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2018 Annual Report

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2018 Annual Report Unlocking the power of data Annual Report 2018 Year ended 31 March 2018 Our purpose Data powers our world. By unlocking the power of data, we aim to create a better tomorrow for everyone. We turn data into information to help people and businesses make use of it and so they can seize opportunities. We shape ideas and develop world-changing products: We help thousands of businesses use the power of data and technology to source new customers, reduce risk, prevent fraud and make decisions more quickly and precisely. We help millions of people to learn about credit, access loans which are right for them and in so doing realise their ambitions. We constantly seek new ways to help people identify risks and tackle threats to data. We help hundreds of thousands of people to protect their identity. Used responsibly, data can transform businesses, help communities to prosper and people to thrive. This is the role we play. To download this Annual Report or our other corporate literature visit www.experianplc.com 01 Progress this year We aim to put consumers and our clients at the heart of what we Strategic report do. Our strategy takes account of this ambition, as well as emerging 02 Experian at a glance 04 Chairman’s statement market trends. 06 Chief Executive’s review 09 Investment case study 1 10 Key performance indicators This year, our Business-to-Business activities have performed 12 Infl uential market drivers strongly and we have made progress in Consumer Services. 14 Business model 18 Change to our reporting segments We also made signifi cant investments in new product innovation, 20 Our strategy 25 Our people and corporate responsibility delivered further improvements in effi ciency and productivity, and 37 North America are adopting advanced technologies to help transform our business. 38 Latin America 39 UK and Ireland 40 EMEA/Asia Pacifi c We are better serving consumers and clients with new types of 42 Financial review 51 Risk management data and more sophisticated analytics and decisioning tools, and 60 Viability statement we are extending further across new market segments. Governance 62 Chairman’s introduction 64 Board of directors 66 Corporate governance report Financial highlights 76 Nomination and Corporate Governance Committee report 78 Audit Committee report 82 Report on directors’ remuneration Statutory Benchmark 100 Directors’ report Revenue Revenue2 US$4,662m US$4,657m (2017: US$4,335m) (2017: US$4,330m) +8% +7% * Financial statements 2 103 Financial statements contents Operating profi t Benchmark EBIT 104 Independent auditor’s report Group fi nancial statements 108 Group income statement US$1,095m US$1,290m 109 Group statement of comprehensive income (2017: US$1,075m) (2017: US$1,197m) 110 Group balance sheet 111 Group statement of changes in total equity * 112 Group cash fl ow statement +2% +7% 113 Notes to the Group fi nancial statements Company fi nancial statements 166 Company fi nancial statements Profi t before tax Benchmark profi t before tax 168 Notes to the Company fi nancial statements US$994m US$1,206m (2017: US$1,071m) (2017: US$1,124m) Shareholder information -7% +6%* 178 Shareholder and corporate information 180 Glossary Basic EPS Benchmark EPS USc88.9 USc97.8 (2017: USc92.1) (2017: USc88.4) To help you get the most from this report, * we have used this page reference symbol to indicate where additional information -3% +10% can be found. 1 Business-to-Business = business activities of Credit Services, Decision Analytics and Marketing Services. Roundings Certain fi nancial data has been rounded in this report. As a 2 From ongoing activities. result, the totals of data presented may vary slightly from the * Growth rates are calculated at constant currency for Benchmark fi nancial highlights. actual arithmetic totals of the data. Exchange rates See note 6 to the Group fi nancial statements on Principal exchange rates used are given in note 9 to the Group page 121 for defi nitions of non-GAAP measures. fi nancial statements. The average pound sterling to US dollar rate is 1.33 (2017: 1.30). Experian plc 02 Strategic report Experian at a glance We are the leading global information services group with 16,500 people in 39 countries. We are managed and organised across four regions and work across four business activities. Business activities Read more Read more Credit Services on page 16 Decision Analytics on page 16 We hold, protect and manage data that helps organisations to Our analytics unlock meaning within data, to help clients lend fairly, consistently and responsibly, and prevent fraud. solve problems and drive better decisions and outcomes. Large databases of information, used to manage risk Helping clients to lend eff ectively 18 consumer credit bureaux Helping clients to minimise the risk of fraud 