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Euromoney Institutional Investor PLC Euromoney Institutional Investor PLC Annual Report & Accounts 2016 WWW.EUROMONEYPLC.COM EUROMONEY INSTITUTIONAL INVESTOR PLC Euromoney Institutional Investor PLC Euromoney Institutional Investor PLC is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is an international business-to-business media group focused primarily on the asset management, banking and commodities sectors under brands including Euromoney, Institutional Investor and Metal Bulletin. It is a leading provider of economic and investment research and data under brands including BCA Research, Ned Davis Research and the emerging market information providers, EMIS and CEIC. The group also runs an extensive portfolio of events for the financial and commodities markets. Year in Brief MARCH JULY SEPTEMBER Investor Day held to Announcement Acquisition of present new strategy of non-executive FastMarkets, a leading chairman John Botts, provider of real-time appointed on a metal markets permanent basis information NOVEMBER APRIL AUGUST New board structure Disposal of Gulf Acquisition of implemented to Publishing and Reinsurance enhance corporate Petroleum Economist Securities, extending governance practices its insurance portfolio into the high-value counterparty risk market 24992.04 – 16 December 2016 4:22 PM – Proof 6 Annual Report and Accounts 2016 Overview ❯ HIGHLIGHTS Highlights Contents REVENUE ADJUSTED OPERATING PROFIT £403.1m £101.4m OVERVIEW Highlights 1 Euromoney at a Glance 2 2016 403.1 2016 101.4 Letter from the Chairman 3 2015 403.4 2015 104.2 Chief Executive’s Statement 4 Appendix to the 2014 406.6 2014 119.8 Chief Executive’s Statement 6 OPERATING PROFIT ADJUSTED PROFIT BEFORE TAX STRATEGIC REPORT Business Model 8 £47.4m £102.5m Marketplace 9 Strategy 10 2016 47.4 2016 102.5 Key Performance Indicators 12 2015 123.1 2015 107.8 Principal Risks 14 Segment Review 21 2014 103.3 2014 116.2 Operating & Financial Review 25 Corporate & Social Responsibility 28 PROFIT BEFORE TAX ADJUSTED DILUTED EARNINGS PER SHARE GOVERNANCE £43.9m 66.5p Board of Directors 31 Corporate Governance 32 2016 43.9 2016 66.5 Directors’ Report 42 2015 123.3 2015 70.1 Directors’ Remuneration Report 46 2014 101.5 2014 70.6 FINANCIAL STATEMENTS Group Accounts DILUTED EARNINGS PER SHARE DIVIDEND Independent Auditor’s Report 59 Consolidated Income Statement 67 24.3p 23.4p Consolidated Statement of Comprehensive Income 68 2016 24.3 2016 23.4 Consolidated Statement of 2015 83.4 2015 23.4 Financial Position 69 Consolidated Statement of 2014 59.2 2014 23.0 Changes in Equity 71 Consolidated Statement of Cash Flows 72 NET CASH/(DEBT) Note to the Consolidated £83.8m Statement of Cash Flows 73 Notes to the Consolidated Financial Statements 74 2016 83.8 Company Accounts 2015 17.7 Company Balance Sheet 130 2014 (37.6) Company Statement of Changes in Equity 131 Notes to the Company Accounts 132 A detailed reconciliation of the group’s adjusted OTHER and underlying results is set out in the appendix to Five Year Record 140 the Chief Executive’s Statement. VISIT US ONLINE AT Shareholder Information 141 EUROMONEYPLC.COM 01 24992.04 – 16 December 2016 4:22 PM – Proof 6 WWW.EUROMONEYPLC.COM EUROMONEY INSTITUTIONAL INVESTOR PLC Euromoney at a Glance Our segments Asset Pricing, Data and Banking Commodity Management Market Intelligence and Finance Events includes the brands and provides prices, data and provides market intelligence, consists of the leading businesses that serve the analysis that are critical for our news, training and conferences conferences in the metals, global asset management clients’ business processes and to the global finance industry. agriculture, energy and wine industry. workflow across a number of sectors. industries. REVENUE REVENUE REVENUE REVENUE £164m £135m £75m £29m See page 21 See page 22 See page 23 See page 24 Our key brands Ned Davis Research Group Our people and locations 2,244 Main ofces EMPLOYEES LONDON, NEW YORK, MONTREAL, HONG KONG AND SOFIA 02 24992.04 – 16 December 2016 4:22 PM – Proof 6 Annual Report and Accounts 2016 Overview ❯ LETTER FROM THE CHAIRMAN Letter from the Chairman Dear Shareholder Our 2016 Annual Report reflects the successful The company’s dividend policy is to distribute and substantial start to our new transformation a third of its after-tax earnings. Although programme. adjusted diluted earnings a share have decreased by 5% to 66.5p, in view of our For 2016, the board’s priority has been to strong balance sheet and operating cash oversee the development and implementation flows the board has approved an unchanged of the new medium-term strategy generated by final dividend of 16.4p a share to be paid on Andrew Rashbass, our new CEO. He presented February 9 2017, giving a total dividend for the our strategy at the March 2016 Investor Day year of 23.4p. and it is outlined in his Strategic Report. 