Wpp Plc · LSE:WPP

Wpp — Q3 2016 Earnings Presentation

65 slides from Wpp's earnings presentation, October 2016

  1. Slide 1: Trading Statement for Third Quarter 2016

    Trading Statement for Third Quarter 2016 London

  2. Slide 2: Contents

    Contents 1 Third Quarter 2016 Hard Copy only: 2 30 Year History 3 Other Information 2

  3. Slide 3: Third Quarter 2016

    1 Third Quarter 2016 W PP

  4. Slide 4: Highlights: Third Quarter and Year to Date

    Third Quarter 2016 Highlights: Third Quarter and Year to Date  Third quarter reported revenue up 23.4% at £3.611bn, 7.6% constant currency and 3.2% like- for-like.  Third quarter net sales growth 23.6% reportable, 7.8% constant currency and 2.8% like-for-like.  9 month reported revenue up 15.8% a

  5. Slide 5: Summary – Revenue and Net Sales Growth

    Third Quarter 2016 Summary – Revenue and Net Sales Growth Revenue Net Sales % Growth Q3 YTD Q3 YTD Like-for-like 3.2 3.9 2.8 3.4 Acquisitions 4.4 4.6 5.0 4.6 Constant currency 7.6 8.5 7.8 8.0 Foreign exchange 15.8 7.3 15.8 7.2 Reportable sterling 23.4 15.8 23.6 15.2 Reportable US dollars¹ 4.6 5.0 4.

  6. Slide 6: Effects of Currency

    Third Quarter 2016 Effects of Currency  Currency movements accounted for 15.8% increase in reported revenue and net sales, reflecting weakness of £ sterling against most currencies.  Sterling weaker as follows: Q3 2016 Q3 2015 Sterling (Weaker)/Stronger US$ 1.31 1.55 -15% € 1.18 1.39 -15% ¥ 134 18

  7. Slide 7: Impact of Foreign Exchange

    Third Quarter 2016 Impact of Foreign Exchange 2015 FY Act 2016 Q1 Act 2016 Q2 Act 2016 Q3 Act 2016 Q4 Est¹ 2016 FY Est 20% 15% Revenue Net Sales Change versus Prior Year 10% 5% 0% -5%  Full year impact of 10% on revenue and net sales. ¹ October – December 2016 set at latest estimates including $1.2

  8. Slide 8: Revenue and Net Sales by Sector: Third Quarter

    Third Quarter 2016 Revenue and Net Sales by Sector: Third Quarter Revenue Net Sales % Change % Change 2016 Reported Constant Like-for- 2016 Reported Constant Like-for- £m Currency like¹ £m Currency like¹ Advertising, Media Investment 1,619 23.5 8.0 5.5 1,336 22.3 7.0 3.5 Management Data Investment M

  9. Slide 9: Revenue and Net Sales by Sector: Year to Date

    Third Quarter 2016 Revenue and Net Sales by Sector: Year to Date Revenue Net Sales % Change % Change 2016 Reported Constant Like-for- 2016 Reported Constant Like-for- £m Currency like¹ £m Currency like¹ Advertising, Media Investment 4,582 16.0 9.0 6.2 3,758 13.4 6.8 4.3 Management Data Investment Ma

  10. Slide 10: WPP Two Year Cumulative Like-for-Like Growth

    Third Quarter 2016 WPP Two Year Cumulative Like-for-Like Growth1 - Consistent Performance % Revenue Net Sales 1 Year 2 Year 1 Year 2 Year Q1 2014 7.0 9.1² 3.8 5.7² Q2 2014 10.2 12.9² 4.4 7.2² Q3 2014 7.6 12.6² 3.0 7.3² Q4 2014 7.8 12.0² 2.1 6.4² Q1 2015 5.2 12.2² 2.5 6.3² Q2 2015 4.5 14.7² 2.1 6.5²

  11. Slide 11: Two Year Cumulative Like-for-Like Revenue Growth

    Third Quarter 2016 Two Year Cumulative Like-for-Like Revenue Growth1 % WPP² OMC³ Pub4 IPG5 HAV6 Q1 2014 9.1 7.2 4.6 8.9 2.1 Q2 2014 12.9 8.6 5.5 6.9 9.6 Q3 2014 12.6 10.6 4.5 9.1 7.2 Q4 2014 12.0 10.1 3.9 8.5 5.5 Q1 2015 12.2 9.4 4.2 12.3 10.1 Q2 2015 14.7 11.1 1.9 11.4 13.4 Q3 2015 12.2 12.6 1.7 13

