Artificial Intelligence
Strong performance in an uncertain environment
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Annual revenue 2022: €2,405.3 million
Total growth: 12.0%
Organic growth: 5.6%
Record operating margin: 13.1%
Paris, February 15, 2023 – Ipsos achieved a strong performance in 2022, with a record level of profitability, demonstrating the strength and relevance of its operating model.
Growth for the year as a whole was 12.0%, including 5.6% organic growth (and 5.8% currency effects), despite a macroeconomic and geopolitical context made difficult by the war in Ukraine, the Chinese government’s zero Covid policy, strong inflationary pressures in many regions, and the resulting tightening of monetary policies. Excluding the temporary net impact of Covid-related contracts, underlying organic growth was 8%.
Total organic growth amounted to 25% over two years and 16% over three years including 2020.
In the 4th quarter, our business grew by 8.8%, including nearly 4% organic growth (5% excluding the net impact of Covid-related contracts), marking a slight slowdown compared to the 3rd quarter in certain markets and in particular in China.
PERFORMANCE BY QUARTER
| 2022 vs. 2021 | |||
| In millions of Euros | 2022 Revenue |
Total growth |
Organic growth |
| 1st quarter | 547.8 | 17.5% | 12.3% (1) |
| 2nd quarter | 574.0 | 8.9% | 2.1% |
| 3nd quarter | 601.5 | 14.3% | 5.3% |
| 4nd quarter | 682.1 | 8.8% | 3.8%* |
| Revenue | 2,405.3 | 12.0% | 5.6%* |
(1) Covid-related contracts continued in the first quarter of 2022
* Underlying organic growth was 5% in the fourth quarter and 8% for the year 2022, excluding the temporary net positive impact of Covid-related contracts (specific pandemic monitoring projects for governments, minus contracts that could not be executed because of the health situation).
PERFORMANCE BY REGION
| 2022 vs. 2021 | ||||
| In millions of Euros | 2022 Revenue |
Contribution | Total growth |
Organic growth |
| EMEA | 1,025.7 | 43% | 1.1% | 0% |
| Americas | 965.5 | 40% | 24.9% | 12% |
| Asia Pacific | 414.1 | 17% | 15.3% | 9% |
| Revenue | 2,405.3 | 100% | 12.0% | 5.6% |
Our activity in the EMEA region remained stable overall, penalized by the war in Ukraine and the end of Covid contracts. Taking out the impact of these contracts, the underlying organic business grew by more than 4% in 2022. In particular, Italy and France recorded good results.
Ipsos posted its best performance in the Americas, with double-digit growth in North and Latin America, driven in particular by our Public Affairs, Healthcare, GAFA activities and our Ipsos.Digital platform.
Asia Pacific posted organic growth of 9%. It reflects very contrasting realities, between China, which showed slow growth this year (1.5%) due to repeated lockdowns, and the rest of Asia Pacific, which showed very dynamic growth of 15%, particularly in India and Korea.
PERFORMANCE BY AUDIENCE
| In millions of Euros | 2022 Revenue |
Contribution | 2022 vs 2021 Organic growth |
| Consumers1 | 1,125.8 | 47% | 11% |
| Clients and employees2 | 495.1 | 20.5% | 6.5% |
| Citizens3 | 386.2 | 16% | -8.5% |
| Doctors and patients4 | 398.2 | 16.5% | 6% |
| Revenue | 2,405.3 | 100% | 5.6% |
Breakdown of Service Lines by audience segment:
1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Social Intelligence Analytics, Strategy3
2- Automotive & Mobility Development, Audience Measurement, Customer Experience, Channel Performance (including Retail Performance and Mystery Shopping), Media development, Capabilities
3- Public Affairs, Corporate Reputation
4- Pharma (quantitative and qualitative)
In a re-opened world in 2022 (with the notable exception of China) and despite inflationary pressures and disruptions in our clients’ supply chains, it is in our consumer insight business that we are recording the strongest growth (11% organic growth). This reflects our clients’ need to understand the evolution of consumer behavior in an inflationary context, which is experiencing both an energy crisis and a growing awareness of the need to act to protect the planet.
The client and employee audience also performed well with organic growth of 6.5%, resulting from the reopening of economies, the resumption of travel and the activity of the hotel sector, but also from our clients’ growing interest in measuring shopping experiences across omni channels.
After a very strong growth in the 2020-2021 period, driven by Covid testing programs in Europe, our citizens business declined in 2022. However, the underlying of the Public Affairs business excluding Covid contracts recorded double-digit growth, reflecting the need for governments and institutions to understand the dynamics of public opinion and citizens’ expectations in a world marked by multiple crises.
Finally, our doctors and patients’ research grew organically by 6%.
