Wpp Plc · LSE:WPP
Wpp — FY2021 Earnings Presentation
63 slides from Wpp's earnings presentation, Feb 24, 2022
Slide 1: 2021 Preliminary Results
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Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation contains statements that are, or may be deemed to be, “forward-looking statements”. Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these statements by
Slide 3: Agenda
1. 2021 HIGHLIGHTS 2. FINANCIAL PERFORMANCE 3. STRATEGIC PROGRESS 4. Q&A 3
Slide 4: Very strong growth driven by demand for digital services, ecommerce and technology
VERY STRONG GROWTH DRIVEN BY DEMAND FOR DIGITAL SERVICES, ECOMMERCE AND TECHNOLOGY • FY LFL revenue less pass-through costs growth more than double initial expectations: +12.1% vs mid-single-digit guidance; +2.9% on 2019 • Strong growth across the board in Q4: GIA +10.0%, PR +15.1%, Specialist Agenc
Slide 5: Financial
FINANCIAL 5
Slide 6: Unaudited Headline IFRS Income Statement
UNAUDITED HEADLINE¹ IFRS INCOME STATEMENT YEAR TO 31 DECEMBER 2021 £M 2020² £M Δ REPORTED Δ LFL³ Continuing operations • Strong LFL growth in revenue and revenue less pass-through costs Revenue 12,801 12,003 6.7% 13.3% Revenue less pass-through costs 10,397 9,762 6.5% 12.1% • Foreign exchange headwi
Slide 7: Reconciliation of Headline Operating Profit to Reported Operating Profit
RECONCILIATION OF HEADLINE OPERATING PROFIT TO REPORTED OPERATING PROFIT 2021 2020¹ Δ YEAR TO 31 DECEMBER £M £M £M • 2020 figures impacted by significant Headline operating profit 1,494 1,261 233 impairments Goodwill impairment (2) (2,823) 2,821 • Restructuring now Amortisation and impairment of int
Slide 8: Global Integrated Agencies: Strong Growth Continues
GLOBAL INTEGRATED AGENCIES: STRONG GROWTH CONTINUES £M FY 2021 £M Δ REPORTED Δ VS 20 LFL Δ VS 19 LFL PERFORMANCE REVIEW Revenue less pass-through costs 8,638 5.4% 11.3% 2.5% • GroupM +12.3% in Q4, 38% of Headline operating profit 1,216 14.7% WPP’s revenue less pass-through Headline operating margin
Slide 9: GroupM Very Strong, Integrated Agencies Recovering Well
GROUPM VERY STRONG, INTEGRATED AGENCIES RECOVERING WELL LFL REVENUE LESS PASS-THROUGH COSTS GROWTH Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 35% 30% 28.6% 25% 19.0% 20% 15% 12.5% 12.3% 9.5% 10% 8.2% 5.8% 5% 0.8% 0% (2.1%) (5%) (3.0%) (3.7%) (4.1%) (10%) (8.4%) (9.7%) (15%) (13.