  12. Slide 12: Advertising, Media Investment Management: Third Quarter

    Third Quarter 2016 Advertising, Media Investment Management: Third Quarter  Strongest like-for-like revenue growth 5.5% with net sales growth 3.5%.  Advertising grew in North America and Asia Pacific, but slowed relatively in UK, Africa & Middle East. Ogilvy performed well in North America and Asi

  13. Slide 13: Data Investment Management: Third Quarter

    Third Quarter 2016 Data Investment Management: Third Quarter  Data investment management constant currency net sales up 0.8%, like-for-like flat.  UK and Latin America improvement compared with second quarter, Africa strong growth, offset by lower growth in North America and Asia Pacific with Cont

  14. Slide 14: Public Relations and Public Affairs: Third Quarter

    Third Quarter 2016 Public Relations and Public Affairs: Third Quarter  Public relations and public affairs like-for-like revenue growth 5.0%, strongest net sales growth 5.1%.  All regions up, particularly strong growth in UK, Continental Europe, Latin America and Africa.  Strong growth from Cohn

  15. Slide 15: Branding and Identity, Healthcare and Specialist Communications: Third Quarter

    Third Quarter 2016 Branding and Identity, Healthcare and Specialist Communications: Third Quarter  Strongest constant currency revenue growth 13.7% and net sales 12.8%, like-for-like revenue growth 2.8% and net sales 2.6%.  Branding and identity and direct, digital and interactive businesses above

  16. Slide 16: Direct, Digital and Interactive across the Group

    Third Quarter 2016 Direct, Digital and Interactive across the Group: Third Quarter and Year to Date  First 9 months of 2016, direct, digital and interactive revenue $5.4bn or over 38% of total revenue (2015: $5.0bn, over 37%), up over 11% in constant currency and up over 6% like-for-like.  The num

  17. Slide 17: Revenue and Net Sales by Region: Third Quarter

    Third Quarter 2016 Revenue and Net Sales by Region: Third Quarter Revenue Net Sales % Change % Change 2016 Reported Constant Like-for- 2016 Reported Constant Like-for- £m Currency like £m Currency like North America 1,342 23.0 4.3 2.6 1,173 23.7 4.8 3.1 UK 461 5.9 5.9 2.1 394 6.6 6.6 2.7 Western Con

  18. Slide 18: Revenue and Net Sales by Region: Year to Date

    Third Quarter 2016 Revenue and Net Sales by Region: Year to Date Revenue Net Sales % Change % Change 2016 Reported Constant Like-for- 2016 Reported Constant Like-for- £m Currency like £m Currency like North America 3,783 16.2 5.7 3.8 3,276 15.9 5.4 3.7 UK 1,388 7.2 7.2 3.4 1,169 7.0 7.0 3.1 Western

  19. Slide 19: Revenue Growth by Region

    Third Quarter 2016 Revenue Growth¹ by Region -7.6% CENTRAL & EASTERN EUROPE 0.4% Q3 YTD Q3 % 2.1% Mature Markets 3.2% 4.1% UNITED YTD % KINGDOM “Faster Growing” Markets 3.2% 3.3% 3.4% 2.6% Total 3.2% 3.9% NORTH AMERICA 5.4% WESTERN 3.8% CONTINENTAL EUROPE 6.7% 5.4% ASIA PACIFIC 3.7% 7.0% -9.3% LATAM

  20. Slide 20: Net Sales Growth by Region

    Third Quarter 2016 Net Sales Growth¹ by Region -6.4% CENTRAL & EASTERN EUROPE 1.4% Q3 YTD Q3 % 2.7% Mature Markets 3.0% 3.6% UNITED YTD % KINGDOM “Faster Growing” Markets 2.2% 3.0% 3.1% 3.1% Total 2.8% 3.4% NORTH AMERICA 3.2% WESTERN 3.7% CONTINENTAL EUROPE 5.6% 4.0% ASIA PACIFIC Traditional 3.5% Me

