<PAGE>
Filed by Havas Advertising
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Snyder Communications
Commission File No.: 333-43362
The following are materials prepared by Havas Advertising for a presentation to
the shareholders of Havas Advertising on September 25, 2000. INFORMATION
CONCERNING THE PARTICIPANTS IN THE PROXY SOLICITATION IS SET FORTH IN THE
REGISTRATION STATEMENT ON FORM F-4 OF HAVAS ADVERTISING ON FILE WITH THE SEC
(COMMISSION FILE NO. 333-43362). INVESTORS WILL BE ABLE TO OBTAIN THE DOCUMENTS
FREE OF CHARGE AT THE SEC'S WEB SITE, WWW.SEC.GOV.
[GRAPHIC DEPICTING
PERSON RUNNING
APPEARS HERE]
EXTRAORDINARY GENERAL MEETING
September 25, 2000
[HAVAS ADVERTISING LOGO]
<PAGE>
INTRODUCTORY MATTERS
"FORWARD-LOOKING INFORMATION
This document contains certain "forward-looking statements" about the proposed
merger of Havas Advertising and Snyder Communications. These include statements
regarding the anticipated closing date of the transaction, anticipated tax
consequences, and anticipated future operating results. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like "believe," "expect,"
"anticipate," "estimated," "pro forma," and "intend" or future or conditional
verbs such as "will," "would," or "may." Certain factors that could cause actual
results to differ materially from expected results include delays in completing
the merger, difficulties in integrating the Snyder Communications companies with
the Havas Advertising divisions, and changes in general economic conditions that
may adversely affect the businesses in which Havas Advertising and Snyder
Communications are engaged and changes in the securities markets.
ADDITIONAL INFORMATION
Havas Advertising and Snyder Communications filed a proxy statement/prospectus
and other relevant documents concerning the merger with the Securities and
Exchange Commission (SEC). WE URGE INVESTORS TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE
THEY CONTAIN IMPORTANT INFORMATION. Investors are able to obtain the documents
free of charge at the SEC's web site, www.sec.gov. In addition, documents filed
with the SEC by Havas Advertising are free of charge from its Secretaire
General, at 84, rue de Villiers, 92683 Levallois-Perret Cedex, France, 33-1-41
34 30 00. Documents filed with the SEC by Snyder Communications are available
free of charge from its Corporate Secretary at 6903 Rockledge Drive, Bethesda,
Maryland 20817, 301-571-6265. INVESTORS SHOULD READ THE PROXY STATEMENT/
PROSPECTUS CAREFULLY BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS.
Snyder Communications and its directors, executive officers and certain other
members of Snyder Communications management and employees may be soliciting
proxies from Snyder Communications shareholders in favor of the merger.
Information concerning the participants in the proxy solicitation is set forth
opposite the first seven beneficial owners listed in Item 12 of the Annual
Report on form 10-K of Snyder Communications for the year ended December 31,
1999 on file with the SEC (Commission File no. 1-12154). Information concerning
the participants in the proxy solicitation is also set forth in the proxy
statement/prospectus filed with the SEC. Investors are able to obtain these
documents free of charge at the SEC's web site, www.sec.gov.
FINANCIAL ACCOUNTING STANDARDS
All financial information given in this presentation concerning Havas
Advertising is presented according to French Generally Accepted Accounting
Standards, or estimations based on internal management accounts."
