HAVAS - 500 Beiträge pro Seite

[broady]

Die Actienbörse rät in Havas zu investieren ohne wenn und aber ....

[broady]

Das schrieb Bernecker (Die Actienbörse) im Dezember

Die Kellerfahrt können Sie nebenstehend gut nachvollziehen. Zur Zeit läuft ein umfangreiches Programm zur Restrukturierung. Das bedeutet Verkauf oder Schließung und endlich auch Kapitalmaßnahmen. Betroffen sind davon durch eine Art Verzicht auch Besitzer einer alten Wandelanleihe. Das führt insgesamt zu einer Entlastung in der Verschuldung.

HAVAS arbeitet zur Zeit mit einem Umsatz von 1,2 Mrd E. Die sog. Billings (Werbeetats) liegen bei 8 Mrd E. Das führt in diesem Jahr noch zu einem Verlust von 0,15 E je Aktie, hingegen im kommenden Jahr zu einem Plus um 0,12 E. Das KGV von 36 ist deshalb noch eine Traumgröße. Aber:



Was ist der ganze Laden wert? Der Börsenwert von HAVAS stellt sich auf nur 400 Mio E. Als Nr. 6 in der Branche ist HAVAS also entweder ein Übernahmekandidat oder bei eigenen Aktivitäten eine gute 100 %-Chance. Damit ist diese Aktie eine weitere riesige Turnaround-Spekulation, wozu Sie eine Wartezeit von sicherlich 18 - 24 Monaten benötigen. Doch Sie wissen: Jede Wende in der Werbung schlägt bei Medienfirmen wie eine Druckmaschine für Geldscheine auf das Ergebnis durch.

Heute schrieb er das nun die letzte Möglichkeit wäre noch billig einzusteigen....na denn

[goldfit]

ich bin dabei!

[goldfit]

hier der Langfristchart
Havas 851017

[goldfit]

da sind mind. 100 % Potential drin!!

[broady]

Momentan tut sich ja nicht ganz viel..
...die Ruhe vor dem Sturm....

[explizit]

na endlich gehts auch hier los

[broady]

ja auch hier......
...Danke Onkel Bernecker...

[explizit]

das ist auch erst der Anfang ....

broady, kann es sein, daß wir die gleichen Winner-Aktien im Depot haben?

[explizit]

heute in Paris:

[explizit]

SURESNES, France, March 4 /PRNewswire-FirstCall/ -- 2003 Operating Margin of 8.3%, Or Eur136 Million

The New Organisation Announced ON September 18th 2003 is Already Having a Positive Effect

In 2004 the Group Should Return to a Dynamic of Growth and Significantly Improved Profitability

The Board of Directors of Havas, chaired by Alain de Pouzilhac, convened on March 3rd 2004 to approve the Group``s 2003 financial statements.

1. 2003 - Figures

- Revenue for 2003 totaled EUR1.645 billion, down 17.2%, and down 5.7% on a comparable basis and at constant exchange rates.

- Operating income was EUR136 million, representing an operating margin of 8.3%, compared to 11.5% in 2002.

- Exceptional loss of EUR226 million was primarily comprised of EUR172 million restructuring costs and EUR51 million relating to the buy-back of the put feature of the 2009 Oceane (bond).

- After financial costs, tax and minority interests, the net loss (Group share) before goodwill amortisation amounted to EUR179 million.

- After goodwill amortisation of EUR217 million, including EUR151 million of impairment, the net loss was EUR396 million, or (EUR1.33) per share.

- Net debt at December 31st 2003 amounted to EUR642 million, compared to EUR664 million at December 31st 2002.

- Free cash flow[1] generated during the year amounted to EUR36 million.

- Shareholders`` equity amounted to EUR661 million at December 31st 2003, compared to EUR1.197 billion at December 31st 2002, a decrease of EUR536 million, due to the loss recorded during the year and to an unfavorable exchange rate impact of EUR121 million.

- Comments

- 2003: Growth and operating margin evolution below objectives, restructuring costs generally in line with the plan, and debt under control

- The decline in operating margin was mainly due to poor forecasting from Euro RSCG, which at a late stage in the year turned out to be over-optimistic. Revenues were therefore lower than anticipated, resulting in cost structure which was too high. This exceptional situation should not be repeated in 2004.

As part of its restructuring, the Group reacted at the end of the year by eliminating more positions than originally anticipated. This necessary reaction did not increase the overall restructuring costs which were confirmed at EUR172 million. The increase in the amount allocated to redundancy payments (EUR47 million compared to the EUR35 million initially announced) was compensated for by a reduction in the provisions necessary for the real estate program (EUR75 million compared to the EUR100 million initially announced). Savings from the restructuring plan implemented in the second half of 2003 had little impact on 2003, as expected, but will have their full effect in 2004.