FINANCIAL PERFORMANCE
Summary income statement
| In millions of Euros | 2022 | 2021 | 2022 / 2021 Change |
| Revenue | 2,405.3 | 2,146.7 | 12.0% |
| Gross margin | 1,594.1 | 1,389.3 | 14.7% |
| Gross margin / Revenue | 66.3% | 64.7% | 1.6 pt |
| Operating margin | 314.7 | 277.4 | 13.5% |
| Operating margin / Revenue | 13.1% | 12.9% | 0.2 pt |
| Other non-recurring / recurring income and expenses | 3.7 | -5.5 | |
| Finance costs | -13.2 | -13.8 | -4.5% |
| Other finance costs | -3.5 | -4.4 | -19.7% |
| Income tax | -72.8 | -62.9 | 15.7% |
| Net profit attributable to owners of the parent | 215.2 | 183.9 | 17.0% |
| Adjusted net profit* attributable to owners of the parent | 232.4 | 209.2 | 11.1% |
*Adjusted net profit is calculated before (i) non-cash items related to IFRS 2 (share-based compensation), (ii) amortization of acquisition-related intangible assets (client relations), (iii) the impact net of tax of other non-recurring income and expense, (iv) the non-monetary impact of changes in puts in other financial income and expenses and (v) deferred tax liabilities related to goodwill for which amortization is deductible in some
countries.
Income statement items
The gross margin (which is calculated by deducting external and variable costs associated with contract performance from revenue) is up 160 basis points to 66.3% compared with 64.7% in 2021. This increase is linked to the change in the mix of data collection methods and is explained by (i) the termination during the first quarter of 2022 of the major pandemic monitoring contracts (whose collection costs were higher than average) and (ii) the structural continuation of the increase in the proportion of online surveys, which rose from 62% in 2021 to 65% in 2022 (iii) the Group’s ability to maintain its prices in a context of high inflation.
With regard to operating costs, the payroll increased by 16.2% in a context of (i) a resumption of recruitment to cope with the growth in activity (these were significantly slowed down during the pandemic and at the beginning of 2021) and (ii) higher inflation. The increase in payroll remains contained, however, since it represents (including provisions for bonuses) 65.3% of gross margin, compared with 67% in 2019.
The cost of variable compensation in shares increased to €14.4 million from €12.1 million in 2021 due to share price rise.
Overhead costs increased by nearly €32 million, an increase of 17.4% compared to 2021 due to (i) the recovery in travel in 2022 – travel expenses, however, remain 35% below the level of 2019 and (ii) a catch-up of IT current expenses which had been severely constrained during the pandemic. Overall and despite these catch-up effects, overhead costs remain contained in relation to the pre-crisis level and represented 13.5% of gross profit compared with 17% in 2019.
“Other operating income and expenses“, which consists mainly of severance costs, showed a negative balance of €8.6 million, a decrease of €11.8 million compared with the previous year, partly impacted by operating exchange gains linked to the appreciation of the US dollar and other currencies against the euro.
Overall, the Group’s operating margin is 13.1%, up 20 points compared to 2021, establishing a record performance.
Below the operating margin, the amortization of intangible assets related to acquisitions concerns the portion of goodwill allocated in particular to customer relations during the 12 months following the date of acquisition and was amortized in the income statement according to IFRS standards over several years. This allocation amounts to €7.4 million compared to €5.3 million previously. This increase is mainly due to the acquisitions of Karian & Box and Infotools.
The balance of other non-current and non-recurring income and expenses amounted to €3.7 million. This item records in particular changes in commitments to buy back of minority shareholders as well as income related to the decision to capitalize internal development costs since January 2018. This latest effect ended in 2022.
Finance costs. The net interest expense amounted to €13.2 million compared to €13.8 million last year, due to (i) a decrease in financial debt in relation to good cash generation and (ii) a renewal and extension of the maturity of a “Shuldschein” loan for an amount revised downwards at the end of 2021.
The effective tax rate on the IFRS income statement was 24.8% compared to 25.2% last year. It includes a deferred tax liability of €2.2 million, which cancels out the tax savings achieved through the tax deductibility of goodwill amortization in certain countries, even though this deferred tax expense would only be due in the event of the disposal of the activities concerned (and is therefore restated in adjusted net profit).
Net profit attributable to the owner of the parent was €215 million compared to €184 million in 2021, up 17.0%.
Adjusted net profit attributable to the owner of the parent, which is the relevant and constant indicator used to measure performance, is also up to €232 million compared to €209 million in 2021, up 11%.
Financial structure
Cash flow. The gross operating cash flow position stands at €402 million compared to €373 million in 2021.
The working capital requirement experienced a negative change of €14 million, due on the one hand to the increase in activity, and on the other hand to larger bonus payments in 2022, following an excellent performance in 2021.
Investments in property, plant and equipment and intangible assets consist mainly of investments in IT infrastructure, technology and R&D. They amounted to €55 million, up €11 million compared to 2021. They mark the implementation of the 2025 strategic plan, which provides for a significant increase in investments in our platforms, particularly Ipsos.Digital, Askia and Infotools.
Overall, free cash flow from operations, at €214 million, was higher than the forecast for the year, down €30 million compared to last year, due as explained above to the increase in activity, the payment of bonuses for 2021 and the increase in investments in IT, technology and R&D infrastructures.
