Informa plc Final Results

 
Final Results 
 
Press Release 
 
21 February 2013 
 
Informa plc 
 
Full Year Results 
 
For the Year Ended 31 December 2012 
 
Resilient trading and proactive portfolio management drive strong adjusted 
profit growth and improvement in the quality of earnings 
 
Key Highlights 
 
Financial 
 
  · Record adjusted diluted EPS up 7.7% to 40.7p (2011: 37.8p), ahead of 
    market expectations 
  · Full year dividend increased by 10.1% - second interim dividend of 
    12.5p giving a total 2012 dividend of 18.5p (2011: 16.8p) 
  · Revenue broadly flat despite Robbins Gioia and European Conference 
    disposals - GBP1.23bn (2011: GBP1.28bn) 
  · Adjusted operating profit up 4.0% to GBP349.7m (2011: GBP336.2m); 
    organic growth of 2.8% 
  · Record adjusted operating margin of 28.4% (2011: 26.4%) 
  · Adjusted profit before tax of GBP317.4m up 7.3% (2011: GBP295.9m) 
  · Statutory profit after tax of GBP90.7m (2011: GBP74.3m) 
  · Strong cash generation - operating cash flow up 5.7% to GBP329.0m 
    (2011: GBP311.2m) 
  · Balance sheet strength maintained - net debt/EBITDA ratio of 2.1 
    times (2011: 2.1 times) 
 
Operational 
 
  · Proactive portfolio management drives significant improvement in the 
    quality of Group earnings 
  · Total product rationalisation reduced Group revenue by 2% 
  · Investment in new products, geo-cloning and platform development 
  · Acquisition of MMPI and Zephyr in 2012 - both performing well 
  · Long-term contract to manage Agrishow from 2013, the largest 
    agrifoods event in Latin America 
  · Strong emerging market growth - now 18% of Group revenue (2011: 14%) 
  · Resilient core revenue stream - 67% of publishing revenues from 
    subscriptions 
  · Digital excellence - 74% of publishing revenues fully digitised 
 
Peter Rigby, Chief Executive, said: 
 
"Informa has performed strongly once again in 2012, delivering earnings ahead of 
market expectations and strong cashflow, despite what have remained very 
challenging market conditions. This is testament to the resilience of our 
businesses, underpinned by strong brands, leading market positions, digital 
excellence and a growing presence in emerging markets. 
 
Our performance has enabled us to keep investing in our business, while 
maintaining our progressive dividend policy, with 10.1% growth in the total 
payout in 2012, underlining our commitment to delivering attractive returns to 
our shareholders. 
 
We were very proactive in managing our portfolio in 2012. This was evident 
through the acquisitions of Zephyr, which bolstered our digital subscription 
base, and MMPI, which expanded our portfolio of large exhibitions, as well as 
the disposals of Robbins Gioia and some small European local language Conference 
businesses. Internally, our focus on operating excellence also led us to 
proactively exit a number of lower quality publishing products and events, 
cutting out over GBP25m of revenue. This has impacted top-line growth trends but 
leaves the group in a stronger position going forward, with a higher underlying 
quality of earnings. 
 
The new financial year has started well, with a strong performance from our 
large events in the Middle East in January, while academic journal subscription 
renewals have been in line with expectations. Despite ongoing macro uncertainty, 
we are cautiously optimistic about our prospects for the year ahead, with 
underlying revenue growth expected across all three divisions, translating into 
another year of growth in adjusted earnings per share." 
 
Financial Highlights 
 
+-----+-----+--------+--------+-------+-------+ 
|     |     |2012    |2011    |Actual |       | 
|     |     |        |        |       |       | 
|     |     |        |        |       |Organic| 
+-----+-----+--------+--------+-------+-------+ 
|     |     |GBPm      |GBPm      |%      |%      | 
+-----+-----+--------+--------+-------+-------+ 
|Revenue    |1,232.5 |1,275.3 |(3.4)  |(2.0)  | 
+-----+-----+--------+--------+-------+-------+ 
|Operating  |124.4   |130.3   |(4.5)  |       | 
|profit     |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Adjusted   |349.7   |336.2   |4.0    |2.8    | 
|operating  |        |        |       |       | 
|profit 1   |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Operating  |329.0   |311.2   |5.7    |       | 
|cash flow  |        |        |       |       | 
|2          |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Profit     |67.0    |88.6    |(24.4) |       | 
|before tax |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Adjusted   |317.4   |295.9   |7.3    |       | 
|profit     |        |        |       |       | 
|before tax |        |        |       |       | 
|1          |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Profit     |90.7    |74.3    |22.1   |       | 
|after tax  |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Adjusted   |245.6   |226.7   |8.3    |       | 
|profit     |        |        |       |       | 
|after tax  |        |        |       |       | 
|1          |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Basic      |15.1    |12.5    |20.8   |       | 
|earnings   |        |        |       |       | 
|per share  |        |        |       |       | 
|(p)        |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Diluted    |15.0    |12.5    |20.0   |       | 
|earnings   |        |        |       |       | 
|per share  |        |        |       |       | 
|(p)        |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Adjusted   |40.7    |37.8    |7.7    |       | 
|diluted    |        |        |       |       | 
|earnings   |        |        |       |       | 
|per share  |        |        |       |       | 
|(p) 1      |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Dividend   |18.5    |16.8    |10.1   |       | 
|per share  |        |        |       |       | 
|(p)        |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Free cash  |237.8   |203.4   |16.9   |       | 
|flow 2     |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
|Net debt 3 |802.4   |784.0   |2.3    |       | 
+-----+-----+--------+--------+-------+-------+ 
|     |     |        |        |       |       | 
+-----+-----+--------+--------+-------+-------+ 
Notes: 
 
In this document 'organic' refers to numbers adjusted for material acquisitions 
and disposals and the effects of changes in foreign currency exchange rates. 
 
1 Adjusted results exclude adjusting items as set out in the Consolidated Income 
Statement and detailed in Note 2. 
 
2 Operating cash flow and free cash flow are as calculated in the Financial 
Review. 
 
3 Net debt as calculated in Note 12. 
 
Divisional highlights 
 
+------------+------+------+-------+--------+ 
|            |2012  |2011  |Actual |Organic | 
+------------+------+------+-------+--------+ 
|            |GBPm    |GBPm    |%      |%       | 
+------------+------+------+-------+--------+ 
|Academic    |      |      |       |        | 
|Information |      |      |       |        | 
|(AI)        |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Revenue     |340.3 |323.6 |5.2    |2.4     | 
+------------+------+------+-------+--------+ 
|Adjusted    |126.1 |116.2 |8.5    |4.8     | 
|Operating   |      |      |       |        | 
|Profit      |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Adjusted    |37.1  |35.9  |       |        | 
|Operating   |      |      |       |        | 
|Margin (%)  |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Professional|      |      |       |        | 
|and         |      |      |       |        | 
|Commercial  |      |      |       |        | 
|Information |      |      |       |        | 
|(PCI)       |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Revenue     |356.6 |370.5 |(3.8)  |(4.4)   | 
+------------+------+------+-------+--------+ 
|Adjusted    |120.7 |114.0 |5.9    |4.6     | 
|Operating   |      |      |       |        | 
|Profit      |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Adjusted    |33.8  |30.8  |       |        | 
|Operating   |      |      |       |        | 
|Margin (%)  |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Events and  |      |      |       |        | 
|Training    |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Revenue     |535.6 |581.2 |(7.8)  |(3.0)   | 
+------------+------+------+-------+--------+ 
|Adjusted    |102.9 |106.0 |(2.9)  |(1.4)   | 
|Operating   |      |      |       |        | 
|Profit      |      |      |       |        | 
+------------+------+------+-------+--------+ 
|Adjusted    |19.2  |18.2  |       |        | 
|Operating   |      |      |       |        | 
|Margin (%)  |      |      |       |        | 
+------------+------+------+-------+--------+ 
|            |      |      |       |        | 
+------------+------+------+-------+--------+ 
 
Enquiries 
 
Informa plc 
 
+------------+-----+ 
|Peter Rigby,|+41  | 
|Chief       |(0)  | 
|Executive   |41   | 
|            |444  | 
|            |1341 | 
+------------+-----+ 
|Adam Walker,|+41  | 
|Finance     |(0)  | 
|Director    |41   | 
|            |444  | 
|            |1343 | 
+------------+-----+ 
|Richard     |+44  | 
|Menzies-Gow,|(0)  | 
|Investor    |20   | 
|Relations   |3377 | 
|            |3445 | 
+------------+-----+ 
|            |     | 
+------------+-----+ 
|Charles     |+44  | 
|Palmer - FTI|(0)  | 
|Consulting  |20   | 
|            |7269 | 
|            |7112 | 
+------------+-----+ 
|            |     | 
+------------+-----+ 
 
Note to Editors 
 
Bringing Knowledge to Life - Businesses, professionals and academics worldwide 
turn to Informa for unparalleled knowledge, up-to-the minute information and 
highly specialist skills and services. Our ability to deliver high quality 
knowledge and services through multiple media channels, in dynamic and rapidly 
changing environments, makes our offer unique and extremely valuable to 
individuals and organisations. 
 
Analyst Presentation 
 
There will be a presentation to analysts at 9.30am on 21 February 2013 at Bank 
of America Merrill Lynch Financial Centre, 2 King Edward Street, London, EC1A 
1HQ. A simultaneous webcast of the analysts' presentation will be available via 
the Company's website (www.informa.com). 
 
Trading outlook 
 
The macro-economic environment provided little support to our businesses in 2012 
and we are not assuming any significant improvement within our planning for 
2013. Unsurprisingly, Europe remains the toughest region, while the US is still 
quite mixed. Emerging markets are more upbeat though, with the Middle East in 
particular having started the year in confident mood, carrying on the improving 
trend we saw towards the end of 2012. We are planning to deploy more capital 
into emerging markets, where the growth opportunities are that much greater. 
 
Notwithstanding the tough backdrop in which we are operating, the actions we 
took in 2012 to sharpen the focus of parts of the business, coupled with the 
investments we made in acquisitions and new products put Informa in a stronger 
position coming into 2013. This is reflected in the solid start we have made to 
the year and with good visibility on many revenue streams across our 
subscription and exhibition businesses, there is reason for cautious optimism. 
Consequently, we are budgeting for underlying revenue growth across all three 
divisions in 2013. 
 
In our Academic Information ("AI") division, the journal subscription season is 
well underway and to date the business has traded broadly as anticipated, with 
high renewal rates reflecting strong demand for our content. Budgetary pressure 
amongst our customer base remains a challenge but the situation does not appear 
to be worsening, and the quality and diversity of our portfolio puts us in a 
strong position, as evidenced by ongoing growth in usage. New journal, book and 
archive launches, including the South Asian Culture and History Archive 
("SACHA"), will help drive growth through 2013 and we expect demand for digital 
products to continue to rise. We also have high hopes that we will continue to 
build our profile and customer penetration in emerging markets, where further 
opportunities exist. 
 
The Professional & Commercial Information ("PCI") division enters 2013 leaner, 
more focused and more robust. Informa Business Information ("IBI") will benefit 
from the launch of new and revamped products such as the Healthcare Knowledge 
Centre, Verdict and the Chinese healthcare database, while Informa Financial 
Information ("IFI"), buoyed by a strong end to 2012, will also reap the full 
benefit of the Zephyr Associates, Inc. ("Zephyr") acquisition. All of this 
provides a degree of confidence that PCI can deliver top-line organic growth in 
2013 although we would caution that Pharmaceutical and Financial markets remain 
subdued and fragile. We also face a small negative drag from the full year 
impact of product pruning implemented in 2012. In addition, our Medical Books 
business will be managed by our AI division in 2013, which will lead to a 
transfer of over GBP6m of revenue. 
 
The Events and Training division also starts 2013 in a stronger position. The 
ongoing rebalancing of the portfolio towards large events is improving 
visibility, growth potential and cash dynamics. Our biggest single event, Arab 
Health took place in January and delivered a record result, with revenue up 11% 
on 2012. This was recently followed by Middle East Electricity, another one of 
our biggest events, where we estimate revenue grew by 8%. This augurs well for 
the performance of our business in this region but elsewhere forward bookings 
are also healthy, giving us confidence of another good performance from our 
events portfolio. The key delta in the Events and Training division this year 
will be our corporate training business. It is too early to gain much visibility 
on trading but we are not assuming a significant market recovery. We are 
encouraged by what remains a healthy pipeline of contracts, suggesting there 
could be pent up demand once confidence returns. 
 
We increased the Group adjusted operating margin significantly in 2012, 
reflecting a proactive improvement in the mix, the annualised benefit of 
Datamonitor integration savings, but also a sharp focus on costs by our 
management team in an uncertain revenue environment. At this point we anticipate 
2013 to be a year of consolidation, with greater emphasis on top-line growth 
than margin expansion. 
 
There will inevitably be unexpected positives and negatives through 2013 but we 
are quietly confident in our prospects for the year ahead and fully expect to 
deliver another year of growth in adjusted earnings per share. We also expect to 
deliver another strong year of cash conversion, which will give us significant 
flexibility for investment. We will continue to look for opportunities, both 
internally and externally, where there is the potential to reap attractive 
returns while building on our strategic objectives. Equally, we remain committed 
to maintaining a progressive dividend policy while keeping our leverage within 
the target range of 2.0-2.5 times net debt / EBITDA. 
 
Business Review 
 
Over the last twelve years, Informa has steadily evolved from being a relatively 
cyclical business, heavily geared to small conferences, into a broad based, 
highly resilient business-to-business media group. We believe we now have an 
attractive balance of subscription publishing revenue and face-to-face event 
revenue, both with good long-term growth prospects. Digital, must-have niche 
information products, delivered flexibly into client workflows enrich the 
knowledge base, improve decision making and ultimately drive 
return-on-investment for our customers. Similarly, leading exhibitions provide 
an increasingly rare platform for live interaction across global business 
communities, helping to cultivate new relationships, promote the latest industry 
developments and stimulate transactions. 
 
Once more, in 2012, our AI division grew its revenue and operating profits, 
underlining the defensive growth characteristics of this business. It had 
another strong end to the year, despite the absence of any major archive deals 
similar to those that boosted profits in 2011. The PCI division saw revenues 
decline but profits grow, reflecting improvements in its mix and the full year 
benefit of cost initiatives implemented in 2011. We were very active in cutting 
out low quality products from the PCI portfolio to improve its long-term 
profile, mainly in areas such as advertising, consulting, and one-off reports. 
Similarly, in Events and Training, the decline in revenue and profit can largely 
be attributed to disposals and a further deliberate cut in conference and 
training volume, as we focus on building large event exposure. However, it was 
also a tough year for the corporate training business and this did ultimately 
drag on the divisional performance. 
 
We invested a total of GBP151.5m in acquisitions through the year, the largest of 
which was MMPI Canada Inc. ("MMPI"). This is the country's largest exhibition 
and conference company with a portfolio that takes Informa into new sectors such 
as art, crafts, and interior design. We see further growth potential from its 
existing portfolio but also good opportunities to both geo-clone some of its 
brands into other markets, whilst also taking some of our other Informa events 
into the Canadian market. 
 
Another key acquisition for us this year was Zephyr in October. This is a very 
typical PCI business, comprising digital subscriptions with high renewal rates, 
high margins and strong cash flow. It fits nicely alongside Informa Investment 
Solutions within IFI and we think there will be some attractive synergies from 
integrating and cross selling the product sets. This should ensure we maintain 
our strong recent record of returns from bolt-on acquisition activity. The deals 
we completed in 2011, which included the Brazilian exhibitions businesses, 
delivered a return on invested capital of 12% last year, comfortably ahead of 
our cost of capital. 
 
