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Global Information Specialist COVER ARTWORK 09:Layout 1 23/3/09 12:47 Page 1 Global Information Specialist Annual Report and Financial Statements 2008 INFORMA PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 REPORT AND FINANCIAL STATEMENTS ANNUAL INFORMA PLC Mortimer House 37 – 41 Mortimer Street London, W1T 3JH T +44 (0)20 7017 5000 F +44 (0)20 7017 4286 www.informa.com COVER ARTWORK 09:Layout 1 23/3/09 16:09 Page 2 Informa Annual Report and Financial Statements 2008 What’s Inside Informa provides specialist, high value information 04 Key Highlights to the principal global sectors via Publishing, Events and Performance Improvement. 05 Financial Highlights At the heart of every Informa product and service is research-based, Directors’ Report proprietary information for a targeted, expert audience. Informa publishes 06 Chairman’s Statement approximately 2,500 subscription based products and services delivered electronically and in hardcopy, and 45,000 books. Each year Informa 08 Chief Executive’s Review produces over 11,000 events around the world, powered by a marketing 08 Publishing database of over 20 million contacts. It has an extensive portfolio of 09 Events brands including Lloyd’s List, Routledge, Taylor and Francis, IIR, IBC, 10 Performance Improvement (PI) AchieveGlobal, ESI and Euroforum. Informa operates in 80 countries 11 Financial Review and employs approximately 9,000 people. 14 Officers and Advisers 17 Corporate and Risk Information 25 Corporate Governance Statement 32 Directors’ Remuneration Report Financial Statements 41 Independent Auditors’ Report 42 Consolidated Income Statement 42 Consolidated Statement of Recognised Income Publishing Performance Events and Expense Revenue £607.0m Improvement Revenue £441.6m Revenue £229.4m 43 Consolidated Balance Sheet 44 Consolidated Cash Flow Statement 45 Notes to the Consolidated Financial Statements 94 UK GAAP Parent Company Financial Statements 107 Five Year Summary 108 Legal Notices Academic & Professional Commercial Scientific Shareholder Information Revenue £426.3m Revenue £459.8m 109 Revenue £391.9m IMPORTANT: Please note the notices concerning limitations on the liability of Directors under English law and forward-looking statements are set out on page 108 of this document. 2 • Informa plc Annual Report and Financial Statements 2008 Informa Annual Report and Financial Statements 2008 Your Dividend 10.0p Total dividend Informa has a strong portfolio of businesses that balances geographic and sector exposure and has high quality 6.1p subscription based products with high visibility cash flow streams. Our overall expectations for 2009 have Interim dividend not changed. We will not be immune to recession however we expect to benefit from a more favourable translation 3.9p of overseas earnings. Final dividend We will actively manage our financial position and we believe we will not breach our banking covenants. This will be assisted by a reduction in the proposed final dividend for 2008 which reflects both the importance of protecting shareholder value and preserving capital. We will run the business in the best, long term interests of shareholders, including taking whatever measures are necessary to achieve this. Derek Mapp and Peter Rigby Informa plc Annual Report and Financial Statements 2008 • 3 Key Highlights Key Highlights Financial Results Financial Position ✓ Revenue growth of 13% and adjusted ✓ Current bank facilities in place until 2012 profit growth of 17% - 1.1% and 1.4% ✓ respectively in organic terms Net debt at average rates to proforma EBITDA reduced from 4.3 to 3.8 times ✓ Adjusted diluted earnings per share up 14% at 31 December 2008 ✓ Increase in adjusted operating margin ✓ Forecast headroom greater than 10% against to 23.9% both 2009 covenant testing points ✓ Adjusted cash conversion of 121% - ✓ Strategy to reduce net debt to EBITDA to free cash flow of £205.7m up 53% below 3x by 2009 year end ✓ Operational Highlights Increased historic dividend cover to 4 times with proposed final dividend of 3.9p, ✓ 57% of Group adjusted profits generated total dividend for 2008 10p (2007: 16.9p) from publishing 2009 Outlook ✓ 30% of Group revenues generated by subscription based products ✓ Booked and deferred income represents approximately 29% of full year revenues ✓ Advertising income 3% of Group revenues ✓ Majority of Group income generated ✓ 70% of publishing revenues delivered in overseas – significant positive currency electronic format; 38% of Group revenues translation benefit expected ✓ Annualised cost savings of £33m achieved ✓ Renewal rates on subscription based publishing remain at very high levels ✓ Robust performance for exhibitions and large scale events ✓ Tougher outlook for smaller events and training ✓ Proactive cost reduction programme ongoing ✓ Dividend cover for 2009 targeted at 3 times 4 • Informa plc Annual Report and Financial Statements 2008 Financial Highlights Financial Highlights 2008 2007 Revenue by Type £m £m % Revenue 1,278.0 1,129.1 13 Operating profit 164.6 153.9 7 Adjusted1 operating profit 305.8 261.0 17 Operating cash flow 351.8 279.2 26 Profit before tax 108.9 124.4 (12) Events 34% Performance Improvement 18% Adjusted2 profit before tax 233.4 202.6 15 Copy sales 15% Subscriptions 30% Profit for the year 86.0 100.1 (14) Advertising 3% Adjusted3 profit for period 172.5 151.9 14 Basic earnings per share (p) 19.97 23.40 (15) Diluted earnings per share (p) 19.96 23.32 (14) Revenue by Geography Adjusted diluted earnings per share (p) 40.32 35.48 14 Adjusted4 cash conversion (%) 121 110 10 1 Excludes restructuring and reorganisation costs of £17.4m (2007: £7.7m), and intangible asset amortisation of £123.8m (2007: £99.3m). 