FY2017 Half Year Results
August 9, 2017
Please be reminded that the figures shown in this presentation may be different from those shown in the financial statements as this presentation has been
prepared for investors to understand our businesses. Please refer to the annotations in the Appendices for each definition of the indicators.
Highlights
Gross profit increased by 13.1% (YoY, constant currency basis)
Organic gross profit growth: -0.4% (Japan -1.1% / International +0.1%)
Underlying operating profit decreased by -7.7% (constant currency basis)
Underlying operating margin: 15.5%, -350 bps (constant currency basis)
Underlying basic EPS decreased by -5.3%
Completion of share repurchase: JPY 20.0bn
1
Summary
(JPY mn)
2017
Jan-Jun
2016
Jan-Jun
YoY %
Constant
currency basis %
Turnover
2,464,653
2,371,963 +3.9 -
Revenue |
Gross profit |
Underlying operating profit Operating margin |
Underlying net profit Underlying basic EPS |
439,485 |
414,610 |
64,354 15.5% |
41,010 144.65 yen |
393,167 | +11.8 | - |
368,619 | +12.5 | +13.1 |
68,612 | (6.2) | (7.7) |
18.6% | (3.1) | (3.5) |
43,559 | (5.9) | - |
152.77 yen | (5.3) | - |
Operating profit |
Net profit |
EBITDA |
45,307 |
30,712 |
73,575 |
58,651 | (22.8) | - |
35,785 | (14.2) | - |
79,662 | (7.6) | - |
Currency | ||||
JPY/USD | 112.4 yen | 111.9 yen | +0.5 | - |
JPY/GBP | 141.4 yen | 160.3 yen | (11.8) | - |
Note: 2
Net profit, underlying net profit and underlying basic EPS… Excluding attribution to non-controlling interests
Gross Profit Growth
(JPY)
2016
Jan-Jun
Currency
368.6 bn
-2.0 bn
Acquisitions
Organic
2017
Jan-Jun
Gross profit after currency & acquisitions adjustment
416.4bn
+49.8 bn
-1.8 bn
bn
Organic growth
-0.4%
3
Regional Information - Gross Profit -
(JPY mn)
2017
Jan-Jun
182,467
(1.2)
(1.2)
(1.1)
19.7%
+2.0
+2.0
Japan 180,338
Digital domain ratio 21.7%
2016
Jan-Jun
YoY %
Constant currency basis %
Organic growth
%
EMEA
Americas
APAC
International total
Digital domain ratio
81,829
97,906
54,680
234,398
58.3%
71,169 +15.0 +19.9
+2.9
63,435 +54.3 +52.1
(2.0)
51,627 +5.9 +5.9
(0.2)
186,231 +25.9 +27.2
+0.1
50.1% +8.2 +8.6
Consolidation adjustments
(126)
(79)
- - -
Dentsu consolidated total
414,610
Digital domain ratio
42.4%
International business ratio
56.5%
368,619
+12.5
+13.1
(0.4)
35.0%
50.5%
+7.4
+6.0
+7.6
+6.3
4
Regional Information - Underlying Operating Profit -
(JPY mn)
Underlying operating profit
2017
Jan-Jun
Constant
2016
YoY % currency
Jan-Jun
basis %
Operating margin
2017
Jan-Jun
Constant
2016
YoY % currency
Jan-Jun
basis %
Japan
47,568
52,399
(9.2)
(9.2)
26.4%
28.7%
(2.3)
(2.3)
International total
16,807
16,222
+3.6
(3.6)
7.2%
8.7%
(1.5)
(2.3)
Consolidation adjustments
(21) (9) - - - - - -
Dentsu consolidated total
64,354
68,612
(6.2)
(7.7)
15.5%
18.6%
(3.1)
(3.5)
5
Change in Underlying Operating Margin
2016
Jan-Jun
Japan margin change
International margin change
Currency
Consolidation adjustments, etc.
