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Annual Report and Financial Statements 2018 a Nnu Al R Eport an D F in an Cial S Tatem Ents 2018 Annual Report and Financial Statements 2018 Annual Report and Financial Statements 2018 WorldReginfo - 2ca896b1-0178-4e7b-9636-0d7e35b2135b RELX is a global provider of information-based analytics and decision tools for professional and business customers. We help scientists make new discoveries, doctors and nurses improve the lives of patients and lawyers win cases. We prevent online fraud and money laundering, and help insurance companies evaluate and predict risk. Our events enable customers to learn about markets, source products and complete transactions. In short, we enable our customers to make better decisions, get better results and be more productive. Forward-looking statements This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC (together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. The terms “outlook”, “estimate”, “project”, “plan”, “intend”, “expect”, “should”, “will”, “believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ materially from estimates or forecasts contained in the forward-looking statements include, among others, current and future economic, political and market forces; changes in law and legal interpretations affecting RELX intellectual property rights and internet communications; regulatory and other changes regarding the collection, transfer or use of third-party content and data; demand for RELX products and services; competitive factors in the industries in which RELX operates; ability to realise the future anticipated benefits of acquisitions; significant failure or interruption of our systems; compromises of our data security systems or other unauthorised access to our databases; legislative, fiscal, tax and regulatory developments and political risks; exchange rate fluctuations; and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission. WorldReginfo - 2ca896b1-0178-4e7b-9636-0d7e35b2135b RELX Annual report and financial statements 2018 1 Overview* Overview Contents 2 2018 Financial highlights 3 Chairman’s statement 4 Chief Executive Officer’s report Business review* 8 RELX business overview 14 Scientific, Technical & Medical 20 Risk & Business Analytics 28 Legal 34 Exhibitions 41 Corporate Responsibility Business review Financial review* 54 Chief Financial Officer’s report 60 Principal risks Governance 66 Board Directors 68 RELX Business Leaders 70 Chairman’s introduction to corporate governance 72 Corporate governance review 83 Report of the Nominations Committee 85 Directors’ remuneration report 106 Report of the Audit Committee Financial review 108 Directors’ report Financial statements and other information 113 Independent auditor’s report 121 Consolidated financial statements 169 RELX PLC annual report and financial statements 174 Summary financial information in euros 175 Summary financial information in US dollars 176 Reconciliation of adjusted to GAAP measures 177 Shareholder information IBC 2019 financial calendar Governance * Comprises the Strategic Report in accordance with The (UK) Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013. Financial statements and other information other statementsFinancial and Get more information online A PDF of the full Annual Report and further information about our businesses can be found online at our website: www.relx.com WorldReginfo - 2ca896b1-0178-4e7b-9636-0d7e35b2135b 2 RELX Annual report and financial statements 2018 | Overview 2018 Financial highlights § Underlying revenue growth of 4% § Underlying adjusted operating profit growth of 6% § Reported operating profit £1,964m (£1,905m) § Adjusted EPS growth at constant currency up 7%; in sterling up 6% to 84.7p § Reported EPS 71.9p (81.6p) § Full-year dividend up 7% to 42.1p § Strong financial position and cash flow; cash flow conversion at 96% RELX REVENUE ADJUSTED OPERATING PROFIT ADJUSTED EARNINGS PER SHARE £m £m Pence Underlying growth +4% Underlying growth +6% Constant currency growth +7% 7,341† 7,492 2,284† 2,346 80.2† 84.7 2017 2018 2017 2018 2017 2018 DIVIDEND PER SHARE RETURN ON INVESTED CAPITAL ADJUSTED CASH FLOW CONVERSION Pence Growth +7% 12.9%† 13.2% 96%† 96% 39.4 42.1 2017 2018 2017 2018 2017 2018 RELX PLC and its subsidiaries, joint ventures and associates are together known as “RELX” † 2017 restated for adoption of new accounting standards IFRS 9, IFRS 15 and IFRS 16. See note 1 on page 126 for further details. RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements. In 2018 and 2017, we also excluded exceptional tax credits, see note 9 on page 138. Reconciliations between the reported and adjusted figures are set out on page 176. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until twelve months after purchase, and excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2017 full-year average and hedge exchange rates. WorldReginfo - 2ca896b1-0178-4e7b-9636-0d7e35b2135b RELX Annual report and financial statements 2018 3 Chairman’s statement Overview The Board We continue to refresh the Board. Ben van der Veer will stand down from the board after nine years’ service. He was replaced as Chairman of the Audit Committee, a position he had held since 2010, by Adrian Hennah. Adrian is Chief Financial Officer of Reckitt Benckiser, and was previously Chief Financial Officer of Smith & Nephew. Andrew Sukawaty will be appointed as a Non-Executive Director of RELX, subject to shareholder approval, with effect after the 2019 Annual General Meeting. Andrew has had a 30 year Business review career in the telecoms industry. He is Chairman of Inmarsat and was a Non-Executive Director and the Senior Independent Director of Sky between 2013 and 2018. I would like to thank Ben for his advice over many years and am delighted that Andrew will be joining RELX. Parent company structure In September 2018, we completed the simplification of the Sir Anthony Habgood company’s corporate structure by moving from a dual to a single Chairman parent structure. In June, shareholders of both parent companies, RELX PLC and RELX NV, voted 99.9% in favour of the measures which were cost and profit neutral on an ongoing basis and did RELX continued its positive not impact the economic interest of any shareholder. RELX NV shareholders received one new RELX PLC share in exchange for Financial review development in 2018. We simplified each RELX NV share, and can continue to trade their new shares on Euronext Amsterdam, priced in euros. They are also entitled our corporate structure into a to receive dividend payments in euros. RELX NV ADRs were converted one-for-one to RELX PLC ADRs. Shares in the single single parent company, removing parent company are now listed in London, Amsterdam and New York, and it was confirmed in December that RELX will have a full complexity and increasing weighting in the AEX index in addition to the FTSE 100. transparency for shareholders. This latest change was a natural step for RELX, removing complexity and increasing transparency. In 2015, the company Shares in the single parent simplified its structure by combining all assets below the two parent companies into a single new group entity and eliminated company have a full weighting parent company cross-shareholdings. We also increased share price transparency by moving all share listings to an equalisation Governance in the FTSE 100 and AEX indices. ratio of one to one. Corporate responsibility RELX continued to execute its strategy aimed at achieving more We take our commitment to human rights seriously as evidenced predictable revenues, a higher growth profile and improving by our Modern Slavery Act Statement, which outlines how we returns. As a result, underlying revenue growth was again 4%. work to avoid slavery and trafficking in our direct employment Underlying adjusted operating profits grew 6%, as we continued and in our supply chain. In the year, we held RELX Rule of Law to grow revenues ahead of costs. Adjusted earnings per share Cafés in the US, Europe and Asia to bring together the legal in constant currencies grew 7% and in sterling 6% to 84.7p (80.2p). community, corporate peers, government representatives and Reported earnings per share were 71.9p (81.6p). non-governmental organisations to share information on going Dividends beyond legal minimums to advance the rule of law. We are proposing a full year dividend increase of 7% to 42.1p. We also created Access to Justice Law360, free content to The long-term dividend policy is unchanged. support the legal community, including legal aid organisations, Financial statements and other information other statementsFinancial and Balance sheet in helping citizens gain equal treatment within civil and criminal Net debt, including leases as per IFRS 16, was £6.2bn at 31 justice systems. As
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