Table of Contents
Executive Summary .................................................................4
A Macro View..........................................................................12
International Trends ...............................................................24
Advertising Spending by Major Media..................................33
Advertising and Marketing Services Company Growth
Drivers .....................................................................................64
Industry Trends ......................................................................68
Compensation Structure........................................................73
Accounting Issues..................................................................75
Financial Outlook ...................................................................80
Valuation .................................................................................83
Company Profiles...................................................................85
WPP Group .............................................................................86
Omnicom Group .....................................................................91
Interpublic Group ...................................................................96
Publicis Groupe....................................................................101
Aegis Group..........................................................................106
Havas.....................................................................................111
Other Advertising and Marketing Services Companies ....117
Appendix I: Billings ..............................................................120
Appendix II: The Upfront Market .........................................121
Appendix III: Working Capital Changes..............................123
Appendix III: Working Capital Changes..............................123
Appendix IV: Glossary ........................................................124