a51951pix.htm - Generated by SEC Publisher for SEC Filing
Exhbit 99.2
Fourth Quarter 2012 Results
February 12, 2013
2012 vs. 2011 P&L Summary
Fourth Quarter Full Year
2012 2011 % 2012 2011 %
Revenue $ 3,944.5 $ 3,852.9
2.4% $ 14,219.4 $ 13,872.5 2.5% EBITA (a) 573.9 511.1 12.3% 1,905.3 1,762.5 8.1%
% Margin 14.5% 13.3% 13.4% 12.7%
Amortization of Intangibles 25.9 23.7
101.1 91.4
Operating Income $ 548.0 $
487.4 12.4% $ 1,804.2 $ 1,671.1 8.0%
% Margin 13.9% 12.7% 12.7% 12.0%
(a) EBITA is a non-GAAP financial measure.
See page 26 for the definition of this measure and page 19 for the reconciliation of non-GAAP measures.
February 12, 2013 1
2012 vs. 2011 P&L Summary
Fourth Quarter Full Year
2012 2011 % 2012 2011 (b) %
Operating Income $ 548.0 $
487.4 12.4% $ 1,804.2 $ 1,671.1 8.0%
% Margin 13.9% 12.7% 12.7% 12.0%
Net Interest Expense 40.3 30.3 144.6
122.1
(a) (a)
Income Taxes 137.3 156.8 527.1 505.8
% Tax Rate 27.0% 34.3% 31.8% 32.7%
Income/(Loss) from Equity (c) (c)
(26.8) 6.9 (15.0) 17.2
Method Investments
Noncontrolling Interests 36.5 35.3
119.2 107.8
Net Income - Omnicom Group $ 307.1
$ 271.9 12.9% $ 998.3 $ 952.6 4.8%
(a) Our effective tax rate for 2012 decreased to 31.8%, compared
to 32.7% for 2011. In the fourth quarter of 2012, income tax expense was reduced by $53 million, primarily resulting from a reduction
in the deferred tax liabilities for unremitted foreign earnings of certain of our operating companies located in the Asia Pacific
region, as well as lower statutory tax rates in other foreign jurisdictions. In an effort to support our continued expansion and
pursue operational efficiencies in the Asia Pacific region, we completed a legal reorganization in certain countries within the
region. As a result of the reorganization, our unremitted foreign earnings in the effected countries are subject to lower effective
tax rates as compared to the U.S. statutory tax rate. Therefore we recorded a reduction in our deferred tax liabilities to reflect
the lower tax rate that these earnings are subject to. In future periods we expect an ongoing annual reduction in income tax expense
of approximately $11 million. The reduction in income tax expense was partially offset by a charge of approximately $16 million
resulting from U.S. state and local tax accruals recorded for uncertain tax positions, net of federal income tax benefits. We expect that on an ongoing basis our
effective tax rate will be 33.6%.
(b) In the first quarter of 2011, we recorded
an aggregate pre-tax charge of $7.9 million, consisting of a gain of $123.4 million related to a non-cash remeasurement
gain, and repositioning charges of $131.3 million. The tax effect of these items was a net benefit of $36.7 million. This
was partially offset by a tax charge of $9.0 million related to a tax accrual recorded in accordance with ASC 740 (FIN 48)
during the first quarter of 2011. The after-tax effect of these items increased Net Income by $19.8 million and reduced our
effective tax rate.
(c) In the fourth quarter of 2012, we recorded
an impairment charge of $29.2 million related to an equity method investment in Egypt.
February 12, 2013 2
2012 vs. 2011 Net Income and Earnings
Per Share
Fourth
Quarter Full Year 2012 2011 2012 2011
Net Income - Omnicom Group $ 307.1
$ 271.9 $ 998.3 $ 952.6
Net Income - Participating Securities
(7.2) (3.5) (22.5) (10.7) Net Income Available for Common Shares $ 299.9 $ 268.4 $ 975.8 $ 941.9
Diluted Shares (millions) 266.0 280.8
270.0 283.3
EPS - Diluted $ 1.13 $ 0.96 $
3.61 $ 3.33
Dividend Declared per Share $
0.30 $ 0.25 $ 1.20 $ 1.00
February 12, 2013 3
2012 Total Revenue Change
Fourth Quarter Full Year
$ % $ %
Prior Period Revenue $ 3,852.9
$ 13,872.5
Foreign Exchange (FX) Impact (a)
(28.2) -0.7% (310.0) -2.2%
Acquisition/Disposition Revenue (b)
15.1 0.4% 95.0 0.7%
Organic Revenue (c) 104.7
2.7% 561.9 4.0%
Current Period Revenue $ 3,944.5
2.4% $ 14,219.4 2.5%
(a) To calculate the FX impact, we first
convert the current periods local currency revenue using the average exchange rates from the equivalent prior period to
arrive at constant currency revenue. The FX impact equals the difference between the current period revenue in U.S. dollars and
the current period revenue in constant currency.
