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WPP AUNZ 2019 Annual Report

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WPP AUNZ 2019 Annual Report ANNUAL REPORT 2019 CONTENTS 2 CHAIRMAN’S LETTER 4 CEO’S WELCOME 6 OUR FOOTPRINT 8 OUR BRANDS 10 AT A GLANCE 11 OUR SOLUTIONS PILLARS 12 COMMUNICATIONS 22 EXPERIENCE 32 COMMERCE 38 TECHNOLOGY 44 SECRETS & LIES 46 TECHNOLOGY AND DATA 48 OUR CULTURE AND VALUES 50 SUSTAINABILITY 54 SOCIAL INVESTMENT 56 OUR PEOPLE 60 THE BOARD OF DIRECTORS 63 DIRECTORS’ REPORT 66 OPERATING AND FINANCIAL REVIEW 71 AUDITOR’S INDEPENDENCE DECLARATION 73 OUR REMUNERATION CHAIR’S LETTER 74 REMUNERATION REPORT 94 FINANCIAL STATEMENTS We bring together the most 156 DIRECTORS’ DECLARATION 157 INDEPENDENT AUDITOR’S REPORT creative minds, strategic thinkers 162 ASX ADDITIONAL INFORMATION and technology capabilities, to 164 CORPORATE DIRECTORY reshape and support the future of businesses and the public sector. WPP AUNZ ANNUAL REPORT 2019 CHAIRMAN’S LETTER Dear Shareholders which includes experience, commerce proceeds of $158.7 million have enabled and technology. us to reduce gearing to below the This past year has seen the start of a current target gearing ratio of 1.5 - 2.0 transformation for WPP AUNZ as we We are driving collaboration across our times net debt / EBITDA and ensure we finalised an extensive global search for a strong brands, investing in technology have capacity to support our new new CEO with the appointment of Jens capabilities and leveraging our existing strategic plan. Monsees in October 2019. Jens’ track knowledge and experience, to capture record of successfully transforming new opportunities that better serve our The Board is confident that, following the leading brands and companies, and his clients and their customers. Importantly, sale of the Kantar businesses, our belief in the power of culture and we also continue to draw on the conservative balance sheet will enable us collaboration to drive success, mean he is experience, insights and capabilities of our to support and invest in the business strongly suited to champion and lead our major shareholder, WPP plc. strategy in the face of the challenging change program. On behalf of the Board, industry conditions and global economic I would like to extend a big thank you to We are committed to restoring WPP AUNZ uncertainties created by the rapidly John Steedman for his leadership during to sustainable, profitable growth. With unfolding COVID-19 crisis. the CEO transition period and his established brands, regional scale and a continuing support for Jens. breadth of capability, we are confident we OUTLOOK have a strong position from which to Looking ahead, I am confident that we Jens has over 20 years’ experience in grow. The Board, together with WPP plc, are well placed to unlock the benefits of international brand management, digital has every confidence in the new strategy our market-leading scale, breadth and strategy, transformation, and innovation and the ability of our senior leadership global connectivity. across multiple industries including media, team to successfully implement changes FMCG, retail, healthcare and automotive. that connect the capabilities across our We are focused on the long-term He was most recently Corporate Vice Group, and enable us to adapt more growth opportunity, not only in areas President at BMW Group in Germany quickly to market trends. of communications and marketing but in where he led all digital initiatives from increasing market share in experience, customer and services, to connected car; 2019 FINANCIAL PERFORMANCE commerce and technology. and from production to technology and At the headline level, our continuing software enablers. There, he helped business net sales were down 2.6% and The next 12 months will be a year of establish a “mobility powerhouse” for new our continuing businesses earnings before continuing transformation with the mobility business models, through a joint interest and tax were down 8.7%. implementation of the new strategy and venture with competitor Daimler. As well, clear focus on putting our clients’ needs he led a BMW Group venture fund for early This overall financial performance at the heart of our offering. We are mindful investments in technology start-ups. was clearly very disappointing and of the external environment and as I write, underscores the importance of, and need we are very conscious that the full impact Jens has hit the ground running. Only six for, the significant change program we of COVID-19 on our people, our clients months into the role, he has already have embarked on. Our 2019 financial and regional economy is yet to play out. announced WPP AUNZ’s new corporate performance was impacted by internal Suffice to say, these are clearly strategy with a clear roadmap to return factors and account losses within certain challenging times and the wellbeing of our the business to profitable growth. Our brands, overlayed by a challenging people and our clients is a