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Annual Report 2012

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BRINGING How we have performed KNOWLEDGE FIN ANCIAL HIGHLIGHTS • Record adjusted diluted EPS up 7.7% to 40.7p (2011: 37.8p), ahead of market expectations TO LIFE • Full year dividend increased by 10.1% – second interim dividend of 12.5p giving a total 2012 dividend of 18.5p (2011: 16.8p) Businesses, professionals and • Revenue broadly flat despite Robbins Gioia and European academics worldwide turn to Informa Conference disposals – £1.23bn (2011: £1.28bn) for unparalleled knowledge, up-to- • Adjusted operating profit up 4.0% to £349.7m the minute information and highly (2011: £336.2m); organic growth of 2.8% specialist skills and services. • Record adjusted operating margin of 28.4% (2011: 26.4%) Our ability to deliver high quality • Adjusted profit before tax of £317.4m up 7.3% (2011: £295.9m) knowledge and services through • Statutory profit after tax of £90.7m (2011: £74.3m) multiple channels, in dynamic and rapidly changing environments, • Strong cash generation – operating cash flow up 5.7% to £329.0m (2011: £311.2m) makes our offer unique and • Balance sheet strength maintained – net debt/EBITDA extremely valuable to individuals ratio of 2.1 times (2011: 2.1 times) and organisations. OPEAI R T ONAL HIGHLIGHTS • Proactive portfolio management drives significant Annual Report & Financial Statements for the year ended December 31 2012 improvement in the quality of Group earnings • Total product rationalisation reduced Group revenue by 2% • Investment in new products, geo-cloning and platform development • Acquisition of MMPI and Zephyr in 2012 – both performing well • Long-term contract to manage Agrishow from 2013, the largest agrifoods event in Latin America • Strong emerging market growth – now 18% of Group revenue (2011: 14%) • Resilient core revenue stream – 67% of publishing Gubelstrasse 11 revenues from subscriptions CH-6300 Zug Switzerland • Digital excellence – 74% of publishing revenues fully digitised Telephone: 00 41 41 444 1344 Fax: 00 41 41 444 1355 Want to know more? For more information www.ar2012.informa.com See “Chief Executive’s Review”, page 04 ! www.informa.com Annual Report 2012 BRINGING How we have performed KNOWLEDGE FIN ANCIAL HIGHLIGHTS • Record adjusted diluted EPS up 7.7% to 40.7p (2011: 37.8p), ahead of market expectations TO LIFE • Full year dividend increased by 10.1% – second interim dividend of 12.5p giving a total 2012 dividend of 18.5p (2011: 16.8p) Businesses, professionals and • Revenue broadly flat despite Robbins Gioia and European academics worldwide turn to Informa Conference disposals – £1.23bn (2011: £1.28bn) for unparalleled knowledge, up-to- • Adjusted operating profit up 4.0% to £349.7m the minute information and highly (2011: £336.2m); organic growth of 2.8% specialist skills and services. • Record adjusted operating margin of 28.4% (2011: 26.4%) Our ability to deliver high quality • Adjusted profit before tax of £317.4m up 7.3% (2011: £295.9m) knowledge and services through • Statutory profit after tax of £90.7m (2011: £74.3m) multiple channels, in dynamic and rapidly changing environments, • Strong cash generation – operating cash flow up 5.7% to £329.0m (2011: £311.2m) makes our offer unique and • Balance sheet strength maintained – net debt/EBITDA extremely valuable to individuals ratio of 2.1 times (2011: 2.1 times) and organisations. OPEAI R T ONAL HIGHLIGHTS • Proactive portfolio management drives significant Annual Report & Financial Statements for the year ended December 31 2012 improvement in the quality of Group earnings • Total product rationalisation reduced Group revenue by 2% • Investment in new products, geo-cloning and platform development • Acquisition of MMPI and Zephyr in 2012 – both performing well • Long-term contract to manage Agrishow from 2013, the largest agrifoods event in Latin America • Strong emerging market growth – now 18% of Group revenue (2011: 14%) • Resilient core revenue stream – 67% of publishing Gubelstrasse 11 revenues from subscriptions CH-6300 Zug Switzerland • Digital excellence – 74% of publishing revenues fully digitised Telephone: 00 41 41 444 1344 Fax: 00 41 41 444 1355 Want to know more? For more information www.ar2012.informa.com See “Chief Executive’s Review”, page 04 ! www.informa.com Annual Report 2012 Informa plc OVERVIEW Contents ADJUSTED OPERATING PROFIT O VERVIEW £349.7m How we have performed £336.2m Who we are £313.2m £309.5m £305.8m How we create value Chairman’s Statement 02 2011 2012 2010 2009 +4.0% 2008 ADJUSTED DILUTED EPS BUSINESS REVIEW 40.7p Chief Executive’s Review 04 37.8p Our Strategy in Action 12 34.8p 34.3p 33.9p Financial Review 20 Monitoring Performance 26 2011 2012 2010 2009 +7.7% 2008 Risks and Uncertainties 28 Corporate Responsibility 32 FREE CASH FLOW 237.8m 231.4m GOVERNANCE 225.0m Board of Directors 36 210.0m Advisers 38 203.4m 2011 2012 2010 2009 +16.9% 2008 Directors’ Report 39 Corporate Governance Statement 44 Audit