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Investing for Growth Euromoney Institutional Investor PLC Annual Report and Accounts 2017 Annual Report and Accounts 2017 Investing for Growth Euromoney AR2017 Cover-Proof 6.indd 8 13/12/2017 12:00:58 We are... an international business- information group covering asset management, price discovery, data & market intelligence, and banking & finance under brands including Euromoney, Institutional Investor, BCA Research, Ned Davis Research and Metal Bulletin. We also run an extensive portfolio of events for the telecoms, financial and commodities markets. Investing for Growth Visit us at www.euromoneyplc.com Euromoney AR2017 Cover-Proof 6.indd 9 13/12/2017 12:00:59 Operational highlights Financial Highlights Strategy on track in Total revenue: £428.4m 1 a year of transition 428.4 We launched our revised strategy in March 2016 and highlighted that 2017 would be a year of transition. 406.6 403.4 403.1 Our improved results reflect that our strategy is on track as we continue to invest in strategic themes, operate more effectively across the business, taking advantage of our scale but still remaining entrepreneurial and actively manage the portfolio. 2014 2015 2016 2017 Financial independence 2 DMGT’s reduction of its equity interest in Euromoney Adjusted profit before tax: £106.5m from 68% to 49% through a combination of share buyback and market placing has provided 116.2 Euromoney with balance sheet independence 107.8 106.5 from DMGT. This has allowed us to accelerate 102.5 our management of the portfolio and enabled the adoption of a new, progressive dividend policy with an increase in pay-out ratio. Active portfolio management 3 Active portfolio management is one of the pillars 2014 2015 2016 2017 of our strategy. By selling businesses which are not strategic for us and buying ones which fit our Adjusted diluted earnings per share: 76.4p strategy, we continue to recycle capital towards our best opportunities. 76.4 70.6 70.1 A new operating model 66.5 4 We have established a Group Management Board made up of our divisional and functional leaders. We continue to serve our four segments through this structure, ensuring that our businesses remain entrepreneurial while enabling them to benefit from economies of scale, best practice and 2014 2015 2016 2017 stronger governance. Dividend: 30.6p Improved governance 30.6 5 We have made good progress in a range of areas such as recruiting new independent Non-Executive 23.0 23.4 23.4 Directors, reconstituting committee memberships, appointing a Senior Independent Director and making sure our Board is more diverse in its makeup. 2014 2015 2016 2017 A detailed reconciliation of the Group’s statutory and adjusted results is set out on pages 29 and 30 All financial information referred to in the Strategic Report and the Governance section represents the combined results of continuing and discontinued operations unless otherwise stated Statutory comparatives have been restated to exclude discontinued operations Total revenue represents the combined reported revenue from continuing and discontinued operations Euromoney AR2017 Cover-Proof 6.indd 10 12/11/2017 12:11:52 PM Financial Highlights Total revenue: £428.4m Statutory revenue: £386.9m 428.4 386.9 372.4 368.6 366.1 406.6 403.4 403.1 2014 2015 2016 2017 2014 2015 2016 2017 Adjusted profit before tax: £106.5m Statutory profit before tax: £40.7m 116.2 118.0 107.8 106.5 102.5 94.4 40.7 33.4 2014 2015 2016 2017 2014 2015 2016 2017 Adjusted diluted earnings per share: 76.4p Statutory diluted earnings per share: 37.9p 76.4 83.4 70.6 70.1 59.2 66.5 37.9 24.3 2014 2015 2016 2017 2014 2015 2016 2017 Dividend: 30.6p 30.6 23.0 23.4 23.4 2014 2015 2016 2017 A detailed reconciliation of the Group’s statutory and adjusted results is set out on pages 29 and 30 All financial information referred to in the Strategic Report and the Governance section represents the combined results of continuing and discontinued operations unless otherwise stated Statutory comparatives have been restated to exclude discontinued operations Total revenue represents the combined reported revenue from continuing and discontinued operations Euromoney AR2017 Cover-Proof 6.indd 11 13/12/2017 12:01:03 Strategic report PRICE REPORTING: Group at a glance 04 A 3.0 INFORMATION BUSINESS Chairman’s introduction 06 Three years ago Metal Bulletin published a Market overview 08 story about fictitious copper and aluminium sales CEO’s statement 10 which resulted in the price for Shanghai bonded- Strategic report Group Management Board 13 warehouse copper dropping by a fifth. Recognising the need for a robust price, Metal Bulletin launched Business model 14 a Shanghai copper price which has since become Our strategy 16 an important benchmark, so much so that the Key performance indicators 18 Chicago Mercantile Exchange has launched a Segment review 20 derivative contract which will be settled using Metal Bulletin’s price. This price will provide the Corporate and social responsibility 24 market with a hedging option for copper sold Operating and financial review 26 to China, the world’s largest consumer of the Risk management 33 