As regards non-current investments, Ipsos invested approximately €7.3 million in the form of an earn-out payment relating to the acquisitions of Karian&Box and Infotools and for the acquisition of WeCheck, a small size company specialized in Mystery Shopping in Canada.
Finally, financing operations included, in 2022:
- The launch of the share buy-back program for an amount of €10 million, in addition to the usual share buy-backs within the framework of free share plans.
- The repayment of the balance of the USPP loan subscribed in 2010 for an amount of $30 million.
- The payment of €51 million in dividends
Shareholders’ equity stood at €1,500 million at December 31, 2022 compared to €1,342 million at December 31, 2021.
Net financial debt amounted at €69 million, down compared to December 31, 2021 (€180 million). The net debt ratio fell to 4.6% from 13.4% at December 31, 2021. The leverage ratio (calculated excluding the IFRS16 impact) was 0.2 times EBITDA (compared to 0.5 times at December 31, 2021).
Cash position. Cash at December 31, 2022 amounted to €386 million compared to €298 million at December 31, 2021. The Group also has more than €480 million in credit lines available for more than one year, enabling it to meet its €77 million debt repayments in 2023 and 2024.
OUTLOOK FOR 2023
After a solid year in 2022 and a record level of profitability, we can leverage the strengths of the Ipsos model:
- The financial results of the last three years, both in terms of growth and profitability, as well as the group’s resilience during the Covid crisis, demonstrate the strength of the operating model reinforced by the 2018-2022 “Total Understanding” strategic plan.
- The management transition has gone well and the new CEO Executive team around Ben Page is now in place, with the recent appointments of Dan Lévy (Finance), Valérie Vezinhet (Human Resources), Michel Guidi (Technology and Operations), Christophe Cambournac (Service Lines) and Jennifer Hubber (Client Organisation). In addition, Lauren Demar has recently been appointed Head of Global ESG.
- Client satisfaction remains very high in our post-project surveys: the average score is 9 out of 10 based on 7,000 responses collected in 2022.
- The internal survey of our employees shows a strong sense of belonging to the company and a very high level of commitment (79%), up 3 points compared to 2021.
- The Group is virtually debt-free with a leverage of 0.2 (Net debt / EBITDA) and strong cash reserves. This excellent financial situation will allow us to finance future growth, investments and acquisitions.
- Finally, last June we presented our 2022-2025 growth plan, The Heart of Science and Data. This strategy is based on the following priorities:
- Pursue our multi-specialist strategy and continue to develop in particular in the healthcare, public affairs and advisory sectors
- Invest in high-quality data analysis, artificial intelligence, technology and panels
- Support our clients in their transformation to meet sustainability and ESG requirements
We are confident in our ability to deliver the financial targets announced in our strategic plan last June: €3 billion in revenue by 2025 (including acquisitions) with organic growth of 5-7% on average per year over 2022-2025, and an operating margin above 13% by the end of the period and 15% over the long term.
At the same time, 2023 sees continuing macroeconomic and geopolitical uncertainties. The war in Ukraine and the energy crisis, combining with the release of pent-up demand post Covid led to inflation in production prices, not experienced for several decades. While inflation appears to be easing overall, underlying inflation (excluding food and energy prices) has not peaked. Moreover, the significant tightening of monetary policies could limit the resumption of economic growth this year.
That said, the outlook for 2023 is more favourable than a few months ago, thanks in particular to (i) the resilience of labour markets, (ii) the capacity to adapt to energy tensions, (iii) the anticipated rebound of China after the abandonment of the zero Covid policy. Uncertainties also represent opportunities for Ipsos. Both companies and governments have an increased need to understand the dynamics of consumption and public opinion in a world increasingly sensitive to social and environmental issues and in a context of multiple crises.
In all, we anticipate organic growth of around 5% and an operating margin of around 13% this year. Business growth will be sequential in 2023: first quarter performances will be affected by an unfavourable base effect associated to the strong growth in business at the beginning of 2022. These timing effects having passed, we expect activity to rebound in line with the improvement in the global situation (particularly in China) and in comparison with the last three quarters of 2022, when growth was less strong.
In addition, the experience of the last three years has shown the resilience of the Ipsos model. Our geographic diversification, our multi-sector approach (particularly in structurally growing and even counter-cyclical sectors such as Public Affairs and Healthcare), the low concentration of our client portfolio and our ability to rapidly reduce our costs, if the outlook would become less buoyant, are all assets and stabilizers in a global context of uncertainties.
The Board of Directors will propose an increased dividend payment of €1.35 per share at the General Meeting in May. Finally, we plan to continue our policy of buying back shares for cancellation, for around €50 million in 2023.
***
Full-year results presentation
The presentation of the 2022 annual results will take place via webcast at 8.30AM CET on Thursday, February 16, and at 4PM CET via conference call.
If you wish to register, please contact [email protected].
