Informa plc Final Results

 
Final Results 
 
Press Release 
 
23 February 2012 
 
Informa plc 
 
Full Year Results 
 
For the Year Ended 31 December 2011 
 
Strong operating and financial performance demonstrating resilience and 
delivering growth 
 
Key Highlights 
 
Financial 
 
  · Revenue increased - GBP1.28bn (2010: GBP1.23bn); organic revenue growth 
    of 3.9% (excluding IPEX) 
  · Profit increased - adjusted operating profit up 7.3% to GBP336.2m 
    (2010: GBP313.2m); organic growth of 7.9% (excluding IPEX) 
  · Margin increased - adjusted operating margin of 26.4% (2010: 25.5%) 
  · Adjusted profit before tax of GBP295.9m up 7% (2010: GBP276.4m) 
  · Statutory profit before tax decreased to GBP88.6m (2010: GBP125.0m) 
    because of non-cash impairment 
  · Earnings increased - adjusted diluted earnings per share up 8.6% to 
    37.8p (2010: 34.8p) 
  · Strong cash generation - operating cash flow of GBP311.2m (2010: 
    GBP319.8m) 
  · Balance sheet strengthened - net debt/EBITDA ratio of 2.1 times 
    (2010: 2.3 times) 
  · Full year dividend increased by 20% reflecting strong performance 
    and confidence in the business - second interim dividend of 11.8p giving a 
    total 2011 dividend of 16.8p (2010:14.0p) 
 
Operational 
 
  · 67% of publishing revenues from subscriptions (2010: 65%) 
  · 74% of publishing revenues fully digitised (2010: 74%) 
  · Recent acquisitions performing well 
  · Datamonitor integration into IBI delivering cost savings 
  · Successful launch of new digital platforms within AI and PCI 
  · Emerging market growth continues - now 14% of Group revenue (2010: 
    12%) 
 
Peter Rigby, Chief Executive, said: 
 
"Informa has delivered another set of strong results, in line with the 
expectations we set at the beginning of 2011 despite the challenging macro 
economic backdrop. These results further underline the Group's resilient and 
high quality earnings streams. 
 
This performance has been achieved through our clear strategy of focusing on 
growth in the Group's subscription income, improving product reach and quality 
through digital delivery, increasing the number of higher quality, resilient and 
larger scale events and driving growth through geo-cloning and expanding in 
emerging markets. We have continued to deliver on all of these objectives. We 
are pleased with how they have driven the financial performance in each of our 
three divisions. 
 
Our academic division has again displayed resilience and growth, outperforming 
expectations. It is encouraging to see both the books and the journals 
continuing to make significant contributions with good organic growth and more 
progress in emerging markets. The long standing nature and depth of our client 
relationships, combined with the quality of our product portfolio are central to 
the consistent performance of this business. 
 
The professional and commercial division has performed well with good progress 
made in content delivery and we look forward to reaping the rewards of the 
integration of Datamonitor and IBI which is now largely complete. 
 
Our efforts to grow our events business organically have paid off with a number 
of exhibition launches which along with the acquisitions in 2011 have further 
strengthened our events platform. In particular, the acquisitions we completed 
in Brazil last year are already benefitting from being part of a broader group. 
 
This progress made across the Group, combined with strong underlying cash flows, 
visibility of earnings and a robust financial position has allowed us to 
increase our 2011 dividend by 20%, while also providing sufficient flexibility 
for us to continue investing for future growth. 
 
2012 has started in line with our expectations, with a number of our large 
events showing strong forward bookings and the journal renewal in the Academic 
business largely complete. Given the continued uncertainty in the macro 
environment we will continue to manage the business carefully. However we 
believe that the strong foundations we have already built, supplemented by a 
combination of targeted investment and selective acquisitions, will support yet 
another year of growth." 
 
Financial Highlights 
 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|     |     |2011    |2010        |Actual |Organic |Organic| 
|     |     |        |            |       |        |       | 
|     |     |        |            |       |        |(ex    | 
|     |     |        |            |       |        |IPEX)4 | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|     |     |GBPm      |GBPm          |%      |%       |%      | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Revenue    |1,275.3 |1,226.5 |4.0        |2.5     |3.9    | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Operating  |130.3   |164.0   |           |        |       | 
|profit     |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Adjusted   |336.2   |313.2   |7.3        |5.7     |7.9    | 
|operating  |        |        |           |        |       | 
|profit 1   |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Operating  |311.2   |319.8   |           |        |       | 
|cash flow  |        |        |           |        |       | 
|2          |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Profit     |88.6    |125.0   |           |        |       | 
|before tax |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Adjusted   |295.9   |276.4   |           |        |       | 
|profit     |        |        |           |        |       | 
|before tax |        |        |           |        |       | 
|1          |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Profit for |74.3    |98.9    |           |        |       | 
|year       |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Adjusted   |226.7   |209.0   |           |        |       | 
|profit for |        |        |           |        |       | 
|year 1     |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Basic      |12.5    |16.5    |           |        |       | 
|earnings   |        |        |           |        |       | 
|per share  |        |        |           |        |       | 
|(p)        |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Diluted    |12.5    |16.5    |           |        |       | 
|earnings   |        |        |           |        |       | 
|per share  |        |        |           |        |       | 
|(p)        |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Adjusted   |37.8    |34.8    |           |        |       | 
|diluted    |        |        |           |        |       | 
|earnings   |        |        |           |        |       | 
|per share  |        |        |           |        |       | 
|(p) 1      |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Dividend   |16.8    |14.0    |           |        |       | 
|per share  |        |        |           |        |       | 
|(p)        |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Free cash  |203.4   |231.4   |           |        |       | 
|flow 2     |        |        |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|Net debt 3 |784.0   |779.1   |           |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|     |     |        |        |   |       |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
|     |     |        |        |   |       |        |       | 
+-----+-----+--------+--------+---+-------+--------+-------+ 
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. 
 
4 IPEX is a quadrennial printing show that occurred in 2010 
 
Enquiries 
 
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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 23 February 2012 at The 
King Edward Hall, 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 at www.informa.com. 
 
Business Review 
 
Informa's portfolio of market leading niche products, have grown both 
organically and through acquisition over the past 12 years. During that time we 
have invested in the business to capitalise on digital opportunities and this 
has resulted in Informa today being a high value-add, resilient information 
provider with good exposure to growth markets - both geographically and by 
sector vertical. The positioning of Informa's quality assets within their 
numerous niches has enabled the Group's profits to remain highly resilient 
through times of austerity yet nimble enough to grow quickly as times improve. 
 
In 2011, we saw the robust academic division grow ahead of our initial 
expectations following a strong end to the year, including a large content deal 
in Russia. The PCI division has also grown as the benefits of earlier investment 
come through. Our publishing businesses now represent 54% of Group revenues and 
69% of adjusted operating profits. Events and Training, which encompasses a wide 
range of products from large exhibitions to small training courses is growing 
organically and has benefited from some successful acquisitions in 2011. 
 
The strategic drivers underpinning Informa have improved the overall quality of 
earnings in these challenging times and have positioned us well for future 
growth. 
 
High Quality Subscription Income 
 
The predominant revenue stream across our publishing divisions is subscription 
income which provides resilience and visibility to this part of our business. We 
have grown the proportion of subscription revenues to 36% of Group revenues and 
67% of publishing revenues. Contribution to this subscription revenue stream 
comes from the AI journals business and the numerous proprietary data, opinion 
and news services within the PCI division. 
 
The strength of the academic journals is supported by very high renewal rates 
and increased usage statistics. The continued introduction of society journals 
(60 for 2011) stimulates awareness for our portfolio of products within the 
specific academic niche. 
 
Proprietary, high value, niche information remains core to the PCI strategy as, 
increasingly, the sale of single subscriptions has been replaced by enterprise 
wide site licences embedding our content into the heart of our customers' 
business. Subscriptions now account for 78% of this divisions revenues (2010: 
74%) which along with consistently high renewal rates and improved operating 
margins demonstrate the high quality of earnings in this division. 
 
Digital Excellence 
 
We have embraced digital developments across all of our product areas, most 
notably within the publishing divisions, where the advent of digital delivery 
and online marketing has been transformational over recent years. In 2011, 74% 
of all publishing revenues were derived from digital activities. 
 
2011 saw the launch of Taylor & Francis Online, the new delivery platform for 
the digital content of over 1,600 academic journals. This platform provides 
faster access, better search capability, greater reliability and intuitive use 
for the librarian, academic, researcher or student. In 2012 this platform will 
be utilised for our book catalogue. 
 
E-book sales have grown by 11%, now representing 12% of academic book sales. 
E-book delivery, as well as the increasing use of print on demand services and 
online marketing of back catalogues, has been a significant driver in improving 
the quality of the books business. 
 
The transition of PCI from the traditional B2B publishing model into a high 
quality subscription business has been greatly facilitated by the various 
enabling digital technologies. A notable early benefit of the Datamonitor 
integration into IBI is the utilisation of existing technologies to accelerate 
electronic product development. IBI's new content delivery platform has been 
used for the next generation of the Datamonitor Knowledge Centres. Utilising 
this leading technology enables the business to respond rapidly to changing 
customer needs without the need for expensive development for each new product 
offering. 
 
Resilient Events 
 
Smaller conferences and training courses are the most cyclical area of our 
business and, as such, most affected by volatile economic conditions. 
Consequently, we have focused on increasing the proportion of larger events 
within our portfolio which are more resilient and command higher margins. We now 
have over 250 large events which represent 38% of Event and Training revenues 
(2010: 34%). 
 
We have been able to enhance further the quality of the portfolio though 
successful launches and selective acquisitions. The acquisitions of BTS and 
Ibratexpo in Brazil exemplify our commitment to growing the strength of our 
events portfolio. Our efforts to achieve longer term organic growth through 
exhibition and confex launches as well as geo-cloning are apparent throughout 
the group as we develop a robust platform for sustained, profitable revenue 
growth. New launches in 2011 included Vitafoods Asia and Africa Health. 
 
Geographic Expansion 
 
We have been increasingly focused on geographic expansion in emerging markets 
across all divisions and have seen organic growth throughout the business as the 
investment in local sales forces has generated new customers. Emerging Markets 
now represent 14% of overall Group revenues (2010: 12%). 
 
In particular we have seen specific success in Russia for our academic products 
as well as growth in our Com series in Africa. Aggressive geo-cloning of our 
events continues with 20% of the larger events delivered by this expansion 
model. 
 
In addition to this organic growth, the acquisitions in Brazil have enabled us 
to achieve critical mass in this region and provide a good platform for organic 
growth into the future. This has also strengthened our sector presence in the 
important food and printing sectors. 
 
Financial Excellence 
 
We remain vigilant on costs and have not reintroduced marginal product simply to 
increase our top line. We are delighted that we have managed to achieve a 
further increase in the adjusted operating margin to 26.4%. 
 
The Group remains highly cash generative and continues to convert close to 100% 
of profits into cash on an underlying basis. Cash conversion during 2011 was 93% 
after the impact of certain non-recurring payments, as highlighted at the half 
year. 
 
We have strict financial criteria against which all acquisitions are measured. 
We will continue to look for bolt-on assets within the publishing divisions with 
digital potential, quality proprietary content and high levels of repeat 
business or small portfolios of exhibitions within Events and Training. 
 