Informa continues to adapt to the changing demands of our customer base and the 
markets in which we operate. This was very evident through 2012, as we took firm 
action in some of our operations to improve long-term prospects, in some cases 
even exiting profitable products where we felt the structural risks were rising. 
None of these decisions is taken lightly but we are resolutely focused on 
improving the quality of group earnings, with particular reference to our four 
key strategic business drivers. 
 
High Quality Subscription Income 
 
Our publishing businesses are dominated by subscription assets with high renewal 
rates, where customers generally pay us twelve months in advance. This provides 
strong visibility on revenue and allows the businesses to essentially fund 
themselves, with minimal external capital required. It is a uniquely attractive 
model and, hence, we have seized any opportunities to grow our subscription 
exposure further, both organically and through acquisitions like Zephyr. In 
2012, 38% of Group revenue and 67% of publishing revenue was from subscription 
products. 
 
In the AI division, renewal rates on journals are over 95% and usage continues 
to grow by a double-digit percentage year-on-year, reflecting the 'must-have' 
nature of the content. We launched eight new journals in 2012 and added 12 
society journals to the portfolio. The latter are typically lower margin than 
journals we own outright, but add breadth to our portfolio and help penetrate 
the customer base further. 
 
PCI generated 80% of its 2012 revenue from subscription products, which are 
spread across our core industry sectors. Renewal rates on average are a little 
lower than AI at 78%, reflecting a more fluid end-customer base and mixed 
product set. 
 
Digital Excellence 
 
We pride ourselves on our digital expertise, which runs deep across all our 
businesses. We see this as a major differentiator to some of our peers, with the 
vast majority of our products having already successfully navigated the 
transition from analogue to digital. Most have been major beneficiaries, either 
on the cost side, or in generating incremental revenue. Even in our conferences 
and exhibitions, by design a face-to-face medium, digital technology is deeply 
engrained with social media now a powerful tool for marketing pre-event and 
interacting during an event. 
 
We continue to invest in digital innovation, both in generating new, valuable 
digital content but also in platforms to better analyse, interpret and customise 
this information. A good example is the investment in T&F Online, our 
re-launched academic platform which carries all our digital academic content. 
Its customer friendly interface, rich, searchable content and smooth workflow 
have led to a big jump in usage of our content and also facilitate more of our 
customers moving to digital-only subscriptions. 
 
At PCI, we made similar platform investments in 2012, most significantly the 
re-launch of Datamonitor Healthcare Knowledge Centre. This client-led 
development has made our pharmaceutical and healthcare research and analysis 
clearer, richer and more responsive, ensuring customers gain a path to 
knowledge, not just content. We now have a single portal for previously separate 
subscription services, which is highly flexible and allows us to track usage 
closely in order to identify and develop new offerings and upsell where 
appropriate. Early signs are encouraging, both in terms of revenue and client 
feedback, and we look forward to fully reaping the benefits of this investment 
in 2013 and beyond. 
 
Our leading consumer business, Verdict has taken a similar client-centric 
approach in building its new Knowledge Centre, which will launch in 2013 using 
the framework employed for Healthcare. Verdict's clients will benefit from a 
real transformation in the way retail market intelligence is provided. News, 
data and analysis will be integrated for the first time, and previously 
hard-to-access data brought to life through constantly updated dashboards. With 
the major retail sectors represented through dedicated channels and available 
through mobile and tablet technologies, the new Verdict service will enhance 
retention rates and drive new business growth in 2013. 
 
We also expect to generate revenues from our Chinese healthcare database in 
2013. This is a unique proposition, and an exciting product suite is in 
development for which we expect demand to be high. Through on-the-ground 
partnerships we will collate and analyse non-classified patient level data drawn 
directly from Chinese healthcare institutions. Our involvement in the project 
benefits directly from our expertise in interpreting vast amounts of digital 
data and commercialising meaningful product from it. 
 
Resilient Events 
 
We began a process of rebalancing our events portfolio away from smaller 
conferences towards large events over seven years ago when we acquired IIR. In 
periods of buoyant economic activity, small conferences can grow strongly but 
revenues are inherently cyclical, particularly where conferences are local and 
one-off in nature. This was the reason we sold some of our European local 
language Conference businesses through the year, in Austria, Hungary and the 
Czech Republic. 
 
Our focus is now on building annual events, where customers return each year to 
engage with a community, particularly where there is international reach. Large 
B2B exhibition revenue, which is predominantly generated through selling stand 
space, is akin to subscription income, with customers booking and paying in 
advance, sometimes more than a year ahead for a prime slot at leading events. 
This is a much higher quality of earnings, in our view. 
 
In total, we now have over 250 events we class as large events, representing 44% 
of Events and Training revenue. We launched or geo-cloned a total of 17 events 
in 2012, with notable successes such as Cityscape Qatar and Vitafoods South 
America. The acquisition of MMPI in Canada has further bolstered our exhibition 
roster, with 45 events in total within its portfolio, including Construct 
Canada, the One of a Kind craft fairs and IDS, the large interior design 
industry exhibition. 
 
Geographic Expansion 
 
Finally, we continue to expand our geographic footprint, with a particular 
emphasis on increasing our emerging markets presence. In 2012, 18% of revenue 
was generated in emerging markets, our largest regions being the Middle East (6% 
of revenue) and Latin America (4% of revenue). 
 
Across our three divisions, the Events and Training business has the largest 
exposure to emerging markets, at 27% of divisional revenue. This reflects the 
unique role of exhibitions in providing a platform for corporates to enter new 
markets. The acquisitions we made in Brazil in 2011 helped to boost our presence 
this year, with good growth across their existing portfolio combined with 
several new launches. 
 
Our AI division currently generates about 14% of its revenue from emerging 
markets, with India, China and Taiwan its most important territories. We expect 
its presence to grow, as higher education infrastructure and local R&D 
investment expand rapidly. 
 
PCI currently has the lowest emerging market penetration, accounting for 8% of 
its revenue. Some of its products are less suitable for local adaptation but 
others should become increasingly relevant as industries become more established 
in these regions. Our Chinese healthcare initiative will help drive revenue 
significantly in this direction. 
 
Divisional Review 
 
Group revenue for the year ended 31 December 2012 declined by 3.4% to GBP1,232.5m, 
reflecting a combination of disposals (Robbins Gioia and European Conference 
businesses) and proactive product pruning. 
 
On an organic basis, revenue decreased by 2.0%, with this decline mainly 
attributable to deliberate rationalisation of marginal products in the PCI and 
Events and Training divisions. The organic revenue decline across Publishing was 
1.2% and Events and Training 3.0%. 
 
Adjusted operating profits were GBP349.7m, up 4.0% on 2011, aided by the increased 
focus on high quality, high margin product, a strong management focus on costs 
and a full year of savings from the integration of Datamonitor into IBI. This 
pushed the adjusted operating margin 200 basis points higher from 26.4% in 2011 
to a record 28.4% in 2012. Organic adjusted operating profits increased by 2.8%, 
with Publishing growing by 4.7% and Events and Training declining 1.4%, the 
latter impacted by the performance of our corporate training business. 
 
Statutory operating profit decreased to GBP124.4m (2011: GBP130.3m), resulting 
principally from the loss on disposals recognised of GBP27.5m and the impairment 
of GBP80.0m in the Half Year in relation to our European conference portfolio. 
 
Academic Information ("AI") 
 
+---------+------+------+-------+--------+ 
|         |2012  |2011  |Actual |Organic | 
+---------+------+------+-------+--------+ 
|         |GBPm    |GBPm    |%      |%       | 
+---------+------+------+-------+--------+ 
|Revenue  |340.3 |323.6 |5.2    |2.4     | 
+---------+------+------+-------+--------+ 
|Adjusted |126.1 |116.2 |8.5    |4.8     | 
|Operating|      |      |       |        | 
|Profit   |      |      |       |        | 
+---------+------+------+-------+--------+ 
|Adjusted |37.1  |35.9  |       |        | 
|Operating|      |      |       |        | 
|Margin   |      |      |       |        | 
|(%)      |      |      |       |        | 
+---------+------+------+-------+--------+ 
|         |      |      |       |        | 
+---------+------+------+-------+--------+ 
 
The AI division, which produces books and journals for university libraries and 
the wider academic market, performed very well once again, delivering organic 
revenue and adjusted operating profit growth despite a challenging funding 
backdrop amongst its customer base. It now represents 28% of Group revenue and 
36% of Group adjusted operating profit. 
 
Organic revenue growth for the year was 2.4%, ahead of the run-rate at Q3 after 
a very strong Q4 trading period. This was particularly impressive given it had a 
very tough comparable period from Q4 2011, when a large archive deal was secured 
and there were also two additional invoicing days prior to year-end in several 
key territories. The late surge in 2012 was fuelled in particular by strong book 
sales in the US and a number of emerging markets, where purchasing patterns 
evened out after an uncharacteristically weak September. 
 
Adjusted operating margins increased by 120 basis points to 37.1%, reflecting 
further progress on operational efficiencies, coupled with increased demand for 
online products, both on the journals and the books side of the business. The 
further investment made in our online platform reaped early dividends, with 
overall site visits 60% higher in 2012 and full-text usage of our journals up 
16% year-on-year. There is also growing demand for its book content via third 
party online platforms, with good growth in individual sales via Amazon Kindle, 
Google and Apple. 
 
In total, AI published nearly 4,000 new book titles in 2012 and now offers some 
44,000 titles in electronic format. It also published eight new journals through 
the year, taking the total journal portfolio to 1,676 titles. This list is 
geared towards Humanities and Social Science subject areas, where we are now the 
largest publisher globally, underpinning the resilience of the business. 
 
A number of bolt-on acquisitions in the academic space were completed in 2012, 
notably Focal Press and the Hodder academic book list. Whilst relatively small 
scale, our Academic business has the ability to integrate such deals into its 
established platform quickly, often extracting valuable cost and revenue 
synergies and, hence, delivering high levels of return. These acquisitions also 
help stimulate ideas and collaboration to develop new products and a number of 
interesting launches are scheduled for 2013. Perhaps the most exciting of these 
is SACHA, a unique, vast online archive of South Asian history, encompassing 
five million pages of valuable research and teaching materials, with documents 
ranging from the 18th to the mid-20th Century (www.southasiaarchive.com). 
 
The Finch Report was published in June and underlined the important role of 
publishers in the academic journal value chain both historically and in the 
future. The process for implementing some of its recommendations remains unclear 
but we broadly support its ambitions to widen access to research without 
compromising on quality. In recent years, we have steadily built our portfolio 
of open access journals and we have plans for further launches and initiatives 
in 2013. 
 
Professional and Commercial Information ("PCI") 
 
+---------+------+------+-------+--------+ 
|         |2012  |2011  |Actual |Organic | 
+---------+------+------+-------+--------+ 
|         |GBPm    |GBPm    |%      |%       | 
+---------+------+------+-------+--------+ 
|Revenue  |356.6 |370.5 |(3.8)  |(4.4)   | 
+---------+------+------+-------+--------+ 
|Adjusted |120.7 |114.0 |5.9    |4.6     | 
|Operating|      |      |       |        | 
|Profit   |      |      |       |        | 
+---------+------+------+-------+--------+ 
|Adjusted |33.8  |30.8  |       |        | 
|Operating|      |      |       |        | 
|Margin   |      |      |       |        | 
|(%)      |      |      |       |        | 
+---------+------+------+-------+--------+ 
|         |      |      |       |        | 
+---------+------+------+-------+--------+ 
 
The PCI division delivers high value proprietary content to a number of industry 
verticals including the healthcare, pharmaceutical, financial services, 
maritime, commodities, telecoms, insurance and legal sectors. The division now 
accounts for 29% of Group revenues and 35% of adjusted operating profit. 
 
Both IBI and IFI faced testing market conditions in 2012. The financial services 
industry continues to downsize as banks adapt to tough new regulatory measures 
designed to prevent another crisis. Within IFI, this has had an impact on 
Informa Global Markets, which sells fixed income and currency information via 
desktop intermediaries. IFI's other businesses have proved resilient, reflecting 
their niche focus and leading market positions. For example, EPFR, an emerging 
market fund flow and asset allocation data service, had another excellent year 
with revenues up over 40% in 2012. IFI profits were also boosted by the 
acquisition of Zephyr in October. This high margin, digital subscription 
business provides analytical software to fund managers and financial 
intermediaries to help analyse funds, portfolio manager performance and 
investment style. It is being merged with Informa Investment Solutions, which 
should create some attractive upselling opportunities in 2013. 
 
At IBI, the biggest sector exposure is to the Healthcare and Pharmaceutical 
industry, representing around 60% of revenue. This continued to be a challenging 
end market in 2012, with corporates facing up to a weak pipeline of new major 
drug approvals, the negative impact of the patent cliff and inexorable rise of 
generic alternatives. This led to a cautious approach from our customer base, 
with purchasing decisions taking longer to be approved and often including 
extensive, procurement-led price discussions. Despite this, we did see overall 
growth in our key accounts and renewal rates across IBI's product portfolio in 
2012 remained similar to 2011, underlining the high quality, niche nature of the 
information being supplied and flexible approach to platform delivery and 
workflow integration. 
 
While the trading backdrop was challenging, the headline PCI revenue numbers are 
more a reflection of deliberate management action taken through 2012 to improve 
the long-term profile of the division. This included an exit from a number of 
volatile, low quality IBI products where future growth and margin potential were 
perceived to be weak or where we anticipate structural challenges ahead. This 
led to an exit from certain standalone advertising-driven products such as 
Review and International Freight Weekly and various consulting businesses. We 
also took the decision to merge Datamonitor Business Insights (low-value, 
content-light one-off reports) into our revamped Knowledge Centres to encourage 
subscriber uptake. In aggregate, products that were proactively closed through 
the year generated close to GBP20m of revenue at PCI on an annualised basis, hence 
explaining the divisional organic revenue decline. 
 
The re-evaluation of our portfolio is a continuous process, as we respond to the 
demands of our customer base and wider industry trends, while seeking to 
optimise the potential returns from our asset base. The decisive action we took 
last year, whilst having a short-term negative drag on revenue, leaves PCI in a 
stronger position in 2013. Advertising, our most volatile revenue stream, 
represents just 5% of PCI. 
 
Another illustration of our pro-active approach is the internal transfer of 
control of businesses where we feel it could help improve growth prospects. In 
2013, this will see the Medical Books business within PCI move over to AI, 
boosting revenue at the latter by over GBP6m. 
 
Despite revenue contraction through 2012, PCI's adjusted operating profit grew, 
both at a headline level and organically. This partly reflects the full year 
impact of Datamonitor integration synergies but a number of businesses also 
reported strong margin progression, including Citeline, CPDCast, Prime, Pharma 
Projects and Phasic. As a predominantly digital subscription business, (89% of 
PCI's products were delivered digitally in 2012), we see the potential for 
further margin upside in years to come, although this will be dependent on 
delivering organic revenue growth. 
 