A replay will also be available on Ipsos.com
Appendices
- Consolidated income statement
- Statement of financial position
- Consolidated cash flow statement
- Consolidated statements of changes in equity
The complete consolidated financial statements as of December 31, 2022, are available on Ipsos.com
Consolidated income statement
Annual financial statements for the year ended December 31, 2022
| In thousands of euros | 12/31/2022 | 12/31//2021 |
| Revenue | 2,405,310 | 2,146,725 |
| Direct costs | (811,236) | (757,391) |
| Gross margin |
1,594,074
|
1,389,334
|
| Employee benefit expenses – excluding share-based payments | (1,041,565) | (896,461) |
| Employee benefit expenses – share-based payments* | (14,355) | (12,071) |
| General operating expenses | (214,875) | (183,043) |
| Other operating income and expenses | (8,582) | (20,381) |
| Operating margin |
314,697
|
277,378
|
| Amortization of intangible assets identified on acquisitions* | (7,414) | (5,274) |
| Other non-operating income and expenses * | 3,723 | (5,486) |
| Share of profit/(loss) of associates | (862) | 1,671 |
| Operating profit |
310,145
|
268,289
|
| Finance costs | (13,214) | (13,837) |
| Other financial income and expenses | (3,545) | (4,413) |
| Net profit before tax |
293,386
|
250,038
|
| Income tax – excluding deferred tax on goodwill amortization | (70,556) | (58,303) |
| Deferred tax on goodwill amortization* | (2,249) | (4,608) |
| Income tax | (72,805) | (62,911) |
| Net profit | 220,581 | 187,127 |
| Attributable to the owners of the parent | 215,160 | 183,924 |
| Attributable to non-controlling interests | 5,421 | 3,204 |
| Basic net profit per share attributable to the owners of the parent (in euros) | 4.87 | 4.14 |
| Diluted net profit per share attributable to the owners of the parent (in euros) | 4.74 | 4.04 |
|
|
|
|
| Adjusted net profit* | 240,339 | 212,205 |
| Attributable to the owners of the parent | 232,393 | 209,224 |
| Attributable to non-controlling interests | 7,946 | 2,982 |
| Adjusted net profit per share, attributable to the owners of the parent | 5.26 | 4.71 |
| Adjusted net profit per share, attributable to the owners of the parent | 5.12 | 4.59 |
Statement of financial position
Annual financial statements for the year ended December 31, 2022
| In thousands of euros | 12/31/2022 | 12/31/2021 | |
| ASSETS | |||
| Goodwill | 1,370,637 | 1,360,464 | |
| Right-of-use assets | 118,383 | 122,935 | |
| Other intangible assets | 110,083 | 98,899 | |
| Property, plant and equipment | 33,512 | 31,340 | |
| Investments in associates | 6,048 | 8,919 | |
| Other non-current financial assets | 59,703 | 51,961 | |
| Deferred tax assets | 24,788 | 25,223 | |
| Non-current assets | 1,723,155 | 1,699,741 | |
| Trade receivables | 547,167 | 555,496 | |
| Contract assets | 115,872 | 107,114 | |
| Current tax | 12,736 | 14,045 | |
| Other current assets | 66,522 | 62,720 | |
| Financial derivatives | – | – | |
| Cash and cash equivalents | 385,670 | 298,454 | |
| Current assets | 1,127,967 | 1,037,830 | |
| TOTAL ASSETS | 2,851,122 | 2,737,571 | |
| In thousands of euros | 12/31/2022 | 12/31/2021 | |
| EQUITY AND LIABILITIES | |||
| Share capital | 11,063 | 11,109 | |
| Share paid-in capital | 495,628 | 508,259 | |
| Treasury shares | (548) | (643) | |
| Other reserves | 867,211 | 746,221 | |
| Translation adjustments | (107,392) | (115,406) | |
| Net profit, attributable to the owners of the parent | 215,160 | 183,924 | |
| Equity, attributable to the owners of the parent | 1,481,121 | 1,333,466 | |
| Non-controlling interests | 18,808 | 8,963 | |
| Equity | 1,499,929 | 1,342,429 | |
| Borrowings and other non-current financial liabilities | 375,256 | 448,561 | |
| Non-current liabilities on leases | 95,625 | 102,421 | |
| Non-current provisions | 4,726 | 7,025 | |
| Provisions for post-employment benefit obligations | 35,938 | 36,255 | |
| Deferred tax liabilities | 72,831 | 66,458 | |
| Other non-current liabilities | 38,011 | 45,549 | |
| Non-current liabilities | 622,387 | 706,270 | |
| Trade payables | 349,970 | 332,239 | |
| Borrowings and other current financial liabilities | 79,541 | 30,349 | |
| Current liabilities on leases | 36,574 | 34,923 | |
| Current tax | 23,855 | 25,463 | |
| Current provisions | 9,617 | 9,967 | |
| Contract liabilities | 51,716 | 64,329 | |
| Other current liabilities | 177,533 | 191,603 | |
| Current liabilities | 728,806 | 688,873 | |
| TOTAL LIABILITIES | 2,851,122 | 2,737,571 |
Consolidated cash flow statement