2017
Jan-Jun
15.5%
+0.4%
-1.2%
-1.3%
18.6%
-1.0%
6
Operating Margin
35.0%
Dentsu consolidated
Japan International
35.0%
30.0%
25.0%
24.5% 24.3%
28.7%
26.4%
30.0%
25.0%
24.2%
26.0%26.8%
22.4%
20.0%
15.0%
17.8%17.7%
18.6%
15.5%
20.0%
15.0%
19.7%
15.3%
21.1% 21.1%
16.9% 16.2%
18.1%
15.2%
10.0%
5.0%
10.3%
11.9%
8.7%
7.2%
10.0%
5.0%
0.0%
0.0%
Jan-Jun
Jan-Jun
Jan-Jun
Jan-Jun
Jan-Dec
Jan-Dec
Jan-Dec
Jan-Dec
2014
2015
2016
2017
2014
2015
2016
2017
Latest forecast 7
(announced in Aug)
Reconciliation from Underlying OP to Statutory OP
(JPY mn)
2017
Jan-Jun
2016
Jan-Jun
YoY # YoY %
Underlying operating profit
64,354
68,612
(4,257) (6.2)
Adjustment items
Amortization of M&A related intangible assets
Acquisition costs
Share-based compensation expenses related to acquired companies
One-off items
Gain (loss) on sales and retirement of non-current assets
Gain (loss) on sales of shares of subsidiaries and associates
Impairment loss Others
(19,047)
(16,258)
(743)
(1,473)
(573)
+ 629
(114)
(689)
(399)
(9,961)
(10,736)
(637)
-
+ 1,412
+ 1,446
+ 744
(56)
(722)
(9,085)
(5,522)
(105)
(1,473)
(1,985)
(817)
(859)
(632)
+ 323
Operating profit
45,307
58,651
(13,343) (22.8)
8
Statutory Operating Profit to Net Profit
(JPY mn)
2017
Jan-Jun
2016
Jan-Jun
YoY # YoY %
Operating profit
Share of results of associates
Profit before interest and tax
Net finance income (costs)
Finance income Finance costs
Profit before tax
Income tax expense
Net profit
Attributable to owners of the parent
Attributable to non-controlling interests
45,307
1,661
46,969
1,448
8,718
7,270
48,417
15,364
33,053
30,712
2,340
58,651
1,437
60,088
(3,280)
4,029
7,309
56,808
17,753
39,054
35,785
3,269
(13,343)
(22.8)
+ 224
+15.6
(13,119)
(21.8)
+ 4,728
+ 4,689
(39)
-
+116.4
(0.5)
(8,390)
(14.8)
(2,389)
(13.5)
(6,001)
(15.4)
(5,072)
(14.2)
(928)
(28.4)
9
Cash Flow
(JPY mn)
2017
Jan-Jun
2016
Jan-Jun
YoY # YoY %
Profit before tax
48,417
56,808
(8,390)
(14.8)
Share of results of associates
(1,661)
(1,437)
(224)
Depreciation and amortization
27,578
20,954
+ 6,624
Impairment loss
689
56
+ 632
Others
(4,205)
(1,174)
(3,031)
Income taxes paid
(35,275)
(18,614)
(16,661)
Cash flow from operations before change in WC ⅰ
35,543
56,566
(21,022) (37.2)
10
Use of Cash
(JPY mn)
2017
Jan-Jun
2016
Jan-Jun
YoY # YoY %
Change in WC ⅱ
(5,633)
22,503
(28,137)
Payments for PPE, intangible assets and investment property (net)
(8,093)
(5,396)
(2,697)
Payments for investing activities (net)
(39,424)
(27,055)
(12,369)
Dividends paid to shareholders
(12,831)
(11,405)
(1,425)
Dividends paid to non-controlling shareholders
(1,877)
(2,734)
+ 856
Payments for share repurchase
(20,009)
(4)
(20,004)
Use of cash ⅲ
(82,236)
(46,595)
(35,640)
+76.5
Effect of exchange rate changes and others ⅳ
6,573
10,556
(3,983)
Change in net cash ⅰ (preceding slide)+ⅱ+ⅲ+ⅳ
(45,753)
43,030
(88,784)
-
(Acquisition payments)
Initial payments
(26,221)
(7,392)
(18,829)
Earn-out payments / Additional acquisition payments
(5,300)
(21,759)
+ 16,458
Proceeds from sales
55
5,277
(5,222)
Notes: "Payments for PPE (property, plant and equipment), intangible assets and investment property (net)" and "Payments for investing activities (net)" are shown as net figures of payments and proceeds by disposal of PPE/intangible assets/investment property and businesses/subsidiaries.
"Effect of exchange rate changes and others"… Including effect of exchange rate changes from debt and net cash 11
that acquired companies had held.
