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Ipsos Third Quarter Results : An Example of Resilience

Q3 2020 An Example of ResilienceQ3 revenue: €468.6 million  Q3 YTD organic growth: (9.9)% Q3 organic growth: (3.3)%Paris, October 22, 2020 – Ipsos posted revenue of €468.6 million in Q3 2020. This was down 6.2% compared to the same period last year. Exchange rate effects had a 3.8% negative effect. Changes in the scope of consolidation had a 0.9% positive effect. The decline in revenue at constant exchange rates is limited to just 3.3%, reflecting the beginning of a renewed stability since June. The business is recovering month-by-month. Net of exchange rate effects and changes in the scope of consolidation, the decrease was 9.9% from January to September compared to 13.5% from January to June.CONSOLIDATED REVENUE BY QUARTERConsolidated revenue (in millions of euros)20202019Total Periodic Change 2020 / 2019Third quarter growth Q1428.7422.11.6%0 Q2357.3481.3(25.8)%(25.3)% Q3468.6499.4(6.2)%(3.3)% Q3 YTD revenue1,254.61,402.7(10.6)%(9.9)% Q4-600.5– Annual total-2,003.3– Performance by region Ipsos saw mixed revenue performances across regions. The EMEA (Europe, Middle East and Africa) region, which suffered the least in the first half, was also the one to recover the fastest. Ipsos saw renewed revenue growth there, driven by the combination of multiple favorable factors. The large “developing” countries in the region, including in particular Russia, Turkey and Poland posted encouraging performances while in Western Europe, in the wake of the “major lockdown” many health authorities put in place mechanisms to measure the spread of the virus in which Ipsos is often called to play a role, mainly in the United Kingdom and France. In this region, following +0.5% in Q1 and (9.5)% in Q2, Q3 saw growth of 11% eliminating the effects of exchange rates and scope of consolidation. This recovery may continue until the end of the year even if double-digit organic growth would remain a very ambitious target.The deterioration in the health situation is thus bad news from this perspective. In the Americas and Asia Pacific, the pace of recovery is slower because in these zones the operations in developing countries continue to suffer. It is also true that Ipsos has less of a footprint than in Europe in public policy monitoring programs, even though these activities have developed in recent years. China, as well as the US, India and South Korea posted much stronger performances than their respective regions. PERFORMANCE BY REGIONIn millions of euros Q3 YTD revenueContribution (%)Organic growth Q3 YTDReminder H1 2020 Organic growth EMEA589.047%(2.5)%(9.5)% Americas449.036%(14.5)%(15.5)% Asia Pacific216.617%(17.5)%(19)% Q3 YTD revenue1,254.6100%(9.9)%(13.5)% Performance by audience An analysis of the performance by audience confirms these findings. The Q3 YTD picture remains volatile even if revenue numbers are improving month-by-month in the services in which Ipsos targets consumers, and especially patients, health professionals and citizens. The services dedicated to studying customer behaviors and opinions are for their part still down insofar as the sectors that are the biggest consumers of such, like transport, hospitality, and catering, are precisely those that have been hit the hardest by the pandemic. The change in the value of contracts in the health and public opinion fields is highly indicative of the changes Ipsos has seen in the structure of its business over the past two years, as a result of the acquisition of certain GfK divisions in October 2018 and the outbreak of the pandemic in February 2020. In the services dedicated to surveying doctors and patients, Ipsos posted revenue of €173 million in the first nine months of 2018, rising to €210 million in 2019 and stabilizing at this high level in 2020. Their contribution to total Ipsos revenue was 11% in 2018, 15% in 2019 and 17% this year. In the services through which citizens and citizen groups are surveyed, Ipsos posted revenue of €140 million from January to September 2018, rising to €180 million in the same period of 2019 and now €244 million in the first nine months of 2020. Their respective percentage contributions to Ipsos revenue was 12% in 2018, 13% in 2019, rising to 19% this year.We should remind that there are three barriers Ipsos is facing: * General uncertainty, which has an impact on planned investments and on the growth of private sector companies, particularly when they are global. For at least some time, they often withdraw into their home markets to the detriment of foreign markets, particularly developing countries; * Some sectors have been hit head on by the health crisis, with lasting effects; * Some services require the use of very well-defined protocols, involving personal interaction between Ipsos interviewers or analysts on one hand and those who are interviewed or observed on the other hand. Here, the difficulties performing the contracts have led to delays, and even cancellations that ultimately dragged down, at least temporarily, Ipsos revenue levels.While these barriers are still there, their negative effects have eased since June. On one hand, as further proof of its scientific and technical capabilities and agility, Ipsos has been able to convince certain public and private clients to switch to new more digital contactless solutions, thereby enabling the resumption of programs that had been suspended.  