Annual Report & Accounts 2012 - Euromoney Institutional Investor ...

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Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Directors’ Report continued 4.2 Key performance indicators The group monitors its performance against its strategy using the following key performance indicators: Revenue 2012 £m Mix 2012 % Revenue 2011 £m Mix 2011 % Revenue growth % Revenue growth and mix Subscriptions 199.7 51% 171.0 47% +17% Advertising 58.4 15% 62.7 17% (7%) Sponsorship 47.6 12% 48.8 13% (2%) Delegates 80.1 20% 75.0 20% +7% Other/closed 9.7 2% 9.4 3% +3% Foreign exchange losses on forward contracts (1.4) – (3.8) – – 394.1 100% 363.1 100% +9% 2012 2011 Change Gross margin 1 75.1% 73.9% 1.2% Adjusted operating margin 2 30.0% 30.0% – Like-for-like growth in profits 3 £5.7m £7.6m Headcount 4 2,133 2,111 22 Net debt to EBITDA 5 0.27:1 1.01:1 CAP profit 6 and Adjusted PBT 7 £ Million 120.0 110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CAP Profit Adjusted PBT CAP 2004 Original Target CAP 2004 Revised Target CAP 2010 Target CAP 2010 Revised Target 1. Gross margin: gross profit as a percentage of revenue. Gross profit and revenue are both as per note 4 to the financial statements. 2. Adjusted operating margin: operating profit before acquired intangible amortisation, long-term incentive expense, exceptional items and associates as a percentage of revenue. Operating profit and revenue are both as per the Group Income Statement in the financial statements. 3. Like-for-like growth in profits: proportion of adjusted operating profit growth that relates to organic growth, rather than acquisitions. Adjusted operating profit is from continuing operations and excludes closed businesses, acquired intangible amortisation, exceptional items, long-term incentive expense, unallocated corporate costs and interest and is adjusted for significant timing differences. 4. Headcount: number of permanent people employed at the end of the period excluding people employed in associates. 5. Net debt to EBITDA: the amount of the group’s net debt (converted at the group’s weighted average exchange rate for the rolling 12 month period) to earnings before interest, tax, depreciation, amortisation and also before exceptional items and the accelerated long-term incentive expense, but after the normal long-term incentive expense. 6. CAP profit: profit before tax excluding acquired intangible amortisation, long-term incentive expense, exceptional items, net movements in acquisition option commitments values, imputed interest on acquisition option commitments, foreign exchange loss interest charge on tax equalisation contracts and foreign exchange on restructured hedging arrangements as set out in the Group Income Statement, note 5 and note 8. 7. Adjusted PBT: CAP profit after the deduction of long-term incentive expense as set out on page 7. 10
Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com 4.3 KPIs explained The key performance indicators are all within the board’s expectations and support its successful strategy. These indicators are discussed in detail in the Chairman’s Statement on pages 4 to 6, and in section 4.4 below. 4.4 Development of the business of the group 4.4.1 Trading review Total revenues for the year increased by 9% to £394.1 million. After a 13% increase in the first half, the headline rate of revenue growth dropped to 5% in the second as markets became tougher and the impact of the acquisition of NDR in August 2011 diminished. Underlying revenues, excluding NDR, increased by 1% in the second half against 6% in the first. 2012 2011 Headline change Change at constant exchange rates Revenues £m £m H1 H2 Year Year Subscriptions 199.7 171.0 22% 12% 17% 16% Advertising 58.4 62.7 (9%) (5%) (7%) (8%) Sponsorship 47.6 48.8 1% (5%) (2%) (4%) Delegates 80.1 75.0 19% (4%) 7% 6% Other/closed 9.7 9.4 – 5% 3% 2% Foreign exchange losses on forward currency contracts (1.4) (3.8) – – – – Total revenue 394.1 363.1 13% 5% 9% 8% Less: revenue from acquisitions (24.3) (4.6) Underlying revenue 369.8 358.5 6% 1% 3% 2% Directors’ Report Company Accounts Group Accounts Our Governance Our Performance 11
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