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ACCOUNTING POLICIES
The consolidated financial statements of WPP plc and its subsidiaries (the Group)
for the year ended 31 December 2022 have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB) as they apply to the financial statements of
the Group for the year ended 31 December 2022.
BASIS OF PREPARATION
The consolidated financial statements have been prepared under the historical
cost convention, except for the revaluation of certain financial instruments.
The financial statements have been prepared using the going concern basis
of accounting. The principal accounting policies are set out below.
BASIS OF CONSOLIDATION
The consolidated financial statements include the results of the Company
and all its subsidiary undertakings made up to the same accounting date.
All intra-Group balances, transactions, income and expenses are eliminated
in full on consolidation. The results of subsidiary undertakings acquired or
disposed of during the period are included or excluded from the consolidated
income statement from the effective date of acquisition or disposal.
NEW IFRS ACCOUNTING PRONOUNCEMENTS
The Group has elected to adopt the hedge accounting requirements of IFRS 9
Financial Instruments from 1 January 2022. The IFRS 9 hedge accounting
requirements are applied prospectively, and all hedge arrangements in place
at the point of transition are regarded as continuing hedging relationships
under IFRS 9. Accordingly, prior year financial information is not required to be
restated and remains as reported under IAS 39. Management has elected not
to take the 'cost of hedging' approach, and instead the currency basis risk has
been designated in the hedge relationships. There has been no significant
impact on the financial statements as a result of the adoption of the hedge
accounting requirements of IFRS 9, both at the point of transition and
in the year ended 31 December 2022.
The Group has applied the following amendments for the first time for their
annual reporting period commencing 1 January 2022:
\u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013
Amendments to IAS 16
\u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37
\u2013 Annual Improvements to IFRS Standards 2018-2020
\u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
The amendments listed above did not have any impact on the amounts
recognised in prior periods, did not have a significant impact on the amounts
recognised in the current period, and are not expected to significantly affect
the future periods.
At the date of authorisation of these financial statements, there were a number
of standards or amendments to standards, which have not been applied in
these financial statements, that were in issue but not yet effective. The Group
does not consider that any of these standards or amendments to standards
in issue but not yet effective will have a significant impact on the financial
statements.
GOODWILL AND OTHER INTANGIBLE ASSETS
Intangible assets comprise goodwill, certain acquired separable corporate
brand names, acquired customer relationships, acquired proprietary tools
and capitalised computer software not integral to a related item of hardware.
Goodwill represents the excess of fair value attributed to investments in
businesses or subsidiary undertakings over the fair value of the underlying
net assets, including intangible assets, at the date of their acquisition.
Goodwill impairment reviews are undertaken annually or more frequently
if events or changes in circumstances indicate a potential impairment.
The carrying value of goodwill is compared to the recoverable amount,
defined as the higher of fair value less costs of disposal and value in use. The
net present value of future cash flows, to determine value in use, is derived
from the underlying assets using a projection period of up to five years for
each cash-generating unit. After the projection period, a steady growth rate
representing an appropriate long-term growth rate for the industry is applied.
Any impairment is recognised immediately as an expense and is not
subsequently reversed.
Corporate brand names, customer relationships and proprietary tools
acquired as part of acquisitions of businesses are capitalised separately from
goodwill as intangible assets if their value can be measured reliably on initial
recognition and it is probable that the expected future economic benefits
that are attributable to the asset will flow to the Group.
Certain corporate brands of the Group are considered to have an indefinite
economic life because of the institutional nature of the corporate brand
names, their proven ability to maintain market leadership and profitable
operations over long periods of time and the Group\u2019s commitment to develop
and enhance their value. The carrying value of these intangible assets is
reviewed at least annually for impairment and adjusted to the recoverable
amount if required.
Amortisation is provided at rates calculated to write off the cost less estimated
residual value of each asset on a straight-line basis over its estimated useful life
as follows:
\u2013 brand names (with finite lives) \u2013 10-20 years
\u2013 customer-related intangibles \u2013 3-10 years
\u2013 other proprietary tools \u2013 3-10 years
\u2013 other (including capitalised computer software) \u2013 3-5 years
C ONTINGENT CONSIDERATION
Contingent consideration is accounted for in accordance with IFRS 3 Business
Combinations. Contingent consideration only applies to situations where
contingent payments are not dependent on future employment of vendors
and any such payments are expensed when they relate to future employment.
Future anticipated payments to vendors in respect of contingent
consideration (earnout agreements) are initially recorded at fair value which
is the present value of the expected cash outflows of the obligations. The
obligations are dependent on the future financial performance of the interests
acquired (typically over a four- to five-year period following the year of
acquisition) and assume the operating companies improve profits in line
with Directors\u2019 estimates. The Directors derive their estimates from internal
business plans together with financial due diligence performed in
connection with the acquisition.
Subsequent adjustments to the fair value are recorded in the consolidated
income statement within revaluation and retranslation of financial instruments.
The effect of any revisions to fair value adjustments that had been determined
provisionally at the immediately preceding balance sheet date are accounted
for as revisions to goodwill, as permitted by IFRS 3 Business Combinations.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are shown at cost less accumulated
depreciation and any provision for impairment with the exception of freehold
land which is not depreciated. The Group assesses the carrying value of its
property, plant and equipment to determine if any impairment has occurred.
Where this indicates that an asset may be impaired, the Group applies the
requirements of IAS 36 Impairment of Assets in assessing the carrying amount
of the asset. This process includes comparing its recoverable amount with its
carrying value, where the recoverable amount is the higher of an asset's fair
value less costs of disposal and value in use. Depreciation is provided at rates
calculated to write off the cost less estimated residual value of each asset on
a straight-line basis over its estimated useful life, as follows:
\u2013 freehold buildings \u2013 50 years
\u2013 leasehold land and buildings \u2013 over the term of the lease or life of the
asset, if shorter
\u2013 fixtures, fittings and equipment \u2013 3-10 years
\u2013 computer equipment \u2013 3-5 years
INTERESTS IN ASSOCIATES AND JOINT VENTURES
An associate is an entity over which the Group has significant influence.
In certain circumstances, significant influence may be represented by factors
other than ownership and voting rights, such as representation on the Board
of Directors.
The Group\u2019s share of the profits less losses of associate undertakings net
of tax, interest and non-controlling interests is included in the consolidated
income statement and the Group\u2019s share of net assets is shown within
interests in associates and joint ventures in the consolidated balance sheet.
The Group\u2019s share of the profits less losses and net assets is based on current
information produced by the undertakings, adjusted to conform with the
accounting policies of the Group.
The Group assesses the carrying value of its associate undertakings to
determine if any impairment has occurred. Where this indicates that an
investment may be impaired, the Group applies the requirements of IAS 36
in assessing the carrying amount of the investment. This process includes
comparing its recoverable amount with its carrying value. The recoverable
amount is defined as the higher of fair value less costs of disposal and value
in use.
The Group accounts for joint venture investments under the equity method
which is consistent with the Group\u2019s treatment of associates.
OTHER INVESTMENTS
Certain equity investments are designated as either fair value through other
comprehensive income or fair value through profit or loss. Movements in
fair value through profit or loss are recorded in the consolidated income
statement within revaluation and retranslation of financial instruments.
The Group generally elects to classify equity investments as fair value through
other comprehensive income where the Group forms a strategic partnership
with the investee.
NON-CURRENT ASSETS HELD FOR SALE AND
DISCONTINUED OPERATIONS
Under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations,
where certain conditions are met, an asset or disposal group that is for sale
is recognised as \"held for sale\". The Group has classified a 'disposal group'
as held for sale if the carrying amount will be recovered principally through
a sale transaction rather than through continuing use. For this to be the case,
the disposal group must be available for immediate sale in its present
condition subject only to terms that are usual and customary for sales of
such assets and its sale must be highly probable. Such assets are measured
at the lower of carrying amount and fair value less costs for disposal, and are
not depreciated or amortised, excluding certain assets that are carried at fair
value under IFRS 5. Furthermore, when an associate is classified as held for
sale, equity accounting ceases.
A discontinued operation is a component of the entity that has been disposed
of or is classified as held for sale and that represents a separate major line of
business or geographical area of operations, is part of a single co-ordinated
plan to dispose of such a line of business or area of operations, or is a subsidiary
acquired exclusively with a view to resale. The profit or loss from a discontinued
operation is shown as a single amount on the face of the income statement
and the comparatives and related notes restated accordingly. This represents
total post-tax profit of the disposal group for the whole of the financial year
including any post-tax gain or loss on the measurement of fair value less costs
of disposal, as well as the post-tax loss on sale of the disposal group. Assets
and liabilities classified as held for sale are shown as a separate line on the
balance sheet.
ACCRUED AND DEFERRED INCOME
Accrued income is a contract asset, within the scope of IFRS 9 Financial
Instruments, and is recognised when a performance obligation has been
satisfied but has not yet been billed. Contract assets are transferred to
receivables once the right to consideration becomes unconditional and billed
per the terms of the contractual agreement.
In certain cases, payments are received from customers or amounts are billed
with an unconditional right to receive consideration prior to satisfaction of
performance obligations and recognised as deferred income. These balances
are considered contract liabilities and are typically related to prepayments
for third-party expenses that are incurred shortly after billing.
TRADE RECEIVABLES AND WORK IN PROGRESS
Trade receivables are stated net of loss allowances.
Work in progress includes outlays incurred on behalf of clients, including
production costs, and other third-party costs that have not yet been billed
and are considered receivables under IFRS 15 Revenue from Contracts
with Customers.
EXPECTED CREDIT LOSSES
The Group has applied the simplified approach to measuring expected credit
losses, as permitted by IFRS 9 Financial Instruments. This has been applied to
trade receivables, contract assets and lease receivables. Under this approach,
the Group utilises a provision matrix based on the age of the trade receivables
and historical loss rates to determine the expected credit losses. The Group
also considers forward-looking information. Therefore, the Group does not
track changes in credit risk, but recognises a loss allowance based on the
financial asset's lifetime expected credit loss. For all other assets, the general
approach has been applied and a loss allowance for 12-month expected credit
losses is recognised.
Under IFRS 9, the expected credit losses are measured as the difference
between the asset\u2019s gross carrying amount and the present value of estimated
future cash flows discounted at the financial asset\u2019s original effective interest
rate. Given the short-term nature of the Group\u2019s trade receivables, work in
progress and accrued income, which are mainly due from large national or
multinational companies, the Group's assessment of expected credit losses
includes provisions for specific clients and receivables where the contractual
cash flow is deemed at risk.
The Group considers that the credit risk increased significantly since initial
recognition when the credit rating changes, the debtor has significant financial
difficulty or if there was a breach of contract. For balances that are beyond
180 days overdue it is presumed to be an indicator of a significant increase in
credit risk.
Financial assets are written off when there is evidence indicating that the
debtor is in severe financial difficulty and the Group has no realistic prospect
of recovery. Receivables written off are still subject to enforcement activity
and pursued by the Group.
Further details on expected credit losses are provided in note 18.
FOREIGN CURRENCY AND INTEREST RATE HEDGING
The Group\u2019s policy on interest rate and foreign exchange rate management
sets out the instruments and methods available to hedge interest and currency
risk exposures and the control procedures in place to ensure effectiveness.
The Group uses derivative financial instruments to reduce exposure to foreign
exchange risk and interest rate movements. The Group does not hold or issue
derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative
contract is entered into and are subsequently remeasured to their fair value
at each balance sheet date. The resulting gain or loss is recognised in profit or
loss immediately unless the derivative is designated and effective as a hedging
instrument, in which event the timing of the recognition in profit or loss
depends on the nature of the hedge relationship.
At inception of the hedge relationship, the Group documents the relationship
between hedging instruments and hedged items, including whether changes
in the cash flows of the hedging instruments are expected to offset changes in
the fair values or cash flows of hedged items. Furthermore the Group
documents its risk management objectives and its strategy for undertaking
various hedge transactions.
Note 26 contains details of the fair values of the derivative instruments used
for hedging purposes.
Changes in the fair value of derivatives that are designated and qualify as
fair value hedges are recorded in profit or loss immediately, together with
any changes in the fair value of the hedged items that are attributable to the
hedged risk.
The effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow or net investment hedges is recognised in
other comprehensive income and deferred in equity. The gain or loss relating
to the ineffective portion is recognised immediately in profit or loss. Amounts
deferred in equity are recycled in profit or loss in the periods when the
hedged item is recognised in profit or loss. However, when the forecast
transaction that is hedged results in the recognition of a non-financial asset or
a non-financial liability, the gains and losses previously deferred in equity are
transferred from equity and included in the initial measurement of the cost of
the asset or liability.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, exercised, or no longer qualifies for hedge accounting.
At that time, any cumulative gain or loss on the hedging instrument recognised
in equity is retained in equity until the forecast transaction occurs. If a hedged
transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to profit or loss for the period.
Derivatives embedded in other financial liabilities or other host contracts are
treated as separate derivatives when their risks and characteristics are
not closely related to those of host contracts and the host contracts are not
carried at fair value with unrealised gains or losses reported in the
consolidated income statement.
LIABILITIES IN RESPECT OF OPTION AGREEMENTS
Option agreements that allow the Group\u2019s equity partners to require the
Group to purchase a non-controlling interest are treated as derivatives over
the Group's own equity instruments and are recorded in the consolidated
balance sheet initially at the present value of the redemption amount in
accordance with IAS 32 Financial Instruments: Presentation and subsequently,
the financial liability is measured in accordance with IFRS 9 Financial
Instruments. On initial recognition, the corresponding amount is recognised
against the equity reserve, which is subsequently reversed on derecognition,
either through exercise or non-exercise of the option agreement. Changes in
the measurement of the financial liability due to the unwinding of the discount
or changes in the amount that the Group could be required to pay are
recognised in profit or loss within revaluation and retranslation of financial
instruments in the consolidated income statement.
DERECOGNITION OF FINANCIAL LIABILITIES
In accordance with IFRS 9 Financial Instruments, a financial liability of the
Group is only removed from the statement of financial position when the
underlying legal obligation is extinguished.
DEBT
Interest-bearing debt is recorded at the proceeds received, net of direct
issue costs.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash at bank and in hand and short-term
highly liquid investments which are readily convertible to known amounts of
cash and which are subject to insignificant risk of changes in value, including
bank deposits and money market funds. The Group's overdrafts are included in
cash and cash equivalents where they are repayable on demand, are components
of the Group's centralised treasury strategy employed across the Group and
form an integral part of the Group's cash management, in accordance with
IAS 7 Statement of Cash Flows.
BORROWING COSTS
Finance costs of borrowing are recognised in the consolidated income
statement over the term of those borrowings.
REVENUE RECOGNITION
The Group is a leading worldwide creative transformation organisation offering
national and multinational clients a comprehensive range of communications,
experience, commerce and technology services. Contracts often involve
multiple agencies offering different services in different countries. As such, the
terms of local, regional and global contracts can vary to meet client needs and
regulatory requirements. Consistent with the industry, contracts are typically
short-term in nature and tend to be cancellable by either party with 90 days'
notice. The Group is generally entitled to payment for work performed to date.
The Group is generally paid in arrears for its services. Invoices are typically
payable within 30 to 60 days. Revenue comprises commissions and fees
earned in respect of amounts billed and is stated exclusive of VAT, sales taxes
and trade discounts. Pass-through costs comprise fees paid to external
suppliers when they are engaged to perform part or all of a specific project
and are charged directly to clients, predominantly media costs. As the
contracts are generally short-term in nature, the Group has applied the
practical expedient permitted by IFRS 15 to expense costs to obtain a contract
as incurred, where applicable.
In most instances, promised services in a contract are not considered distinct
or represent a series of services that are substantially the same with the same
pattern of transfer to the customer and, as such, are accounted for as a single
performance obligation. However, where there are contracts with services
that are capable of being distinct, are distinct within the context of the
contract, and are accounted for as separate performance obligations,
revenue is allocated to each of the performance obligations based on
relative stand-alone selling prices.
Revenue is recognised when a performance obligation is satisfied, in
accordance with the terms of the contractual arrangement. Typically,
performance obligations are satisfied over time as services are rendered.
Revenue recognised over time is based on the proportion of the level of
service performed. Either an input method or an output method, depending
on the particular arrangement, is used to measure progress for each
performance obligation. For most fee arrangements, costs incurred are
used as an objective input measure of performance. The primary input of
substantially all work performed under these arrangements is labour. There
is normally a direct relationship between costs incurred and the proportion
of the contract performed to date. In other circumstances relevant output
measures, such as the achievement of any project milestones stipulated in
the contract, are used to assess proportional performance.
For our retainer arrangements, we have a stand-ready obligation to perform
services on an ongoing basis over the life of the contract. The scope of these
arrangements is broad and generally not reconcilable to another input or
output criteria. In these instances, revenue is recognised using a time-based
method resulting in straight-line revenue recognition.
The amount of revenue recognised depends on whether we act as an agent or as a principal. Certain arrangements with our clients are such that our responsibility is to arrange for a third party to provide a specified good or service to the client. In these cases we are acting as an agent as we do not control the relevant good or service before it is transferred to the client. When we act as an agent, the revenue recorded is the net amount retained. Costs incurred with external suppliers (such as production costs and media suppliers) are excluded from revenue and recorded as work in progress until billed. The Group acts as principal when we control the specified good or service prior to transfer. When the Group acts as a principal (such as when supplying in-house production services, events and branding), the revenue recorded is the gross amount billed. Billings related to out-of-pocket costs such as travel are also recognised at the gross amount billed with a corresponding amount recorded as an expense. Further details on revenue recognition are detailed by sector below. GLOBAL INTEGRATED AGENCIES Revenue is typically derived from integrated product offerings including media placements and creative services. Revenue may consist of various arrangements involving commissions, fees, incentive-based revenue or a combination of the three, as agreed upon with each client. Revenue for commissions on purchased media is typically recognised at the point in time the media is run. The Group receives volume rebates from certain suppliers for transactions entered into on behalf of clients that, based on the terms of the relevant contracts and local law, are either remitted to clients or retained by the Group. If amounts are passed on to clients they are recorded as liabilities until settled or, if retained by the Group, are recorded as revenue when earned. Variable incentive-based revenue typically comprises both quantitative and qualitative elements. Incentive compensation is estimated using the most likely amount and is included in revenue up to the amount that is highly probable not to result in a significant reversal of cumulative revenue recognised. The Group recognises incentive revenue as the related performance obligation is satisfied. PUBLIC RELATIONS AND SPECIALIST AGENCIES Revenue for these services is typically derived from retainer fees and fees for services to be performed subject to specific agreement. Most revenue under these arrangements is earned over time, in accordance with the terms of the contractual arrangement. DISCONTINUED OPERATIONS (DATA INVESTMENT MANAGEMENT) Revenue for market research services is typically recognised over time based on input measures. For certain performance obligations, output measures such as the percentage of interviews completed, percentage of reports delivered to a client and the achievement of any project milestones stipulated in the contract are used to measure progress. While most of the studies provided in connection with the Group\u2019s market research contracts are undertaken in response to an individual client\u2019s or group of clients\u2019 specifications, in certain instances a study may be developed as an off-the-shelf product offering sold to a broad client base. For these transactions, revenue is recognised when the product is delivered. When the terms of the transaction provide for licensing the right to access a product on a subscription basis, revenue is recognised over the subscription period, typically on a straight-line basis. TAXATION Corporate taxes are payable on taxable profits at current rates. The tax expense represents the sum of the tax currently payable and deferred tax. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and able to be estimated, liabilities are classified as current. Any interest and penalties accrued are included in corporate income taxes both in the consolidated income statement and balance sheet. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. The tax laws that apply to the Group\u2019s subsidiaries may be amended by the relevant tax authorities. Such potential amendments are regularly monitored and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets and liabilities where necessary. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also recognised within other comprehensive income or equity. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised, which can require the use of accounting estimation and the exercise of judgement. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on enacted or substantively enacted legislation. Depreciation is recognised in both costs of services and general and administrative costs and interest expense is recognised under finance costs in the consolidated income statement. The Group has elected to use the exemption not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets (under $5,000). The payments associated with these leases are recognised as cost of services and general and administrative costs within the consolidated income statement on a straight-line basis over the lease term. The Group assesses at the reporting date whether there are any indicators of impairment and performs an impairment test when an impairment indicator exists. The Group tests a right-of use asset as a stand-alone asset for impairment when it either meets the definition of investment property which generates independent cash flows or it is vacant with minimal to no continued utility for the Group. When a right-of-use asset is tested as a stand-alone asset, an impairment loss is recognised when the carrying amount of the right-of-use asset exceeds its recoverable amount. The recoverable amount of a right-of-use asset is estimated mainly based on the present value of the estimated sublease income, discounted using the property yield rates. The property held by the Group as right-of-use assets to earn rentals is classified as investment property. The Group measures its investment property applying the cost model. TRANSLATION OF FOREIGN CURRENCIES Foreign currency transactions arising from normal trading activities are recorded at the rates in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end are translated at the year-end exchange rate. Foreign currency gains and losses are credited or charged to the consolidated income statement as they arise. The income statements of foreign subsidiary undertakings are translated into pounds sterling at average exchange rates and the year-end net assets of these companies are translated at year-end exchange rates. Exchange differences arising from retranslation of the opening net assets and on foreign currency borrowings (to the extent that they hedge the Group\u2019s investment in such operations) are reported in the consolidated statement of comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. HYPERINFLATION IN ARGENTINA AND TURKEY During 2022, 2021 and 2020, Argentina was designated as a hyperinflationary economy. In 2022, Turkey was designated as a hyperinflationary economy. The financial statements of the Group\u2019s subsidiaries in Argentina and Turkey have been adjusted for the effects of inflation in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies. IAS 29 requires that the income statement is adjusted for inflation in the period and translated at the year-end foreign exchange rate and that non-monetary assets and liabilities on the balance sheet are restated to reflect the change in purchasing power caused by inflation from the date of initial recognition. In 2022, this resulted in an increase in goodwill of \u00a382.6 million (2021: \u00a323.9 million, 2020: \u00a322.6 million), an increase in other intangibles of \u00a316.3 million (2021: \u00a37.6 million, 2020: \u00a35.3 million), and an increase in property, plant and equipment of \u00a341.5 million (2021: \u00a320.3 million, 2020: \u00a319.3 million). A consumer price index (CPI) of 1,134.6 was used at 31 December 2022 (2021: 582.5, 2020: 385.9) for Argentina. For Turkey, a CPI of 1,128.5 was used at 31 December 2022. The impact on other non-monetary assets and liabilities and the impact on the Group\u2019s income statement in the year were immaterial. RETIREMENT BENEFIT COSTS The Group accounts for retirement benefit costs in accordance with IAS 19 Employee Benefits. For defined contribution plans, contributions are charged to the consolidated income statement as payable in respect of the accounting period. For defined benefit plans the amounts charged to operating profit are the current service costs, past service costs, administrative expenses and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the consolidated income statement when the related plan amendment occurs. Net interest expense is calculated by applying the discount rate to the recognised overall surplus or deficit in the plan. Actuarial gains and losses are recognised immediately in other comprehensive income. Where defined benefit plans are funded, the assets of the plan are held separately from those of the Group, in separate independently managed funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. Recognition of a surplus in a defined benefit plan is limited based on the economic gain the Group is expected to benefit from in the future by means of a refund or reduction in future contributions to the plan, in accordance with IAS 19. PROVISIONS FOR LIABILITIES AND CHARGES Provisions comprise liabilities where there is uncertainty about the timing of settlement, but where a reliable estimate can be made of the amount. These include provisions for other property-related liabilities such as onerous contracts and dilapidations. Also included are other provisions, primarily long-term employee benefits such as deferred compensation plans, and legal claims, where the likelihood of settlement is considered probable. LEASES The Group leases most of its offices in cities where it operates. Other lease contracts include office equipment and motor vehicles. At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated over the term of the lease using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of lease liabilities comprise fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate as at the commencement date. Lease modifications result in remeasurement of the lease liability.
SHARE-BASED PAYMENTS
The Group issues equity-settled share-based payments (including share
options) to certain employees and accounts for these awards in accordance
with IFRS 2 Share-Based Payment. Equity-settled share-based payments are
measured at fair value (excluding the effect of non-market-based vesting
conditions) at the date of grant. Details regarding the fair value of equity
settled share-based transactions are set out in notes 23 and 27.
The fair value determined at the grant date is recognised in the consolidated
income statement as an expense on a straight-line basis over the relevant
vesting period, based on the Group\u2019s estimate of the number of shares
that will ultimately vest and adjusted for the effect of non-market-based
vesting conditions.
GOVERNMENT SUPPORT
In reaction to the Covid-19 pandemic, certain governments have introduced
measures to assist companies. A reduction to operating costs is recorded in
relation to government subsidies/schemes where these amounts will never
have to be repaid. Further details of such amounts are included in note 3.
In other cases, this involves the deferral of certain tax payments in order to
stimulate the economy. The deferral of payments does not impact the income
statement and these are charged as normal in the period they are incurred.
NON-CONTROLLING INTERESTS
Non-controlling interests in acquired companies are measured at the
non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net
assets. The acquisition of a non-controlling interest in a subsidiary, and the sale
of an interest while retaining control, is accounted for within equity, and the
cash cost of such purchases is included within \"financing activities\" in the cash
flow statement.
CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY
IN APPLYING ACCOUNTING POLICIES
Management is required to make key decisions and judgements whilst
acknowledging there is estimation uncertainty in the process of applying the
Group\u2019s accounting policies. These estimates and judgements are reviewed
on an ongoing basis. Where judgement has been applied or estimation
uncertainty exists, the key factors taken into consideration are disclosed in
the accounting policies and the appropriate note in these financial statements.
The most significant area of estimation uncertainty is:
\u2013 Goodwill: the discounted cash flow methodology employed by the
Group when testing for goodwill impairment requires estimates regarding
operating margins and discount rates. Further details of the methodology,
discount rates and estimates used in relation to the goodwill impairment,
and sensitivities to these estimates are set out in note 14
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1. GENERAL INFORMATION WPP plc is a company incorporated in Jersey. The address of the registered office is 13 Castle Street, St Helier, Jersey, JE1 1ES and the address of the principal executive office is Sea Containers, 18 Upper Ground, London, United Kingdom, SE1 9GL. The nature of the Group\u2019s operations and its principal activities are set out in note 2. These consolidated financial statements are presented in pounds sterling. 2. SEGMENT INFORMATION The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services. Substantially all of the Group\u2019s revenue is from contracts with customers. Reportable segments The Group is organised into three reportable segments \u2013 Global Integrated Agencies, Public Relations and Specialist Agencies. IFRS 8 Operating Segments requires operating segments to be identified on the same basis as is used internally for the review of performance and allocation of resources by the Group\u2019s Chief Executive Officer (the Chief Operating Decision Maker). Provided certain quantitative and qualitative criteria are fulfilled, IFRS 8 permits aggregation of these components into reportable segments for the purposes of disclosure in the Group\u2019s financial statements. In assessing the Group\u2019s reportable segments, the Directors have had regard to the similar economic characteristics of certain operating segments, their shared client bases, the similar nature of their products or services and their long-term margins, amongst other factors. Reported contributions were as follows: Income statement Revenue 2 \u00a3m Revenue less pass-through costs 3 \u00a3m Headline operating profit 4 \u00a3m 2022 Global Integrated Agencies 12,191.0 9,742.8 1,432.4 Public Relations 1,228.3 1,157.0 190.8 Specialist Agencies 1,009.4 899.5 118.6 14,428.7 11,799.3 1,741.8 2021 1 Global Integrated Agencies 10,890.5 8,683.1 1,221.8 Public Relations 959.0 909.7 143.1 Specialist Agencies 951.6 804.4 128.6 12,801.1 10, 397. 2 1,493.5 2020 1 Global Integrated Agencies 10,329.0 8, 2 47.8 1,070.3 Public Relations 892.9 854.4 141.3 Specialist Agencies 780.9 659.8 48.9 12,002.8 9,762.0 1,260.5 Notes 1 Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies 2 Intersegment sales have not been separately disclosed as they are not material 3 Revenue less pass-through costs is defined on page 233 4 A reconciliation from profit before taxation to headline operating profit is provided on page 216 1
Other information
Share-based
payments
\u00a3m
Capital
additions
1
\u00a3m
Depreciation
and
amortisation
2
\u00a3m
Goodwill
impairment
\u00a3m
Loss/(earnings)
from results of
associates
\u00a3m
Interests in
associates and
joint ventures
\u00a3m
2022
Global Integrated Agencies 100.5 193.8 372.9 \u2013 10.8 80.1
Public Relations 14.7 11.0 36.7 3.7 0.5 0.1
Specialist Agencies 6.8 18.5 41.4 34.2 (71.7) 224.9
122.0 223.3 451.0 37.9 (60.4) 305.1
2021
Global Integrated Agencies 92.3 252.7 372.8 \u2013 22.7 115.2
Public Relations 4.8 17.9 28.1 \u2013 1.7 8.0
Specialist Agencies 2.5 22.5 43.1 1.8 (0.6) 289.7
99.6 293.1 444.0 1.8 23.8 412.9
2020
Global Integrated Agencies 61.3 234.2 449.7 2,355.1 19.0 158.4
Public Relations 8.0 15.5 32.8 161.5 1.3 6.4
Specialist Agencies 5.1 22.9 59.4 306.3 (156.3) 165.9
74.4 272.6 541.9 2,822.9 (136.0) 330.7
Notes
1
Capital additions include purchases of property, plant and equipment and other intangible assets (including capitalised computer software)
2
Depreciation of property, plant and equipment, depreciation of right-of-use assets and amortisation of other intangible assets
Contributions by geographical area were as follows:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Revenue
1
North America
2
5,549.5 4,494.2 4,464.9
United Kingdom 2,003.8 1,866.9 1,637.0
Western Continental Europe 2,876.2 2,786.3 2,441.6
Asia Pacific, Latin America,
Africa & Middle East and
Central & Eastern Europe 3,999.2 3,653.7 3,459.3
14,428.7 12,801.1 12,002.8
Revenue less pass-through costs
3
North America
2
4,688.1 3,849.2 3,743.4
United Kingdom 1,537.2 1,414.3 1,233.8
Western Continental Europe 2,318.5 2,225.4 2,019.4
Asia Pacific, Latin America,
Africa & Middle East and
Central & Eastern Europe 3,255.5 2,908.3 2,765.4
11,799.3 10,397.2 9,762.0
Headline operating profit
3
North America
2
770.4 655.7 611.9
United Kingdom 187.1 180.9 137.7
Western Continental Europe 301.3 288.6 198.7
Asia Pacific, Latin America,
Africa & Middle East and
Central & Eastern Europe 483.0 368.3 312.2
1,741.8 1,493.5 1,260.5
Notes
1
Intersegment sales have not been separately disclosed as they are not material
2
North America includes the United States with revenue of \u00a35,230.9 million (2021: \u00a34,220.8 million,
2020: \u00a34,216.1 million), revenue less pass-through costs of \u00a34,402.0 million (2021: \u00a33,597.4 million,
2020: \u00a33,524.8 million) and headline operating profit of \u00a3727.6 million (2021: \u00a3615.2 million, 2020:
\u00a3563.7 million)
3
Revenue less pass-through costs and headline operating profit are defined on page 233
2022
\u00a3m
2021
\u00a3m
Non-current assets
1
North America
2
5,896.4 5,075.4
United Kingdom 1,556.2 1,565.4
Western Continental Europe 2,797.9 2,618.8
Asia Pacific, Latin America, Africa &
Middle East and Central & Eastern Europe 3,151.0 2,933.6
13,401.5 12,193.2
Notes
1
Non-current assets excluding financial instruments and deferred tax
2
North America includes the United States with non-current assets of \u00a35,379.5 million
(2021: \u00a34,730.1 million)
3. COSTS OF SERVICES AND GENERAL AND ADMINISTRATIVE COSTS 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Costs of services 11,890.1 10,597.5 9,987.9 General and administrative costs 1,180.4 974.6 4,293.0 13,070.5 11,572.1 14,280.9 Costs of services and general and administrative costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Staff costs (note 5) 8,165.8 7,1 6 6.7 6,556.5 Establishment costs 536.0 529.0 638.5 Media pass-through costs 1,905.7 1,865.3 1,555.2 Other costs of services and general and administrative costs 1 2,463.0 2,011.1 5,530.7 13,070.5 11,572.1 14,280.9 Included within costs of services and general administrative costs are the following: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Goodwill impairment (note 14) 37.9 1.8 2,822.9 Amortisation and impairment of acquired intangible assets 62.1 97.8 89.1 Investment and other impairment charges/ (reversals) 48.0 (42.4) 296.2 Intangible asset impairment 29.0 \u2013 \u2013 Restructuring and transformation costs 203.7 145.5 80.7 Restructuring costs in relation to Covid-19 15.1 29.9 232.5 Property related costs 18.0 \u2013 \u2013 Losses/(gains) on disposal of investments and subsidiaries 36.3 10.6 ( 7. 8) Gains on remeasurement of equity interests arising from a change in scope of ownership (66.5) \u2013 (0.6) Litigation settlement \u2013 21.3 25.6 Amortisation of other intangible assets 21.9 19.9 35.2 Depreciation of property, plant and equipment 166.9 151.2 174.8 Depreciation of right-of-use assets 262.2 272.9 331.9 (Gains)/losses on sale of property, plant and equipment (6.4) (1.3) 0.3 Net foreign exchange (gains)/losses (8.7) 4.4 5.9 Short-term lease expense 20.2 18.0 36.7 Low-value lease expense 1.9 2.3 2.3 Note 1 Other costs of services and general and administrative costs include \u00a3723.7 million (2021: \u00a3538.6 million, 2020: \u00a3685.6 million) of other pass-through costs In 2022, operating profit includes credits totalling \u00a329.3 million (2021: \u00a319.3 million, 2020: \u00a346.3 million) relating to the release of provisions and other balances established in respect of acquisitions completed prior to 2021. Further details of the Group\u2019s approach to acquisition reserves, as required by IFRS 3 Business Combinations, are given in note 29. The goodwill impairment charge of \u00a337.9 million in 2022 (2021: \u00a31.8 million, 2020: \u00a32,822.9 million) relates to a number of businesses in the Group where the impact of increases in discount rates and current, local economic conditions and trading circumstances is sufficiently severe to indicate impairment to the carrying value. The goodwill impairment charge of \u00a32,822.9 million in 2020 reflects the adverse impacts of Covid-19 on a number of businesses in the Group at that time. Amortisation and impairment of acquired intangible assets of \u00a362.1 million (2021: \u00a397.8 million, 2020: \u00a389.1 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million, 2020: \u00a321.6 million) in regard to certain brand names that are no longer in use. The investment and other impairment charges of \u00a348.0 million (2021: reversal of \u00a342.4 million, 2020: \u00a3296.2 million) relate to the same macro-economic factors noted above. The reversal in the prior year for investments primarily relates to the partial reversal of a \u00a3255.6 million impairment taken in 2020 relating to Imagina, an associate in Spain. Intangible asset impairment of \u00a329.0 million in 2022 (2021: nil, 2020: nil) relates to the write off of capitalised configuration and customisation costs related to a software development project. Restructuring and transformation costs of \u00a3203.7 million (2021: \u00a3145.5 million, 2020: \u00a380.7 million) include \u00a3134.5 million (2021: \u00a394.2 million) in relation to the Group\u2019s IT transformation programme. This programme will allow technology to become a competitive advantage in the market as our clients, and their clients, move to an ever-increasing digital world. It includes costs of \u00a396.8 million (2021: \u00a362.2 million, 2020: nil) in relation to the rollout of a new ERP system in order to drive efficiency and collaboration throughout the Group. The remaining restructuring and transformation costs of \u00a369.2 million (2021: \u00a351.3 million) relates to the continuing restructuring plan. As part of that plan, restructuring actions have been taken to right-size under-performing businesses, address high-cost severance markets and simplify operational structures. Restructuring costs in relation to Covid-19 of \u00a315.1 million (2021: \u00a329.9 million, 2020: \u00a3232.5 million) primarily relate to property costs which the Group undertook in response to the Covid-19 pandemic. Property related costs include further right-of-use asset impairments taken for properties that were previously impaired due to challenging conditions in the subletting market. In 2022, \u00a318.0 million (2021: nil, 2020: nil) were incurred. Losses on disposal of investments and subsidiaries of \u00a336.3 million in 2022 primarily includes a loss of \u00a363.1 million on the divestment of our Russian interests which completed in May 2022. This was partially offset by gains on other disposals during the period including Res Publica for \u00a317.7 million and Mutual Mobile for \u00a39.4 million with the remaining gains/losses due to individually insignificant transactions. Losses on disposal of investments and subsidiaries of \u00a310.6 million in 2021 includes a loss of \u00a34.9 million on the disposal of XMKT in China, which completed in September 2021. Gains on remeasurement of equity interests arising from a change in scope of ownership of \u00a366.5 million (2021: \u00a3nil, 2020: \u00a30.6 million) comprises a gain in relation to the reclassification of the Group's interest in Imagina in Spain from interests in associates to other investments. In 2022, the Group received \u00a38.2 million (2021: \u00a35.3 million, 2020: \u00a377.1 million) of aid from governments around the world in relation to the Covid-19 pandemic, which is included as a credit in other staff costs. Other impairment charges included in restructuring costs of \u00a343.3 million (2021: \u00a339.2 million, 2020: \u00a3196.7 million) consists of \u00a37.1 million (2021: \u00a317.6 million, 2020: \u00a3147.6 million) within restructuring costs in relation to Covid-19 and \u00a336.2 million (2021: \u00a321.6 million, 2020: \u00a349.1 million) within restructuring and transformation costs and property related costs. These impairment charges include \u00a333.5 million (2021: \u00a319.3 million, 2020: \u00a3117.0 million) in relation to right-of-use assets, \u00a39.8 million (2021: \u00a39.8 million, 2020: \u00a379.7 million) of related property, plant and equipment and \u00a3nil (2021: \u00a310.1 million, 2020: \u00a3nil) of other intangibles, arising from the Group\u2019s reassessment of its property requirements as a result of effective remote working practices during the Covid-19 pandemic and continued focus on campuses. Auditors\u2019 remuneration: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company and Group's annual accounts 8.4 7.1 6.4 Fees payable for the audit of the Company\u2019s subsidiaries 28.5 24.8 22.9 Fees payable to the auditors pursuant to legislation 1 36.9 31.9 29.3 Audit-related services 2 0.4 0.4 0.4 Other services 3 0.6 1.4 0.7 Tax compliance services 0.1 \u2013 0.1 Total other fees 1.1 1.8 1.2 Total fees 38.0 33.7 30.5 Notes 1 Includes fees in respect of the audit of internal control over financial reporting 2 Audit-related assurance services are in respect of the review of the interim financial information 3 Other services include audits for earnout purposes and other agreed upon procedures
4. (LOSS)/EARNINGS FROM ASSOCIATES \u2013 AFTER INTEREST
AND TAX
(Loss)/earnings from associates \u2013 after interest and tax was a loss of
\u00a360.4 million in 2022, earnings of \u00a323.8 million in 2021, and loss of \u00a3136.0 million
in 2020. (Loss)/earnings from associates \u2013 after interest and tax includes
\u00a375.8 million (2021: \u00a338.8 million, 2020: \u00a354.3 million) of amortisation and
impairment of acquired intangible assets as well as restructuring and one-off
transaction costs of \u00a354.8 million (2021: \u00a318.8 million, 2020: \u00a389.3 million)
within Kantar.
5. OUR PEOPLE
Our staff numbers averaged 114,129 for the year ended 31 December 2022
against 104,808 in 2021 and 104,163 in 2020. Their geographical distribution
was as follows:
2022 2021 2020
North America 23,740 21,764 21,524
United Kingdom 12,490 10,995 10,670
Western Continental Europe 22,717 21,514 21,551
Asia Pacific, Latin America, Africa &
Middle East and Central & Eastern Europe 55,182 50,535 50,418
114,129 104,808 104,163
Their reportable segment distribution was as follows:
2022 2021 2020
Global Integrated Agencies 97, 288 89,701 88,406
Data Investment Management \u2212 \u2212 1,341
Public Relations 8,125 7,121 6,810
Specialist Agencies 8,716 7,9 8 6 7, 606
114,129 104,808 104,163
At the end of 2022, staff numbers were 115,473 (2021: 109,382, 2020: 99,830).
Staff costs include:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Wages and salaries 5,721.0 4,797.2 4,781.0
Cash-based incentive plans 292.6 455.2 110.7
Share-based incentive plans (note 23) 122.0 99.6 74.4
Social security costs 689.4 630.1 570.9
Pension costs (note 24) 204.8 177.7 171.7
Severance 44.2 41.8 68.2
Other staff costs
1
1,091.8 965.1 779.6
8,165.8 7,1 6 6.7 6,556.5
Note
1
Freelance and temporary staff costs are included in other staff costs
Compensation for key management personnel includes:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Short-term employee benefits 29.7 28.0 17.9
Pensions and other post-retirement benefits 1.1 0.9 1.0
Share-based payments 29.8 14.6 10.3
60.6 43.5 29.2
Key management personnel comprises the Board and the Executive
Committee. Further details of compensation for the Board are disclosed on
pages 130 to 156.
6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND
REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS
Finance and investment income includes:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Income from equity investments 24.5 17.9 8.7
Interest income 120.9 51.5 74.0
145.4 69.4 82.7
Finance costs include:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Net interest expense on pension plans 2.2 1.8 2.9
Interest on other long-term employee benefits 3.7 2.4 3.1
Interest expense and similar charges
1
257.8 188.5 205.0
Interest expense related to lease liabilities 95.7 90.9 101.0
359.4 283.6 312.0
Revaluation and retranslation of financial instruments include:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Movements in fair value of treasury
instruments 0.5 9.1 15.4
Premium on the early repayment of bonds \u2013 (13.0) \u2013
Revaluation of investments held at
fair value through profit or loss 23.1 (7.5) 8.0
Revaluation of put options over
non-controlling interests 27.9 (40.6) 12.3
Revaluation of payments due to
vendors (earnout agreements) 26.2 (58.7) 13.4
Retranslation of financial instruments (1.7) 22.9 (196.3)
76.0 (87.8) (147. 2)
Note
1
Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held
at amortised cost
The majority of the Group\u2019s long-term debt is represented by $1,063 million
of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of
Eurobonds at an average interest rate of 2.20% and \u00a3650 million of Sterling
bonds at an average interest rate of 3.21%.
Average borrowings under the US Dollar Revolving Credit Facilities (note 10)
amounted to nil (2021: nil).
Average borrowings under the Australian Dollar Revolving Credit Facilities
amounted to nil (2021: A$52 million at an average rate of 1.89%).
Average borrowings under the US Commercial Paper Programme for 2022
amounted to $195 million at an average interest rate of 2.56% inclusive of
margin (2021: nil).
Average borrowings under the Euro Commercial Paper Programme for 2022
amounted to \u00a334 million at an average interest rate of 1.95% inclusive of
currency swaps (2021: nil).
7. TAXATION
In 2022, the effective tax rate on reported profit/(loss) before taxation was
33.1% (2021: 24.2%, 2020: -4.6%).
The tax charge comprises:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Corporation tax
Current year 425.8 404.0 307.8
Prior years (55.5) (41.4) (83.2)
370.3 362.6 224.6
Deferred tax
Current year 9.4 (131.0) (80.2)
Prior years 4.7 (1.5) (17. 3)
14.1 (132.5) (97.5)
Tax charge 384.4 230.1 1 27.1
The corporation tax credit for prior years in 2022, 2021 and 2020 primarily comprises the release of a number of provisions following the resolution of tax matters in various countries. The tax charge for the year can be reconciled to profit/(loss) before taxation in the consolidated income statement as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Profit/(loss) before taxation 1,159.8 950.8 (2,790.6) Tax at the corporation tax rate of 19.0% 1 220.4 180.7 (530.2) Tax effect of earnings from associates 17.4 (13.3) 16.2 Irrecoverable withholding taxes 25.9 52.3 49.4 Tax effect of items that are not deductible in determining taxable profits 66.7 29.3 67.0 Tax effect of non-deductible goodwill impairment 7.2 0.6 542.4 Effect of different tax rates in subsidiaries operating in other jurisdictions 94.3 81.2 92.7 Origination and reversal on unrecognised temporary differences (1.1) (36.3) (29.3) Tax losses not recognised or utilised in the year 9.8 7. 4 21.1 Utilisation of tax losses not previously recognised (5.4) (5.1) (1.7) Net release of prior year provisions in relation to acquired businesses (2.8) (1.1) (1.7) Other prior year adjustments (48.0) (41.8) (98.8) Impact of deferred tax rate change \u2013 (23.8) \u2013 Tax charge 384.4 230.1 1 27.1 Effective tax rate on profit/(loss) before tax 33.1% 24.2% (4.6%) Note 1 As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the UK corporation tax rate of 19.0% (2021: 19.0%, 2020: 19.0%) FACTORS AFFECTING THE TAX CHARGE IN FUTURE YEARS The tax charge may be affected by the impact of acquisitions, disposals and other corporate restructurings, the resolution of open tax issues, and the ability to use brought forward tax losses. Changes in local or international tax rules, for example, increasing tax rates as a consequence of the financial support programmes implemented by governments during the Covid-19 pandemic, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, and changes arising from the application of existing rules or challenges by tax or competition authorities, may expose the Group to additional tax liabilities or impact the carrying value of deferred tax assets, which could affect the future tax charge. Liabilities relating to open and judgemental matters are based upon an assessment of whether the tax authorities will accept the position taken, after considering external advice where appropriate. Where the final tax outcome of these matters is different from the amounts which were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. The Group does not currently consider that judgements made in assessing tax liabilities have a significant risk of resulting in any material additional charges or credits in respect of these matters, within the next financial year, beyond the amounts already provided. Following the enactment in 2021 of an increase in the UK corporation tax rate from 19% to 25% from 1 April 2023, the Group remeasured UK deferred tax balances accordingly and recognised a tax credit of \u00a323.8 million in the prior period. TAX RISK MANAGEMENT We look to maintain open and transparent relationships with the tax authorities in the jurisdictions in which we operate and relevant government representatives. We maintain active engagement with a wide range of international companies and business organisations with similar issues. We engage advisors and legal counsel to obtain opinions on tax legislation and principles. We have a Tax Risk Management Strategy in place which sets out the controls established and our assessment procedures for decision making and how we monitor tax risk. We monitor proposed changes in taxation legislation and ensure these are taken into account when we consider our future business plans. Our Directors are informed by management of any significant tax law changes, the nature and status of any significant ongoing tax audits, and other developments that could materially affect the Group's tax position. 8. ORDINARY DIVIDENDS Amounts recognised as distributions to equity holders in the year: 2022 2021 2020 2022 2021 2020 Per share Pence per share \u00a3m \u00a3m \u00a3m 2021 Final dividend 18.70p 14.00p \u2013 203.5 167. 7 \u2013 2022 Interim dividend 15.00p 12.50p 10.00p 161.9 147.0 122.0 33.70p 26.50p 10.00p 365.4 314.7 122.0 2022 2021 2020 2022 2021 2020 Per ADR 1 Cents per ADR $m $m $m 2021 Final dividend 128.63\u00a2 89.85\u00a2 \u2013 280.0 215.3 \u2013 2022 Interim dividend 92.72\u00a2 85.98\u00a2 64.18\u00a2 200.1 202.2 156.6 221.35\u00a2 175.83\u00a2 64.18\u00a2 480.1 417.5 156.6 Proposed final dividend for the year ended 31 December 2022: 2022 2021 2020 Per share Pence per share Final dividend 24.40p 18.70p 14.00p 2022 2021 2020 Per ADR 1 Cents per share Final dividend 150.83\u00a2 128.63\u00a2 89.85\u00a2 Note 1 These figures have been translated for convenience purposes only, using the approximate average rate for the year of US$1.2363 (2021: US$1.3757, 2020: US$1.2836). 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 The payment of dividends will not have any tax consequences for the Group. Final dividends are paid in the subsequent year to which they relate. 9. EARNINGS PER SHARE BASIC EPS The calculation of basic reported and headline EPS is as follows: Continuing operations 2022 2021 2020 Reported earnings 1 (\u00a3m) 682.7 6 3 7. 7 (2,971.6) Headline earnings (\u00a3m) (page 216) 1,100.2 954.5 742.5 Weighted average shares used in basic EPS calculation (m) 1,097.9 1,194.1 1,223.0 Reported EPS 62.2p 53.4p (243.0p) Headline EPS 100.2p 79.9p 60.7p Discontinued operations 2022 2021 2020 Reported earnings 1 (\u00a3m) \u2013 \u2013 6.5 Weighted average shares used in basic EPS calculation (m) \u2013 \u2013 1,223.0 Reported EPS \u2013 \u2013 0.5p Continuing and discontinued operations 2022 2021 2020 Reported earnings 1 (\u00a3m) 682.7 6 3 7. 7 (2,965.1) Weighted average shares used in basic EPS calculation (m) 1,097.9 1,194.1 1,223.0 Reported EPS 62.2p 53.4p (242.5p) Note 1 Reported earnings is equivalent to profit/(loss) for the year attributable to equity holders of the parent 1
9. EARNINGS PER SHARE CONTINUED
DILUTED EPS
The calculation of diluted reported and headline EPS is as follows:
Continuing operations 2022 2021 2020
Diluted reported earnings (\u00a3m) 682.7 6 3 7. 7 (2,971.6)
Diluted headline earnings (\u00a3m) 1,100.2 954.5 742.5
Weighted average shares used in reported
diluted EPS calculation (m)
1
1,116.4 1,215.3 1,223.0
Weighted average shares used in headline
diluted EPS calculation (m) 1,116.4 1,215.3 1,236.0
Diluted reported EPS 61.2p 52.5p (243.0p)
Diluted headline EPS 98.5p 78.5p 60.1p
Discontinued operations 2022 2021 2020
Diluted reported earnings (\u00a3m) \u2013 \u2013 6.5
Weighted average shares used in diluted
EPS calculation (m)
1
\u2013 \u2013 1,223.0
Diluted reported EPS \u2013 \u2013 0.5p
Continuing and discontinued operations 2022 2021 2020
1
Diluted reported earnings (\u00a3m) 682.7 6 3 7. 7 (2,965.1)
Weighted average shares used in diluted
EPS calculation (m)
1
1,116.4 1,215.3 1,223.0
Diluted reported EPS 61.2p 52.5p (242.5p)
Note
1
The weighted average shares used in the basic EPS calculation for 2020 have also been used for
reported diluted EPS due to the anti-dilutive effect of the weighted average shares calculated
for the reported diluted EPS calculation
Diluted EPS has been calculated based on the diluted reported and diluted
headline earnings amounts above. At 31 December 2022, options to purchase
19.7 million ordinary shares (2021: 7.2 million, 2020: 14.2 million) were
outstanding, but were excluded from the computation of diluted earnings per
share because the exercise prices of these options were greater than the
average market price of the Group\u2019s shares and, therefore, their inclusion
would have been accretive.
A reconciliation between the shares used in calculating basic and diluted EPS
is as follows:
2022
m
2021
m
2020
m
Weighted average shares used in basic
EPS calculation 1,097.9 1,194.1 1,223.0
Dilutive share options outstanding 0.7 1.3 \u2013
Other potentially issuable shares 17.8 19.9 13.0
Weighted average shares used in diluted
EPS calculation 1,116.4 1,215.3 1,236.0
At 31 December 2022 there were 1,141,427,296 (2021: 1,224,459,550, 2020:
1,296,080,242) ordinary shares in issue, including 70,489,953 treasury shares
(2021: 70,489,953, 2020: 70,748,100).
10. SOURCES OF FINANCE
The following table summarises the equity and debt financing of the Group,
and changes during the year:
Analysis of changes in
financing
Shares Debt
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Beginning of year 697.1 699.9 703.1 4,441.7 5,032.7 4,272.9
Ordinary shares issued 1.2 4.4 \u2013 \u2013 \u2013 \u2013
Share cancellations (8.3) (7.2) (3.2) \u2013 \u2013 \u2013
Net (decrease)/increase
in drawings on bank
loans and corporate
bonds \u2013 \u2013 \u2013 (220.6) (397.1) 632.8
Amortisation of financing
costs included in debt \u2013 \u2013 \u2013 7.0 8.1 7.5
Changes in fair value
due to hedging
arrangements \u2013 \u2013 \u2013 \u2013 (2.5) (1.4)
Other movements \u2013 \u2013 \u2013 (0.2) (0.4) (7.1)
Exchange adjustments \u2013 \u2013 \u2013 237.2 (199.1) 128.0
End of year 690.0 697.1 699.9 4,465.1 4,441.7 5,032.7
The table above excludes bank overdrafts which fall within cash and cash
equivalents for the purposes of the consolidated cash flow statement. Other
liabilities from financing activities including lease liabilities and derivatives
used for hedging debts are disclosed in note 13 and note 26, respectively.