(b) Acquisition/Disposition revenue is the
aggregate of the applicable prior period revenue of the acquired businesses. Netted against this number is the revenue of any
business included in the prior period reported revenue that was disposed of subsequent to the prior period.
(c) Organic revenue is calculated by subtracting
both the acquisition revenue and the FX impact from total revenue growth.
February 12, 2013 4
2012 Revenue by Discipline
Fourth Quarter Full Year
Specialty Specialty 7.4% 7.3% PR PR
8.8% 9.1%
Advertising Advertising 49.1% 47.6%
CRM CRM 34.7% 36.0%
%
Organic % Organic $ Mix % Growth Growth (a) $ Mix % Growth Growth (a)
Advertising $ 1,934.9 4.6% 5.4%
Advertising $ 6,762.8 4.6% 6.6% CRM 1,368.7 -2.3% -1.6% CRM 5,122.5 0.2% 2.3% PR 347.9 10.5% 8.4%
PR 1,290.8 4.9% 3.3% Specialty 293.0 2.0% 0.1% Specialty 1,043.3 -2.1% -2.3%
(a) Organic Growth reflects the
year-over-year increase or decrease in revenue from the prior period, excluding the FX Impact and Acquisition/Disposition Revenue,
as defined on page 4.
February 12, 2013 5
2012 Revenue by Geography
Fourth Quarter Full Year
UK UK
8.7% 8.8% Rest
of Rest of World World 23.2% 23.1%
Euro Euro Markets Markets
16.7% U.S. 16.3% U.S. 51.4% 51.8%
February 12, 2013 6
2012 Revenue by Geography
Fourth Quarter Full Year
$
Mix $ Growth $ Mix $ Growth United States $ 2,026.6 $ 97.9 United States $ 7,363.7 $ 315.0
Organic 95.5 Organic 317.8
Acquisition 2.4 Acquisition (2.8)
International $ 1,917.9 $ (6.3)
International $ 6,855.7 $ 31.9
Organic 9.2 Organic 244.1 Acquisition
12.7 Acquisition 97.8
FX (28.2) FX (310.0)
%Organic
%Organic $ Mix %Growth Growth (a) $ Mix %Growth Growth(a)
United States $ 2,026.6 5.1% 5.0%
United States $ 7,363.7 4.5% 4.5%
Euro Currency Markets 659.6 -8.8%
-3.7% Euro Currency Markets 2,311.9 -10.4% -1.8%
United Kingdom 343.1 4.5% -0.7% United
Kingdom 1,255.1 2.3% 1.5% Rest of World 915.2 4.9% 4.4% Rest of World 3,288.7 9.0% 9.0%
(a) Organic Growth reflects the
year-over-year increase or decrease in revenue from the prior period, excluding the FX Impact and Acquisition/Disposition Revenue,
as defined on page 4.
February 12, 2013 7
Revenue by Industry
Full Year 2012 Full Year
2011
Growth
T&E Auto T&E Auto Auto
14.7%
6% 8% 6% 7% Telcom Telcom
6% 7% Consumer Food
& Beverage -0.1% Consumer Products Tech Products 9%
9% Consumer Products 4.1%
9% Tech
Financial
Financial 9% Services
Financial Services -6.0% Services 9% Retail 9% Pharma
& Retail -1.3%
8% Healthcare 7%
T&E 2.7%
Food & Food &
Beverage Pharma & Beverage Pharma &
13% Health 14% Retail
17.5% Health 10% 10% Technology 6.5%
Other Other Telecom -7.1%
22% 22% Other Industries 1.7%
February 12, 2013 8
Cash Flow Performance
Full
Year 2012 2011
Net Income $ 1,117.5 $ 1,060.4
Depreciation and Amortization Expense
282.7 273.7
Share-Based Compensation Expense 80.8
74.5
Other Non-Cash Items to Reconcile to Net
Cash Provided by Operating
(54.9) (b) (161.3) (c)
Activities, net
Free Cash Flow (a) $ 1,426.1
$ 1,247.3
Additional information regarding our cash
flows can be found in our condensed cash flow statement on page 18.
