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PROGRESS and PERFORMANCE Annual Report and Financial Statements 2015 CONNECTION WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d - WorldReginfo Annualand Financial Statements Report PROGRESSAND PERFORMANCE PROGRESS AND PERFORMANCE Annual Report and Financial Statements 2015 CONNECTION. INSIGHT. ADVANTAGE. Informa is a leading business intelligence, academic publishing, knowledge and events business, operating in the Knowledge and Information Economy. It serves commercial, professional and academic communities by helping them connect and learn, and by creating and providing access to content and intelligence that helps people and businesses work smarter and make better decisions faster. In 2015, Informa demonstrated continued progress against the goals set out in the Group’s 2014-2017 Growth Acceleration Plan, producing consistent strength in operating performance. STRATEGIC REPORT 67 Leadership and effectiveness 2 Informa at a glance 74 Nomination Committee report 4 Group highlights of the year 76 Audit Committee report 6 Chairman’s introduction 80 Remuneration report 8 Group Chief Executive’s review 91 Directors’ report 13 Market trends 95 Directors’ responsibilities 18 Business model and strategy 20 Risk management and FINANCIAL STATEMENTS viability statement 96 Independent auditor’s report 22 Principal risks and 102 Consolidated income statement uncertainties 103 Consolidated statement 26 Key performance indicators of comprehensive income 28 Sustainability at Informa 104 Consolidated statement 30 Investment case of changes in equity 31 Divisional performance 105 Consolidated balance sheet 32 Academic Publishing 106 Consolidated cash flow 36 Business Intelligence statement 40 Global Exhibitions 107 Reconciliation of movement 44 Knowledge & in net debt Networking 108 Notes to the consolidated 48 Global Support financial statements 52 The Informa Graduate 168 Company balance sheet Fellowship Scheme 169 Notes to the Company 54 Financial review financial statements 173 Audit exemption GOVERNANCE 174 Five Year Summary 62 Board of Directors 64 Advisers COMPANY INFORMATION 65 Chairman’s introduction 175 Legal notices to Governance 175 Shareholder information 66 Compliance statement and WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d relations with Shareholders WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d STRATEGIC REPORT INFORMA AT A GLANCE SPECIALIST ACADEMIC INTERNATIONAL PUBLISHING HIGH QUALITY SPECIALIST INTELLIGENCE, CONTENT AND KNOWLEDGE KNOWLEDGE AND Read more on pages 32-35 WHAT THE DIVISION DOES EVENTS BUSINESSES Academic Publishing produces specialist upper level books and journals in Humanities & Social Sciences, and Science, Technology & Medicine. It operates as Taylor & Francis with other imprints including Routledge, CRC Informa’s four Operating Divisions have strong Press, Garland Science and Cogent OA. Brands and leading positions in attractive international markets, providing the Group HIGHLIGHTS OF 2015 with predictable and visible revenues. • Consistent growth in revenue and profit • Acquisition of Ashgate and Maney • Investment in content GROUP’S REVENUE BY REGION % discoverability and usage UK and Continental Europe 12% Americas 2015 ORGANIC REVENUE GROWTH* 42% Middle East & Africa 1.6% 18% £1,212m Rest of World 28% CONTRIBUTION TO 2015 GROUP REVENUE 37% GROUP’S REVENUE BY TYPE % 2016 STRATEGY • Continue to grow at or ahead of the Subscriptions academic market 38% • Continue to strengthen portfolio Attendees of specialist content 13% • Further invest in digital capabilities and customer insight Unit sales 21% Exhibitors £1,212m 20% UNDERPINNED BY Sponsorship * In this document 6% GLOBAL SUPPORT “Organic” refers to THE TEAM BEHIND THE TEAMS Advertising results adjusted for 2% material acquisitions and disposals and the Read more on pages 48-51 effects of changes on foreign currency exchange rates. 2 INFORMA PLC ANNUAL REPORT 2015 www.informa.com WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d REPORT STRATEGIC BUSINESS GLOBAL KNOWLEDGE & INTELLIGENCE EXHIBITIONS NETWORKING SPECIALIST INSIGHT INTERNATIONAL PLATFORMS COMMUNITY ENGAGEMENT AND INTELLIGENCE FOR TRADE AND COMMERCE AND LEARNING PLATFORMS Read more on pages 36-39 Read more on pages 40-43 Read more on pages 44-47 GOVERNANCE WHAT THE DIVISION DOES WHAT THE DIVISION DOES WHAT THE DIVISION DOES Business Intelligence provides specialist Global Exhibitions connects groups seeking to Knowledge & Networking creates and connects data-driven intelligence and insight to develop commercial relationships and expand communities based on the sharing of insights professionals in niche communities. It has their business. It organises transaction-oriented and learning. Its events, including SuperReturn, over 100 digital subscription products Exhibitions, including