  21. Slide 21: Top Markets

    Third Quarter 2016 Top 6 Markets - Over 68%¹ of Revenue and Net Sales, Like-For-Like Revenue Growth of 3.5%¹ and Net Sales Growth of 3.3%¹ Including associates: Revenue $5.1bn $2.5bn $1.1bn $0.9bn $0.6bn $0.5bn People ‘000² 26 17 14 8 5 5 USA UK Greater China4 Germany ANZ5 France Revenue Net Sales R

  22. Slide 22: BRICs Markets

    Third Quarter 2016 BRICs Markets - Over 11%¹ of Revenue and Net Sales, Like-For-Like Revenue Growth of 1.5%¹ and Net Sales Growth of 1.4%¹ Including associates: Revenue $1.1bn $0.4bn $0.3bn $0.1bn WPP Rank5 #3 #8 #12 #22 People ‘000² 14 15 7 2 Greater China4 India Brazil Russia Revenue Net Sales Rev

  23. Slide 23: Growth by Region: Third Quarter

    Third Quarter 2016 Growth by Region: Third Quarter  North America constant currency net sales growth 4.8%, like-for-like 3.1% slightly weaker than second quarter, advertising and media investment management, public relations and public affairs and branding & identity improving, custom and healthcar

  24. Slide 24: Revenue Growth by Country: Third Quarter

    Third Quarter 2016 Revenue Growth by Country: Third Quarter Revenue Growth1 Countries More than 20% Argentina, Turkey 10% to 20% Mainland China, South Korea, Sweden Belgium, Greater China², Denmark, Germany, India, Indonesia, Italy, 5% to 10% Thailand Brazil, Canada, France, Japan, Mexico, Netherlan

  25. Slide 25: Revenue Growth by Category: Third Quarter

    Third Quarter 2016 Revenue Growth by Category: Third Quarter Revenue Growth¹ Categories More than 10% Electronics, Retail, Telecommunications, Travel & Airline 5% to 10% Automotive, Food, Government Computers, Drinks, Financial Services, Media & Entertainment, Oil, Less than 5% Personal Care & Drugs

  26. Slide 26: Trade Estimates of Major New Business Wins

    Third Quarter 2016 Trade Estimates of Major New Business Wins WPP Agency Incumbent Account Office Billings($m) GroupM Haworth¹ Target USA 686 MediaCom DEN/OMC Sony Playstation Global 421 MediaCom PUB Procter & Gamble China 266 Team Connect Maxus/MEC BT/EE UK 248 Cohn & Wolfe IND Applebee’s Global 15

  27. Slide 27: Trade Estimates of Major New Business Wins

    Third Quarter 2016 Trade Estimates of Major New Business Wins WPP Agency Incumbent Account Office Billings($m) MediaCom PUB Unilab Philippines 55 MEC HAV Nationwide UK 50 MediaCom Geometry BRP Global 45 MEC PUB Mitsubishi Australia 45 GroupM MediaCom Westpac Australia 45 AKQA N/A Caterpillar Global

  28. Slide 28: Trade Estimates of Major New Business Losses

    Third Quarter 2016 Trade Estimates of Major New Business Losses WPP Agency Winning Agency Account Office Billings($m) MediaCom OMC Volkswagen Global 2,179 MEC/Grey OMC AT&T USA 1,800 Haworth¹ GroupM Target USA 686 Mindshare IND LG Electronics USA 297 Maxus/MEC Team Connect BT/EE UK 248 MEC N/A KFC U

  29. Slide 29: Internal Estimates of Net New Business Wins

    Third Quarter 2016 Internal Estimates of Net New Business Wins: Third Quarter and Year to Date Third Quarter YTD ($m) Creative Media Total Total Advertising 222 1,860 2,082 4,554 Other Businesses 300 - 300 820 2016 522 1,860 2,382 5,374 29

  30. Slide 30: Major New Business Wins/Losses Since October

    Third Quarter 2016 Trade Estimates of Major New Business Wins/Losses Since 1 October WPP Agency Incumbent Account Office Billings($m) Haworth¹ PUB Walmart USA 900 Mindshare N/A Fox Europe 193 Y&R/VML OMC Electrolux USA 140 Cohn & Wolfe None Karhoo USA 100 WINS Y&R/VML HAV New Balance USA 60 MediaCom