(a) The Free Cash Flow amounts presented
above are non-GAAP financial measures. See page 26 for the definition and page 20 for GAAP reconciliation. (b) 2012 figures include
a $29.2 million non-cash impairment charge on an equity method investment in Egypt.
(c) 2011 figures include a $123.4 million
non-cash gain on remeasurement of our equity interest in Clemenger Group.
February 12, 2013 9
Cash Flow Performance
Full
Year 2012 2011
Free Cash Flow (a) $ 1,426.1
$ 1,247.3 Primary Uses of Cash:
Dividends (b) 397.8 269.1
Dividends paid to Noncontrolling Interest
Shareholders 98.4 101.3
Capital Expenditures 226.3 185.5 Acquisitions
and Payments for Additional Interest in Controlled Subsidiaries including Contingent Purchase Price Payments, net of 188.3
447.6 Proceeds from Sale of Investments Stock Repurchases, net 832.0 701.1
Primary Uses of Cash (a) 1,742.8
1,704.6 Net Free Cash Flow (a) $ (316.7) $ (457.3)
Additional information regarding our cash
flows can be found in our condensed cash flow statement on page 18.
(a) The Free Cash Flow, Primary Uses of Cash
and Net Free Cash Flow amounts presented above are non-GAAP financial measures. See page 26 for the definition of these measures
and page 20 for the reconciliation of non-GAAP measures.
(b) In November 2012, the Company declared
that its fourth quarter 2012 dividend was to be paid in December 2012. As a result, there were five dividend payments in 2012
compared to four payments in 2011. The Company expects that there will be three payments in 2013.
February 12, 2013 10
Current Credit Picture
Full Year
2012 2011
EBITDA (a) $ 2,086.9
$ 1,944.8
Gross Interest Expense 179.7 158.1
EBITDA / Gross Interest Expense 11.6 x 12.3 x Total Debt / EBITDA 2.1 x 1.6 x Net Debt (b) / EBITDA
0.8 x 0.7 x
Debt
Bank Loans (Due Less Than 1 Year) $
6 $ 10 CP & Borrowings Issued Under Revolver - -Convertible Notes (c) 660 660 Senior Notes
(c) 3,750 2,500 Other Debt 39 23
Total Debt $ 4,455 $ 3,193
Cash and Short Term Investments 2,699
1,805
Net Debt (b) $ 1,756 $
1,388
(a) EBITDA is a non-GAAP financial measure.
See page 26 for the definition of this measure and page 19 for the reconciliation of non-GAAP measures. (b) Net Debt is a non-GAAP
financial measure. See page 26 for the definition of this measure.
(c) See pages 15 and 16 for additional information
on our Convertible Notes and Senior Notes.
February 12, 2013 11
Historical Returns
Return on Invested Capital (ROIC) (a)
:
Twelve Months Ended December 31, 2012
18.6%
Twelve Months Ended December 31, 2011
18.8%
Return on Equity (b):
Twelve Months Ended December 31, 2012
28.7%
Twelve Months Ended December 31, 2011
26.9%
(a) Return on Invested Capital is After Tax
Operating Income (a non-GAAP measure see page 26 for the definition of this measure and page 20 for the reconciliation
of non-GAAP measures) divided by the average of Invested Capital at the beginning and the end of the period (book value of all
long-term liabilities and short-term interest bearing debt plus shareholders equity less cash, cash equivalents and short
term investments).
(b) Return on Equity is Net Income for the
given period divided by the average of shareholders equity at the beginning and end of the period.
February 12, 2013 12
Net Cash Returned to Shareholders through
Dividends and Share Repurchases
Omnicoms Revenues and Net Income has
doubled since 2002(a). From 2002 through 2012, Omnicom distributed over 99% of Net Income to shareholders through Dividends
and Share Repurchases.
10.0
9.0 $9.12 $9.05 8.0
7.0 $6.79
Billions
6.0
5.0
in
$ 4.0
3.0 $2.26 2.0
1.0
-
2002
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Cumulative Dividends Paid
Cumulative Cost of Net Shares Repurchased,
defined as payments for repurchases of common stock less proceeds from stock plans Cash Returned to Shareholders, defined as the
sum of Cumulative Dividends paid and Cumulative Cost of Net Shares Repurchased Cumulative Net Income - Omnicom Group Inc.
(a) Omnicom Revenue increased from $6.9
billion to $14.2 billion and Net Income increased from $455 million to $998 million in 2001 and 2012, respectively.