2 Excludes restructuring and reorganisation costs of £17.4m (2007: £7.7m), non recurring finance costs United Kingdom 13% of £nil (2007: £4.6m), intangible asset amortisation of £123.8m (2007: £99.3m), profit on disposal of available for sale investments of £nil (2007: £33.4m) and profit on disposal of businesses £16.7m North America 36% (2007: £nil). Continental Europe 30% 3 Excludes restructuring and reorganisation costs of £17.4m (2007: £7.7m), non recurring finance costs Rest of the World 21% of £nil (2007: £4.6m), intangible asset amortisation of £123.8m (2007: £99.3m), profit on disposal of available for sale investments of £nil (2007: £33.4m), profit on disposal of businesses £16.7m (2007: £nil) and related tax of £38.0m (2007: £26.4m). 4 Adjusted cash generated by operation (note 37) divided by adjusted operating profit. Note: in this document, ‘organic’ refers to adjustments to material acquisitions and disposals and effects of changes in foreign currency exchange rates. Informa plc Annual Report and Financial Statements 2008 • 5 Chairman’s Statement Chairman’s Statement I am delighted to report on another successful the rest of the world. From a media distribution perspective year at Informa in 2008. Our revenue and we have Publishing, and Events and Training businesses, adjusted operating profits grew by 13% and with publishing accounting for about 57% of Group adjusted operating profits. Of these profits the vast majority 17% respectively over 2007 with the benefit of comes from subscriptions where generally our customers currency translation. We are pleased that the pay annually in advance. Over 70% of our publishing Group delivered organic profit growth of 1.4%. revenues are delivered in an electronic format. Only 3% Adjusted diluted earnings per share at 40.32p of our revenues come from advertising. grew by 14% over 2007. With excellent We break our business down into small business units cash conversion, we generated £205.7m sometimes geographically and sometimes by format or (2007: £134.4m) of free cash flow. sector, dependent on which is most appropriate. Such a structure enables us to monitor the current trading and future Results prospects of each of our businesses in a very granular way. This has enabled us to expand when the going is good but Revenue for the year ended 31 December 2008 increased also to contract if necessary, which we have done on a case by 13% to £1,278.0m (2007: £1,129.1m) with adjusted by case basis over the last 18 months. It also ensures that operating profit up by 17% to £305.8m (2007: £261.0m). forecasting is based on local, day to day visibility which Adjusted profit before taxation increased by 15% to £233.4m remains so important in these most volatile of times. (2007: £202.6m). Reacting quickly is imperative and during 2008 we have reduced annualised costs by £33 million. Our success thus The Group’s profit before taxation decreased to £108.9m far can be seen by how the Group’s adjusted operating margin (2007: £124.4m) and basic earnings per share decreased to has improved from 21.1% in 2006 to 23.1% in 2007 and now 19.97p (2007: 23.40p) as a result of higher amortisation 23.9% in 2008. Cost management is an ongoing process and charges arising from last year’s acquisition of Datamonitor. we will continue to work to mitigate any revenue softness. Adjusted diluted earnings per share increased by 14% to The nature of our business is to link leading publishing 40.32p (2007: 35.48p). As a result of excellent adjusted titles and events in many sectors so that our content is the cash conversion of 121%, net debt to EBITDA fell from prime information source. With titles such as Lloyd’s List, 4.3 times to 3.8 times. However as sterling depreciated Insurance Day, BioProcess International, Cityscape Magazine, materially against the US dollar and the Euro in 2008, Scrip and Banking Technology, we have not only the market reported net debt at 31 December 2008 increased to leading title but we also run alongside them the main industry £1,341.8m (31 December 2007: £1,244.9m). event. Right across our business, as appropriate, we cross The long term strategy of the Group is to have a portfolio of sell and cross market publishing and events and once firmly businesses that combine attractive growth characteristics in established in one geographic jurisdiction we are often able to periods of economic growth but which also exhibit strong spread the events portfolio regionally through geo-cloning.
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