Wpp Plc · LSE:WPP
Wpp — FY2019 Earnings Presentation
64 slides from Wpp's earnings presentation, Feb 27, 2020
Slide 1: 2019 Preliminary Results
2019 PRELIMINARY RESULTS Sea Containers, London 27.2.2020
Slide 2: Safe Harbour Statement
SAFE HARBOUR STATEMENT In order to utilise the ‘safe harbour’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), WPP plc is providing the following cautionary statement. This presentation contains certain forward-looking statements – that is, statements r
Slide 3: Agenda
AGENDA 2019 FINANCIAL RESULTS PROGRESS ON STRATEGY CONCLUSION AND Q&A
Slide 4: 2019: Solid foundations built, on track to deliver 2021 targets
2019: SOLID FOUNDATIONS BUILT, ON TRACK TO DELIVER 2021 TARGETS Strategic Financial • Significant progress on simplification: • Delivered organic growth and margin fewer, stronger agency brands guidance set in December 2018 • Investments in technology, HR, client and • Organic growth improvement thr
Slide 5: 2019 Financial Results
2019 FINANCIAL RESULTS
Slide 6: Full Year Highlights
FULL YEAR HIGHLIGHTS • FY LFL revenue less pass-through costs -1.6% (-1.2% inc Kantar¹); Q4 -1.9% (-1.6% inc Kantar¹) • FY operating margin 14.4%, -1.2 margin points LFL. Reflects challenges faced by Specialist Agencies as well as investing for future growth • Investments in technology, HR, client a
Slide 7: Summary Unaudited IFRS Income Statement
SUMMARY UNAUDITED IFRS INCOME STATEMENT Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018¹ £M Δ REPORTED² CURRENCY³ Continuing operations Revenue 13,234 13,047 1.4% 0.2% Gross profit 2,409 2,488 -3.2% -3.9% Operating profit⁴ 1,296 1,238 4.7% 4.3% PBIT⁵ 1,311 1,268 3.3% 2.9% Profit before tax⁶ 982 1,258 -2
Slide 8: Summary Unaudited Headline Results
SUMMARY UNAUDITED HEADLINE¹ RESULTS Δ CONSTANT Δ LIKE-FOR- YEAR TO 31 DECEMBER 2019 £M 2018² £M Δ REPORTED CURRENCY LIKE³ Continuing operations Revenue 13,234 13,047 1.4% 0.2% 0.0% Revenue less pass-through costs 10,847 10,876 -0.3% -1.5% -1.6% Operating profit 1,561 1,651 -5.5% -5.6% PBIT 1,623 1,7
Slide 9: Revenue Less Pass-Through Costs Growth vs Prior Year
REVENUE LESS PASS-THROUGH COSTS GROWTH VS PRIOR YEAR Q1 Q2 Q3 Q4 FULL YEAR Continuing Operations: Reported -1.0% Reported 0.6% Reported 3.7% Reported -3.8% Reported -0.3% FX 1.8% FX 1.9% FX 3.2% FX -1.5% FX 1.2% Acquisitions 0.5% Acquisitions 0.4% Acquisitions 0.0% Acquisitions -0.4% Acquisitions 0.