Slide 10: Public Relations: Double-Digit 2-Year Growth in H2
PUBLIC RELATIONS: DOUBLE-DIGIT 2-YEAR GROWTH IN H2 £M FY 2021 £M Δ REPORTED Δ VS 20 LFL Δ VS 19 LFL PERFORMANCE REVIEW Revenue less pass-through costs 910 6.5% 11.5% 7.0% • Sustained demand for strategic Headline operating profit 143 1.3% comms services Headline operating margin 15.7% (0.8)pt • H+K
Slide 11: Specialist Agencies: Underlying Demand Remains Strong
SPECIALIST AGENCIES: UNDERLYING DEMAND REMAINS STRONG £M FY 2021 £M Δ REPORTED Δ VS 20 LFL Δ VS 19 LFL PERFORMANCE REVIEW Revenue less pass-through costs 849 19.0% 21.8% 7.8% • Continued good growth, Headline operating profit 135 127.5% normalising after significant Headline operating margin 15.9% +
Slide 12: Major Markets Performance
MAJOR MARKETS PERFORMANCE1 1-year growth 2-year growth USA UK 2020 2020 2020 2020 2021 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 31.8% 16.9% 12.6% 12.4% 11.7% 9.3% 9.9% 6.2% 4.8% 3.9% 1.8% 0.7% 1.8% 1.1% (1.2%) (0.5%) (1.9%) (4.2%) (6.5%)
Slide 13: Change in Headline Operating Margin
CHANGE IN HEADLINE¹ OPERATING MARGIN 2021 2020 Δ YEAR TO 31 DECEMBER £M £M £M % • Staff costs excluding incentives up 3.2%, mainly salary-driven Revenue less pass-through costs 10,397 9,762 635 6.5% • Establishment costs down by 17.1%: Staff costs pre incentives (6,574) (6,371) (203) (3.2%) campus p
Slide 14: Change in Operating Margin Year-on-Year
CHANGE IN OPERATING MARGIN YEAR-ON-YEAR 2021 PRELIMINARY RESULTS 14
Slide 15: Accelerating Our Transformation to Invest in Growth
ACCELERATING OUR TRANSFORMATION TO INVEST IN GROWTH • 9 more campuses opened, 12 under construction, 17 more in scope. c. £110m savings v 2019 A SIMPLIFIED BUSINESS • c. 500 legal entities removed, similar target for 2022 • Significant agency consolidation in smaller markets • Leaders hired across k
Slide 16: Progress Against Gross Savings Target
PROGRESS AGAINST GROSS SAVINGS TARGET Functional/shared 700 services • Align enterprise IT 600 systems 600 • Migration of Finance and 525 HR services to global and regional hubs 500 450 Efficiency 400 • Real estate savings £m 300 through campus 300 programme 245 • Optimised procurement 200 200 Opera
Slide 17: Restructuring Costs
RESTRUCTURING COSTS 2021 2020 Δ YEAR TO 31 DECEMBER £M £M £M • “Core” restructuring costs of £113m, Restructuring and transformation costs slightly ahead of previous indications Severance 12 27 15 of £70-100m, due to additional IT restructuring Establishment & other 40 54 14 Enterprise IT 31 - (31)
Slide 18: New Phasing of Capex and Workday
NEW PHASING OF CAPEX AND WORKDAY 500 450 400 350 300 £m 250 200 150 100 50 0 DEC 20 ACTUAL DEC 20 NEW DEC 20 NEW DEC 20 NEW DEC 20 NEW GUIDE GUIDE GUIDE GUIDE GUIDE 2021 2022 2023 2024 2025 Capex Workday 2021 PRELIMINARY RESULTS 18
Slide 19: Strong Cash Generation, Significant Investment
STRONG CASH GENERATION, SIGNIFICANT INVESTMENT £M ADJUSTED NET DEBT 383 319 (126) 2021: £901m 1,878 (409) (391) 2020: £696m (106) (293) (315) (396) 69 (729) (89) (205) 1 Itemised movements in adjusted net debt represent management figures, which may vary from the presentation of the cash flow under
Slide 20: Working Capital Driven by Business Growth
