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Annual Report and Accounts 2011 Annual Report And Annual Report and Accounts 2011 Annual Report and YouGov Annual Report and Accounts 2011 Contents Section 1 Overview 1-6 2 YouGov at a Glance 5 Chairman’s Statement Section 2 Business Review 7-21 7 Chief Executive’s Review 10 Innovations 11 BrandIndex 12 Investment Sector Products: HEAT 13 SixthSense 14 Our Hubs 20 Chief Financial Officer’s Report Section 3 Management and Governance 22-32 22 Board of Directors 24 Directors’ Report 27 Remuneration Report 29 Corporate Governance Report 32 Directors’ Responsibilities Statement Section 4 Financial Statements 33-82 33 Independent Auditors’ Report to the Members of YouGov plc on the Consolidated Financial Statements 34 Consolidated Income Statement 35 Consolidated Statement of Comprehensive Income 36 Consolidated Statement of Financial Position 37 Consolidated Statement of Changes in Equity 38 Consolidated Statement of Cash Flows 39 Principal Accounting Policies of the Consolidated Financial Statements 51 Notes to the Consolidated Financial Statements 74 Independent Auditors’ Report to the Members of YouGov plc on the Parent Company Financial Statements 75 Company Balance Sheet 76 Principal Accounting Policies of the Company Financial Statements 78 Notes to the Company Financial Statements Section 5 Additional Information 83-84 83 Notice of Annual General Meeting Section 1 Overview YouGov Annual Report and Accounts 2011 1 YouGov is the authoritative measure of public opinion and consumer behaviour. It is YouGov’s ambition to supply a live stream of continuous, accurate data and insight into what people are thinking and doing all over the world, all of the time, so that companies, governments and institutions can better serve the people that sustain them. Section 1 Overview YouGov Annual Report and Accounts 2011 2 YouGov at a Glance Operational Highlights Key Performance Indicators • Turnover up 27% Turnover (£m) • Adjusted operating profit up 40% 2011 56.1 2010 44.2 • Organic revenue growth of 9% – outperforming the 2009 44.3 research market 2008 40.4 • US now the largest market – revenue up 231% and 2007 14.3 acquisitions performing well Adjusted Operating Profit (£m) • UK revenue up 13% with Omnibus and SixthSense performing well 2011 5.3 2010 3.8 • In the Middle East, regionally generated business 2009 3.1 continues to grow, partly offsetting the expected scaling 2008 8.7 down of historic contract 2007 5.6 • Good growth in the Nordics with full year profitability re-established Average Headcount 2011 476 • In Germany, online products delivered an excellent 2010 420 performance but custom research performance 2009 431 remains challenging 2008 402 • BrandIndex global revenue increased by 35% 2007 76 Key Financials Revenue per Head (£000) 2011 118 Turnover £56.1m 2010 105 2009 103 (2010: £44.2m) 2008 100 2007 188 Adjusted operating profit¹ £5.3m Adjusted Earnings per Share (p) (2010: £3.8m) 2011 4.7 2010 2.5 Operating cash generation £5.6m 2009 2.7 (2010: £4.9m) 2008 9.1 2007 6.4 Reported operating profit £0.4m (2010: loss of £10.6m) 1 Adjusted operating profit is defined as Group operating profit before amortisation of intangibles, impairment charge and exceptional items. after: 2 Adjusted profit before tax is defined as adjusted operating profit plus – amortisation of intangibles £3.8m (2010: £3.7m) share-based payments, imputed interest, net finance income and share – exceptional items of £1.1m (2010: £2.8m) of loss of joint ventures. 3 Adjusted earnings per share is calculated based on the post-tax result derived from the adjusted operating profits. Adjusted profit before tax² £5.8m (2010: £4.0m) Reported profit before tax £0.4m (2010: loss of £10.6m) Adjusted earnings per share³ 4.7p (2010: 2.5p) Net cash balance £9.4m (2010: £15.6m) Section 1 Overview YouGov Annual Report and Accounts 2011 3 Geographic Presence Key Offices ■ Current Geographic Presence ■ Planned Geographic Presence YouGov America YouGov UK YouGov Nordic Offices Palo Alto, New York, Offices London Offices Copenhagen, Helsinki, Waterbury, Los Angeles, Portland, Revenue £13.7m Kolding, Malmö, Oslo, Stockholm Lawrenceville, Washington Panel size 405,800 Revenue £8.3m Revenue £15.9m Number of employees 122 Panel size 162,800 Panel size 1,768,200 Number of employees 65 Number of employees 87 YouGov Germany YouGov Middle East YouGov France Offices Cologne, Berlin Offices Dubai, Dammam, Offices Paris (office opening Revenue £11.4m Jeddah, Riyadh November 2011) Panel size 152,800 Revenue £7.5m Panel size 25,800 Number of employees 125 Panel size 351,700 Number of employees 45 Note: Panel and employee numbers as at 31 July 2011. Section 1 Overview YouGov Annual Report and Accounts 2011 4 YouGov at a Glance Performance by Territory Revenue 2011 2010 Organic Revenue Revenue Change Change £m £m % % America 15.9 4.8 231 32 UK 13.7 12.1 