Balance Sheet Havas N.V.

Equities

HAVAS

NL0015002K83

Entertainment Production

Market Closed - Euronext Amsterdam Other stock markets 16:55:00 13/02/2026 GMT			5-day change	1st Jan Change
14.29 ^EUR	+0.62%		-8.14%	-15.92%

02-02	Havas N.V. acquired an unknown majority stake in Acento Public Affairs.	CI
01-15	Havas wins European Commission communication framework contract	RE

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Published financial data: HAVAS N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2016	2021	2022	2023	2024
Revenues	2.28B	2.34B	2.76B	2.87B	2.86B
Total Revenues	2.28B	2.34B	2.76B	2.87B	2.86B
Cost of Goods Sold, Total	1.42B	1.6B	1.93B	2.01B	1.98B
Gross Profit	855M	736M	834M	862M	885M
Selling General & Admin Expenses, Total	-	1M	-	2M	2M
Stock-Based Compensation (IS)	-	-	-	-	5M
Depreciation & Amortization - (IS)	-	118M	145M	121M	113M
Other Operating Expenses	528M	374M	374M	426M	439M
Other Operating Expenses, Total	528M	493M	519M	549M	559M
Operating Income	327M	243M	315M	313M	326M
Interest Expense, Total	-23M	-25M	-19M	-21M	-21M
Interest And Investment Income	6M	5M	10M	8M	2M
Net Interest Expenses	-17M	-20M	-9M	-13M	-19M
Income (Loss) On Equity Invest.	1M	-	-	-	-
Currency Exchange Gains (Loss)	-1M	2M	1M	-4M	-1M
Other Non Operating Income (Expenses)	-	-21M	2M	-5M	-7M
EBT, Excl. Unusual Items	310M	204M	309M	291M	299M
Restructuring Charges	-28M	-5M	-17M	-19M	-29M
Impairment of Goodwill	-	-3M	6M	2M	5M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	3M	-18M	12M	11M
Other Unusual Items	-5M	-5M	-7M	-7M	-8M
EBT, Incl. Unusual Items	277M	194M	273M	279M	278M
Income Tax Expense	83M	58M	80M	95M	89M
Earnings From Continuing Operations	194M	136M	193M	184M	189M
Net Income to Company	194M	136M	193M	184M	189M
Minority Interest	-17M	-23M	-22M	-17M	-16M
Net Income - (IS)	177M	113M	171M	167M	173M
Net Income to Common Incl Extra Items	177M	113M	171M	167M	173M
Net Income to Common Excl. Extra Items	177M	113M	171M	167M	173M
Per Share Items
Net EPS - Basic	4.23	2.65	4.01	3.92	1.74
Basic EPS - Continuing Operations	4.23	2.65	4.01	3.92	1.74
Basic Weighted Average Shares Outstanding	41.87M	42.61M	42.61M	42.61M	99.18M
Net EPS - Diluted	4.23	2.65	4.01	3.92	1.7
Diluted EPS - Continuing Operations	4.23	2.65	4.01	3.92	1.7
Diluted Weighted Average Shares Outstanding	41.87M	42.61M	42.61M	42.61M	100M
Normalized Basic EPS	4.22	2.45	4.02	3.87	1.72
Normalized Diluted EPS	4.22	2.45	4.02	3.87	1.71
Dividend Per Share	0.18	-	-	-	0.8
Payout Ratio	27.12	29.2	45.03	50.9	135.84
American Depositary Receipts Ratio (ADR)	5	5	5	5	5
Supplemental Items
EBITDA	366M	289M	363M	370M	365M
EBITA	329M	249M	321M	320M	333M
EBIT	327M	243M	315M	313M	326M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	29.96	29.9	29.3	34.05	32.01
Total Current Taxes	87M	81M	90M	79M	94M
Total Deferred Taxes	-4M	-23M	-10M	16M	-5M
Normalized Net Income	177M	104M	171M	165M	171M
Interest on Long-Term Debt	11M	14M	14M	12M	11M
Non-Cash Pension Expense	1M	-1M	0	2M	2M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	9M	-	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	11M
Total Stock-Based Compensation	9M	-	-	-	11M

