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Euromoney Ins.InvPLC (ERM)

  Print      Mail a friend       Annual reports

Thursday 29 November, 2001

Euromoney Ins.InvPLC

Final Results

Euromoney Institutional InvestorPLC
29 November 2001


Chairman's Statement 

The results of Euromoney Institutional Investor PLC, the international media,
training and conferences company, for the year to September 30 2001 were in
line with the trading statement sent to the Stock Exchange on September 24

Profits before tax, amortization and exceptional items were £22.9 million,
against £27.9 million in the previous year. After exceptional charges and
goodwill amortization, profits were £13.7 million, against £22.6 million,
Diluted earnings a share were 9.6p against 16.2p, while adjusted diluted
earnings a share were 20.1p against 22.2p. 

The directors recommend a final dividend of 9.75p, making a total for the
year of 14.75p, the same as the previous year. 

Group turnover was £204.8 million, an increase of 6.6%. Turnover increased by
19.8% in the first half, and fell by 3.7% in the second. Subscription
revenues continued to grow in the second half. This was more than offset by
falls in advertising, training, and conference revenues towards the end of
the year. Underlying margins were 17.6%, against 19.1%. 

Business conditions generally and advertising markets, especially in the US,
were deteriorating before September 11. The attacks on the World Trade Center
cost the group more than £1 million in lost profits in September as several
big events, including the IMF/World Bank meeting, were cancelled or
postponed. Euromoney was not significantly affected and produced record
profits for the year. LatinFinance and Asiamoney also performed well.
Institutional Investor's revenues, buoyant in the first half, suffered
sharply in the second. 

After a good first half, operating profits from financial publishing fell by
9.8% during the year. Operating profits from business publishing fell by
19.4%, due to the recession in advertising in the US, and difficult trading
conditions elsewhere. Business Traveller was particularly affected. Due to a
good performance from financial training, training group operating profits
increased slightly in spite of challenging markets. Coaltrans and Specialist
Seminars produced record results. 

ISI, the emerging markets information provider, progressed well towards
profitability. At the end of September, revenues ran at an annual rate of
$14.4 million, against $11.4 million a year before, and retention rates
continued at an excellent level. In total, the group invested £7.2 million in
electronic publishing businesses, mostly in ISI, against £8.2 million.
During the second half the board focused on developing and implementing its
medium-term strategy to grow the company's profits following the period of
heavy investment. 

Part of the strategy focuses on improving margins through closing loss-making
businesses, eliminating low-margin products, restructuring under-performing
businesses and improving management quality. As a result the group closed or
sold three businesses in the last quarter at an exceptional cost of £3.3
million. The company closed those activities with poor prospects, and
continued to invest in more promising businesses. The level of investment is
expected to fall to more normal levels this year. 

In the financial sector, the company's strategy is to invest in and grow the
equities side of the business, to match its market leadership in debt capital
markets publishing and events. In March it acquired Imperator, a small
equities event business in London. Since the year end it has completed the
acquisition of certain of the assets of Tempest Consultants, which will be
combined with Institutional Investor's Research Products Group, to expand
Institutional Investor's highly regarded range of analyst surveys.
In the non-financial sector strategy will focus mainly on two sectors, energy
and pharmaceuticals. In August the company completed the acquisition of the
assets of Gulf Publishing, the Houston-based publisher of World Oil and
Hydrocarbon Processing, for $9.5 million. The leading brands the company owns
in these sectors will be used as platforms to launch new energy and
pharmaceutical products, particularly in events.
Net debt at the end of the year was £73.2 million, against £73.5 million,
despite acquisition costs of £10.4 million.

Conditions in financial advertising have generally continued to deteriorate
since the financial year end, particularly in the US. Conditions outside the
US are patchy, but show encouraging signs in some regions, particularly in
central and eastern Europe. Falling interest rates have led to strong
activity in the debt markets, which should benefit the group later. In
adjusting its capacity and costs, the group has assumed that there will be
little recovery in the first half of the new financial year. 

Competition is lessening, as is pressure on costs, particularly pay. Strong
brands and quality titles are especially helpful in times of recession, and
the group is confident that it will benefit strongly from a recovery. 

