2022 Real Estate (744) |
Accumulated amortization at December 31, 2022 Outdoor contracts (106) |
Accumulated amortization at December 31, 2022 Other assets (30) |
Accumulated amortization at December 31, 2022 Total (880) |
| Amortization & depreciation | Amortization & depreciation Real Estate (188) |
Amortization & depreciation Outdoor contracts (93) |
Amortization & depreciation Other assets (14) |
Amortization & depreciation Total (295) |
| Impairment losses | Impairment losses Real Estate (47) |
Impairment losses Outdoor contracts - |
Impairment losses Other assets - |
Impairment losses Total (47) |
| Terminations or end of contracts | Terminations or end of contracts Real Estate 108 |
Terminations or end of contracts Outdoor contracts 12 |
Terminations or end of contracts Other assets 21 |
Terminations or end of contracts Total 141 |
| Foreign exchange and others | Foreign exchange and others Real Estate (7) |
Foreign exchange and others Outdoor contracts - |
Foreign exchange and others Other assets 1 |
Foreign exchange and others Total (6) |
| Accumulated amortization at December 31, 2023 | Accumulated amortization at December 31, 2023 Real Estate (878) |
Accumulated amortization at December 31, 2023 Outdoor contracts (187) |
Accumulated amortization at December 31, 2023 Other assets (22) |
Accumulated amortization at December 31, 2023 Total (1,087) |
| Net value at December 31, 2023 | Net value at December 31, 2023 Real Estate 1 114 |
Net value at December 31, 2023 Outdoor contracts 456 |
Net value at December 31, 2023 Other assets 44 |
Net value at December 31, 2023 Total 1,614 |
