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Strategy Journalism Products Team Journalism Turnover Annual report 2014 Annual report 2014 Economist.com policies strong future platform Intelligent life subscribers cashflow CQ Roll Call CQ Roll healthcare TVC information users mobile clients print bello power The Economist Group blogs invest coverage essays profit research circulation optimism digital newspaper EuroFinance award customers challenges The Economist Intelligence Unit Intelligence The Economist commitment reading Turnover cashflow agenda editorial events global investing market covers successful The Economist strategy journalism products team annual report STRATEGIC REPORT 2 Five-year summary 3 Group overview 5 From the chairman 6 From the chief executive 7 From the editor 8 The Economist Group media businesses 9 The Economist global circulation 10 The Economist Intelligence Unit 11 CQ Roll Call report and accounts GOVERNANCE 14 Directors 15 Trustees, board committees 16 Group management committee (GMC) 17 Directors’ report 21 Directors’ reportEconomist.com on remuneration 24 Financial review policies strong future FINANCIAL STATEMENTS 26 Independent auditors’platform reportIntelligent to the members life cashflow of The Economist Newspapersubscribers Limited 28 Consolidated profit and loss account CQ Roll Call CQ Roll healthcare TVC 29 informationConsolidated balance sheet users mobile clients Consolidated cashflow statement 30 print bello power The Economist Group 31blogs Other statements invest coverage essays profit32 Principal accounting policiesresearch circulation 35 Notes to the financial statements optimism newspaper NOTICES digital EuroFinance award customers 60 Notice of annual general meetingchallenges The Economist Intelligence Unit Intelligence The Economist commitment 62 Notice of general meeting of “A” specialreading shareholders 63 Explanatory notes to the special resolution Turnover cashflow agenda editorial events global investing market covers successful The Economist strategy journalism products team five-year summary 2014 2013 2012 2011 2010 Profit and loss £m £m £m £m £m Turnover 332 346 362 347 320 Operating profit 59 68 67 63 58 Non-operating exceptional items - - - - (1) Profit on ordinary activities before finance costs 59 68 67 63 57 Net finance costs (2) (4) (3) (4) (7) Profit before taxation 57 64 65 60 50 Profit for the year 44 49 47 44 38 Balance sheet Fixed assets 129 145 131 124 132 Net borrowings (13) (25) (11) (15) (38) Net current liabilities (73) (69) (65) (56) (57) Long-term creditors and provisions (60) (87) (71) (57) (77) Net (liabilities)/assets (5) (11) (5) 12 (2) Net cash from operating activities 69 60 70 78 63 Ratios 2014 2013 2012 2011 2010 Operating profit to turnover 17.8% 19.5% 18.6% 18.2% 18.0% Basic earnings per share 175.8p 194.4p 188.7p 176.5p 152.5p Normalised earnings per share 174.6p 194.4p 188.7p 176.5p 164.0p Dividends and shares Final and interim dividend per share 131.7p 123.2p 116.0p 104.1p 99.6p Special dividend per share 31.7p 40.0p 40.0p 39.7p 31.7p Total dividend per share 163.4p 163.2p 156.0p 143.8p 131.3p Times covered (excluding non-operating exceptional items) 1.1 1.2 1.2 1.2 1.2 Indicative share value £27.00 £26.00 £25.00 £24.50 £21.75 Dividend yield 6.1% 6.3% 6.2% 5.9% 6.0% 2 group overview Group turnover Group operating profit Group cashflow £m £m £m 400 70 80 60 300 50 60 40 200 40 30 20 100 20 10 0 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Group revenue breakdown Turnover by business 2014 2014 Subscriptions/ The Economist CQ Roll Call circulation Advertising Businesses 48 167 95 233 The Economist Intelligence Unit 47 £m £m Sponsorship Other Other 26 44 4 The Economist global circulation, print and digital m The Economist circulation gross margin 1.8 April to March % 60 Digital 1.6 Print 1.4 50 40 1.2 30 1.0 20 0.8 10 0.6 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Normalised earnings per share Indicative share value Dividend yield pence £ % 200 30 7 25 6 150 5 20 4 100 15 3 10 2 50 5 1 0 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 A description of the Group’s principal risks, uncertainties and guiding principles can be found under the headings of Internal control and The Economist Group’s guiding principles in the Directors’ report on pages 18 and 19 respectively. 