SHARES
At 31 December 2022, the Company's share base was entirely composed
of ordinary equity share capital and share premium of \u00a3690.0 million
(2021: \u00a3697.1 million, 2020: \u00a3699.9 million), further details of which are disclosed
in note 27.
DEBT
US$ bonds The Group has in issue $750 million of 3.75% bonds due September
2024, $93 million of 5.125% bonds due September 2042 and $220 million of
5.625% bonds due November 2043.
Eurobonds The Group has in issue \u20ac750 million of 3.0% bonds due November
2023, \u20ac500 million of 1.375% bonds due March 2025, \u20ac750 million of 2.25%
bonds due September 2026, \u20ac750 million of 2.375% bonds due May 2027, and
\u20ac600 million of 1.625% bonds due March 2030. In March 2022, \u20ac250 million of
Floating Rate Notes carrying a coupon of 3m EURIBOR +0.45% were repaid.
Sterling bonds The Group has in issue \u00a3250 million of 3.750% bonds due May
2032 and \u00a3400 million of 2.875% bonds due September 2046.
Revolving Credit Facility The Group has a five-year Revolving Credit Facility of
$2.5 billion due March 2026, signed in November 2021. The Group\u2019s borrowings
under these facilities, which are drawn down predominantly in pounds
sterling, averaged nil in 2022 (2021: nil, 2020: nil).
In May 2021, the Group's subsidiary, WPP AUNZ, repaid in full its A$150 million
Revolving Credit Facility due August 2021, and its A$270 million Revolving
Credit Facility due August 2023. The Group's borrowings under the Australian
dollar facilities, which were drawn down in Australian dollars and New Zealand
dollars, averaged the equivalent of nil in 2022 (2021: A$52 million, 2020:
A$151 million).
The Group had available undrawn committed credit facilities of \u00a32,069.0
million at 31 December 2022 (2021: \u00a31,847.5 million, 2020: \u00a32,023.2 million).
Borrowings under the $2.5 billion Revolving Credit Facility are governed by
certain financial covenants based on the results and financial position of the
Group.
During 2022, all covenants have been complied with and based on current
forecasts it is expected that such covenants will continue to be complied with
for the foreseeable future.
The $2.5 billion Revolving Credit Facility, due March 2026, includes terms
which require the consent of the majority of the lenders if a proposed merger
or consolidation of the Company would alter its legal personality or identity.
COMMERCIAL PAPER PROGRAMMES
The Group operates commercial paper programmes using its Revolving Credit
Facility as a backstop. The average US commercial paper outstanding in 2022
was $195 million (2021: nil, 2020: $2 million). The average Euro commercial
paper outstanding in 2022 was \u20ac34 million (2021: nil, 2020: nil) inclusive of the
effect of currency swaps, where applicable. There was no US or Euro
commercial paper outstanding at 31 December 2022.
The following table is an analysis of future anticipated cash flows in relation to
the Group\u2019s debt, on an undiscounted basis which, therefore, differs from the
fair value and carrying value:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Within one year (791.6) (326.8) (182.2)
Between one and two years (724.3) (745.4) (725.6)
Between two and three years (524.2) (646.5) (795.7)
Between three and four years (740.3) (492.8) (649.1)
Between four and five years (719.9) (698.0) (528.2)
Over five years (1,963.7) (2,546.3) (3,387.1)
Debt financing (including interest) under the
Revolving Credit Facility and in relation to
unsecured loan notes (5,464.0) (5,455.8) (6,267.9)
Short-term overdrafts \u2013 within one year (505.7) (342.3) (8,562.0)
Future anticipated cash flows (5,969.7) (5,798.1) (14,829.9)
Effect of discounting/financing rates 998.9 1,014.1 1,235.2
Debt financing (4,970.8) (4,784.0) (13,594.7)
Cash and short-term deposits 2,491.5 3,882.9 12,899.1
Adjusted net debt (2,479.3) (901.1) (695.6)
Analysis of fixed and floating rate debt by currency including the effect of
cross-currency swaps:
2022 \u00a3m
Fixed
rate
1
Floating
basis
Period
(months)
1
Currency
$ \u2013 fixed 1,379.5 4.18 n/a 60
\u00a3 \u2013 fixed 1,094.1 2.97 n/a 143
\u20ac \u2013 fixed 2,080.6 2.21 n/a 55
\u2013 floating \u2013 n/a EURIBOR \u2013
Other (89.1) n/a n/a n/a
4,465.1
2021 \u00a3m
Fixed
rate
1
Floating
basis
Period
(months)
1
Currency
$ \u2013 fixed 1,231.8 4.18 n/a 72
\u00a3 \u2013 fixed 1,094.1 2.97 n/a 155
\u20ac \u2013 fixed 1,976.0 2.04 n/a 69
\u2013 floating 210.2 n/a EURIBOR 3
Other (70.4) n/a n/a n/a
4,441.7
2020 \u00a3m
Fixed
rate
1
Floating
basis
Period
(months)
1
Currency
$ \u2013 fixed 1,585.1 4.06 n/a 70
\u00a3 \u2013 fixed 1,094.1 3.21 n/a 167
\u20ac \u2013 fixed 2,104.6 2.20 n/a 79
\u2013 floating 223.9 n/a EURIBOR 15
Other 25.0 n/a n/a n/a
5,032.7
Note
1
Weighted average
The following table is an analysis of future undiscounted anticipated cash flows
in relation to the Group\u2019s financial derivatives, which include interest rate
swaps, forward contracts and other foreign exchange swaps assuming interest
rates and foreign exchange rates as at 31 December:
Financial liabilities Financial assets
2022
Payable
\u00a3m
Receivable
\u00a3m
Payable
\u00a3m
Receivable
\u00a3m
Within one year 1,186.3 1,126.2 3 47.1 345.7
Between one and two years \u2013 \u2013 11.6 6.2
Between two and three years \u2013 \u2013 449.8 461.8
1,186.3 1,126.2 808.5 813.7
Financial liabilities Financial assets
2021
Payable
\u00a3m
Receivable
\u00a3m
Payable
\u00a3m
Receivable
\u00a3m
Within one year 185.8 173.7 581.1 582.5
Between one and two years 551.4 521.1 30.0 30.4
Between two and three years 11.6 6.0 \u2013 \u2013
Between three and four years 449.8 445.6 \u2013 \u2013
1,198.6 1,146.4 611.1 612.9
Financial liabilities Financial assets
2020
Payable
\u00a3m
Receivable
\u00a3m
Payable
\u00a3m
Receivable
\u00a3m
Within one year 201.7 195.4 102.3 98.2
Between one and two years 11.6 6.2 17.8 13.6
Between two and three years 41.9 35.7 449.2 461.2
Between three and four years 11.6 6.3 \u2013 \u2013
Between four and five years 449.8 466.3 \u2013 \u2013
716.6 709.9 569.3 573.0
10. SOURCES OF FINANCE CONTINUED
ANALYSIS OF CHANGE IN FINANCING ACTIVITIES (INCLUSIVE OF LEASES)
The table below details changes arising from financing activities, including both cash and non-cash changes.
2022
Opening
balance
\u00a3m
Cash flow
\u00a3m
Acquisition of
subsidiaries
\u00a3m
Foreign
exchange
\u00a3m
Interest and
Other
\u00a3m
Closing
balance
\u00a3m
Borrowings (excluding lease liabilities) (note 10, 11, 21 and 26)\u00b9 4,441.7 (220.6) \u2013 2 3 7. 2 6.8 4,465.1
Derivatives (note 18, 19 and 20) 50.6 \u2013 \u2013 6.4 (4.7) 52.3
Lease liabilities (note 13)\u00b2 2,041.8 (402.0) 0.1 145.8 424.9 2,210.6
Share repurchase commitments (note 19)\u00b3 211.7 (211.7) \u2013 \u2013 \u2013 \u2013
Liabilities from financing activities 6,745.8 (834.3) 0.1 389.4 427.0 6,728.0
Cash and short-term deposits (note 11 and 26) (3,882.9) 1,494.4 (38.8) (64.2) \u2013 (2,491.5)
Bank overdrafts 342.3 163.4 \u2013 \u2013 \u2013 505.7
3,205.2 823.5 (38.7) 325.2 427.0 4,742.2
2021
Borrowings (excluding lease liabilities) (note 10, 11, 21 and 26)\u00b9 5,032.7 (397.1) \u2013 (199.1) 5.2 4,441.7
Derivatives (note 18, 19 and 20) 3.2 \u2013 \u2013 47.0 0.4 50.6
Lease liabilities (note 13)\u00b2 2,156.3 (409.1) 34.2 (23.3) 283.7 2,041.8
Share repurchase commitments (note 19)\u00b3 \u2013 \u2013 \u2013 \u2013 211.7 211.7
Liabilities from financing activities 7,192 .2 (806.2) 34.2 (175.4) 501.0 6,745.8
Cash and short-term deposits (note 11 and 26) (12,899.1) 8,883.8 2.3 130.1 \u2013 (3,882.9)
Bank overdrafts 8,562.0 (8,219.7) \u2013 \u2013 \u2013 342.3
2,855.1 (142.1) 36.5 (45.3) 501.0 3,205.2
Notes
1
Borrowings includes: bonds and bank loans. The interest and other amounts within borrowings comprises amortisation of capitalised borrowing costs
2
Repayment of lease liabilities includes \u00a392.4 million (2021: \u00a388.4 million) of interest paid on lease liabilities recognised within net cash inflow from operating activities (note 11). Interest and other within
lease liabilities comprises interest on leases as well as the lease liability additions and disposals as disclosed in note 13
3
The cash flow of \u00a3211.7 million related to share repurchase commitments is included within the \u00a3862.7 million of total share repurchase and buybacks (note 11)
11. ANALYSIS OF CASH FLOWS
The following tables analyse the items included within the main cash flow
headings on page 168.
Net cash from operating activities:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Profit/(loss) for the year 775.4 720.7 (2,901.3)
Taxation 384.4 230.1 129.3
Revaluation and retranslation of
financial instruments (76.0) 87.8 147. 2
Finance costs 359.4 283.6 312.3
Finance and investment income (145.4) (69.4) (82.8)
Loss/(earnings) from associates \u2013 after interest
and tax 60.4 (23.8) 136.0
Gain on sale of discontinued operations \u2013 \u2212 (10.0)
Attributable tax expense on sale of
discontinued operations \u2013 \u2212 1.9
Operating profit/(loss) of continuing
and discontinued operations 1,358.2 1,229.0 (2,267. 4)
Adjustments for
Non-cash share-based incentive plans
(including share options) 122.0 99.6 74.4
Depreciation of property, plant and equipment 166.9 151.2 174.8
Depreciation of right-of-use assets 262.2 272.9 331.9
Impairment charges included within
restructuring costs
1
72.3 39.2 196.7
Goodwill impairment 37.9 1.8 2,822.9
Amortisation and impairment of acquired
intangible assets 62.1 97. 8 89.1
Amortisation of other intangible assets 21.9 19.9 35.2
Investment and other impairment
charges/ (reversals) 48.0 (42.4) 296.2
Losses/(gains) on disposal of investments
and subsidiaries 36.3 10.6 (7. 8)
Gains on remeasurement of equity interests
arising from a change in scope of ownership (66.5) \u2212 (0.6)
(Gains)/losses on sale of property,
plant and equipment (6.4) (1.3) 0.3
Operating cash flow before movements
in working capital and provisions 2,114.9 1,878.3 1,745.7
(Increase)/decrease in trade receivables and
accrued income (498.6) (458.9) 585.2
Increase in trade payables and deferred income 170.6 777.8 195.0
(Increase)/decrease in other receivables (154.1) (120.0) 123.3
(Decrease)/increase in other payables \u2013
short-term (259.6) 5 47.0 (36.6)
Decrease in other payables \u2013 long-term (67.0) (11.0) (44.3)
(Decrease)/increase in provisions (38.0) (32.9) 15.6
Cash generated by operations 1,268.2 2,580.3 2,583.9
Corporation and overseas tax paid (390.9) (391.1) (371.5)
Payment on early settlement of bonds \u2013 (13.0) \u2013
Interest and similar charges paid (210.2) (173.7) (173.9)
Interest paid on lease liabilities (92.4) (88.4) (98.5)
Interest received 88.9 47. 5 73.6
Investment income 24.5 17.8 8.7
Dividends from associates 37.6 53.4 32.5
Earnout payments recognised in operating
activities
2
(24.8) (3.8) (4.2)
Net cash inflow from operating activities 700.9 2,029.0 2,050.6
Notes
1
Impairment charges included within restructuring costs includes impairments for right-of-use
assets, property, plant and equipment and other intangible assets
2
Earnout payments in excess of the amount determined at acquisition are recorded as operating
activities. Prior year excess amounts were recorded as investing activities and have been
re-presented as operating activities
Acquisitions and disposals:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Initial cash consideration (218.3) (227.6) (32.8)
Cash and cash equivalents acquired 38.8 (2.3) \u2212
Earnout payments
1
(46.6) (53.2) (111.0)
Purchase of other investments
(including associates) (10.1) (99.2) (30.4)
Acquisitions (236.2) (382.3) (174.2)
Proceeds on disposal of investments
and subsidiaries
2
50.1 51.9 320.0
Cash and cash equivalents disposed (12.4) (23.6) (47.7 )
Disposals of investments and subsidiaries 37.7 28.3 272.3
Cash consideration received from
non-controlling interests \u2013 39.5 \u2013
Cash consideration for purchase
of non-controlling interests (84.2) (135.0) (80.6)
Cash consideration for
non-controlling interests (84.2) (95.5) (80.6)
Net acquisition payments and
disposal proceeds (282.7) (449.5) 17.5
Notes
1
Earnout payments in excess of the amount determined at acquisition are recorded as operating
activities. Prior year excess amounts were recorded as investing activities and have been
re-presented as operating activities
2
Proceeds on disposal of investments and subsidiaries includes return of capital from investments
in associates
Share repurchases and buybacks:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Purchase of own shares by ESOP Trusts (55.3) (89.2) (5.1)
Shares purchased into treasury for cancellation (807. 4) (729.3) (285.1)
Net cash outflow (862.7) (818.5) (290.2)
Proceeds from issue of bonds:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Proceeds from issue of \u20ac750 million bonds \u2013 \u2013 665.5
Proceeds from issue of \u00a3250 million bonds \u2013 \u2013 250.0
Net cash inflow \u2013 \u2013 915.5
Repayment of borrowings:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Decrease in drawings on bank loans (11.3) (36.3) (59.6)
Repayment of $500 million bonds \u2212 (360.8) \u2212
Repayment of \u20ac250 million bonds (209.3) \u2212 (223.1)
Net cash outflow (220.6) (39 7.1) (282.7)
Cash and cash equivalents:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Cash at bank and in hand 2,271.6 2,776.6 10,075.0
Short-term bank deposits 219.9 1,106.3 2,824.1
Overdrafts
1
(505.7) (342.3) (8,562.0)
1,985.8 3,540.6 4 ,337.1
Note
1
Bank overdrafts are included in cash and cash equivalents because they form an integral part of
the Group\u2019s cash management
The Group considers that the carrying amount of cash and cash equivalents
approximates their fair value.
12. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS In July 2019, the Group announced the proposed sale of its Kantar business to Bain Capital. On 5 December 2019 the first stage of the transaction completed, consisting of approximately 90% of the Kantar group, with consideration of \u00a32,140.2 million after tax and disposal costs. The sale involved the Group disposing of the Kantar business and holding 40% equity stakes post- transaction which are treated as associates. This generated a pre-tax gain of \u00a373.8 million, tax charge of \u00a3157.4 million and goodwill impairment of \u00a394.5 million for the Group. In 2020, the remaining stages of the transaction completed with total consideration of \u00a3236.1 million after tax and disposal costs. This generated a pre-tax gain of \u00a310.0 million and a tax charge of \u00a31.9 million. The Kantar group is classified as a discontinued operation in 2020 under IFRS 5, as it forms a separate major line of business and there was a single co-ordinated plan to dispose of it. Results of the discontinued operations, which have been included in profit for the year, were as follows: 2020 \u00a3m Revenue 107. 4 Costs of services (92.3) Gross profit 15.1 General and administrative costs (4.4) Operating profit 10.7 Profit before interest and taxation 10.7 Finance and investment income 0.1 Finance costs (0.3) Profit before taxation 10.5 Attributable tax expense (2.2) Profit after taxation 8.3 Gain on sale of discontinued operations 10.0 Attributable tax expense on sale of discontinued operations (1.9) Net gain attributable to discontinued operations 16.4 Attributable to Equity holders of the parent 6.5 Non-controlling interests 1 9.9 16.4 Note 1 In 2020, non-controlling interests includes \u00a39.3 million recognised on the disposal of Kantar within WPP Scangroup, a 56% owned subsidiary of the Group For the year ended 31 December 2020, the Kantar group contributed \u00a330.8 million to the Group\u2019s net operating cash flows, paid \u00a30.9 million in respect of investing activities and paid \u00a30.7 million in respect of financing activities. The gain on sale of discontinued operations disposed by 31 December 2020 is calculated as follows: 2020 \u00a3m Intangible assets (including goodwill) 162.5 Property, plant and equipment 15.1 Right-of-use assets 27.2 Interests in associates and joint ventures 4.6 Deferred tax assets 6.1 Corporate income tax recoverable 16.9 Trade and other receivables 170.3 Cash and cash equivalents 32.2 Trade and other payables (141.6) Corporate income tax payable (5.6) Lease liabilities (23.2) Deferred tax liabilities (1.3) Provisions for post-employment benefits ( 7.9) Provisions for liabilities and charges (0.6) Net assets 254.7 Non-controlling interests (6.1) Net assets excluding non-controlling interests 248.6 Consideration received in cash and cash equivalents 240.9 Transaction costs (4.5) Deferred consideration 1 1.6 Total consideration received 238.0 Loss on sale before exchange adjustments (10.6) Exchange adjustments recycled to the income statement 20.6 Gain on sale of discontinued operation 10.0 Note 1 Deferred consideration in 2020 is made up of \u00a379.6 million expected to be received in future periods on the satisfaction of certain conditions and the deferral of \u00a378.0 million consideration against services the Group will supply to Kantar on favourable terms in the future. The conditions expected to be met in the future include the settlement of ongoing legal cases, realisation of the value of certain investments and the utilisation of certain tax losses and allowances. There was uncertainty at the date of disposal in regard to the ultimate resolution of these items and estimates of amounts due to be received were required to be made; there were no individually material estimates. Future services provided by the Group to Kantar arose through the negotiation of Transition Service Arrangements, as is customary for a disposal of this magnitude. The Group will support Kantar for a period of up to four years, primarily in the area of IT, on terms which are favourable to the disposal group. As such, an element of consideration has been deferred and will be recognised as the services are provided W
13. LEASES
The movements in 2022 and 2021 were as follows:
Right-of-use assets
Land and
buildings
1
\u00a3m
Plant and
machinery
\u00a3m
Total
\u00a3m
1 January 2021 1,461.8 42.7 1,504.5
Additions 264.6 17.2 281.8
Transfers to net investment in subleases (26.9) \u2212 (26.9)
Disposals (53.6) (1.3) (54.9)
Depreciation of right-of-use assets (254.7) (18.2) (272.9)
Impairment charges included within
restructuring costs (18.9) (0.4) (19.3)
Other reversals 6.8 \u2212 6.8
Exchange adjustments (22.1) (1.9) (24.0)
31 December 2021 1,3 57.0 38.1 1,395.1
Additions 363.8 23.8 387.6
Transfers to net investment in subleases (7.0) \u2013 ( 7.0)
Disposals (42.2) (0.8) (43.0)
Depreciation of right-of-use assets (245.3) (16.9) (262.2)
Impairment charges included within
restructuring costs (33.3) (0.2) (33.5)
Exchange adjustments 89.2 2.3 91.5
31 December 2022 1,482.2 46.3 1,528.5
Note
1
For the years ended 31 December 2022 and 2021, the Company has \u00a318.5 million and \u00a338.5 million
of right-of-use assets that are classified as investment property, respectively
Lease liabilities
Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Total
\u00a3m
1 January 2021 2,111.8 44.5 2,156.3
Additions 27 7.0 16.1 293.1
Interest expense related to lease liabilities 89.7 1.2 90.9
Disposals (64.2) (1.9) (66.1)
Repayment of lease liabilities (including interest) (390.6) (18.5) (409.1)
Exchange adjustments (21.2) (2.1) (23.3)
31 December 2021 2,002.5 39.3 2,041.8
Additions 353.6 23.7 37 7. 3
Interest expense related to lease liabilities 94.2 1.5 95.7
Disposals (46.1) (1.9) (48.0)
Repayment of lease liabilities (including interest) (385.6) (16.4) (402.0)
Exchange adjustments 143.6 2.2 145.8
31 December 2022 2,162.2 48.4 2,210.6
The following table shows the breakdown of the lease expense between
amounts charged to operating profit and amounts charged to finance costs:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Depreciation of right-of-use assets:
Land and buildings (245.3) (254.7) (312.1)
Plant and machinery (16.9) (18.2) (19.8)
Impairment charges (33.5) (12.5) (125.1)
Short-term lease expense (20.2) (18.0) (36.7)
Low-value lease expense (1.9) (2.3) (2.3)
Variable lease expense (57.3) (56.2) (65.4)
Sublease income 18.6 17. 3 25.3
Charge to operating profit (356.5) (344.6) (536.1)
Interest expense related to lease liabilities (95.7) (90.9) (101.0)
Charge to profit before taxation for leases (452.2) (435.5) (63 7.1)
Variable lease payments primarily include real estate taxes and insurance costs.
The maturity of lease liabilities at 31 December 2022 and 2021 were as follows:
2022
\u00a3m
2021
\u00a3m
Within one year 379.1 369.7
Between one and two years 337.7 321.9
Between two and three years 293.0 273.7
Between three and four years 252.3 229.1
Between four and five years 234.8 199.1
Over five years 1,328.5 1,227.1
2,825.4 2,620.6
Effect of discounting (614.8) (578.8)
Lease liability at end of year 2,210.6 2,041.8
Short-term lease liability 282.4 279.7
Long-term lease liability 1,928.2 1,762.1
The total committed future cash flows for leases not yet commenced at
31 December 2022 is \u00a3440.0 million.
The Group does not face a significant liquidity risk with regard to its lease
liabilities. Refer to note 25 for management of liquidity risk.
14. INTANGIBLE ASSETS
GOODWILL
The movements in 2022 and 2021 were as follows:
\u00a3m
Cost
1 January 2021 10, 807. 3
Additions
1
335.8
Disposals (5.4)
Exchange adjustments (146.7)
31 December 2021 10,991.0
Additions
1
262.6
Disposals \u2013
Exchange adjustments 891.0
31 December 2022 12,144.6
Accumulated impairment losses and write-downs
1 January 2021 3,418.5
Impairment losses for the year 1.8
Exchange adjustments (41.6)
31 December 2021 3,378.7
Impairment losses for the year 37.9
Exchange adjustments 274.6
31 December 2022 3,691.2
Net book value
31 December 2022 8,453.4
31 December 2021 7,61 2 .3
1 January 2021 7,388.8
Note
1
Additions represent goodwill arising on the acquisition of subsidiary undertakings including
the effect of any revisions to fair value adjustments that had been determined provisionally at
the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations.
The effect of such revisions was not material in either year presented
14. INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS The movements in 2022 and 2021 were as follows: Brands with an indefinite useful life \u00a3m Acquired intangibles \u00a3m Other \u00a3m Total \u00a3m Cost 1 January 2021 1,071.9 1,569.7 300.3 2,941.9 Additions \u2212 \u2212 29.9 29.9 Disposals \u2212 (7. 3 ) (44.6) (51.9) New acquisitions \u2212 97.7 \u2212 97.7 Other movements 1 \u2212 \u2212 3.9 3.9 Exchange adjustments (4.6) (15.7) (1.4) (21.7) 31 December 2021 1,067.3 1,644.4 288.1 2,999.8 Additions \u2212 \u2212 14.9 14.9 Disposals \u2212 (4.7) (59.2) (63.9) New acquisitions \u2212 46.5 1.2 47.7 Other movements 1 \u2212 9.3 0.8 10.1 Exchange adjustments 98.7 131.6 34.7 265.0 31 December 2022 1,166.0 1,827.1 280.5 3,273.6 Amortisation and impairment 1 January 2021 12.8 1,329.2 210.6 1,552.6 Charge for the year 43.8 53.5 19.9 117. 2 Impairment charges included within restructuring costs \u2212 \u2212 10.1 10.1 Disposals \u2212 (3.5) (24.5) (28.0) Other movements \u2212 \u2212 (1.5) (1.5) Exchange adjustments 0.2 (8.2) (2.1) (10.1) 31 December 2021 56.8 1,371.0 212.5 1,640.3 Charge for the year \u2212 61.9 21.9 83.8 Intangible asset impairment \u2212 \u2212 29.0 29.0 Disposals \u2212 (4.4) (59.4) (63.8) Exchange adjustments 5.8 109.9 16.7 132.4 31 December 2022 62.6 1,538.4 220.7 1,821.7 Net book value 31 December 2022 1,103.4 288.7 59.8 1,451.9 31 December 2021 1,010.5 273.4 75.6 1,359.5 1 January 2021 1,059.1 240.5 89.7 1,389.3 Note 1 Other movements in acquired intangibles include revisions to fair value adjustments arising on the acquisition of subsidiary undertakings that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations Cash-generating units (CGUs) with significant goodwill and brands with an indefinite useful life as at 31 December are: Goodwill Brands with an indefinite useful life 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m GroupM 3,178.3 2,982.5 \u2212 \u2212 Wunderman Thompson 1,210.8 9 97. 3 442.0 405.1 Ogilvy 849.8 784.4 222.8 205.0 VMLY&R 776.0 675.6 207.6 189.8 Burson Cohn & Wolfe 646.0 585.7 140.5 128.4 AKQA Group 628.7 570.2 \u2212 \u2212 FGS Global 451.8 393.2 \u2212 \u2212 Landor Group 106.5 97.1 55.7 50.7 Other 605.5 526.3 34.8 31.5 8,453.4 7, 612. 3 1,103.4 1,010.5 Other goodwill represents goodwill on a large number of CGUs, none of which is individually significant in comparison to the total carrying value of goodwill. Separately identifiable brands with an indefinite useful life are carried at historical cost in accordance with the Group\u2019s accounting policy for intangible assets. The carrying values of the other brands with an indefinite useful life are not individually significant in comparison with the total carrying value of brands with an indefinite useful life. Acquired intangible assets at net book value at 31 December 2022 include brand names of \u00a3142.3 million (2021: \u00a3137.4 million), customer-related intangibles of \u00a3120.3 million (2021: \u00a3110.4 million), and other assets (including proprietary tools) of \u00a326.1 million (2021: \u00a325.6 million). The total amortisation and impairment of acquired intangible assets of \u00a361.9 million (2021: \u00a397.3 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million) in regards to certain brand names in the Global Integrated Agencies segment that are no longer in use. In 2021, \u00a343.8 million of the impairment charge related to brands with an indefinite useful life. In 2021, \u00a345.1 million of the impairment charge related to the Global Integrated Agencies segment and \u00a32.8 million related to the Specialist Agencies segment. In addition, the total amortisation and impairment of acquired intangible assets includes \u00a30.2 million (2021: \u00a30.5 million) in relation to associates. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. A goodwill impairment charge of \u00a337.9 million (2021: \u00a31.8 million) was recognised during the year due to a number of underperforming businesses in the Group. This year, \u00a334.2 million of the impairment charge related to the Specialist Agencies segment and \u00a33.7 million related to the Public Relations segment. In certain markets, the impact of local economic conditions and trading circumstances on these businesses was sufficiently severe to indicate impairment to the carrying value of goodwill. Under IFRS, an impairment charge is required for both goodwill and other indefinite-lived assets when the carrying amount exceeds the \"recoverable amount\", defined as the higher of fair value less costs of disposal and value in use. The review assessed whether the carrying value of goodwill and intangible assets with indefinite useful lives was supported by the value in use determined as the net present value of future cash flows. Due to the significant number of CGUs, the impairment test was performed in two steps. In the first step, the recoverable amount was calculated for each CGU using the latest available forecasts for 2022 and/or 2023, nil growth rate thereafter (2021: nil) and a conservative pre-tax discount rate of 15.5% (2021: 13.5%). The pre-tax discount rate of 15.5% was above the rate calculated for the global networks of 14.5% (2021: 12.5%). For smaller CGUs that operate primarily in a particular region subject to higher risk, the higher of 15.5% or 100 basis points above the regional discount rate was used in the first step. The recoverable amount was then compared to the carrying amount, which includes goodwill, intangible assets and other assets. CGUs where the recoverable amount exceeded the carrying amount were not considered to be impaired. Those CGUs where the recoverable amount did not exceed the carrying amount were then further reviewed in the second step. In the second step, these CGUs were retested for impairment using more refined assumptions. This included using a CGU specific pre-tax discount rate and management forecasts for a projection period of up to five years, followed by an assumed long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). If the recoverable amount using the more specific assumptions did not exceed the carrying value of a CGU, an impairment charge was recorded. The long-term growth rate is derived from management\u2019s best estimate of the likely long-term trading performance with reference to external industry reports and other relevant market trends. As at 31 December 2022, we have assessed long-term industry trends based on recent historical data and assumed a long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). Management have made the judgement that the long-term growth rate does not exceed the long-term average growth rate for the industry. The discount rate uses the capital asset pricing model (CAPM) to derive the cost of equity along with an estimated cost of debt that is weighted by an appropriate capital structure to derive an indication of a weighted average cost of capital. The cost of equity is calculated based on long-term government bond yield, an estimate of the required premium for investment in equity relative to government securities and further considers the volatility associated with peer public companies relative to the market. The cost of debt reflects an estimated market yield for long-term debt financing after taking into account the credit profile of public peer companies in the industry. The capital structure used to weight the cost of equity and cost of debt has been derived from the observed capital structure of public peer companies
The pre-tax discount rate applied to the cash flow projections for the CGUs
that operate globally was 14.5% (2021: 12.5%). We developed a global discount
rate that takes into account the diverse nature of the operations, as these
CGUs operate with a diverse range of clients in a range of industries
throughout the world, hence are subject to similar levels of market risks. The
pre-tax discount rates applied to the CGUs that have more regional specific
operations ranged from 14.0% (2021: 11.3%) to 22.6% (2021: 18.4%).
Our approach in determining the recoverable amount utilises a discounted
cash flow methodology, which necessarily involves making numerous estimates
and assumptions regarding revenue less pass-through costs growth, operating
margins, appropriate discount rates and working capital requirements. The key
assumptions used for estimating cash flow projections in the Group\u2019s
impairment testing are those relating to revenue less passthrough costs
growth and operating margins. The key assumptions take account of the
business\u2019s expectations for the projection period. These expectations consider
the macroeconomic environment, industry and market conditions, the CGU\u2019s
historical performance and any other circumstances particular to the unit,
such as business strategy and client mix.
These estimates will likely differ from future actual results of operations and
cash flows, and it is possible that these differences could be material. In
addition, judgements are applied in determining the level of CGU identified for
impairment testing and the criteria used to determine which assets should be
aggregated. A difference in testing levels could affect whether an impairment
is recorded and the extent of impairment loss. Changes in our business
activities or structure may also result in additional changes to the level of
testing in future periods. Further, future events could cause the Group to
conclude that impairment indicators exist and that the asset values associated
with a given operation have become impaired.
Historically our impairment losses have resulted from a specific event,
condition or circumstance in one or more of our companies, such as the
impact of Covid-19 or the loss of a significant client. As a result, changes in the
assumptions used in our impairment model have generally not had a significant
effect on the impairment charges recognised. The average operating margins
used in the five-year projection period for CGUs with significant goodwill and
brands with an indefinite useful life ranged from 12.8% to 23.6%. Wunderman
Thompson's recoverable amount exceeded its carrying value by \u00a3105.5 million
and is the only CGU with significant goodwill and brands with an indefinite
useful life that is sensitive to changes in the key assumptions used in
determining the recoverable amount. Holding other assumptions constant,
the carrying value would be greater than its recoverable amount if the average
operating margin decreased by 0.8% or the discount rate increased by 0.7%.
Wunderman Thompson is not sensitive to a reasonably possible change in
revenue less pass-through costs growth. The carrying value of goodwill and
other intangible assets will continue to be reviewed at least annually for
impairment and adjusted down to the recoverable amount if required.
IMPAIRMENTS IN 2020
In 2020, \u00a32,822.9 million of impairment charges were incurred. The
impairments related to historical acquisitions whose carrying values were
reassessed in light of the impact of Covid-19. The impairments were driven by
a combination of higher discount rates used to value future cash flows, a lower
profit base in 2020 and lower industry growth rates. By operating sector,
\u00a32,355.1 million of the impairment charge related to Global Integrated
Agencies, \u00a3161.5 million related to Public Relations and \u00a3306.3 million related
to Specialist Agencies.
As noted above, the impairment review is undertaken annually on 30
September. Given the Covid-19 pandemic, impairment indicators such as a
decline in revenue less pass-through costs forecasts, and downturns in the
global economy and the advertising industry were identified in the first half
of 2020. As such, the Group also performed an impairment test over goodwill
and intangible assets with indefinite useful lives as at 30 June 2020. Given the
continued impact of Covid-19, an additional impairment test was performed
as of 31 December 2020.
In developing the cash flows for the 2020 impairment tests, we considered
the impact of the Covid-19 pandemic to our businesses and adjusted projected
revenue less pass-through costs and operating margins in 2020 and/or 2021
accordingly. For the remaining years in the projection period, we assessed
when the cash flows would recover to 2019 levels as representative of
pre-Covid-19 revenue less pass-through costs and operating margins. For many
of our CGUs, recovery to 2019 levels by 2023 was estimated with some CGUs
using alternative recovery profiles as considered appropriate.
The pre-tax discount rate applied to the cash flow projections for the CGUs
that operate globally was 12.5%. The pre-tax discount rates applied to the
CGUs that have more regional specific operations ranged from 10.8% to 18.6%
for the 30 June 2020 test, 11.3% to 14.4% for the 30 September 2020 test, and
11.2% to 13.6% for the 31 December 2020 test.
As part of the overall effort to simplify operations and become more
client-centric, certain operations were realigned between the various
networks. These realignments were reflected in the CGUs being tested. The
most significant of these for the 30 June 2020 test included the treatment of
Landor and Fitch as a single CGU given the collaboration of the two brands
from both a management and client perspective; the shift of certain European
operations into VMLY&R; and the transfer of certain Asian operations from
VMLY&R to Ogilvy in order to improve the operational synergies and offer in
the respective regions.
Subsequent realignments to improve the operational synergies and regional
offers were reflected in the September and December tests including the shift
of certain Latin American and European operations between Wunderman
Thompson, VMLY&R and GroupM; and the transfer of certain Asian operations
to VMLY&R that previously operated independently from a network.
The transfers of carrying value between CGUs were determined on a relative
value basis. These realignments did not have a significant impact on the
impairment figures recognised. The CGUs with significant impairments of
goodwill as at 31 December 2020 are set out in the below table with the
recoverable amount determined as of the December 2020 test.
Operating Sector
Recoverable
amount
2020
\u00a3m
Goodwill
impairment
charge
2020
\u00a3m
Wunderman Thompson Global Integrated Agencies 1,956.8 1,207.5
VMLY&R Global Integrated Agencies 1,075.7 516.9
Burson Cohn & Wolfe Public Relations 790.2 144.8
Geometry Global Global Integrated Agencies 164.4 305.8
Landor & Fitch Specialist Agencies 17 7.6 185.4
Other 1,409.5 462.5
5,574.2 2,822.9
15. PROPERTY, PLANT AND EQUIPMENT
The movements in 2022 and 2021 were as follows:
Land
\u00a3m
Freehold
buildings
\u00a3m
Leasehold
buildings
\u00a3m
Fixtures,
fittings and
equipment
\u00a3m
Computer
equipment
\u00a3m
Total
\u00a3m
Cost
1 January 2021 34.3 39.6 1,052.5 189.3 381.7 1,697. 4
Additions 14.3 8.9 134.5 31.5 74.0 263.2
New acquisitions \u2013 \u2013 1.5 1.3 1.2 4.0
Disposals (0.1) (0.6) (108.3) (60.0) (56.4) (225.4)
Exchange
adjustments (5.3) 13.5 (5.2) (12.6) (8.7) (18.3)
31 December 2021 43.2 61.4 1,075.0 149.5 391.8 1,720.9
Additions 13.8 0.1 75.8 32.1 86.6 208.4
New acquisitions \u2013 \u2013 0.5 0.2 0.6 1.3
Disposals (0.1) (8.3) (62.1) (40.0) (72.1) (182.6)
Exchange
adjustments (16.9) 39.3 89.7 23.0 39.8 174.9
31 December 2022 40.0 92.5 1,178.9 164.8 446.7 1,922.9
Depreciation and impairment
1 January 2021 \u2013 2.3 510.4 106.9 286.9 906.5
Charge for the year \u2013 1.0 66.5 2 7. 6 56.1 151.2
Impairment charges
included within
restructuring costs \u2013 \u2013 7.1 1.8 0.9 9.8
Disposals \u2013 \u2013 (108.2) (55.9) (55.1) (219.2)
Exchange
adjustments \u2013 (0.6) (6.2) (8.5) (8.5) (23.8)
31 December 2021 \u2013 2.7 469.6 71.9 280.3 824.5
Charge for the year \u2013 0.7 74.0 26.5 65.7 166.9
Impairment charges
included within
restructuring costs \u2013 \u2013 9.1 0.6 0.1 9.8
Disposals \u2013 (1.7) (63.5) (36.7) (71.1) (173.0)
Exchange
adjustments \u2013 0.3 43.2 17. 5 33.0 94.0
31 December 2022 \u2013 2.0 532.4 79.8 308.0 922.2
Net book value
31 December 2022 40.0 90.5 646.5 85.0 138.7 1,000.7
31 December 2021 43.2 58.7 605.4 77.6 111.5 896.4
1 January 2021 34.3 37. 3 542.1 82.4 94.8 790.9
At 31 December 2022, capital commitments contracted, but not provided
for in respect of property, plant and equipment, were \u00a3128.2 million
(2021: \u00a3107.3 million).
16. INTERESTS IN ASSOCIATES, JOINT VENTURES AND
OTHER INVESTMENTS
The movements in 2022 and 2021 were as follows:
Interests in
associates
and joint
ventures
\u00a3m
Other
investments
\u00a3m
1 January 2021 330.7 3 87. 3
Additions 93.6 5.9
Earnings from associates \u2013 after interest and tax 23.8 \u2212
Share of other comprehensive income of associate
undertakings 13.5 \u2212
Dividends (53.4) \u2212
Other movements (0.2) \u2212
Exchange adjustments (22.5) \u2212
Disposals (4.8) (31.9)
Reclassification from subsidiaries 4.2 \u2212
Revaluation of other investments through profit or loss \u2212 (7.5)
Revaluation of other investments through other
comprehensive income \u2212 (35.5)
Amortisation of other intangible assets (0.5) \u2212
Reversal of write-downs 28.5 \u2212
31 December 2021 412.9 318.3
Additions 4.4 5.1
Loss from associates \u2013 after interest and tax (60.4) \u2212
Share of other comprehensive income of associate
undertakings 51.2 \u2212
Dividends (37.6) \u2212
Other movements 2.9 \u2212
Exchange adjustments 17.1 \u2212
Disposals (9.6) (16.0)
Reclassification to subsidiaries (5.9) \u2212
Reclassification from associates to other investments (22.5) 61.6
Revaluation of other investments through profit or loss \u2212 23.1
Revaluation of other investments through other
comprehensive income \u2212 (22.3)
Amortisation of other intangible assets (0.2) \u2212
Write-downs (47. 2) \u2212
31 December 2022 305.1 369.8
Interests in joint ventures are immaterial and none of the Group's associates
are individually material at 31 December 2022.
The investments included above as \"other investments\" represent investments
in equity securities that present the Group with opportunity for return through
dividend income and trading gains. They have no fixed maturity or coupon
rate. The fair values of the listed securities are based on quoted market prices.
For unlisted securities, where market value is not available, the Group has
estimated relevant fair values on the basis of information from outside sources.
The carrying values of the Group\u2019s associates and joint ventures are reviewed
for impairment in accordance with the Group\u2019s accounting policies.
AGGREGATE INFORMATION OF ASSOCIATES THAT ARE NOT
INDIVIDUALLY MATERIAL
The following table presents a summary of the aggregate financial
performance of the Group\u2019s associate undertakings and joint ventures.
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
(Loss)/earnings from associates \u2013 after
interest and tax (note 4) (60.4) 23.8 (136.0)
Share of other comprehensive
income/(loss) of associate
undertakings 51.2 13.5 (61.5)
Share of total comprehensive (loss)/
income of associate undertakings (9.2) 37. 3 (197. 5)
The application of equity accounting is ordinarily discontinued when the
investment is reduced to zero and additional losses are not provided for unless
the Group has guaranteed obligations of the investee or is otherwise
committed to provide further financial support for the investee.
As at 31 December 2021, the cumulative share of unrecognised losses in
relation to Imagina, an associate in Spain with the investment carrying value
reduced to zero, were \u00a323.0 million. In 2022, the Group partially disposed of its
investment in Imagina in Spain resulting in its reclassification from interests in
associates to other investments (within the scope of IFRS 9) designated as fair
value through other comprehensive income. Refer to note 26 for further details
on financial instruments held at fair value though other comprehensive
income.
In the year ended 31 December 2022, share of losses of \u00a329.5 million for the US
and \u00a333.8 million for the Rest of World were not recognised in relation to
Kantar as the investment was reduced to zero.
At 31 December 2022, capital commitments contracted, but not provided for,
in respect of interests in associates and other investments were \u00a33.2 million
(2021: \u00a35.4 million).
17. DEFERRED TAX
The Group's deferred tax assets and liabilities are measured at the end of each
period in accordance with IAS 12 Income Taxes. The recognition of deferred
tax assets is determined by reference to the Group's estimate of recoverability,
using models where appropriate to forecast future taxable profits.
Deferred tax assets have only been recognised for territories where the Group
considers that it is probable that all or a portion of the deferred tax assets will
be realised. The main factors that we consider include:
\u2013 the future earnings potential determined through the use of internal forecasts
\u2013 the cumulative losses in recent years
\u2013 the various jurisdictions in which the potential deferred tax assets arise
\u2013 the history of losses carried forward and other tax assets expiring
\u2013 the timing of future reversal of taxable temporary differences
\u2013 the expiry period associated with the deferred tax assets
\u2013 the nature of the income that can be used to realise the deferred tax asset
If it is probable that some portion of these assets will not be realised, no asset
is recognised in relation to that portion.
If market conditions improve and future results of operations exceed our
current expectations, our existing recognised deferred tax assets may be
adjusted, resulting in future tax benefits. Alternatively, if market conditions
deteriorate further or future results of operations are less than expected,
future assessments may result in a determination that some or all of the
deferred tax assets are not realisable. As a result, all or a portion of the
deferred tax assets may need to be reversed.
Certain deferred tax assets and liabilities have been offset as they relate to the same tax group. The following is the analysis of the deferred tax balances for
financial reporting purposes:
Gross
2022
\u00a3m
Offset
2022
\u00a3m
As
reported
2022
\u00a3m
Gross
2021
\u00a3m
Offset
2021
\u00a3m
As
reported
2021
\u00a3m
Deferred tax assets 588.8 (266.7) 322.1 565.0 (223.5) 341.5
Deferred tax liabilities (617.5) 266.7 (350.8) (536.0) 223.5 (312.5)
(28.7) \u2013 (28.7) 29.0 \u2013 29.0
The following are the major gross deferred tax assets recognised by the Group and movements thereon in 2022 and 2021:
Deferred
compensation
\u00a3m
Accounting
provisions
and accruals
\u00a3m
Retirement
benefit
obligations
\u00a3m
Property,
plant and
equipment
\u00a3m
Tax losses
and credits
\u00a3m
Share-based
payments
\u00a3m
Restructuring
provisions
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
1 January 2021 49.5 109.5 57.9 80.9 90.3 21.4 56.4 11.6 477.5
Acquisition of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 0.9
Credit/(charge) to income 58.2 0.3 1.2 (15.9) 19.7 9.9 9.1 (1.6) 80.9
Charge to other comprehensive income \u2013 \u2013 (3.0) \u2013 \u2013 \u2013 \u2013 \u2013 (3.0)
Credit to equity \u2013 \u2013 \u2013 \u2013 \u2013 11.9 \u2013 \u2013 11.9
Exchange differences and other
movements 0.8 (3.6) (2.7) 3.0 0.5 0.3 (4.4) 2.9 (3.2)
31 December 2021 108.5 106.2 53.4 68.0 110.5 43.5 61.1 13.8 565.0
Acquisition of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.1 1.1
(Charge)/credit to income (38.7) 3.3 (2.9) (10.0) 5.0 1.3 21.2 (14.2) (35.0)
Charge to other comprehensive income \u2013 \u2013 ( 7.0) \u2013 \u2013 \u2013 \u2013 \u2013 ( 7.0)
Charge to equity \u2013 \u2013 \u2013 \u2013 \u2013 (15.5) \u2013 \u2013 (15.5)
Exchange differences and other
movements 4.5 10.6 4.5 43.6 7.0 3.0 2.3 4.7 80.2
31 December 2022 74.3 120.1 48.0 101.6 122.5 32.3 84.6 5.4 588.8
Other temporary differences comprise a number of items, none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2022
the balance related to temporary differences in relation to revenue adjustments, tax deductible goodwill, fair value adjustments and other temporary differences.
In addition the Group has recognised the following gross deferred tax liabilities and movements thereon in 2022 and 2021:
Brands
and other
intangibles
\u00a3m
Associate
earnings
\u00a3m
Goodwill
\u00a3m
Property,
plant and
equipment
\u00a3m
Financial
instruments
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
1 January 2021 326.8 58.0 123.1 \u2013 35.8 25.0 568.7
Acquisition of subsidiaries 22.5 \u2013 \u2013 \u2013 \u2013 \u2013 22.5
(Credit)/charge to income (19.5) (21.4) 8.2 \u2013 (35.5) 16.6 (51.6)
Exchange differences and other movements (4.7) 0.2 1.9 \u2013 (0.3) (0.7) (3.6)
31 December 2021 325.1 36.8 133.2 \u2013 \u2013 40.9 536.0
Acquisition of subsidiaries 15.1 \u2013 \u2013 \u2013 \u2013 \u2013 15.1
(Credit)/charge to income (12.4) (3.5) 19.7 (14.2) \u2013 (10.5) (20.9)
Charge to other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 0.4 0.4
Exchange differences and other movements 24.8 3.2 20.5 37.2 \u2013 1.2 86.9
31 December 2022 352.6 36.5 173.4 23.0 \u2013 32.0 617.5
Other temporary differences comprise a number of items none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2022
the balance related to temporary differences in relation to unremitted earnings of subsidiaries, unremitted earnings of associates and other temporary differences.
Days past due 2021 Carrying amount at 31 December 2021 \u00a3m Not past due \u00a3m 0-30 days \u00a3m 31-90 days \u00a3m 91-180 days \u00a3m 181 days- 1 year \u00a3m Greater than 1 year \u00a3m Gross trade receivables 6,671.0 5,755.6 589.8 194.4 64.0 10.6 56.6 Loss allowance (70.5) (2.3) (0.2) (1.9) (7.5) (4.9) (53.7) 6,600.5 5,753.3 589.6 192.5 56.5 5.7 2.9 Gross accrued income 3,4 49.6 1,947.6 619.4 448.1 307.7 126.8 \u2013 Loss allowance (13.9) (1.8) (1.0) (0.8) (4.3) (6.0) \u2013 3,435.7 1,945.8 618.4 4 47.3 303.4 120.8 \u2013 Other financial assets 496.3 422.1 15.2 2.7 3.0 2.7 50.6 10,532.5 8,121.2 1,223.2 642.5 362.9 129.2 53.5 Other financial assets are included in other debtors. Past due amounts are not impaired where collection is considered likely. 2022 \u00a3m 2021 \u00a3m Amounts falling due after more than one year Prepayments 3.9 3.0 Fair value of derivatives 0.6 0.5 Other debtors 214.1 149.1 218.6 152.6 The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. Other debtors falling due after more than one year for 31 December 2022 includes \u00a315.4 million in relation to pension plans in surplus. The corresponding figure for 31 December 2021 is included in provision for post employment benefits. 2022 \u00a3m 2021 \u00a3m Loss allowance At beginning of year 70.5 112.5 New acquisitions \u2013 3.7 Charged to the income statement 29.1 17.2 Released to the income statement (8.4) (27.9) Exchange adjustments 5.1 (1.7) Utilisations and other movements (24.8) (33.3) At end of year 71.5 70.5 The loss allowance is equivalent to 1.0% (2021: 1.1%) of gross trade accounts receivables. Impairment losses on work in progress, accrued income and other debtors were immaterial for the years presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value. At the balance sheet date, the Group has gross tax losses and other temporary differences of \u00a37,667.4 million (2021: \u00a36,961.4 million) available for offset against future profits. Deferred tax assets have been recognised in respect of the tax benefit of \u00a32,259.7 million (2021: \u00a32,259.2 million) of such tax losses and other temporary differences. No deferred tax asset has been recognised in respect of the remaining \u00a35,407.7 million (2021: \u00a34,702.2 million) of losses and other temporary differences as the Group considers that there will not be enough taxable profits in the entities concerned such that any additional asset could be considered recoverable. Included in the total unrecognised temporary differences are losses of \u00a360.3 million (2021: \u00a363.8 million) that will expire within one to ten years, and \u00a35,138.1 million (2021: \u00a34,457.3 million) of losses that may be carried forward indefinitely. At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was \u00a31,346.1 million (2021: \u00a31,385.3 million). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. 18. TRADE AND OTHER RECEIVABLES The following are included in trade and other receivables: 2022 \u00a3m 2021 \u00a3m Amounts falling due within one year Trade receivables (net of loss allowance) 7, 403.9 6,600.5 Work in progress 352.4 254.0 VAT and sales taxes recoverable 448.1 350.3 Prepayments 236.6 215.3 Accrued income 3,468.3 3,435.7 Fair value of derivatives 5.1 2.5 Other debtors 585.3 504.0 12,499.7 11,362.3 The ageing of trade receivables and other financial assets by due date is as follows: Days past due 2022 Carrying amount at 31 December 2022 \u00a3m Not past due \u00a3m 0-30 days \u00a3m 31-90 days \u00a3m 91-180 days \u00a3m 181 days- 1 year \u00a3m Greater than 1 year \u00a3m Gross trade receivables 7, 47 5 .4 6,386.5 706.4 247.1 66.8 23.5 45.1 Loss allowance (71.5) (1.6) (5.8) (6.6) (6.6) (13.3) (37.6) 7,4 0 3 .9 6,384.9 700.6 240.5 60.2 10.2 7.5 Gross accrued income 3,485.6 2,027.0 603.8 450.5 376.8 27. 5 \u2013 Loss allowance (17.3) (0.1) (0.2) (0.1) (16.9) \u2013 \u2013 3,468.3 2,026.9 603.6 450.4 359.9 27. 5 \u2013 Other financial assets 612.0 538.8 31.2 6.1 1.0 6.2 28.7 11,484.2 8,950.6 1,335.4 697.0 421.1 43.9 36.2
18. TRADE AND OTHER RECEIVABLES CONTINUED
EXPECTED CREDIT LOSSES
Given the short-term nature of the Group\u2019s trade receivables, work in progress,
and accrued income, which are mainly due from large national or multinational
companies, the Group's assessment of expected credit losses includes
provisions for specific clients and receivables where the contractual cash flow
is deemed at risk. Considerations include the current economic environment,
and the level of credit insurance the Group has along with historical and
forward-looking information. Additional provisions are made based on the
assessment of recoverability of aged receivables over one year where
sufficient evidence of recoverability is not evident.
19. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE WITHIN
ONE YEAR
The following are included in trade and other payables falling due within
one year:
2022
\u00a3m
2021
\u00a3m
Trade payables 11,182.3 10,596.9
Deferred income 1,599.0 1,334.0
Payments due to vendors (earnout agreements) 62.0 85.6
Liabilities in respect of put option agreements
with vendors 18.8 58.4
Fair value of derivatives 58.0 6.4
Share repurchases \u2013 close period commitments
1
\u2013 211.7
Other creditors and accruals 2,914.8 2,959.3
15,834.9 15,252.3
Note
1
During 2021, the Company entered into an arrangement with a third party to conduct share
buybacks on its behalf in the close period commencing on 16 December 2021 and ending on
18 February 2022, in accordance with UK listing rules. The commitment resulting from this
agreement constituted a liability at 31 December 2021 and was recognised as a movement in
other reserves in the year ended 31 December 2021. After the close period ended on 18 February
2022, the liability was settled and the amount in other reserves was reclassified to retained
earnings
The Group considers that the carrying amount of trade and other payables
approximates their fair value.