Arab Health, World of Bio-Europe, the Internet of Things and including Lloyd’s List, Citeline, Scrip and Concrete and Vitafoods Europe, enabling Broadband World Series, help professionals Ovum, catering to five vertical markets. specialist communities to meet face to face meet, network and share knowledge. and conduct business. HIGHLIGHTS OF 2015 HIGHLIGHTS OF 2015 HIGHLIGHTS OF 2015 STATEMENTS FINANCIAL • Simplified operating model, organised • Another year of double digit • Streamlined the portfolio through around five core verticals organic revenue growth restructuring and selective disposals • Improved subscription renewal rates • Appointed Charlie McCurdy as • Launched simplified operating model • Returned to positive organic growth Divisional Chief Executive focused on three core verticals in Q4 • Further US portfolio expansion, • Invested in digital technology and including FIME, Dwell on Design and marketing capabilities Orlando Megacon 2015 ORGANIC REVENUE GROWTH 2015 ORGANIC REVENUE GROWTH 2015 ORGANIC REVENUE GROWTH -1.9% 10.5% -4.2% CONTRIBUTION TO 2015 CONTRIBUTION TO 2015 CONTRIBUTION TO 2015 GROUP REVENUE GROUP REVENUE GROUP REVENUE 23% 22% 18% 2016 STRATEGY 2016 STRATEGY 2016 STRATEGY • Further improve customer retention • Further internationalise and • Invest in content, connectivity and annualised contract values strengthen position in key verticals and increased digitisation through • Invest in intelligent product platforms, • Deepen customer engagement through the event lifecycle marketing automation and customer digital and data investment • Launch platforms for nurturing insight • Target further attractive expansion online communities • Target positive organic growth across opportunities • Return to at least flat organic growth the year WHAT THE DIVISION DOES HIGHLIGHTS OF 2015 A central, global team of experts from • Expanded Risk Management and different specialist functions, which Business Planning functions provides business services to Informa’s • Relocation of Treasury Team from four Operating Divisions and the the Netherlands to London leadership and structure that supports the • Further centralisation of HR and Group’s overall progress and performance. finance processes to improve efficiency www.informa.com INFORMA PLC ANNUAL REPORT 2015 3 WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d STRATEGIC REPORT GROUP HIGHLIGHTS OF THE YEAR A YEAR OF PROGRESS AND PERFORMANCE 2015 was a year of improved financial performance, when Informa delivered stronger growth through increased focus and discipline, while continuing to make progress on the implementation of the 2014–2017 Growth Acceleration Plan, its multi-year programme to accelerate growth and improve returns. REVENUE (£M) ADJUSTED OPERATING PROFIT (£M) £1,212.2m +6.6% £365.6m +9.5% 2011 1,140.0 2011 313.3 2012 1,110.1 2012 330.5 2013 1,130.0 2013 335.2 2014 1,137.0 2014 334.0 2015 1,212.2 2015 365.6 ADJUSTED DILUTED EARNINGS PER SHARE (“EPS”) (P) DIVIDEND PER SHARE (P) 42.9p +4.6% 20.1p +4.1% 2011 38.4 2011 16.8 2012 38.3 2012 18.5 2013 41.1 2013 18.9 2014 41.0 2014 19.3 2015 42.9 2015 20.1 4 INFORMA PLC ANNUAL REPORT 2015 www.informa.com WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS REPORT STRATEGIC +6.6% Active portfolio Group revenue accelerated 6.6% to £1,212.2m (2014: £1,137.0m), organic growth of 1.0% management (2014: 0.7%) Selective disposals of non-core businesses in Business Intelligence and Knowledge & Networking +9.5% GOVERNANCE Adjusted operating profit increased by 9.5% Investment in growth to £365.6m (2014: £334.0m) Over 20 organic growth initiatives launched through the Growth Acceleration Plan £236.5m Operating profit of £236.5m Strengthened leadership (2014: operating loss of £2.8m) Appointment of Charlie McCurdy as CEO of Global Exhibitions; Chief Technology Officers appointed within each Division, improving digital expertise STATEMENTS FINANCIAL 42.9p and leadership Higher adjusted diluted Earnings Per Share (2014: 41.0p) Increased Board 26.4p expertise Appointments of Stephen Davidson and David Basic diluted Earnings Per Share Flaschen to the Board as Non-Executive Directors (2014: loss per share 8.6p) in September 2015 +29.5% Expanded US footprint Free cash flow improved to £301.1m Global Exhibitions and Academic Publishing (2014: £232.5m) acquisitions expand presence in key US market +4.1% Increase in total Dividend Per Share 2.2x Robust balance sheet with net debt to EBITDA ratio at 2.2 times www.informa.com INFORMA PLC ANNUAL REPORT 2015 5 WorldReginfo - af0ca644-782f-45da-8ec0-b2f7af7f607d STRATEGIC REPORT CHAIRMAN’S INTRODUCTION DEAR SHAREHOLDER The results for 2015 reflect the benefits of our strategy over the past two years, during which Informa moved from a period of Measured Change and launched the 2014–2017
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