Secondly, companies, public institutions or NGOs cannot stay on the sidelines. They must take action and, at a time when the consequences are huge, their access to fresh reliable information is key. PERFORMANCE BY AUDIENCEIn millions of eurosRevenue Q3 YTDContribution (%)Organic growth Q3 YTDReminder H1 2020 Organic growth Consumers1518.441%(17)%(19)% Clients and employees2283.523%(22.5)%(21)% Citizens3244.119%27%11.5% Doctors and patients4208.517%1%(5.5)% Revenue Q3 YTD 1,254.6100%(9.9)%(13.5)% *Breakdown of Service Lines by audience segment: breakdown of revenue by audience segment is non-financial data, likely to change over time in line with changes in the structure of Ipsos teams:1- Brand Health Tracking, Creative Excellence, Innovation, Ipsos UU, Ipsos MMA, Market Strategy & Understanding, Observer (excl. public sector), Social Intelligence Analytics 2- Automotive & Mobility Dev, Audience Measurement, Customer Experience, Channel Performance (including Retail Performance and Mystery Shopping), Media development 3- Public Affairs, Corporate Reputation 4- Pharma (quantitative and qualitative) OTHER INFORMATION ABOUT BUSINESS CONDITIONS IN Q3In the first nine months of 2020, the Group’s net income and operating margin ratios were at similar levels to those recorded over the same period last year. This follows a drop of around 230 basis points in the operating margin in the first half of 2020, as a result of the slowdown from mid-March caused by the pandemic. The suddenness of this slowdown meant that it wasn’t possible to immediately cut operating costs to the same extent, because they are in part fixed and were proportionate to the growth previously forecast for 2020. The various cost-cutting measures put in place made it possible to largely make up for this shortfall, with the company being well on the way to achieving the €109 million cost-saving plan announced for full-year 2020 (including around €42 million in salaries – plus €29 million in government subsidies – and close to €38 million in general overheads).Free cash flow was positive and in line with forecasts for Q3, following a record first half due to the twin effect of the cash received at the start of the year following the high level of sales in Q4 2019 and the lower working capital requirements due to the decline in revenue in 2020. It stood at €177 million over the first nine months of the year.The company invested close to twenty million euros in its non-current investments (in particular in the two acquisitions of Maritz Mystery Shopping and Askia completed at end-January 2020).Net borrowings stood at €435 million, down from December 31, 2019 (€578 million). The net debt ratio stood at 40.5% compared with 51.5% at December 31, 2019 and 60.3% at September 30, 2019. Cash position. The cash position stood at €215 million at September 30, 2020 compared with €165 million at December 31, 2019, ensuringIpsos a strong cash position. The group also has around €400 million in available cash facilities enabling it to meet its debt repayments in 2020 and 2021. In September, the company met a private debt market maturity (USPP) of USD 185 million at end-September, without needing any refinancing.OUTLOOK FOR 2020 Ipsos has been recovering month-by-month since the end of the “great lockdown” in Europe. From June to September, our sales (net of cancellations and postponements) increased by 6% at constant exchange rates and scope of consolidation compared with last year. The company is on a favorable path that should allow it to reduce the rate of decline in its revenue over the full-year. At the current pace, the combination of maintaining a strong order book, a proven ability to maintain decent price levels and rigorous management of our cost base should enable the company to achieve solid financial results and a good cash flow generation. The Ipsos teams have been working hard and communicating extensively with all the clients with whom they are honored to work. Our raison d’être: “To deliver reliable information that provides a true understanding of Society, Markets and Individuals” is, and remains, their guide when they innovate, collaborate and implement with maximum diligence “Triple A” services, as they have decided to call them. Indeed, companies and institutions that choose to entrust us with some or all of their research programs on the state of Society and Markets and on people’s changing behaviors and expectations know that they must have access to reliable, consistent, fresh and understandable information. In our language, “Triple A” refers to solutions that are “Appropriate, Agile, Affordable”. Every day, Ipsos proves its agility, robustness, knowledge of clients and their expectations, as well as its ability to use scientific know-how and technologies that enable it to produce and disseminate more reliable information, faster, at an affordable price. Ipsos’ outlook for the remainder of the year, and by extension for 2021, is good. There is, however, one obvious caveat. It was expected that the COVID-19 pandemic would still be around for many months until effective treatments for doctors and citizens were available to counter the effects of the virus and vaccines available to stop or even prevent its spread. It was not necessarily expected that the pandemic would increase in intensity as is currently the case in Europe and elsewhere, including the United States. The lesson from the spring wave of the pandemic is clear. Ipsos saw business fall due to the drastic measures taken to limit the spread of the virus rather than to the epidemic itself. It was the “great lockdown” that slowed revenue and led to the shutdown of certain programs for technical reasons. As of the date of publication of this press release, no major country has reintroduced widespread lockdowns. As a result, the level of new orders remains strong. No one can predict today what decisions will be taken by the health authorities in the countries most affected by the new wave of the pandemic. In reality, our only certainty is that our business will be affected if many countries reintroduce widespread lockdowns for several weeks or even months. That said, the various scenarios, from the most restrictive to the most optimistic, do not call into question the financial and operational strength of our company.ABOUT IPSOS Ipsos is the third largest market research company in the world, present in 90 markets and employing more than 18,000 people.Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 business solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques. “Game Changers” – our tagline – summarizes our ambition to help our 5,000 clients navigate with confidence our rapidly changing world.Founded in France in 1975, Ipsos has been listed on Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD). ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.comAttachment * Ipsos_Q32020_VEN