  31. Slide 31: Cash Flow and Net Debt

    Third Quarter 2016 Cash Flow and Net Debt  Average net debt for September YTD up £434m to £4.206bn, compared to £3.772bn in 2015, at 2016 exchange rates.  Net acquisitions (including earnouts) for September YTD £370m (2015 - £559m) and share buy-backs £342m (2015 - £588m).  Net debt at 30 Septemb

  32. Slide 32: Acquisitions and Investments – Year to Date

    Third Quarter 2016 Acquisitions and Investments – Year to Date Faster Growing Quantitative & All Def Digital (USA)² Markets Digital APPNEXUS (USA) ¹,² ArcTouch (USA) 3yz (Brazil) comScore (USA)¹,² Analytics Quotient (India) CONEXANCE (FRANCE) Bienalto (Australia)¹ Conrad Caine (Germany) Effect PR (T

  33. Slide 33: Uses of Free Cash Flow

    Third Quarter 2016 Uses of Free Cash Flow Sept YTD Sept YTD Category Target FY 2015 2016 2015 Acquisitions (excluding earnouts)¹ £300-£400m² £305m £522m £649m Share buy-backs: n/a £342m £588m £588m % of issued share capital 2%-3% 1.6% 3.0% 3.0% Dividend increase n/a 23% 37% 17% Pay-out ratio 50% n/a

  34. Slide 34: Debt Maturity Profile

    Third Quarter 2016 Debt Maturity Profile £m at 30 September 2016 600 £ Total £ Total Credit Drawn 550 £ bonds £400m (2.875% Sep ’46) 400 400 500 US bond $500m (5.625% Nov ’43) 386 386 450 US bond $300m (5.125% Sep ’42) 231 231 400 Eurobonds €600m (1.625% Mar ’30) 519 519 Total Drawn (£m) Eurobonds €

  35. Slide 35: Market Environment

    Third Quarter 2016 Market Environment Macro Micro  Global GDP growth projections slow in 2016, recovering in 2017.  Low growth, low inflation, no pricing power, focus on costs.  Brexit impact estimated by IMF at -0.2% in 2017 reflecting subdued  Disrupters, zero based budgeters, activist investo

  36. Slide 36: Like-for-Like Growth and GDP

    Third Quarter 2016 Like-for-Like Growth and GDP 11.0 10.0 WPP Like-for-Like Revenue Growth 9.0 WPP Like-for-Like Net Sales Growth 8.0 GDP Real / IMF¹ (FY 2016, 2017 Only) GDP Nominal / Goldman Sachs 7.0 GDP Nominal / WPP 6.0 Growth (%) 5.0 4.0 3.0 2.0 1.0 0.0 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/1

  37. Slide 37: The New Normal

    Third Quarter 2016 The New Normal Low GDP Low or No Growth Inflation Little Pricing High Focus Power on Costs 37

  38. Slide 38: The Legacy Spectrum

    Third Quarter 2016 The Legacy Spectrum Active Zero Based Disrupters Investors Budgeters Bill Ackman Daniel Loeb Nelson Peltz 38

  39. Slide 39: Short Executive "Life Expectancy"

    Third Quarter 2016 Short Executive “Life Expectancy”  CEO tenure 6 to 7 years (FTSE 100 5.9 years, S&P 500 7.1 years)  CFO tenure 4 to 5 years (FTSE 100 4.1 years, S&P 500 4.8 with 50% less than 3 years)  CMO tenure 3 to 4 years (S&P 45 months) 39

  40. Slide 40: S&P Dividends & Buy-Backs as % of Operating Earnings

    Third Quarter 2016 S&P 500 Dividends & Buy-Backs as % of Operating Earnings 100% of operating earnings Source: S&P Capital IQ 40

  41. Slide 41: Rising FTSE Dividend Pay-Out Ratios

    Third Quarter 2016 Rising FTSE Dividend Pay-Out Ratios 110% 75% FTSE 100 EPS FTSE 100 pay-out ratio WPP pay-out ratio 70% 100% 65% 90% 60% 80% 55% EPS Pay-out ratio Q3/11 =100% 50% 70% 45% 60% 40% 50% 35% 40% 30% Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/

  42. Slide 42: US Total Investment as % of GDP

    Third Quarter 2016 US Total Investment as % of GDP 26 25 24 23 22 % 21 20 19 18 17 1980 1985 1990 1995 2000 2005 2010 2015 IMF World Economic Outlook (WEO), October 2015 42

