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    Tom Singlehurst

    Research Analyst at Citi

    Tom Singlehurst's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership

    Tom Singlehurst's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q2 2023

    Question

    Tom Singlehurst from Citi questioned the phasing of the expected margin improvement, noting that Q4 of last year also saw strong margins, and asked about the moving parts behind the forecast for cash flow to more than double in the second half of the year.

    Answer

    CFO Kevin Entricken reiterated that the second-half margin improvement, particularly in Q4, is driven by year-over-year comparables as the company was more fully staffed in late 2022. Regarding cash flow, he expressed confidence in achieving the full-year guidance of approximately 100% cash conversion, citing the company's cash-generative nature and strong visibility on collections.

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    Tom Singlehurst's questions to PUBLICIS GROUPE (PUBGY) leadership

    Tom Singlehurst's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2023

    Question

    Tom Singlehurst of Citigroup asked if Publicis has sufficient scale in the retail media space and whether the higher interest rate environment was impacting terms of trade and working capital.

    Answer

    Chairman & CEO Arthur Sadoun asserted that Publicis has a "massive competitive advantage" and unique scale in retail media due to its full stack of capabilities, combining the CitrusAd platform, Epsilon's identity data, and Publicis Media's scale. CFO Michel-Alain Proch stated there is no direct link between rising interest rates and working capital. He clarified that the H1 working capital outflow of ~€1 billion was a result of the cyclical nature of the business and very high commercial activity, particularly in production.

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    Tom Singlehurst's questions to PUBLICIS GROUPE (PUBGY) leadership • Q4 2022

    Question

    Tom Singlehurst asked about the measurable impact of the special staff incentive payment on employee retention and whether the extraordinary 38% organic growth in the U.K. was influenced by global business being channeled through that region.

    Answer

    Chairman & CEO Arthur Sadoun confirmed the U.K.'s strong growth was driven by a combination of strong local performance, its role as a global client platform, and an outstanding quarter for Publicis Sapient. On the special bonus, he described its impact on employee morale and company culture as "amazing," reinforcing the company's values and serving as a key differentiator from competitors, though he did not provide specific retention metrics.

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    Tom Singlehurst's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2022

    Question

    Tom Singlehurst of Citi asked about the management of staff costs and wage inflation within the margin guidance, how inflation is passed through to clients, and whether there is a disconnect between central and operational management on forecasts.

    Answer

    Chairman and CEO Arthur Sadoun stated that potential revenue from inflation is not factored into H2 guidance. CFO Michel-Alain Proch explained that wage inflation is managed through the platform model, offshoring to Global Delivery Centers (which now comprise 25% of headcount), and organizational simplification. COO Steve King and CEO Arthur Sadoun affirmed strong alignment between central and local management, crediting the 'Power of One' country model for providing an immediate grasp on the business.

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