In all material respects, deferred income at 31 December 2021 was recognised
as revenue during the year. Other than business-as-usual movements, and
deferred income acquired on the acquisition of subsidiaries, there were no
other significant changes in contract liability balances during the year.
20. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
The following are included in trade and other payables falling due after more
than one year:
2022
\u00a3m
2021
\u00a3m
Payments due to vendors (earnout agreements) 98.1 111.1
Liabilities in respect of put option agreements with vendors 323.3 333.1
Fair value of derivatives \u2013 47.2
Other creditors and accruals 69.5 128.5
490.9 619.9
The Group considers that the carrying amount of trade and other payables
approximates their fair value.
The following table sets out payments due to vendors, comprising
contingent consideration and the Directors\u2019 best estimates of future
earnout-related obligations:
2022
\u00a3m
2021
\u00a3m
Within one year 62.0 85.6
Between one and two years 19.5 24.0
Between two and three years 27.6 35.7
Between three and four years 28.6 51.4
Between four and five years 22.4 \u2013
160.1 196.7
The following table is an analysis of future anticipated cash flows in relation to
liabilities in respect of put option agreements with vendors at 31 December:
2022
\u00a3m
2021
\u00a3m
Within one year 18.8 58.4
Between one and two years 5.2 15.1
Between two and three years 76.6 14.4
Between three and four years 99.2 99.0
Between four and five years 74.8 76.6
Over five years 67.5 128.0
342.1 391.5
21. BANK OVERDRAFTS, BONDS AND BANK LOANS
Amounts falling due within one year:
2022
\u00a3m
2021
\u00a3m
Bank overdrafts 505.7 342.3
Corporate bonds and bank loans 663.3 224.9
1,169.0 567.2
The Group considers that the carrying amount of bank overdrafts
approximates their fair value.
Amounts falling due after more than one year:
2022
\u00a3m
2021
\u00a3m
Corporate bonds and bank loans 3,801.8 4,216.8
The Group estimates that the fair value of corporate bonds is \u00a34,049.1 million
at 31 December 2022 (2021: \u00a34,790.3 million). The fair values of the corporate
bonds are based on quoted market prices and is within Level 1 of the fair value
hierarchy.
The Group considers that the carrying amount of bank loans of \u00a3nil
(2021: \u00a314.7 million) approximates their fair value.
The corporate bonds, bank loans and overdrafts included within liabilities fall
due for repayment as follows:
2022
\u00a3m
2021
\u00a3m
Within one year 1,169.0 567.2
Between one and two years 618.0 629.2
Between two and three years 441.5 550.4
Between three and four years 658.8 418.8
Between four and five years 661.1 623.6
Over five years 1,422.4 1,994.8
4,970.8 4,784.0
22. PROVISIONS FOR LIABILITIES AND CHARGES
The movements in 2022 and 2021 were as follows:
Property
\u00a3m
Other
\u00a3m
Total
\u00a3m
1 January 2021 76.7 229.6 306.3
Charged to the income statement 25.2 35.8 61.0
Acquisitions
1
\u2013 7. 3 7. 3
Utilised (7.0) (69.9) (76.9)
Released to the income statement (18.3) (25.0) (43.3)
Other movements (5.2) 18.9 13.7
Exchange adjustments (0.8) 1.2 0.4
31 December 2021 70.6 197.9 268.5
Charged to the income statement 8.1 6.4 14.5
Acquisitions
1
\u2013 1.3 1.3
Utilised (12.8) ( 3 7. 2) (50.0)
Released to the income statement (3.2) (22.2) (25.4)
Other movements (4.8) 17.8 13.0
Exchange adjustments 4.9 17.8 22.7
31 December 2022 62.8 181.8 244.6
Note
1
Acquisitions include \u00a31.3 million (2021: \u00a37.3 million) of provisions arising from revisions to fair value
adjustments related to the acquisition of subsidiary undertakings that had been determined
provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business
Combinations
The Company and various of its subsidiaries are, from time to time, parties to
legal proceedings and claims which arise in the ordinary course of business.
The Directors do not anticipate that the outcome of these proceedings and
claims will have a material adverse effect on the Group\u2019s financial position or
on the results of its operations.
The utilisation of \u201cOther\u201d provisions in 2021 is primarily driven by litigation
settlements.
23. SHARE-BASED PAYMENTS
Charges for share-based incentive plans were as follows:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Share-based payments 122.0 99.6 74.4
Share-based payments comprise charges for stock options and restricted
stock awards to employees of the Group.
As of 31 December 2022, there was \u00a3200.7 million (2021: \u00a3203.4 million) of total
unrecognised compensation cost related to the Group\u2019s restricted stock plans.
Further information on stock options is provided in note 27.
RESTRICTED STOCK PLANS
The Group operates a number of equity-settled share incentive schemes, in
most cases satisfied by the delivery of stock from one of the Group\u2019s ESOP
Trusts. The most significant current schemes are as follows:
EXECUTIVE PERFORMANCE SHARE PLAN (EPSP)
This scheme is intended to reward and incentivise the most senior executives
of the Group. The performance period is three or five complete financial years,
commencing with the financial year in which the award is granted. The vest
date will usually be in the March following the end of the performance
period. Vesting is conditional on continued employment throughout the
vesting period.
The 2020, 2021 and 2022 EPSP awards are subject to three equally weighted
performance conditions: three-year average Return on Invested Capital (ROIC),
cumulative Adjusted Free Cash Flow (AFCF), and relative Total Shareholder
Return (TSR). Achieving the threshold performance requirement will result in
a vesting opportunity of 20% for that element. The vesting opportunity will
increase on a straight-line basis to 100% of the award for maximum
performance. The Compensation Committee has an overriding discretion to
determine the extent to which the award will vest.
The 2019 EPSP awards are subject to a relative TSR performance condition,
with a ROIC underpin. TSR performance will be compared to companies
representing the most relevant, listed global competitors, with performance
below median resulting in zero vesting. Performance between median and
upper decile provides for a vesting opportunity of between 15% and 100%.
The awards will vest subject to a ROIC underpin of an average of 7.5% over
the performance period. The Compensation Committee has an overriding
discretion to determine the extent to which the award will vest.
For EPSP awards granted between 2017 and 2018 there are three performance
criteria, each constituting one-third of the vesting value, and each measured
over the performance period:
(i) TSR against a comparator group of companies. Threshold performance
(equating to ranking in the 50th percentile of the comparator group)
will result in 15% vesting of the part of the award dependent on TSR.
The maximum vest of 100% will arise if performance ranks in the 90th
percentile, with a sliding scale of vesting for performance between
threshold and maximum.
(ii) Headline diluted earnings per share. The performance range is 7% to 14%
compound annual growth. Threshold performance will result in 15%
vesting, maximum performance will result in 100% vesting. There is a
sliding vesting scale in between threshold and maximum.
(iii) Return on equity (ROE). Average annual ROE is defined as headline diluted
EPS divided by the balance sheet value per share of shareholders\u2019 equity.
The performance range is 15% \u2013 18% average annual ROE. Threshold
performance will result in 15% vesting, maximum performance will result
in 100% vesting. There is a sliding vesting scale in between threshold
and maximum.
23. SHARE-BASED PAYMENTS CONTINUED
PERFORMANCE SHARE AWARDS (PSA)
Conditional stock awards made under the PSA are dependent upon annual
performance targets, typically based on one or more of: operating profit,
profit before taxation and operating margin. Grants are made in the year
following the year of performance measurement, and vest two years after
grant date provided the individual concerned is continually employed by
the Group throughout this time.
LEADERSHIP SHARE AWARDS
WPP Leadership Awards are conditional stock awards made to around 1,900
of our key executives. Awards vest three years after grant, provided the
participant is still employed within the Group.
VALUATION METHODOLOGY
For all of these schemes, the valuation methodology is based upon fair value
on grant date, which is determined by the market price on that date or the
application of a Black-Scholes model, depending upon the characteristics of
the scheme concerned. The assumptions underlying the Black-Scholes model
are detailed in note 27, including details of assumed dividend yields. Market
price on any given day is obtained from external, publicly available sources.
MARKET/NON-MARKET CONDITIONS
Most share-based plans are subject to non-market performance conditions,
such as margin or growth targets, as well as continued employment.
EPSP is subject to a number of performance conditions, including TSR,
a market-based condition.
For schemes without market-based performance conditions, the valuation
methodology above is applied and, at each year-end, the relevant charge
for each grant is revised, if appropriate, to take account of any changes in
estimate of the likely number of shares expected to vest.
For schemes with market-based performance conditions, the probability
of satisfying these conditions is assessed at grant date through a statistical
model (such as the Monte Carlo model) and applied to the fair value. This initial
valuation remains fixed throughout the life of the relevant plan, irrespective
of the actual outcome in terms of performance. Where a lapse occurs due to
cessation of employment, the cumulative charge taken to date is reversed.
Movement on ordinary shares granted for significant restricted stock plans:
Non-
vested
1 January
2022
number
m
Granted
number
m
Forfeited
number
m
Vested
number
m
Non-
vested 31
December
2022
number
m
Executive Performance
Share Plan (EPSP) 16.7 6.1 (2.2) (0.2) 20.4
Performance Share
Awards (PSA) 3.1 4.0 (0.2) (2.8) 4.1
Leadership Share Awards 10.4 4.9 (1.2) (2.8) 11.3
Weighted average fair
value (pence per share)
Executive Performance
Share Plan (EPSP) 900p 1,025p 1,055p 613p 924p
Performance Share
Awards (PSA) 604p 911p 798p 519p 952p
Leadership Share Awards 922p 787p 881p 795p 899p
Non-
vested
1 January
2021
number
m
Granted
number
m
Forfeited
number
m
Vested
number
m
Non-
vested 31
December
2021
number
m
Executive Performance
Share Plan (EPSP) 13.0 6.1 (2.2) (0.2) 16.7
Performance Share
Awards (PSA) 4.3 0.4 (0.2) (1.4) 3.1
Leadership Share Awards 11.0 3.6 (1.1) (3.1) 10.4
Weighted average fair
value (pence per share)
Executive Performance
Share Plan (EPSP) 943p 951p 1,289p 833p 900p
Performance Share
Awards (PSA) 675p 666p 534p 859p 604p
Leadership Share Awards 831p 990p 853p 709p 922p
The total fair value of shares vested for all the Group\u2019s restricted stock plans
during the year ended 31 December 2022 was \u00a365.4 million (2021: \u00a364.1 million,
2020: \u00a371.6 million).
24. PROVISION FOR POST-EMPLOYMENT BENEFITS
Companies within the Group operate a large number of pension plans, the
forms and benefits of which vary with conditions and practices in the countries
concerned. The Group\u2019s pension costs are analysed as follows:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Defined contribution plans 191.3 162.8 157.8
Defined benefit plans charge to operating profit 13.5 14.9 13.9
Pension costs (note 5) 204.8 17 7.7 171.7
Net interest expense on pension plans (note 6) 2.2 1.8 2.9
207.0 179.5 174.6
DEFINED BENEFIT PLANS
The pension costs are assessed in accordance with the advice of local
independent qualified actuaries. The latest full actuarial valuations for the
various pension plans were carried out at various dates in the last three years.
These valuations have been updated by the local actuaries to 31 December 2022.
The majority of plans provide final salary benefits, with plan benefits typically
based either on mandatory plans under local legislation, termination indemnity
benefits, or on the rules of WPP sponsored supplementary plans. The
implications of IFRIC 14 have been allowed for where relevant, in particular
with regard to the asset ceiling/irrecoverable surplus.
The Group\u2019s policy is to close existing defined benefit plans to new members.
This has been implemented across a significant number of the pension plans.
Contributions to funded plans are determined in line with local conditions and
practices. Contributions in respect of unfunded plans are paid as they fall due.
The total contributions (for funded plans) and benefit payments (for unfunded
plans) paid for 2022 amounted to \u00a324.0 million (2021: \u00a316.7 million, 2020:
\u00a320.3 million). Employer contributions and benefit payments in 2023 are
expected to be approximately \u00a320.0 million.
(A) ASSUMPTIONS
There are a number of areas in pension accounting that involve estimates
made by management based on advice of qualified advisors. These include
establishing the discount rates, rates of increase in salaries and pensions in
payment, inflation, and mortality assumptions. The main weighted average
assumptions used for the actuarial valuations at 31 December are shown in
the following table:
2022
% pa
2021
% pa
2020
% pa
2019
% pa
UK
Discount rate
1
5.1 1.8 1.3 2.0
Rate of increase in pensions
in payment 4.4 4.5 4.4 4.4
Inflation 3.0 3.2 2.8 2.6
North America
Discount rate
1
5.2 2.6 2.0 3.0
Rate of increase in salaries
2
n/a n/a 3.0 3.0
Western Continental Europe
Discount rate
1
4.1 1.2 0.9 1.2
Rate of increase in salaries 2.5 2.3 2.2 2.2
Rate of increase in pensions in payment 2.0 1.8 1.8 1.8
Inflation 2.0 1.7 1.7 1.7
Asia Pacific, Latin America, Africa &
Middle East and Central & Eastern Europe
Discount rate
1
6.4 5.3 4.2 4.6
Rate of increase in salaries 5.7 5.6 5.2 6.1
Inflation 3.4 3.7 3.7 3.7
Notes
1
Discount rates are based on high-quality corporate bond yields. In countries where there is no
deep market in corporate bonds, the discount rate assumption has been set with regard to the
yield on long-term government bonds
2
The salary assumptions are no longer applicable to the US as all plans were frozen. Active
participants will not accrue additional benefits for future services under these plans
For the Group\u2019s pension plans, the plans\u2019 assets are invested with the
objective of being able to meet current and future benefit payment needs,
while controlling balance sheet volatility and future contributions. Pension
plan assets are invested with a number of investment managers, and assets
are diversified among equities, bonds, insured annuities, property and cash or
other liquid investments. The primary use of bonds as an investment class is to
match the anticipated cash flows from the plans to pay pensions. The Group is
invested in high-quality corporate and government bonds which share similar
risk characteristics and are of equivalent currency and term to the plan
liabilities. Various insurance policies have also been bought historically to
provide a more exact match for the cash flows, including a match for the
actual mortality of specific plan members. These insurance policies effectively
provide protection against both investment fluctuations and longevity risks.
The strategic target allocation varies among the individual plans.
Management considers the types of investment classes in which the pension
plan assets are invested. The types of investment classes are determined by
economic and market conditions and in consideration of specific asset class risk.
Management periodically commissions detailed asset and liability studies
performed by third-party professional investment advisors and actuaries
that generate probability-adjusted expected future returns on those assets.
These studies also project the estimated future pension payments and
evaluate the efficiency of the allocation of the pension plan assets into
various investment categories.
At 31 December 2022, the life expectancies underlying the value of the
accrued liabilities for the main defined benefit pension plans operated by the
Group were as follows:
Years life expectancy
after age 65
All
plans
North
America UK
Western
Continental
Europe Other
1
Current pensioners
(at age 65) \u2013 male 22.3 21.9 23.6 21.0 12.7
Current pensioners
(at age 65) \u2013 female 24.0 23.3 25.1 24.0 15.5
Future pensioners
(current age 45)
\u2013 male 24.0 23.3 25.6 23.2 12.7
Future pensioners
(current age 45)
\u2013 female 25.7 24.7 27.1 25.9 15.5
Note
1
Includes Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe
The life expectancies after age 65 at 31 December 2021 were 22.3 years and
24.0 years for male and female current pensioners (at age 65) respectively,
and 24.1 years and 25.8 years for male and female future pensioners (current
age 45), respectively.
In the determination of mortality assumptions, management uses the most
up-to-date mortality tables available in each country.
The following table provides information on the weighted average duration of the defined benefit pension obligations and the distribution of the timing of benefit payments for the next ten years. The duration corresponds to the weighted average length of the underlying cash flows. All plans North America UK Western Continental Europe Other 1 Weighted average duration of the defined benefit obligation (years) 8.5 7.5 10.0 9.7 5.9 Expected benefit payments over the next ten years (\u00a3m) Within 12 months 46.6 21.7 12.7 5.8 6.4 In 2024 43.5 21.1 12.7 6.1 3.6 In 2025 44.5 20.6 13.4 6.0 4.5 In 2026 46.4 21.2 13.4 6.4 5.4 In 2027 44.2 21.1 12.0 6.2 4.9 In the next five years 213.2 93.5 56.5 33.9 29.3 Note 1 Includes Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe The following table presents a sensitivity analysis for each significant actuarial assumption showing how the defined benefit obligation would have been affected by changes in the relevant actuarial assumption that were reasonably possible at the balance sheet date. This sensitivity analysis applies to the defined benefit obligation only and not to the net defined benefit pension liability in its entirety, the measurement of which is driven by a number of factors including, in addition to the assumptions below, the fair value of plan assets. The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant so that interdependencies between the assumptions are excluded. The methodology applied is consistent with that used to determine the recognised defined benefit obligation. The sensitivity analysis for inflation is not shown as it is an underlying assumption to build the pension and salary increase assumptions. Changing the inflation assumption on its own without changing the salary or pension assumptions will not result in a significant change in pension liabilities. Sensitivity analysis of significant actuarial assumptions (Decrease)/increase in benefit obligation 2022 \u00a3m 2021 \u00a3m Discount rate Increase by 25 basis points: UK (3.6) (7.6) North America (4.4) (6.4) Western Continental Europe (2.0) (3.4) Other 1 (0.5) (0.6) Decrease by 25 basis points: UK 3.8 8.0 North America 4.6 6.6 Western Continental Europe 2.1 3.6 Other 1 0.6 0.6 Rate of increase in salaries Increase by 25 basis points: Western Continental Europe 0.5 0.8 Other 1 0.5 0.5 Decrease by 25 basis points: Western Continental Europe (0.5) (0.8) Other 1 (0.5) (0.5) Rate of increase in pensions in payment Increase by 25 basis points: UK 0.7 0.9 Western Continental Europe 1.1 1.7 Decrease by 25 basis points: UK (0.6) (0.9) Western Continental Europe (1.0) (1.7) Life expectancy Increase in longevity by one additional year: UK 6.8 13.3 North America 4.2 5.3 Western Continental Europe 2.6 4.2 Note 1 Includes Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe W
24. PROVISION FOR POST-EMPLOYMENT BENEFITS CONTINUED
(B) ASSETS AND LIABILITIES
At 31 December, the fair value of the assets in the pension plans and the
assessed present value of the liabilities in the pension plans are shown in the
following table:
2022
\u00a3m %
2021
\u00a3m %
2020
\u00a3m %
Equities 26.7 6.2 31.8 5.8 41.6 6.7
Bonds 208.8 48.5 259.7 47.0 284.2 46.1
Insured annuities 149.2 34.7 222.5 40.3 252.8 41.0
Property 1.4 0.3 1.0 0.2 0.7 0.1
Cash 18.1 4.2 15.3 2.8 14.7 2.4
Other 26.3 6.1 21.8 3.9 22.6 3.7
Total fair value of assets 430.5 100.0 552.1 100.0 616.6 100.0
Present value of liabilities (552.6) (688.5) (772.7)
Deficit in the plans (122.1) (136.4) (156.1)
Irrecoverable surplus \u2013 (0.2) (0.6)
Net liability
1
(122.1) (136.6) (156.7)
Plans in surplus
2
15.4 30.1 2 7. 2
Plans in deficit (137.5) (166.7) (183.9)
Notes
1
The related deferred tax asset is discussed in note 17
2
The net asset related to plans in surplus of \u00a315.4 million for 31 December 2022 is recorded in the
consolidated balance sheet within other debtors. The corresponding figures for 31 December
2021 and 31 December 2020 are recorded in provision for post-employment benefits
All plan assets have quoted prices in active markets with the exception of
insured annuities and other assets. The value of insured annuities is equal to
the value of the pension benefits covered by the annuities.
Surplus/(deficit) in plans by region
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
UK 2.3 0.4 0.7
North America (37.1) (28.1) (37.9)
Western Continental Europe (52.6) (74.0) (85.9)
Asia Pacific, Latin America, Africa & Middle East and
Central & Eastern Europe (34.7) (34.7) (33.0)
Deficit in the plans (122.1) (136.4) (156.1)
Some of the Group\u2019s defined benefit plans are unfunded (or largely unfunded)
by common custom and practice in certain jurisdictions. In the case of these
unfunded plans, the benefit payments are made as and when they fall due.
Pre-funding of these plans would not be typical business practice.
The following table shows the split of the deficit at 31 December between
funded and unfunded pension plans.
2022
Surplus/
(deficit)
\u00a3m
2022
Present
value of
liabilities
\u00a3m
2021
Surplus/
(deficit)
\u00a3m
2021
Present
value of
liabilities
\u00a3m
2020
Surplus/
(deficit)
\u00a3m
2020
Present
value of
liabilities
\u00a3m
Funded plans by region
UK 2.3 (155.5) 0.4 (231.9) 0.7 (262.7)
North America 4.1 (208.5) 20.1 (237.9) 17. 4 (271.8)
Western Continental
Europe (29.1) (67.9) (45.1) (87.6) (38.6) (84.3)
Asia Pacific, Latin
America, Africa &
Middle East and Central
& Eastern Europe (4.1) (25.4) (6.4) (25.7) (5.8) (24.1)
Deficit/liabilities in
the funded plans (26.8) (4 57.3) (31.0) (583.1) (26.3) (642.9)
Unfunded plans
by region
North America (41.2) (41.2) (48.2) (48.2) (55.3) (55.3)
Western Continental
Europe (23.5) (23.5) (28.9) (28.9) (47. 3) (47. 3)
Asia Pacific, Latin
America, Africa &
Middle East and Central
& Eastern Europe (30.6) (30.6) (28.3) (28.3) (27.2) (2 7. 2)
Deficit/liabilities in
the unfunded plans (95.3) (95.3) (105.4) (105.4) (129.8) (129.8)
Deficit/liabilities in
the plans (122.1) (552.6) (136.4) (688.5) (156.1) (772.7)
In accordance with IAS 19, plans that are wholly or partially funded are
considered funded plans.
(C) PENSION EXPENSE
The following tables show the breakdown of the pension expense between
amounts charged to operating profit and amounts charged to finance costs:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Service cost
1
10.4 12.6 12.0
Administrative expenses 3.1 2.3 1.9
Charge to operating profit 13.5 14.9 13.9
Net interest expense on pension plans 2.2 1.8 2.9
Charge to profit before taxation for defined
benefit plans 15.7 16.7 16.8
Note
1
Includes current service cost, past service costs related to plan amendments and (gain)/loss on
settlements and curtailments
The following table shows the breakdown of amounts recognised in other
comprehensive income (OCI):
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Return on plan assets (excluding interest income) (127.6) (29.3) 57.2
Changes in demographic assumptions underlying
the present value of the plan liabilities 0.6 (3.6) 3.8
Changes in financial assumptions underlying the
present value of the plan liabilities 143.5 31.1 (54.0)
Experience (loss)/gain arising on the plan liabilities (0.1) 15.7 (4.4)
Change in irrecoverable surplus 0.2 0.4 (0.6)
Actuarial gain recognised in OCI 16.6 14.3 2.0
(D) MOVEMENT IN PLAN LIABILITIES
The following table shows an analysis of the movement in the pension plan
liabilities for each accounting period:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Plan liabilities at beginning of year 688.5 772.7 767.5
Service cost
1
10.4 12.6 12.0
Interest cost 15.5 12.0 17.0
Actuarial (gain)/loss:
Effect of changes in demographic assumptions (0.6) 3.6 (3.8)
Effect of changes in financial assumptions (143.5) (31.1) 54.0
Effect of experience adjustments 0.1 (15.7) 4.4
Benefits paid (52.0) (59.5) (59.6)
Loss/(gain) due to exchange rate movements 40.4 (6.1) (4.2)
Settlement payments (8.7) (0.3) (17.0)
Other
2
2.5 0.3 2.4
Plan liabilities at end of year 552.6 688.5 772.7
Notes
1
Includes current service cost, past service costs related to plan amendments and (gain)/loss on
settlements and curtailments
2
Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassifications. The
reclassifications represent certain of the Group\u2019s defined benefit plans which are included in this
note for the first time in the periods presented
(E) MOVEMENT IN PLAN ASSETS
The following table shows an analysis of the movement in the pension plan
assets for each accounting period:
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
Fair value of plan assets at beginning of year 552.1 616.6 608.5
Interest income on plan assets 13.3 10.2 14.1
Return on plan assets (excluding interest income) (127.6) (29.3) 57.2
Employer contributions 24.0 16.7 20.3
Benefits paid (52.0) (59.5) (59.6)
Gain/(loss) due to exchange rate movements 31.5 (0.6) (6.8)
Settlement payments (8.7) (0.3) (17.0)
Administrative expenses (3.1) (1.8) (1.9)
Other
1
1.0 0.1 1.8
Fair value of plan assets at end of year 430.5 552.1 616.6
Actual return on plan assets (114.3) (19.1) 71.3
Note
1
Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassifications.
The reclassifications represent certain of the Group\u2019s defined benefit plans which are included
in this note for the first time in the periods presented
25. RISK MANAGEMENT POLICIES
FOREIGN CURRENCY RISK
The Group\u2019s results in pounds sterling are subject to fluctuation as a result
of exchange rate movements. The Group does not hedge this translation
exposure to its earnings but does partially hedge the currency element of
its net assets using foreign currency borrowings, cross-currency swaps and
forward foreign exchange contracts.
The Group effects these currency net asset hedges by borrowing in the same
currencies as the operating (or \"functional\") currencies of its main operating
units. The majority of the Group\u2019s debt is therefore denominated in US dollars,
pounds sterling and euros. The Group\u2019s borrowings (including cross currency
swaps) at 31 December 2022 were primarily made up of $1,667 million,
\u00a31,094 million and \u20ac2,350 million (2021: $1,667 million, \u00a31,094 million and
\u20ac2,600 million). The Group\u2019s average gross debt during the course of 2022
was $1,667 million, \u00a31,094 million and \u20ac2,404 million (2021: $1,934 million,
\u00a31,094 million and \u20ac2,600 million).
The Group\u2019s operations conduct the majority of their activities in their own
local currency and consequently the Group has no significant transactional
foreign exchange exposures arising from its operations. Any significant
cross-border trading exposures are hedged by the use of forward foreign-
exchange contracts. No speculative foreign exchange trading is undertaken.
INTEREST RATE RISK
The Group is exposed to interest rate risk on both interest-bearing assets and
interest-bearing liabilities. The Group has a policy of actively managing its
interest rate risk exposure while recognising that fixing rates on all its debt
eliminates the possibility of benefiting from rate reductions and, similarly, having
all its debt at floating rates unduly exposes the Group to increases in rates.
Including the effect of interest rate and cross-currency swaps, 100% of the
year-end US dollar debt is at fixed rates averaging 4.18% for an average period
of 60 months; 100% of the sterling debt is at a fixed rate of 2.97% for an
average period of 143 months; and 100% of the euro debt is at fixed rates
averaging 2.21% for an average period of 55 months.
GOING CONCERN AND LIQUIDITY RISK
In considering going concern and liquidity risk, the Directors have reviewed
the Group\u2019s future cash requirements and earnings projections. The Directors
believe these forecasts have been prepared on a prudent basis and have also
considered the impact of a range of potential changes to trading performance.
The impact of the Russian invasion of Ukraine and sanctions response from
governments has been considered. The Company modelled a range of
revenue less pass-through costs compared with the year ended 31 December
2022 and a number of mitigating cost actions that are available to the Company.
Considering the Group's bank covenant and liquidity headroom and cost
mitigation actions which could be implemented, the Company and the Group
would be able to operate with appropriate liquidity and within its banking
covenants and be able to meet its liabilities as they fall due with a decline in
revenue less pass-through costs up to 28% in 2023. The likelihood of such a
decline is considered remote as compared to Company expectations and
external benchmarks, including previously witnessed declines in times of
economic stress or external forces such as the pandemic. The modelling in this
extreme scenario includes cost mitigations of 70% of the decline in revenue
less pass-through costs and the suspension of the share buyback programme
and dividend. Further measures that were not included in the modelling,
should the Company face such an extreme scenario, include the reduction of
capital expenditure and acquisitions. Therefore, the Directors have concluded
that the Group will be able to operate within its current facilities and comply
with its banking covenants for the foreseeable future and therefore believe
it is appropriate to prepare the financial statements of the Group on a going
concern basis and that there are no material uncertainties which give rise to
a significant going concern risk.
25. RISK MANAGEMENT POLICIES CONTINUED
At 31 December 2022, the Group has access to \u00a36.6 billion of committed facilities with maturity dates spread over the years 2023 to 2046 as illustrated below:
2023
\u00a3m
2024
\u00a3m
2025
\u00a3m
2026
\u00a3m
2027+
\u00a3m
\u00a3 bonds \u00a3400m (2.875% 2046) 400.0 400.0
US bond $220m (5.625% 2043) 181.9 181.9
US bond $93m (5.125% 2042) 76.8 76.8
\u00a3 bonds \u00a3250m (3.75% 2032) 250.0 250.0
Eurobonds \u20ac600m (1.625% 2030) 531.2 531.2
Eurobonds \u20ac750m (2.375% 2027) 664.0 664.0
Eurobonds \u20ac750m (2.25% 2026) 664.0 664.0
Bank revolver ($2,500m 2026) 2,069.0 2,069.0
Eurobonds \u20ac500m (1.375% 2025) 442.7 442.7
US bond $750m (3.75% 2024) 620.7 620.7
Eurobonds \u20ac750m (3.0% 2023) 664.0 664.0
Total committed facilities available 6,564.3 664.0 620.7 442.7 2,733.0 2,103.9
Drawn down facilities at 31 December 2022 4,495.3 664.0 620.7 442.7 664.0 2,103.9
Undrawn committed credit facilities 2,069.0
Drawn down facilities at 31 December 2022 4,495.3
Net cash at 31 December 2022 (1,985.8)
Other adjustments (30.2)
Adjusted net debt at 31 December 2022 2,479.3
Given the strong cash generation of the business, its debt maturity profile and
available facilities, the Directors believe the Group has sufficient liquidity to
match its requirements for the foreseeable future.
TREASURY ACTIVITIES
Treasury activity is managed centrally from London, New York and Hong Kong,
and is principally concerned with the monitoring of working capital, managing
external and internal funding requirements and the monitoring and
management of financial market risks, in particular interest rate and foreign
exchange exposures.
The treasury operation is not a profit centre and its activities are carried out in
accordance with policies approved by the Board of Directors and subject to
regular review and audit.
The Group manages liquidity risk by ensuring continuity and flexibility of
funding even in difficult market conditions. Undrawn committed borrowing
facilities are maintained in excess of peak net-borrowing levels and debt
maturities are closely monitored. Targets for average adjusted net debt are set
on an annual basis and, to assist in meeting this, working capital targets are set
for all the Group\u2019s major operations.
CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group will be able
to continue as a going concern while maximising the return to stakeholders
through the optimisation of the debt and equity balance. The capital structure
of the Group consists of debt, which includes the borrowings disclosed in note
10, cash and cash equivalents and equity attributable to equity holders of the
parent, comprising issued capital, reserves and retained earnings as disclosed
in the consolidated statement of changes in equity and in notes 27 and 28.
CREDIT RISK
The Group\u2019s principal financial assets are cash and short-term deposits, trade
and other receivables and investments, the carrying values of which represent
the Group\u2019s maximum exposure to credit risk in relation to financial assets,
as shown in note 26.
The Group\u2019s credit risk is primarily attributable to its trade receivables.
The majority of the Group\u2019s trade receivables are due from large national
or multinational companies where the risk of default is considered low. The
amounts presented in the consolidated balance sheet are net of loss allowances,
estimated by the Group\u2019s management based on expected losses, prior
experience and their assessment of the current economic environment.
A relatively small number of clients make up a significant percentage of the
Group\u2019s debtors, but no single client represents more than 6% of total trade
receivables as at 31 December 2022 or 31 December 2021.
The credit risk on liquid funds and derivative financial instruments is limited
because the counterparties are high-rated (AAA) funds, banks with high credit
ratings assigned by international credit-rating agencies or banks that have
been financed by their government.
EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL POSITION
AND PERFORMANCE
The effects of the hedging instruments on the Group's financial position and
performance are as follows:
2022 2021
(i) Cash flow hedges of foreign currency risk
Carrying amount of derivative hedging instruments
1
(\u00a36.6m) (\u00a348.0m)
Notional amount of hedged items \u20ac1,000.0m \u20ac1,000.0m
Notional amount of hedging instruments \u20ac1,000.0m \u20ac1,000.0m
Maturity date
2023-2025 2023-2025
Hedge ratio 1:1 1:1
Change in value of hedged item used to
determine hedge effectiveness \u00a338.5m (\u00a338.0m)
Change in value of hedging instrument used to
determine hedge effectiveness (\u00a341.4m) \u00a335.5m
Hedge ineffectiveness (revaluation and retranslation
of financial instruments) \u00a32.9m \u00a32.5m
Weighted average hedged rate for the year 3.2% 3.2%
(ii) Net investment hedges of foreign currency risk
Carrying amount of derivative hedging instruments
1
(\u00a346.9m) \u00a30.7m
Carrying amount of non-derivative hedging
instruments (bonds and bank loans) (\u00a3879.5m) (\u00a3879.5m)
Notional amount of hedging instruments $1,666.8m $1,666.8m
Notional amount of hedged net assets $1,666.8m $1,666.8m
Hedge ratio 1:1 1:1
Change in value of hedged item used to determine
hedge effectiveness (\u00a3141.5m) \u00a345.5m
Change in value of hedging instrument used to
determine ineffectiveness \u00a3141.5m (\u00a345.5m)
Hedge ineffectiveness (revaluation and retranslation
of financial instruments) \u2212 \u2212
Weighted average hedged rate for the year (USD/
GBP) 1.2083 1.3532
Note
1
This amount is presented in trade and other receivables, and trade and other payables. The use
of derivatives may entail a derivative transaction qualifying for more than one hedge type
designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type,
whereas they are presented at an instrument level in the balance sheet
SENSITIVITY ANALYSIS
The following sensitivity analysis addresses the effect of currency and interest
rate risks on the Group\u2019s financial instruments. The analysis assumes that all
hedges are highly effective.
CURRENCY RISK
A 10% weakening of sterling against the Group\u2019s major currencies would
result in the following impacts on the income statement and equity, which
would arise on the retranslation of foreign currency denominated borrowings
and derivatives. A 10% strengthening of sterling would have an equal and
opposite effect.
Impact on income statement Impact on equity
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
US dollar (179.6) 0.7 34.6 64.0
Euro 78.9 17.4 (11.3) (49.9)
INTEREST RATE RISK
A one percentage point increase in market interest rates for all currencies
in which the Group had cash and borrowings at 31 December 2022 would
increase profit before tax by approximately \u00a319.9 million (2021: \u00a333.3 million).
A one percentage point decrease in market interest rates would have an equal
and opposite effect. This has been calculated by applying the interest rate
change to the Group\u2019s variable rate cash and borrowings. Note that in
practice, the Group has a cyclical cash profile throughout the year.
26. FINANCIAL INSTRUMENTS
CURRENCY DERIVATIVES
The Group utilises currency derivatives to hedge significant future transactions
and cash flows and the exchange risk arising on translation of the Group\u2019s
investments in foreign operations. The Group is a party to a variety of foreign
currency derivatives in the management of its exchange rate exposures. The
instruments purchased are primarily denominated in the currencies of the
Group\u2019s principal markets. The Group designates foreign currency denominated
debt as hedging instruments against the exposure to movements in the spot
translation rates associated with the translation of its foreign operations.
The Group also designates certain cross currency swaps as hedging
instruments in cash flow hedges to manage its exposure to foreign exchange
risk and interest rate risk on its borrowings. Contracts due in November 2023
have receipts of \u20ac500.0 million and payments of $604.2 million. Contracts due
in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million.
Critical terms of hedging instruments and hedged items are transacted to
match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless
arise from inherent differences between derivatives and non-derivative
instruments and other market factors including credit, correlations, supply and
demand, and market volatilities. In addition, hedge ineffectiveness can arise as
a result of the currency basis being included in the hedge designation. Hedge
accounting is discontinued when a hedging relationship no longer qualifies for
hedge accounting.
At 31 December 2022, the fair value of the Group\u2019s currency derivatives is
estimated to be a net liability of approximately \u00a352.7 million (2021: \u00a346.7 million).
These amounts are based on market values of equivalent instruments at the
balance sheet date, comprising \u00a30.6 million (2021: \u00a30.5 million) assets included
in trade and other receivables and \u00a353.3 million (2021: \u00a347.2 million) liabilities
included in trade and other payables. The fair value of currency derivatives is
based on the present value of contractual cash flows using foreign currency
and interest rate forward market curves at the balance sheet date. The amounts
taken to and deferred in equity during the year for currency derivatives that
are designated and effective hedges was a debit of \u00a3141.5 million (2021: credit
of \u00a345.5 million) for net investment hedges and a credit of \u00a338.5 million
(2021: debit of \u00a338.0 million) for cash flow hedges.
For cash flow hedge arrangements, amounts of a credit of \u00a338.5 million (2021:
debit of \u00a338.0 million) representing the effective portion of the gain or loss on
the hedging instrument were taken to equity, and reclassified to profit or loss
in the same period when the related foreign exchange impact on the
associated hedged item affected profit or loss.
Changes in the fair value relating to the ineffective portion of the currency
derivatives that are designated hedges amounted to \u00a32.7 million (2021: \u00a32.5
million) which is included within revaluation and retranslation of financial
instruments in the income statement. At the balance sheet date, the total
nominal amount of outstanding forward foreign exchange contracts not
designated as hedges was \u00a31,004.8 million (2021: \u00a3764.8 million). The Group
estimates the fair value of these contracts to be a net asset of \u00a30.4 million
(2021: net liability of \u00a33.9 million).
As at 31 December 2022, the Group had designated its $93 million bond,
$750 million bond, $220 million bond, and $604 million leg of its cross currency
swap, as the hedging instruments in a net investment hedge relationship. The
Group has designated its \u20ac500 million leg of its cross currency swap as the
hedging instrument in a cash flow hedge. Possible sources of ineffectiveness
include any impairments to the Group's net investment in US dollars. The
hedges are documented and are assessed for effectiveness on an ongoing
basis. Both hedge relationships were effective during the year.
These arrangements are designed to address significant exchange exposure
and are renewed on a revolving basis as required.
An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below:
Derivatives in
designated
hedge
relationships
\u00a3m
Held at fair
value through
profit or loss
\u00a3m
Held at
fair value
through other
comprehensive
income
\u00a3m
Amortised
cost
\u00a3m
Carrying
value
\u00a3m
2022
Other investments \u2013 255.7 114.1 \u2013 369.8
Cash and short-term deposits \u2013
\u2013
\u2013 2,491.5 2,491.5
Bank overdrafts, bonds and bank loans \u2013 \u2013 \u2013 (1,169.0) (1,169.0)
Bonds and bank loans \u2013 \u2013 \u2013 (3,801.8) (3,801.8)
Trade and other receivables: amounts falling due within one year \u2013 \u2013 \u2013 11,338.0 11,338.0
Trade and other receivables: amounts falling due after more than one year \u2013 \u2013 \u2013 146.2 146.2
Trade and other payables: amounts falling due within one year \u2013 \u2013 \u2013 (11,283.0) (11,283.0)
Trade and other payables: amounts falling due after more than one year \u2013 \u2013 \u2013 (0.9) (0.9)
Derivative assets 0.6 5.1 \u2013 \u2013 5.7
Derivative liabilities (53.3) (4.7) \u2013 \u2013 (58.0)
Payments due to vendors (earnout agreements) \u2013 (160.1) \u2013 \u2013 (160.1)
Liabilities in respect of put options
\u2013 (342.1) \u2013 \u2013 (342.1)
(52.7) (246.1) 114.1 (2,279.0) (2,463.7)
Derivatives in
designated
hedge
relationships
\u00a3m
Held at fair
value through
profit or loss
\u00a3m
Held at
fair value
through other
comprehensive
income
\u00a3m
Amortised
cost
\u00a3m
Carrying
value
\u00a3m
2021
Other investments \u2013 228.3 90.0 \u2013 318.3
Cash and short-term deposits \u2013
\u2013
\u2013 3,882.9 3,882.9
Bank overdrafts, bonds and bank loans \u2013 \u2013 \u2013 (567.2) (567.2)
Bonds and bank loans \u2013 \u2013 \u2013 (4,216.8) (4,216.8)
Trade and other receivables: amounts falling due within one year \u2013 \u2013 \u2013 10,448.0 10,448.0
Trade and other receivables: amounts falling due after more than one year \u2013 \u2013 \u2013 84.5 84.5
Trade and other payables: amounts falling due within one year \u2013 \u2013 \u2013 (10,674.8) (10,674.8)
Trade and other payables: amounts falling due after more than one year \u2013 \u2013 \u2013 (1.5) (1.5)
Derivative assets 0.5 2.5 \u2013 \u2013 3.0
Derivative liabilities (47.2) (6.4) \u2013 \u2013 (53.6)
Payments due to vendors (earnout agreements) \u2013 (196.7) \u2013 \u2013 (196.7)
Liabilities in respect of put options
\u2013 (391.5) \u2013 \u2013 (391.5)
(46.7) (363.8) 90.0 (1,044.9) (1,365.4)
26. FINANCIAL INSTRUMENTS CONTINUED
The following table provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into levels
1 to 3 based on the degree to which the fair value is observable:
Level 1 fair value measurements are those derived from quoted prices
(unadjusted) in active markets for identical assets or liabilities;
Level 2 fair value measurements are those derived from inputs other than
quoted prices included within level 1 that are observable for the asset or
liability, either directly (ie as prices) or indirectly (ie derived from prices);
Level 3 fair value measurements are those derived from valuation techniques
that include inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Derivatives in designated hedge
relationships
Derivative assets \u2013 0.6 \u2013 0.6
Derivative liabilities \u2013 (53.3) \u2013 (53.3)
Held at fair value through profit or loss
Other investments 0.4 \u2013 255.3 255.7
Derivative assets \u2013 5.1 \u2013 5.1
Derivative liabilities \u2013 (4.7) \u2013 (4.7)
Payments due to vendors (earnout
agreements) \u2013 \u2013 (160.1) (160.1)
Liabilities in respect of put options \u2013 \u2013 (342.1) (342.1)
Held at fair value through other
comprehensive income
Other investments 10.9 \u2013 103.2 114.1
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Derivatives in designated hedge
relationships
Derivative assets \u2013 0.5 \u2013 0.5
Derivative liabilities \u2013 (47. 2) \u2013 (47. 2)
Held at fair value through profit or loss
Other investments 0.4 \u2013 227.9 228.3
Derivative assets \u2013 2.5 \u2013 2.5
Derivative liabilities \u2013 (6.4) \u2013 (6.4)
Payments due to vendors (earnout
agreements) \u2013 \u2013 (196.7) (196.7)
Liabilities in respect of put options \u2013 \u2013 (391.5) (391.5)
Held at fair value through other
comprehensive income
Other investments 27.9 \u2013 62.1 90.0
There have been no transfers between these levels in the years presented.
Reconciliation of level 3 fair value measurements:
Payments due
to vendors
(earnout
agreements)
Liabilities in
respect of
put options
\u00a3m
Other
investments
\u00a3m
1 January 2021 (114.3) (110.7) 366.6
Losses recognised in the income
statement (58.7) (40.6) ( 7. 7)
Losses recognised in other
comprehensive income \u2013 \u2013 (42.8)
Exchange adjustments 1.0 1.3 \u2013
Additions (81.7) (247.7)
1
5.9
Disposals \u2013 \u2013 (32.0)
Cancellations \u2013 0.8 \u2013
Settlements 57.0 5.4 \u2013
31 December 2021 (196.7) (391.5) 290.0
Gains recognised in the income
statement 26.2 2 7.9 23.1
Losses recognised in other
comprehensive income \u2013 \u2013 (5.3)
Exchange adjustments (14.3) (39.9) \u2013
Additions (46.7) (5.0) 66.7
Disposals \u2013 \u2013 (16.0)
Cancellations \u2013 11.0 \u2013
Settlements 71.4 55.4 \u2013
31 December 2022 (160.1) (342.1) 358.5
Note
1
During 2021, the Group merged Finsbury Glover Hering and Sard Verbinnen & Co to form a
leading global strategic communications firm. As a part of this transaction, certain management
acquired shares in the Company and a put option was granted which allows the equity partners
to require the Group to purchase these shares. This resulted in additions to liabilities in respect
of put options in the year of \u00a3219.6 million
The fair values of financial assets and liabilities are based on quoted market
prices where available. Where the market value is not available, the Group
has estimated relevant fair values on the basis of available information from
outside sources. There have been no movements between level 3 and
other levels.
PAYMENTS DUE TO VENDORS AND LIABILITIES IN RESPECT
OF PUT OPTIONS
Future anticipated payments due to vendors in respect of contingent
consideration (earnout agreements) are recorded at fair value, which is the
present value of the expected cash outflows of the obligations. Liabilities in
respect of put option agreements are initially recorded at the present value
of the redemption amount in accordance with IAS 32 and subsequently
measured at fair value in accordance with IFRS 9. Both types of obligations are
dependent on the future financial performance of the entity and it is assumed
that future profits are in line with Directors\u2019 estimates. The Directors derive
their estimates from internal business plans together with financial due
diligence performed in connection with the acquisition.
As of 31 December 2022, the potential undiscounted amount of future
payments that could be required under the earnout agreements for
acquisitions completed in the current year and for all earnout agreements
ranges from \u00a3nil to \u00a3226 million (2021: \u00a3nil to \u00a3124 million) and \u00a3nil to \u00a3695
million (2021: \u00a3nil to \u00a3595 million), respectively. The decrease in the maximum
potential undiscounted amount of future payments for all earnout agreements
is due to earnout arrangements that have completed and payments made on
active arrangements during the year, and exchange adjustments, partially
offset by earnout arrangements related to new acquisitions.
At 31 December 2022, the weighted average growth rate in estimating future
financial performance was 12.4% (2021: 16.7%). The weighted average of the
risk-adjusted discount rate applied to these obligations at 31 December 2022
was 7.6% (2021: 6.5%).
A one percentage point increase or decrease in the growth rate in estimated
future financial performance would increase or decrease the combined liabilities
due to earnout agreements and put options by approximately \u00a39.1 million
(2021: \u00a36.0 million) and \u00a36.9 million (2021: \u00a36.6 million), respectively.
A 0.5 percentage point increase or decrease in the risk adjusted discount
rate would decrease or increase the combined liabilities by approximately
\u00a37.3 million (2021: \u00a38.6 million) and \u00a37.4 million (2021: \u00a38.9 million), respectively.
An increase in the liability would result in a loss in the revaluation of financial
instruments, while a decrease would result in a gain.
OTHER INVESTMENTS
The fair value of other investments included in level 1 is based on quoted
market prices. Other investments included in level 3 are unlisted securities,
where market value is not readily available. The Group has estimated relevant
fair values on the basis of information from outside sources using the most
appropriate valuation technique, including all external funding rounds, revenue
and EBITDA multiples, the share of fund net asset value and discounted cash
flows. The sensitivity to changes in unobservable inputs is specific to each
individual investment. A change to one or more of these unobservable inputs
to reflect a reasonably possible alternative assumption would not result in
a significant change to the fair value.
During the year, Imagina stepped down from interests in associates to other
investments and this investment has been designated as fair value through
other comprehensive income. The fair value of Imagina as at 31 December
2022 was \u00a361.6 million.
27. AUTHORISED AND ISSUED SHARE CAPITAL
Equity
ordinary
shares
Nominal
value
\u00a3m
Authorised
1 January 2021 1,750,000,000 175.0
31 December 2021 1,750,000,000 175.0
31 December 2022 1,750,000,000 175.0
Issued and fully paid
1 January 2021 1,296,080,242 129.6
Exercise of share options 534,800 \u2013
Share cancellations (72,155,492) ( 7. 2)
At 31 December 2021 1,224,459,550 122.4
Exercise of share options 125,700 \u2013
Share cancellations (83,157,954) (8.3)
At 31 December 2022 1,141,427,296 114.1
COMPANY\u2019S OWN SHARES
The Company\u2019s holdings of own shares are stated at cost and represent shares
held in treasury and purchases by the Employee Share Ownership Plan (ESOP)
trusts of shares in the Company for the purpose of funding certain of the
Group\u2019s share-based incentive plans, details of which are disclosed in the
Compensation Committee report on pages 130 to 156.
The trustees of the ESOP purchase the Company\u2019s ordinary shares in the
open market using funds provided by the Company. The Company also has
an obligation to make regular contributions to the ESOP to enable it to meet
its administrative costs. The number and market value of the ordinary shares
of the Company held by the ESOP at 31 December 2022 was 1,211,974
(2021: 5,803,641) and \u00a39.9 million (2021: \u00a365.0 million) respectively. The number
and market value of ordinary shares held in treasury at 31 December 2022 was
70,489,953 (2021: 70,489,953) and \u00a3578.2 million (2021: \u00a3789.1 million)
respectively.
SHARE OPTIONS
WPP WORLDWIDE SHARE OWNERSHIP PROGRAMME (WWOP)
As at 31 December 2022, unexercised options over ordinary shares of 897,900
and unexercised options over ADRs of 148,225 have been granted under the
WPP Worldwide Share Ownership Programme as follows:
Number of ordinary
shares under option
Exercise price
per share (\u00a3)
Exercise
dates
696,975 13.145 2017-2024
3,625 13.145 2018-2024
196,675 13.505 2016-2023
625 13.505 2017-2023
Number of ADRs
under option
Exercise price
per ADR ($)
Exercise
dates
80,265 102.670 2017-2024
67,96 0 110.760 2016-2023
WPP SHARE OPTION PLAN 2015 (WSOP)
As at 31 December 2022, unexercised options over ordinary shares of
13,567,625 and unexercised options over ADRs of 1,546,280 have been granted
under the WPP Share Option Plan as follows:
Number of ordinary
shares under option
Exercise price
per share (\u00a3)
Exercise
dates
10,125 7.3 44 2023-2027
2,045,200 7. 34 4 2023-2030
7,875 8.372 2021-2025
1,017,925 8.372 2021-2028
232,625 8.684 2025-2029
3,150,575 8.684 2025-2032
9,375 9.600 2022-2026
1,618,875 9.600 2022-2029
2,581,000 11.065 2023-2030
8,250 13.085 2020-2024
1,141,850 13.085 2020-2027
802,475 15.150 2018-2025
4,375 15.150 2019-2025
6,750 17.055 2019-2023
930,350 17.055 2019-2026
Number of ADRs
under option
Exercise price
per ADR ($)
Exercise
dates
226,670 48.950 2023-2030
366,420 52.600 2025-2032
136,260 53.140 2021-2028
189,600 62.590 2022-2029
294,270 73.780 2023-2030
131,040 88.260 2020-2027
111,770 105.490 2020-2026
90,250 115.940 2018-2025
27. AUTHORISED AND ISSUED SHARE CAPITAL CONTINUED
The aggregate status of the WPP Share Option Plans during 2022 was as follows:
MOVEMENTS ON OPTIONS GRANTED (REPRESENTED IN ORDINARY SHARES)
1 January
2022 Granted Exercised Forfeited
Outstanding
31 December
2022
Exercisable
31 December
2022
WPP 6,741 \u2013 \u2013 (6,741) \u2013 \u2013
WWOP 2,049,299 \u2013 (2,575) (407,699) 1,639,025 \u2013
WSOP 19,608,150 5,224,050 (123,125) (3,410,050) 21,299,025 3,188,675
21,664,190 5,224,050 (125,700) (3,824,490) 22,938,050 3,188,675
1 January
2021 Granted Exercised Forfeited
Outstanding
31 December
2021
Exercisable
31 December
2021
WPP 6,741 \u2013 \u2013 \u2013 6,741 6,741
WWOP 2,499,674 \u2013 (54,050) (396,325) 2,049,299 184,124
WSOP 17,940,725 5,155,800 (480,750) (3,007,625) 19,608,150 1 4 ,287,525
20, 4 47,140 5,155,800 (534,800) (3,403,950) 21,664,190 14,478,390
WEIGHTED AVERAGE EXERCISE PRICE FOR OPTIONS OVER
1 January
2022 Granted Exercised Forfeited
Outstanding
31 December
2022
Exercisable
31 December
2022
Ordinary shares (\u00a3)
WPP 9.355 \u2013 \u2013 9.355 \u2013 \u2013
WWOP 12.923 \u2013 8.458 11.565 13.224 \u2212
WSOP 10.854 8.684 8.357 10.530 10.356 7.34 4
ADRs ($)
WWOP 101.693 \u2013 - 85.706 106.379 \u2212
WSOP 72.228 52.600 53.270 71.674 67.910 48.950
1 January
2021 Granted Exercised Forfeited
Outstanding
31 December
2021
Exercisable
31 December
2021
Ordinary shares (\u00a3)
WPP 9.355 \u2013 \u2013 \u2013 9.355 9.355
WWOP 12.631 \u2013 7. 3 0 4 11.803 12.923 8.458
WSOP 10.596 11.065 8.372 10.116 10.854 9.322
ADRs ($)
WWOP 98.509 \u2013 49.313 89.225 101.693 67. 490
WSOP 70.363 73.780 53.248 66.257 72.228 61.479
OPTIONS OVER ORDINARY SHARES
Outstanding
Range of
exercise prices
\u00a3
Weighted
average
exercise price
\u00a3
Weighted
average
contractual life
Months
7.3 4 4-17.055 10.534 84
OPTIONS OVER ADRs
Outstanding
Range of
exercise prices
$
Weighted
average
exercise price
$
Weighted
average
contractual life
Months
48.950-115.940 71.275 82
As at 31 December 2022 there was \u00a311.1 million (2021: \u00a310.2 million) of total
unrecognised compensation costs related to share options. The cost is
expected to be recognised over a weighted average period of 20 months
(2021: 21 months).