Annual financial statements for the year ended December 31, 2022
| In thousands of euros | 12/31/2022 | 12/31/2021 | |
| OPERATING ACTIVITIES | |||
| NET PROFIT | 220,581 | 187,127 | |
|
Non-cash items |
|||
| Amortization and depreciation of property, plant and equipment and intangible assets | 88,192 | 79,839 | |
| Net profit of equity-accounted companies, net of dividends received | 862 | (1,671) | |
| Losses/(gains) on asset disposals | 187 | (164) | |
| Net change in provisions | (6,623) | 17,985 | |
| Share-based payment expense | 13,116 | 11,153 | |
| Other non-cash income/(expenses) | (4,989) | (2,459) | |
| Acquisition costs of consolidated companies | 498 | 882 | |
| Finance costs | 17,293 | 17,349 | |
| Tax costs | 72,805 | 62,911 | |
| CASH FLOW FROM OPERATIONS BEFORE TAX AND FINANCE COSTS | 401,923 |
372,952
|
|
| Change in working capital requirement | (14,365) | 33,538 | |
| Income tax paid | (62,511) | (60,519) | |
| NET CASH FROM OPERATING ACTIVITIES | 325,047 | 345,972 | |
| INVESTING ACTIVITIES | |||
| Acquisitions of property, plant and equipment and intangible assets | (54,824) | (43,512) | |
| Proceeds from disposals of property, plant and equipment and intangible assets | 594 | 128 | |
| (Increase)/decrease in financial assets | (3,114) | (2,003) | |
| Acquisitions of consolidated activities and companies, net of acquired cash | (7,284) | (29,079) | |
| CASH FLOW FROM INVESTING ACTIVITIES | (64,627) | (74,466) | |
| FINANCING ACTIVITIES | |||
| Share capital increases/(reductions) | (46) | – | |
| Net (purchases)/sales of treasury shares | (29,898) | (8,694) | |
| Increase in long-term borrowings | (985) | 75,570 | |
| Decrease in long-term borrowings | (30,086) | (167,480) | |
| Increase in long-term loans from associates Decrease in long-term loans from associates |
– | – 5,704 |
|
| Increase/(decrease) in bank overdrafts | (763) | (1,033) | |
| Net repayment of lease liabilities | (37,480) | (40,308) | |
| Net interest paid | (12,606) | (13,012) | |
| Net interest paid on lease obligations | (4,081) | (3,599) | |
| Acquisitions of non-controlling interests | (2,222) | (956) | |
| Dividends paid to the owners of the parent | (51,066) | (39,820) | |
| Dividends paid to non-controlling interests in consolidated companies Dividends received from non-consolidated companies |
(1,409) |
(1,984) |
|
| NET CASH FROM FINANCING ACTIVITIES | (170,642) | (195,561) | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 89,778 | 75,945 | |
| Impact of foreign exchange rate movements | (2,562) | 6,559 | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 298,454 | 215,951 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 385,670 | 298,454 | |
Consolidated statements of changes in equity
Annual financial statements for the year ended December 31, 2022
| Equity | ||||||||
| In thousands of euros | Share capital | Share paid-in capital | Own shares | Other reserves | Translation adjustments | Attributable to the owners of the parent | Non-controlling interests | Total |
| Position at January 1, 2021 | 11,109 | 515,854 | (9,738) | 771,776 | (185,192) | 1,103,809 | 18,157 | 1,121,966 |
| Change in share capital | – | – | – | – | – | – | – | – |
| Dividends paid | – | – | – | (39,820) | – | (39,820) | (1,984) | (41,804) |
| Effects of acquisitions and commitments to buy out non-controlling interests | – | – | – | 9,184 | – | 9,184 | (11,176) | (1,992) |
|
Delivery of treasury shares under the bonus share plan |
– | (7,596) | 31,951 | (10,970) | – | 13,386 | – | 13,386 |
| Other movements in own shares | – | – | (22,861) | 308 | – | (22,552) | – | (22,552) |
| Share-based payments taken directly to equity | – | – | – | 11,153 | – | 11,153 | – | 11,153 |
| Other movements | – | – | – | 1,519 | – | 1,519 | (272) | 1,247 |
| Transactions with the shareholders | – | (7,596) | 9,090 | (28,626) | – | (27,131) | (13,432) | (40,563) |
| Net profit | – | – | – | 183,924 | – | 183,924 | 3,204 | 187,127 |
| Other comprehensive income | – | – | – | – | – | – | – | – |
| Net investment in a foreign operation and related hedges | – | – | – | – | 32,990 | 32,990 | (459) | 32,532 |
| Deferred tax on net investment in a foreign operation | – | – | – | – | (8,396) | (8,396) | – | (8,396) |
| Change in translation adjustments | – | – | – | – | 45,197 | 45,197 | 1,489 | 46,686 |
| Re-evaluation of net liability (asset) in respect of defined benefit plans | – | – | – | 4,546 | 4,546 | – | 4,546 | |
| Actuarial gains and losses | (1,904) | – | (1,904) | 7 | (1,896) | |||