Fiscal Period: December	2016	2021	2022	2023	2024
Assets
Cash And Equivalents	810M	775M	345M	322M	234M
Total Cash And Short Term Investments	810M	775M	345M	322M	234M
Accounts Receivable, Total	2.18B	2.6B	2.73B	2.79B	2.73B
Other Receivables	678M	295M	304M	336M	310M
Notes Receivable	2M	2M	132M	119M	2M
Total Receivables	2.86B	2.9B	3.17B	3.24B	3.04B
Inventory	82M	108M	114M	91M	115M
Prepaid Expenses	36M	48M	52M	54M	58M
Other Current Assets, Total	43M	42M	80M	45M	46M
Total Current Assets	3.83B	3.87B	3.76B	3.75B	3.49B
Gross Property Plant And Equipment	542M	1.3B	1.36B	1.37B	1.34B
Accumulated Depreciation	-216M	-668M	-788M	-865M	-892M
Net Property Plant And Equipment	326M	635M	574M	504M	443M
Long-term Investments	18M	11M	27M	58M	43M
Goodwill	1.93B	2.14B	2.27B	2.43B	2.54B
Other Intangibles, Total	61M	50M	50M	51M	49M
Loans Receivable Long-Term	3M	3M	3M	3M	4M
Deferred Tax Assets Long-Term	177M	95M	98M	95M	96M
Other Long-Term Assets, Total	-	11M	9M	8M	15M
Total Assets	6.34B	6.81B	6.8B	6.9B	6.68B
Liabilities
Accounts Payable, Total	2.03B	2.64B	2.87B	2.84B	2.69B
Accrued Expenses, Total	135M	124M	128M	141M	415M
Short-term Borrowings	19M	390M	-	-	12M
Current Portion of Long-Term Debt	139M	6M	5M	4M	7M
Current Portion of Leases	-	74M	79M	81M	77M
Current Income Taxes Payable	26M	29M	26M	31M	24M
Unearned Revenue Current, Total	333M	158M	138M	137M	147M
Other Current Liabilities	1.03B	944M	980M	1.01B	745M
Total Current Liabilities	3.71B	4.36B	4.22B	4.25B	4.12B
Long-Term Debt	503M	4M	3M	3M	4M
Long-Term Leases	-	381M	347M	286M	223M
Pension & Other Post Retirement Benefits	103M	90M	75M	86M	76M
Deferred Tax Liability Non Current	95M	57M	55M	66M	69M
Other Non Current Liabilities	171M	176M	205M	249M	278M
Total Liabilities	4.58B	5.07B	4.91B	4.94B	4.77B
Common Stock, Total	168M	170M	170M	170M	198M
Additional Paid In Capital	1.38B	1.4B	1.4B	1.4B	3.25B
Retained Earnings	-	236M	337M	434M	-1.48B
Comprehensive Income and Other	208M	-107M	-45M	-74M	-79M
Total Common Equity	1.75B	1.7B	1.86B	1.93B	1.88B
Minority Interest	15M	38M	25M	28M	26M
Total Equity	1.77B	1.74B	1.89B	1.96B	1.91B
Total Liabilities And Equity	6.34B	6.81B	6.8B	6.9B	6.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	420M	42.61M	42.61M	426M	99.18M
ECS Total Common Shares Outstanding	420M	42.61M	42.61M	426M	99.18M
Book Value / Share	4.17	39.89	43.72	4.53	18.97
Tangible Book Value	-242M	-485M	-461M	-548M	-703M
Tangible Book Value Per Share	-0.58	-11.38	-10.82	-1.29	-7.09
Total Debt	661M	855M	434M	374M	323M
Net Debt	-149M	80M	89M	52M	89M
Debt Equivalent of Unfunded Proj. Benefit Obligation	99M	85M	71M	82M	65M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	15M	38M	25M	28M	26M
Equity Method Investments, Total	3M	2M	19M	19M	3M
Account Code - Inventory Valuation	8	-	-	3	3
Land - (BS)	107M	106M	107M	108M	109M
Machinery, Total	84M	443M	452M	457M	467M
Full Time Employees	18.68K	-	-	23.04K	22.84K
Part Time Employees	983	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	21M	39M	43M	53M	55M