Slide 10: Impact of FX on Revenue Less Pass-Through Costs
IMPACT OF FX ON REVENUE LESS PASS-THROUGH COSTS¹ 18/FY Act 19/Q1 Act 19/Q2 Act 19/Q3 Act 19/Q4 Act 19/FY Act 4% • 2019 Q4 currency headwind 1.5% 2% 3.2% • 2019 full year currency 1.8% 1.9% tailwind 1.2% 1.2% 0% • 2020 full year headwind c. 3% at -1.5% budget exchange -2.8% rates² -2% -4% 1. Continui
Slide 11: Revenue Less Pass-Through Costs by Quarter
REVENUE LESS PASS-THROUGH COSTS BY QUARTER CONTINUING OPERATIONS TOTAL INCL. KANTAR¹ Δ CONSTANT Δ REPORTED CURRENCY Δ LFL Δ LFL Q1 -1.0% -2.8% -3.3% -2.8% Q2 0.6% -1.3% -1.7% -1.4% H1 -0.2% -2.0% -2.5% -2.0% Q3 3.7% 0.5% 0.5% 0.7% Q4 -3.8% -2.3% -1.9% -1.6% H2 -0.3% -1.0% -0.7% -0.5% FY -0.3% -1.5%
Slide 12: Revenue Less Pass-Through Costs by Region
REVENUE LESS PASS-THROUGH COSTS BY REGION Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ REPORTED CURRENCY Δ LFL North America 4,034 4,060 -0.6% -4.7% -5.7% UK 1,390 1,394 -0.3% -0.3% 0.3% Western Continental Europe 2,177 2,183 -0.3% 1.0% 0.7% Asia Pacific, Latin America, Africa & Middle 3,246 3,2
Slide 13: Revenue Less Pass-Through Costs by Sector
REVENUE LESS PASS-THROUGH COSTS BY SECTOR Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ REPORTED CURRENCY Δ LFL Global Integrated Agencies 8,108 8,071 0.5% -0.7% -0.7% Public Relations 898 880 2.1% -0.1% -1.0% Specialist Agencies 1,841 1,925 -4.4% -5.6% -5.6% Total Continuing Operations 10,847 10
Slide 14: Change in Headline Operating Margin
CHANGE IN HEADLINE¹ OPERATING MARGIN Continuing operations -1.2% 1. Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, restructuring and transformation costs, litigation settlement and gain on
Slide 15: Headline Operating Profit and Margin by Region
HEADLINE¹ OPERATING PROFIT AND MARGIN By Region OPERATING PROFIT £M OPERATING MARGIN² YEAR TO 31 DECEMBER 2019 2018 2019 2018 North America 662 711 16.4% 17.5% UK 188 180 13.6% 12.9% Western Continental Europe 262 289 12.0% 13.3% Asia Pacific, Latin America, Africa & Middle 449 471 13.8% 14.6% East
Slide 16: Headline Operating Profit and Margin by Sector
HEADLINE¹ OPERATING PROFIT AND MARGIN By Sector OPERATING PROFIT £M OPERATING MARGIN² YEAR TO 31 DECEMBER 2019 2018 2019 2018 Global Integrated Agencies 1,220 1,228 15.0% 15.2% Public Relations 141 139 15.7% 15.8% Specialist Agencies 200 284 10.9% 14.7% Total Continuing Operations 1,561 1,651 14.4%
Slide 17: Trade Estimates of Assignment Wins/Losses Since Q3 Trading Update
TRADE ESTIMATES OF ASSIGNMENT WINS/LOSSES SINCE Q3 TRADING UPDATE¹ WINS MEDIA (M)/ WPP AGENCY CREATIVE (C) ACCOUNT OFFICE BILLINGS $M Mediacom M Hasbro Global 225 Wavemaker M AXA Global 167 WPP C Mondelez - Milka Europe 140 Wavemaker M Perrigo Europe/ANZ 120 Mindshare M Lufthansa Global 100 LOSSES M
Slide 18: Free Cash Flow and Free Cash Flow Conversion
FREE CASH FLOW AND FREE CASH FLOW CONVERSION YEAR TO 31 DECEMBER 2019¹ £M 2018 £M Operating profit 1,580 1,431 - Continuing Operations 1,296 1,238 - Discontinued Operations 284 193 Depreciation & amortisation charges 734 728 - Depreciation & amortisation ex IFRS 16 416 728 - Depreciation of right-of
Slide 19: Uses of Cash Flow