Events and Training 
 
+---------+------+------+-------+--------+ 
|         |2012  |2011  |Actual |Organic | 
+---------+------+------+-------+--------+ 
|         |GBPm    |GBPm    |%      |%       | 
+---------+------+------+-------+--------+ 
|Revenue  |535.6 |581.2 |(7.8)  |(3.0)   | 
+---------+------+------+-------+--------+ 
|Adjusted |102.9 |106.0 |(2.9)  |(1.4)   | 
|Operating|      |      |       |        | 
|Profit   |      |      |       |        | 
+---------+------+------+-------+--------+ 
|Adjusted |19.2  |18.2  |       |        | 
|Operating|      |      |       |        | 
|Margin   |      |      |       |        | 
|(%)      |      |      |       |        | 
+---------+------+------+-------+--------+ 
|         |      |      |       |        | 
+---------+------+------+-------+--------+ 
 
The Events and Training division incorporates all our face-to-face media 
businesses, across a range of formats including exhibitions, conferences, awards 
and in-house training programmes. It accounts for 43% of Group revenue and 29% 
of adjusted operating profit. 
 
It was another busy year, during which we were very proactive in reshaping the 
business, reducing its exposure to small conferences and training, whilst 
increasing the weighting towards large events. The divisional financial 
performance reflected this, with revenues declining 7.8% versus 2011 and 3.0% on 
an organic basis. The sale of Robbins Gioia and the small European Conference 
businesses accounted for a large proportion of this decrease, with revenue 
contribution from these assets over GBP30m lower in 2012 compared to 2011. We also 
actively cut our small conference output, focusing resources on building annual, 
renewable, large events. In total we ran just 6,500 events across all formats in 
2012, down from 12,500 at the peak in 2007. In revenue terms, we estimate that 
the conferences we deliberately cut out generated over GBP8m of revenue in 2011. 
The other major negative impact on divisional revenue was our corporate training 
business. 
 
The sharp increase in adjusted operating margin is a direct reflection of the 
action outlined, with most of the products we have cut generating low margins, 
particularly when compared to our large events. When adjusted for currency, 
these large events reported high single-digit growth in 2012 and now account for 
44% of Events and Training revenue (2011: 38%). This growth was delivered 
through a combination of like-for-like event growth, organic launches and 
geo-cloning activity, as well as a number of acquisitions. Key highlights 
included Arab Health and Middle East Electricity within our UAE business, 
AfricaCom and TV Connect events within Informa Telecoms & Media, the Monaco 
Yacht Show and the Vitafoods series of exhibitions. Cityscape Global in Dubai 
also saw a strong recovery after a tough few years, with 69% growth in 
exhibition space and 25% growth in overall attendance. 
 
The largest acquisition we made in this division in 2012 was that of MMPI in 
July for GBP34.3m. This is Canada's biggest exhibition company, producing 45 
events across various sectors including construction, design and art, and 
attracting more than 4,500 exhibitors annually. It has performed excellently 
since we took ownership, with good growth across its H2 events and significant 
progress already on plans to leverage its brands and expertise across the wider 
Informa group. 
 
We continued to build our presence in emerging markets, with 27% of Events and 
Training revenue generated in these fast-growth regions in 2012 (2011: 20%). 
Highlights included the Middle East where revenues grew 36%. Following the 
acquisitions made in 2011, our Brazilian business also had a strong year, 
recording double-digit growth at the large Fispal exhibition, with a further 
boost from its biennial event, ForMobile. 
 
The positive momentum in Brazil has continued into 2013, boosted by the recent 
award of a long-term contract to organise Agrishow. This is the largest event 
for the agriculture market in Latin America, with around 790 exhibitors and more 
than 152,000 visitors, across 440,000 square metres of exhibition space near Sao 
Paulo. 
 
The corporate training business experienced another challenging year, with a 
lack of confidence amongst corporates continuing to negatively impact demand, 
particularly in the US, where there is still a reluctance to commit to 
expenditure not directly related to income. However, we made good progress 
developing more flexible modalities and next generation delivery mechanisms, 
which puts us in an even stronger position to reap rewards as demand recovers. 
 
The sale of Robbins Gioia has removed much of the Group's exposure to US 
government contracts and, hence, has helped to reduce overall volatility. We 
also feel that the avoidance of the US fiscal cliff and an upbeat start to the 
year on stock markets may help to build confidence. Our contract pipeline 
certainly remains healthy, suggesting there is latent demand for our products if 
and when wider confidence recovers. 
 
FINANCIAL REVIEW 
 
This set of results underlines the strength of the Group, with its ability to 
grow profits and cash flow and increase its adjusted operating margin and 
earnings against a continued back drop of economic conditions which showed 
little sign of improvement. 
 
Group 
 
+---------+--------+--------+-------+--------+ 
|         |2012    |2011    |Actual |Organic | 
+---------+--------+--------+-------+--------+ 
|         |GBPm      |GBPm      |%      |%       | 
+---------+--------+--------+-------+--------+ 
|Revenue  |1,232.5 |1,275.3 |(3.4)  |(2.0)   | 
+---------+--------+--------+-------+--------+ 
|Adjusted |349.7   |336.2   |4.0    |2.8     | 
|Operating|        |        |       |        | 
|Profit   |        |        |       |        | 
+---------+--------+--------+-------+--------+ 
|Adjusted |28.4    |26.4    |       |        | 
|Operating|        |        |       |        | 
|Margin   |        |        |       |        | 
|(%)      |        |        |       |        | 
+---------+--------+--------+-------+--------+ 
|         |        |        |       |        | 
+---------+--------+--------+-------+--------+ 
 
Adjusted and Statutory Results 
 
In this Financial Review we refer to adjusted and statutory results. Our 
statutory operating profit and profit before tax have both decreased this year 
primarily because of the non-cash impairment of the European Conferences 
businesses. 
 
Adjusted results are prepared to provide a more comparable indication of the 
Group's underlying business performance. Adjusted results exclude adjusting 
items as set out in the Consolidated Income Statement and detailed in Note 2. 
 
Translation Impact 
 
The Group receives approximately 46% of its revenues and incurs approximately 
38% of its costs in USD or currencies pegged to USD. The Group is therefore 
sensitive to movements in the USD against the GBP. Each $0.01 movement in the 
USD to GBP exchange rate has a circa GBP3.6m impact on revenue, a circa GBP1.5m 
impact on operating profits and a circa 0.19p impact on adjusted diluted EPS. 
Offsetting this will be reductions to USD interest and USD tax liabilities. This 
analysis assumes all other variables, including interest rates, remain constant. 
 
The Group receives approximately 10% of its revenues and incurs approximately 9% 
of its costs in Euros. The Group is therefore sensitive to movements in the Euro 
against the GBP. Each EUR0.01 movement in the Euro to GBP exchange rate has a 
circa GBP1.0m impact on revenue, a circa GBP0.4m impact on operating profits and a 
circa 0.05p impact on adjusted diluted EPS. Offsetting this will be reductions 
to Euro interest and Euro tax liabilities. This analysis assumes all other 
variables, including interest rates, remain constant. 
 
For debt covenant testing purposes, profit and debt is translated at the average 
rate of exchange throughout the relevant period. 
 
Revenue 
 
Organic revenue across the Group decreased by 2.0% reflecting a decline in our 
PCI and Events and Training businesses. AI organic revenues increased by 2.4%. 
 
Operating Profit 
 
Adjusted operating profit increased to GBP349.7m (2011: GBP336.2m). Organic adjusted 
operating profit increased by 2.8%, with an increase of 4.7% by the Publishing 
businesses and a decline of 1.4% in the Events and Training businesses. 
 
Statutory operating profit decreased by 4.5% to GBP124.4m (2011: GBP130.3m). 
 
Impairment 
 
The challenging European economic climate has impacted our European Conferences 
business performance during the year. This has resulted in indicators of 
impairment for the European Conferences Cash Generating Unit ("CGU"). Updated 
five year projections have been produced for the CGU, which have resulted in an 
impairment of the carrying value of goodwill by GBP80.0m. The European Conferences 
goodwill mainly arose from the IIR acquisition in 2006, an acquisition which in 
totality has delivered post tax returns in excess of 10% each year. 
 
Restructuring and Reorganisation Costs 
 
Restructuring and reorganisation costs for the year of GBP9.9m (2011: GBP15.2m) 
principally relate to the redundancy and reorganisation programmes undertaken 
within IBI and the European Conferences businesses. These include redundancy 
costs of GBP6.8m (2011: GBP11.9m), reorganisation costs of GBP2.1m (2011: GBP2.8m) and 
vacant property provisions of GBP1.0m (2011: GBP0.5m). 
 
Other Adjusting Items 
 
During the year, the Group disposed of its 100% shareholding in the Robbins 
Gioia business and a number of other smaller businesses, as listed in Note 13, 
for total consideration of GBP13.1m. A loss on disposal of GBP27.5m, including 
directly attributable costs of GBP1.0m, has been recognised within adjusting 
items. 
 
With the number of acquisitions made during the year, acquisition related costs 
of GBP1.3m have been recognised in the income statement. 
 
The remaining net credit of GBP1.3m relates to the re-measurement of contingent 
consideration of GBP1.6m and a fair value gain on non-controlling interest of 
GBP1.0m, being offset by impairments to other intangible assets of GBP1.3m. 
 
Adjusted Net Finance Costs 
 
Adjusted net finance costs, which consist principally of interest costs net of 
interest receivable, decreased by GBP8.0m from GBP40.3m to GBP32.3m. We maintain a 
balance of fixed and floating rate debt partly through utilising derivative 
financial instruments. The majority of the fixed interest swaps that were 
entered into at the time of the Datamonitor acquisition in 2007 expired during 
2011, with the remaining swaps expiring at the end of September 2012. This has 
resulted in a lower average fixed interest rate on borrowings. 
 
Profit Before Tax 
 
Adjusted profit before tax increased by 7.3% to GBP317.4m from GBP295.9m and 
adjusted profit for the period increased by 8.3% to GBP245.6m from GBP226.7m. 
 
Statutory profit before tax was GBP67.0m (2011: GBP88.6m). The decrease is primarily 
due to the impairment charge of GBP80.0m and loss on disposal of GBP27.5m. 
 
Taxation 
 
Across the Group, tax has been provided on adjusted profits at an adjusted tax 
rate of 22.6% (2011: 23.4%). This adjusted tax rate benefits from profits 
generated in low tax jurisdictions, including Switzerland and is lower than for 
the previous year due to movements in the mix of profits between jurisdictions 
and lower tax rates in certain countries including the UK. 
 
The Group tax credit on statutory profit before tax was negative 35.4% (2011: 
Group tax charge of 16.1%). 
 
During 2012, the Group resolved a number of outstanding tax issues, in the UK 
and elsewhere, which had arisen over a number of years. This resulted in 
additional tax of GBP9m being paid in 2012, with a further GBP24m (including 
interest on overdue tax) to be paid in 2013. Approximately GBP16m of tax had 
previously been paid on account in respect of these items. The tax treatment of 
other commercial transactions was agreed without further payments becoming due. 
Pending the resolution of these outstanding open issues, some of which go back 
to 2005, the Group had maintained provisions against all of these items. As 
these matters have now been resolved and tax paid accordingly, the Group has 
made a one-off adjustment to its tax provisions, which is shown as an adjusting 
item. 
 
The Group makes a significant tax contribution to the territories in which it 
operates, not only through corporate taxes but also through the taxes its 
employees pay, the employer's social security contributions made by the Group 
and the sales and value added taxes generated by its products. Specifically in 
relation to corporate taxes, the adjusted tax charge can be reconciled to tax 
paid in the year as follows: 
 
+------------+-------+-------+ 
|            |2012   |2011   | 
+------------+-------+-------+ 
|            |GBPm     |GBPm     | 
+------------+-------+-------+ 
|Effective   |71.8   |69.2   | 
|Tax Charge  |       |       | 
+------------+-------+-------+ 
|Deferred    |(1.2)  |(5.8)  | 
|taxes       |       |       | 
+------------+-------+-------+ 
|Current tax |(18.2) |(18.9) | 
|on adjusting|       |       | 
|items       |       |       | 
+------------+-------+-------+ 
|Tax payable |(1.1)  |(0.5)  | 
|for 2012 due|       |       | 
|to be paid  |       |       | 
|in a later  |       |       | 
|year less   |       |       | 
|tax due for |       |       | 
|earlier     |       |       | 
|years paid  |       |       | 
|in 2012     |       |       | 
+------------+-------+-------+ 
|Taxes Paid  |51.3   |44.0   | 
+------------+-------+-------+ 
|Taxes       |(5.8)  |-      | 
|refunded    |       |       | 
|from German |       |       | 
|authorities |       |       | 
+------------+-------+-------+ 
|Net taxes   |45.5   |44.0   | 
|per cash    |       |       | 
|flow        |       |       | 
+------------+-------+-------+ 
|            |       |       | 
+------------+-------+-------+ 
 
Of the corporate taxes paid of GBP45.5m (2011: GBP44.0m), approximately GBP33m (2011: 
approx. GBP28m) was paid in the UK. 
 
Earnings and Dividend 
 
Adjusted diluted EPS of 40.7p (2011: 37.8p) is 8% ahead of 2011 and statutory 
diluted EPS of 15.0p (2011: 12.5p) is 20% ahead of 2011. 
 
The Board has proposed a second interim dividend of 12.50p per share (2011: 
11.80p per share). This dividend will be paid on 21 May 2013 to ordinary 
shareholders registered as of the close of business on 26 April 2013. This will 
result in a total dividend for the year of 18.50p per share (2011: 16.80p per 
share). Dividend cover has decreased to 2.2 times (2011: 2.25 times) on an 
adjusted earnings basis. 
 
Cash Flow 
 
The Group continues to generate strong cash flows and this is reflected in a 
cash conversion rate, expressed as a ratio of operating cash flow (as calculated 
below) to adjusted operating profit, of 94% (2011: 93%). 
 
+--------------+--------+--------+ 
|              |2012    |2011    | 
+--------------+--------+--------+ 
|              |GBPm      |GBPm      | 
+--------------+--------+--------+ 
|Adjusted      |349.7   |336.2   | 
|operating     |        |        | 
|profit        |        |        | 
+--------------+--------+--------+ 
|Depreciation  |7.0     |6.7     | 
|of PP&E       |        |        | 
+--------------+--------+--------+ 
|Software      |14.5    |13.1    | 
|amortisation  |        |        | 
+--------------+--------+--------+ 
|Share-based   |3.8     |3.0     | 
|payments      |        |        | 
+--------------+--------+--------+ 
|EBITDA        |375.0   |359.0   | 
+--------------+--------+--------+ 
|Net capital   |(25.8)  |(23.9)  | 
|expenditure   |        |        | 
+--------------+--------+--------+ 
|Working       |(20.2)  |(23.9)  | 
|capital       |        |        | 
|movement (net |        |        | 
|of            |        |        | 
|restructuring |        |        | 
|and           |        |        | 
|reorganisation|        |        | 
|accruals)     |        |        | 
+--------------+--------+--------+ 
|Operating cash|329.0   |311.2   | 
|flow          |        |        | 
+--------------+--------+--------+ 
|Restructuring |(13.2)  |(19.3)  | 
|and           |        |        | 
|reorganisation|        |        | 
|cash flow     |        |        | 
+--------------+--------+--------+ 
|Net interest  |(32.5)  |(44.5)  | 
+--------------+--------+--------+ 
|Taxation      |(45.5)  |(44.0)  | 
+--------------+--------+--------+ 
|Free cash flow|237.8   |203.4   | 
+--------------+--------+--------+ 
|Acquisitions  |(174.4) |(112.9) | 
|less disposals|        |        | 
+--------------+--------+--------+ 
|Dividends     |(107.4) |(87.3)  | 
+--------------+--------+--------+ 
|Net issue of  |0.3     |0.3     | 
|shares        |        |        | 
+--------------+--------+--------+ 
|Net funds flow|(43.7)  |3.5     | 
+--------------+--------+--------+ 
|Opening net   |(784.0) |(779.1) | 
|debt          |        |        | 
+--------------+--------+--------+ 
|Non-cash items|(1.1)   |(2.7)   | 
+--------------+--------+--------+ 
|Foreign       |26.4    |(5.7)   | 
|exchange      |        |        | 
+--------------+--------+--------+ 
|Closing net   |(802.4) |(784.0) | 
|debt          |        |        | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
 
In the year ended 31 December 2012, before taking into account dividends, spend 
on acquisitions or proceeds from the sale of assets, the Group generated free 
cash flow of GBP237.8m (2011: GBP203.4m). 
 