2017
End of Jun
Net Debt
Total debt 451,441
Cash and cash equivalents 244,500
Net debt 206,941
2016
End of Dec
(JPY mn)
Var. #
Total debt (LTM average)
Cash and cash equivalents (LTM average) Net debt (LTM average)
411,171
234,730
176,441
403,599
242,410
+ 47,842
+ 2,089
161,188
+ 45,753
367,196 + 43,975
241,866 (7,136)
125,329 + 51,111
EBITDA (LTM)
177,978
184,064 (6,086)
Net debt / EBITDA (LTM) 1.16 0.88
Net debt (LTM average) / EBITDA (LTM) 0.99 0.68
Notes: LTM average… Average of last twelve months
LTM… Last twelve months 12
Dividend
100
90
80
70
60
50
40
30
20
33
(16)
10.8%
55
(20)
17.1%
75
(35)
19.0%
85
(40)
21.5%
90
(45)
24.0%
40.0%
30.0%
20.0%
10.0%
10
0
FY2013
actual
FY2014
actual
2015
Jan-Dec
actual
2016
Jan-Dec
actual
2017
Jan-Dec
forecast
0.0%
Notes:
Annual dividend per share Payout ratio
Payout ratio… Based on underlying net profit attributable to owners of the parent 13
( )… Interim dividend per share
FY2017 Forecast
(JPY mn)
Revenue
Gross profit
Japan International total
Underlying operating profit
Japan International total
Operating margin
Japan International total
Underlying net profit
Underlying basic EPS
Operating profit
Net profit
2017
Jan-Dec
933,000
884,000
358,700
525,300
160,300
80,300
80,000
18.1%
22.4%
15.2%
105,900
374.60 yen
136,500
86,800
Previous
forecast (Feb)
Variance %
978,500
(4.6)
929,500
(4.9)
360,400
(0.5)
569,100
(7.7)
168,900
(5.1)
81,200
(1.1)
87,700
(8.8)
18.2%
(0.1)
22.5%
(0.1)
15.4%
(0.2)
111,800
(5.3)
392.09 yen
(4.5)
151,500
(9.9)
86,600
+0.2
2016
Jan-Dec
YoY %
Constant
currency basis %
838,359
+11.3
-
789,043
+12.0
+10.8
363,242
(1.3)
(1.3)
426,014
+23.3
+20.8
166,565
(3.8)
(5.1)
97,362
(17.5)
(17.5)
69,059
+15.8
+11.7
21.1%
(3.0)
(3.1)
26.8%
(4.4)
(4.4)
16.2%
(1.0)
(1.3)
112,972
(6.3)
-
396.20 yen
(5.5)
-
137,681
(0.9)
-
83,501
+4.0
-
Currency
Av. Jan-Jun in 2017
Av. Jan in 2017
Av. Jan-Dec in 2016
JPY/USD
112.4 yen
114.8 yen
(2.1)
108.9 yen
+3.2
-
JPY/GBP
141.4 yen
141.6 yen
(0.2)
147.8 yen
(4.3)
-
Note: 14
Net profit, underlying net profit and underlying basic EPS … Excluding attribution to non-controlling interests
Forward-Looking Statements
Disclaimer
This presentation contains statements about Dentsu that are or may be forward-looking statements. All statements other than statements of historical facts included in this presentation may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or, words or terms of similar substance or the negative thereof, are forward-looking statements. Forward-looking statements include statements relating to the following: information on future capital expenditures, expenses, revenues, earnings, synergies, economic performance, and future prospects.
Such forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
Risks, uncertainties or other factors that could cause actual results to differ materially from those expressed in any forward-looking statement include, without limitation
ⅰ Risk related to fluctuations in the economic and business environment ⅱ Risk related to structural changes in the media
ⅲ Risk related to our ability to realize our financial targets
ⅳ Risk related to common business practices
ⅴ Risk related to competition among advertising agencies
ⅵ Risk related to the development of systems and databases ⅶ Risk related to legal or regulatory changes
ⅷ Risk of litigation
Dentsu disclaims any obligation to update any forward-looking or other statements contained herein, except as required by applicable law.