USES OF CASH FLOW YEAR TO 31 DECEMBER 2019 £M 2018 £M Free cash inflow 1,044 1,093 Net disposals/(acquisitions) ex earnout payments 2,221 570 - Disposal proceeds¹ 2,315 843 - Net initial payments² (94) (273) Net cash inflow before distributions 3,265 1,163 Distributions to shareholders (794) (954) -
Slide 20: Disposal Proceeds
DISPOSAL PROCEEDS¹ 2019 £M Kantar “First Completion” 1,971 - Consideration received 2,352 - Less cash on disposal (325) - Less transaction costs (56) Property - 3 Columbus Circle, New York City 159 Chime 54 The Farm 27 Blue State Digital Tools 20 Other disposals 84 Total 2,315 1. Includes proceeds f
Slide 21: Restructuring: Disposals
RESTRUCTURING : DISPOSALS (excluding Kantar sale) INVESTMENTS ASSOCIATES/JV’S SUBSIDIARIES 2018 2018 2018 AppNexus Ooh!Media Big Idea Group Imagina (Return Grey Bulgaria OnCall CMC Content Raine Capital II Bruin Sports Capital of Capital) Grey Serbia Pace Domo Woven Inc/UpRoxx DASL OptimizeRx IEG PX
Slide 22: Kantar Transaction
KANTAR TRANSACTION Balance sheet strengthened, limited dilution • Successfully executed: simplification and de-leverage • Proceeds $3.1B net of tax and disposal costs • “First Completion” 5 December 2019, (c. 90% of Kantar), net proceeds $2.8B • Subsequent completion(s) with expected further conside
Slide 23: Net Debt
NET DEBT Continuing operations YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ £M Average net debt¹ on constant currency basis (4,282) (5,025) 743 Average net debt¹ on reportable basis (4,282) (4,966) 684 Net debt¹ at 31 December on constant currency basis (1,540) (3,853) 2,313 Net debt¹ at 31 December on rep
Slide 24: Uses of Free Cash Flow
USES OF FREE CASH FLOW TARGET FY 2019 FY 2018 (Disposals)/acquisitions (excluding earnouts): Acquisitions¹ c. £200M £94M £273M Less disposals² c. £(200M) £(2,315M) £(843M) Net (disposals)/acquisitions NEUTRAL £(2,221M) £(570M) Share buy-backs: - £44M £207M % of issued share capital - 0.4% 1.3% Balan
Slide 25: IFRS 16: Overview
IFRS 16 : OVERVIEW IFRS 16 effective 1 January 2019: • All leases treated the same, no finance and operating designation • Primarily real estate (97%) • All leases on balance sheet except short-term and low value leases • Balance sheet gross up at 31 December 2019 includes £1.7B right-of- use asset
Slide 26: IFRS 16: Headline P&L Impact
IFRS 16: HEADLINE¹ P&L IMPACT Based on 1 January 2019 leases, continuing operations 2019 FY 2018 FY P&L IMPACT EX RIGHT- RIGHT-OF- AS £M EX IFRS 16 IFRS 16 OF-USE DEP’N USE DEP’N AS REPORTED REPORTED EBITDA 2,070 61 2,131 301 1,830 1,933 Operating profit 1,500 61 1,561 - 1,561 1,651 Operating margin
Slide 27: John Rogers, CFO, WPP
JOHN ROGERS CFO, WPP • Chief Executive Officer of Sainsbury’s Argos 2016-2019 – Oversaw digital transformation of one of the UK’s leading technology-driven businesses – Today around 65 percent of the company’s sales are online, via the UK’s third most visited retail website • Chief Financial Officer
Slide 28: 2020 Guidance
2020 GUIDANCE • Guidance made prior to any impact from the coronavirus outbreak. Too early to predict the full potential financial impact. Further information at our first quarter trading update • Like-for-like revenue less pass-through costs flat, with business performance improving during the year
Slide 29: Medium-Term Financial Targets
