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The Annual Report 2016

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The Annual Report 2016 Welcome to the Annual Report 2016 This interactive pdf allows you to find information and navigate around this document easily. It also links you to useful information on the web that is not part of the Annual Report. Go to main Search Print pdf Previous Go to Go to home this pdf view specific contents page page page Full screen mode Links This PDF is set up to view in full screen mode. To turn this Dynamic links within the text are indicated when the user off, e.g. to zoom in or to print, press esc and the full rolls over hyperlinks and the mouse cursor changes to toolbar is revealed. a pointed hand as below. Daily Mail and General Trust plc Satisfying the need to know Annual Report 2016 OVERVIEW DMGT is an international business built on entrepreneurship and innovation. DMGT manages a balanced multinational portfolio of entrepreneurial companies, with total revenues of almost £2 billion, that provide a diverse range of businesses and consumers with compelling information, analysis, insight, news and entertainment. Financial highlights Revenue# Operating margin*# Adjusted profit before tax* # Statutory profit before tax † £1,917m 14% £260m £247m 2015: £1,845m 2015: 16% 2015: £281m 2015: £216m Adjusted earnings Dividend per share Net debt §/EBITDA Organic investments per share*# 22.0p 1.8x as % of revenues 56.0p 2015: 21.4p 2015: 1.8x 9% 2015: 59.7p 2015: 7% International share Digital share Subscriptions share of revenues# of revenues# of revenues# 53% 51% 33% 2015: 49% 2015: 47% 2015: 31% £ million FY 2016 FY 2015 Explanation Statutory profit before tax 247 216 Discontinued operations – 1 i Exceptional operating charges 58 20 ii Tangible fixed assets impairment – 2 iii Impairment and amortisation 107 68 iv Profit on sale of assets (138) (82) v Bond redemption premium – 40 vi Pension finance charge 5 7 vii Exceptional dividend income – (3) viii Other adjustments (19) 12 ix Adjusted profit before tax 260 281 For more detailed tables and explanations please refer to pages 35 and 36. # From continuing and discontinued operations. * Before exceptional items, other gains and losses, impairment of goodwill and intangible assets, pension finance charges, premiums on bond redemptions and amortisation of intangible assets arising on business combinations; see Consolidated Income Statement on page 96 and the reconciliation in Note 13 to the Accounts. † Statutory profit before tax is for continuing operations only (excluding the disposal of the Evenbase business). ◊ Non-UK revenues by destination. § See Note 16 for details of Net debt. STRATEGIC REPORT NEW STRATEGIC PRIORITIES 02 HAVE BEEN ESTABLISHED TO CHAIRMAN’S DELIVER ON THE GROUP’S STATEMENT LONG-TERM POTENTIAL. 10 CEO’S STRATEGY REVIEW Inside this Report HOW WE CREATE VALUE 06 OUR BUSINESS MODEL 08 ADAPTING TO CONTINUOUS CHANGE Strategic Report Governance Chairman’s Statement 02 Board of Directors 42 DMGT at a Glance 04 Chairman’s Statement on Governance 44 Our Business Model 06 Corporate Governance 46 Market Overview 08 Remuneration Report 60 CEO’s Strategy Review 10 Statutory Information 84 Key Performance Indicators 14 Annual General Meeting 2017: Resolutions 88 Operating Business Review 16 Independent Auditor’s Report 89 RMS 16 Financial Statements 96 dmg information 18 dmg events 21 Shareholder Information 195 Euromoney Institutional Investor 23 dmg media 25 Principal Risks 28 Financial Review 32 Our People and Our Communities 38 Daily Mail and General Trust plc 01 Annual Report 2016 Chairman STRATEGIC REPORT CHAIRMAN’S STATEMENT DRIVING LONG-TERM GROWTH As Chairman of the Board, I am pleased I would also like to thank Stephen Daintith for his contribution as DMGT Finance Director over the past five years. Stephen’s to report that DMGT has once again Financial Review (pages 32 to 37) will be his last before he demonstrated the quality and depth of a departs the Group to take up the same role at Rolls-Royce. business portfolio that spans world-class We wish Stephen every success there, and look forward to continuing to work with him until a successor is named. journalism, both print and digital content, Together with Martin and Stephen, and latterly working specialist information and B2B operations. closely with Paul, I have continued to focus on delivering Our Group has successfully navigated a volatile marketplace our core strategy at DMGT. This strategy is founded on creating in the sectors where it operates, particularly in print advertising shareholder value from our increasingly international portfolio and property information, to deliver solid financial results. of must-have information, business services and event providers in reinsurance, property, energy, education and DMGT’s belief in supporting entrepreneurial and creative finance, whilst also championing the first-class popular leadership in editorial and data services is well on the way journalism represented by the Mail titles – both in print to delivering long-term value creation and replacing our and