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2019 PRELIMINARY RESULTS Sea Containers, London 2019 PRELIMINARY RESULTS Sea Containers, London 27.2.2020 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 related to future, not past events and circumstances – which may relate to one or more of the financial conditions, results of operations and businesses of WPP plc and certain of the plans and objectives of WPP with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports. Nothing in this presentation is intended as a forecast, nor should it be taken as such. Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.wpp.com, or can be obtained from the SEC by calling 1-800-SEC- 0330 or on its website at www.sec.gov. 2019 PRELIMINARY RESULTS 2 AGENDA 2019 FINANCIAL RESULTS PROGRESS ON STRATEGY CONCLUSION AND Q&A 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 through the new business teams for growth year: H1 -2.5%, H2 -0.7% • Improved client performance with good • Strong working capital performance retention and important wins • Leverage reduced significantly: year-end • Successful completion of Kantar transaction net debt £1.5B • Renewed purpose and strengthened culture 2019 PRELIMINARY RESULTS 4 2019 FINANCIAL RESULTS 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 and new business teams • Stronger balance sheet and share buy-back programme commenced • “First completion” of sale of c. 90% of Kantar for net cash proceeds to date $2.8B of total $3.1B, with debt to be reduced by $1.9B and share buy-back of $1.2B ($0.3B already completed) 1. Group including Kantar as if owned for whole year 2019 PRELIMINARY RESULTS 6 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 -21.9% -22.3% Tax rate 28.0% 20.4% Profit from: Continuing operations 707 1,002 -29.4% -30.3% Discontinued operations 11 138 -92.2% -94.0% Total 718 1,139 -37.0% -38.0% Total reported diluted EPS 49.5p 84.3p -41.3% -42.3% 1. 2018 figures re-presented in accordance with IFRS 5 : Non-Current Assets Held for Sale and Discontinued Operations 2. % change in reported sterling 3. % change at constant currency rates 4. Operating profit includes net exceptional loss £96m (2018 loss £27m) and goodwill/intangible charges £169m (2018 charges £386m) 5. PBIT includes net exceptional loss £143m (2018 loss £69m) and goodwill/intangible charges £169m (2018 charges £386m) 2019 PRELIMINARY RESULTS 7 6. PBT includes net exceptional loss £143m (2018 loss £69m), goodwill/intangible charges £169m (2018 charges £386m) and revaluation of financial instruments charge £69m (2018 credit £170m) 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 1,723 -5.8% -6.0% EBITDA 1,830 1,933 -5.3% -5.6% PBT 1,363 1,543 -11.7% -11.6% Operating profit margin⁴ 14.4% 15.2% -0.8⁵ -0.6⁵ -1.2⁵ PBIT margin⁴ 15.0% 15.8% -0.8⁵ -0.7⁵ -1.2⁵ Tax rate 22.0% 20.7% n/a n/a Diluted EPS: Continuing operations 78.1p 91.4p -14.6% -14.9% Discontinued operations 14.6p 16.6p -12.0% -14.8% Total 92.7p 108.0p -14.2% -14.9% Dividend per share 60.0p 60.0p - - 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries 3 Like-for-like growth at constant currency exchange rates and excluding effect and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring and of acquisitions and disposals transformation costs, litigation settlement, gain on sale of New York freehold property and revaluation of financial 4 Margin as % of revenue less pass-through costs instruments 5 Margin points 2019 PRELIMINARY RESULTS 8 2 2018 figures re-presented in accordance with IFRS 5 : Non-Current Assets Held for Sale and Discontinued Operations 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 0.1% LFL -3.3% LFL -1.7% LFL 0.5% LFL -1.9% LFL -1.6% H1 LFL -2.5% H2 LFL -0.7% Including Kantar¹: LFL -2.8% LFL -1.4% LFL 0.7% LFL -1.6% LFL -1.2% H1 LFL -2.0% H2 LFL -0.5% 1. Group including Kantar as if owned for whole year 2019 PRELIMINARY RESULTS 9 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. Continuing operations 2019 PRELIMINARY RESULTS 10 2.2020 budget exchange rates £:$1.325, £:€1.18 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% -1.6% -1.2% 1. Group including Kantar as if owned for whole year 2019 PRELIMINARY RESULTS 11 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 3,239 0.2% 0.4% 1.4% East and Central & Eastern Europe Total Continuing Operations 10,847 10,876 -0.3% -1.5% -1.6% 2019 PRELIMINARY RESULTS 12 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 10,876 -0.3% -1.5% -1.6% 2019 PRELIMINARY RESULTS 13 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, 14 restructuring and transformation costs, litigation settlement and gain on sale of New York freehold property 2019 PRELIMINARY RESULTS 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 and Central & Eastern Europe Total Continuing Operations 1,561 1,651 14.4% 15.2% 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 sale of New York freehold property 2019 PRELIMINARY RESULTS 15 2. Margin as % of revenue less pass-through costs 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% 15.2% 1.
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