The bolt-on acquisitions completed in 2010 have performed well with a return on 
invested capital of 12.5%. 
 
Whilst 2011 has been a challenging year from a global economic perspective, we 
have grown all three of our divisions. The quality of our assets has improved, 
supported by the acquisitions and we expect further improvements in 2012 
following the integration of Datamonitor into the IBI group. With a significant 
proportion of the events contribution generated by the larger events, we have 
started 2012 with a good degree of visibility which gives comfort in what 
remains an uncertain economic environment. 
 
Financial Results 
 
Revenue for the year ended 31 December 2011 grew by 4.0% to GBP1,275.3m. Adjusted 
operating profits were GBP336.2m up 7.3% on 2010. The adjusted operating margin 
improved accordingly from 25.5% to 26.4%. These results are particularly 
pleasing given the negative year on year impact of a weakening US dollar. 
 
On an organic basis, revenue increased by 2.5% with Publishing up 4.2% and 
Events and Training up 0.4%. Excluding the impact of IPEX in 2010, Events and 
Training grew by 3.6%. Organic adjusted operating profits increased by 5.7% with 
Publishing growing by 6.4% and Events and Training up 4.2% (11.7% excluding 
IPEX). 
 
Statutory operating profit decreased to GBP130.3m (2010: GBP164.0m), resulting 
principally from the impairment recognised in the year for Robbins-Gioia (RG) of 
GBP50.7m. RG is a consulting company principally to the US Government. 
 
Adjusted diluted earnings per share increased by 8.6% to 37.8p (2010: 34.8p). 
 
Operating cash flow reduced to GBP311.2m (2010: GBP319.8m) reflecting an outflow of 
working capital as a result of non-recurring payments as highlighted at the half 
year. 
 
This progress made across the Group, combined with strong underlying cash flows, 
visibility of earnings and a robust financial position has allowed us to grow 
our 2011 dividend by 20%, while at the same time leaving sufficient flexibility 
for us to continue investing for future growth. We ended the year with net debt 
of GBP784.0m and a net debt to EBITDA multiple of 2.1 times, well within our 
stated target range of between 2 and 2.5 times. 
 
Academic Information (AI) 
 
+---------+------+------+-------+--------+ 
|         |2011  |2010  |Actual |Organic | 
+---------+------+------+-------+--------+ 
|         |GBPm    |GBPm    |%      |%       | 
+---------+------+------+-------+--------+ 
|Revenue  |323.6 |310.2 |4.3    |6.1     | 
+---------+------+------+-------+--------+ 
|Adjusted |116.2 |109.3 |6.3    |8.3     | 
|Operating|      |      |       |        | 
|Profit   |      |      |       |        | 
+---------+------+------+-------+--------+ 
|Adjusted |35.9  |35.2  |       |        | 
|Operating|      |      |       |        | 
|Margin   |      |      |       |        | 
|(%)      |      |      |       |        | 
+---------+------+------+-------+--------+ 
|         |      |      |       |        | 
+---------+------+------+-------+--------+ 
 
Our academic division, providing books and journals to university libraries and 
the wider academic market, has performed extremely well once again delivering 
organic revenue and adjusted operating profit growth. 
 
This highly resilient division, which represents 25% of the Group's revenue and 
35% of the adjusted operating profit, has benefited from the strength and 
quality of the journal and book portfolio which underpins growth in existing 
markets as well as the increased penetration into emerging markets where demand 
is growing. 
 
AI continues to grow organically. In addition to the 13 new titles and 60 
society journals added in 2011, the division was successful in signing a further 
46 society journals for publication in 2012 and beyond. In addition, over 3,500 
new books were published in the year. In 2012, T&F Online will facilitate the 
sale of the ever increasing number of e-books available, now in excess of 
38,000. Print on Demand plays an important role in the efficiency of the books 
operation and the business has engaged in many facets of digital evolution. 
 
Good progress was made in developing regions including some larger content deals 
into Russia, Asia and the Middle East, which supported the growth in the second 
half. 
 
Journal usage was up 18% in 2011 demonstrating the quality of the content and 
its importance to users. Journal renewal for 2012 continues to build on this 
theme and is well progressed with all indicators pointing to 2012 revenues in 
line with expectations. 
 
Professional and Commercial Information (PCI) 
 
+---------+------+------+-------+--------+ 
|         |2011  |2010  |Actual |Organic | 
+---------+------+------+-------+--------+ 
|         |GBPm    |GBPm    |%      |%       | 
+---------+------+------+-------+--------+ 
|Revenue  |370.5 |364.9 |1.5    |2.6     | 
+---------+------+------+-------+--------+ 
|Adjusted |114.0 |110.4 |3.3    |4.5     | 
|Operating|      |      |       |        | 
|Profit   |      |      |       |        | 
+---------+------+------+-------+--------+ 
|Adjusted |30.8  |30.3  |       |        | 
|Operating|      |      |       |        | 
|Margin   |      |      |       |        | 
|(%)      |      |      |       |        | 
+---------+------+------+-------+--------+ 
|         |      |      |       |        | 
+---------+------+------+-------+--------+ 
 
The PCI division, encompassing Informa Business Information (IBI) and Informa 
Financial Information (IFI) 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 34% of adjusted operating 
profit. 
 
The majority of the PCI division's income is derived from high value 
subscription based income. The less resilient advertising revenues account for 
only 5% of the PCI division (2010: 6%). 89% of its revenue is delivered 
digitally (2010: 88%). 
 
38% of PCI revenue is now derived from the healthcare and pharmaceutical 
sectors. Revenue from these markets has continued to increase from the niche 
specialised products we offer. The nature of the deep, highly targeted knowledge 
supports workflow integration and high customer retention whilst the continual 
feedback as to customers' needs supports our product development strategy. 
 
The objective for the integration of Datamonitor with IBI was to produce a 
unified, scalable, resilient publishing business across our core sectors and to 
build value for our customer base. The operational efficiencies resulted in 
annualised cost savings across the two businesses of GBP12m. Efficiencies included 
rationalisation of the combined property portfolio, savings from transfer of 
Finance and IT infrastructure operations into the Group's shared service centres 
together with migration of editorial support operations. 
 
The combined business is poised to deliver growth from a number of significant 
product synergies, including the use of Scrip news content to enhance the 
Healthcare Knowledge Centre proposition scheduled for launch in 2012. 
 
The financial publishing portfolio (IFI) representing 22% of the PCI divisional 
revenues performed well in a challenging environment with a small adjusted 
organic operating profit decline of 3%. This stability was achieved through 
product development across the portfolio as well as vigorously chasing sales in 
established and new markets. 
 
Following the restructuring carried out in PCI during 2011, we believe the 
division is well placed for growth in 2012 and beyond. 
 
Events and Training 
 
+---------+------+------+-------+--------+-------+ 
|         |2011  |2010  |Actual |Organic |Organic| 
|         |      |      |       |        |(ex    | 
|         |      |      |       |        |IPEX)  | 
+---------+------+------+-------+--------+-------+ 
|         |GBPm    |GBPm    |%      |%       |%      | 
+---------+------+------+-------+--------+-------+ 
|Revenue  |581.2 |551.4 |5.4    |0.4     |3.6    | 
+---------+------+------+-------+--------+-------+ 
|Adjusted |106.0 |93.5  |13.4   |4.2     |11.7   | 
|Operating|      |      |       |        |       | 
|Profit   |      |      |       |        |       | 
+---------+------+------+-------+--------+-------+ 
|Adjusted |18.2  |17.0  |       |        |       | 
|Operating|      |      |       |        |       | 
|Margin   |      |      |       |        |       | 
|(%)      |      |      |       |        |       | 
+---------+------+------+-------+--------+-------+ 
|         |      |      |       |        |       | 
+---------+------+------+-------+--------+-------+ 
 
The quality of the Events and Training business, accounting for 46% of Group 
revenues and 31% of adjusted operating profit, continues to improve. Organically 
and adjusting for IPEX, our quadrennial printing show which we ran in May 2010, 
revenues have grown by 3.6% and adjusted operating profits by 11.7%. 
 
Although economic conditions have not assisted us, our strategy of focusing on 
large scale market leading events has resulted in our increasingly resilient 
portfolio performing well. As expected our larger events portfolio, now 
representing 38% of the overall Events and Training revenues, has grown. In 
2011, we added 47 large events, reflecting an aggressive geo-cloning launch 
programme and new acquisitions, notably in Brazil. 
 
Notable successes within the larger events portfolio include Arab Health, 
Africa.com, the Broadband World Forum and AusRail. The Australian portfolio of 
events acquired in December 2010 has performed well as have the Brazilian and 
the Anti-ageing exhibitions. These new events have given us both the regional 
expertise to support structural growth as well as the product platforms for 
further geographic growth. 
 
Higher growth countries remain a key target for the Events business and 20% of 
the Events and Training revenue is now drawn from Emerging Markets (2010: 16%) 
where such events are the primary route to market for many sectors. We will 
continue to focus our acquisition and geo-cloning efforts to build the portfolio 
of larger events into these attractive markets. 
 
The volume of the more cyclical smaller, local conference businesses has been 
reduced further. These smaller conferences, as expected, have closely followed 
GDP and business confidence parameters within their specific regions. Informa 
has considerable experience of running this business profitably through the 
economic cycle and management monitors these events carefully. The revenue 
generated across Portugal, Italy, Greece and Spain is only 3% of the Events and 
Training division. 
 
Geographic expansion has been the primary growth driver for our corporate 
training businesses which have remained stable within the US and grown well 
outside of this market, delivering revenue growth of 6% in 2011 excluding 
Robbins-Gioia (RG), a consulting company principally to the US Government. RG, 
which was part of the IIR acquisition in 2005, had a difficult year with revenue 
falling by 15% resulting from a sustained policy by the US administration to 
bring more work in-house. The carrying value of the net assets of RG have been 
adjusted resulting in an impairment charge of GBP50.7m. 
 
The Events and Training division has made a good start to the year benefiting 
from the fact that we run some of our larger exhibitions in the first quarter. 
Arab Health, our largest show, took place in January and grew by 6% over 2011 as 
well as rebooking strongly for 2013. We expect the conference market in Europe 
to remain tough but hope that the improving US economic position will lead to a 
better environment for corporate training. 
 
Current Trading 
 
Although still early in the year, the amount of resilient subscription products 
within our publishing divisions and the increasing proportion of larger events 
within our events division, underpins our confidence in the Group's prospects. 
 
2012 has started in line with our expectations, with a number of our large shows 
showing strong forward bookings and the journal renewal in the academic business 
in line with expectations. Given the continued uncertainty in the macro 
environment we will continue to manage the business carefully. However we 
believe that the strong foundations we have already built, supplemented by a 
combination of targeted investment and selective acquisitions, will support yet 
another year of growth. 
 
Financial Review 
 
Global economic conditions remained challenging in 2011 especially following the 
Eurozone crisis in the second half of the year. Nevertheless, we think these are 
an excellent set of financial results, especially given the weakening US dollar, 
with top line growth, improved adjusted operating margin, strong cash flow and 
an improved balance sheet. 
 
