During the first half year of 2025, the cash flows related to the acquisitions of are as follows:
| (in millions of euros) | June 30, 2025 (6 months) |
|---|---|
| Cash consideration | Cash consideration June 30, 2025 (6 months)460 |
| Cash and cash equivalents of the acquired entities | Cash and cash equivalents of the acquired entities June 30, 2025 (6 months)(49) |
| Earn-out payments | Earn-out payments June 30, 2025 (6 months)22 |
| Acquisitions of subsidiaries, net of cash acquired | Acquisitions of subsidiaries, net of cash acquired June 30, 2025 (6 months)433 |
Acquisitions during the period contribute less than 1% of consolidated net revenue of the first half year of 2025 and less than 1% of net income attributable to equity holders of the parent company.
Acquisition costs are recognized in other operating expenses.
The main acquisition of the period was, in March 2024, 100% of Spinnaker SCA, a leading services company specializing in the supply chain. Spinnaker SCA offers comprehensive supply chain strategy, planning and execution consulting services. This acquisition enables Publicis Groupe to expand its expertise and capabilities in this area.
The goodwill resulting from this acquisition was calculated as follows:
| (in millions of euros) | Spinnaker |
|---|---|
| Cash consideration | Cash consideration Spinnaker 113 |
| Earn-out consideration | Earn-out consideration Spinnaker 4 |
| Total consideration transferred (A) | Total consideration transferred (A) Spinnaker 117 |
| Total identifiable net assets acquired (B) | Total identifiable net assets acquired (B) Spinnaker 16 |
| Goodwill (A - B) | Goodwill (A - B) Spinnaker 101 |
Goodwill mainly relates to the know-how and technical skills of the employees of the acquired entities and to the ability to maintain and develop existing assets. None of the goodwill recognized is expected to be deductible for tax purposes.
The client relationships were valued using the excess earnings method respectively that considers the present value of net cash flows expected to be generated by the client relationships.
During the first half year of 2024, the cash flows related to the acquisitions were as follows:
| (in millions of euros) | June 30, 2024 (6 months) |
|---|---|
| Cash consideration | Cash consideration June 30, 2024 (6 months)173 |
| Cash and cash equivalents of the acquired entities | Cash and cash equivalents of the acquired entities June 30, 2024 (6 months)(7) |
| Earn-out payments | Earn-out payments June 30, 2024 (6 months)63 |
| Acquisitions of subsidiaries, net of cash acquired | Acquisitions of subsidiaries, net of cash acquired June 30, 2024 (6 months)229 |
Acquisitions during the period contributed less than 1% of consolidated net revenue in the first-half of 2024 and less than 1% of net income attributable to equity holders of the parent company.
The acquisition costs were recorded under "other operating expenses".
In the first half of 2025, the Group did not make any significant disposals.
In the first half of 2024, the Group did not make any significant disposals.
