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Results for 2011 Results for 2011 London 1 Contents 1 Results for 2011 2 Key Priorities, Objectives and Strategy 3 Conclusions 4 Other Financial Information (Hard Copy only) 5 Structure and Competitive Position (Hard Copy only) 6 26 Year History (Hard Copy only) 2 1 Results for 2011 3 Results for 2011 . Billings up 4.9% to £44.8 billion. Reported revenue up 7.4%, constant currency revenue up 8.4%, like- for-like revenue up 5.3% and gross margin up 5.9%. Headline operating margin up 1.1 margin points to 14.3% equal to historic proforma high. On gross margin (revenue less direct costs), headline operating margin up 1.1 margin points to 15.5%, closer to industry highs. Headline diluted EPS up 19.4% to 67.7p, and including exceptional tax credit up 33.3% to 75.6p. Reported diluted EPS up 40.5% to 64.5p. 2nd Interim dividend up 45.0% and full year dividend up 38.3% at 24.6p. Net new billings of £3.255bn ($5.2bn) and first or second position in all leading net new business tables. 4 Results for 2011 Summary Headline¹ Results at a Glance (1) Year to 31 December 2011 2010 Change £m £m % Revenue 10,021.8 9,331.0 7.4 Gross Margin 9,238.5 8,560.5 7.9 Staff Costs pre Severance and Bonus 5,480.4 5,022.1 -9.1 Staff Costs 5,872.5 5,438.7 -8.0 Other Expenses 1,937.0 1,893.1 -2.3 Operating Profit pre Severance and Bonus 1,821.1 1,645.3 10.7 Operating Profit pre Bonus 1,767.2 1,571.0 12.5 Operating Profit 1,429.0 1,228.7 16.3 PBT 1,229.1 1,033.6 18.9 EBITDA 1,640.5 1,439.0 14.0 ¹ Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments 5 Results for 2011 Summary Headline¹ Results at a Glance (2) Year to 31 December 2011 2010 Change % Operating Profit Margin: % of Revenue 14.3% 13.2% +1.1² % of Gross Margin 15.5% 14.4% +1.1² Diluted EPS 67.7p 56.7p 19.4 Dividend per share 24.6p 17.79p 38.3 Average Net Debt £m (2,811) (3,056) +8.0 Average Net Debt / EBITDA 1.7x 2.1x Interest cover 7.1x 6.3x Number of people³: Average 109,971 101,387 -8.5 Closing 113,615 104,052 -9.2 Enterprise Value/ EBITDA 7.7x 8.2x ¹ Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments ² Margin points ³ 2010 and 2011 actual number of people 6 Results for 2011 Unaudited IFRS Income Statement Constant Year to 31 December 2011 2010 Change Currency £m £m % % Revenue 10,021.8 9,331.0 7.4 8.4 Operating Profit pre-goodwill / intangibles 1,365.0 1,173.2 16.3 17.4 Goodwill / intangibles charges, FA gains / losses (172.8) (200.2) 13.7 13.3 Operating Profit 1,192.2 973.0 22.5 23.9 Income from associates 66.1 55.2 19.7 17.9 PBIT 1,258.3 1,028.2 22.4 23.5 Net finance costs (249.9) (176.9) -41.3 -42.2 Profit before tax 1,008.4 851.3 18.5 19.6 Tax (91.9) (190.3) 51.7 51.5 Profit after tax 916.5 661.0 38.7 40.2 Reported diluted EPS 64.5p 45.9p 40.5 42.1 7 Results for 2011 % Growth vs Prior Year Revenue Headline³ Headline³ PBIT EPS Like-for-like 5.3 n/a n/a Acquisitions4 3.1 n/a n/a Constant currency 8.4 17.3 20.3 Foreign exchange -1.0 -1.0 -0.9 Reportable sterling 7.4 16.3 19.4 Reportable US dollars1 11.4 20.5 23.4 Reportable euros2 6.1 14.6 18.1 1 Translated into US$, using among other currencies, average exchange rates of US$/£ for FY 2011 of $1.603, compared to $1.546 for FY 2010 2 Translated into Euros, using among other currencies, average exchange rates of €/£ for FY 2011 of €1.153, compared to €1.166 for FY 2010 3 Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments 4 Acquisitions net of disposals 8 Results for 2011 2010/2011 Cumulative Organic Revenue Growth by Quarter 14% 13.1% 2010 2011 12.2% 12% 10.3% 4.5% 10% 4.7% 8% 5.6% 6.7% 6% 8.6% 4% 7.5% 6.7% 4.7% 2% 0% 0.0% Q1 Q2 Q3 Q4 9 Results for 2011 Headline¹ Performance Versus Consensus Actual Consensus £ million Results Median +/(-) Revenue 10,022 10,002 20 a PBIT 1,429 1,400 29 a Net finance costs (200) (205) 5 a PBT 1,229 1,195 34 a Diluted EPS 67.7p 65.6p 2.1p a PBIT Margin 14.3% 14.0% +0.3² a Dividends per share increase 38% 15% 23% a Diluted Shares 1,342m 1,341m 1m x 1 Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments ² Margin points 10 Results for 2011 Unaudited Headline¹ IFRS Income Statement Constant Year to 31 December 2011 2010 Change