- Net debt was down by EUR22 million at December 31st 2003 compared to December 31st 2002, despite the integration of a financial debt of EUR50 million relating to the buy-back of the 2009 Oceane put feature.

This reduction is related to the generation of EUR36 million of free cash flow, reflecting strict control of investments and a significant improvement in working capital (+ EUR81 million excluding exceptional items).

The purchase of the 2009 Oceane put feature resulted in the postponement of the reimbursement of a large proportion of the debt to January 1st 2009.

- 2003: The restructuring has not in any way diminished the Group``s capacity to develop its existing clients, win new global clients and achieve a successful year in terms of creativity.

- Havas developed its existing clients substantially, with the following new wins by country and by discipline: 18 new countries or disciplines for France Telecom, 15 for Peugeot, 8 for Reckitt Benckiser, 7 for Danone, Diageo and L``Oreal , 6 for Air France and Nestle , 5 for Alcatel, Cadbury and Intel.

- Ten major account wins helped move the Group up to number four worldwide[2] in New Business, ahead of WPP, which confirms the appropriateness of Havas`` strategy in having two global networks and a strong creative presence in the key countries worldwide.

These ten major accounts are Intel Centrino, MCI Corporate, Polaroid, Aventis Lantus, Roche Diagnostic, Cap Gemini, Areva, Remy Cointreau, Fromage Suisses and Amgen Corporate.

Overall, net new business[3] increased by 5.8% compared to 2002. This represents estimated billings of EUR1,696 million.

- 2003 was also an outstanding year, quite the best in the Group``s history, in terms of creativity and innovation.

The Peugeot 206 film entitled "The Sculptor" won the most awards of any commercial in the world in 2003 and was judged Best TV Campaign in the world (Gunn Report). It also won the Journalists`` Award at Cannes. The Evian "Water Boy" film was voted France``s favorite commercial of the year, ranked first by Ipsos in its 2003 Advertising lists (TV).

Euro RSCG was the only network to win awards at Cannes in each of the communication disciplines, demonstrating its expertise in integrated communication.

Arnold was ranked 4th worldwide (Gunn Report[4]) for its high level of creativity.

2. The new organisation announced on September 18th 2003 is already having a positive effect.

- A streamlined and reduced cost base Of the fifty companies which penalised the Group``s performance in 2003: - All companies with strong potential have been successfully transferred; - All those that were earmarked for closure have been closed;

- All those earmarked for restructuring have been restructured with changes in management

- Around 60% (in terms of revenue) of companies to be disposed of have been sold or are about to be sold (letters of intent have been signed).

- In addition to headcount reduction, over 70,000 msquared of real estate has been made available to let, concentrating operations in a smaller number of sites.

Cost savings estimated for 2004 and resulting from the restructuring of the second half of 2003 come to EUR126 million, including EUR70 million from existing companies and EUR56 million from the elimination of costs from the companies closed and sold. This EUR126 million is broken down into EUR94 million compensation costs and EUR32 million general and administrative costs.

- Leading to a simplified and stronger organisation, based on two global networks and a strong creative presence on the major world markets

Euro RSCG Worldwide has been substantially strengthened by the integration of 19 new companies in all its disciplines. Under the management of its new chairman Jim Heekin, the network is now ready to offer integrated communications through a unique organisation: the "Power of One".

MPG is continuing to expand its global media consultancy network. Havas`` objective is to accelerate its geographical expansion through joint ventures or commercial agreements before the end of summer 2004.

Arnold Worldwide Partners, in its new configuration, has restored its creative and commercial dynamism which is already generating significant success so far this year.

3. Dividend 2003

The Board of Directors has decided to recommend to the Annual Shareholders Meeting of May 26th, 2004 to continue to realign the dividend with the communication sector average. This alignment corresponds to a dividend of 5 cents per share (net dividend), to be paid on June 17th, 2004.

4. 2004: the Group should return to a dynamic of growth and significantly improved profitability

- New talent

Havas has succeeded both in retaining its most able staff and attracting new talent to key positions in all divisions, helping it to face the challenge of winning market share, especially with the major world advertisers, strengthen the management of its divisions and optimise its operations.

- A good level of New Business since the beginning of the year

Havas was ranked third for New Business in January 2004 by Advertising Age5, ahead of Interpublic and WPP.