Share options are satisfied out of newly issued shares.
The weighted average fair value of options granted in the year calculated
using the Black-Scholes model was as follows:
2022 2021 2020
Fair value of UK options (shares) 17 7.0p 220.0p 128.0p
Fair value of US options (ADRs) $11.48 $14.89 $8.95
Weighted average assumptions
UK risk-free interest rate 2.92% 0.63% -0.02%
US risk-free interest rate 4.09% 1.16% 0.31%
Expected life (months) 48 48 48
Expected volatility 32% 34% 34%
Dividend yield 3.9% 3.4% 4.2%
Options are issued at an exercise price equal to market value on the date
of grant.
The average share price of the Group for the year ended 31 December 2022
was \u00a39.13 (2021: \u00a39.64, 2020: \u00a36.96) and the average ADR price for the same
period was $56.80 (2021: $66.44, 2020: $44.56). The average share price of the
Group for year ended 31 December 2022 approximates the weighted average
share price during the periods of exercise throughout the year.
Expected volatility is sourced from external market data and represents the
historical volatility in the Company\u2019s share price over a period equivalent to
the expected option life.
Expected life is based on a review of historical exercise behaviour in the context
of the contractual terms of the options, as described in more detail below.
28. OTHER RESERVES Other reserves comprise the following: Capital redemption reserve \u00a3m Equity reserve \u00a3m Hedging reserve \u00a3m Translation reserve \u00a3m Total other reserves \u00a3m Balance at 1 January 2021 6.4 (122.3) (5.9) 313.0 191.2 Reclassification between Hedging reserve and Translation reserve 1 \u2013 \u2013 5.9 (5.9) \u2013 Re-presented balance at 1 January 2021 6.4 (122.3) \u2013 307.1 191.2 Foreign exchange differences on translation of foreign operations 1 \u2013 \u2013 \u2013 (132.7) (132.7) Gain on net investment hedges \u2013 \u2013 \u2013 45.5 45.5 Cash flow hedges: 1 Fair value loss arising on hedging instruments \u2013 \u2013 (38.0) \u2013 (38.0 Less: gain reclassified to profit or loss \u2013 \u2013 38.0 \u2013 38.0 Share of other comprehensive income of associate undertakings \u2013 \u2013 \u2013 7.3 7. 3 Share cancellations 7.2 \u2013 \u2013 \u2013 7.2 Recognition/derecognition of liabilities in respect of put options \u2013 (242.7) \u2013 \u2013 (242.7) Share purchases \u2013 close period commitments \u2013 (211.7) \u2013 \u2013 (211.7 Balance at 31 December 2021 13.6 (576.7) \u2013 227.2 (335.9 Foreign exchange differences on translation of foreign operations \u2013 \u2013 \u2013 409.0 409.0 Loss on net investment hedges \u2013 \u2013 \u2013 (141.5) (141.5) Cash flow hedges: Fair value gain arising on hedging instruments \u2013 \u2013 38.5 \u2013 38.5 Less: loss reclassified to profit or loss \u2013 \u2013 (38.5) \u2013 (38.5) Share of other comprehensive income of associate undertakings \u2013 \u2013 \u2013 31.9 31.9 Share cancellations 8.3 \u2013 \u2013 \u2013 8.3 Recognition/derecognition of liabilities in respect of put options \u2013 101.7 \u2013 \u2013 101.7 Share purchases \u2013 close period commitments \u2013 211.7 \u2013 \u2013 211.7 Balance at 31 December 2022 21.9 (263.3) \u2013 526.6 285.2 Note 1 Balances for the year ended 31 December 2021 and 31 December 2020 have been re-presented following a reclassification between the hedging reserve and translation reserve of \u00a338.0 million and \u00a35.9 million, respectively The capital redemption reserve relates entirely to share cancellations. The equity reserve primarily relates to the recognition of liabilities in respect of put options agreements entered into by the Group as part of a business combination that allows non-controlling shareholders to sell their shares to the Group in the future. During 2021, the Company entered into an agreement with a third party to conduct share buybacks on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was also recognised as a movement in the equity reserve in the year ended 31 December 2021. After the close period ended on 18 February 2022, the liability was settled and the amount in other reserves was reclassified to retained earnings. The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedges less amounts reclassified to profit or loss. The translation reserve contains the accumulated gains/(losses) on currency translation of foreign operations arising on consolidation. The translation reserve comprises: 2022 \u00a3m 2021 \u00a3m Balance relating to continuing net investment hedges (143.8) (2.3 Balance relating to discontinued net investment hedges (85.0) (85.0 Balance related to foreign exchange differences on translation of foreign operations 1 755.4 314.5 526.6 227.2 Note 1 Balances for the year ended 31 December 2021 and 31 December 2020 have been re-presented following a reclassification between the hedging reserve and translation reserve of \u00a338.0 million and \u00a35.9 million, respectively TERMS OF SHARE OPTION PLANS In 2015, the Group introduced the Share Option Plan 2015 to replace both the \"all-employee\" Worldwide Share Ownership Plan and the discretionary Executive Stock Option Plan. Two kinds of options over ordinary shares can be granted, both with a market value exercise price. Firstly, options can be granted to employees who have worked at a company owned by WPP plc for at least two years which are not subject to performance conditions. Secondly, options may be granted on a discretionary basis subject to the satisfaction of performance conditions. The Worldwide Share Ownership Programme was open for participation to employees with at least two years\u2019 employment in the Group. It was not available to those participating in other share-based incentive programmes or to Executive Directors. The vesting period for each grant is three years and there are no performance conditions other than continued employment with the Group. The Executive Stock Option Plan has historically been open for participation to WPP Group Leaders, Partners and High Potential Group. It is not currently offered to Parent Company Executive Directors. The vesting period is three years and performance conditions include achievement of various TSR (Total Shareholder Return) and EPS (Earnings Per Share) objectives, as well as continued employment. The terms of these stock options are such that if, after nine years and eight months, the performance conditions have not been met, the stock option will vest automatically. The Group grants stock options with a life of ten years, including the vesting period. 29. ACQUISITIONS The Group accounts for acquisitions in accordance with IFRS 3 Business Combinations. IFRS 3 requires the acquiree\u2019s identifiable assets, liabilities and contingent liabilities (other than non-current assets or disposal groups held for sale) to be recognised at fair value at acquisition date. In assessing fair value at acquisition date, management make their best estimate of the likely outcome where the fair value of an asset or liability may be contingent on a future event. In certain instances, the underlying transaction giving rise to an estimate may not be resolved until some years after the acquisition date. IFRS 3 requires the release to profit of any acquisition reserves which subsequently become excess in the same way as any excess costs over those provided at acquisition date are charged to profit. At each period end management assess provisions and other balances established in respect of acquisitions for their continued probability of occurrence and amend the relevant value accordingly through the consolidated income statement or as an adjustment to goodwill as appropriate under IFRS 3. The Group acquired a number of subsidiaries in the year. The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group. The fair value adjustments for certain acquisitions have been determined provisionally at the balance sheet date. Book value at acquisition \u00a3m Fair value adjustments \u00a3m Fair value to Group \u00a3m Intangible assets 1.2 46.5 47.7 Property, plant and equipment 1.3 \u2013 1.3 Cash and cash equivalents 38.8 \u2013 38.8 Trade receivables due within one year 2 7.0 \u2013 27.0 Other current assets 13.1 1.1 14.2 Total assets 81.4 47.6 129.0 Current liabilities (49.4) (5.3) (54.7) Trade and other payables due after one year (10.3) (27.3) (37.6) Deferred tax liabilities (0.1) (12.4) (12.5) Long-term lease liabilities (0.1) \u2013 (0.1) Provisions (0.1) (1.2) (1.3) Total liabilities (60.0) (46.2) (106.2) Net assets 21.4 1.4 22.8 Non-controlling interests (2.1) Fair value of equity stake in associate undertakings before acquisition of controlling interest (9.0) Goodwill 249.3 Consideration 261.0 Consideration satisfied by: Cash 218.3 Payments due to vendors 42.7 Goodwill arising from acquisitions represents the value of synergies with our existing portfolio of businesses and skilled staff to deliver services to our clients. Goodwill that is expected to be deductible for tax purposes is \u00a342.7 million. Non-controlling interests in acquired companies are measured at the non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net assets. There continues to be no subsidiaries with non-controlling interests that are individually material to the Group. The contribution to revenue and operating profit of acquisitions completed in the year was not material. There were no material acquisitions completed between 31 December 2022 and the date the financial statements have been authorised for issue. 30. RELATED PARTY TRANSACTIONS The Group enters into transactions with its associate undertakings. The Group has continuing transactions with Kantar, including sales, purchases, the provision of IT services, subleases and property related items. In the year ended 31 December 2022, revenue of \u00a388.3 million (2021: \u00a3117.2 million) was reported in relation to Compas, an associate in the USA, and revenue of \u00a342.7 million (2021: \u00a311.3 million) was reported in relation to Kantar. All other transactions in the years presented were immaterial. The following amounts were outstanding at 31 December: 2022 \u00a3m 2021 \u00a3m Amounts owed by related parties Kantar 26.1 30.3 Other 62.4 45.7 88.5 76.0 Amounts owed to related parties Kantar (10.5) (6.2) Other (65.2) (51.4) (75.7) (57.6) 31. EVENTS AFTER THE REPORTING PERIOD There are no material events after the reporting period that require an adjustment or a disclosure within the financial statements .", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-669": { "value": "ACCOUNTING POLICIES The consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) as they apply to the financial statements of the Group for the year ended 31 December 2022. BASIS OF PREPARATION The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of certain financial instruments. The financial statements have been prepared using the going concern basis of accounting. The principal accounting policies are set out below. BASIS OF CONSOLIDATION The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal. NEW IFRS ACCOUNTING PRONOUNCEMENTS The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments from 1 January 2022. The IFRS 9 hedge accounting requirements are applied prospectively, and all hedge arrangements in place at the point of transition are regarded as continuing hedging relationships under IFRS 9. Accordingly, prior year financial information is not required to be restated and remains as reported under IAS 39. Management has elected not to take the 'cost of hedging' approach, and instead the currency basis risk has been designated in the hedge relationships. There has been no significant impact on the financial statements as a result of the adoption of the hedge accounting requirements of IFRS 9, both at the point of transition and in the year ended 31 December 2022. The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2013 Annual Improvements to IFRS Standards 2018-2020 \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The amendments listed above did not have any impact on the amounts recognised in prior periods, did not have a significant impact on the amounts recognised in the current period, and are not expected to significantly affect the future periods. At the date of authorisation of these financial statements, there were a number of standards or amendments to standards, which have not been applied in these financial statements, that were in issue but not yet effective. The Group does not consider that any of these standards or amendments to standards in issue but not yet effective will have a significant impact on the financial statements. GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise goodwill, certain acquired separable corporate brand names, acquired customer relationships, acquired proprietary tools and capitalised computer software not integral to a related item of hardware. Goodwill represents the excess of fair value attributed to investments in businesses or subsidiary undertakings over the fair value of the underlying net assets, including intangible assets, at the date of their acquisition. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, defined as the higher of fair value less costs of disposal and value in use. The net present value of future cash flows, to determine value in use, is derived from the underlying assets using a projection period of up to five years for each cash-generating unit. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any impairment is recognised immediately as an expense and is not subsequently reversed. Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Certain corporate brands of the Group are considered to have an indefinite economic life because of the institutional nature of the corporate brand names, their proven ability to maintain market leadership and profitable operations over long periods of time and the Group\u2019s commitment to develop and enhance their value. The carrying value of these intangible assets is reviewed at least annually for impairment and adjusted to the recoverable amount if required. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows: \u2013 brand names (with finite lives) \u2013 10-20 years \u2013 customer-related intangibles \u2013 3-10 years \u2013 other proprietary tools \u2013 3-10 years \u2013 other (including capitalised computer software) \u2013 3-5 years C ONTINGENT CONSIDERATION Contingent consideration is accounted for in accordance with IFRS 3 Business Combinations. Contingent consideration only applies to situations where contingent payments are not dependent on future employment of vendors and any such payments are expensed when they relate to future employment. Future anticipated payments to vendors in respect of contingent consideration (earnout agreements) are initially recorded at fair value which is the present value of the expected cash outflows of the obligations. The obligations are dependent on the future financial performance of the interests acquired (typically over a four- to five-year period following the year of acquisition) and assume the operating companies improve profits in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. Subsequent adjustments to the fair value are recorded in the consolidated income statement within revaluation and retranslation of financial instruments. The effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date are accounted for as revisions to goodwill, as permitted by IFRS 3 Business Combinations. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are shown at cost less accumulated depreciation and any provision for impairment with the exception of freehold land which is not depreciated. The Group assesses the carrying value of its property, plant and equipment to determine if any impairment has occurred. Where this indicates that an asset may be impaired, the Group applies the requirements of IAS 36 Impairment of Assets in assessing the carrying amount of the asset. This process includes comparing its recoverable amount with its carrying value, where the recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life, as follows: \u2013 freehold buildings \u2013 50 years \u2013 leasehold land and buildings \u2013 over the term of the lease or life of the asset, if shorter \u2013 fixtures, fittings and equipment \u2013 3-10 years \u2013 computer equipment \u2013 3-5 years INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. OTHER INVESTMENTS Certain equity investments are designated as either fair value through other comprehensive income or fair value through profit or loss. Movements in fair value through profit or loss are recorded in the consolidated income statement within revaluation and retranslation of financial instruments. The Group generally elects to classify equity investments as fair value through other comprehensive income where the Group forms a strategic partnership with the investee. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, where certain conditions are met, an asset or disposal group that is for sale is recognised as \"held for sale\". The Group has classified a 'disposal group' as held for sale if the carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. Such assets are measured at the lower of carrying amount and fair value less costs for disposal, and are not depreciated or amortised, excluding certain assets that are carried at fair value under IFRS 5. Furthermore, when an associate is classified as held for sale, equity accounting ceases. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The profit or loss from a discontinued operation is shown as a single amount on the face of the income statement and the comparatives and related notes restated accordingly. This represents total post-tax profit of the disposal group for the whole of the financial year including any post-tax gain or loss on the measurement of fair value less costs of disposal, as well as the post-tax loss on sale of the disposal group. Assets and liabilities classified as held for sale are shown as a separate line on the balance sheet. ACCRUED AND DEFERRED INCOME Accrued income is a contract asset, within the scope of IFRS 9 Financial Instruments, and is recognised when a performance obligation has been satisfied but has not yet been billed. Contract assets are transferred to receivables once the right to consideration becomes unconditional and billed per the terms of the contractual agreement. In certain cases, payments are received from customers or amounts are billed with an unconditional right to receive consideration prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are typically related to prepayments for third-party expenses that are incurred shortly after billing. TRADE RECEIVABLES AND WORK IN PROGRESS Trade receivables are stated net of loss allowances. Work in progress includes outlays incurred on behalf of clients, including production costs, and other third-party costs that have not yet been billed and are considered receivables under IFRS 15 Revenue from Contracts with Customers. EXPECTED CREDIT LOSSES The Group has applied the simplified approach to measuring expected credit losses, as permitted by IFRS 9 Financial Instruments. This has been applied to trade receivables, contract assets and lease receivables. Under this approach, the Group utilises a provision matrix based on the age of the trade receivables and historical loss rates to determine the expected credit losses. The Group also considers forward-looking information. Therefore, the Group does not track changes in credit risk, but recognises a loss allowance based on the financial asset's lifetime expected credit loss. For all other assets, the general approach has been applied and a loss allowance for 12-month expected credit losses is recognised. Under IFRS 9, the expected credit losses are measured as the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. Given the short-term nature of the Group\u2019s trade receivables, work in progress and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. The Group considers that the credit risk increased significantly since initial recognition when the credit rating changes, the debtor has significant financial difficulty or if there was a breach of contract. For balances that are beyond 180 days overdue it is presumed to be an indicator of a significant increase in credit risk. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Receivables written off are still subject to enforcement activity and pursued by the Group. Further details on expected credit losses are provided in note 18. FOREIGN CURRENCY AND INTEREST RATE HEDGING The Group\u2019s policy on interest rate and foreign exchange rate management sets out the instruments and methods available to hedge interest and currency risk exposures and the control procedures in place to ensure effectiveness. The Group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the fair values or cash flows of hedged items. Furthermore the Group documents its risk management objectives and its strategy for undertaking various hedge transactions. Note 26 contains details of the fair values of the derivative instruments used for hedging purposes. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow or net investment hedges is recognised in other comprehensive income and deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts deferred in equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss for the period. Derivatives embedded in other financial liabilities or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the consolidated income statement. LIABILITIES IN RESPECT OF OPTION AGREEMENTS Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are treated as derivatives over the Group's own equity instruments and are recorded in the consolidated balance sheet initially at the present value of the redemption amount in accordance with IAS 32 Financial Instruments: Presentation and subsequently, the financial liability is measured in accordance with IFRS 9 Financial Instruments. On initial recognition, the corresponding amount is recognised against the equity reserve, which is subsequently reversed on derecognition, either through exercise or non-exercise of the option agreement. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be required to pay are recognised in profit or loss within revaluation and retranslation of financial instruments in the consolidated income statement. DERECOGNITION OF FINANCIAL LIABILITIES In accordance with IFRS 9 Financial Instruments, a financial liability of the Group is only removed from the statement of financial position when the underlying legal obligation is extinguished. DEBT Interest-bearing debt is recorded at the proceeds received, net of direct issue costs. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and in hand and short-term highly liquid investments which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value, including bank deposits and money market funds. The Group's overdrafts are included in cash and cash equivalents where they are repayable on demand, are components of the Group's centralised treasury strategy employed across the Group and form an integral part of the Group's cash management, in accordance with IAS 7 Statement of Cash Flows. BORROWING COSTS Finance costs of borrowing are recognised in the consolidated income statement over the term of those borrowings. REVENUE RECOGNITION The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services. Contracts often involve multiple agencies offering different services in different countries. As such, the terms of local, regional and global contracts can vary to meet client needs and regulatory requirements. Consistent with the industry, contracts are typically short-term in nature and tend to be cancellable by either party with 90 days' notice. The Group is generally entitled to payment for work performed to date. The Group is generally paid in arrears for its services. Invoices are typically payable within 30 to 60 days. Revenue comprises commissions and fees earned in respect of amounts billed and is stated exclusive of VAT, sales taxes and trade discounts. Pass-through costs comprise fees paid to external suppliers when they are engaged to perform part or all of a specific project and are charged directly to clients, predominantly media costs. As the contracts are generally short-term in nature, the Group has applied the practical expedient permitted by IFRS 15 to expense costs to obtain a contract as incurred, where applicable. In most instances, promised services in a contract are not considered distinct or represent a series of services that are substantially the same with the same pattern of transfer to the customer and, as such, are accounted for as a single performance obligation. However, where there are contracts with services that are capable of being distinct, are distinct within the context of the contract, and are accounted for as separate performance obligations, revenue is allocated to each of the performance obligations based on relative stand-alone selling prices. Revenue is recognised when a performance obligation is satisfied, in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over time as services are rendered. Revenue recognised over time is based on the proportion of the level of service performed. Either an input method or an output method, depending on the particular arrangement, is used to measure progress for each performance obligation. For most fee arrangements, costs incurred are used as an objective input measure of performance. The primary input of substantially all work performed under these arrangements is labour. There is normally a direct relationship between costs incurred and the proportion of the contract performed to date. In other circumstances relevant output measures, such as the achievement of any project milestones stipulated in the contract, are used to assess proportional performance. For our retainer arrangements, we have a stand-ready obligation to perform services on an ongoing basis over the life of the contract. The scope of these arrangements is broad and generally not reconcilable to another input or output criteria. In these instances, revenue is recognised using a time-based method resulting in straight-line revenue recognition. The amount of revenue recognised depends on whether we act as an agent or as a principal. Certain arrangements with our clients are such that our responsibility is to arrange for a third party to provide a specified good or service to the client. In these cases we are acting as an agent as we do not control the relevant good or service before it is transferred to the client. When we act as an agent, the revenue recorded is the net amount retained. Costs incurred with external suppliers (such as production costs and media suppliers) are excluded from revenue and recorded as work in progress until billed. The Group acts as principal when we control the specified good or service prior to transfer. When the Group acts as a principal (such as when supplying in-house production services, events and branding), the revenue recorded is the gross amount billed. Billings related to out-of-pocket costs such as travel are also recognised at the gross amount billed with a corresponding amount recorded as an expense. Further details on revenue recognition are detailed by sector below. GLOBAL INTEGRATED AGENCIES Revenue is typically derived from integrated product offerings including media placements and creative services. Revenue may consist of various arrangements involving commissions, fees, incentive-based revenue or a combination of the three, as agreed upon with each client. Revenue for commissions on purchased media is typically recognised at the point in time the media is run. The Group receives volume rebates from certain suppliers for transactions entered into on behalf of clients that, based on the terms of the relevant contracts and local law, are either remitted to clients or retained by the Group. If amounts are passed on to clients they are recorded as liabilities until settled or, if retained by the Group, are recorded as revenue when earned. Variable incentive-based revenue typically comprises both quantitative and qualitative elements. Incentive compensation is estimated using the most likely amount and is included in revenue up to the amount that is highly probable not to result in a significant reversal of cumulative revenue recognised. The Group recognises incentive revenue as the related performance obligation is satisfied. PUBLIC RELATIONS AND SPECIALIST AGENCIES Revenue for these services is typically derived from retainer fees and fees for services to be performed subject to specific agreement. Most revenue under these arrangements is earned over time, in accordance with the terms of the contractual arrangement. DISCONTINUED OPERATIONS (DATA INVESTMENT MANAGEMENT) Revenue for market research services is typically recognised over time based on input measures. For certain performance obligations, output measures such as the percentage of interviews completed, percentage of reports delivered to a client and the achievement of any project milestones stipulated in the contract are used to measure progress. While most of the studies provided in connection with the Group\u2019s market research contracts are undertaken in response to an individual client\u2019s or group of clients\u2019 specifications, in certain instances a study may be developed as an off-the-shelf product offering sold to a broad client base. For these transactions, revenue is recognised when the product is delivered. When the terms of the transaction provide for licensing the right to access a product on a subscription basis, revenue is recognised over the subscription period, typically on a straight-line basis. TAXATION Corporate taxes are payable on taxable profits at current rates. The tax expense represents the sum of the tax currently payable and deferred tax. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and able to be estimated, liabilities are classified as current. Any interest and penalties accrued are included in corporate income taxes both in the consolidated income statement and balance sheet. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. The tax laws that apply to the Group\u2019s subsidiaries may be amended by the relevant tax authorities. Such potential amendments are regularly monitored and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets and liabilities where necessary. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also recognised within other comprehensive income or equity. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised, which can require the use of accounting estimation and the exercise of judgement. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on enacted or substantively enacted legislation. Depreciation is recognised in both costs of services and general and administrative costs and interest expense is recognised under finance costs in the consolidated income statement. The Group has elected to use the exemption not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets (under $5,000). The payments associated with these leases are recognised as cost of services and general and administrative costs within the consolidated income statement on a straight-line basis over the lease term. The Group assesses at the reporting date whether there are any indicators of impairment and performs an impairment test when an impairment indicator exists. The Group tests a right-of use asset as a stand-alone asset for impairment when it either meets the definition of investment property which generates independent cash flows or it is vacant with minimal to no continued utility for the Group. When a right-of-use asset is tested as a stand-alone asset, an impairment loss is recognised when the carrying amount of the right-of-use asset exceeds its recoverable amount. The recoverable amount of a right-of-use asset is estimated mainly based on the present value of the estimated sublease income, discounted using the property yield rates. The property held by the Group as right-of-use assets to earn rentals is classified as investment property. The Group measures its investment property applying the cost model. TRANSLATION OF FOREIGN CURRENCIES Foreign currency transactions arising from normal trading activities are recorded at the rates in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end are translated at the year-end exchange rate. Foreign currency gains and losses are credited or charged to the consolidated income statement as they arise. The income statements of foreign subsidiary undertakings are translated into pounds sterling at average exchange rates and the year-end net assets of these companies are translated at year-end exchange rates. Exchange differences arising from retranslation of the opening net assets and on foreign currency borrowings (to the extent that they hedge the Group\u2019s investment in such operations) are reported in the consolidated statement of comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. HYPERINFLATION IN ARGENTINA AND TURKEY During 2022, 2021 and 2020, Argentina was designated as a hyperinflationary economy. In 2022, Turkey was designated as a hyperinflationary economy. The financial statements of the Group\u2019s subsidiaries in Argentina and Turkey have been adjusted for the effects of inflation in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies. IAS 29 requires that the income statement is adjusted for inflation in the period and translated at the year-end foreign exchange rate and that non-monetary assets and liabilities on the balance sheet are restated to reflect the change in purchasing power caused by inflation from the date of initial recognition. In 2022, this resulted in an increase in goodwill of \u00a382.6 million (2021: \u00a323.9 million, 2020: \u00a322.6 million), an increase in other intangibles of \u00a316.3 million (2021: \u00a37.6 million, 2020: \u00a35.3 million), and an increase in property, plant and equipment of \u00a341.5 million (2021: \u00a320.3 million, 2020: \u00a319.3 million). A consumer price index (CPI) of 1,134.6 was used at 31 December 2022 (2021: 582.5, 2020: 385.9) for Argentina. For Turkey, a CPI of 1,128.5 was used at 31 December 2022. The impact on other non-monetary assets and liabilities and the impact on the Group\u2019s income statement in the year were immaterial. RETIREMENT BENEFIT COSTS The Group accounts for retirement benefit costs in accordance with IAS 19 Employee Benefits. For defined contribution plans, contributions are charged to the consolidated income statement as payable in respect of the accounting period. For defined benefit plans the amounts charged to operating profit are the current service costs, past service costs, administrative expenses and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the consolidated income statement when the related plan amendment occurs. Net interest expense is calculated by applying the discount rate to the recognised overall surplus or deficit in the plan. Actuarial gains and losses are recognised immediately in other comprehensive income. Where defined benefit plans are funded, the assets of the plan are held separately from those of the Group, in separate independently managed funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. Recognition of a surplus in a defined benefit plan is limited based on the economic gain the Group is expected to benefit from in the future by means of a refund or reduction in future contributions to the plan, in accordance with IAS 19. PROVISIONS FOR LIABILITIES AND CHARGES Provisions comprise liabilities where there is uncertainty about the timing of settlement, but where a reliable estimate can be made of the amount. These include provisions for other property-related liabilities such as onerous contracts and dilapidations. Also included are other provisions, primarily long-term employee benefits such as deferred compensation plans, and legal claims, where the likelihood of settlement is considered probable. LEASES The Group leases most of its offices in cities where it operates. Other lease contracts include office equipment and motor vehicles. At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated over the term of the lease using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of lease liabilities comprise fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate as at the commencement date. Lease modifications result in remeasurement of the lease liability. SHARE-BASED PAYMENTS The Group issues equity-settled share-based payments (including share options) to certain employees and accounts for these awards in accordance with IFRS 2 Share-Based Payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. Details regarding the fair value of equity settled share-based transactions are set out in notes 23 and 27. The fair value determined at the grant date is recognised in the consolidated income statement as an expense on a straight-line basis over the relevant vesting period, based on the Group\u2019s estimate of the number of shares that will ultimately vest and adjusted for the effect of non-market-based vesting conditions. GOVERNMENT SUPPORT In reaction to the Covid-19 pandemic, certain governments have introduced measures to assist companies. A reduction to operating costs is recorded in relation to government subsidies/schemes where these amounts will never have to be repaid. Further details of such amounts are included in note 3. In other cases, this involves the deferral of certain tax payments in order to stimulate the economy. The deferral of payments does not impact the income statement and these are charged as normal in the period they are incurred. NON-CONTROLLING INTERESTS Non-controlling interests in acquired companies are measured at the non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net assets. The acquisition of a non-controlling interest in a subsidiary, and the sale of an interest while retaining control, is accounted for within equity, and the cash cost of such purchases is included within \"financing activities\" in the cash flow statement. CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY IN APPLYING ACCOUNTING POLICIES Management is required to make key decisions and judgements whilst acknowledging there is estimation uncertainty in the process of applying the Group\u2019s accounting policies. These estimates and judgements are reviewed on an ongoing basis. Where judgement has been applied or estimation uncertainty exists, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements. The most significant area of estimation uncertainty is: \u2013 Goodwill: the discounted cash flow methodology employed by the Group when testing for goodwill impairment requires estimates regarding operating margins and discount rates. Further details of the methodology, discount rates and estimates used in relation to the goodwill impairment, and sensitivities to these estimates are set out in note 14 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-670": { "value": "BASIS OF PREPARATION The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of certain financial instruments. The financial statements have been prepared using the going concern basis of accounting. The principal accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-729": { "value": "The financial statements have been prepared using the going concern basis of accounting. The principal accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-671": { "value": "BASIS OF CONSOLIDATION The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-672": { "value": "NEW IFRS ACCOUNTING PRONOUNCEMENTS The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments from 1 January 2022. The IFRS 9 hedge accounting requirements are applied prospectively, and all hedge arrangements in place at the point of transition are regarded as continuing hedging relationships under IFRS 9. Accordingly, prior year financial information is not required to be restated and remains as reported under IAS 39. Management has elected not to take the 'cost of hedging' approach, and instead the currency basis risk has been designated in the hedge relationships. There has been no significant impact on the financial statements as a result of the adoption of the hedge accounting requirements of IFRS 9, both at the point of transition and in the year ended 31 December 2022. The Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2013 Annual Improvements to IFRS Standards 2018-2020 \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 The amendments listed above did not have any impact on the amounts recognised in prior periods, did not have a significant impact on the amounts recognised in the current period, and are not expected to significantly affect the future periods. At the date of authorisation of these financial statements, there were a number of standards or amendments to standards, which have not been applied in these financial statements, that were in issue but not yet effective. The Group does not consider that any of these standards or amendments to standards in issue but not yet effective will have a significant impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-673": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise goodwill, certain acquired separable corporate brand names, acquired customer relationships, acquired proprietary tools and capitalised computer software not integral to a related item of hardware. Goodwill represents the excess of fair value attributed to investments in businesses or subsidiary undertakings over the fair value of the underlying net assets, including intangible assets, at the date of their acquisition. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, defined as the higher of fair value less costs of disposal and value in use. The net present value of future cash flows, to determine value in use, is derived from the underlying assets using a projection period of up to five years for each cash-generating unit. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any impairment is recognised immediately as an expense and is not subsequently reversed. Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Certain corporate brands of the Group are considered to have an indefinite economic life because of the institutional nature of the corporate brand names, their proven ability to maintain market leadership and profitable operations over long periods of time and the Group\u2019s commitment to develop and enhance their value. The carrying value of these intangible assets is reviewed at least annually for impairment and adjusted to the recoverable amount if required. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows: \u2013 brand names (with finite lives) \u2013 10-20 years \u2013 customer-related intangibles \u2013 3-10 years \u2013 other proprietary tools \u2013 3-10 years \u2013 other (including capitalised computer software) \u2013 3-5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-728": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise goodwill, certain acquired separable corporate brand names, acquired customer relationships, acquired proprietary tools and capitalised computer software not integral to a related item of hardware. Goodwill represents the excess of fair value attributed to investments in businesses or subsidiary undertakings over the fair value of the underlying net assets, including intangible assets, at the date of their acquisition. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, defined as the higher of fair value less costs of disposal and value in use. The net present value of future cash flows, to determine value in use, is derived from the underlying assets using a projection period of up to five years for each cash-generating unit. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-751": { "value": "Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. Certain corporate brands of the Group are considered to have an indefinite economic life because of the institutional nature of the corporate brand names, their proven ability to maintain market leadership and profitable operations over long periods of time and the Group\u2019s commitment to develop and enhance their value. The carrying value of these intangible assets is reviewed at least annually for impairment and adjusted to the recoverable amount if required. Amortisation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows: \u2013 brand names (with finite lives) \u2013 10-20 years \u2013 customer-related intangibles \u2013 3-10 years \u2013 other proprietary tools \u2013 3-10 years \u2013 other (including capitalised computer software) \u2013 3-5 years C ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-674": { "value": "C ONTINGENT CONSIDERATION Contingent consideration is accounted for in accordance with IFRS 3 Business Combinations. Contingent consideration only applies to situations where contingent payments are not dependent on future employment of vendors and any such payments are expensed when they relate to future employment. Future anticipated payments to vendors in respect of contingent consideration (earnout agreements) are initially recorded at fair value which is the present value of the expected cash outflows of the obligations. The obligations are dependent on the future financial performance of the interests acquired (typically over a four- to five-year period following the year of acquisition) and assume the operating companies improve profits in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. Subsequent adjustments to the fair value are recorded in the consolidated income statement within revaluation and retranslation of financial instruments. The effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date are accounted for as revisions to goodwill, as permitted by IFRS 3 Business Combinations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-732": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are shown at cost less accumulated depreciation and any provision for impairment with the exception of freehold land which is not depreciated. The Group assesses the carrying value of its property, plant and equipment to determine if any impairment has occurred. Where this indicates that an asset may be impaired, the Group applies the requirements of IAS 36 Impairment of Assets in assessing the carrying amount of the asset. This process includes comparing its recoverable amount with its carrying value, where the recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life, as follows: \u2013 freehold buildings \u2013 50 years \u2013 leasehold land and buildings \u2013 over the term of the lease or life of the asset, if shorter \u2013 fixtures, fittings and equipment \u2013 3-10 years \u2013 computer equipment \u2013 3-5 years ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForUsefulLifeOfPropertyPlantAndEquipment", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-680": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are shown at cost less accumulated depreciation and any provision for impairment with the exception of freehold land which is not depreciated. The Group assesses the carrying value of its property, plant and equipment to determine if any impairment has occurred. Where this indicates that an asset may be impaired, the Group applies the requirements of IAS 36 Impairment of Assets in assessing the carrying amount of the asset. This process includes comparing its recoverable amount with its carrying value, where the recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life, as follows: \u2013 freehold buildings \u2013 50 years \u2013 leasehold land and buildings \u2013 over the term of the lease or life of the asset, if shorter \u2013 fixtures, fittings and equipment \u2013 3-10 years \u2013 computer equipment \u2013 3-5 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-681": { "value": "INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-752": { "value": "INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-730": { "value": "INTERESTS IN ASSOCIATES AND JOINT VENTURES An associate is an entity over which the Group has significant influence. In certain circumstances, significant influence may be represented by factors other than ownership and voting rights, such as representation on the Board of Directors. The Group\u2019s share of the profits less losses of associate undertakings net of tax, interest and non-controlling interests is included in the consolidated income statement and the Group\u2019s share of net assets is shown within interests in associates and joint ventures in the consolidated balance sheet. The Group\u2019s share of the profits less losses and net assets is based on current information produced by the undertakings, adjusted to conform with the accounting policies of the Group. The Group assesses the carrying value of its associate undertakings to determine if any impairment has occurred. Where this indicates that an investment may be impaired, the Group applies the requirements of IAS 36 in assessing the carrying amount of the investment. This process includes comparing its recoverable amount with its carrying value. The recoverable amount is defined as the higher of fair value less costs of disposal and value in use. The Group accounts for joint venture investments under the equity method which is consistent with the Group\u2019s treatment of associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-675": { "value": "OTHER INVESTMENTS Certain equity investments are designated as either fair value through other comprehensive income or fair value through profit or loss. Movements in fair value through profit or loss are recorded in the consolidated income statement within revaluation and retranslation of financial instruments. The Group generally elects to classify equity investments as fair value through other comprehensive income where the Group forms a strategic partnership with the investee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-753": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, where certain conditions are met, an asset or disposal group that is for sale is recognised as \"held for sale\". The Group has classified a 'disposal group' as held for sale if the carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. Such assets are measured at the lower of carrying amount and fair value less costs for disposal, and are not depreciated or amortised, excluding certain assets that are carried at fair value under IFRS 5. Furthermore, when an associate is classified as held for sale, equity accounting ceases. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The profit or loss from a discontinued operation is shown as a single amount on the face of the income statement and the comparatives and related notes restated accordingly. This represents total post-tax profit of the disposal group for the whole of the financial year including any post-tax gain or loss on the measurement of fair value less costs of disposal, as well as the post-tax loss on sale of the disposal group. Assets and liabilities classified as held for sale are shown as a separate line on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-731": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, where certain conditions are met, an asset or disposal group that is for sale is recognised as \"held for sale\". The Group has classified a 'disposal group' as held for sale if the carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. Such assets are measured at the lower of carrying amount and fair value less costs for disposal, and are not depreciated or amortised, excluding certain assets that are carried at fair value under IFRS 5. Furthermore, when an associate is classified as held for sale, equity accounting ceases. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The profit or loss from a discontinued operation is shown as a single amount on the face of the income statement and the comparatives and related notes restated accordingly. This represents total post-tax profit of the disposal group for the whole of the financial year including any post-tax gain or loss on the measurement of fair value less costs of disposal, as well as the post-tax loss on sale of the disposal group. Assets and liabilities classified as held for sale are shown as a separate line on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-676": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, where certain conditions are met, an asset or disposal group that is for sale is recognised as \"held for sale\". The Group has classified a 'disposal group' as held for sale if the carrying amount will be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. Such assets are measured at the lower of carrying amount and fair value less costs for disposal, and are not depreciated or amortised, excluding certain assets that are carried at fair value under IFRS 5. Furthermore, when an associate is classified as held for sale, equity accounting ceases. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The profit or loss from a discontinued operation is shown as a single amount on the face of the income statement and the comparatives and related notes restated accordingly. This represents total post-tax profit of the disposal group for the whole of the financial year including any post-tax gain or loss on the measurement of fair value less costs of disposal, as well as the post-tax loss on sale of the disposal group. Assets and liabilities classified as held for sale are shown as a separate line on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-677": { "value": "ACCRUED AND DEFERRED INCOME Accrued income is a contract asset, within the scope of IFRS 9 Financial Instruments, and is recognised when a performance obligation has been satisfied but has not yet been billed. Contract assets are transferred to receivables once the right to consideration becomes unconditional and billed per the terms of the contractual agreement. In certain cases, payments are received from customers or amounts are billed with an unconditional right to receive consideration prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are typically related to prepayments for third-party expenses that are incurred shortly after billing. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForAccruedAndDeferredIncome", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-678": { "value": "TRADE RECEIVABLES AND WORK IN PROGRESS Trade receivables are stated net of loss allowances. Work in progress includes outlays incurred on behalf of clients, including production costs, and other third-party costs that have not yet been billed and are considered receivables under IFRS 15 Revenue from Contracts with Customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-679": { "value": "EXPECTED CREDIT LOSSES The Group has applied the simplified approach to measuring expected credit losses, as permitted by IFRS 9 Financial Instruments. This has been applied to trade receivables, contract assets and lease receivables. Under this approach, the Group utilises a provision matrix based on the age of the trade receivables and historical loss rates to determine the expected credit losses. The Group also considers forward-looking information. Therefore, the Group does not track changes in credit risk, but recognises a loss allowance based on the financial asset's lifetime expected credit loss. For all other assets, the general approach has been applied and a loss allowance for 12-month expected credit losses is recognised. Under IFRS 9, the expected credit losses are measured as the difference between the asset\u2019s gross carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate. Given the short-term nature of the Group\u2019s trade receivables, work in progress and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. The Group considers that the credit risk increased significantly since initial recognition when the credit rating changes, the debtor has significant financial difficulty or if there was a breach of contract. For balances that are beyond 180 days overdue it is presumed to be an indicator of a significant increase in credit risk. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. Receivables written off are still subject to enforcement activity and pursued by the Group. Further details on expected credit losses are provided in note 18. ", "dimensions": { "concept": "wppplc:DescriptionOAccountingPolicyForExpectedCreditLosses", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-733": { "value": "FOREIGN CURRENCY AND INTEREST RATE HEDGING The Group\u2019s policy on interest rate and foreign exchange rate management sets out the instruments and methods available to hedge interest and currency risk exposures and the control procedures in place to ensure effectiveness. The Group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the fair values or cash flows of hedged items. Furthermore the Group documents its risk management objectives and its strategy for undertaking various hedge transactions. Note 26 contains details of the fair values of the derivative instruments used for hedging purposes. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow or net investment hedges is recognised in other comprehensive income and deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts deferred in equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss for the period. Derivatives embedded in other financial liabilities or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-682": { "value": "FOREIGN CURRENCY AND INTEREST RATE HEDGING The Group\u2019s policy on interest rate and foreign exchange rate management sets out the instruments and methods available to hedge interest and currency risk exposures and the control procedures in place to ensure effectiveness. The Group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Group does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. At inception of the hedge relationship, the Group documents the relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the fair values or cash flows of hedged items. Furthermore the Group documents its risk management objectives and its strategy for undertaking various hedge transactions. Note 26 contains details of the fair values of the derivative instruments used for hedging purposes. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow or net investment hedges is recognised in other comprehensive income and deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts deferred in equity are recycled in profit or loss in the periods when the hedged item is recognised in profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss for the period. Derivatives embedded in other financial liabilities or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the consolidated income statement. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForForeignCurrencyAndInterestRateHedging", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-683": { "value": "LIABILITIES IN RESPECT OF OPTION AGREEMENTS Option agreements that allow the Group\u2019s equity partners to require the Group to purchase a non-controlling interest are treated as derivatives over the Group's own equity instruments and are recorded in the consolidated balance sheet initially at the present value of the redemption amount in accordance with IAS 32 Financial Instruments: Presentation and subsequently, the financial liability is measured in accordance with IFRS 9 Financial Instruments. On initial recognition, the corresponding amount is recognised against the equity reserve, which is subsequently reversed on derecognition, either through exercise or non-exercise of the option agreement. Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Group could be required to pay are recognised in profit or loss within revaluation and retranslation of financial instruments in the consolidated income statement. ", "dimensions": { "concept": "wppplc:DescriptionPfAccountingPolicyForLiabilitiesInRespectOfOptionAgreements", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-684": { "value": "DERECOGNITION OF FINANCIAL LIABILITIES In accordance with IFRS 9 Financial Instruments, a financial liability of the Group is only removed from the statement of financial position when the underlying legal obligation is extinguished. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-685": { "value": "DEBT Interest-bearing debt is recorded at the proceeds received, net of direct issue costs. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForDebt", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-686": { "value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank and in hand and short-term highly liquid investments which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value, including bank deposits and money market funds. The Group's overdrafts are included in cash and cash equivalents where they are repayable on demand, are components of the Group's centralised treasury strategy employed across the Group and form an integral part of the Group's cash management, in accordance with IAS 7 Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-687": { "value": "BORROWING COSTS Finance costs of borrowing are recognised in the consolidated income statement over the term of those borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-688": { "value": "REVENUE RECOGNITION The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services. Contracts often involve multiple agencies offering different services in different countries. As such, the terms of local, regional and global contracts can vary to meet client needs and regulatory requirements. Consistent with the industry, contracts are typically short-term in nature and tend to be cancellable by either party with 90 days' notice. The Group is generally entitled to payment for work performed to date. The Group is generally paid in arrears for its services. Invoices are typically payable within 30 to 60 days. Revenue comprises commissions and fees earned in respect of amounts billed and is stated exclusive of VAT, sales taxes and trade discounts. Pass-through costs comprise fees paid to external suppliers when they are engaged to perform part or all of a specific project and are charged directly to clients, predominantly media costs. As the contracts are generally short-term in nature, the Group has applied the practical expedient permitted by IFRS 15 to expense costs to obtain a contract as incurred, where applicable. In most instances, promised services in a contract are not considered distinct or represent a series of services that are substantially the same with the same pattern of transfer to the customer and, as such, are accounted for as a single performance obligation. However, where there are contracts with services that are capable of being distinct, are distinct within the context of the contract, and are accounted for as separate performance obligations, revenue is allocated to each of the performance obligations based on relative stand-alone selling prices. Revenue is recognised when a performance obligation is satisfied, in accordance with the terms of the contractual arrangement. Typically, performance obligations are satisfied over time as services are rendered. Revenue recognised over time is based on the proportion of the level of service performed. Either an input method or an output method, depending on the particular arrangement, is used to measure progress for each performance obligation. For most fee arrangements, costs incurred are used as an objective input measure of performance. The primary input of substantially all work performed under these arrangements is labour. There is normally a direct relationship between costs incurred and the proportion of the contract performed to date. In other circumstances relevant output measures, such as the achievement of any project milestones stipulated in the contract, are used to assess proportional performance. For our retainer arrangements, we have a stand-ready obligation to perform services on an ongoing basis over the life of the contract. The scope of these arrangements is broad and generally not reconcilable to another input or output criteria. In these instances, revenue is recognised using a time-based method resulting in straight-line revenue recognition. The amount of revenue recognised depends on whether we act as an agent or as a principal. Certain arrangements with our clients are such that our responsibility is to arrange for a third party to provide a specified good or service to the client. In these cases we are acting as an agent as we do not control the relevant good or service before it is transferred to the client. When we act as an agent, the revenue recorded is the net amount retained. Costs incurred with external suppliers (such as production costs and media suppliers) are excluded from revenue and recorded as work in progress until billed. The Group acts as principal when we control the specified good or service prior to transfer. When the Group acts as a principal (such as when supplying in-house production services, events and branding), the revenue recorded is the gross amount billed. Billings related to out-of-pocket costs such as travel are also recognised at the gross amount billed with a corresponding amount recorded as an expense. Further details on revenue recognition are detailed by sector below. GLOBAL INTEGRATED AGENCIES Revenue is typically derived from integrated product offerings including media placements and creative services. Revenue may consist of various arrangements involving commissions, fees, incentive-based revenue or a combination of the three, as agreed upon with each client. Revenue for commissions on purchased media is typically recognised at the point in time the media is run. The Group receives volume rebates from certain suppliers for transactions entered into on behalf of clients that, based on the terms of the relevant contracts and local law, are either remitted to clients or retained by the Group. If amounts are passed on to clients they are recorded as liabilities until settled or, if retained by the Group, are recorded as revenue when earned. Variable incentive-based revenue typically comprises both quantitative and qualitative elements. Incentive compensation is estimated using the most likely amount and is included in revenue up to the amount that is highly probable not to result in a significant reversal of cumulative revenue recognised. The Group recognises incentive revenue as the related performance obligation is satisfied. PUBLIC RELATIONS AND SPECIALIST AGENCIES Revenue for these services is typically derived from retainer fees and fees for services to be performed subject to specific agreement. Most revenue under these arrangements is earned over time, in accordance with the terms of the contractual arrangement. DISCONTINUED OPERATIONS (DATA INVESTMENT MANAGEMENT) Revenue for market research services is typically recognised over time based on input measures. For certain performance obligations, output measures such as the percentage of interviews completed, percentage of reports delivered to a client and the achievement of any project milestones stipulated in the contract are used to measure progress. While most of the studies provided in connection with the Group\u2019s market research contracts are undertaken in response to an individual client\u2019s or group of clients\u2019 specifications, in certain instances a study may be developed as an off-the-shelf product offering sold to a broad client base. For these transactions, revenue is recognised when the product is delivered. When the terms of the transaction provide for licensing the right to access a product on a subscription basis, revenue is recognised over the subscription period, typically on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-734": { "value": "GLOBAL INTEGRATED AGENCIES Revenue is typically derived from integrated product offerings including media placements and creative services. Revenue may consist of various arrangements involving commissions, fees, incentive-based revenue or a combination of the three, as agreed upon with each client. Revenue for commissions on purchased media is typically recognised at the point in time the media is run. The Group receives volume rebates from certain suppliers for transactions entered into on behalf of clients that, based on the terms of the relevant contracts and local law, are either remitted to clients or retained by the Group. If amounts are passed on to clients they are recorded as liabilities until settled or, if retained by the Group, are recorded as revenue when earned. Variable incentive-based revenue typically comprises both quantitative and qualitative elements. Incentive compensation is estimated using the most likely amount and is included in revenue up to the amount that is highly probable not to result in a significant reversal of cumulative revenue recognised. The Group recognises incentive revenue as the related performance obligation is satisfied. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForGlobalIntegratedAgencies", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-735": { "value": "PUBLIC RELATIONS AND SPECIALIST AGENCIES Revenue for these services is typically derived from retainer fees and fees for services to be performed subject to specific agreement. Most revenue under these arrangements is earned over time, in accordance with the terms of the contractual arrangement. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForPublicRelationsAndSpecialistAgencies", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-736": { "value": "DISCONTINUED OPERATIONS (DATA INVESTMENT MANAGEMENT) Revenue for market research services is typically recognised over time based on input measures. For certain performance obligations, output measures such as the percentage of interviews completed, percentage of reports delivered to a client and the achievement of any project milestones stipulated in the contract are used to measure progress. While most of the studies provided in connection with the Group\u2019s market research contracts are undertaken in response to an individual client\u2019s or group of clients\u2019 specifications, in certain instances a study may be developed as an off-the-shelf product offering sold to a broad client base. For these transactions, revenue is recognised when the product is delivered. When the terms of the transaction provide for licensing the right to access a product on a subscription basis, revenue is recognised over the subscription period, typically on a straight-line basis. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForDiscontinuedOperationsDataInvestmentManagement", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-737": { "value": "TAXATION Corporate taxes are payable on taxable profits at current rates. The tax expense represents the sum of the tax currently payable and deferred tax. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and able to be estimated, liabilities are classified as current. Any interest and penalties accrued are included in corporate income taxes both in the consolidated income statement and balance sheet. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. The tax laws that apply to the Group\u2019s subsidiaries may be amended by the relevant tax authorities. Such potential amendments are regularly monitored and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets and liabilities where necessary. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also recognised within other comprehensive income or equity. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised, which can require the use of accounting estimation and the exercise of judgement. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on enacted or substantively enacted legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-689": { "value": "TAXATION Corporate taxes are payable on taxable profits at current rates. The tax expense represents the sum of the tax currently payable and deferred tax. The Group is subject to corporate taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax determination is uncertain. In such circumstances, the Group recognises liabilities for anticipated taxes based on the best information available and where the anticipated liability is both probable and able to be estimated, liabilities are classified as current. Any interest and penalties accrued are included in corporate income taxes both in the consolidated income statement and balance sheet. Where the final outcome of such matters differs from the amount recorded, any differences may impact the income tax and deferred tax provisions in the period in which the final determination is made. The tax laws that apply to the Group\u2019s subsidiaries may be amended by the relevant tax authorities. Such potential amendments are regularly monitored and adjustments are made to the Group\u2019s tax liabilities and deferred tax assets and liabilities where necessary. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences unless specifically excepted by IAS 12 Income Taxes. Deferred tax is charged or credited in the consolidated income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the deferred tax is also recognised within other comprehensive income or equity. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised, which can require the use of accounting estimation and the exercise of judgement. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on enacted or substantively enacted legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-693": { "value": "TRANSLATION OF FOREIGN CURRENCIES Foreign currency transactions arising from normal trading activities are recorded at the rates in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end are translated at the year-end exchange rate. Foreign currency gains and losses are credited or charged to the consolidated income statement as they arise. The income statements of foreign subsidiary undertakings are translated into pounds sterling at average exchange rates and the year-end net assets of these companies are translated at year-end exchange rates. Exchange differences arising from retranslation of the opening net assets and on foreign currency borrowings (to the extent that they hedge the Group\u2019s investment in such operations) are reported in the consolidated statement of comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. HYPERINFLATION IN ARGENTINA AND TURKEY During 2022, 2021 and 2020, Argentina was designated as a hyperinflationary economy. In 2022, Turkey was designated as a hyperinflationary economy. The financial statements of the Group\u2019s subsidiaries in Argentina and Turkey have been adjusted for the effects of inflation in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies. IAS 29 requires that the income statement is adjusted for inflation in the period and translated at the year-end foreign exchange rate and that non-monetary assets and liabilities on the balance sheet are restated to reflect the change in purchasing power caused by inflation from the date of initial recognition. In 2022, this resulted in an increase in goodwill of \u00a382.6 million (2021: \u00a323.9 million, 2020: \u00a322.6 million), an increase in other intangibles of \u00a316.3 million (2021: \u00a37.6 million, 2020: \u00a35.3 million), and an increase in property, plant and equipment of \u00a341.5 million (2021: \u00a320.3 million, 2020: \u00a319.3 million). A consumer price index (CPI) of 1,134.6 was used at 31 December 2022 (2021: 582.5, 2020: 385.9) for Argentina. For Turkey, a CPI of 1,128.5 was used at 31 December 2022. The impact on other non-monetary assets and liabilities and the impact on the Group\u2019s income statement in the year were immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-738": { "value": "HYPERINFLATION IN ARGENTINA AND TURKEY During 2022, 2021 and 2020, Argentina was designated as a hyperinflationary economy. In 2022, Turkey was designated as a hyperinflationary economy. The financial statements of the Group\u2019s subsidiaries in Argentina and Turkey have been adjusted for the effects of inflation in accordance with IAS 29 Financial Reporting in Hyperinflationary Economies. IAS 29 requires that the income statement is adjusted for inflation in the period and translated at the year-end foreign exchange rate and that non-monetary assets and liabilities on the balance sheet are restated to reflect the change in purchasing power caused by inflation from the date of initial recognition. In 2022, this resulted in an increase in goodwill of \u00a382.6 million (2021: \u00a323.9 million, 2020: \u00a322.6 million), an increase in other intangibles of \u00a316.3 million (2021: \u00a37.6 million, 2020: \u00a35.3 million), and an increase in property, plant and equipment of \u00a341.5 million (2021: \u00a320.3 million, 2020: \u00a319.3 million). A consumer price index (CPI) of 1,134.6 was used at 31 December 2022 (2021: 582.5, 2020: 385.9) for Argentina. For Turkey, a CPI of 1,128.5 was used at 31 December 2022. The impact on other non-monetary assets and liabilities and the impact on the Group\u2019s income statement in the year were immaterial. ", "dimensions": { "concept": "wppplc:DescriptionOfAccountingPolicyForHyperinflationInArgentina", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "fact-690": { "value": "RETIREMENT BENEFIT COSTS The Group accounts for retirement benefit costs in accordance with IAS 19 Employee Benefits. For defined contribution plans, contributions are charged to the consolidated income statement as payable in respect of the accounting period. For defined benefit plans the amounts charged to operating profit are the current service costs, past service costs, administrative expenses and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the consolidated income statement when the related plan amendment occurs. Net interest expense is calculated by applying the discount rate to the recognised overall surplus or deficit in the plan. Actuarial gains and losses are recognised immediately in other comprehensive income. Where defined benefit plans are funded, the assets of the plan are held separately from those of the Group, in separate independently managed funds. Pension plan assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the plan liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. Recognition of a surplus in a defined benefit plan is limited based on the economic gain the Group is expected to benefit from in the future by means of a refund or reduction in future contributions to the plan, in accordance with IAS 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-691": { "value": "PROVISIONS FOR LIABILITIES AND CHARGES Provisions comprise liabilities where there is uncertainty about the timing of settlement, but where a reliable estimate can be made of the amount. These include provisions for other property-related liabilities such as onerous contracts and dilapidations. Also included are other provisions, primarily long-term employee benefits such as deferred compensation plans, and legal claims, where the likelihood of settlement is considered probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-692": { "value": "LEASES The Group leases most of its offices in cities where it operates. Other lease contracts include office equipment and motor vehicles. At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The assets are depreciated over the term of the lease using the straight-line method. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of lease liabilities comprise fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate as at the commencement date. Lease modifications result in remeasurement of the lease liability. Depreciation is recognised in both costs of services and general and administrative costs and interest expense is recognised under finance costs in the consolidated income statement. The Group has elected to use the exemption not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets (under $5,000). The payments associated with these leases are recognised as cost of services and general and administrative costs within the consolidated income statement on a straight-line basis over the lease term. The Group assesses at the reporting date whether there are any indicators of impairment and performs an impairment test when an impairment indicator exists. The Group tests a right-of use asset as a stand-alone asset for impairment when it either meets the definition of investment property which generates independent cash flows or it is vacant with minimal to no continued utility for the Group. When a right-of-use asset is tested as a stand-alone asset, an impairment loss is recognised when the carrying amount of the right-of-use asset exceeds its recoverable amount. The recoverable amount of a right-of-use asset is estimated mainly based on the present value of the estimated sublease income, discounted using the property yield rates. The property held by the Group as right-of-use assets to earn rentals is classified as investment property. The Group measures its investment property applying the cost model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-694": { "value": "SHARE-BASED PAYMENTS The Group issues equity-settled share-based payments (including share options) to certain employees and accounts for these awards in accordance with IFRS 2 Share-Based Payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. Details regarding the fair value of equity settled share-based transactions are set out in notes 23 and 27. The fair value determined at the grant date is recognised in the consolidated income statement as an expense on a straight-line basis over the relevant vesting period, based on the Group\u2019s estimate of the number of shares that will ultimately vest and adjusted for the effect of non-market-based vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-696": { "value": "GOVERNMENT SUPPORT In reaction to the Covid-19 pandemic, certain governments have introduced measures to assist companies. A reduction to operating costs is recorded in relation to government subsidies/schemes where these amounts will never have to be repaid. Further details of such amounts are included in note 3. In other cases, this involves the deferral of certain tax payments in order to stimulate the economy. The deferral of payments does not impact the income statement and these are charged as normal in the period they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-695": { "value": "NON-CONTROLLING INTERESTS Non-controlling interests in acquired companies are measured at the non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net assets. The acquisition of a non-controlling interest in a subsidiary, and the sale of an interest while retaining control, is accounted for within equity, and the cash cost of such purchases is included within \"financing activities\" in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-697": { "value": "CRITICAL JUDGEMENTS AND ESTIMATION UNCERTAINTY IN APPLYING ACCOUNTING POLICIES Management is required to make key decisions and judgements whilst acknowledging there is estimation uncertainty in the process of applying the Group\u2019s accounting policies. These estimates and judgements are reviewed on an ongoing basis. Where judgement has been applied or estimation uncertainty exists, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements. The most significant area of estimation uncertainty is: \u2013 Goodwill: the discounted cash flow methodology employed by the Group when testing for goodwill impairment requires estimates regarding operating margins and discount rates. Further details of the methodology, discount rates and estimates used in relation to the goodwill impairment, and sensitivities to these estimates are set out in note 14 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-10": { "value": "14428700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "12801100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "12002800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LSGBXPYHXGDT93", "period": 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GENERAL INFORMATION WPP plc is a company incorporated in Jersey. The address of the registered office is 13 Castle Street, St Helier, Jersey, JE1 1ES and the address of the principal executive office is Sea Containers, 18 Upper Ground, London, United Kingdom, SE1 9GL. The nature of the Group\u2019s operations and its principal activities are set out in note 2. These consolidated financial statements are presented in pounds sterling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "WPP plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-667": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-7": { "value": "13 Castle Street, St Helier, Jersey, JE1 1ES", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-8": { "value": "Sea Containers, 18 Upper Ground, London, United Kingdom, SE1 9GL", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-699": { "value": "
2. SEGMENT INFORMATION
The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications,
experience, commerce and technology services. Substantially all of the Group\u2019s revenue is from contracts with customers.