February 12, 2013 13
Supplemental
Financial Information
February 12, 2013 14
DRAFT
Omnicom Debt Structure
Bank Loans $6
2032
Convert 2038 Convert $253 $407
2016 Senior Notes $1,000
2019 Senior Notes 2022 Senior Notes $500 $1,250
2020 Senior Notes $1,000
The above chart sets forth Omnicoms
debt outstanding at December 31, 2012. The amounts reflected above for the 2016, 2019, 2020 and 2022 Senior Notes represent the
principal amount of these notes at maturity on April 15, 2016, July 15, 2019, August 15, 2020 and May 1, 2022, respectively.
February 12, 2013 15
DRAFT
Omnicom Debt Maturity Profile
2022
Senior Notes $1,250
2016
2020 Senior Notes Senior Notes $1,000
$750
2019
Senior Notes $500 2038 Convert 2032 Convert $250
Other
Borrowings $0
Our 2038 Convertible Notes are putable in
June 2013, 2018, 2023 and annually thereafter until maturity. Our 2032 Convertible Notes are putable on July 31, 2013 and annually
in July thereafter until maturity.
Other borrowings at December 31, 2012 include
short-term borrowings of $6 million which are due in less than one year. For purposes of this presentation we have included
these borrowings as outstanding through October 2016, the date of expiration of our five-year credit facility.
February 12, 2013 16
DRAFT
2012 Acquisition Related Expenditures
Full Year
Acquisitions of Businesses and Affiliates
(a) $ 101.1 Additional Interest in Controlled Subsidiaries (b) 32.0 Earn-outs on acquisitions
completed prior to January 1, 2009 (c) 31.7 Earn-outs on acquisitions completed after January 1, 2009 (c)
32.2
Total Acquisition Expenditures(d)
$ 197.0
(a) Includes acquisitions of a majority interest
in agencies resulting in their consolidation, including additional interest in existing affiliate agencies resulting in majority
ownership. (b) Includes the acquisition of additional equity interests in already consolidated subsidiary agencies which are recorded
to Equity Noncontrolling Interest.
(c) Includes additional consideration paid
for acquisitions completed in prior periods. (d) Total Acquisition Expenditures figure is net of cash acquired.
February 12, 2013 17
DRAFT
Condensed Cash Flow
Full
Year 2012 2011 Net Income $ 1,117.5 $ 1,060.4
Share-Based Compensation Expense 80.8
74.5 Depreciation and Amortization 282.7 273.7 Gain on Remeasurement of Equity Interest in Clemenger Group - (123.4)
Gain on Remeasurement of Equity Interest in Affiliates (2.1) (15.1) Impairment Charge on Equity Interest in Egyptian
Affiliate 29.2 -Other Non-Cash Items to Reconcile to Net Cash Provided by Operating Activities, net (82.0) (22.8) Changes
in Operating Capital 25.2 68.0
Net Cash Provided by Operating Activities
1,451.3 1,315.3
Capital Expenditures (226.3) (185.5)
Acquisitions, net of Proceeds from Sale of Investments (124.1) (389.1)
Net Cash Used in Investing Activities
(350.4) (574.6)
Dividends (397.8) (269.1)
Dividends paid to Noncontrolling Interest
Shareholders (98.4) (101.3) Proceeds from/(Repayments of) Short-term & Long-term Debt, net 1,269.9 (43.1) Repayment
of Convertible Debt - (0.1) Stock Repurchases, net of Proceeds from Stock Plans and Excess Tax Benefit from Stock Plans
(832.0) (701.1) Payments for Additional Interest in Controlled Subsidiaries (32.0) (38.8) Contingent Purchase Price
Payments (32.2) (19.7) Other Financing Activities, net (97.6) (32.5)
Net Cash Used in Financing Activities
(220.1) (1,205.7) Effect of exchange rate changes on cash and cash equivalents 16.3 (42.5) Net Increase/(Decrease)
in Cash and Cash Equivalents $ 897.1 $ (507.5)
February 12, 2013 18
DRAFT
Reconciliation of Non-GAAP Measures
3 Months Ended December 31 Full Year
2012 2011 2012 2011
Revenue $ 3,944.5 $ 3,852.9
$ 14,219.4 $ 13,872.5
Operating Expenses, excluding Depreciation
and Amortization 3,324.4 3,295.3 12,132.5 11,927.7
EBITDA 620.1 557.6 2,086.9 1,944.8
Depreciation 46.2 46.5 181.6 182.3 EBITA 573.9 511.1 1,905.3 1,762.5
Amortization of Intangibles 25.9 23.7
101.1 91.4
Operating Income 548.0 487.4 1,804.2
1,671.1
Net Interest Expense 40.3 30.3 144.6
122.1
Income Before Tax 507.7 457.1 1,659.6
1,549.0 Taxes 137.3 156.8 527.1 505.8
Income/(Loss) from Equity Method Investments
(26.8) 6.9 (15.0) 17.2
Net Income 343.6 307.2 1,117.5 1,060.4
Less: Net Income Attributed to Noncontrolling
Interests 36.5 35.3 119.2 107.8
Net Income - Omnicom Group $ 307.1
$ 271.9 $ 998.3 $ 952.6
The above reconciles EBITDA & EBITA to
the GAAP financial measures for the periods presented.