Group 
 
+---------+--------+--------+-------+--------+-------+ 
|         |2011    |2010    |Actual |Organic |Organic| 
|         |        |        |       |        |(ex    | 
|         |        |        |       |        |IPEX)  | 
+---------+--------+--------+-------+--------+-------+ 
|         |GBPm      |GBPm      |%      |%       |%      | 
+---------+--------+--------+-------+--------+-------+ 
|Revenue  |1,275.3 |1,226.5 |4.0    |2.5     |3.9    | 
+---------+--------+--------+-------+--------+-------+ 
|Adjusted |336.2   |313.2   |7.3    |5.7     |7.9    | 
|Operating|        |        |       |        |       | 
|Profit   |        |        |       |        |       | 
+---------+--------+--------+-------+--------+-------+ 
|Adjusted |26.4    |25.5    |       |        |       | 
|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 has reduced this year primarily 
because of the non-cash impairment for Robbins-Gioia. 
 
Adjusted results are prepared to provide a more comparable indication of the 
Group's underlying business performance. 
 
Translation Impact 
 
The Group receives approximately 47% of its revenues and incurs approximately 
39% of its costs in USD or currencies pegged to USD. The Group is therefore 
sensitive to movements in the USD against the GBP. Each 1 cent movement in the 
USD to GBP exchange rate has a circa GBP3.6m impact on revenue and a circa GBP1.4m 
impact on operating profits. Offsetting this will be movements to USD interest 
and USD tax liabilities. This analysis assumes all other variables, including 
interest rates, remain constant. 
 
The Group receives approximately 12% of its revenues and incurs approximately 
10% of its costs in Euros. The Group is therefore sensitive to movements in the 
Euro against the GBP. Each 1 cent movement in the Euro to GBP exchange rate has 
a circa GBP1.3m impact on revenue and a circa GBP0.5m impact on operating profits. 
Offsetting this will be movements 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 translation is calculated at 
the average rate of exchange throughout the relevant period. 
 
Revenue 
 
Organic revenue across the Group increased by 4% reflecting a strong performance 
in our Academic businesses, up 6%. Events and Training revenues also increased 
by 4% but excluding the impact of Robbins-Gioia, the US Government contractor, 
grew by 5%. This growth comes from increased delegate and exhibitor numbers in 
our Events and Training businesses and launching of new journals and titles in 
our Publishing businesses. 
 
Operating Profit 
 
Adjusted operating profit increased to GBP336.2m (2010: GBP313.2m). Organic adjusted 
operating profit increased by 8%, with an increase of 12% by the Events 
businesses and an increase of 6% at the Publishing businesses. 
 
Statutory operating profit decreased by 21% to GBP130.3m (2010: GBP164.0m), 
resulting principally from the impairment recognised in the year for 
Robbins-Gioia of GBP50.7m, which is partly offset by the increase in adjusted 
operating profit. 
 
Restructuring and Reorganisation Costs 
 
Restructuring and reorganisation costs for the year of GBP15.2m (2010: GBP8.3m) 
principally relate to the integration of IBI and Datamonitor. These include 
redundancy costs of GBP11.9m (2010: GBP4.6m), reorganisation costs of GBP2.8m (2010: 
GBP2.8m) and vacant property provisions of GBP0.5m (2010: GBP0.9m). 
 
Other Adjusting Items 
 
An impairment charge of GBP50.7m has been recognised in the year relating to 
impairing the net assets of Robbins-Gioia. 
 
With the number of acquisitions made during the year, acquisition related costs 
of GBP1.4m have been recognised in the income statement. 
 
The remaining charge of net GBP0.7m relates to the re-measurement in contingent 
consideration of GBP2.9m being offset by impairments to other intangible assets of 
GBP3.6m. 
 
Adjusted Net Finance Costs 
 
Adjusted net finance costs, which consist principally of interest costs net of 
interest receivable, increased by GBP3.5m from GBP36.8m to GBP40.3m, mainly as a 
result of higher average interest rates on borrowings, arising from the long 
term US private placement notes issued at the end of 2010. 
 
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 the year, with the remaining swaps expiring at the end of September 2012. 
This will result in a lower average fixed interest rate on borrowings in 2012. 
 
Profit Before Tax 
 
Adjusted profit before tax increased by 7% to GBP295.9m (2010: GBP276.4m) and 
adjusted profit for the year also increased by 8% to GBP226.7m (2010: GBP209.0m). 
 
Taxation 
 
Across the Group, tax has been provided on adjusted profits at an adjusted tax 
rate of 23.4% (2010: 24.4%). 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 charge on statutory profit before tax was 16.1% (2010: 20.9%). 
 
Earnings and Dividend 
 
Adjusted diluted EPS of 37.8p (2010: 34.8p) is 9% ahead of 2010, but statutory 
diluted EPS of 12.5p (2010: 16.5p) is 24% below 2010 following the impairment. 
 
The Board has proposed a second interim dividend of 11.8p per share (2010: 9.5p 
per share). This dividend will be paid on 21 May 2012 to ordinary shareholders 
registered as of the close of business on 27 April 2012. This will result in a 
total dividend for the year of 16.8p per share (2010: 14.0p per share). Dividend 
cover has been reduced from 2.5 times to 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 93% (2010: 102%). The reduction is 
principally due to certain non-recurring items such as long term incentive 
payments to vendors of acquired businesses and working capital movements on 
acquisitions. 
 
+--------------+--------+--------+ 
|              |2011    |2010    | 
|              |        |        | 
|              |GBPm      |GBPm      | 
+--------------+--------+--------+ 
|Adjusted      |336.2   |313.2   | 
|operating     |        |        | 
|profit        |        |        | 
+--------------+--------+--------+ 
|Depreciation  |6.7     |7.7     | 
|of PP&E       |        |        | 
+--------------+--------+--------+ 
|Software      |13.1    |16.3    | 
|amortisation  |        |        | 
+--------------+--------+--------+ 
|Share-based   |3.0     |2.1     | 
|payments      |        |        | 
+--------------+--------+--------+ 
|EBITDA        |359.0   |339.3   | 
+--------------+--------+--------+ 
|Net capital   |(23.9)  |(27.2)  | 
|expenditure   |        |        | 
+--------------+--------+--------+ 
|Working       |(23.9)  |7.7     | 
|capital       |        |        | 
|movement (net |        |        | 
|of            |        |        | 
|restructuring |        |        | 
|and           |        |        | 
|reorganisation|        |        | 
|accruals)     |        |        | 
+--------------+--------+--------+ 
|Operating cash|311.2   |319.8   | 
|flow          |        |        | 
+--------------+--------+--------+ 
|Restructuring |(19.3)  |(14.1)  | 
|and           |        |        | 
|reorganisation|        |        | 
|cash flow     |        |        | 
+--------------+--------+--------+ 
|Net interest  |(44.5)  |(36.8)  | 
+--------------+--------+--------+ 
|Taxation      |(44.0)  |(37.5)  | 
+--------------+--------+--------+ 
|Free cash flow|203.4   |231.4   | 
+--------------+--------+--------+ 
|Acquisitions  |(112.9) |(53.3)  | 
|less disposals|        |        | 
+--------------+--------+--------+ 
|Dividends     |(87.3)  |(75.0)  | 
+--------------+--------+--------+ 
|Net issue of  |0.3     |4.6     | 
|shares        |        |        | 
+--------------+--------+--------+ 
|Net funds flow|3.5     |107.7   | 
+--------------+--------+--------+ 
|Opening net   |(779.1) |(872.6) | 
|debt          |        |        | 
+--------------+--------+--------+ 
|Non-cash items|(2.7)   |(3.1)   | 
+--------------+--------+--------+ 
|Foreign       |(5.7)   |(11.1)  | 
|exchange      |        |        | 
+--------------+--------+--------+ 
|Closing net   |(784.0) |(779.1) | 
|debt          |        |        | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
 
In the year ended 31 December 2011, before taking into account dividends, spend 
on acquisitions or proceeds from the sale of assets, the Group generated free 
cash flow of GBP203.4m (2010: GBP231.4m). 
 
The change to net debt arising from acquisitions (net of disposals) was a 
GBP112.9m outflow (2010: GBP53.3m outflow) which comprises current year acquisitions 
of GBP109.1m (2010: GBP48.0m) and consideration in respect of acquisitions completed 
in prior years of GBP3.8m (2010: GBP5.3m). The Group disposed of its interest in 
Nicholas Publishing International for total consideration of GBP0.6m, generating a 
profit on disposal of GBP0.1m. We have robust criteria for assessing acquisitions 
and we target acquisitions and alliances that accelerate our strategic 
development and meet our financial criteria. 
 
Net debt increased by GBP4.9m from GBP779.1m to GBP784.0m reflecting cash flow of 
GBP3.5m, offset by adverse exchange rate movements of GBP5.7m. During the year the 
Group paid dividends of GBP87.3m, of which GBP87.0m related to the 2010 second 
interim and the 2011 first interim dividends, and GBP0.3m to non-controlling 
interest. 
 
Financing and Bank Covenants 
 
During April 2011 the Group refinanced its existing term loan and revolving 
credit bank facilities with a new GBP625.0m five year revolving credit facility 
provided by a group of core banks, supplementing the private placement loan 
notes which were issued in December 2010 and in January 2011. As part of the 
refinancing of the bank facilities, an amortising term loan was fully repaid in 
April 2011. The Group maintains the following significant facilities: 
 
  · 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 7.3 years, at a weighted average 
    interest rate of 4.3%. 
  · GBP625.0m (2010: GBP500.0m) revolving credit facility, of which GBP343.5m 
    has been drawn down at 31 December 2011. Interest is payable at the rate of 
    LIBOR plus a margin based on the ratio of net debt to EBITDA. 
  · GBP44.6m (2010: GBP43.9m) 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 (2010: GBP 16.0m), USD 15.0m (2010: USD 
    15.0m), EUR 18.0m (2010: EUR 18.0m), AUD 2.3m (2010: AUD 3.0m), CAD 1.0m 
    (2010: CAD 1.0m) and BRL 4.9m (2010: BRL nil). Interest is payable at the 
    local base rate plus margins that vary between 1% and 6%. 
 
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 
2011 both financial covenants were comfortably achieved, with the ratio of net 
debt (using average exchange rates) to EBITDA reduced from 2.3 times at 31 
December 2010 to 2.1 times at 31 December 2011. The ratio of EBITDA to net 
interest payable in the year ended 31 December 2011 was 8.9 times (2010: 9.3 
times). 
 
Return on Capital Employed 
 
During 2011 we have completed a number of bolt-on acquisitions and we 
strengthened our events platform with the acquisitions of Brazil Trade Shows 
Partners Participacoes S.A. and Ibratexpo Feiras E Eventos LTDA. in Brazil. 
 
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 2010 was 12.5%. 
 
Balance Sheet 
 
Deferred income, which represents income received in advance, was up 6% on a 
constant currency basis at 31 December 2011 compared to the same date in 2010. 
Deferred income arises primarily from advance subscriptions or 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 
2011 of GBP12.1m (2010: GBP10.5m). 
 
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 2012 as all three schemes are closed to future accrual 
of benefits. In addition, the contributions paid towards reducing the scheme 
deficits will increase from GBP3.4m in 2011 to GBP3.8m in 2012 and GBP4.5m in 2013. 
 