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Trudeau touts 'historic' $100B stimulus plan, won't commit to boosting health transfers –



Prime Minister Justin Trudeau is touting the government’s plan to inject up to $100 billion into Canada’s post-pandemic economy, calling it a “historic and appropriate” spending plan.

On Monday, Finance Minister Chrystia Freeland tabled the fall economic statement, which included the three-year stimulus program.

During a news conference outside his residence at Rideau Cottage Tuesday, Trudeau said that with vaccines on the horizon, the end to the pandemic crisis is in sight.

He called the $100 billion program, which represents three to four per cent of GDP, a “historic and appropriate” stimulus plan.

“This will be a significant investment to get our economy back on track. And it’s an investment that will make sure no one gets left behind,” he said.

Trudeau is set to meet with premiers on Dec. 10 to discuss health care transfers and the vaccine rollout.

Premiers have been calling for a $28 billion top-up to federal health transfers. Trudeau would not commit to any specific increase today.

Asked if the provinces and territories will be in line for a funding boost, Trudeau said he looks forward to talking with the premiers to assess their needs for the short term and post-pandemic.

“We’re going to continue to be there for Canadians and I look forward to that conversation with the premiers, to look at how we can ensure that we are supporting people right now and that our health care systems are sustainable into the future,” he said.

Monday’s economic statement outlined various emergency aid programs for Canadians and businesses, and projected a deficit of at least $381.6 billion for this fiscal year.

Trudeau said today that those supports will continue to flow next year as things gradually return to normal.

“Even as vaccines begin to arrive, we know that we have to reach a significant percentage of the population before we can start releasing and reducing measures across the country, so it’s going to be a long winter,” he said in an interview on CBC Radio’s The Current.

