Universal Registration Document 2024

Glossary

Valuation of investments

Section “Investments and other financial assets” of the Note 2 “Accounting policies and methods” and Section 9.3 “Long-term equity investments” of the Note 9 “Non-current assets” to the Notes to the financial statements

Key audit point

As of December 31, 2024, investments are accounted for at a net book value of € 5 600M, or 94% of the total assets. They are accounted for at the acquisition price of the securities excluding ancillary expenses. We have identified valuation of investments as a key audit matter, given the materiality of these assets and because the valuation of their recoverable amounts is based, in particular, on the use of assumptions related to the growth forecasts of Publicis Groupe SA’s subsidiaries.
Our audit response

We examined management’s process to determine the recoverable amount of the Company’s investments as well as the valuations performed by management and supported by an independent expert. We compared the figures used for the impairment tests on investments with the entities’ source data, as well as the result of our audit work or analytical procedures on these entities. We have:

  • Examined the compliance of shareholders’ equity with the financial statements of the entities subject to audit or analytical procedures, and the evidence related to adjustments made, when applicable, on such shareholders’ equity;

  • Examined main assumptions used in budget forecasts, 2025 figures being directly derived from the annual budget approved by management;

  • Compared the budget forecasts retained in the impairment tests with the actual results for the fiscal years concerned, as well as with the explanations obtained through interviews with the independent expert engaged by Publicis Groupe SA for impairment tests’ purpose and with the financial and operational managers of the Company;

  • Examined the multiples used to calculate the values in use with external benchmarks established by the independent expert engaged by Publicis Groupe SA.

We assessed the appropriateness of the information related to Investments as set out in the Notes to the financial statements.

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations.

Information given in the management report and in the other documents with respect to the financial position and the financial statements provided to the shareholders

We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the Board of Directors and in the other documents with respect to the financial position and the financial statements provided to the shareholders.

We attest the fair presentation and the consistency with the financial statements of the information relating to payment deadlines mentioned in Article D. 441-6 of the French Commercial Code.