The change to net debt arising from acquisitions (net of disposals) was a 
GBP174.4m outflow (2011: GBP112.9m outflow) which comprises current year 
acquisitions of GBP158.6m (2011: GBP109.1m) and consideration in respect of 
acquisitions completed in prior years of GBP15.8m (2011: GBP3.8m). The Group made a 
number of disposals during the period for total consideration of GBP13.1m, 
generating a net loss on disposal of GBP27.5m. 
 
Net debt increased by GBP18.4m from GBP784.0m to GBP802.4m, which primarily reflects a 
cash outflow of GBP43.7m, offset by exchange rate movements of GBP26.4m. During the 
year the Group paid dividends of GBP107.4m. 
 
Financing and Bank Covenants 
 
The principal financial covenant ratios under the private placement and 
revolving credit facilities are maximum net debt to EBITDA of 3.5 times and 
minimum EBITDA interest cover of 4.0 times, tested semi-annually. At 31 December 
2012 both financial covenants were comfortably achieved, with the ratio of net 
debt (using average exchange rates) to EBITDA being constant at 2.1 times at 31 
December 2011 and 2012. The ratio of EBITDA to net interest payable in the year 
ended 31 December 2012 was 11.5 times (2011: 8.9 times). 
 
Return on Capital Employed 
 
During 2012 we have completed a number of bolt-on acquisitions and we 
strengthened our events platform with the acquisition of Informa Canada Inc. 
(formerly MMPI Canada Inc.). We also strengthened our PCI segment with 
acquisitions of Fertecon Limited, Sagient Research Systems, Inc. and Zephyr 
Associates, Inc. 
 
Acquisitions have to meet our acquisition criteria which include delivering 
returns in excess of the Group's WACC in the first full year, being earnings 
enhancing in the first full year and achieving a cash payback within seven 
years. 
 
The return on investment from acquisitions completed in 2011 was 12%. 
 
Deferred income 
 
Deferred income, which represents income received in advance, was down 4% on a 
constant currency basis at 31 December 2012 compared to the same date in 2011. 
Deferred income arises primarily from advance subscriptions and forward bookings 
for trade shows, exhibitions or conferences. Subscriptions generated by our 
academic journal business renew annually a year in advance and many trade shows 
and exhibitions, because of their market leading status, receive commitments up 
to a year in advance. 
 
Pensions 
 
The Group's financial obligations to its pension schemes remain relatively small 
compared to the size of the Group, with net pension liabilities at 31 December 
2012 of GBP17.5m (2011: GBP12.1m). 
 
Following the completion of the triennial valuations of the main defined benefit 
schemes, a revised deficit funding plan has been agreed with the trustees to 
eliminate the deficits in the three schemes. The contributions for the ongoing 
service will be GBPnil in 2013 as all three schemes are closed to future accrual 
of benefits. In addition, the contributions paid towards reducing the scheme 
deficits will increase from GBP3.9m in 2012 to GBP4.5m in 2013 and decrease to GBP3.2m 
in 2014. 
 
Post balance sheet events 
 
On 5 February 2013, the Group was awarded a 30-year licence to manage Agrishow 
in Brazil, the largest agrifoods event in Latin America. 
 
Eurozone risk 
 
Guidance released by the FRC requires the Group to comment on its exposure to 
risks from the Eurozone crisis. 
 
The Group has some trading exposure to the Eurozone financial crisis. Customers 
located in Continental Europe generated 23% of annual revenue, although only 10% 
of annual revenue is denominated in Euros, as are around 9% of costs. 
 
The Group's liquidity risk (its ability to service short term liabilities) is 
considered low in all scenarios bar a fundamental collapse of the financial 
markets. The Group had GBP23.3m of cash and cash equivalents at 31 December 2012, 
of which EUR 6.6m is denominated in Euros. The Group's treasury policy imposes 
ratings based limits on the quantum of deposits that may be held with any 
financial institution at any time. At 31 December 2012 there is headroom of 
GBP245.1m on the Group's borrowing facilities, and none of the Group's revolving 
credit facility is drawn in EUR. EUR 50m of the Group's GBP448.5m private 
placement financing is denominated in EUR. 
 
The Group's solvency risk (its ability to meet its liabilities in full) is also 
considered low. The most significant exposure is with regards to the potential 
impairment of goodwill and intangibles relating to the European Conferences CGU. 
 
Under 3% of Group revenues are generated from customers located in Portugal, 
Italy, Greece and Spain. There is a close correlation between the Group revenues 
denominated in Euros (10% of the Group total in 2012) and costs denominated in 
Euros (9%). 
 
Conclusion 
 
During the year, we have continued to enhance the quality of our earnings, 
removing marginal revenue streams and focusing on our core strengths as 
evidenced by the highest adjusted operating margin in the Group's history. 
 
We must not forget that we continue to rely on the developed world for the 
majority of our revenue and the macro economic climate in 2012 was still not 
strong. Many of our customers continued to be very cautious in their spending 
patterns. We are convinced that the changes we have made leave the Group in a 
stronger place financially and with a good platform from which to build when 
better economic conditions occur, hopefully in 2013. 
 
During the course of 2012 we have spent over GBP150m on acquisitions and invested 
around GBP25m in capital expenditure as we continue to invest for the future. The 
acquisitions that we have completed must meet strict financial criteria and I am 
pleased that the returns on those completed in 2011 continue to show we are 
improving the business and utilising our capital well. 
 
More companies joining the Group in different geographies supporting new 
verticals places more pressure on our processes, systems and back office 
infrastructure. It is clear to me the progress that has been made over the past 
five years to bring consistency, financial rigour and efficiency to our support 
structure and make the back office platform much more stable and able to support 
the Group's ambitious growth plans. The job is never done but we are year by 
year reducing the complexity that existed in the Group as a result of the series 
of large acquisitions in a short period of time. 
 
Integral to all we do financially is to ensure that the Group has a strong 
control environment, the appropriate capital structure and the best finance 
people and systems to support its operations. I am confident that we have made 
progress across all these areas in 2012 and would like to thank all my teams for 
all their hard work in delivering that progress. 
 
Annual Report and Financial Statements 2012 
 
The Annual Report and Financial Statements for the financial year ended 31 
December 2012 will be sent to shareholders and published on www.informa.com in 
April 2013. 
 
Copies of this announcement may be obtained during normal business hours from 
the Company Secretary at the Company's office at Gubelstrasse, 11, CH-6300, Zug, 
Switzerland. 
 
Cautionary Statements 
 
This preliminary announcement contains forward looking statements. These 
statements are subject to a number of risk and uncertainties and actual results 
and events could differ materially from those currently being anticipated as 
reflected in such forward looking statements. The terms 'expect', 'should be', 
'will be' and similar expressions identify forward looking statements. Factors 
which may cause future outcomes to differ from those foreseen in forward looking 
statements include, but are not limited to: general economic conditions and 
business conditions in Informa's markets; exchange rate fluctuations, customers' 
acceptance of its products and services; the actions of competitors; 
legislative, fiscal and regulatory developments; changes in law and legal 
interpretation affecting Informa's intellectual property rights and internet 
communications; and the impact of technological change. These forward looking 
statements speak only as of the date of this announcement. Except as required by 
any applicable law or regulation, the Group expressly disclaims any obligation 
or undertaking to release publicly any updates or revisions to any forward 
looking statements contained in this document to reflect any change in the 
Group's expectations or any change in events, conditions or circumstances on 
which any such statement is based. 
 
CONSOLIDATED INCOME STATEMENT 
 
For the year ended 31 December 2012 
 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |Adjusted |Adjusting |Statutory |Adjusted |Adjusting |Statutory | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |results  |items     |results   |results  |items     |results   | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |2012     |2012      |2012      |2011     |2011      |2011      | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |Notes |GBPm       |GBPm        |GBPm        |GBPm       |GBPm        |GBPm        | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Revenue from    |      |1,232.5  |-         |1,232.5   |1,275.3  |-         |1,275.3   | 
|continuing      |      |         |          |          |         |          |          | 
|operations      |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Net operating   |4     |(882.8)  |(225.3)   |(1,108.1) |(939.1)  |(205.9)   |(1,145.0) | 
|expenses        |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Operating profit|      |349.7    |(225.3)   |124.4     |336.2    |(205.9)   |130.3     | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|(Loss)/profit on|13    |-        |(27.5)    |(27.5)    |-        |0.1       |0.1       | 
|disposal of     |      |         |          |          |         |          |          | 
|businesses      |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Fair value gain |2     |-        |1.0       |1.0       |-        |-         |-         | 
|on              |      |         |          |          |         |          |          | 
|non-controlling |      |         |          |          |         |          |          | 
|interest        |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Finance costs   |5     |(38.3)   |(3.1)     |(41.4)    |(46.1)   |(1.5)     |(47.6)    | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Investment      |6     |6.0      |4.5       |10.5      |5.8      |-         |5.8       | 
|income          |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Profit before   |      |317.4    |(250.4)   |67.0      |295.9    |(207.3)   |88.6      | 
|tax             |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Tax             |7     |(71.8)   |95.5      |23.7      |(69.2)   |54.9      |(14.3)    | 
|(charge)/credit |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Profit for the  |      |245.6    |(154.9)   |90.7      |226.7    |(152.4)   |74.3      | 
|year            |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Attributable to:|      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|- Equity holders|      |         |          |90.7      |         |          |75.4      | 
|of the parent   |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|-               |      |         |          |-         |         |          |(1.1)     | 
|Non-controlling |      |         |          |          |         |          |          | 
|interest        |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Earnings per share     |         |          |          |         |          |          | 
|from continuing        |         |          |          |         |          |          | 
|operations             |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|- Basic (p)     |9     |         |          |15.1      |         |          |12.5      | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|- Diluted (p)   |9     |         |          |15.0      |         |          |12.5      | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|Adjusted earnings per share      |          |          |         |          |          | 
|from continuing operations       |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|- Basic (p)     |9     |40.8     |          |          |37.9     |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|- Diluted (p)   |9     |40.7     |          |          |37.8     |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
|                |      |         |          |          |         |          |          | 
+----------------+------+---------+----------+----------+---------+----------+----------+ 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
For the year ended 31 December 2012 
 
+---------------+-+-------+-------+ 
|               | |2012   |2011   | 
+---------------+-+-------+-------+ 
|               | |GBPm     |GBPm     | 
+---------------+-+-------+-------+ 
|Profit for the | |90.7   |74.3   | 
|year           | |       |       | 
+---------------+-+-------+-------+ 
|Decrease in    | |4.3    |11.6   | 
|fair value of  | |       |       | 
|cash flow      | |       |       | 
|hedges         | |       |       | 
+---------------+-+-------+-------+ 
|Loss on        | |(42.3) |(13.1) | 
|translation of | |       |       | 
|foreign        | |       |       | 
|operations     | |       |       | 
+---------------+-+-------+-------+ 
|Actuarial loss | |(8.5)  |(5.1)  | 
|on defined     | |       |       | 
|benefit pension| |       |       | 
|schemes        | |       |       | 
+---------------+-+-------+-------+ 
|Tax relating to| |0.4    |(3.6)  | 
|components of  | |       |       | 
|other          | |       |       | 
|comprehensive  | |       |       | 
|income         | |       |       | 
+---------------+-+-------+-------+ 
|Other          | |(46.1) |(10.2) | 
|comprehensive  | |       |       | 
|expense for the| |       |       | 
|year           | |       |       | 
+---------------+-+-------+-------+ 
|Total          | |44.6   |64.1   | 
|comprehensive  | |       |       | 
|income for the | |       |       | 
|year           | |       |       | 
+---------------+-+-------+-------+ 
|Attributable   | |       |       | 
|to:            | |       |       | 
+---------------+-+-------+-------+ 
|- Equity       | |44.6   |65.2   | 
|holders of the | |       |       | 
|parent         | |       |       | 
+---------------+-+-------+-------+ 
|-              | |-      |(1.1)  | 
|Non-controlling| |       |       | 
|interest       | |       |       | 
+---------------+-+-------+-------+ 
|               | |       |       | 
+---------------+-+-------+-------+ 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
For the year ended 31 December 2012 
 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|                |        |Share   |          |         |        |Non-        |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|                |Share   |premium |Other     |Retained |        |controlling |Total   | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|                |capital |account |reserves  |earnings |Total   |interest    |equity  | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|                |GBPm      |GBPm      |GBPm        |GBPm       |GBPm      |GBPm          |GBPm      | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|At 1 January    |0.6     |1.3     |(1,178.4) |2,577.4  |1,400.9 |-           |1, 400.9| 
|2011            |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Profit/(loss)   |-       |-       |-         |75.4     |75.4    |(1.1)       |74.3    | 
|for the year    |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Decrease in fair|-       |-       |11.6      |-        |11.6    |-           |11.6    | 
|value of cash   |        |        |          |         |        |            |        | 
|flow hedges     |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Loss on         |-       |-       |(13.1)    |-        |(13.1)  |-           |(13.1)  | 
|translation of  |        |        |          |         |        |            |        | 
|foreign         |        |        |          |         |        |            |        | 
|operations      |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Actuarial loss  |-       |-       |-         |(5.1)    |(5.1)   |-           |(5.1)   | 
|on defined      |        |        |          |         |        |            |        | 
|benefit pension |        |        |          |         |        |            |        | 
|schemes         |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Tax relating to |-       |-       |(4.7)     |1.1      |(3.6)   |-           |(3.6)   | 
|components of   |        |        |          |         |        |            |        | 
|other           |        |        |          |         |        |            |        | 
|comprehensive   |        |        |          |         |        |            |        | 
|income          |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Total           |-       |-       |(6.2)     |71.4     |65.2    |(1.1)       |64.1    | 
|comprehensive   |        |        |          |         |        |            |        | 
|(expense)/income|        |        |          |         |        |            |        | 
|for the year    |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Dividends to    |-       |-       |-         |(87.2)   |(87.2)  |(0.3)       |(87.5)  | 
|shareholders    |        |        |          |         |        |            |        | 
|(Note 8)        |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Share award     |-       |-       |3.0       |-        |3.0     |-           |3.0     | 
|expense         |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Own shares      |-       |-       |(0.1)     |-        |(0.1)   |-           |(0.1)   | 
|purchased       |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Share options   |-       |0.3     |-         |-        |0.3     |-           |0.3     | 
|exercised       |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Purchase of     |-       |-       |-         |-        |-       |(0.6)       |(0.6)   | 
|non-controlling |        |        |          |         |        |            |        | 
|interest        |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Disposal of     |-       |-       |-         |-        |-       |0.3         |0.3     | 
|non-controlling |        |        |          |         |        |            |        | 
|interest        |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Transfer of     |-       |-       |(1.3)     |1.3      |-       |-           |-       | 
|vested LTIPS    |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|At 1 January    |0.6     |1.6     |(1,183.0) |2,562.9  |1,382.1 |(1.7)       |1,380.4 | 
|2012            |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Profit for the  |-       |-       |-         |90.7     |90.7    |-           |90.7    | 
|year            |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Decrease in fair|-       |-       |4.3       |-        |4.3     |-           |4.3     | 
|value of cash   |        |        |          |         |        |            |        | 
|flow hedges     |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Loss on         |-       |-       |(42.3)    |-        |(42.3)  |-           |(42.3)  | 
|translation of  |        |        |          |         |        |            |        | 
|foreign         |        |        |          |         |        |            |        | 
|operations      |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Actuarial loss  |-       |-       |-         |(8.5)    |(8.5)   |-           |(8.5)   | 
|on defined      |        |        |          |         |        |            |        | 
|benefit pension |        |        |          |         |        |            |        | 
|schemes         |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Tax relating to |-       |-       |(1.3)     |1.7      |0.4     |-           |0.4     | 
|components of   |        |        |          |         |        |            |        | 
|other           |        |        |          |         |        |            |        | 
|comprehensive   |        |        |          |         |        |            |        | 
|income          |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Total           |-       |-       |(39.3)    |83.9     |44.6    |-           |44.6    | 
|comprehensive   |        |        |          |         |        |            |        | 
|(expense)/income|        |        |          |         |        |            |        | 
|for the year    |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Dividends to    |-       |-       |-         |(107.3)  |(107.3) |-           |(107.3) | 
|shareholders    |        |        |          |         |        |            |        | 
|(Note 8)        |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Share award     |-       |-       |3.8       |-        |3.8     |-           |3.8     | 
|expense         |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Own shares      |-       |-       |(0.1)     |-        |(0.1)   |-           |(0.1)   | 
|purchased       |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Share options   |-       |0.5     |-         |-        |0.5     |-           |0.5     | 
|exercised       |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Disposal of     |-       |-       |-         |-        |-       |1.7         |1.7     | 
|non-controlling |        |        |          |         |        |            |        | 
|interest        |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|Transfer of     |-       |-       |(4.1)     |4.1      |-       |-           |-       | 
|vested LTIPS    |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|At 31 December  |0.6     |2.1     |(1,222.7) |2,543.6  |1,323.6 |-           |1,323.6 | 
|2012            |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|                |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
|                |        |        |          |         |        |            |        | 
+----------------+--------+--------+----------+---------+--------+------------+--------+ 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
As at 31 December 2012 
 