Significant examples include:

- Retaining the Fidelity account and winning Relpax and Tyson Foods in the USA (Arnold);

- Winning Diageo and VW in Spain and Columbia Telecom (MPG);

- Winning SanDisk on a global basis, Inamed in the US and in Marketing Services Royal Mail in the UK, Dial Corps and DTVN in the US and Nokia Interactive in Latin America (Euro RSCG);

- Winning flybmi.com in the UK (Euro RSCG Interaction). - And yesterday, winning Wanadoo in France (Euro RSCG C&O) - The pursuit of excellence in creativity and innovation

Euro RSCG Interaction has been named worldwide Agency of the Year in the interactive market(6), which should be the most dynamic sector in 2004 according to the London Business School Survey(7).

BETC Euro RSCG was ranked number one creative agency by CB News[5] - Ongoing efforts to cut costs

The optimisation of the Group``s resources continues, with transversal projects in real estate, IT, and other principal general and administration categories. In major countries, administrative and financial departments are being rationalised.

- A revamped financial system

The financial reporting system has been reorganised in order to reinforce performance monitoring and accelerate the Group``s capacity to react.

5. Conclusion

While the current climate is certainly more auspicious than in 2003, even if it is still not clear whether a real global recovery is on its way, Havas should, whatever the environment, reap the benefits of its new organisation and return to a dynamic of growth while boosting its profitability significantly. This must also be sustainable. Havas is therefore continuing to invest in its resources, its ability to innovate, to deliver great creative ideas to its clients in all communications sectors, and, finally, in its people, the Group``s most valuable asset, both today and tomorrow.

Appendix: New business 2003, statement of operations, balance sheet and statement of cash flows can be found at the Havas website: http://www.havas.com/

About Havas

Havas (Euronext Paris: HAV.PA; Nasdaq: HAVS) is a global advertising and communications services group. Headquartered in Paris, Havas has three principal operating divisions: Euro RSCG Worldwide which is headquartered in New York, Arnold Worldwide Partners in Boston, and Media Planning Group in Barcelona. A multicultural and decentralised Group, Havas is present in 75 countries through its networks of agencies located in 47 countries and contractual affiliations with agencies in 28 additional countries. The Group offers a broad range of communications services, including traditional advertising, direct marketing, media planning and buying, corporate communications, sales promotion, design, human resources, sports marketing, multimedia interactive communications and public relations. Havas employs approximately 16,000 people.

Further information about Havas is available on the company``s website: http://www.havas.com/

Forward-Looking Information

This document contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions, concerning matters that are not historical facts. These forward-looking statements reflect Havas`` current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause Havas`` actual results to differ significantly from those expressed in any forward-looking statement. Certain factors that could cause actual results to differ materially from expected results include changes in global economic, business, competitive market and regulatory factors. For more information regarding risk factors relevant to Havas, please see Havas`` filings with the U.S. Securities and Exchange Commission. Havas does not intend, and disclaims any duty or obligation, to update or revise any forward-looking statements contained in this document to reflect new information, future events or otherwise.

APPENDIX 1 2003 New Business

- Major integrated global accounts: Amgen Corporate, Areva, Aventis Lantus, Cap Gemini, Intel Centrino, Fromages Suisses, MCI Corporate, Polaroid, Roche Diagnostic, Remy Cointreau

- Winning flagship brands in regional or local markets :

Integrated communications, Agilent, American Legacy, Amtrak, Carrefour, Travelocity,

Advertising, Accucard, Biosynergy, Coca Cola, Colonial Williamsburg, EDF, Koenig Pilsener, Schweizerische Bundesbahn, Universal Studio Canada, Vision Express, Yili Milk,

Media, winning flagship brands in regional or local markets: Agilent, Amtrak, Barclays, Carrefour, France Telecom, MCI, Schering Plough, Travelocity

- Account losses: Abbey National, Alberto Culver, Camelot, Monster.com, Subway, Yahoo,

[1] Free Cash Flow = net cash from operations + net cash from investing activities - dividends + capital increases

[2] Advertising Age, Global and Pan Regional Ranking, published on December 15th, 2003

[3] Net new business reflects estimated annual advertising budgets won minus estimated annual advertising budgets lost.

[4] Gunn Report published on November 2003

[5] Les Hits d``Or, CB News, January 12th, 2004

Havas

© PR Newswire

[broady]

explizit

sieht schon ein bischen nach identischen depots aus...
wie siehts denn bei dir mit alstom und clariant aus
......morgen gedenke ich mal mir ein paar FJH zu holen...

[Monsterbaer]

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