<SEC-DOCUMENT>0001193125-17-307744.txt : 20180327
<SEC-HEADER>0001193125-17-307744.hdr.sgml : 20180327
<ACCEPTANCE-DATETIME>20171011115604
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-307744
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WPP plc
		CENTRAL INDEX KEY:			0000806968
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		27 FARM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1J5RJ
		BUSINESS PHONE:		011442074082204

	MAIL ADDRESS:	
		STREET 1:		27 FARM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1J5RJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WPP GROUP PLC
		DATE OF NAME CHANGE:	19960514
</SEC-HEADER>
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<TYPE>CORRESP
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<TITLE>CORRESP</TITLE>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g472160g22n86.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Direct Dial: 212.468.4944 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Personal Fax: 212.974.6969 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Email:
rnorton@dglaw.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;11, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlos Pacho </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AD Office 11 &#150;
Telecommunications </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">WPP plc </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form 20-F for the Fiscal Year Ended December&nbsp;31, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Filed April&nbsp;28, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">File No. 000-16350 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Mr.&nbsp;Pacho: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of WPP plc (the &#147;<B>Company</B>&#148;), this letter responds to the comments received from the Division of
Corporation Finance of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) in a letter dated September&nbsp;27, 2017 (the &#147;<B>Comment Letter</B>&#148;) pertaining to the captioned report on Form 20-F. For ease of
reference in this letter, the Commission&#146;s comments contained in the Comment Letter are reproduced in <B>bold</B> in numerical sequence in this letter, and the corresponding responses of the Company are shown below each comment. All of the
below questions make reference to the Company&#146;s Consolidated Income Statement, Page F-8. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your presentation of &#147;net sales&#148; and, as disclosed on page 2, that you previously referred to this subtotal as &#147;gross profit.&#148; It is not clear why you changed the label from &#147;gross
profit&#148; to &#147;net sales;&#148; what this subtotal is intended to represent; and why it is relevant to an understanding of the entity&#146;s financial performance. Please explain. Refer to IAS 1.85 and IAS 1.85A. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Net sales&#148; represents revenue, accounted for in accordance with IAS 18 Revenue, less direct costs, which are primarily associated with the Data
Investment Management and Media Investment Management operations. The nature of these direct costs is discussed further in comment 2 below. As required by IAS 1.85A.a., net sales as a subtotal is comprised of line items made up of amounts recognized
and measured in accordance with IFRS, namely revenue and direct costs. Revenue and direct costs are labeled and explained in the Group&#146;s revenue recognition accounting policy under the caption &#147;Revenue
</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g472160g97f65.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlos Pacho </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 11, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
recognition&#148; (page F-4 of the Form 20-F) in accordance with IAS 1.85A.b. Net sales as a subtotal is presented alongside subtotals and totals required in IFRS, such as revenue and profit for
the year, and has not been displayed with more prominence, so as to comply with IAS 1.85A.d. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The activities of WPP plc and its subsidiaries (the
&#147;<B>Group</B>&#148;) have evolved over time, including the Group&#146;s Media Investment Management sub-sector increasingly buying digital media for its own account and taking on inventory risk upfront, changing the balance of the Group&#146;s
role as agent and principal in this field. As a result, the revenue and revenue growth rate increased, although net sales and net sales growth rate, which present a meaningful picture of the Group&#146;s financial performance, remained steady. The
Company changed the description from &#147;gross profit&#148; to &#147;net sales&#148; because we believe that this provides a more accurate description of the measure and the characterisation of our business, taking into account the type of revenue
generating activity and the nature of direct costs deducted to arrive at the total. In accordance with IAS 1.85A.c., this term has been used consistently throughout the periods presented in the Form 20-F. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted in IAS 1.85&nbsp;&#147;<I>An entity shall present additional line items (including by disaggregating the line items listed in paragraph 82), headings
and subtotals in the statement(s) presenting profit or loss and other comprehensive income when such presentation is relevant to an understanding of the entity&#146;s financial performance&#148;.</I> The Company believes net sales to be a meaningful
measure of performance because the Group has significant Data Investment Management operations where revenue includes costs on which no margin is charged, principally for data collection. With none of our direct competitors present in this sector,
net sales is a meaningful measure of comparative, competitive revenue growth. This is discussed on page 29 of the Form 20-F under the caption &#147;Net sales margin&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that our current disclosure complies with the requirements of IAS 1, and that the current presentation allows for some comparability within the
industry and provides useful information for investors in assessing the Group&#146;s financial performance, mirroring the way in which management monitors the business internally. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please tell us your policy for determining functionally which costs are classified as &#147;operating&#148; or &#147;direct.&#148; We note that &#147;operating&#148; includes costs associated with your staff and
establishment. Please tell us why these costs are not attributable to direct costs and further why you believe that &#147;net sales&#148; is a complete depiction that includes all information necessary for a user to understand the subtotal.
</B></TD></TR></TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g472160g97f65.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlos Pacho </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 11, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Direct&#148; costs include fees paid to external suppliers where they are retained to perform part or
all of a specific project for a client and the resulting expenditure is directly attributable to the revenue earned. Such costs represent the directly attributable and incremental costs incurred specifically to service a revenue-generating contract.
This is disclosed in the Group&#146;s revenue recognition accounting policy under the caption &#147;Revenue recognition&#148; (page F-4 of the Form 20-F). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Operating&#148; costs consist of the other operational costs incurred by the Group, including staff costs and establishment costs. Establishment costs
primarily represent operating lease charges and related costs, which are neither directly related to revenue-generating activities nor incrementally incurred specifically to service a revenue-generating contract and thus are not included as a direct
cost. Similarly, staff costs relating to individuals employed by the Group are not considered incremental costs incurred to satisfy client contracts; such resources may be directed by the Group to service the Group&#146;s portfolio of clients and
projects or other non-revenue generating activities as deemed necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Net sales&#148; represents revenue less direct costs, which are defined in
the Group&#146;s revenue recognition accounting policy. As such, a reader is able to understand the subtotal and its constituent elements. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Further, please tell us what consideration you gave to allocating costs to functions other than direct or operating costs. Refer to IAS 1.103. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taking into account the nature of the Group&#146;s business, we believe that the categories of direct and operating costs represent the most relevant
categorization to assist users in understanding the financial performance of the business. The distinction between the two categories is as described in the response to comment 2 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have considered the requirements of IAS 1.103 and whether operating costs could be further sub-divided into additional functional categories. However, the
function of these expenses is to deliver the services the Group provides to our clients, thus representing costs associated with the Group&#146;s operations. Therefore, we believe the single category of operating costs provides the appropriate level
of disclosure. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Clarify for us whether the Revenue line item includes the gross amount billed when you act as principal and it only includes the net amount retained when you act as agent. </B></TD></TR></TABLE>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g472160g97f65.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlos Pacho </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 11, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We confirm that the revenue line item includes the gross amount billed when the Group acts as principal and
only includes the net amount retained when we act as agent. This is disclosed in our revenue recognition accounting policy on page F-4 of the Form 20-F under the caption &#147;Revenue recognition &#150; Advertising and Media Investment
Management&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company we acknowledge that the Company and its management are responsible for the accuracy and adequacy of their
disclosures, notwithstanding any review, comments, action or absence of action by the staff. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact the
undersigned at (212)&nbsp;468-4944 if you have any further comments or questions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ralph W. Norton </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Cc:</TD>
<TD ALIGN="left" VALIGN="top">Andrea Harris, Esq. </TD></TR></TABLE>
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