“We’re going to have to continue to do the things that will keep us safe, but that’s why the economic anxiety that people are feeling is something that we’re there to counter.”

Trudeau said the government has worked to ease that anxiety by providing supports such as rent and wage subsidies, which will continue to “make it a little bit easier.” 

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Coronavirus: What's happening in Canada and around the world on Tuesday –



The latest:

Alberta’s hospital system is under “significant strain” and is adding intensive care beds as it faces an increase in COVID-19 cases, a medical director for the Edmonton area says.

Health officials reported 1,733 new cases of COVID-19 on Monday, a record high that brought the number of active cases in the province to 16,454. The province also saw record-high COVID-19 hospitalizations, with 453 people in hospital, including 96 in ICU.

Dr. David Zygun, of Alberta Health Services, said Monday that the province had planned for the increased demand and was now “executing those plans as the demand increases.”

The province has 173 general adult ICU beds and has plans to expand up to 425 ICU beds, Zygun said at a COVID-19 briefing.

“Over the last week in Edmonton, we’ve added an additional 20 beds,” he said. “Over the weekend in Calgary, we have another 10 beds.”

Hospitals are also cohorting patients and making use of decomissioned and unused spaces as health services works to add beds to help with the COVID-19 response.

“Obviously we hope that they won’t be needed but we are working not only to supply them but also to staff them,” Zygun said.

Alberta’s leaders have faced criticism from some in the medical community who say that public health measures imposed by the province aren’t strong enough to slow the spread of the novel virus.

What’s happening across Canada

As of 10:20 a.m. ET on Tuesday, Canada’s COVID-19 case count stood at 379,846 with 66,364 of those considered active cases. A CBC News tally of deaths based on provincial reports, regional health information and CBC’s reporting stood at 12,137.

Ontario Health Minister Christine Elliott said Tuesday that the province reported 1,707 new cases of COVID-19, with 727 in Toronto and 373 in Peel Region.

In British Columbia, the province announced the highest number of COVID-19 deaths for a three-day period as it recorded 46 fatalities over the weekend.

Provincial Health Officer Dr. Bonnie Henry addressed those who have lost loved ones in the pandemic, saying “we all feel your loss and mourn with you.”

“These people have faces, have names, have stories. This tragedy is all of our tragedy,” Henry said. “If you are thinking it may be OK to bend the rules, please remember this virus takes lives.”

As of Monday, a statement from Henry and Dix said there were 316 people with COVID-19 in hospital, including 75 in intensive care.

Saskatchewan Premier Scott Moe said Monday it’s too early to say whether COVID-19 restrictions will be loosened in time to allow families to gather for the holidays. Moe said residents can expect to see high COVID-19 case numbers for the next few weeks, as officials wait to see if the latest public health measures have been effective.

The province reported 325 new infections on Monday and said there are 123 people in hospital, 23 of whom are receiving intensive care.

In Manitoba, health officials reported 343 new cases of COVID-19 on Monday and 11 additional deaths. The province, which has been dealing with a surge in cases, said 342 people were hospitalized with COVID-19, with 43 in intensive care units.

LISTEN | Prime Minister Justin Trudeau joins host Matt Galloway to talk about COVID-19, vaccines and the cost of fighting the pandemic:

The Current13:17Justin Trudeau on the cost of fighting the pandemic

After yesterday’s fiscal update, Prime Minister Justin Trudeau joins Matt Galloway to discuss the cost of fighting COVID-19, and how his government plans to roll out the vaccines that could finally subdue the pandemic. 13:17

Quebec reported 1,333 new COVID-19 infections and 23 more deaths linked to the novel coronavirus on Monday.

The province’s Health Department said there are 693 patients hospitalized with COVID-19, 28 more than the previous day. Ninety-four people were in intensive care, an increase of two.

In Atlantic Canada, Nova Scotia reported 16 new cases of COVID-19 on Monday, New Brunswick reported six new cases and Newfoundland and Labrador reported one new case. There were no new cases reported in Prince Edward Island.