+---------------+------+----------+----------+ 
|               |      |2012      |2011      | 
+---------------+------+----------+----------+ 
|               |Notes |GBPm        |GBPm        | 
+---------------+------+----------+----------+ 
|ASSETS         |      |          |          | 
+---------------+------+----------+----------+ 
|Non-current    |      |          |          | 
|assets         |      |          |          | 
+---------------+------+----------+----------+ 
|Goodwill       |      |1,726.5   |1,764.8   | 
+---------------+------+----------+----------+ 
|Other          |      |874.7     |969.8     | 
|intangible     |      |          |          | 
|assets         |      |          |          | 
+---------------+------+----------+----------+ 
|Property and   |      |19.3      |19.7      | 
|equipment      |      |          |          | 
+---------------+------+----------+----------+ 
|Other          |      |20.4      |-         | 
|receivables    |      |          |          | 
+---------------+------+----------+----------+ 
|Derivative     |      |-         |1.3       | 
|financial      |      |          |          | 
|instruments    |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |2,640.9   |2,755.6   | 
+---------------+------+----------+----------+ 
|Current assets |      |          |          | 
+---------------+------+----------+----------+ 
|Inventory      |      |38.2      |33.9      | 
+---------------+------+----------+----------+ 
|Trade and other|      |228.0     |251.4     | 
|receivables    |      |          |          | 
+---------------+------+----------+----------+ 
|Current tax    |      |3.1       |9.1       | 
|asset          |      |          |          | 
+---------------+------+----------+----------+ 
|Cash at bank   |      |23.9      |25.0      | 
|and in hand    |      |          |          | 
+---------------+------+----------+----------+ 
|Derivative     |      |-         |0.7       | 
|financial      |      |          |          | 
|instruments    |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |293.2     |320.1     | 
+---------------+------+----------+----------+ 
|Total assets   |      |2,934.1   |3,075.7   | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
|EQUITY AND     |      |          |          | 
|LIABILITIES    |      |          |          | 
+---------------+------+----------+----------+ 
|Capital and    |      |          |          | 
|reserves       |      |          |          | 
+---------------+------+----------+----------+ 
|Called up share|11    |0.6       |0.6       | 
|capital        |      |          |          | 
+---------------+------+----------+----------+ 
|Share premium  |      |2.1       |1.6       | 
|account        |      |          |          | 
+---------------+------+----------+----------+ 
|Reserve for    |      |5.9       |6.2       | 
|shares to be   |      |          |          | 
|issued         |      |          |          | 
+---------------+------+----------+----------+ 
|Merger reserve |      |496.4     |496.4     | 
+---------------+------+----------+----------+ 
|Other reserve  |      |(1,718.6) |(1,718.6) | 
+---------------+------+----------+----------+ 
|ESOP Trust     |      |(0.3)     |(0.2)     | 
|shares         |      |          |          | 
+---------------+------+----------+----------+ 
|Hedging reserve|      |-         |(3.0)     | 
+---------------+------+----------+----------+ 
|Translation    |      |(6.1)     |36.2      | 
|reserve        |      |          |          | 
+---------------+------+----------+----------+ 
|Retained       |      |2,543.6   |2,562.9   | 
|earnings       |      |          |          | 
+---------------+------+----------+----------+ 
|Equity         |      |1,323.6   |1,382.1   | 
|attributable to|      |          |          | 
|equity holders |      |          |          | 
|of the parent  |      |          |          | 
+---------------+------+----------+----------+ 
|Non-controlling|      |-         |(1.7)     | 
|interest       |      |          |          | 
+---------------+------+----------+----------+ 
|Total equity   |      |1,323.6   |1,380.4   | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
|Non-current    |      |          |          | 
|liabilities    |      |          |          | 
+---------------+------+----------+----------+ 
|Long-term      |10    |825.7     |806.9     | 
|borrowings     |      |          |          | 
+---------------+------+----------+----------+ 
|Deferred tax   |      |160.9     |164.7     | 
|liabilities    |      |          |          | 
+---------------+------+----------+----------+ 
|Retirement     |      |17.5      |12.1      | 
|benefit        |      |          |          | 
|obligation     |      |          |          | 
+---------------+------+----------+----------+ 
|Provisions     |      |8.7       |12.2      | 
+---------------+------+----------+----------+ 
|Trade and other|      |3.6       |7.1       | 
|payables       |      |          |          | 
+---------------+------+----------+----------+ 
|Derivative     |      |-         |-         | 
|financial      |      |          |          | 
|instruments    |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |1,016.4   |1,003.0   | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
|Current        |      |          |          | 
|liabilities    |      |          |          | 
+---------------+------+----------+----------+ 
|Short-term     |10    |0.6       |2.1       | 
|borrowings     |      |          |          | 
+---------------+------+----------+----------+ 
|Current tax    |      |78.0      |140.8     | 
|liabilities    |      |          |          | 
+---------------+------+----------+----------+ 
|Provisions     |      |5.1       |10.4      | 
+---------------+------+----------+----------+ 
|Trade and other|      |202.3     |206.9     | 
|payables       |      |          |          | 
+---------------+------+----------+----------+ 
|Deferred income|      |308.1     |327.0     | 
+---------------+------+----------+----------+ 
|Derivative     |      |-         |5.1       | 
|financial      |      |          |          | 
|instruments    |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |594.1     |692.3     | 
+---------------+------+----------+----------+ 
|Total          |      |1,610.5   |1,695.3   | 
|liabilities    |      |          |          | 
+---------------+------+----------+----------+ 
|Total equity   |      |2,934.1   |3,075.7   | 
|and liabilities|      |          |          | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
 
The Board of Directors approved these financial statements on 21 February 2013. 
 
CONSOLIDATED CASH FLOW STATEMENT 
 
For the year ended 31 December 2012 
 
+-------------------+------+--------+--------+ 
|                   |      |2012    |2011    | 
+-------------------+------+--------+--------+ 
|                   |Notes |GBPm      |GBPm      | 
+-------------------+------+--------+--------+ 
|Operating          |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash generated by  |12    |341.5   |315.6   | 
|operations         |      |        |        | 
+-------------------+------+--------+--------+ 
|Income taxes paid  |      |(45.5)  |(44.0)  | 
+-------------------+------+--------+--------+ 
|Interest paid      |      |(33.8)  |(51.9)  | 
+-------------------+------+--------+--------+ 
|Net cash inflow    |      |262.2   |219.7   | 
|from operating     |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Investing          |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Investment income  |      |1.3     |1.4     | 
+-------------------+------+--------+--------+ 
|Proceeds on        |      |0.2     |0.4     | 
|disposal of        |      |        |        | 
|property and       |      |        |        | 
|equipment          |      |        |        | 
+-------------------+------+--------+--------+ 
|Purchases of       |      |(13.8)  |(12.6)  | 
|intangible software|      |        |        | 
|assets             |      |        |        | 
+-------------------+------+--------+--------+ 
|Purchases of       |      |(8.0)   |(7.7)   | 
|property and       |      |        |        | 
|equipment          |      |        |        | 
+-------------------+------+--------+--------+ 
|Purchase of other  |      |(37.8)  |(26.2)  | 
|intangible assets  |      |        |        | 
+-------------------+------+--------+--------+ 
|Acquisition of     |      |(121.5) |(83.4)  | 
|subsidiaries and   |      |        |        | 
|businesses         |      |        |        | 
+-------------------+------+--------+--------+ 
|Acquisition of     |      |-       |(0.3)   | 
|non-controlling    |      |        |        | 
|interest           |      |        |        | 
+-------------------+------+--------+--------+ 
|Product development|      |(4.5)   |(4.0)   | 
|costs              |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash               |13    |(7.1)   |0.6     | 
|(outflow)/inflow on|      |        |        | 
|disposal of        |      |        |        | 
|subsidiaries and   |      |        |        | 
|businesses         |      |        |        | 
+-------------------+------+--------+--------+ 
|Proceeds on        |      |-       |0.7     | 
|disposal of other  |      |        |        | 
|intangible assets  |      |        |        | 
+-------------------+------+--------+--------+ 
|Proceeds on        |      |0.3     |-       | 
|disposal of        |      |        |        | 
|intangible software|      |        |        | 
|assets             |      |        |        | 
+-------------------+------+--------+--------+ 
|Net cash outflow   |      |(190.9) |(131.1) | 
|from investing     |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Financing          |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Dividends paid to  |8     |(107.4) |(87.0)  | 
|shareholders       |      |        |        | 
+-------------------+------+--------+--------+ 
|Dividends paid to  |      |-       |(0.3)   | 
|non-controlling    |      |        |        | 
|interest           |      |        |        | 
+-------------------+------+--------+--------+ 
|Repayments of      |12    |(44.0)  |(368.3) | 
|borrowings         |      |        |        | 
+-------------------+------+--------+--------+ 
|Loans drawn        |12    |80.0    |366.4   | 
|down/new bank loans|      |        |        | 
|raised             |      |        |        | 
+-------------------+------+--------+--------+ 
|Proceeds from the  |      |0.3     |0.3     | 
|issue of share     |      |        |        | 
|capital            |      |        |        | 
+-------------------+------+--------+--------+ 
|Net cash outflow   |      |(71.1)  |(88.9)  | 
|from financing     |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|                   |      |        |        | 
+-------------------+------+--------+--------+ 
|Net                |      |0.2     |(0.3)   | 
|increase/(decrease)|      |        |        | 
|in cash and cash   |      |        |        | 
|equivalents        |      |        |        | 
+-------------------+------+--------+--------+ 
|Effect of foreign  |      |(1.7)   |(2.7)   | 
|exchange rate      |      |        |        | 
|changes            |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash and cash      |      |24.8    |27.8    | 
|equivalents at     |      |        |        | 
|beginning of the   |      |        |        | 
|year               |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash and cash      |      |23.3    |24.8    | 
|equivalents at end |      |        |        | 
|of the year        |      |        |        | 
+-------------------+------+--------+--------+ 
|                   |      |        |        | 
+-------------------+------+--------+--------+ 
|                   |      |        |        | 
+-------------------+------+--------+--------+ 
Notes to the Full Year Results 
 
For the year ended 31 December 2012 
 
1 General information 
 
The Company is incorporated in Jersey under the Companies (Jersey) Law 1991 and 
headquartered in Switzerland. The address of the registered office is given on 
page 15. The consolidated financial statements as at 31 December 2012 and for 
year then ended comprise those of the Company and its subsidiaries and its 
interests in associates and jointly controlled entities (together referred to as 
the Group). 
 
2 Basis of preparation 
 
The financial information for the year ended 31 December 2012 does not 
constitute the statutory financial statements for that year, but is derived from 
those financial statements. While the financial information in these Full Year 
Results has been prepared in accordance with International Financial Reporting 
Standards (IFRS), these results do not in isolation contain sufficient 
information to comply with IFRS. Those financial statements have not yet been 
delivered to the Jersey Registrar of Companies, but include the auditors' report 
which was unqualified and did not contain a statement under Article 113B(3) or 
Article 113B(6) of the Companies (Jersey) Law 1991. 
 
The directors of Informa plc, having made appropriate enquiries, consider that 
adequate resources exist for the Group to continue in operational existence for 
the foreseeable future and that, therefore, it is appropriate to adopt the going 
concern basis in preparing the Annual Report and Financial Statements for the 
year ended 31 December 2012. 
 
Adjusted results 
 
Management believes that adjusted results and adjusted earnings per share (Note 
9) provide additional useful information on underlying trends to shareholders. 
These measures are used for internal performance analysis and incentive 
compensation arrangements for employees. The term "adjusted" is not a defined 
term under IFRS and may not therefore be comparable with similarly titled profit 
measurements reported by other companies. It is not intended to be a substitute 
for, or superior to, IFRS measurements of profit. 
 