11 business credit bureaux Using advanced software and analytics, Automotive information and expert consulting Health Revenue Revenue US$2,606m US$668m (2017: US$2,384m) (2017: US$584m) 56% 14% of Group of Group revenue +7% revenue +12% Read more Read more Marketing Services on page 17 Consumer Services on page 17 We help businesses connect with their customers We help millions of people in the USA, the UK, Brazil and give them great experiences. and India to manage and improve their fi nancial status, and protect themselves against fraud and identity theft. Data quality and management Targeting relevant off ers to individuals Credit monitoring – reports and scores Credit matching services/lead generation Identity theft protection services Affi nity (white label) credit and identity monitoring services Revenue Revenue US$457m US$926m (2017: US$421m) (2017: US$941m) 10% 20% of Group of Group revenue +7% revenue -5% Growth rate % is organic revenue growth at constant exchange rates. Revenue from ongoing activities. 03 Revenue by region and business activity (US$m) Strategic report Credit Decision Marketing Consumer Total Services Analytics Services Services North America 1,484 178 229 755 2,646 Latin America 696 61 31 n/a 788 UK and Ireland 270 234 155 171 830 EMEA/Asia Pacifi c 156 195 42 n/a 393 Total 2,606 668 457 926 4,657 Revenue by region Revenue by customer D K 8% J C I A 18% H G 57% F 17% A E B D B C A North America B Latin America A Financial services – 34% US$2,646m US$788m B Direct-to-consumer – 17% (2017: US$2,452m) (2017: US$730m) C Health – 8% D Retail – 5% +6% +6% E Automotive – 5% Read more Read more F Software and professional services – 5% on page 37 on page 38 G Telecommunications and utilities – 4% H Insurance – 4% C UK and Ireland D EMEA/Asia Pacifi c I Media and technology – 3% US$830m US$393m J Government and public sector – 2% (2017: US$807m) (2017: US$341m) K Other – 13% 0% +11% Read more Read more on page 39 on page 40 Change to our reporting segments – for the fi nancial year ending 31 March 2019 We are making changes to our business segment reporting, to better refl ect the way we operate. Please see page 18 for further information Revenue from ongoing activities. Experian plc 04 Strategic report Chairman’s statement Putting innovation to work for our clients and consumers Three key external drivers are fundamentally for big data and analytics, real-time access to changing the world in which Experian data ingestion, speed and agility in how they operates: the ever-expanding amount of data use their data, as well as robust data security. being generated; advances in technology We are also excited about new prospects to interpret and make use of data; and the emerging in the UK and Ireland and in EMEA, rapid change in attitudes and behaviours as as a result of the implications of the European we increasingly become digital consumers. Open Banking directive, which has the potential We sit as a trusted data steward and a partner to transform European fi nancial services and to consumers and businesses globally. Our bring more choice, greater convenience and ambition and our opportunity is to help these more relevant credit off ers to consumers. This key Experian stakeholders to drive better is possible due, in part, to the investments we insights and actions from data. have made to transform our core technology. Our greatest imperative as an organisation We also continue to make signifi cant progress is to make sure that we continue to deliver across regions where both population and We sit as a trusted data steward on this ambition. We achieve this by paying wealth are expanding rapidly. In Asia Pacifi c and a partner to consumers and considerable attention to the strength of our we are introducing new credit scoring foundations, by building on our One Experian businesses globally. Our ambition technology which is based on non-traditional cultural approach and through targeted, datasets such as mobile data usage, and and our opportunity is to help defi ned strategic investments. The bedrock of we have been particularly pleased with the these key Experian stakeholders our business lies in sustaining the superiority performance of the team in Brazil, where we of our data, analytics and advanced decisioning to drive better insights and actions celebrated the 50th anniversary of Serasa tools. This is not new for Experian – it is a from data. Experian. We recently completed the journey we have been on for some time, and expansion of our São Paulo DataLab where indeed a fi eld we have pioneered. Don Robert our data scientists are developing new Chairman Product innovations capabilities for our clients, helping them to drive more insights from data and to develop During the year, the benefi ts of our ongoing successful strategies for engaging with their investments have become increasingly visible customers.
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