Related Party Transactions 
 
Related party transactions, other than those relating to Directors' 
remuneration, are disclosed in the Annual Report and Consolidated Financial 
Statements for the financial year ended 31 December 2011. Also, there have been 
no changes in related party transactions from those described in the Group's 
Annual Report and Financial Statements for the financial year ended 31 December 
2010 that could have a material effect on the financial position or performance 
of the Group in the financial year ended 31 December 2011. 
 
Post balance sheet events 
 
On 1 February 2012, the Group completed the acquisition of 100% of the shares of 
Fertecon Limited ("Fertecon"), a leading provider of Fertiliser Commodities 
pricing data and market intelligence, for initial consideration of GBP17.3m and 
further performance-related consideration estimated at GBP2.1m payable in two 
years. The acquisition of Fertecon is an excellent fit with our existing Agra 
group. The combination of Fertecon's fertiliser industry knowledge with Agra's 
insight into the agrifoodsector will create a unique resource of information and 
analysis. 
 
Eurozone risk 
 
Recent guidance released by the FRC requires the Group to comment on its 
exposure to risks from the Eurozone crisis. 
 
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. Whilst the Group's revolving credit facility is normally at least 
partially drawn in Euros (EUR 25m at 31 December 2011) this could alternatively 
be drawn in other currencies, and there is headroom of GBP281.5m on the Group's 
borrowing facilities at 31 December 2011. At 31 December 2011, EUR 50m of the 
Group's GBP467m private placement financing and EUR 16m of the Group's GBP24.8m of 
cash and cash equivalents are 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. 
 
Just under 3.5% 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 (12% of the Group total in 2011) and costs 
denominated in Euros (10%). 
 
Conclusion 
 
It is frustrating that yet again we need to assess these results against the 
backdrop of uncertain economic market conditions. Perhaps instead of thinking 
about a cycle, low growth or no growth will be the medium term norm. Over the 
past four years, we have changed the structure of the Group to enable it to 
perform better in these tougher economic times. Marginal revenue streams across 
our publishing divisions have been eliminated and a few thousand smaller 
conferences and training courses have been removed from the Events portfolio. 
Whilst this may limit some growth in any up cycle it produces a more resilient, 
high quality set of earnings. Our Group revenue is back to the heights it 
reached in 2008 but at a significantly higher margin of 26.4% (2008: 23.9%). 
 
During 2011, we spent over GBP110m on acquisitions - more than the last three 
years combined. This reflects the efforts we have made to reduce our net debt 
ratios as well as a slightly better M&A environment. We have maintained our 
rigour when assessing acquisitions, applying strict financial criteria and I am 
pleased with the returns we have seen on the acquisitions completed in 2009 and 
2010 as well as the first results from our acquisitions this year, particularly 
those in Brazil. 
 
We refinanced the Group in April, putting in place a new five year facility 
until 2016. I am pleased with the support we received from our core group of 
banks which supplemented the funds raised in the US private placement market in 
2010. The discipline we have shown around our balance sheet has contributed to 
the relatively low cost of funding. 
 
There was a significant amount of work undertaken integrating the back office of 
Datamonitor into our shared service centre structure. I am pleased that this 
structure was able to absorb over GBP120m of annual revenues and that the cost 
savings originally identified were delivered. We created more scale in Singapore 
by relocating and merging three smaller shared service centres to support our 
Middle East and Far East businesses. We are on a path of continuous improvement 
across the shared service centre structure and although we have more to do I am 
pleased with the progress to date. I would like to thank all the finance teams 
around the world for all their hard work in 2011. 
 
We enter 2012 in a stronger financial position than we were a year ago - 
refinanced, a more integrated structure, a lower net debt to EBITDA ratio and an 
overall improvement in our return on capital employed. 
 
Annual Report and Financial Statements 2011 
 
The Annual Report and Financial Statements for the financial year ended 31 
December 2011 will be sent to shareholders and published on www.informa.com at 
the end of March 2012. 
 
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 2011 
 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|                |Notes |Adjusted|Adjusting|Statutory |Adjusted|Adjusting|Statutory | 
|                |      |        |         |          |        |         |          | 
|                |      |results |items    |results   |results |items    |results   | 
|                |      |        |         |          |        |         |          | 
|                |      |2011    |2011     |2011      |2010    |2010     |2010      | 
|                |      |        |         |          |        |         |          | 
|                |      |GBPm      |GBPm       |GBPm        |GBPm      |GBPm       |GBPm        | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Revenue from    |      |1,275.3 |-        |1,275.3   |1,226.5 |-        |1,226.5   | 
|continuing      |      |        |         |          |        |         |          | 
|operations      |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Net operating   |      |(939.1) |(205.9)  |(1,145.0) |(913.3) |(149.2)  |(1,062.5) | 
|expenses        |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Operating profit|      |336.2   |(205.9)  |130.3     |313.2   |(149.2)  |164.0     | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Profit on       |      |-       |0.1      |0.1       |-       |-        |-         | 
|disposal of     |      |        |         |          |        |         |          | 
|business        |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Finance costs   |5     |(46.1)  |(1.5)    |(47.6)    |(41.8)  |(2.2)    |(44.0)    | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Investment      |6     |5.8     |-        |5.8       |5.0     |-        |5.0       | 
|income          |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Profit before   |      |295.9   |(207.3)  |88.6      |276.4   |(151.4)  |125.0     | 
|tax             |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Tax             |7     |(69.2)  |54.9     |(14.3)    |(67.4)  |41.3     |(26.1)    | 
|(charge)/credit |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Profit for the  |      |226.7   |(152.4)  |74.3      |209.0   |(110.1)  |98.9      | 
|year            |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|                |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Attributable to:|      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|- Equity holders|      |        |         |75.4      |        |         |98.9      | 
|of the parent   |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|-               |      |        |         |(1.1)     |        |         |-         | 
|Non-controlling |      |        |         |          |        |         |          | 
|interest        |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|                |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Earnings per share from         |         |          |        |         |          | 
|continuing operations           |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|- Basic (p)     |9     |        |         |12.5      |        |         |16.5      | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|- Diluted (p)   |9     |        |         |12.5      |        |         |16.5      | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|                |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|Adjusted earnings per share from          |          |        |         |          | 
|continuing operations                     |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|- Basic (p)     |9     |37.9    |         |          |34.8    |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|- Diluted (p)   |9     |37.8    |         |          |34.8    |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
|                |      |        |         |          |        |         |          | 
+----------------+------+--------+---------+----------+--------+---------+----------+ 
 
Consolidated Statement of Comprehensive Income 
 
For the year ended 31 December 2011 
 
+----------------+-----+-------+------+ 
|                |     |2011   |2010  | 
|                |     |       |      | 
|                |Notes|GBPm     |GBPm    | 
+----------------+-----+-------+------+ 
|Profit for the  |     |74.3   |98.9  | 
|year            |     |       |      | 
+----------------+-----+-------+------+ 
|Decrease in fair|     |11.6   |15.2  | 
|value of cash   |     |       |      | 
|flow hedges     |     |       |      | 
+----------------+-----+-------+------+ 
|(Loss)/gain on  |     |(13.1) |34.6  | 
|translation of  |     |       |      | 
|foreign         |     |       |      | 
|operations      |     |       |      | 
+----------------+-----+-------+------+ 
|Actuarial loss  |     |(5.1)  |(1.0) | 
|on defined      |     |       |      | 
|benefit pension |     |       |      | 
|schemes         |     |       |      | 
+----------------+-----+-------+------+ 
|Tax on income   |     |(3.6)  |(4.0) | 
|and expenses    |     |       |      | 
|taken directly  |     |       |      | 
|to equity       |     |       |      | 
+----------------+-----+-------+------+ 
|Transfer from   |     |-      |(0.6) | 
|profit or loss  |     |       |      | 
|on cash flow    |     |       |      | 
|hedges          |     |       |      | 
+----------------+-----+-------+------+ 
|De-designation  |5    |-      |1.1   | 
|of hedge        |     |       |      | 
|accounting      |     |       |      | 
+----------------+-----+-------+------+ 
|Other           |     |(10.2) |45.3  | 
|comprehensive   |     |       |      | 
|(expense)/income|     |       |      | 
|for the year    |     |       |      | 
+----------------+-----+-------+------+ 
|Total           |     |64.1   |144.2 | 
|comprehensive   |     |       |      | 
|income for the  |     |       |      | 
|year            |     |       |      | 
+----------------+-----+-------+------+ 
|Attributable to:|     |       |      | 
+----------------+-----+-------+------+ 
|- Equity holders|     |65.2   |144.2 | 
|of the parent   |     |       |      | 
+----------------+-----+-------+------+ 
|-               |     |(1.1)  |-     | 
|Non-controlling |     |       |      | 
|interest        |     |       |      | 
+----------------+-----+-------+------+ 
|                |     |       |      | 
+----------------+-----+-------+------+ 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
For the year ended 31 December 2011 
 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|                |Share  |       |Other     |Retained|Total   |Non-controlling|Total   | 
|                |capital|       |          |        |        |               |        | 
|                |       |Share  |reserves  |earnings|GBPm      |interest       |equity  | 
|                |       |       |          |        |        |               |        | 
|                |       |premium|GBPm        |GBPm      |        |GBPm             |GBPm      | 
|                |GBPm     |       |          |        |        |               |        | 
|                |       |account|          |        |        |               |        | 
|                |       |       |          |        |        |               |        | 
|                |       |GBPm     |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|At 1 January    |0.6    |0.4    |(1,225.0) |2,552.6 |1,328.6 |0.9            |1,329.5 | 
|2010            |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Profit for the  |-      |-      |-         |98.9    |98.9    |-              |98.9    | 
|year            |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Decrease in fair|-      |-      |15.2      |-       |15.2    |-              |15.2    | 
|value of cash   |       |       |          |        |        |               |        | 
|flow hedges     |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Gain on         |-      |-      |34.6      |-       |34.6    |-              |34.6    | 
|translation of  |       |       |          |        |        |               |        | 
|foreign         |       |       |          |        |        |               |        | 
|operations      |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Actuarial loss  |-      |-      |-         |(1.0)   |(1.0)   |-              |(1.0)   | 
|on defined      |       |       |          |        |        |               |        | 
|benefit pension |       |       |          |        |        |               |        | 
|schemes         |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Tax on income   |-      |-      |(4.3)     |0.3     |(4.0)   |-              |(4.0)   | 
|and expenses    |       |       |          |        |        |               |        | 
|taken directly  |       |       |          |        |        |               |        | 
|to equity       |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Transfer from   |-      |-      |(0.6)     |-       |(0.6)   |-              |(0.6)   | 
|profit or loss  |       |       |          |        |        |               |        | 
|on cash flow    |       |       |          |        |        |               |        | 
|hedges          |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|De-designation  |-      |-      |1.1       |-       |1.1     |-              |1.1     | 
|of hedge        |       |       |          |        |        |               |        | 
|accounting      |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Total           |-      |-      |46.0      |98.2    |144.2   |-              |144.2   | 
|comprehensive   |       |       |          |        |        |               |        | 
|income for the  |       |       |          |        |        |               |        | 
|year            |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Dividends to    |-      |-      |-         |(74.1)  |(74.1)  |(0.9)          |(75.0)  | 
|shareholders    |       |       |          |        |        |               |        | 
|(Note 8)        |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Share award     |-      |-      |2.1       |-       |2.1     |-              |2.1     | 
|expense         |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Own shares sold |-      |-      |-         |3.7     |3.7     |-              |3.7     | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Share options   |-      |0.9    |-         |-       |0.9     |-              |0.9     | 
|exercised       |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Purchase of     |-      |-      |-         |(4.5)   |(4.5)   |-              |(4.5)   | 
|non-controlling |       |       |          |        |        |               |        | 
|interest        |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|Transfer of     |-      |-      |(1.5)     |1.5     |-       |-              |-       | 
|vested LTIPS    |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|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 on income   |-      |-      |(4.7)     |1.1     |(3.6)   |-              |(3.6)   | 
|and expenses    |       |       |          |        |        |               |        | 
|taken directly  |       |       |          |        |        |               |        | 
|to equity       |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|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 31 December  |0.6    |1.6    |(1,183.0) |2,562.9 |1,382.1 |(1.7)          |1,380.4 | 
|2011            |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
|                |       |       |          |        |        |               |        | 
+----------------+-------+-------+----------+--------+--------+---------------+--------+ 
 
