Growththroughglobalstrength Annual Report 2011
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Corporate Corporate Operational headquarters office headquarters Annual Report 2011 Experian plc Experian Experian Experian Serasa Experian Newenham House Cardinal Place Landmark House 475 Anton Boulevard Alameda dos Quinimuras, 187 Northern Cross 80 Victoria Street Experian Way Costa Mesa CEP 04068-900 Malahide Road London NG2 Business Park CA 92626 Planalto Paulista Dublin 17 SW1E 5JL Nottingham United States São Paulo Ireland United Kingdom NG80 1ZZ Brazil United Kingdom T +353 (0) 1 846 9100 T +44 (0) 20 304 24200 T +44 (0) 115 941 0888 T +1 714 830 7000 T +55 11 3373 7272 F +353 (0) 1 846 9150 F +44 (0) 20 304 24250 F +44 (0) 115 828 6341 F +1 714 830 2449 F +55 11 2847 9198 Annual Growth through global strength Company website www.experianplc.com Report Corporate Responsibility Report 2011 www.experiancrreport.com 2011 Annual Report 2011 www.experianannualreport.ie About Experian www.aboutexperian.com Experian Annual Report 2011 “Experian has made progress on every front this year, both financially and strategically, and delivered value to our shareholders. We’re proud of this performance and excited about the opportunities for our business as we continue to lay the foundations for future growth around the world. It’s been a supreme team effort and I want to thank everyone at Experian for the enthusiasm, commitment and sheer hard work that we count on each day to deliver this kind of performance.” Don Robert, Chief Executive Officer With thanks to all those Experian employees who kindly provided photographs of themselves for this report. This annual report has been produced using ISO 14001 and FSC certified environmental print technology, together with vegetable-based inks and a single-site production facility that required no transport between processes. The report is printed on an environmentally responsible paper that uses 50% certified de-inked post consumer waste and 50% certified virgin fibre from sustainable sources. Produced by Accrue* Printed by Royle Print Limited Highlights Contents 1 Revenue 11 4,214 Introduction 10 3,803 US$4.2bn 3 Chairman’s statement 4 Business and market overview 09 3,790 Revenue from continuing 10 Group strategy and objectives activities up 10% and organic Continuing activities only. 13 Key resources 2010 restated to exclude small 20 Key performance indicators revenue growth of 8%, at constant discontinuing activities in UK and exchange rates Ireland and EMEA/Asia Pacific. Business EBIT 11 1,044 review 10 935 US$1.0bn 23 Chief Executive’s review 28 North America 09 896 EBIT margin from 31 Latin America continuing activities up 2010 and 2009 restated to exclude 33 UK and Ireland FARES (now classified as 36 EMEA/Asia Pacific 30 basis points to 24.8% discontinued operations). 38 Risks and uncertainties 42 Financial review 50 Corporate responsibility Benchmark 11 973 profit before 10 854 Governance 09 795 56 Board of directors tax US$973m 58 Directors’ report See note 7 to the Group financial Profit before tax from continuing statements for definition of Benchmark 62 Corporate governance statement profit before tax. 74 Report on directors’ remuneration operations of US$679m, up 13%, 2010 and 2009 restated to exclude and Benchmark profit before FARES (now classified as discontinued tax of US$973m, up 14% operations). Financial statements Basic EPS 11 57.9 91 Report of the auditors: Group financial statements 10 59.0 92 Group income statement US 57.9c 93 Group statement of comprehensive income 09 48.0 Benchmark earnings per share 94 Group balance sheet 95 Group statement of changes in total equity up 10% to US 70.0c and basic 96 Group cash flow statement EPS of US 57.9c, down 2% 97 Notes to the Group financial statements 149 Report of the auditors: parent company financial statements 150 Parent company profit and loss account 11 28.0 151 Parent company balance sheet Full year 152 Notes to the parent company dividend 10 23.0 financial statements US 28.0c 09 20.0 159 Shareholder information Dividends per share up 22% To help you get the most from this report, we have used this page reference symbol, 00, to indicate where additional information can be found. 