MEDIUM-TERM FINANCIAL TARGETS We are on track to deliver our financial targets by the end of 2021, which are: • Organic growth (defined as like-for-like revenue less pass-through costs growth) in line with peers • Headline operating margin (including the impact of IFRS 16: Leases but now excluding K
Slide 30: Progress on Strategy
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Slide 31: The Market in 2020: Structural Change Continues
THE MARKET IN 2020: STRUCTURAL CHANGE CONTINUES • Creativity, innovation and growth remain critical to our clients • Technology disruption unabated: – Analogue media channels continue to decline – SVOD/AVOD growth (Netflix, Disney +, Peacock etc) – Retail growth all in ecommerce, DTC brands, Amazon,
Slide 32: A Strategy for Growth
VISION AND OFFER CREATIVITY Radical evolution: DATA AND TECHNOLOGY A STRATEGY FOR GROWTH SIMPLER STRUCTURE CULTURE 2019 PRELIMINARY RESULTS 32
Slide 33: Creative Transformation Company
CREATIVE TRANSFORMATION COMPANY
Slide 34: Still a Market with Growth Opportunities for the New WPP
VISION AND OFFER STILL A MARKET WITH GROWTH OPPORTUNITIES FOR THE “NEW” WPP COMMUNICATIONS EXPERIENCE COMMERCE TECHNOLOGY • 52% of media in new • CX technology spend is • Global ecommerce <15% • MarTech >25% of channels a >$500bn market of retail sales marketing budgets • 3.9% ad spend growth in • 8
Slide 35: Encouraging Growth Areas in 2019
VISION AND OFFER CPG CLIENTS1 LUXURY/PREMIUM CLIENTS1 +3% INDIA ENCOURAGING +15% GROWTH AREAS IN 2019 +10% +10% TECH CLIENTS1 BRAZIL +9% 1. Sector performance based on WPP top 200 clients, which represent in total 54% of 35 2019 PRELIMINARY RESULTS 2019 revenue less pass-through costs
Slide 36: Solid Wins, Reduced Losses in 2019
VISION AND OFFER SOLID WINS, REDUCED LOSSES IN 2019 Wins Losses MEDIA (M)/ BILLINGS MEDIA (M)/ BILLINGS WPP AGENCY CREATIVE (C) ACCOUNT $M WPP AGENCY CREATIVE (C) ACCOUNT $M M 360 M 300 C 350 C 180 M 350 M 130 M 250 M 110 M 145 C 90 M 140 M 75 C 120 C 60 M 60 M 100 M 30 C 100 M 80 C 17 2019 PRELIMIN
Slide 37: 2019 Interim Results
2019 INTERIM RESULTS 37
Slide 38: Putting Technology at the Heart of Our Business
DATA AND TECHNOLOGY PUTTING TECHNOLOGY AT THE HEART OF OUR BUSINESS ACQUISITION INTEGRATION TRANSFORMATION 2010 – 2015 2016 – 2019 2020 – onwards Acquisition of specialist MarTech Integrating specialist businesses Transforming our technology and AdTech boutiques to fast- into the core offering of sc
Slide 39: Driving Growth with Our Strategic Technology Partners
DATA AND TECHNOLOGY DRIVING GROWTH WITH OUR STRATEGIC TECHNOLOGY PARTNERS MEDIA & COMMERCE PLATFORMS A HOLISTIC PARTNER STRATEGY 1. Joint product & solution development 2. Preferential access to partner data & technology 3. Joint go-to-market initiatives 4. Globally scaled training & enablement prog
Slide 40: Optimising Innovation with a Single Technology Platform
DATA AND TECHNOLOGY OPTIMISING INNOVATION WITH A SINGLE TECHNOLOGY PLATFORM • WPP OPEN combines the leading applications, data and solutions from across WPP and our partners in one platform • Simplifies and consolidates scaled, global initiatives • Stimulates and surfaces organic innovation • Accele
Slide 41: A Simpler WPP