Reportable segments
The Group is organised into three reportable segments \u2013 Global Integrated Agencies, Public Relations and Specialist Agencies.
IFRS 8 Operating Segments requires operating segments to be identified on the same basis as is used internally for the review of performance and allocation of
resources by the Group\u2019s Chief Executive Officer (the Chief Operating Decision Maker). Provided certain quantitative and qualitative criteria are fulfilled, IFRS 8
permits aggregation of these components into reportable segments for the purposes of disclosure in the Group\u2019s financial statements. In assessing the Group\u2019s
reportable segments, the Directors have had regard to the similar economic characteristics of certain operating segments, their shared client bases, the similar
nature of their products or services and their long-term margins, amongst other factors.
Reported contributions were as follows:
Income statement
Revenue
2
\u00a3m
Revenue less
pass-through
costs
3
\u00a3m
Headline
operating
profit
4
\u00a3m
2022
Global Integrated Agencies 12,191.0 9,742.8 1,432.4
Public Relations 1,228.3 1,157.0 190.8
Specialist Agencies 1,009.4 899.5 118.6
14,428.7 11,799.3 1,741.8
2021
1
Global Integrated Agencies 10,890.5 8,683.1 1,221.8
Public Relations 959.0 909.7 143.1
Specialist Agencies 951.6 804.4 128.6
12,801.1 10, 397. 2 1,493.5
2020
1
Global Integrated Agencies 10,329.0 8, 2 47.8 1,070.3
Public Relations 892.9 854.4 141.3
Specialist Agencies 780.9 659.8 48.9
12,002.8 9,762.0 1,260.5
Notes
1
Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies
2
Intersegment sales have not been separately disclosed as they are not material
3
Revenue less pass-through costs is defined on page 233
4
A reconciliation from profit before taxation to headline operating profit is provided on page 216
1 71WPP ANNUAL REPORT 2022
Other information Share-based payments \u00a3m Capital additions1 \u00a3m Depreciation and amortisation 2 \u00a3m Goodwill impairment \u00a3m Loss/(earnings) from results of associates \u00a3m Interests in associates and joint ventures \u00a3m 2022 Global Integrated Agencies 100.5 193.8 372.9 \u2013 10.8 80.1 Public Relations 14.7 11.0 36.7 3.7 0.5 0.1 Specialist Agencies 6.8 18.5 41.4 34.2 (71.7) 224.9 122.0 223.3 451.0 37.9 (60.4) 305.1 2021 Global Integrated Agencies 92.3 252.7 372.8 \u2013 22.7 115.2 Public Relations 4.8 17.9 28.1 \u2013 1.7 8.0 Specialist Agencies 2.5 22.5 43.1 1.8 (0.6) 289.7 99.6 293.1 444.0 1.8 23.8 412.9 2020 Global Integrated Agencies 61.3 234.2 449.7 2,355.1 19.0 158.4 Public Relations 8.0 15.5 32.8 161.5 1.3 6.4 Specialist Agencies 5.1 22.9 59.4 306.3 (156.3) 165.9 74.4 272.6 541.9 2,822.9 (136.0) 330.7 Notes 1 Capital additions include purchases of property, plant and equipment and other intangible assets (including capitalised computer software) 2 Depreciation of property, plant and equipment, depreciation of right-of-use assets and amortisation of other intangible assets Contributions by geographical area were as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Revenue 1 North America2 5,549.5 4,494.2 4,464.9 United Kingdom 2,003.8 1,866.9 1,637.0 Western Continental Europe 2,876.2 2,786.3 2,441.6 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 3,999.2 3,653.7 3,459.3 14,428.7 12,801.1 12,002.8 Revenue less pass-through costs 3 North America2 4,688.1 3,849.2 3,743.4 United Kingdom 1,537.2 1,414.3 1,233.8 Western Continental Europe 2,318.5 2,225.4 2,019.4 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 3,255.5 2,908.3 2,765.4 11,799.3 10,397.2 9,762.0 Headline operating profit3 North America2 770.4 655.7 611.9 United Kingdom 187.1 180.9 137.7 Western Continental Europe 301.3 288.6 198.7 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 483.0 368.3 312.2 1,741.8 1,493.5 1,260.5 Notes 1 Intersegment sales have not been separately disclosed as they are not material 2 North America includes the United States with revenue of \u00a35,230.9 million (2021: \u00a34,220.8 million, 2020: \u00a34,216.1 million), revenue less pass-through costs of \u00a34,402.0 million (2021: \u00a33,597.4 million, 2020: \u00a33,524.8 million) and headline operating profit of \u00a3727.6 million (2021: \u00a3615.2 million, 2020: \u00a3563.7 million) 3 Revenue less pass-through costs and headline operating profit are defined on page 233 2022 \u00a3m 2021 \u00a3m Non-current assets1 North America2 5,896.4 5,075.4 United Kingdom 1,556.2 1,565.4 Western Continental Europe 2,797.9 2,618.8 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 3,151.0 2,933.6 13,401.5 12,193.2 Notes 1 Non-current assets excluding financial instruments and deferred tax 2 North America includes the United States with non-current assets of \u00a35,379.5 million (2021: \u00a34,730.1 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-9": { "value": "The Group is a leading worldwide creative transformation organisation offering national and multinational clients a comprehensive range of communications, experience, commerce and technology services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-700": { "value": "3. COSTS OF SERVICES AND GENERAL AND ADMINISTRATIVE COSTS 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Costs of services 11,890.1 10,597.5 9,987.9 General and administrative costs 1,180.4 974.6 4,293.0 13,070.5 11,572.1 14,280.9 Costs of services and general and administrative costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Staff costs (note 5) 8,165.8 7,1 6 6.7 6,556.5 Establishment costs 536.0 529.0 638.5 Media pass-through costs 1,905.7 1,865.3 1,555.2 Other costs of services and general and administrative costs 1 2,463.0 2,011.1 5,530.7 13,070.5 11,572.1 14,280.9 Included within costs of services and general administrative costs are the following: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Goodwill impairment (note 14) 37.9 1.8 2,822.9 Amortisation and impairment of acquired intangible assets 62.1 97.8 89.1 Investment and other impairment charges/ (reversals) 48.0 (42.4) 296.2 Intangible asset impairment 29.0 \u2013 \u2013 Restructuring and transformation costs 203.7 145.5 80.7 Restructuring costs in relation to Covid-19 15.1 29.9 232.5 Property related costs 18.0 \u2013 \u2013 Losses/(gains) on disposal of investments and subsidiaries 36.3 10.6 ( 7. 8) Gains on remeasurement of equity interests arising from a change in scope of ownership (66.5) \u2013 (0.6) Litigation settlement \u2013 21.3 25.6 Amortisation of other intangible assets 21.9 19.9 35.2 Depreciation of property, plant and equipment 166.9 151.2 174.8 Depreciation of right-of-use assets 262.2 272.9 331.9 (Gains)/losses on sale of property, plant and equipment (6.4) (1.3) 0.3 Net foreign exchange (gains)/losses (8.7) 4.4 5.9 Short-term lease expense 20.2 18.0 36.7 Low-value lease expense 1.9 2.3 2.3 Note 1 Other costs of services and general and administrative costs include \u00a3723.7 million (2021: \u00a3538.6 million, 2020: \u00a3685.6 million) of other pass-through costs In 2022, operating profit includes credits totalling \u00a329.3 million (2021: \u00a319.3 million, 2020: \u00a346.3 million) relating to the release of provisions and other balances established in respect of acquisitions completed prior to 2021. Further details of the Group\u2019s approach to acquisition reserves, as required by IFRS 3 Business Combinations, are given in note 29. The goodwill impairment charge of \u00a337.9 million in 2022 (2021: \u00a31.8 million, 2020: \u00a32,822.9 million) relates to a number of businesses in the Group where the impact of increases in discount rates and current, local economic conditions and trading circumstances is sufficiently severe to indicate impairment to the carrying value. The goodwill impairment charge of \u00a32,822.9 million in 2020 reflects the adverse impacts of Covid-19 on a number of businesses in the Group at that time. Amortisation and impairment of acquired intangible assets of \u00a362.1 million (2021: \u00a397.8 million, 2020: \u00a389.1 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million, 2020: \u00a321.6 million) in regard to certain brand names that are no longer in use. The investment and other impairment charges of \u00a348.0 million (2021: reversal of \u00a342.4 million, 2020: \u00a3296.2 million) relate to the same macro-economic factors noted above. The reversal in the prior year for investments primarily relates to the partial reversal of a \u00a3255.6 million impairment taken in 2020 relating to Imagina, an associate in Spain. Intangible asset impairment of \u00a329.0 million in 2022 (2021: nil, 2020: nil) relates to the write off of capitalised configuration and customisation costs related to a software development project. Restructuring and transformation costs of \u00a3203.7 million (2021: \u00a3145.5 million, 2020: \u00a380.7 million) include \u00a3134.5 million (2021: \u00a394.2 million) in relation to the Group\u2019s IT transformation programme. This programme will allow technology to become a competitive advantage in the market as our clients, and their clients, move to an ever-increasing digital world. It includes costs of \u00a396.8 million (2021: \u00a362.2 million, 2020: nil) in relation to the rollout of a new ERP system in order to drive efficiency and collaboration throughout the Group. The remaining restructuring and transformation costs of \u00a369.2 million (2021: \u00a351.3 million) relates to the continuing restructuring plan. As part of that plan, restructuring actions have been taken to right-size under-performing businesses, address high-cost severance markets and simplify operational structures. Restructuring costs in relation to Covid-19 of \u00a315.1 million (2021: \u00a329.9 million, 2020: \u00a3232.5 million) primarily relate to property costs which the Group undertook in response to the Covid-19 pandemic. Property related costs include further right-of-use asset impairments taken for properties that were previously impaired due to challenging conditions in the subletting market. In 2022, \u00a318.0 million (2021: nil, 2020: nil) were incurred. Losses on disposal of investments and subsidiaries of \u00a336.3 million in 2022 primarily includes a loss of \u00a363.1 million on the divestment of our Russian interests which completed in May 2022. This was partially offset by gains on other disposals during the period including Res Publica for \u00a317.7 million and Mutual Mobile for \u00a39.4 million with the remaining gains/losses due to individually insignificant transactions. Losses on disposal of investments and subsidiaries of \u00a310.6 million in 2021 includes a loss of \u00a34.9 million on the disposal of XMKT in China, which completed in September 2021. Gains on remeasurement of equity interests arising from a change in scope of ownership of \u00a366.5 million (2021: \u00a3nil, 2020: \u00a30.6 million) comprises a gain in relation to the reclassification of the Group's interest in Imagina in Spain from interests in associates to other investments. In 2022, the Group received \u00a38.2 million (2021: \u00a35.3 million, 2020: \u00a377.1 million) of aid from governments around the world in relation to the Covid-19 pandemic, which is included as a credit in other staff costs. Other impairment charges included in restructuring costs of \u00a343.3 million (2021: \u00a339.2 million, 2020: \u00a3196.7 million) consists of \u00a37.1 million (2021: \u00a317.6 million, 2020: \u00a3147.6 million) within restructuring costs in relation to Covid-19 and \u00a336.2 million (2021: \u00a321.6 million, 2020: \u00a349.1 million) within restructuring and transformation costs and property related costs. These impairment charges include \u00a333.5 million (2021: \u00a319.3 million, 2020: \u00a3117.0 million) in relation to right-of-use assets, \u00a39.8 million (2021: \u00a39.8 million, 2020: \u00a379.7 million) of related property, plant and equipment and \u00a3nil (2021: \u00a310.1 million, 2020: \u00a3nil) of other intangibles, arising from the Group\u2019s reassessment of its property requirements as a result of effective remote working practices during the Covid-19 pandemic and continued focus on campuses. Auditors\u2019 remuneration: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company and Group's annual accounts 8.4 7.1 6.4 Fees payable for the audit of the Company\u2019s subsidiaries 28.5 24.8 22.9 Fees payable to the auditors pursuant to legislation 1 36.9 31.9 29.3 Audit-related services 2 0.4 0.4 0.4 Other services 3 0.6 1.4 0.7 Tax compliance services 0.1 \u2013 0.1 Total other fees 1.1 1.8 1.2 Total fees 38.0 33.7 30.5 Notes 1 Includes fees in respect of the audit of internal control over financial reporting 2 Audit-related assurance services are in respect of the review of the interim financial information 3 Other services include audits for earnout purposes and other agreed upon procedures ", "dimensions": { "concept": "wppplc:DisclosureOfCostsOfServicesAndGeneralAdministrativeCosts", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-739": { "value": "3. COSTS OF SERVICES AND GENERAL AND ADMINISTRATIVE COSTS 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Costs of services 11,890.1 10,597.5 9,987.9 General and administrative costs 1,180.4 974.6 4,293.0 13,070.5 11,572.1 14,280.9 Costs of services and general and administrative costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Staff costs (note 5) 8,165.8 7,1 6 6.7 6,556.5 Establishment costs 536.0 529.0 638.5 Media pass-through costs 1,905.7 1,865.3 1,555.2 Other costs of services and general and administrative costs 1 2,463.0 2,011.1 5,530.7 13,070.5 11,572.1 14,280.9 Included within costs of services and general administrative costs are the following: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Goodwill impairment (note 14) 37.9 1.8 2,822.9 Amortisation and impairment of acquired intangible assets 62.1 97.8 89.1 Investment and other impairment charges/ (reversals) 48.0 (42.4) 296.2 Intangible asset impairment 29.0 \u2013 \u2013 Restructuring and transformation costs 203.7 145.5 80.7 Restructuring costs in relation to Covid-19 15.1 29.9 232.5 Property related costs 18.0 \u2013 \u2013 Losses/(gains) on disposal of investments and subsidiaries 36.3 10.6 ( 7. 8) Gains on remeasurement of equity interests arising from a change in scope of ownership (66.5) \u2013 (0.6) Litigation settlement \u2013 21.3 25.6 Amortisation of other intangible assets 21.9 19.9 35.2 Depreciation of property, plant and equipment 166.9 151.2 174.8 Depreciation of right-of-use assets 262.2 272.9 331.9 (Gains)/losses on sale of property, plant and equipment (6.4) (1.3) 0.3 Net foreign exchange (gains)/losses (8.7) 4.4 5.9 Short-term lease expense 20.2 18.0 36.7 Low-value lease expense 1.9 2.3 2.3 Note 1 Other costs of services and general and administrative costs include \u00a3723.7 million (2021: \u00a3538.6 million, 2020: \u00a3685.6 million) of other pass-through costs In 2022, operating profit includes credits totalling \u00a329.3 million (2021: \u00a319.3 million, 2020: \u00a346.3 million) relating to the release of provisions and other balances established in respect of acquisitions completed prior to 2021. Further details of the Group\u2019s approach to acquisition reserves, as required by IFRS 3 Business Combinations, are given in note 29. The goodwill impairment charge of \u00a337.9 million in 2022 (2021: \u00a31.8 million, 2020: \u00a32,822.9 million) relates to a number of businesses in the Group where the impact of increases in discount rates and current, local economic conditions and trading circumstances is sufficiently severe to indicate impairment to the carrying value. The goodwill impairment charge of \u00a32,822.9 million in 2020 reflects the adverse impacts of Covid-19 on a number of businesses in the Group at that time. Amortisation and impairment of acquired intangible assets of \u00a362.1 million (2021: \u00a397.8 million, 2020: \u00a389.1 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million, 2020: \u00a321.6 million) in regard to certain brand names that are no longer in use. The investment and other impairment charges of \u00a348.0 million (2021: reversal of \u00a342.4 million, 2020: \u00a3296.2 million) relate to the same macro-economic factors noted above. The reversal in the prior year for investments primarily relates to the partial reversal of a \u00a3255.6 million impairment taken in 2020 relating to Imagina, an associate in Spain. Intangible asset impairment of \u00a329.0 million in 2022 (2021: nil, 2020: nil) relates to the write off of capitalised configuration and customisation costs related to a software development project. Restructuring and transformation costs of \u00a3203.7 million (2021: \u00a3145.5 million, 2020: \u00a380.7 million) include \u00a3134.5 million (2021: \u00a394.2 million) in relation to the Group\u2019s IT transformation programme. This programme will allow technology to become a competitive advantage in the market as our clients, and their clients, move to an ever-increasing digital world. It includes costs of \u00a396.8 million (2021: \u00a362.2 million, 2020: nil) in relation to the rollout of a new ERP system in order to drive efficiency and collaboration throughout the Group. The remaining restructuring and transformation costs of \u00a369.2 million (2021: \u00a351.3 million) relates to the continuing restructuring plan. As part of that plan, restructuring actions have been taken to right-size under-performing businesses, address high-cost severance markets and simplify operational structures. Restructuring costs in relation to Covid-19 of \u00a315.1 million (2021: \u00a329.9 million, 2020: \u00a3232.5 million) primarily relate to property costs which the Group undertook in response to the Covid-19 pandemic. Property related costs include further right-of-use asset impairments taken for properties that were previously impaired due to challenging conditions in the subletting market. In 2022, \u00a318.0 million (2021: nil, 2020: nil) were incurred. Losses on disposal of investments and subsidiaries of \u00a336.3 million in 2022 primarily includes a loss of \u00a363.1 million on the divestment of our Russian interests which completed in May 2022. This was partially offset by gains on other disposals during the period including Res Publica for \u00a317.7 million and Mutual Mobile for \u00a39.4 million with the remaining gains/losses due to individually insignificant transactions. Losses on disposal of investments and subsidiaries of \u00a310.6 million in 2021 includes a loss of \u00a34.9 million on the disposal of XMKT in China, which completed in September 2021. Gains on remeasurement of equity interests arising from a change in scope of ownership of \u00a366.5 million (2021: \u00a3nil, 2020: \u00a30.6 million) comprises a gain in relation to the reclassification of the Group's interest in Imagina in Spain from interests in associates to other investments. In 2022, the Group received \u00a38.2 million (2021: \u00a35.3 million, 2020: \u00a377.1 million) of aid from governments around the world in relation to the Covid-19 pandemic, which is included as a credit in other staff costs. Other impairment charges included in restructuring costs of \u00a343.3 million (2021: \u00a339.2 million, 2020: \u00a3196.7 million) consists of \u00a37.1 million (2021: \u00a317.6 million, 2020: \u00a3147.6 million) within restructuring costs in relation to Covid-19 and \u00a336.2 million (2021: \u00a321.6 million, 2020: \u00a349.1 million) within restructuring and transformation costs and property related costs. These impairment charges include \u00a333.5 million (2021: \u00a319.3 million, 2020: \u00a3117.0 million) in relation to right-of-use assets, \u00a39.8 million (2021: \u00a39.8 million, 2020: \u00a379.7 million) of related property, plant and equipment and \u00a3nil (2021: \u00a310.1 million, 2020: \u00a3nil) of other intangibles, arising from the Group\u2019s reassessment of its property requirements as a result of effective remote working practices during the Covid-19 pandemic and continued focus on campuses. Auditors\u2019 remuneration: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company and Group's annual accounts 8.4 7.1 6.4 Fees payable for the audit of the Company\u2019s subsidiaries 28.5 24.8 22.9 Fees payable to the auditors pursuant to legislation 1 36.9 31.9 29.3 Audit-related services 2 0.4 0.4 0.4 Other services 3 0.6 1.4 0.7 Tax compliance services 0.1 \u2013 0.1 Total other fees 1.1 1.8 1.2 Total fees 38.0 33.7 30.5 Notes 1 Includes fees in respect of the audit of internal control over financial reporting 2 Audit-related assurance services are in respect of the review of the interim financial information 3 Other services include audits for earnout purposes and other agreed upon procedures ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-759": { "value": "3. COSTS OF SERVICES AND GENERAL AND ADMINISTRATIVE COSTS 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Costs of services 11,890.1 10,597.5 9,987.9 General and administrative costs 1,180.4 974.6 4,293.0 13,070.5 11,572.1 14,280.9 Costs of services and general and administrative costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Staff costs (note 5) 8,165.8 7,1 6 6.7 6,556.5 Establishment costs 536.0 529.0 638.5 Media pass-through costs 1,905.7 1,865.3 1,555.2 Other costs of services and general and administrative costs 1 2,463.0 2,011.1 5,530.7 13,070.5 11,572.1 14,280.9 Included within costs of services and general administrative costs are the following: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Goodwill impairment (note 14) 37.9 1.8 2,822.9 Amortisation and impairment of acquired intangible assets 62.1 97.8 89.1 Investment and other impairment charges/ (reversals) 48.0 (42.4) 296.2 Intangible asset impairment 29.0 \u2013 \u2013 Restructuring and transformation costs 203.7 145.5 80.7 Restructuring costs in relation to Covid-19 15.1 29.9 232.5 Property related costs 18.0 \u2013 \u2013 Losses/(gains) on disposal of investments and subsidiaries 36.3 10.6 ( 7. 8) Gains on remeasurement of equity interests arising from a change in scope of ownership (66.5) \u2013 (0.6) Litigation settlement \u2013 21.3 25.6 Amortisation of other intangible assets 21.9 19.9 35.2 Depreciation of property, plant and equipment 166.9 151.2 174.8 Depreciation of right-of-use assets 262.2 272.9 331.9 (Gains)/losses on sale of property, plant and equipment (6.4) (1.3) 0.3 Net foreign exchange (gains)/losses (8.7) 4.4 5.9 Short-term lease expense 20.2 18.0 36.7 Low-value lease expense 1.9 2.3 2.3 Note 1 Other costs of services and general and administrative costs include \u00a3723.7 million (2021: \u00a3538.6 million, 2020: \u00a3685.6 million) of other pass-through costs In 2022, operating profit includes credits totalling \u00a329.3 million (2021: \u00a319.3 million, 2020: \u00a346.3 million) relating to the release of provisions and other balances established in respect of acquisitions completed prior to 2021. Further details of the Group\u2019s approach to acquisition reserves, as required by IFRS 3 Business Combinations, are given in note 29. The goodwill impairment charge of \u00a337.9 million in 2022 (2021: \u00a31.8 million, 2020: \u00a32,822.9 million) relates to a number of businesses in the Group where the impact of increases in discount rates and current, local economic conditions and trading circumstances is sufficiently severe to indicate impairment to the carrying value. The goodwill impairment charge of \u00a32,822.9 million in 2020 reflects the adverse impacts of Covid-19 on a number of businesses in the Group at that time. Amortisation and impairment of acquired intangible assets of \u00a362.1 million (2021: \u00a397.8 million, 2020: \u00a389.1 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million, 2020: \u00a321.6 million) in regard to certain brand names that are no longer in use. The investment and other impairment charges of \u00a348.0 million (2021: reversal of \u00a342.4 million, 2020: \u00a3296.2 million) relate to the same macro-economic factors noted above. The reversal in the prior year for investments primarily relates to the partial reversal of a \u00a3255.6 million impairment taken in 2020 relating to Imagina, an associate in Spain. Intangible asset impairment of \u00a329.0 million in 2022 (2021: nil, 2020: nil) relates to the write off of capitalised configuration and customisation costs related to a software development project. Restructuring and transformation costs of \u00a3203.7 million (2021: \u00a3145.5 million, 2020: \u00a380.7 million) include \u00a3134.5 million (2021: \u00a394.2 million) in relation to the Group\u2019s IT transformation programme. This programme will allow technology to become a competitive advantage in the market as our clients, and their clients, move to an ever-increasing digital world. It includes costs of \u00a396.8 million (2021: \u00a362.2 million, 2020: nil) in relation to the rollout of a new ERP system in order to drive efficiency and collaboration throughout the Group. The remaining restructuring and transformation costs of \u00a369.2 million (2021: \u00a351.3 million) relates to the continuing restructuring plan. As part of that plan, restructuring actions have been taken to right-size under-performing businesses, address high-cost severance markets and simplify operational structures. Restructuring costs in relation to Covid-19 of \u00a315.1 million (2021: \u00a329.9 million, 2020: \u00a3232.5 million) primarily relate to property costs which the Group undertook in response to the Covid-19 pandemic. Property related costs include further right-of-use asset impairments taken for properties that were previously impaired due to challenging conditions in the subletting market. In 2022, \u00a318.0 million (2021: nil, 2020: nil) were incurred. Losses on disposal of investments and subsidiaries of \u00a336.3 million in 2022 primarily includes a loss of \u00a363.1 million on the divestment of our Russian interests which completed in May 2022. This was partially offset by gains on other disposals during the period including Res Publica for \u00a317.7 million and Mutual Mobile for \u00a39.4 million with the remaining gains/losses due to individually insignificant transactions. Losses on disposal of investments and subsidiaries of \u00a310.6 million in 2021 includes a loss of \u00a34.9 million on the disposal of XMKT in China, which completed in September 2021. Gains on remeasurement of equity interests arising from a change in scope of ownership of \u00a366.5 million (2021: \u00a3nil, 2020: \u00a30.6 million) comprises a gain in relation to the reclassification of the Group's interest in Imagina in Spain from interests in associates to other investments. In 2022, the Group received \u00a38.2 million (2021: \u00a35.3 million, 2020: \u00a377.1 million) of aid from governments around the world in relation to the Covid-19 pandemic, which is included as a credit in other staff costs. Other impairment charges included in restructuring costs of \u00a343.3 million (2021: \u00a339.2 million, 2020: \u00a3196.7 million) consists of \u00a37.1 million (2021: \u00a317.6 million, 2020: \u00a3147.6 million) within restructuring costs in relation to Covid-19 and \u00a336.2 million (2021: \u00a321.6 million, 2020: \u00a349.1 million) within restructuring and transformation costs and property related costs. These impairment charges include \u00a333.5 million (2021: \u00a319.3 million, 2020: \u00a3117.0 million) in relation to right-of-use assets, \u00a39.8 million (2021: \u00a39.8 million, 2020: \u00a379.7 million) of related property, plant and equipment and \u00a3nil (2021: \u00a310.1 million, 2020: \u00a3nil) of other intangibles, arising from the Group\u2019s reassessment of its property requirements as a result of effective remote working practices during the Covid-19 pandemic and continued focus on campuses. Auditors\u2019 remuneration: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company and Group's annual accounts 8.4 7.1 6.4 Fees payable for the audit of the Company\u2019s subsidiaries 28.5 24.8 22.9 Fees payable to the auditors pursuant to legislation 1 36.9 31.9 29.3 Audit-related services 2 0.4 0.4 0.4 Other services 3 0.6 1.4 0.7 Tax compliance services 0.1 \u2013 0.1 Total other fees 1.1 1.8 1.2 Total fees 38.0 33.7 30.5 Notes 1 Includes fees in respect of the audit of internal control over financial reporting 2 Audit-related assurance services are in respect of the review of the interim financial information 3 Other services include audits for earnout purposes and other agreed upon procedures ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-754": { "value": "2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Costs of services 11,890.1 10,597.5 9,987.9 General and administrative costs 1,180.4 974.6 4,293.0 13,070.5 11,572.1 14,280.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-755": { "value": "Auditors\u2019 remuneration: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company and Group's annual accounts 8.4 7.1 6.4 Fees payable for the audit of the Company\u2019s subsidiaries 28.5 24.8 22.9 Fees payable to the auditors pursuant to legislation 1 36.9 31.9 29.3 Audit-related services 2 0.4 0.4 0.4 Other services 3 0.6 1.4 0.7 Tax compliance services 0.1 \u2013 0.1 Total other fees 1.1 1.8 1.2 Total fees 38.0 33.7 30.5 Notes 1 Includes fees in respect of the audit of internal control over financial reporting 2 Audit-related assurance services are in respect of the review of the interim financial information 3 Other services include audits for earnout purposes and other agreed upon procedures ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-701": { "value": "4. (LOSS)/EARNINGS FROM ASSOCIATES \u2013 AFTER INTEREST AND TAX (Loss)/earnings from associates \u2013 after interest and tax was a loss of \u00a360.4 million in 2022, earnings of \u00a323.8 million in 2021, and loss of \u00a3136.0 million in 2020. (Loss)/earnings from associates \u2013 after interest and tax includes \u00a375.8 million (2021: \u00a338.8 million, 2020: \u00a354.3 million) of amortisation and impairment of acquired intangible assets as well as restructuring and one-off transaction costs of \u00a354.8 million (2021: \u00a318.8 million, 2020: \u00a389.3 million) within Kantar. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-702": { "value": "5. OUR PEOPLE Our staff numbers averaged 114,129 for the year ended 31 December 2022 against 104,808 in 2021 and 104,163 in 2020. Their geographical distribution was as follows: 2022 2021 2020 North America 23,740 21,764 21,524 United Kingdom 12,490 10,995 10,670 Western Continental Europe 22,717 21,514 21,551 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 55,182 50,535 50,418 114,129 104,808 104,163 Their reportable segment distribution was as follows: 2022 2021 2020 Global Integrated Agencies 97, 288 89,701 88,406 Data Investment Management \u2212 \u2212 1,341 Public Relations 8,125 7,121 6,810 Specialist Agencies 8,716 7,9 8 6 7, 606 114,129 104,808 104,163 At the end of 2022, staff numbers were 115,473 (2021: 109,382, 2020: 99,830). Staff costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Wages and salaries 5,721.0 4,797.2 4,781.0 Cash-based incentive plans 292.6 455.2 110.7 Share-based incentive plans (note 23) 122.0 99.6 74.4 Social security costs 689.4 630.1 570.9 Pension costs (note 24) 204.8 177.7 171.7 Severance 44.2 41.8 68.2 Other staff costs1 1,091.8 965.1 779.6 8,165.8 7,1 6 6.7 6,556.5 Note 1 Freelance and temporary staff costs are included in other staff costs Compensation for key management personnel includes: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Short-term employee benefits 29.7 28.0 17.9 Pensions and other post-retirement benefits 1.1 0.9 1.0 Share-based payments 29.8 14.6 10.3 60.6 43.5 29.2 Key management personnel comprises the Board and the Executive Committee. Further details of compensation for the Board are disclosed on pages 130 to 156. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-760": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Income from equity investments 24.5 17.9 8.7 Interest income 120.9 51.5 74.0 145.4 69.4 82.7 Finance costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Net interest expense on pension plans 2.2 1.8 2.9 Interest on other long-term employee benefits 3.7 2.4 3.1 Interest expense and similar charges 1 257.8 188.5 205.0 Interest expense related to lease liabilities 95.7 90.9 101.0 359.4 283.6 312.0 Revaluation and retranslation of financial instruments include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Movements in fair value of treasury instruments 0.5 9.1 15.4 Premium on the early repayment of bonds \u2013 (13.0) \u2013 Revaluation of investments held at fair value through profit or loss 23.1 (7.5) 8.0 Revaluation of put options over non-controlling interests 27.9 (40.6) 12.3 Revaluation of payments due to vendors (earnout agreements) 26.2 (58.7) 13.4 Retranslation of financial instruments (1.7) 22.9 (196.3) 76.0 (87.8) (147. 2) Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.20% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings under the US Dollar Revolving Credit Facilities (note 10) amounted to nil (2021: nil). Average borrowings under the Australian Dollar Revolving Credit Facilities amounted to nil (2021: A$52 million at an average rate of 1.89%). Average borrowings under the US Commercial Paper Programme for 2022 amounted to $195 million at an average interest rate of 2.56% inclusive of margin (2021: nil). Average borrowings under the Euro Commercial Paper Programme for 2022 amounted to \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps (2021: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-756": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Income from equity investments 24.5 17.9 8.7 Interest income 120.9 51.5 74.0 145.4 69.4 82.7 Finance costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Net interest expense on pension plans 2.2 1.8 2.9 Interest on other long-term employee benefits 3.7 2.4 3.1 Interest expense and similar charges 1 257.8 188.5 205.0 Interest expense related to lease liabilities 95.7 90.9 101.0 359.4 283.6 312.0 Revaluation and retranslation of financial instruments include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Movements in fair value of treasury instruments 0.5 9.1 15.4 Premium on the early repayment of bonds \u2013 (13.0) \u2013 Revaluation of investments held at fair value through profit or loss 23.1 (7.5) 8.0 Revaluation of put options over non-controlling interests 27.9 (40.6) 12.3 Revaluation of payments due to vendors (earnout agreements) 26.2 (58.7) 13.4 Retranslation of financial instruments (1.7) 22.9 (196.3) 76.0 (87.8) (147. 2) Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.20% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings under the US Dollar Revolving Credit Facilities (note 10) amounted to nil (2021: nil). Average borrowings under the Australian Dollar Revolving Credit Facilities amounted to nil (2021: A$52 million at an average rate of 1.89%). Average borrowings under the US Commercial Paper Programme for 2022 amounted to $195 million at an average interest rate of 2.56% inclusive of margin (2021: nil). Average borrowings under the Euro Commercial Paper Programme for 2022 amounted to \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps (2021: nil). ", "dimensions": { "concept": "wppplc:DisclosureOfDetailedInformationAboutFinanceIncomeFinanceCostsAndRevaluationAndRetranslationOfFinancialInstruments", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "fact-740": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Income from equity investments 24.5 17.9 8.7 Interest income 120.9 51.5 74.0 145.4 69.4 82.7 Finance costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Net interest expense on pension plans 2.2 1.8 2.9 Interest on other long-term employee benefits 3.7 2.4 3.1 Interest expense and similar charges 1 257.8 188.5 205.0 Interest expense related to lease liabilities 95.7 90.9 101.0 359.4 283.6 312.0 Revaluation and retranslation of financial instruments include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Movements in fair value of treasury instruments 0.5 9.1 15.4 Premium on the early repayment of bonds \u2013 (13.0) \u2013 Revaluation of investments held at fair value through profit or loss 23.1 (7.5) 8.0 Revaluation of put options over non-controlling interests 27.9 (40.6) 12.3 Revaluation of payments due to vendors (earnout agreements) 26.2 (58.7) 13.4 Retranslation of financial instruments (1.7) 22.9 (196.3) 76.0 (87.8) (147. 2) Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.20% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings under the US Dollar Revolving Credit Facilities (note 10) amounted to nil (2021: nil). Average borrowings under the Australian Dollar Revolving Credit Facilities amounted to nil (2021: A$52 million at an average rate of 1.89%). Average borrowings under the US Commercial Paper Programme for 2022 amounted to $195 million at an average interest rate of 2.56% inclusive of margin (2021: nil). Average borrowings under the Euro Commercial Paper Programme for 2022 amounted to \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps (2021: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-703": { "value": "6. FINANCE AND INVESTMENT INCOME, FINANCE COSTS AND REVALUATION AND RETRANSLATION OF FINANCIAL INSTRUMENTS Finance and investment income includes: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Income from equity investments 24.5 17.9 8.7 Interest income 120.9 51.5 74.0 145.4 69.4 82.7 Finance costs include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Net interest expense on pension plans 2.2 1.8 2.9 Interest on other long-term employee benefits 3.7 2.4 3.1 Interest expense and similar charges 1 257.8 188.5 205.0 Interest expense related to lease liabilities 95.7 90.9 101.0 359.4 283.6 312.0 Revaluation and retranslation of financial instruments include: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Movements in fair value of treasury instruments 0.5 9.1 15.4 Premium on the early repayment of bonds \u2013 (13.0) \u2013 Revaluation of investments held at fair value through profit or loss 23.1 (7.5) 8.0 Revaluation of put options over non-controlling interests 27.9 (40.6) 12.3 Revaluation of payments due to vendors (earnout agreements) 26.2 (58.7) 13.4 Retranslation of financial instruments (1.7) 22.9 (196.3) 76.0 (87.8) (147. 2) Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost The majority of the Group\u2019s long-term debt is represented by $1,063 million of US dollar bonds at an average interest rate of 4.26%, \u20ac3,350 million of Eurobonds at an average interest rate of 2.20% and \u00a3650 million of Sterling bonds at an average interest rate of 3.21%. Average borrowings under the US Dollar Revolving Credit Facilities (note 10) amounted to nil (2021: nil). Average borrowings under the Australian Dollar Revolving Credit Facilities amounted to nil (2021: A$52 million at an average rate of 1.89%). Average borrowings under the US Commercial Paper Programme for 2022 amounted to $195 million at an average interest rate of 2.56% inclusive of margin (2021: nil). Average borrowings under the Euro Commercial Paper Programme for 2022 amounted to \u00a334 million at an average interest rate of 1.95% inclusive of currency swaps (2021: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-704": { "value": "7. TAXATION In 2022, the effective tax rate on reported profit/(loss) before taxation was 33.1% (2021: 24.2%, 2020: -4.6%). The tax charge comprises: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Corporation tax Current year 425.8 404.0 307.8 Prior years (55.5) (41.4) (83.2) 370.3 362.6 224.6 Deferred tax Current year 9.4 (131.0) (80.2) Prior years 4.7 (1.5) (17. 3) 14.1 (132.5) (97.5) Tax charge 384.4 230.1 1 27.1 The corporation tax credit for prior years in 2022, 2021 and 2020 primarily comprises the release of a number of provisions following the resolution of tax matters in various countries. The tax charge for the year can be reconciled to profit/(loss) before taxation in the consolidated income statement as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Profit/(loss) before taxation 1,159.8 950.8 (2,790.6) Tax at the corporation tax rate of 19.0% 1 220.4 180.7 (530.2) Tax effect of earnings from associates 17.4 (13.3) 16.2 Irrecoverable withholding taxes 25.9 52.3 49.4 Tax effect of items that are not deductible in determining taxable profits 66.7 29.3 67.0 Tax effect of non-deductible goodwill impairment 7.2 0.6 542.4 Effect of different tax rates in subsidiaries operating in other jurisdictions 94.3 81.2 92.7 Origination and reversal on unrecognised temporary differences (1.1) (36.3) (29.3) Tax losses not recognised or utilised in the year 9.8 7. 4 21.1 Utilisation of tax losses not previously recognised (5.4) (5.1) (1.7) Net release of prior year provisions in relation to acquired businesses (2.8) (1.1) (1.7) Other prior year adjustments (48.0) (41.8) (98.8) Impact of deferred tax rate change \u2013 (23.8) \u2013 Tax charge 384.4 230.1 1 27.1 Effective tax rate on profit/(loss) before tax 33.1% 24.2% (4.6%) Note 1 As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the UK corporation tax rate of 19.0% (2021: 19.0%, 2020: 19.0%) FACTORS AFFECTING THE TAX CHARGE IN FUTURE YEARS The tax charge may be affected by the impact of acquisitions, disposals and other corporate restructurings, the resolution of open tax issues, and the ability to use brought forward tax losses. Changes in local or international tax rules, for example, increasing tax rates as a consequence of the financial support programmes implemented by governments during the Covid-19 pandemic, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, and changes arising from the application of existing rules or challenges by tax or competition authorities, may expose the Group to additional tax liabilities or impact the carrying value of deferred tax assets, which could affect the future tax charge. Liabilities relating to open and judgemental matters are based upon an assessment of whether the tax authorities will accept the position taken, after considering external advice where appropriate. Where the final tax outcome of these matters is different from the amounts which were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. The Group does not currently consider that judgements made in assessing tax liabilities have a significant risk of resulting in any material additional charges or credits in respect of these matters, within the next financial year, beyond the amounts already provided. Following the enactment in 2021 of an increase in the UK corporation tax rate from 19% to 25% from 1 April 2023, the Group remeasured UK deferred tax balances accordingly and recognised a tax credit of \u00a323.8 million in the prior period. TAX RISK MANAGEMENT We look to maintain open and transparent relationships with the tax authorities in the jurisdictions in which we operate and relevant government representatives. We maintain active engagement with a wide range of international companies and business organisations with similar issues. We engage advisors and legal counsel to obtain opinions on tax legislation and principles. We have a Tax Risk Management Strategy in place which sets out the controls established and our assessment procedures for decision making and how we monitor tax risk. We monitor proposed changes in taxation legislation and ensure these are taken into account when we consider our future business plans. Our Directors are informed by management of any significant tax law changes, the nature and status of any significant ongoing tax audits, and other developments that could materially affect the Group's tax position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-705": { "value": "8. ORDINARY DIVIDENDS Amounts recognised as distributions to equity holders in the year: 2022 2021 2020 2022 2021 2020 Per share Pence per share \u00a3m \u00a3m \u00a3m 2021 Final dividend 18.70p 14.00p \u2013 203.5 167. 7 \u2013 2022 Interim dividend 15.00p 12.50p 10.00p 161.9 147.0 122.0 33.70p 26.50p 10.00p 365.4 314.7 122.0 2022 2021 2020 2022 2021 2020 Per ADR 1 Cents per ADR $m $m $m 2021 Final dividend 128.63\u00a2 89.85\u00a2 \u2013 280.0 215.3 \u2013 2022 Interim dividend 92.72\u00a2 85.98\u00a2 64.18\u00a2 200.1 202.2 156.6 221.35\u00a2 175.83\u00a2 64.18\u00a2 480.1 417.5 156.6 Proposed final dividend for the year ended 31 December 2022: 2022 2021 2020 Per share Pence per share Final dividend 24.40p 18.70p 14.00p 2022 2021 2020 Per ADR 1 Cents per share Final dividend 150.83\u00a2 128.63\u00a2 89.85\u00a2 Note 1 These figures have been translated for convenience purposes only, using the approximate average rate for the year of US$1.2363 (2021: US$1.3757, 2020: US$1.2836). 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 The payment of dividends will not have any tax consequences for the Group. Final dividends are paid in the subsequent year to which they relate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-706": { "value": "9. EARNINGS PER SHARE BASIC EPS The calculation of basic reported and headline EPS is as follows: Continuing operations 2022 2021 2020 Reported earnings 1 (\u00a3m) 682.7 6 3 7. 7 (2,971.6) Headline earnings (\u00a3m) (page 216) 1,100.2 954.5 742.5 Weighted average shares used in basic EPS calculation (m) 1,097.9 1,194.1 1,223.0 Reported EPS 62.2p 53.4p (243.0p) Headline EPS 100.2p 79.9p 60.7p Discontinued operations 2022 2021 2020 Reported earnings 1 (\u00a3m) \u2013 \u2013 6.5 Weighted average shares used in basic EPS calculation (m) \u2013 \u2013 1,223.0 Reported EPS \u2013 \u2013 0.5p Continuing and discontinued operations 2022 2021 2020 Reported earnings 1 (\u00a3m) 682.7 6 3 7. 7 (2,965.1) Weighted average shares used in basic EPS calculation (m) 1,097.9 1,194.1 1,223.0 Reported EPS 62.2p 53.4p (242.5p) Note 1 Reported earnings is equivalent to profit/(loss) for the year attributable to equity holders of the parent 1 75WPP ANNUAL REPORT 2022 9. EARNINGS PER SHARE CONTINUED DILUTED EPS The calculation of diluted reported and headline EPS is as follows: Continuing operations 2022 2021 2020 Diluted reported earnings (\u00a3m) 682.7 6 3 7. 7 (2,971.6) Diluted headline earnings (\u00a3m) 1,100.2 954.5 742.5 Weighted average shares used in reported diluted EPS calculation (m) 1 1,116.4 1,215.3 1,223.0 Weighted average shares used in headline diluted EPS calculation (m) 1,116.4 1,215.3 1,236.0 Diluted reported EPS 61.2p 52.5p (243.0p) Diluted headline EPS 98.5p 78.5p 60.1p Discontinued operations 2022 2021 2020 Diluted reported earnings (\u00a3m) \u2013 \u2013 6.5 Weighted average shares used in diluted EPS calculation (m) 1 \u2013 \u2013 1,223.0 Diluted reported EPS \u2013 \u2013 0.5p Continuing and discontinued operations 2022 2021 2020 1 Diluted reported earnings (\u00a3m) 682.7 6 3 7. 7 (2,965.1) Weighted average shares used in diluted EPS calculation (m) 1 1,116.4 1,215.3 1,223.0 Diluted reported EPS 61.2p 52.5p (242.5p) Note 1 The weighted average shares used in the basic EPS calculation for 2020 have also been used for reported diluted EPS due to the anti-dilutive effect of the weighted average shares calculated for the reported diluted EPS calculation Diluted EPS has been calculated based on the diluted reported and diluted headline earnings amounts above. At 31 December 2022, options to purchase 19.7 million ordinary shares (2021: 7.2 million, 2020: 14.2 million) were outstanding, but were excluded from the computation of diluted earnings per share because the exercise prices of these options were greater than the average market price of the Group\u2019s shares and, therefore, their inclusion would have been accretive. A reconciliation between the shares used in calculating basic and diluted EPS is as follows: 2022 m 2021 m 2020 m Weighted average shares used in basic EPS calculation 1,097.9 1,194.1 1,223.0 Dilutive share options outstanding 0.7 1.3 \u2013 Other potentially issuable shares 17.8 19.9 13.0 Weighted average shares used in diluted EPS calculation 1,116.4 1,215.3 1,236.0 At 31 December 2022 there were 1,141,427,296 (2021: 1,224,459,550, 2020: 1,296,080,242) ordinary shares in issue, including 70,489,953 treasury shares (2021: 70,489,953, 2020: 70,748,100). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-707": { "value": "10. SOURCES OF FINANCE The following table summarises the equity and debt financing of the Group, and changes during the year: Analysis of changes in financing Shares Debt 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Beginning of year 697.1 699.9 703.1 4,441.7 5,032.7 4,272.9 Ordinary shares issued 1.2 4.4 \u2013 \u2013 \u2013 \u2013 Share cancellations (8.3) (7.2) (3.2) \u2013 \u2013 \u2013 Net (decrease)/increase in drawings on bank loans and corporate bonds \u2013 \u2013 \u2013 (220.6) (397.1) 632.8 Amortisation of financing costs included in debt \u2013 \u2013 \u2013 7.0 8.1 7.5 Changes in fair value due to hedging arrangements \u2013 \u2013 \u2013 \u2013 (2.5) (1.4) Other movements \u2013 \u2013 \u2013 (0.2) (0.4) (7.1) Exchange adjustments \u2013 \u2013 \u2013 237.2 (199.1) 128.0 End of year 690.0 697.1 699.9 4,465.1 4,441.7 5,032.7 The table above excludes bank overdrafts which fall within cash and cash equivalents for the purposes of the consolidated cash flow statement. Other liabilities from financing activities including lease liabilities and derivatives used for hedging debts are disclosed in note 13 and note 26, respectively. SHARES At 31 December 2022, the Company's share base was entirely composed of ordinary equity share capital and share premium of \u00a3690.0 million (2021: \u00a3697.1 million, 2020: \u00a3699.9 million), further details of which are disclosed in note 27. DEBT US$ bonds The Group has in issue $750 million of 3.75% bonds due September 2024, $93 million of 5.125% bonds due September 2042 and $220 million of 5.625% bonds due November 2043. Eurobonds The Group has in issue \u20ac750 million of 3.0% bonds due November 2023, \u20ac500 million of 1.375% bonds due March 2025, \u20ac750 million of 2.25% bonds due September 2026, \u20ac750 million of 2.375% bonds due May 2027, and \u20ac600 million of 1.625% bonds due March 2030. In March 2022, \u20ac250 million of Floating Rate Notes carrying a coupon of 3m EURIBOR +0.45% were repaid. Sterling bonds The Group has in issue \u00a3250 million of 3.750% bonds due May 2032 and \u00a3400 million of 2.875% bonds due September 2046. Revolving Credit Facility The Group has a five-year Revolving Credit Facility of $2.5 billion due March 2026, signed in November 2021. The Group\u2019s borrowings under these facilities, which are drawn down predominantly in pounds sterling, averaged nil in 2022 (2021: nil, 2020: nil). In May 2021, the Group's subsidiary, WPP AUNZ, repaid in full its A$150 million Revolving Credit Facility due August 2021, and its A$270 million Revolving Credit Facility due August 2023. The Group's borrowings under the Australian dollar facilities, which were drawn down in Australian dollars and New Zealand dollars, averaged the equivalent of nil in 2022 (2021: A$52 million, 2020: A$151 million). The Group had available undrawn committed credit facilities of \u00a32,069.0 million at 31 December 2022 (2021: \u00a31,847.5 million, 2020: \u00a32,023.2 million). Borrowings under the $2.5 billion Revolving Credit Facility are governed by certain financial covenants based on the results and financial position of the Group. During 2022, all covenants have been complied with and based on current forecasts it is expected that such covenants will continue to be complied with for the foreseeable future. The $2.5 billion Revolving Credit Facility, due March 2026, includes terms which require the consent of the majority of the lenders if a proposed merger or consolidation of the Company would alter its legal personality or identity. COMMERCIAL PAPER PROGRAMMES The Group operates commercial paper programmes using its Revolving Credit Facility as a backstop. The average US commercial paper outstanding in 2022 was $195 million (2021: nil, 2020: $2 million). The average Euro commercial paper outstanding in 2022 was \u20ac34 million (2021: nil, 2020: nil) inclusive of the effect of currency swaps, where applicable. There was no US or Euro commercial paper outstanding at 31 December 2022. The following table is an analysis of future anticipated cash flows in relation to the Group\u2019s debt, on an undiscounted basis which, therefore, differs from the fair value and carrying value: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Within one year (791.6) (326.8) (182.2) Between one and two years (724.3) (745.4) (725.6) Between two and three years (524.2) (646.5) (795.7) Between three and four years (740.3) (492.8) (649.1) Between four and five years (719.9) (698.0) (528.2) Over five years (1,963.7) (2,546.3) (3,387.1) Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes (5,464.0) (5,455.8) (6,267.9) Short-term overdrafts \u2013 within one year (505.7) (342.3) (8,562.0) Future anticipated cash flows (5,969.7) (5,798.1) (14,829.9) Effect of discounting/financing rates 998.9 1,014.1 1,235.2 Debt financing (4,970.8) (4,784.0) (13,594.7) Cash and short-term deposits 2,491.5 3,882.9 12,899.1 Adjusted net debt (2,479.3) (901.1) (695.6) Analysis of fixed and floating rate debt by currency including the effect of cross-currency swaps: 2022 \u00a3m Fixed rate 1 Floating basis Period (months)1 Currency $ \u2013 fixed 1,379.5 4.18 n/a 60 \u00a3 \u2013 fixed 1,094.1 2.97 n/a 143 \u20ac \u2013 fixed 2,080.6 2.21 n/a 55 \u2013 floating \u2013 n/a EURIBOR \u2013 Other (89.1) n/a n/a n/a 4,465.1 2021 \u00a3m Fixed rate 1 Floating basis Period (months) 1 Currency $ \u2013 fixed 1,231.8 4.18 n/a 72 \u00a3 \u2013 fixed 1,094.1 2.97 n/a 155 \u20ac \u2013 fixed 1,976.0 2.04 n/a 69 \u2013 floating 210.2 n/a EURIBOR 3 Other (70.4) n/a n/a n/a 4,441.7 2020 \u00a3m Fixed rate 1 Floating basis Period (months) 1 Currency $ \u2013 fixed 1,585.1 4.06 n/a 70 \u00a3 \u2013 fixed 1,094.1 3.21 n/a 167 \u20ac \u2013 fixed 2,104.6 2.20 n/a 79 \u2013 floating 223.9 n/a EURIBOR 15 Other 25.0 n/a n/a n/a 5,032.7 Note 1 Weighted average The following table is an analysis of future undiscounted anticipated cash flows in relation to the Group\u2019s financial derivatives, which include interest rate swaps, forward contracts and other foreign exchange swaps assuming interest rates and foreign exchange rates as at 31 December: Financial liabilities Financial assets 2022 Payable \u00a3m Receivable \u00a3m Payable \u00a3m Receivable \u00a3m Within one year 1,186.3 1,126.2 3 47.1 345.7 Between one and two years \u2013 \u2013 11.6 6.2 Between two and three years \u2013 \u2013 449.8 461.8 1,186.3 1,126.2 808.5 813.7 Financial liabilities Financial assets 2021 Payable \u00a3m Receivable \u00a3m Payable \u00a3m Receivable \u00a3m Within one year 185.8 173.7 581.1 582.5 Between one and two years 551.4 521.1 30.0 30.4 Between two and three years 11.6 6.0 \u2013 \u2013 Between three and four years 449.8 445.6 \u2013 \u2013 1,198.6 1,146.4 611.1 612.9 Financial liabilities Financial assets 2020 Payable \u00a3m Receivable \u00a3m Payable \u00a3m Receivable \u00a3m Within one year 201.7 195.4 102.3 98.2 Between one and two years 11.6 6.2 17.8 13.6 Between two and three years 41.9 35.7 449.2 461.2 Between three and four years 11.6 6.3 \u2013 \u2013 Between four and five years 449.8 466.3 \u2013 \u2013 716.6 709.9 569.3 573.0 10. SOURCES OF FINANCE CONTINUED ANALYSIS OF CHANGE IN FINANCING ACTIVITIES (INCLUSIVE OF LEASES) The table below details changes arising from financing activities, including both cash and non-cash changes. 2022 Opening balance \u00a3m Cash flow \u00a3m Acquisition of subsidiaries \u00a3m Foreign exchange \u00a3m Interest and Other \u00a3m Closing balance \u00a3m Borrowings (excluding lease liabilities) (note 10, 11, 21 and 26)\u00b9 4,441.7 (220.6) \u2013 2 3 7. 