Currency £m £m % % Revenue 10,021.8 9,331.0 7.4 8.4 Operating profit 1,365.0 1,173.2 16.3 17.4 Income from associates 64.0 55.5 15.3 13.8 PBIT 1,429.0 1,228.7 16.3 17.3 Net finance costs (199.9) (195.1) -2.5 -3.2 Profit before tax 1,229.1 1,033.6 18.9 20.0 Tax at 22.0% (2010 22.0%) (270.4) (227.8) -18.7 -20.0 Profit after tax 958.7 805.8 19.0 20.0 Diluted EPS 67.7p 56.7p 19.4 20.3 Operating margin 14.3% 13.2% +1.1² EBITDA 1,640.5 1,439.0 14.0 15.0 ¹ Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments ² Margin points 11 Results for 2011 Operating Costs¹ Well Controlled (like-for-like Sterling² £m) 2011 2010 Change % Revenue 10,022 9,518 5.3 Gross Margin 9,239 8,724 5.9 Staff Cost 5,873 5,541 -6.0 Staff Cost/ Revenue % 58.6% 58.2% Staff Cost/ Gross Margin % 63.6% 63.6% Establishment 674 665 -1.3 Establishment/ Revenue % 6.7% 7.0% Other G&A 1,327 1,315 -0.9 Other G&A/ Revenue % 13.2% 13.8% Total Operating Costs¹ 7,874 7,521 -4.7 . Incentive payments of £338.2m (2010 - £342.3m) for the year or 3.4% of revenue, 0.3 margin points lower than in 2010. Severance cost of £53.9m (2010 - £74.3m) for the year. Pre-incentive margin up 0.8 margin points at 17.6%. ¹ Headline operating costs excluding income from associates. Figures before goodwill and intangibles charges and investment gains/losses ² Based on WPP proforma reporting – 2010 adjusted for acquisitions and FX 12 Results for 2011 Revenue by Discipline % Change 2011 2010 Reported Constant Like-for- £m £m Currency like Advertising, Media Investment 4,157.2 3,733.3 11.4 12.2 7.4 Management Consumer Insight 2,458.0 2,430.2 1.1 1.7 0.8 1.9¹ Public Relations & Public Affairs 885.4 844.5 4.8 6.2 4.6 Branding & Identity, Healthcare and 2,521.2 2,323.0 8.5 10.1 6.9² Specialist Communications Total 10,021.8 9,331.0 7.4 8.4 5.3 5.9¹ ¹ Gross margin like-for-like growth ² Direct, digital & interactive growth of 8.9% 13 Results for 2011 Revenue by Region % Change 2011 2010 Reported Constant Like-for- £m £m Currency like North America 3,388.2 3,299.8 2.7 6.3 2.9 4.0¹ UK 1,183.5 1,087.6 8.8 8.8 6.7 8.6¹ Western Continental Europe 2,505.1 2,325.3 7.7 6.3 2.2 Asia Pacific, Latin America, Africa & Middle East, Central & Eastern 2,945.0 2,618.3 12.5 12.6 10.5 Europe Total 10,021.8 9,331.0 7.4 8.4 5.3 5.9¹ ¹ Gross margin like-for-like growth 14 Results for 2011 Headline¹ PBIT and Margin by Discipline Headline PBIT Headline Margin 2011 2010 2011 2010 £m £m % % Advertising, Media Investment 667.9 573.0 16.1 15.3 Management Consumer Insight 258.7 234.8 10.5 9.7 14.3² 13.2² Public Relations & Public Affairs 142.9 133.1 16.1 15.8 Branding & Identity, Healthcare and 359.5 287.8 14.3 12.4 Specialist Communications Total 1,429.0 1,228.7 14.3 13.2 15.5² 14.4² ¹ Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments ² Gross margin margins 15 Results for 2011 Headline¹ PBIT and Margin by Region Headline PBIT Headline Margin 2011 2010 2011 2010 £m £m % % North America 525.6 484.6 15.5 14.7 UK 165.3 147.9 14.0 13.6 Western Continental Europe 284.0 221.6 11.3 9.5 Asia Pacific, Latin America, Africa & 454.1 374.6 15.4 14.3 Middle East, Central & Eastern Europe Total 1,429.0 1,228.7 14.3 13.2 15.5² 14.4² ¹ Figures before goodwill and intangibles charges, investment gains/losses, share of exceptional gains/losses of associates and revaluation of financial instruments ² Gross margin margins 16 Results for 2011 Revenue Growth by Country Revenue Growth1 Countries >20% Argentina, Brazil 15% to 20% Greater China², Mainland China³ 10% to 15% India, South Korea, Mexico, Russia 5% to 10% Australia, Netherlands, Poland, Singapore, UK Belgium, Canada, Denmark, France, Germany, Italy, <5% Japan, Norway, Spain, Sweden, South Africa, USA ¹ Like-for-like growth ² Includes Hong Kong and Taiwan ³ Includes Hong Kong 17 Results for 2011 Revenue Growth by Category Revenue Growth1 Categories >15% Automotive, Travel & Airline 10% to 15% Oil Drinks, Entertainment, Financial Services, Personal 5% to 10% Care & Drugs, Retail, Telecommunications <5% Computers, Electronics, Food, Government 1 Like-for-like growth 18 Results for 2011 Effects of Sterling Strength .
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