Padraic Fallon 
November 28 2001 

For further information please contact: - 

Padraic Fallon               Chairman                   020 7779 8556 
Richard Ensor                Managing Director          020 7779 8844 
Colin Jones                  Chief Operating Officer    020 7779 8666 

Or visit our website at:-

Euromoney Institutional Investor PLC 
Group Profit & Loss Account for the year ended September 30 2001

                                            Total 2001   Total 2000 
                                                £000's       £000's
 Acquisitions                                    1,931            -
 Closed businesses                               3,341        5,014
 Other continuing businesses                   199,511      187,108
 Total turnover                                204,783      192,122

Operating profit before goodwill amortization
 Acquisitions                                     (392)           -
 Closed businesses                              (2,248)        (853)
 Other continuing businesses                    30,758       33,394
                                                28,118       32,541

Goodwill amortization                           (5,949)      (5,500)

Operating profit                                22,169       27,041

Share of operating profit in associates            169          165
Exceptional items, on closure of businesses     (3,250)         179

Profit on ordinary activities before 
 interest and tax                               19,088       27,385
Interest receivable                              1,248        1,329
Interest payable and similar charges            (6,665)      (6,111)

Profit on ordinary activities before tax        13,671       22,603
Tax on profit on ordinary activities            (5,025)      (7,218)

Profit on ordinary activities after tax          8,646       15,385
Equity minority interests                         (217)      (1,100)

Profit for the financial year                    8,429       14,285
Dividends paid and proposed                    (12,939)     (12,930)

Retained (loss) / profit for the 
 financial year                                 (4,510)       1,355

Basic earnings per share                          9.61p       16.35p

Diluted earnings per share                        9.61p       16.16p

Adjusted diluted earnings per share before
goodwill amortization and exceptional items      20.10p       22.18p

Dividend per share                               14.75p       14.75p

All results arose from continuing operations.

Group Balance Sheet at September 30, 2001

                                                   2001         2000
                                                 £000's       £000's

Fixed assets
Intangible assets                                31,049       25,799
Tangible assets                                   6,970        7,657
Investments                                         472          472

                                                 38,491       33,928

Current assets
Debtors                                          49,064       40,423
Cash at bank and in hand                         30,286       28,540

                                                 79,350       68,963

Creditors:  amounts falling due within
            one year                            (67,581)     (49,437)

Net current assets                               11,769       19,526

Total assets less current liabilities            50,260       53,454
Creditors:  amounts falling due after
            one year                           (102,742)    (101,816)
Provisions for liabilities and charges           (1,169)      (2,512)
Deferred income                                 (38,920)     (38,123)
Net Liabilities                                 (92,571)     (88,997)

Capital and reserves
Called up share capital                             219          219
Share premium account                            33,739       33,578
Capital redemption reserve                            8            8
Profit and loss account                        (126,884)    (123,749)

Equity shareholders' deficit                    (92,918)     (89,944)
Equity minority interests                           347          947
                                                (92,571)     (88,997)

Group Cash Flow Statement for the year ended September 30 2001
                                                    2001        2000
                                                  £000's      £000's

Cash inflow from continuing
 operating activities 
Net cash inflow before exceptional items          33,574      33,856
Outflow related to exceptional items                (438)          -
Net cash Inflow from continuing
 operating activities                             33,136      33,856

Returns on investments and servicing of finance 
Interest received                                  1,288       1,289
Interest paid                                     (6,717)     (6,120)
Dividends paid to minorities                        (790)     (1,013)
                                                  (6,219)     (5,844)

UK tax paid                                       (1,339)     (3,244)
Overseas tax paid                                 (2,035)     (1,218)
UK tax received                                    1,985          29
Overseas tax received                                490         406
                                                    (899)     (4,027) 

Capital expenditure 
Purchase of tangible fixed assets                 (2,169)     (2,353)
Sale of tangible fixed assets                          -         189
                                                  (2,169)     (2,164)

Acquisitions and disposals                          
Purchase of unincorporated businesses               (420)     (1,053)
Purchase of subsidiary undertakings               (7,503)          -
Purchase of additional
 interest in subsidiary undertakings              (2,611)     (7,611)
Cash acquired with subsidiary undertakings           120           -
Proceeds on sale of subsidiary undertaking             -         179
Sale of other investments                              -         721
                                                 (10,414)     (7,764)

Equity Dividends paid                            (12,932)    (11,979)

Cash inflow before financing                         503       2,078

Issue of new ordinary share capital                  161         996  
Cash received from escrow                              -       4,482
Redemption of secured loan stock                       -      (4,495)
Bank loans repaid                                   (120)     (1,000)   
Revolving credit facilities: 
  Increase in borrowings                          43,069     145,510
  Repayment of borrowings                        (42,743)   (126,130)
Loan received from DMGT group company             12,536           -
Loan made to DMGT group company                  (12,536)          -
Receipt/(payment) on forward hedge                    43      (3,201)
                                                     410      16,162

Increase In net cash during the year                 913      18,240

Euromoney Institutional Investor PLC 

Notes to the Preliminary Announcement 2001 

1.     Basis of Preparation 

The financial information set out in this announcement does not constitute
the company's statutory accounts for the years ended September 30 2001 or
2000 but is derived from those accounts. Statutory accounts for 2000 have
been delivered to the Registrar of Companies, and those for 2001 will be
delivered following the company's annual general meeting. The auditors have
reported on those accounts; their reports were unqualified and did not
contain statements under section 237(2) or (3) of the Companies Act 1985. 