Committee Report 50 D IVIDEND PER SHARE 18.5p Remuneration Report 52 16.8p 14.0p 11.5p FINANCIAL STATEMENTS 8.41p Independent Auditor’s Report – Group 63 2011 2012 2010 2009 +10.1% 2008 Consolidated Income Statement 64 Consolidated Statement of Comprehensive Income 65 R evenue by type Revenue by business segment Consolidated Statement of Changes in Equity 66 G Consolidated Statement of Financial Position 67 E F A D Consolidated Cash Flow Statement 68 A Notes to the Consolidated Financial Statements 69 £1,232.5m C £1,232.5m Independent Auditor’s Report – Company 135 C Company Balance Sheet 136 B B Notes to the Company Financial Statements 137 Five Year Summary 141 A. Subscriptions £468.5m A. Academic Information £340.3m B. Delegates £291.1m B. Professional & Commercial C. Copy sales £210.4m Information £356.6m D. Exhibition £145.4m C. Events and Training £535.6m E. Sponsorship £63.8m COMPANY INFORMATION F. Consulting £26.2m Legal Notices 142 G. Advertising £27.1m Shareholder Information 143 See “Monitoring Performance”, page 26 ! Annual Report & Financial Statements for the year ended 31 December 2012 01 Informa plc Who we are How we are creating value OUR foUR STRATEGIC BUSINESS DRIVERS Our business strategy is based around four key areas. These provide a focus for our talented business teams and clearly OUR VISION define how we add value, not only to our own business, but to our customers’ businesses too. O ur aim is to be the world’s best knowledge provider in all the sectors and markets in which we work. We will achieve this by supporting people who are passionate about what they do, seeking partners who share our goals, H IGH QUALITY DIGITAL focusing on results and, at all times, continuously innovating to provide the SUBSCRIPTION EXCELLENCE highest quality products and services in our fast-moving businesses. INCOME These actions, along with our unifying and firmly held guiding principles below, will drive us forward to become a truly world-class company valued by our people and stakeholders and respected by our peers. GEOGRAPHIC RESILIENT EXPANSION EVENTS OU R GUIDING PRINCIPLES Our guiding principles represent a clear statement of what we believe in, they define our goals and provide a focus for all H IGH QUALITY D IGITAL EXCELLENCE RESILIENT EVENTS GA EOGR PHIC our activities. SUBSCRIPTION Digital marketing, social Our diverse range of robust EXPANSION INCOME media and online services and market leading events We continue our tactic The drive to higher value bring us closer to our key include large, full-scale to grow and expand our C ommercially focused Acting with responsibility Freedom to succeed Excellence in all we do corporate subscriptions audiences and present exhibitions and conferences businesses into new As a business we have an We aim to be honest and fair We give our people the We put quality first, continues to be core to opportunities to produce through to extremely regions and territories obligation to all our in all we do. We treat people space and support they constantly looking for better the strategy of the various more targeted, richer and niche training courses and and the emerging growth shareholders to be as with respect regardless of need to perform their roles and more innovative ways to subscription led businesses. relevant information. Our seminars all of which provide markets represent a clear profitable as we can. We their background, lifestyle or to the best of their ability, we create, produce and deliver These high value sales are engagement and delivery an excellent opportunity opportunity to take our achieve this by understanding position. Our commitment encourage them to make our product and services. We underpinned by our on these platforms increases for growth and high knowledge and expertise our customers needs, to Corporate Responsibility their own decisions and be keep our customers in mind specialist knowledge customer loyalty, retention quality earnings. to new people and constantly refining our offer reflects our recognition that responsible for the outcomes at all times and always try to and proprietary content, and price leverage. Digital communities. and identifying potential new our customers, people, and not be hampered by meet and exceed their consequently strengthening delivery also provides revenue streams. This ensures shareholders and bureaucracy or consensus expectations by delivering our position in both digital operational efficiencies, our products and services communities increasingly decision making. the best possible results. Produced by Informa Group in partnership with Fulton Design and print formats. reduces our carbon emissions deliver real value to individuals favour companies that work Designed by Fulton Design www.fulton-design.co.uk and moves us towards a and their organisations. in a responsible and Printed by Geoff Neal Litho Ltd more sustainable business. This report is printed on Core Silk paper. Both papers contain sustainable way.
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