| Deferred tax on actuarial gains and losses | – | – | – | 429 | – | 429 | (2) | 427 |
| Total other comprehensive income | – | – | – | 3,071 | 69,792 | 72,863 | 1,035 | 73,899 |
| Comprehensive income | – | – | – | 186,997 | 69,792 | 256,789 | 4,237 | 261,026 |
| Position at December 31, 2021 | 11,109 | 508,259 | (643) | 930,146 | (115,406) | 1,333,466 | 8,963 | 1,342,429 |
| Equity | |||||||||
| In thousands of euros | Share capital | Share paid-in capital | Own shares | Other reserves | Translation adjustments | Attributable to the owners of the parent | Non-controlling interests | Total | |
| Position at January 1, 2022 | 11,109 | 508,259 | (643) | 930,147 | (115,406) | 1,333,466 | 8,963 | 1,342,429 | |
| Change in share capital | (46)
|
– | – | – | – | (46) | – | (46) | |
| Dividends paid | – | – | – | (51,066) | – | (51,066) | (1,409) | (52,475) | |
| Effects of acquisitions and commitments to buy out non-controlling interests | – | – | – | (7,488) | – | (7,488) | 6,585 | (903) | |
|
Delivery of treasury shares under the bonus share plan |
– | (12,631) | 33,977 | – | – | 21,347 | – | 21,347 | |
| Other movements on own shares | – | – | (33,882) | (17,677) | – | (51,559) | – | (51,559) | |
| Share-based payments taken directly to equity | – | – | – | 13,116 | – | 13,116 | – | 13,116 | |
| Other movements | – | – | – | (1,169) | – | (1,169) | (99) | (1,268) | |
| Transactions with the shareholders | (46) | (12,631) | 95 | (64,283) | – | (76,865) | 5,077 | (71,788) | |
| Net profit | – | – | – | 215,160 | – | 215,160 | 5,421 | 220,581 | |
| Other comprehensive income | – | – | – | – | – | – | – | – | |
| Net investment in a foreign operation and related hedges | – | – | – | – | (12,223) | (12,223) | (997) | (13,221) | |
| Deferred tax on net investment in a foreign operation | – | – | – | – | 2,774 | 2,774 | – | 2,774 | |
|
Change in translation adjustments |
– | – | – | – | 17,464 | 17,464 | 344 | 17,808 | |
| Share of other comprehensive income of associates and joint ventures accounted for using the equity method
|
– | – | – | (735) | (735) | (735) | |||
| Actuarial gains and losses | – | – | – | 2,907 | – | 2,907 | 2,907 | ||
| Deferred tax on actuarial gains and losses | – | – | – | (826) | – | (826) | – | (826) | |
| Total other comprehensive income | – | – | – | 1,346 | 8,015 | 9,360 | (654) | 8,707 | |
| Comprehensive income | – | – | – | 216,506 | 8,015 | 224,520 | 4,767 | 229,287 | |
| Position at December 31, 2022 | 11,063 | 495,628 | (548) | 1,082,370 | (107,392) | 1,481,121 | 18,808 | 1,499,929 | |
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Artificial Intelligence
TREEFROG THERAPEUTICS PICKS-UP BEST POSTER AWARD AT THE INTERNATIONAL SOCIETY FOR CELL & GENE THERAPY (ISCT) ANNUAL MEETING FOR THEIR CELL THERAPY PROGRAM IN PARKINSON’S DISEASE
– Treefrog will present two posters on their cell therapy program in Parkinson’s Disease and their proprietary encapsulation technology, C-Stem™ –
BORDEAUX, France, May 29, 2024 /PRNewswire/ — TreeFrog Therapeutics has a busy schedule at the ISCT’s 30th annual meeting, taking place in Vancouver, Canada this week, with two posters being presented, one of which has been awarded the Best Poster in the iPSC category. A poster on their transformational encapsulation technology, C-Stem™, will also be presented.
TreeFrog is a cell therapy company with a lead program in Parkinson’s disease, a complex neurodegenerative disease with no cure and treatments that offer symptomatic relief only. Decades of research demonstrate that cell therapy holds immense promise for Parkinson’s disease, with multiple clinical trials ongoing. However, the manufacturing of these cells must overcome major pharmaceutical challenges, including scalability, to be compatible with potential commercial phases. The cell therapy program at TreeFrog is based on C-Stem™, a proprietary technology platform that overcomes these challenges. In 2021, the company achieved a world-first of producing 15billion iPSCs in one run, in one week.
Michael Lanero Fidalgo, Chief Operating Officer, will represent the company for the Best Poster in the iPSC category, an award designed to recognize outstanding abstracts related to iPSC research. Poster #1219, First Off-The-Shelf Bioreactor Produced, iPSC-Derived Neural Microtissues Containing Dopaminergic Neurons Innervate the Striatum and Normalize Behavior in a Parkinson Rat Model, is also one of only twenty posters chosen for an elevator pitch presentation from the overall 600 considered.