2
<PAGE>
AGENDA
I. Havas Advertising at September 27, 2000
II. Snyder Acquisition Closing
III. First Half Year 2000 Results
IV. Conclusions & Objectives
V. Resolutions
3
<PAGE>
Havas Advertising at September 27, 2000
. 4th largest communications group worldwide*
. Revenue of 2.2 billion euro (pro forma target)
. Pro forma market capitalization of 6 billion euro
. 20,000 worldwide staff of which 10,000 are based in US
. Present in 75 countries
. Interactive leadership
. World's largest base in marketing services
. Organized in 4 multicultural and decentralized divisions
. Fastest growing worldwide communications group in 1999
---------
*Assuming effectiveness of Snyder merger on the 26th
*Based on proforma estimated 99 GI including Snyder. Source: Ad Age Apr. 2000
4
<PAGE>
Advertising Communications Group Ranking
[BAR CHART]
<TABLE>
<CAPTION>
Gross Income 1999 in million $
billion $
<S> <C> <C> <C>
1. WPP Ogilvy & Mather/J. Walter Thompson/Young Rubicam [UK Flag Icon] [US Flag Icon] 6.68
2. Omnicom BBDO/DDB/TBWA/Ketchum [US Flag Icon] 5.74
3. Interpublic McCann/Lintas + Lowe [US Flag Icon] 5.07
4. Havas Advertising* Euro RSCG Worldwide/Arnold 2.38
WWP/DAG/MPG [France Flag Icon]
5. Publicis Saatchi & Saatchi [France Flag Icon] 2.16
6. Dentsu [Japan Flag Icon] 2.10
7. B Com 3 Leo Burnett/DMB&B [US Flag Icon] 1.93
8. Grey Advertising [US Flag Icon] 1.57
9. True North Com FCB/Bozell [US Flag Icon] 1.48
10. Cordiant Lighthouse [UK Flag Icon] 0.87
11. Hakuhodo [Japan Flag Icon] 0.82
12. TMP Worldwide [US Flag Icon] 0.51
</TABLE>
For Havas Advertising, our strategy led to our scale
--------------
*Source: 2000 Ad Age, 1999 GI
* Pro forma estimates include Snyder.
5
<PAGE>
A DECENTRALIZED AND MULTICULTURAL GROUP
[HAVAS ADVERTISING LOGO]
<TABLE>
<CAPTION>
---------------------------- -------------------------- -------------------------- --------------------------
EURO RSCG WORLDWIDE ARNOLD WORLDWIDE MEDIA PLANNING GROUP diversified agencies
PARTNERS*
---------------------------- -------------------------- -------------------------- --------------------------
<S> <C> <C> <C>
Bob Schmetterer Ed Eskandarian* Fernando Rodes Jean-Michel Carlo
---------------------------- -------------------------- -------------------------- --------------------------
NEW YORK BOSTON BARCELONA PARIS
---------------------------- -------------------------- -------------------------- --------------------------
Europe USA* Europe Europe
North America Europe North America North America
APAC LATAM LATAM APAC
LATAM
---------------------------- -------------------------- -------------------------- --------------------------
Fully integrated global Federation of highly Independent media Marketing services
network creative advertising planning and buying division
agencies company
---------------------------- -------------------------- -------------------------- --------------------------
</TABLE>
---------
* After Snyder Closing
6
<PAGE>
STRENGTHENED BY 4 OUTSTANDING DIVISIONS
[Snyder Communications logo]
[Arnold logo] [Bounty SCA Worldwide logo] [circle.com logo] [Brann logo]
Facilitating successful and rapid integration
7
<PAGE>
WITH A STABLE MANAGEMENT TEAM
. Four new outstanding CEO's committed to continue
. Ed Eskandarian ARNOLD
. Dennis Eastham BRANN
. Steven Kaplan BOUNTY
. Bob Wilke CIRCLE.COM
. Forty new senior managers
. 20,000 worldwide staff of which 10,000 are based in US
8
<PAGE>
PERFECTLY INTEGRATED INTO 4 DIVISIONS
[HAVAS ADVERTISING LOGO]
<TABLE>
<CAPTION>
---------------------------- -------------------------- -------------------------- --------------------------
<S> <C> <C> <C>
Bob Schmetterer Ed Askandarian* Fernando Rodes Jean-Michel Carlo
---------------------------- -------------------------- -------------------------- --------------------------
Euro RSCG Worldwide Arnold Worldwide Media Planning Group diversified agencies
Partners*
---------------------------- -------------------------- -------------------------- --------------------------
NEW YORK BOSTON BARCELONA PARIS
---------------------------- -------------------------- -------------------------- --------------------------
Bounty SCA will add great Arnold will reinforce The media for Arnold Brann
Marketing Services Campus and become the will reinforce Media Largest worldwide DM
strength to Euro RSCG lead agency of the Planning USA Network
Worldwide. Overall Euro second network circle.com
RSCG Marketing Services Internet company listed
will now rank #2 Worldwide. on Nasdaq
---------------------------- -------------------------- -------------------------- --------------------------
[Bounty SCA Worldwide logo] [Arnold logo]* [Arnold Media logo] [circle.com logo]
[Brann logo]
---------------------------- -------------------------- -------------------------- --------------------------
</TABLE>
--------------
* After Snyder closing
9
<PAGE>
ALLOWING US TO EXCEED STRATEGIC OBJECTIVES
PRESENTED TO INVESTORS IN 1998...