2017 will continue to be a year of transition Our strategy is to invest around major sector in our three-year programme, with a clear themes, transform the operating model and focus on delivering the new business priorities. actively optimise the business portfolio. The Encouraging progress has been achieved and early signs of achievement provide confidence the group will look to build on this momentum in Euromoney’s ability to harness organic and in spite of expected, demanding business acquired growth from the longer-term trends and market conditions. Both our industry in asset management, price discovery, data and customer base will be adjusting to the analytics, capital markets and the broadly implications of Brexit, the new administration in defined financial services industry. the USA and the change in dynamics inherent In line with Andrew’s strategic review, the board in the underlying digitalisation process. has moved to a more traditional structure, Our board is fully focused on delivering including the creation of the CEO role and my sustainable medium-term value by supporting appointment as non-executive chairman. This the management team in the execution of our sharpens the board’s focus and governance new strategy. We believe that Euromoney is and improves the company’s management becoming well positioned for this economic structure. To that end, Christopher Fordham, environment. Diane Alfano, Bashar Al-Rehany, Neil Osborn and Jane Wilkinson, all previously executive JOHN BOTTS directors of the company, did not seek re- Chairman election at the AGM, but they have continued November 24 2016 to play the same vital role in the development of the company and execution of our new strategy. 03 24992.04 – 16 December 2016 4:22 PM – Proof 6 WWW.EUROMONEYPLC.COM EUROMONEY INSTITUTIONAL INVESTOR PLC Chief Executive’s Statement The strategy we unveiled in March is working. Progress with implementing the strategy has As well as disposals, we have become more It’s a tough environment for our customers, been good, partly because the organisation active once again in our search for excellent and therefore for us, but we are beginning has adopted the strategy more effectively and businesses to add to our existing ones but with to see the results of the strategy, for instance more quickly than we had assumed and partly a greater focus on their strategic fit than before. in the acceleration in subscription growth, because we have been able to use the benefits During the year, we acquired FastMarkets, which constituted a record 58% of our of the strong dollar compared with sterling a metals news and prices platform which business in 2016, and in the flow of successful to accelerate investment while still delivering becomes part of the Metal Bulletin Group and product launches. Focusing the company on results in line with board’s expectations. This accelerates its strategy of becoming the leading delivering growth through investing in areas is despite tougher trading conditions than we metals price reporting agency. We also bought of opportunity and disinvesting from areas had expected during the year and our bottom- Reinsurance Security, which rates reinsurance that are structurally and cyclically challenged left businesses performing worse than we had companies, and which now sits alongside, remains my priority. Our return to acquiring forecast 12 months ago. and complements, Insurance Insider. We also excellent businesses, like FastMarkets, after a acquired a fleet database which now sits at the Our three-pillar and four-quadrant strategy break from acquisitions in 2015, also increases heart of our fleet-valuation toolset. helped to identify the businesses that were my optimism about the future. Despite lower dragging us backwards and the businesses The continuing strong cash generation – year-on-year profits, our strong balance where we have the greatest opportunities. conversion of adjusted operating profit to cash sheet means that we are recommending to We began to deal with the former and invest in the year at 105% continues our decades- shareholders that we maintain the dividend in the latter. We have removed the bottom- long record – shows that, in the face of tough at 2015 levels. This is a mark of our measured left profit drag from Gulf Publishing and market conditions, the business can be both confidence about the future. Petroleum Economist (which we sold) and strategic and tightly and effectively managed. STRATEGY from Euromoney Learning Solutions (which we restructured). In addition, we began to PERFORMANCE FOR THE YEAR At the Investor Day in March 2016, we reduce any operational deficit (as we call it) Despite tougher than expected trading presented the new strategy for Euromoney. We to get as many of our businesses as possible conditions, the group’s performance was at categorise our businesses into four quadrants performing better (introducing, for example, the top end of the board’s expectations. The depending on the position in the business cycle sophisticated pricing policies and market-led drag from bottom-left businesses was worse of their customers and the strength of their product development techniques).
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