Fiscal Period: December	2016	2021	2022	2023	2024
Net Income	177M	113M	171M	167M	173M
Depreciation & Amortization - CF	37M	110M	139M	116M	108M
Amortization of Goodwill and Intangible Assets - (CF)	2M	6M	6M	7M	7M
Depreciation & Amortization, Total	39M	116M	145M	123M	115M
Amortization of Deferred Charges, Total - (CF)	9M	11M	5M	9M	10M
Minority Interest in Earnings - (CF)	17M	-	-	-	-
(Gain) Loss From Sale Of Asset	2M	-2M	5M	5M	3M
Asset Writedown & Restructuring Costs	-	9M	-7M	-1M	-11M
Stock-Based Compensation (CF)	-	-	-	-	11M
Other Operating Activities, Total	12M	46M	11M	27M	12M
Change In Accounts Receivable	-97M	-328M	-60M	-57M	98M
Change In Inventories	-	56M	-6M	20M	-22M
Change In Accounts Payable	29M	157M	174M	10M	-188M
Change in Other Net Operating Assets	88M	154M	-68M	38M	41M
Cash from Operations	276M	332M	370M	341M	242M
Capital Expenditure	-71M	-26M	-37M	-35M	-29M
Sale of Property, Plant, and Equipment	-	-	1M	1M	1M
Cash Acquisitions	-	-14M	-41M	-96M	-28M
Divestitures	-	4M	5M	-	1M
Sale (Purchase) of Intangible assets	-9M	-	-	-	-5M
Investment in Marketable and Equity Securities, Total	-42M	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	4M	-3M	0	-2M	1M
Other Investing Activities, Total	-	23M	-112M	38M	141M
Cash from Investing	-118M	-16M	-184M	-94M	82M
Short Term Debt Issued, Total	-	275M	-	-	-
Long-Term Debt Issued, Total	117M	-	-	-	-
Total Debt Issued	117M	275M	-	-	-
Short Term Debt Repaid, Total	-	-	-390M	-	-
Long-Term Debt Repaid, Total	-62M	-76M	-90M	-85M	-85M
Total Debt Repaid	-62M	-76M	-480M	-85M	-85M
Issuance of Common Stock	14M	1M	-	1M	-
Common Dividends Paid	-48M	-33M	-77M	-85M	-235M
Common & Preferred Stock Dividends Paid	-48M	-33M	-77M	-85M	-235M
Other Financing Activities, Total	-59M	-91M	-81M	-73M	-127M
Cash from Financing	-38M	76M	-638M	-242M	-447M
Foreign Exchange Rate Adjustments	-1M	44M	22M	-28M	23M
Net Change in Cash	119M	436M	-430M	-23M	-100M
Supplemental Items
Cash Interest Paid	-	59M	30M	39M	42M
Cash Income Tax Paid (Refund)	78M	63M	91M	89M	87M
Levered Free Cash Flow	159M	-	222M	292M	324M
Unlevered Free Cash Flow	173M	-	229M	296M	327M
Change In Net Working Capital	8M	-	76M	-12M	-31M
Net Debt Issued / Repaid	55M	199M	-480M	-85M	-85M