<TABLE>
<CAPTION>
2001 Objectives 2000 Pro forma*
<S> <C>
. Top 5 ranking worldwide . Top 4 ranking worldwide
. $ 2 billion in GI . $2.2 billion in GI
. 56% marketing services . 60% marketing services
. 80% outside of France . 84% outside of France
. 40% in U.S. . 45% in U.S.
. Major interactive force . Leading interactive force
. 40% of client base in most dynamic growth . Greater than 50% of client base in most dynamic
sectors sectors
. EBIT margin expansion to 14% by 2001 . EBIT margin expansion to 14% in 2000
</TABLE>
. . . ahead of plan
--------------
*Pro forma estimates or targets
10
<PAGE>
WITHOUT DIVISIONAL CLIENT CONFLICT AND WITH STRONG BRANDS
[BOX CONTAINING LOGOS OF
HAVAS ADVERTISING CLIENTS]
Havas Advertising Clients
Snyder Communications Clients [BOX CONTAINING LOGOS OF SNYDER
COMMUNICATIONS CLIENTS]
11
<PAGE>
A MAJORITY OF OUR REVENUES FROM CLIENTS ON THE
MOST DYNAMIC SECTORS
<TABLE>
<CAPTION>
TELECOM FINANCIAL SERVICES HIGH-TECH MEDIA/NEW MEDIA HEALTHCARE
<S> <C> <C> <C> <C>
Cegetal Abbey National Alcatel Amazon.com American Home Products
France Telecom American Express Dell BMG Entertainment Bayer
Lucent Barclays Intel Canal + Bristol Myers Squibb
Worldcom BNP Microsoft CNN.com GlaxoWellcome
Telefonica First US Bank Philips The Independent Novartis
Vodafone J.P. Morgan Storage Tek Tom.com Parke Davis
KPMG Universal Studios Pfizer
AT&T Nasdaq AMEX Aol.com Aventis
Bell Atlantic Oppenheimer IBM Columbia House Schering Plough
British Telecom Prudential Motorola Disney Smithkline Beecham
GTE The Hartford Myway.com Wsj.com
InfoSpeed Wells Fargo Sony Yahoo! Merck
Sprint Pharmacia Upjohn
Bank of America Roche
E Trade
First National
Fleet [Legend showing Havas Advertising Clients
US Bancorp and Snyder Clients]
</TABLE>
More than 50% of GI from five fast growing categories
12
<PAGE>
Our Top 20 Clients
With an exceptional client development potential
<TABLE>
<CAPTION>
Global Cross Discipline
(Adv, MS, PR, Int)
<S> <C> <C>
MCI WORLDCOM [GRAPHIC] **
PROCTER & GAMBLE ****
INTEL [GRAPHIC] ***
PEUGEOT [GRAPHIC] ****
GTE COMMUNICATIONS **
PHILIPS [GRAPHIC] ***
SMITHKLINE BEECHAM ***
CITROEN [GRAPHIC] ****
VOLVO [GRAPHIC] ***
AMERICAN HOME PRODUCT [GRAPHIC] ****
VOLKSWAGEN **
MCDONALDS **
BRITISH TELECOM **
IBM CORPORATION ***
DANONE [GRAPHIC] ****
FLEET FINANCIAL GROUP **
PARKE - DAVIS [GRAPHIC] *
BELL ATLANTIC **
MICROSOFT [GRAPHIC] ***
CANAL+ [GRAPHIC] ***
</TABLE>
[Legend showing Havas Advertising Clients and
Snyder Clients]
Top 20 clients less than 25% of pro forma GI
No single client represents more than 3.5%*
--------------
*1999
13
<PAGE>
CLIENT CONCENTRATION*
Low exposure to any one brand
Percent of Billings - 1999
[BAR CHART SHOWING PERCENT OF BILLINGS BY TOP 10 CLIENTS AND
LARGEST CLIENT FOR HAVAS ADVERTISING**, OMNICOM,
INTERPUBLIC, WPP AND YOUNG & RUBICAM]
Havas Advertising has one of the lowest exposures to client concentration
--------------