2 6.8 4,465.1 Derivatives (note 18, 19 and 20) 50.6 \u2013 \u2013 6.4 (4.7) 52.3 Lease liabilities (note 13)\u00b2 2,041.8 (402.0) 0.1 145.8 424.9 2,210.6 Share repurchase commitments (note 19)\u00b3 211.7 (211.7) \u2013 \u2013 \u2013 \u2013 Liabilities from financing activities 6,745.8 (834.3) 0.1 389.4 427.0 6,728.0 Cash and short-term deposits (note 11 and 26) (3,882.9) 1,494.4 (38.8) (64.2) \u2013 (2,491.5) Bank overdrafts 342.3 163.4 \u2013 \u2013 \u2013 505.7 3,205.2 823.5 (38.7) 325.2 427.0 4,742.2 2021 Borrowings (excluding lease liabilities) (note 10, 11, 21 and 26)\u00b9 5,032.7 (397.1) \u2013 (199.1) 5.2 4,441.7 Derivatives (note 18, 19 and 20) 3.2 \u2013 \u2013 47.0 0.4 50.6 Lease liabilities (note 13)\u00b2 2,156.3 (409.1) 34.2 (23.3) 283.7 2,041.8 Share repurchase commitments (note 19)\u00b3 \u2013 \u2013 \u2013 \u2013 211.7 211.7 Liabilities from financing activities 7,192 .2 (806.2) 34.2 (175.4) 501.0 6,745.8 Cash and short-term deposits (note 11 and 26) (12,899.1) 8,883.8 2.3 130.1 \u2013 (3,882.9) Bank overdrafts 8,562.0 (8,219.7) \u2013 \u2013 \u2013 342.3 2,855.1 (142.1) 36.5 (45.3) 501.0 3,205.2 Notes 1 Borrowings includes: bonds and bank loans. The interest and other amounts within borrowings comprises amortisation of capitalised borrowing costs 2 Repayment of lease liabilities includes \u00a392.4 million (2021: \u00a388.4 million) of interest paid on lease liabilities recognised within net cash inflow from operating activities (note 11). Interest and other within lease liabilities comprises interest on leases as well as the lease liability additions and disposals as disclosed in note 13 3 The cash flow of \u00a3211.7 million related to share repurchase commitments is included within the \u00a3862.7 million of total share repurchase and buybacks (note 11) ", "dimensions": { "concept": "wppplc:DisclosureOfSourcesOfFinance", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-708": { "value": "11. ANALYSIS OF CASH FLOWS The following tables analyse the items included within the main cash flow headings on page 168. Net cash from operating activities: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Profit/(loss) for the year 775.4 720.7 (2,901.3) Taxation 384.4 230.1 129.3 Revaluation and retranslation of financial instruments (76.0) 87.8 147. 2 Finance costs 359.4 283.6 312.3 Finance and investment income (145.4) (69.4) (82.8) Loss/(earnings) from associates \u2013 after interest and tax 60.4 (23.8) 136.0 Gain on sale of discontinued operations \u2013 \u2212 (10.0) Attributable tax expense on sale of discontinued operations \u2013 \u2212 1.9 Operating profit/(loss) of continuing and discontinued operations 1,358.2 1,229.0 (2,267. 4) Adjustments for Non-cash share-based incentive plans (including share options) 122.0 99.6 74.4 Depreciation of property, plant and equipment 166.9 151.2 174.8 Depreciation of right-of-use assets 262.2 272.9 331.9 Impairment charges included within restructuring costs1 72.3 39.2 196.7 Goodwill impairment 37.9 1.8 2,822.9 Amortisation and impairment of acquired intangible assets 62.1 97. 8 89.1 Amortisation of other intangible assets 21.9 19.9 35.2 Investment and other impairment charges/ (reversals) 48.0 (42.4) 296.2 Losses/(gains) on disposal of investments and subsidiaries 36.3 10.6 (7. 8) Gains on remeasurement of equity interests arising from a change in scope of ownership (66.5) \u2212 (0.6) (Gains)/losses on sale of property, plant and equipment (6.4) (1.3) 0.3 Operating cash flow before movements in working capital and provisions 2,114.9 1,878.3 1,745.7 (Increase)/decrease in trade receivables and accrued income (498.6) (458.9) 585.2 Increase in trade payables and deferred income 170.6 777.8 195.0 (Increase)/decrease in other receivables (154.1) (120.0) 123.3 (Decrease)/increase in other payables \u2013 short-term (259.6) 5 47.0 (36.6) Decrease in other payables \u2013 long-term (67.0) (11.0) (44.3) (Decrease)/increase in provisions (38.0) (32.9) 15.6 Cash generated by operations 1,268.2 2,580.3 2,583.9 Corporation and overseas tax paid (390.9) (391.1) (371.5) Payment on early settlement of bonds \u2013 (13.0) \u2013 Interest and similar charges paid (210.2) (173.7) (173.9) Interest paid on lease liabilities (92.4) (88.4) (98.5) Interest received 88.9 47. 5 73.6 Investment income 24.5 17.8 8.7 Dividends from associates 37.6 53.4 32.5 Earnout payments recognised in operating activities 2 (24.8) (3.8) (4.2) Net cash inflow from operating activities 700.9 2,029.0 2,050.6 Notes 1 Impairment charges included within restructuring costs includes impairments for right-of-use assets, property, plant and equipment and other intangible assets 2 Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities Acquisitions and disposals: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Initial cash consideration (218.3) (227.6) (32.8) Cash and cash equivalents acquired 38.8 (2.3) \u2212 Earnout payments1 (46.6) (53.2) (111.0) Purchase of other investments (including associates) (10.1) (99.2) (30.4) Acquisitions (236.2) (382.3) (174.2) Proceeds on disposal of investments and subsidiaries2 50.1 51.9 320.0 Cash and cash equivalents disposed (12.4) (23.6) (47.7 ) Disposals of investments and subsidiaries 37.7 28.3 272.3 Cash consideration received from non-controlling interests \u2013 39.5 \u2013 Cash consideration for purchase of non-controlling interests (84.2) (135.0) (80.6) Cash consideration for non-controlling interests (84.2) (95.5) (80.6) Net acquisition payments and disposal proceeds (282.7) (449.5) 17.5 Notes 1 Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities 2 Proceeds on disposal of investments and subsidiaries includes return of capital from investments in associates Share repurchases and buybacks: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Purchase of own shares by ESOP Trusts (55.3) (89.2) (5.1) Shares purchased into treasury for cancellation (807. 4) (729.3) (285.1) Net cash outflow (862.7) (818.5) (290.2) Proceeds from issue of bonds: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Proceeds from issue of \u20ac750 million bonds \u2013 \u2013 665.5 Proceeds from issue of \u00a3250 million bonds \u2013 \u2013 250.0 Net cash inflow \u2013 \u2013 915.5 Repayment of borrowings: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Decrease in drawings on bank loans (11.3) (36.3) (59.6) Repayment of $500 million bonds \u2212 (360.8) \u2212 Repayment of \u20ac250 million bonds (209.3) \u2212 (223.1) Net cash outflow (220.6) (39 7.1) (282.7) Cash and cash equivalents: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Cash at bank and in hand 2,271.6 2,776.6 10,075.0 Short-term bank deposits 219.9 1,106.3 2,824.1 Overdrafts1 (505.7) (342.3) (8,562.0) 1,985.8 3,540.6 4 ,337.1 Note 1 Bank overdrafts are included in cash and cash equivalents because they form an integral part of the Group\u2019s cash management The Group considers that the carrying amount of cash and cash equivalents approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-709": { "value": "12. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS In July 2019, the Group announced the proposed sale of its Kantar business to Bain Capital. On 5 December 2019 the first stage of the transaction completed, consisting of approximately 90% of the Kantar group, with consideration of \u00a32,140.2 million after tax and disposal costs. The sale involved the Group disposing of the Kantar business and holding 40% equity stakes post- transaction which are treated as associates. This generated a pre-tax gain of \u00a373.8 million, tax charge of \u00a3157.4 million and goodwill impairment of \u00a394.5 million for the Group. In 2020, the remaining stages of the transaction completed with total consideration of \u00a3236.1 million after tax and disposal costs. This generated a pre-tax gain of \u00a310.0 million and a tax charge of \u00a31.9 million. The Kantar group is classified as a discontinued operation in 2020 under IFRS 5, as it forms a separate major line of business and there was a single co-ordinated plan to dispose of it. Results of the discontinued operations, which have been included in profit for the year, were as follows: 2020 \u00a3m Revenue 107. 4 Costs of services (92.3) Gross profit 15.1 General and administrative costs (4.4) Operating profit 10.7 Profit before interest and taxation 10.7 Finance and investment income 0.1 Finance costs (0.3) Profit before taxation 10.5 Attributable tax expense (2.2) Profit after taxation 8.3 Gain on sale of discontinued operations 10.0 Attributable tax expense on sale of discontinued operations (1.9) Net gain attributable to discontinued operations 16.4 Attributable to Equity holders of the parent 6.5 Non-controlling interests 1 9.9 16.4 Note 1 In 2020, non-controlling interests includes \u00a39.3 million recognised on the disposal of Kantar within WPP Scangroup, a 56% owned subsidiary of the Group For the year ended 31 December 2020, the Kantar group contributed \u00a330.8 million to the Group\u2019s net operating cash flows, paid \u00a30.9 million in respect of investing activities and paid \u00a30.7 million in respect of financing activities. The gain on sale of discontinued operations disposed by 31 December 2020 is calculated as follows: 2020 \u00a3m Intangible assets (including goodwill) 162.5 Property, plant and equipment 15.1 Right-of-use assets 27.2 Interests in associates and joint ventures 4.6 Deferred tax assets 6.1 Corporate income tax recoverable 16.9 Trade and other receivables 170.3 Cash and cash equivalents 32.2 Trade and other payables (141.6) Corporate income tax payable (5.6) Lease liabilities (23.2) Deferred tax liabilities (1.3) Provisions for post-employment benefits ( 7.9) Provisions for liabilities and charges (0.6) Net assets 254.7 Non-controlling interests (6.1) Net assets excluding non-controlling interests 248.6 Consideration received in cash and cash equivalents 240.9 Transaction costs (4.5) Deferred consideration 1 1.6 Total consideration received 238.0 Loss on sale before exchange adjustments (10.6) Exchange adjustments recycled to the income statement 20.6 Gain on sale of discontinued operation 10.0 Note 1 Deferred consideration in 2020 is made up of \u00a379.6 million expected to be received in future periods on the satisfaction of certain conditions and the deferral of \u00a378.0 million consideration against services the Group will supply to Kantar on favourable terms in the future. The conditions expected to be met in the future include the settlement of ongoing legal cases, realisation of the value of certain investments and the utilisation of certain tax losses and allowances. There was uncertainty at the date of disposal in regard to the ultimate resolution of these items and estimates of amounts due to be received were required to be made; there were no individually material estimates. Future services provided by the Group to Kantar arose through the negotiation of Transition Service Arrangements, as is customary for a disposal of this magnitude. The Group will support Kantar for a period of up to four years, primarily in the area of IT, on terms which are favourable to the disposal group. As such, an element of consideration has been deferred and will be recognised as the services are provided W PP ANNUAL REPORT 2022180", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-757": { "value": "12. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS In July 2019, the Group announced the proposed sale of its Kantar business to Bain Capital. On 5 December 2019 the first stage of the transaction completed, consisting of approximately 90% of the Kantar group, with consideration of \u00a32,140.2 million after tax and disposal costs. The sale involved the Group disposing of the Kantar business and holding 40% equity stakes post- transaction which are treated as associates. This generated a pre-tax gain of \u00a373.8 million, tax charge of \u00a3157.4 million and goodwill impairment of \u00a394.5 million for the Group. In 2020, the remaining stages of the transaction completed with total consideration of \u00a3236.1 million after tax and disposal costs. This generated a pre-tax gain of \u00a310.0 million and a tax charge of \u00a31.9 million. The Kantar group is classified as a discontinued operation in 2020 under IFRS 5, as it forms a separate major line of business and there was a single co-ordinated plan to dispose of it. Results of the discontinued operations, which have been included in profit for the year, were as follows: 2020 \u00a3m Revenue 107. 4 Costs of services (92.3) Gross profit 15.1 General and administrative costs (4.4) Operating profit 10.7 Profit before interest and taxation 10.7 Finance and investment income 0.1 Finance costs (0.3) Profit before taxation 10.5 Attributable tax expense (2.2) Profit after taxation 8.3 Gain on sale of discontinued operations 10.0 Attributable tax expense on sale of discontinued operations (1.9) Net gain attributable to discontinued operations 16.4 Attributable to Equity holders of the parent 6.5 Non-controlling interests 1 9.9 16.4 Note 1 In 2020, non-controlling interests includes \u00a39.3 million recognised on the disposal of Kantar within WPP Scangroup, a 56% owned subsidiary of the Group For the year ended 31 December 2020, the Kantar group contributed \u00a330.8 million to the Group\u2019s net operating cash flows, paid \u00a30.9 million in respect of investing activities and paid \u00a30.7 million in respect of financing activities. The gain on sale of discontinued operations disposed by 31 December 2020 is calculated as follows: 2020 \u00a3m Intangible assets (including goodwill) 162.5 Property, plant and equipment 15.1 Right-of-use assets 27.2 Interests in associates and joint ventures 4.6 Deferred tax assets 6.1 Corporate income tax recoverable 16.9 Trade and other receivables 170.3 Cash and cash equivalents 32.2 Trade and other payables (141.6) Corporate income tax payable (5.6) Lease liabilities (23.2) Deferred tax liabilities (1.3) Provisions for post-employment benefits ( 7.9) Provisions for liabilities and charges (0.6) Net assets 254.7 Non-controlling interests (6.1) Net assets excluding non-controlling interests 248.6 Consideration received in cash and cash equivalents 240.9 Transaction costs (4.5) Deferred consideration 1 1.6 Total consideration received 238.0 Loss on sale before exchange adjustments (10.6) Exchange adjustments recycled to the income statement 20.6 Gain on sale of discontinued operation 10.0 Note 1 Deferred consideration in 2020 is made up of \u00a379.6 million expected to be received in future periods on the satisfaction of certain conditions and the deferral of \u00a378.0 million consideration against services the Group will supply to Kantar on favourable terms in the future. The conditions expected to be met in the future include the settlement of ongoing legal cases, realisation of the value of certain investments and the utilisation of certain tax losses and allowances. There was uncertainty at the date of disposal in regard to the ultimate resolution of these items and estimates of amounts due to be received were required to be made; there were no individually material estimates. Future services provided by the Group to Kantar arose through the negotiation of Transition Service Arrangements, as is customary for a disposal of this magnitude. The Group will support Kantar for a period of up to four years, primarily in the area of IT, on terms which are favourable to the disposal group. As such, an element of consideration has been deferred and will be recognised as the services are provided W ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-741": { "value": "12. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS In July 2019, the Group announced the proposed sale of its Kantar business to Bain Capital. On 5 December 2019 the first stage of the transaction completed, consisting of approximately 90% of the Kantar group, with consideration of \u00a32,140.2 million after tax and disposal costs. The sale involved the Group disposing of the Kantar business and holding 40% equity stakes post- transaction which are treated as associates. This generated a pre-tax gain of \u00a373.8 million, tax charge of \u00a3157.4 million and goodwill impairment of \u00a394.5 million for the Group. In 2020, the remaining stages of the transaction completed with total consideration of \u00a3236.1 million after tax and disposal costs. This generated a pre-tax gain of \u00a310.0 million and a tax charge of \u00a31.9 million. The Kantar group is classified as a discontinued operation in 2020 under IFRS 5, as it forms a separate major line of business and there was a single co-ordinated plan to dispose of it. Results of the discontinued operations, which have been included in profit for the year, were as follows: 2020 \u00a3m Revenue 107. 4 Costs of services (92.3) Gross profit 15.1 General and administrative costs (4.4) Operating profit 10.7 Profit before interest and taxation 10.7 Finance and investment income 0.1 Finance costs (0.3) Profit before taxation 10.5 Attributable tax expense (2.2) Profit after taxation 8.3 Gain on sale of discontinued operations 10.0 Attributable tax expense on sale of discontinued operations (1.9) Net gain attributable to discontinued operations 16.4 Attributable to Equity holders of the parent 6.5 Non-controlling interests 1 9.9 16.4 Note 1 In 2020, non-controlling interests includes \u00a39.3 million recognised on the disposal of Kantar within WPP Scangroup, a 56% owned subsidiary of the Group For the year ended 31 December 2020, the Kantar group contributed \u00a330.8 million to the Group\u2019s net operating cash flows, paid \u00a30.9 million in respect of investing activities and paid \u00a30.7 million in respect of financing activities. The gain on sale of discontinued operations disposed by 31 December 2020 is calculated as follows: 2020 \u00a3m Intangible assets (including goodwill) 162.5 Property, plant and equipment 15.1 Right-of-use assets 27.2 Interests in associates and joint ventures 4.6 Deferred tax assets 6.1 Corporate income tax recoverable 16.9 Trade and other receivables 170.3 Cash and cash equivalents 32.2 Trade and other payables (141.6) Corporate income tax payable (5.6) Lease liabilities (23.2) Deferred tax liabilities (1.3) Provisions for post-employment benefits ( 7.9) Provisions for liabilities and charges (0.6) Net assets 254.7 Non-controlling interests (6.1) Net assets excluding non-controlling interests 248.6 Consideration received in cash and cash equivalents 240.9 Transaction costs (4.5) Deferred consideration 1 1.6 Total consideration received 238.0 Loss on sale before exchange adjustments (10.6) Exchange adjustments recycled to the income statement 20.6 Gain on sale of discontinued operation 10.0 Note 1 Deferred consideration in 2020 is made up of \u00a379.6 million expected to be received in future periods on the satisfaction of certain conditions and the deferral of \u00a378.0 million consideration against services the Group will supply to Kantar on favourable terms in the future. The conditions expected to be met in the future include the settlement of ongoing legal cases, realisation of the value of certain investments and the utilisation of certain tax losses and allowances. There was uncertainty at the date of disposal in regard to the ultimate resolution of these items and estimates of amounts due to be received were required to be made; there were no individually material estimates. Future services provided by the Group to Kantar arose through the negotiation of Transition Service Arrangements, as is customary for a disposal of this magnitude. The Group will support Kantar for a period of up to four years, primarily in the area of IT, on terms which are favourable to the disposal group. As such, an element of consideration has been deferred and will be recognised as the services are provided W ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-710": { "value": "13. LEASES The movements in 2022 and 2021 were as follows: Right-of-use assets Land and buildings1 \u00a3m Plant and machinery \u00a3m Total \u00a3m 1 January 2021 1,461.8 42.7 1,504.5 Additions 264.6 17.2 281.8 Transfers to net investment in subleases (26.9) \u2212 (26.9) Disposals (53.6) (1.3) (54.9) Depreciation of right-of-use assets (254.7) (18.2) (272.9) Impairment charges included within restructuring costs (18.9) (0.4) (19.3) Other reversals 6.8 \u2212 6.8 Exchange adjustments (22.1) (1.9) (24.0) 31 December 2021 1,3 57.0 38.1 1,395.1 Additions 363.8 23.8 387.6 Transfers to net investment in subleases (7.0) \u2013 ( 7.0) Disposals (42.2) (0.8) (43.0) Depreciation of right-of-use assets (245.3) (16.9) (262.2) Impairment charges included within restructuring costs (33.3) (0.2) (33.5) Exchange adjustments 89.2 2.3 91.5 31 December 2022 1,482.2 46.3 1,528.5 Note 1 For the years ended 31 December 2022 and 2021, the Company has \u00a318.5 million and \u00a338.5 million of right-of-use assets that are classified as investment property, respectively Lease liabilities Land and buildings \u00a3m Plant and machinery \u00a3m Total \u00a3m 1 January 2021 2,111.8 44.5 2,156.3 Additions 27 7.0 16.1 293.1 Interest expense related to lease liabilities 89.7 1.2 90.9 Disposals (64.2) (1.9) (66.1) Repayment of lease liabilities (including interest) (390.6) (18.5) (409.1) Exchange adjustments (21.2) (2.1) (23.3) 31 December 2021 2,002.5 39.3 2,041.8 Additions 353.6 23.7 37 7. 3 Interest expense related to lease liabilities 94.2 1.5 95.7 Disposals (46.1) (1.9) (48.0) Repayment of lease liabilities (including interest) (385.6) (16.4) (402.0) Exchange adjustments 143.6 2.2 145.8 31 December 2022 2,162.2 48.4 2,210.6 The following table shows the breakdown of the lease expense between amounts charged to operating profit and amounts charged to finance costs: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Depreciation of right-of-use assets: Land and buildings (245.3) (254.7) (312.1) Plant and machinery (16.9) (18.2) (19.8) Impairment charges (33.5) (12.5) (125.1) Short-term lease expense (20.2) (18.0) (36.7) Low-value lease expense (1.9) (2.3) (2.3) Variable lease expense (57.3) (56.2) (65.4) Sublease income 18.6 17. 3 25.3 Charge to operating profit (356.5) (344.6) (536.1) Interest expense related to lease liabilities (95.7) (90.9) (101.0) Charge to profit before taxation for leases (452.2) (435.5) (63 7.1) Variable lease payments primarily include real estate taxes and insurance costs. The maturity of lease liabilities at 31 December 2022 and 2021 were as follows: 2022 \u00a3m 2021 \u00a3m Within one year 379.1 369.7 Between one and two years 337.7 321.9 Between two and three years 293.0 273.7 Between three and four years 252.3 229.1 Between four and five years 234.8 199.1 Over five years 1,328.5 1,227.1 2,825.4 2,620.6 Effect of discounting (614.8) (578.8) Lease liability at end of year 2,210.6 2,041.8 Short-term lease liability 282.4 279.7 Long-term lease liability 1,928.2 1,762.1 The total committed future cash flows for leases not yet commenced at 31 December 2022 is \u00a3440.0 million. The Group does not face a significant liquidity risk with regard to its lease liabilities. Refer to note 25 for management of liquidity risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-758": { "value": "14. INTANGIBLE ASSETS GOODWILL The movements in 2022 and 2021 were as follows: \u00a3m Cost 1 January 2021 10, 807. 3 Additions1 335.8 Disposals (5.4) Exchange adjustments (146.7) 31 December 2021 10,991.0 Additions1 262.6 Disposals \u2013 Exchange adjustments 891.0 31 December 2022 12,144.6 Accumulated impairment losses and write-downs 1 January 2021 3,418.5 Impairment losses for the year 1.8 Exchange adjustments (41.6) 31 December 2021 3,378.7 Impairment losses for the year 37.9 Exchange adjustments 274.6 31 December 2022 3,691.2 Net book value 31 December 2022 8,453.4 31 December 2021 7,61 2 .3 1 January 2021 7,388.8 Note 1 Additions represent goodwill arising on the acquisition of subsidiary undertakings including the effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations. The effect of such revisions was not material in either year presented 14. INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS The movements in 2022 and 2021 were as follows: Brands with an indefinite useful life \u00a3m Acquired intangibles \u00a3m Other \u00a3m Total \u00a3m Cost 1 January 2021 1,071.9 1,569.7 300.3 2,941.9 Additions \u2212 \u2212 29.9 29.9 Disposals \u2212 (7. 3 ) (44.6) (51.9) New acquisitions \u2212 97.7 \u2212 97.7 Other movements 1 \u2212 \u2212 3.9 3.9 Exchange adjustments (4.6) (15.7) (1.4) (21.7) 31 December 2021 1,067.3 1,644.4 288.1 2,999.8 Additions \u2212 \u2212 14.9 14.9 Disposals \u2212 (4.7) (59.2) (63.9) New acquisitions \u2212 46.5 1.2 47.7 Other movements 1 \u2212 9.3 0.8 10.1 Exchange adjustments 98.7 131.6 34.7 265.0 31 December 2022 1,166.0 1,827.1 280.5 3,273.6 Amortisation and impairment 1 January 2021 12.8 1,329.2 210.6 1,552.6 Charge for the year 43.8 53.5 19.9 117. 2 Impairment charges included within restructuring costs \u2212 \u2212 10.1 10.1 Disposals \u2212 (3.5) (24.5) (28.0) Other movements \u2212 \u2212 (1.5) (1.5) Exchange adjustments 0.2 (8.2) (2.1) (10.1) 31 December 2021 56.8 1,371.0 212.5 1,640.3 Charge for the year \u2212 61.9 21.9 83.8 Intangible asset impairment \u2212 \u2212 29.0 29.0 Disposals \u2212 (4.4) (59.4) (63.8) Exchange adjustments 5.8 109.9 16.7 132.4 31 December 2022 62.6 1,538.4 220.7 1,821.7 Net book value 31 December 2022 1,103.4 288.7 59.8 1,451.9 31 December 2021 1,010.5 273.4 75.6 1,359.5 1 January 2021 1,059.1 240.5 89.7 1,389.3 Note 1 Other movements in acquired intangibles include revisions to fair value adjustments arising on the acquisition of subsidiary undertakings that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations Cash-generating units (CGUs) with significant goodwill and brands with an indefinite useful life as at 31 December are: Goodwill Brands with an indefinite useful life 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m GroupM 3,178.3 2,982.5 \u2212 \u2212 Wunderman Thompson 1,210.8 9 97. 3 442.0 405.1 Ogilvy 849.8 784.4 222.8 205.0 VMLY&R 776.0 675.6 207.6 189.8 Burson Cohn & Wolfe 646.0 585.7 140.5 128.4 AKQA Group 628.7 570.2 \u2212 \u2212 FGS Global 451.8 393.2 \u2212 \u2212 Landor Group 106.5 97.1 55.7 50.7 Other 605.5 526.3 34.8 31.5 8,453.4 7, 612. 3 1,103.4 1,010.5 Other goodwill represents goodwill on a large number of CGUs, none of which is individually significant in comparison to the total carrying value of goodwill. Separately identifiable brands with an indefinite useful life are carried at historical cost in accordance with the Group\u2019s accounting policy for intangible assets. The carrying values of the other brands with an indefinite useful life are not individually significant in comparison with the total carrying value of brands with an indefinite useful life. Acquired intangible assets at net book value at 31 December 2022 include brand names of \u00a3142.3 million (2021: \u00a3137.4 million), customer-related intangibles of \u00a3120.3 million (2021: \u00a3110.4 million), and other assets (including proprietary tools) of \u00a326.1 million (2021: \u00a325.6 million). The total amortisation and impairment of acquired intangible assets of \u00a361.9 million (2021: \u00a397.3 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million) in regards to certain brand names in the Global Integrated Agencies segment that are no longer in use. In 2021, \u00a343.8 million of the impairment charge related to brands with an indefinite useful life. In 2021, \u00a345.1 million of the impairment charge related to the Global Integrated Agencies segment and \u00a32.8 million related to the Specialist Agencies segment. In addition, the total amortisation and impairment of acquired intangible assets includes \u00a30.2 million (2021: \u00a30.5 million) in relation to associates. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. A goodwill impairment charge of \u00a337.9 million (2021: \u00a31.8 million) was recognised during the year due to a number of underperforming businesses in the Group. This year, \u00a334.2 million of the impairment charge related to the Specialist Agencies segment and \u00a33.7 million related to the Public Relations segment. In certain markets, the impact of local economic conditions and trading circumstances on these businesses was sufficiently severe to indicate impairment to the carrying value of goodwill. Under IFRS, an impairment charge is required for both goodwill and other indefinite-lived assets when the carrying amount exceeds the \"recoverable amount\", defined as the higher of fair value less costs of disposal and value in use. The review assessed whether the carrying value of goodwill and intangible assets with indefinite useful lives was supported by the value in use determined as the net present value of future cash flows. Due to the significant number of CGUs, the impairment test was performed in two steps. In the first step, the recoverable amount was calculated for each CGU using the latest available forecasts for 2022 and/or 2023, nil growth rate thereafter (2021: nil) and a conservative pre-tax discount rate of 15.5% (2021: 13.5%). The pre-tax discount rate of 15.5% was above the rate calculated for the global networks of 14.5% (2021: 12.5%). For smaller CGUs that operate primarily in a particular region subject to higher risk, the higher of 15.5% or 100 basis points above the regional discount rate was used in the first step. The recoverable amount was then compared to the carrying amount, which includes goodwill, intangible assets and other assets. CGUs where the recoverable amount exceeded the carrying amount were not considered to be impaired. Those CGUs where the recoverable amount did not exceed the carrying amount were then further reviewed in the second step. In the second step, these CGUs were retested for impairment using more refined assumptions. This included using a CGU specific pre-tax discount rate and management forecasts for a projection period of up to five years, followed by an assumed long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). If the recoverable amount using the more specific assumptions did not exceed the carrying value of a CGU, an impairment charge was recorded. The long-term growth rate is derived from management\u2019s best estimate of the likely long-term trading performance with reference to external industry reports and other relevant market trends. As at 31 December 2022, we have assessed long-term industry trends based on recent historical data and assumed a long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). Management have made the judgement that the long-term growth rate does not exceed the long-term average growth rate for the industry. The discount rate uses the capital asset pricing model (CAPM) to derive the cost of equity along with an estimated cost of debt that is weighted by an appropriate capital structure to derive an indication of a weighted average cost of capital. The cost of equity is calculated based on long-term government bond yield, an estimate of the required premium for investment in equity relative to government securities and further considers the volatility associated with peer public companies relative to the market. The cost of debt reflects an estimated market yield for long-term debt financing after taking into account the credit profile of public peer companies in the industry. The The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 14.5% (2021: 12.5%). We developed a global discount rate that takes into account the diverse nature of the operations, as these CGUs operate with a diverse range of clients in a range of industries throughout the world, hence are subject to similar levels of market risks. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 14.0% (2021: 11.3%) to 22.6% (2021: 18.4%). Our approach in determining the recoverable amount utilises a discounted cash flow methodology, which necessarily involves making numerous estimates and assumptions regarding revenue less pass-through costs growth, operating margins, appropriate discount rates and working capital requirements. The key assumptions used for estimating cash flow projections in the Group\u2019s impairment testing are those relating to revenue less passthrough costs growth and operating margins. The key assumptions take account of the business\u2019s expectations for the projection period. These expectations consider the macroeconomic environment, industry and market conditions, the CGU\u2019s historical performance and any other circumstances particular to the unit, such as business strategy and client mix. These estimates will likely differ from future actual results of operations and cash flows, and it is possible that these differences could be material. In addition, judgements are applied in determining the level of CGU identified for impairment testing and the criteria used to determine which assets should be aggregated. A difference in testing levels could affect whether an impairment is recorded and the extent of impairment loss. Changes in our business activities or structure may also result in additional changes to the level of testing in future periods. Further, future events could cause the Group to conclude that impairment indicators exist and that the asset values associated with a given operation have become impaired. Historically our impairment losses have resulted from a specific event, condition or circumstance in one or more of our companies, such as the impact of Covid-19 or the loss of a significant client. As a result, changes in the assumptions used in our impairment model have generally not had a significant effect on the impairment charges recognised. The average operating margins used in the five-year projection period for CGUs with significant goodwill and brands with an indefinite useful life ranged from 12.8% to 23.6%. Wunderman Thompson's recoverable amount exceeded its carrying value by \u00a3105.5 million and is the only CGU with significant goodwill and brands with an indefinite useful life that is sensitive to changes in the key assumptions used in determining the recoverable amount. Holding other assumptions constant, the carrying value would be greater than its recoverable amount if the average operating margin decreased by 0.8% or the discount rate increased by 0.7%. Wunderman Thompson is not sensitive to a reasonably possible change in revenue less pass-through costs growth. The carrying value of goodwill and other intangible assets will continue to be reviewed at least annually for impairment and adjusted down to the recoverable amount if required. IMPAIRMENTS IN 2020 In 2020, \u00a32,822.9 million of impairment charges were incurred. The impairments related to historical acquisitions whose carrying values were reassessed in light of the impact of Covid-19. The impairments were driven by a combination of higher discount rates used to value future cash flows, a lower profit base in 2020 and lower industry growth rates. By operating sector, \u00a32,355.1 million of the impairment charge related to Global Integrated Agencies, \u00a3161.5 million related to Public Relations and \u00a3306.3 million related to Specialist Agencies. As noted above, the impairment review is undertaken annually on 30 September. Given the Covid-19 pandemic, impairment indicators such as a decline in revenue less pass-through costs forecasts, and downturns in the global economy and the advertising industry were identified in the first half of 2020. As such, the Group also performed an impairment test over goodwill and intangible assets with indefinite useful lives as at 30 June 2020. Given the continued impact of Covid-19, an additional impairment test was performed as of 31 December 2020. In developing the cash flows for the 2020 impairment tests, we considered the impact of the Covid-19 pandemic to our businesses and adjusted projected revenue less pass-through costs and operating margins in 2020 and/or 2021 accordingly. For the remaining years in the projection period, we assessed when the cash flows would recover to 2019 levels as representative of pre-Covid-19 revenue less pass-through costs and operating margins. For many of our CGUs, recovery to 2019 levels by 2023 was estimated with some CGUs using alternative recovery profiles as considered appropriate. The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 12.5%. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 10.8% to 18.6% for the 30 June 2020 test, 11.3% to 14.4% for the 30 September 2020 test, and 11.2% to 13.6% for the 31 December 2020 test. As part of the overall effort to simplify operations and become more client-centric, certain operations were realigned between the various networks. These realignments were reflected in the CGUs being tested. The most significant of these for the 30 June 2020 test included the treatment of Landor and Fitch as a single CGU given the collaboration of the two brands from both a management and client perspective; the shift of certain European operations into VMLY&R; and the transfer of certain Asian operations from VMLY&R to Ogilvy in order to improve the operational synergies and offer in the respective regions. Subsequent realignments to improve the operational synergies and regional offers were reflected in the September and December tests including the shift of certain Latin American and European operations between Wunderman Thompson, VMLY&R and GroupM; and the transfer of certain Asian operations to VMLY&R that previously operated independently from a network. The transfers of carrying value between CGUs were determined on a relative value basis. These realignments did not have a significant impact on the impairment figures recognised. The CGUs with significant impairments of goodwill as at 31 December 2020 are set out in the below table with the recoverable amount determined as of the December 2020 test. Operating Sector Recoverable amount 2020 \u00a3m Goodwill impairment charge 2020 \u00a3m Wunderman Thompson Global Integrated Agencies 1,956.8 1,207.5 VMLY&R Global Integrated Agencies 1,075.7 516.9 Burson Cohn & Wolfe Public Relations 790.2 144.8 Geometry Global Global Integrated Agencies 164.4 305.8 Landor & Fitch Specialist Agencies 17 7.6 185.4 Other 1,409.5 462.5 5,574.2 2,822.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-742": { "value": "14. INTANGIBLE ASSETS GOODWILL The movements in 2022 and 2021 were as follows: \u00a3m Cost 1 January 2021 10, 807. 3 Additions1 335.8 Disposals (5.4) Exchange adjustments (146.7) 31 December 2021 10,991.0 Additions1 262.6 Disposals \u2013 Exchange adjustments 891.0 31 December 2022 12,144.6 Accumulated impairment losses and write-downs 1 January 2021 3,418.5 Impairment losses for the year 1.8 Exchange adjustments (41.6) 31 December 2021 3,378.7 Impairment losses for the year 37.9 Exchange adjustments 274.6 31 December 2022 3,691.2 Net book value 31 December 2022 8,453.4 31 December 2021 7,61 2 .3 1 January 2021 7,388.8 Note 1 Additions represent goodwill arising on the acquisition of subsidiary undertakings including the effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations. The effect of such revisions was not material in either year presented 14. INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS The movements in 2022 and 2021 were as follows: Brands with an indefinite useful life \u00a3m Acquired intangibles \u00a3m Other \u00a3m Total \u00a3m Cost 1 January 2021 1,071.9 1,569.7 300.3 2,941.9 Additions \u2212 \u2212 29.9 29.9 Disposals \u2212 (7. 3 ) (44.6) (51.9) New acquisitions \u2212 97.7 \u2212 97.7 Other movements 1 \u2212 \u2212 3.9 3.9 Exchange adjustments (4.6) (15.7) (1.4) (21.7) 31 December 2021 1,067.3 1,644.4 288.1 2,999.8 Additions \u2212 \u2212 14.9 14.9 Disposals \u2212 (4.7) (59.2) (63.9) New acquisitions \u2212 46.5 1.2 47.7 Other movements 1 \u2212 9.3 0.8 10.1 Exchange adjustments 98.7 131.6 34.7 265.0 31 December 2022 1,166.0 1,827.1 280.5 3,273.6 Amortisation and impairment 1 January 2021 12.8 1,329.2 210.6 1,552.6 Charge for the year 43.8 53.5 19.9 117. 2 Impairment charges included within restructuring costs \u2212 \u2212 10.1 10.1 Disposals \u2212 (3.5) (24.5) (28.0) Other movements \u2212 \u2212 (1.5) (1.5) Exchange adjustments 0.2 (8.2) (2.1) (10.1) 31 December 2021 56.8 1,371.0 212.5 1,640.3 Charge for the year \u2212 61.9 21.9 83.8 Intangible asset impairment \u2212 \u2212 29.0 29.0 Disposals \u2212 (4.4) (59.4) (63.8) Exchange adjustments 5.8 109.9 16.7 132.4 31 December 2022 62.6 1,538.4 220.7 1,821.7 Net book value 31 December 2022 1,103.4 288.7 59.8 1,451.9 31 December 2021 1,010.5 273.4 75.6 1,359.5 1 January 2021 1,059.1 240.5 89.7 1,389.3 Note 1 Other movements in acquired intangibles include revisions to fair value adjustments arising on the acquisition of subsidiary undertakings that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations Cash-generating units (CGUs) with significant goodwill and brands with an indefinite useful life as at 31 December are: Goodwill Brands with an indefinite useful life 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m GroupM 3,178.3 2,982.5 \u2212 \u2212 Wunderman Thompson 1,210.8 9 97. 3 442.0 405.1 Ogilvy 849.8 784.4 222.8 205.0 VMLY&R 776.0 675.6 207.6 189.8 Burson Cohn & Wolfe 646.0 585.7 140.5 128.4 AKQA Group 628.7 570.2 \u2212 \u2212 FGS Global 451.8 393.2 \u2212 \u2212 Landor Group 106.5 97.1 55.7 50.7 Other 605.5 526.3 34.8 31.5 8,453.4 7, 612. 3 1,103.4 1,010.5 Other goodwill represents goodwill on a large number of CGUs, none of which is individually significant in comparison to the total carrying value of goodwill. Separately identifiable brands with an indefinite useful life are carried at historical cost in accordance with the Group\u2019s accounting policy for intangible assets. The carrying values of the other brands with an indefinite useful life are not individually significant in comparison with the total carrying value of brands with an indefinite useful life. Acquired intangible assets at net book value at 31 December 2022 include brand names of \u00a3142.3 million (2021: \u00a3137.4 million), customer-related intangibles of \u00a3120.3 million (2021: \u00a3110.4 million), and other assets (including proprietary tools) of \u00a326.1 million (2021: \u00a325.6 million). The total amortisation and impairment of acquired intangible assets of \u00a361.9 million (2021: \u00a397.3 million) includes an impairment charge in the year of \u00a31.4 million (2021: \u00a347.9 million) in regards to certain brand names in the Global Integrated Agencies segment that are no longer in use. In 2021, \u00a343.8 million of the impairment charge related to brands with an indefinite useful life. In 2021, \u00a345.1 million of the impairment charge related to the Global Integrated Agencies segment and \u00a32.8 million related to the Specialist Agencies segment. In addition, the total amortisation and impairment of acquired intangible assets includes \u00a30.2 million (2021: \u00a30.5 million) in relation to associates. In accordance with the Group\u2019s accounting policy, the carrying values of goodwill and intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment review is undertaken annually on 30 September. A goodwill impairment charge of \u00a337.9 million (2021: \u00a31.8 million) was recognised during the year due to a number of underperforming businesses in the Group. This year, \u00a334.2 million of the impairment charge related to the Specialist Agencies segment and \u00a33.7 million related to the Public Relations segment. In certain markets, the impact of local economic conditions and trading circumstances on these businesses was sufficiently severe to indicate impairment to the carrying value of goodwill. Under IFRS, an impairment charge is required for both goodwill and other indefinite-lived assets when the carrying amount exceeds the \"recoverable amount\", defined as the higher of fair value less costs of disposal and value in use. The review assessed whether the carrying value of goodwill and intangible assets with indefinite useful lives was supported by the value in use determined as the net present value of future cash flows. Due to the significant number of CGUs, the impairment test was performed in two steps. In the first step, the recoverable amount was calculated for each CGU using the latest available forecasts for 2022 and/or 2023, nil growth rate thereafter (2021: nil) and a conservative pre-tax discount rate of 15.5% (2021: 13.5%). The pre-tax discount rate of 15.5% was above the rate calculated for the global networks of 14.5% (2021: 12.5%). For smaller CGUs that operate primarily in a particular region subject to higher risk, the higher of 15.5% or 100 basis points above the regional discount rate was used in the first step. The recoverable amount was then compared to the carrying amount, which includes goodwill, intangible assets and other assets. CGUs where the recoverable amount exceeded the carrying amount were not considered to be impaired. Those CGUs where the recoverable amount did not exceed the carrying amount were then further reviewed in the second step. In the second step, these CGUs were retested for impairment using more refined assumptions. This included using a CGU specific pre-tax discount rate and management forecasts for a projection period of up to five years, followed by an assumed long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). If the recoverable amount using the more specific assumptions did not exceed the carrying value of a CGU, an impairment charge was recorded. The long-term growth rate is derived from management\u2019s best estimate of the likely long-term trading performance with reference to external industry reports and other relevant market trends. As at 31 December 2022, we have assessed long-term industry trends based on recent historical data and assumed a long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). Management have made the judgement that the long-term growth rate does not exceed the long-term average growth rate for the industry. The discount rate uses the capital asset pricing model (CAPM) to derive the cost of equity along with an estimated cost of debt that is weighted by an appropriate capital structure to derive an indication of a weighted average cost of capital. The cost of equity is calculated based on long-term government bond yield, an estimate of the required premium for investment in equity relative to government securities and further considers the volatility associated with peer public companies relative to the market. The cost of debt reflects an estimated market yield for long-term debt financing after taking into account the credit profile of public peer companies in the industry. The The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 14.5% (2021: 12.5%). We developed a global discount rate that takes into account the diverse nature of the operations, as these CGUs operate with a diverse range of clients in a range of industries throughout the world, hence are subject to similar levels of market risks. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 14.0% (2021: 11.3%) to 22.6% (2021: 18.4%). Our approach in determining the recoverable amount utilises a discounted cash flow methodology, which necessarily involves making numerous estimates and assumptions regarding revenue less pass-through costs growth, operating margins, appropriate discount rates and working capital requirements. The key assumptions used for estimating cash flow projections in the Group\u2019s impairment testing are those relating to revenue less passthrough costs growth and operating margins. The key assumptions take account of the business\u2019s expectations for the projection period. These expectations consider the macroeconomic environment, industry and market conditions, the CGU\u2019s historical performance and any other circumstances particular to the unit, such as business strategy and client mix. These estimates will likely differ from future actual results of operations and cash flows, and it is possible that these differences could be material. In addition, judgements are applied in determining the level of CGU identified for impairment testing and the criteria used to determine which assets should be aggregated. A difference in testing levels could affect whether an impairment is recorded and the extent of impairment loss. Changes in our business activities or structure may also result in additional changes to the level of testing in future periods. Further, future events could cause the Group to conclude that impairment indicators exist and that the asset values associated with a given operation have become impaired. Historically our impairment losses have resulted from a specific event, condition or circumstance in one or more of our companies, such as the impact of Covid-19 or the loss of a significant client. As a result, changes in the assumptions used in our impairment model have generally not had a significant effect on the impairment charges recognised. The average operating margins used in the five-year projection period for CGUs with significant goodwill and brands with an indefinite useful life ranged from 12.8% to 23.6%. Wunderman Thompson's recoverable amount exceeded its carrying value by \u00a3105.5 million and is the only CGU with significant goodwill and brands with an indefinite useful life that is sensitive to changes in the key assumptions used in determining the recoverable amount. Holding other assumptions constant, the carrying value would be greater than its recoverable amount if the average operating margin decreased by 0.8% or the discount rate increased by 0.7%. Wunderman Thompson is not sensitive to a reasonably possible change in revenue less pass-through costs growth. The carrying value of goodwill and other intangible assets will continue to be reviewed at least annually for impairment and adjusted down to the recoverable amount if required. IMPAIRMENTS IN 2020 In 2020, \u00a32,822.9 million of impairment charges were incurred. The impairments related to historical acquisitions whose carrying values were reassessed in light of the impact of Covid-19. The impairments were driven by a combination of higher discount rates used to value future cash flows, a lower profit base in 2020 and lower industry growth rates. By operating sector, \u00a32,355.1 million of the impairment charge related to Global Integrated Agencies, \u00a3161.5 million related to Public Relations and \u00a3306.3 million related to Specialist Agencies. As noted above, the impairment review is undertaken annually on 30 September. Given the Covid-19 pandemic, impairment indicators such as a decline in revenue less pass-through costs forecasts, and downturns in the global economy and the advertising industry were identified in the first half of 2020. As such, the Group also performed an impairment test over goodwill and intangible assets with indefinite useful lives as at 30 June 2020. Given the continued impact of Covid-19, an additional impairment test was performed as of 31 December 2020. In developing the cash flows for the 2020 impairment tests, we considered the impact of the Covid-19 pandemic to our businesses and adjusted projected revenue less pass-through costs and operating margins in 2020 and/or 2021 accordingly. For the remaining years in the projection period, we assessed when the cash flows would recover to 2019 levels as representative of pre-Covid-19 revenue less pass-through costs and operating margins. For many of our CGUs, recovery to 2019 levels by 2023 was estimated with some CGUs using alternative recovery profiles as considered appropriate. The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 12.5%. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 10.8% to 18.6% for the 30 June 2020 test, 11.3% to 14.4% for the 30 September 2020 test, and 11.2% to 13.6% for the 31 December 2020 test. As part of the overall effort to simplify operations and become more client-centric, certain operations were realigned between the various networks. These realignments were reflected in the CGUs being tested. The most significant of these for the 30 June 2020 test included the treatment of Landor and Fitch as a single CGU given the collaboration of the two brands from both a management and client perspective; the shift of certain European operations into VMLY&R; and the transfer of certain Asian operations from VMLY&R to Ogilvy in order to improve the operational synergies and offer in the respective regions. Subsequent realignments to improve the operational synergies and regional offers were reflected in the September and December tests including the shift of certain Latin American and European operations between Wunderman Thompson, VMLY&R and GroupM; and the transfer of certain Asian operations to VMLY&R that previously operated independently from a network. The transfers of carrying value between CGUs were determined on a relative value basis. These realignments did not have a significant impact on the impairment figures recognised. The CGUs with significant impairments of goodwill as at 31 December 2020 are set out in the below table with the recoverable amount determined as of the December 2020 test. Operating Sector Recoverable amount 2020 \u00a3m Goodwill impairment charge 2020 \u00a3m Wunderman Thompson Global Integrated Agencies 1,956.8 1,207.5 VMLY&R Global Integrated Agencies 1,075.7 516.9 Burson Cohn & Wolfe Public Relations 790.2 144.8 Geometry Global Global Integrated Agencies 164.4 305.8 Landor & Fitch Specialist Agencies 17 7.6 185.4 Other 1,409.5 462.5 5,574.2 2,822.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-711": { "value": "14. INTANGIBLE ASSETS GOODWILL The movements in 2022 and 2021 were as follows: \u00a3m Cost 1 January 2021 10, 807. 3 Additions1 335.8 Disposals (5.4) Exchange adjustments (146.7) 31 December 2021 10,991.0 Additions1 262.6 Disposals \u2013 Exchange adjustments 891.0 31 December 2022 12,144.6 Accumulated impairment losses and write-downs 1 January 2021 3,418.5 Impairment losses for the year 1.8 Exchange adjustments (41.6) 31 December 2021 3,378.7 Impairment losses for the year 37.9 Exchange adjustments 274.6 31 December 2022 3,691.2 Net book value 31 December 2022 8,453.4 31 December 2021 7,61 2 .3 1 January 2021 7,388.8 Note 1 Additions represent goodwill arising on the acquisition of subsidiary undertakings including the effect of any revisions to fair value adjustments that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations. The effect of such revisions was not material in either year presented
14. INTANGIBLE ASSETS CONTINUED
OTHER INTANGIBLE ASSETS
The movements in 2022 and 2021 were as follows:
Brands
with an
indefinite
useful life
\u00a3m
Acquired
intangibles
\u00a3m
Other
\u00a3m
Total
\u00a3m
Cost
1 January 2021 1,071.9 1,569.7 300.3 2,941.9
Additions \u2212 \u2212 29.9 29.9
Disposals \u2212 (7. 3 ) (44.6) (51.9)
New acquisitions \u2212 97.7 \u2212 97.7
Other movements
1
\u2212 \u2212 3.9 3.9
Exchange adjustments (4.6) (15.7) (1.4) (21.7)
31 December 2021 1,067.3 1,644.4 288.1 2,999.8
Additions \u2212 \u2212 14.9 14.9
Disposals \u2212 (4.7) (59.2) (63.9)
New acquisitions \u2212 46.5 1.2 47.7
Other movements
1
\u2212 9.3 0.8 10.1
Exchange adjustments 98.7 131.6 34.7 265.0
31 December 2022 1,166.0 1,827.1 280.5 3,273.6
Amortisation and impairment
1 January 2021 12.8 1,329.2 210.6 1,552.6
Charge for the year 43.8 53.5 19.9 117. 2
Impairment charges included within
restructuring costs \u2212 \u2212 10.1 10.1
Disposals \u2212 (3.5) (24.5) (28.0)
Other movements \u2212 \u2212 (1.5) (1.5)
Exchange adjustments 0.2 (8.2) (2.1) (10.1)
31 December 2021 56.8 1,371.0 212.5 1,640.3
Charge for the year \u2212 61.9 21.9 83.8
Intangible asset impairment \u2212 \u2212 29.0 29.0
Disposals \u2212 (4.4) (59.4) (63.8)
Exchange adjustments 5.8 109.9 16.7 132.4
31 December 2022 62.6 1,538.4 220.7 1,821.7
Net book value
31 December 2022 1,103.4 288.7 59.8 1,451.9
31 December 2021 1,010.5 273.4 75.6 1,359.5
1 January 2021 1,059.1 240.5 89.7 1,389.3
Note
1
Other movements in acquired intangibles include revisions to fair value adjustments arising
on the acquisition of subsidiary undertakings that had been determined provisionally at the
immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations
Cash-generating units (CGUs) with significant goodwill and brands with an
indefinite useful life as at 31 December are:
Goodwill
Brands with an
indefinite useful life
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
GroupM 3,178.3 2,982.5 \u2212 \u2212
Wunderman Thompson 1,210.8 9 97. 3 442.0 405.1
Ogilvy 849.8 784.4 222.8 205.0
VMLY&R 776.0 675.6 207.6 189.8
Burson Cohn & Wolfe 646.0 585.7 140.5 128.4
AKQA Group 628.7 570.2 \u2212 \u2212
FGS Global 451.8 393.2 \u2212 \u2212
Landor Group 106.5 97.1 55.7 50.7
Other 605.5 526.3 34.8 31.5
8,453.4 7, 612. 3 1,103.4 1,010.5
Other goodwill represents goodwill on a large number of CGUs, none of which
is individually significant in comparison to the total carrying value of goodwill.