15
Appendices
Definition
Turnover: The gross amounts billable to clients handled by the Group on behalf of clients, with net of discounts, VAT and other sales-related taxes
Underlying operating profit: KPI to measure recurring business performance which is calculated as operating profit added with amortization of M&A related intangible assets, acquisition costs, share-based compensation expenses related to acquired companies and one-off items such as impairment loss and gain/loss on sales of non-current assets
Operating margin: Underlying operating profit divided by gross profit
Underlying net profit (attributable to owners of the parent):
KPI to measure recurring net profit attributable to owners of the parent which is calculated as net profit (attributable to owners of the parent) added with adjustment items related to operating profit, revaluation of earnout liabilities / M&A related put-option liabilities, tax-related, NCI profit-related and other one-off items
Underlying basic EPS: EPS based on underlying net profit (attributable to owners of the parent)
EBITDA: Operating profit before depreciation, amortization and impairment losses
Constant currency basis: Comparison with the current period where the previous year's numbers are recalculated using the currency exchange rate which is used for the current year's numbers
Currency: Currency movements comparing prior period reported gross profit at reported currency to prior period gross profit at constant currency (reported currency of the current year)
Acquisitions: The effect of business acquired or disposed of since the beginning of the prior year
Organic: Organic growth represents the constant currency year-on-year growth after adjusting for the effect of business acquired or disposed of since the beginning of the prior year. This is calculated by comparing current period reported gross profit to prior period gross profit, adjusted for the pre-acquisition or pre-disposal gross profit as applicable, and stated at constant exchange rate, in order to derive like-for-like growth
17
Quarterly Results
(JPY mn)
2017
Apr-Jun
2017
YoY %
Jan-Mar
YoY %
1,260,292 +5.4
Turnover 1,204,360 +2.4
Revenue | 209,672 | +8.3 |
Gross profit | 197,349 | +8.7 |
Japan | 76,372 | (8.2) |
International | 121,068 | +22.9 |
Underlying operating profit | 23,073 | (29.7) |
Japan | 10,979 | (42.8) |
International | 12,109 | (11.5) |
Operating margin | 11.7% | (6.4) |
Underlying net profit | 15,126 | (31.3) |
229,813 | +15.2 |
217,261 | +16.2 |
103,966 | +4.7 |
113,329 | +29.2 |
41,281 | +15.4 |
36,589 | +10.1 |
4,698 | +84.6 |
19.0% | (0.1) |
25,883 | +20.1 |
Operating profit | 13,188 | (50.9) |
Net profit | 12,769 | (31.2) |
EBITDA | 27,440 | (26.6) |
32,119 | +1.0 |
17,943 | +4.2 |
46,135 | +9.1 |
Note: 18
Net profit, underlying net profit… Excluding attribution to non-controlling interests
Quarterly Gross Profit Organic Growth
Dentsu consolidated total
2017
2016
2015
(%)
2017
Japan
2016
2015
International total
2017 2016 2015
Jan-Mar | +3.9 | +5.1 | +6.2 | +4.7 | +5.6 | +0.0 | +3.1 | +4.5 | +13.7 |
Apr-Jun | (4.8) | +9.5 | +6.5 | (8.1) | +12.2 | +1.9 | (2.7) | +7.2 | +10.2 |
Jul-Sep | - | +2.7 | +4.2 | - | +0.3 | +1.4 | - | +5.2 | +6.6 |
Oct-Dec | - | +3.9 | +10.6 | - | +1.0 | +12.9 | - | +5.8 | +8.2 |
International - EMEA
International - Americas
International - APAC