EBITDA and EBITA are non-GAAP financial measures
within the meaning of applicable SEC rules and regulations. Our credit facility defines EBITDA as earnings before deducting interest
expense, income taxes, depreciation and amortization. Our credit facility uses EBITDA to measure our compliance with covenants,
such as interest coverage and leverage ratios, as presented on page 11 of this presentation.
February 12, 2013 19
DRAFT
Reconciliation of Non-GAAP Measures
Full
Year 2012 2011 Net Free Cash Flow $ (316.7) $ (457.3) Cash Flow items excluded from Net Free Cash Flow:
Changes in Operating Capital 25.2
68.0 Proceeds from Short-term & Long-term Debt, net 1,269.9 (43.1) Repayment of Convertible Debt - (0.1) Other
Financing Activities, net (97.6) (32.5) Effect of exchange rate changes on cash and cash equivalents 16.3 (42.5)
Net Increase/(Decrease) in Cash and Cash
Equivalents $ 897.1 $ (507.5)
Full
Year 2012 2011 Operating Income $ 1,804.2 $ 1,671.1
Effective Tax Rate for the applicable
period 31.8% 32.7% Income Taxes on Operating Income 573.7 546.4
After Tax Operating Income $ 1,230.5
$ 1,124.7
February 12, 2013 20
DRAFT
Fourth Quarter Acquisition
Established in 2003, Promise Corporation
is a co-creation consultancy specializing in innovation, brand strategy and customer insights. Co-creation is the act of bringing
together multiple stakeholder groups to help solve business challenges and take advantage of opportunities; helping them better
understand the interaction between brand perception and consumer experience.
With offices in London and New York, Promise
will be fully integrated into the Communispace group of companies within the Diversified Agency Services network.
February 12, 2013 21
DRAFT
Fourth Quarter Acquisition
Established in 1995, Capstrat is a strategic
communications firm. The Company provides an integrated service offering to their clients that includes Public Relations, Public
Affairs and Marketing Communications (branding, identity development, graphic design, etc). Also included in their offering is
a sophisticated set of tools for analytics and metrics, CRM, animation, and mobile and web design.
Located in Raleigh, North Carolina, Capstrat
will operate as part of the Ketchum Public Relations division within the Diversified Agency Services network.
February 12, 2013 22
DRAFT
Fourth Quarter Acquisition
Formed in 1992, Mother Tongue Writers specializes
in marketing translation, creative adaptation of advertising copy and transcreation services. It has an international network
of experienced copywriters and is recognized for quality, speed and cost effectiveness, ensuring that translations are not just
technically correct, but engaging and culturally relevant.
Mother Tongue is headquartered in London
and also has offices in Singapore and New York. It will align with the E-Graphics brand within the TBWA\ Worldwide network.
February 12, 2013 23
DRAFT
Fourth Quarter Acquisition
Founded in 2000, Magnon Group is an award
winning digital agency specializing in graphic design for web and mobile, digital marketing including search and social media
optimization, applications development, online brand strategy consulting, and eCommerce solutions. Magnon Group operates under
two divisions Magnon Solutions and Magnon International.
Magnon Group has offices in Mumbai and New
Delhi, India and will become part of the TBWA\ Worldwide network. Magnon Solutions will join TBWAs global Digital Arts Network,
while Magnon International will become part of E-Graphics.
February 12, 2013 24
DRAFT
Fourth Quarter Acquisition
Founded in 2005, Toinen Helsinki was created
with the mission to create powerful engagements between brands and consumers across all areas of media. Ainoa, a subsidiary company,
was founded in 2008 to focus on online campaign implementation, optimization and analytics.