The financial information for the year ending September 30 2001 has been
prepared in accordance with the accounting policies set out in the group's
2000 annual report except for the adoption of the newly issued Financial
Reporting Standards, FRS17 'Retirement Benefits' and FRS19 'Deferred

2.      Turnover Segmental analysis 
                  United Kingdom   North America   Rest of World      Total     
                 2001    2000   2001   2000    2001    2000    2001    2000
               £000's  £000's  £000's  £000's £000's  £000's  £000's  £000's

Turnover By
 businesses     32,678 30,639  88,464 77,864  78,369  78,605  199,511  187,108 
 businesses        659    554   2,220  1,089     462   3,371    3,341    5,014  
Acquisitions       162      -     488      -   1,281       -    1,931        -  
                33,499 31,193  91,172 78,953  80,112  81,976  204,783  192,122  
                  United Kingdom   North America   Rest of World      Total     
               2001     2000    2001    2000   2001    2000    2001    2000
               £000's   £000's  £000's  £000's £000's  £000's  £000's  £000's

Turnover By
 and source: 
Financial      26,701  25,996  50,382  45,712  2,163  1,862  79,246   73,570 
 publishing    31,088  31,638   6,472   5,849  3,053  1,919  40,613   39,406 
Training       16,950  16,447  13,242  11,167  2,730  2,768  32,922   30,382  
 and seminars  13,693  13,192  11,776  10,857  8,204  9,219  33,673   33,268 
Databases and
  services      5,725   4,324   4,513   2,671  4,750  3,487  14,988   10,482 
 businesses       302     372   3,039   4,642      -      -   3,341    5,014
               94,459  91,969  89,424  80,898  20,900 19,255 204,783 192,122

2. Turnover continued Segmental analysis continued 

Segmental analysis continued
                     United         North          Rest of   World    Total     
                     Kingdom             America                                
                  2001    2000    2001    2000    2001    2000   2001     2000  
                 £000's  £000's  £000's  £000's  £000's  £000's  £000's  £000's 
Operating profit
By activity 
 and source:
 publishing     9,218   8,492     9,715  12,906    413     49  19,346    21,447 
 publishing     6,534   7,875     1,433   1,863     45    208   8,012     9,946 
Training        4,163   3,947     2,388   2,221    679  1,018   7,230     7,186
 seminars       2,918   3,389     2,509   1,918    773  1,753   6,200     7,060 
 services       1,340   1,253    (5,913) (6,615)     -     (4) (4,573)   (5,366)
 businesses      (642)   (387)   (1,606)   (466)     -      -  (2,248)     (853)
Acquisitions       50      -       (220)    -     (222)     -    (392)        - 
 costs         (5,407) (6,861)     (50)     (18)     -      -  (5,457)   (6,879)
               18,174  17,708    8,256   11,809  1,688  3,024 28,118     32,541 
Goodwill         (319)   (459)  (5,630)  (5,041)     -      - (5,949)    (5,500)
 profit after
 amortization  17,855  17,249    2,626    6,768  1,688  3,024 22,169    27,041  
The goodwill amortization of £5,949,000 can be allocated as follows; Business
publishing, £409,000 (2000 -£459,000); Conferences and seminars, £383,000
(2000 - £144,000); and Databases and information services, £5,157,000
(2000 - £4,897,000).
Euromoney Institutional Investor PLC Notes to the Preliminary Announcement

3. Taxation charge 

The effective rate of tax principally reflects the benefit of tax allowable
goodwill amortization arising in the US. 

4. Earnings per share 

The earnings per share calculation follows the provisions of FRS14, 'Earnings
per share', after calculating the dilution effect of the exercise of ordinary
share options granted by the company to employees. Adjusted diluted earnings
per share (before amortization of goodwill and exceptional items) are
calculated on profit before amortization of goodwill and profit/(loss) on
closed businesses and on a diluted weighted average of 87,702,000 ordinary
shares (2000 - 88,403,000) in issue during the year in accordance with FRS14. 

5. Dividend 

Warrants in respect of the final dividend will be posted on January 24 2002
to shareholders on the register on December 7 2001. It is expected that the
shares will be marked ex-dividend on December 5 2001.