Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2021-01-01 2020-01-01 2021-12-31 2020-12-31 33971419 Wunderman A/S Glentevej 61 2400 Copenhagen NV Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Weidekampsgade 6 2300 Copenhagen S Danmark 2022-02-25 Martin Hviid Saxtorph Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Wunderman A/S for the financial year 1 January - 31 December 2021. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for 2021. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2022-02-11 Jan William Werner CEO / Martin Hviid Saxtorph CFO Manuel De Manzanos Segimon Chairman Ewen Cameron Sturgeon Martin Hviid Saxtorph Nina Werner Jan William Werner To the Shareholders of Wunderman A/S Opinion We have audited the Financial Statements of Wunderman A/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Copenhagen 2022-02-11 Copenhagen 2022-02-11 Deloitte Statsautoriseret Revisionspartnerselskab Kim Mücke State Authorised Public Accountant mne10944 Lars Hansen State Authorised Public Accountant mne24826 Seen over a five-year period, the development of the Company is described by the following financial highlights: 453456000 368422000 247954000 335397000 284208000 186755000 133224000 117032000 71036000 6733000 2451000 -415000 2042000 1953000 103619000 93268000 57575000 176443000 154826000 98509000 109429000 99078000 63385000 30001000 2828000 2441000 4989000 2725000 379 247 200 80.3 72 74 77.1 75.3 56.8 56.2 62 64 64.3 101 107.6 99.4 114.8 101.5 Key activities The Company’s main activity is to provide marketing automation and personalization services, including technology-, data-, communication consulting services and other related services. Development in the year The income statement of the Company for 2021 shows a profit of TDKK 148,773, and at 31 December 2021 the balance sheet of the Company shows equity of TDKK 154,487. The past year and follow-up on development expectations from last year The development in the result for the year compared to 2020 is in accordance with Management's expectations for the financial year 2021. The financial year 2021 has been a year of consolidation and financial investment in the future business including new and improved services, accelerators, technologies and new subsidiaries and locations. Additionally, significant investments in intellectual property (technologies) from previous years have contributed positively to the financial year. The Company continues the strategy of extensive diversification of risk in its diverse global client portfolios and has through successful wins in 2021 managed to increase the number of global clients. The revenue and gross profit that has increased over the past years indicates that the Company's focus on value adding digital, direct relationship marketing solutions across all available channels is still very much in demand. Operating risks The Company is not exposed to special risks except for normal risks within the industry. Foreign exchange risks The Company is increasingly exposed towards currency risk. To the extent possible, the Company takes this into consideration when negotiating terms in agreements etc. The Company has not entered into any forward contracts. Foreign branches and subsidiaries The Company has a subsidiary in UK, Portugal, and Sweden, to provide communication consulting services and related services on to the company’s Global Clients. The Company has a branch in Norway, Wunderman Norway NUF, to provide communication consulting services and related services on the Norwegian market. Furthermore, the Company has operations outside of EMEA; through presence in North America and APAC, the Company offers 24 hours support 365 days a year in all time zones. Targets and expectations for the year ahead Management expects that revenue and profit before tax will remain at the same level for the coming financial year. Data Ethics The Company recognise the obligation for responsible collection, management, use and protection of data. We are transparent regarding our ethical decision-making process and educate our people on ethical data use. We share our approach with our stakeholders including share owners, clients, our own people, and vendors. We work with many categories of data and uses the term data in its broadest sense. We include within this definition client data, consumer data and all information and data related to the operation of our business. We take the confidentiality and safe handling of Client and Client consumer data for all our Clients very seriously. We work under a documented security and privacy policy distributed to all staff at the time of employment and communicated to all employees annually. This is supplemented by Information Security Awareness Training requiring all employees to comply with a code of business conduct prohibiting disclosure of Client confidential information. As part of our governance, risk and compliance program, it is essential to abide by the IT security policies, procedures and controls implemented and in operation to be effective and to ensure confidentiality, integrity and availability. We operate under WPP Data Privacy and Security Charter (“The Charter”). The Charter includes policies for data ethics, artificial intelligence and privacy and a bespoke standard set of controls (General Computing Controls (GCCs)) developed by WPP to be used on a global basis, derived from industry recognized standards and best practice including but not limited to ISO 27001, ITIL, COSO and COBIT and deemed appropriate for our industry. The controls include, but are not limited to, access management, physical security, server room access, network access security, malware prevention and monitoring, encryption, secure data backup & recovery, business continuity, secure data disposal, mobile device security, acceptable use, and awareness training. We represent our level of compliance with The Charter by performing self-assessments and participating in related audits in line with WPP’s internal assurance program. Statement of corporate social responsibility Statement on inclusion, diversity and gender equality Covid 19 The coronavirus pandemic has touched all our lives. Our two main priorities have been firstly the wellbeing of our people, including doing what we can to limit the impact of the virus on society and secondly the continuity of services for our clients at our very best. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. We recognize the major threat that climate change and environmental degradation pose to global social and economic development. We support urgent action to tackle the climate crisis through the Paris Agreement. Our ongoing environmental management program is to reduce our carbon emissions and broader environmental impact, while helping us to identify and mitigate climate-related risk. The program reduces costs and business risks, while meeting our clients’ and colleagues’ expectations. By being part of the global WPP Group, we are privileged to work with many pioneers of sustainable business, helping our clients to create brands with purpose and to embed sustainability into products, marketing and communications. A statement regarding the Company's policies, actions and results within matters relating to CSR appears from the annual report of the ultimate Parent, WPP Plc. who is a member of the United Nations Global Compact and committed to its 10 principles. The WPP Group provides a clear policy framework which is included in the WPP Policy Book. These policies are cascaded to employees through regular communication and online training modules. For full details we refer to the annual report of the ultimate Parent, WPP Plc. https://www.wpp.com/investors The Company wants to encourage diversity and create equal opportunities for all. With employees from 50+ nationalities with different cultural and ethnic backgrounds, we are proud to offer a truly diverse working environment. We are also following our policy to ensure an increased representation of women on the Board of Directors and in the senior management team. The Company has a target to increase female participation to minimum 40% by 2024. Our overall workforce has an equal gender balance, which is also represented at senior manager level. It is the overall and long-term objective of the Company to maintain an equal balance between the genders at management level, by continuously attracting and retaining women and developing them to join the management group. 599721000 560313000 118371000 157053000 481350000 403260000 295243000 229474000 4283000 4742000 181824000 169044000 8628000 2778000 110000 154000 2005000 481000 188557000 171495000 39784000 37188000 148773000 134307000 9221000 4633000 21478000 350000 30699000 4983000 1064000 7180000 1216000 1104000 2280000 8284000 32979000 13267000 88032000 74379000 15003000 19902000 125230000 141015000 4065000 82000 422000 0 6173000 614000 238925000 235992000 47000 43000 238972000 236035000 271951000 249302000 1200000 1200000 1200000 1200000 0 2711000 4514000 1899000 148773000 134307000 154487000 140117000 1739000 1529000 1739000 1529000 21312000 8196000 18556000 20899000 23536000 10993000 0 2104000 52321000 65464000 115725000 107656000 115725000 107656000 271951000 249302000 1200000 2711000 1899000 134307000 0 -134307000 0 0 -96000 0 -2711000 2711000 148773000 1200000 0 4514000 148773000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Company has only one global business segment and operates in a global digital market. Geographical segments Revenue, global activities 599,721 560,313 599,721 560,313 278920000 224571000 2211000 2007000 13998000 2812000 114000 84000 295243000 229474000 472 437 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 109000 152000 0 2000 1000 0 66000 57000 345000 246000 1594000 178000 2005000 481000 39574000 38097000 210000 -909000 39784000 37188000 16720000 8178000 8132000 21867000 -5116000 -8178000 19736000 21867000 12087000 7828000 3544000 739000 -5116000 -8178000 10515000 389000 9221000 21478000 878000 878000 186000 0 1064000 878000 6302000 3524000 220000 0 8628000 2778000 -15150000 0 0 6302000 Wunderman Sweden AB Sweden 100 Wunderman Thompson MAP Portugal Portugal 100 Wunderman Thompson MAP UK UK 100 Selling price of work in progress 357,117 264,571 On account billings -360,670 -265,568 -3,553 -997 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 15,003 19,902 Billings on account -18,556 -20,899 -3,553 -997 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well. There have been no changes in the share capital during the last 5 years. 148773000 134307000 -2711000 2778000 2711000 -2778000 Provision for deferred tax at 1 January 1,529 2,438 Amounts recognised in the income statement for the year 210 -909 Provision for deferred tax at 31 December 1,739 1,529 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Until expiry 169,454 168,432 169,454 168,432 Other contingent liabilities Recourse and non-recourse guarantee commitments 12,488 12,488 The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of WPP Holding Danmark A/S, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Basis Controlling interest Y&R Denmark Holdings II ApS, Per Henrik Lings Allé 4, DK-2100 Copenhagen Ø Controlling shareholder Transactions The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. All transactions are at arm's length. Name and registered office of the Parent preparing consolidated financial statements for the smallest and largest group: Name Place of registered office WPP Jubilee Limited (smallest group) (største koncern udelad hvis samme som mindste) 18 Upper Ground, SE 9GL, London, England WPP Plc. (largest group) (mindste koncern) Queensway House, Hilgrove Street, St. Helier, JE1 1ES, Jersey, England The Group Annual Report of WPP Jubilee Limited may be obtained at the office adress. The Group Annual Report of WPP Plc. may be obtained at the following adress: www.wppinvestor.com. With reference to section 96(3) of the Danish Financial Statements Act and to the fee to auditors appointed at the general meeting included in the consolidated financial statements of WPP Plc. (largest group), the Company has not disclosed fee to auditors appointed at the general meeting. With reference to section 96(3) of the Danish Financial Statements Act and to the fee to auditors appointed at the general meeting included in the consolidated financial statements of WPP Plc. (largest group), the Company has not disclosed fee to auditors appointed at the general meeting. The Annual Report of Wunderman A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies applied remain unchanged from last year. The Financial Statements for 2021 are presented in TDKK. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements of WPP Plc., Queensway House, Hilgrove Street, St. Helier, JE1 1ES, Jersey, England, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of WPP Plc. (largest group), the Company has not prepared a cash flow statement. The Financial Statements have been prepared under the historical cost method. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Other external expenses comprise indirect production costs and expenses for premises, sales and marketing as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of assets, equipment etc. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with other WPP entities in Denmark. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 11 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item“Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Other fixed asset investments consist of deposits. The Company is part of a cash pool scheme with other Danish WPP companies. Consequently, a considerable portion of the Company's bank deposits and debt is included in receivables from group enterprises. Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. Contract work in progress is measured at the sales value of the work carried out at the balance sheet date. The sales value is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. For some projects where the consumption of resources cannot be applied as a basis, stage of completion is determined as the ratio between completed and total sub activities of the individual projects. Each contract in progress is recognised in the balance sheet under receivables or liabilities, depending on whether the net value, calculated as the selling price less on account billings, is positive or negative. Cost of securing contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. The share capital consists of 12,000 shares of a nominal value of TDKK 100. 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We are transparent regarding our ethical decision-making process and educate our people on ethical data use. We share our approach with our stakeholders including share owners, clients, our own people, and vendors. We work with many categories of data and uses the term data in its broadest sense. We include within this definition client data, consumer data and all information and data related to the operation of our business. We take the confidentiality and safe handling of Client and Client consumer data for all our Clients very seriously. We work under a documented security and privacy policy distributed to all staff at the time of employment and communicated to all employees annually. This is supplemented by Information Security Awareness Training requiring all employees to comply with a code of business conduct prohibiting disclosure of Client confidential information. As part of our governance, risk and compliance program, it is essential to abide by the IT security policies, procedures and controls implemented and in operation to be effective and to ensure confidentiality, integrity and availability. We operate under WPP Data Privacy and Security Charter (“The Charter”). The Charter includes policies for data ethics, artificial intelligence and privacy and a bespoke standard set of controls (General Computing Controls (GCCs)) developed by WPP to be used on a global basis, derived from industry recognized standards and best practice including but not limited to ISO 27001, ITIL, COSO and COBIT and deemed appropriate for our industry. The controls include, but are not limited to, access management, physical security, server room access, network access security, malware prevention and monitoring, encryption, secure data backup & recovery, business continuity, secure data disposal, mobile device security, acceptable use, and awareness training. We represent our level of compliance with The Charter by performing self-assessments and participating in related audits in line with WPP’s internal assurance program.