Toinen Helsinki and Ainoa are both based
in Helsinki, Finland and will be merged with OMG Finland within the Omnicom Media Group network.
February 12, 2013 25
DRAFT
Disclosure
The preceding materials have been prepared
for use in the February 12, 2013 conference call on Omnicoms results of operations for the period ended December 31, 2012.
The call will be archived on the Internet at http://www.omnicomgroup.com/financialwebcasts.
Forward-Looking Statements
Certain of the statements in this presentation
constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition,
from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. These statements
relate to future events or future financial performance and involve known and unknown risks and other factors that may cause our
actual or our industrys results, levels of activity or achievement to be materially different from those expressed or implied
by any forward-looking statements. These risks and uncertainties, including those that are described in our 2011 Annual Report
of Form 10-K under Item 1A - Risk Factors and Item 7 -Managements Discussion and Analysis of Financial Condition and Results
of Operations, include, but are not limited to, our future financial position and results of operations, global economic conditions,
conditions in the credit markets, losses on media purchases and production costs incurred on behalf of clients, reductions in
client spending and/or a slowdown in client payments, competitive factors, changes in client communication requirements, managing
conflicts of interest, the hiring and retention of personnel, maintaining a highly skilled workforce, our ability to attract new
clients and retain existing clients, reliance on information technology systems, changes in government regulations impacting our
advertising and marketing strategies, risks associated with assumptions we make in connection with our critical accounting estimates
and legal proceedings, and our international operations, which are subject to the risks of currency fluctuations and foreign exchange
controls. In some cases, forward-looking statements can be identified by terminology such as may, will,
could, would, should, expect, plan, anticipate, intend,
believe, estimate, predict, potential or continue or the negative
of those terms or other comparable terminology. These statements are our present expectations. Actual events or results may differ.
We undertake no obligation to update or revise any forward-looking statement, except as required by law.
Non-GAAP Financial Measures
We present financial measures determined
in accordance with generally accepted accounting principles in the United States (GAAP) and adjustments to the GAAP
presentation (Non-GAAP), which we believe are meaningful for understanding our performance. Non-GAAP financial measures
should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Non-GAAP
financial measures as reported by us may not be comparable to similarly titled amounts reported by other companies. We provide
a reconciliation of non-GAAP measures to the comparable GAAP measures on pages 19 and 20.
The non-GAAP measures used in this presentation
include the following:
Net Free Cash Flow, defined as Free Cash
Flow (defined below) less the Primary Uses of Cash (defined below). Net Free Cash Flow is one of the metrics used by us to assess
our sources and uses of cash and was derived from our consolidated statements of cash flows. We believe that this presentation
is meaningful for understanding our primary sources and primary uses of that cash flow. Free Cash Flow, defined as net income
plus depreciation, amortization, share based compensation expense and gain on re-measurement of equity interest in affiliates
less other non-cash items to reconcile to net cash provided by operating activities. Primary Uses of Cash, defined as dividends
to common shareholders, dividends paid to non-controlling interest shareholders, capital expenditures, cash paid on acquisitions,
payments for additional interest in controlled subsidiaries and stock repurchases, net of the proceeds and excess tax benefit
from our stock plans, and excludes changes in working capital and other investing and financing activities, including commercial
paper issuances and redemptions used to fund working capital changes.
EBITDA, defined as operating income before
interest, taxes, depreciation and amortization. We believe EBITDA is meaningful because the financial covenants in our credit
facilities are based on EBITDA.
EBITA, defined as operating income before
interest, taxes and amortization. We use EBITA as an additional operating performance measure, which excludes acquisition-related
amortization expense, because we believe that EBITA is a useful measure to evaluate the performance of our businesses.
Net Debt, defined as total debt less cash,
cash equivalents and short-term investments. We believe net debt, together with the comparable GAAP measures, reflects one of
the metrics used by us to assess our cash management.
After Tax Operating Income, defined as operating
income less income taxes calculated using the effective tax rate for the applicable period.
Other Information
All dollar amounts are in millions except
for per share amounts and figures shown on page 3. The information contained in this document has not been audited, although some
data has been derived from Omnicoms historical financial statements, including its audited financial statements. In addition,
industry, operational and other non-financial data contained in this document have been derived from sources that we believe to
be reliable, but we have not independently verified such information, and we do not, nor does any other person, assume responsibility
for the accuracy or completeness of that information. Certain amounts in prior periods have been reclassified to conform to our
current presentation.
The inclusion of information in this presentation
does not mean that such information is material or that disclosure of such information is required.
February 12, 2013 26
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