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How We're Doing (PDF How we’re doing Financial summary 2010 2009 Change % Billings1 £42,684m £37,919m +12.6 Revenue £9,331m £8,684m +7.4 Headline EBITDA2 £1,439m £1,243m +15.8 Headline operating profit2 £1,173m £959m +22.3 Reported operating profit £973m £762m +27.7 Headline PBIT2 £1,229m £1,017m +20.8 Headline PBIT margin2 13.2% 11.7% +1.5 Headline PBT2 £1,034m £812m +27.3 Reported PBT £851m £663m +28.4 Headline diluted earnings per share2,4 56.7p 44.4p +27.7 Headline diluted earnings per ADR2,3,4 $4.38 $3.48 +25.9 Ordinary dividend per share 17.79p 15.47p +15.0 Ordinary dividend per ADR3 $1.38 $1.21 +14.0 Net debt at year-end £1,888m £2,640m -28.5 Average net debt5 £3,056m £3,448m -11.4 Ordinary share price at year-end 789.5p 609.5p +29.5 ADR price at year-end $61.97 $48.65 +27.4 Market capitalisation at year-end £9,982m £7,658m +30.3 At 14 April 2011 Ordinary share price 723.0p ADR price $59.37 Market capitalisation £9,159m The financial statements have been prepared under International Financial Reporting Standards (IFRS). 1 Billings is defined on page 186. 2 The calculation of ‘headline’ measurements of performance (including headline EBITDA, headline operating profit, headline PBIT, headline PBT and headline earnings) is shown in note 31 of the financial statements. 3 One American Depositary Receipt (ADR) represents five ordinary shares. These figures have been translated for convenience purposes only using the income statement exchange rates shown on page 156. This conversion should not be construed as a representation that the pound sterling amounts actually represent, or could be converted into, US dollars at the rates indicated. 4 Earnings per share is calculated in note 9 of the financial statements. 5 Average net debt is defined on page 186. WPP ANNUAL REPORT 2010 15 How we’re doing Financial summary Revenue £m Headline EBITDA1 £m 5,908 6,186 7,477 8,684 9,331 1,002 1,072 1,291 1,243 1,439 9,331m 1,439m 06 07 08 09 10 06 07 08 09 10 Reported revenue growth of 7.4% reflected the comparative Headline EBITDA (headline earnings before interest, weakness of the pound sterling against most currencies, other taxation, depreciation and amortisation) rose by 15.8% than the euro. On both a constant currency and like-for-like to £1.4 billion ($2.2 billion). basis, revenues were up over 5%. Headline PBIT1 £m Headline diluted earnings per share1 p Headline PBIT1 margin % 859 928 1,118 1,017 1,229 Dividends per share p 41.2 45.8 55.5 44.4 56.7 20 20 16 16 12 12 8 8 4 4 1,229m 0 56.7p 0 06 07 08 09 10 06 07 08 09 10 Headline PBIT margin was 13.2% in 2010 against 11.7% Diluted headline earnings per share was up almost 28% to a last year. Headline PBIT was up 20.8% to £1,229 million, record 56.7p. Dividends were up 15% to 17.79p per share – remaining above £1 billion for the third consecutive year. an all-time high. After-tax return on average capital employed2 % Relative TSR Rebased to 31 December 20053 WPP 200 Weighted average cost 14 11.5 11.8 12.3 8.9 10.1 of capital (WACC) FTSE 100 12 150 10 Omnicom 8 Interpublic 100 6 Publicis 4 50 2 % 0 0 10.1 31.12.05 31.12.06 31.12.07 31.12.08 31.12.09 31.12.10 06 07 08 09 10 After-tax return on average capital employed rose to 10.1%, WPP out-performed the FTSE 100 Index and continued to do with the weighted average cost of capital falling to 6.4%. well against its US-based competitors. 1 The calculation of ‘headline’ measurements of performance (including headline EBITDA, headline PBIT and headline earnings) is shown in note 31 of the financial statements. 2 Calculated gross of goodwill and using profit after taxation before goodwill impairment and other goodwill write-downs, revaluation of financial instruments, amortisation and impairment of acquired intangible assets, share of exceptional losses/gains of associates, costs incurred in 2008 in changing the corporate structure of the Group and investment gains/losses and write-downs, and adjusted to reflect taxes and net finance costs paid. 3 Measured on a common currency basis. 16 WPP ANNUAL REPORT 2010 How we’re doing Financial Summary Average net debt and interest cover multiples £m Debt maturity4 £m 3 Net interest cover 10 1,214 1,458 2,206 3,448 3,056 – 100 514 1,268 429 643 400 – – 200 on headline PBIT2 8 6 4 2 3,056m 0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 Net debt averaged £3.1 billion in 2010, down £0.3 billion The Group continues to work to achieve continuity and from £3.4 billion in 2009 at 2010 exchange rates. Headline flexibility of funding. Undrawn committed borrowing interest cover in 2010 was 6.3 times. facilities are maintained in excess of peak net-borrowing levels and debt maturities are monitored closely. 2010 revenue1 by geography % 2010 headline PBIT1,2 by geography % North America 35 North America 39 UK 12 UK 13 Western Continental Europe 26 Western Continental Europe 19 Asia Pacific, Latin America, Asia Pacific, Latin America, Africa & Middle East and Africa & Middle East and Central & Eastern Europe 27 Central & Eastern Europe 29 Markets outside North America now account for 65% of The most surprising feature of 2010 was the relatively strong our revenues, up from 61% five years ago. The influence performance of North America. Western Continental of the faster-growing markets outside North America is Europe is still feeling the effects of the recession. increasing rapidly. 2010 revenue1 by sector % 2010 headline PBIT1,2 by sector % Advertising and Media Investment Advertising and Media Investment Management 40 Management 46 Consumer Insight 26 Consumer Insight 19 Public Relations & Public Affairs 9 Public Relations & Public Affairs 11 Branding & Identity, Healthcare Branding & Identity, Healthcare and Specialist Communications 25 and Specialist Communications 24 Marketing services comprised 60% of our revenues in 2010, PBIT contributions were broadly in line with revenues, a similar proportion to 2009. It is no longer accurate to with all sectors showing a strong recovery in reported call us an advertising agency, we are a communications operating margins. services company. 1 Percentages are calculated on a constant currency basis. See definition on page 186. 2 The calculation of headline PBIT is set out in note 31 of the financial statements. 3 Interest excludes the revaluation of financial instruments. 4 Includes corporate bonds, convertible bonds and bank loans payable at par value, excluding any redemption premium due, by due date. WPP ANNUAL REPORT 2010 17 How we’re doing Letter to share owners* Dear share owner Total share owner return increased sharply, with your share price rising 180p, or 30%, to 789.5p from 609.5p during the year. Since the year end, your share price has fallen to 723.0p at the time of writing, reflecting concern about the potential 010, our twenty-fifth year, was a negative impact of political events in North Africa, the year of significant recovery and a Middle East and the human catastrophe in Japan. Dividends were increased by 15% to 17.79p, a record level. record year in almost all respects, Billings were up over 12% to £42.7 billion. Revenues as clients re-focused on top-line were up over 7% to £9.3 billion. Including 100% of 2sales growth and expansion, particularly associates, revenue is estimated to total over £11.6 billion. Our revenues exceeded all our competitors for the third in faster-growth geographic markets, as consecutive year, by an increasing amount. Headline PBIT well as continued cost containment in the was up almost 21% to £1.229 billion against £1.017 billion slower-growth markets of the US and in 2009. Headline PBIT margin was 13.2% in 2010 against 11.7% last year. The Group achieved a headline PBIT margin Western Europe. Following a brutal 2009, of 15.8% in the second half of the year, 0.4 margin points when the post-Lehman financial world did above the margin achieved in the second half of both 2009 not come to an end, as some had feared, and 2008, including TNS on a pro-forma basis. In the second half of the year the business returned to pre-Lehman pro- the recovery has been remarkable. forma levels of revenue and profitability, with higher Our business is being transformed by productivity. On gross margin, the headline PBIT margin new markets, new media and consumer was 14.4%, up 1.7 margin points on 2009. This is probably a more accurate basis for competitive comparisons. Reported insights which provide major opportunities profit before interest and tax rose over 25% to £1.028 billion, to enhance our future growth and over £1 billion for the first time, from £819 million. profitability. We believe these factors and, Headline EBITDA (which is a key metric that private equity firms, for example, use for valuing companies) more importantly, how we respond to them, increased by almost 16% to £1.439 billion, above £1 billion will significantly enhance the value of your for the fifth consecutive year. Headline profit before tax Company in the future. was up over 27% to £1.034 billion, above £1 billion also for the first time.
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