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2005 Thomson Annual Report CHANGE THE GAME The Thomson Corporation Annual Report 2005 Attorneys manage their practices more Brokers and investment managers take productively, prepare their cases more advantage of a more robust flow of effectively and bring greater insight to financial information to make better- the business and practice of law. informed decisions more quickly. Colleges gain access to deeper resources Healthcare professionals tap into a world and, using digital technology, reach more of data, from drug interactions to health students and teach them more efficiently. outcomes, and transform that information 2 Letter to Shareholders 10 Change the Game 112 Board of Directors 6 Financial Highlights 24 Management’s Discussion and Analysis 114 Senior Management 8 Growth Metrics 61 Financial Statements and Notes 115 Corporate Information into knowledge without leaving the patient’s bedside. Professionals like these spend more time with their clients and more time innovating – taking their game to new levels – when their workflow is enabled by Thomson. AROUND THE WORLD, THOMSON HELPS CUSTOMERS CHANGE THE GAME. To Our Shareholders: 2005 was another year of solid growth and strategic The third and highest level of value consists of progress for The Thomson Corporation. It was also high-end analytics, decision support and transaction another year in which our customers had to sprint to tools, services and consulting. These offerings help keep up with changing demands in their markets. By our customers increase their productivity, boost their building out workflow solutions such as Thomson ONE performance and innovate to remain competitive and Westlaw Litigator, and launching new solutions in their changing markets. such as Thomson Pharma, Thomson helped its customers become more productive, and therefore Our workflow solutions combine content, technology more competitive, in a rapidly evolving marketplace. and, increasingly, high-end analytical tools and services. When these solutions are integrated into our customers’ IT systems, they deliver a much higher level of value GOING WHERE THE VALUE LIES than content alone. Our role changes from content provider to business partner as we move up the value For the past several years, we have been building chain from informing our customers’ decisions to size and scale in our chosen markets. Today Thomson enabling their actions. holds the #1 or #2 position in most of the markets and customer segments we have targeted. To keep growing, we will keep moving up our customers’ value chain. CREATING INNOVATIVE SOLUTIONS Our emphasis on workflow solutions reflects a major shift in the locus of value creation for the information 2005 was a milestone year for innovation at Thomson, industry, and it is key to our company’s sustained growth. as we expanded or launched several workflow solutions to excellent reception in the marketplace. A simple way to think about the value chain is to imagine three sources, or levels, of value. The first is Among the year’s highlights, Thomson Financial content, which – not many years ago – was the major completed the rollout of more than 23,000 Thomson ONE source of value creation in our industry. We built workstations to more than 500 Merrill Lynch retail our business on value-added content and, indeed, brokerage offices. And in the fixed income market, content still forms the foundation of our workflow Thomson TradeWeb processed a record US$43 trillion solutions today. in trades as it continued its aggressive expansion into new asset classes and new geographies. Second, we add more value, and in turn increase revenues, when we deliver that content via sophisticated technology platforms that enable customers to access and apply our information at their point of decision. 2 THOMSON VISION: Be the leading global provider of integrated information- based solutions to business and Thomson successfully integrated several sizable professional customers. acquisitions made in 2004, including TradeWeb, IHI and KnowledgeNet. In doing so, we generated incremental revenue, reduced costs and, importantly, integrated new content and applications into our In 2003, Thomson Legal & Regulatory launched workflow solutions. Acquisitions remain an important Westlaw Litigator, a workflow solution designed to part of our overall strategy. In 2005, we spent support the distinctive needs of litigation attorneys. US$289 million primarily on fold-in acquisitions that In 2005, Litigator generated almost US$80 million in will enable us to further enhance our workflow revenues – a 77% increase over 2004. Learning from solutions and drive growth. this success, we are currently developing Westlaw Transactor, a solution tailored for the equally distinctive DELIVERING FINANCIAL RESULTS needs of another large segment of the legal market. Likewise, Thomson Tax and Accounting continues to Our strategy to move from being a content provider gain market share as it moves from a product-centric to developing state-of-the-art information-based model to a solutions-based and customer-focused solutions is producing strong financial results. 2005 model, growing revenues more than 10% in 2005. revenues were up 8% to more than US$8.7 billion, consistent with our long-term goal of 7–9% revenue At the beginning of 2005, Thomson Scientific & growth annually. Organic growth, which accelerated Healthcare launched Thomson Pharma, the first throughout the year, was 4%. integrated workflow solution for the huge pharmaceutical research market. By year’s end, Thomson Pharma had Revenue from electronic solutions, software and more than 100 customers. Our healthcare decision services increased 12%, accounting for nearly 70% support business at Medstat achieved double-digit of total revenues. Approximately half of the revenue growth, and now counts America’s five largest from electronic products came from workflow corporations among its customers. solutions tailored to our customers’ needs. Workflow solutions are clearly becoming the engine of our Thomson Learning has begun leveraging KnowledgeNet’s long-term growth. advanced technology platform across its businesses, as it seeks to drive migration from print to digital solutions in the higher education marketplace. 3 THOMSON MISSION: Deliver superior shareholder value by empowering our people to provide indispensable OPTIMIZING OUR RESOURCES information, insight, productivity tools and services that help our As we refine our strategies, we also constantly assess our business portfolio to ensure we are optimizing customers succeed. growth and returns. In 2005, we began a rigorous portfolio analysis to assess the contribution of every Thomson business. One outcome of this company-wide analysis was a decision, announced at the beginning Operating margins were up again in 2005 for the of 2006, to divest four businesses: American Health sixth consecutive year, and have increased by more Consultants, Peterson’s, K.G. Saur and the U.S. than 500 basis points since 2001. Earnings per share operations of Thomson Education Direct. Collectively, (EPS) were US$1.42 in 2005, compared to US$1.54 these businesses generated US$180 million of revenues in 2004. After adjusting for discontinued operations in 2005, and they are all strong brands. However, and one-time items, underlying EPS increased 17%, they are not core to our workflow solutions strategy. following a similar increase in 2004. Portfolio optimization – with its heightened focus on In 2005, we generated US$1.8 billion of cash from investing resources in high-growth, high-return areas operations. And, over the past five years, our free cash and divesting non-strategic assets – will be a continuous flow has more than doubled, to US$1.2 billion in 2005. process in 2006 and beyond. On the back of this strength, we returned more than US$760 million of cash to shareholders in the form of We have also identified new opportunities to leverage dividends and share repurchases in 2005 – an increase our global infrastructure to support growth and improve over 2004 of more than 50%. margins. Over the past few years we have successfully reduced costs within each of our market groups. Now The Thomson Corporation entered 2006 with a strong we are looking across the groups to capture synergies, balance sheet and good growth momentum. In 2006, share services and implement best practices company- we expect to benefit from further acceleration of wide. Our objective is to create a more agile and organic growth, as well as continued improvement efficient company. in operating margins and free cash flow. 4 STRENGTHENING THE LEADERSHIP TEAM Our core value has long been “commitment to our people.” While we are proud of the quality of our As The Thomson Corporation implements a common content and technology, we are proudest of the quality business strategy across its market groups, the of Thomson people. The talent of our 40,500 Thomson role of the corporate center is evolving. In 2005, colleagues around the world is the company’s deepest we strengthened the corporate leadership team source of competitive advantage. We want to take to provide oversight for new initiatives to accelerate this opportunity to extend our thanks to them – and growth, optimize our portfolio of businesses and to our shareholders – for their continued support. leverage infrastructure. Sincerely, Our board of directors continues to provide diligent oversight on strategic planning, risk identification, and financial and human resources issues. In 2005, we were delighted to welcome a new
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