Kevin Alessandri, co-founder and Chief Technology Officer, will present poster #1200 Cell encapsulation as a tool for stem cell-based cell therapy industrialization, a deep dive into how the C-Stem™ technology, can overcome the bottlenecks of the complex Chemistry, Manufacturing and Controls (CMC) in cell therapy. He will also participate as a KOL in the JSRM-ISCT iPSC workshop event iPSCs: From Bench to Bedside’ Scientific Signature Series.
Events:
Elevator Pitch presentation by Michael Lanero-Fidalgo, representing lead authors Nicolas Prudon & Lucia Cordero Espinoza May 29th, 2024 @ 12:00 – 13:00, Room 201iPSC Poster Presentation Networking reception (Posters #1219 & #1200) May 30th @ 18:00 – 19:30 Exhibit & Poster HalliPSC: Bench to Bedside: Scientific Signature Series, participation of Kevin Alessandri as KOL. June 1st, 2024 @ 7:30 – 16:00, Room 212-214www.treefrog.fr
CONTACT: Rachel MooneyChief Communications OfficerTreeFrog Therapeutics [email protected]
Logo – https://mma.prnewswire.com/media/2272329/treefrog_Logo.jpg
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Artificial Intelligence
US Air Force Awards ThroughPut.ai Direct-to-Phase-II Contract for Boeing, Lockheed Martin, and Sikorsky Mission Design Series to Accelerate Aircraft Readiness
Leveraging Data to Drive Maintenance-first actions that improve overall supply chain throughput across the DAF.
NEW YORK, May 28, 2024 /PRNewswire/ — ThroughPut.ai, the Supply Chain Decision Intelligence Pioneer, announces it has been selected by AFWERX for a (SBIR Direct-to-Phase II contract) in the amount of $1,248,627.00 focused on “AI-Powered Proactive Supply Chain Capabilities” to address the most pressing challenges in the Department of the Air Force (DAF). The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded and now on April 17th, 2024, ThroughPut.ai will start its journey to create and provide innovative capabilities that will strengthen the national defense of the United States of America.
“ThroughPut.ai looks forward to supporting efforts to accelerate inventory flow across the United States Air Force,” said Ali Raza, CEO & Founder of ThroughPut.ai. “By driving inventory/materiel management changes at the maintenance endpoint first, supply chain improvements can then be amplified across the greater industrial base to create aircraft capacity.”
“The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.”
About (ThroughPut.ai)
ThroughPut.ai is a Silicon Valley-based supply chain optimization & predictive replenishment company. The company’s software AI platform has the ability to identify location-, product-, and customer-based demand changes sooner in order to adjust order frequencies, vendor sources, and parts buffer levels at a global and local scale. ThroughPut’s platform was designed by Fortune 500 & technology executives with real-world experience managing demand & supply chain disruptions and war-zone logistics across the Middle East.
About AFRLThe Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.
About AFWERXAs the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,100 new contracts worth more than $4 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com.
Company Press Contact:Ali RazaCEO/[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/us-air-force-awards-throughputai-direct-to-phase-ii-contract-for-boeing-lockheed-martin-and-sikorsky-mission-design-series-to-accelerate-aircraft-readiness-302156930.html
Artificial Intelligence
Data Center Investments Soar: 200% Rise Since 2016 and Projected 89% Increase by 2028
USA News Group CommentaryIssued on behalf of Avant Technologies Inc.
VANCOUVER, BC, May 28, 2024 /PRNewswire/ — Since 2016, investment in data centre infrastructure has risen 200%, with a further 89% increase expected by 2028 as more opportunities emerge with the rise of artificial intelligence (AI). According to Jones Lang LaSalle Inc.’s CEO Christian Ulbrich, data centers are “the hottest asset class at the moment.” Analysts at Technavio are projecting the global data center market to record an additional US$329.82 billion in growth at a CAGR of 12.73% through 2027. Capitalizing on the opportunity are several players recently announcing developments regarding their involvement in the data centers sector, including
Avant Technologies Inc. (OTCQB: AVAI), Amazon.com, Inc. (NASDAQ: AMZN), Applied Digital Corporation (NASDAQ: APLD), Digital Realty Trust, Inc. (NYSE: DLR), and Equinix, Inc. (NASDAQ: EQIX).
As an early pioneer in generative AI, Avant Technologies Inc. (OTCQB: AVAI) continues to enhance its flagship asset, Avant AITM, a sophisticated machine and deep learning AI system designed for versatility and customization across various industries and applications. Recently, Avant announced plans to equip its AI-managed data center, currently in development, with High-Performance Computing (HPC) systems. According to IBM, HPC technology utilizes clusters of powerful processors working in parallel to process massive multi-dimensional data sets and solve complex problems at exceptionally high speeds.
“The rise of AI is revolutionizing industries, and Avant Technologies is committed to being at the forefront of this transformation,” said William Hisey, CEO of Avant. “By building an AI-managed data center with HPC systems, we will gain the computational power and infrastructure required to train and deploy sophisticated AI models, which will ultimately provide even greater value to our customers.”