Fiscal Period: December	2016	2021	2022	2023	2024
Profitability
Return on Assets	3.27	-	2.89	2.86	3
Return on Total Capital	8.7	-	8.01	8.4	8.93
Return On Equity %	11.34	-	10.65	9.57	9.78
Return on Common Equity	10.44	-	9.6	8.8	9.08
Margin Analysis
Gross Profit Margin %	37.57	31.44	30.16	30.01	30.91
SG&A Margin	-	0.04	-	0.07	0.07
EBITDA Margin %	16.08	12.35	13.13	12.88	12.75
EBITA Margin %	14.46	10.64	11.61	11.14	11.63
EBIT Margin %	14.37	10.38	11.39	10.9	11.39
Income From Continuing Operations Margin %	8.52	5.81	6.98	6.41	6.6
Net Income Margin %	7.78	4.83	6.18	5.81	6.04
Net Avail. For Common Margin %	7.78	4.83	6.18	5.81	6.04
Normalized Net Income Margin	7.77	4.46	6.19	5.74	5.97
Levered Free Cash Flow Margin	6.99	-	8.03	10.15	11.3
Unlevered Free Cash Flow Margin	7.62	-	8.28	10.29	11.41
Asset Turnover
Asset Turnover	0.36	-	0.41	0.42	0.42
Fixed Assets Turnover	7.28	-	4.57	5.33	6.05
Receivables Turnover (Average Receivables)	1.06	-	1.04	1.04	1.04
Inventory Turnover (Average Inventory)	20.01	-	17.4	19.61	19.2
Short Term Liquidity
Current Ratio	1.03	0.89	0.89	0.88	0.85
Quick Ratio	0.99	0.84	0.8	0.81	0.79
Operating Cash Flow to Current Liabilities	0.07	0.08	0.09	0.08	0.06
Days Sales Outstanding (Average Receivables)	344.45	-	351.93	350.83	352.39
Days Outstanding Inventory (Average Inventory)	18.29	-	20.98	18.61	19.06
Average Days Payable Outstanding	512.1	-	518.57	524.54	506.04
Cash Conversion Cycle (Average Days)	-149.36	-	-145.66	-155.1	-134.59
Long Term Solvency
Total Debt/Equity	37.41	49.19	22.99	19.09	16.94
Total Debt / Total Capital	27.22	32.97	18.69	16.03	14.48
LT Debt/Equity	28.47	22.15	18.54	14.75	11.9
Long-Term Debt / Total Capital	20.72	14.85	15.07	12.39	10.18
Total Liabilities / Total Assets	72.15	74.47	72.22	71.61	71.43
EBIT / Interest Expense	14.22	9.72	16.58	14.9	15.52
EBITDA / Interest Expense	15.91	14.36	24.21	20.76	21
(EBITDA - Capex) / Interest Expense	12.83	13.32	22.26	19.1	19.62
Total Debt / EBITDA	1.81	2.38	0.94	0.86	0.73
Net Debt / EBITDA	-0.41	0.22	0.19	0.12	0.2
Total Debt / (EBITDA - Capex)	2.24	2.57	1.03	0.93	0.78
Net Debt / (EBITDA - Capex)	-0.51	0.24	0.21	0.13	0.22
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.02	-	18.11	3.87	-0.31
Gross Profit, 1 Yr. Growth %	0.94	-	13.32	3.36	2.67
EBITDA, 1 Yr. Growth %	5.17	-	25.61	1.93	-1.08
EBITA, 1 Yr. Growth %	5.45	-	28.92	-0.31	4.39
EBIT, 1 Yr. Growth %	5.14	-	29.63	-0.64	4.15
Earnings From Cont. Operations, 1 Yr. Growth %	1.57	-	41.91	-4.66	2.72
Net Income, 1 Yr. Growth %	2.91	-	51.33	-2.34	3.59
Normalized Net Income, 1 Yr. Growth %	5.68	-	63.76	-3.65	3.64
Diluted EPS Before Extra, 1 Yr. Growth %	2.56	-	51.33	-2.34	0.96
Accounts Receivable, 1 Yr. Growth %	3.23	-	5.23	1.94	-2.19
Inventory, 1 Yr. Growth %	36.67	-	5.56	-20.18	26.37
Net Property, Plant and Equip., 1 Yr. Growth %	9.03	-	-9.61	-12.2	-12.1
Total Assets, 1 Yr. Growth %	3.29	-	-0.18	1.54	-3.26
Tangible Book Value, 1 Yr. Growth %	-24.61	-	-4.95	18.87	28.28
Common Equity, 1 Yr. Growth %	6.96	-	9.59	3.65	-2.59
Cash From Operations, 1 Yr. Growth %	16.95	-	11.45	-7.84	-29.03
Capital Expenditures, 1 Yr. Growth %	51.06	-	42.31	-5.41	-3.33
Levered Free Cash Flow, 1 Yr. Growth %	-24.78	-	-	31.31	5.93