SIMPLER STRUCTURE A SIMPLER WPP INTEGRATION RATIONALISATION • 100 local office mergers • Over 50 disposals • 80 business unit closures 2019 PRELIMINARY RESULTS 41
Slide 42: Building Culture Through Purpose
BUILDING CULTURE THROUGH PURPOSE To use the power of creativity to build better futures PEOPLE CLIENTS COMMUNITIES Attract, retain and develop the best Better people and great Drive change in the world around in a culture which is open, optimistic and extraordinary purpose delivers better work us wi
Slide 43: Building Culture Through Purpose
CULTURE BUILDING CULTURE THROUGH PURPOSE Recognition of our commitment and progress 2019 PRELIMINARY RESULTS 43
Slide 44: Progress on Key Metrics
PROGRESS ON KEY METRICS • Met all targets for closures, disposals SIMPLER WPP and mergers • Delivered December 2018 guidance RETURN TO GROWTH • Improved in H2 over H1 • Reinvesting for growth MARGIN • Slower progress on shared services • Leverage at low end of target a year LEVERAGE ahead of plan 20
Slide 45: 2020 Priorities
2020 PRIORITIES
Slide 46: Priorities for 2020
PRIORITIES FOR 2020 1 Continue to invest in client and new business teams for growth 2 Embed new creative talent and lead with ideas 3 Further strengthen collaboration and culture 4 Industrialise WPP Open 5 Begin to tackle duplication and inefficiency 2019 PRELIMINARY RESULTS 46
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Slide 48: Other Financial Information
OTHER FINANCIAL INFORMATION Hard copy only
Slide 49: Unaudited IFRS Income Statement
UNAUDITED IFRS INCOME STATEMENT Δ CONSTANT YEAR TO 31 DECEMBER 2019 £M 2018¹ £M Δ REPORTED CURRENCY Continuing operations Revenue 13,234 13,047 1.4% 0.2% Gross profit 2,409 2,488 -3.2% -3.9% Operating profit pre exceptional & goodwill/intangibles² 1,561 1,651 -5.5% -5.6% Net exceptional loss (96) (2
Slide 50: Net Exceptional Loss
NET EXCEPTIONAL LOSS YEAR TO 31 DECEMBER 2019 £M Restructuring and transformation costs (153)¹ Gain on disposals of investments and subsidiaries 40¹ Litigation settlement 17¹ Net exceptional loss (96)¹ Share of associate exceptionals (47)¹ Net exceptional loss including associate exceptionals (143)¹
Slide 51: Unaudited Headline IFRS Income Statement
UNAUDITED HEADLINE¹ IFRS INCOME STATEMENT Continuing operations Δ CONSTANT Δ LIKE-FOR- YEAR TO 31 DECEMBER 2019 £M 2018² £M Δ REPORTED CURRENCY LIKE Revenue 13,234 13,047 1.4% 0.2% 0.0% Revenue less pass-through costs 10,847 10,876 -0.3% -1.5% -1.6% Operating profit 1,561 1,651 -5.5% -5.6% Income fr
Slide 52: Reconciliation of P&L from Continuing Operations to Total with 100% Kantar
UNAUDITED HEADLINE¹ IFRS INCOME STATEMENT Reconciliation of P&L from Continuing Operations to Total with 100% Kantar With Kantar Total With Continuing Discontinued Held for Actual Kantar Post 100% FY 2019, £M Operations Operations Total² Sale Adj³ Ownership⁴ Completion⁵ Kantar⁶ Revenue less pass-thr
Slide 53: 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 % H1 H2 FY 5.3 5.2 5.2 UK % North America % H1 H2 FY H1 H2 FY 1.2 -0.5 0.3 -7.3 -4.0 -5.7 W. Cont. Europe % H1 H2 FY -0.2 1.5 0.7 Asia Pacific % H1 H2 FY -0.9 -1.3 -1.1 Africa & M. East % H1 H2 FY -3.6 6.6 1.6 Latin Ame
Slide 54: Top 5 Markets