Across the North, there were four new cases of COVID-19 reported in Nunavut on Monday, while one new case was reported in Yukon. A mask mandate for indoor public spaces goes into effect in Yukon on Tuesday. 

There were no new cases reported in the Northwest Territories, which has seen 15 cases to date.

What’s happening around the world

From The Associated Press and Reuters, last updated at 10:15 a.m. ET

As of early Tuesday morning, more than 63.3 million cases of COVID-19 had been reported worldwide, with more than 40.6 million of those cases listed as recovered or resolved in a tracking tool maintained by Johns Hopkins University. The global death toll stood at more than 1.4 million.

In the Asia-Pacific region, Vietnam reported two more coronavirus cases on Tuesday linked to a rare domestic infection in its commercial hub Ho Chi Minh City, while the government urged public vigilance and tighter enforcement of health measures.

The Southeast Asian nation is back on high alert after confirming on Monday the country’s first community infection in 89 days, prompting the closure of several places in the densely populated southern city.

The latest cases have been traced back to a flight attendant, who had been kept inside a quarantine facility for five days before being released to self-isolate at home.

“The flight attendant contracted the virus inside the quarantine area then spread it to others during his home-quarantine time,” Health Minister Nguyen Thanh Long said in a government statement.

“It’s the first ever time such a thing happened. The flight attendant seriously violated quarantine regulations.”

A woman wearing a face mask checks her smartphone while waiting on her scooter along a street in Hanoi on Tuesday, a day after Vietnam reported its first local transmission case of COVID-19 in nearly three months. (Manan Vatsyayana/AFP/Getty Images)

With its usually strict quarantine and tracking measures, Vietnam has managed to quickly contain its coronavirus outbreaks, allowing it to resume its economic activities earlier than much of Asia.

Vietnam crushed its first wave of coronavirus infections in April and went nearly 100 days without local transmission until the virus re-emerged in the central tourist city of Danang in July and spread widely, before being contained in a few weeks.

Late on Tuesday, Vietnamese Prime Minister Nguyen Xuan Phuc said Vietnam would suspend all inbound commercial flights following the new outbreak. Flights for some foreign experts who do business in Vietnam had been operating throughout the pandemic.

In Europe, nonessential shops in Belgium were reopening Tuesday in the wake of encouraging figures about declining daily coronavirus infection rates and hospital admissions.

The government is fearful, however, that the change might lead to massive gatherings in the nation’s most popular shopping centres and streets. Over the weekend, pre-Christmas light festivals already led to crowded scenes in several cities, prompting warnings from virologists about the dangers of reopening too soon.

Belgium, host to the headquarters of the 27-nation European Union, has been one of the hardest-hit countries in Europe during the pandemic. Belgium has reported more than 16,500 deaths linked to the virus during two surges in the spring and the fall.

A shopkeeper wearing a protective mask adjusts a display before the reopening of the shops qualified as non-essential in a shopping mall in Brussels, Belgium, on Tuesday. (Yves Herman/Reuters)

Under the new rules, shopping has to be done alone or with a minor or a dependant person. Time in a shop is limited to half an hour. Restaurants and bars remain closed.

France, meanwhile, recorded 4,005 new COVID-19 infections on Monday, the smallest rise since August, even as hospitalizations remained high.

In the Americas, the United States entered the final month of the year hoping that promising vaccine candidates will soon be approved to halt the rapidly spreading novel coronavirus after 4.2 million new cases were reported in November.

The new COVID-19 cases were more than double the previous monthly record set in October, as large numbers of Americans still refuse to wear masks and continue to gather in holiday crowds, against the recommendation of experts.

In an aerial view from a drone, cars are lined up at Dodger Stadium for COVID-19 testing on the Monday after Thanksgiving weekend in Los Angeles. (Mario Tama/Getty Images)

With outgoing President Donald Trump’s coronavirus strategy relying heavily on a vaccine, a Food and Drug Administration panel of outside advisers will meet on Dec. 10 to discuss whether to recommend the FDA authorize emergency use of a vaccine developed by Pfizer Inc.