The following charges/(credits) were presented as adjusting items: 
 
+---------------+------+-------+-------+ 
|               |      |2012   |2011   | 
+---------------+------+-------+-------+ 
|               |Notes |GBPm     |GBPm     | 
+---------------+------+-------+-------+ 
|Restructuring  |      |9.9    |15.2   | 
|and            |      |       |       | 
|reorganisation |      |       |       | 
|costs          |      |       |       | 
+---------------+------+-------+-------+ 
|Acquisition    |      |1.3    |1.4    | 
|related costs  |      |       |       | 
+---------------+------+-------+-------+ 
|Amortisation of|      |134.4  |137.9  | 
|other          |      |       |       | 
|intangible     |      |       |       | 
|assets         |      |       |       | 
+---------------+------+-------+-------+ 
|Impairment -   |      |80.0   |-      | 
|European       |      |       |       | 
|Conferences    |      |       |       | 
+---------------+------+-------+-------+ 
|Impairment -   |      |-      |50.7   | 
|Robbins Gioia  |      |       |       | 
+---------------+------+-------+-------+ 
|Impairment -   |      |1.3    |3.6    | 
|Other          |      |       |       | 
+---------------+------+-------+-------+ 
|Subsequent     |      |(1.6)  |(2.9)  | 
|re-measurement |      |       |       | 
|of contingent  |      |       |       | 
|consideration  |      |       |       | 
+---------------+------+-------+-------+ 
|Loss/(profit)  |13    |27.5   |(0.1)  | 
|on disposal of |      |       |       | 
|businesses     |      |       |       | 
+---------------+------+-------+-------+ 
|Fair value gain|      |(1.0)  |-      | 
|on             |      |       |       | 
|non-controlling|      |       |       | 
|interest       |      |       |       | 
+---------------+------+-------+-------+ 
|Excess interest|5     |-      |1.5    | 
|on early       |      |       |       | 
|repayment of   |      |       |       | 
|syndicated     |      |       |       | 
|loans          |      |       |       | 
+---------------+------+-------+-------+ 
|Interest on    |5     |3.1    |-      | 
|overdue tax    |      |       |       | 
+---------------+------+-------+-------+ 
|Early          |6     |(4.5)  |-      | 
|termination of |      |       |       | 
|cross currency |      |       |       | 
|swaps          |      |       |       | 
+---------------+------+-------+-------+ 
|               |      |250.4  |207.3  | 
+---------------+------+-------+-------+ 
|Tax related to |7     |(35.5) |(54.9) | 
|adjusting items|      |       |       | 
+---------------+------+-------+-------+ 
|Tax provision  |7     |(60.0) |-      | 
|release (net of|      |       |       | 
|associated     |      |       |       | 
|deferred tax   |      |       |       | 
|charge)        |      |       |       | 
+---------------+------+-------+-------+ 
|               |      |154.9  |152.4  | 
+---------------+------+-------+-------+ 
|               |      |       |       | 
+---------------+------+-------+-------+ 
 
The principal adjustments made are in respect of: 
 
  · restructuring and reorganisation costs - the costs incurred by the 
    Group in reorganising and integrating acquired businesses, non-recurring 
    business restructuring and the closure or disposal of businesses; 
  · amortisation of other intangible assets - the Group continues to 
    amortise other intangible assets. The amortisation charge in respect of 
    intangible software assets is included in the adjusted results. The 
    amortisation charge in respect of all remaining other intangible assets is 
    excluded from the adjusted results as management does not see these charges 
    as integral to underlying trading; 
  · impairment - the Group tests for impairment on an annual basis or 
    more frequently when an indicator exists. The impairment charge in respect 
    of material acquisitions is individually disclosed. The impairment charge 
    for those other separately identified intangible assets has been linked with 
    subsequent re-measurement of contingent consideration of those acquisitions; 
  · loss/(profit) on disposal of businesses - the loss/(profit) on 
    disposal includes the fair value of consideration less the net 
    assets/(liabilities) disposed, non-controlling interest and costs directly 
    attributable with the disposal; 
  · fair value gain on non-controlling interest - the fair value gain is 
    the re-measurement of our existing non-controlling interest when the Group 
    increases its shareholding; 
  · excess interest on early repayment of syndicated loans - capitalised 
    facility fees are amortised over the loan periods but where syndicated loan 
    facilities have been terminated early, the unamortised fees are immediately 
    expensed. This accelerated expense is not viewed as being part of the 
    underlying results and is thus excluded from the adjusted results; and 
  · early termination of cross currency swaps - following the early 
    termination of Euro cross currency swaps, the remaining gain deferred in 
    equity is recycled to the Consolidated Income Statement as an adjusting 
    item. 
 
The tax related to adjusting items is the tax effect of the items above and in 
2012 it also includes the effect of the reduction in the UK rate applicable for 
the purposes calculating deferred tax from 25% to 23%. 
 
During 2012 the Group resolved a number of outstanding tax issues which result 
in the Group being able to make a substantial one-off adjustment to its tax 
provisions which is also shown as an adjusting item. 
 
Significant exchange rates 
 
The following significant exchange rates versus GBP were applied during the 
year: 
 
+----+-------+-------+-------+-------+ 
|    |Average rate   |Closing rate   | 
+----+-------+-------+-------+-------+ 
|    |2012   |2011   |2012   |2011   | 
+----+-------+-------+-------+-------+ 
|USD |1.5898 |1.6047 |1.6175 |1.5439 | 
+----+-------+-------+-------+-------+ 
|EUR |1.2308 |1.1461 |1.2265 |1.1934 | 
+----+-------+-------+-------+-------+ 
|    |       |       |       |       | 
+----+-------+-------+-------+-------+ 
|    |       |       |       |       | 
+----+-------+-------+-------+-------+ 
3 Business segments 
 
Business segments 
 
Management has identified reportable segments based on financial information 
used by the Board of Directors in allocating resources and making strategic 
decisions.We consider the Chief Operating Decision Maker to be the Executive 
Directors. 
 
The Group's three identified reportable segments under IFRS 8 are therefore as 
follows: 
 
Academic Information ("AI") 
 
This division, which includes the Taylor & Francis publishing business, provides 
a portfolio of online and print publications, primarily for academic users 
across the spectrum of Science, Technology, Humanities and Social Sciences. 
 
Professional and Commercial Information ("PCI") 
 
This division, which includes Informa Business Information and Informa Financial 
Information provides information, across a range of formats and on a global 
basis, to a variety of sectors including Medical, Pharmaceutical, Financial, 
Law, Commerce, Commodities, Maritime and Telecoms. 
 
Events and Training 
 
The Events and Training business consists of trade shows and exhibitions, large 
and small conferences and training courses. 
 
Segment revenue and results 
 
31 December 2012 
 
+---------------+-------+-------+---------+--------+ 
|               |AI     |PCI    |Events   |Total   | 
|               |       |       |and      |        | 
|               |       |       |Training |        | 
+---------------+-------+-------+---------+--------+ 
|               |GBPm     |GBPm     |GBPm       |GBPm      | 
+---------------+-------+-------+---------+--------+ 
|Revenue        |340.3  |356.6  |535.6    |1,232.5 | 
+---------------+-------+-------+---------+--------+ 
|Adjusted       |126.1  |120.7  |102.9    |349.7   | 
|operating      |       |       |         |        | 
|profit         |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Restructuring  |(0.9)  |(4.2)  |(4.8)    |(9.9)   | 
|and            |       |       |         |        | 
|reorganisation |       |       |         |        | 
|costs (Note 2) |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Acquisition    |-      |(0.3)  |(1.0)    |(1.3)   | 
|related costs  |       |       |         |        | 
|(Note 2)       |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Subsequent     |-      |1.3    |0.3      |1.6     | 
|re-measurement |       |       |         |        | 
|of contingent  |       |       |         |        | 
|consideration  |       |       |         |        | 
|(Note 2)       |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Intangible     |(27.2) |(47.7) |(59.5)   |(134.4) | 
|asset          |       |       |         |        | 
|amortisation1  |       |       |         |        | 
|(Note 2)       |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Impairment     |-      |(1.1)  |(80.2)   |(81.3)  | 
|(Note 2)       |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Operating      |98.0   |68.7   |(42.3)   |124.4   | 
|profit/(loss)  |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Loss on        |       |       |         |(27.5)  | 
|disposal of    |       |       |         |        | 
|business       |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Fair value gain|       |       |         |1.0     | 
|on             |       |       |         |        | 
|non-controlling|       |       |         |        | 
|interest (Note |       |       |         |        | 
|2)             |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Finance costs  |       |       |         |(41.4)  | 
|(Note 5)       |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Investment     |       |       |         |10.5    | 
|income (Note 6)|       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|Profit before  |       |       |         |67.0    | 
|tax            |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
|               |       |       |         |        | 
+---------------+-------+-------+---------+--------+ 
¹ Excludes software amortisation. 
 
Segment revenue and results 
 
31 December 2011 
 
+--------------+-------+-------+---------+--------+ 
|              |AI     |PCI    |Events   |Total   | 
|              |       |       |and      |        | 
|              |       |       |Training |        | 
+--------------+-------+-------+---------+--------+ 
|              |GBPm     |GBPm     |GBPm       |GBPm      | 
+--------------+-------+-------+---------+--------+ 
|Revenue       |323.6  |370.5  |581.2    |1,275.3 | 
+--------------+-------+-------+---------+--------+ 
|Adjusted      |116.2  |114.0  |106.0    |336.2   | 
|operating     |       |       |         |        | 
|profit        |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Restructuring |(1.3)  |(10.4) |(3.5)    |(15.2)  | 
|and           |       |       |         |        | 
|reorganisation|       |       |         |        | 
|costs (Note 2)|       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Acquisition   |(0.1)  |(0.2)  |(1.1)    |(1.4)   | 
|related costs |       |       |         |        | 
|(Note 2)      |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Subsequent    |-      |2.6    |0.3      |2.9     | 
|re-measurement|       |       |         |        | 
|of contingent |       |       |         |        | 
|consideration |       |       |         |        | 
|(Note 2)      |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Intangible    |(27.9) |(47.9) |(62.1)   |(137.9) | 
|asset         |       |       |         |        | 
|amortisation1 |       |       |         |        | 
|(Note 2)      |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Impairment    |-      |(2.4)  |(51.9)   |(54.3)  | 
|(Note 2)      |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Operating     |86.9   |55.7   |(12.3)   |130.3   | 
|profit/(loss) |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Profit on     |       |       |         |0.1     | 
|disposal of   |       |       |         |        | 
|business      |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Finance costs |       |       |         |(47.6)  | 
|(Note 5)      |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Investment    |       |       |         |5.8     | 
|income (Note  |       |       |         |        | 
|6)            |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|Profit before |       |       |         |88.6    | 
|tax           |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
|              |       |       |         |        | 
+--------------+-------+-------+---------+--------+ 
¹ Excludes software amortisation. 
 
Adjusted operating result by operating segment is the measure reported to the 
Group's Chief Executive for the purpose of resource allocation and assessment of 
segment performance.Finance costs and investment income are not allocated to 
segments, as this type of activity is driven by the central treasury function, 
which manages the cash positions of the Group. 
 
Segment assets 
 
+-----------+--------+--------+ 
|           |2012    |2011    | 
+-----------+--------+--------+ 
|           |GBPm      |GBPm      | 
+-----------+--------+--------+ 
|AI         |870.7   |939.1   | 
+-----------+--------+--------+ 
|PCI        |1,151.9 |1,056.0 | 
+-----------+--------+--------+ 
|Events and |857.9   |1,044.4 | 
|Training   |        |        | 
+-----------+--------+--------+ 
|Total      |2,880.5 |3,039.5 | 
|segment    |        |        | 
|assets     |        |        | 
+-----------+--------+--------+ 
|Unallocated|53.6    |36.2    | 
|assets     |        |        | 
+-----------+--------+--------+ 
|Total      |2,934.1 |3,075.7 | 
|assets     |        |        | 
+-----------+--------+--------+ 
|           |        |        | 
+-----------+--------+--------+ 
 
For the purpose of monitoring segment performance and allocating resources 
between segments, management monitors the tangible, intangible and financial 
assets attributable to each segment. All assets are allocated to reportable 
segments except for corporate balances, including taxation (current and 
deferred). Assets used jointly by reportable segments are allocated on the basis 
of the revenues earned by individual reportable segment. 
 
The Group's revenues from its major products and services were as follows: 
 
+--------------+--------+--------+ 
|              |2012    |2011    | 
+--------------+--------+--------+ 
|              |GBPm      |GBPm      | 
+--------------+--------+--------+ 
|AI            |        |        | 
+--------------+--------+--------+ 
|Subscriptions |182.7   |176.6   | 
+--------------+--------+--------+ 
|Copy sales    |157.6   |147.0   | 
+--------------+--------+--------+ 
|Total AI      |340.3   |323.6   | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
|PCI           |        |        | 
+--------------+--------+--------+ 
|Subscriptions |285.8   |287.5   | 
+--------------+--------+--------+ 
|Copy sales    |52.8    |63.1    | 
+--------------+--------+--------+ 
|Advertising   |18.0    |19.9    | 
+--------------+--------+--------+ 
|Total PCI     |356.6   |370.5   | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
|Events and    |        |        | 
|Training      |        |        | 
+--------------+--------+--------+ 
|Delegates     |291.1   |319.6   | 
+--------------+--------+--------+ 
|Exhibition    |145.4   |134.0   | 
+--------------+--------+--------+ 
|Sponsorship   |63.8    |63.2    | 
+--------------+--------+--------+ 
|Consulting    |26.2    |55.2    | 
+--------------+--------+--------+ 
|Advertising   |9.1     |9.2     | 
+--------------+--------+--------+ 
|Total Events  |535.6   |581.2   | 
|and Training  |        |        | 
+--------------+--------+--------+ 
|Total revenue |1,232.5 |1,275.3 | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
 
Information about major customers 
 
The Group's revenue by location of customer and information about its segment 
assets by geographical location are detailed below: 
 
+------------+--------+--------+--------+--------+ 
|            |Revenue          |Segment assets   | 
+------------+--------+--------+--------+--------+ 
|            |2012    |2011    |2012    |2011    | 
+------------+--------+--------+--------+--------+ 
|Geographical|GBPm      |GBPm      |GBPm      |GBPm      | 
|information |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|United      |151.2   |172.7   |1,320.3 |1,325.6 | 
|Kingdom     |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|North       |434.9   |446.7   |1,087.8 |1,053.9 | 
|America     |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|Continental |287.9   |317.7   |185.8   |316.0   | 
|Europe      |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|Rest of     |358.5   |338.2   |340.2   |380.2   | 
|World       |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|            |1,232.5 |1,275.3 |2,934.1 |3,075.7 | 
+------------+--------+--------+--------+--------+ 
|            |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
 
No individual customer amounts to more than 10% of the Group's revenue. 
 