WORKING CAPITAL DRIVEN BY BUSINESS GROWTH: IMPROVEMENT IN OVERDUE DEBTORS MAINTAINED % DEBTORS OVERDUE 35% • Continued discipline on timely billing and collection delivering 30% lower average net debt 25% • Further scope for improvement 20% • Overall working capital position driven by strong busines
Slide 21: Allowing Significant Investment in Growth and Returns to Shareholders
ALLOWING SIGNIFICANT INVESTMENT IN GROWTH AND RETURNS TO SHAREHOLDERS • Cash flow invested in growth, organically and £293m capex £315m returned investment in to shareholders through acquisitions campus buildings through dividends; and technology final dividend of • Over £1 billion total cash return
Slide 22: Leverage Metrics
LEVERAGE METRICS YEAR TO 31 DECEMBER 2021 £M 2020 £M Δ £M Average net debt¹ on constant currency basis (1,565) (2,271) 706 Average net debt¹ on reportable basis (1,565) (2,331) 766 Net debt¹ at 31 December on constant currency basis (901) (627) (274) Net debt¹ at 31 December on reportable basis (901
Slide 23: 2022 and Medium-Term Guidance
2022 AND MEDIUM-TERM GUIDANCE • 2022 guidance: − LFL revenue less pass-through costs growth around 5%; foreign exchange c -0.5%, net M&A +0.5-1.0% − Headline operating margin up by around 50bps (excluding FX and M&A) − Capex £350-400 million, plus c. £100m of Workday deployment costs previously in c
Slide 24: Strategic
STRATEGIC
Slide 25: Offer Transformed, Strong Momentum
OFFER TRANSFORMED, STRONG MOMENTUM Structural drivers Competitiveness Relevance • Still in the early stages of • Improving client • Digital transformation, the digital and commerce satisfaction reputation, ecommerce, wave social media, data, privacy • Creative leader – Cannes all critical business i
Slide 26: Purpose at the Heart of Our Offer
PURPOSE AT THE HEART OF OUR OFFER OUR MEMBERSHIPS AND PLEDGES OUR RANKINGS Ecovadis silver MSCI: AA rating Foundation’s Corporate Equality rating and the Index: scored 100% in 2020 93rd centile Bloomberg 10th in the FTSE Tortoise media CDP climate Gender Equality 100 Rankings for Responsible change:
Slide 27: People at the Heart of Our Business
PEOPLE AT THE HEART OF OUR BUSINESS Looking after our people Developing our people Driving balance and diversity • Launched our Mental Health • Democratised mobility • Launched Unite, WPP’s first Allies programme providing through our Career Explorer company-wide LGBTQ+ platform community, live in U
Slide 28: DE&I and Racial Equity Programme
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Slide 29: Experience, Commerce and Technology Drive Growth in Integrated Creative Agencies
EXPERIENCE, COMMERCE AND TECHNOLOGY DRIVE GROWTH IN OUR INTEGRATED CREATIVE AGENCIES Holding Company of the year #1 Creative 100 #1 Media 100 • 32 Cannes Lions (inc. • 51 Cannes Lions (inc. • 27 Cannes Lions (inc. • 81 Cannes Lions #1 Effective 100 Grand Prix) Design Grand Prix), 19 Innovation Grand
Slide 30: Global Scale, Digital Expertise and Product Innovation Drive Media Success
GLOBAL SCALE, DIGITAL EXPERTISE AND PRODUCT INNOVATION DRIVE MEDIA SUCCESS UK NORTH AMERICA #1 • Global and local scale #3 fundamental to success EMEA • Increasing integration of #1 ASIA PACIFIC creative, media and data • 7.4% 2-year LFL growth LATIN AMERICA #1 • 43% digital mix #1 • Commerce billin
Slide 31: Demand for Strategic Communications Benefiting PR
DEMAND FOR STRATEGIC COMMUNICATIONS BENEFITING PR • Finsbury Glover Hering/SVC: creating a leading global strategic communications firm • Reputation and purpose increasingly important to our clients; 2.5x brand value for brands perceived to have a high positive impact on society1 • Public relations
Slide 32: Experience, Commerce, Technology Also Boosting Specialist Agencies
EXPERIENCE, COMMERCE, TECHNOLOGY ALSO BOOSTING SPECIALIST AGENCIES • Experience, commerce, technology 58% of mix in 2021 • Resurgence in demand for brand consulting • Sustainability a growing priority in innovation and branding • Acceleration in growth within our specialist healthcare media business
Slide 33: Key Acquisitions in 2021
KEY ACQUISITIONS IN 2021 2021 PRELIMINARY RESULTS 33
Slide 34: Significant Wins and Retentions: Volume and Value
SIGNIFICANT WINS AND RETENTIONS: VOLUME AND VALUE 2021 PRELIMINARY RESULTS 34
Slide 35: Strategic Partnership with The Coca-Cola Company
STRATEGIC PARTNERSHIP WITH THE COCA-COLA COMPANY ACROSS 200 MARKETS, 9 REGIONS, FOR 200 BRANDS; SCOPE INCLUDES: CREATIVE, EXPERIENCE & DATA MEDIA PRODUCTION TECHNOLOGY SOCIAL PR DESIGN (Choreograph) 92% of all global 100% translation and Expansive technology Social and CIC Brand PR 70% of global cre
Slide 36: The Metaverse Is a Fertile New Ground for Creative Transformation
FINALLY, THE METAVERSE IS A FERTILE NEW GROUND FOR CREATIVE TRANSFORMATION AND WE HAVE UNRIVALLED SCALE AND EXPERTISE TO HELP SHAPE OUR CLIENTS’ METAVERSE STRATEGY VIRTUAL AUGMENTED WORLDS REALITY BLOCKCHAIN NFTS & WEB3 2021 PRELIMINARY RESULTS 36
Slide 37: Accelerating Our Growth: Priorities
ACCELERATING OUR GROWTH: PRIORITIES 1 2 3 OUR PEOPLE INNOVATION TRANSFORMATION 2021 PRELIMINARY RESULTS 37
Slide 38: Summary
SUMMARY • 2021 was a marquee year, well beyond a cyclical recovery • Our strategy is delivering results for our people, clients and shareholders • We enter 2022 well-positioned in high-growth markets • We have the financial firepower to invest in future growth through talent, capabilities and target
Slide 39: Q&A
Q&A 39
Slide 40: Contacts and Further Resources
CONTACTS AND FURTHER RESOURCES PEREGRINE RIVIERE INVESTOR WEBSITE Group Investor Relations Director www.wpp.com/investors peregrine.riviere@wpp.com Tel: +44 (0) 7909 907 193 WPP IQ WPP’s industry intelligence platform www.wpp.com/wpp-iq CAITLIN HOLT Investor Relations Senior Manager “THIS WEEK, NEXT
Slide 41: Other
OTHER
Slide 42: Unaudited IFRS Income Statement
UNAUDITED IFRS INCOME STATEMENT Δ Δ CONSTANT YEAR TO 31 DECEMBER 2021 £M 2020 £M¹ REPORTED CURRENCY Continuing operations • Share of associate Revenue 12,801 12,003 6.7% 11.6% exceptional loss of £62m Gross profit 2,204 2,015 9.4% 14.6% (2020: £146m) primarily Operating profit pre exceptional & good
Slide 43: Revenue Less Pass-Through Costs Growth vs Prior Year
REVENUE LESS PASS-THROUGH COSTS GROWTH VS PRIOR YEAR Q1 Q2 Q3 Q4 FULL YEAR Reported (1.4%) Reported 11.5% Reported 9.9% Reported 6.1% Reported 6.5% FX (4.3%) FX (7.5%) FX (5.4%) FX (3.3%) FX (5.0%) Acquisitions (0.2%) Acquisitions(0.3%) Acquisitions(0.4%) Acquisitions (1.4%) Acquisitions (0.6%) / /
Slide 44: Impact of FX on Revenue Less Pass-Through Costs
IMPACT OF FX ON REVENUE LESS PASS-THROUGH COSTS¹ 20/FY Act 21/Q1 Act 21/Q2 Act 21/Q3 Act 21/Q4 Act 21/FY Act 0% (1.2%) (1%) • 2021 full year currency (3.3%) (2%) (4.3%) headwind (5.0%) (5.0%) (5.4%) (3%) • 2020 full year (4%) (7.5%) headwind (1.2%) (5%) (6%) (7%) (8%) 1. Continuing operations 2021 P
Slide 45: Revenue Less Pass-Through Costs by Sector
REVENUE LESS PASS-THROUGH COSTS BY SECTOR1 YEAR TO 31 DECEMBER 2021 £M 2020 £M2 Δ REPORTED Δ LFL Global Integrated Agencies 8,638 8,194 5.4% 11.3% Public Relations 910 854 6.5% 11.5% Specialist Agencies 849 714 19.0% 21.8% Total 10,397 9,762 6.5% 12.1% 1. Continuing operations 2. During 2020, we ann
Slide 46: Revenue Less Pass-Through Costs by Region
REVENUE LESS PASS-THROUGH COSTS BY REGION¹ YEAR TO 31 DECEMBER 2021 £M 2020 £M Δ REPORTED Δ LFL North America 3,849 3,744 2.8% 9.7% UK 1,414 1,234 14.6% 15.0% Western Continental Europe 2,226 2,019 10.2% 14.5% Asia Pacific, Latin America, Africa & Middle East and 2,908 2,765 5.2% 12.3% Central & Eas
Slide 47: Revenue Less Pass-Through Costs Growth by Region Like-for-Like
REVENUE LESS PASS-THROUGH COSTS GROWTH¹ BY REGION LIKE-FOR-LIKE % C. & E. Europe % Q1 Q2 Q3 Q4 FY 9.5 20.6 11.9 8.1 12.3 UK % Q1 Q2 Q3 Q4 FY 3.9 31.8 16.9 9.9 15.0 North America % Q1 Q2 Q3 Q4 FY 1.6 13.7 12.2 11.4 9.7 W. Cont. Europe % Q1 Q2 Q3 Q4 FY 3.7 27.1 21.5 7.9 14.5 Asia Pacific % Q1 Q2 Q3 Q4
Slide 48: Other Major Markets Performance
OTHER MAJOR MARKETS PERFORMANCE1 AUSTRALIA INDIA FRANCE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020 2020 2021 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021 2021 30.0% 28.0% 27.9% 16.8% 16.1% 8.4% 6.1% 6.1% 2.4% (2
Slide 49: BRIC Markets Performance
BRIC MARKETS PERFORMANCE1 CHINA GREATER CHINA² BRAZIL Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020 2020 2021 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021 2021 2020 2020 2020 2020 2021 2021 2021 2021 33.8% 29.8% 29.6% 25.1% 19.0% 18.4% 18.0% 12.1% 13.6%
Slide 50: Client Sector Analysis
CLIENT SECTOR ANALYSIS Govt, Public Travel & Sector & Non- Leisure Profit Other 4.1% +19.4% +15.0% Financial 3% 3% Services CPG 6% (0.6)% 23% +6.5% 6% Telecom, Media & Full year revenue less Entertainment +4.5% 6% pass-through costs growth by client sector Retail 11% +14.3% Tech & 19% Digital Servic
Slide 51: Headline Operating Profit and Margin by Sector
HEADLINE¹ OPERATING PROFIT AND MARGIN BY SECTOR² OPERATING PROFIT £M OPERATING MARGIN³ YEAR TO 31 DECEMBER 2021 2020⁴ 2021 2020⁴ Global Integrated Agencies 1,216 1,060 14.1% 12.9% Public Relations 143 142 15.7% 16.5% Specialist Agencies 135 59 15.9% 8.3% Total 1,494 1,261 14.4% 12.9% 1 Continuing op
Slide 52: Headline Operating Profit and Margin by Region
HEADLINE¹ OPERATING PROFIT AND MARGIN BY REGION² OPERATING PROFIT £M OPERATING MARGIN³ YEAR TO 31 DECEMBER 2021 2020 2021 2020 North America 656 612 17.0% 16.3% UK 181 138 12.8% 11.2% Western Continental Europe 289 199 13.0% 9.8% Asia Pacific, Latin America, Africa & Middle 368 312 12.7% 11.3% East
Slide 53: Debt Maturity Profile
DEBT MATURITY PROFILE £M AT DEC 31, 2021 £ TOTAL £ TOTAL CREDIT DRAWN 700 ◼ £ bonds £400m (2.875% Sep ’46) 400 400 ◼ US bond $220m (5.625% Nov ’43) 162 162 600 ◼ US bond $93m (5.125% Sep ’42) 69 69 500 ◼ £ bonds £250m (3.75% May ’32) 250 250 ◼ Eurobonds €600m (1.625% Mar ’30) 505 505 400 ◼ Eurobonds
Slide 54: Net Finance Costs/(Income)
NET FINANCE COSTS/(INCOME) YEAR TO 31 DECEMBER 2021 £M 2020 £M Δ £M Net debt interest 137 131 (6) Lease liabilities 91 101 10 Investment income (17) (8) 9 Pensions 4 6 2 Sub-total 78 99 21 Headline finance costs 215 230 15 Financial instruments 87 147 60 Net finance costs 302 377 75 2021 PRELIMINARY
Slide 55: Free Cash Flow
FREE CASH FLOW YEAR TO 31 DECEMBER 2021 £M 2020¹ £M Operating profit 1,229 (2,267) - Continuing Operations 1,229 (2,278) - Discontinued Operations - 11 Depreciation & amortisation charges 542 631 - Depreciation & amortisation ex IFRS 16 269 299 - Depreciation of right-of-use assets 273 332 Investmen
Slide 56: Uses of Cash Flow
USES OF CASH FLOW YEAR TO 31 DECEMBER 2021 £M 2020 £M Free cash flow 1,265 1,283 Net (acquisitions)/disposals ex earnout payments (387) 140 - Disposal proceeds 77 284 - Net initial payments1 (464) (144) Net cash flow before distributions 878 1,423 Distributions to shareholders (1,134) (412) - Divide
Slide 57: Effects of Currency
EFFECTS OF CURRENCY £ STRONGER FULL YEAR 2021 2020 /(WEAKER) US$ 1.38 1.28 7% • Currency movements accounted for 5.0% € 1.16 1.12 3% decrease¹ in revenue less pass-through costs Chinese Renminbi 8.87 8.85 - • £ stronger against most Brazilian Real 7.42 6.61 12% currencies, particularly the US$ Austr
Slide 58: Taxation
TAXATION YEAR TO 31 DECEMBER 2021 £M 2020¹ £M Δ £M Headline PBT 1,365 1,041 324 Headline tax charge 328 240 88 Headline tax rate 24.0% 23.0% Tax credit on COVID-19 restructuring costs (7) (51) 44 Tax credit on restructuring and transformation costs (38) (14) (24) Tax (credit)/charge relating to gain
Slide 59: Pensions Deficit
PENSIONS DEFICIT YEAR TO 31 DECEMBER 2021 £M 2020 £M Deficit B/F (157) (159) Service cost (13) (12) Plan liabilities interest charge (12) (17) Asset Allocation 2021 2020 Funding 17 20 Bonds & insured 87% 87% annuities Interest income on plan 10 14 Equities 6% 7% assets Return on assets (29) 57 Other
Slide 60: Earnout Accrual
EARNOUT ACCRUAL¹ YEAR TO 31 DECEMBER 2021 £M EXPECTED PAYMENTS £M Accrual B/F 114 2022 86 Earnouts paid (57) 2023 24 New acquisitions 83 2024 36 Revised estimates taken to goodwill (1) 2025 51 Revaluations of payments 59 2026+ - Excluding FX 198 Total 197 Foreign exchange impact (1) Accrual C/F 197
Slide 61: Ordinary Shares - Diluted
ORDINARY SHARES - DILUTED NUMBER SHARES MILLION 2021 2020 Δ Average Basic 1,194 1,223 (2.4%) Dilutive Share Options Outstanding 1 - Other Potentially Issuable Shares 20 13 Average Diluted 1,215 1,236 (1.7%) 2021 PRELIMINARY RESULTS 61
Slide 62: Ordinary Shares - Basic
ORDINARY SHARES - BASIC NUMBER SHARES MILLION 2021 2020 Δ 1 January 1,296 1,328 (2.4%) Exercise of Share Options 1 - Share cancellation (73) (32) 31 December 1,224 1,296 (5.5%) Weighted Average 1,270 1,300 (2.3%) ESOP, Treasury & Other (76) (77) Average Basic 1,194 1,223 (2.4%) 2021 PRELIMINARY RESU
Slide 63: 2020 Preliminary Results
2020 PRELIMINARY RESULTS 63