*Company reports and analyst estimates; ** Pro forma including Snyder
14
<PAGE>
ALLOWING A BETTER BALANCE AMONG OUR 4 DIVISIONS*
[PIE CHARTS]
Havas Advertising Havas Advertising + Snyder
1999 2000
----------------- --------------------------
Euro RSCG Worldwide 66% Euro RSCG Worldwide 52%
3 Other Divisions 34% 3 Other Divisions 48%
Diversified Agencies Group Diversified Agencies Group
Campus Arnold Worldwide Partners
Media Planning Group Media Planning Group
--------------
*Pro forma estimates
15
<PAGE>
GREATER GEOGRAPHIC BALANCE*
[PIE CHARTS]
Havas Advertising Havas Advertising + Snyder
1999 2000
----------------- --------------------------
France 24% France 16%
Other Europe 35% Other Europe 33%
USA 31% USA 45%
APAC 5% APAC 3%
LATAM 5% LATAM 3%
---------------------------
*Pro forma estimates
16
<PAGE>
CONCENTRATED ON FASTER GROWING AND MORE PROFITABLE ACTIVITIES*
[PIE CHARTS]
Havas Advertising Havas Advertising + Snyder
1999 2000
-------------------------- --------------------------
Marketing Services 45% Marketing Services 60%
Advertising 55% Advertising 40%
------------------------
*Pro forma estimates
17
<PAGE>
INTERACTIVE LEADERSHIP
. Well-positioned in fastest growing segment
[Circle.com LOGO] Euro RSCG Interaction [Connectworld LOGO]
. Euro RSCG ranked #1 interactive network among global advertising companies*
. Solid interactive platform across all four operating divisions supporting a
strong international client base
. Circle.com adds significant on-line advertising strengths
Ranking first among our peers in size and performance of wholly owned,
integrated interactive agencies*
------------------------
*2000 Adweek Survey, based on 1999 estimated revenues
18
<PAGE>
MARKETING SERVICES LEADERSHIP
Ranked by 1999 Gross Income
[BAR CHART]
---------------------------------------------------- ----------------
Millions $
---------------------------------------------------- ----------------
Brann Worldwide 479
---------------------------------------------------- ----------------
The Sales Machine Euro RSCG 367
---------------------------------------------------- ----------------
OgilvyOne Worldwide 318
---------------------------------------------------- ----------------
Draft Worldwide 314
---------------------------------------------------- ----------------
Rapp Collins Worldwide 312
---------------------------------------------------- ----------------
Impiric 311
---------------------------------------------------- ----------------
Digitas 187
---------------------------------------------------- ----------------
Carlson Marketing Group 184
---------------------------------------------------- ----------------
Grey Direct Marketing Group 135
---------------------------------------------------- ----------------
McCann Relationship Marketing 122
---------------------------------------------------- ----------------
Brann / Euro combined are 2.7x larger than the third ranked player and represent
31% of this universe.