  43. Slide 43: Strong Brands Generate Superior Shareholders' Return

    Third Quarter 2016 Strong Brands Generate Superior Shareholders’ Return 43

  44. Slide 44: Top Clients Trends: Third Quarter

    Third Quarter 2016 Top 20 Clients Trends: Third Quarter  Third quarter like-for-like revenue growth is ca. 3%.  Well balanced between price at 1.5% and volume at 1.5%.  US growth at 2.9% and International at 3.2% are similar.  US reporting suffers from strength of US$. 44

  45. Slide 45: Horizontality, New Markets, New Media and Data Investment Management

    Third Quarter 2016 Horizontality, New Markets, New Media and Data Investment Management  Horizontality – ensuring our people work together through client teams and country and sub-regional managers for benefit of clients.  Faster growing markets to be 40-45% of total Group revenue over next four t

  46. Slide 46: Horizontality Matrix

    Third Quarter 2016 Horizontality Matrix Specialist Communications J. Walter Ogilvy Y&R Grey GroupM Kantar H+K BtoD GroupH WPP WPP Thompson Group Strategies Group Digital Spec Comms Client Leaders Country/Regional Managers 46

  47. Slide 47: Third Quarter and Year to Date Summary

    Third Quarter 2016 Third Quarter and Year to Date Summary  Year to date strong reported revenue growth 15.8%, like-for-like revenue growth 3.9%, like-for- like net sales growth 3.4%.  Third quarter advertising and media investment management, public relations and public affairs, and branding and i

  48. Slide 48: Outlook for 2016: Our Long-Term Financial Model

    Outlook for 2016 Our Long-Term Financial Model  Organic revenue and net sales growth of 0-5% in line with market growth.  Margin improvement of 0.3 margin points or more before currency movements, with long-term net sales margin target of 19.7%.  Use of our substantial cash flow to enhance EPS th

  49. Slide 49: Outlook for 2016

    Outlook for 2016  Our forecasts indicate − Like-for-like revenue and net sales growth of over 3% − Margin improvement in line with our target of 0.3 margin points pre-currency − Acquisitions to add ca. 4-5% to revenue and net sales  At current exchange rates the full year currency impact is 10% be

  50. Slide 50: 30 Year History (Hard Copy Only)

    2 30 Year History (Hard Copy Only) 50

  51. Slide 51: 30 Year History: WPP Reported Revenue

    30 Year History WPP Reported Revenue £’m 13,000 12,235 12,000 11,529 11,019 11,000 10,373 10,022 10,000 9,331 9,000 8,684 30 year CAGR 31% 8,000 7,477 7,000 6,185 5,908 6,000 5,374 5,000 4,300 4,0223,9084,106 4,000 2,981 3,000 2,173 1,7471,918 2,000 1,5551,691 1,2641,2041,2731,4311,427 1,005 1,000 5

  52. Slide 52: 30 Year History: WPP Net Sales

    30 Year History WPP Net Sales £’m 12,000 11,000 10,524 10,065 10,000 10,076 9,515 9,239 9,000 8,561 7,981 8,000 30 year CAGR 30% 7,009 7,000 5,850 6,000 5,611 5,133 5,000 4,074 4,000 3,7903,6903,869 3,000 2,736 1,855 2,000 1,4371,469 1,633 1,328 1,0761,0161,0701,2091,204 843 1,000 442 219 4 24 0 52

  53. Slide 53: 30 Year History: WPP Organic Growth

    30 Year History WPP Organic Growth % 20 18.6 Organic Revenue Growth Organic Net Sales Growth 15.0 15 13.9 14.1 11.8 10 8.0 8.3 8.4 8.0 8.0 30 year average organic revenue growth : 5.6% 8.2 6.3 5.7 5.2 5.5 5.4 5.3 5.3 5.3 5.0 5 4.0 4.0 3.5 3.3 3.3 2.7 2.9 0.7 N/A 0 -3.0 -5 -4.7 -5.9 -8.1 -10 Note: Es