Unlevered Free Cash Flow, 1 Yr. Growth %	-21.68	-	-	29.16	5.53
Dividend Per Share, 1 Yr. Growth %	20	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.47	-	-	10.76	1.76
Gross Profit, 2 Yr. CAGR %	8.6	-	-	8.22	3.01
EBITDA, 2 Yr. CAGR %	9.01	-	-	13.15	0.28
EBITA, 2 Yr. CAGR %	12.49	-	-	13.36	1.85
EBIT, 2 Yr. CAGR %	12.15	-	-	13.49	1.73
Earnings From Cont. Operations, 2 Yr. CAGR %	11.16	-	-	16.32	-1.04
Net Income, 2 Yr. CAGR %	12.44	-	-	21.57	0.58
Normalized Net Income, 2 Yr. CAGR %	14.74	-	-	25.61	-0.07
Diluted EPS Before Extra, 2 Yr. CAGR %	11.55	-	-	21.57	-34.91
Accounts Receivable, 2 Yr. CAGR %	7.93	-	-	3.57	-0.15
Inventory, 2 Yr. CAGR %	50.92	-	-	-8.21	0.44
Net Property, Plant and Equip., 2 Yr. CAGR %	9.08	-	-	-10.91	-12.15
Total Assets, 2 Yr. CAGR %	9.98	-	-	0.68	-0.89
Tangible Book Value, 2 Yr. CAGR %	-7.36	-	-	6.3	23.49
Common Equity, 2 Yr. CAGR %	10.04	-	-	6.58	0.48
Cash From Operations, 2 Yr. CAGR %	11.25	-	-	1.35	-19.13
Capital Expenditures, 2 Yr. CAGR %	16.85	-	-	16.02	-11.47
Levered Free Cash Flow, 2 Yr. CAGR %	-3.32	-	-	-	20.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.35	-	-	-	19.48
Dividend Per Share, 2 Yr. CAGR %	17.67	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.7	-	-	-	6.94
Gross Profit, 3 Yr. CAGR %	8.25	-	-	-	6.34
EBITDA, 3 Yr. CAGR %	9.08	-	-	-	8.09
EBITA, 3 Yr. CAGR %	10.93	-	-	-	10.17
EBIT, 3 Yr. CAGR %	10.71	-	-	-	10.29
Earnings From Cont. Operations, 3 Yr. CAGR %	10.7	-	-	-	11.59
Net Income, 3 Yr. CAGR %	11.41	-	-	-	15.25
Normalized Net Income, 3 Yr. CAGR %	13.39	-	-	-	17.81
Diluted EPS Before Extra, 3 Yr. CAGR %	9.73	-	-	-	-13.77
Accounts Receivable, 3 Yr. CAGR %	9.66	-	-	-	1.62
Inventory, 3 Yr. CAGR %	31.57	-	-	-	2.12
Net Property, Plant and Equip., 3 Yr. CAGR %	8.53	-	-	-	-11.31
Total Assets, 3 Yr. CAGR %	8.83	-	-	-	-0.65
Tangible Book Value, 3 Yr. CAGR %	-13.2	-	-	-	13.17
Common Equity, 3 Yr. CAGR %	11.64	-	-	-	3.43
Cash From Operations, 3 Yr. CAGR %	15.1	-	-	-	-10
Capital Expenditures, 3 Yr. CAGR %	0.96	-	-	-	3.71
Levered Free Cash Flow, 3 Yr. CAGR %	30.15	-	-	-	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	22.37	-	-	-	-
Dividend Per Share, 3 Yr. CAGR %	17.84	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.57	0.56	-	-	-
Gross Profit, 5 Yr. CAGR %	5.8	-2.95	-	-	-
EBITDA, 5 Yr. CAGR %	7.78	-4.61	-	-	-
EBITA, 5 Yr. CAGR %	8.72	-5.42	-	-	-
EBIT, 5 Yr. CAGR %	8.59	-5.77	-	-	-
Earnings From Cont. Operations, 5 Yr. CAGR %	8.34	-6.86	-	-	-
Net Income, 5 Yr. CAGR %	8.08	-8.58	-	-	-
Normalized Net Income, 5 Yr. CAGR %	10.25	-9.98	-	-	-
Diluted EPS Before Extra, 5 Yr. CAGR %	8.71	-8.91	-	-	-
Accounts Receivable, 5 Yr. CAGR %	7.3	3.61	-	-	-
Inventory, 5 Yr. CAGR %	18.56	5.66	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	7.41	14.26	-	-	-
Total Assets, 5 Yr. CAGR %	5.39	1.42	-	-	-
Tangible Book Value, 5 Yr. CAGR %	-4.08	14.92	-	-	-
Common Equity, 5 Yr. CAGR %	6.12	-0.6	-	-	-
Cash From Operations, 5 Yr. CAGR %	7.75	3.76	-	-	-
Capital Expenditures, 5 Yr. CAGR %	-18.71	-18.2	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	21.98	-	-	-	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	39.66	-	-	-	-
Dividend Per Share, 5 Yr. CAGR %	10.35	-	-	-	-