4 Net operating expenses 
 
Operating profit has been arrived at after charging/(crediting): 
 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|              |     |Adjusted |Adjusting |Statutory |Adjusted |Adjusting |Statutory | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|              |     |results  |items     |results   |results  |items     |results   | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|              |     |2012     |2012      |2012      |2011     |2011      |2011      | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|              |Note |GBPm       |GBPm        |GBPm        |GBPm       |GBPm        |GBPm        | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Cost of sales |     |393.4    |-         |393.4     |446.3    |-         |446.3     | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Staff costs   |     |364.7    |-         |364.7     |355.5    |-         |355.5     | 
|(excluding    |     |         |          |          |         |          |          | 
|redundancy    |     |         |          |          |         |          |          | 
|costs)        |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Amortisation  |     |14.5     |134.4     |148.9     |13.1     |137.9     |151.0     | 
|of other      |     |         |          |          |         |          |          | 
|intangible    |     |         |          |          |         |          |          | 
|assets        |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Depreciation  |     |7.0      |-         |7.0       |6.7      |-         |6.7       | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Impairment    |2    |-        |81.3      |81.3      |-        |54.3      |54.3      | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Net foreign   |     |1.8      |-         |1.8       |0.8      |-         |0.8       | 
|exchange loss |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Auditor's     |     |1.1      |-         |1.1       |1.3      |-         |1.3       | 
|remuneration  |     |         |          |          |         |          |          | 
|for audit     |     |         |          |          |         |          |          | 
|services      |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Operating     |     |         |          |          |         |          |          | 
|lease expenses|     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|- Land and    |     |21.2     |-         |21.2      |24.8     |-         |24.8      | 
|buildings     |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|- Other       |     |1.1      |-         |1.1       |1.2      |-         |1.2       | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Restructuring |2    |-        |9.9       |9.9       |-        |15.2      |15.2      | 
|and           |     |         |          |          |         |          |          | 
|reorganisation|     |         |          |          |         |          |          | 
|costs         |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Acquisition   |2    |-        |1.3       |1.3       |-        |1.4       |1.4       | 
|related costs |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Subsequent    |2    |-        |(1.6)     |(1.6)     |-        |(2.9)     |(2.9)     | 
|re-measurement|     |         |          |          |         |          |          | 
|of contingent |     |         |          |          |         |          |          | 
|consideration |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Other         |     |78.0     |-         |78.0      |89.4     |-         |89.4      | 
|operating     |     |         |          |          |         |          |          | 
|expenses      |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|Total net     |     |882.8    |225.3     |1,108.1   |939.1    |205.9     |1,145.0   | 
|operating     |     |         |          |          |         |          |          | 
|expenses      |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
|              |     |         |          |          |         |          |          | 
+--------------+-----+---------+----------+----------+---------+----------+----------+ 
 
5 Finance costs 
 
+---------------+-----+-----+-----+ 
|               |     |2012 |2011 | 
+---------------+-----+-----+-----+ 
|               |Note |GBPm   |GBPm   | 
+---------------+-----+-----+-----+ 
|Interest       |     |33.8 |41.8 | 
|expense on     |     |     |     | 
|financial      |     |     |     | 
|liabilities    |     |     |     | 
|measured at    |     |     |     | 
|amortised cost |     |     |     | 
+---------------+-----+-----+-----+ 
|Interest cost  |     |4.2  |4.3  | 
|on pension     |     |     |     | 
|scheme         |     |     |     | 
|liabilities    |     |     |     | 
+---------------+-----+-----+-----+ 
|Total interest |     |38.0 |46.1 | 
|expense        |     |     |     | 
+---------------+-----+-----+-----+ 
|Cash flow hedge|     |0.3  |-    | 
|ineffectiveness|     |     |     | 
|loss           |     |     |     | 
+---------------+-----+-----+-----+ 
|Excess interest|2    |-    |1.5  | 
|on early       |     |     |     | 
|repayment of   |     |     |     | 
|syndicated     |     |     |     | 
|loans          |     |     |     | 
+---------------+-----+-----+-----+ 
|Interest on    |2    |3.1  |-    | 
|overdue tax    |     |     |     | 
+---------------+-----+-----+-----+ 
|               |     |41.4 |47.6 | 
+---------------+-----+-----+-----+ 
|               |     |     |     | 
+---------------+-----+-----+-----+ 
 
6 Investment income 
 
+-------------+-----+-----+-----+ 
|             |     |2012 |2011 | 
+-------------+-----+-----+-----+ 
|             |Note |GBPm   |GBPm   | 
+-------------+-----+-----+-----+ 
|Loans and    |     |     |     | 
|receivables: |     |     |     | 
+-------------+-----+-----+-----+ 
|Interest     |     |1.0  |1.4  | 
|income on    |     |     |     | 
|bank deposits|     |     |     | 
+-------------+-----+-----+-----+ 
|Interest     |     |1.6  |-    | 
|income on    |     |     |     | 
|non-current  |     |     |     | 
|receivables  |     |     |     | 
+-------------+-----+-----+-----+ 
|Expected     |     |3.4  |4.4  | 
|return on    |     |     |     | 
|pension      |     |     |     | 
|scheme assets|     |     |     | 
+-------------+-----+-----+-----+ 
|Early        |2    |4.5  |-    | 
|termination  |     |     |     | 
|of cross     |     |     |     | 
|currency     |     |     |     | 
|swaps        |     |     |     | 
+-------------+-----+-----+-----+ 
|             |     |10.5 |5.8  | 
+-------------+-----+-----+-----+ 
|             |     |     |     | 
+-------------+-----+-----+-----+ 
 
7 Taxation 
 
The tax (credit)/charge comprises: 
 
+---------------+-----+-------+-------+ 
|               |     |2012   |2011   | 
+---------------+-----+-------+-------+ 
|               |Note |GBPm     |GBPm     | 
+---------------+-----+-------+-------+ 
|Current tax:   |     |       |       | 
+---------------+-----+-------+-------+ 
|Current year   |     |52.4   |44.5   | 
+---------------+-----+-------+-------+ 
|Tax provision  |     |(61.5) |-      | 
|release        |     |       |       | 
+---------------+-----+-------+-------+ 
|Interest on    |5    |(3.1)  |-      | 
|overdue tax    |     |       |       | 
|reclassified to|     |       |       | 
|Finance costs  |     |       |       | 
+---------------+-----+-------+-------+ 
|               |     |       |       | 
+---------------+-----+-------+-------+ 
|Deferred tax:  |     |       |       | 
+---------------+-----+-------+-------+ 
|Current year   |     |(8.5)  |(18.9) | 
+---------------+-----+-------+-------+ 
|Credit arising |     |(4.5)  |(6.0)  | 
|from UK        |     |       |       | 
|corporation tax|     |       |       | 
|rate change    |     |       |       | 
+---------------+-----+-------+-------+ 
|Exceptional    |     |1.5    |(5.3)  | 
|deferred tax   |     |       |       | 
|charge/(credit)|     |       |       | 
|in respect of  |     |       |       | 
|prior years    |     |       |       | 
+---------------+-----+-------+-------+ 
|Total tax      |     |(23.7) |14.3   | 
|(credit)/charge|     |       |       | 
|on profit on   |     |       |       | 
|ordinary       |     |       |       | 
|activities     |     |       |       | 
+---------------+-----+-------+-------+ 
|               |     |       |       | 
+---------------+-----+-------+-------+ 
 
The tax shown as an adjusting item within the Consolidated Income Statement 
relates to the following: 
 
+---------------+--------+------+--------+-----+ 
|               |Gross   |Tax   |Gross   |Tax  | 
+---------------+--------+------+--------+-----+ 
|               |2012    |2012  |2011    |2011 | 
+---------------+--------+------+--------+-----+ 
|               |GBPm      |GBPm    |GBPm      |GBPm   | 
+---------------+--------+------+--------+-----+ 
|Restructuring  |(9.9)   |2.6   |(15.2)  |4.4  | 
|and            |        |      |        |     | 
|reorganisation |        |      |        |     | 
|costs (Note 2) |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Acquisition    |(1.3)   |-     |(1.4)   |-    | 
|related costs  |        |      |        |     | 
|(Note 2)       |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Amortisation of|(134.4) |26.7  |(137.9) |35.7 | 
|other          |        |      |        |     | 
|intangible     |        |      |        |     | 
|assets (Note 2)|        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Impairment     |(81.3)  |-     |(54.3)  |3.1  | 
|(Note 2)       |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Subsequent     |1.6     |-     |2.9     |-    | 
|re-measurement |        |      |        |     | 
|of contingent  |        |      |        |     | 
|consideration  |        |      |        |     | 
|(Note 2)       |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|(Loss)/profit  |(27.5)  |(0.3) |0.1     |-    | 
|on disposal of |        |      |        |     | 
|business (Note |        |      |        |     | 
|13)            |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Fair value gain|1.0     |-     |-       |-    | 
|on             |        |      |        |     | 
|non-controlling|        |      |        |     | 
|interest (Note |        |      |        |     | 
|2)             |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Excess interest|-       |-     |(1.5)   |0.4  | 
|on early       |        |      |        |     | 
|repayment of   |        |      |        |     | 
|syndicated     |        |      |        |     | 
|loans (Note 5) |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Interest on    |(3.1)   |3.1   |-       |-    | 
|overdue tax    |        |      |        |     | 
|reclassified to|        |      |        |     | 
|Finance costs  |        |      |        |     | 
|(Note 5)       |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Early          |4.5     |(1.1) |-       |-    | 
|termination of |        |      |        |     | 
|cross currency |        |      |        |     | 
|swap (Note 6)  |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Deferred tax   |-       |4.5   |-       |6.0  | 
|credit arising |        |      |        |     | 
|from UK        |        |      |        |     | 
|corporation tax|        |      |        |     | 
|rate change    |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|Tax provision  |-       |60.0  |-       |5.3  | 
|release (net of|        |      |        |     | 
|associated     |        |      |        |     | 
|deferred tax   |        |      |        |     | 
|charge) (Note  |        |      |        |     | 
|2)             |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
|               |(250.4) |95.5  |(207.3) |54.9 | 
+---------------+--------+------+--------+-----+ 
|               |        |      |        |     | 
+---------------+--------+------+--------+-----+ 
 
The current and deferred tax is calculated on the estimated assessable profit 
for the year. Taxation is calculated on each jurisdiction based on the 
prevailing rates of that jurisdiction. 
 
The total tax (credit)/charge for the year can be reconciled to the accounting 
profit as follows: 
 
+---------------+-------+-------+------+------+ 
|               |2012           |2011         | 
+---------------+-------+-------+------+------+ 
|               |GBPm     |%      |GBPm    |%     | 
+---------------+-------+-------+------+------+ 
|Profit before  |67.0   |       |88.6  |      | 
|tax            |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|               |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|Tax charge at  |11.4   |17.0   |16.8  |19.0  | 
|weighted       |       |       |      |      | 
|average rate   |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|Permanent      |22.9   |34.2   |3.7   |4.1   | 
|differences    |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|Losses in      |6.5    |9.7    |5.1   |5.8   | 
|certain        |       |       |      |      | 
|jurisdictions  |       |       |      |      | 
|that have not  |       |       |      |      | 
|been recognised|       |       |      |      | 
+---------------+-------+-------+------+------+ 
|Deferred tax   |(4.5)  |(6.7)  |(6.0) |(6.8) | 
|credit arising |       |       |      |      | 
|from UK        |       |       |      |      | 
|corporation tax|       |       |      |      | 
|rate change    |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|Tax provision  |(60.0) |(89.6) |(5.3) |(6.0) | 
|release (net of|       |       |      |      | 
|associated     |       |       |      |      | 
|deferred tax   |       |       |      |      | 
|charge)        |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|Tax            |(23.7) |(35.4) |14.3  |16.1  | 
|(credit)/charge|       |       |      |      | 
|and effective  |       |       |      |      | 
|rate for the   |       |       |      |      | 
|year           |       |       |      |      | 
+---------------+-------+-------+------+------+ 
|               |       |       |      |      | 
+---------------+-------+-------+------+------+ 
 
The weighted average tax rates for 2011 and 2012 have been adjusted for the 
impairments of Robbins Gioia and European Conferences respectively which are not 
allowable for tax purposes.Inclusion of these amounts would unduly distort the 
weighted average tax rate reported for each period. 
 
In addition to the income tax (credit)/charge to the Consolidated Income 
Statement, a tax credit of GBP0.4m (2011: charge of GBP3.6m) all of which relates to 
deferred tax has been recognised directly in Other Comprehensive Income during 
the year. 
 
8 Dividends 
 
+-------------+------+-----+ 
|             |2012  |2011 | 
+-------------+------+-----+ 
|             |GBPm    |GBPm   | 
+-------------+------+-----+ 
|Amounts      |      |     | 
|recognised as|      |     | 
|distributions|      |     | 
|to equity    |      |     | 
|holders in   |      |     | 
|the year:    |      |     | 
+-------------+------+-----+ 
|Second       |-     |57.1 | 
|interim      |      |     | 
|dividend for |      |     | 
|the year     |      |     | 
|ended 31     |      |     | 
|December 2010|      |     | 
|of 9.50p per |      |     | 
|share        |      |     | 
+-------------+------+-----+ 
|First interim|-     |30.1 | 
|dividend for |      |     | 
|the year     |      |     | 
|ended 31     |      |     | 
|December 2011|      |     | 
|of 5.00p per |      |     | 
|share        |      |     | 
+-------------+------+-----+ 
|Second       |71.1  |-    | 
|interim      |      |     | 
|dividend for |      |     | 
|the year     |      |     | 
|ended 31     |      |     | 
|December 2011|      |     | 
|of 11.80p per|      |     | 
|share        |      |     | 
+-------------+------+-----+ 
|First interim|36.2  |-    | 
|dividend for |      |     | 
|the year     |      |     | 
|ended 31     |      |     | 
|December 2012|      |     | 
|of 6.00p per |      |     | 
|share        |      |     | 
+-------------+------+-----+ 
|             |107.3 |87.2 | 
+-------------+------+-----+ 
|             |      |     | 
+-------------+------+-----+ 
|Proposed     |      |     | 
|second       |      |     | 
|interim      |      |     | 
|dividend for |      |     | 
|the year     |      |     | 
|ended 31     |      |     | 
|December 2012|      |     | 
+-------------+------+-----+ 
|of 12.50p per|75.3  |70.9 | 
|share (2011: |      |     | 
|11.80p per   |      |     | 
|share)       |      |     | 
+-------------+------+-----+ 
|             |      |     | 
+-------------+------+-----+ 
 
As at 31 December 2012 GBP0.1m (2011: GBP0.2m) of dividends are still to be paid. 
 
Holders of 108,422 (2011: 70,348) ordinary shares of 0.1 pence each have waived 
their rights to receive dividends. 
 
Pursuant to the Dividend Access Plan ("DAP") arrangements put in place in 2009 
as part of the Scheme of Arrangement, shareholders in the Company are able to 
elect to receive their dividends from a UK source (a DAP election). Shareholders 
who (i) held 100,000 or fewer shares on the date of admission of the Company's 
shares to the London Stock Exchange and (ii) in the case of shareholders who did 
not own the shares at that time, on the first dividend record date after they 
become shareholders in the Company, unless they elect otherwise, are deemed to 
have elected to receive their dividends under the DAP arrangements. Shareholders 
who hold more than 100,000 shares and who wish to receive their dividends from a 
UK source must make a DAP election. All elections remain in force indefinitely 
unless revoked. Unless shareholders have made a DAP election, or are deemed to 
have made a DAP election, dividends will be received directly from the Company, 
domiciled in Switzerland, and will be taxed accordingly. 
 
9 Earnings per share 
 
Basic 
 
The basic earnings per share calculation is based on a profit attributable to 
equity shareholders of the parent of GBP90.7m (2011: GBP75.4m). This profit on 
ordinary activities after taxation is divided by the weighted average number of 
shares in issue (less those non-vested shares held by employee share ownership 
trusts) which is 602,378,791 (2011: 601,047,454). 
 
Diluted 
 
The diluted earnings per share calculation is based on the basic earnings per 
share calculation above except that the weighted average number of shares 
includes all potentially dilutive options granted by the reporting date as if 
those options had been exercised on the first day of the accounting period or 
the date of the grant, if later, giving a weighted average of 603,021,026 (2011: 
602,928,726). 
 