priority. ambition is to be the leading company advertising and media market in our delivering creativity powered by largest reporting segment, Global In closing, I say thank you to our people, technology in Australia, New Zealand and Integrated Agencies. Importantly, our clients, our shareholders and my South East Asia. however, when we look deeper into the fellow Directors for their respective numbers, we can see that despite the contribution, patience, support and THE NEW WPP AUNZ headline result, a large number of our continued commitment during 2019. WPP AUNZ’s new strategy acknowledges brands are performing well and growing. the significant technological changes Yours sincerely in the marketing and communications SALE OF KANTAR AUSTRALIA industry and recognises the changing AND NEW ZEALAND needs of our clients and the way The sale of the Kantar businesses in consumers behave and interact. It looks Australia and New Zealand was completed to position WPP AUNZ as the market in December 2019 and has unlocked Robert Mactier leader across a new solutions portfolio value for our shareholders. Gross cash Chairman 2 3 WPP AUNZ ANNUAL REPORT 2019 CEO'S WELCOME INTO THE NEXT DECADE Dear Shareholders We have redefined our offering into career paths; and, importantly, We are well placed to provide everything four solutions pillars: Communications, appropriately rewarding performance. our clients need in communications, After stepping into the CEO role last Experience, Commerce and Technology. We are instituting a new incentive experience, commerce and technology, October, it was quickly clear to me that I encourage you to read further on in this plan, that the Board has approved, and, in many cases, we are already doing WPP AUNZ is an extraordinary company Annual Report where you will find more rewarding our best performing people that. We know that adapting to the with many talented people, strong detail on each of these pillars. with WPP AUNZ shares. As part of our changing world around us is the key to brands and excellent client relationships. commitment to attract and retain the best sustainable, profitable growth and Our clients include many of the largest In Australia and New Zealand, our people in our industry, we have set a goal continually improving performance private and public companies and addressable market is valued at close to achieve equal gender representation in across the business. government agencies in Australia, New to $28 billion (as of 2019), with double- executive leadership roles by 2021 - our Zealand and South East Asia. We also digit growth expected in experience, female to male executive split is currently In my first months as CEO, I have spent a have strong relationships with the world’s commerce and technology. The market 38:62 (as at 31 December 2019). In good deal of my time listening. What I leading media and technology opportunity in South East Asia is also addition, in 2019 we established a Diversity have heard is that our people want to be companies. But, what has impressed me significant, and exciting. and Inclusion Council to drive cultural part of a collaborative and inclusive culture most is the strength of our relationships change, inclusiveness and diversity within a company that’s built for the with our clients and our ability to support With our geographic footprint, excellent across our group. future. They are excited about the change them in navigating a constantly evolving talent and strong brands, our new ahead. We need to transform with speed, business environment. strategy will leverage these strengths to 4. Platform strength and purpose to ensure we achieve our vision to be a creative We are creating one shared service establish our place as the leading creative This has been most pronounced in the technology company. delivery platform to support our strong technology company across Australia, New initial months of 2020 as the world faces brands. This means one human resource, Zealand and South East Asia. a once-in-a-century pandemic, COVID-19. OUR ROAD AHEAD one legal, one IT and one marketing and As I write, we are yet to understand and Our three-year strategy is focused on six communications function for the Group. Executing our strategy of transformation is quantify the full impact of the virus on key areas: A shared delivery platform allows us to the main priority in 2020. the regional economy, our clients and provide an end-to-end employee journey our business. However, what has been 1. Operating Model across brands, which will increase We are building a new WPP AUNZ that evident as it unfolds, is the ability of We are creating a connected solutions employee engagement and improve delivers the best possible results for our our business to adapt to this new portfolio so that we can offer our clients all efficiency in our business. clients, people and shareholders for many environment. Firstly, our people have the relevant services they need in a years to come.
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