A second candidate from Moderna Inc. could follow a week later, officials have said, raising hopes that Americans could start receiving inoculations before the end of the year, although widespread vaccinations could take months.

California’s governor, meanwhile, said he may renew a stay-at-home order in coming days, while families of 15 public school students sued the state, saying it has failed to provide equal education to poor and minority children during the pandemic.

In the Middle East, Lebanon’s economy faces an “arduous and prolonged depression,” with real GPD projected to plunge by nearly 20 per cent because its politicians refuse to implement reforms that would speed up the country’s recovery, the World Bank said Tuesday.

It said Lebanon should quickly form a reform-minded government to urgently carry out changes. The crash of the local currency has already led to triple-digit inflation. The dire projections by the World Bank, including a 19.2 per cent drop in gross domestic product this year alone, come as Lebanon suffers its worst economic and financial crisis in its modern history, posing a threat to the country’s stability.

The crisis began a year ago and worsened with the spread of coronavirus and the massive blast at Beirut’s port, which destroyed the facility, killed more than 200 people and caused widespread destruction.

Iran remained the hardest hit country in the region, with more than 975,000 recorded cases of COVID-19 and more than 48,600 deaths.

In Africa, deaths from malaria due to disruptions during the pandemic to services designed to tackle the mosquito-borne disease will far exceed those from COVID-19 in sub-Saharan Africa, the World Health Organization warned. South Africa remained the hardest-hit country in Africa, with more than 790,000 recorded cases of COVID-19 and more than 21,500 deaths.

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Canadians offer mixed confidence in government's vaccine rollout: Nanos survey – CTV News



Just one in six Canadians are confident in the federal government’s rollout of a COVID-19 vaccine once one becomes available, according to the latest data from Nanos Research.

The survey, commissioned by CTV News and released on Monday, asked 1,096 Canadians how confident they are that the government has a “a well organized plan to deliver COVID-19 vaccines to Canadians as quickly as possible” and found that just 16 per cent of respondents said they are “confident,” while another 40 per cent said they are “somewhat confident.”

“It’s very early in this process and I think until we actually see more details and there’s more meat on the bone, I expect (the vaccine rollout is) still going to be a bit of a question mark for many Canadians,” Nik Nanos, the chair of Nanos Research, told CTV’s Power Play.

When broken down regionally, respondents from Quebec offered the most confidence, with 73 per cent of respondents indicating that they are either confident or somewhat confident, while respondents in the Prairies had the least confidence, with 29 per cent indicating they are “not confident” in the vaccine rollout.

On Monday, Moderna Inc. said its testing shows that their COVID-19 vaccine is 94 per cent effective. The company is currently under a “rolling review” process with Health Canada, but has already asked for a emergency use approval in the United States and Europe.

Last week, Prime Minister Justin Trudeau named Maj.-Gen. Dany Fortin to lead Canada’s vaccine rollout, with the goal of immunizing half of Canadians by September 2021.

Nanos says that substantial details in the fiscal update about the vaccine rollout will go a long way towards curbing any skepticism from Canadians.

“Anything said relating to the funding of vaccines, the logistics of vaccines, the distribution, the role that the federal government’s going to take working with provinces, is probably going to be very well met, but if they don’t talk about those things, it’s just going to create a greater level uncertainty about the future,” he said.

With files from The Associated Press


Nanos conducted an RDD dual frame (land-and cell-lines) hybrid telephone and online random survey of 1,096 Canadians, 18 years of age or older, between November 26th and 29th, 2020 as part of an omnibus survey. Participants were randomly recruited by telephone using live agents and administered a survey online. The sample included both land-and cell-lines across Canada. The results were statistically checked and weighted by age and gender using the latest Census information and the sample is geographically stratified to be representative of Canada.

Individuals were randomly called using random digit dialing with a maximum of five call backs.

The margin of error for this survey is ±3.0 percentage points, 19 times out of 20.

This study was commissioned by CTV News and the research was conducted by Nanos Research.

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