The new data center will leverage AI-driven management technology to optimize resource allocation and enhance efficiency in all aspects of data center operations. Avant will meticulously design its HPC infrastructure to meet the demands of AI workloads, selecting high-performance CPUs and GPUs (or TPUs) specifically suited for deep learning tasks. This cutting-edge facility will enable Avant to accelerate AI advancements, delivering innovative solutions to clients by improving data center efficiency and empowering them with exceptional AI capabilities.
Additionally, Avant will implement a high-speed network to ensure efficient data transfer and select a scalable storage solution to manage the large datasets necessary for training and utilizing AI models. The HPC systems will prioritize security, incorporating robust measures to protect sensitive data and create a secure environment for AI deployment. Furthermore, the data center will integrate energy-efficient technologies and sustainable design practices, reflecting Avant’s commitment to environmental responsibility.
Avant Technologies also recently announced plans to implement AI-empowered Zero Trust Architecture (ZTA) across its data center operations. Additionally, the company has expanded its AvantAI™ platform to include intelligent, proactive monitoring and management for data centers.
Over the past few weeks Amazon.com, Inc. (NASDAQ: AMZN) has collectively committed to investing $20 billion into new data centers for its subsidiary Amazon Web Services (AWS). The first to be announced was an $11-billion data center to be built in Indiana, with another $9 billion set to accelerate cloud-infrastructure in Singapore. The moves fall in line with Amazon CEO Andy Jassy’s projection that 85% of IT spending will remain on premises, in the race for Gen AI supremacy.
Amazon also recently announced an extension on its partnership between AWS and CrowdStrike to unify cybersecurity protection on its CrowdStrike Falcon platform. As per the agreement, Amazon is replacing a variety of cloud point products with Falcon Cloud Security, is using Falcon Next-Gen SIEM to secure big data logging and is deploying Identity Threat Detection and Response to prevent identity-based attacks.
“CrowdStrike and AWS have a deep history of working together to secure the most innovative companies in the world,” said CJ Moses, Chief Information Security Officer and Vice President of Security Engineering at Amazon. “Amazon uses CrowdStrike to provide visibility, detection, and response across our businesses in order to protect the cloud, infrastructure, and services for our customers. This is part of our shared mission to help all organizations build, operate, and secure their business.”
In a move to shore-up its market position as a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (“HPC”) applications, Applied Digital Corporation (NASDAQ: APLD) recently announced the appointment of industry veteran Todd Gale as its new Chief Development Officer. The announcement came just one month after the company announced it had issued a $50 million unsecured convertible debenture to advance its HPC Data Center Project in Ellendale, North Dakota.
“We intend to use the net proceeds from the private financing, supplemented by the proceeds from our announced sale of the Garden City facility, to finance substantial advancements in our construction phase of the HPC data center in Ellendale, North Dakota,” said David Rench, CFO of Applied Digital. “Concurrently, we continue negotiating our project-level financing to ensure timely project completion and fulfillment of our contractual obligations.”
Applied Digital intends to utilize chipmaking giant NVIDIA’s new Blackwell platform into its cloud offerings. The company’s next-generation data center campuses are specifically designed to host HPC/AI applications, offering more cost-effective and efficient alternatives to traditional data centers.
In Japan, Digital Realty Trust, Inc. (NYSE: DLR) recently announced the expansion of its NRT Campus, by commencing construction of its third data center to support AI. Upon completion of the site in late 2025, the campus’s capacity will rise to 104MW, with the intention of meeting rising demand for next-generation infrastructure, and seamless access to Japan’s connected data communities.
“Japan’s rapidly increasing demand for AI deployments creates the need for scalable, flexible, and highly connected AI-ready data centers in the Tokyo metropolitan area,” said Serene Nah, Managing Director and Head of Asia Pacific, Digital Realty. “We believe NRT14’s next-generation data center infrastructure and Digital Realty’s connected global open data center platform provide the foundational pillars our customers need to drive innovation in the coming years.”
Equinix, Inc. (NASDAQ: EQIX), another digital infrastructure company, has recently launched a $600 million joint venture with PGIM Real Estate to develop and operate the first xScale data center in the US, situated in California’s Silicon Valley. This follows their successful collaboration on the first xScale data center in Australia in 2022, which was part of a similar $575 million joint venture announced in 2021.
Under the terms of the new agreement, PGIM Real Estate will hold an 80% equity interest in the joint venture, while Equinix will retain a 20% equity stake. xScale data centers by Equinix enable hyperscale companies to expand their core deployments within Equinix’s IBX data centers, facilitating growth in over 70 global metros through a platform that supports direct interconnections with more than 10,000 customers.
This joint venture complements Equinix’s existing hyperscale collaborations in Europe, Asia-Pacific, and the Americas, significantly enhancing the global xScale data center portfolio. Once completed, this global expansion is set to exceed $8 billion, encompassing more than 35 facilities and providing over 725 megawatts of power capacity.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:USA NEWS [email protected](604) 265-2873
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View original content:https://www.prnewswire.co.uk/news-releases/data-center-investments-soar-200-rise-since-2016-and-projected-89-increase-by-2028-302156928.html
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