Source: DMA May 2000
19
<PAGE>
II. SNYDER ACQUISITION
CLOSING
<PAGE>
SUMMARY HIGHLIGHTS
. Valued at $29.50 per share: $2.1bn in total
. Paid in Havas Advertising ADR's expected to be listed on Nasdaq under
symbol HADV on Sept. 27th
. Protective collar mechanism
. Shareholder lock-up agreements
. Pooling of interests accounting method under French GAAP (no additional
goodwill on the transaction)
. Immediately accretive
. Targeting synergies from top line growth and cost savings
21
<PAGE>
LEGAL STRUCTURE
[Charts Depicting Legal Structure Before and After Merger]
Simplicity and clarity
22
<PAGE>
EXCHANGE RATIO CALCULATION*
. 20-day HAV closing price average: 23,43 euro
. Lower collar limit: 24,65 euro
. 20-day average $/ exchange rate: 1 euro = 0,8729$
. Price guaranteed within collar: 29.50$
. Exchange Ratio: 29,50 /(24.65 * 0,8729) = 1,3710
---------------------
*Calculations assume closing will occur on September 25, 2000
23
<PAGE>
NUMBER OF SHARES TO BE ISSUED*
<TABLE>
<S> <C> <C> <C>
Preliminary Prospectus Final Prospectus
20-day HAV clos. price avg na 20-day HAV clos. price avg 23.43 euro
HAV price retained 24.65 euro HAV price retained 24.65 euro
$/euro 20-day avg 0.8455 $/euro 20-day avg 0.8729
Exchange ratio 1.4154 Exchange ratio 1.3710
</TABLE>
<TABLE>
<CAPTION>
SNC Securities HA shares SNC Securities HA shares
at 07 31 00 at 09 25 00
<S> <C> <C> <C> <C> <C>
Shares 72 337 423 102 386 389 Shares 73 487 270 100 751 047
Options 8 460 100 11 976 426 Options 6 940 227 9 515 051
Options in Cash 3 302 985 4 675 045 Options in Cash 3 302 985 0
------------------------------------------- ---------------------------------------------
Total 84 100 508 119 037 859 Total 83,730,482 110 266 098
------------------------------------------- ---------------------------------------------
</TABLE>
--------------
*Calculations assume closing will occur on September 25, 2000
24
<PAGE>
NUMBER OF SHARES ISSUED**
Number of shares to be used for calculating EPS 2000 (pro forma)
(Numbers in Millions, Unaudited)
<TABLE>
<CAPTION>
1st Half Estimated Full Year 2000
Havas Havas Issued for Proforma
Advertising Advertising SNC HA+SNC
<S> <C> <C> <C> <C>
Outstanding at 31/12/99 145.9
Outstanding at 30/06/00 155.1
Basic 150.0 152.6 100,8 253,3
Fully Diluted* 180.1 180.3 105,1 285,3
</TABLE>
---------------------
*Assuming application of the Treasury Stock Method, taking actual quarterly
share prices for first semester and assuming 25 euro in Q3 and 25,5 euro in Q4
for HAV and taking # of shares issued as at 09/22/00 and 20 day average HAV
closing price in US $ for Snyder shares and options.
**Calculations assume closing will occur on September 25, 2000
25
<PAGE>
RESULTING SHAREHOLDER STRUCTURE*
% of issued shares as of 07.31.2000
[PIE CHART]
Havas SA 11%
Former SNC Shareholders 38%
Public & Institutional Shareholders 49%
Treasury Stock 2%
Globalizing the shareholder base
---------------------
*Calculated as of 01/08/2000, on the basis of 100 751 047 ADS issued for
Snyder acquisition and 162 738 740 issued Havas Advertising shares
26
<PAGE>
PRO FORMA SNAPSHOT OF THE COMBINED GROUP
<TABLE>
<CAPTION>
In euro millions, except as noted
Havas Advertising Snyder Combined
<S> <C> <C> <C>
Selected items*
Income statement 1999
Gross income 1,208 565 1,773
EBIT** 151 84 235
Cash earnings 79 51 130
Earnings 56 16 72
Balance sheet 31/12/99
Goodwill 847 156 1,003
Net cash (debt) 61*** (81) (20)
Selected ratios
EBIT margin 12.5% 14.9% 13.3%
Cash EPS**/++ 0.52 euro 0.55 euro 0.53 euro
</TABLE>
A strong financial basis for the future
---------------------
*Issued in French prospectus
**before goodwill amortization and exceptional. / ++ Nb. Shares issued : at
31/12/99 for Havas Advertising, as if merger occurred on 1/8/00 for Snyder.
