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2004 Thomson Annual Report

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2004 Thomson Annual Report The World that Information Built The Thomson Corporation Annual Report 2004 The world that information built has no borders. The business that information built has no limits. 2 Letter to Shareholders 65 Financial Statements and Notes 4 Financial Highlights 116 Board of Directors 8 Thomson and the World of Information 118 Senior Management 26 Management’s Discussion and Analysis 119 Corporate Information Thomson builds the information that helps the people who administer the law, who search for cures and develop better medicine, who streamline the mechanisms of the market, and who create new ways of educating the people who become the citizens of the world that information built. To Our Shareholders: Over the past decade, The Thomson Corporation from subscription-based products and services, has become a global leader in the evolving many of which have renewal rates exceeding 90%. information services industry. We have stepped In addition, we continue to become more efficient beyond our success as a print publisher and content by taking advantage of our scale and by sharing provider to become a pioneer in information technology platforms across our businesses, thus solutions that integrate digital content with software expanding margins. As we shift from print to digital tools and applications. We are focused on four solutions, a higher percentage of our cost base markets – legal & regulatory, learning, financial becomes fixed, which offers the potential for greater and scientific & healthcare – that are essential to the operating leverage. growing knowledge economy. And we are building the scale and scope to compete successfully in Business highlights each of these markets. 2004 highlights included increased sales of Each year our information solutions gain more innovative offerings such as Thomson ONE, which traction in the global markets we serve, and those delivers tailored information solutions for different markets are themselves evolving in ways that play types of financial professionals, and Westlaw to our strengths as a corporation. Our strategy Litigator, which integrates content and tools to meet is translating into solid financial results, as the distinct needs of litigation attorneys. Another evidenced by our 2004 performance. major highlight was the development of new solutions 2004 results that position us for further growth ahead. After an intensive development effort, we launched Thomson Revenues, operating profit and earnings per share Pharma at the end of 2004. This is the first integrated all rose substantially in 2004. Revenues increased information solution for the pharmaceutical industry. 9% to $8.1 billion. Operating profit increased 14% Customer migration to this solution has begun to $1.3 billion, and adjusted earnings per share with excellent initial market reaction. rose 16% to $1.23, driven by our revenue growth and improved efficiencies. We surpassed $1.1 billion In 2004 we invested about $1.5 billion in acquisitions in free cash flow, a 14% increase over 2003. Our that help us build out our information solutions strong free cash flow enables us to fund growth and expand into adjacent markets. For example, initiatives, maintain a strong balance sheet and the acquisition of Information Holdings Inc. return value to shareholders through dividends. enhances the capabilities and comprehensiveness Customers continue to migrate to digital solutions, of Thomson Pharma in important areas such as and we experienced double-digit growth from patent information and regulatory filings. electronic products, software and services. This By acquiring KnowledgeNet, we gained state-of-the- accounted for two-thirds of our 2004 revenues. art web-based classroom technology that enables Moreover, nearly two-thirds of our revenues came teachers to instruct students remotely. This will help 2 drive sales in both corporate e-learning and higher journey from dependence on the textbook to education. We also acquired TradeWeb, the leading adoption of digital learning solutions. These are just electronic trading platform in the fixed income a few examples of how our markets are evolving market. It is a growing business in its own right, and relying on the kinds of solutions Thomson but it also enables us to introduce other Thomson can offer. Financial offerings to this large and expanding Core values and long-term value market. In 2005, we will focus on fully integrating these acquisitions, and on leveraging the added As the knowledge economy expands, Thomson skills and scale we have gained to drive growth. has transformed itself to meet customers’ evolving Despite the high level of acquisition spending in needs. However, our core values have not 2004, we began and ended the year with a strong changed. The board of directors and management balance sheet. of Thomson are firmly committed to creating long- term value for the company’s shareholders. We New market opportunities manage the company to deliver consistent growth When we broaden our vision to include information and dependable returns in a changing world. services, not just content, we see myriad Thomson takes great pride in its employees. opportunities to serve our existing customers Their expertise, energy and dedication remain the in new ways and to expand into adjacent markets. cornerstone of our company’s success. They show We estimate that the total size of the markets the same energy and skill in community service. we are able to serve has almost doubled as Thomson fosters a culture of volunteerism that a result of expanding the current and potential manifests itself in hundreds of worthy projects role we play for our customers. around the world. Our markets are experiencing fundamental change, Jack Fraser, who has been on our board of directors which is driving new demand for information since 1989, is retiring at our annual meeting of solutions. For example, the Sarbanes-Oxley Act shareholders in May. We all are indebted to Jack and other regulations are changing the environment for his role on our board during a period of in which public corporations do business, which remarkable transformation. creates additional demands for our legal and We look forward to the future with confidence in our regulatory solutions. Changing demographics people and in our strategy. On behalf of the board and spiraling costs are reshaping the healthcare and management, we would like to express our industry; Thomson tailors solutions that help tackle continuing appreciation to all our stakeholders: the these problems. By creating products that combine investors, customers and employees who create print and software tools for students, we help such an exciting role for Thomson in the world that students and educators chart their inevitable information built. Sincerely, David K.R. Thomson Richard J. Harrington Chairman of the Board President & Chief Executive Officer 3 Financial Highlights† The Thomson Corporation 04 03 change Revenues 8,098 7,436 + 9% Operating profit 1,341 1,174 + 14% Earnings attributable to common shares 1,008 877 + 15% Earnings per common share (EPS) $1.54 $1.34 + 15% Adjusted earnings from continuing operations1 805 694 + 16% Adjusted EPS from continuing operations1 $1.23 $1.06 + 16% Shareholders’ equity 9,962 9,193 Net cash provided by operating activities 1,808 1,654 + 9% Free cash flow 2 1,123 983 + 14% Revenue by Revenue by Revenue by Market Group Media Geography 27% Learning 34% 82% 66% Print North America products 42% Electronic Legal & 21% products, Regulatory Financial software and services 13% Europe 10% 1% Scientific & Latin 4% Healthcare America Asia A balanced portfolio serving Continuing evolution from Building from a strong position in large and growing markets print to electronic products, North America, while continuing provides a diversified software and services – which to expand current offerings revenue stream now account for two-thirds and seek new opportunities of revenues in international markets 4 Growth Metrics Revenues Operating Profit Operating Profit Margin 8,098 1,341 16.6% 7,270 7,436 15.5% 15.8% 6,879 1,126 1,174 6,223 11.2% 11.7% 805 699 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 Revenues grew 9%, driven Operating profit grew 14% as Operating profit margin by strategic acquisitions a result of solid revenue growth increased by 80 basis points, and organic growth, which and improved efficiencies the fifth consecutive year included strong sales of company-wide of margin expansion electronic products, software and services Free Cash Flow2 Adjusted EPS from Dividends Per Continuing Operations1 Common Share $1.23 $0.733 $0.76 1,123 $0.69 $0.70 $0.71 $1.06 980 983 $0.99 $0.93 $0.98 580 305 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 Free cash flow, a key measure Strong operating performance Steadily increasing cash of financial strength, grew 14%, drove adjusted earnings up dividends have enhanced total to over $1.1 billion 16% to $1.23 per share returns to shareholders † Millions of U.S. dollars except per common share amounts. Adjusted earnings from continuing operations, adjusted EPS from continuing operations and free cash flow are non-GAAP financial measures, which are reconciled to the most directly comparable GAAP financial measures within the MD&A. 1 Excludes one-time items. For a full reconciliation to reported earnings, see the six-year summary on page 114. 2 Net cash provided by operating activities less net additions to property and equipment, other investing activities and dividends paid on preference shares. 3
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