Separately identifiable brands with an indefinite useful life are carried at
historical cost in accordance with the Group\u2019s accounting policy for intangible
assets. The carrying values of the other brands with an indefinite useful life are
not individually significant in comparison with the total carrying value of
brands with an indefinite useful life.
Acquired intangible assets at net book value at 31 December 2022 include
brand names of \u00a3142.3 million (2021: \u00a3137.4 million), customer-related
intangibles of \u00a3120.3 million (2021: \u00a3110.4 million), and other assets (including
proprietary tools) of \u00a326.1 million (2021: \u00a325.6 million).
The total amortisation and impairment of acquired intangible assets of
\u00a361.9 million (2021: \u00a397.3 million) includes an impairment charge in the year of
\u00a31.4 million (2021: \u00a347.9 million) in regards to certain brand names in the Global
Integrated Agencies segment that are no longer in use. In 2021, \u00a343.8 million of
the impairment charge related to brands with an indefinite useful life. In 2021,
\u00a345.1 million of the impairment charge related to the Global Integrated
Agencies segment and \u00a32.8 million related to the Specialist Agencies segment.
In addition, the total amortisation and impairment of acquired intangible
assets includes \u00a30.2 million (2021: \u00a30.5 million) in relation to associates.
In accordance with the Group\u2019s accounting policy, the carrying values of
goodwill and intangible assets with indefinite useful lives are reviewed for
impairment annually or more frequently if events or changes in circumstances
indicate that the asset might be impaired. The impairment review is undertaken
annually on 30 September. A goodwill impairment charge of \u00a337.9 million
(2021: \u00a31.8 million) was recognised during the year due to a number of
underperforming businesses in the Group. This year, \u00a334.2 million of the
impairment charge related to the Specialist Agencies segment and \u00a33.7 million
related to the Public Relations segment. In certain markets, the impact of local
economic conditions and trading circumstances on these businesses was
sufficiently severe to indicate impairment to the carrying value of goodwill.
Under IFRS, an impairment charge is required for both goodwill and other
indefinite-lived assets when the carrying amount exceeds the \"recoverable
amount\", defined as the higher of fair value less costs of disposal and value
in use. The review assessed whether the carrying value of goodwill and
intangible assets with indefinite useful lives was supported by the value in
use determined as the net present value of future cash flows.
Due to the significant number of CGUs, the impairment test was performed in
two steps. In the first step, the recoverable amount was calculated for each
CGU using the latest available forecasts for 2022 and/or 2023, nil growth rate
thereafter (2021: nil) and a conservative pre-tax discount rate of 15.5% (2021:
13.5%). The pre-tax discount rate of 15.5% was above the rate calculated for the
global networks of 14.5% (2021: 12.5%). For smaller CGUs that operate primarily
in a particular region subject to higher risk, the higher of 15.5% or 100 basis
points above the regional discount rate was used in the first step.
The recoverable amount was then compared to the carrying amount, which
includes goodwill, intangible assets and other assets. CGUs where the
recoverable amount exceeded the carrying amount were not considered to
be impaired. Those CGUs where the recoverable amount did not exceed the
carrying amount were then further reviewed in the second step.
In the second step, these CGUs were retested for impairment using more
refined assumptions. This included using a CGU specific pre-tax discount rate
and management forecasts for a projection period of up to five years, followed
by an assumed long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%). If the
recoverable amount using the more specific assumptions did not exceed the
carrying value of a CGU, an impairment charge was recorded.
The long-term growth rate is derived from management\u2019s best estimate of
the likely long-term trading performance with reference to external industry
reports and other relevant market trends. As at 31 December 2022, we have
assessed long-term industry trends based on recent historical data and
assumed a long-term growth rate of 2.0% (2021: 2.0%, 2020: 2.0%).
Management have made the judgement that the long-term growth rate does
not exceed the long-term average growth rate for the industry.
The discount rate uses the capital asset pricing model (CAPM) to derive the
cost of equity along with an estimated cost of debt that is weighted by an
appropriate capital structure to derive an indication of a weighted average
cost of capital. The cost of equity is calculated based on long-term
government bond yield, an estimate of the required premium for investment
in equity relative to government securities and further considers the volatility
associated with peer public companies relative to the market. The cost of debt
reflects an estimated market yield for long-term debt financing after taking
into account the credit profile of public peer companies in the industry. The
The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 14.5% (2021: 12.5%). We developed a global discount rate that takes into account the diverse nature of the operations, as these CGUs operate with a diverse range of clients in a range of industries throughout the world, hence are subject to similar levels of market risks. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 14.0% (2021: 11.3%) to 22.6% (2021: 18.4%). Our approach in determining the recoverable amount utilises a discounted cash flow methodology, which necessarily involves making numerous estimates and assumptions regarding revenue less pass-through costs growth, operating margins, appropriate discount rates and working capital requirements. The key assumptions used for estimating cash flow projections in the Group\u2019s impairment testing are those relating to revenue less passthrough costs growth and operating margins. The key assumptions take account of the business\u2019s expectations for the projection period. These expectations consider the macroeconomic environment, industry and market conditions, the CGU\u2019s historical performance and any other circumstances particular to the unit, such as business strategy and client mix. These estimates will likely differ from future actual results of operations and cash flows, and it is possible that these differences could be material. In addition, judgements are applied in determining the level of CGU identified for impairment testing and the criteria used to determine which assets should be aggregated. A difference in testing levels could affect whether an impairment is recorded and the extent of impairment loss. Changes in our business activities or structure may also result in additional changes to the level of testing in future periods. Further, future events could cause the Group to conclude that impairment indicators exist and that the asset values associated with a given operation have become impaired. Historically our impairment losses have resulted from a specific event, condition or circumstance in one or more of our companies, such as the impact of Covid-19 or the loss of a significant client. As a result, changes in the assumptions used in our impairment model have generally not had a significant effect on the impairment charges recognised. The average operating margins used in the five-year projection period for CGUs with significant goodwill and brands with an indefinite useful life ranged from 12.8% to 23.6%. Wunderman Thompson's recoverable amount exceeded its carrying value by \u00a3105.5 million and is the only CGU with significant goodwill and brands with an indefinite useful life that is sensitive to changes in the key assumptions used in determining the recoverable amount. Holding other assumptions constant, the carrying value would be greater than its recoverable amount if the average operating margin decreased by 0.8% or the discount rate increased by 0.7%. Wunderman Thompson is not sensitive to a reasonably possible change in revenue less pass-through costs growth. The carrying value of goodwill and other intangible assets will continue to be reviewed at least annually for impairment and adjusted down to the recoverable amount if required. IMPAIRMENTS IN 2020 In 2020, \u00a32,822.9 million of impairment charges were incurred. The impairments related to historical acquisitions whose carrying values were reassessed in light of the impact of Covid-19. The impairments were driven by a combination of higher discount rates used to value future cash flows, a lower profit base in 2020 and lower industry growth rates. By operating sector, \u00a32,355.1 million of the impairment charge related to Global Integrated Agencies, \u00a3161.5 million related to Public Relations and \u00a3306.3 million related to Specialist Agencies. As noted above, the impairment review is undertaken annually on 30 September. Given the Covid-19 pandemic, impairment indicators such as a decline in revenue less pass-through costs forecasts, and downturns in the global economy and the advertising industry were identified in the first half of 2020. As such, the Group also performed an impairment test over goodwill and intangible assets with indefinite useful lives as at 30 June 2020. Given the continued impact of Covid-19, an additional impairment test was performed as of 31 December 2020. In developing the cash flows for the 2020 impairment tests, we considered the impact of the Covid-19 pandemic to our businesses and adjusted projected revenue less pass-through costs and operating margins in 2020 and/or 2021 accordingly. For the remaining years in the projection period, we assessed when the cash flows would recover to 2019 levels as representative of pre-Covid-19 revenue less pass-through costs and operating margins. For many of our CGUs, recovery to 2019 levels by 2023 was estimated with some CGUs using alternative recovery profiles as considered appropriate. The pre-tax discount rate applied to the cash flow projections for the CGUs that operate globally was 12.5%. The pre-tax discount rates applied to the CGUs that have more regional specific operations ranged from 10.8% to 18.6% for the 30 June 2020 test, 11.3% to 14.4% for the 30 September 2020 test, and 11.2% to 13.6% for the 31 December 2020 test. As part of the overall effort to simplify operations and become more client-centric, certain operations were realigned between the various networks. These realignments were reflected in the CGUs being tested. The most significant of these for the 30 June 2020 test included the treatment of Landor and Fitch as a single CGU given the collaboration of the two brands from both a management and client perspective; the shift of certain European operations into VMLY&R; and the transfer of certain Asian operations from VMLY&R to Ogilvy in order to improve the operational synergies and offer in the respective regions. Subsequent realignments to improve the operational synergies and regional offers were reflected in the September and December tests including the shift of certain Latin American and European operations between Wunderman Thompson, VMLY&R and GroupM; and the transfer of certain Asian operations to VMLY&R that previously operated independently from a network. The transfers of carrying value between CGUs were determined on a relative value basis. These realignments did not have a significant impact on the impairment figures recognised. The CGUs with significant impairments of goodwill as at 31 December 2020 are set out in the below table with the recoverable amount determined as of the December 2020 test. Operating Sector Recoverable amount 2020 \u00a3m Goodwill impairment charge 2020 \u00a3m Wunderman Thompson Global Integrated Agencies 1,956.8 1,207.5 VMLY&R Global Integrated Agencies 1,075.7 516.9 Burson Cohn & Wolfe Public Relations 790.2 144.8 Geometry Global Global Integrated Agencies 164.4 305.8 Landor & Fitch Specialist Agencies 17 7.6 185.4 Other 1,409.5 462.5 5,574.2 2,822.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-712": { "value": "15. PROPERTY, PLANT AND EQUIPMENT The movements in 2022 and 2021 were as follows: Land \u00a3m Freehold buildings \u00a3m Leasehold buildings \u00a3m Fixtures, fittings and equipment \u00a3m Computer equipment \u00a3m Total \u00a3m Cost 1 January 2021 34.3 39.6 1,052.5 189.3 381.7 1,697. 4 Additions 14.3 8.9 134.5 31.5 74.0 263.2 New acquisitions \u2013 \u2013 1.5 1.3 1.2 4.0 Disposals (0.1) (0.6) (108.3) (60.0) (56.4) (225.4) Exchange adjustments (5.3) 13.5 (5.2) (12.6) (8.7) (18.3) 31 December 2021 43.2 61.4 1,075.0 149.5 391.8 1,720.9 Additions 13.8 0.1 75.8 32.1 86.6 208.4 New acquisitions \u2013 \u2013 0.5 0.2 0.6 1.3 Disposals (0.1) (8.3) (62.1) (40.0) (72.1) (182.6) Exchange adjustments (16.9) 39.3 89.7 23.0 39.8 174.9 31 December 2022 40.0 92.5 1,178.9 164.8 446.7 1,922.9 Depreciation and impairment 1 January 2021 \u2013 2.3 510.4 106.9 286.9 906.5 Charge for the year \u2013 1.0 66.5 2 7. 6 56.1 151.2 Impairment charges included within restructuring costs \u2013 \u2013 7.1 1.8 0.9 9.8 Disposals \u2013 \u2013 (108.2) (55.9) (55.1) (219.2) Exchange adjustments \u2013 (0.6) (6.2) (8.5) (8.5) (23.8) 31 December 2021 \u2013 2.7 469.6 71.9 280.3 824.5 Charge for the year \u2013 0.7 74.0 26.5 65.7 166.9 Impairment charges included within restructuring costs \u2013 \u2013 9.1 0.6 0.1 9.8 Disposals \u2013 (1.7) (63.5) (36.7) (71.1) (173.0) Exchange adjustments \u2013 0.3 43.2 17. 5 33.0 94.0 31 December 2022 \u2013 2.0 532.4 79.8 308.0 922.2 Net book value 31 December 2022 40.0 90.5 646.5 85.0 138.7 1,000.7 31 December 2021 43.2 58.7 605.4 77.6 111.5 896.4 1 January 2021 34.3 37. 3 542.1 82.4 94.8 790.9 At 31 December 2022, capital commitments contracted, but not provided for in respect of property, plant and equipment, were \u00a3128.2 million (2021: \u00a3107.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-713": { "value": "16. INTERESTS IN ASSOCIATES, JOINT VENTURES AND OTHER INVESTMENTS The movements in 2022 and 2021 were as follows: Interests in associates and joint ventures \u00a3m Other investments \u00a3m 1 January 2021 330.7 3 87. 3 Additions 93.6 5.9 Earnings from associates \u2013 after interest and tax 23.8 \u2212 Share of other comprehensive income of associate undertakings 13.5 \u2212 Dividends (53.4) \u2212 Other movements (0.2) \u2212 Exchange adjustments (22.5) \u2212 Disposals (4.8) (31.9) Reclassification from subsidiaries 4.2 \u2212 Revaluation of other investments through profit or loss \u2212 (7.5) Revaluation of other investments through other comprehensive income \u2212 (35.5) Amortisation of other intangible assets (0.5) \u2212 Reversal of write-downs 28.5 \u2212 31 December 2021 412.9 318.3 Additions 4.4 5.1 Loss from associates \u2013 after interest and tax (60.4) \u2212 Share of other comprehensive income of associate undertakings 51.2 \u2212 Dividends (37.6) \u2212 Other movements 2.9 \u2212 Exchange adjustments 17.1 \u2212 Disposals (9.6) (16.0) Reclassification to subsidiaries (5.9) \u2212 Reclassification from associates to other investments (22.5) 61.6 Revaluation of other investments through profit or loss \u2212 23.1 Revaluation of other investments through other comprehensive income \u2212 (22.3) Amortisation of other intangible assets (0.2) \u2212 Write-downs (47. 2) \u2212 31 December 2022 305.1 369.8 Interests in joint ventures are immaterial and none of the Group's associates are individually material at 31 December 2022. The investments included above as \"other investments\" represent investments in equity securities that present the Group with opportunity for return through dividend income and trading gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices. For unlisted securities, where market value is not available, the Group has estimated relevant fair values on the basis of information from outside sources. The carrying values of the Group\u2019s associates and joint ventures are reviewed for impairment in accordance with the Group\u2019s accounting policies. AGGREGATE INFORMATION OF ASSOCIATES THAT ARE NOT INDIVIDUALLY MATERIAL The following table presents a summary of the aggregate financial performance of the Group\u2019s associate undertakings and joint ventures. 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m (Loss)/earnings from associates \u2013 after interest and tax (note 4) (60.4) 23.8 (136.0) Share of other comprehensive income/(loss) of associate undertakings 51.2 13.5 (61.5) Share of total comprehensive (loss)/ income of associate undertakings (9.2) 37. 3 (197. 5) The application of equity accounting is ordinarily discontinued when the investment is reduced to zero and additional losses are not provided for unless the Group has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. As at 31 December 2021, the cumulative share of unrecognised losses in relation to Imagina, an associate in Spain with the investment carrying value reduced to zero, were \u00a323.0 million. In 2022, the Group partially disposed of its investment in Imagina in Spain resulting in its reclassification from interests in associates to other investments (within the scope of IFRS 9) designated as fair value through other comprehensive income. Refer to note 26 for further details on financial instruments held at fair value though other comprehensive income. In the year ended 31 December 2022, share of losses of \u00a329.5 million for the US and \u00a333.8 million for the Rest of World were not recognised in relation to Kantar as the investment was reduced to zero. At 31 December 2022, capital commitments contracted, but not provided for, in respect of interests in associates and other investments were \u00a33.2 million (2021: \u00a35.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-743": { "value": "16. INTERESTS IN ASSOCIATES, JOINT VENTURES AND OTHER INVESTMENTS The movements in 2022 and 2021 were as follows: Interests in associates and joint ventures \u00a3m Other investments \u00a3m 1 January 2021 330.7 3 87. 3 Additions 93.6 5.9 Earnings from associates \u2013 after interest and tax 23.8 \u2212 Share of other comprehensive income of associate undertakings 13.5 \u2212 Dividends (53.4) \u2212 Other movements (0.2) \u2212 Exchange adjustments (22.5) \u2212 Disposals (4.8) (31.9) Reclassification from subsidiaries 4.2 \u2212 Revaluation of other investments through profit or loss \u2212 (7.5) Revaluation of other investments through other comprehensive income \u2212 (35.5) Amortisation of other intangible assets (0.5) \u2212 Reversal of write-downs 28.5 \u2212 31 December 2021 412.9 318.3 Additions 4.4 5.1 Loss from associates \u2013 after interest and tax (60.4) \u2212 Share of other comprehensive income of associate undertakings 51.2 \u2212 Dividends (37.6) \u2212 Other movements 2.9 \u2212 Exchange adjustments 17.1 \u2212 Disposals (9.6) (16.0) Reclassification to subsidiaries (5.9) \u2212 Reclassification from associates to other investments (22.5) 61.6 Revaluation of other investments through profit or loss \u2212 23.1 Revaluation of other investments through other comprehensive income \u2212 (22.3) Amortisation of other intangible assets (0.2) \u2212 Write-downs (47. 2) \u2212 31 December 2022 305.1 369.8 Interests in joint ventures are immaterial and none of the Group's associates are individually material at 31 December 2022. The investments included above as \"other investments\" represent investments in equity securities that present the Group with opportunity for return through dividend income and trading gains. They have no fixed maturity or coupon rate. The fair values of the listed securities are based on quoted market prices. For unlisted securities, where market value is not available, the Group has estimated relevant fair values on the basis of information from outside sources. The carrying values of the Group\u2019s associates and joint ventures are reviewed for impairment in accordance with the Group\u2019s accounting policies. AGGREGATE INFORMATION OF ASSOCIATES THAT ARE NOT INDIVIDUALLY MATERIAL The following table presents a summary of the aggregate financial performance of the Group\u2019s associate undertakings and joint ventures. 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m (Loss)/earnings from associates \u2013 after interest and tax (note 4) (60.4) 23.8 (136.0) Share of other comprehensive income/(loss) of associate undertakings 51.2 13.5 (61.5) Share of total comprehensive (loss)/ income of associate undertakings (9.2) 37. 3 (197. 5) The application of equity accounting is ordinarily discontinued when the investment is reduced to zero and additional losses are not provided for unless the Group has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. As at 31 December 2021, the cumulative share of unrecognised losses in relation to Imagina, an associate in Spain with the investment carrying value reduced to zero, were \u00a323.0 million. In 2022, the Group partially disposed of its investment in Imagina in Spain resulting in its reclassification from interests in associates to other investments (within the scope of IFRS 9) designated as fair value through other comprehensive income. Refer to note 26 for further details on financial instruments held at fair value though other comprehensive income. In the year ended 31 December 2022, share of losses of \u00a329.5 million for the US and \u00a333.8 million for the Rest of World were not recognised in relation to Kantar as the investment was reduced to zero. At 31 December 2022, capital commitments contracted, but not provided for, in respect of interests in associates and other investments were \u00a33.2 million (2021: \u00a35.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-714": { "value": "17. DEFERRED TAX The Group's deferred tax assets and liabilities are measured at the end of each period in accordance with IAS 12 Income Taxes. The recognition of deferred tax assets is determined by reference to the Group's estimate of recoverability, using models where appropriate to forecast future taxable profits. Deferred tax assets have only been recognised for territories where the Group considers that it is probable that all or a portion of the deferred tax assets will be realised. The main factors that we consider include: \u2013 the future earnings potential determined through the use of internal forecasts \u2013 the cumulative losses in recent years \u2013 the various jurisdictions in which the potential deferred tax assets arise \u2013 the history of losses carried forward and other tax assets expiring \u2013 the timing of future reversal of taxable temporary differences \u2013 the expiry period associated with the deferred tax assets \u2013 the nature of the income that can be used to realise the deferred tax asset If it is probable that some portion of these assets will not be realised, no asset is recognised in relation to that portion. If market conditions improve and future results of operations exceed our current expectations, our existing recognised deferred tax assets may be adjusted, resulting in future tax benefits. Alternatively, if market conditions deteriorate further or future results of operations are less than expected, future assessments may result in a determination that some or all of the deferred tax assets are not realisable. As a result, all or a portion of the deferred tax assets may need to be reversed. Certain deferred tax assets and liabilities have been offset as they relate to the same tax group. The following is the analysis of the deferred tax balances for financial reporting purposes: Gross 2022 \u00a3m Offset 2022 \u00a3m As reported 2022 \u00a3m Gross 2021 \u00a3m Offset 2021 \u00a3m As reported 2021 \u00a3m Deferred tax assets 588.8 (266.7) 322.1 565.0 (223.5) 341.5 Deferred tax liabilities (617.5) 266.7 (350.8) (536.0) 223.5 (312.5) (28.7) \u2013 (28.7) 29.0 \u2013 29.0 The following are the major gross deferred tax assets recognised by the Group and movements thereon in 2022 and 2021: Deferred compensation \u00a3m Accounting provisions and accruals \u00a3m Retirement benefit obligations \u00a3m Property, plant and equipment \u00a3m Tax losses and credits \u00a3m Share-based payments \u00a3m Restructuring provisions \u00a3m Other temporary differences \u00a3m Total \u00a3m 1 January 2021 49.5 109.5 57.9 80.9 90.3 21.4 56.4 11.6 477.5 Acquisition of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 0.9 Credit/(charge) to income 58.2 0.3 1.2 (15.9) 19.7 9.9 9.1 (1.6) 80.9 Charge to other comprehensive income \u2013 \u2013 (3.0) \u2013 \u2013 \u2013 \u2013 \u2013 (3.0) Credit to equity \u2013 \u2013 \u2013 \u2013 \u2013 11.9 \u2013 \u2013 11.9 Exchange differences and other movements 0.8 (3.6) (2.7) 3.0 0.5 0.3 (4.4) 2.9 (3.2) 31 December 2021 108.5 106.2 53.4 68.0 110.5 43.5 61.1 13.8 565.0 Acquisition of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.1 1.1 (Charge)/credit to income (38.7) 3.3 (2.9) (10.0) 5.0 1.3 21.2 (14.2) (35.0) Charge to other comprehensive income \u2013 \u2013 ( 7.0) \u2013 \u2013 \u2013 \u2013 \u2013 ( 7.0) Charge to equity \u2013 \u2013 \u2013 \u2013 \u2013 (15.5) \u2013 \u2013 (15.5) Exchange differences and other movements 4.5 10.6 4.5 43.6 7.0 3.0 2.3 4.7 80.2 31 December 2022 74.3 120.1 48.0 101.6 122.5 32.3 84.6 5.4 588.8 Other temporary differences comprise a number of items, none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2022 the balance related to temporary differences in relation to revenue adjustments, tax deductible goodwill, fair value adjustments and other temporary differences. In addition the Group has recognised the following gross deferred tax liabilities and movements thereon in 2022 and 2021: Brands and other intangibles \u00a3m Associate earnings \u00a3m Goodwill \u00a3m Property, plant and equipment \u00a3m Financial instruments \u00a3m Other temporary differences \u00a3m Total \u00a3m 1 January 2021 326.8 58.0 123.1 \u2013 35.8 25.0 568.7 Acquisition of subsidiaries 22.5 \u2013 \u2013 \u2013 \u2013 \u2013 22.5 (Credit)/charge to income (19.5) (21.4) 8.2 \u2013 (35.5) 16.6 (51.6) Exchange differences and other movements (4.7) 0.2 1.9 \u2013 (0.3) (0.7) (3.6) 31 December 2021 325.1 36.8 133.2 \u2013 \u2013 40.9 536.0 Acquisition of subsidiaries 15.1 \u2013 \u2013 \u2013 \u2013 \u2013 15.1 (Credit)/charge to income (12.4) (3.5) 19.7 (14.2) \u2013 (10.5) (20.9) Charge to other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 0.4 0.4 Exchange differences and other movements 24.8 3.2 20.5 37.2 \u2013 1.2 86.9 31 December 2022 352.6 36.5 173.4 23.0 \u2013 32.0 617.5 Other temporary differences comprise a number of items none of which is individually significant to the Group's consolidated balance sheet. At 31 December 2022 the balance related to temporary differences in relation to unremitted earnings of subsidiaries, unremitted earnings of associates and other temporary differences. At the balance sheet date, the Group has gross tax losses and other temporary differences of \u00a37,667.4 million (2021: \u00a36,961.4 million) available for offset against future profits. Deferred tax assets have been recognised in respect of the tax benefit of \u00a32,259.7 million (2021: \u00a32,259.2 million) of such tax losses and other temporary differences. No deferred tax asset has been recognised in respect of the remaining \u00a35,407.7 million (2021: \u00a34,702.2 million) of losses and other temporary differences as the Group considers that there will not be enough taxable profits in the entities concerned such that any additional asset could be considered recoverable. Included in the total unrecognised temporary differences are losses of \u00a360.3 million (2021: \u00a363.8 million) that will expire within one to ten years, and \u00a35,138.1 million (2021: \u00a34,457.3 million) of losses that may be carried forward indefinitely. At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was \u00a31,346.1 million (2021: \u00a31,385.3 million). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-715": { "value": "Days past due 2021 Carrying amount at 31 December 2021 \u00a3m Not past due \u00a3m 0-30 days \u00a3m 31-90 days \u00a3m 91-180 days \u00a3m 181 days- 1 year \u00a3m Greater than 1 year \u00a3m Gross trade receivables 6,671.0 5,755.6 589.8 194.4 64.0 10.6 56.6 Loss allowance (70.5) (2.3) (0.2) (1.9) (7.5) (4.9) (53.7) 6,600.5 5,753.3 589.6 192.5 56.5 5.7 2.9 Gross accrued income 3,4 49.6 1,947.6 619.4 448.1 307.7 126.8 \u2013 Loss allowance (13.9) (1.8) (1.0) (0.8) (4.3) (6.0) \u2013 3,435.7 1,945.8 618.4 4 47.3 303.4 120.8 \u2013 Other financial assets 496.3 422.1 15.2 2.7 3.0 2.7 50.6 10,532.5 8,121.2 1,223.2 642.5 362.9 129.2 53.5 Other financial assets are included in other debtors. Past due amounts are not impaired where collection is considered likely. 2022 \u00a3m 2021 \u00a3m Amounts falling due after more than one year Prepayments 3.9 3.0 Fair value of derivatives 0.6 0.5 Other debtors 214.1 149.1 218.6 152.6 The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. Other debtors falling due after more than one year for 31 December 2022 includes \u00a315.4 million in relation to pension plans in surplus. The corresponding figure for 31 December 2021 is included in provision for post employment benefits. 2022 \u00a3m 2021 \u00a3m Loss allowance At beginning of year 70.5 112.5 New acquisitions \u2013 3.7 Charged to the income statement 29.1 17.2 Released to the income statement (8.4) (27.9) Exchange adjustments 5.1 (1.7) Utilisations and other movements (24.8) (33.3) At end of year 71.5 70.5 The loss allowance is equivalent to 1.0% (2021: 1.1%) of gross trade accounts receivables. Impairment losses on work in progress, accrued income and other debtors were immaterial for the years presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value. 18. TRADE AND OTHER RECEIVABLES The following are included in trade and other receivables: 2022 \u00a3m 2021 \u00a3m Amounts falling due within one year Trade receivables (net of loss allowance) 7, 403.9 6,600.5 Work in progress 352.4 254.0 VAT and sales taxes recoverable 448.1 350.3 Prepayments 236.6 215.3 Accrued income 3,468.3 3,435.7 Fair value of derivatives 5.1 2.5 Other debtors 585.3 504.0 12,499.7 11,362.3 The ageing of trade receivables and other financial assets by due date is as follows: Days past due 2022 Carrying amount at 31 December 2022 \u00a3m Not past due \u00a3m 0-30 days \u00a3m 31-90 days \u00a3m 91-180 days \u00a3m 181 days- 1 year \u00a3m Greater than 1 year \u00a3m Gross trade receivables 7, 47 5 .4 6,386.5 706.4 247.1 66.8 23.5 45.1 Loss allowance (71.5) (1.6) (5.8) (6.6) (6.6) (13.3) (37.6) 7,4 0 3 .9 6,384.9 700.6 240.5 60.2 10.2 7.5 Gross accrued income 3,485.6 2,027.0 603.8 450.5 376.8 27. 5 \u2013 Loss allowance (17.3) (0.1) (0.2) (0.1) (16.9) \u2013 \u2013 3,468.3 2,026.9 603.6 450.4 359.9 27. 5 \u2013 Other financial assets 612.0 538.8 31.2 6.1 1.0 6.2 28.7 11,484.2 8,950.6 1,335.4 697.0 421.1 43.9 36.2 18. TRADE AND OTHER RECEIVABLES CONTINUED EXPECTED CREDIT LOSSES Given the short-term nature of the Group\u2019s trade receivables, work in progress, and accrued income, which are mainly due from large national or multinational companies, the Group's assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment, and the level of credit insurance the Group has along with historical and forward-looking information. Additional provisions are made based on the assessment of recoverability of aged receivables over one year where sufficient evidence of recoverability is not evident. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-716": { "value": "19. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR The following are included in trade and other payables falling due within one year: 2022 \u00a3m 2021 \u00a3m Trade payables 11,182.3 10,596.9 Deferred income 1,599.0 1,334.0 Payments due to vendors (earnout agreements) 62.0 85.6 Liabilities in respect of put option agreements with vendors 18.8 58.4 Fair value of derivatives 58.0 6.4 Share repurchases \u2013 close period commitments1 \u2013 211.7 Other creditors and accruals 2,914.8 2,959.3 15,834.9 15,252.3 Note 1 During 2021, the Company entered into an arrangement with a third party to conduct share buybacks on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was recognised as a movement in other reserves in the year ended 31 December 2021. After the close period ended on 18 February 2022, the liability was settled and the amount in other reserves was reclassified to retained earnings The Group considers that the carrying amount of trade and other payables approximates their fair value. In all material respects, deferred income at 31 December 2021 was recognised as revenue during the year. Other than business-as-usual movements, and deferred income acquired on the acquisition of subsidiaries, there were no other significant changes in contract liability balances during the year. 20. TRADE AND OTHER PAYABLES: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR The following are included in trade and other payables falling due after more than one year: 2022 \u00a3m 2021 \u00a3m Payments due to vendors (earnout agreements) 98.1 111.1 Liabilities in respect of put option agreements with vendors 323.3 333.1 Fair value of derivatives \u2013 47.2 Other creditors and accruals 69.5 128.5 490.9 619.9 The Group considers that the carrying amount of trade and other payables approximates their fair value. The following table sets out payments due to vendors, comprising contingent consideration and the Directors\u2019 best estimates of future earnout-related obligations: 2022 \u00a3m 2021 \u00a3m Within one year 62.0 85.6 Between one and two years 19.5 24.0 Between two and three years 27.6 35.7 Between three and four years 28.6 51.4 Between four and five years 22.4 \u2013 160.1 196.7 The following table is an analysis of future anticipated cash flows in relation to liabilities in respect of put option agreements with vendors at 31 December: 2022 \u00a3m 2021 \u00a3m Within one year 18.8 58.4 Between one and two years 5.2 15.1 Between two and three years 76.6 14.4 Between three and four years 99.2 99.0 Between four and five years 74.8 76.6 Over five years 67.5 128.0 342.1 391.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-717": { "value": "21. BANK OVERDRAFTS, BONDS AND BANK LOANS Amounts falling due within one year: 2022 \u00a3m 2021 \u00a3m Bank overdrafts 505.7 342.3 Corporate bonds and bank loans 663.3 224.9 1,169.0 567.2 The Group considers that the carrying amount of bank overdrafts approximates their fair value. Amounts falling due after more than one year: 2022 \u00a3m 2021 \u00a3m Corporate bonds and bank loans 3,801.8 4,216.8 The Group estimates that the fair value of corporate bonds is \u00a34,049.1 million at 31 December 2022 (2021: \u00a34,790.3 million). The fair values of the corporate bonds are based on quoted market prices and is within Level 1 of the fair value hierarchy. The Group considers that the carrying amount of bank loans of \u00a3nil (2021: \u00a314.7 million) approximates their fair value. The corporate bonds, bank loans and overdrafts included within liabilities fall due for repayment as follows: 2022 \u00a3m 2021 \u00a3m Within one year 1,169.0 567.2 Between one and two years 618.0 629.2 Between two and three years 441.5 550.4 Between three and four years 658.8 418.8 Between four and five years 661.1 623.6 Over five years 1,422.4 1,994.8 4,970.8 4,784.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-718": { "value": "22. PROVISIONS FOR LIABILITIES AND CHARGES The movements in 2022 and 2021 were as follows: Property \u00a3m Other \u00a3m Total \u00a3m 1 January 2021 76.7 229.6 306.3 Charged to the income statement 25.2 35.8 61.0 Acquisitions1 \u2013 7. 3 7. 3 Utilised (7.0) (69.9) (76.9) Released to the income statement (18.3) (25.0) (43.3) Other movements (5.2) 18.9 13.7 Exchange adjustments (0.8) 1.2 0.4 31 December 2021 70.6 197.9 268.5 Charged to the income statement 8.1 6.4 14.5 Acquisitions1 \u2013 1.3 1.3 Utilised (12.8) ( 3 7. 2) (50.0) Released to the income statement (3.2) (22.2) (25.4) Other movements (4.8) 17.8 13.0 Exchange adjustments 4.9 17.8 22.7 31 December 2022 62.8 181.8 244.6 Note 1 Acquisitions include \u00a31.3 million (2021: \u00a37.3 million) of provisions arising from revisions to fair value adjustments related to the acquisition of subsidiary undertakings that had been determined provisionally at the immediately preceding balance sheet date, as permitted by IFRS 3 Business Combinations The Company and various of its subsidiaries are, from time to time, parties to legal proceedings and claims which arise in the ordinary course of business. The Directors do not anticipate that the outcome of these proceedings and claims will have a material adverse effect on the Group\u2019s financial position or on the results of its operations. The utilisation of \u201cOther\u201d provisions in 2021 is primarily driven by litigation settlements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-719": { "value": "23. SHARE-BASED PAYMENTS Charges for share-based incentive plans were as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Share-based payments 122.0 99.6 74.4 Share-based payments comprise charges for stock options and restricted stock awards to employees of the Group. As of 31 December 2022, there was \u00a3200.7 million (2021: \u00a3203.4 million) of total unrecognised compensation cost related to the Group\u2019s restricted stock plans. Further information on stock options is provided in note 27. RESTRICTED STOCK PLANS The Group operates a number of equity-settled share incentive schemes, in most cases satisfied by the delivery of stock from one of the Group\u2019s ESOP Trusts. The most significant current schemes are as follows: EXECUTIVE PERFORMANCE SHARE PLAN (EPSP) This scheme is intended to reward and incentivise the most senior executives of the Group. The performance period is three or five complete financial years, commencing with the financial year in which the award is granted. The vest date will usually be in the March following the end of the performance period. Vesting is conditional on continued employment throughout the vesting period. The 2020, 2021 and 2022 EPSP awards are subject to three equally weighted performance conditions: three-year average Return on Invested Capital (ROIC), cumulative Adjusted Free Cash Flow (AFCF), and relative Total Shareholder Return (TSR). Achieving the threshold performance requirement will result in a vesting opportunity of 20% for that element. The vesting opportunity will increase on a straight-line basis to 100% of the award for maximum performance. The Compensation Committee has an overriding discretion to determine the extent to which the award will vest. The 2019 EPSP awards are subject to a relative TSR performance condition, with a ROIC underpin. TSR performance will be compared to companies representing the most relevant, listed global competitors, with performance below median resulting in zero vesting. Performance between median and upper decile provides for a vesting opportunity of between 15% and 100%. The awards will vest subject to a ROIC underpin of an average of 7.5% over the performance period. The Compensation Committee has an overriding discretion to determine the extent to which the award will vest. For EPSP awards granted between 2017 and 2018 there are three performance criteria, each constituting one-third of the vesting value, and each measured over the performance period: (i) TSR against a comparator group of companies. Threshold performance (equating to ranking in the 50th percentile of the comparator group) will result in 15% vesting of the part of the award dependent on TSR. The maximum vest of 100% will arise if performance ranks in the 90th percentile, with a sliding scale of vesting for performance between threshold and maximum. (ii) Headline diluted earnings per share. The performance range is 7% to 14% compound annual growth. Threshold performance will result in 15% vesting, maximum performance will result in 100% vesting. There is a sliding vesting scale in between threshold and maximum. (iii) Return on equity (ROE). Average annual ROE is defined as headline diluted EPS divided by the balance sheet value per share of shareholders\u2019 equity. The performance range is 15% \u2013 18% average annual ROE. Threshold performance will result in 15% vesting, maximum performance will result in 100% vesting. There is a sliding vesting scale in between threshold and maximum. 23. SHARE-BASED PAYMENTS CONTINUED PERFORMANCE SHARE AWARDS (PSA) Conditional stock awards made under the PSA are dependent upon annual performance targets, typically based on one or more of: operating profit, profit before taxation and operating margin. Grants are made in the year following the year of performance measurement, and vest two years after grant date provided the individual concerned is continually employed by the Group throughout this time. LEADERSHIP SHARE AWARDS WPP Leadership Awards are conditional stock awards made to around 1,900 of our key executives. Awards vest three years after grant, provided the participant is still employed within the Group. VALUATION METHODOLOGY For all of these schemes, the valuation methodology is based upon fair value on grant date, which is determined by the market price on that date or the application of a Black-Scholes model, depending upon the characteristics of the scheme concerned. The assumptions underlying the Black-Scholes model are detailed in note 27, including details of assumed dividend yields. Market price on any given day is obtained from external, publicly available sources. MARKET/NON-MARKET CONDITIONS Most share-based plans are subject to non-market performance conditions, such as margin or growth targets, as well as continued employment. EPSP is subject to a number of performance conditions, including TSR, a market-based condition. For schemes without market-based performance conditions, the valuation methodology above is applied and, at each year-end, the relevant charge for each grant is revised, if appropriate, to take account of any changes in estimate of the likely number of shares expected to vest. For schemes with market-based performance conditions, the probability of satisfying these conditions is assessed at grant date through a statistical model (such as the Monte Carlo model) and applied to the fair value. This initial valuation remains fixed throughout the life of the relevant plan, irrespective of the actual outcome in terms of performance. Where a lapse occurs due to cessation of employment, the cumulative charge taken to date is reversed. Movement on ordinary shares granted for significant restricted stock plans: Non- vested 1 January 2022 number m Granted number m Forfeited number m Vested number m Non- vested 31 December 2022 number m Executive Performance Share Plan (EPSP) 16.7 6.1 (2.2) (0.2) 20.4 Performance Share Awards (PSA) 3.1 4.0 (0.2) (2.8) 4.1 Leadership Share Awards 10.4 4.9 (1.2) (2.8) 11.3 Weighted average fair value (pence per share) Executive Performance Share Plan (EPSP) 900p 1,025p 1,055p 613p 924p Performance Share Awards (PSA) 604p 911p 798p 519p 952p Leadership Share Awards 922p 787p 881p 795p 899p Non- vested 1 January 2021 number m Granted number m Forfeited number m Vested number m Non- vested 31 December 2021 number m Executive Performance Share Plan (EPSP) 13.0 6.1 (2.2) (0.2) 16.7 Performance Share Awards (PSA) 4.3 0.4 (0.2) (1.4) 3.1 Leadership Share Awards 11.0 3.6 (1.1) (3.1) 10.4 Weighted average fair value (pence per share) Executive Performance Share Plan (EPSP) 943p 951p 1,289p 833p 900p Performance Share Awards (PSA) 675p 666p 534p 859p 604p Leadership Share Awards 831p 990p 853p 709p 922p The total fair value of shares vested for all the Group\u2019s restricted stock plans during the year ended 31 December 2022 was \u00a365.4 million (2021: \u00a364.1 million, 2020: \u00a371.6 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-720": { "value": "24. PROVISION FOR POST-EMPLOYMENT BENEFITS Companies within the Group operate a large number of pension plans, the forms and benefits of which vary with conditions and practices in the countries concerned. The Group\u2019s pension costs are analysed as follows: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Defined contribution plans 191.3 162.8 157.8 Defined benefit plans charge to operating profit 13.5 14.9 13.9 Pension costs (note 5) 204.8 17 7.7 171.7 Net interest expense on pension plans (note 6) 2.2 1.8 2.9 207.0 179.5 174.6 DEFINED BENEFIT PLANS The pension costs are assessed in accordance with the advice of local independent qualified actuaries. The latest full actuarial valuations for the various pension plans were carried out at various dates in the last three years. These valuations have been updated by the local actuaries to 31 December 2022. The majority of plans provide final salary benefits, with plan benefits typically based either on mandatory plans under local legislation, termination indemnity benefits, or on the rules of WPP sponsored supplementary plans. The implications of IFRIC 14 have been allowed for where relevant, in particular with regard to the asset ceiling/irrecoverable surplus. The Group\u2019s policy is to close existing defined benefit plans to new members. This has been implemented across a significant number of the pension plans. Contributions to funded plans are determined in line with local conditions and practices. Contributions in respect of unfunded plans are paid as they fall due. The total contributions (for funded plans) and benefit payments (for unfunded plans) paid for 2022 amounted to \u00a324.0 million (2021: \u00a316.7 million, 2020: \u00a320.3 million). Employer contributions and benefit payments in 2023 are expected to be approximately \u00a320.0 million. (A) ASSUMPTIONS There are a number of areas in pension accounting that involve estimates made by management based on advice of qualified advisors. These include establishing the discount rates, rates of increase in salaries and pensions in payment, inflation, and mortality assumptions. The main weighted average assumptions used for the actuarial valuations at 31 December are shown in the following table: 2022 % pa 2021 % pa 2020 % pa 2019 % pa UK Discount rate1 5.1 1.8 1.3 2.0 Rate of increase in pensions in payment 4.4 4.5 4.4 4.4 Inflation 3.0 3.2 2.8 2.6 North America Discount rate1 5.2 2.6 2.0 3.0 Rate of increase in salaries 2 n/a n/a 3.0 3.0 Western Continental Europe Discount rate1 4.1 1.2 0.9 1.2 Rate of increase in salaries 2.5 2.3 2.2 2.2 Rate of increase in pensions in payment 2.0 1.8 1.8 1.8 Inflation 2.0 1.7 1.7 1.7 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe Discount rate1 6.4 5.3 4.2 4.6 Rate of increase in salaries 5.7 5.6 5.2 6.1 Inflation 3.4 3.7 3.7 3.7 Notes 1 Discount rates are based on high-quality corporate bond yields. In countries where there is no deep market in corporate bonds, the discount rate assumption has been set with regard to the yield on long-term government bonds 2 The salary assumptions are no longer applicable to the US as all plans were frozen. Active participants will not accrue additional benefits for future services under these plans For the Group\u2019s pension plans, the plans\u2019 assets are invested with the objective of being able to meet current and future benefit payment needs, while controlling balance sheet volatility and future contributions. Pension plan assets are invested with a number of investment managers, and assets are diversified among equities, bonds, insured annuities, property and cash or other liquid investments. The primary use of bonds as an investment class is to match the anticipated cash flows from the plans to pay pensions. The Group is invested in high-quality corporate and government bonds which share similar risk characteristics and are of equivalent currency and term to the plan liabilities. Various insurance policies have also been bought historically to provide a more exact match for the cash flows, including a match for the actual mortality of specific plan members. These insurance policies effectively provide protection against both investment fluctuations and longevity risks. The strategic target allocation varies among the individual plans. Management considers the types of investment classes in which the pension plan assets are invested. The types of investment classes are determined by economic and market conditions and in consideration of specific asset class risk. Management periodically commissions detailed asset and liability studies performed by third-party professional investment advisors and actuaries that generate probability-adjusted expected future returns on those assets. These studies also project the estimated future pension payments and evaluate the efficiency of the allocation of the pension plan assets into various investment categories. At 31 December 2022, the life expectancies underlying the value of the accrued liabilities for the main defined benefit pension plans operated by the Group were as follows: Years life expectancy after age 65 All plans North America UK Western Continental Europe Other 1 Current pensioners (at age 65) \u2013 male 22.3 21.9 23.6 21.0 12.7 Current pensioners (at age 65) \u2013 female 24.0 23.3 25.1 24.0 15.5 Future pensioners (current age 45) \u2013 male 24.0 23.3 25.6 23.2 12.7 Future pensioners (current age 45) \u2013 female 25.7 24.7 27.1 25.9 15.5 Note 1 Includes Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe The life expectancies after age 65 at 31 December 2021 were 22.3 years and 24.0 years for male and female current pensioners (at age 65) respectively, and 24.1 years and 25.8 years for male and female future pensioners (current age 45), respectively. In the determination of mortality assumptions, management uses the most up-to-date mortality tables available in each country.
The following table provides information on the weighted average duration
of the defined benefit pension obligations and the distribution of the timing
of benefit payments for the next ten years. The duration corresponds to the
weighted average length of the underlying cash flows.
All
plans
North
America UK
Western
Continental
Europe Other
1
Weighted average
duration of the
defined benefit
obligation (years) 8.5 7.5 10.0 9.7 5.9
Expected benefit
payments over the
next ten years (\u00a3m)
Within 12 months 46.6 21.7 12.7 5.8 6.4
In 2024 43.5 21.1 12.7 6.1 3.6
In 2025 44.5 20.6 13.4 6.0 4.5
In 2026 46.4 21.2 13.4 6.4 5.4
In 2027 44.2 21.1 12.0 6.2 4.9
In the next five years 213.2 93.5 56.5 33.9 29.3
Note
1
Includes Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe
The following table presents a sensitivity analysis for each significant actuarial
assumption showing how the defined benefit obligation would have been
affected by changes in the relevant actuarial assumption that were reasonably
possible at the balance sheet date. This sensitivity analysis applies to the
defined benefit obligation only and not to the net defined benefit pension
liability in its entirety, the measurement of which is driven by a number of factors
including, in addition to the assumptions below, the fair value of plan assets.
The sensitivity analyses are based on a change in one assumption while
holding all other assumptions constant so that interdependencies between
the assumptions are excluded. The methodology applied is consistent with
that used to determine the recognised defined benefit obligation. The
sensitivity analysis for inflation is not shown as it is an underlying assumption
to build the pension and salary increase assumptions. Changing the inflation
assumption on its own without changing the salary or pension assumptions
will not result in a significant change in pension liabilities.