Jan-Mar | +5.8 | +10.7 | +11.1 | +0.6 | (2.0) | +10.4 | +4.5 | +5.2 | +22.5 |
Apr-Jun | (0.3) | +5.0 | +16.1 | (4.1) | +2.4 | +7.9 | (3.8) | +16.8 | +5.4 |
Jul-Sep | - | +5.0 | +11.0 | - | +5.4 | +0.1 | - | +5.3 | +9.3 |
Oct-Dec | - | +7.5 | +11.0 | - | +4.4 | +2.1 | - | +5.6 | +11.0 |
2017
2016
2015
2017
2016
2015
2017
2016
2015
19
Analysis of Underlying Operating Profit
(JPY)
2016 Jan-Jun
Japan_GP Japan_OE International_GP International_OE
Consolidation
adjustments 2017 Jan-Jun
68.6 bn
-2.1 bn
+2.7 bn
-0.0 bn
64.3 bn
+48.1 bn
+47.5 bn
Notes:
GP… Gross profit 20
OE… Operating expenses (selling, general & administrative expenses, other income and other expenses)
Reconciliation from Underlying NP to Statutory NP
(JPY mn)
Underlying net profit | 41,010 | 43,559 | (2,549) | (5.9) |
Adjustment items | (10,297) | (7,774) | (2,522) | |
Operating profit adjustments | (19,047) | (9,961) | (9,085) |
Loss on revaluation of earnout liabilities and M&A related put-option liabilities
2017
Jan-Jun
2016
Jan-Jun
YoY # YoY %
+ 3,357 (1,920) + 5,277
Related income tax expense + 4,975 + 3,713 + 1,262
Adjustments attributable to non-controlling interests + 417 + 393 + 23
Net profit 30,712 35,785 (5,072) (14.2)
Note: Operating profit adjustments…Please refer to "Reconciliation from Underlying OP to Statutory OP" on page 8
Underlying net profit and net profit… Excluding attribution to non-controlling interests 21
Effective tax rate…Income tax expense divided by Profit before tax
Financial Position
(JPY mn)
2017
End of Jun
2016
End of Dec
Var. # Var. %
Current assets | 1,561,145 | 1,618,111 | (56,966) | (3.5) |
Non-current assets | 1,600,910 | 1,537,118 | + 63,791 | +4.2 |
Goodwill | 755,623 | 718,717 | + 36,906 | +5.1 |
Intangible assets | 276,116 | 274,074 | + 2,041 | +0.7 |
Total assets | 3,162,055 | 3,155,230 | + 6,825 | +0.2 |
Current liabilities | 1,472,434 | 1,599,235 | (126,800) | (7.9) |
Non-current liabilities | 685,235 | 574,033 | + 111,202 | +19.4 |
Total liabilities | 2,157,670 | 2,173,269 | (15,598) | (0.7) |
Owners' interests | 956,796 | 932,742 | + 24,053 | +2.6 |
Non-controlling interests | 47,589 | 49,218 | (1,629) | (3.3) |
Total equity | 1,004,385 | 981,961 | + 22,424 | +2.3 |
Total liabilities and equity | 3,162,055 | 3,155,230 | + 6,825 | +0.2 |
JPY/USD | 112.0 yen | 116.5 yen | - | (3.9) |
JPY/GBP | 145.8 yen | 143.0 yen | - | +2.0 |
22 |
Results of Parent Company (J-GAAP)
(JPY mn)
2017
Jan-Jun
YoY %
2017
Apr-Jun
YoY %
2017
Jan-Mar
YoY %
Net sales |
Gross profit gross profit margin |
SG&A |
Operating income vs. gross profit |
Ordinary income |
Income before income taxes |
Net income |
804,170 | (0.6) |
114,932 14.3% | (4.6) (0.6) |
83,826 | (1.1) |
31,106 27.1% | (12.8) (2.5) |
50,069 | (19.4) |
50,226 | (21.9) |
39,314 | (24.0) |
344,302 | (7.7) | 459,867 | +5.5 |
45,956 | (14.1) | 68,976 | +3.1 |
13.3% | (1.0) | 15.0% | (0.3) |
39,981 | (3.2) | 43,844 | +0.8 |
5,975 | (51.1) | 25,131 | +7.2 |
13.0% | (9.8) | 36.4% | +1.4 |
13,669 | (16.8) | 36,399 | (20.3) |
13,670 | (24.8) | 36,555 | (20.7) |
11,205 | (18.5) | 28,108 | (26.0) |
23
Note: SG&A… Selling, general & administrative expenses
Net Sales of Parent Company by Business Category
(J-GAAP)
(JPY mn)
2017 Jan-Jun | YoY % | Apr-Jun | YoY % | Jan-Mar | YoY % |
Newspapers |
Magazines |
Radio |
Television Time Spot |
Interactive Media |
OOH Media |
Creative |
Marketing/Promotion |
Content Services |