Consolidated Statement of Financial Position 
 
As at 31 December 2011 
 
+---------------+------+----------+----------+ 
|               |Notes |2011      |2010      | 
|               |      |          |          | 
|               |      |GBPm        |GBPm        | 
+---------------+------+----------+----------+ 
|ASSETS         |      |          |          | 
+---------------+------+----------+----------+ 
|Non-current    |      |          |          | 
|assets         |      |          |          | 
+---------------+------+----------+----------+ 
|Goodwill       |      |1,764.8   |1,753.7   | 
+---------------+------+----------+----------+ 
|Other          |      |969.8     |1,047.0   | 
|intangible     |      |          |          | 
|assets         |      |          |          | 
+---------------+------+----------+----------+ 
|Property and   |      |19.7      |19.0      | 
|equipment      |      |          |          | 
+---------------+------+----------+----------+ 
|Deferred tax   |      |-         |1.2       | 
|assets         |      |          |          | 
+---------------+------+----------+----------+ 
|Derivative     |      |1.3       |-         | 
|financial      |      |          |          | 
|instruments    |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |2,755.6   |2,820.9   | 
+---------------+------+----------+----------+ 
|Current assets |      |          |          | 
+---------------+------+----------+----------+ 
|Inventory      |      |33.9      |33.4      | 
+---------------+------+----------+----------+ 
|Trade and other|      |251.4     |235.0     | 
|receivables    |      |          |          | 
+---------------+------+----------+----------+ 
|Current tax    |      |9.1       |3.3       | 
|asset          |      |          |          | 
+---------------+------+----------+----------+ 
|Cash at bank   |      |25.0      |27.8      | 
|and in hand    |      |          |          | 
+---------------+------+----------+----------+ 
|Derivative     |      |0.7       |-         | 
|financial      |      |          |          | 
|instruments    |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |320.1     |299.5     | 
+---------------+------+----------+----------+ 
|Total assets   |      |3,075.7   |3,120.4   | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
|EQUITY AND     |      |          |          | 
|LIABILITIES    |      |          |          | 
+---------------+------+----------+----------+ 
|Capital and    |      |          |          | 
|reserves       |      |          |          | 
+---------------+------+----------+----------+ 
|Called up share|11    |0.6       |0.6       | 
|capital        |      |          |          | 
+---------------+------+----------+----------+ 
|Share premium  |      |1.6       |1.3       | 
|account        |      |          |          | 
+---------------+------+----------+----------+ 
|Reserve for    |      |6.2       |4.8       | 
|shares to be   |      |          |          | 
|issued         |      |          |          | 
+---------------+------+----------+----------+ 
|Merger reserve |      |496.4     |496.4     | 
+---------------+------+----------+----------+ 
|Other reserve  |      |(1,718.6) |(1,718.6) | 
+---------------+------+----------+----------+ 
|ESOP Trust     |      |(0.2)     |(0.4)     | 
|shares         |      |          |          | 
+---------------+------+----------+----------+ 
|Hedging reserve|      |(3.0)     |(9.9)     | 
+---------------+------+----------+----------+ 
|Translation    |      |36.2      |49.3      | 
|reserve        |      |          |          | 
+---------------+------+----------+----------+ 
|Retained       |      |2,562.9   |2,577.4   | 
|earnings       |      |          |          | 
+---------------+------+----------+----------+ 
|Equity         |      |1,382.1   |1,400.9   | 
|attributable to|      |          |          | 
|equity holders |      |          |          | 
|of the parent  |      |          |          | 
+---------------+------+----------+----------+ 
|Non-controlling|      |(1.7)     |-         | 
|interest       |      |          |          | 
+---------------+------+----------+----------+ 
|Total equity   |      |1,380.4   |1,400.9   | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
|               |      |          |          | 
+---------------+------+----------+----------+ 
 
Consolidated Statement of Financial Position (continued) 
 
As at 31 December 2011 
 
+------------+---+--------+--------+ 
|Non-current |   |        |        | 
|liabilities |   |        |        | 
+------------+---+--------+--------+ 
|Long-term   |10 |806.9   |639.8   | 
|borrowings  |   |        |        | 
+------------+---+--------+--------+ 
|Deferred tax|   |164.7   |189.3   | 
|liabilities |   |        |        | 
+------------+---+--------+--------+ 
|Retirement  |   |12.1    |10.5    | 
|benefit     |   |        |        | 
|obligation  |   |        |        | 
+------------+---+--------+--------+ 
|Provisions  |   |12.2    |19.8    | 
+------------+---+--------+--------+ 
|Trade and   |   |7.1     |4.6     | 
|other       |   |        |        | 
|payables    |   |        |        | 
+------------+---+--------+--------+ 
|Derivative  |   |-       |3.8     | 
|financial   |   |        |        | 
|instruments |   |        |        | 
+------------+---+--------+--------+ 
|            |   |1,003.0 |867.8   | 
+------------+---+--------+--------+ 
|            |   |        |        | 
+------------+---+--------+--------+ 
|Current     |   |        |        | 
|liabilities |   |        |        | 
+------------+---+--------+--------+ 
|Short-term  |10 |2.1     |167.1   | 
|borrowings  |   |        |        | 
+------------+---+--------+--------+ 
|Current tax |   |140.8   |142.1   | 
|liabilities |   |        |        | 
+------------+---+--------+--------+ 
|Provisions  |   |10.4    |6.9     | 
+------------+---+--------+--------+ 
|Trade and   |   |206.9   |206.9   | 
|other       |   |        |        | 
|payables    |   |        |        | 
+------------+---+--------+--------+ 
|Deferred    |   |327.0   |309.8   | 
|income      |   |        |        | 
+------------+---+--------+--------+ 
|Derivative  |   |5.1     |18.9    | 
|financial   |   |        |        | 
|instruments |   |        |        | 
+------------+---+--------+--------+ 
|            |   |692.3   |851.7   | 
+------------+---+--------+--------+ 
|Total       |   |1,695.3 |1,719.5 | 
|liabilities |   |        |        | 
+------------+---+--------+--------+ 
|Total equity|   |3,075.7 |3,120.4 | 
|and         |   |        |        | 
|liabilities |   |        |        | 
+------------+---+--------+--------+ 
|            |   |        |        | 
+------------+---+--------+--------+ 
 
The Board of Directors approved these financial statements on 23 February 2012. 
 
Consolidated Cash Flow Statement 
 
For the year ended 31 December 2011 
 
+-------------------+------+--------+--------+ 
|                   |Notes |2011    |2010    | 
|                   |      |        |        | 
|                   |      |GBPm      |GBPm      | 
+-------------------+------+--------+--------+ 
|Operating          |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash generated by  |12    |315.6   |333.0   | 
|operations         |      |        |        | 
+-------------------+------+--------+--------+ 
|Income taxes paid  |      |(44.0)  |(37.5)  | 
+-------------------+------+--------+--------+ 
|Interest paid      |      |(51.9)  |(37.5)  | 
+-------------------+------+--------+--------+ 
|Net cash inflow    |      |219.7   |258.0   | 
|from operating     |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Investing          |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Investment income  |      |1.4     |0.7     | 
+-------------------+------+--------+--------+ 
|Proceeds on        |      |0.4     |0.8     | 
|disposal of        |      |        |        | 
|property and       |      |        |        | 
|equipment          |      |        |        | 
+-------------------+------+--------+--------+ 
|Purchases of       |      |(12.6)  |(10.7)  | 
|intangible software|      |        |        | 
|assets             |      |        |        | 
+-------------------+------+--------+--------+ 
|Purchases of       |      |(7.7)   |(7.7)   | 
|property and       |      |        |        | 
|equipment          |      |        |        | 
+-------------------+------+--------+--------+ 
|Purchase of other  |      |(26.2)  |(8.1)   | 
|intangible assets  |      |        |        | 
+-------------------+------+--------+--------+ 
|Acquisition of     |      |(83.4)  |(40.9)  | 
|subsidiaries and   |      |        |        | 
|businesses         |      |        |        | 
+-------------------+------+--------+--------+ 
|Acquisition of     |      |(0.3)   |(4.3)   | 
|non-controlling    |      |        |        | 
|interest           |      |        |        | 
+-------------------+------+--------+--------+ 
|Product development|      |(4.0)   |(9.6)   | 
|costs              |      |        |        | 
+-------------------+------+--------+--------+ 
|Proceeds on        |      |0.6     |-       | 
|disposal of        |      |        |        | 
|subsidiaries       |      |        |        | 
+-------------------+------+--------+--------+ 
|Proceeds on        |      |0.7     |-       | 
|disposal of other  |      |        |        | 
|intangible assets  |      |        |        | 
+-------------------+------+--------+--------+ 
|Net cash outflow   |      |(131.1) |(79.8)  | 
|from investing     |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Financing          |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|Dividends paid to  |      |(87.0)  |(74.1)  | 
|shareholders       |      |        |        | 
+-------------------+------+--------+--------+ 
|Dividends paid to  |      |(0.3)   |(0.9)   | 
|non-controlling    |      |        |        | 
|interest           |      |        |        | 
+-------------------+------+--------+--------+ 
|Repayments of      |12    |(368.3) |(783.6) | 
|borrowings         |      |        |        | 
+-------------------+------+--------+--------+ 
|Loans drawn        |12    |366.4   |686.0   | 
|down/new bank loans|      |        |        | 
|raised             |      |        |        | 
+-------------------+------+--------+--------+ 
|Proceeds from the  |      |0.3     |4.6     | 
|issue of share     |      |        |        | 
|capital            |      |        |        | 
+-------------------+------+--------+--------+ 
|Net cash outflow   |      |(88.9)  |(168.0) | 
|from financing     |      |        |        | 
|activities         |      |        |        | 
+-------------------+------+--------+--------+ 
|                   |      |        |        | 
+-------------------+------+--------+--------+ 
|Net                |      |(0.3)   |10.2    | 
|(decrease)/increase|      |        |        | 
|in cash and cash   |      |        |        | 
|equivalents        |      |        |        | 
+-------------------+------+--------+--------+ 
|Effect of foreign  |      |(2.7)   |1.1     | 
|exchange rate      |      |        |        | 
|changes            |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash and cash      |      |27.8    |16.5    | 
|equivalents at     |      |        |        | 
|beginning of the   |      |        |        | 
|year               |      |        |        | 
+-------------------+------+--------+--------+ 
|Cash and cash      |      |24.8    |27.8    | 
|equivalents at end |      |        |        | 
|of the year        |      |        |        | 
+-------------------+------+--------+--------+ 
|                   |      |        |        | 
+-------------------+------+--------+--------+ 
 
Notes to the Full Year Results 
 
For the year ended 31 December 2011 
 
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 14. The consolidated financial statements as at 31 December 2011 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 2011 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 2011. 
 