*** Assuming conversion of the convertible bond outstanding
27
<PAGE>
III. FIRST HALF YEAR 2000
RESULTS
<PAGE>
2000: AN OUTSTANDING FIRST HALF
Gross Income + 38.8%
EBIT + 46.0%
EBIT / GI 13.0%
Net Income before extra and gw* + 54.6%
Net Income* + 53.1%
Our strategy delivering results
----------------------
*group share
29
<PAGE>
H1 2000:
SUPERIOR GROWTH CONTINUES
Gross Income (H1 '00 vs. H1 '99)
. Unadjusted +38.8%
. Constant Scope +20.6%
. Constant Scope & Currency +12.9%
In both organic and total growth
30
<PAGE>
H1 2000: Strong New Business Gains
Net New Business*
Billings
(euro) millions
Euro RSCG Worldwide 631
Campus 93
Media Planning Group 409
Diversified Agencies Group 205
TOTAL (euro) 1 338
Up 41% over H1 1999
-----------------
*Management Estimates
31
<PAGE>
MAJOR WINS
. Euro RSCG WorldWide:
- Subway, Astrazeneca, Alliance-Air France, Tusa Financial Sces, Alberto
Culver, CNN.
. CAMPUS:
- Toshiba Europe, Real Estate Web, Carrefour, Liberty Surf, IQ
Publishing, RAC, VIAG lnterkom.
. MEDIA PLANNING GROUP:
- Reckift Benckiser, Thomson, Orange Intl, Sky Team, Self Trade, Reed
Intl, Bayer, Cervezas, Bongrain, Heineken, Packard, Yoplait, Candia.
. DIVERSIFIED AGENCIES GROUP:
- Lecierc, IBM, CIC, AA, Microsoft, Airprime, Lucent, Europ@web, E-IDC
World Cup Morocco 2006.
32
<PAGE>
MAJOR LOSSES
. Euro RSCG WorldWide:
- Iomega, Fleet Bank.
. CAMPUS:
- Orange UK.
. MEDIA PLANNING GROUP
- Retevision, Scottish Widows.
. DIVERSIFIED AGENCIES GROUP:
- Clarins, The Body Shop.
33
<PAGE>
H1 2000: STRATEGIC ACQUISITION GROWTH
. 19 Companies acquired:
- Consulting (Meridian - US)
- Interactive (Tyee - US)
- Marketing Services (Integrated Options - Australia)
- Corporate Relations (Middleberg and Kratz & Jensen - US)
- Sports Marketing (ISL - France)
- Healthcare (Remtulla - Canada)
. 100 M euro of revenue estimated on a pro forma full year basis
. For a total investment of 120 M euro
34
<PAGE>
H1 2000: DYNAMIC EXTERNAL GROWTH
. Regional Breakdown of Acquisitions*
EUROPE 32%
USA 63%
APAC 5%
LATAM 0%
. Breakdown of Acquisitions by Activity*
Traditional Advertising 2%
Marketing Services 98%
--------------
* % of Gross Income, estimated on a Full Year Basis
35
<PAGE>
GROSS INCOME: EVOLUTION BY REGION
Constant Gross
Europe 14.4% +36.3%
North America 8.9% +39.9%
Latin America 21.0% +50.9%
Asia Pacific 16.8% +52.1%
+12.9% +38.8%
36
<PAGE>
GROSS INCOME: REGIONAL BREAKDOWN
30/06/99 30/06/00
North America 32.5% 32.3%
Europe 31.8% 34.5%
France 26.7% 23.0%
Asia Pacific 4.1% 4.6%
Latin America 4.9% 5.6%
100% 100%
37
<PAGE>
GROSS INCOME: DIVISIONAL BREAKDOWN
FIRST HALF 2000
30/06/00
Euro RSCG 63.6%
Campus 5.8%
DIVERSIFIED AG. 19.4%
MEDIA 11.2%
100%
38
<PAGE>
DOT COM ACTIVITIES
. less than 3% Group GI
. 20% Net New Business 1H 2000
. 3 Dot Com Categories:
- Start up
- Established interactive brands
- Traditional Clients
39
<PAGE>
FIRST HALF RESULTS
Consolidated income = +54,6%
40
<PAGE>
GROSS INCOME: EBIT ANALYSIS
1999 2000 [up from
June 30 June 30 00/99]
June 30
Gross Income (M euro) 531.2 737.2 +38.8%
EBIT (M euro) 65.6 95.9 +46.0
% of GI 12.4% 13.0%
41
<PAGE>
NET INCOME BEFORE EXTRA AND GW
<TABLE>
<CAPTION>
M (euro) 1999 2000 [Increase]
June 30 June 30
<S> <C> <C> <C>
EBIT 65.6 95.9 +46.0