TOP 5 MARKETS¹ USA UK Germany Greater China³ India Headcount 20,000 11,000 7,000 9,000² 8,000 REVENUE LESS PASS-THROUGH COSTS GROWTH² 2019 FY -6.0% 0.3% -0.3% -3.8% 9.7% 2019 H2 -4.4% -0.5% 2.0% -4.2% 7.3% 2019 H1 -7.5% 1.2% -2.7% -3.3% 12.4% 2018 FY -3.8% -0.2% 1.2% 2.0% 3.9% 1. Top 5 markets for c
Slide 55: BRIC Markets
BRIC MARKETS Mainland China Greater China² Brazil India Russia Headcount 7,000 9,000 5,000 8,000 1,000 REVENUE LESS PASS-THROUGH COSTS GROWTH¹ 2019 FY -4.0% -3.8% 9.3% 9.7% 7.9% 2019 H2 -4.5% -4.2% 6.5% 7.3% 11.1% 2019 H1 -3.3% -3.3% 12.6% 12.4% 3.9% 2018 FY 2.4% 2.0% 6.3% 3.9% 1.0% 1. Like-for-like
Slide 56: Effects of Currency
EFFECTS OF CURRENCY STERLING FULL YEAR 2019 2018 (WEAKER)/STRONGER US$ 1.28 1.34 -4% € 1.14 1.13 1% • Currency movements accounted for 1.2% Chinese Renminbi 8.8 8.8 0% increase¹ in revenue less pass-through costs Brazilian Real 5.03 4.87 3% • Reflects overall Australian $ 1.84 1.79 3% weakness of £
Slide 57: Debt Maturity Profile at 31 December 2019
DEBT MATURITY PROFILE £M AT 31 DECEMBER 2019 £ TOTAL £ TOTAL CREDIT DRAWN ◼ £ bonds £400m (2.875% Sep ’46) 400 400 700 ◼ US bond $220m (5.625% Nov ’43) 165 165 600 ◼ US bond $93m (5.125% Sep ’42) 70 70 ◼ Eurobonds €600m (1.625% Mar ’30) 508 508 500 ◼ Eurobonds €750m (2.25% Sep '26) 635 635 400 ◼ Eur
Slide 58: Revenue Less Pass-Through Costs by Industry
REVENUE LESS PASS-THROUGH COSTS BY INDUSTRY¹ Travel & leisure Luxury & premium 4% 6% Financial services CPG 4% 25% Other 5% Retail 6% Telecom, media & entertainment 7% Automotive 15% Healthcare & pharma 12% Tech 16% 1. % of total top 200 designated clients attributable to each industry for continuin
Slide 59: Net Finance Costs/(Income)
NET FINANCE COSTS/(INCOME) YEAR TO 31 DECEMBER 2019 £M 2018 £M Δ £M Net debt interest 171 188 (17) Lease liabilities 100 - 100 Investment income (18) (15) (3) Pensions 7 7 - Sub-total 89 (8) 97 Headline finance costs 260 180 80 Financial instruments 69 (170) 239 Net finance costs 329 10 319 2019 PRE
Slide 60: Pensions Deficit
PENSIONS DEFICIT YEAR TO 31 DECEMBER £M 2019 2018 Deficit B/F (184) (206) Asset Allocation 2019 2018 Service cost (15) (16) Bonds & insured 84% 76% annuities Plan liabilities interest charge (26) (31) Equities 9% 9% Funding 37 45 Other 7% 15% Investment returns 39 (18) Δ valuation assumptions¹ (53)
Slide 61: Earnout Accrual
EARNOUT ACCRUAL YEAR TO 31 DECEMBER £M 2019 EXPECTED PAYMENTS £M Accrual B/F 415 2020 142 Earnouts paid (130) 2021 37 New acquisitions 10 2022 37 Revised estimates taken to goodwill (14) 2023 15 Revaluations of payments 1 2024 10 Transfer to discontinued operations (12) 2025+ 13 Excluding FX 270 Tot
Slide 62: Ordinary Shares - Diluted
ORDINARY SHARES - DILUTED NUMBER SHARES MILLION 2019 2018 Δ Average Basic 1,250 1,248 0.2% Share Option Dilution - 1 Other Potentially Issuable Shares 11 12 Average Diluted 1,261 1,261 0.0% 2019 PRELIMINARY RESULTS 62
Slide 63: Ordinary Shares - Basic
ORDINARY SHARES - BASIC NUMBER SHARES MILLION 2019 2018 Δ 1 January 1,333 1,333 Share cancellation (5) - 31 December 1,328 1,333 -0.4% Weighted Average 1,333 1,333 0.0% ESOP, Treasury & Other (83) (85) Average Basic 1,250 1,248 0.2% 2019 PRELIMINARY RESULTS 63
Slide 64: Thank You
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