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The Annual Report 2018

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The Annual Report 2018 Welcome to the Annual Report 2018 This interactive PDF allows you to find information and navigate around this document easily. It also links you to useful information on the web that is not part of the Annual Report. Go to main Search Print Previous Next Previous Go to Go to home page this PDF PDF page page view specific contents page page Full screen mode Links This PDF is set up to view in full screen mode. To turn this Dynamic links within the text are indicated when the user off, e.g. to zoom in or to print, press esc and the full rolls over hyperlinks and the mouse cursor changes to toolbar is revealed. a pointed hand. Satisfying the need to know Annual Report 2018 Daily Mail and General Trust plc Overview Financial Highlights Strategic ReportStrategic Statutory Results† Adjusted Measures Revenue Operating profit/(loss) Revenue Operating margin* 1,426m £169m £1,426m 10% 2017: £1,564m 2017: £(129)m 2017#: £1,660m 2017#: 12% 2017 pro formaΩ: £1,564m 2017 pro formaΩ: 11% Profit/(loss) before tax Profit for the year Profit before tax* Earnings per share* £692m £688m £182m 42.2p # # # 2017: £(112)m 2017 : £342m 2017 : £226m 2017 : 55.6p Governance 2017 pro formaΩ: £216m 2017 pro formaΩ: 54.8p Earnings per share Dividend per share Cash operating income* Net cash/(debt)§:EBITDA 194.7p 23.3p £155m 0.8x 2017#: 97.8p 2017: 22.7p 2017#: £199m 2017: (1.4)x 2017 pro formaΩ: £181m £ million FY 2018 FY 2017 Explanation Statutory profit/(loss) before tax 692 (112) Financial StatementsFinancial Discontinued operations – 523 i Exceptional operating costs 25 50 ii Impairment of plant – 42 iii Intangible impairment and amortisation 95 282 iv Profit on sale of assets (658) (530) v Pension finance (credit)/charge (2) 5 vi Other adjustments 30 (33) vii Adjusted profit before tax 182 226 For explanations i to vii and more detailed tables please refer to pages 27 and 28. † Statutory revenue, operating profit and profit before tax figures are for continuing operations only (excluding Euromoney). # From continuing and discontinued operations. * Before exceptional items, other gains and losses, impairment of goodwill and intangible assets, amortisation of intangible assets arising on business combinations, pension finance charges or credits and fair value adjustments; see Consolidated Income Statement on page 89 and the reconciliation in Shareholder Information Note 13 to the Accounts. Ω Pro forma FY 2017 figures have been restated to treat Euromoney as a c.49% owned associate for the whole year, consistent with the ownership profile during FY 2018. See reconciliation on page 25. § See Note 16 for details of Net cash. Net cash includes £237 million of short-term deposits maturing in December 2018. Go online to www.dmgt.com to find out more Daily Mail and General Trust plc Annual Report 2018 DMGT is an international business built on entrepreneurialism and innovation. ReportStrategic DMGT manages a diverse, multinational portfolio of companies, with total revenues of around £1.4 billion, that provides businesses and consumers with compelling information, analysis, insight, events, news and entertainment. DMGT is also a founding investor and the largest shareholder of Euromoney Governance Institutional Investor PLC. Strategic Report Chairman’s Statement 02 02 10 DMGT at a Glance 05 StatementsFinancial Chairman’s Statement CEO Review Our Business Model 06 Market Overview 08 Maintaining a strong Delivering against CEO Review 10 portfolio of businesses clear strategic Key Performance Indicators 14 Operating Business Reviews 16 priorities Insurance Risk: RMS 17 Property Information 17 EdTech 18 Energy Information 18 Events and Exhibitions 19 Consumer Media 20 JVs & Associates 21 Financial Review 22 Our People and Our Stakeholders 30 Principal Risks 32 Shareholder Information 06 16 Governance Our Business Model Operating Business Board of Directors and Company Secretary 36 Reviews Chairman’s Statement on Governance 38 Corporate Governance 40 Remuneration Report 54 Statutory Information 77 Annual General Meeting 2019: Resolutions 80 Financial Statements Independent Auditor’s Report 82 Financial Statements 89 Shareholder Information 195 1 Strategic Report Maintaining a strong portfolio of businesses Chairman’s Statement Strategic ReportStrategic Governance The Viscount Rothermere Chairman DMGT has significantly enhanced its financial flexibility and continues to benefit from the resilience of its diversified portfolio. Financial StatementsFinancial The strategic decisions that we have taken are enhancing our business model and underpin our commitment to delivering profitable growth across a diversified and resilient portfolio. The quality of our businesses, As your Chairman, I am proud that we combined with our balance sheet have continued to focus on creating sustainable value for our shareholders strength, creates opportunities for and remain confident in our strategy that reinforces our long-term approach to growth and the ability to deliver investment. We back entrepreneurial businesses with patient capital. We look for long-term returns to shareholders.” opportunities in markets that are undergoing rapid change, recognising that there is a Shareholder Information balance between reward and risk. We seek to nurture young companies as they grow and develop them into the strong cash generators of the future. 