The table below sets out the adjustment in respect of diluted potential ordinary 
shares: 
 
+------------+------------+------------+ 
|            |2012        |2011        | 
+------------+------------+------------+ 
|Weighted    |602,378,791 |601,047,454 | 
|average     |            |            | 
|number of   |            |            | 
|shares used |            |            | 
|in basic    |            |            | 
|earnings per|            |            | 
|share       |            |            | 
|calculation |            |            | 
+------------+------------+------------+ 
|Effect of   |642,235     |1,881,272   | 
|dilutive    |            |            | 
|share       |            |            | 
|options     |            |            | 
+------------+------------+------------+ 
|Weighted    |603,021,026 |602,928,726 | 
|average     |            |            | 
|number of   |            |            | 
|shares used |            |            | 
|in diluted  |            |            | 
|earnings per|            |            | 
|share       |            |            | 
|calculation |            |            | 
+------------+------------+------------+ 
|            |            |            | 
+------------+------------+------------+ 
 
Adjusted earnings per share 
 
The basic and diluted adjusted earnings per share calculations have been made to 
allow shareholders to gain a further understanding of the trading performance of 
the Group. They are based on the basic and diluted earnings per share 
calculations above except that profits are based on continuing operations 
attributable to equity shareholders and are adjusted for items that are not 
perceived by management to be part of the underlying trends in the business, and 
the tax effect of those adjusting items, as follows: 
 
+---------------+------+------+ 
|               |2012  |2011  | 
+---------------+------+------+ 
|               |GBPm    |GBPm    | 
+---------------+------+------+ 
|Profit for the |90.7  |74.3  | 
|year           |      |      | 
+---------------+------+------+ 
|Non-controlling|-     |1.1   | 
|interest       |      |      | 
+---------------+------+------+ 
|Adjusting items|154.9 |152.4 | 
|net of         |      |      | 
|attributable   |      |      | 
|taxation (Note |      |      | 
|2)             |      |      | 
+---------------+------+------+ 
|Adjusted profit|245.6 |227.8 | 
|for the year   |      |      | 
|attributable to|      |      | 
|equity         |      |      | 
|shareholders   |      |      | 
+---------------+------+------+ 
|               |      |      | 
+---------------+------+------+ 
|Earnings per   |      |      | 
|share:         |      |      | 
+---------------+------+------+ 
|- Adjusted     |40.8  |37.9  | 
|basic (p)      |      |      | 
+---------------+------+------+ 
|- Adjusted     |40.7  |37.8  | 
|diluted (p)    |      |      | 
+---------------+------+------+ 
|               |      |      | 
+---------------+------+------+ 
 
10 Borrowings 
 
+------------+------+------+ 
|            |2012  |2011  | 
+------------+------+------+ 
|            |GBPm    |GBPm    | 
+------------+------+------+ 
|Non-current |      |      | 
+------------+------+------+ 
|Bank        |377.2 |339.9 | 
|borrowings  |      |      | 
+------------+------+------+ 
|Private     |448.5 |467.0 | 
|placement   |      |      | 
|loan notes  |      |      | 
+------------+------+------+ 
|Total       |825.7 |806.9 | 
|non-current |      |      | 
|borrowings  |      |      | 
+------------+------+------+ 
|Current     |      |      | 
+------------+------+------+ 
|Bank        |-     |1.9   | 
|borrowings  |      |      | 
+------------+------+------+ 
|Bank        |0.6   |0.2   | 
|overdraft   |      |      | 
+------------+------+------+ 
|            |826.3 |809.0 | 
+------------+------+------+ 
|            |      |      | 
+------------+------+------+ 
 
There have been no breaches of bank covenants during the year. The bank 
borrowings are guaranteed by material subsidiaries of the Group. The Group does 
not have any of its property and equipment and other intangible assets pledged 
as security over bank loans. 
 
The Group maintains the following significant lines of credit: 
 
  · Private placement loan notes drawn in three currency tranches of USD 
    597.5m, GBP 40.0m and EUR 50.0m. The note maturities range between five and 
    ten years, with an average duration of 6.3 years, at a weighted average 
    interest rate of 4.3%. 
  · GBP625.0m (2011: GBP625.0m) revolving credit facility, of which GBP379.9m 
    has been drawn down at 31 December 2012. Interest is payable at the rate of 
    LIBOR plus a margin based on the ratio of net debt to EBITDA. 
  · GBP40.2m (2011: GBP44.6m) comprising a number of bilateral bank 
    facilities that can be drawn down to meet short-term financing needs. These 
    facilities consist of GBP 16.0m (2011: GBP 16.0m), USD 15.0m (2011: USD 
    15.0m), EUR 15.0m (2011: EUR 18.0m), AUD 4.3m (2011: AUD 2.3m), CAD nil 
    (2011: CAD 1.0m) and BRL nil (2011: BRL 4.9m). Interest is payable at the 
    local base rate plus margins that vary between 1% and 6%. 
 
The effective interest rate as at 31 December 2012 is 3.6% (2011: 4.1%). 
 
The Group had the following committed undrawn borrowing facilities at 31 
December: 
 
+------+------+------+ 
|Expiry|2012  |2011  | 
|date  |      |      | 
+------+------+------+ 
|      |GBPm    |GBPm    | 
+------+------+------+ 
|Within|-     |-     | 
|one to|      |      | 
|two   |      |      | 
|years |      |      | 
+------+------+------+ 
|In    |245.1 |281.5 | 
|more  |      |      | 
|than  |      |      | 
|two   |      |      | 
|years |      |      | 
+------+------+------+ 
|      |245.1 |281.5 | 
+------+------+------+ 
|      |      |      | 
+------+------+------+ 
 
11 Share Capital 
 
+---------------+------+------+ 
|               |2012  |2011  | 
+---------------+------+------+ 
|               |GBPm    |GBPm    | 
+---------------+------+------+ 
|Authorised     |      |      | 
+---------------+------+------+ 
|202,500,000,000|202.5 |202.5 | 
|ordinary shares|      |      | 
|of 0.1p each   |      |      | 
|(2011:         |      |      | 
|202,500,000,000|      |      | 
|of 0.1p each)  |      |      | 
+---------------+------+------+ 
|               |      |      | 
+---------------+------+------+ 
 
+-----------+-----+-----+ 
|           |2012 |2011 | 
+-----------+-----+-----+ 
|           |GBPm   |GBPm   | 
+-----------+-----+-----+ 
|Issued and |     |     | 
|fully paid |     |     | 
+-----------+-----+-----+ 
|602,707,165|0.6  |0.6  | 
|ordinary   |     |     | 
|shares of  |     |     | 
|0.1p each  |     |     | 
|(2011:     |     |     | 
|601,202,853|     |     | 
|of 0.1p    |     |     | 
|each)      |     |     | 
+-----------+-----+-----+ 
|           |     |     | 
+-----------+-----+-----+ 
 
+-------------+------------+----+ 
|             |Number of   |    | 
+-------------+------------+----+ 
|             |shares      |GBPm  | 
+-------------+------------+----+ 
|At 31        |601,202,853 |0.6 | 
|December 2011|            |    | 
+-------------+------------+----+ 
|Issued in    |1,504,312   |-   | 
|respect of   |            |    | 
|share option |            |    | 
|schemes and  |            |    | 
|other        |            |    | 
|entitlements |            |    | 
+-------------+------------+----+ 
|At 31        |602,707,165 |0.6 | 
|December 2012|            |    | 
+-------------+------------+----+ 
|             |            |    | 
+-------------+------------+----+ 
 
Share options 
 
As at 31 December 2012, there were no outstanding share options. 
 
12 Notes to the cash flow statement 
 
+-------------------+------+-------+-------+ 
|                   |      |2012   |2011   | 
+-------------------+------+-------+-------+ 
|                   |Notes |GBPm     |GBPm     | 
+-------------------+------+-------+-------+ 
|Profit before tax  |      |67.0   |88.6   | 
+-------------------+------+-------+-------+ 
|                   |      |       |       | 
+-------------------+------+-------+-------+ 
|Adjustments for:   |      |       |       | 
+-------------------+------+-------+-------+ 
|Depreciation of    |      |7.0    |6.7    | 
|property and       |      |       |       | 
|equipment          |      |       |       | 
+-------------------+------+-------+-------+ 
|Amortisation of    |      |148.9  |151.0  | 
|other intangible   |      |       |       | 
|assets             |      |       |       | 
+-------------------+------+-------+-------+ 
|Share-based payment|      |3.8    |3.0    | 
+-------------------+------+-------+-------+ 
|Subsequent         |2     |(1.6)  |(2.9)  | 
|re-measurement of  |      |       |       | 
|contingent         |      |       |       | 
|consideration      |      |       |       | 
+-------------------+------+-------+-------+ 
|Loss/(profit) on   |13    |27.5   |(0.1)  | 
|disposal of        |      |       |       | 
|businesses         |      |       |       | 
+-------------------+------+-------+-------+ 
|Fair value gain on |2     |(1.0)  |-      | 
|non-controlling    |      |       |       | 
|interest           |      |       |       | 
+-------------------+------+-------+-------+ 
|Loss on disposal of|      |-      |0.3    | 
|property and       |      |       |       | 
|equipment          |      |       |       | 
+-------------------+------+-------+-------+ 
|(Profit)/loss on   |      |(0.2)  |0.3    | 
|disposal of        |      |       |       | 
|software           |      |       |       | 
+-------------------+------+-------+-------+ 
|Finance costs      |5     |41.4   |47.6   | 
+-------------------+------+-------+-------+ 
|Investment income  |6     |(10.5) |(5.8)  | 
+-------------------+------+-------+-------+ 
|Impairment         |2     |81.3   |54.3   | 
+-------------------+------+-------+-------+ 
|(Increase)/decrease|      |(2.6)  |0.2    | 
|in inventories     |      |       |       | 
+-------------------+------+-------+-------+ 
|Decrease/(increase)|      |22.3   |(0.9)  | 
|in receivables     |      |       |       | 
+-------------------+------+-------+-------+ 
|Decrease in        |      |(41.8) |(26.7) | 
|payables           |      |       |       | 
+-------------------+------+-------+-------+ 
|Cash generated by  |      |341.5  |315.6  | 
|operations         |      |       |       | 
+-------------------+------+-------+-------+ 
|                   |      |       |       | 
+-------------------+------+-------+-------+ 
 
Analysis of net debt 
 
+------------+--------+--------+-------+---------+--------+ 
|            |At 1    |Non-cash|Cash   |Exchange |At 31   | 
|            |January |items   |flow   |movement |December| 
|            |2012    |        |       |         |2012    | 
+------------+--------+--------+-------+---------+--------+ 
|            |GBPm      |GBPm      |GBPm     |GBPm       |GBPm      | 
+------------+--------+--------+-------+---------+--------+ 
|Cash at bank|25.0    |-       |0.6    |(1.7)    |23.9    | 
|and in hand |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
|Bank        |(0.2)   |-       |(0.4)  |-        |(0.6)   | 
|overdraft   |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
|Cash and    |24.8    |-       |0.2    |(1.7)    |23.3    | 
|cash        |        |        |       |         |        | 
|equivalents |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
|Bank loans  |(1.9)   |-       |1.7    |0.2      |-       | 
|due in less |        |        |       |         |        | 
|than one    |        |        |       |         |        | 
|year        |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
|Bank loans  |(339.9) |(0.8)   |(45.6) |9.1      |(377.2) | 
|due in more |        |        |       |         |        | 
|than one    |        |        |       |         |        | 
|year        |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
|Private     |(467.0) |(0.3)   |-      |18.8     |(448.5) | 
|placement   |        |        |       |         |        | 
|loan notes  |        |        |       |         |        | 
|due in more |        |        |       |         |        | 
|than one    |        |        |       |         |        | 
|year        |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
|            |(784.0) |(1.1)   |(43.7) |26.4     |(802.4) | 
+------------+--------+--------+-------+---------+--------+ 
|            |        |        |       |         |        | 
+------------+--------+--------+-------+---------+--------+ 
 
Included within the cash flow movement of GBP43.7m is GBP44.0m (2011: GBP368.3m) of 
repayment of borrowings and GBP80.0m (2011: GBP366.4m) of loans drawn down. 
 
The net movement caused by non-cash items arises from arrangement fee 
amortisation of GBP1.1m (2011: GBP2.7m). 
 
13 Disposal of subsidiary and other assets 
 
Disposals made in 2012 
 
During the year, the Group disposed of its 100% shareholdings in the Robbins 
Gioia business and Excellence Data Research Private Limited and its 50.1% 
shareholding in China Medical Data Services Limited and its wholly owned 
subsidiary Asia Gateway Healthcare Information Technology (Beijing) Co., Ltd.The 
Group also disposed of its European Conferences businesses in Austria, Hungary 
and the Czech Republic, the business of Informa Virtual Business Communications 
GmbH, as well as three small Exhibitions for total consideration of GBP13.1m.A 
loss on disposal of GBP27.5m, including directly attributable costs of GBP1.0m, has 
been recognised within adjusting items in the Consolidated Income Statement. 
 
The disclosure below sets out the aggregate effect of the disposals on the 
Group's assets and liabilities. 
 
+---------------+-------+ 
|               |       | 
+---------------+-------+ 
|               |GBPm     | 
+---------------+-------+ 
|Goodwill       |22.3   | 
+---------------+-------+ 
|Other          |9.9    | 
|intangible     |       | 
|assets         |       | 
|(excluding     |       | 
|software       |       | 
|assets)        |       | 
+---------------+-------+ 
|Property and   |1.7    | 
|equipment      |       | 
+---------------+-------+ 
|Trade and other|10.4   | 
|receivables    |       | 
+---------------+-------+ 
|Cash and cash  |9.1    | 
|equivalents    |       | 
+---------------+-------+ 
|Deferred tax   |0.1    | 
|asset          |       | 
+---------------+-------+ 
|Trade and other|(13.3) | 
|payables       |       | 
+---------------+-------+ 
|Deferred income|(0.7)  | 
+---------------+-------+ 
|Deferred tax   |(1.6)  | 
|liabilities    |       | 
+---------------+-------+ 
|Net assets     |37.9   | 
|disposed       |       | 
+---------------+-------+ 
|Non-controlling|1.7    | 
|interest       |       | 
+---------------+-------+ 
|Costs directly |1.0    | 
|attributable   |       | 
|with the       |       | 
|disposal       |       | 
+---------------+-------+ 
|Loss on        |(27.5) | 
|disposal       |       | 
+---------------+-------+ 
|Total          |13.1   | 
|consideration  |       | 
+---------------+-------+ 
|               |       | 
+---------------+-------+ 
|Satisfied by:  |       | 
+---------------+-------+ 
|Cash and cash  |3.0    | 
|equivalents    |       | 
+---------------+-------+ 
|Deferred       |10.1   | 
|consideration  |       | 
+---------------+-------+ 
|               |       | 
+---------------+-------+ 
|Net cash       |       | 
|outflow arising|       | 
|on disposal    |       | 
+---------------+-------+ 
|Consideration  |3.0    | 
|received in    |       | 
|cash and cash  |       | 
|equivalents    |       | 
+---------------+-------+ 
|Less: cash and |(9.1)  | 
|cash           |       | 
|equivalents    |       | 
|disposed of    |       | 
+---------------+-------+ 
|Less: costs    |(1.0)  | 
|directly       |       | 
|attributable   |       | 
|with the       |       | 
|disposal       |       | 
+---------------+-------+ 
|               |(7.1)  | 
+---------------+-------+ 
|               |       | 
+---------------+-------+ 
 
Disposals made in 2011 
 
On 23 June 2011, the Group disposed of its shareholdings in Nicholas Publishing 
International FZ-LLC, a Publishing company which creates magazines for specific 
market segments and audiences. Upon completion, proceeds of GBP0.6m were received, 
resulting in a profit on disposal of GBP0.1m. 
 
£££ END £££ 
 
+-------------++--------------++----------------+ 
|Provider     ||Channel       ||Contact         | 
+-------------++--------------++----------------+ 
|Tensid Ltd., ||newsbox.ch    ||Provider/Channel| 
|Switzerland  ||www.newsbox.ch||related         | 
|www.tensid.ch||              ||enquiries       | 
|             ||              ||marco@tensid.ch | 
|             ||              ||+41 41 763 00 50| 
+-------------++--------------++----------------+ 
|             ||              ||                | 
+-------------++--------------++----------------+ 
 
 

(END) Dow Jones Newswires

February 21, 2013 02:01 ET (07:01 GMT)