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					Euromoney Institutional
    Investor PLC

2008 Results Presentation

       Colin Jones, FD
       November 13, 2008
2008 RESULTS PRESENTATION


     Financial Review
     Trading Review
     Strategy/Outlook




             2
            RECORD 2008 RESULTS
£m                                                     2007    2008      %
Revenue                                                305.2   332.1    +9%

Adjusted operating profit1                             78.6     81.3    +3%

Adjusted PBT1                                          55.5     67.3    +21%

Statutory PBT1                                         41.1     37.4    -9%

Adjusted EPS1                                          35.0p   44.4p    +27%

Operating margin                                       25.8%   24.5%    -1.3%
Dividend                                           19.25p      19.00p   +1%
1As   reconciled in appendix to Chairman’s statement
                                            3
      TRADING HIGHLIGHTS (1)
 Against a background of:
    Global credit crisis leading to…
    …toughest conditions for financial markets for many years,
     and…
    …recession fears esp in UK and US, and…
    …most recently, loss of key customers, jobs and liquidity
 Euromoney has achieved record results…
 Demonstrating successful strategy to build a high
  quality, more diverse and more robust information group
 Global economic concerns and credit crisis limited
  impact on results for year or Q4
 H2 performance closely mirrored that of H1



                                 4
      TRADING HIGHLIGHTS (2)
 Strong growth from subscription and delegate revenues
 But growth in advertising/sponsorship slowed as expected
 Significant exposure to emerging markets (50%+) provides
  growth opportunities and counters dependence on global
  financial institutions
 More diverse business post-Metal Bulletin - commodities,
  energy, legal and telecoms sectors offset weakness in
  finance
 No dependence on one customer: none > 1% revenue
 Adjusted operating margin still close to 25%
 Tight cost control
 Continued investment in marketing and new products
  (£2m+)

                           5
    CASH FLOW / NET DEBT 2008
                                              £28.6m     £99.8m
                                    £12.2m
                         £21.7m
£204.6m     £4.7m

                                                                     £172.0m




 FY 07    Acquisition/   Dividend    Tax        Other    Operating    FY 08
           disposals                          (Interest, Cash Flow
                                             Capex, FX)


                                        6
                      FINANCING
 New 5 year multi-currency facility with DMGT approved
  by board
 Facility reduced from £300m to £250m due to strong
  cash flows and financial position
 Interest margin to increase by c120bps (+£2m in 2009)
 Strong covenants:
     Debt:EBITDA 2.2x vs 2.8 (limit 4x)
     Interest cover >6x
   No significant acquisitions expected in next 12 months
   Earn-out payments in 2009 £14.4m
   Scrip dividend alternative
   FX timing


                                  7
             NET FINANCE COSTS
 £m                                 2007     2008
 Interest on debt facility          (14.9)   (12.3)
 Tax equalisation income             1.6      3.4
 Other                              (0.1)      -
 Underlying net finance costs       (13.4)   (8.9)
 FX loss on tax equalisation swap   (1.8)    (12.0)
 Acquisition option commitments      2.3     (2.7)
 Statutory net finance costs        (12.9)   (23.6)



see note 4
                             8
                         TAX
 £m                                 2007     2008
 Adjusted PBT                       55.5     67.3

 Statutory tax (expense) / credit   (8.2)     7.3
 Add: tax credit on FX on TES       (1.8)    (12.0)
 Add: other tax adjustments         (7.2)    (13.6)
 Underlying tax charge              (17.2)   (18.3)
 Underlying tax rate                31%      27%



see note 5
                              9
2008 RESULTS PRESENTATION



     Financial Review
     Trading Review
     Strategy/Outlook




               10
            REVENUE BY TYPE

£m                2007    2008    Growth
Subscriptions     104.0   123.1   +18%
Advertising       65.2    66.5     +2%
Sponsorship       46.2    45.8     -1%
Delegates         74.1    86.4    +17%
Other/ Closed     15.7    10.3
Total             305.2   332.1    +9%




                    11
         REVENUE GROWTH BY QTR
            Y-o-Y % change          Q1         Q2     Q3     Q4
            Advertising             +13%       -3%    +1%     -
            Subscriptions           +19%       +13%   +21%   +20%
            Sponsorship             -1%        -1%    +3%    -7%
            Delegates               +17%       +14%   +30%   +4%
            Other                   -5%        -11%   -5%    -1%
            Total*                  +13%       +7%    +15%   +7%



* Before closed / sold businesses



                                          12
        REVENUE BY DIVISION
£m                     2007    2008    Growth

Financial Publishing   84.5    84.2      -
Business Publishing    45.6    53.1    +16%
Training               37.1    40.8    +10%
Conferences &          81.3    87.9     +8%
Seminars
Databases and          51.8    66.1    +28%
Information Services
Closed businesses       4.9      -
Total                  305.2   332.1    +9%