Financial results 4.3 0.1
Income tax (27.5) (35.0)
</TABLE>
--------------------------------------------------------------------------------
Net Income bef extra & gw
- Total 42.4 61.5
- Group share 27.7 42.9 +54.6%
--------------------------------------------------------------------------------
42
<PAGE>
NET INCOME
<TABLE>
<CAPTION>
M (euro) 1999 2000 [Increase]
June 30 June 30
---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET INCOME bef extra & gw
- Total 42.4 61.5
- Group share 27.7 42.9 +54.6%
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET INCOME, group share after 29.1 44.6 +53.1%
extraordinary, bef gw
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
NET INCOME groupshare 20.2 28.6 +41.7%
---------------------------------------------------------------------------------------------
</TABLE>
43
<PAGE>
EARNINGS PER SHARE*
<TABLE>
<CAPTION>
-----------------------------------------------------
Issued at Weighted Net Income
30.06.00 Average Shares M (euro)
-----------------------------------------------------
--------------------------- ------------------------------------
<S> <C> <C> <C> <C> <C>
Issued 161 113 620 155 975 540
Treasury Stock* (6 000 000) (6 000 000) Basic EPS
Basic Number 149 975 540 42,9 0,29 (euro) +42,3%
Dilution
Warrants 5 518 900 3 531 040
Stock Options 7 630 720 5 322 980
Purchase options* 6 000 000 4 874 580
Convertible bond 11 847 100 16 434 240 0,7 Diluted EPS
----------
Fully diluted 186 110 340 180 138 380 43,6 0,24 (euro) +39,3%
----------------------------------------------------------------------------------------------------------------------
</TABLE>
44
<PAGE>
CASH FLOW STATEMENT
M (euro)
. Net Debt at 31/12/99 (119)
. Operating cash flow 91
. Changes in working capital (109)
. Net Investment (173)
. Conversion of Bonds 73
. Dividends (41)
. Other Changes 7
--------
. Net Debt at 30/06/00 (271)
45
<PAGE>
Balance Sheet - June 30, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
ASSETS 2000 1999 LIABILITIES 2000 1999
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Goodwill 970 625 Shareholders' equity 851 640
Fixed Assets 227 195 Provisions 77 36
Working Capital 2 (97)
Net Debt 271 47
------------------------------------------------------------------------------------------------------------------------------------
TOTAL: 1199 723 TOTAL: 1199 723
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
46
<PAGE>
SUSTAINED IMPROVEMENT
<TABLE>
<CAPTION>
---------------- ----------------- ----------------- ---------------- --------------------
1996 1997 1998 1999 1er s. 2000
---------------- ----------------- ----------------- ---------------- --------------------
<S> <C> <C> <C> <C> <C>
GI Growth
- organic 7,0% 11,0% 11,0% 12,7% 12,9%
---------------- ----------------- ----------------- ---------------- --------------------
- total 9,1% 17,0% 12,2% 38,2% 38,8%
---------------------------- ---------------- ----------------- ----------------- ---------------- --------------------
EBIT/GI 9,2% 10,4% 11,4% 12,5% 13,0%
---------------------------- ---------------- ----------------- ----------------- ---------------- --------------------
</TABLE>
47
<PAGE>
THE FASTEST GROWING COMPANY IN 1999 ...