2 Experian Annual Report 2011 Introduction John Peace Chairman 3 Chairman’s statement 4 Business and market overview 10 Group strategy and objectives 13 Key resources 20 Key performance indicators Introduction Chairman’s statement 3 Experian has delivered its tenth consecutive year of record earnings before interest and tax, representing a major milestone in the company’s history. The Group remains focused on a clear strategy for growth and is making strong progress against its strategic priorities. The opportunities for Experian today are immense and the Group is in great shape to capitalise on them. Chairman’s statement Each of our regions and four principal we are helping a health care provider to Our employees are drawn from as business activities delivered organic improve the collection of payments from wide a pool as possible and we strive growth last year, enabling us to create patients across Southeast Louisiana. to ensure that Experian’s leaders of significant value for shareholders the future reflect the rich diversity of through our strong financial We are also expanding Experian’s our workforce. Our talent forums and performance, a 22% dividend increase to geographic boundaries by taking our leadership development programmes 28 US cents per share for the full year and expertise and products into some of now run in all major locations and 70% of a programme of share repurchases. the world’s great emerging consumer our leadership appointments are internal economies. Today almost 30% of promotions. 10 Experian continues to fuel progress our revenue comes from outside our through a combination of innovation and traditional core markets of the US and 50 Corporate responsibility is a high priority the development of new global products, UK. Our new credit bureau in India for our employees and was an area of expanding into new customer segments opened for business during the year, in increasing focus this year. We have taken and extending its capabilities into new partnership with seven of the country’s stock and reviewed everything from how geographies. leading financial institutions. Since then, we manage our responsibilities to how we have reached agreement to acquire we describe this particular aspect of our Product innovation is the lifeblood of the a controlling interest in Computec, business. We view it not as a separate business and we are constantly looking which will extend our bureau presence function, but as simply our approach to for new and better ways to provide fresh to Colombia, Peru and Venezuela. We how we do business, ensuring that we take insights into the challenges faced by our have also continued to roll out global careful account of the impact we have on clients. Each year we invest in people, products such as CheetahMail, our email all those who are touched by our activities. data and technology to make this happen marketing service, and Hunter, which and this year was no exception. I am detects fraudulent credit applications. In this regard, our key objectives are to proud of the advances made by Experian apply Experian’s core skills to projects with products such as BusinessIQ, which It is clear that there is no shortage with specific social benefits; to focus makes it easier for businesses to manage of opportunities for Experian. The our community projects on financial their relationships with commercial credit management team remains firmly education and entrepreneurship and, customers, and Diversity Monitor, which focused on the best of these and is above all, to embed consideration for helps organisations to build workforces putting all necessary resources behind the wider society in our basic business that truly reflect the ethnic diversity of them. In this they are backed by a deeply processes. This year we have seen strong local communities and customers. engaged and supportive Board, whose progress in all three areas and we are experience and insight continues to reaping the benefits as our employees Most of the problems we solve, such sharpen our strategy. become more engaged, our carbon as helping clients to prevent fraud or impacts fall and we begin to be recognised to get closer to their customers, are Our success, of course, ultimately for our ability to tackle serious issues such universal. So, while our origins may depends upon the hard work of 15,000 as financial exclusion. lie in the financial services sector, we Experian people, whose commitment continue to expand into other areas to the business is perhaps our greatest This has been another good year for such as telecommunications, utilities, asset. Experian’s third global people Experian. The business is growing government and healthcare. In this report survey achieved 88% employee strongly on all fronts and continues to you can read how we are working with participation in 2010 and has been build a commanding lead in its chosen a mobile communications company followed by action plans at a regional and markets. Experian feels today like a to improve the experience of millions global level. Particularly encouraging business firmly in charge of its destiny of customers around the world, how was that our strongest results this time and I congratulate the entire team on an we are enabling a betting company to were in areas identified as a priority for excellent performance. authenticate subscribers to its fast improvement last time. developing online business and how xx 4 Experian Annual Report 2011 Experian’s vision is for its people, data and technology to become a necessary part of every major consumer economy.