Revenue rose by only 0.3% on a comparable basis, excluding acquisitions, currency fluctuation and what Havas called "deconsolidation" as the company dismantled its diversified agencies group.
Organic growth fell by 1.9% in North America but grew between 2% and 3% in all other regions.
In one ominous sign, Havas reported a 4.8% drop in organic growth for the fourth-quarter 2001, compared to the same period the year before.
Although Havas and other agency holding companies have focused on marketing services as a faster-growth area in recent years, traditional advertising accounted for 40.5% of Havas' net new business growth of $1.8 billion in 2001, compard to 32% for marketing services.
Havas will report profits March 6.