commodity, and generate additional revenues for our price-reporting business. It illustrates the close relationship between news and prices, as well as highlighting the potential for our price- reporting businesses to establish more benchmarks Governance for use by buyers and sellers and on exchanges. Board of Directors 42 Corporate Governance Report 44 Directors’ Report 54 Directors’ Remuneration Report 58 Financial statements Independent Auditors' Report 76 Consolidated financial statements 84 Company accounts 144 Other Five year record 150 Shareholder information 153 Euromoney Institutional Investor PLC 01 Euromoney AR2017 Strategic-Proof 6.indd 1 13/12/2017 12:11:48 INSTITUTIONAL INVESTOR: INVESTING IN NEW SEGMENTS By investing in and launching FinTech capital placement platforms, Institutional Investor (II), celebrating its fiftieth anniversary in 2017, is accelerating its transition towards becoming a B2B 3.0 information business. By broadening its product suite, II has pivoted away from 1. its traditional publisher status to a business Strategic report where over 80% of its revenues are derived Group at a glance 04 from non-publishing activities. II has Chairman’s introduction 06 invested in its proprietary ManagerMatch platform, helping investors find fund Market overview 08 managers more efficiently and it is designed CEO’s statement 10 to become an integral part of investors’ Group Management Board 13 manager diligence and selection processes. Business model 14 The Group also increased its investment in Zanbato, a Silicon Valley tech company Our strategy 16 whose mission is to create greater liquidity Key performance indicators 18 in private markets by developing a Segment review 20 pioneering electronic Alternative Trading Corporate and social responsibility 24 System, ZX, focused on providing exchange- like functionality to institutional trading Operating and financial review 26 of blocks of private securities. These are Risk management 33 examples of investments to capitalise on the technological changes that will transform capital placement in the asset management industry. EVENTS: ACQUIRING TO EXPAND INTO NEW MARKET SEGMENTS At the Investor Day in March 2016 we outlined the potential of telecoms as one of our big investment themes because of a rapidly expanding market and the ability to develop new products and services around our TelCap business. We have chosen to buy (rather than build) to move into adjacent markets to TelCap and as a result invested in BroadGroup and Layer 123. BroadGroup organises data-cloud events and specialist advisory services. Its primary event, DataCloud Europe, is held annually in Monaco and brings together leading carriers, data-centre providers, cloud- storage providers and systems integrators to develop business and to network. Layer123 organises leading network- innovation events around Software- Defined Networks and Network Functions Virtualisation in Europe and America. In addition, Layer123 delivers content to its large community of network-strategy professionals. Strategic report 02 Annual Report and Accounts 2017 Euromoney AR2017 Strategic-Proof 6.indd 2 13/12/2017 12:11:50 INSTITUTIONAL INVESTOR: Our ambition is to INVESTING IN NEW SEGMENTS generate consistent By investing in and launching FinTech capital placement platforms, Institutional and meaningful Investor (II), celebrating its fiftieth Strategic report anniversary in 2017, is accelerating its transition towards becoming a B2B 3.0 returns for our information business. By broadening its product suite, II has pivoted away from shareholders at its traditional publisher status to a business where over 80% of its revenues are derived from non-publishing activities. II has relatively low risk. invested in its proprietary ManagerMatch platform, helping investors find fund Andrew Rashbass managers more efficiently and it is designed CEO to become an integral part of investors’ manager diligence and selection processes. The Group also increased its investment in Zanbato, a Silicon Valley tech company whose mission is to create greater liquidity in private markets by developing a pioneering electronic Alternative Trading System, ZX, focused on providing exchange- like functionality to institutional trading of blocks of private securities. These are examples of investments to capitalise on the technological changes that will transform capital placement in the asset management industry. EVENTS: ACQUIRING TO EXPAND INTO NEW MARKET SEGMENTS At the Investor Day in March 2016 we outlined the potential of telecoms as one of our big investment themes because of a rapidly expanding market and the ability to develop new products and services around our TelCap business. We have chosen to buy (rather than build) to move into adjacent markets to TelCap and as a result invested in BroadGroup and Layer 123. BroadGroup organises data-cloud events and specialist advisory services. Its primary event, DataCloud Europe, is held annually in Monaco and brings together leading carriers, data-centre providers, cloud- storage providers and systems integrators to develop business and to network.
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