Others |
Total |
43,402 | (8.5) | 16,051 | (17.4) | 27,351 | (2.4) |
11,466 | (13.1) | 5,391 | (10.4) | 6,075 | (15.4) |
6,700 | (2.3) | 3,221 | (5.5) | 3,479 | +0.9 |
328,504 | (3.3) | 159,836 | (7.1) | 168,668 | +0.7 |
137,957 | (2.4) | 66,349 | (3.6) | 71,607 | (1.2) |
190,547 | (3.9) | 93,486 | (9.5) | 97,061 | +2.1 |
50,576 | +11.9 | 23,107 | +3.8 | 27,468 | +19.6 |
28,826 | (4.0) | 12,531 | (13.9) | 16,294 | +5.3 |
95,985 | (4.6) | 41,069 | (8.1) | 54,916 | (1.9) |
107,347 | +4.5 | 49,412 | (1.4) | 57,935 | +10.1 |
110,706 | +8.6 | 23,610 | (20.0) | 87,096 | +20.2 |
20,653 | (2.3) | 10,071 | (7.1) | 10,581 | +2.8 |
804,170 | (0.6) | 344,302 | (7.7) | 459,867 | +5.5 |
Note:
* Scale of digital domain operations in Japan (including parent company)… Please refer to the "Regional Information - 24
Gross Profit -" slide
Net Sales of Parent Company by Industry
(J-GAAP)
(JPY mn)
2017 Jan-Jun | YoY % | 2017 Apr-Jun | YoY % | 2017 Jan-Mar | YoY % |
113,530 78,760 77,406 70,166 64,904 46,040 42,260 39,713 38,445 34,063 33,917 27,315 26,393 21,382 20,366 69,504 | +5.2 (2.1) (4.3) +0.7 +6.8 +8.0 (10.4) (4.5) (10.4) +23.9 (10.5) (1.5) +3.0 (12.5) +10.0 (5.2) | 41,361 29,069 42,385 38,564 27,881 20,451 21,342 14,965 15,628 11,458 12,008 11,527 14,026 9,099 5,886 28,643 | (8.5) (8.0) (4.4) (0.6) (2.2) +5.6 (11.1) (23.3) (15.5) +16.3 (29.7) (11.8) +4.6 (11.8) (7.4) (13.0) | 72,168 49,691 35,021 31,601 37,023 25,588 20,917 24,747 22,817 22,604 21,908 15,787 12,367 12,282 14,479 40,860 | +15.2 +1.7 (4.1) +2.4 +14.8 +10.0 (9.8) +12.2 (6.6) +28.1 +5.3 +7.7 +1.3 (13.1) +19.1 +1.2 |
804,170 | (0.6) | 344,302 | (7.7) | 459,867 | +5.5 |
Information/Communications Finance/Insurance Beverages/Cigarettes Cosmetics/Toiletries Foodstuffs Automobiles/Related Products Distribution/Retailing Transportation/Leisure
Food Services/Other Services Real Estate/Housing Facilities Government/Organizations Hobbies/Sporting Goods Pharmaceuticals/Medical Supplies
Home Electric Appliances/AV Equipment Energy/Materials/Machinery Others
Total
25
2017
Jan-Jun
2016
Jan-Jun
Var. %
2017
End of Jun
2016
End of Jun
Var. %
Effects of Currency Exchange Rates
Average rate
Period end rate
JPY/USD |
JPY/EUR |
JPY/CNY |
JPY/GBP |
JPY/AUD |
112.4 yen | 111.9 yen | +0.5 |
121.6 yen | 124.7 yen | (2.4) |
16.4 yen | 17.1 yen | (4.0) |
141.4 yen | 160.3 yen | (11.8) |
84.8 yen | 81.9 yen | +3.5 |
112.0 yen | 116.5 yen | (3.9) |
128.0 yen | 122.7 yen | +4.3 |
16.5 yen | 16.8 yen | (1.6) |
145.8 yen | 143.0 yen | +2.0 |
86.2 yen | 84.4 yen | +2.2 |
Gross profit ratio by currency
(%)
JPY | USD | EUR | GBP | CNY | AUD | Others | Total |
FY2017 Jan-Jun
43.5 | 20.7 | 8.4 | 5.9 | 4.5 | 3.2 | 13.8 | 100.0 |
26
Summary of Dentsu Aegis Network Ad Spend
(%)
2018 Jan to Dec Market growth forecast | 2017 Jan to Dec Market growth forecast | |
Japan | 1.7 | 1.7 |
EMEA | 3.5 | 2.7 |
UK | 5.9 | 4.0 |
Germany | 3.0 | 2.6 |
France | 2.0 | 1.6 |
Spain | 3.6 | 5.0 |
Americas | 4.5 | 4.0 |
USA | 4.0 | 3.6 |
Canada | 2.7 | 3.1 |
Brazil | 5.0 | 2.1 |
APAC (excluding Japan) | 5.8 | 5.5 |
China | 5.4 | 6.0 |
Australia | 4.8 | 4.1 |
India | 12.2 | 13.0 |
Global | 4.3 | 3.8 |
27
Source: "Dentsu Aegis Network - Ad Spend Forecasts June 2017"
Dentsu Inc. published this content on 09 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 August 2017 07:41:10 UTC.
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