  54. Slide 54: 30 Year History: WPP PBIT and Margins

    30 Year History WPP PBIT and Margins PBIT PBIT margin 2004 onwards £’m % 16.9% PBIT reported 1,600 16.5%16.7% under IFRS 16.1% 15.7%15.8% 15.9%16.0% 15.3% 15.5% 16% 15.0% 14.8% 14.9%14.7% 15.3% 1,400 14.4% 14.0% 15.0% 15.1% 13.8%13.7% 15.0% 14.8% 14.5% 14.5% 14.3% 14% 14.3% 1,200 12.7% 14.0%13.0% 14

  55. Slide 55: Long Term Impact of Financial Model

    Long Term Impact of Financial Model WPP Headline Diluted EPS Post 1992 Rights Issue pence 100 93.6 90 84.9 80.8 80 73.4 22 Year CAGR: 14% 70 67.7 60 56.7 55.5 50 45.8 44.4 42.0 40 36.0 30.9 32.3 30.3 29.0 30 27.9 22.7 23.8 18.8 20 15.7 13.5 9.4 10 6.5 5.0 0 UK GAAP IFRS Note: 1993 adjusted to reflec

  56. Slide 56: Other Financial Information (Hard Copy only)

    3 Other Financial Information (Hard Copy only) 56

  57. Slide 57: WPP Has Many of the Best Known Brands in the Industry

    WPP Today WPP Has Many of the Best Known Brands in the Industry Ranked 1 or 2 in all sectors in which it competes J. Walter Thompson Company Ogilvy & Mather (O) Advertising Brand Union Y&R Advertising (Y) Branding & SET Creative Grey Identity FITCH Mindshare Landor Associates (Y) MEC Ogilvy CommonHe

  58. Slide 58: Six Reporting Relationships Cover Nearly 90% of Revenue

    WPP Today Six Reporting Relationships Cover Nearly 90% of Revenue Revenue by Brand J. Walter Thompson Company Grey Chairman & CEO: Jim Heekin CEO: Tamara Ingram Mirum President: Michael Houston Geometry Global (shared ownership) GroupM Chairman: Irwin Gotlieb Ogilvy & Mather Mindshare CEO: Kelly Cla

  59. Slide 59: Six Further Reporting Relationships Cover Most of the Remaining 10%

    WPP Today Six Further Reporting Relationships Cover Most of the Remaining 10% of Revenue Revenue by Brand CEO: Jack Martin Hill+Knowlton Strategies WPP Digital BtoD Group POSSIBLE CEO: Lois Jacobs Landor Associates Hogarth CEO: Simon Bolton Group XP Rockfish CEO: Jim Prior The Partnership CEO: Mark

  60. Slide 60: Acquisitions

    Third Quarter 2016 Acquisitions Conexance – France (Wunderman) Conexance operates the leading data co-operative covering consumer transactions in France. It is a database marketing company and a leader in providing proprietary statistical modelling to identify consumer behaviours and attributes that

  61. Slide 61: Acquisitions

    Third Quarter 2016 Acquisitions Famous – Belgium (Grey) Famous is a leading creative agency in Belgium. Founded in 1998 and based in Brussels, it is a multi-award winning and full-service agency with creativity at its core. Famous creates in three languages: French, Flemish and English. Its main ser

  62. Slide 62: Acquisitions

    Third Quarter 2016 Acquisitions LNEI – France (WPP Ventures)¹ Les Nouvelles Editions Indépendantes SAS (“LNEI”) is a media group focused on investments in the French and international media sectors. Founded and controlled by Matthieu Pigasse, LNEI was launched in 2009 in Paris and has investments in

  63. Slide 63: Acquisitions

    Third Quarter 2016 Acquisitions ScrollMotion – USA (WPP Ventures)¹,² ScrollMotion is a software company that has developed a platform for building interactive mobile content without the need for developers. ScrollMotion has worked with multiple clients and agencies, including Apple, Genentech, JPMor

  64. Slide 64: Acquisitions

    Third Quarter 2016 Acquisitions WANDA Digital¹ – Turkey (J. Walter Thompson Company) WANDA Digital is a leading independent digital agency in Turkey. Founded in 2006 and employing around 80 people in Istanbul, its clients include Media Markt, Nestle, Turkcell, Ülker and Unilever. WANDA Digital offer

  65. Slide 65: WPP London

    WPP Third Quarter 2016 London

WPP — Q3 2016 Earnings Presentation on 6ix