2 Daily Mail and General Trust plc Annual Report 2018 Business highlights We supported Zoopla through its initial I am confident that the popular high-quality ReportStrategic I am pleased that FY 2018 provided evidence public offering and acquisition of uSwitch, journalism that has defined the Daily Mail of the merits of this approach. We continued the price comparison site. Finally, we were for generations will remain a hallmark to deliver strong cash flows from our able to create considerable value for of the newspaper under Geordie Grieg, ‘Operating at scale’ businesses, such as the shareholders when ZPG Plc was acquired by Paul’s successor. Silver Lake earlier this year. That is patient Mail Newspapers, and the combination of Our B2B portfolio delivered broad-based capital in action. increased revenues and an improving margin revenue growth during the year and an from our ‘Focused growth’ businesses. We The continuing resilient performance improved operating margin. DMGT’s also moved into a net cash position following of the Group’s newspapers, despite the long-term approach was demonstrated by the sale of our c.30% stake in ZPG Plc, the long-established challenging industry trends, our commitment to continued investment, owner of Zoopla. is another tribute to DMGT’s long-term despite some challenging market conditions, These actions, combined with our ongoing approach. We have continued to invest in essential to harnessing today’s technology focus on improving operational execution and manage our titles efficiently for the long to meet customer needs. term. Our commitment to popular, high- and active portfolio management, give us Strategic focus confidence in the long-term outlook for quality journalism has allowed our titles to Under the leadership of Paul Zwillenberg, Governance the Group. outperform the market while continuing to deliver strong cash flows, providing capital our CEO, the Group has continued to deliver The Board is pleased to recommend a 3% for investment in the future of the Group. against three strategic priorities: improving increase in the final dividend per share Alongside this, MailOnline continues to be operational execution; increasing portfolio for FY 2018, giving a total dividend for the one of the world’s most popular online news focus, and enhancing financial flexibility. year of 23.3 pence per share, an increase sites. Even in a tougher year, impacted by The financial performance of the B2B of 3%, continuing DMGT’s long-standing reduced traffic from search and social businesses reflects the increased emphasis commitment to delivering sustainable platforms, MailOnline continued to increase on operational execution. In addition, annual real dividend growth. its advertising revenues and to improve DMGT’s portfolio focus has been further DMGT received £642 million for its stake in engagement with its audience, increasing the increased by disposals, including the sale ZPG Plc, taking our total cash returns from total minutes spent on its website and apps. of EDR. property portals to c.£880 million since The success of dmg media would not have The proceeds from disposals and continuing first investing in 2004, or 14 times our been possible without the enormous strong cash flow enabled DMGT to end its total investment. contribution of Paul Dacre, who has retired financial year with net cash of £233 million. The investment, support and exit strategy as Editor of the Daily Mail after 26 years. DMGT’s enhanced financial flexibility will epitomises DMGT’s entrepreneurial and Paul is the greatest Fleet Street editor of his enable us to continue with our balanced StatementsFinancial long-term approach to developing generation and I am delighted that DMGT approach to capital allocation, focused on businesses. We were prepared to invest early will continue to benefit from Paul’s driving growth within the business as well as and to increase our exposure as we learned experience and guidance in his new role providing good levels of shareholder returns. more about the scale of the opportunity. We as Chairman and Editor-in-Chief of The Board will also consider potential combined our Digital Property Group, built Associated Newspapers. investment opportunities and will remain from the purchases of Find a Property and highly disciplined about the prices we are PrimeLocation, with Zoopla as the online prepared to pay. property market continued to develop. Read more in CEO Review, pages 10 to 13 Shareholder Information 3 Strategic Report Maintaining a strong portfolio of businesses Chairman’s Statement Governance Remuneration ReportStrategic The composition of our Board reflects Remuneration and incentives drive focus Revenue by business FY 2018 (%) the business and geographic mix of our on performance aligned to our strategic operations, ensuring we continue to seize priorities.
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