CONTINUING IN 2000 ...
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
1H Gross Income Growth
2000 / 1999 EBIT / GI
--------------------------------------
Organic Total 1999
----------------- ----------------- --------------------
<S> <C> <C> <C>
HAVAS ADVERTISING 12.9% 38.8% 13,0%
OMNICOM 15.8% 19.9% 15,9%
WPP 14.9% 18.6% 13,3%
Y & R 12.7% 18.2% 13,2%
INTERPUBLIC 13.0% 16.1% 14,1%
-------------------------------------------------------------------------------------------------------
</TABLE>
... with upside for continued margin expansion
--------------------
Sources: Company data and analysts' estimates
48
<PAGE>
EVOLUTION OF SHARE PRICE
[LINE CHART DEPICTING HAVAS ADVERTISING'S SHARE PRICE, THE
EUROPEAN ADVERTISING INDEX AND THE US ADVERTISING INDEX FOR
THE PERIOD BEGINNING SEPTEMBER 20, 1999 AND ENDING SEPTEMBER 18, 2000]
93% 1Y return
--------------------
Source: IDD Information Services, Adjusted for stock split US Index: Omnicom,
Interpublic, Young & Rubicam, True North (equally weighted) European Index: WPP,
Publicis Groupe and Cordiant (equally weighted)
49
<PAGE>
IV. CONCLUSIONS
<PAGE>
CONCLUSIONS
In a positive environment, with the Snyder acquisition, we have:
. Critical mass (world's 4th largest)
. Key player in US, leader in Europe
. World's largest network in marketing services
. Greater than 50% client base in fastest growing categories
. Interactive leader in advertising field
. No major restructuring, no divisional client conflict
. Strong financial position to fund growth
51
<PAGE>
2000 OBJECTIVES*
Pro Forma Gross Income Growth greater than 20%
Pro Forma Organic Growth greater than 10%
EBIT margin expansion to 15% by 2H 2001
Continuing to deliver on our potential through strategic acquisitions, organic
growth and new business generation
________________________
*Pro forma with Snyder
52
<PAGE>
FORECASTS AND TRENDS FOR 2001
. A buoyant worldwide market in 2001
. In this context:
. Gross Income growth over the 5 previous years = 30% per year
. Organic growth has been consistently in excess of market growth in recent
years
. Profitability target: 15% in 2H 2001
[Right Arrow graphic]
53
<PAGE>
FORECASTS AND TRENDS FOR 2001
. First half 2000
. Gross Income + 38,8 %
. Net Income Bef extra & gw + 54,6 %
. We expect Europe to be the most dynamic region in 2001 but the US to remain
strong
. Synergy objective between 35-50 Million $
. 60% of our revenues (2000 pro forma estimate) in the most dynamic,
profitable and least cyclical business
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HAVAS ADVERTISING'S OBJECTIVE IS TO CONTINUE EXCEEDING
MARKET GROWTH
A new 3 year plan will be presented at the end of December 2000
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V. RESOLUTIONS
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FIRST RESOLUTION
Authorization given to the Board of Directors to increase the share capital by
issuing new shares to SNYDER COMMUNICATIONS, INC. Shareholders in exchange of
their SNC shares and options.
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SECOND RESOLUTION
Delegation to the Board of Directors of the authority to increase the share
capital.
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HAVAS ADVERTISING
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