Annual Report & Accounts 2008 - Euromoney Institutional Investor ...

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TMWelcometo EuromoneyEuromoney Institutional Investor PLC is listed on the London StockExchange and is a member of the FTSE 250 share index. It is a leadinginternational business-to-business media group focused primarily on theinternational finance, metals and commodities sectors. It publishes morethan 70 magazines, newsletters and journals, including Euromoney,Institutional Investor and Metal Bulletin. It also runs an extensive portfolioof conferences, seminars and training courses and is a leading provider ofelectronic information and data covering international finance, metals andcommodities, and emerging markets. Its main offices are located inLondon, New York, Montreal and Hong Kong and nearly half of itsrevenues are derived from emerging markets.Principal BrandsContentsGroup2 Highlights2 Chairman’s Statement7 Reconciliation of Group IncomeStatement to underlying results8 Directors’ Report22 Directors and Advisors24 Corporate Governance30 Directors’ Remuneration Report42 Independent Auditors’ Report44 Group Income Statement45 Group Balance Sheet46 Group Cash Flow Statement47 Note to the Group CashFlow Statement48 Group Statement of RecognisedIncome and Expense49 Notes to the AccountsCompany92 Independent Auditors’Company Report93 Company Balance Sheet94 Notes to the Company Accounts104 Five Year Record105 Financial Calendar andShareholder Information
ActivitiesFinancial PublishingFinancial publishing includes an extensiveportfolio of titles covering the internationalcapital markets as well as a number ofspecialist financial titles. Products includemagazines, newsletters, journals, surveys andresearch, directories, and books. A selection ofthe company’s leading financial brandsincludes: Euromoney, Institutional Investor,Euroweek, Latin Finance, Asiamoney, GlobalInvestor, Project Finance, Futures & OptionsWorld, Total Derivatives and the hedge fundtitles EuroHedge, InvestHedge, AsiaHedge,Absolute Return and Alpha.Business PublishingThe business publishing division producesspecialist magazines and other publicationscovering the metals and mining, energyand legal sectors. Its leading brands include:Metal Bulletin, American Metal Market,Petroleum Economist, World Oil, HydrocarbonProcessing, International Financial Law Review,International Tax Review and ManagingIntellectual Property.Year in BriefTrainingThe training division runs a comprehensiverange of banking, finance and legal courses,both public and in-house, under theEuromoney and DC Gardner brands. Coursesare run all over the world for both financialinstitutions and corporates. In addition thecompany’s Boston-based subsidiary, MIS, runsa wide range of courses for the audit andinformation security market.Conferences and SeminarsThe company runs a large number ofsponsored conferences and seminars for theinternational financial markets, mostly underthe Euromoney, Institutional Investor, MetalBulletin and IMN brands. Many of theseconferences are the leading annual events intheir sector and provide sponsors with ahigh quality program and speakers, andoutstanding networking opportunities. Suchevents include: The Global Borrowers andInvestors Forum; the Euromoney SaudiArabia Conference; the Annual Global HedgeFund Summit; the European AirfinanceConference; the Islamic Finance Summit; theSuper Bowl of Indexing®; Global ABS; andThe Annual ABS East Conference for theasset-backed securities market. In the energysector, the group runs the world’s leadingannual coal conference, Coaltrans; TelCap runsInternational Telecoms Week, the best meetingplace worldwide for telecom carriers andservice providers and MIS runs the leadingevent for the information security sector in theUS, InfoSec World.Databases and Information ServicesThe company provides a number ofsubscription-based database and electronicinformation services for financial markets.Montreal-based BCA is one of the world’sleading independent providers of globalinvestment research. The company’s USsubsidiary, Internet Securities, Inc. provides theworld’s most comprehensive service for newsand data on global emerging markets, andincludes CEIC, one of the leading providers oftime-series macro-economic data for emergingmarkets. The company also offers global capitalmarket databases through a joint venture withits AIM-listed partner, Dealogic.Revenue (£m)08 332.107 305.206 220.5Adjusted diluted earnings a share* (pence)08 44.407 35.006 28.6Adjusted operating profit* (£m)08 81.307 78.606 43.8Dividend (pence)08 19.2507 19.006 17.0Adjusted Operating Profit*£m90807060504030Revenue up 9%Adjusted diluted earnings a share up 27%Profit before tax up 21%Dividend up 1%202004 2005 2006 2007 2008*A detailed reconciliation of the group’s underlying results is set out in the appendix to the Chairman’s Statement on page 7.Annual Report and Financial Statements 2008 01
Page 1: Annual Report & Accounts 2008Euromo
Page 5 and 6: tight cost control at all times; re
Page 7 and 8: Statutory profit before tax fell by
Page 9 and 10: Appendix to Chairman's StatementRec
Page 11 and 12: 3.2 Key performance indicatorsThe g
Page 13 and 14: London premises offset by the freeh
Page 15 and 16: subsidiaries, but does endeavour to
Page 17 and 18: ack. The group also has a significa
Page 19 and 20: internet is becoming an ever increa
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Page 23 and 24: The group recognises the importance
Page 25 and 26: Non-executive Directors†‡ The V
Page 27 and 28: Audit committeeDetails of the membe
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Page 33 and 34: Remuneration structure continuedPen
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Page 45 and 46: Basis of audit opinionWe conducted
Page 47 and 48: Group Balance Sheetas at September
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Page 51 and 52: Notes to the Accounts1 Accounting p
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1 Accounting policies continuedAll
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1 Accounting policies continuedThe
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2 Key judgemental areas adopted in
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3 Segmental analysis continuedUnite
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4 Operating profitTotalTotal2008 20
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6 Staff costs continued2008 2007By
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8 Tax on profit on ordinary activit
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11 Goodwill and other intangiblesIn
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13 InvestmentsInvestments in Invest
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14 AcquisitionsPurchase of new busi
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16 Trade and other receivables cont
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18 Financial instruments continuedC
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18 Financial instruments continuedA
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18 Financial instruments continuedC
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18 Financial instruments continuedF
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22 Called up share capital2008 2007
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23 Share-based payments continuedEx
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25 Acquisition option commitmentsTh
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27 Retirement benefit schemes conti
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27 Retirement benefit schemes conti
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29 Related party transactions conti
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Company Balance Sheetas at Septembe
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1 Accounting policies continuedTaxa
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5 Intangible assetsGoodwill£000’
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11 Deferred taxThe deferred tax ass
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14 Statement of movement on reserve
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18 Related party transactionsRelate
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Financial Calendar and Shareholder
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Shareholder’s NotesAnnual Report
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www.euromoneyplc.comEuromoney Insti
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