3 from the chairman This was a year of investment in the future of the Group he main facts about last year are simple: Group revenue at around 19% of revenue, but the ratio had recently been Twas down by 4% and operating profit by 13%. The story falling to 14% in 2012-13. Last year we boosted marketing behind the facts is much more interesting. As always, the spend again, by £8.5m, which happens to be exactly the bulk of the Group’s revenue and profits came from The decline in the Group’s operating profit. In effect, your Group Economist itself. It is also the part of the Group most affected was investing much more in its biggest business, sacrificing by the digital revolution. For established publishers, that short-term profit for future growth. revolution’s challenge once seemed all about readers and advertisers rushing away from print and how to lure them “Taking everything There is space only to online instead. We see things differently now. summarise what happened into account, the in the rest of the Group We aim to provide The Economist’s excellence in whatever Board believes last year. The Economist form readers and advertisers want and will pay for. It the Group is well- Intelligence Unit’s revenue therefore makes no sense to single out the growth in the placed for the was broadly flat and its number of app readers or online visitors as proof that our operating profit up 6%. digital strategy is working. Commercially, what works is future” CQ Roll Call, our business supplying what customers will pay for. in Washington, DC, saw revenue fall by 8% in US dollars as both print advertising and Defined in that way, the changes in the paper’s fortunes are subscriptions came under pressure; but costs were also cut, so more revealing. The Economist’s total revenue last year was profit increased by 5%. Both divisions get the attention they just the same as it was five years earlier, but the mixture is deserve elsewhere in this report. being transformed. Then, fully 50% of that revenue—£90m— came from print advertising; last year it produced only Taking everything into account, the Board believes the Group £58m. We filled the gap of £32m partly with £4m more from is well-placed for the future, and is proposing a final dividend advertising on Economist.com and with what promises to be a of 94.0p per share, an increase of 6% on last year’s final. breakthrough in selling advertising on our apps—£6.6m last Including the special dividend paid in December, the total for year, from nothing five years ago. 2013-14 was 168.7p per share, giving a yield of 6.3%. The bigger change is what has happened to revenue from During the year there have been several changes on the circulation, up by £23m over the five years. This growth has Board. Andrew Rashbass left and Chris Stibbs became chief been driven less by higher circulation volumes and more by executive. Philip Mengel retired and Rona Fairhead is also increasing the revenue we get from each subscription. It is stepping down; I thank them both for their commitment and now a vital gauge of our commercial strategy, and it rose last support. We welcomed Eric Schmidt and John Ridding. year by 6%. We are gradually withdrawing discounts, so more and more readers are paying the full subscription price— Particular thanks, as always, go to our staff. They have which is, incidentally, still less per week than the cost of just worked hard and intelligently to drive big changes in our one fancy coffee as you head to work in the morning. business, with much more to come. Getting full-price subscriptions doesn’t happen automatically. Rupert Pennant-Rea For years the marketing budget for The Economist was steady 5 from the chief executive The industry is changing and so are we his was a year of transition. I took over as chief executive The EIU had another year of record operating profits, up 6% Tin July and set to work to move The Economist Businesses from last year. The subscription business enjoyed strong from a regional structure to a global structure. I believe this renewal rates and invested more in its services for corporate allows us to best respond to the enormous shifts in digital clients, complementing our long-standing strength with reading and new kinds of advertising. We now have three governments and multilateral organisations. Our fledgling business units: The Economist Businesses, the Economist healthcare business went from strength to strength. Intelligence Unit (EIU) and CQ Roll Call. This was no small feat, Clearstate, our Singapore-based market-sizing and analysis but thanks to the professionalism of our staff, it was achieved business, expanded out of its Asia heartlands to win contracts with minimal disruption to the business. worldwide. This resulted in its revenues growing more than 60% in the year. It was also the first year of a long-term plan to increase the profitability of the circulation of The Economist. We expected Government budgets remained tight in CQ Roll Call’s core profits this year to reduce, as they did, but we have made legislative business.
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