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 were presented as adjusting items: 
 
+--------------+------+-------+-------+ 
|              |Notes |2011   |2010   | 
|              |      |       |       | 
|              |      |GBPm     |GBPm     | 
+--------------+------+-------+-------+ 
|Restructuring |4     |15.2   |8.3    | 
|and           |      |       |       | 
|reorganisation|      |       |       | 
|costs         |      |       |       | 
+--------------+------+-------+-------+ 
|Acquisition   |4     |1.4    |1.3    | 
|related costs |      |       |       | 
+--------------+------+-------+-------+ 
|Amortisation  |4     |137.9  |133.8  | 
|of other      |      |       |       | 
|intangible    |      |       |       | 
|assets        |      |       |       | 
+--------------+------+-------+-------+ 
|Impairment -  |4     |50.7   |-      | 
|Robbins Gioia |      |       |       | 
+--------------+------+-------+-------+ 
|Impairment -  |4     |-      |5.0    | 
|Counsel on    |      |       |       | 
|Education in  |      |       |       | 
|Management    |      |       |       | 
+--------------+------+-------+-------+ 
|Impairment -  |4     |3.6    |-      | 
|Other         |      |       |       | 
+--------------+------+-------+-------+ 
|Subsequent    |4     |(2.9)  |0.8    | 
|re-measurement|      |       |       | 
|of contingent |      |       |       | 
|consideration |      |       |       | 
+--------------+------+-------+-------+ 
|Profit on     |      |(0.1)  |-      | 
|disposal of   |      |       |       | 
|business      |      |       |       | 
+--------------+------+-------+-------+ 
|De-designation|5     |-      |1.1    | 
|of hedge      |      |       |       | 
|accounting    |      |       |       | 
+--------------+------+-------+-------+ 
|Excess        |5     |1.5    |1.1    | 
|interest on   |      |       |       | 
|early         |      |       |       | 
|repayment of  |      |       |       | 
|syndicated    |      |       |       | 
|loans         |      |       |       | 
+--------------+------+-------+-------+ 
|              |      |207.3  |151.4  | 
+--------------+------+-------+-------+ 
|Tax related to|7     |(54.9) |(41.3) | 
|adjusting     |      |       |       | 
|items         |      |       |       | 
+--------------+------+-------+-------+ 
|              |      |152.4  |110.1  | 
+--------------+------+-------+-------+ 
|              |      |       |       | 
+--------------+------+-------+-------+ 
 
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; 
  · de-designation of hedge accounting - where syndicated loan 
    facilities have been terminated early the fixed interest rate swaps are of a 
    greater value than the remaining borrowings. As the swap cannot be 
    re-designated, the over hedged element of the swaps has been charged to the 
    income statement as an exceptional interest charge; and 
  · 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. 
 
The tax related to adjusting items is the tax effect of the items above and in 
2011 it also includes the effect of the reduction in the UK deferred tax rate 
from 27% to 25% (Note 7). 
 
Significant exchange rates 
 
The following significant exchange rates versus GBP were applied during the 
year: 
 
+----+-------+-------+-------+-------+ 
|    |Average rate   |Closing rate   | 
+----+-------+-------+-------+-------+ 
|    |2011   |2010   |2011   |2010   | 
+----+-------+-------+-------+-------+ 
|USD |1.6047 |1.5447 |1.5439 |1.5472 | 
+----+-------+-------+-------+-------+ 
|EUR |1.1461 |1.1676 |1.1934 |1.1586 | 
+----+-------+-------+-------+-------+ 
|    |       |       |       |       | 
+----+-------+-------+-------+-------+ 
 
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. 
 
The only change in the basis of segmentation or in the basis of measurement of 
segment profit or loss in the period is with regards to the Events and Training 
segment. 
 
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 Datamonitor, 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. From January 2011, the three 
geographical divisions of Events and Training were reported to the Board of 
Directors as one segment and therefore will be disclosed as one reportable 
segment. 
 
Information regarding the Group's reportable segments is disclosed below and has 
been prepared consistently with the Group's accounting policies. The 
comparatives have been updated to reflect the change in reportable segments. 
 
Segment revenue and results 
 
31 December 2011 
 
+--------------+-------+-------+--------+--------+ 
|              |AI     |PCI    |Events  |Total   | 
|              |       |       |and     |        | 
|              |GBPm     |GBPm     |Training|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. 
 
Segment revenue and results 
 
31 December 2010 
 
+--------------+-------+-------+--------+--------+ 
|              |AI     |PCI    |Events  |Total   | 
|              |       |       |and     |        | 
|              |GBPm     |GBPm     |training|GBPm      | 
|              |       |       |        |        | 
|              |       |       |GBPm      |        | 
+--------------+-------+-------+--------+--------+ 
|Revenue       |310.2  |364.9  |551.4   |1,226.5 | 
+--------------+-------+-------+--------+--------+ 
|Adjusted      |109.3  |110.4  |93.5    |313.2   | 
|operating     |       |       |        |        | 
|profit        |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Restructuring |(1.2)  |(1.0)  |(6.1)   |(8.3)   | 
|and           |       |       |        |        | 
|reorganisation|       |       |        |        | 
|costs (Note 2)|       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Acquisition   |-      |(0.7)  |(0.6)   |(1.3)   | 
|related costs |       |       |        |        | 
|(Note 2)      |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Subsequent    |-      |-      |(0.8)   |(0.8)   | 
|re-measurement|       |       |        |        | 
|of contingent |       |       |        |        | 
|consideration |       |       |        |        | 
|(Note 2)      |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Intangible    |(22.3) |(56.0) |(55.5)  |(133.8) | 
|asset         |       |       |        |        | 
|amortisation1 |       |       |        |        | 
|(Note 2)      |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Impairment    |-      |-      |(5.0)   |(5.0)   | 
|(Note 2)      |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Operating     |85.8   |52.7   |25.5    |164.0   | 
|profit        |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Finance costs |       |       |        |(44.0)  | 
|(Note 5)      |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Investment    |       |       |        |5.0     | 
|income (Note  |       |       |        |        | 
|6)            |       |       |        |        | 
+--------------+-------+-------+--------+--------+ 
|Profit before |       |       |        |125.0   | 
|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 
 
+-----------+--------+--------+ 
|           |2011    |2010    | 
|           |        |        | 
|           |GBPm      |GBPm      | 
+-----------+--------+--------+ 
|AI         |939.1   |931.3   | 
+-----------+--------+--------+ 
|PCI        |1,037.4 |1,057.5 | 
+-----------+--------+--------+ 
|Events and |1,063.0 |1,071.0 | 
|Training   |        |        | 
+-----------+--------+--------+ 
|Total      |3,039.5 |3,059.8 | 
|segment    |        |        | 
|assets     |        |        | 
+-----------+--------+--------+ 
|Unallocated|36.2    |60.6    | 
|assets     |        |        | 
+-----------+--------+--------+ 
|Total      |3,075.7 |3,120.4 | 
|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: 
 
+--------------+--------+--------+ 
|              |2011    |2010    | 
|              |        |        | 
|              |GBPm      |GBPm      | 
+--------------+--------+--------+ 
|AI            |        |        | 
+--------------+--------+--------+ 
|Subscriptions |176.6   |169.6   | 
+--------------+--------+--------+ 
|Copy sales    |147.0   |140.6   | 
+--------------+--------+--------+ 
|Total AI      |323.6   |310.2   | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
|PCI           |        |        | 
+--------------+--------+--------+ 
|Subscriptions |287.5   |271.7   | 
+--------------+--------+--------+ 
|Copy sales    |63.1    |71.8    | 
+--------------+--------+--------+ 
|Advertising   |19.9    |21.4    | 
+--------------+--------+--------+ 
|Total PCI     |370.5   |364.9   | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
|Events and    |        |        | 
|Training      |        |        | 
+--------------+--------+--------+ 
|Delegates     |319.6   |319.7   | 
+--------------+--------+--------+ 
|Exhibition    |134.0   |107.4   | 
+--------------+--------+--------+ 
|Sponsorship   |63.2    |51.3    | 
+--------------+--------+--------+ 
|Consulting    |55.2    |64.0    | 
+--------------+--------+--------+ 
|Advertising   |9.2     |9.0     | 
+--------------+--------+--------+ 
|Total Events  |581.2   |551.4   | 
|and Training  |        |        | 
+--------------+--------+--------+ 
|Total revenue |1,275.3 |1,226.5 | 
+--------------+--------+--------+ 
|              |        |        | 
+--------------+--------+--------+ 
 
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   | 
+------------+--------+--------+--------+--------+ 
|            |2011    |2010    |2011    |2010    | 
|            |        |        |        |        | 
|Geographical|GBPm      |GBPm      |GBPm      |GBPm      | 
|information |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|United      |172.7   |164.2   |1,325.6 |1,334.1 | 
|Kingdom     |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|North       |446.7   |472.6   |1,053.9 |1,133.0 | 
|America     |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|Continental |317.7   |308.0   |316.0   |360.0   | 
|Europe      |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|Rest of     |338.2   |281.7   |380.2   |293.3   | 
|World       |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
|            |1,275.3 |1,226.5 |3,075.7 |3,120.4 | 
+------------+--------+--------+--------+--------+ 
|            |        |        |        |        | 
+------------+--------+--------+--------+--------+ 
 
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): 
 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|              |Notes |Adjusted|Adjusting|Statutory|Adjusted|Adjusting|Statutory| 
|              |      |        |         |         |        |         |         | 
|              |      |results |items    |results  |results |items    |results  | 
|              |      |        |         |         |        |         |         | 
|              |      |2011    |2011     |2011     |2010    |2010     |2010     | 
|              |      |        |         |         |        |         |         | 
|              |      |GBPm      |GBPm       |GBPm       |GBPm      |GBPm       |GBPm       | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Cost of sales |      |446.3   |-        |446.3    |430.4   |-        |430.4    | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Staff costs   |      |355.5   |-        |355.5    |344.6   |-        |344.6    | 
|(excluding    |      |        |         |         |        |         |         | 
|redundancy    |      |        |         |         |        |         |         | 
|costs)        |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Amortisation  |      |13.1    |137.9    |151.0    |16.3    |133.8    |150.1    | 
|of other      |      |        |         |         |        |         |         | 
|intangible    |      |        |         |         |        |         |         | 
|assets        |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Depreciation  |      |6.7     |-        |6.7      |7.7     |-        |7.7      | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Impairment    |2     |-       |54.3     |54.3     |-       |5.0      |5.0      | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Net foreign   |      |0.8     |-        |0.8      |3.2     |-        |3.2      | 
|exchange loss |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Auditor's     |      |1.3     |-        |1.3      |1.2     |-        |1.2      | 
|remuneration  |      |        |         |         |        |         |         | 
|for audit     |      |        |         |         |        |         |         | 
|services (see |      |        |         |         |        |         |         | 
|below)        |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Operating     |      |        |         |         |        |         |         | 
|lease expenses|      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|- Land and    |      |24.8    |-        |24.8     |24.8    |-        |24.8     | 
|buildings     |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|- Other       |      |1.2     |-        |1.2      |1.3     |-        |1.3      | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Restructuring |2     |-       |15.2     |15.2     |-       |8.3      |8.3      | 
|and           |      |        |         |         |        |         |         | 
|reorganisation|      |        |         |         |        |         |         | 
|costs         |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Acquisition   |2     |-       |1.4      |1.4      |-       |1.3      |1.3      | 
|related costs |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Subsequent    |2     |-       |(2.9)    |(2.9)    |-       |0.8      |0.8      | 
|re-measurement|      |        |         |         |        |         |         | 
|of contingent |      |        |         |         |        |         |         | 
|consideration |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Other         |      |89.4    |-        |89.4     |83.8    |-        |83.8     | 
|operating     |      |        |         |         |        |         |         | 
|expenses      |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|Total net     |      |939.1   |205.9    |1,145.0  |913.3   |149.2    |1,062.5  | 
|operating     |      |        |         |         |        |         |         | 
|expenses      |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
|              |      |        |         |         |        |         |         | 
+--------------+------+--------+---------+---------+--------+---------+---------+ 
 
5 Finance costs 
 
+--------------+-----+-----+-----+ 
|              |Note |2011 |2010 | 
|              |     |     |     | 
|              |     |GBPm   |GBPm   | 
+--------------+-----+-----+-----+ 
|Interest      |     |41.8 |37.5 | 
|expense on    |     |     |     | 
|financial     |     |     |     | 
|liabilities   |     |     |     | 
|measured at   |     |     |     | 
|amortised cost|     |     |     | 
+--------------+-----+-----+-----+ 
|Interest cost |     |4.3  |4.3  | 
|on pension    |     |     |     | 
|scheme        |     |     |     | 
|liabilities   |     |     |     | 
+--------------+-----+-----+-----+ 
|Total interest|     |46.1 |41.8 | 
|expense       |     |     |     | 
+--------------+-----+-----+-----+ 
|De-designation|2    |-    |1.1  | 
|of hedge      |     |     |     | 
|accounting    |     |     |     | 
+--------------+-----+-----+-----+ 
|Excess        |2    |1.5  |1.1  | 
|interest on   |     |     |     | 
|early         |     |     |     | 
|repayment of  |     |     |     | 
|syndicated    |     |     |     | 
|loans         |     |     |     | 
+--------------+-----+-----+-----+ 
|              |     |47.6 |44.0 | 
+--------------+-----+-----+-----+ 
|              |     |     |     | 
+--------------+-----+-----+-----+ 
 
6 Investment income 
 
+---------------+-+----+----+ 
|               | |2011|2010| 
|               | |    |    | 
|               | |GBPm  |GBPm  | 
+---------------+-+----+----+ 
|Loans and      | |    |    | 
|receivables:   | |    |    | 
+---------------+-+----+----+ 
|Interest income| |1.4 |0.7 | 
|on bank        | |    |    | 
|deposits       | |    |    | 
+---------------+-+----+----+ 
|Cash flow hedge| |-   |0.6 | 
|ineffectiveness| |    |    | 
|gain           | |    |    | 
+---------------+-+----+----+ 
|Expected return| |4.4 |3.7 | 
|on pension     | |    |    | 
|scheme assets  | |    |    | 
+---------------+-+----+----+ 
|               | |5.8 |5.0 | 
+---------------+-+----+----+ 
|               | |    |    | 
+---------------+-+----+----+ 
 
7 Taxation 
 
The tax charge/(credit) comprises: 
 
+-----------+-+-------+-------+ 
|           | |2011   |2010   | 
|           | |       |       | 
|           | |GBPm     |GBPm     | 
+-----------+-+-------+-------+ 
|Current tax| |44.5   |58.6   | 
+-----------+-+-------+-------+ 
|           | |       |       | 
+-----------+-+-------+-------+ 
|Deferred   | |       |       | 
|tax:       | |       |       | 
+-----------+-+-------+-------+ 
|Current    | |(18.9) |(28.5) | 
|year       | |       |       | 
+-----------+-+-------+-------+ 
|Credit     | |(6.0)  |(4.0)  | 
|arising    | |       |       | 
|from UK    | |       |       | 
|corporation| |       |       | 
|tax rate   | |       |       | 
|change     | |       |       | 
+-----------+-+-------+-------+ 
|Deferred   | |(5.3)  |-      | 
|tax credit | |       |       | 
|in respect | |       |       | 
|of prior   | |       |       | 
|years      | |       |       | 
+-----------+-+-------+-------+ 
|Total tax  | |14.3   |26.1   | 
|charge on  | |       |       | 
|profit on  | |       |       | 
|ordinary   | |       |       | 
|activities | |       |       | 
+-----------+-+-------+-------+ 
|           | |       |       | 
+-----------+-+-------+-------+ 
 
The tax related to adjusting items within the Consolidated Income Statement 
relates to the following: 
 
+--------------+--------+-----+--------+-----+ 
|              |Gross   |Tax  |Gross   |Tax  | 
|              |        |     |        |     | 
|              |2011    |2011 |2010    |2010 | 
|              |        |     |        |     | 
|              |GBPm      |GBPm   |GBPm      |GBPm   | 
+--------------+--------+-----+--------+-----+ 
|Amortisation  |(137.9) |35.7 |(133.8) |34.7 | 
|of other      |        |     |        |     | 
|intangible    |        |     |        |     | 
|assets (Note  |        |     |        |     | 
|2)            |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Impairment    |(54.3)  |3.1  |(5.0)   |-    | 
|(Note 2)      |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Restructuring |(15.2)  |4.4  |(8.3)   |2.0  | 
|and           |        |     |        |     | 
|reorganisation|        |     |        |     | 
|costs (Note 2)|        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Acquisition   |(1.4)   |-    |(1.3)   |-    | 
|related costs |        |     |        |     | 
|(Note 2)      |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Subsequent    |2.9     |-    |(0.8)   |-    | 
|re-measurement|        |     |        |     | 
|of contingent |        |     |        |     | 
|consideration |        |     |        |     | 
|(Note 2)      |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Profit on     |0.1     |-    |-       |-    | 
|disposal of   |        |     |        |     | 
|business (Note|        |     |        |     | 
|2)            |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|De-designation|-       |-    |(1.1)   |0.3  | 
|of hedge      |        |     |        |     | 
|accounting    |        |     |        |     | 
|(Note 5)      |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Excess        |(1.5)   |0.4  |(1.1)   |0.3  | 
|interest on   |        |     |        |     | 
|early         |        |     |        |     | 
|repayment of  |        |     |        |     | 
|syndicated    |        |     |        |     | 
|loans (Note 5)|        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Deferred tax  |-       |6.0  |-       |4.0  | 
|credit arising|        |     |        |     | 
|from UK       |        |     |        |     | 
|corporation   |        |     |        |     | 
|tax rate      |        |     |        |     | 
|change        |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|Deferred tax  |-       |5.3  |-       |-    | 
|credit in     |        |     |        |     | 
|respect of    |        |     |        |     | 
|prior years   |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
|              |(207.3) |54.9 |(151.4) |41.3 | 
+--------------+--------+-----+--------+-----+ 
|              |        |     |        |     | 
+--------------+--------+-----+--------+-----+ 
 
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 charge for the year can be reconciled to the accounting profit as 
follows: 
 
+-------------+------+------+------+------+ 
|             |2011         |2010         | 
+-------------+------+------+------+------+ 
|             |GBPm    |%     |GBPm    |%     | 
+-------------+------+------+------+------+ 
|Profit before|88.6  |      |125.0 |      | 
|tax          |      |      |      |      | 
+-------------+------+------+------+------+ 
|             |      |      |      |      | 
+-------------+------+------+------+------+ 
|Tax charge at|16.8  |19.0  |28.0  |22.4  | 
|weighted     |      |      |      |      | 
|average rate |      |      |      |      | 
+-------------+------+------+------+------+ 
|Permanent    |3.7   |4.1   |0.4   |0.3   | 
|differences  |      |      |      |      | 
+-------------+------+------+------+------+ 
|Losses in    |5.1   |5.8   |1.7   |1.4   | 
|certain      |      |      |      |      | 
|jurisdictions|      |      |      |      | 
|that have not|      |      |      |      | 
|been         |      |      |      |      | 
|recognised   |      |      |      |      | 
+-------------+------+------+------+------+ 
|Deferred tax |(6.0) |(6.8) |(4.0) |(3.2) | 
|credit       |      |      |      |      | 
|arising from |      |      |      |      | 
|UK           |      |      |      |      | 
|corporation  |      |      |      |      | 
|tax rate     |      |      |      |      | 
|change       |      |      |      |      | 
+-------------+------+------+------+------+ 
|Deferred tax |(5.3) |(6.0) |-     |-     | 
|credit in    |      |      |      |      | 
|respect of   |      |      |      |      | 
|prior years  |      |      |      |      | 
+-------------+------+------+------+------+ 
|Tax charge   |14.3  |16.1  |26.1  |20.9  | 
|and effective|      |      |      |      | 
|rate for the |      |      |      |      | 
|year         |      |      |      |      | 
+-------------+------+------+------+------+ 
|             |      |      |      |      | 
+-------------+------+------+------+------+ 
 
The weighted average tax rate for 2011 has been adjusted for the impairment of 
Robbins Gioia which is not allowable for tax purposes. Inclusion of this amount 
would unduly distort the weighted average tax rate for the period. 
 
In addition to the income tax charge to the Consolidated Income Statement, a tax 
charge of GBP3.6m (2010: GBP4.0m) all of which relates to deferred tax has been 
recognised directly in the Consolidated Statement of Comprehensive Income during 
the year. 
 
8 Dividends 
 
+-------------+-----+-----+ 
|             |2011 |2010 | 
|             |     |     | 
|             |GBPm   |GBPm   | 
+-------------+-----+-----+ 
|Amounts      |     |     | 
|recognised as|     |     | 
|distributions|     |     | 
|to equity    |     |     | 
|holders in   |     |     | 
|the year:    |     |     | 
+-------------+-----+-----+ 
|Second       |-    |47.0 | 
|interim      |     |     | 
|dividend for |     |     | 
|the year     |     |     | 
|ended 31     |     |     | 
|December 2009|     |     | 
|of 7.85p per |     |     | 
|share        |     |     | 
+-------------+-----+-----+ 
|First interim|-    |27.1 | 
|dividend for |     |     | 
|the year     |     |     | 
|ended 31     |     |     | 
|December 2010|     |     | 
|of 4.50p per |     |     | 
|share        |     |     | 
+-------------+-----+-----+ 
|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        |     |     | 
+-------------+-----+-----+ 
|             |87.2 |74.1 | 
+-------------+-----+-----+ 
|             |     |     | 
+-------------+-----+-----+ 
|Proposed     |70.9 |     | 
|second       |     |     | 
|interim      |     |57.1 | 
|dividend for |     |     | 
|the year     |     |     | 
|ended 31     |     |     | 
|December 2011|     |     | 
|of 11.80p per|     |     | 
|share (2010: |     |     | 
|9.50p per    |     |     | 
|share)       |     |     | 
+-------------+-----+-----+ 
|             |     |     | 
+-------------+-----+-----+ 
 
As at 31 December 2011 GBP0.2m (2010: GBPnil) of dividends are still to be paid. 
 
Holders of 70,348 (2010: 49,237) 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 GBP75.4m (2010: GBP98.9m). 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 601,047,454 (2010: 600,421,797). 
 
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 602,928,726 (2010: 
600,627,044). 
 
The table below sets out the adjustment in respect of diluted potential ordinary 
shares: 
 
+------------+------------+------------+ 
|            |2011        |2010        | 
+------------+------------+------------+ 
|Weighted    |601,047,454 |600,421,797 | 
|average     |            |            | 
|number of   |            |            | 
|shares used |            |            | 
|in basic    |            |            | 
|earnings per|            |            | 
|share       |            |            | 
|calculation |            |            | 
+------------+------------+------------+ 
|Effect of   |1,881,272   |205,247     | 
|dilutive    |            |            | 
|share       |            |            | 
|options     |            |            | 
+------------+------------+------------+ 
|Weighted    |602,928,726 |600,627,044 | 
|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: 
 
+---------------+------+------+ 
|               |2011  |2010  | 
|               |      |      | 
|               |GBPm    |GBPm    | 
+---------------+------+------+ 
|Profit for the |74.3  |98.9  | 
|year           |      |      | 
+---------------+------+------+ 
|Non-controlling|1.1   |-     | 
|interest       |      |      | 
+---------------+------+------+ 
|Adjusting items|152.4 |110.1 | 
|net of         |      |      | 
|attributable   |      |      | 
|taxation (Note |      |      | 
|2)             |      |      | 
+---------------+------+------+ 
|Adjusted profit|227.8 |209.0 | 
|for the year   |      |      | 
|attributable to|      |      | 
|equity         |      |      | 
|shareholders   |      |      | 
+---------------+------+------+ 
|               |      |      | 
+---------------+------+------+ 
|Earnings per   |      |      | 
|share:         |      |      | 
+---------------+------+------+ 
|- Adjusted     |37.9  |34.8  | 
|basic (p)      |      |      | 
+---------------+------+------+ 
|- Adjusted     |37.8  |34.8  | 
|diluted (p)    |      |      | 
+---------------+------+------+ 
|               |      |      | 
+---------------+------+------+ 
 
10 Borrowings 
 
+------------+------+------+ 
|            |2011  |2010  | 
|            |      |      | 
|            |GBPm    |GBPm    | 
+------------+------+------+ 
|Non-current |      |      | 
+------------+------+------+ 
|Bank        |339.9 |199.8 | 
|borrowings  |      |      | 
+------------+------+------+ 
|Private     |467.0 |440.0 | 
|placement   |      |      | 
|loan notes  |      |      | 
+------------+------+------+ 
|Total       |806.9 |639.8 | 
|non-current |      |      | 
|borrowings  |      |      | 
+------------+------+------+ 
|Current     |      |      | 
+------------+------+------+ 
|Bank        |1.9   |167.1 | 
|borrowings  |      |      | 
+------------+------+------+ 
|Bank        |0.2   |-     | 
|overdraft   |      |      | 
+------------+------+------+ 
|            |809.0 |806.9 | 
+------------+------+------+ 
|            |      |      | 
+------------+------+------+ 
 
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 7.3 years, at a weighted average 
    interest rate of 4.3%. 
  · GBP625.0m (2010: GBP500.0m) revolving credit facility, of which GBP343.5m 
    has been drawn down at 31 December 2011. Interest is payable at the rate of 
    LIBOR plus a margin based on the ratio of net debt to EBITDA. 
 
As part of the refinancing of the bank facilities, an amortising term loan was 
fully repaid in April 2011. 
 
  · GBP44.6m (2010: GBP43.9m) 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 (2010: GBP 16.0m), USD 15.0m (2010: USD 
    15.0m), EUR 18.0m (2010: EUR 18.0m), AUD 2.3m (2010: AUD 3.0m), CAD 1.0m 
    (2010: CAD 1.0m) and BRL 4.9m (2010: BRL nil). Interest is payable at the 
    local base rate plus margins that vary between 1% and 6%. 
 
The effective interest rate as at 31 December 2011 is 4.1% (2010: 5.1%). 
 
The Group had the following committed undrawn borrowing facilities at 31 
December: 
 
+------+------+------+ 
|Expiry|2011  |2010  | 
|date  |      |      | 
|      |GBPm    |GBPm    | 
+------+------+------+ 
|Within|-     |471.7 | 
|one to|      |      | 
|two   |      |      | 
|years |      |      | 
+------+------+------+ 
|In    |281.5 |29.1  | 
|more  |      |      | 
|than  |      |      | 
|two   |      |      | 
|years |      |      | 
+------+------+------+ 
|      |281.5 |500.8 | 
+------+------+------+ 
|      |      |      | 
+------+------+------+ 
 
11 Share Capital 
 
+---------------+------+------+ 
|               |2011  |2010  | 
|               |      |      | 
|               |GBPm    |GBPm    | 
+---------------+------+------+ 
|Authorised     |      |      | 
+---------------+------+------+ 
|202,500,000,000|202.5 |202.5 | 
|ordinary shares|      |      | 
|of 0.1p each   |      |      | 
|(2010:         |      |      | 
|202,500,000,000|      |      | 
|of 0.1p each)  |      |      | 
+---------------+------+------+ 
|               |      |      | 
+---------------+------+------+ 
 
+-----------+----+----+ 
|           |2011|2010| 
|           |    |    | 
|           |GBPm  |GBPm  | 
+-----------+----+----+ 
|Issued and |    |    | 
|fully paid |    |    | 
+-----------+----+----+ 
|601,202,853|0.6 |0.6 | 
|ordinary   |    |    | 
|shares of  |    |    | 
|0.1p each  |    |    | 
|(2010:     |    |    | 
|600,927,884|    |    | 
|of 0.1p    |    |    | 
|each)      |    |    | 
+-----------+----+----+ 
|           |    |    | 
+-----------+----+----+ 
 
+-------------+------------+----+ 
|             |Number of   |    | 
|             |            |    | 
|             |shares      |GBPm  | 
+-------------+------------+----+ 
|At 31        |600,927,884 |0.6 | 
|December 2010|            |    | 
+-------------+------------+----+ 
|Issued in    |274,969     |-   | 
|respect of   |            |    | 
|share option |            |    | 
|schemes and  |            |    | 
|other        |            |    | 
|entitlements |            |    | 
+-------------+------------+----+ 
|At 31        |601,202,853 |0.6 | 
|December 2011|            |    | 
+-------------+------------+----+ 
|             |            |    | 
+-------------+------------+----+ 
 
12 Notes to the cash flow statement 
 
+-------------+------+-------+------+ 
|             |Notes |2011   |2010  | 
|             |      |       |      | 
|             |      |GBPm     |GBPm    | 
+-------------+------+-------+------+ 
|Profit before|      |88.6   |125.0 | 
|tax          |      |       |      | 
+-------------+------+-------+------+ 
|             |      |       |      | 
+-------------+------+-------+------+ 
|Adjustments  |      |       |      | 
|for:         |      |       |      | 
+-------------+------+-------+------+ 
|Depreciation |      |6.7    |7.7   | 
|of property  |      |       |      | 
|and equipment|      |       |      | 
+-------------+------+-------+------+ 
|Amortisation |      |151.0  |150.1 | 
|of other     |      |       |      | 
|intangible   |      |       |      | 
|assets       |      |       |      | 
+-------------+------+-------+------+ 
|Share-based  |      |3.0    |2.1   | 
|payment      |      |       |      | 
+-------------+------+-------+------+ 
|Profit on    |      |(0.1)  |-     | 
|disposal of  |      |       |      | 
|business     |      |       |      | 
+-------------+------+-------+------+ 
|Loss/(profit)|      |0.3    |(0.2) | 
|on disposal  |      |       |      | 
|of property  |      |       |      | 
|and equipment|      |       |      | 
+-------------+------+-------+------+ 
|Loss on      |      |0.3    |-     | 
|disposal of  |      |       |      | 
|software     |      |       |      | 
+-------------+------+-------+------+ 
|Finance costs|5     |47.6   |44.0  | 
+-------------+------+-------+------+ 
|Investment   |6     |(5.8)  |(5.0) | 
|income       |      |       |      | 
+-------------+------+-------+------+ 
|Impairment   |2     |54.3   |5.0   | 
+-------------+------+-------+------+ 
|Decrease in  |      |0.2    |6.9   | 
|inventories  |      |       |      | 
+-------------+------+-------+------+ 
|Increase in  |      |(0.9)  |(1.4) | 
|receivables  |      |       |      | 
+-------------+------+-------+------+ 
|Decrease in  |      |(29.6) |(1.2) | 
|payables     |      |       |      | 
+-------------+------+-------+------+ 
|Cash         |      |315.6  |333.0 | 
|generated by |      |       |      | 
|operations   |      |       |      | 
+-------------+------+-------+------+ 
|             |      |       |      | 
+-------------+------+-------+------+ 
 
Analysis of net debt 
 
+------------+--------+--------+--------+--------+--------+ 
|            |At      |Non-cash|Cash    |Exchange|At      | 
|            |        |        |        |        |        | 
|            |1       |items   |flow    |movement|31      | 
|            |January |        |        |        |December| 
|            |        |GBPm      |GBPm      |GBPm      |        | 
|            |2011    |        |        |        |2011    | 
|            |        |        |        |        |        | 
|            |GBPm      |        |        |        |GBPm      | 
+------------+--------+--------+--------+--------+--------+ 
|Cash at bank|27.8    |-       |(0.1)   |(2.7)   |25.0    | 
|and in hand |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
|Bank        |-       |-       |(0.2)   |-       |(0.2)   | 
|overdraft   |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
|Cash and    |27.8    |-       |(0.3)   |(2.7)   |24.8    | 
|cash        |        |        |        |        |        | 
|equivalents |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
|Bank loans  |(167.1) |(2.9)   |165.5   |2.6     |(1.9)   | 
|due in less |        |        |        |        |        | 
|than one    |        |        |        |        |        | 
|year        |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
|Bank loans  |(199.8) |0.3     |(134.5) |(5.9)   |(339.9) | 
|due in more |        |        |        |        |        | 
|than one    |        |        |        |        |        | 
|year        |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
|Private     |(440.0) |(0.1)   |(27.2)  |0.3     |(467.0) | 
|placement   |        |        |        |        |        | 
|loan notes  |        |        |        |        |        | 
|due in more |        |        |        |        |        | 
|than one    |        |        |        |        |        | 
|year        |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
|            |(779.1) |(2.7)   |3.5     |(5.7)   |(784.0) | 
+------------+--------+--------+--------+--------+--------+ 
|            |        |        |        |        |        | 
+------------+--------+--------+--------+--------+--------+ 
 
Included within the cash flow movement of GBP3.5m is GBP368.3m (2010: GBP783.6m) of 
repayment of borrowings and GBP366.4m (2010: GBP686.0m) of loans drawn down. 
 
The net movement caused by non-cash items arises from arrangement fee 
amortisation of GBP2.7m (2010: GBP3.1m). 
 
£££ 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 23, 2012 02:00 ET (07:00 GMT)