online. reliance on print media. Our performance is a testament to the appeal of our products and services, from the Daily Mail and Our financial discipline, tactical organic investment and MailOnline to reinsurance modelling, events management, portfolio management has delivered satisfactory returns in the business data and financial information. past year. We generated healthy cash flow and maintained net debt below 2.0x EBITDA. The Board is therefore pleased to The journey continues to pose challenges and opportunities. recommend a 3% increase in the final dividend per share for We relish these alongside our successes for making us a FY 2016, giving a total dividend for the year of 22.0 pence per vibrant and dynamic company to work for. share, an increase of 3%. I would like to thank our entire workforce and management Among our B2B assets, RMS continues to deliver market- team for contributing to a resilient performance in FY 2016, leading catastrophe models. The investment in the RMS(one) a year in which we delivered an operating margin of 14%. platform remains essential to providing our customers in the Our team has been led with distinction by Martin Morgan, insurance industry with superior modelling and analytics. who this year retired as CEO after 27 years at DMGT. Martin At dmg information and dmg events, we have continued deserves credit for building a diverse business portfolio that to focus on organic growth across their respective portfolios. has encouraged entrepreneurialism, stimulated growth and Over the past year there has been further investment in new built international scale in both our consumer media and products and value add services that combine platform B2B operations. I would like to thank Martin for his immense solutions with analytical capability. contribution to the success of DMGT. We have also seen encouraging early signs of Euromoney’s Martin has been succeeded by Paul Zwillenberg, who was revised strategy following the appointment of its new CEO, appointed CEO from June 2016. Paul, who has joined DMGT Andrew Rashbass. The Board is confident in the delivery from Boston Consulting Group, is recognised as one of the of this strategy, which focuses on long-term global growth most talented strategic leaders in the global media and and a framework for clearer capital allocation. communications industry. As such, I am confident he will lead DMGT to further success as we adapt to a fast changing business and digital environment. THE STRENGTH OF DMGT’S MARKET-LEADING BUSINESSES HAS ENABLED US TO NAVIGATE THROUGH CHALLENGING MARKET CONDITIONS AND CREATE OPPORTUNITIES FOR GROWTH. The Viscount Rothermere Chairman Daily Mail and General Trust plc 02 Annual Report 2016 STRATEGIC REPORT Chairman’s Statement As announced on 8 December 2016, subject to Euromoney We continue to strengthen our boardroom capabilities. shareholder approval, the DMGT Board has decided to reduce I am pleased to announce the appointment of Suresh Kavan, its holding in Euromoney to c. 49 per cent. This sell down will CEO of dmg information, to the Board. I would also like to allow Euromoney financial flexibility to pursue its strategy, thank David Dutton as he retires from his 45 years of service to thereby realising additional value for DMGT notwithstanding DMGT both on the Board and in other roles across the Group. its smaller stake. Further details can be found at www.dmgt.com In addition John Hemingway and Francisco Balsemão will not or from the Company Secretary’s office (details on page 195). seek re-election at the Annual General Meeting in February 2017. I expand on their contributions to DMGT and the Board In consumer media, we have continued to provide quality, in the Corporate Governance section on page 44. popular journalism through the Mail titles – which remain powerful advertising platforms – and we continue to attract Throughout its history, DMGT has relied upon the talent, global audiences with our compelling MailOnline platform. experience and skills of its employees. That is why we invest significant time and resources to develop our leaders of the Alongside the management of these businesses, our Board future and to encourage our high-potential talent. This year continued to manage the portfolio actively, including the we ran the first Early Career Development Workshop and sale of our stakes in LocalWorld and Wowcher. We also made I was pleased to interact with all the individuals who took part. several acquisitions and early stage investments, thereby strengthening our B2B information capabilities. Our People and Our Communities section, page 38 DMGT is continuing to expand internationally. Over the past year, we have expanded in North America through our B2B At the senior management level, remuneration and incentives information businesses with investments in the property and are aligned with performance. These value creation metrics energy sectors. In dmg events, we have secured a strong and related payments are set out in the Remuneration Report growth trajectory in Africa with new events launching in 2017.
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