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Independent Auditor's Report to the Members of Informa

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Independent Auditor's Report to the Members of Informa Financial Statements Independent Auditor’s report to the members of Informa PLC Independent Auditor’s report to the members of Informa PLC Report on the audit of the financial statements The financial reporting framework that has been applied in Opinion the preparation of the Group financial statements is applicable In our opinion: law and IFRSs as adopted by the European Union. The financial reporting framework that has been applied in the preparation • the financial statements of Informa PLC and its of the parent company financial statements is applicable law subsidiaries (the “Group”) give a true and fair view of and United Kingdom Accounting Standards, including FRS 102 the state of the Group’s and of the parent company’s “The Financial Reporting Standard applicable in the UK and affairs as at 31 December 2018 and of the Group’s profit Republic of Ireland” (United Kingdom Generally Accepted for the year then ended; Accounting Practice). • the Group financial statements have been properly prepared in accordance with International Financial Reporting Basis for opinion Standards (IFRSs) as adopted by the European Union; We conducted our audit in accordance with International • the parent company financial statements have been properly Standards on Auditing (UK) (ISAs (UK)) and applicable law. prepared in accordance with United Kingdom Generally Our responsibilities under those standards are further Accepted Accounting Practice, including FRS 102 “The described in the auditor’s responsibilities for the audit Financial Reporting Standard applicable in the UK and of the financial statements section of our report. Republic of Ireland”; and • the financial statements have been prepared in accordance We are independent of the Group and the parent company in with the requirements of the Companies Act 2006 and, accordance with the ethical requirements that are relevant to as regards the Group financial statements, Article 4 of our audit of the financial statements in the UK, including the the IAS Regulation. Financial Reporting Council’s (the FRC’s) Ethical Standard as applied to listed public interest entities, and we have fulfilled We have audited the financial statements which comprise: our other ethical responsibilities in accordance with these requirements. We confirm that the non-audit services • the Consolidated Income Statement; prohibited by the FRC’s Ethical Standard were not provided • the Consolidated Statement of Comprehensive Income; to the Group or the parent company. • the Consolidated and Parent Company Balance Sheets; • the Consolidated Cash Flow Statement; We believe that the audit evidence we have obtained is • the Consolidated and Parent Company Statements sufficient and appropriate to provide a basis for our opinion. of Changes in Equity; • the related notes 1 to 42 to the Consolidated Financial Statements; and • the related notes 1 to 12 to the Parent Company Financial Statements. 134 INFORMA PLC ANNUAL REPORT 2018 11_Informa_AR18_FINANCIAL STATEMENTS.indd 134 10/04/2019 17:39 Summary of our audit approach Strategic Report Key audit The key audit matters that we identified in the current year were: matters • the valuation of intangible assets acquired through the business combination with UBM; • the recoverability of the carrying value of goodwill and intangible assets; and • the timing of revenue recognition. In 2017, we identified the phased implementation of the Group’s SAP system as a key audit matter. This is no longer a key audit matter in 2018, as the implementation is substantially complete and deficiencies identified in 2017 have been remediated. Governance In 2017, we identified a key audit matter in relation to the identification and valuation of intangible assets and associated goodwill in business combinations; we continue to consider this a key audit matter, which in 2018, is specifically in relation to the acquisition of UBM. Materiality The audit materiality that we agreed with the Audit Committee for the current year was £27.0 million. This represents 5% of statutory pre-tax profit adjusted for impairment charges and amortisation of intangible assets acquired in business combinations. The increase in materiality over the prior year materiality figure (£22.0 million) reflects the inclusion of the StatementsFinancial post-combination results of UBM, acquired on 15 June 2018. Scoping Following the UBM combination, we have reassessed the audit scope for the enlarged Group, in order to reflect the business operations, finance function structure, and geographic scope of UBM. Similar to Informa, UBM’s finance function is primarily structured through shared service centres in each region. We performed full scope audits or specified audit procedures at the principal business units within the enlarged Group’s shared service centres in the UK, USA, China, Hong Kong and Singapore. These in-scope locations represent the principal business units within the Group’s operating divisions and account for 73% (2017: 72%) of the Group’s revenue and 78% (2017: 74%) of the Group’s adjusted operating profit. Significant Our planned audit approach was discussed with the Audit Committee in May 2018, prior to the UBM combination. changes in our approach Following the combination in June 2018 and our appointment as auditor to the enlarged Group, our audit plan was revised. The most significant changes to our audit plan were in relation to: • an increase in audit materiality to reflect UBM’s post-acquisition contribution to the Group’s results; • the inclusion of a number of new components in our audit scope to incorporate UBM’s primary regional finance functions; • the identification of a key audit matter in relation to valuation of intangible assets acquired through the UBM business combination; • the identification of a controls approach for the legacy-UBM business, which included a controls-reliant audit approach for the purchase-to-pay cycle; and • the extension of our analytics approach to legacy-UBM components. Our revised audit plan was discussed with the Audit Committee in November 2018; there have been no significant changes in our approach since then. WWW.INFORMA.COM INFORMA PLC ANNUAL REPORT 2018 135 11_Informa_AR18_FINANCIAL STATEMENTS.indd 135 10/04/2019 17:39 Financial Statements Independent Auditor’s report to the members of Informa PLC continued Conclusions relating to going concern, principal risks and viability statement Going concern We confirm that we have We have reviewed the directors’ statement in Note 2 to the financial statements about whether they nothing material to report, considered it appropriate to adopt the going concern basis of accounting in preparing them and their add or draw attention to in identification of any material uncertainties to the Group’s and company’s ability to continue to do respect of these matters. so over a period of at least twelve months from the date of approval of the financial statements. We considered as part of our risk assessment the nature of the Group, its business model and related risks including where relevant the impact of Brexit, the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the directors’ assessment of the Group’s ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the directors’ plans for future actions in relation to their going concern assessment. We are required to state whether we have anything material to add or draw attention to in relation to that statement required by Listing Rule 9.8.6R(3) and report if the statement is materially inconsistent with our knowledge obtained in the audit. Principal risks and viability statement We confirm that we have Based solely on reading the directors’ statements and considering whether they were consistent nothing material to report, with the knowledge we obtained in the course of the audit, including the knowledge obtained in add or draw attention to in the evaluation of the directors’ assessment of the Group’s and the company’s ability to continue respect of these matters. as a going concern, we are required to state whether we have anything material to add or draw attention to in relation to: • the disclosures on pages 64 to 72 that describe the principal risks and explain how they are being managed or mitigated; • the directors’ confirmation on page 63 that they have carried out a robust assessment of the principal risks facing the Group, including those that would threaten its business model, future performance, solvency or liquidity; or • the directors’ explanation on pages 73 to 75 as to how they have assessed the prospects of the Group, over what period they have done so and why they consider that period to be appropriate, and their statement as to whether they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. We are also required to report whether the directors’ statement relating to the prospects of the Group required by Listing Rule 9.8.6R(3) is materially inconsistent with our knowledge obtained in the audit. 136 INFORMA PLC ANNUAL REPORT 2018 11_Informa_AR18_FINANCIAL STATEMENTS.indd 136 10/04/2019 17:39 Key audit matters Strategic Report Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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