Sensitivity analysis of significant actuarial assumptions
(Decrease)/increase
in benefit obligation
2022
\u00a3m
2021
\u00a3m
Discount rate
Increase by 25 basis points:
UK (3.6) (7.6)
North America (4.4) (6.4)
Western Continental Europe (2.0) (3.4)
Other
1
(0.5) (0.6)
Decrease by 25 basis points:
UK 3.8 8.0
North America 4.6 6.6
Western Continental Europe 2.1 3.6
Other
1
0.6 0.6
Rate of increase in salaries
Increase by 25 basis points:
Western Continental Europe 0.5 0.8
Other
1
0.5 0.5
Decrease by 25 basis points:
Western Continental Europe (0.5) (0.8)
Other
1
(0.5) (0.5)
Rate of increase in pensions in payment
Increase by 25 basis points:
UK 0.7 0.9
Western Continental Europe 1.1 1.7
Decrease by 25 basis points:
UK (0.6) (0.9)
Western Continental Europe (1.0) (1.7)
Life expectancy
Increase in longevity by one additional year:
UK 6.8 13.3
North America 4.2 5.3
Western Continental Europe 2.6 4.2
Note
1
Includes Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe
W PP ANNUAL REPORT 2022192
24. PROVISION FOR POST-EMPLOYMENT BENEFITS CONTINUED (B) ASSETS AND LIABILITIES At 31 December, the fair value of the assets in the pension plans and the assessed present value of the liabilities in the pension plans are shown in the following table: 2022 \u00a3m % 2021 \u00a3m % 2020 \u00a3m % Equities 26.7 6.2 31.8 5.8 41.6 6.7 Bonds 208.8 48.5 259.7 47.0 284.2 46.1 Insured annuities 149.2 34.7 222.5 40.3 252.8 41.0 Property 1.4 0.3 1.0 0.2 0.7 0.1 Cash 18.1 4.2 15.3 2.8 14.7 2.4 Other 26.3 6.1 21.8 3.9 22.6 3.7 Total fair value of assets 430.5 100.0 552.1 100.0 616.6 100.0 Present value of liabilities (552.6) (688.5) (772.7) Deficit in the plans (122.1) (136.4) (156.1) Irrecoverable surplus \u2013 (0.2) (0.6) Net liability1 (122.1) (136.6) (156.7) Plans in surplus2 15.4 30.1 2 7. 2 Plans in deficit (137.5) (166.7) (183.9) Notes 1 The related deferred tax asset is discussed in note 17 2 The net asset related to plans in surplus of \u00a315.4 million for 31 December 2022 is recorded in the consolidated balance sheet within other debtors. The corresponding figures for 31 December 2021 and 31 December 2020 are recorded in provision for post-employment benefits All plan assets have quoted prices in active markets with the exception of insured annuities and other assets. The value of insured annuities is equal to the value of the pension benefits covered by the annuities. Surplus/(deficit) in plans by region 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m UK 2.3 0.4 0.7 North America (37.1) (28.1) (37.9) Western Continental Europe (52.6) (74.0) (85.9) Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe (34.7) (34.7) (33.0) Deficit in the plans (122.1) (136.4) (156.1) Some of the Group\u2019s defined benefit plans are unfunded (or largely unfunded) by common custom and practice in certain jurisdictions. In the case of these unfunded plans, the benefit payments are made as and when they fall due. Pre-funding of these plans would not be typical business practice. The following table shows the split of the deficit at 31 December between funded and unfunded pension plans. 2022 Surplus/ (deficit) \u00a3m 2022 Present value of liabilities \u00a3m 2021 Surplus/ (deficit) \u00a3m 2021 Present value of liabilities \u00a3m 2020 Surplus/ (deficit) \u00a3m 2020 Present value of liabilities \u00a3m Funded plans by region UK 2.3 (155.5) 0.4 (231.9) 0.7 (262.7) North America 4.1 (208.5) 20.1 (237.9) 17. 4 (271.8) Western Continental Europe (29.1) (67.9) (45.1) (87.6) (38.6) (84.3) Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe (4.1) (25.4) (6.4) (25.7) (5.8) (24.1) Deficit/liabilities in the funded plans (26.8) (4 57.3) (31.0) (583.1) (26.3) (642.9) Unfunded plans by region North America (41.2) (41.2) (48.2) (48.2) (55.3) (55.3) Western Continental Europe (23.5) (23.5) (28.9) (28.9) (47. 3) (47. 3) Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe (30.6) (30.6) (28.3) (28.3) (27.2) (2 7. 2) Deficit/liabilities in the unfunded plans (95.3) (95.3) (105.4) (105.4) (129.8) (129.8) Deficit/liabilities in the plans (122.1) (552.6) (136.4) (688.5) (156.1) (772.7) In accordance with IAS 19, plans that are wholly or partially funded are considered funded plans. (C) PENSION EXPENSE The following tables show the breakdown of the pension expense between amounts charged to operating profit and amounts charged to finance costs: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Service cost1 10.4 12.6 12.0 Administrative expenses 3.1 2.3 1.9 Charge to operating profit 13.5 14.9 13.9 Net interest expense on pension plans 2.2 1.8 2.9 Charge to profit before taxation for defined benefit plans 15.7 16.7 16.8 Note 1 Includes current service cost, past service costs related to plan amendments and (gain)/loss on settlements and curtailments The following table shows the breakdown of amounts recognised in other comprehensive income (OCI): 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Return on plan assets (excluding interest income) (127.6) (29.3) 57.2 Changes in demographic assumptions underlying the present value of the plan liabilities 0.6 (3.6) 3.8 Changes in financial assumptions underlying the present value of the plan liabilities 143.5 31.1 (54.0) Experience (loss)/gain arising on the plan liabilities (0.1) 15.7 (4.4) Change in irrecoverable surplus 0.2 0.4 (0.6) Actuarial gain recognised in OCI 16.6 14.3 2.0 (D) MOVEMENT IN PLAN LIABILITIES The following table shows an analysis of the movement in the pension plan liabilities for each accounting period: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Plan liabilities at beginning of year 688.5 772.7 767.5 Service cost 1 10.4 12.6 12.0 Interest cost 15.5 12.0 17.0 Actuarial (gain)/loss: Effect of changes in demographic assumptions (0.6) 3.6 (3.8) Effect of changes in financial assumptions (143.5) (31.1) 54.0 Effect of experience adjustments 0.1 (15.7) 4.4 Benefits paid (52.0) (59.5) (59.6) Loss/(gain) due to exchange rate movements 40.4 (6.1) (4.2) Settlement payments (8.7) (0.3) (17.0) Other2 2.5 0.3 2.4 Plan liabilities at end of year 552.6 688.5 772.7 Notes 1 Includes current service cost, past service costs related to plan amendments and (gain)/loss on settlements and curtailments 2 Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassifications. The reclassifications represent certain of the Group\u2019s defined benefit plans which are included in this note for the first time in the periods presented (E) MOVEMENT IN PLAN ASSETS The following table shows an analysis of the movement in the pension plan assets for each accounting period: 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m Fair value of plan assets at beginning of year 552.1 616.6 608.5 Interest income on plan assets 13.3 10.2 14.1 Return on plan assets (excluding interest income) (127.6) (29.3) 57.2 Employer contributions 24.0 16.7 20.3 Benefits paid (52.0) (59.5) (59.6) Gain/(loss) due to exchange rate movements 31.5 (0.6) (6.8) Settlement payments (8.7) (0.3) (17.0) Administrative expenses (3.1) (1.8) (1.9) Other1 1.0 0.1 1.8 Fair value of plan assets at end of year 430.5 552.1 616.6 Actual return on plan assets (114.3) (19.1) 71.3 Note 1 Other includes acquisitions, disposals, plan participants\u2019 contributions and reclassifications. The reclassifications represent certain of the Group\u2019s defined benefit plans which are included in this note for the first time in the periods presented ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-721": { "value": "25. RISK MANAGEMENT POLICIES FOREIGN CURRENCY RISK The Group\u2019s results in pounds sterling are subject to fluctuation as a result of exchange rate movements. The Group does not hedge this translation exposure to its earnings but does partially hedge the currency element of its net assets using foreign currency borrowings, cross-currency swaps and forward foreign exchange contracts. The Group effects these currency net asset hedges by borrowing in the same currencies as the operating (or \"functional\") currencies of its main operating units. The majority of the Group\u2019s debt is therefore denominated in US dollars, pounds sterling and euros. The Group\u2019s borrowings (including cross currency swaps) at 31 December 2022 were primarily made up of $1,667 million, \u00a31,094 million and \u20ac2,350 million (2021: $1,667 million, \u00a31,094 million and \u20ac2,600 million). The Group\u2019s average gross debt during the course of 2022 was $1,667 million, \u00a31,094 million and \u20ac2,404 million (2021: $1,934 million, \u00a31,094 million and \u20ac2,600 million). The Group\u2019s operations conduct the majority of their activities in their own local currency and consequently the Group has no significant transactional foreign exchange exposures arising from its operations. Any significant cross-border trading exposures are hedged by the use of forward foreign- exchange contracts. No speculative foreign exchange trading is undertaken. INTEREST RATE RISK The Group is exposed to interest rate risk on both interest-bearing assets and interest-bearing liabilities. The Group has a policy of actively managing its interest rate risk exposure while recognising that fixing rates on all its debt eliminates the possibility of benefiting from rate reductions and, similarly, having all its debt at floating rates unduly exposes the Group to increases in rates. Including the effect of interest rate and cross-currency swaps, 100% of the year-end US dollar debt is at fixed rates averaging 4.18% for an average period of 60 months; 100% of the sterling debt is at a fixed rate of 2.97% for an average period of 143 months; and 100% of the euro debt is at fixed rates averaging 2.21% for an average period of 55 months. GOING CONCERN AND LIQUIDITY RISK In considering going concern and liquidity risk, the Directors have reviewed the Group\u2019s future cash requirements and earnings projections. The Directors believe these forecasts have been prepared on a prudent basis and have also considered the impact of a range of potential changes to trading performance. The impact of the Russian invasion of Ukraine and sanctions response from governments has been considered. The Company modelled a range of revenue less pass-through costs compared with the year ended 31 December 2022 and a number of mitigating cost actions that are available to the Company. Considering the Group's bank covenant and liquidity headroom and cost mitigation actions which could be implemented, the Company and the Group would be able to operate with appropriate liquidity and within its banking covenants and be able to meet its liabilities as they fall due with a decline in revenue less pass-through costs up to 28% in 2023. The likelihood of such a decline is considered remote as compared to Company expectations and external benchmarks, including previously witnessed declines in times of economic stress or external forces such as the pandemic. The modelling in this extreme scenario includes cost mitigations of 70% of the decline in revenue less pass-through costs and the suspension of the share buyback programme and dividend. Further measures that were not included in the modelling, should the Company face such an extreme scenario, include the reduction of capital expenditure and acquisitions. Therefore, the Directors have concluded that the Group will be able to operate within its current facilities and comply with its banking covenants for the foreseeable future and therefore believe it is appropriate to prepare the financial statements of the Group on a going concern basis and that there are no material uncertainties which give rise to a significant going concern risk. 25. RISK MANAGEMENT POLICIES CONTINUED At 31 December 2022, the Group has access to \u00a36.6 billion of committed facilities with maturity dates spread over the years 2023 to 2046 as illustrated below: 2023 \u00a3m 2024 \u00a3m 2025 \u00a3m 2026 \u00a3m 2027+ \u00a3m \u00a3 bonds \u00a3400m (2.875% 2046) 400.0 400.0 US bond $220m (5.625% 2043) 181.9 181.9 US bond $93m (5.125% 2042) 76.8 76.8 \u00a3 bonds \u00a3250m (3.75% 2032) 250.0 250.0 Eurobonds \u20ac600m (1.625% 2030) 531.2 531.2 Eurobonds \u20ac750m (2.375% 2027) 664.0 664.0 Eurobonds \u20ac750m (2.25% 2026) 664.0 664.0 Bank revolver ($2,500m 2026) 2,069.0 2,069.0 Eurobonds \u20ac500m (1.375% 2025) 442.7 442.7 US bond $750m (3.75% 2024) 620.7 620.7 Eurobonds \u20ac750m (3.0% 2023) 664.0 664.0 Total committed facilities available 6,564.3 664.0 620.7 442.7 2,733.0 2,103.9 Drawn down facilities at 31 December 2022 4,495.3 664.0 620.7 442.7 664.0 2,103.9 Undrawn committed credit facilities 2,069.0 Drawn down facilities at 31 December 2022 4,495.3 Net cash at 31 December 2022 (1,985.8) Other adjustments (30.2) Adjusted net debt at 31 December 2022 2,479.3 Given the strong cash generation of the business, its debt maturity profile and available facilities, the Directors believe the Group has sufficient liquidity to match its requirements for the foreseeable future. TREASURY ACTIVITIES Treasury activity is managed centrally from London, New York and Hong Kong, and is principally concerned with the monitoring of working capital, managing external and internal funding requirements and the monitoring and management of financial market risks, in particular interest rate and foreign exchange exposures. The treasury operation is not a profit centre and its activities are carried out in accordance with policies approved by the Board of Directors and subject to regular review and audit. The Group manages liquidity risk by ensuring continuity and flexibility of funding even in difficult market conditions. Undrawn committed borrowing facilities are maintained in excess of peak net-borrowing levels and debt maturities are closely monitored. Targets for average adjusted net debt are set on an annual basis and, to assist in meeting this, working capital targets are set for all the Group\u2019s major operations. CAPITAL RISK MANAGEMENT The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 10, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and in notes 27 and 28. CREDIT RISK The Group\u2019s principal financial assets are cash and short-term deposits, trade and other receivables and investments, the carrying values of which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets, as shown in note 26. The Group\u2019s credit risk is primarily attributable to its trade receivables. The majority of the Group\u2019s trade receivables are due from large national or multinational companies where the risk of default is considered low. The amounts presented in the consolidated balance sheet are net of loss allowances, estimated by the Group\u2019s management based on expected losses, prior experience and their assessment of the current economic environment. A relatively small number of clients make up a significant percentage of the Group\u2019s debtors, but no single client represents more than 6% of total trade receivables as at 31 December 2022 or 31 December 2021. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are high-rated (AAA) funds, banks with high credit ratings assigned by international credit-rating agencies or banks that have been financed by their government. EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL POSITION AND PERFORMANCE The effects of the hedging instruments on the Group's financial position and performance are as follows: 2022 2021 (i) Cash flow hedges of foreign currency risk Carrying amount of derivative hedging instruments1 (\u00a36.6m) (\u00a348.0m) Notional amount of hedged items \u20ac1,000.0m \u20ac1,000.0m Notional amount of hedging instruments \u20ac1,000.0m \u20ac1,000.0m Maturity date 2023-2025 2023-2025 Hedge ratio 1:1 1:1 Change in value of hedged item used to determine hedge effectiveness \u00a338.5m (\u00a338.0m) Change in value of hedging instrument used to determine hedge effectiveness (\u00a341.4m) \u00a335.5m Hedge ineffectiveness (revaluation and retranslation of financial instruments) \u00a32.9m \u00a32.5m Weighted average hedged rate for the year 3.2% 3.2% (ii) Net investment hedges of foreign currency risk Carrying amount of derivative hedging instruments1 (\u00a346.9m) \u00a30.7m Carrying amount of non-derivative hedging instruments (bonds and bank loans) (\u00a3879.5m) (\u00a3879.5m) Notional amount of hedging instruments $1,666.8m $1,666.8m Notional amount of hedged net assets $1,666.8m $1,666.8m Hedge ratio 1:1 1:1 Change in value of hedged item used to determine hedge effectiveness (\u00a3141.5m) \u00a345.5m Change in value of hedging instrument used to determine ineffectiveness \u00a3141.5m (\u00a345.5m) Hedge ineffectiveness (revaluation and retranslation of financial instruments) \u2212 \u2212 Weighted average hedged rate for the year (USD/ GBP) 1.2083 1.3532 Note 1 This amount is presented in trade and other receivables, and trade and other payables. The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type, whereas they are presented at an instrument level in the balance sheet SENSITIVITY ANALYSIS The following sensitivity analysis addresses the effect of currency and interest rate risks on the Group\u2019s financial instruments. The analysis assumes that all hedges are highly effective. CURRENCY RISK A 10% weakening of sterling against the Group\u2019s major currencies would result in the following impacts on the income statement and equity, which would arise on the retranslation of foreign currency denominated borrowings and derivatives. A 10% strengthening of sterling would have an equal and opposite effect. Impact on income statement Impact on equity 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m US dollar (179.6) 0.7 34.6 64.0 Euro 78.9 17.4 (11.3) (49.9) INTEREST RATE RISK A one percentage point increase in market interest rates for all currencies in which the Group had cash and borrowings at 31 December 2022 would increase profit before tax by approximately \u00a319.9 million (2021: \u00a333.3 million). A one percentage point decrease in market interest rates would have an equal and opposite effect. This has been calculated by applying the interest rate change to the Group\u2019s variable rate cash and borrowings. Note that in practice, the Group has a cyclical cash profile throughout the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-745": { "value": "INTEREST RATE RISK The Group is exposed to interest rate risk on both interest-bearing assets and interest-bearing liabilities. The Group has a policy of actively managing its interest rate risk exposure while recognising that fixing rates on all its debt eliminates the possibility of benefiting from rate reductions and, similarly, having all its debt at floating rates unduly exposes the Group to increases in rates. Including the effect of interest rate and cross-currency swaps, 100% of the year-end US dollar debt is at fixed rates averaging 4.18% for an average period of 60 months; 100% of the sterling debt is at a fixed rate of 2.97% for an average period of 143 months; and 100% of the euro debt is at fixed rates averaging 2.21% for an average period of 55 months. ", "dimensions": { "concept": "wppplc:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-744": { "value": "GOING CONCERN AND LIQUIDITY RISK In considering going concern and liquidity risk, the Directors have reviewed the Group\u2019s future cash requirements and earnings projections. The Directors believe these forecasts have been prepared on a prudent basis and have also considered the impact of a range of potential changes to trading performance. The impact of the Russian invasion of Ukraine and sanctions response from governments has been considered. The Company modelled a range of revenue less pass-through costs compared with the year ended 31 December 2022 and a number of mitigating cost actions that are available to the Company. Considering the Group's bank covenant and liquidity headroom and cost mitigation actions which could be implemented, the Company and the Group would be able to operate with appropriate liquidity and within its banking covenants and be able to meet its liabilities as they fall due with a decline in revenue less pass-through costs up to 28% in 2023. The likelihood of such a decline is considered remote as compared to Company expectations and external benchmarks, including previously witnessed declines in times of economic stress or external forces such as the pandemic. The modelling in this extreme scenario includes cost mitigations of 70% of the decline in revenue less pass-through costs and the suspension of the share buyback programme and dividend. Further measures that were not included in the modelling, should the Company face such an extreme scenario, include the reduction of capital expenditure and acquisitions. Therefore, the Directors have concluded that the Group will be able to operate within its current facilities and comply with its banking covenants for the foreseeable future and therefore believe it is appropriate to prepare the financial statements of the Group on a going concern basis and that there are no material uncertainties which give rise to a significant going concern risk. 25. RISK MANAGEMENT POLICIES CONTINUED At 31 December 2022, the Group has access to \u00a36.6 billion of committed facilities with maturity dates spread over the years 2023 to 2046 as illustrated below: 2023 \u00a3m 2024 \u00a3m 2025 \u00a3m 2026 \u00a3m 2027+ \u00a3m \u00a3 bonds \u00a3400m (2.875% 2046) 400.0 400.0 US bond $220m (5.625% 2043) 181.9 181.9 US bond $93m (5.125% 2042) 76.8 76.8 \u00a3 bonds \u00a3250m (3.75% 2032) 250.0 250.0 Eurobonds \u20ac600m (1.625% 2030) 531.2 531.2 Eurobonds \u20ac750m (2.375% 2027) 664.0 664.0 Eurobonds \u20ac750m (2.25% 2026) 664.0 664.0 Bank revolver ($2,500m 2026) 2,069.0 2,069.0 Eurobonds \u20ac500m (1.375% 2025) 442.7 442.7 US bond $750m (3.75% 2024) 620.7 620.7 Eurobonds \u20ac750m (3.0% 2023) 664.0 664.0 Total committed facilities available 6,564.3 664.0 620.7 442.7 2,733.0 2,103.9 Drawn down facilities at 31 December 2022 4,495.3 664.0 620.7 442.7 664.0 2,103.9 Undrawn committed credit facilities 2,069.0 Drawn down facilities at 31 December 2022 4,495.3 Net cash at 31 December 2022 (1,985.8) Other adjustments (30.2) Adjusted net debt at 31 December 2022 2,479.3 Given the strong cash generation of the business, its debt maturity profile and available facilities, the Directors believe the Group has sufficient liquidity to match its requirements for the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-746": { "value": "TREASURY ACTIVITIES Treasury activity is managed centrally from London, New York and Hong Kong, and is principally concerned with the monitoring of working capital, managing external and internal funding requirements and the monitoring and management of financial market risks, in particular interest rate and foreign exchange exposures. The treasury operation is not a profit centre and its activities are carried out in accordance with policies approved by the Board of Directors and subject to regular review and audit. The Group manages liquidity risk by ensuring continuity and flexibility of funding even in difficult market conditions. Undrawn committed borrowing facilities are maintained in excess of peak net-borrowing levels and debt maturities are closely monitored. Targets for average adjusted net debt are set on an annual basis and, to assist in meeting this, working capital targets are set for all the Group\u2019s major operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-747": { "value": "CAPITAL RISK MANAGEMENT The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 10, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and in notes 27 and 28. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-748": { "value": "CREDIT RISK The Group\u2019s principal financial assets are cash and short-term deposits, trade and other receivables and investments, the carrying values of which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets, as shown in note 26. The Group\u2019s credit risk is primarily attributable to its trade receivables. The majority of the Group\u2019s trade receivables are due from large national or multinational companies where the risk of default is considered low. The amounts presented in the consolidated balance sheet are net of loss allowances, estimated by the Group\u2019s management based on expected losses, prior experience and their assessment of the current economic environment. A relatively small number of clients make up a significant percentage of the Group\u2019s debtors, but no single client represents more than 6% of total trade receivables as at 31 December 2022 or 31 December 2021. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are high-rated (AAA) funds, banks with high credit ratings assigned by international credit-rating agencies or banks that have been financed by their government. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-749": { "value": "26. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. Contracts due in November 2023 have receipts of \u20ac500.0 million and payments of $604.2 million. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2022, the fair value of the Group\u2019s currency derivatives is estimated to be a net liability of approximately \u00a352.7 million (2021: \u00a346.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a30.6 million (2021: \u00a30.5 million) assets included in trade and other receivables and \u00a353.3 million (2021: \u00a347.2 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated and effective hedges was a debit of \u00a3141.5 million (2021: credit of \u00a345.5 million) for net investment hedges and a credit of \u00a338.5 million (2021: debit of \u00a338.0 million) for cash flow hedges. For cash flow hedge arrangements, amounts of a credit of \u00a338.5 million (2021: debit of \u00a338.0 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a32.7 million (2021: \u00a32.5 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a31,004.8 million (2021: \u00a3764.8 million). The Group estimates the fair value of these contracts to be a net asset of \u00a30.4 million (2021: net liability of \u00a33.9 million). As at 31 December 2022, the Group had designated its $93 million bond, $750 million bond, $220 million bond, and $604 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated its \u20ac500 million leg of its cross currency swap as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. Both hedge relationships were effective during the year. These arrangements are designed to address significant exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below: Derivatives in designated hedge relationships \u00a3m Held at fair value through profit or loss \u00a3m Held at fair value through other comprehensive income \u00a3m Amortised cost \u00a3m Carrying value \u00a3m 2022 Other investments \u2013 255.7 114.1 \u2013 369.8 Cash and short-term deposits \u2013 \u2013 \u2013 2,491.5 2,491.5 Bank overdrafts, bonds and bank loans \u2013 \u2013 \u2013 (1,169.0) (1,169.0) Bonds and bank loans \u2013 \u2013 \u2013 (3,801.8) (3,801.8) Trade and other receivables: amounts falling due within one year \u2013 \u2013 \u2013 11,338.0 11,338.0 Trade and other receivables: amounts falling due after more than one year \u2013 \u2013 \u2013 146.2 146.2 Trade and other payables: amounts falling due within one year \u2013 \u2013 \u2013 (11,283.0) (11,283.0) Trade and other payables: amounts falling due after more than one year \u2013 \u2013 \u2013 (0.9) (0.9) Derivative assets 0.6 5.1 \u2013 \u2013 5.7 Derivative liabilities (53.3) (4.7) \u2013 \u2013 (58.0) Payments due to vendors (earnout agreements) \u2013 (160.1) \u2013 \u2013 (160.1) Liabilities in respect of put options \u2013 (342.1) \u2013 \u2013 (342.1) (52.7) (246.1) 114.1 (2,279.0) (2,463.7) Derivatives in designated hedge relationships \u00a3m Held at fair value through profit or loss \u00a3m Held at fair value through other comprehensive income \u00a3m Amortised cost \u00a3m Carrying value \u00a3m 2021 Other investments \u2013 228.3 90.0 \u2013 318.3 Cash and short-term deposits \u2013 \u2013 \u2013 3,882.9 3,882.9 Bank overdrafts, bonds and bank loans \u2013 \u2013 \u2013 (567.2) (567.2) Bonds and bank loans \u2013 \u2013 \u2013 (4,216.8) (4,216.8) Trade and other receivables: amounts falling due within one year \u2013 \u2013 \u2013 10,448.0 10,448.0 Trade and other receivables: amounts falling due after more than one year \u2013 \u2013 \u2013 84.5 84.5 Trade and other payables: amounts falling due within one year \u2013 \u2013 \u2013 (10,674.8) (10,674.8) Trade and other payables: amounts falling due after more than one year \u2013 \u2013 \u2013 (1.5) (1.5) Derivative assets 0.5 2.5 \u2013 \u2013 3.0 Derivative liabilities (47.2) (6.4) \u2013 \u2013 (53.6) Payments due to vendors (earnout agreements) \u2013 (196.7) \u2013 \u2013 (196.7) Liabilities in respect of put options \u2013 (391.5) \u2013 \u2013 (391.5) (46.7) (363.8) 90.0 (1,044.9) (1,365.4) 26. FINANCIAL INSTRUMENTS CONTINUED The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Derivatives in designated hedge relationships Derivative assets \u2013 0.6 \u2013 0.6 Derivative liabilities \u2013 (53.3) \u2013 (53.3) Held at fair value through profit or loss Other investments 0.4 \u2013 255.3 255.7 Derivative assets \u2013 5.1 \u2013 5.1 Derivative liabilities \u2013 (4.7) \u2013 (4.7) Payments due to vendors (earnout agreements) \u2013 \u2013 (160.1) (160.1) Liabilities in respect of put options \u2013 \u2013 (342.1) (342.1) Held at fair value through other comprehensive income Other investments 10.9 \u2013 103.2 114.1 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Derivatives in designated hedge relationships Derivative assets \u2013 0.5 \u2013 0.5 Derivative liabilities \u2013 (47. 2) \u2013 (47. 2) Held at fair value through profit or loss Other investments 0.4 \u2013 227.9 228.3 Derivative assets \u2013 2.5 \u2013 2.5 Derivative liabilities \u2013 (6.4) \u2013 (6.4) Payments due to vendors (earnout agreements) \u2013 \u2013 (196.7) (196.7) Liabilities in respect of put options \u2013 \u2013 (391.5) (391.5) Held at fair value through other comprehensive income Other investments 27.9 \u2013 62.1 90.0 There have been no transfers between these levels in the years presented. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-722": { "value": "26. FINANCIAL INSTRUMENTS CURRENCY DERIVATIVES The Group utilises currency derivatives to hedge significant future transactions and cash flows and the exchange risk arising on translation of the Group\u2019s investments in foreign operations. The Group is a party to a variety of foreign currency derivatives in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the Group\u2019s principal markets. The Group designates foreign currency denominated debt as hedging instruments against the exposure to movements in the spot translation rates associated with the translation of its foreign operations. The Group also designates certain cross currency swaps as hedging instruments in cash flow hedges to manage its exposure to foreign exchange risk and interest rate risk on its borrowings. Contracts due in November 2023 have receipts of \u20ac500.0 million and payments of $604.2 million. Contracts due in March 2025 have receipts of \u20ac500.0 million and payments of \u00a3444.1 million. Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. In addition, hedge ineffectiveness can arise as a result of the currency basis being included in the hedge designation. Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting. At 31 December 2022, the fair value of the Group\u2019s currency derivatives is estimated to be a net liability of approximately \u00a352.7 million (2021: \u00a346.7 million). These amounts are based on market values of equivalent instruments at the balance sheet date, comprising \u00a30.6 million (2021: \u00a30.5 million) assets included in trade and other receivables and \u00a353.3 million (2021: \u00a347.2 million) liabilities included in trade and other payables. The fair value of currency derivatives is based on the present value of contractual cash flows using foreign currency and interest rate forward market curves at the balance sheet date. The amounts taken to and deferred in equity during the year for currency derivatives that are designated and effective hedges was a debit of \u00a3141.5 million (2021: credit of \u00a345.5 million) for net investment hedges and a credit of \u00a338.5 million (2021: debit of \u00a338.0 million) for cash flow hedges. For cash flow hedge arrangements, amounts of a credit of \u00a338.5 million (2021: debit of \u00a338.0 million) representing the effective portion of the gain or loss on the hedging instrument were taken to equity, and reclassified to profit or loss in the same period when the related foreign exchange impact on the associated hedged item affected profit or loss. Changes in the fair value relating to the ineffective portion of the currency derivatives that are designated hedges amounted to \u00a32.7 million (2021: \u00a32.5 million) which is included within revaluation and retranslation of financial instruments in the income statement. At the balance sheet date, the total nominal amount of outstanding forward foreign exchange contracts not designated as hedges was \u00a31,004.8 million (2021: \u00a3764.8 million). The Group estimates the fair value of these contracts to be a net asset of \u00a30.4 million (2021: net liability of \u00a33.9 million). As at 31 December 2022, the Group had designated its $93 million bond, $750 million bond, $220 million bond, and $604 million leg of its cross currency swap, as the hedging instruments in a net investment hedge relationship. The Group has designated its \u20ac500 million leg of its cross currency swap as the hedging instrument in a cash flow hedge. Possible sources of ineffectiveness include any impairments to the Group's net investment in US dollars. The hedges are documented and are assessed for effectiveness on an ongoing basis. Both hedge relationships were effective during the year. These arrangements are designed to address significant exchange exposure and are renewed on a revolving basis as required. An analysis of the Group\u2019s financial assets and liabilities by accounting classification is set out below: Derivatives in designated hedge relationships \u00a3m Held at fair value through profit or loss \u00a3m Held at fair value through other comprehensive income \u00a3m Amortised cost \u00a3m Carrying value \u00a3m 2022 Other investments \u2013 255.7 114.1 \u2013 369.8 Cash and short-term deposits \u2013 \u2013 \u2013 2,491.5 2,491.5 Bank overdrafts, bonds and bank loans \u2013 \u2013 \u2013 (1,169.0) (1,169.0) Bonds and bank loans \u2013 \u2013 \u2013 (3,801.8) (3,801.8) Trade and other receivables: amounts falling due within one year \u2013 \u2013 \u2013 11,338.0 11,338.0 Trade and other receivables: amounts falling due after more than one year \u2013 \u2013 \u2013 146.2 146.2 Trade and other payables: amounts falling due within one year \u2013 \u2013 \u2013 (11,283.0) (11,283.0) Trade and other payables: amounts falling due after more than one year \u2013 \u2013 \u2013 (0.9) (0.9) Derivative assets 0.6 5.1 \u2013 \u2013 5.7 Derivative liabilities (53.3) (4.7) \u2013 \u2013 (58.0) Payments due to vendors (earnout agreements) \u2013 (160.1) \u2013 \u2013 (160.1) Liabilities in respect of put options \u2013 (342.1) \u2013 \u2013 (342.1) (52.7) (246.1) 114.1 (2,279.0) (2,463.7) Derivatives in designated hedge relationships \u00a3m Held at fair value through profit or loss \u00a3m Held at fair value through other comprehensive income \u00a3m Amortised cost \u00a3m Carrying value \u00a3m 2021 Other investments \u2013 228.3 90.0 \u2013 318.3 Cash and short-term deposits \u2013 \u2013 \u2013 3,882.9 3,882.9 Bank overdrafts, bonds and bank loans \u2013 \u2013 \u2013 (567.2) (567.2) Bonds and bank loans \u2013 \u2013 \u2013 (4,216.8) (4,216.8) Trade and other receivables: amounts falling due within one year \u2013 \u2013 \u2013 10,448.0 10,448.0 Trade and other receivables: amounts falling due after more than one year \u2013 \u2013 \u2013 84.5 84.5 Trade and other payables: amounts falling due within one year \u2013 \u2013 \u2013 (10,674.8) (10,674.8) Trade and other payables: amounts falling due after more than one year \u2013 \u2013 \u2013 (1.5) (1.5) Derivative assets 0.5 2.5 \u2013 \u2013 3.0 Derivative liabilities (47.2) (6.4) \u2013 \u2013 (53.6) Payments due to vendors (earnout agreements) \u2013 (196.7) \u2013 \u2013 (196.7) Liabilities in respect of put options \u2013 (391.5) \u2013 \u2013 (391.5) (46.7) (363.8) 90.0 (1,044.9) (1,365.4) 26. FINANCIAL INSTRUMENTS CONTINUED The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Derivatives in designated hedge relationships Derivative assets \u2013 0.6 \u2013 0.6 Derivative liabilities \u2013 (53.3) \u2013 (53.3) Held at fair value through profit or loss Other investments 0.4 \u2013 255.3 255.7 Derivative assets \u2013 5.1 \u2013 5.1 Derivative liabilities \u2013 (4.7) \u2013 (4.7) Payments due to vendors (earnout agreements) \u2013 \u2013 (160.1) (160.1) Liabilities in respect of put options \u2013 \u2013 (342.1) (342.1) Held at fair value through other comprehensive income Other investments 10.9 \u2013 103.2 114.1 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Derivatives in designated hedge relationships Derivative assets \u2013 0.5 \u2013 0.5 Derivative liabilities \u2013 (47. 2) \u2013 (47. 2) Held at fair value through profit or loss Other investments 0.4 \u2013 227.9 228.3 Derivative assets \u2013 2.5 \u2013 2.5 Derivative liabilities \u2013 (6.4) \u2013 (6.4) Payments due to vendors (earnout agreements) \u2013 \u2013 (196.7) (196.7) Liabilities in respect of put options \u2013 \u2013 (391.5) (391.5) Held at fair value through other comprehensive income Other investments 27.9 \u2013 62.1 90.0 There have been no transfers between these levels in the years presented. Reconciliation of level 3 fair value measurements: Payments due to vendors (earnout agreements) Liabilities in respect of put options \u00a3m Other investments \u00a3m 1 January 2021 (114.3) (110.7) 366.6 Losses recognised in the income statement (58.7) (40.6) ( 7. 7) Losses recognised in other comprehensive income \u2013 \u2013 (42.8) Exchange adjustments 1.0 1.3 \u2013 Additions (81.7) (247.7)1 5.9 Disposals \u2013 \u2013 (32.0) Cancellations \u2013 0.8 \u2013 Settlements 57.0 5.4 \u2013 31 December 2021 (196.7) (391.5) 290.0 Gains recognised in the income statement 26.2 2 7.9 23.1 Losses recognised in other comprehensive income \u2013 \u2013 (5.3) Exchange adjustments (14.3) (39.9) \u2013 Additions (46.7) (5.0) 66.7 Disposals \u2013 \u2013 (16.0) Cancellations \u2013 11.0 \u2013 Settlements 71.4 55.4 \u2013 31 December 2022 (160.1) (342.1) 358.5 Note 1 During 2021, the Group merged Finsbury Glover Hering and Sard Verbinnen & Co to form a leading global strategic communications firm. As a part of this transaction, certain management acquired shares in the Company and a put option was granted which allows the equity partners to require the Group to purchase these shares. This resulted in additions to liabilities in respect of put options in the year of \u00a3219.6 million The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels. PAYMENTS DUE TO VENDORS AND LIABILITIES IN RESPECT OF PUT OPTIONS Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at fair value in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors\u2019 estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. As of 31 December 2022, the potential undiscounted amount of future payments that could be required under the earnout agreements for acquisitions completed in the current year and for all earnout agreements ranges from \u00a3nil to \u00a3226 million (2021: \u00a3nil to \u00a3124 million) and \u00a3nil to \u00a3695 million (2021: \u00a3nil to \u00a3595 million), respectively. The decrease in the maximum potential undiscounted amount of future payments for all earnout agreements is due to earnout arrangements that have completed and payments made on active arrangements during the year, and exchange adjustments, partially offset by earnout arrangements related to new acquisitions. At 31 December 2022, the weighted average growth rate in estimating future financial performance was 12.4% (2021: 16.7%). The weighted average of the risk-adjusted discount rate applied to these obligations at 31 December 2022 was 7.6% (2021: 6.5%). A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately \u00a39.1 million (2021: \u00a36.0 million) and \u00a36.9 million (2021: \u00a36.6 million), respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately \u00a37.3 million (2021: \u00a38.6 million) and \u00a37.4 million (2021: \u00a38.9 million), respectively. An increase in the liability would result in a loss in the revaluation of financial instruments, while a decrease would result in a gain. OTHER INVESTMENTS The fair value of other investments included in level 1 is based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, the share of fund net asset value and discounted cash flows. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value. During the year, Imagina stepped down from interests in associates to other investments and this investment has been designated as fair value through other comprehensive income. The fair value of Imagina as at 31 December 2022 was \u00a361.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-723": { "value": "27. AUTHORISED AND ISSUED SHARE CAPITAL Equity ordinary shares Nominal value \u00a3m Authorised 1 January 2021 1,750,000,000 175.0 31 December 2021 1,750,000,000 175.0 31 December 2022 1,750,000,000 175.0 Issued and fully paid 1 January 2021 1,296,080,242 129.6 Exercise of share options 534,800 \u2013 Share cancellations (72,155,492) ( 7. 2) At 31 December 2021 1,224,459,550 122.4 Exercise of share options 125,700 \u2013 Share cancellations (83,157,954) (8.3) At 31 December 2022 1,141,427,296 114.1 COMPANY\u2019S OWN SHARES The Company\u2019s holdings of own shares are stated at cost and represent shares held in treasury and purchases by the Employee Share Ownership Plan (ESOP) trusts of shares in the Company for the purpose of funding certain of the Group\u2019s share-based incentive plans, details of which are disclosed in the Compensation Committee report on pages 130 to 156. The trustees of the ESOP purchase the Company\u2019s ordinary shares in the open market using funds provided by the Company. The Company also has an obligation to make regular contributions to the ESOP to enable it to meet its administrative costs. The number and market value of the ordinary shares of the Company held by the ESOP at 31 December 2022 was 1,211,974 (2021: 5,803,641) and \u00a39.9 million (2021: \u00a365.0 million) respectively. The number and market value of ordinary shares held in treasury at 31 December 2022 was 70,489,953 (2021: 70,489,953) and \u00a3578.2 million (2021: \u00a3789.1 million) respectively. SHARE OPTIONS WPP WORLDWIDE SHARE OWNERSHIP PROGRAMME (WWOP) As at 31 December 2022, unexercised options over ordinary shares of 897,900 and unexercised options over ADRs of 148,225 have been granted under the WPP Worldwide Share Ownership Programme as follows: Number of ordinary shares under option Exercise price per share (\u00a3) Exercise dates 696,975 13.145 2017-2024 3,625 13.145 2018-2024 196,675 13.505 2016-2023 625 13.505 2017-2023 Number of ADRs under option Exercise price per ADR ($) Exercise dates 80,265 102.670 2017-2024 67,96 0 110.760 2016-2023 WPP SHARE OPTION PLAN 2015 (WSOP) As at 31 December 2022, unexercised options over ordinary shares of 13,567,625 and unexercised options over ADRs of 1,546,280 have been granted under the WPP Share Option Plan as follows: Number of ordinary shares under option Exercise price per share (\u00a3) Exercise dates 10,125 7.3 44 2023-2027 2,045,200 7. 34 4 2023-2030 7,875 8.372 2021-2025 1,017,925 8.372 2021-2028 232,625 8.684 2025-2029 3,150,575 8.684 2025-2032 9,375 9.600 2022-2026 1,618,875 9.600 2022-2029 2,581,000 11.065 2023-2030 8,250 13.085 2020-2024 1,141,850 13.085 2020-2027 802,475 15.150 2018-2025 4,375 15.150 2019-2025 6,750 17.055 2019-2023 930,350 17.055 2019-2026 Number of ADRs under option Exercise price per ADR ($) Exercise dates 226,670 48.950 2023-2030 366,420 52.600 2025-2032 136,260 53.140 2021-2028 189,600 62.590 2022-2029 294,270 73.780 2023-2030 131,040 88.260 2020-2027 111,770 105.490 2020-2026 90,250 115.940 2018-2025 27. AUTHORISED AND ISSUED SHARE CAPITAL CONTINUED The aggregate status of the WPP Share Option Plans during 2022 was as follows: MOVEMENTS ON OPTIONS GRANTED (REPRESENTED IN ORDINARY SHARES) 1 January 2022 Granted Exercised Forfeited Outstanding 31 December 2022 Exercisable 31 December 2022 WPP 6,741 \u2013 \u2013 (6,741) \u2013 \u2013 WWOP 2,049,299 \u2013 (2,575) (407,699) 1,639,025 \u2013 WSOP 19,608,150 5,224,050 (123,125) (3,410,050) 21,299,025 3,188,675 21,664,190 5,224,050 (125,700) (3,824,490) 22,938,050 3,188,675 1 January 2021 Granted Exercised Forfeited Outstanding 31 December 2021 Exercisable 31 December 2021 WPP 6,741 \u2013 \u2013 \u2013 6,741 6,741 WWOP 2,499,674 \u2013 (54,050) (396,325) 2,049,299 184,124 WSOP 17,940,725 5,155,800 (480,750) (3,007,625) 19,608,150 1 4 ,287,525 20, 4 47,140 5,155,800 (534,800) (3,403,950) 21,664,190 14,478,390 WEIGHTED AVERAGE EXERCISE PRICE FOR OPTIONS OVER 1 January 2022 Granted Exercised Forfeited Outstanding 31 December 2022 Exercisable 31 December 2022 Ordinary shares (\u00a3) WPP 9.355 \u2013 \u2013 9.355 \u2013 \u2013 WWOP 12.923 \u2013 8.458 11.565 13.224 \u2212 WSOP 10.854 8.684 8.357 10.530 10.356 7.34 4 ADRs ($) WWOP 101.693 \u2013 - 85.706 106.379 \u2212 WSOP 72.228 52.600 53.270 71.674 67.910 48.950 1 January 2021 Granted Exercised Forfeited Outstanding 31 December 2021 Exercisable 31 December 2021 Ordinary shares (\u00a3) WPP 9.355 \u2013 \u2013 \u2013 9.355 9.355 WWOP 12.631 \u2013 7. 3 0 4 11.803 12.923 8.458 WSOP 10.596 11.065 8.372 10.116 10.854 9.322 ADRs ($) WWOP 98.509 \u2013 49.313 89.225 101.693 67. 490 WSOP 70.363 73.780 53.248 66.257 72.228 61.479 OPTIONS OVER ORDINARY SHARES Outstanding Range of exercise prices \u00a3 Weighted average exercise price \u00a3 Weighted average contractual life Months 7.3 4 4-17.055 10.534 84 OPTIONS OVER ADRs Outstanding Range of exercise prices $ Weighted average exercise price $ Weighted average contractual life Months 48.950-115.940 71.275 82 As at 31 December 2022 there was \u00a311.1 million (2021: \u00a310.2 million) of total unrecognised compensation costs related to share options. The cost is expected to be recognised over a weighted average period of 20 months (2021: 21 months). Share options are satisfied out of newly issued shares. The weighted average fair value of options granted in the year calculated using the Black-Scholes model was as follows: 2022 2021 2020 Fair value of UK options (shares) 17 7.0p 220.0p 128.0p Fair value of US options (ADRs) $11.48 $14.89 $8.95 Weighted average assumptions UK risk-free interest rate 2.92% 0.63% -0.02% US risk-free interest rate 4.09% 1.16% 0.31% Expected life (months) 48 48 48 Expected volatility 32% 34% 34% Dividend yield 3.9% 3.4% 4.2% Options are issued at an exercise price equal to market value on the date of grant. The average share price of the Group for the year ended 31 December 2022 was \u00a39.13 (2021: \u00a39.64, 2020: \u00a36.96) and the average ADR price for the same period was $56.80 (2021: $66.44, 2020: $44.56). The average share price of the Group for year ended 31 December 2022 approximates the weighted average share price during the periods of exercise throughout the year. Expected volatility is sourced from external market data and represents the historical volatility in the Company\u2019s share price over a period equivalent to the expected option life. Expected life is based on a review of historical exercise behaviour in the context of the contractual terms of the options, as described in more detail below. TERMS OF SHARE OPTION PLANS In 2015, the Group introduced the Share Option Plan 2015 to replace both the \"all-employee\" Worldwide Share Ownership Plan and the discretionary Executive Stock Option Plan. Two kinds of options over ordinary shares can be granted, both with a market value exercise price. Firstly, options can be granted to employees who have worked at a company owned by WPP plc for at least two years which are not subject to performance conditions. Secondly, options may be granted on a discretionary basis subject to the satisfaction of performance conditions. The Worldwide Share Ownership Programme was open for participation to employees with at least two years\u2019 employment in the Group. It was not available to those participating in other share-based incentive programmes or to Executive Directors. The vesting period for each grant is three years and there are no performance conditions other than continued employment with the Group. The Executive Stock Option Plan has historically been open for participation to WPP Group Leaders, Partners and High Potential Group. It is not currently offered to Parent Company Executive Directors. The vesting period is three years and performance conditions include achievement of various TSR (Total Shareholder Return) and EPS (Earnings Per Share) objectives, as well as continued employment. The terms of these stock options are such that if, after nine years and eight months, the performance conditions have not been met, the stock option will vest automatically. The Group grants stock options with a life of ten years, including the vesting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-724": { "value": "28. OTHER RESERVES Other reserves comprise the following: Capital redemption reserve \u00a3m Equity reserve \u00a3m Hedging reserve \u00a3m Translation reserve \u00a3m Total other reserves \u00a3m Balance at 1 January 2021 6.4 (122.3) (5.9) 313.0 191.2 Reclassification between Hedging reserve and Translation reserve 1 \u2013 \u2013 5.9 (5.9) \u2013 Re-presented balance at 1 January 2021 6.4 (122.3) \u2013 307.1 191.2 Foreign exchange differences on translation of foreign operations 1 \u2013 \u2013 \u2013 (132.7) (132.7) Gain on net investment hedges \u2013 \u2013 \u2013 45.5 45.5 Cash flow hedges: 1 Fair value loss arising on hedging instruments \u2013 \u2013 (38.0) \u2013 (38.0) Less: gain reclassified to profit or loss \u2013 \u2013 38.0 \u2013 38.0 Share of other comprehensive income of associate undertakings \u2013 \u2013 \u2013 7.3 7. 3 Share cancellations 7.2 \u2013 \u2013 \u2013 7.2 Recognition/derecognition of liabilities in respect of put options \u2013 (242.7) \u2013 \u2013 (242.7) Share purchases \u2013 close period commitments \u2013 (211.7) \u2013 \u2013 (211.7 ) Balance at 31 December 2021 13.6 (576.7) \u2013 227.2 (335.9 ) Foreign exchange differences on translation of foreign operations \u2013 \u2013 \u2013 409.0 409.0 Loss on net investment hedges \u2013 \u2013 \u2013 (141.5) (141.5) Cash flow hedges: Fair value gain arising on hedging instruments \u2013 \u2013 38.5 \u2013 38.5 Less: loss reclassified to profit or loss \u2013 \u2013 (38.5) \u2013 (38.5) Share of other comprehensive income of associate undertakings \u2013 \u2013 \u2013 31.9 31.9 Share cancellations 8.3 \u2013 \u2013 \u2013 8.3 Recognition/derecognition of liabilities in respect of put options \u2013 101.7 \u2013 \u2013 101.7 Share purchases \u2013 close period commitments \u2013 211.7 \u2013 \u2013 211.7 Balance at 31 December 2022 21.9 (263.3) \u2013 526.6 285.2 Note 1 Balances for the year ended 31 December 2021 and 31 December 2020 have been re-presented following a reclassification between the hedging reserve and translation reserve of \u00a338.0 million and \u00a35.9 million, respectively The capital redemption reserve relates entirely to share cancellations. The equity reserve primarily relates to the recognition of liabilities in respect of put options agreements entered into by the Group as part of a business combination that allows non-controlling shareholders to sell their shares to the Group in the future. During 2021, the Company entered into an agreement with a third party to conduct share buybacks on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was also recognised as a movement in the equity reserve in the year ended 31 December 2021. After the close period ended on 18 February 2022, the liability was settled and the amount in other reserves was reclassified to retained earnings. The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedges less amounts reclassified to profit or loss. The translation reserve contains the accumulated gains/(losses) on currency translation of foreign operations arising on consolidation. The translation reserve comprises: 2022 \u00a3m 2021 \u00a3m Balance relating to continuing net investment hedges (143.8) (2.3 ) Balance relating to discontinued net investment hedges (85.0) (85.0 ) Balance related to foreign exchange differences on translation of foreign operations 1 755.4 314.5 526.6 227.2 Note 1 Balances for the year ended 31 December 2021 and 31 December 2020 have been re-presented following a reclassification between the hedging reserve and translation reserve of \u00a338.0 million and \u00a35.9 million, respectively ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-725": { "value": "29. ACQUISITIONS The Group accounts for acquisitions in accordance with IFRS 3 Business Combinations. IFRS 3 requires the acquiree\u2019s identifiable assets, liabilities and contingent liabilities (other than non-current assets or disposal groups held for sale) to be recognised at fair value at acquisition date. In assessing fair value at acquisition date, management make their best estimate of the likely outcome where the fair value of an asset or liability may be contingent on a future event. In certain instances, the underlying transaction giving rise to an estimate may not be resolved until some years after the acquisition date. IFRS 3 requires the release to profit of any acquisition reserves which subsequently become excess in the same way as any excess costs over those provided at acquisition date are charged to profit. At each period end management assess provisions and other balances established in respect of acquisitions for their continued probability of occurrence and amend the relevant value accordingly through the consolidated income statement or as an adjustment to goodwill as appropriate under IFRS 3. The Group acquired a number of subsidiaries in the year. The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group. The fair value adjustments for certain acquisitions have been determined provisionally at the balance sheet date. Book value at acquisition \u00a3m Fair value adjustments \u00a3m Fair value to Group \u00a3m Intangible assets 1.2 46.5 47.7 Property, plant and equipment 1.3 \u2013 1.3 Cash and cash equivalents 38.8 \u2013 38.8 Trade receivables due within one year 2 7.0 \u2013 27.0 Other current assets 13.1 1.1 14.2 Total assets 81.4 47.6 129.0 Current liabilities (49.4) (5.3) (54.7) Trade and other payables due after one year (10.3) (27.3) (37.6) Deferred tax liabilities (0.1) (12.4) (12.5) Long-term lease liabilities (0.1) \u2013 (0.1) Provisions (0.1) (1.2) (1.3) Total liabilities (60.0) (46.2) (106.2) Net assets 21.4 1.4 22.8 Non-controlling interests (2.1) Fair value of equity stake in associate undertakings before acquisition of controlling interest (9.0) Goodwill 249.3 Consideration 261.0 Consideration satisfied by: Cash 218.3 Payments due to vendors 42.7 Goodwill arising from acquisitions represents the value of synergies with our existing portfolio of businesses and skilled staff to deliver services to our clients. Goodwill that is expected to be deductible for tax purposes is \u00a342.7 million. Non-controlling interests in acquired companies are measured at the non-controlling interests\u2019 proportionate share of the acquiree\u2019s identifiable net assets. There continues to be no subsidiaries with non-controlling interests that are individually material to the Group. The contribution to revenue and operating profit of acquisitions completed in the year was not material. There were no material acquisitions completed between 31 December 2022 and the date the financial statements have been authorised for issue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-726": { "value": "30. RELATED PARTY TRANSACTIONS The Group enters into transactions with its associate undertakings. The Group has continuing transactions with Kantar, including sales, purchases, the provision of IT services, subleases and property related items. In the year ended 31 December 2022, revenue of \u00a388.3 million (2021: \u00a3117.2 million) was reported in relation to Compas, an associate in the USA, and revenue of \u00a342.7 million (2021: \u00a311.3 million) was reported in relation to Kantar. All other transactions in the years presented were immaterial. The following amounts were outstanding at 31 December: 2022 \u00a3m 2021 \u00a3m Amounts owed by related parties Kantar 26.1 30.3 Other 62.4 45.7 88.5 76.0 Amounts owed to related parties Kantar (10.5) (6.2) Other (65.2) (51.4) (75.7) (57.6) ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-750": { "value": "30. RELATED PARTY TRANSACTIONS The Group enters into transactions with its associate undertakings. The Group has continuing transactions with Kantar, including sales, purchases, the provision of IT services, subleases and property related items. In the year ended 31 December 2022, revenue of \u00a388.3 million (2021: \u00a3117.2 million) was reported in relation to Compas, an associate in the USA, and revenue of \u00a342.7 million (2021: \u00a311.3 million) was reported in relation to Kantar. All other transactions in the years presented were immaterial. The following amounts were outstanding at 31 December: 2022 \u00a3m 2021 \u00a3m Amounts owed by related parties Kantar 26.1 30.3 Other 62.4 45.7 88.5 76.0 Amounts owed to related parties Kantar (10.5) (6.2) Other (65.2) (51.4) (75.7) (57.6) ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-727": { "value": "31. EVENTS AFTER THE REPORTING PERIOD There are no material events after the reporting period that require an adjustment or a disclosure within the financial statements ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LSGBXPYHXGDT93", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }