HAVAS

2010 First Half Results
Strong increase in Net income, Group share of +22.5%

► Revenue up:
• +4.2% in H1 2010 over H1 2009  
• +2.0% organic growth in Q2 2010, for a total of +1.8% for H1 2010

► Marked improvement of +18.3% in Income from operations:
• Margin on income from operations of 11.5% for H1 2010 against 10.2% in H1 2009, an increase of +130 basis points

► Net income, Group share up +22.5% at €49 million for H1 2010 compared with H1 2009

► Dynamic trend sustained in Net new business: €1.2 billion for H1 2010 compared with €0.8 billion for H1 2009 (+50%), equivalent to full year performance in 2009

► Net financial debt reduced by almost 30%: €129 million at June 30, 2010 compared with €179 million at June 30, 2009; gearing now 11%

► Average net financial debt reduced by 50% for H1 2010: €81 million compared with €162 million for H1 2009

Solid performance in 2009
Net cash position turned positive
Proposed doubling of dividend

► Annual revenue of €1,441 million, organic growth of -7.9% for the full year and -4.4% for the fourth quarter, the strongest performance in the sector
► Income from operations margin of €180 million or 12.5% of revenue, up from 12% in 2008
► Net income, Group share: €92 million.
► Net cash position of €48 million at year-end 2009, after net debt of €79 million at year-end 2008
► Proposed doubling of dividend to 8 cents (€) per share.

► Annual revenue for 2009 of €1,441 million, down 8.1% unadjusted. 2009 organic growth of -7.9% for the full year.
► Organic growth recovers from -9.2% for the first nine months of 2009 to -4.4% in the 4th quarter.
► Net New Business remains robust at €1,270 million.