13 N/A Middle East 7.5 7.2 4 N/A Germany 11.4 13.8 (17) (9) Nordic 8.3 7.0 19 N/A Corporate Costs and Consolidated Adjustments (0.7) (0.7) – N/A Group 56.1 44.2 27 9 Operating Profit 2011 2011 2010 2010 Operating Profit Margin Operating Profit Margin £m % £m % America 1.9 12 0.5 10 UK 3.5 24 3.4 27 Middle East 1.9 25 1.4 19 Germany 0.3 2 0.4 3 Nordic 0.6 7 0.1 1 Corporate Costs and Consolidated Adjustments (2.9) – (2.0) – Group 5.3 9 3.8 9 Our Clients We serve over 2,500 clients across 50 countries Section 1 Overview YouGov Annual Report and Accounts 2011 5 Chairman’s Statement for the year ended 31 July 2011 Roger Parry Chairman In the year ended 31 July 2011, YouGov has recorded expand our core model further into new territories, new a high level of growth and significantly increased profits. markets, and also to launch more new products. Some of These results were very much in line with the budget set out these, such as business intelligence and products tailored at the beginning of the year. They reflect the management’s for the investment community, have already been success in achieving our Group targets and delivering better successfully trialled this year. than expected results from the US acquisitions made during the year. Effective execution is clearly vital to the delivery of our strategy, especially when we expand geographically. The Results Board was pleased with progress in America which is now This year’s revenue of £56.1m represents an increase our largest operation. Our first acquisition, Polimetrix, was of 27% over the prior year. Organic growth (excluding the made there in 2006 and has proved to be an excellent basis effect of acquisitions and disposals) of 9% was well ahead for expansion. In August 2010, we purchased Harrison Group of the research market, particularly in the UK and US. in Connecticut and in April 2011, Definitive Insights in Adjusted operating profits increased by £1.5m (40%) to Oregon. We believe YouGov is now demonstrating its ability £5.3m. Cash generated from operations was £5.6m. Our to make good acquisitions and integrate them successfully. cash balance at the end of the year was £9.4m compared to £15.6m at 31 July 2010. This was after expenditure in the Board and Management year of £8.1m on acquisitions and investments. To continue to deliver our plans for future expansion and roll-out of our main products across all our businesses, we The Board does not propose the payment of a dividend have announced a number of management changes since at this time but this policy is kept under review. the year end. Strategy In August 2011, Doug Rivers joined the board as Chief While this year’s performance has benefited from US Innovations Officer to lead the development of YouGov’s acquisitions, it has also reaffirmed the strength of our core key data products and their exploitation across the Group. business model of online market research. This core model Doug was the founder of Polimetrix, which is the core of delivers accurate information rapidly using our highly YouGov’s American business, and has been CEO YouGov responsive online panel supported by our own technology America since 2007. Doss Struse, currently Managing Partner and strong analytics capability. This includes proprietary of Definitive Insights, has been appointed as President of research data and reports as well as custom research YouGov America, responsible for its operational management conducted by our specialist teams using the common including the continued integration of the recently acquired operating platform which is tailored to the needs of businesses. Doss brings extensive experience in managing individual clients and sectors. international research businesses which will help to maintain the rapid growth of our US business. As identified previously, we are achieving success with our core products and services even in markets such as In parallel with these changes, we have promoted Tim Britton, Germany where there is greater resistance to change. With CEO YouGov UK, to the new role of Chief Operating Officer, the evidence of client demand for our rich panel-derived Europe, Middle East and Africa (EMEA). He will be data and a stronger delivery platform we are planning to responsible for directing YouGov’s operations and Section 1 Overview YouGov Annual Report and Accounts 2011 6 Chairman’s Statement for the year ended 31 July 2011 continued “We will keep investing in new products and services with good potential so as to deliver long-term profit growth.” implementing the business and management strategy across the region. Phil Rance, formerly Managing Director, EMEA at Research Now, has succeeded Tim in the role of Managing Director, YouGov UK. In Germany, we have appointed Andreas Sperling as the new CEO, completing the management reorganisation undertaken earlier in the year.
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