                        13
OPERATING PROFIT BY DIVISION
£m                     2007     2008     Growth

Financial Publishing   24.0     24.5      +2%
Business Publishing    15.0     19.4     +29%
Training               10.2     10.4      +2%
Conferences &          23.1     23.1       -
Seminars
Databases and          18.7     21.1     +13%
Information Services
Closed businesses       1.2      0.1
Corporate              (13.6)   (17.3)   +27%
Total                  78.6     81.3      +3%
                         14
 OPERATING PROFIT: H1 VS H2
                          H1      H1      H2      H2
£m                       2007    2008    2007    2008
Financial Publishing      9.4     9.4    14.6    15.1
Business Publishing       5.4     7.5     9.6    11.9
Training                  4.8     4.7     5.4     5.7
Conferences & Seminars   11.0    11.1    12.1    12.0
Databases and             8.7     9.9    10.0    11.2
Information Services
Closed businesses         0.5     0.1     0.7      -
Corporate                (5.6)   (6.6)   (8.0)   (10.7)
Total                    34.2    36.1    44.4     45.2

                         15
OPERATING MARGIN BY DIVISION
                                       Revenue
£m                     2007    2008     Growth
Financial Publishing   28.4%   29.1%      -
Business Publishing    32.9%   36.5%    +16%
Training               27.5%   25.6%    +10%
Conferences &          28.4%   26.2%    +8%
Seminars
Databases and          36.1%   31.9%    +28%
Information Services
Total                  30.2%   29.7%    +9%


                         16
2008 RESULTS PRESENTATION



     Financial Review
     Trading Review
     Strategy/Outlook




               17
         STRATEGY OVERVIEW
 Strategy designed to build a more focused, more robust
  and higher quality information business
 (1) Maintain margin:
    Operational gearing vs cost flexibility
    Rigorous focus on cost control and maintaining product margins
 (2) Drive organic growth:
    Invest in high growth subscription products esp electronic delivery
    Focus on quality over quantity – build existing brands
    Flexibility to roll out successes quickly to new
     geographies/markets
 (3) Selective acquisitions to accelerate strategy
 Results prove strategy is working well and is equally
  appropriate for tough times to come


                                  18
                           REVENUE MIX
                         2003
                 Other
                    6%                Advertising                 2008
                                                          Other
Delegates                                                                Advertising
            21%                 36%                              3%
                                            Delegates                  20%
                                                        26%
            8%

                     29%
 Sponsorship
                                                        14%            37%
                                         Sponsorship
               Subscriptions

                                                              Subscriptions

                                            19
   MANAGING COSTS / MARGIN
 Closely examining all costs
 No easy wins eg loss-making businesses, low margin
  product
 Hiring freeze since summer
 Also looking at more outsourcing possibilities
 Continue to invest in marketing, edit quality and new
  product esp online initiatives
 Some price inflation esp in emerging markets
 Operational gearing is not as high as perceived




                            20
      OPERATIONAL GEARING
 Gross margin reasonably consistent over last 5 years
 Direct costs: approx 2/3rds directly variable with
  revenues eg commissions, marketing, events and
  significant use of freelancers / contractors
 Remaining 1/3rd semi-variable depending on volumes
  eg print % circulation
 Employee costs consistently c36% of revenues –
  c2/3rds are variable because of incentive culture
 Overheads (mainly space) fixed but only 6% of
  revenues




                           21
           2009 KEY DRIVERS
 New debt facility – increase in funding costs c£2m
 Yen financing structure exhausted - c£3m
 CAP cost reduced from £5m to £3m (less if no vesting
  and CAP 2 delayed)
 Conservative hedging strategy means FX benefit of £-$
  weakness delayed until 2010
 No significant timing differences.
 No significant acquisition/disposal impact




                           22
            2009 OUTLOOK (1)
 Q1 visibility broadly positive
 Good October numbers
 2008 subscription sales give strong revenue
  momentum into 2009
 But…Q1 is smallest profit quarter of the year
 Signs of sales weakness since start of October
 Clearly huge uncertainty over outlook for 2009
  including emerging markets…
 …Compounded by customer budget cycle from Q2
 Very little Q2 visibility (as usual at this time)




                           23
             2009 OUTLOOK (2)
 Strategy will sustain business through difficult
  markets:
    Good, diverse balance of revenue streams, geographies and
     sectors
    Limited exposure to individual financial clients
    Focus on tight cost control
    Strong brands
 …well positioned to weather the storm




                               24

				
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